Price Action
SpaceX shares dropped about 6% and slipped below their $135 IPO price as 319 million shares became eligible to trade and Elon Musk pushed back the expected timing of a key Starship recovery milestone.
Business Trends
Apple shares advanced after the company simplified its EU App Store terms, easing a long-running regulatory dispute. Corning moved the other way as Apple’s canceled all-glass iPhone continued to weigh on expectations for a future specialty-glass opportunity.
Innovation & Tech
Moderna and Merck reported the first positive Phase 3 results for an individualized mRNA cancer therapy, sending MRNA stock sharply higher. The melanoma study met key endpoints when Moderna’s intismeran was combined with Merck’s Keytruda.
Innovation & Tech
Google is expanding its custom AI silicon partnership with Marvell, giving the chipmaker a path to significant long-term revenue and Google a potential $12.2 billion stake. Marvell shares jumped while Broadcom fell as investors assessed the changing supplier mix.
Innovation & Tech
Alphabet is expanding its AI infrastructure buildout with sharply higher capital spending and a planned Australian bond sale, while Berkshire Hathaway has increased its stake in the Google parent. The combination puts funding, AI demand and investor conviction in focus.
Earnings
Baidu’s AI cloud and GPU businesses grew rapidly in Q2, but falling search advertising revenue and weaker profits outweighed that progress. The stock dropped as investors questioned how quickly AI growth can offset pressure in the company’s legacy internet business.
Business Trends
SpaceX rallied as major institutional holdings came into view, while Tesla increasingly traded alongside Musk’s space and AI company as investors weighed merger speculation, AI ambitions and billions of shares scheduled to unlock.
Innovation & Tech
Intuitive Machines is gaining investor attention after a $600 million-plus satellite program added to a record backlog, strengthening the company’s expansion beyond lunar missions even as profitability remains a key challenge.
Macro
Nvidia’s push to mobilize more than $500 billion for AI infrastructure comes as Amazon, Alphabet and Meta increase borrowing and capital spending, turning the AI buildout into a broader story about Treasury yields, capital availability and the U.S. economy.
Innovation & Tech
Micron and Sandisk shares climbed as tight memory supply, rising DRAM and NAND prices, and expanding AI data-center demand strengthened the case that the current memory boom could prove more durable than previous cycles.
Innovation & Tech
Anthropic investors are reportedly modeling an October IPO at a valuation above $2 trillion, supported by explosive revenue growth. But massive compute commitments, falling AI prices and intensifying competition raise questions about whether the economics can support the valuation.
Business Trends
Across AI infrastructure, software, consumer businesses and industrial expansion, markets repeatedly distinguished between growth that improved visibility and growth that required heavier spending, weaker margins or greater execution risk.