Daily Point
_ Dow Jones 52,218.58 (-0.84%)
_ S&P 500 7,498.96 (-0.97%)
_ Nasdaq 25,690.90 (-2.2%)
_ Bitcoin 65,607.07 (+1.42%)
Topline Signals
- Alphabet: Generated $24.8 billion in Q2 cloud revenue (+82% YoY) with a $514 billion backlog, while expanding full-year 2026 CapEx guidance to $195–205 billion.
- Tesla: Achieved Q2 deliveries of 480,126 vehicles and revenue of $28.24 billion, while guiding 2026 capital expenditures past $25 billion to scale AI and robotics ventures.
- US Macro: Benchmark 10-year Treasury yields rose to 4.65% as WTI crude oil hovered above $85 per barrel, pushing 30-year bond yields to 5.14%.
Good day.
The equity markets experienced a notable pullback today, led by a 2.2% decline in the Nasdaq as short-term traders reacted with anxiety to aggressive capital expenditure plans across Big Tech. Wall Street routinely misinterprets upfront infrastructure investment as margin erosion, penalizing Alphabet despite its 82% cloud growth and punishing Tesla even as vehicle deliveries hit new records. What short-sighted analysts label as cash flow degradation is, in reality, the most intensive capital building cycle in economic history, creating immense competitive moats across AI compute, energy integration, and autonomous infrastructure.
On the macroeconomic front, rising benchmark yields—with the 10-year Treasury reaching 4.65% alongside elevated oil prices—reignite inflation concerns just as we approach key central bank meetings, including decisions from the European Central Bank and the Federal Reserve. These rate fluctuations and geopolitical headlines introduce temporary volatility, yet they do not disrupt the fundamental trajectory. Notice how asset classes with genuine structural tailwinds behave: Bitcoin remained firm above $65,000, bolstered by nearly $1 billion in spot ETF inflows over seven consecutive sessions, while energy and utility providers surged on persistent demand for power generation.
As someone who has accumulated wealth by looking through market panics, my advice is straightforward: look past the quarterly margin noise and focus on where capital is flowing. The vast capital budgets of hyperscalers are laying the physical foundation for the 2026 economy and beyond. Stay disciplined, avoid overreacting to headline yields, and keep your capital concentrated in the secular winners—advanced computing hardware, power grid suppliers, and scarce digital assets—that will capture the yields of this multi-trillion-dollar structural migration.
Weekly Schedule
23 Jul (Thursday)
New Car Registrations YoY
ECB Interest Rate Decision
Deposit Facility Rate
Initial Jobless Claims
Chicago Fed National Activity Index
ECB Press Conference
Consumer Confidence Flash
Inflation Rate YoY
Blackstone Earnings Call
Comcast Earnings Call
Freeport-McMoRan Earnings Call
Honeywell Earnings Call
Intel Earnings Call
Lockheed Martin Earnings Call
RTX Corporation Earnings Call
Union Pacific Earnings Call
24 Jul (Friday)
Retail Sales MoM
S&P Global Manufacturing PMI Flash
S&P Global Composite PMI Flash
S&P Global Services PMI Flash
S&P Global Manufacturing PMI Flash
S&P Global Services PMI Flash
S&P Global Services PMI Flash
S&P Global Manufacturing PMI Flash
S&P Global Composite PMI Flash
New Home Sales MoM
New Home Sales
American Express Earnings Call
NextEra Energy Earnings Call
Schlumberger Earnings Call
Verizon Earnings Call
ExxonMobil Earnings Call
25 Jul (Saturday)
26 Jul (Sunday)
27 Jul (Monday)
Durable Goods Orders MoM
Durable Goods Orders Ex Transp MoM
Dallas Fed Manufacturing Index
Consumer Confidence
28 Jul (Tuesday)
ADP Employment Change Weekly
Retail Inventories Ex Autos MoM Adv
Goods Trade Balance Adv
Wholesale Inventories MoM Adv
S&P/Case-Shiller Home Price YoY
CB Consumer Confidence
API Crude Oil Stock Change
American Tower Earnings Call
Boeing Earnings Call
Coca-Cola Earnings Call
Mondelez International Earnings Call
Sherwin-Williams Earnings Call
United Parcel Service Earnings Call
Visa Earnings Call
29 Jul (Wednesday)
MBA 30-Year Mortgage Rate
EIA Crude Oil Stocks Change
EIA Gasoline Stocks Change
Fed Interest Rate Decision
Fed Press Conference
Business Confidence
Air Products Earnings Call
Arm Holdings Earnings Call
Biogen Earnings Call
Equinix Earnings Call
Robinhood Markets Earnings Call
Meta Platforms Earnings Call
Microsoft Earnings Call
Procter & Gamble Earnings Call
Qualcomm Earnings Call
Starbucks Earnings Call
General
Retirees may need nearly $186,000 for healthcare — and counting
On average, a 65-year-old who leaves the workforce this year may need $185,500 in savings to cover out-of-pocket healthcare expenses throughout retirement, up 7.5% from last year's expectation of $172,500, according to Fidelity's annual survey of estimated healthcare costs in retirement published on Tuesday. The monthly Part B premium rate is $202.90, an increase of $17.90 from last year. And the annual Part B deductible, which most people must pay before their Medicare coverage begins, rose by $26 this year, to $283. That said, overall healthcare bills eat up roughly a third of a typical retiree's Social Security income and almost a quarter of total income, according to a report from the Center for Retirement at Boston College.
Yen steadies near 40-year low on rate-hike bets, intervention talks
Higher rates typically support a currency. The yen was last up 0.09% against a slightly weaker dollar, at 163.03. Those efforts, however, have done little to reverse the yen's broader trajectory, which analysts say is being driven by broad-based dollar strength and the BOJ's still-low interest rates. Concerns about political influence over monetary policy intensified after the government, in a final economic blueprint, retained language urging the BOJ to align its policy with that of the government.
Inflation Cooled in June, and There's Good and Bad News for Investors
While still too high, inflation finally cooled a bit in June, with the headline Consumer Price Index (CPI) down 0.4% from the previous month, the biggest one-month decline since April 2020. Also, lower inflation means the Federal Reserve is less likely to raise rates in the coming months. That's what the futures market is indicating, too. Just before the CPI report came out, futures traders were pricing in a 42% chance that the Fed would hike its target rate in July. Since the report, that's fallen to about 14%. The average price of gasoline in the U.S., including all formulations of gas, fell from $4.48 a gallon on May 25 to $3.81 on June 29, according to Federal Reserve data.
Rising oil prices weigh on US futures ahead of Big Tech results
Escalating hostilities could reignite inflation, drive interest rates higher and knock global growth back to as low as 1.3%, down from 2.9% last year, World Bank chief economist Indermit Gill told Reuters. The administration slapped a 50% tariff on some Canadian goods earlier this week. "Even the slightest doubt about the monetization of artificial intelligence or the return on infrastructure spending could call into question the main driver of the market rally over the past nearly two years," said John Plassard, head of investment strategy at Cité Gestion.
Student loan defaults hit record high. Borrowers need to act ASAP.
A federal student loan default can result in wage garnishment, tax refund garnishment, and have negative impact on credit for years to come," said Stacey MacPhetres, senior director of education finance at Bright Horizons, provider of educational advisory services to organizations and families. Defaults have grown by about 4.2 million to an all-time high of 9.52 million since June 2025, when borrowers were allowed again to default on loans, according to data from the Office of Federal Student Aid. The national average FICO Score fell to 714 in October last year from 716 in January 2025, partly due to record student loan delinquencies, he said.
Here are the Compelling Reasons to Own Visa (V)
One-month return of Visa Inc. (NYSE:V) was 7.10%, and its shares gained 0.15% over the past 52 weeks. Visa Inc. (NYSE:V) has a market capitalization of $676.68 billion. We believe the shares are undervalued at less than 24 times forward earnings, a price that reflects investor concerns over potential regulatory headwinds, including proposed caps on credit card interest rates and fees.
Trump’s $200 Billion Bet on Lower Mortgage Rates Worked. War in Iran Just Changed Everything.
By early March 2026, mortgage rates fell below 6% for the first time since 2022. Mortgage rates track the 10-year Treasury, plus a spread that widens when investors demand more compensation to hold prepayment-sensitive housing debt. Trump's executive order attacked the spread directly by turning the government-sponsored enterprises into a captive buyer. It was a mechanical fix to a mechanical problem, and it delivered. Rates continued easing after a preliminary Iran ceasefire in June, and the spring housing narrative shifted from paralysis to cautious thaw. WTI crude jumped 9.3% in a single day to $79.20 a barrel on July 13, after Brent had spent the spring above $100 per barrel during the initial Strait of Hormuz closure. The national average gasoline price crossed back above $4.00 per gallon on July 20, up 3.8% in a single week. That fed inflation expectations, which fed the 10-year Treasury, which currently sits at 4.60%, up 0.14% over the past month and near its 12-month high. Mortgage rates followed. They hit a wartime high of 6.75% on July 13, then eased slightly to a 6.54% to 6.74% range across daily trackers as of July 21, the highest level in nearly a year. Freddie Mac's official weekly average sits at 6.55% for the week ending July 16. Buyers noticed immediately: Mortgage Bankers Association applications fell 2.7% week-over-week, dipping below last year's pace, with MBA's Joel Kan citing higher rates as the driver.
As Oil Races Toward $100, the Federal Reserve’s Next Move Gets Cloudier
Core CPI and core PPI both broke their relentless upward climb, giving the Fed room to breathe after a stretch where another rate hike looked increasingly plausible. WTI currently sits at $86.25 a barrel -- well above the post-ceasefire lows, but still comfortably under the $100 threshold hit when the Iran war first escalated.
‘Inflation Is a Choice’: Cracking Fed Chair Kevin Warsh’s Code Before Next Week’s Rate Showdown
Core PCE, the Fed's preferred gauge, sits at an index value of 130.08 as of May 2026, and the series has risen every single month over the past year, from 126.43 in July 2025. September rate hike odds stand at 67%, with the two-year Treasury sitting 50 basis points above the 3.75% Fed funds rate. The Fed has held the upper bound at 3.75% since December 10, 2025, and the two-year Treasury is trading around 4.25%, roughly 50 basis points above the current Fed funds rate.
Bond yields rise as elevated oil prices reignite threat of 'renewed pressure on inflation'
The 10-year yield (^TNX), used as a benchmark for mortgage and loan rates, rose to 4.65% on Wednesday. The 30-year yield (^TYX) climbed to 5.14% as the long-dated bond notched its longest stretch above 5% since 2007, the year prior to the financial crisis. While the June CPI report reduced the urgency for the Fed to raise interest rates, an assessment of the broader inflation picture suggests that at least one rate hike remains the base case for this year.
Bessent doubles down on short-term debt as rates turn
Net interest on the national debt is projected to total $1.0 trillion in fiscal 2026, according to the Congressional Budget Office (CBO). Federal debt held by the public hits 101% of gross domestic product this year, according to the CBO. About 85% of debt issuance over the past few years has been Treasury bills maturing within a year, according to Fortune, citing research from Capital Economics.
Bitcoin
Bitcoin retreats from one-month high as oil tops $85, inflation concerns resurface
Market activity slows down: Trading volume over the past 24 hours dropped 12% to $150 billion, while open interest (OI) remained static around $116 billion. With just $165 million in liquidations, the market appears to be taking a breather. Long/short ratio tightens: The 24-hour long/short ratio stands at 50.59/49.41, a tighter and more indecisive reading than a day ago. While technically every long position is matched by a short in terms of total contracts, this ratio specifically tracks the number of accounts that are net-long versus net-short. Short interest builds in HYPE: Hyperliquid's HYPE token has dropped over 6% over 24 hours, one of the biggest losers among major tokens. The decline comes alongside a marked upswing in futures open interest to 42.8 million HYPE, the highest level since June 4. With annualized perpetual funding rates slightly negative and the 24-hour cumulative volume delta (CVD) in the red, the data suggests a clear bias for short positioning. Bearish momentum continues in XLM: Open interest in XLM futures rose for a third straight day to a total of 1 billion tokens. XLM is also reporting a negative 24-hour CVD, a sign that bears are leading the price action by shorting through market orders rather than limit orders. Steady open interest in top-tier assets: OI in BTC and ETH has held steady over the last 24 hours. This lack of movement signals that there has been very little position adjustment or conviction to change exposure despite spot prices pulling back from the highs reached on Tuesday. Broad-based bear leadership: Most major cryptocurrencies, excluding XMR, XAUT and HBAR, are exhibiting negative 24-hour CVDs. This confirms that the current market environment is characterized by broad-based bearish leadership, with sellers more active than buyers at current levels. Rising volatility expectations: Bitcoin's 30-day implied volatility index (BVIV) has increased to 40% from 37.5%, a sign that traders are beginning to pay a higher premium for protection as they anticipate more turbulent price action ahead. The ether volatility index (EVIV) is also showing signs of increased buoyancy. Demand for upside exposure in options: BTC calls continue to dominate the 24-hour volume rankings on Deribit, with activity heavily concentrated in the $70,000 and $72,000 contracts. Calls provide traders with bullish exposure to the underlying asset, suggesting that some are looking past the current decline. Ether options are also seeing a preference for calls, with the $3,000 strike emerging as the most-traded contract over the past 24 hours. In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
Foundry asks Bitcoin miners to vote on BIP-110 support
Foundry USA asked its mining customers to signal their support for BIP-110, an actively debated proposal seeking to shrink the amount of data that can be stored in a Bitcoin transaction. Foundry is the world’s largest Bitcoin mining pool, accounting for about 23.8% of the Bitcoin network’s total hashrate, according to data provider Hashrate Index.
Better Altcoin Buy: XRP vs. Stellar (XLM)
$114 trillion in U.S. securities. The total value of tradeable tokenized assets on Stellar is nearly $3 billion, up almost 10-fold from the start of 2025. The XRPL's total tokenized asset value has climbed to $323 million, up nearly $100 million since the start of the year.
Midnight token rebounds 19% after Wanchain bridge hack, Hoskinson calls for ZK revamp
Billions of dollars have been drained through cross-chain bridge exploits, including the Ronin, Wormhole and Nomad attacks, which collectively lost over $1.5 billion. In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
Kraken Expands Tokenized Stocks To U.K. And Asian Equities
Citigroup (NYSE: $C) has estimated that tokenized securities could grow into a $5.5 trillion U.S. market by 2030, including $2.6 trillion U.S. in tokenized stocks.
VanEck: Bitcoin’s Summer Lull Masks a Tightening Supply Base
Trading thinned into the summer. Spot volume averaged about $5.1 billion a day over the 30-day window, down near 29% from the post-2019 norm, a softness the firm notes has marked June through August in each of the past six years. The share of bitcoin held longer than a year reached 60.8% of supply, a figure that has climbed through the price drop from 59.1% six months earlier. Another 17.7% of supply sits in the six-to-twelve-month band, coins that graduate into the long-term bucket if they stay put. VanEck projects the long-term share reaches about 62% in three months and nears 63% in six. Regimes with a long-term share above 60% and rising have lined up with above-average returns across horizons in the firm’s tests, an echo of its prior finding that whales kept holding through the selloff. Miner economics form the report’s grimmest section. Network hash rate held near record highs around 930 EH/s as price fell, a mix that pushed implied hashprice to about $30.6 per petahash per second per day, near multi-year lows. Daily miner revenue averaged $28.5 million, down 39.5% year over year, a level that puts lower-efficiency rigs at or below breakeven.
Galaxy Digital plans $3.507 billion debt offering for Helios data center expansion
Galaxy Digital subsidiary Galaxy Helios Data Centers II plans to offer $3.507 billion of senior secured notes due 2031 in a private transaction, according to an SEC filing dated July 22. Galaxy intends to use the net proceeds to fund part of Helios Phase II in Dickens County, Texas, and build debt-service reserves. The project consists of two buildings with eight data halls, offering 400 MW of utility capacity and 260 MW of critical IT capacity. Galaxy is targeting minimum rent commencement in the second quarter of 2027, while its presentation lists $10.4 billion in minimum contracted lease payments over the initial term. Galaxy's illustrative model shows $472 million of rent and $424 million of net operating income in 2028, which results in a 90% NOI margin.
Crypto Long & Short: The crypto question isn't what to own — it's what you can survive holding
BTC ETF Flows Turn Positive After 8-Week Slide BTC ETFs saw 8 straight weeks of net outflows from May 11 through June 29 — totaling roughly -$8.25 billion over that stretch — before flipping to two consecutive weeks of net inflows (July 6 and July 13). Over that same window, BTC's average weekly price rose from ~$61,300 (last outflow week) to ~$64,200 (latest week), a gain of about +4.6%
Bitcoin ETFs Take in Nearly $1B in New Money — But What Will the Price Do?
Data from Farside Investors shows that close to $1 billion has been pumped into the funds since Tuesday last week. Funds managed by BlackRock, Morgan Stanley, and Grayscale have taken in over $930 million in the six-day streak after weeks of lacklustre flows and sloppy price action.
Bitcoin and ethereum prices today, Wednesday, July 22, 2026: Both cryptos open higher before losing steam
According to CoinGlass data, U.S. spot bitcoin ETFs have realized six consecutive days of positive inflows. The all-time high for bitcoin was $126,198.07 on Oct. 6, 2025. The all-time low value for bitcoin was $0.04865 on July 14, 2010. The price of ethereum this morning was 1.3% higher than Tuesday's open. The all-time high for ethereum was $4,953.73 on Aug. 24, 2025. The all-time low value for ethereum was $0.4209 on Oct. 21, 2015.
SEC's Peirce warns some DeFi vaults, onchain lending may fall under securities laws
Vaults have become one of DeFi's fastest-growing sector with over $8 billion assets, with Coinbase and Robinhood integrating them to offer yield on users’ stablecoin balances. In a statement Wednesday, Commissioner Hester Peirce said crypto vaults and onchain lending strategies may fall under federal securities laws depending on how they are structured and managed. These vehicles have increasingly expanded beyond DeFi to large exchanges and brokerages like Coinbase and Robinhood as a way to offer users yield on their stablecoin balances. As of July, there were $8.6 billion in assets across 788 curated vaults, reaching 1.4 million, Vaults.fyi told CoinDesk. Peirce noted that vaults span a wide range of designs, from fully automated smart contracts to products where managers or curators select investment strategies, rebalance assets or appoint others to make those decisions. Those activities could resemble investment companies or investment advisers regulated under existing securities laws, she said. She offered similar guidance for onchain lending strategies, saying decisions around interest rates, collateral requirements and supported assets could also raise securities law questions depending on the facts and circumstances. Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
UK digital bond plans hinge on one missing piece: onchain cash
Britain’s plan to issue its first tokenized sovereign bond by early 2027 hinges on solving on-chain cash settlement, a problem that has impeded institutional use of digital bonds for years. The success of Britain’s planned tokenized sovereign debt market relies entirely on resolving onchain cash settlement, an issue that has stalled institutional adoption of digital bonds for nearly seven years, industry experts told CoinDesk. Currently, the U.K. gilt market sees aggregate daily trading volumes exceeding 45 billion pounds. There are just four pound-pegged stablecoins listed by CoinGecko, and the largest by far is TGBP, with a market capitalization of $34.2 million in a global stablecoin market valued at $300 billion. The report estimates scaling the domestic market could increase the U.K.'s annual economic output by up to 33 billion pounds. Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Revolut hits $115 billion valuation in employee share sale: WSJ
Revolut reported $2.3 billion in pre-tax profit for 2025, up 57%, as revenue rose 46% to $6 billion. Revolut reached a $115 billion valuation in a secondary share sale, making it Europe’s most valuable private company. The valuation has more than doubled from $45 billion in 2024 and makes Revolut Europe’s most valuable private company, representing a major rise from the $75 billion valuation seen in November last year.
Bitcoin And Strategy In The Age Of AI Mega-IPOs
MSTR's treasury is underwater by approximately $8.7 billion, with a $75,476 BTC cost basis versus a current spot price of ~$65,200, compressing the mNAV premium to near parity.
Tesla holds bitcoin treasury steady, reports $112M impairment loss
Tesla held its bitcoin treasury unchanged at 11,509 BTC, extending a nearly four-year streak without buying or selling the cryptocurrency, with an after-tax impairment loss of $112 million on its digital asset holdings. Bitcoin dropped 14% during the second quarter, from about $83,000 to $58,000, before rebounding to around $65,840. Tesla reported mixed second-quarter results, with revenue beating estimates at $28.2 billion while adjusted EPS missed expectations at $0.33. The company's crypto update came alongside mixed second-quarter financial results. Tesla reported non-GAAP earnings per share of $0.33, missing analyst expectations of $0.55. Revenue came in at $28.2 billion, topping consensus estimates of $27.6 billion. Under current accounting rules, companies holding digital assets must recognize declines in the value of their holdings through earnings. While bitcoin has recovered from its late-June lows and was recently trading at $65,840, the impairment reflects the value of Tesla's holdings during the reporting period. Tesla's bitcoin position has remained largely unchanged for nearly four years. The company initially purchased $1.5 billion worth of bitcoin in early 2021 and briefly accepted the cryptocurrency as payment for its vehicles before suspending the option over environmental concerns. It sold roughly 75% of its holdings in 2022 but has maintained its remaining 11,509 BTC since then. Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Nasdaq-listed Zhibao Technology to Take 3,500 Bitcoin in Proposed PIPE Financing
Nasdaq-listed Zhibao Technology plans to accept 3,500 bitcoin in a proposed $220 million PIPE deal, a move that would transform the Chinese insurance-tech firm into the latest public company building a bitcoin treasury.
Senator Lummis: Ethics, other provisions in crypto Clarity Act to be further discussed
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Bitcoin, Ethereum, XRP, Dogecoin Flat Despite Crypto Bill Getting Ethics Provisions: Analyst Highlights Level to 'Watch' for BTC
Over $180 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in long positions, according to Coinglass data. Bitcoin's open interest slid 2.18% over the last 24 hours. Binance derivatives traders bought the dip, with both retail and whale players increasing their long exposure to the leading cryptocurrency. The global cryptocurrency market capitalization stood at $2.26 trillion, following an increase of 0.82% over the last 24 hours.
Chip firm priced as China's most valuable company before its IPO brings scrutiny to crypto platform
The perpetual futures contract tracking CXMT traded near $6.35 per share on Hyperliquid on Thursday, after it peaked recently at $8.60, just days before the chipmaker's blockbuster listing in Shanghai next Monday. The current price implies a market capitalization of roughly $425 billion, or about 2.9 trillion yuan — which would make it more valuable than Industrial and Commercial Bank of China, the mainland's largest listed company at roughly 2.56 trillion yuan. Its SpaceX contract traded roughly 20% above the fixed $135 offer price ahead of the June debut after peaking above $220 in May — though still nowhere near the CXMT premium. The listing of the world's fourth-largest DRAM memory chipmaker also comes amid a historic memory upcycle, with AI-driven demand and a global supply shortage lifting prices across the industry.
Bitcoin wilts as oil and rates rise. Clarity Act odds tumble to 38%
Bitcoin slipped to about $65,500 as rising oil prices and higher Treasury yields pressured risk assets and weighed on major cryptocurrencies. Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
XRP whales accumulate as small holders capitulate
According to on-chain data from Santiment, wallets holding between 100,000 and 100 million XRP added 2.8% more coins to their balances over the past five weeks. Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Arbitrum-based AFX Trade drained of $24 million after bridge keys compromised
AFX Trade, a decentralized perpetuals exchange that settles in dollar-pegged stablecoin USDC, was drained of about $24.15 million on Wednesday after an attacker compromised the validator signing keys behind a bridge the protocol operates on Arbitrum, blockchain data shows. The roughly $24 million drained was almost the entirety of the protocol's total value locked, meaning the attacker emptied the vault at close to the moment it was fullest. Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Swiss Bank BancaStato Launches Bitcoin Trading Through Sygnum and Avaloq
BancaStato clients gain exposure to the asset through a regulated channel rather than a standalone exchange, and their holdings rest in Sygnum’s custody rather than on the bank’s own balance sheet. Sygnum said client assets are held in an institutional-grade, multi-layer custody solution built on hardware and software controls, governance processes, and independent external audits. The firm said all client assets are held off-balance sheet in regulatory and legal compliance, a structure meant to shield holdings if the bank enters bankruptcy. The point matters for bitcoin holders, since a bearer asset kept off the balance sheet stays separate from the claims of a failed institution’s creditors. Sygnum holds a Swiss banking license and, since June 30, 2026, a Crypto-Asset Service Provider license under the EU’s Markets in Crypto-Assets Regulation, granted by Liechtenstein’s Financial Market Authority.
Bitcoin, Ethereum-linked protocols lose $35 million in multiple attacks hours apart
Verus held close to $100 million in total value locked at the start of 2025, according to DefiLlama. It holds about $9 million as of Thursday, a slow bleed punctuated by a fresh drop this week as the latest hack landed. Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Bitcoin ETFs approach $1B in 7-session inflow run
US spot Bitcoin ETFs recorded $69 million in inflows on Wednesday, extending their inflow streak to seven sessions and bringing total inflows during the period to nearly $1 billion
Mirae Asset completes Korbit acquisition, becomes largest shareholder
Mirae Asset Consulting agreed in February to acquire a 92.06% stake in Korbit for 133.48 billion won ($91 million) to expand into digital asset businesses. Korbit is one of South Korea’s five won-based crypto exchanges. Local crypto exchanges must secure partnerships with banks to provide fiat on- and off-ramp services.
BitMEX, the exchange that invented perps, is shutting down
BitMEX, the crypto derivatives exchange that pioneered the 100x leverage perpetual swap, will shut down operations on Sept. 23, 2026, and is urging users to close positions and withdraw funds immediately. Users who fail to withdraw their assets by the deadline will face automatic financial penalties, as the exchange will charge a monthly maintenance fee of $50 or an annualized 1% levy on their assets, the exchange said in an email to account holders, the post noted. At its operational peak during the 2019 market expansion, the exchange handled over $1 trillion in annual trading volume, capturing roughly 57% of the global crypto derivatives market share.
24/7 financial rails: How BNY plans to eliminate the weekend lag in U.S. Treasuries
BNY plans to enable 24/7 settlement for conventional and tokenized U.S. Treasuries by 2027, following a successful after-hours test with stablecoin issuers. The bank will begin testing tokenized Treasuries on a private blockchain by year-end and expand its settlement network to cover more international trading hours. BNY is already the primary custodian for RLUSD’s reserves and provides custody and investment management for OpenEden’s tokenized Treasury fund. Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Semiconductor
Super Micro Computer Q4 2026 margins beat guidance, stock surges
Super Micro Computer issued a preliminary business update for its fiscal fourth quarter on Tuesday showing gross margins roughly twice what the company had forecast, sending SMCI stock up 17% in after-hours trading. The San Jose-based AI server maker said it now expects GAAP and non-GAAP gross margins in the range of 15% to 17% for the quarter ended June 30, 2026, compared with prior guidance of 8.2% to 8.4%. Super Micro also disclosed that new orders during the quarter exceeded $60 billion, bringing its backlog to a record high as it closed out fiscal year 2026.
Intel (INTC) Q2 Earnings: What To Expect
Intel beat analysts' revenue expectations last quarter, reporting revenues of $13.58 billion, up 7.2% year on year. This quarter, the market is expecting Intel's revenue to grow 12.3% year on year, improving from its flat revenue in the same quarter last year. Intel rarely misses Wall Street's revenue estimates. Penguin Solutions delivered year-on-year revenue growth of 47.6%, beating analysts' expectations by 17.5%, and Micron reported revenues up 346%, topping estimates by 13.9%.
TSMC Is Up 78%, And Wall Street Still Isn't Buying
Management raised 2026 revenue growth guidance to ~40% and increased capital spending plans, underpinned by a robust AI-driven demand outlook.
Nvidia’s Brilliant ‘Freemium’ Software Hook is Why I’m Loading Up for The Long Term
NVDA's free CUDA ecosystem locks developers into its hardware, delivering 85% revenue growth, 71% gross margins, and $48B in quarterly free cash flow. China contributes zero to NVDA's $91B Q2 guidance, while Blackwell and Rubin carry $1 trillion in revenue visibility through 2027. The Receipts Three numbers keep the buy button warm. First, growth that shouldn't be possible at this size. Q1 FY2027 revenue hit $81.615 billion, up 85.23% year over year, with Data Center alone at $75.246 billion (+92%).
This One Factor Keeps Me Buying Marvell Technology Now
MRVL fell 33% in one month while Q1 FY2027 revenue grew 28% YoY and free cash flow surged 127% to $483M. CEO Matt Murphy raised both FY2027 and FY2028 revenue outlooks on exceptional AI bookings, with Q2 guiding to 35% year-over-year growth. The Data Behind My Conviction Marvell's most recent quarter (Q1 FY2027) posted revenue of $2.418 billion, up 27.6% year over year and ahead of consensus.
Trump's push for American-made AI chips hits TSMC's margins
TSMC has announced a total of $200 billion in commitments to the country, including last week's unveiling of a $100 billion investment into advanced semiconductor manufacturing and packaging facilities in the U.S. Gross margin increased ahead of guidance, but that was offset by dilution from overseas fabs, CFO Wendell Huang said on an earnings call. Margins will be further diluted over the next "several years" as overseas fab projects "ramp up," he added. The company forecasts the gross margin dilution from the ramp-up of overseas fabs in the next several years to be 2% to 3% in the early stages, widening to 3% to 4% in the latter stages, Huang said.
Prediction: AMD Stock Will Skyrocket After Aug. 4 Due to This Massive News
AMD expects a 46% year-over-year increase in Q2 revenue to $11.2 billion. AMD's guidance could exceed expectations AMD expects a 46% year-over-year increase in Q2 revenue to $11.2 billion. Analysts, however, expect slower year-over-year revenue growth of 35% in Q3 to $12.45 billion.
How AMD Captures Significant Market Share From Nvidia
AMD’s Q1 FY2026 delivered revenue of $10.25 billion, up 37.9% year over year, with Data Center hitting $5.78 billion, a 57% jump on EPYC CPUs and Instinct GPUs. NVIDIA’s Q1 FY2027 is on a different scale. Revenue landed at $81.6 billion, up 85.2%, Data Center alone was $75.25 billion, and Networking exploded 199% to $14.8 billion. The target is aggressive: a 15% to 20% share of the $200B+ AI accelerator market by 2027/2028. NVIDIA’s tell is different. Guidance of $91 billion excludes China Data Center compute,
Samsung Biologics: geographic diversification is a sound business decision
That FDA approval was followed in 2016 by a Certificate of Good Manufacturing Practice (GMP) compliance from the EMA for biologics drug substance and drug product, and the company now has over 450 approvals from regulators around the world. The expansion of Samsung's manufacturing licences is mirrored in the growth of its performance, which saw it achieve revenues of $3.1bn (Won4,557bn) in 2025, a 30% increase from the previous year. On 20 July 2026, Samsung unveiled its plans for the $1.8bn (SFr1.46bn) acquisition of PolyPeptide Group, which specialises in peptide-based active pharmaceutical ingredients (APIs) and produces one third of the commercially approved peptides in the world. The agreement gave Samsung its first US manufacturing presence and an additional 60,000L of drug substance capacity, increasing its global capacity to 845,000L. "There's always going to be a balance" when it comes to where production takes place, Choi said. "Nobody fully puts all their eggs in one basket. You're always going to want to diversify your supply chain to reduce risk, so clients will always have a need for a secondary supply for that diversification of the risk portfolio, especially for their flagship products."
Vanguard’s VIG Dividend ETF’s Top Stock Is… Broadcom? Here’s Why
Broadcom qualifies easily. It has raised its dividend for 14+ years, currently pays $0.65 quarterly, and carries a market cap of roughly $1.83 trillion. That combination lands it at 5.39% of VIG, ahead of Apple (NASDAQ:AAPL) at 4.55% and Microsoft (NASDAQ:MSFT) at 4.26%.
Prediction: TSMC Stock Will Outperform the S&P 500 Over the Next Five Years
Taiwan Semiconductor Manufacturing (NYSE:TSM) delivered Q2 2026 revenue of $40.20 billion, up 36% year over year, with gross margin of 67.7% and net income growth of 77.4%.
Wall Street is Bullish on Marvell. Here’s Our Price Target.
In Q1 FY2027, revenue hit $2.418 billion (up 27.6% year over year) with data center contributing $1.827 billion, or 76% of total revenue. Management sees the custom ASIC business scaling from $1.5 billion today to over $4 billion by 2028.
Why Did GE Vernova Stock Drop Today?
Revenue grew 22% year over year, with 12% organic, contributing to the sales beat. GE Vernova booked $24.2 billion in new orders in the quarter, twice as much as sales going out the door, and up 88% year over year, as business booms in power generation -- especially for data centers, which comprise more than 20% of total orders. Backlogged orders to be completed rose $13 billion as a result, and total backlog now comes to $176 billion.
TSMC Just Increased Its Investment in America by $100 Billion. Here's What That Means for the AI Semiconductor Stock Trade.
TSMC's capital expenditures were a record $48.5 billion over the past 12 months. Last quarter, TSMC's revenue grew 34% year over year to $40 billion, driven by insatiable demand for chips from AI companies. This capital spending should flow through both directions of the semiconductor supply chain, to TSMC customers such as Nvidia and to equipment suppliers for manufacturing, such as ASML.
AMD’s Microsoft Win Signals Dominance Over NVIDIA and Our Price Target Reflects It
AMD has risen 135.14% year to date and 220.77% over the trailing year. Shares are 8% below the $584.73 52-week high. Fundamentals remain strong. Q1 FY2026 revenue of $10.253 billion grew 37.85% year over year and beat estimates by 3.41%, with non-GAAP EPS of $1.37 topping consensus. Data Center revenue did $5.775 billion, up 57%. Free cash flow surged to $2.566 billion. Management guided Q2 to $11.2 billion, roughly 46% growth. The bull case rests on Lisa Su's line: "Customer engagement around MI450 Series and Helios is strengthening, with leading customer forecasts exceeding our initial expectations."
The AI Boom's Best-Kept Secrets: 3 Companies Flying Under the Radar
Brookfield estimates that total spending on AI-related infrastructure will exceed $1 trillion this decade and $7 trillion over the next 10 years. The company's AI infrastructure investments are part of its strategy to drive 25% annual earnings growth over the next five years. Prologis sees the potential to develop over 10 GW of data centers over the next decade.
TSMC Q2: Compounding AI Spending Concerns Hit Stock Valuation
TSMC forecasts Q3 2026 revenue of $44.6–45.8 billion and gross margins of 65–67% but faces margin pressure from aggressive U.S. and Taiwan fab expansions. Raised FY 2026 CapEx guidance to $60–64 billion signals significant capital deployment and potential pricing power to offset higher production costs.
Intel's Foundry Just Landed Its First Named Outside Customer Under Lip-Bu Tan. The Stock Jumped More Than 8% -- 2 Days Before Earnings.
Intel's foundry effort has never lacked announcements. What it has lacked is named, committed customers. And Intel has yet to land a major one for its most advanced manufacturing processes, known as 14A and 18A. In the first quarter, Intel Foundry generated $5.4 billion of revenue, up 16% year over year. But nearly all of that came from making Intel's own products. External foundry revenue (money from manufacturing chips for outside customers) was just $174 million in the quarter. That's a sliver for a company that posted $13.6 billion in total revenue. "The next wave of AI will bring intelligence closer to the end user," Tan said in the company's first-quarter earnings release, adding that the shift "is significantly increasing the need for Intel's CPUs and wafer and advanced packaging offerings."
MU, SNDK, SKHY Stocks Jump: Google's AI Hunger, Elon Musk's Micron Shoutout Send Memory Bulls Charging
Alphabet on Wednesday said its June quarter CapEx doubled from a year ago to $44.92 billion, bringing the investment so far in 2026 to $78.6 billion. The Search and cloud giant then updated its full-year CapEx guidance range to $195 billion to $205 billion, up from the previous estimate of $180 billion to $190 billion. Alphabet reported negative free cash flow of $5.9 billion for the quarter, marking the first time the company posted negative quarterly free cash flow since going public in 2004.
The American Chip Boom Picks Winners: TXN, INTC, and QRVO at Current Share Prices
TXN pulled in $850M in Q2 CHIPS incentives. Intel is ramping 18A high-volume manufacturing in Arizona and Oregon, backed by a US government equity stake and a $5B NVIDIA investment related to AI infrastructure. Texas Instruments posted Q2 revenue of $5.46 billion, up 22.8% year over year, with EPS of $2.14 beating estimates by 10.56%, led by industrial, data center, and automotive demand. Intel’s Data Center & AI segment grew 22% last quarter, while Intel Foundry rose 16%, and non-GAAP EPS of $0.29 cleared a $0.01 estimate. Qorvo’s High Performance Analog unit grew 7.9%, with a 34.7% GAAP operating margin, while FY2026 free cash flow rose 40.2% to roughly $680 million. Texas Instruments trades at 38 times forward earnings after a 69.5% YTD run, putting the stock well above its historical valuation band, even as capex is down 60.6% year over year and the factory buildout phase cools. Intel has surged 178.1% YTD and 341.57% over one year, but trailing earnings remain negative, the forward P/E sits near 119, and Foundry losses are still part of the story. Qorvo brings its own caveats: revenue declined 1.1% in FY2026, an $82.4 million goodwill impairment hit Q4, guidance remains suspended, and Apple concentration is still a structural risk. TXN’s analyst target sits at $303.59 against $294.19, with 2 Strong Buy, 15 Buy, 17 Hold, and 2 Sell ratings. Intel’s target is $106.70 versus $102.62, with 2 Strong Buy, 11 Buy, 32 Hold, 2 Sell, and 2 Strong Sell. Qorvo’s $91.46 target sits just above $89.48, with 1 Strong Buy, 2 Buy, 16 Hold, and 1 Sell.
Jim Cramer reveals 4 surging chip stocks he likes best
INTC Stock Ticks Up Ahead Of Earnings: Ohio Fab Buzz Grows As Intel Reportedly Seeks New Partner
Intel announced its Ohio One semiconductor manufacturing campus in January 2022, and said it would invest $28 billion initially to build two leading-edge chip fabrication plants in New Albany, near Columbus. The nearly 1,000-acre site broke ground in September 2022 and has been under construction since, but the project has faced multiple delays amid weaker chip demand and Intel’s cost-cutting efforts. Under the latest timeline, the first fab is expected to be completed in 2030 and begin operations between 2030 and 2031. Analysts expect the government-backed chipmaker’s second-quarter revenue to rise 12% to $14.45 billion and adjusted income of $0.22 per share compared to a loss of $0.10 per share last year, according to data from Koyfin.
AI / Robotics / EV
OpenAI, Anthropic boost lobbying as legacy tech and defense spending slips
Together, the two leading AI developers spent $3.17 million during the second quarter, up 23% from the first three months of the year, according to federal lobbying disclosures. Anthropic spent $1.97 million from April through June, up 26% from the first quarter. OpenAI spent $1.2 million, an increase of nearly 18%. The companies reported lobbying on issues including cybersecurity, copyright, cloud computing and defense procurement. For example, Anthropic spent more on lobbying than Nvidia during the quarter and nearly matched Oracle’s $2 million total. OpenAI came within $50,000 of Nvidia, which spent $1.25 million. Both AI companies also sharply increased their spending from the second quarter of last year: Anthropic's more than doubled, while OpenAI's nearly doubled. A CNBC analysis of five “Magnificent Seven” tech companies — Meta, Amazon, Google, Microsoft, Apple, Nvidia and Tesla — found they spent a combined $21.25 million on federal lobbying during the second quarter, essentially unchanged from $21.27 million in the first quarter. Meta remained the largest spender in the bunch in the second quarter at $5.99 million, though its lobbying expenditures fell 15% from the first quarter this year. Amazon’s spending was nearly unchanged at $4.36 million. Google and Microsoft moved in the opposite direction from Meta. Google increased its spending 25% from last quarter to $3.57 million, while Microsoft raised its total nearly 13% to $2.69 million. Those companies collectively boosted their lobbying spending 7.7 percent compared with the second quarter of 2025 as tech has been in the spotlight on Capitol Hill. They reported lobbying in the most recent quarter on issues including trade, China, taxes and export controls. The eight largest U.S.-based publicly traded defense contractors, ranked by fiscal 2024 Defense Department contract obligations in the latest General Services Administration's SAM.gov Top 100 Contractors report, spent $19.68 million on federal lobbying in the second quarter, down 3.3% from $20.36 million in the first quarter. Lockheed Martin led the group at $4.18 million, followed by RTX at $3.86 million and General Dynamics at $3.42 million. RTX cut its spending by $600,000, the largest decline in dollar terms from the first quarter to second quarter among the defense companies reviewed by CNBC. L3Harris reported the steepest percentage drop, reducing its spending nearly 45% to $530,000. Huntington Ingalls, Northrop Grumman and Leidos also posted double-digit declines. Boeing had the biggest spending increase among the eight companies, increasing spending 13% to $2.77 million.
The Fed rang the alarm about Anthropic's Mythos AI model — but had to go months without it
The Fed was still trying to get access to Mythos as of July 15. Anthropic expanded access to Project Glasswing in June, adding more than 150 organizations to the initiative across 15 countries.
Tesla earnings are coming — here's how investors can protect against the downside: Alpha Options Playbook
One standard stock-option contract generally covers 100 shares. The contract recently cost about $10.25 per share, putting the total premium — the amount paid upfront for the option — near $1,025. Tesla's implied volatility for this expiration was recently about 82%, making short-term insurance especially expensive ahead of earnings.
Price Prediction: Two Magnificent Seven Stocks, Two Bold Price Targets for 2027
Tesla is caught between a fading auto business and an AI story that has yet to fully monetize. Vehicle deliveries declined 16% YoY in Q4 25, and shares are off 4.35% in the past week and 5.38% in the past month. Services revenue growing 42% YoY, 1.28M FSD subscriptions (+51%), and Robotaxi expansion from Austin to Dallas, Houston, and beyond can drive that. Google delivered a 94.10% EPS beat in Q1 26, yet shares are down 5.79% over the past month. Why? 2026 CapEx guidance of $175 to $185 billion spooked investors worried about ROI. Free cash flow already fell 46.63% YoY in Q1. Tesla currently trades at roughly 155x forward earnings, still a nosebleed multiple carried by AI optionality. Google trades at just 22x forward earnings against 21.8% revenue growth and 82% earnings growth, which looks genuinely cheap for a hyperscaler.
AMD to invest up to $5 billion in Anthropic as part of computing power deal
In May, Anthropic forged a deal with Elon Musk's SpaceX to use all of the compute capacity at his company's Colossus 1 data center in Memphis, Tennessee. Anthropic will pay SpaceX $1.25 billion per month through May 2029 as part of that deal, according to SpaceX's prospectus.
From $91B to $2.3B: The Catastrophic Collapse of America’s EV Industry
Lucid burned $3.8B in free cash flow against $1.35B in revenue in 2025, while Rivian's cash reserves shrank from $4.81B to $2.85B. Stellantis posted a $22.33B net loss for FY2025 as CEO Filosa admitted the company over-estimated the pace of the energy transition. Tesla leads with a $1.4T market cap, but Q4 2025 deliveries fell 16% and prediction markets heavily doubt its near-term robotaxi and Optimus timelines. Lucid: A Saudi-Funded Life Raft Lucid closed at $7.36 on July 17, leaving the stock down 76.41% over the past year and 97.99% below its November 2021 level. Revenue is scaling. Losses are scaling faster. Q4 2025 revenue reached $522.73 million, while deliveries rose 72% year over year to 5,345 vehicles. The company reported a GAAP net loss of approximately $814 million and negative free cash flow of $1.24 billion for the quarter. For the full year 2025, revenue totaled $1.35 billion, while free cash flow was negative $3.8 billion. Rivian: Volkswagen, Uber, and the DOE Are the Backstop With Rivian, Q1 2026 revenue came in at $1.38 billion, while free cash flow was negative $1.08 billion.
Vertiv’s Multi-Year Pipeline is Locked In — Why This Thermal Titan is a Total Steal Amid the Semiconductor Chill
Baird initiated Vertiv with a buy and $370 price target, implying 21% upside as liquid cooling demand surges from next-gen AI hardware launches. Baird started its coverage of the $117 billion firm with a buy and a $370.00 price target, which entails a gain of just north of 21% from Tuesday's close.
Elon Musk, Tesla and SpaceX face serious questions from investors
Tesla sold roughly $890 million in vehicles and batteries to SpaceX and its subsidiary xAI since 2023, and SpaceX spent $131 million on Cybertrucks in 2025 alone, according to the company's IPO filing. SpaceX has significant defense contracts, which means any deal would need clearance across multiple agencies in multiple countries. That alone could take years.
Tesla Beat Wall Street's Delivery Estimate by Nearly 74,000 Vehicles Under Elon Musk
480,126 deliveries were up from 384,122 in the second quarter of 2025, a huge 25% year-over-year increase. The second-quarter 2026 figure was also above the Wall Street consensus for roughly 406,000 deliveries. When Tesla reports earnings after the close on July 22, investors will be looking to see what the company is planning for the future.
Prediction: Tesla Earnings Today Could Send TSLA Stock to This Price
FSD subscriptions hit 1.28 million, up 51% YoY, powering a 42% jump in high-margin Services revenue and reinforcing the margin recovery story. Automotive gross margin expanded to 21.1% from 16.2% YoY, powered by lower material costs and higher ASPs. Active FSD subscriptions reached 1.28 million, up 51% YoY, feeding a 42% YoY jump in Services & Other revenue to $3.75 billion. Operating income surged 135.84% YoY and free cash flow rose 117.47%, with cash on the balance sheet climbing to $44.74 billion.
OpenAI Wants to Spend $750 Billion on AI. Is This Visionary — or Financially Reckless?
OpenAI plans to spend $750 billion on compute while generating only $24 billion in annualized revenue and posting $38.5 billion in losses in 2025. Unlike Amazon and Meta, which had hundreds of billions in revenue to backstop infrastructure bets, OpenAI depends heavily on outside financing rather than internal cash. That figure stands out because OpenAI is still far from consistently profitable. Reports indicate the company was generating roughly $2 billion in monthly revenue as of late February, or an annualized pace of about $24 billion. Yet OpenAI reportedly recorded losses of $38.5 billion during 2025 as infrastructure, research, and operating costs continued to outpace revenue growth. OpenAI is burning through $750 billion to secure the future of intelligence. It's a high-stakes bet where infrastructure debt may finally collide with economic reality.
VinFast eyes Vietnam break-even by 2027, profit to follow – report
115,916 vehicles to customers in Vietnam during the first half of the year, a rise of 72% compared with the same period last year, according to an exchange filing cited in the report. The manufacturer is aiming for global deliveries of at least 300,000 EVs during 2026, building on roughly 200,000 units sold in 2025.
Menlo Ventures’ Matt Murphy explains what AI startups founders must do differently
Anthropic leaped to a $47 billion revenue run rate by May, compared to $9 billion in 2025.
Stock Market Today, July 22: Nasdaq Slides Prior to Tesla and Alphabet's Earnings After Market Close
While Alphabet delivered sales growth of 24%, headlined by its cloud department’s revenue soaring 81%, free cash flow turned negative as operating cash flow was outweighed by $45 billion in capital expenditures during the quarter.
TSLA Stock Continues Slide After Musk Says ‘A Little Less Capital Efficient’ Is Acceptable — Warns Of Rising Capex for Next 2-3 Years
Shares of EV giant Tesla Inc fell as much as 5% after-hours on Wednesday after the company said that its capital expenditure will continue to grow for the next 2-3 years as the company seeks to scale its AI and robotics ventures. For FY6, the company expects capex to be more than $25 billion, marking a huge jump from the $8.5 billion recorded in 2025. “CapEx will grow for the next 2 or 3 years as we expand our robotaxi fleet, expand our production capacity for Optimus, make investments for semiconductor fab install solar manufacturing capacity and compute infrastructure in addition to all the other expansions we will do for other manufacturing, for automotive,” company CFO Vaibhav Taneja said during the company’s second quarter earnings call. In the second quarter alone, Tesla recorded 142% year-on-year increase in capital expenditure to $5.8 billion, causing it to report negative free cash flow of $1.1 billion. When asked about the pace of capital spending, Musk said Tesla is prioritizing speed over maximum capital efficiency. He stated that the company is comfortable being “a little less capital efficient” if it allows projects to move forward faster, as time-to-market is more valuable in this phase. Tesla exited the second quarter with its largest vehicle order backlog since 2023, Taneja said, attributing it to a broad resurgence in demand across all major regions.
Analysts Say This Robotics Stock Could Be One of 2026’s Biggest Industrial Winners
Regal secured approximately $735 million of ePOD orders for hyperscale data center customers, with those orders expected to ship in 2027. Kerrisdale’s model shows total data center revenue rising from roughly $130 million in 2025 to $238 million in 2026 and $970 million in 2027, while management has guided to approximately $900 million of data center revenue in 2027.
Bill Ackman Says Tesla Robotaxi Fears Are Creating a 'Very Cheap' Buying Opportunity for UBER
UBER shares were down 11.68% year-to-date, up 0.74% over the last month, and lower by 20.33% over the year. It closed down 0.40% at $72.17 per share on Monday, and it was up 0.15% in premarket on Tuesday. Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide.
Tesla Inc (TSLA) Q2 2026 Earnings Call Highlights: Record Deliveries and Strategic Investments ...
Record Q2 Deliveries: Achieved record deliveries globally with sequential growth in the Americas (60%), APAC (27%), and EMEA (12%). FSD Subscription: 55% of North American deliveries included FSD subscription at delivery. Energy Storage Deployment: 13.5 GWh deployed, a 53% sequential increase. CapEx: Expected to exceed $25 billion for the year, with further increases in the second half of 2026. Debt Facilities: Capacity to borrow up to $30 billion to accelerate investments. The Robotaxi program has shown exponential growth with an impeccable safety record over 380,000 miles.
Reo.Dev Bags $11.3M Series A to Scale Across the US
Built on its Developer Knowledge Graph of more than 100 million engineer profiles spanning over 3,000 technologies and 250 technical functions, Reo.Dev helps Sales, Marketing, and RevOps teams identify the right buyers, build highly targeted technical audiences, prioritize opportunities, and engage engineering teams with greater precision. Customers are already seeing measurable business impact. DataHub generated $1.01 million in pipeline from Reo.Dev-signaled accounts in a single quarter, while Unstructured.io now sources 40 percent of its deal pipeline and books 20 percent more meetings from accounts identified by Reo.Dev. "Several of the investors backing this round are customers first, people who already run their own pipeline through Reo.Dev every day. You don't put your own money into a product like that unless you actually believe in it," said Achintya Gupta, Co-founder and CEO of Reo.Dev. "Today, AI companies are increasingly selling into engineers and AI agents - both of whom can't be addressed by generic sales tactics and only bite when a product actually understands how they work. This is a greatly underserved and emerging market. Reo.Dev has built a vertical platform on a data layer of 100 million-plus engineer profiles. Our conviction is that this is increasingly the way software and infrastructure companies will need to sell and Reo.dev has built the category-leading System of Context and Action for this," said Krishna Mehra and Poorvi Vijay, Elevation Capital. "In a product-led business, your buyers are already in your product. They're just not raising their hand. Reo.Dev tells us who's actually evaluating versus just kicking the tires. For a company our size, that's the difference between a scalable sales motion and a guessing game," said Jim Rose, CEO, CircleCI. "The visibility has just been huge. There's no way we would have known all the information about the companies and people using our product if we hadn't had Reo.Dev. We were pretty much flying blind before," said Wacarra Yeomans, Director of Demand Generation, DataHub.
TSLA Stock Extends Tumble Overnight: Munster Sees Capex Blowing Past Street Estimates Next Year Too
Tesla Inc.’s spending surge may be only the beginning, with analysts forecasting $25 billion in 2027 capex as CEO Elon Musk prioritizes faster execution across AI, Optimus, Cybercab, semiconductors and solar manufacturing over near-term capital efficiency. Munster said on X that the company’s elevated spending is aimed at scaling TeraFab, solar manufacturing, Optimus, Cybercab and Semi, which are all central to Tesla’s AI and robotics ambitions.
Tesla's record quarter costs $71bn after Musk spending spree. Is there a silver lining?
Tesla's record quarter costs $71bn after Musk spending spree. Is there a silver lining? Revenue of $28.24 billion was up 26% year-on-year and comfortably ahead of the $25.71 billion analysts had pencilled in. Deliveries of 480,126 vehicles were a second-quarter record and the first annual growth in two years, ending a slump driven by Chinese competition and a consumer backlash against Elon Musk's politics. Subscriptions to Full Self-Driving, which despite the name still requires a human ready to grab the wheel, rose 56% to 1.48 million, generating $791 million of annual recurring revenue. Chief financial officer Vaibhav Taneja said the company left the quarter with its biggest order backlog since 2023. Capital expenditure jumped 142% to $5.79 billion and free cash flow swung to a deficit of $1.09 billion, from a $146 million surplus a year earlier. Taneja has guided to more than $25 billion of capex this year, close to three times the 2025 figure, and warned that operating costs will keep climbing into 2027. The money is going into artificial intelligence compute, six new factories, Optimus humanoid robot lines at Fremont, and Terafab, a semiconductor project run jointly with SpaceX.
Tesla and Alphabet shares slump in premarket trading as AI spending concerns spook investors
Alphabet raised its capital expenditure forecast for this year to $195 billion to $205 billion and warned of higher figures in 2027. Tesla, meanwhile said capex surged 142% year-on-year in the second quarter to $5.79 billion. The company said it expects more than $25 billion in capex this year. "This is a massive capex year. I'm confident that all the things that we're investing in will yield incredible returns. Really, maybe the best capex returns that we've ever seen," Tesla CEO Elon Musk said on the earnings call on Wednesday. Alphabet's CEO said the spending increase "is primarily due to an acceleration in the delivery of capacity to meet growing demand."
Tesla's once-bullish tone on robotaxis shifts
Tesla said paying customers have traveled 2.5 million miles in its robotaxi service, including 380,000 miles in rides without an in-vehicle safety monitor. Tesla's unsupervised robotaxi miles remain well below the more than 220 million autonomous miles driven by Waymo through the end of March, underscoring the lead Alphabet's self-driving unit holds in commercial deployment, Forrester analyst Paul Miller said.
Billionaire Ken Griffin of Citadel Dropped a Can't-Miss, 2-Word Reality Check on the AI Revolution
$15.7 trillion in global economic value by 2030. Goldman's latest forecast puts hyperscaler capex at $740bn for 2026 and $996bn for 2027.
Power / Grid
Uranium Holds at $85 as AI Data Centers Go Nuclear
URA has dropped 18% in one month while spot uranium holds at $85, revealing a stark disconnect between miner equity prices and commodity reality. Long-term utility contracts drive 80% of uranium volume and matter far more than spot prices for miner earnings and URA's path to recovery. The single macro variable that matters most for URA over the next twelve months is the pace of long-term utility contracting, not the daily spot tick.
AMPYR Distributed Energy obtains debt financing of $194m for growth
ADE develops, operates and owns on-site renewable energy infrastructure for industrial and commercial clients, funding projects through long-term power purchase agreements. In February 2026, Ampyr Solar Europe acquired the East Yorkshire Solar Farm project in the UK from BOOM Power. The project is set to have a capacity exceeding 530MW-peak and generate enough electricity to supply around 100,000 homes.
GE Vernova Q2 Earnings Call Highlights
Orders Rise 88% as Backlog Expands Chief Financial Officer Ken Parks said GE Vernova booked $24.2 billion of orders in the second quarter, an 88% year-over-year increase, with a book-to-bill ratio of slightly more than two times. Revenue rose 12%, including 14% growth in equipment revenue and 10% growth in services revenue. Adjusted EBITDA increased 61% year-over-year to $1.2 billion, and adjusted EBITDA margin expanded 340 basis points. The company ended the quarter with approximately $13 billion in cash, up $3 billion from the end of the first quarter, after returning $2.5 billion to shareholders through dividends and share repurchases during the quarter. Power Segment Fueled by Gas Turbine Demand In Power, orders more than doubled, driven by Gas Power equipment orders that increased approximately four times year-over-year. GE Vernova shipped three gigawatts of gas equipment during the quarter while signing 20 gigawatts of orders and slot reservation agreements in markets including the U.S., Brazil and Qatar. Strazik said the company's total gigawatts under contract increased sequentially from 100 to 116 gigawatts, including orders for 52 heavy-duty units and 61 aeroderivative units in the quarter. He said more than half of the gigawatts under contract are for GE Vernova's HA turbines, which are expected to run at baseload and support services growth in the next decade. Power revenue increased 14%, and segment EBITDA margin expanded 320 basis points to 18.8%. Parks said the improvement was mainly driven by favorable pricing and higher volume, partially offset by inflation and expenses tied to capacity and research and development investments. For the third quarter, GE Vernova expects Power revenue growth of 17% to 19% and EBITDA margin of approximately 17% to 18%. Electrification Backlog Grows on Grid and Data Center Demand Electrification orders increased 66% year-over-year to approximately $6.3 billion, or about 1.7 times revenue, as demand grew for substations, switchgear and transformers. Parks said equipment orders growth was particularly strong in North America, rising approximately four times year-over-year. Strazik said GE Vernova booked $2.7 billion of data center orders in Electrification during the second quarter, bringing first-half data center orders in the segment to more than $5 billion, more than double the full-year 2025 level. Electrification equipment backlog rose to $41 billion, up 69% from the second quarter of 2025. Revenue in Electrification increased 68% on a reported basis, including the impact of Prolec, and 29% organically. Prolec contributed nearly $900 million of revenue in the quarter. Segment EBITDA more than doubled, with margin expanding 700 basis points to 18.4%. For the third quarter, the company expects Electrification revenue of $3.8 billion to $4 billion and continued year-over-year EBITDA margin expansion, with margins modestly above second-quarter levels. During the question-and-answer session, Strazik said GE Vernova remains on track to increase Gas Power output from roughly three gigawatts per quarter to five gigawatts per quarter starting in the third quarter, reaching a 20-gigawatt annualized run rate. He said the company now sees an opportunity to reach 30 gigawatts of annual output in 2030 through lean initiatives, incremental machinery and use of existing factory space. Strazik also said the company expects to end 2026 with at least 125 gigawatts under contract and that it is "mostly sold out" through 2030, with more than half of 2031 production slots expected to be contracted by year-end.
NuScale Power (SMR): The Case for a Long-Term Buy Right Now
NuScale has numerous opportunities Investors would be short-sighted to assume that supporting data center infrastructure is the only opportunity for NuScale Power. In addition to water desalinization, the company recognizes hydrogen production facilities as two current applications for its small modular reactors (SMR). Over the longer term, however, management recognizes additional use cases. In its annual report, NuScale Power states that it is developing micro-reactors for "niche end-markets" that would benefit from supplying power to remote, off-grid communities, including mining operations, universities, space, military installations, and disaster relief. According to the business intelligence firm Global Market Insights, the global small modular reactor market was valued at $3.6 billion in 2025 and is expected to total $5.3 billion in 2026, then rising at a 12.7% compound annual growth rate (CAGR) until 2035, when it's projected to total $15.6 billion.
Iberdrola to buy majority stake in Finnish power distributor Caruna
Iberdrola has agreed to acquire Finland-based power distribution company Caruna in a deal that values the business at approximately €5bn, including financial debt. The acquisition is expected to close in the first quarter of 2027, subject to customary regulatory approvals. In Finland, the current framework for regulation is set to remain in effect until 2031 and includes a regulated return on equity of approximately 8%. Iberdrola has projected annual growth in its earnings and asset base of around 7% related to this deal, with planned yearly network investment of between €200m and €300m. In April this year, Iberdrola completed the €3.41bn sale of its Mexican business after securing all required regulatory approvals. The deal transferred 2.6GW of operational assets to Cox, a global water and energy utility.
Prediction: This Stock Could Become a Leader in Advanced Nuclear Energy
$171 Peak to a $44 Reset Oklo shares are down 38.5% year to date, 27.86% over the past month, and 29.4% over the past year. After peaking near $171.56 in October 2025, the stock now trades only 11% above the 52-week low of $39.53. The Case for $170 and Higher Bulls call Oklo the best-positioned pure-play in advanced nuclear. The customer pipeline sits near 14 GW, anchored by a 12 GW master agreement with Switch through 2044 and a 500 MW Equinix LOI backed by a $25 million pre-payment.
GE Vernova shares fall as wind losses overshadow record backlog and data center demand
GE Vernova said it expects global tariffs to add $100 million to $200 million to costs in 2026. Orders climbed 88% organically to $24.2 billion, pushing the company's backlog up $13 billion from the prior quarter to $176 billion. Data center orders exceeded $5 billion so far this year, more than double the total for all of 2025. The company said gas equipment under contract is expected to reach at least 125 gigawatts by the end of 2026, with gas turbine output on track to hit 20 gigawatts in the third quarter of 2026, 24 gigawatts by 2028 and 30 gigawatts by 2030.
Billionaire Investor David Einhorn’s Top 5 Bets: Buy Alongside the Skeptic?
PG&E (NYSE:PCG) is the direct pipe into California's AI power demand. The company's data center pipeline hit approximately 4.6 GW in final engineering, up from 3.6 GW, with more than 10 GW of pre-application interest. Add a $73B five-year capital plan pushing rate base to roughly $106B by 2030, and this is an income compounder with a growth kicker. Shares closed at $17.29 on July 17, 2026, up 34.62% over the past year. The base-case AI model targets $22.20, roughly 28.36% upside. If Einhorn is right that AI compute has to plug in somewhere, PG&E is the socket. Wildfire non-core charges collapsed to $3M from $40M year over year, and no common equity issuance is planned through 2030. Shares closed at $82.66, up 15.84% year over year and 398.4% over five years. Analysts are unanimous: 4 buy ratings, zero holds or sells, with a consensus target of $105.25 and an AI base case of $115.99, or 40.32% upside. The Q1 print flipped the narrative. EPS of $0.41 beat the $0.34 consensus by 20.80%, revenue of $1.084B beat by 1.97%, and net income swung to $21M from a $69.3M loss year over year.
Why Nuclear Stock Oklo Jumped Today
Oklo stock jumped as much as 7.7%, and remained up by 3.6% as of 11:27 a.m. ET. A U.S. Department of Energy initiative aimed at speeding up reactor development for AI data centers has investors jumping into related company stocks today. Oklo is one supplier reportedly joining big technology firms in a $200 million plan to help power AI data centers in the U.S. According to reports, administration officials said this could potentially allow for uranium enrichment within the kingdom's territory. The newly established agreement, set to span 30 years, could be valued at tens of billions of dollars.
Why Constellation Energy Stock Blasted Higher on Wednesday
The Trump administration announced Wednesday that it had signed a long-term deal to help develop nuclear technology with Saudi Arabia. The 30-year pact formalizes nuclear cooperation between the two nations and pushes several U.S. energy companies into leading roles in build-outs in the strategic Middle Eastern country. Besides, the government's striking this deal is yet another strong indication of its desire to promote and support the nuclear power industry. A key goal of this initiative, not surprisingly, is to satisfy the considerable power needs of artificial intelligence (AI)-ready data centers. As nuclear plants produce considerable clean power, they are considered ideal facilities for such a push. The Bloomberg article, which cited a document its reporters had seen, mentioned small modluar reactor (SMR) specialists Oklo and X-Energy as participants on the energy industry side, and Microsoft and Nvidia as partners from the tech sector.
Warren Buffett's Berkshire Hathaway Has Barely Touched AI Stocks. This 1 Subsidiary Is a Backdoor AI Winner
In Iowa, a cluster of mega data centers now accounts for roughly 8% of peak electricity load, and management expects data center consumption to keep climbing for years. Berkshire Hathaway Energy is in the middle of a roughly $34 billion capital plan to build out generation, storage, and transmission, and every dollar of approved investment becomes a base on which it earns steady profits for decades. Berkshire's own CEO, Greg Abel, who ran this business, told shareholders that about half of its energy operations are now addressing AI-related power needs.
Software
If Mark Zuckerberg Says These Words on July 29, Meta Platforms' Stock Could Skyrocket
The $650 billion spending in 2026 isn't the peak, either. Nvidia, the major supplier of computing units for the AI build-out, projects this figure will rise to $1 trillion in 2027. That's incredible growth and showcases the robust demand for AI computing. While many businesses are being formed that use AI computing resources, the jury is still out on whether all the AI spending will be worth it, especially for companies developing AI models. Some worry that generative AI will basically be a commodity, and there won't be much money in store for the companies that develop the models. However, cloud computing businesses, like the ones Amazon, Microsoft, and Alphabet have built, generate revenue each time computing resources are used, so they will still make out fine over the long term. A recent Bloomberg report speculated that a cloud business is already being formed, creating a new revenue stream for Meta that would be quite lucrative in the long term. This would justify the spending on those centers, making Meta a far more attractive investment.
Alphabet Just Cut Share Buybacks To $0, While Acquiring A $40 Billion Stake In A Rival AI Company
GOOGL ended a decade of buybacks, redirecting cash from a $300 billion repurchase streak into annual AI capex projected between $175 billion and $185 billion. Alphabet bet $40 billion on rival Anthropic while Google Cloud must hit 70% YoY growth to validate scrapping shareholder returns.
American Airlines or Lockheed Martin: Wall Street Expects One to Soar on Earnings, One to Stumble
Lockheed Martin's most recent quarter delivered diluted EPS of $6.44, a miss of 3.9% versus the $6.70 estimate, on revenue of $18.02 billion (+0.32% year over year). That followed FY 2025 diluted EPS of $21.49 on revenue of $75.05 billion (+5.64%), with free cash flow of $6.91 billion (+30.66%). Management reaffirmed FY 2026 diluted EPS guidance of $29.35 to $30.25 and free cash flow of $6.5 billion to $6.8 billion. American Airlines topped expectations last quarter: Q1 2026 adjusted EPS of −$0.40 versus a −$0.46 estimate (+13.04%) on record revenue of $13.91 billion (+10.84% year over year). But the full-year picture is far wider: FY 2026 adjusted EPS guidance runs from −$0.40 to $1.10, with more than $4 billion in incremental fuel expense weighing on results.
AT&T Q2 2026 earnings beat on subscriber growth
Revenue in AT&T's advanced connectivity segment, which encompasses its domestic fiber and wireless operations, rose 5.1% year over year to generate operating income growth of 20.3%. AT&T now reaches more than 38.6 million total consumer and business locations with fiber and remains on track to exceed 40 million fiber locations by year-end 2026, the company said. AT&T left its full-year outlook intact, still targeting adjusted EPS in the $2.25-to-$2.35 range and free cash flow of at least $18 billion, while keeping in place its commitment to distribute $45 billion or more to shareholders by 2028 through dividends and buybacks.
Oracle severed 21,000 employees during an AI spending spree, then hit a $7 billion Wisconsin power hurdle
By the end of its 2026 fiscal year, Oracle's workforce had fallen by approximately 21,000 employees, or 13%, from 162,000 to 141,000. Amazon, Microsoft, Google parent Alphabet and Meta are expected to spend about $600 billion on AI infrastructure in 2026, according to Reuters.
Giverny Capital Asset Management Trimmed Alphabet (GOOGL) in Q3
Our two largest positions are Alphabet Inc. (NASDAQ:GOOGL) and Arista, which I believe have strong positions in the emerging AI economy. Alphabet has a near monopoly in search, a robust cloud data center business, a leading computer chip used in AI data centers, a highly profitable asset in YouTube and the premier autonomous driving platform in Waymo. It has built a tremendous collection of assets. As for portfolio activity for the quarter, we trimmed Alphabet and Arista. We sold 17% of our position in Alphabet in April at about $380. Management subsequently sold $80 billion of stock in a secondary offering at $350 to raise money to fund more investment in data centers. I feel we did the responsible thing in trimming Alphabet as it got to nearly 12% of our portfolio.
Alphabet Earnings Put Big Tech AI Spending Under Scrutiny
Microsoft said its AI business is on a $37 billion annual revenue run rate and Amazon said AWS grew 28%.
The Boldest Bets on Wall Street Right Now Are in the Same Handful of Stocks
Amazon has become one of the largest positions in two of the most-watched books on Wall Street. Pershing Square held Amazon at roughly 17.4% of its portfolio, while Appaloosa’s Amazon stake sat near 15.2% after Tepper nearly doubled his share count during the quarter. The fundamentals support the conviction. Q1 2026 EPS came in at $2.78 versus a $1.73 consensus, a 60.69% beat, while AWS grew 28% year over year, its fastest pace in 15 quarters, at a 37.7% operating margin. Alphabet is the more concentrated bet. Himalaya Capital’s combined GOOGL/GOOG weight sits near 44.8% of the portfolio, and Berkshire more than doubled its GOOGL stake while opening a new GOOG position that represents about 6% of Berkshire’s equity book. The numbers explain the pivot. Q1 2026 revenue rose 21.8% to $109.90 billion, EPS beat by 94.10%, and Google Cloud grew 63% with backlog nearly doubling quarter over quarter to over $460 billion. Uber is the contrarian pick of the three. Ackman’s Pershing Square held Uber at roughly 15.7% of the portfolio, and Tepper nearly tripled his Appaloosa position to about 7.7%. Yet the stock is down nearly 13% year to date and nearly 21% over the past year. The disconnect is the opportunity. Q1 2026 Gross Bookings grew 25% to $53.72 billion, Uber One membership hit 50 million driving half of Gross Bookings, and non-GAAP EPS rose 44%.
Arista Networks (ANET) Strengthens from Exponential Growth in AI
Arista Networks, Inc. (NYSE:ANET) is a high-speed switching and cloud networking solutions provider for hyperscale users. On July 21, 2026, Arista Networks, Inc. (NYSE:ANET) closed at $174.58 per share, reflecting a market capitalization of $219.82 billion. Our two largest positions are Alphabet and Arista Networks, Inc. (NYSE:ANET), which I believe have strong positions in the emerging AI economy.
AAON (AAON): A Case of Emotion Triggers Impulsive Trade
On July 21, 2026, AAON, Inc. (NASDAQ:AAON) closed at $105.61 per share, reflecting a market capitalization of $8.65 billion. AAON, Inc. (NASDAQ:AAON) posted a one-month return of -19.75%, while its shares gained 34.11% over the past 52 weeks. This push and pull between greed and fear creates itchy trigger fingers. In May, we had a single day in which one of our holdings, AAON, Inc. (NASDAQ:AAON), reported strong earnings and saw its stock rise 31%, AAON has a terrific business unit that makes cooling systems for data centers, where demand is strong.
AI Worries Weighed on Jack Henry (JKHY) in Q2
In its Q2 2026 investor letter, Upslope Capital Management highlighted Jack Henry & Associates, Inc. (NASDAQ:JKHY). Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a financial technology company that offers solutions and payment processing services for community banks and credit unions. On July 21, 2026, Jack Henry & Associates, Inc. (NASDAQ:JKHY) closed at $148.90 per share, reflecting a market capitalization of $10.58 billion. Upslope Capital Management stated the following regarding Jack Henry & Associates, Inc. (NASDAQ:JKHY) in its Q2 2026 investor update: "The Fund also exited Jack Henry & Associates, Inc. (NASDAQ:JKHY), fintech business focused on core processing and payments for regional banks). This was disappointing, as the exit was largely due to risk management. Fundamentals remained solid, but shares were hit hard by AI worries. "Proving" the market wrong about these worries will simply take time (a lot of it) and, possibly, additional valuation compression. JKHY was not the only holding with this perceived risk and exiting was aimed at reducing broader exposure to a manageable level."
AI Is Eating Big Tech’s Free Cash Flow: Why Microsoft and Oracle Face Different Risks
From 2025 through 2027, their annual operating cash flow is projected to rise by $340 billion, versus a $534 billion increase in capex. Microsoft showed the squeeze in fiscal Q2. Operating cash flow was $35.8 billion, while capex including finance leases reached $37.5 billion. Fiscal Q3, however, was stronger. Operating cash flow rose to $46.7 billion and free cash flow reached $15.8 billion, even after $30.9 billion of cash property and equipment spending. Oracle has a more immediate cash problem. In fiscal 2026, it spent $55.7 billion on capex against $32 billion of operating cash flow, leaving free cash flow at negative $23.7 billion. Demand is real: cloud revenue grew 39% to $34 billion, and remaining performance obligations reached $638 billion. Oracle must construct capacity before much of that revenue arrives, and plans to raise $45 billion to $50 billion through debt and equity. Microsoft must prove it can preserve software-like returns while building physical infrastructure. Oracle must also prove it can finance that infrastructure without allowing interest costs and dilution to consume the economics.
Bank OZK Q2 Earnings Call Highlights
Bank OZK is pushing to diversify its loan book, with fast-growing corporate and institutional banking helping offset elevated repayments in its real estate specialties group. Management said CIB is becoming a major franchise driver and is being expanded across multiple business lines. RESG repayments remain unusually high and are expected to stay elevated through 2026 and into 2027, though management still expects mid-single-digit loan growth for the full year. Executives said the repayment surge reflects the natural runoff of a strong 2022 origination vintage. Credit quality and reserves remain a focus, but management said recent special mention loan increases may improve over the next few quarters and that prior reserve builds have helped absorb recent charge-offs. The bank also reiterated that real estate concentration is steadily declining and should continue to improve into 2027. Bank OZK (NASDAQ:OZK) executives used the company's second-quarter 2026 earnings call to emphasize the bank's ongoing shift toward a more diversified loan portfolio, with rapid growth in corporate and institutional banking helping offset elevated repayments in its real estate specialties group. Chairman and CEO George Gleason said the corporate and institutional banking, or CIB, business is "a very important and rapidly growing and developing part" of the franchise. He said the bank is investing in the unit and hiring experienced leadership as it seeks to reduce concentration in commercial real estate and the real estate specialties group, or RESG. CIB Growth Adds Diversification Jake Munn, president of corporate and institutional banking, said CIB now includes more than seven major business lines, including corporate banking and sponsor finance, fund finance, lender finance, natural resources, franchise capital solutions, asset-based lending and equipment finance. Munn also highlighted the bank's emerging middle market group, which he said is intended to bridge the gap between the legacy community bank and the larger corporate banking and sponsor finance segment. The group will focus on family-owned businesses with roughly $15 million to $100 million in revenue, particularly within Bank OZK's core footprint. According to Munn, CIB currently represents more than 42 unique NAICS categories, giving the bank flexibility to adjust its emphasis across business lines as market conditions change. He said growth in the most recent quarter was led by corporate banking and sponsor finance, along with natural resources, while asset-based lending was less emphasized because of tighter pricing and more aggressive advance rates in that market. Munn said the bank views CIB as more than a loan-growth engine, pointing to potential deposit opportunities and cross-selling in treasury management, private wealth management, commodity hedging, interest-rate hedging and capital markets services. RESG Repayments Expected to Remain Elevated Executives said repayments in the RESG portfolio remained high in the second quarter and are expected to stay elevated through the rest of 2026 and into 2027. Gleason said repayments approached $3 billion in the second quarter and averaged about $2.5 billion per quarter over the trailing four quarters. Gleason said the elevated repayment activity is tied to the natural cadence of loans originated during 2022, which he described as a record origination year. He said the bank expects repayments to taper somewhat in 2027 but remain elevated based on current projections. President Brannon Hamblen said repayment timing can shift based on market conditions, sponsor strategies, refinancing activity, sales decisions and cap-rate changes. "A lot of it's just the natural cadence of the portfolio moving through the pipe," Hamblen said. Despite the repayment headwind, Gleason said the bank continues to expect mid-single-digit loan growth for the full year. He said a wave of repayments early in the second quarter pressured average earning assets, making it difficult to catch up during the rest of the period. "Hopefully those prepayments will be a little more levelized in Q3 and Q4," Gleason said. Net Interest Income Guidance Pressured by Average Earning Assets Asked about changes in net interest income commentary, Gleason said the principal factor was average earning assets rather than deposit competition or liability-side pressures. He said the bank had expected more linear growth during the year but experienced a pullback in the second quarter after early loan payoffs. Gleason said Bank OZK had anticipated a competitive deposit environment at the start of the year, and that environment has continued. He said the bank's view of net interest margin is broadly consistent with analyst consensus estimates and reiterated that management expects margin to be slightly below the first quarter's 4.20% level. On deposit costs, Gleason said the bank's CD specials are roughly 10 basis points higher than their low point, reflecting expectations for more deposit growth in the third and fourth quarters to support loan growth. He said the second-quarter cost of interest-bearing deposits likely represented an inflection point and that modest increases are expected going forward. Chief Financial Officer Tim Hicks said he expects average earning assets to increase in both the third and fourth quarters from the second-quarter level. Credit Trends and Reserves Remain in Focus Credit quality was a major focus of the call, with analysts asking about special mention loans, life science exposure and charge-offs. Gleason said the increase in special mention loans should not be overinterpreted, noting that some loans enter the category while extension or recapitalization discussions are underway and later return to pass status. "I think there are several of them that look like they're going to work out favorably and be candidates for upgrade over the next couple of quarters, if not the next month or two," Gleason said. Hicks said Bank OZK had built its allowance for credit losses in recent years in anticipation of later charge-offs. As those charge-offs are realized, he said the bank has considered it appropriate to reduce the allowance over the last couple of quarters. He cited two Seattle buildings that moved into other real estate owned during the quarter, with charge-offs of $22 million on the office property and $3.7 million on the life science property, saying those amounts had already been reserved for in the prior quarter. Hicks said provision expense has been below consensus estimates over the last several quarters and could continue to "drift down" if the economy maintains its resiliency and strength. On life science, Gleason said the bank has a "pretty healthy" allowance for the portfolio given sector challenges. He said several life science assets are well leased, while one life science loan that was exited through a discounted payoff was, in his view, probably the least desirable single asset in the portfolio. Hamblen said tenant activity has improved in some markets, including interest from technology, AI and office users in addition to life science tenants. Real Estate Concentration Continues to Decline Gleason said muted RESG origination volume and ongoing repayments will continue to reduce the bank's real estate concentration. He said Bank OZK is now below the regulatory concentration guideline for total commercial real estate and expects to be below the 100% guideline for construction and development by the end of 2026 or early 2027. Management expects the CIB and RESG portfolios to become roughly equal in size at some point in 2027. Gleason said that implies continued strong growth in CIB and continued paydowns in RESG. He also said the community banking, indirect and RV portfolios could show more positive
Amazon Expands Location Interactive Video Ads
Analysts anticipate a profit of $1.82 per share and revenue between $194 billion and $199 billion with a focus on AI-related revenue growth, and spending on AI infrastructure. Its business sector rose nearly 30% globally this year, with expansion in categories including repair tools, fresh groceries, and office furniture.
3 Global Social Media Giants: Buy, Sell or Hold?
Meta’s Q1 delivered EPS of $10.44 against a $6.66 consensus and revenue of $56.31 billion, up 33.08% year over year. At $649.03, Meta screens as a Buy on the view that the ad engine alone justifies the price, and the AI buildout is a call option funded by operating cash flow. Shares are down 43.49% year to date and 54.45% over one year. At $4.54, Snap screens as a Sell on the view that the DAU decline in its highest-monetizing market undercuts every ad thesis. Reddit’s Q1 was outstanding, with EPS of $1.01 versus a $0.5639 estimate and revenue of $663.4 million, up 69.08%.
Tech's AI debt boom, in one chart
$489 billion of AI-related debt has been issued this year. About 40% of this year's AI-related debt supply has been issued directly by hyperscalers. This year, Amazon (AMZN) has raised about $53 billion in debt, including a $37 billion US bond offering and more than $16 billion in euro-denominated bonds. Alphabet (GOOG, GOOGL) has issued roughly $20 billion in bonds. Oracle (ORCL) has raised about $25 billion to fund its aggressive AI expansion. Meta (META) has also tapped debt markets in a big way, following its roughly $30 billion bond offering late last year with additional financing tied to AI infrastructure projects. For example, we estimate nearly $200 billion of data center deals have been completed in the private markets — across all categories — since early 2025.
Oracle Shares Are Crashing. Here’s Why I’ll Start Buying.
Our 24/7 Wall St. price target lands at $195.52, implying 56.51% upside from Monday’s close. The setup is unusual: a mega-cap cloud franchise with $638 billion in remaining performance obligations trading like distressed debt. Operating results tell a different story. Cloud Infrastructure grew 93% year-over-year to $5.79 billion in Q4, the Multicloud AI Database grew 404%, and management raised FY27 non-GAAP EPS guidance to $8.05 on $90 billion in revenue. The math works if CFO Safra Catz’s OCI ramp lands: $18 billion in FY26, rising to $32B, $73B, $114B, and $144B over the next four years. Microsoft (NASDAQ:MSFT) trades at a trailing P/E of 29 with Azure growing 40% and commercial RPO of $627 billion. Oracle’s RPO is $638 billion, larger than Microsoft’s, yet Oracle trades at a forward P/E of 16.
Why Pegasystems Stock Was Sliding Today
Shares of Pegasystems (PEGA -13.77%) were moving lower today after the enterprise automation software company missed the mark in its second-quarter earnings report, coming up short on both the top and bottom lines. Pega comes up short Pega, as the company is often known, said that revenue in the quarter was up 9% to $420.7 million, but that missed estimates at $426.6 million. The company reported overall annual contract value (ACV) growth of 7%, and 22% ACV growth in Pega Cloud.
Reddit stock sinks on report it may not renew Google AI content deal
Shares of Reddit slid 9% on Wednesday after the Wall Street Journal reported the company has discussed shutting off Google's access to its content for artificial intelligence use. Reddit stock is down roughly 19% year-to-date. According to the Journal, Reddit's $60 million-a-year deal with Google is ending soon, and the companies are in talks about potentially renewing the partnership. During the first quarter, the company blew past analysts' expectations after revenue jumped 69% from a year earlier, reporting earnings per share of $1.01 versus 58 cents expected, and revenue of $663 million versus estimates of $611 million. "We have important partnerships with both Google and OpenAI," Reddit CEO Huffman told analysts on the earnings call. "Those are very meaningful to us, and I think it's mutual. We continue to value those."
Larry Ellison Loses $66 Billion
Oracle invested $55.7 billion in AI data centers in the fiscal year that just ended. It said it would raise another $70 billion in the fiscal year that has just started. Oracle will have $100 billion in debt on its balance sheet, and that will grow. But there is a difference between Microsoft and Oracle. Oracle had revenue of $19.2 billion in the most recently reported quarter. It had a net income of $4.3 billion. In the most recently reported quarter, Microsoft had revenue of $82.9 billion and net income of $31.8 billion. The difference is stunning.
What Makes KLA Corporation (KLAC) an Attractive Bet?
On July 21, 2026, KLA Corporation (NASDAQ:KLAC) closed at $217.56 per share, reflecting a market capitalization of $284.19 billion. KLA Corporation (NASDAQ:KLAC) posted a one-month return of -9.53%, while its shares gained 142.52% over the past 52 weeks. According to our database, 71 hedge fund portfolios held KLA Corporation (NASDAQ:KLAC) at the end of the first quarter, up from 67 in the previous quarter.
Big Tech Is Hiding $1.65 Trillion in Debt. How Worried Should Investors Be?
$1.65 trillion in off-balance-sheet AI infrastructure obligations buried in SEC footnotes, invisible in headline debt figures. Meta's hidden obligations hit $420 billion, a figure three times its reported debt, while Oracle's off-balance-sheet commitments expanded 30-fold in just four years. The five technology giants have accumulated roughly $1.65 trillion in future lease and purchase obligations tied primarily to AI infrastructure. These commitments are perfectly legal under U.S. accounting rules because they represent future contractual obligations rather than traditional borrowings. Meta Platforms $140 billion ~$420 billion Oracle ~$100 billion ~$273 billion Microsoft ~$100 billion ~$350 billion Amazon ~$180 billion ~$350 billion Alphabet ~$30 billion ~$250 billion Meta's obligations are roughly three times its reported debt. Oracle's off-balance-sheet commitments have expanded about 30-fold in just four years as it races to build AI capacity. That can make leverage appear lower precisely when spending is reaching record levels. Microsoft produced nearly $100 billion in operating cash flow over the past year, while Alphabet, Meta, and Amazon each generated tens of billions of dollars that help support these long-term commitments.
Jim Cramer Calls AI Cyberattacks a “Watershed Moment” for CrowdStrike
CrowdStrike posted Q1 FY27 revenue of $1.385 billion, up 25.6% year-over-year, and non-GAAP EPS of $1.10 versus the $1.0675 consensus. Net new ARR came in at $255.80 million, up 32% year-over-year, pushing total ARR to $5.51 billion. Free cash flow reached $468.5 million, up 66.76%, with a 34% free cash flow margin.
Google's profits are outrunning its AI spending boom: AlphaCheck
Its operating margin — the share of sales left after running the business — reached 36.1% in the first quarter, its highest level in five years. Revenue grew 22%, while operating income jumped 30%. Google Cloud revenue surged 63% last quarter to more than $20 billion, while Search revenue rose 19%. Alphabet spent $35.7 billion last quarter on servers, data centers, and other infrastructure and equipment.
The Masses Will Ignore Amazon But I Am Me Buying More Now
AMZN's capex is a strategic receipt: AWS grew 28% on a $150B run rate with $364B in committed backlog already secured. MSFT and GOOGL lack Amazon's Trainium advantage. Its custom silicon tops a $20B run rate, with OpenAI and Anthropic committed to multi-gigawatt capacity. AWS backlog sits at $364 billion, and that excludes an Anthropic commitment for over $100 billion. Third, the whole business prints. Q1 EPS came in at $2.78 versus a $1.653 estimate, a 68.18% beat, the fifth straight beat.
Google earnings live updates: Alphabet's AI outlook, cloud growth in focus
Consensus estimates from FactSet expect $187.1 billion in capex this year for Alphabet. Google's search business is expected to hit $63.4 billion from $54.19 billion last year, according to StreetAccount. Google's cloud business has posted robust growth in recent quarters and investors will want to see if it can keep up the pace and gain on Microsoft's Azure and Amazon Web Services. YouTube advertising revenue and cloud are estimated to reach $10.8 billion and $22.3 billion, respectively, from $9.8 billion and $13.62 billion a year ago.
Philip Morris International Q2 Earnings Call Highlights
Philip Morris International NYSE: PM reported what management described as a “very strong” second quarter, with growth led by its international smoke-free products business and a better-than-expected performance in combustibles. Emmanuel Babeau, the company’s group chief financial officer, said Philip Morris generated 8% organic net revenue growth and 11% organic operating income growth in the quarter. Adjusted diluted earnings per share rose 15% in dollar terms to $2.20, including a $0.03 favorable currency impact. Quarterly net revenue exceeded $11 billion for the first time, Babeau said. Adjusted gross profit rose 8.7% organically, while adjusted operating income increased nearly 11% organically to $4.8 billion. For the first half, Philip Morris reported total shipment volume growth of 0.4%, organic net revenue growth of 5.3% and adjusted operating income growth of 6.1% organically. Adjusted diluted EPS for the first half reached $4.16, up 15.6% in dollar terms. Babeau said the company’s international smoke-free business delivered “outstanding” first-half results, with organic net revenue growth of 13.7% and gross profit growth of 16.9%. Gross margin for the segment expanded 190 basis points to 70%. IQOS adjusted in-market sales volume rose 5% in the second quarter, including what management called expected transitory headwinds from an April excise increase in Japan and a characterizing flavor ban in Poland. Excluding Japan and Poland, IQOS growth was 10.2% in the quarter and more than 11% in the first half. Babeau cited strong performance in established IQOS markets such as Italy, Greece and Romania, as well as momentum in newer markets including Saudi Arabia, the Philippines, Mexico and Taiwan. He said IQOS maintained an approximately 76% global share of the heat-not-burn category in the first half. VEEV also continued to grow, with e-vapor shipments rising 55% in the second quarter and 72% in the first half. Babeau said VEEV is now the leading brand in Europe within closed pod and combined pods and disposables. International ZYN shipment volume rose 6% in the first half, or 32% excluding the Nordics. Babeau said the brand continued to gain share in small but fast-growing international nicotine pouch markets, including the U.K., Pakistan, Poland, Greece and the Philippines. U.S. ZYN Business Improves Sequentially In the U.S., Philip Morris reported a significant sequential improvement from a difficult first quarter. Babeau said U.S. net revenue rose 38% sequentially and adjusted gross profit increased 46%, largely reflecting a 25% sequential increase in ZYN shipments and reduced sales promotion ahead of new product launches. Year over year, U.S. segment net revenue declined nearly 1%, driven by cigar declines and unfavorable phasing in the wellness business, while ZYN net revenue was broadly flat. ZYN shipments rose 2% to 2.9 billion pouches, despite an inventory restocking tailwind in the prior-year period. Babeau said ZYN remains the “clear premium leader” in the U.S. nicotine pouch category, with a retail value share of around 57%. He said recent category share performance has been affected by competitive gaps in higher-strength and flavor segments, as well as an elevated price premium. The company has begun addressing those gaps with new products, including ZYN Ultra in nine- and 11-milligram moist variants, which contain 20 pouches per can. Philip Morris also plans to introduce 1.5-milligram and eight-milligram dry formats in the third quarter. During the question-and-answer session, Babeau told Goldman Sachs analyst Bonnie Herzog that the first two weeks of ZYN Ultra sales were encouraging but cautioned against drawing conclusions too early. He said the 1.5-milligram offering is intended to help smokers try the category “in the most favorable possible condition.” The company also plans to increase U.S. investment in the second half, including marketing, distribution, in-store execution and preparation for a potential IQOS ILUMA launch, subject to FDA action. Babeau said the new “When it Clicks” ZYN campaign is designed to build brand engagement and consumer relevance. Combustibles Outperform Expectations Philip Morris’ combustible business exceeded management’s expectations in the quarter. Cigarette shipments rose 1.1% in the second quarter, supported by category share performance, timing factors and more favorable industry dynamics in certain large markets where smoke-free products are banned or limited. Babeau named Indonesia, Turkey and Egypt as notable contributors, while also citing relative resilience in India and Mexico. For the first half, cigarette volumes declined 1.9%. The company now expects full-year cigarette volumes to decline around 2% to 3%, compared with its prior expectation of about 3%. Babeau said this remains consistent with the structural evolution of the category. Combustible pricing added 9.2% in the first half and nearly 10% in the second quarter, with contributions from markets including Turkey, Indonesia, the Philippines and Mexico. Philip Morris now forecasts full-year combustible pricing variance of more than 7%, though Babeau said the benefit is expected to be largely offset by more adverse geographic mix. Guidance Maintained as U.S. Investment Rises Philip Morris maintained its full-year underlying growth targets. The company continues to expect organic net revenue growth of 5% to 7%, organic operating income growth of 7% to 9% and currency-neutral adjusted diluted EPS growth of 7.5% to 9.5%. In dollar terms, the company now forecasts a currency tailwind of about $0.15 at prevailing rates, translating to adjusted diluted EPS of $8.26 to $8.41, or growth of 9.5% to 11.5%. Babeau said the company expects total shipment volume to be stable to slightly positive for the full year, with high single-digit smoke-free product growth broadly offsetting cigarette declines. He said Philip Morris is aiming for its sixth consecutive year of total volume growth. Asked by Herzog why guidance was not raised after two strong quarters, Babeau said the company is choosing to accelerate U.S. investment in the second half because of the expanded ZYN portfolio, the new marketing campaign and regulatory developments. For the third quarter, Philip Morris expects HTU shipment volume of around 41 billion units, mid-single-digit organic top-line growth and modest organic margin expansion. The company targets adjusted diluted EPS of $2.20 to $2.25, including an unfavorable currency impact of $0.08.
Fastly (FSLY) Fell as Growth Concerns Weakened Investor Conviction
Polen 5Perspectives Small-Mid Growth Composite Portfolio returned 28.4% gross and 28.2% net of fees, respectively, compared to the 24.0% return of the Russell 2500 Growth Index. In Q1 2026, Fastly, Inc. (NASDAQ:FSLY) reported revenue increased 20% year-over-year to $173 million.
Alphabet Earnings Preview: The Big Metrics - Free Cash Flow And Capex Guidance
Q2 ’26 GOOGL rev estimate - $127 bl (gross revenue), while the sell-side seems to be around $100 bl – $102 bl for the net revenue. Free cash flow estimated per LSEG for Q3 and Q4 ’25 - $6.7 billion and $2.2 bl, respectively.
Sandisk Corporation (SNDK) Rose on Stronger Pricing Dynamics
Sandisk Corporation (NASDAQ:SNDK) has a market capitalization of $235.37 billion. Shares outperformed during the quarter as improving pricing dynamics across the memory market and growing demand from AI-related infrastructure increased investor confidence in the company's earning outlook. As supply and demand conditions continued to normalise, the market became more constructive on the sustainability of the industry's recovery and Sandisk's positioning to potentially benefit from higher storage demand.
Mark Zuckerberg's Meta Is in Talks for a $10 Billion Anthropic Deal That Would Make Meta the Fourth Major Cloud Provider. Meta Stock Reports Q2 Earnings on July 29.
Today, an average of 3.56 billion people, about 43% of the world's population, already log into a Meta-owned site daily. The company has pledged to spend between $125 billion and $145 billion on capital expenditures in 2026 alone, primarily to develop its AI. That comes after it spent almost $70 billion on capex in 2025.
Reddit Sinks 9% on Reports It May Cut Off Google’s AI Data Access
Reddit's Q1 revenue surged 69% and analysts price the stock at $227, well above today's levels. Shares of Reddit (NYSE:RDDT) are down 9% to $169.48 in Wednesday afternoon trading following a Wall Street Journal report that the company is weighing whether to cut off Alphabet's (NASDAQ:GOOGL) Google from using Reddit content to train artificial intelligence models. The move leaves Reddit stock 26% lower year to date (YTD), and extends a rough stretch that included a 15% pullback over the past week.
Iberdrola, S.A. (IBDRY) Q2 2026 Earnings Call Transcript
In the first half 2026, reported net profit increased by 22% reaching EUR 4,336 million and adjusted net profit up 8% to EUR 3,565 million, reflecting strong operating performance up to June.
Move Over, Micron: Expert Predicts New Industry Will Soon Have Microsoft, Amazon, and Data Centers Over a Barrel
EQT Corporation (NYSE:EQT) is the largest U.S. gas producer and just announced a 10-year supply deal for a 2-gigawatt power generation facility in West Virginia. Expand Energy (NASDAQ:EXE) is the largest low-cost U.S. gas producer post the Southwestern merger. Expand Energy's Q1 2026 revenue rose 100% year over year (YoY), and Expand Energy signed a 20-year LNG (liqued/liquefied natural gas) deal with Delfin FLNG starting 2031. Smith argues that natural gas could become "20, 30, or 40% of their cost of doing business" for hyperscalers at the exact moment they're hitting escape velocity on AI profitability.
This is the stock to buy after OpenAI's AI agent goes rogue in a cybersecurity test
CrowdStrike's Falcon AI platform already uses artificial intelligence to detect and respond to cyber threats. The company has expanded those capabilities with AI tools designed to identify and stop increasingly autonomous attacks before they spread. In June, CrowdStrike announced a new capability to monitor the actions of AI agents in real-time. And on Wednesday, CrowdStrike also announced a partnership with chipmaker Cerebras that it says will improve its AI security defenses by accessing faster compute.
Valeo SE (VLEEY) Q2 2026 Earnings Call Transcript
The group sales totaled EUR 10.4 billion, our operating margin stands at 5%, which is 0.5 points higher than H1 last year. It's also 0.3 points higher than the full year '25, as well as from the bottom of our guidance.
Google justifies its massive AI spending with a booming cloud business
The search giant saw Google Cloud revenue spike 82% from where it was this time last year, climbing to $24.8 billion. Those cloud gains were driven largely by enterprise AI solutions and enterprise AI infrastructure adoption, the company said, while also noting that its backlog of cloud contracting work — that is work that it hasn’t yet converted into revenue — had climbed to $514 billion. Alphabet’s spending is still hefty, with its capital expenditures — the money it spends building data centers, buying chips, and expanding infrastructure — estimated to be between $180 billion and $190 billion for the year.
Alphabet Q2 Earnings Call Highlights
Cloud operating income was $8.8 billion, more than tripling from the year-earlier period, while operating margin rose to 35.6% from 20.7%. Ashkenazi said Cloud backlog increased by more than $50 billion sequentially to $514 billion, driven by demand for enterprise AI offerings. Alphabet expects to recognize just over 50% of that backlog as revenue over the next 24 months. Pichai said Gemini Enterprise has been adopted by nearly 90% of Fortune 100 companies. He also said nearly 500 Cloud customers each processed more than 1 trillion tokens in the last year, and more than 2,000 enterprises consumed more than 100 billion tokens over the same period. Ashkenazi said consolidated revenue was $119.8 billion, up 24%, or 23% in constant currency. Operating income increased 30% to $40.8 billion, and operating margin was 34%. Alphabet generated $39.1 billion in operating cash flow during the quarter, but free cash flow was negative $5.9 billion due to capital expenditures. Capital expenditures totaled $44.9 billion in the second quarter, with the “vast majority” going to technical infrastructure for AI. About 60% of technical infrastructure investment was in servers, while 40% was in data centers and networking equipment. Ashkenazi raised Alphabet’s full-year 2026 capital expenditure guidance to a range of $195 billion to $205 billion, up from a previous estimate of $180 billion to $190 billion. She said the increase reflects accelerated capacity delivery to meet demand.
Google-parent Alphabet beats expectations, cloud revenue nearly doubles
Google's cloud business grew by more than 80 percent, the company said on Wednesday, which exceeded investor expectations who are looking for signs that the company's AI investments are paying off. The company recorded more than $119 billion in total revenue between April and June, up 24 percent compared to the same period last year. Its cloud business recorded more than $24 billion in the quarter, and its net profit tripled to over $112 billion. Alphabet spent nearly $45 billion in the quarter, "the vast majority" of which went towards AI investments, CFO Anat Ashkenazi said during a call with analysts. Amazon, Microsoft, Alphabet and Meta are collectively on track to pour roughly $700 billion into AI data centers, chips and computing infrastructure this year.
Google reports 12th consecutive quarter of strong revenue gains
Google's parent company, Alphabet, reported double-digit revenue growth for its second-quarter earnings on Wednesday. This is the tech giant's 12th consecutive quarter of massive revenue gains. Alphabet is already one of the top five most valuable companies in the world, worth about $4.2tn. On Wednesday, it reported earnings of $9.11 per share, beating Wall Street's expectations. Alphabet also surpassed revenue forecasting, coming in at $119.8bn. This brings the company roughly in line with its earnings during the first quarter of this year, which also saw a rise in revenue. The company revised its yearly capital expenditure forecast to $200bn, with quarterly spending growing 100% year over year.
ServiceNow buys 5% of BusinessNext, values Indian software firm at $700 million
ServiceNow has acquired roughly 5% of BusinessNext in a deal that values the software provider at $700 million, as the Indian company looks to expand its autonomous banking tools through a partnership with the U.S.-based software giant. BusinessNext said on Wednesday it raised $40 million in a Series C round from ServiceNow Ventures, a venture capital arm of the company. ServiceNow raised its forecast for annual subscription revenue for the second time after beating second-quarter revenue and profit estimates, driven by growing demand for its AI-powered software.
Alphabet Earnings: Much To Love, But That CapEx Is Getting Scary
The cloud segment outperformed, posting 81% y/y revenue growth and 211% EBIT growth, driven by strong enterprise demand.
Reddit (RDDT) May Rethink $60 Million Google AI Deal As Renewal Talks Drag
Reddit (NYSE:RDDT) is reportedly reconsidering its reported US$60 million per year AI licensing agreement with Google. The potential reset of the US$60 million Google AI deal puts a spotlight on how much of Reddit's value investors link to data licensing versus its core community platform.
Alphabet Just Delivered 82% Cloud Growth. Why It Wasn't Enough
Alphabet nearly doubled revenue in the key cloud segment, with Google Cloud revenue up 82% to $24.8 billion. Operating income in the cloud segment, which more than tripled to $8.8 billion, thanks to the boom in AI infrastructure spending. Alphabet's overall numbers were strong as well, as revenue jumped 24% to $119.8 billion, well ahead of the consensus at $117 billion. Management had made it clear to investors that it was ramping up capex spending to capitalize on the opportunity in AI, and it raised its capex forecast again in the quarter, hiking it by $15 billion to $195 billion-$205 billion. In the second quarter, the company also reported negative free cash flow for the first time ever as a publicly traded company. It brought in $39.1 billion in operating cash flow, but spent $44.9 billion on capital expenditures, giving it negative free cash flow of $5.8 billion. That assumes a lot of value creation from AI in the future. The company has more than $240 billion in cash and marketable securities, and it has arguably more applications for AI spending than any other company, considering its Google Cloud business, Gemini and other generative AI investments, and its core advertising business.
Apple Is Reportedly Launching a Device-Leasing Program With Klarna on July 28. Here's What It Means for iPhone Revenue.
That matters most for the iPhone, which generated $57 billion of revenue in the March quarter, up 22% year over year and a record for the period. Leasing is a way to keep that momentum going after the iPhone 17's blockbuster run.
Nasdaq, S&P 500, Dow Futures Edge Higher, Brushing Off Fresh US-Iran Clashes As Earnings Take Center Stage: TSLA, NOW, GOOGL, NOK In Focus
Tesla Inc. (TSLA): Shares of the EV-maker fell nearly 4% in extended trading hours after it posted a significant second-quarter (Q2) profit miss alongside a revenue beat. Tesla also said that its capex will continue to rise over the next two to three years amid plans to scale its AI and robotics ventures. Alphabet Inc. (GOOG, GOOGL): The big tech firm’s shares also slipped more than 2.6% overnight after it reported Q2 results and hiked its full-year capex outlook to up to $205 billion, overshadowing top-line beats. ServiceNow Inc. (NOW): Shares of the enterprise software company gained more than 5% in extended trading hours after the company exceeded its second-quarter guidance and lifted its full-year subscription revenue outlook.
Alphabet Inc (GOOG) Q2 2026 Earnings Call Highlights: Record Revenue Growth and AI Innovations ...
Revenue: $119.8 billion, up 24% year over year. Cloud Revenue: $24.8 billion, up 82% year over year. Google Cloud Backlog: $514 billion, increased by more than $50 billion sequentially. Alphabet Inc (NASDAQ:GOOG) reported a 24% year-over-year revenue growth, showcasing strong financial performance. Cloud revenue surged by 82%, driven by high demand for AI infrastructure and solutions, with a backlog reaching $514 billion. The company faces supply constraints, particularly in AI infrastructure, which may limit growth potential in the near term.
ServiceNow Inc (NOW) Q2 2026 Earnings Call Highlights: Robust Growth in Subscription Revenue ...
Subscription Revenue: $3.877 billion, 23% year-over-year growth in constant currency. Remaining Performance Obligations (RPO): Approximately $29 billion, 22% year-over-year growth in constant currency. Current RPO: $13.2 billion, 21.5% year-over-year growth in constant currency. Subscription Revenue Guidance for 2026: Raised to $15.760 billion to $15.780 billion, 21% year-over-year growth in constant currency. Q3 Subscription Revenue Guidance: $3.975 billion to $3.980 billion, 20% year-over-year growth in constant currency.
Is International Business Machines (IBM) Undervalued Following Earnings And Its 2026 Outlook Trim?
International Business Machines (IBM) has come into focus after reporting second quarter 2026 earnings, with revenue of US$17.16b and net income of US$2.17b. IBM's recent earnings reset and trimmed 2026 revenue outlook have coincided with pressure on the stock, with the share price falling 18.4% over the past 30 days and the year-to-date share price return down 29.4%.
Should You Buy DigitalOcean Stock After Its 12-Month Gain of 360%? An Upcoming Event on Aug. 4 Might Hold the Answer.
On July 7, DigitalOcean announced that it ended Q2 with a whopping $800 million in remaining performance obligations (RPO), which was a tenfold increase from the year-ago period. RPO is usually defined as the value of signed contracts for services that haven't been delivered yet, so this metric can be a good predictor of future revenue. Simply put, it appears several DigitalOcean customers are lining up to rent more data center capacity from the company once it comes online. DigitalOcean generated $257.9 million in revenue during Q1, which was a 22% increase from the prior-year period. It was the third straight quarter in which that growth rate accelerated, and based on the company's July 7 update, revenue apparently soared at an even faster rate of 29% during Q2. DigitalOcean also ended Q1 with a record $1.03 billion in annual run-rate revenue (ARR). AI customers accounted for $170 million of that total, up by a staggering 221% year over year. I would expect the company to report a similarly strong AI result on Aug. 4. Guidance will be another key point of focus for Wall Street. The company previously said it expects to deliver overall revenue growth of 50% during 2027, but in its recent update, management told investors it plans to revise that forecast higher in the Q2 report because the business is carrying so much momentum.
Should You Buy Amazon and Meta Platforms Stocks Before July 29?
Amazon invented the entire infrastructure-as-a-service cloud industry, and it continues to be the market share leader. Because of AWS' sheer size, though, its growth rate has lagged behind its peers. However, Q2 should demonstrate that not only is AWS' growth now much more robust, but that it is sustainable, backed by partnerships with Anthropic and OpenAI. The company also has a nice advantage in this area with its custom chip business, which should just continue to grow. At the same time, Amazon's e-commerce business continues to hum along. The company's Amazon Prime Day event in June was once again strong, with Adobe and Retail Drive reporting that U.S. online sales jumped more than 9% during the event. And with the event shifting from Q3 to Q2, Amazon should see a nice lift in sales. Trading at a forward P/E of below 25 times 2027 analyst estimates, the stock is historically cheap and also a bargain compared to its brick-and-mortar peers, Costco and Walmart, which trade at forward P/Es above 37. That makes Amazon a bargain stock to buy ahead of earnings and to hold for the long term. Meta revealed that it is looking to get in on the cloud computing game, with the social media giant in talks to lease up to $10 billion in computing capacity to Anthropic over the next two years. In total, Meta is looking to build approximately 14 gigawatts of AI capacity by 2027.
Why Arista Networks Stock Rocketed 30% Higher in the First Half of 2026 and Why There's Likely More to Come
Shares of Arista Networks (ANET +0.28%) charged sharply higher in the first half of 2026, gaining 29.6%, according to data supplied by S&P Global Market Intelligence. The company generated record quarterly revenue of $2.49 billion, which grew 29% year over year and 8% quarter over quarter. Management suggested its growth streak would continue, increasing its 2026 revenue outlook to $11.25 billion or 25% growth, fueled by an operating margin of 46%. When Arista reported its first-quarter results just three months later, its growth accelerated. Record revenue of $2.7 billion climbed 35% year over year and 9% quarter over quarter. Arista said it expects its AI-related sales to more than double to $3.25 billion over the next year. For the second time in as many quarters, management increased its full-year forecast, now guiding for revenue of $11.5 billion or 28% growth, with its operating margin potentially inching higher at 46% to 47%. Arista has an almost unanimous blessing from Wall Street, as 97% of the analysts who cover the stock rate it a buy or strong buy, and none recommend selling.
Alphabet cloud-fuelled earnings beat fails to address fundamental long-term issues
Google Cloud revenue rose 82% year on year to $24.77 billion, and remaining performance obligations, the value of contracts signed but not yet delivered, reached $514 billion against a forecast $488.1 billion. Free cash flow fell roughly 47% year on year in the first quarter to $10.1 billion, and chief financial officer Anat Ashkenazi has already told investors 2027 spending will increase significantly again. Gartner forecasts that half or more of organic search traffic to websites will disappear by 2028.
Live markets: Bitcoin trades above $65,000 as Alphabet's bigger AI bill props up the chip trade
Revenue rose 24% to $119.8 billion and cloud grew 82%, both ahead of expectations, but the company lifted its 2026 capital spending forecast again, to $195 billion to $205 billion from $180 billion to $190 billion, citing a "supply-constrained" scramble to meet AI demand.
Aerospace
Boeing: Corporate Culture Turnaround Is Finally Paying Off
2025 revenue is up 34% to $89.5B, commercial deliveries are at a post-2018 high, and free cash flow losses are narrowing sharply. Production momentum continues in 2026, with 314 aircraft delivered in H1 and a commercial backlog exceeding 6,200, supported by strong order flow.
AT&T CEO Says Elon Musk's Starlink 'Has To Catch Up' As Earnings Beat Eases Investor Concerns – T Stock Rises Premarket
AT&T reported earnings per share of $0.65, ahead of Wall Street expectations of $0.59, according to Koyfin. Revenue came in at $31.6 billion, slightly below analysts' consensus estimate of $31.8 billion. The company added more than one million strategic customer accounts, its strongest pace in three years, alongside nearly 370,000 fiber subscribers and 430,000 postpaid wireless subscribers. While satellite connectivity remains an emerging competitive force, AT&T’s CEO views it as a complementary technology for hard-to-reach areas rather than a replacement for decades of investment in terrestrial wireless and fiber infrastructure.
Cathie Wood Says SpaceX Could Be the Most Important Company in History, and She’s Buying the 38% Dip
SpaceX controls 70% of satellites in orbit. Reusable boosters are the reason. Every competitor has to build the flywheel from zero while SpaceX is already spinning it. Rocket Lab is the closest publicly traded pure-play alternative, and Peter Beck's team is running the correct playbook. Q1 2026 revenue hit $200.35 million, up 63.46% year over year, with a backlog of $2.20 billion and non-GAAP gross margins of 43.0%.
China’s Shijian-31 satellite is sweeping GEO using a unique orbit
Shijian-31 orbits once every 12.5 hours, meaning it does not pass the same point of longitude every orbit. Instead, each swing sees Shijian-31 shift approximately 15.7 degrees in longitude. This means Shijian-31 can sweep the entire GEO belt around Earth roughly once every 23 days, though its apogee (approximately 39,900 km) takes it a few thousand kilometers beyond the GEO belt
Why AT&T Stock Rallied Today
AT&T saw solid gains in what it calls "advanced connectivity customers." This includes 432,000 postpaid phone additions, 367,000 fiber accounts, and 279,000 fixed wireless clients. All told, AT&T's revenue rose 2.3% year over year to $31.6 billion, while its adjusted earnings jumped 20% to $0.65 per share. Additionally, the telecom giant's free cash flow increased by 7% to $4.7 billion, enabling AT&T to reward its shareowners with $4.1 billion in dividends and stock buybacks. Management continues to expect adjusted earnings per share of $2.25 to $2.35 in 2026. The company also remains on track to generate annual free cash flow of over $18 billion this year and $21 billion by 2028.
Did Lockheed’s US$10.5 Billion GLSS2 Win Just Shift Lockheed Martin's (LMT) Investment Narrative?
Lockheed Martin's narrative projects $88.0 billion revenue and $8.0 billion earnings by 2029. This requires 5.4% yearly revenue growth and about a $3.2 billion earnings increase from $4.8 billion today. Uncover how Lockheed Martin's forecasts yield a $606.68 fair value, a 18% upside to its current price.
Bio
2 Absurdly Cheap Healthcare Stocks to Buy Before July Ends
CVS delivered adjusted EPS of $2.57 against a $2.21 consensus, a 16.47% beat, on revenue of $100.43 billion. The Aetna turnaround is the engine: Health Care Benefits adjusted operating income surged 52.6% to $3.04 billion, and the medical benefit ratio improved to 84.6% from 87.3%. Management responded by raising the full-year guide to adjusted EPS of $7.30 to $7.50 (from $7 to $7.20) and operating cash flow of at least $9.5 billion. CVS launched a Medicare GLP-1 Bridge program with $50 monthly copays and a $49 MinuteClinic virtual weight-management visit in June 2026. Wall Street is warming up. The consensus analyst target sits at $105.69, with 24 Buy or Strong Buy ratings against only four Hold ratings and zero Sell ratings.
LLY Has Momentum. The Question Is The Price
Over the last twelve months, Lilly's revenue grew 47%, crushing the S&P 500 median of 7.5%. Its operating margin is a remarkable 47%, more than double the market median of 18.4%. The engine room for this performance is its cardiometabolic franchise. In the first quarter of 2026, its two key drugs in the space delivered a combined $12.8 billion in global revenue. Management has signaled its confidence, raising its full-year revenue guidance by $2 billion.
Jefferies says September lung data can offset AstraZeneca trial failure
Jefferies believes detailed data on AstraZeneca PLC's (LSE:AZN, NASDAQ:AZN) experimental lung drug tozorakimab could more than compensate investors for the recent failure of a separate heart trial. The bank has reiterated its buy rating and 17,500p price target, implying 41% upside from the current 12,380p, and flagged the 8 September presentation at the European Respiratory Society congress as the key catalyst. On that basis, the bank puts peak sales at more than $5 billion beyond 2030, against consensus of $2.9 billion for 2032.
Want Income for Life? Here Are 3 Stocks to Buy Now and Never Sell.
Pfizer has said it expects to bring at least eight new blockbuster drugs (drugs that generate in excess of $1 billion in revenue per year) to the market by 2030, funded by a combination of acquisitions and in-house development. It's also moving deeper into the fast-growing obesity drug space, largely with the late-2025 acquisition of Metsera. Metsera's MET-097i is particularly promising. Like Eli Lilly's Zepbound and Novo Nordisk's Wegovy, it's a GLP-1 drug. Unlike weekly-dosed Wegovy and Zepbound, MET-097i is showing efficacy with only a monthly dose. This gives Pfizer an opportunity to enter a weight-loss drug market that Mordor Intelligence expects to be worth $133 billion per year by 2031 with a distinctly different, more convenient option. The nature of this mix of holdings is no minor detail. Unlike most mutual funds and all investors, Brookfield Renewable can forge private partnerships, make outright acquisitions, and even steer such dealmaking. This ultimately allows the company to structure its assets in a way that supports reliable dividends and reliable dividend growth. To this end, the relatively young organization aims to produce annual per-share payout growth of between 5% and 9%, contributing to net annual returns of between 12% and 15%.
Summit Therapeutics: 'Buy' On Ivonescimab's November PDUFA And Impressive Partner Data
Akeso's HARMONi-6 trial showed ivonescimab + chemo achieved a 34% reduction in risk of death versus tislelizumab + chemo in 1st-line NSCLC.
Colorado Enbrel Price Cap Setback Might Change The Case For Investing In Amgen (AMGN)
Against this backdrop, Amgen's reaffirmed 2026 revenue guidance of US$37.1 billion to US$38.5 billion and GAAP EPS of US$15.62 to US$17.10 is especially relevant. It frames how much room the company has to absorb pricing or legal setbacks while still funding elevated R&D and recalls like Sensipar and Corlanor.
Big Pharma Is Buying Growth. Novartis (NVS) Is Betting on Its Pipeline
Biotech M&A has hit a record pace in 2026, with deal value reaching $216 billion so far this year, up from $118 billion over the same stretch last year, according to LSEG data. Stifel counts 37 biotechs acquired for at least $1 billion this year, already topping last year's full-year record of 35, as drugmakers race to buy pipelines ahead of looming patent losses. Entresto sales fell 50% to $1.18 billion in the second quarter (weaker-than-expected) as generic competition hit its largest market, and the company expects a $4 billion drop from the drug this year. Analysts estimate the three drugs represent more than $10 billion in combined peak annual sales, enough to offset the coming losses if they read out clean. Core operating profit came in at $5.94 billion for the quarter, above the $5.31 billion analysts had projected, according to Visible Alpha estimates cited by Reuters, with core EPS 12% ahead of forecasts.
Should FDA’s De Novo Nod for OTTAVA Robotic System Require Action From Johnson & Johnson (JNJ) Investors?
Johnson & Johnson's narrative projects $116.6 billion revenue and $26.9 billion earnings by 2029. This requires 6.6% yearly revenue growth and about a $5.9 billion earnings increase from $21.0 billion today. Uncover how Johnson & Johnson's forecasts yield a $252.87 fair value, in line with its current price.
Consumer / Retail
They Retired to a Rural Town on a Fixed Social Security Income. Then Their County Became a Pharmacy Desert.
They Retired to a Rural Town on a Fixed Social Security Income. Then Their County Became a Pharmacy Desert. Pharmacy closures have left 73% of counties with inadequate access, forcing rural retirees to drive hours for basic prescriptions. The 2026 Social Security COLA adds roughly $106 a month, but two pharmacy runs weekly can burn through that entire raise in fuel. Switching to 90-day Part D mail-order fills eliminates most pharmacy drives and cuts copays more than any COLA increase will. Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here. Picture a couple in their early seventies who sold a suburban house five years ago and bought a small ranch home in a rural county for less than half the price. The mortgage is gone, property taxes are low, and groceries feel cheaper. Their monthly Social Security check goes further here than it ever did in the suburbs, which is exactly why the move made sense on paper. Then their local pharmacy closes. The next nearest one is a 35-minute drive, and the specialist managing one spouse's heart medication is now two hours away. Their county, like nearly three in four across the state, now meets the criteria for a pharmacy desert This paradigm is happening across the country. One recent Illinois state-level report found more than 800 pharmacies closed over 12 years, with roughly 73% of counties meeting criteria associated with inadequate pharmacy access. Retirees who moved for affordability are discovering that the cheapest ZIP code can carry the highest healthcare logistics bill. On a Reddit thread about small-town retirement, one poster described driving 90 minutes each way to pick up a monthly refill because the mail-order option kept lapsing. The couple's fixed Social Security income made the move look affordable. What it could not price in was the cost, in time, gas, and missed doses, of getting care once they got there. _________________________________ What's Your Number...? Here's a question most people 5y from retirement can't answer: at your current savings rate, how much do you need, and how long will it actually last? A good advisor can put a date on that in a single meeting. SmartAsset's free quiz matches you with up to three fiduciary advisors serving your area, so you can get YOUR retirement number now (sponsor) __________________________________________ Where the COLA Helps and Where It Falls Short The 2026 Social Security COLA came in at 2.8%. On a combined household benefit of $3,800 a month, that is roughly another $106 a month, or about $1,270 for the year. But consider what it must cover in a pharmacy-desert county. Gasoline is the quiet leak. The national average sits near $3.85 a gallon, and it peaked at $4.50 in May 2026. Two prescription runs a month at 70 miles round trip, plus a specialist visit two hours away, can burn through $80 to $120 in fuel before counting vehicle wear. Add a delivery fee and a missed-appointment fee, and the COLA raise is spent. The COLA is set using the Consumer Price Index for Wage Earners (CPI-W), based on the Q3 July through September average. That basket reflects urban wage earners, not rural retirees driving 140 miles a week to a pharmacy. The annual raise tends to lag the actual cost curve for people in this situation. That gap compounds year after year. Medicare Part D and the Mail-Order Lever The strongest countermove is inside Medicare itself. Part D premiums vary by plan, and Part D income-related monthly adjustment amounts are deducted from Social Security benefit checks or paid directly to Medicare. For most couples with modified adjusted gross income (MAGI) at or below $218,000 filing jointly, there is no income-related surcharge on Part D, the base plan premium is what you pay. The bigger lever, though, is how the drugs get to the house. Many Part D plans offer 90-day mail-order fills for maintenance drugs at lower cost than 30-day retail. For a couple taking four or five daily medications, moving to mail order eliminates most pharmacy drives and often reduces copays. That is a bigger win than any COLA increase is likely to deliver. How the Pieces Connect Social Security is the stable floor. Everything else, including IRA withdrawals, part-time income, and pension checks, stacks on top and drives the tax picture. Two interactions matter: Provisional income and benefit taxation. Pulling extra from a traditional IRA to cover a new car or higher fuel costs can push more of the Social Security benefit into the taxable column. Spreading larger withdrawals across tax years, or using Roth funds for lumpy expenses, keeps the household in a lower bracket. IRMAA cliffs on Medicare. A one-time IRA withdrawal that spikes income two years earlier can trigger a Part B and Part D surcharge later. That surprise often costs more than the pharmacy drives it was meant to solve. What to Think Through Before You Move The hardest mistake to undo is choosing a home based on price and view without mapping drive times to a pharmacy, primary care doctor, and the nearest cardiologist or oncologist. Do that mapping first. Price the fuel. Ask the Part D plan about 90-day mail order and whether current prescriptions are covered at preferred pricing. Check whether telehealth is offered for routine follow-ups. Social Security will keep showing up on the first of the month, and the annual raise will help. It will not, on its own, close the gap that a pharmacy desert opens. Couples who navigate this best treat the COLA as a cushion, not a plan, and rebuild logistics around mail order, telehealth, and a realistic transportation budget. Every household's numbers land differently, so run your own before deciding what to change. If You've Been Thinking About Retirement, Pay Attention (sponsor) Retirement planning doesn't have to feel overwhelming. The key is finding expert guidance, and SmartAsset's simple quiz makes it easier than ever for you to connect with a vetted financial advisor. Here's how:
Banco Santander Q2 Earnings Call Highlights
Banco Santander (NYSE:SAN) reported what executives described as its strongest first half ever, with record quarterly profit in the second quarter and record underlying profit for the first half of 2026, supported by revenue growth across its global businesses, lower costs and continued customer expansion. Chief Executive Officer Héctor Grisi said Santander's quarterly profit reached EUR 3.8 billion, while first-half underlying profit rose 14% year-over-year in constant euros. He said the performance was driven by "strong revenue growth across global businesses" and a customer base that reached 182 million, up more than 12 million from a year earlier. That figure includes 4 million customers from TSB, which Santander consolidated after closing the acquisition on April 30. Grisi said the bank's "One Transformation" program continued to support operating leverage, with efficiency improving by three percentage points and underlying return on tangible equity rising to 15.6%. He added that underlying RoTE adjusted for excess capital was close to 17%. Revenue rises as costs decline Chief Financial Officer José García Cantera said total revenue increased 6% year-over-year, in line with Santander's 2026 target. Net interest income rose 6%, supported by resilient margins and profitable volume growth, while net fee income increased 7% as fees rose across businesses and countries. García Cantera said fee growth continued to outpace net interest income, reinforcing what he called the quality and diversification of Santander's revenue base. He highlighted strong performances in Corporate and Investment Banking, retail banking, Openbank, Wealth and Payments. The bank's efficiency ratio improved to 42.8%, as revenue rose and costs declined 1% year-over-year, or 5% in real terms. In Retail and Openbank, which García Cantera said represent about 75% of the group's cost base, costs fell 3% even after incorporating TSB, while revenue increased 4%. Grisi said the bank is using simplification, automation, global technology platforms and artificial intelligence to improve productivity. He said Santander's customer interaction platform is live in five markets and ready to roll out in Spain, where it is intended to personalize customer interactions and improve conversion. Global businesses deliver profit growth Santander reported broad profit growth across its five global businesses. In retail banking, underlying profit rose 12% year-over-year, supported by higher fees, lower cost per active customer and stronger operational leverage. Grisi said the bank's commercial banking model in Spain produced 17% revenue growth and a 3% cost decline, and is now being rolled out in Brazil, Mexico, the U.K., Chile and Portugal. In Openbank, profit before tax increased 15% excluding motor finance. Management said the business benefited from higher revenue, lower costs and controlled credit quality, though profit was affected by the end of electric vehicle tax incentives in the U.S. Santander also recorded a EUR 245 million gross impact related to motor finance in Openbank Europe, most of which was booked in the first quarter. Corporate and Investment Banking profit rose 17% year-over-year. Grisi said Santander is shifting from building capabilities to scaling the franchise, using its global network to deepen client relationships. García Cantera said CIB revenue rose 16%, helped by client flows and a notable acceleration in global banking fees. Wealth profit increased 19%, supported by growth in private banking, insurance and asset management. Santander said customer assets and liabilities in private banking grew 15%, while cross-border client referrals increased by more than 20% year-over-year. In Payments, revenue rose 17%, EBITDA margin improved to 33% and profit increased four-fold year-over-year. TSB integration begins; Webster expected in second half Management emphasized that TSB contributed only two months of results in the quarter, limiting its year-over-year impact. Grisi called the acquisition strategic because it adds scale in the U.K., strengthens Santander's funding mix through deposits and adds a low-risk mortgage portfolio. Santander expects TSB to help deliver a return on tangible equity of around 16% in Santander UK by 2028, supported by at least EUR 400 million of synergies. In response to an analyst question, Grisi said the bank has already included EUR 250 million of non-recurring restructuring items related to TSB and expects another EUR 250 million in coming quarters. On the planned Webster transaction, Grisi said Santander had received European Central Bank approval to continue with the deal, after also receiving approval from the Office of the Comptroller of the Currency. He said the process remains in line with expectations for closing in the second half of the year. Credit quality affected by Argentina, but capital remains strong García Cantera said Santander's balance sheet risk profile remained low, but loan loss provisions were affected by portfolio deterioration in Argentina, reflecting sector-wide trends. Excluding Argentina, provisions were broadly stable year-over-year and cost of risk improved by two basis points. Grisi said Santander expects cost of risk to remain around 1.15% in 2026, with some improvement in Argentina in the second half. He said the acquisition of TSB and Webster should improve cost of risk toward a 1% to 1.1% range over 2027 and 2028. In Brazil, executives said higher interest rates are normalizing more slowly than previously expected, putting pressure on some corporate and small-business portfolios. Grisi said he does not expect Brazil's cost of risk to worsen beyond the 4.2% level anticipated for the full year, citing changes in portfolio mix and a greater focus on more profitable and lower-risk segments. Santander's common equity tier 1 ratio stood at 14% after absorbing a 55-basis-point impact from TSB. Excluding that impact, García Cantera said CET1 increased by 20 basis points in the quarter. He said Santander remains on track to end the year in line with its 12.8% target after absorbing Webster and additional regulatory impacts. Guidance maintained as management says performance is ahead of plan García Cantera said first-half performance keeps Santander "firmly on track" to deliver guidance of more than EUR 14.1 billion of profit in 2026, excluding mergers and acquisitions. Grisi said the bank is running slightly ahead of plan and remains confident in delivering sustainable growth and shareholder value creation. The bank also said it had received ECB approval for a new buyback program of up to EUR 1.8 billion against 2026 results. Grisi said total buybacks, including the program currently underway, would reach around EUR 9 billion, close to Santander's commitment to distribute at least EUR 10 billion for 2025 and 2026. Looking ahead, Grisi reiterated Santander's longer-term goal of delivering return on equity above 20% by 2028, citing disciplined capital allocation, One Transformation and the scaling of global businesses as the main drivers.
AT&T tops targets for wireless subscriber additions as bundle offers gain traction
AT&T added more wireless subscribers than expected in the second quarter, as its revamped low-cost, unlimited plans along with bundled mobile and broadband offerings attracted value-conscious customers. The gains build on AT&T's broader convergence strategy of selling multiple connectivity services to the same household to reduce churn and increase customer lifetime value as U.S. telecom providers chase the same finite pool of users. AT&T in March launched OneConnect, a single subscription that bundles unlimited wireless service with home internet under one monthly bill. It has also rolled out customizable Build-A-Plan options and new entry-level wireless plans with more high-speed data, while continuing to invest aggressively in expanding its fiber network. AT&T added 432,000 net monthly bill-paying wireless subscribers during the April to June period, flying past estimates of 338,500 additions, according to FactSet. The bundled offerings also helped the company post record broadband additions, with 367,000 new fiber internet users and 279,000 fixed wireless subscribers. About 42.5% of homes using AT&T's advanced internet services are also subscribing to its wireless. For the second quarter, total revenue stood at $31.6 billion, compared with estimates of $31.80 billion, according to data compiled by LSEG. Adjusted earnings per share came in at 65 cents, compared with analysts' average estimate of 59 cents.
Wickes reports 2.3% revenue growth as retail returns to growth
Quarterly group revenue totalled £483m ($646.1m), taking first-half revenue to £865m. This was 2.1% higher year-on-year (YoY), with LfL growth of 0.6% across the six-month period. In retail, revenue rose 1.8% to £366m in the quarter, following a 1.7% LfL decline in the first quarter. The D&I division reported revenue of £117m for the quarter, up 3.8%, while LfL sales increased 1.8%. Wickes said this was the fifth consecutive quarter of positive growth in delivered sales for the division. Within retail, sales through the TradePro loyalty scheme increased 6% YoY while active membership rose 9% to 671,000. DIY sales were broadly stable, and digital channels, Click & Collect and Home Delivery, grew by 7%. For full-year 2026, it is targeting four to five new store openings as well as 15 to 20 refits or refreshes.
Wall Street Breakfast Podcast: Super Micro Heats Up
Super Micro Computer (SMCI) shares are up 16% in premarket action after providing fourth quarter preliminary guidance and raising its gross margin outlook. SMCI also rose 7% on Tuesday. Super Micro Computer said revenues for the fourth quarter of fiscal year 2026 are estimated to be near the low end of guidance of $11 billion to $12.5 billion. Consensus for fourth quarter revenue is $11.73 billion. The company said GAAP and non-GAAP gross margins are estimated to be in the range of 15% to 17%, higher than its guidance of 8.2% to 8.4%, primarily due to a favorable customer and product mix. Backlog rose to record levels at the end of fiscal 2026 with total new orders in excess of $60 billion received during the fourth quarter of fiscal 2026. These new orders are expected to be delivered over future quarters.
Stronger market helped Triumph in 2Q, Graft stresses other factors
Transportation revenue growth, with a long-term target to grow 15% annually across all the transportation businesses. That grew 30.9% in the second quarter year on year. Factoring operating margin, with a 40% target. Actual performance in the second quarter just fell short. Payments EBITDA excluding (for now) its LoadPay digital wallet offering, with a 50% target. It came up well short with 34% in the quarter. The fledgling Intelligence unit, with a target of 85% and a second quarter year-on-year performance that was just shy of that. Triumph's average transportation factored invoice in the quarter was $2,160, up 23.4% from the fourth quarter. Factoring's operating margin was 39.39%, up from 34.72% in the prior quarter and 32.61% in the fourth quarter. A year ago, it was 48.46% but that was positively impacted by a one-time settlement of a dispute. In the quarter, larger carriers, which the company defines as more than seven trucks, were 75% of invoice volume but 15% of client count. The remaining 85% were carriers of less than seven trucks. Year-on-year, smaller carriers in the quarter submitted 2.49% fewer invoices, "even as client count increased in this cohort," Graft wrote. The split between spot and contract invoices in the factoring segment is about 65% from the spot market. Brokers are about 72% of accounts receivable, as the 3PLs are the entities that would pay Triumph to reimburse it for what it paid the carriers.
Comcast (CMCSA) Eyes Letterboxd, Is The Stock Cheap?
Against a backdrop of rural broadband expansions in Florida and Georgia, strong box office results for Universal's "The Odyssey" and fresh Letterboxd interest, Comcast's 1 month share price return of 6.15% contrasts with a year to date share price decline of 19.4% and a 1 year total shareholder return decline of 24.45%.
GM Korea’s unionised workers continue partial strikes
GM Korea's global sales rose by 10.5% to 275,523 units in the first six months of 2026, driven mainly by a 12% rise in exports to 270,252 units, mostly to the US, while domestic sales plunged by over 35% to 5,271 units. The company has set a production target of 500,000 vehicles for 2026, up from 462,310 units in 2025, mainly to meet growing overseas demand, particularly in the US.
Playing up the irony (small gig, real cost): “He Took a $20,000 Consulting Gig at 70. It Cost Him $1,148 in Medicare Premiums He Never Saw Coming.
A $20,000 consulting gig can push a retiree's modified AGI past the $109,000 IRMAA cliff, triggering $1,148 in extra annual Medicare premiums. IRMAA uses a two-year lookback, so the surcharge arrives silently long after the consulting check has been spent. The Part B surcharge alone comes to about $974 a year. Add the Part D piece and you get roughly $1,148 in extra Medicare costs, entirely because income tipped one dollar past the threshold.
Here Are Wednesday’s Top Wall Street Analyst Research Calls: Altria, Circle Internet, Coreweave, Digital Ocean, IBM, Keel Infrastructure, Nebius Group, Trimble, Vornado Realty, and More
88% of early S&P 500 reporters beat Q2 estimates, crushing the 76% historical average and fueling Tuesday's broad market rally. It was noted yesterday that, among the S&P 500 companies that have reported earnings so far (about 10% of the index constituents), 88% have reported earnings beats, which is much higher than the historical rates of 76% over the last 10 years and 78% over the last 5 years.
Netflix Is Getting Crushed. Here’s Why I’ll Start Buying
Netflix trades near its 52-week low of $65 but carries a $161 price target, implying 138% upside with 90% confidence. Netflix's 33% operating margin dwarfs Disney+'s, and Spotify trades at a richer forward multiple, making NFLX the most mispriced of the three. Reed Hastings personally bought 794,250 shares at depressed prices while Netflix executed its largest-ever $4.7 billion buyback, with $27 billion still authorized. Netflix (NASDAQ:NFLX) trades well below our 24/7 Wall St. price target. Shares closed at $67.68 after falling 27.9% year-to-date and 44.1% over the past year. Our proprietary model points materially higher on a 12-month view, and the drawdown looks like an entry point rather than a warning. Q2 2026 delivered EPS of $0.80 on revenue of $12.559 billion, a slight revenue miss against a 13.37% YoY gain. The bull thesis rests on advertising. Netflix guided FY2026 ad revenue to roughly $3 billion, essentially doubling from $1.5 billion in 2025, with advertiser count up 70% YoY to over 4,000. Netflix repurchased $4.7 billion of stock in Q2, its largest buyback ever, with $27.1 billion still authorized.
Nike to cut thousands of China online distributors in 2027
Nike announced Tuesday that it will sever ties with thousands of online distributors in China as of January, funneling shoppers instead toward its owned digital properties and dedicated storefronts on Tmall, JD.com, and Douyin. The region accounts for roughly 15% of Nike's total annual sales. Greater China revenue dropped 17% on a constant-currency basis in Nike's most recent fiscal quarter, a steeper slide than the 10% decline posted in the prior period, as local brands gained ground with Chinese consumers.
AT&T Accelerates Buybacks to $10 Billion as Earnings Beat
AT&T added more than 1 million Advanced Connectivity customers, including 367,000 fiber and 279,000 fixed wireless net adds and 432,000 postpaid phone additions, with postpaid phone churn at 0.86%. Advanced Connectivity service revenue rose 5.1% to $23.5 billion and segment operating income climbed 20.3% to $7.3 billion. Free cash flow reached $4.7 billion against $4.4 billion a year ago, even as capital investment rose to $6.1 billion from $5.1 billion. AT&T returned $4.1 billion to shareholders in the quarter, including about $2.2 billion of buybacks, and reached 38.6 million total fiber locations against a target of more than 40 million by year-end. The company said it will accelerate planned share repurchases to roughly $10 billion in 2026 and reiterated all consolidated full-year and multi-year guidance.
The Odyssey stormed the box office opening weekend — and options traders are piling into AMC shares in response
The Odyssey stormed the box office opening weekend — and options traders are piling into AMC shares in response Forget Trojan Horses. The Odyssey is bringing out the apes. Retail investors in cinema chain AMC [NYSE:AMC], who call themselves apes, are piling back into the stock after the strong opening of Christopher Nolan's latest film. Options on the stock surged Monday, with over 300,000 contracts traded, CNBC reports. Share volume trading was nearly 4.5 times what it was on Friday. The renewed fervor in AMC comes after roughly a month of stagnation for AMC shares. The stock price has jumped more than 12% in the past five days. Year to date, AMC shares are up nearly 50%. Not only has The Odyssey broken records, bringing 4.3 million people to AMC theaters over the weekend, but AMC also reported strong earnings on Monday. The company posted $1.6 billion in revenue, a 14.2% increase over a year ago. Analysts had expected just $1.47 billion. With so many tentpole releases still to come this year, Aron said AMC believes "Movie theaters will enjoy in the full 12 months of 2026, their strongest yet post-pandemic year at both the domestic box office and at the global box office."
Greencore ups profit forecast on volume growth
Group revenue in Greencore's fiscal third quarter was £1.02bn on a pro-forma basis, up 3.2% year on year. Revenue for the first nine months rose 3.2%. Sales of "food-for-now" products grew 4.7% in the quarter, while "food-for-later" saw sales rise 1.8%. Greencore said volume and mix contributed 2.3 percentage points of its growth during the quarter, with price and "inflation recovery" adding 0.9 points. The acquisition of Bakkavor created a combined private-label food business with roughly £4bn in revenue. RBC analyst Ross Broadfoot described the news as "an impressive update", noting the new adjusted operating profit range implied about a 6% upgrade at the midpoint versus prior consensus expectations. Greencore said fourth-quarter trading had started "positively", with continued volume momentum and early cross-selling progress.
Axe Compute secures over $1.3B in AI infrastructure contracts; tops 2026 target
Axe Compute (AXE) said on Wednesday that it secured over ~$1.3B in new AI infrastructure contracts across the U.S. and Europe, surpassing its 2026 target of $1B in signed contracts.
Madison Dividend Income Fund is Bullish on ExxonMobil Holdings Corporation (XOM)
The Fund (class I) returned +1.8% in the second quarter, which compared to the S&P 500 Index, Russell 1000 Value Index, and Lipper Equity Income peer group returns of +15.2%, +13.9%, and +9.7%, respectively. On July 21, 2026, ExxonMobil Holdings Corporation (NYSE:XOM) closed at $151.71 per share, reflecting a market capitalization of $628.83 billion. XOM's five-year "Plan to 2030" provides a framework for higher growth and substantial capital returns. It targets 65% of upstream production from its "advantaged" assets by 2030, up from 59% today, which will drive a favorable mix shift and expand margins. The company thinks it can add $25 billion in earnings and $35 billion in cash flow while keeping capital expenditures flat in the $22-27 billion range. XOM paid $150 billion in dividends from 2021-2025, which is more distributed cash than all but five other S&P 500 stocks.
Oatly Group Q2 Earnings Call Highlights
Oatly raised its 2026 revenue outlook after posting stronger Q2 results, now expecting constant-currency revenue growth of 8% to 10% versus its prior 3% to 5% forecast. Management still sees adjusted EBITDA toward the low end of the $25 million to $35 million range due to cost pressures and ongoing growth spending. Second-quarter performance improved across key regions, with net revenue up 15.2% and gross margin rising to 33.9%. Europe and International led growth, while North America posted its second straight quarter of positive volume growth and near-record market share. For the second quarter of 2026, the oat-based beverage company reported net revenue growth of 15.2%, or 12.7% on a constant currency basis. Volume increased 11.2%, while price mix contributed 1.5%, Chief Financial Officer Marie-José David said. Foreign exchange provided a 2.5% tailwind. Gross margin rose to 33.9%, up 140 basis points from the year-earlier period. David said the improvement reflected fixed-cost absorption, supply chain efficiencies, productivity gains and favorable product and channel mix, partially offset by inflation. Adjusted EBITDA was positive $0.4 million, improving by $4 million from the prior-year quarter. Oatly now expects constant currency revenue growth of 8% to 10% for 2026, up from its prior outlook of 3% to 5%. David said the revised forecast implies a deceleration in year-over-year growth in the second half because of tougher comparisons. On a reported basis, assuming recent foreign exchange rates remain unchanged, the company expects currency to add approximately 200 to 250 basis points to net sales, compared with its prior expectation for a 100 to 200 basis point benefit. Oatly maintained its adjusted EBITDA outlook, saying it expects to deliver toward the low end of its existing $25 million to $35 million range. Management said the outlook includes the expected impact of higher costs related to the Middle East conflict, which remains consistent with the company's April forecast. Europe and International remained Oatly's strongest region in the quarter, with constant currency revenue growth of 18%. Global President and Chief Operating Officer Daniel Ordoñez said the performance was driven by "very strong volume growth" and came on top of 9.4% volume growth in the prior-year quarter. North America Shows Further Improvement In North America, second-quarter constant currency revenue grew 5.9%, with volume up nearly 2%. David noted that this was the company's second consecutive quarter of positive volume growth in North America after declines throughout 2025. Oatly reported free cash flow of negative $0.6 million in the second quarter, an improvement of $4.6 million from the prior-year period. David said the improvement reflected adjusted EBITDA growth, lower capital expenditures and benefits from working capital. David reaffirmed that Oatly's business plan remains fully funded and said the company remains focused on reaching positive free cash flow. However, she said Oatly does not expect positive free cash flow for full-year 2026 because of second-half seasonal factors, including higher inventories to support volume growth and capital expenditures. The company left its full-year capital expenditure guidance unchanged at $20 million to $30 million.
New Swiffer Lemon Duster Delivers the Fresh Scent of Clean with No Spray Required
According to consumer research, more than 4 in 10 Americans say they dislike or hate dusting1, making it one of the most dreaded chores around the home. The Swiffer Heavy Duty Duster is designed to pick up and trap dust rather than simply moving it around. Its dust-busting strips help loosen and trap layers of built-up dust, while thousands of specially coated fibers grab onto dust from every direction and don't let go. The product picks up to 5X more dust than a feather duster3. Lemon is one of the scents consumers most closely associate with cleanliness and freshness5. Research shows that scent plays an important role in how people evaluate the cleanliness of their homes, and lemon continues to be a familiar and trusted cleaning scent. The product combines three key innovations: Dust-busting strips that loosen and trap layers of built-up dust. Thousands of specially coated fibers that Trap + Lock™ dust from every direction. A refreshing lemon scent that leaves behind lasting freshness and helps make dusting feel more rewarding.
AT&T beats second-quarter profit estimates on strong wireless additions
AT&T added 432,000 postpaid phone subscribers in the quarter, well above the 338,500 additions analysts had forecast, while postpaid phone churn held at 0.9%. Adjusted EBITDA climbed 5.2% to $12.3 billion, beating estimates of $12.11 billion, and free cash flow rose 7% to $4.7 billion, also topping expectations of $4.51 billion. The company's advanced connectivity segment, which includes its fiber and wireless businesses, generated revenue of $28.62 billion, up 4.1% from a year earlier. AT&T added more than 1 million advanced connectivity customers in the quarter, including 646,000 internet net adds, split between 367,000 fiber additions and 279,000 fixed wireless additions. Fiber locations reached 38.6 million. The company affirmed its full-year guidance, projecting adjusted EBITDA growth of 3% to 4%, adjusted earnings per share of $2.25 to $2.35, capital investment of $23 billion to $24 billion, and free cash flow of more than $18 billion.
Nike Continues a Troubled 2026 But Has Potential to Double According to Morningstar
Nike has shed 31% year to date, yet Morningstar's DCF model pegs fair value at $94, implying the stock could roughly double. Morningstar's discounted cash flow model pegs fair value at $94, implying the stock could roughly double if the firm's long-term assumptions play out. The damage is operational. Greater China revenue fell 12% reported and 17% currency-neutral, Converse slid 32%, and Nike Direct dropped 7% as management rebalances toward wholesale. Morningstar Sees Value Where the Market Sees Trouble Morningstar's $94 fair value implies upside of roughly 119% from current levels. The DCF builds in a recovery trajectory to mid-single-digit sales growth and mid-teens operating margins over a three-year horizon as sport-led innovation rolls out and inventory discounting normalizes.
SMCI Stock Soars To One-Month High On Margin Beat, $60B Order Book — But One Analyst Remains ‘Uncomfortable’
$60 billion order book for its fiscal fourth quarter. SMCI stock jumped as much as 24.6%, climbing to its highest level in about a month and was on track for its biggest single-day gain in over a year. The rally also pushed the stock back into positive territory for 2026 after months of underperformance. Northland raised its price target on SMCI’s stock to $36 from $34 and kept a ‘Market Perform’ rating, as per TheFly.
Starbucks’ Stock Down 17% In Five Years
Over the last five years, its shares have fallen 17% compared to 70% for the S&P. The number dropped to $3.76 billion in fiscal 2024 and $1.87 billion in fiscal 2025. At the current annual run rate, based on the Q2 2026 fiscal results, Starbucks’ net income for this fiscal year will be about $2 billion, up 12%. Given the benefit of the double, based on the net income trajectory, put the future at $2.5 billion. It is still well short of Starbucks’s best years. The challenge that Starbucks will find most difficult is same-store sales.
IREN Limited (IREN) Lands $2.8 Billion in AI Contracts. Is This the Catalyst Its Stock Needed?
IREN Limited (NASDAQ:IREN) was considered a Bitcoin mining operation company, but the company's cloud approach and AI deals have successfully transitioned it into a vertically integrated AI cloud provider. The company came under the spotlight when it announced raising its year-end AI Cloud annualized run-rate revenue target to more than $4 billion, up from $3.7 billion, on July 20. The stock rallied nearly 20% after this news. Out of the new target, roughly 85% is already under contract, as IREN Limited (NASDAQ:IREN) won multi-year cloud services deals with key AI developers, reflecting $2.8 billion in total contract value. A testament to the company's scaled AI Cloud business is the expansion of 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with expectations of the 1.2GW level in 2027. The news supports the earlier revenue projection by Freedom Capital. The firm expects the company's revenue to "explode" from $717 million this year to $3.1 billion and $8.5 billion in FY27 and FY28, respectively. As of June 30, the company had approximately $7.6 billion in cash and cash equivalents. This, together with customer prepayments covering about 45% of related GPU capex, meaningfully reduces the capital needed to support its growing AI infrastructure.
Yemen's Houthis Could Cause a Global Oil Shock That Rattles Markets
Houthi action could reduce global oil supplies significantly If the Houthis succeed in closing the Red Sea route to Saudi oil, it's estimated that it would reduce global oil supplies by 7% and prevent most Saudi oil exports from leaving the region. As I write this, Brent crude oil, the international benchmark, has risen from about $72 a barrel to around $89 since early July, when the temporary truce between Iran and the U.S. fell apart. Higher oil prices, if they last for any significant time, could do real damage to economies and financial markets. They can drive prices higher as energy costs bleed into core prices because oil and gas are major economic inputs for many businesses, while at the same time depressing consumer spending and sentiment, as consumers are forced to spend more of their budgets at the gas pump. We’re already seeing examples of this. PepsiCo recently reported worse-than-expected second-quarter results, and CEO Ramon Laguarta said higher gas prices are the reason, as consumers had to pull back on nonessential purchases like the snacks and soda his company sells. And Walmart said in May that it might have to raise prices to offset soaring fuel costs. The retailer said it absorbed $175 million in higher-than-expected fuel prices in the first quarter -- a major hit to profitability.
CVS Health Corporation (CVS) Rose on Improving Execution and Payer Margin Outlook
CVS Health Corporation (NYSE:CVS) has a market capitalization of $141.12 billion with a 52-week trading range between $58.50 - $110.62. From 2022 to 2024, the Health Care Benefits (HCB) segment's medical benefit ratio (medical costs / premium revenue) increased from 84.0% in 2022 to 92.5% in 2024. This weighed heavily on CB operating margins, which fell from 6.9% in 2022 to 0.2% in 2024. The combination of higher reimbursement and easing cost pressures should support a meaningful recovery in payer margins, and we continue to see a credible path to an earnings increase over the next two to three years.
Annaly Capital Management Q2 Earnings Call Highlights
Annaly posted a solid Q2 2026, with economic return of 5.5% and earnings available for distribution of $0.79 per share, its ninth straight quarter of EAD above the dividend. The company raised its dividend to $0.75 per share and said it expects to cover the payout over time, though management noted results can vary quarter to quarter. Annaly expanded key portfolios and maintained strong liquidity, including a $3 billion increase in its Agency portfolio and a record $7.1 billion of Residential Credit loan purchases. It ended the quarter with $8 billion in unencumbered assets and said capital deployment will likely favor Agency assets first. Annaly Capital Management (NYSE:NLY) reported a stronger second quarter of 2026, citing book value growth, improved earnings available for distribution and continued expansion across parts of its diversified housing finance platform. Chief Executive Officer and Co-Chief Investment Officer David Finkelstein said the company generated a 5.5% economic return during the quarter, helped by lower rate volatility despite rising interest rates. He said earnings available for distribution, or EAD, totaled $0.79 per share, marking the ninth consecutive quarter in which EAD exceeded the company's dividend. Annaly recently increased its quarterly common dividend to $0.75 per share. Finkelstein said the company's board was "very methodical" in evaluating the dividend and wanted to ensure it was "earnable." He said Annaly expects to cover the payout over time, while acknowledging that individual quarters could fluctuate. Book Value Rises as Earnings Top Dividend Chief Financial Officer Serena Wolfe said Annaly's book value per share increased 1.7% from the prior quarter to $20.15 as of June 30, 2026. Including the $0.75 quarterly dividend, the company's economic return for the first half of the year was 6.9%. Wolfe said EAD per share rose $0.03 from the prior quarter to $0.79. The increase was primarily driven by higher average yields on the Agency portfolio, higher securitization volumes in Residential Credit and favorable funding costs. Average repo rates declined 6 basis points to 3.84% during the quarter, while the weighted average coupon on the Agency portfolio increased 11 basis points to 5.11%. Net interest margin increased 5 basis points to 1.76%, and net interest spread improved 8 basis points to 1.50%. Wolfe said both metrics benefited from higher asset yields, partly offset by modest increases in economic funding costs and lower swap income as SOFR declined during the period. Annaly ended the quarter with economic leverage of 5.6 times, down slightly from 5.7 times in the prior quarter. The company also raised about $450 million of equity through its at-the-market program during the quarter. Agency Portfolio Grows Amid Strong Demand Finkelstein said Annaly increased its Agency portfolio by roughly $3 billion during the quarter, ending at $95 billion in market value. The capital allocation to Agency assets rose to 57%. He said Agency mortgage-backed securities spreads tightened during the quarter as de-escalation in the Middle East contributed to lower realized and implied rate volatility. Demand remained strong, supported by fixed-income inflows, overseas investors and a robust collateralized mortgage obligation market, which Finkelstein said is absorbing about 30% of gross issuance. Annaly modestly moved up in coupon during the quarter, reducing exposure to 4.5% coupons in favor of 5.5% and 6% coupons. Finkelstein said new capital was primarily invested into production coupon mortgage-backed securities and Agency commercial mortgage-backed securities. V.S. Srinivasan, Head of Agency, said in the Q&A session that the company's strategy for managing prepayment risk has been to move up in coupon through "quality specified pools" with call protection. He said Annaly has been deliberate in constructing that portfolio over the last several years. Finkelstein also said Annaly added swap hedges during the quarter to protect against rising rates. He said the hedge portfolio remains diversified across Treasuries, futures and swaps, with a preference for swaps given their carry profile and balance sheet availability. Residential Credit Platform Posts Record Loan Purchases Annaly's Residential Credit portfolio ended the second quarter at $10.4 billion in market value, roughly unchanged from the prior quarter and representing 22% of firm capital. Finkelstein said Annaly purchased $7.1 billion of loans during the quarter, including activity through the Onslow Bay correspondent channel, whole loan bulk purchases and partnerships. He called it a new quarterly record for the business. Onslow Bay produced $6.7 billion of locks and $5.1 billion of fundings. The company closed 13 securitization deals during the quarter totaling $6.8 billion in principal balance, creating about $780 million of proprietary investments. Year to date, the OBX platform priced 25 transactions totaling $14.2 billion. Finkelstein said Annaly remains the largest issuer of Expanded Credit mortgages and the second-largest issuer overall. Mike Fania, Co-Chief Investment Officer and Head of Residential Credit, said Annaly's advantages in sourcing loans include longstanding originator relationships, a broad correspondent network and consistent pricing through market cycles. He said the company faces more than 350 correspondents and recently expanded into non-delegated correspondent lending. Fania said Non-QM and DSCR loans remain Annaly's core Residential Credit collateral types. He said those categories accounted for 70% of the company's 2026 securitization volume to date and remain the highest-returning and most scalable areas for Annaly. MSR Portfolio Remains Stable Annaly's mortgage servicing rights portfolio ended the quarter at about $4.1 billion in market value, representing 21% of firm capital. Finkelstein said the company modestly rotated the portfolio toward higher average loan balances, committing to purchase approximately $200 million in market value of MSR while also committing to sell two lower-loan-balance bulk pools for $220 million in proceeds. Ken Adler, Head of Mortgage Servicing Rights, said Annaly's variable-cost model using sub-servicers gives it flexibility in the MSR market. He said moving into higher average loan balance MSR enhances returns because the company pays a fixed servicing cost per loan, making higher-balance loans more efficient for Annaly's model. Finkelstein said MSR portfolio fundamentals remained favorable. Prepayment speeds rose seasonally to 5.2 CPR but remained below initial model projections. Serious delinquencies were range-bound around 50 basis points. The portfolio had a weighted average note rate of 3.3%, which Finkelstein said was the lowest among the 20 largest MSR holders. Management Highlights Liquidity and Capital Flexibility Wolfe said Annaly ended the quarter with $8 billion in unencumbered assets, including $5.5 billion in cash and unencumbered Agency mortgage-backed securities. Including pledged but undrawn MSR value, she said Annaly had $9.6 billion of total assets available for financing at quarter-end, up about $580 million from the prior quarter. Finkelstein said Annaly continues to see compelling opportunities across Agency, Residential Credit and MSR. He
Two current owners seek to take Penske Automotive private
The company said in its 10-K that it is "one of the largest global automotive retailers" with $27.5 billion in automotive dealership revenue last year. The company said in its 10-K that auto and truck dealerships accounted for 97.1% of revenue and 80.9% of earnings before taxes in 2025.
Needham lifts Hut 8 target to $145 after second Beacon Point AI lease
Hut 8 Corp. (NASDAQ: HUT) secured a second 352 MW AI data-center lease at its Beacon Point campus, prompting Needham to raise its price target to $145 from $128 while reiterating its Buy rating. The new agreement raises Hut 8's contracted AI portfolio to 949 MW across Beacon Point and the 245 MW River Bend campus in Louisiana. Those leases carry combined base-term contract value of $26.6 billion and expected average annual NOI above $1.75 billion once stabilized. Hut 8 expects average annual net operating income of approximately $1.31 billion once both phases stabilize, equal to roughly $1.86 million per contracted IT megawatt. Needham increased its calendar 2028 revenue forecast to $1.70 billion from $1.44 billion. Its adjusted EBITDA estimate rose to $1.32 billion from $1.07 billion, while its 2026 and 2027 forecasts remained unchanged.
Wal - Mart de Mexico SAB de CV (WMMVF) Q2 2026 Earnings Call Highlights: Resilient eCommerce ...
Total revenues grew 1.9% on a reported basis and 3.2% in constant currency, with Mexico reporting a 3.1% total revenue growth. eCommerce net sales grew 16.2%, driven by the resilient On-Demand business and improved delivery promise. Walmart Connect and Bait businesses showed strong growth, with revenues increasing by 31% and 40% year-over-year, respectively. Sam's Club experienced double-digit growth in member acquisition and improved renewal rates, reinforcing the strength of its value proposition. The company made significant progress in reducing seller onboarding time by more than half, enhancing the Marketplace platform's capabilities. Consumer spending remains soft, impacting top-line performance and resulting in slower-than-expected recovery in consumer demand. Marketplace GMV declined 6.6% year-over-year due to seller-related issues, despite ongoing recovery efforts. SG&A expenses increased by 20 basis points year-over-year as a percentage of sales, impacting profitability. The company revised its full-year sales growth outlook to 3.5% to 4.5% in constant currency, reflecting a slower consumer recovery than anticipated. Q: Can you elaborate on the impact of consumer spending trends on your performance this quarter? A: Cristian Barrientos Pozo, President and CEO, explained that consumer spending remains soft, impacting top-line performance. Customers are more intentional with their spending, focusing on value and convenience, which has led to a slower-than-expected recovery in consumer demand. Q: How is the eCommerce segment performing, and what are the future plans for this area? A: Javier Andrade, Chief Marketing and Merchandising Officer, reported that eCommerce net sales grew 16.2%, driven by the On-Demand business. The company is expanding automation capabilities and has reduced seller onboarding time to accelerate growth. Karthicka Krishnasamy has joined to lead the eCommerce business, aiming to leverage Walmart's global capabilities. Q: What challenges are you facing in Costa Rica, and what are your plans to address them? A: Paulo Garcia, CFO, noted that Costa Rica's performance is impacted by national deflation and customers trading down. The recovery plan focuses on strengthening execution, improving price perception, and accelerating Private Brands to improve performance in the second half of the year.
Victoria's Secret (VSCO) Stock Sees Fair Value Lift After Analysts Back Turnaround
Victoria's Secret now carries a higher internal fair value estimate of US$89.20, up from US$65.56. Several firms, including Morgan Stanley, BofA, Wells Fargo, JPMorgan, TD Cowen, and Telsey Advisory, have raised Victoria's Secret price targets into roughly the US$75 to US$99 range, indicating a tighter cluster around higher valuation assumptions. BofA, Wells Fargo, and Telsey Advisory point to Q1 performance with better than expected sales, gross margin, and expense leverage as support for higher earnings estimates and a more constructive view on the turnaround. TD Cowen highlights brand execution, citing product development and marketing as drivers of what it views as durable demand and new customer growth, while JPMorgan references accelerating customer acquisition after meeting with management. Morgan Stanley frames its US$99 target within a sector view that includes potential tailwinds such as tariff relief, easing inflation, a resilient labor market, and lower gas prices, which it believes could support the broader Specialty Retail group into 2H26. Fair value estimate for Victoria's Secret has moved from US$65.56 to US$89.20, a gain of roughly 36%. Projected revenue growth rate has shifted from 4.89% to 5.35%.
The 2 Best Dividend Stocks to Buy Now and Hold Forever
Coca-Cola has historically paid out most of its free cash flow as dividends. Over the past year, it generated $12.5 billion in free cash flow and distributed nearly $11 billion in dividends. The stock currently pays a quarterly dividend of $1.03, or $4.12 annualized. This brings its forward yield to about 3.1%, and it's well covered by free cash flow. Over the past year, the company's free cash flow totaled $1.8 billion, while it paid out $712 million in dividends. Constellation doesn't have the impressive dividend growth streak of Coca-Cola, but it has grown its dividend at an annualized rate of about 12% over the past 10 years.
How Kraft Heinz’s New Disney Partnership At Kraft Heinz (KHC) Has Changed Its Investment Story
Kraft Heinz's narrative projects $24.9 billion revenue and $2.8 billion earnings by 2029. This requires essentially flat yearly revenue growth and a $8.6 billion earnings increase from -$5.8 billion today. Uncover how Kraft Heinz's forecasts yield a $23.47 fair value, a 10% downside to its current price. Exploring Other Perspectives While consensus focuses on gradual repair, the most optimistic analysts were already assuming earnings could reach about US$4,000,000,000 by 2029, so Disney's park and media tie up might either reinforce that bullish view or highlight how dependent it is on marketing heavy bets rather than fixing core volume and pricing issues.
Are Investors Overlooking This Growing Housing Segment?
Everyone agrees that there's a housing shortage in the U.S, though estimates of the gap vary widely. Realtor.com put the housing gap at over four million homes, while JPMorgan Chase says it's probably closer to 1.2 million homes. Either way, well over a million new homes are needed to match demand. Home prices are also at an all-time high. The National Association of Realtors puts the median price at $440,600. That's about five times the median household income. Globally, the manufactured housing market was valued at around $36 billion in 2025 and is growing by 4% a year, expected to reach about $50 billion by 2034.
Others
Hiab Oyj (CYJBY) Q2 2026 Earnings Call Transcript
Book-to-bill was again positive in all 3 geographical areas and that was the second consecutive quarter. Our sales were at the comparison periods level. However, comparable operating profit increased to EUR 61 million. We also specified our outlook for full year comparable operating profit margin from 13.5% to above 14.5%.
Uber: New Catalysts To Drive Growth Beyond 2026
Uber has underperformed, with shares down ~15% YTD and ~30% from late 2025 highs, creating a value opportunity. I reiterate my buy rating on UBER, citing ongoing strong fundamentals and new growth catalysts despite recent market weakness. Upcoming Q2 earnings on August 5 could serve as a positive catalyst; I recommend buying the dip ahead of this event. Uber’s acquisition of Delivery Hero and a new Expedia partnership signal renewed global expansion and monetization opportunities.
OPmobility SE (PASTF) Q2 2026 Earnings Call Transcript
French VC fundraising rebounds albeit concentrated
French VC is on track for its best fundraising year since 2023, but one fund has done most of the work. According to PitchBook's Q2 2026 France Market Snapshot, French VC raised €2.4 billion (about $2.7 billion) in the first half of this year, already surpassing the €1.7 billion raised in the whole of 2025. Paris-based biopharma investor Jeito Capital's $1.2 billion close of Jeito II in March accounts for more than 40% of that total. Another large biopharma fundraise was the €215 million close of Kurma Biofund IV in April, backed by Eurazeo, the Australian pharmaceutical company CSL, the European Investment Fund, and Bpifrance. France's state investment bank Bpifrance remained the most significant stakeholder in the VC ecosystem. It accounts for roughly 30% of all seed and early-stage investment in the country and committed €10 billion to the AI sector in February last year, according to PitchBook's 2026 France Private Capital Breakdown. Separately, France's Tibi 2 program, launched in 2023, has more than 30 French institutional investors, corporates, and family offices pledging to invest about €7 billion collectively in eligible tech-focused funds through the end of 2026.
Dyne Therapeutics shares slide after pricing $375 million public offering (NASDAQ:DYN)
Dyne Therapeutics, Inc. (NASDAQ:DYN) shares fell 9% on Wednesday after the biotechnology company priced a public offering of common stock expected to raise approximately $375 million. The transaction is expected to generate gross proceeds of approximately $375.15 million before underwriting discounts, commissions and other offering-related expenses.
Oatly shares surge after second-quarter revenue beats forecasts and outlook improves (NASDAQ:OTLY)
Oatly Group AB (NASDAQ:OTLY) reported stronger-than-expected second-quarter 2026 results on Wednesday, with robust revenue growth prompting the company to raise its full-year sales outlook. The oat-based beverage maker generated revenue of $240.1 million during the quarter, a 15% increase from a year earlier and well above analysts' consensus estimate of $220.1 million. Following the stronger quarter, Oatly increased its full-year constant currency revenue growth guidance to between 8% and 10%, compared with its previous forecast of 3% to 5%. Revenue increased in each of Oatly's operating markets, with Europe & International delivering the strongest performance. Sales in the region rose 21% year over year to $143.1 million, driven primarily by a 16.9% increase in sales volumes. On a constant currency basis, total company revenue increased 12.7% compared with the same period last year. Adjusted EBITDA turned positive at $0.4 million, compared with a loss of $3.6 million in the prior-year quarter, supported by stronger gross profit. Oatly also reduced its net loss to $31.3 million from $55.9 million in the second quarter of 2025, highlighting continued progress toward sustained profitability.
Northern Trust shares edge higher after strong second-quarter results driven by Visa gain (NASDAQ:NTRS)
Earnings and revenue surpass Wall Street expectations Northern Trust Corporation (NASDAQ:NTRS) reported second-quarter 2026 results that comfortably exceeded analyst forecasts, supported by higher fee income and a significant gain related to its participation in Visa's exchange offer. The company posted adjusted earnings per share of $4.23, well above the consensus estimate of $2.70. Revenue rose to $2.71 billion, surpassing analysts' expectations of $2.17 billion. Results for the quarter included after-tax notable items totaling $342.0 million. Overall revenue increased 35% from the second quarter of 2025, when the company generated $2.00 billion. Trust, investment and other servicing fees climbed 10% year over year to $1.35 billion, supported by favourable market conditions and continued new business wins. Net interest income, calculated on a fully taxable equivalent basis, increased 11% to $683.1 million as lower funding costs helped improve profitability. Assets under custody and administration expanded 11% from a year earlier to reach $20.0 trillion. "Northern Trust delivered another quarter of strong performance reflecting disciplined execution of our One Northern Trust strategy amid a constructive operating environment," said Michael O'Grady, Chairman and Chief Executive Officer. "Excluding notable items in the period, earnings per share increased 40%."
GE Vernova Earnings Were a Big Test for the AI Trade. The Stock Is Falling.
GE Vernova delivered another strong quarter and raised full-year financial guidance again. Wall Street was looking for Ebitda of $1.3 billion, from sales of $10.8 billion. Ebitda was a little light, but the company raised full-year guidance. GE Vernova delivered another strong quarter and raised full-year financial guidance again. Wall Street was looking for Ebitda of $1.3 billion, from sales of $10.8 billion. Ebitda was a little light, but the company raised full-year guidance.
Equinor ASA (EQNR) Q2 2026 Earnings Call Transcript
We plan to complete the session within 1 hour in total. Today, it is 5 weeks since our Capital Markets Day, where we shared with you our updated plans to deliver more energy, growing cash flow and superior returns. We showed you an improved portfolio, delivering production growth of 150,000 barrels per day to 2030, a
AT&T Earnings Beat, Revenue Light As Wireless Subscribers Top Estimates
AT&T stock rose after its Q2 earnings topped estimates while revenue missed for the second straight quarter. Wireless postpaid phone subscriber additions came in above views.
JPMorgan Chase & Co. (JPM) Stock lags the market Despite Earnings Growth
JPMorgan Chase & Co. (NYSE:JPM) closed at $345.23 per share, reflecting a market capitalization of $917.69 billion. Roughly 40% of the Index outperforming the average and 60% underperforming is not so unusual, but two-thirds of that lagging group underperforming by more than 10 percentage points seems like a lot. Even this level of dispersion might make sense if most of the earnings growth in the Index was concentrated in the 200 stocks that were up double digits. This is not the case. We own Index constituents such as Charles Schwab, JPMorgan Chase & Co. (NYSE:JPM), Mastercard and Progressive Corp. that continue to grow their earnings per share at healthy rates and in some cases at higher rates than usual, but whose stock prices are lagging. JP Morgan has compounded earnings in the low teens over the past decade, with growth accelerating recently, but the stock lags the market this year.
Market Sentiment Hurt Installed Building Products (IBP) in Q2
Installed Building Products, Inc. (NYSE:IBP) is a construction company that engages in the installation of insulation for residential and commercial builders. Installed Building Products, Inc. (NYSE:IBP) has a market capitalization of $5.98 billion. Installed Building Products, Inc. (NYSE:IBP), reported mildly disappointing earnings and lost 28% of its value.
Novartis: The Buy Thesis Is Back (Rating Upgrade)
Since my April article, "Novartis: Buy Thesis Fades Into Q1 2026 Results," the price of Novartis AG (NVS) shares has fluctuated between $142.3 and $160.5. And after its Q2 earnings yesterday, the stock moved back to
Orrstown Financial Services Q2 Earnings Call Highlights
$21.2 million, or $1.09 per diluted share, with management highlighting strong earnings, solid credit quality, and a quarterly dividend of $0.30 per share. The company's net interest margin improved to 4% on an adjusted basis after a one-time subordinated debt redemption charge, and management expects full-year margin to land near the top of its 3.90% to 4% guidance range. Orrstown Financial Services (NASDAQ:ORRF) reported what executives described as another strong quarter, with second-quarter 2026 net income of $21.2 million, or $1.09 per diluted share, as improved funding costs and continued fee income strength supported results. Non-interest income totaled $13.8 million in the second quarter, down from $15.6 million in the first quarter. Kalani noted that the first quarter included $2.4 million of life insurance benefits; excluding that item, fee income rose by about $600,000 sequentially. Orrstown Financial Advisors, the company's wealth management business, generated $5.9 million of income, up from $5.6 million in the prior quarter. Kalani said that was the unit's highest quarterly income on record. The allowance coverage ratio was 1.13% as of June 30, and Kalani said management believes it remains adequately aligned with the loan portfolio's risk profile. Non-interest expense rose by $938,000 in the quarter to $37.7 million, primarily due to salaries and benefits, including annual merit increases and higher healthcare costs.
Finnair Oyj (FNNNF) Q2 2026 Earnings Call Transcript
Earlier this morning, we have reported very strong performance during the second quarter of '26, which is kind of a continuation of the two earlier quarters, Q4 2025 being the all-time high Q4 and also strong performance continued during the first quarter. What is kind of especially important to address when it comes to the second quarter performance, in my opinion, is actually rather holistic success in multiple areas. For instance, the revenue growth of 16.4% comes across the all service lines that we have. Passenger revenue grew by some 15%, ancillary sales more than 20% and cargo really did overperform our expectations by 40% growth and also Aurinkomatkat
U.S. Commercial Crude Oil Stockpiles Post Weekly Build
Crude oil stocks rose unexpectedly last week by 2 million barrels as imports increased and exports fell, said the U.S. Energy Information Administration.
Rogers Q2 earnings top expectations as profitability improves, MLSE acquisition moves forward
Rogers Communications (NYSE:RCI) topped second quarter earnings expectations, driven by higher service revenue, adjusted EBITDA growth and improved capital efficiency, while advancing plans to acquire the remaining minority stake in Maple Leaf Sports & Entertainment (MLSE). The company reported total revenue of C$5.62 billion, ahead of consensus estimates of C$5.55 billion. Adjusted earnings per share came in at C$1.15, exceeding analyst expectations of C$1.13. Total service revenue increased 8% year-over-year to C$5.1 billion, while adjusted EBITDA rose 3% to C$2.4 billion. Free cash flow increased 6% to C$1 billion, supported by a decline in capital intensity to 12.4%, the company's lowest level since the first quarter of 2008. Rogers reaffirmed its 2026 outlook, which calls for total service revenue growth of 3% to 5%, adjusted EBITDA growth of 1% to 3%, capital expenditures of C$2.5 billion to C$2.7 billion, and free cash flow of C$4.1 billion to C$4.3 billion.
KONE Oyj (KNYJY) Q2 2026 Earnings Call Transcript
Looking at the number, order growth stands out. I was especially encouraged by the acceleration in modernization, which grew by well over 15%. This shows our success in capturing the opportunities created by aging building stock around the world.
AT&T: Buybacks Support The Bull Case Even Though Leverage Remains A Bit High
AT&T remains a Buy as aggressive buybacks and steady EBITDA growth offset legacy business declines. T's free cash flow is on track for $18B+ in 2026, supporting $10B buybacks and $8B in dividends.
PulteGroup Q2 Earnings Call Highlights
Orders improved in the second quarter, with net new orders up 6% year over year to 7,536 homes, even as revenue and EPS declined because of fewer closings and a lower average selling price. PulteGroup reaffirmed full-year guidance for 2026, including 28,500 to 29,000 home closings and gross margin of 24.5% to 25.0%, while continuing to shift toward build-to-order sales and invest heavily in land. Second-quarter net new orders rose 6% year over year to 7,536 homes, while the value of orders increased 5% to $4.1 billion, according to Executive Vice President and CFO Jim Ossowski. Orders increased across first-time, move-up and active adult buyer segments, rising 5%, 4% and 12%, respectively. PulteGroup generated home sale revenue of $3.8 billion in the second quarter, down from $4.3 billion in the prior-year period. Ossowski said the decline reflected an 8% decrease in closings to 6,997 homes and a 3% decrease in average sales price to $544,000. PulteGroup's financial services operations generated pretax income of $37 million, compared with $43 million a year earlier. Ossowski said the year-over-year decline was primarily due to lower closing volumes in the homebuilding business. The company's mortgage capture rate was 85%, comparable to the second quarter of 2025. PulteGroup reported a homebuilding gross margin of 25% for the quarter, up 60 basis points from the first quarter. For the first half of the year, homebuilding gross margin was 24.7%. Ossowski said second-quarter incentives were 10.4%, down 50 basis points from the first quarter. He attributed the sequential margin improvement to a greater mix of closings from higher-margin Florida markets, lower-than-anticipated discounts on homes sold and closed in the quarter, and lower build costs. PulteGroup expects to close between 7,000 and 7,400 homes in the third quarter and reaffirmed its full-year 2026 closing guidance of 28,500 to 29,000 homes. The company expects average selling prices of $550,000 to $560,000 in both the third and fourth quarters. Ossowski said PulteGroup expects third-quarter gross margin of 24.5% to 25.0% and reaffirmed the same range for the full year.
Arrowhead: Stock Up On SHTG Data - No Ceiling On Valuation Growth Potential
The stock of Arrowhead Pharmaceuticals, Inc. (ARWR) is up nearly 20% in early trading today, reaching a value of $88.6 per share, conferring a market cap valuation of $12.5bn on the company.
AMC Entertainment CEO says one long-running entertainment debate is finally over
I think we've won that fight. That is Aron declaring that the years-long narrative about streaming killing theaters, accelerated by COVID and amplified by every analyst who predicted the permanent behavioral shift away from cinemas, has been settled. And he has the numbers to back it up. AMC Entertainment Holdings, Inc. (AMC), the largest movie theater chain in the world, reported its highest quarterly revenue in the company's 106-year history on July 20. The stock is up 44.23% year-to-date, according to Yahoo Finance. The Q2 2026 results were not just good by AMC's recent standards. They were records by any historical measure, according to the company's earnings release. Total revenues reached $1.597 billion, up 14.2% year over year Adjusted EBITDA surged 69.6% to $321.4 million, the first time in AMC's history the company crossed the $300 million mark in a single quarter. Free cash flow was $190.1 million. Cash on hand grew to $778.4 million, up 83.7% from a year ago. Attendance rose 13.5% to 71.3 million guests. "In our 106-year history, never before has AMC had such superb results," Aron said in the earnings release. The Adjusted EBITDA margin expanded from 13.6% a year ago to 20.1%, demonstrating the operating leverage that Aron has pointed to as the core investment case for AMC at rising revenue levels. The first-half story reinforces the trajectory. Combined H1 2026 revenues of $2.642 billion were up 16.9% year over year. First-half Adjusted EBITDA of $359.7 million was more than two and a half times (up 172.9%) the $131.8 million in the same period of 2025. Six different films opened to $75 million or more domestically in Q2 alone, from Universal, A24, Lionsgate, and three Disney titles, according to Aron's CNBC interview. Then on the weekend of Aron's CNBC appearance, Christopher Nolan's Odyssey opened to approximately $124 million domestically. The domestic box office reached approximately $2.99 billion in Q2, up 10.7% year over year, making it the biggest box office quarter in seven years and the fifth biggest ever, according to Aron's earnings commentary. AMC's domestic revenues grew even faster, up 13%, reflecting market share gains on top of industry recovery. European results were equally striking. AMC's European attendance rose 17.9%, and Adjusted EBITDA climbed 336.7% in the quarter. "Studio after studio is turning out movie after movie designed for the big screen," Aron said on CNBC. That is the fundamental rebuttal to the streaming replacement thesis: Hollywood has not abandoned theatrical releases as the primary commercial launch vehicle for its biggest titles. If anything, the evidence suggests studios are leaning back into it.
Philip Morris Q2: A Solid Quarter Isn't Enough At This Price
Philip Morris International Inc. delivered a strong Q2, with top-line growth and margin expansion driven by smoke-free products, especially IQOS. Despite robust execution, PM stock trades at a 22.4x forward P/E, a 24% premium to its 5-year average, raising valuation concerns. Structural headwinds persist: cigarette volumes face secular decline, regulatory risks remain, and oral segment shipments declined.
Altria Group Is My 'Forever Hold'; Here's Why
Altria Group remains a 'hold' as its resilient business model and robust dividends continue to appeal, despite top-line stagnation. MO's adjusted EPS grew over 7% last quarter, outperforming expectations and supporting ongoing dividend increases and share buybacks.
Svenska Cellulosa Aktiebolaget SCA (publ) (SCABY) Q2 2026 Earnings Call Transcript
During the quarter, we saw improvements in both demand and pricing for the Containerboard segment. Price increases will impact our results for Q3 and Q4. High fuel prices driven by the conflict in the Middle East affected the result within the Forest and Industry segments negatively, while the liquid biofuels business within segment Renewable Energy benefited in terms of increased margins. SCA reached SEK 1.3 billion on
Northern Trust Corporation (NTRS) Q2 2026 Earnings Call Transcript
Our second quarter earnings press release and financial trends report are both available on our website at northerntrust.com. Also on our website, you will find our quarterly earnings review presentation, which we will use to guide today's conference call. This July 22 call is being webcast live on northerntrust.com. The only authorized rebroadcast of this call is the replay that will be made available on our website through August 22. Northern Trust disclaims any continuing accuracy of the information provided in this call after today.
Travel + Leisure Co. (TNL) Q2 2026 Earnings Call Transcript
We undertake no obligation to publicly update or revise these statements. The factors that could cause actual results to differ are discussed in our SEC filings and our press release accompanying this earnings call. You can also find a reconciliation of non-GAAP financial measures discussed today in the earnings press release available on our Investor Relations website. Please note that all references to EBITDA, net income, earnings per share, free cash flow made during this call are on an adjusted basis as disclosed in our earnings press release today. Additionally, all references to earnings per share are on a diluted basis.
IBM lowers full-year forecast after earnings warning
IBM on Wednesday lowered its 2026 forecast and delivered thinner quarterly profits than analysts had projected, even after the technology vendor issued an earnings warning last week. Management called for 4% to 5% in constant-currency revenue growth for 2026. As recently as April, IBM had been looking for over 5% at constant currency. The company reiterated expectations for $1 billion in higher free cash flow for the year. IBM said its high-margin software segment produced $7.76 billion in second-quarter revenue, up 5%.
Dr. Reddy's Laboratories Limited (RDY) Q1 2027 Earnings Call Transcript
The business reported revenue decline of 5.6% and a EBITDA margin of 12.5% for the quarter, reflecting the impact of lower lenalidomide revenues, which contributed to the corresponding period last year as well as a provision of INR 240 crores for inventory and other costs associated with the recent semaglutide API-related challenges.
Summit Therapeutics Q2 2026 Earnings Preview
Summit Therapeutics Inc. (SMMT) StockBy: Sara Sethiya, SA News EditorSavePlay(<1min)Comments Summit Therapeutics (SMMT) is scheduled to announce Q2 earnings results on Thursday, July 23, after market close. The consensus EPS estimate is -$0.29 (-141.7% Y/Y). Over the last 2 years, SMMT has beaten EPS estimates 38% of the time and has
Edwards Lifesciences Q2 2026 Earnings Preview
Edwards Lifesciences (EW) is scheduled to announce Q2 earnings results on Thursday, July 23rd, after market close. The consensus EPS estimate is $0.74 (+10.4% Y/Y) and the consensus revenue estimate is $1.7B (+11.1% Y/Y).
Netflix: The Sell-Off Is Understandable, But Not Enough For Me To Sell
Revenue growth is decelerating, with Q2 at 13.4% and Q3 guidance pointing to 11.7%, tempering upside at current valuation. Management maintains a shareholder-friendly capital allocation, including $4.7B in Q2 buybacks and $12.5B full-year free cash flow guidance.
Texas Instruments Incorporated (TXN) Q2 2026 Earnings Call Transcript
In addition, today's call is being recorded and will be available via replay on our website. This call will include forward-looking statements that involve risks and uncertainties that could cause TI's results to differ materially from management's current expectations. We encourage you to review the notice regarding forward-looking statements contained in the earnings release published today as well as TI's most recent SEC filings for a more complete description. Today, I'm joined by our Chief Executive Officer, Haviv Ilan; and our Chief Financial Officer, Rafael Lizardi. Also with us today is Julie Knecht, who will become our Chief Financial Officer on August 1.
IBM Stock Wavers After-Hours Amid Revenue Miss, Lower 2026 Outlook — AI Demand Remains Strong, Says Company
IBM reported second-quarter revenue of $17.16 billion, up 1% year-over-year but below the $17.26 billion consensus estimate, according to Fiscal.ai. Adjusted earnings came in at $2.93 per share, matching analysts’ expectations, according to Fiscal.ai. Net income declined to $2.17 billion, or $2.30 per share, from $2.19 billion, or $2.36 per share, a year earlier. IBM trimmed its full-year 2026 revenue outlook, forecasting constant-currency growth of 4% to 5%, down from its earlier expectation of more than 5%.
Blackstone Rolls Out New Private-Market Funds—This Time With Vanguard
One fund will combine public and private assets, and another will hold only private assets, including private equity, private credit, real-estate and infrastructure investments.
IBM (IBM) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
IBM (IBM) reported $17.16 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 1.1%. EPS of $2.93 for the same period compares to $2.80 a year ago. The reported revenue represents a surprise of -0.03% over the Zacks Consensus Estimate of $17.17 billion. With the consensus EPS estimate being $2.93, the company has not delivered EPS surprise. Revenue- Data: $1.8 billion versus $1.87 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +20% change.
Lonza: Strong H1 Execution, Higher Guidance Means Higher Upside
H1 results showed 16% sales growth, a 44% net profit increase, and EBITDA margin expansion to 34.8%, driven by higher asset utilization and segment outperformance. Management raised its 2026 CORE EBITDA margin outlook to 33–34% while maintaining 11–12% sales growth guidance.
Agoda Survey Shows Gen Z Moving Towards Connected Travel Experiences and Embedded Loyalty
Nearly three in four Gen Z travelers (73%) plan to take between one and six trips a year, and 86% opt for stays of one to seven days. Beyond convenience and experiences, sustainable travel is also becoming an increasingly important consideration for younger travelers. Agoda's 2026 Sustainable Travel Survey found that 23% of Gen Z travelers say they choose to travel during off-peak periods to reduce their environmental impact, while 38% actively seek accommodations with recognized sustainability certifications.
International Business Machines Corp (IBM) Q2 2026 Earnings Call Highlights: Navigating Revenue ...
Revenue Growth: 1% in the second quarter. Operating Pretax Margin Expansion: 30 basis points. Diluted Operating Earnings Per Share Growth: 5%. Free Cash Flow: $4.8 billion in the first half of the year. Software Revenue Growth: 5% in the second quarter. Data Revenue Growth: 18%. Automation Revenue Growth: 3%. Recurring Software Revenue: 80% of annual software revenue. Annual Recurring Revenue (ARR): $24.6 billion, up 8% year-over-year. Red Hat Growth: 11% sequential acceleration. Infrastructure Revenue Decline: 7% in the second quarter. IBM Z Program-to-Program Growth: Nearly 130%. Consulting Signings Growth: 6%. Consulting Revenue Growth: 1%. Operating Gross Profit Margin Decline: 70 basis points. Segment Profit Margin Expansion: 160 basis points in consulting, 110 basis points in software. Debt Balance: $62 billion, including $13 billion for financing business. Cash Position: $8.2 billion. Shareholder Returns: $3.2 billion in dividends in the first half of the year. Full-Year Revenue Growth Expectation: 4% to 5%. Full-Year Free Cash Flow Growth Expectation: About $1 billion. Software Growth Expectation for Full Year: 6% to 8%. Infrastructure Growth Expectation for 2026: Low single digits. Consulting Revenue Growth Expectation for Full Year: Low to mid-single digits. Operating Pretax Margin Expansion Expectation: 100 basis points for the year.
Texas Capital Bancshares, Inc. (TCBI) Q2 2026 Earnings Call Transcript
Before we begin, please be aware this call will include forward-looking statements that are based on our current expectations of future results or events. Forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from these statements. Today's presentation will include certain non-GAAP measures, including, but not limited to, adjusted operating metrics, adjusted earnings per share and return on capital.
Netflix: The Microdrama Challenge And The Case To Stay Neutral
Netflix (NFLX) posted mixed Q2 results with guidance once again missing consensus estimates. Several things we found to be troubling: First, Q2 missed on already low expectations. When coupled with the below-consensus Q3 guidance, there is
Emirates NBD’s Profit Holds Steady as U.A.E. Economy Faces Iran War Disruptions
Net profit at Dubai’s biggest bank rose 2.2%, as strong lending and customer activity helped it withstand the economic disruption caused by the war.
What to Know About Airbnb's Chief Strategy Officer Selling $2.6 Million in Stock
Nathan Blecharczyk, Chief Strategy Officer at Airbnb, Inc. (ABNB -2.83%), disposed of 17,692 shares of Class A Common Stock on July 20, 2026, according to a recent SEC Form 4 filing. Airbnb is a leading global digital marketplace for short-term lodging and experiential travel services, with a market capitalization of $83.1 billion and TTM revenue of $12.6 billion. The company just grew sales by 18% in its last quarter and is guiding for low-to-mid-teens growth for the full year.
Morgan Stanley leads TMT M&A advisory by deal value in H1 2026
Houlihan Lokey led by deal volume in H1 2026, advising on 34 transactions across the TMT sector.