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Ricardo Dutra Da Silva, Principal Executive Officer, reported a sale of 50,000 Class A Common Shares of PagSeguro Digital Ltd. (PAGS -2.17%) across transactions executed on July 20, and July 21, 2026. SEC Form 4 filing.

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Transaction summaryMetricValueTransaction value$463,000Shares sold (indirectly held)50,000Post-transaction shares (directly held)347,830Post-transaction value$3.3 millionTransaction value based on SEC Form 4 weighted average sale price ($9.26); post-transaction value based on July 21, 2026 market close ($9.58).

Key questionsHow did this transaction change the executive's ownership structure?
The sale resulted in the complete liquidation of 50,000 shares held indirectly, which represented 100% of that specific ownership bucket. Ricardo Dutra Da Silva continues to hold 347,830 shares directly, representing a 0.12% ownership stake in the company.What were the specific execution details for this disposition?
The shares were sold at a weighted average price of $9.26 per share, sitting slightly below the market close of $9.58 on the final day of the transaction window. According to the filing, individual execution prices ranged from $9.26 to $9.27.What is the current business profile of PagSeguro Digital?
Based in São Paulo, the company provides financial and payment solutions, including digital banking services, wire transfers, and various point-of-sale systems for micro-merchants and small businesses in Brazil and internationally. The company reported trailing 12-month revenue of $19.8 billion and net income of $2.1 billion as of the latest reporting.How has the stock performed relative to this transaction?
Shares were priced at $9.67 as of the July 22, 2026 market close. This valuation follows a period of appreciation, with the stock having realized a 20% return over the one-year period ending July 21, 2026.Company OverviewMetricValueShare Price (as of market close 2026-07-22)$9.67Market Capitalization$2.7 billionRevenue (TTM)$19.8 billionNet Income (TTM)$2.1 billionCompany SnapshotPagSeguro Digital provides a comprehensive suite of financial and payment solutions, including digital banking services, debit and credit card products, point-of-sale payment systems, and specialized financial services such as tax collection and wire transfers.The company generates revenue through transaction fees, interchange commissions, service charges, and financial product offerings across its integrated fintech platform that serves both consumers and businesses.PagSeguro's primary customer base consists of individual entrepreneurs, micro-merchants, small and medium-sized enterprises, and retail consumers throughout Brazil and select international markets.PagSeguro Digital operates as a leading fintech platform in Brazil, leveraging its extensive merchant network and digital infrastructure to capture significant transaction volumes across payment processing and financial services. The company's competitive advantage derives from its integrated ecosystem combining payment processing, digital banking, and financial products, enabling cross-selling opportunities and customer retention across its diversified revenue streams. With TTM revenue of $19.8 billion and net income of $2.1 billion, PagSeguro demonstrates substantial scale and profitability within the specialty business services sector.

What this transaction means for investorsInvestors usually don’t like to see insiders selling shares. But there are reasons an executive may sell shares without it reflecting their outlook for the stock. These can include having to pay a large personal expense or doing reasonable portfolio diversification.

Business-wise, Wall Street analysts expect PagSaguro to post a decent fiscal 2026, with revenue seen rising nearly 4% in  the company’s reporting currency (Brazilian reals), with a much healthier gain in net income of just about 13%. In the company’s May earnings call, da Silva noted how well the company has been performing financially. For example, deposits rose 23% year over year, which is important because deposits are a fundamental source of income for banks (by investing in a usually safe, highly regulated fashion).  The executive also boasted of the stock’s  return to shareholders, thanks to share buybacks. In the past year, PAGS shares traded on the New York Stock Exchange have gained about 20%.

Given the positive outlook for the business and da Silva’s still sizeable direct ownership in the business, at more than $3 million value, investors should weigh the executive’s sale as part of their overall thesis in the business, but it’s not a red flag to avoid PagSeguro Digital stock.

, /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) will broadcast its quarterly conference call with shareholders and the financial community over the Internet on Thursday, August 6, 2026, at 8:30 a.m. ET. The Company will release its second quarter earnings report for 2026, which ended June 30, 2026, after the close of markets on Wednesday, August 5, 2026.

The conference call will be open to listeners who log in through the Company's website, CentrusEnergy.com. A link to the call will be located in the Investor Relations section of the website, and a webcast replay will be available through August 19, 2026.

About Centrus Energy

Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.

With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at CentrusEnergy.com.

Contact:

Investors and Media: Neal Nagarajan [email protected]

SOURCE Centrus Energy Corp.

VIRGINIA CITY, Nev., July 23, 2026 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock,” “our,” and the “Company”), today announced its second quarter 2026 business results, updates and outlook.

Waste Connections, Inc. (WCN) Q2 2026 Earnings Call Transcript

In two weeks, on Aug. 4, Space Exploration Technologies (SPCX +2.56%) is scheduled to release its first quarterly earnings report after going public through an initial public offering (IPO) in June. Better known as SpaceX, the technology company that raised the most capital in an IPO in history, is now settling into the routine of a publicly traded company.

Here's my prediction for what happens to SpaceX after this quarterly earnings report, and why it will have little to no bearing on the stock over the next 10 years.

Image source: Getty Images.

SpaceX saw fast revenue growth, but more losses SpaceX is the leading private spaceflight company that is also trying to expand into an artificial intelligence (AI) giant. Heading into the IPO, its Starlink connectivity business was seeing the most growth, posting 50% year-over-year revenue growth in 2025. Investors should expect more of this stellar growth to continue in Q2 of 2026.

The company is working on massive new projects, including the Starship rocket, AI data centers, and orbital AI compute. Spending on these projects will likely keep the company in the red in the second quarter, just as it was in 2025, with operating earnings of negative $2.5 billion. SpaceX spent $21 billion on capital expenditures in 2025 while generating $18.7 billion in revenue, mainly from Starlink. This makes it one of the most aggressive spenders in the AI infrastructure boom.

Revenue will begin to show up from AI compute contracts with the likes of Alphabet, Anthropic, and others, but it will likely be many years -- if ever -- before these deals turn a profit for SpaceX.

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What matters over the next few quarters is different than what matters over the next decade Regardless of what SpaceX reports financially this quarter, there is only one thing that will drive the share price for the rest of 2026: the end of various lockup periods for insider shareholders. Of the 13 billion total shares outstanding in SpaceX, 4.6 billion are currently in a lockup period and cannot be traded. Twenty percent of these shares get unlocked two days after Q2 earnings, with many long-term investors likely looking to sell and return capital to investors who put money into SpaceX in its early days.

The rest of the float gets unlocked over the rest of 2026, excluding Elon Musk's shares. With a flood of selling pressure on the horizon, it is likely that SpaceX's stock price will fall over the rest of 2026. This does not change the fundamentals of the business, which depend on the commercial viability of Starship and AI data centers in orbit over the next decade, but it does mean a volatile post-IPO share price is more likely.

Space Exploration Technologies (SPCX +2.56%) officially joined the Nasdaq-100 on July 7. The megacap growth stock was fast-tracked into the index less than a month after its June 12 initial public offering.

However, the percentage of shares available for public trading -- known as the float -- is roughly 5% of SpaceX's market cap. That number will increase as shares are gradually unlocked beginning Aug. 6. Until then, SpaceX's Nasdaq-100 weighting is around four or five times its float rather than its market cap.

So instead of being over 4% of the Nasdaq-100 and Nasdaq-100-based exchange-traded funds (ETFs) like the Invesco QQQ Trust (QQQ -1.90%), SpaceX is 1.1% for the time being -- making it the 22nd largest holding in the ETF.

Image source: Getty Images.

Investment management firm Vanguard just updated its holdings across dozens of its ETFs. As of June 30, the data shows that multiple Vanguard ETFs bought SpaceX in June, including the Vanguard Total Stock Market ETF (VTI -1.13%), the Vanguard Growth ETF (VUG -2.19%), the Vanguard Mega Cap Growth ETF (MGK -2.42%), and the Vanguard Communication Services ETF (VOX -3.52%). But only one Vanguard ETF has a higher weighting in SpaceX than the Nasdaq-100.

SpaceX will anchor the Vanguard Communication Services ETF Vanguard has low-cost ETFs for each of the 11 stock market sectors. In June, I correctly predicted that Vanguard would add SpaceX to its communication sector ETF rather than industrials or technology because most of SpaceX's revenue and near-term growth are driven by its Starlink network of low-earth orbit satellites and because SpaceX owns the social media platform X (formerly Twitter).

That prediction came true when Vanguard updated the holdings of its Communication Services ETF, and SpaceX already jumped to the 13th-largest holding at 2.4%. That's significantly higher than the less than 0.5% weighting in the three Vanguard ETFs mentioned earlier.

Investors can expect SpaceX's weighting in the communications sector to grow as more shares are unlocked and traded on the Nasdaq. When SpaceX is eventually weighted by market cap, it will likely rank as the third-largest holding behind Alphabet and Meta Platforms. But it could even be the second-largest holding if it overtakes Meta Platforms in market cap again.

NYSEMKT: VOXVanguard World Fund - Vanguard Communication Services ETF

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Sector ETF concentration is a bonus With a mere 0.09% expense ratio, the Vanguard Communication Services ETF is one of the best ETFs to buy for investors looking for a low-cost option that will make SpaceX a top holding. Whereas funds based on the Nasdaq-100 include stocks from all sectors, sector-based ETFs give added weight to industry leaders because there are fewer components. This structure allows Amazon and Tesla to dominate the consumer discretionary sector, ExxonMobil and Chevron to lead the energy sector, and so on.

SpaceX's entry into the communications sector puts it in the big three alongside Alphabet and Meta Platforms. Once SpaceX's lockup period fully ends in early December, investors can expect close to 60% of the ETF to be invested in these three stocks.

Daniel Foelber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Chevron, Meta Platforms, Tesla, and Vanguard Growth ETF. The Motley Fool recommends Nasdaq. The Motley Fool has a disclosure policy.

Raises 2026 Core FFO per share guidance

Announces portfolio realignment through planned 2026 dispositions of $1.5-$2.0 billion

, /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the second quarter of 2026.

Second Quarter 2026 Financial and Operational Highlights (all comparisons to Second Quarter 2025)

Net loss attributable to common stockholders of $506.9 million, or $2.26 per diluted share, driven by non-cash impairment, as compared to net income of $113.4 million, or $0.48 per diluted share. Company share of Core FFO of $141.4 million, an increase of 1.2%. Company share of Core FFO per diluted share of $0.63, an increase of 6.8%. Total Portfolio NOI of $186.8 million, an increase of 0.3%. Same Property Portfolio Cash NOI increased 1.5% and Same Property Portfolio NOI decreased 0.5%. Average Same Property Portfolio occupancy of 95.7%. Executed 2.1 million square feet of new and renewal leases. Comparable rental rates decreased by 2.8%, compared to prior rents, on a net effective basis and decreased by 11.3% on a cash basis. Stabilized two development projects totaling 196,391 square feet. Sold seven properties for a total sales price of $137.9 million. Company increased its full-year 2026 disposition guidance to $1.5 to $2.0 billion as part of its planned portfolio realignment. Repurchased 2,801,307 shares of common stock for $100 million at a weighted average price of $35.70 per share. Subsequent to quarter end, the Board of Directors authorized a new, $1.0 billion stock repurchase program. Net Debt to Adjusted EBITDAre of 4.5x. "This quarter reflects both strong execution and a transformative step forward in advancing our strategic priorities," said Laura Clark, Chief Executive Officer. "The realignment of our portfolio through the planned disposition of approximately $2 billion of identified non-core assets will further strengthen our portfolio, enhance cash flow durability and increase financial flexibility, positioning Rexford to maximize long-term shareholder value. We are also encouraged by the continued improvement we are seeing in fundamentals across the infill Southern California industrial market, including increasing tenant demand, positive net absorption and declining vacancy—all early signs of strengthening market conditions. We are confident that our strategic actions, combined with the strength of our value creation platform, will enable Rexford to deliver outsized returns for shareholders moving forward."

Financial

The Company reported net loss attributable to common stockholders for the second quarter of $506.9 million, or $2.26 per diluted share, compared to net income of $113.4 million, or $0.48 per diluted share, in the prior year quarter. Net loss in the second quarter includes $624.8 million of impairments and $21.9 million of gains on sale of real estate, as compared to $0 and $44.4 million, respectively, for the prior year quarter. The non-cash impairments primarily reflect certain assets designated for disposition whose expected holding periods were shortened in connection with the Company's increased disposition guidance. For the six months ended June 30, 2026, net loss attributable to common stockholders was $419.0 million, or $1.86 per diluted share, compared to net income of $181.8 million, or $0.78 per diluted share, in the prior year period. Net loss in the six months ended June 30, 2026 includes $631.6 million of impairments and $48.2 million of gains on sale of real estate, as compared to $0 and $57.5 million, respectively, for the prior year period.

The Company reported its share of Core FFO for the second quarter of $141.4 million, representing a 1.2% increase, compared to $139.7 million for the prior year quarter. The Company reported Core FFO of $0.63 per diluted share, representing an increase of 6.8%, compared to $0.59 per diluted share for the prior year quarter. Company share of Core FFO increased by $1.7 million, or $0.04 per diluted share year-over-year, driven by lower general and administrative expense related to the CEO leadership transition and the benefit of share repurchases, partially offset by lower NOI from dispositions executed in the first half of 2026. For the six months ended June 30, 2026, the Company's share of Core FFO was $281.2 million, representing a 0.2% increase, compared to $280.7 million for the prior year period. For the six months ended June 30, 2026, the Company reported Core FFO of $1.24 per diluted share, representing an increase of 2.5%, compared to $1.21 per diluted share for the prior year period.

In the second quarter of 2026, the Company's Same Property Portfolio NOI and Cash NOI decreased 0.5% and increased 1.5%, respectively, compared to the prior year quarter. Same Property Portfolio NOI decrease was primarily driven by effective rental rate compression and higher bad debt, partially offset by higher average occupancy. Same Property Portfolio Cash NOI growth was positively driven by annual contractual rent increases and higher average occupancy, partially offset by higher bad debt. For the six months ended June 30, 2026, the Company's Same Property Portfolio NOI and Cash NOI increased 0.3% and 0.6%, respectively, compared to the prior year period.

Operations

Q2 2026 Leasing Activity

Releasing Spreads(1)

# of Leases
Executed

SF of

Leasing

Net

Effective

Cash

New Leases

53

840,344

(13.8) %

(19.5) %

Renewal Leases

64

1,261,446

1.4 %

(8.1) %

Total Leases

117

2,101,790

(2.8) %

(11.3) %

(1)

Net effective and cash rent statistics include leases in which there is comparable lease data. Please see the Company's supplemental financial reporting package for additional detail related to leasing activity in Q2 2026.

As of June 30, 2026, the Company's Same Property Portfolio occupancy was 95.1%. Average Same Property Portfolio occupancy for the second quarter was 95.7%. The Company's total portfolio, excluding repositioning and development assets, was 94.8% occupied and 95.0% leased, and the Company's total portfolio, including repositioning and development assets, was 90.0% occupied and 90.3% leased. The Company's improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million square feet or 189.7 acres, were 92.8% leased as of June 30, 2026.

Repositionings and Developments

During the second quarter of 2026, the Company executed three development and repositioning leases totaling 146,430 square feet. Subsequent to quarter end, the Company executed two leases totaling 102,025 square feet at a development project located at 3680-3880 Voyager Street and a repositioning project located at 24935-24955 Avenue Kearny. Year to date through July 23, 2026, leasing activity across the Company's repositioning and development pipeline totals 286,299 square feet.

During the second quarter of 2026, the Company stabilized two development projects totaling 196,391 square feet, representing a total investment of $98.0 million. These projects achieved a weighted average unlevered stabilized return on cost of 8.0%.

Year to date, the Company stabilized four repositioning and development projects totaling 341,280 square feet, representing a total investment of $146.6 million. These projects achieved a weighted average unlevered stabilized return on cost of 7.1%.

Dispositions

During the second quarter of 2026, the Company disposed of seven properties, totaling 571,708 square feet, for an aggregate sales price of $137.9 million, including four sites previously in the near-term development pipeline.

Year to date, the Company disposed of twelve properties totaling 886,401 square feet for an aggregate sales price of $265.3 million, including six sites previously in the near-term development pipeline.

Balance Sheet

The Company ended the second quarter of 2026 with approximately $1.3 billion of total liquidity, including $32.2 million in unrestricted cash on hand and $1.2 billion available under its unsecured revolving credit facility.

During the second quarter of 2026, the Company repurchased 2,801,307 shares of its common stock for $100 million, at a weighted average price of $35.70 per share, bringing year-to-date repurchases to $300 million. Subsequent to quarter end, the Company's Board of Directors authorized a new $1.0 billion stock repurchase program, which superseded and replaced the prior program and is authorized through July 2028. The Company has full availability under the current program.

As of June 30, 2026, the Company had $3.3 billion of outstanding debt, with a weighted average interest rate of 3.7%. Floating-rate debt exposure was limited to $14.0 million outstanding under the Company's revolving credit facility. The weighted average term-to-maturity of the Company's outstanding debt is 2.8 years with no material debt maturities until 2027.

Dividends

On July 20, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.435 per share for the third quarter of 2026, payable in cash on October 15, 2026, to common stockholders and common unit holders of record as of September 30, 2026.

On July 20, 2026, the Company's Board of Directors authorized a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on September 30, 2026, to preferred stockholders of record as of September 15, 2026.

Leadership Transition and Board of Directors

On April 1, 2026, Laura Clark assumed the role of Chief Executive Officer and John Nahas assumed the role of Chief Operating Officer as part of the Company's leadership succession plan. Clark, who was appointed to the Board on November 17, 2025, succeeded Co-Chief Executive Officers Howard Schwimmer and Michael Frankel, who departed from their roles on March 31, 2026. Schwimmer and Frankel continued to serve as directors on the Board until their terms expired at the 2026 Annual Meeting of Shareholders on May 19, 2026.

Guidance

The Company is updating its full year 2026 guidance as indicated below. Please refer to the Company's supplemental information package for a complete detail of guidance and the 2026 Guidance Rollforward.

The Company is announcing a disposition initiative to realign its portfolio through the planned sale of approximately $2 billion of identified non-core assets. The Company intends to recycle proceeds to increase its financial flexibility through the strengthening of its balance sheet as well as deployment toward the highest risk-adjusted return opportunities, including accretive share repurchases. Accordingly, the Company has increased its full year 2026 disposition guidance to $1.5 to $2.0 billion from $400 to $500 million.

2026 Outlook

Q2 2026

Updated Guidance

Q1 2026
Guidance

Earnings

Net (Loss) Income Attributable to Common Stockholders per diluted share(1)

($1.32) - ($1.27)

$1.22 - $1.27

Company share of Core FFO per diluted share(1)

$2.38 - $2.43

$2.37 - $2.42

Same Property Portfolio(2)

Same Property Portfolio NOI Growth - Net Effective

(1.25)% - (0.25)%

(2.0)% - (1.0)%

Same Property Portfolio NOI Growth - Cash

(0.75)% - 0.25%

(1.5)% - (0.5)%

Average Same Property Portfolio Occupancy (Full Year)

95.3% - 95.7%

95.1% - 95.6%

Capital Allocation

Dispositions

$1.5B - $2.0B

$400M - $500M

Repositioning/Development Annualized Stabilized Cash NOI(3)

$16M - $18M

$16M - $18M

Repositioning/Development Starts (SF)

1.2M

1.2M

Repositioning/Development Starts (Total Estimated Project Costs)

$160M - $170M

$160M - $170M

Other Assumptions

General and Administrative Expenses

+/-$57M

+/-$60M

Interest Expense

+/-$105M

+/-$112M

(1)

2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of July 23, 2026, as well as guidance expectations related to investment activity.

(2)

2026 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned for the period from January 1, 2025 through July 23, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted), select buildings in other repositioning and properties included in the 2026 disposition guidance.

(3)

Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in  2026, including 1315 Storm Parkway and 12118 Bloomfield Avenue, which stabilized in the first quarter, and 3211-3233 Mission Oaks Boulevard and 19900 Plummer Street, which stabilized in the second quarter.

A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, tariffs, geopolitical risks including impacts from the war in the Middle East, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.

Supplemental Information and Earnings Presentation

The Company's supplemental information package as well as an earnings presentation are available on the Company's investor relations website at ir.rexfordindustrial.com.

Earnings Release, Investor Conference Webcast and Conference Call

A conference call with executive management will be held on Friday, July 24, 2026, at 11:00 a.m. Eastern Time.

To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Meeting ID 401 760 274.
          1 (585) 542-9983 (Local)
          1 (833) 461-5787 (Toll-Free)

A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.

About Rexford Industrial

Rexford Industrial creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. As of June 30, 2026, Rexford Industrial's high-quality, irreplaceable portfolio comprised 409 properties with approximately 49.9 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Definitions / Discussion of Non-GAAP Financial Measures

Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income or loss computed in accordance with GAAP as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to FFO is set forth below in the Financial Statements and Reconciliations section. "Company Share of FFO" reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.

Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the "Reconciliation of Net (Loss) Income to Funds From Operations and Core Funds From Operations" table, which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going operating performance, provides a more meaningful and consistent comparison of the Company's operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income or loss computed in accordance with GAAP as a measure of our performance. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.

Reconciliation of Net Loss Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance:

The following is a reconciliation of the Company's 2026 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.

2026 Estimate

Low

High

Net loss attributable to common stockholders

$                 (1.32)

$                 (1.27)

Company share of depreciation and amortization

1.21

1.21

Company share of impairment of real estate

2.71

2.71

Company share of gains on sale of real estate

(0.21)

(0.21)

Company share of FFO

$                  2.39

$                  2.44

Add: Core FFO adjustments(1)

(0.01)

(0.01)

Company share of Core FFO

$                  2.38

$                  2.43

(1)

Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses and (iv) write-offs of below-market lease intangibles related to unexercised renewal options.

Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, gains (or losses) from property dispositions, impairment losses of depreciable operating property and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income or loss as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.

NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income or loss to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.

Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income or loss to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.

Same Property Portfolio: Our 2026 Same Property Portfolio is a subset of our total portfolio and includes properties that were wholly owned by us for the period from January 1, 2025 through June 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through June 30, 2026, and (ii) properties acquired prior to January 1, 2025 that were classified as repositioning/development (current and future) or lease-up during 2025 and 2026 and select buildings in "Other Repositioning," which we believe will significantly affect the properties' results during the comparative periods. As of June 30, 2026, our 2026 Same Property Portfolio consisted of buildings aggregating 41.6 million rentable square feet at 341 of our properties.

Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.

Properties Under Development: Typically defined as properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant land where we plan to construct a ground-up building.

Stabilization Date — Repositioning/Development Properties: We consider a repositioning/development property to be stabilized at the earlier of the following: (i) upon rent commencement and achieving 90% occupancy or (ii) one year from the date of completion of repositioning/development construction work.

Net Debt to Enterprise Value: As of June 30, 2026, we had consolidated indebtedness of $3.3 billion, reflecting a net debt to enterprise value of approximately 29.1%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our Net Debt is defined as our consolidated indebtedness less cash and cash equivalents.

Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income or loss (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property, non-cash stock-based compensation expense, write-offs of below market lease intangibles related to unexercised renewal options, acquisition expenses, the pro-forma effects of  dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs' Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income or loss (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.

Contact

Doug Bettisworth
SVP, Investor Relations and Capital Markets
(310) 943-7157
[email protected]

Financial Statements and Reconciliations

Rexford Industrial Realty, Inc.

Consolidated Balance Sheets

(In thousands except share data)

June 30, 2026

December 31, 2025

(unaudited)

ASSETS

Land

$              7,104,413

$              7,689,921

Buildings and improvements

4,541,066

4,677,318

Tenant improvements

206,540

198,161

Furniture, fixtures, and equipment

132

132

Construction in progress

324,365

451,109

Total real estate held for investment

12,176,516

13,016,641

Accumulated depreciation

(1,163,226)

(1,165,792)

Investments in real estate, net

11,013,290

11,850,849

Cash and cash equivalents

32,226

165,778

Loan receivable, net

123,934

123,704

Rents and other receivables, net

12,132

13,958

Deferred rent receivable, net

210,474

190,376

Deferred leasing costs, net

90,864

87,745

Deferred loan costs, net

5,877

6,886

Acquired lease intangible assets, net

114,489

140,627

Acquired indefinite-lived intangible asset

5,156

5,156

Interest rate swap assets

9,247

2,025

Other assets

16,987

25,609

Total Assets

$            11,634,676

$            12,612,713

LIABILITIES & EQUITY

Liabilities

Notes payable

$              3,263,724

$              3,251,909

Interest rate swap liability

3

829

Accounts payable, accrued expenses and other liabilities

99,101

120,849

Dividends and distributions payable

100,960

103,399

Acquired lease intangible liabilities, net

105,856

116,487

Tenant security deposits

92,386

92,444

Tenant prepaid rents

79,518

88,777

Total Liabilities

3,741,548

3,774,694

Equity

Rexford Industrial Realty, Inc. stockholders' equity

Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:

5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at June 30, 2026
and December 31, 2025 ($75,000 liquidation preference)

72,443

72,443

5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at June 30, 2026
and December 31, 2025 ($86,250 liquidation preference)

83,233

83,233

Common Stock,$0.01 par value per share, 489,950,000 authorized and 222,989,057 and 231,580,135
shares outstanding at June 30, 2026 and December 31, 2025, respectively

2,230

2,316

Additional paid in capital

8,631,341

8,945,123

Cumulative distributions in excess of earnings

(1,255,153)

(642,130)

Accumulated other comprehensive income (loss)

7,473

(422)

Total stockholders' equity

7,541,567

8,460,563

Noncontrolling interests

351,561

377,456

Total Equity

7,893,128

8,838,019

Total Liabilities and Equity

$            11,634,676

$            12,612,713

Rexford Industrial Realty, Inc.

Consolidated Statements of Operations

(Unaudited and in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUES

Rental income

$       242,996

$       241,568

$       485,137

$       490,389

Management and leasing services

—

132

—

274

Interest income

2,510

7,807

5,447

11,131

TOTAL REVENUES

245,506

249,507

490,584

501,794

OPERATING EXPENSES

Property expenses

56,214

55,298

112,977

110,559

General and administrative

13,693

19,752

28,618

39,620

Depreciation and amortization

73,479

71,188

146,412

157,928

TOTAL OPERATING EXPENSES

143,386

146,238

288,007

308,107

OTHER (EXPENSES) INCOME

Other income

3,500

—

4,850

—

Other expenses, net

2,001

(244)

1,899

(2,483)

Interest expense

(28,571)

(26,701)

(55,171)

(53,989)

Impairment of real estate

(624,754)

—

(631,578)

—

Debt extinguishment and modification expenses

—

(291)

—

(291)

Gains on sale of real estate

21,893

44,361

48,174

57,518

TOTAL OTHER (EXPENSES) INCOME

(625,931)

17,125

(631,826)

755

NET (LOSS) INCOME

(523,811)

120,394

(429,249)

194,442

Less: net loss (income) attributable to noncontrolling interests

19,665

(4,060)

16,290

(6,909)

NET (LOSS) INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.

(504,146)

116,334

(412,959)

187,533

Less: preferred stock dividends

(2,315)

(2,315)

(4,629)

(4,629)

Less: earnings attributable to participating securities

(441)

(592)

(1,449)

(1,131)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$      (506,902)

$       113,427

$      (419,037)

$       181,773

Net (loss) income attributable to common stockholders per share – basic

$           (2.26)

$            0.48

$           (1.85)

$            0.78

Net (loss) income attributable to common stockholders per share – diluted

$           (2.26)

$            0.48

$           (1.86)

$            0.78

Weighted-average shares of common stock outstanding – basic

223,812

236,099

226,050

231,771

Weighted-average shares of common stock outstanding – diluted

223,812

236,099

234,636

231,771

Rexford Industrial Realty, Inc.

Same Property Portfolio Occupancy and NOI and Cash NOI

(Unaudited, dollars in thousands)

Same Property Portfolio Occupancy

June 30,

2026

2025

Change
(basis points)

Quarterly Weighted Average Occupancy:(1)

Los Angeles County

96.5 %

93.2 %

330 bps

Orange County

95.9 %

97.6 %

(170) bps

Riverside / San Bernardino County

93.3 %

97.0 %

(370) bps

San Diego County

97.5 %

98.0 %

(50) bps

Ventura County

94.6 %

91.4 %

320 bps

Same Property Portfolio Weighted Average Occupancy

95.7 %

94.7 %

100 bps

Ending Occupancy:

95.1 %

94.8 %

30 bps

(1)

Calculated by averaging the occupancy rate at the end of each month in 2Q-2026 and March 2026 (for 2Q-2026) and the end of each month in 2Q-2025 and March 2025 (for 2Q-2025).

Same Property Portfolio NOI and Cash NOI

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

$ Change

% Change

2026

2025

$ Change

% Change

Rental income(1)

$ 210,974

$ 210,887

$        87

0.0 %

$ 422,543

$ 418,561

$  3,982

1.0 %

Property expenses

46,811

45,893

918

2.0 %

94,045

91,171

2,874

3.2 %

Same Property Portfolio NOI

$ 164,163

$ 164,994

$     (831)

(0.5) %

$ 328,498

$ 327,390

$  1,108

0.3 %

Straight line rental revenue adjustment

(4,938)

(6,328)

1,390

(22.0) %

(15,235)

(13,835)

(1,400)

10.1 %

Above/(below) market lease revenue adjustments(1)

(3,093)

(4,829)

1,736

(35.9) %

(7,263)

(9,401)

2,138

(22.7) %

Same Property Portfolio Cash NOI

$ 156,132

$ 153,837

$   2,295

1.5 %

$ 306,000

$ 304,154

$  1,846

0.6 %

(1)

Same Property Portfolio rental income and above/(below) market lease revenue adjustments for the three months ended June 30, 2026 exclude $497 of income recognized from the write-off of a below-market lease intangibles attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.

Rexford Industrial Realty, Inc.

Reconciliation of Net (Loss) Income to NOI, Cash NOI, Same Property Portfolio NOI and

Same Property Portfolio Cash NOI

(Unaudited and in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) income

$     (523,811)

$       120,394

$     (429,249)

$       194,442

General and administrative

13,693

19,752

28,618

39,620

Depreciation and amortization

73,479

71,188

146,412

157,928

Other expenses, net

(2,001)

244

(1,899)

2,483

Interest expense

28,571

26,701

55,171

53,989

Debt extinguishment and modification expenses

—

291

—

291

Management and leasing services

—

(132)

—

(274)

Other income

(3,500)

—

(4,850)

—

Interest income

(2,510)

(7,807)

(5,447)

(11,131)

Impairment of real estate

624,754

—

631,578

—

Gains on sale of real estate

(21,893)

(44,361)

(48,174)

(57,518)

Net operating income (NOI)

$       186,782

$       186,270

$       372,160

$       379,830

Straight line rental revenue adjustment

(9,967)

(6,918)

(25,103)

(12,435)

Above/(below) market lease revenue adjustments

(3,805)

(5,788)

(8,452)

(14,974)

Cash NOI

$       173,010

$       173,564

$       338,605

$       352,421

NOI

$       186,782

$       186,270

$       372,160

$       379,830

Non-Same Property Portfolio rental income

(32,022)

(30,681)

(62,594)

(71,828)

Non-Same Property Portfolio property expenses

9,403

9,405

18,932

19,388

Same Property Portfolio NOI

$       164,163

$       164,994

$       328,498

$       327,390

Straight line rental revenue adjustment

(4,938)

(6,328)

(15,235)

(13,835)

Above/(below) market lease revenue adjustments

(3,093)

(4,829)

(7,263)

(9,401)

Same Property Portfolio Cash NOI

$       156,132

$       153,837

$       306,000

$       304,154

Rexford Industrial Realty, Inc.

Reconciliation of Net (Loss) Income to Funds From Operations and Core Funds From Operations

(Unaudited and in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) income

$    (523,811)

$     120,394

$    (429,249)

$     194,442

Adjustments:

Depreciation and amortization

73,479

71,188

146,412

157,928

Impairment of real estate

624,754

—

631,578

—

Gains on sale of real estate

(21,893)

(44,361)

(48,174)

(57,518)

Funds From Operations (FFO)

$     152,529

$     147,221

$     300,567

$     294,852

Less: preferred stock dividends

(2,315)

(2,315)

(4,629)

(4,629)

Less: FFO attributable to noncontrolling interests(1)

(5,726)

(4,962)

(11,008)

(10,356)

Less: FFO attributable to participating securities(2)

(680)

(728)

(2,114)

(1,478)

Company share of FFO

$     143,808

$     139,216

$     282,816

$     278,389

Company Share of FFO per common share – basic

$          0.64

$          0.59

$          1.25

$          1.20

Company Share of FFO per common share – diluted

$          0.64

$          0.59

$          1.25

$          1.20

FFO

$     152,529

$     147,221

$     300,567

$     294,852

Adjustments:

Acquisition expenses(3)

—

23

—

102

Debt extinguishment and modification expenses

—

291

—

291

Non-capitalizable demolition costs(3)

—

—

—

365

Co-CEO transition costs(3)(4)

(2,330)

—

(2,330)

—

Severance costs(3)(5)

269

199

269

1,682

Other nonrecurring expenses(3)(6)

45

—

107

—

Write-offs of below-market lease intangibles related to unexercised renewal options(7)

(497)

—

(497)

—

Core FFO

$     150,016

$     147,734

$     298,116

$     297,292

Less: preferred stock dividends

(2,315)

(2,315)

(4,629)

(4,629)

Less: Core FFO attributable to noncontrolling interest(1)

(5,631)

(4,979)

(10,915)

(10,440)

Less: Core FFO attributable to participating securities(2)

(668)

(731)

(1,412)

(1,491)

Company share of Core FFO

$     141,402

$     139,709

$     281,160

$     280,732

Company share of Core FFO per common share – basic

$          0.63

$          0.59

$          1.24

$          1.21

Company share of Core FFO per common share – diluted

$          0.63

$          0.59

$          1.24

$          1.21

Weighted-average shares of common stock outstanding – basic

223,812

236,099

226,050

231,771

Weighted-average shares of common stock outstanding – diluted

223,812

236,099

226,050

231,771

(1)

Noncontrolling interests relate to interests in the Company's operating partnership, represented by common units and preferred units (Series 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units.

(2)

Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.

(3)

Amounts are included in the line item "Other expenses, net" in the consolidated statements of operations.

(4)

Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and employer payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.

(5)

Includes costs associated with workforce reduction and workforce reorganization.

(6)

Reflects nonrecurring advisory service costs.

(7)

Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.

Rexford Industrial Realty, Inc.

Reconciliation of Net Loss to Adjusted EBITDAre

(Unaudited and in thousands)

Three Months Ended
June 30, 2026

Net loss

$                     (523,811)

Interest expense

28,571

Depreciation and amortization

73,479

Impairment of real estate

624,754

Gains on sale of real estate

(21,893)

EBITDAre

$                      181,100

Stock-based compensation amortization

3,666

Write-offs of below-market lease intangibles related to unexercised renewal options(1)

(497)

Co-CEO transition costs(2)

(2,330)

Other nonrecurring expenses

45

Pro forma effect of dispositions(3)

68

Adjusted EBITDAre

$                      182,052

(1)

Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.

(2)

Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.

(3)

Represents the impact on second quarter 2026 EBITDAre of properties disposed of during the quarter as if such dispositions had occurred on April 1, 2026.

SOURCE Rexford Industrial Realty, Inc.

The pace of earnings reports is heating up. Notable stocks on deck to release second-quarter earnings next week include Apple AAPL-1.30%, Amazon.com AMZN-4.57%, Chipotle Mexican Grill CMG-0.59%, Meta Platforms META-3.36%, Microsoft MSFT-2.24%, PayPal Holdings PYPL+0.88%, Qualcomm QCOM-2.57% and Starbucks SBUX-0.74%.

4:15pm: Nasdaq closes deep in the red US stocks ended sharply lower on Thursday, with the Nasdaq leading the losses as investors dumped technology shares after earnings from Tesla and Alphabet failed to ease concerns about rising spending.

The Nasdaq fell 2.2% to 25,138, while the S&P 500 dropped 1.2% to 7,408. The Dow Jones Industrial Average shed 507 points, or 1%, to close at 51,712.

Despite reporting strong revenue growth, Tesla and Alphabet came under heavy selling pressure after both companies warned that capital expenditures are set to climb, raising fresh questions about profitability and free cash flow. The disappointing market reaction weighed on the broader technology and communications sectors, dragging the Nasdaq to its steepest decline in weeks.

Adding to the pressure, oil prices surged toward the $100-a-barrel mark as escalating conflict in the Middle East fueled fears of supply disruptions. The jump in crude prices reignited inflation concerns, pushing Treasury yields to their highest levels of the year and further denting appetite for growth stocks.

Investors are increasingly worried that higher energy prices could complicate the Federal Reserve's path on interest rates, particularly if inflation proves more persistent than expected.

Attention now turns to Intel, which is set to report quarterly earnings after the closing bell, with investors looking for further clues on the health of the semiconductor industry after a bruising session for the broader tech sector.

3:40pm: Proactive news headlines Custom Health Holdings Inc (TSX:CHLT) initiated Buy-rated coverage from Stifel with a C$12 price target, with analysts highlighting significant upside driven by the company's medication management platform. 374Water Inc (NASDAQ:SCWO, FRA:8LL) said a US Army Corps of Engineers report independently validated its AirSCWO technology, demonstrating 99.9993% destruction and removal efficiency for PFAS during testing. Royalty Management Holding Corp (NASDAQ:RMCO) said its royalty partner ReElement Technologies secured new financing to expand operations, a move expected to increase royalty revenue under their existing agreement. Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) closed the $7.5 million equity portion of a previously announced $15 million strategic investment from SRC Agrominerals Sales, with the convertible debenture portion expected to close in August 2026. 2:30pm: Market movers Tesla Inc (NASDAQ:TSLA) shares fell despite record vehicle sales and stronger-than-expected revenue as investors focused on weaker profitability and future growth concerns. Alphabet Inc (NASDAQ:GOOG) shares dropped despite beating earnings and revenue forecasts as investors weighed concerns around valuation and expectations following the results. American Airlines Group Inc (NASDAQ:AAL, XETRA:A1G) shares fell despite beating second-quarter earnings expectations as the carrier warned that higher fuel costs could pressure third-quarter results. T-Mobile US Inc (NASDAQ:TMUS, XETRA:TM5) reported stronger-than-expected second-quarter earnings but saw shares decline after revenue narrowly missed Wall Street estimates. 374Water Inc (NASDAQ:SCWO, FRA:8LL) said a US Army Corps of Engineers report independently validated its AirSCWO technology, showing 99.9993% destruction and removal efficiency for PFAS during a demonstration. RTX Corp (NYSE:RTX, XETRA:5UR) shares climbed after the aerospace and defense company delivered better-than-expected second-quarter results and raised its full-year 2026 outlook. Southwest Airlines Co (NYSE:LUV) shares declined after stronger-than-expected second-quarter earnings were offset by a weaker-than-expected third-quarter outlook. International Business Machines Corp (NYSE:IBM) shares slipped after second-quarter revenue and earnings missed expectations and the company lowered its full-year revenue growth forecast. Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) closed a $7.5 million equity investment from SRC. 12:50pm: Oil prices surge after Houthi attacks Oil prices surged above US$100 a barrel on Thursday after Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea, raising fresh concerns over global energy supplies and rattling financial markets.

“Two of the world’s busiest shipping corridors are under threat in the same month, and markets are only just beginning to work out what that means," said Nigel Green, CEO of deVere Group.

"The timing is awkward for the Federal Reserve, which meets on July 29. Inflation had climbed for three straight months to 4.2% in May, its highest level in years, before cooling to 3.5% in June largely because gasoline prices fell nearly 10% during the brief ceasefire between the US and Iran. 

"With that ceasefire now collapsed and oil back above $100, the drop which gave the Fed room to relax may already be reversing."

11:45am: Alphabet's spending rattles investors Alphabet Inc (NASDAQ:GOOG) shares fell more than 6% after investors looked past better-than-expected second-quarter earnings and focused on the company’s soaring AI spending.

The Google parent reported revenue of $119.8 billion and earnings per share of $9.11, beating Wall Street forecasts, while Google Cloud revenue jumped 82% year over year.

However, quarterly capital expenditure doubled to $44.9 billion, keeping Alphabet on pace for up to $190 billion in spending this year, while free cash flow dropped sharply. Investor sentiment was also weighed down by reports that Google delayed its Gemini 3.5 Pro AI model, although the company has disputed those claims.

11:00am: Tesla sinks on spending, profit Tesla Inc (NASDAQ:TSLA) shares were down about 14% after the electric vehicle maker reported second-quarter results that topped revenue expectations but missed on profit.

Revenue rose 26% year over year to $28.24 billion, while deliveries reached a record 480,126 vehicles, marking the first annual growth in two years. Services revenue climbed 50% and Full Self-Driving subscriptions increased 56%, with the company also reporting its largest order backlog since 2023.

However, adjusted earnings of $0.33 per share missed forecasts, while gross and operating margins weakened as lower vehicle prices, declining regulatory credit sales and rising costs weighed on profitability.

Heavy capital spending also pushed free cash flow into a deficit.

10am: Nasdaq leads losses as Tesla and Alphabet slide US stocks have extended yesterday's losses in early deals, with Tesla dropping over 10% to lead the Nasdaq down 1.8%.

The S&P 500 and Dow Jones are both off more than 0.9%.

Alphabet fell 6.6%, with other Mag 7 names dropping too, including Amazon and Meta both slipping more than 3%.

Biggest faller on the S&P is pest controller Rollins, down 12% after reporting weaker second-quarter revenue growth than expected.

Semis are also being sold again, with Microchip Technology, Qualcomm and Texas Instruments among the Nasdaq's biggest fallers.

Top of the S&P leaderboard is United Rentals after saying it will increase its spending on its fleet this year and raising full-year guidance.

9.20am: Record low US jobless claims US initial jobless claims have fallen to their lowest level since 1969.

New unemployment claims fall to 187K, down from 209K, while the market forecast was for a small rise to 210K.

"While seasonal factors may be impacting the headline number at the margins, the extremely low level of claims highlights a low layoff rate and the strength underlying the labor market," says Matthew Martin at Oxford Economics.

"In the wake of moderating jobless claims, continued claims fell a touch further in the week ended July 11, with the four-week moving average creeping lower.

"The decent pace of nonfarm payroll gains amid weak labor-supply conditions should translate into lower continued claims in the weeks ahead."

8.30am: Iran war has entered a more dangerous phase, RBC warns  The Iran conflict has entered a "decidedly more dangerous phase", with Red Sea oil flows and critical infrastructure increasingly at risk, according to RBC Capital Markets.

Brent crude has topped $99.30 in recent minutes, but commodity strategist Helima Croft says these prices are a "lagging indicator of the extreme pressure building in the region".

Croft warns that the reported targeting of two Saudi tankers by Yemen's Houthis could cause a "material reduction" in Red Sea oil shipments and undermine the belief that "the market always finds a workaround".

Prices could surpass the 2022 peak of $128 a barrel or even reach the 2008 high of $146 in a full regional war, Croft warns. 

She says alternative routes for tankers would significantly increase costs and extend journeys to Asia by around four weeks to roughly 54 days.

Iran's attacks on Kuwaiti desalination facilities are described as "especially concerning", with Kuwait relying on desalination for 90% of its drinking water.

Some Gulf cities could reportedly have only seven days of clean water if plants were disabled.

7.45am: Nasdaq and Dow set to extend losses Wall Street is set for a moderately lower open on Thursday after mixed results from Alphabet and Tesla, while a fresh surge in oil prices revived concerns about inflation and interest rates.

Futures for the Dow Jones, S&P 500 and Nasdaq were all down around 0.3%.

This would see losses extended from the day before, when the Nasdaq dropped 0.6% to 25,691, the S&P fell 0.1% to 7,499, and the Dow finished essentially flat, down six points at 52,219.

After the closing bell, Alphabet Inc (NASDAQ:GOOG) beat revenue and earnings forecasts, with cloud revenue surging 82%, but its shares fell in after-hours trading after the Google owner raised its planned capital expenditure to as much as $205 billion this year. Shares were down 4.1% in pre-market trading.  

Tesla Inc (NASDAQ:TSLA) shares declined 6.2% after reporting its first quarter of negative free cash flow in more than two years as operating costs surged.

European markets were also lower, led by a 1.7% decline in Milan as semiconductor manufacturer STMicroelectronics (NYSE:STM) fell sharply after weaker second-quarter earnings and soft third-quarter guidance disappointed investors following a three-month rally.

In commodities, WTI crude has jumped 4.1% on Thursday morning to above $90.65 a barrel, its highest level in six weeks, as US Central Command confirmed another round of strikes against Iran.

"Strikes between the US and Iran show no sign of easing, and the Houthis said they targeted two oil tankers in the Red Sea yesterday, raising fears that the conflict is widening," said Henry Allen at Deutsche Bank. 

This has raised fresh supply fears as Saudi Arabia has redirected oil exports to the Red Sea port of Yanbu, prompting "fresh concerns about a more prolonged stagflationary shock", with investors pricing in higher inflation and a more hawkish path for central banks.

Fed futures now indicate a 36% chance of an interest-rate increase next week. The European Central Bank is expected to leave rates unchanged when it announces its latest decision later today.

Before the bell, earnings are due from defence groups RTX and Lockheed Martin, telecoms names T-Mobile and Nokia, and other heavyweights including Thermo Fisher, TotalEnergies, Blackstone, Freeport-McMoRan, Comcast and Honeywell.

After the close, attention turns to Intel and SAP, along with gold miner Newmont.

The downtrend may continue. This is why Tesla is the Stock of the Day.

• How is TSLA stock doing now?

Markets are driven by supply and demand. When there are more shares for sale than buyers willing to purchase them, sellers are often forced to undercut one another by lowering their asking prices to attract buyers.

This forces the shares into a downtrend.

When a stock reaches a support level, the dynamic changes. There are large amounts of shares to be purchased. Downtrends end or pause when they reach support levels.

People who wish to sell can do so without forcing the price lower.

If a stock trades and stays below a support level, traders say the support has been broken. This can be a bearish dynamic.

It shows the investors and traders who created the support with their buy orders are gone. They have either finished or canceled their orders.

With these buyers out of the market, sellers will be forced again to undercut each other and offer their shares at discounts. This can create a new downtrend.

As you can see on the chart, the $372 level was support for Tesla in May and June. This support broke yesterday, and a large move lower followed this morning.

There was support around the $343 level. Today’s move broke this support, and the shares continue to trend lower.

If they keep dropping, there is a chance there is support around the $286 level. This level was support last July, and there tends to be support at levels that were support previously.

This happens because of remorseful or regretful sellers. Some of the people who sold at the support have regretted doing so ever since. A number of them vowed to buy their shares back at their selling price if they eventually could.

This means there could be support at this level. It could be where the selloff ends.

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Tesla (TSLA -14.38%), the global electric-vehicle, battery storage, and autonomous driving platform, closed at $319.69, down 14.52%. Thursday's drop followed an earnings miss and heavier AI and robotics spending. Investors will continue watching margins with another focus on autonomous-driving guidance next.
Trading volume reached 114.2 million shares, coming in about 131% above its three-month average of 49.4 million shares.
Tesla IPO'd in 2010 and has grown 20,006% since going public.

How the markets moved todayThe S&P 500 (^GSPC -1.21%) fell 1.21% to 7,408.30, and the Nasdaq Composite (^IXIC -2.15%) dropped 2.15% to 25,138. Among electric vehicle manufacturing peers, Rivian Automotive (RIVN -4.04%) closed at $16.46, down 4.19%, and Lucid Group (LCID -5.01%) closed at $6.45, down 4.87%, reflecting pressure across EV names.

What this means for investorsTesla’s revenue soared in Q2, driven by a surge in EV unit volume. Deliveries jumped 25% year over year, and revenue gains came close to matching that. Yet profits dropped, and free cash flow turned negative as operating expenses and capital spending soared.

Analysts lowered their price targets for Tesla following the earnings miss, citing margin pressure and cautious guidance on autonomous driving.

The future direction of Tesla stock will depend on what investors prioritize. Competition in the EV market has put pricing pressure on Tesla, which it is offsetting with volume. But that additional revenue isn’t reaching the bottom line because of the company’s growth investments and expenses.

Those investments may pay off handsomely in the future, but investors may be waiting for proof before giving Tesla the benefit of the doubt.

Howard Smith has positions in Lucid Group, Rivian Automotive, and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz continues its investigation of Alphabet Inc. (“Alphabet” or the “Company”) (NASDAQ: GOOG) on behalf of investors concerning the Company's possible violations of federal securities laws.IF YOU ARE AN INVESTOR WHO LOST MONEY ON ALPHABET INC. (GOOG), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS.What Is The Investigation About?On July 16, 2026, Bloomberg news reported that Alphabet's Google is “months beh.

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Alphabet (GOOGL -7.12%), a search, ads, video, cloud, and AI infrastructure platforms provider, closed at $317.69, down 7.13%. Investors are reacting to higher AI-related spending and watching whether cloud growth can support returns on that build-out. Trading volume reached 68.6M shares, coming in about 111% above its three-month average of 32.5M shares. Alphabet IPO'd in 2004 and has grown 12,557% since going public.

How the markets moved todayThe S&P 500 (^GSPC -1.21%) fell 1.20% to 7,409, while the Nasdaq Composite (^IXIC -2.15%) dropped 2.15% to 25,138. Among internet content and information, digital advertising, and cloud services rivals, Microsoft closed at $381.58, down 2.24%, and Meta Platforms finished at $606.10, down 3.36%.

What this means for investorsOn the surface, it was a great-looking quarter for Alphabet as:

sales rose 24%search revenue increased 17%Google Cloud sales spiked 82%Gemini reached 950 million monthly active userstokens per minute rose from 16 billion to 22 billionYouTube advertising sales grew by 13%income from operations jumped 30%However, the market seemed to focus solely on management’s guidance that capex would land between $195 billion and $205 billion in 2026 -- and would “increase significantly” in 2027 -- which sparked today’s sell-off. Capex rose by 100% in Q2 to $45 billion and caused free cash flow to turn negative for the first time in Alphabet’s publicly traded history.

While this isn’t inherently bad, the company needs to show it can deliver strong ROI from these massive capex outlays, or else all this heavy spending could weigh on the stock’s price. Personally, I think it’s far too early to judge whether these investments will pay off, as they may take years to develop into anything that generates profit. Still, I understand the market’s cautious stance given the immense scale of the spending. For now, Alphabet remains my favorite AI stock with its array of interconnected offerings and robust growth optionality, even if AI eventually becomes commoditized over the uber-long term.

Josh Kohn-Lindquist has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, Meta Platforms, and Microsoft. The Motley Fool has a disclosure policy.

Alphabet blows past earnings… capex jumps to $205 billion… why the “Lag 7” story is wrong… Louis Navellier’s “best market since 1999” Yesterday, after the closing bell, Alphabet (GOOG) reported its second-quarter results, and it was a whopper.

The tech giant blew past expectations, showing massive growth across its entire business:

Total revenue: up 24% year-over-year to $119.8 billion. Google search revenue: up 17%. Google Cloud (the AI engine): rocketed 82%. Operating income: up 30% while operating margins expanded to 34%. But the real issue going into the report was its capex guidance…

Would Alphabet maintain its commitments to AI infrastructure?

Yes – and then some.

Its capex increased 100% year over year to $44.9 billion. And it increased its already elevated full-year 2026 outlook of $180 billion to $190 billion, established in April, to $195 billion to $205 billion. And it won’t stop there…

CFO Anat Ashkenazi reiterated that 2027 spending will “significantly increase.”

Now, the downside of this is that the aggressive capex bill resulted in a negative free cash flow of -$5.85 billion for the quarter. This is weighing on Alphabet’s stock price today. As I write on Thursday, the stock is down 7%.

As has been the pattern in recent quarters, Wall Street is panicking about this colossal capex spend, fearing the returns won’t justify it. But beyond that fear, there’s no way to read this as anything other than a blockbuster performance. CEO Sundar Pichai summed it up this way:

Our AI investments are redefining what’s possible across every part of our business.

Alphabet down, AI trade up Going into last night, our technology expert Luke Lango, editor of Innovation Investor, gave us the playbook…

If Alphabet confirmed and/or raised its capex guidance, it would begin to firm up the AI infrastructure trade, which has taken a bath in recent weeks.

Sure enough, as I write on Thursday, though the Nasdaq is down about 2%, Western Digital (WDC) is up 5%, Marvell (MRVL) is 2% higher, and Seagate (STX) has added 3%. Other AI infrastructure darlings are also outperforming.

I reached out to Luke after the results, and he told me:

Alphabet’s results were stunning and a broad, strong rebuttal of “peak spending” fears which have weighed on the AI trade for the last two months…

So, they’re going to spend more. The 2026 capex forecast was boosted ~5% from $190B to $200B, its second hike this year already. That’s not a peak. That’s an acceleration…

We just got the confirmation we needed. The hyperscalers are going to keep spending. The party rolls on. 

Bottom line: Alphabet is the first Magnificent 7/hyperscaler domino to fall this earnings season, and the numbers were fantastic – despite the stock taking a beating today.

But that prompts a question…

When will the “Lag 7” return to being the “Mag 7”? In recent months, as the performance of the Magnificent 7 stocks has underwhelmed, the financial media has come up with an alternative name – the “Lag 7.”

Through late June, the Mag 7 were down about 3% on average year-to-date, while the S&P 500 was up nearly 9% over the same stretch.

Why?

In a word: capex – the same issue that has Alphabet deep in the red today.

Investors have grown nervous that the hundreds of billions these companies are pouring into AI data centers won’t pay off fast enough to justify the spend.

As we’ve been covering here in the Digest, those investment dollars have been rotating out of the AI spenders and into the AI infrastructure suppliers, which have soared even as the Mag 7 lagged.

Now, this capex spend is a legitimate issue for Mag 7 owners to consider. But here’s what the “Lag 7” narrative has forgotten…

The Mag 7’s Q1 earnings were generally quite strong, and projected Q2 earnings are equally impressive.

Here’s FactSet:

In aggregate, the “Magnificent 7” companies have reported higher (year-over-year) earnings growth than the other 493 companies in the S&P 500 over the past several quarters.

Is this trend expected to continue in Q2 2026? The answer is yes.

For Q2 2026, the estimated (year-over-year) earnings growth rate for the “Magnificent 7” companies is 31.1%.

On the other hand, the blended (combines actual and estimated results) earnings growth rate for the remaining 493 companies in the S&P 500 for the second quarter is 22.8%.

Thirty-one percent growth isn’t the profile of a group that’s “lagging.” It’s the profile of a group still doing exactly what earned it the “Magnificent” label in 2023.

Meanwhile, here’s what’s been mostly left out of the “Lag 7” critique… It’s a one-sided read.

It focuses almost entirely on what the hyperscalers are spending through the lens of “the returns won’t justify it.”

But what if they do? What if Wall Street just needs to take a deep breath and relax?

It’s worth remembering that investors have been wrong about this exact question before. The cloud buildout of the 2010s drew the same kind of margin anxiety at the time – and it went on to become one of the more durable profit engines in corporate history.

I dug up a Wall Street Journal article from 2014 titled “Google, Amazon and Microsoft’s Costly Spending War” that noted “being a tech giant ain’t cheap,” and then quoted Bernstein Research analyst Carlos Kirjner:

Google’s remarkable capex increase over the last year has raised concerns among investors.

Other articles from that period highlighted the anxious handwringing of investors due to the massive capex spend.

Sound familiar?

And how’d that turn out?  Well, when Amazon (AMZN) finally unbundled Amazon Web Services’ financial reporting in early 2015, Wall Street began to change its tune. Rather than a money pit, AWS was revealed to be a massive, highly efficient business generating billions in high-margin software revenue

This doesn’t guarantee AI capex plays out the same way. The scope of the capex spending today is on a completely different level.

Still, it’s a reminder that cries of “We’re spending too much” today could turn into “Wow! What foresight and vision!” tomorrow.

This is what we’ll be tracking. But history suggests that, when in doubt, we should give these Mag 7 management teams the benefit of the doubt.

But the good news doesn’t stop with Big Tech Let’s circle back to the FactSet quote from a moment ago.

Did you catch this?

On the other hand, the blended (combines actual and estimated results) earnings growth rate for the remaining 493 companies in the S&P 500 for the second quarter is 22.8%.

That figure isn’t just solid – FactSet notes it would mark the strongest growth the “other 493” have posted since Q4 2021.

And the trend is expected to broaden even further as the year goes on…

FactSet projects that by Q4 2026, the other 493 companies will actually outgrow the Mag 7: 25.3% versus 22.8%.

That fits with what we’ve been seeing in the “Lag 7” rotation: money moving into names that sit outside the traditional Mag 7 but are riding the same AI wave.

This helps explain why legendary investor Louis Navellier, editor of Growth Investor, is so bullish today…

The “best market environment since 1999” Let’s go straight to Louis:

The second quarter was the best-performing quarter for the NASDAQ and S&P 500 in six years…

I believe this is the best market environment we have seen since 1999…

In fact, I believe the current AI boom could ultimately be even more powerful than the internet boom of the 1990s.

It’s important to understand that this isn’t Louis being a perma-bull. His optimism is anchored in economic strength.

He notes that GDP grew at a 2.1% annual pace in the first quarter. Growth cooled a bit in the second quarter, but it is set to reaccelerate in the second half of 2026. And Louis is calling for GDP to hit “at least a 5% annual pace” in Q3.

Back to the investment legend:

Economic growth is poised to reaccelerate. The AI buildout is still gathering momentum. And most importantly, corporate profits are accelerating.

That is why the foundation beneath this market remains solid…

An economic reacceleration would goose what’s already been a period of strong returns for the market.

For example. I’m looking at Louis’ Growth Investor portfolio, seeing returns including:

Broadcom, Inc. (AVGO): 363% Carpenter Tech. (CRS): 212% EMCOR Group (EME): 249% Quanta Services (PWR): 421% And if Louis is right, these are the kinds of stocks that have more room to climb as the hyperscalers continue spending.

If you’d like Louis’ help in finding tomorrow’s triple-digit winners as this “best market environment since 1999” continues, click here to learn about joining him in Growth Investor.

But what about the AI bubble? Let me push back on all this optimism with a critique I’ve made in recent years…

It’s expensive.

Uber bears put it more dramatically: “We’re so overvalued today that we’re on the verge of a catastrophic crash that will put the dot-com crash to shame!”

But here’s the thing about all that capex from the hyperscalers…

It’s growing earnings so quickly that forward-looking valuations have been coming down significantly. This requires us to reassess the market’s overall price tag.

To do this, let’s use the forward P/E ratio: it compares today’s prices to forecasted earnings over the next 12 months.

According to FactSet, the S&P 500 has a forward P/E ratio of about 20.

Is this an egregious “super bubble that must pop” valuation?

No.

Over the last decade, the average forward P/E has been 19.

At 20, the market is slightly more expensive than usual, but nowhere near a runaway, terrifying bubble. For comparison, during the Dot-Com crash of 2000, this number pushed past 23.

Plus, this relatively high price tag of 20 is distorted by just a few massive tech giants. If you strip away those top heavyweights and look at the other 490+ stocks in the S&P 500, the rest of the market is trading at a much cheaper, more normal historical average of around 16 to 17.

Yes, you might want to diversify some of your portfolio away from higher-valuation tech into lower-valuation sectors. But that would be more of a rebalancing rather than a panicked “escape the bust” reaction.

One final reason for confidence… As we’ve just looked at, robust earnings growth is the solution to high valuations. So, how are earnings growth rates shaping up as we look ahead?

Back to FactSet:

For the second quarter, S&P 500 companies are reporting year-over-year growth in earnings of 24.7% and year-over-year growth in revenues of 12.8%.

For Q3 2026, analysts are projecting earnings growth of 27.0% and revenue growth of 10.8%.

For Q4 2026, analysts are projecting earnings growth of 24.6% and revenue growth of 10.4%.

For CY 2026, analysts are projecting earnings growth of 24.5% and revenue growth of 10.9%.

With numbers like this, Louis’ optimism about today’s market opportunities makes far more sense.

Back to the legendary investor:

Please – pinch yourself. You are not dreaming. The opportunity is real, folks.

It is time to grow and prosper.

Again, for Louis’ help, click here to learn about joining him in Growth Investor.

We’ll keep tracking the rest of the hyperscalers reports as they roll in over the next two weeks. But so far, so good for the AI trade.

Have a good evening,

Jeff Remsburg

Co-engineered reference design provides a proven blueprint for deploying high-density AI clusters faster and with less risk.   Design supports 246 kW AI racks and large-scale deployments with modular AI clusters of up to 10.4 MW IT load for easy scalability Collaboration combines AMD AI platform innovation and Schneider Electric’s expertise in power, cooling, and digital infrastructure  SAN FRANCISCO, July 23, 2026 (GLOBE NEWSWIRE) -- Schneider Electric, a global energy technology leader, and AMD today announced a jointly developed and validated reference design for the AMD Helios rackscale solution that provides a scalable blueprint for deploying high-density AI environments faster and with reduced risk and complexity. The reference design marks the first milestone of the collaboration between Schneider Electric and AMD and delivers upon the companies’ joint focus to create an easier path to AI Factory deployment.

The new reference design is the first ever developed to support high-density AI workloads on the Helios rackscale solution, which is powered by AMD Instinct™ MI455X GPUs, 6th Gen AMD EPYC™ CPUs, AMD Pensando™ Vulcano NICs and the open ROCm™ software ecosystem. AMD Helios is designed to deliver breakthrough AI performance through advances in compute, interconnect bandwidth, memory capacity and system-level integration, allowing customers to run larger, more complex AI workloads faster while optimizing power and efficiency.

As AI workloads push data center infrastructure to unprecedented limits, reference designs provide data center architects and operators with tested, scalable designs proven to handle new power densities, thermal requirements and operational complexity. By modeling data center physical infrastructure performance, these pre‑validated blueprints help shorten the planning process by defining how power, cooling, and IT infrastructure should be organized to build a reliable, scalable, and AI‑ready data center. The AMD Helios reference design includes information on four technical areas: facility power, facility cooling, IT space, and lifecycle software.

“Today organizations require comprehensive, AI-ready reference designs that can take them from planning to deployment faster and with less risk," said Manish Kumar, Executive Vice President, Secure Power & Data Centers at Schneider Electric. “Through our collaboration with AMD, we're delivering an engineering-backed reference design that bridges the gap between advanced AI compute platforms, energy tech, and real-world data center implementation, enabling customers to deploy scalable, high-density AI environments with greater confidence, efficiency, and speed.”

“AI infrastructure is rapidly moving to full-scale AI factories, and that requires compute, networking, power and cooling to be designed together from the start,” said Forrest Norrod, executive vice president and general manager, Data Center Solutions Business Group, AMD. “AMD Helios provides an open, rack-scale architecture built to deliver the performance, efficiency and flexibility required for next-generation AI workloads. By working with Schneider Electric to create a validated reference design, we are giving customers a practical blueprint to accelerate high-density AI deployments, reduce integration risk and scale with greater confidence and efficiency.”

Reference Design Accelerates AMD Helios Deployment

The new collaboration brings together AMD AI platform innovation and Schneider Electric’s expertise in power, cooling, and digital infrastructure, creating a more tightly integrated approach to deploying both greenfield AI factories and high-density retrofit environments. The reference design supports:

Modular, multi-cluster environments, featuring AI clusters of up to 10.4 MW IT capacity for greenfield deploymentsHigh-density AI workloads up to 246 kW per rackAdvanced liquid cooling using Motivair by Schneider Electric CDU-based and hybrid air/liquid approaches capable of removing up to 84% of heatA digital-first infrastructure approach, which includes: Electrical and thermal design validated using ETAP and EcoStruxure™ IT Design CFD simulation tools that enable real-time monitoring and analytics, AI-driven predictive maintenance, and system-level optimization across power, cooling, and ITIntegrated Electrical Digital Twin capabilities to model, analyze, and manage infrastructure performanceSupport from AVEVA’s Unified Operations Center for real-time monitoring and operational visibility Power and cooling infrastructure deployments that adhere to AMD Helios platform requirements for reduced integration complexity and deployment riskBetter energy efficiency, with ability to achieve PUE as low as ~1.12 at full load The reference design has been validated to ANSI standards for U.S. deployments, with plans to extend the framework to support IEC standards for global implementations in the future.

Press contact: [email protected]

Related resources:

Data Center Reference Design 121: 10.4 and 6.2 MW, Tier III, ANSI, Chilled Water, Liquid-Cooled AI Clusters (AMD Instinct MI455X GPUs) About Schneider Electric

Schneider Electric is a global energy technology leader, driving efficiency and sustainability by electrifying, automating, and digitalizing industries, businesses, and homes. Its technologies enable buildings, data centers, factories, infrastructure, and grids to operate as open, interconnected ecosystems, enhancing performance, resilience, and sustainability. The portfolio includes intelligent devices, software-defined architectures, AI-powered systems, digital services, and expert advisory.

With 160,000 employees and one million partners in over 100 countries, Schneider Electric is consistently ranked among the world’s most sustainable companies.

www.se.com

Discover the newest perspectives on Advancing Energy Tech on Schneider Electric Insights.

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Schneider Electric and AMD release first Helios platform reference design to accelerate AI Factory d... Schneider Electric and AMD release first Helios platform reference design to accelerate AI Factory d...

SAN JOSE, Calif.--(BUSINESS WIRE)--Arrcus, the leader in distributed networking infrastructure, and UfiSpace, a global leader in open networking solutions, announced the integration of ArcOS® network operating system with UfiSpace's high-performance open switches, powered by Broadcom® silicon. Together, with GIGABYTE's modular AI Cluster, GIGAPOD featuring the AMD EPYC & AMD Instinct platforms, this solution is showcased at AMD Advancing AI Day 2026 in San Francisco on July 22-23. The solut.

Chipmaker AMD is taking aim at competitor Nvidia with its latest hardware release: a rack-scale system designed to power computing needs of the world’s largest AI labs.

At the company’s sold-out Advancing AI conference in San Francisco on Thursday, AMD Chair and CEO Dr. Lisa Su promoted the new AI rack system known as Helios — along with its growing list of customers, including Microsoft — as the company prepares to ship it later this year. Su also pitched the company’s newest chips that are designed to feed the compute-hungry dragon that is the AI industry.

Rack systems combine many processors into a single high-powered unit. They are built for data centers, where they train and run AI models and other compute-intensive workloads.

Su called Helios the tech industry’s “highest-performance AI rack,” adding that it was “built to train and run the most demanding frontier models in the world at massive scale.” The system will be deployed by leading AI companies at gigawatt-scale, the company said.

Nvidia has historically dominated this market with its Vera Rubin and Grace Blackwell rack-scale systems. AMD is clearly looking to get in on the action. And Helios’ performance metrics appear to give it a real chance, beating out Vera Rubin by a number of metrics, The Register reported.

Helios, which was revealed in 2025 and shown onstage in January at CES 2026, already has several well-known customers, including OpenAI, Meta, Oracle, Anthropic, and Microsoft, all of which have plans to deploy the system. Microsoft CEO Satya Nadella said Monday that the company would expand its Azure infrastructure with Helios. Meanwhile, Anthropic and AMD announced a strategic partnership Wednesday to deploy up to two gigawatts of GPUs via the new rack system.

AMD also introduced Thursday its Venice-X CPU, which is designed for data centers and to handle high-computing workloads. The Venice-X is expected to launch in 2027.

During her remarks, Su commented on the trajectory of the chip industry, claiming that, by the year 2030, chips that power AI will become a massive part of the overall computing market. This is because the industry is “seeing a step change in compute demand” driven largely by the rise of agentic AI, she said.

“When you ask the agent to do something, it actually has dozens of steps, and it has to reason, and it has to call tools, and it has to access data, and it has to keep doing it over and over until it solves the problem, and so you need lots of GPUs to do all that,” the executive said.

“We’re now expecting that by 2030, the AI accelerator market is going to reach about $1.4 trillion,” Su said. “What that means is, by the end of the decade, the AI accelerator market is going to approach the size of the entire semiconductor market today.”

“We do expect that GPUs are going to make up the vast majority of that market because the algorithms are still very much in their infancy, and we’re still continuing to see the workloads change, and that favors programmability in the overall silicon ecosystem,” she added.

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Lucas is a senior writer at TechCrunch, where he covers artificial intelligence, consumer tech, and startups. He previously covered AI and cybersecurity at Gizmodo. You can contact Lucas by emailing [email protected].

TSMC’s Price Hikes Could Show Which AI Chip Stocks Have Real Pricing PowerAdvanced Micro Devices NASDAQ: AMD executives used a question-and-answer session at the company’s Advancing AI 2026 conference to expand on its AI data center roadmap, customer engagements and expectations for growth in CPUs, GPUs and full rack-scale systems.

Chair and CEO Dr. Lisa Su said AMD is “tremendously excited” about the opportunity in AI and highlighted the company’s Venice CPU launch and Helios rack-scale systems as key parts of its strategy. Matt Ramsay, who leads financial strategy and investor relations at AMD, told participants that management would not discuss near-term financial results ahead of the company’s upcoming second-quarter earnings report.

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AMD Sees Expanding CPU Opportunity From Agentic AI AMD’s $5 Billion Anthropic Deal Could Redraw the AI Chip BattleExecutives said AI workloads are increasing demand for CPUs, particularly as agentic AI requires more orchestration around end-to-end workloads. Su said AMD remains focused on capturing more than 50% of the CPU market, citing progress in recent quarters and rising customer interest in Venice.

Dan McNamara, who runs AMD’s server business, said the company’s estimate of the CPU server market was based on customer discussions and analysis of AMD’s own workloads. In the “outer years,” he said agentic AI applications could represent “probably like 50%” of the CPU server opportunity.

The 2026 Blueprint: 6 Stocks for a Brand New PortfolioSu added that CPU-to-GPU ratios could change meaningfully as AI systems evolve. While some head-node configurations today may use four GPUs per CPU, she said agentic AI could eventually push the ratio above one CPU per GPU, potentially reaching two CPUs for one GPU in some scenarios.

Helios Shipments to Begin in September Su clarified that AMD expects first shipments of Helios systems to begin in the third quarter, specifically in September. She said the ramp will continue into the fourth quarter and the first half of next year.

“We’ve actually built the ramp this way because it is a complex system,” Su said, adding that AMD wants original design manufacturers to tune the manufacturing process and align shipments with customer data center buildouts.

On customer deployments, Su said Anthropic, OpenAI and Meta moving into Helios is “a big deal for AMD.” Regarding Anthropic, she said AMD will start shipments for the first gigawatt in the first half of 2027 and aims to get as much of that first gigawatt into 2027 as possible, depending on data center readiness. AMD previously announced up to 2 gigawatts for the MI450 engagement with Anthropic.

Customer Deals Seen as Multi-Generation Relationships Asked about the Anthropic agreement, Su said each large customer engagement is structured differently, but she emphasized that customers generally do not choose an accelerator for only one generation because of the engineering effort involved.

“We are actively talking with every one of our largest customers, including Anthropic, about what’s beyond MI450,” Su said. She said there is “a lot of excitement” around MI500 and discussions about future workloads beginning with MI600.

Vamsi Kompella, who runs AMD’s AI business, said AMD is also working with Anthropic to tune and extend Claude’s capabilities for high-performance optimization on AMD platforms. He said AMD’s open approach to instruction sets, compilers and tool chains helps AI systems become productive on the platform more quickly.

Kompella also discussed ROCm.ai, calling it AMD’s biggest software leap since the early days of its strategy. He said collaborations with OpenAI on Codex and Anthropic on Claude are expected to improve developer access to AMD platforms over the coming months.

Manufacturing, Power and Deployment Are Key Focus Areas Su said AMD’s market projections consider not only demand but also power availability, supplier capacity and customer capital. She said AMD has planned capacity for “significant growth” in 2027 and 2028, while longer-term growth in 2029 and 2030 would require the broader ecosystem to build at a similar pace.

Forrest Norrod, who leads AMD’s data center business, said AMD is working closely with OEM and ODM partners, including Sanmina and Wiwynn, to ensure capacity to build, integrate, test and validate rack-scale systems. He also said AMD retained a large services arm from its ZT acquisition, which is being used for internal deployments and to help customers deploy MI350 and MI455 systems.

Su added that AMD now works with customers much earlier in the data center planning process, saying the company has “easily 12 to 18 months of visibility” into power planning and corresponding GPU and Helios system needs.

Roadmap Includes MI500 Networking and Memory Flexibility Norrod said the MI500 generation is expected to begin a transition from purely electrical scale-up networking toward optical networking, though he emphasized it will not be an immediate shift. He said AMD is working with ecosystem partners and expects optical technologies to play a larger role over future generations.

On scale-up protocols, Norrod said MI450 supports UALink transported over Ethernet and that ESUN is a set of Ethernet extensions that can help with that approach. He said AMD expects UALink over Ethernet to continue into MI500, while adding that the company will provide more detail closer to the MI500 timeframe.

Asked about HBM memory, Kompella said AMD studies workload characteristics and separates bandwidth and capacity considerations. He said AMD’s chiplet architecture gives it flexibility to optimize memory capacity while preserving bandwidth constraints. Su added that memory capacity remains valuable to customers, including for inferencing performance, but said AMD will work to ensure memory is used efficiently because it is a significant part of total cost of ownership.

Su closed the session by saying AMD views AI as “a complete compute picture,” spanning CPUs, GPUs, Helios systems and other compute elements. She said AMD believes it can differentiate through an end-to-end approach across AI infrastructure.

About Advanced Micro Devices (NASDAQ:AMD)Advanced Micro Devices, Inc NASDAQ: AMD is a global semiconductor company that designs and sells microprocessors, graphics processors, chipsets and adaptive computing solutions for a broad set of markets. The company's product portfolio includes consumer and commercial CPUs under the Ryzen and Threadripper brands, data center processors under the EPYC brand, and Radeon graphics processing units for gaming and professional visualization. AMD also offers semi-custom system-on-chip (SoC) products for gaming consoles and other specialized applications, and provides supporting software and platform technologies for OEMs, cloud service providers and end users.

Founded in 1969, AMD has evolved from a supplier of logic chips into a diversified, fabless semiconductor designer.

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The New Nokia: A Bullish Upgrade Ignites This Big AI Bet Nokia NYSE: NOK reported 9% constant-currency net sales growth for the second quarter of 2026, with executives pointing to strong demand from AI and cloud customers and continued progress on the company’s strategy outlined at its Capital Markets Day.

President and CEO Justin Hotard said the quarter showed “continued progress” against Nokia’s priorities, with the company focused on what he called the “AI super cycle.” He said net sales from AI and cloud customers more than doubled year over year to EUR 446 million, while order intake in that segment reached EUR 2.8 billion.

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More Than Just Brains: The AI Revolution's Nervous SystemHotard cautioned that the order figure reflected several significant long-term orders as customers moved to secure supply in a constrained environment. He said roughly half of the AI and cloud order volume received in the quarter is expected to convert to revenue over the next 12 months, adding that order patterns in the market can be “lumpy” and that investors should not expect that level of intake every quarter.

Margins Improve as Network Infrastructure Leads Growth CFO Marco Wirén said comparable net sales grew 9% in the quarter, supported mainly by Network Infrastructure. Gross profit totaled EUR 2.2 billion, while gross margin rose 70 basis points to 46%. Comparable operating profit was EUR 434 million, with operating margin increasing 70 basis points to 9%.

NVIDIA’s Billion-Dollar Bet Puts Nokia Back in the Growth GameWirén said the quarter benefited from some software revenue recognition that came in during the second quarter instead of the third quarter. He also noted that higher stock-based compensation expense created a 150-basis-point year-over-year headwind to operating margin, driven by Nokia’s share price increase, an expansion of the program and earlier issuance this year.

Network Infrastructure net sales grew 12%, with Optical Networks up 20% and IP Networks up 16%. Wirén said Optical Networks benefited from continued AI and cloud demand as well as demand from telecom customers investing in transport infrastructure. IP Networks benefited as order momentum from the second half of 2025 began converting into revenue.

Fixed Networks sales declined 2%. Within that business, Optical Line Terminal sales rose 18%, while ONT sales fell 16% as Nokia continued to focus on higher-value parts of the portfolio. Network Infrastructure gross margin increased 240 basis points to 42.7%, helped by higher revenue scale, Infinera acquisition synergies and favorable mix in Fixed Networks, partly offset by growth investments in Optical and IP Networks.

Mobile Infrastructure Grows, But Q3 Margin Expected to Dip Mobile Infrastructure net sales increased 7% in the quarter. Wirén said core software grew 1%, radio networks increased 7% and technology standards rose 15%. Technology standards benefited from new agreements and catch-up revenue recognition, though Nokia continues to expect full-year technology standards sales and profitability to be similar to 2025 levels.

Mobile Infrastructure gross margin was 49.3%, which Wirén said was better than expected because of a higher contribution from software sales that had previously been anticipated in the third quarter. Because of that phasing, Nokia expects Mobile Infrastructure gross margin in the third quarter to be closer to 44% to 46%, before improving again in the fourth quarter in line with normal seasonality.

By customer segment, AI and cloud was Nokia’s fastest-growing area, with net sales up 105% year over year. Telecom sales increased 4%, while technology licensing grew 15%.

AI-RAN Platform and Optical Investments Highlight Strategy Hotard said Nokia launched what it described as the industry’s first commercial AI-RAN platform, which he said marks a shift from hardware-defined radio networks to software-defined platforms. He said the platform is expected to deliver more than 100% spectral efficiency gains by 2028, effectively doubling the capacity operators can obtain from existing spectrum.

The platform is open, programmable and O-RAN compliant, and Nokia expects pilot deployments to begin at the end of 2026, with commercial availability in 2027. In the Q&A session, Hotard said the company expects more significant volume in 2028.

Nokia also highlighted investments in optical manufacturing capacity. Hotard said a new indium phosphide fab in San Jose is processing test wafers and remains on track for volume production by the end of the year. Nokia also announced plans to scale its Pennsylvania facility, increasing advanced test and packaging capacity for optical systems by 10 times, and said it acquired a manufacturing site from NXP in Arizona to increase indium phosphide fab capacity.

Hotard said the Arizona fab is expected to come online no earlier than 2029, while the San Jose facility should ramp in 2027 after volume manufacturing starts later this year.

Discontinued Operations and Restructuring Updates Wirén said Nokia has classified its Fixed Wireless Access business and Enterprise Campus Edge business as discontinued operations. The move followed Nokia’s agreement to sell the Fixed Wireless Access business to Inseego and its view that the sale of Enterprise Campus Edge is now highly probable.

For the second quarter, Wirén said the reporting change reduced comparable net sales by EUR 66 million and increased comparable operating profit by EUR 13 million. It also caused minor cost allocation changes between Network Infrastructure and Mobile Infrastructure.

Nokia remains on track to complete its 2023-2026 restructuring program this year and achieve EUR 1.2 billion in gross cost savings. Wirén also said Nokia is accelerating the integration of its Chinese operations into its global operating model after taking full ownership at the end of 2025. The company now expects to recognize about EUR 350 million of planned one-time charges for that program by the end of 2026. Additional efficiency programs, mainly affecting Europe, are expected to result in EUR 200 million of restructuring charges in 2026.

Overall, Nokia expects restructuring charges of about EUR 800 million in 2026.

Cash Flow Weakens Seasonally; Outlook Maintained Free cash flow was negative EUR 732 million in the quarter. Wirén said the second quarter is typically Nokia’s weakest for cash generation because annual employee incentives are paid during the period. The company also saw working capital increase as the business continued to grow. Nokia ended the quarter with EUR 2.8 billion in net cash.

Because of higher restructuring costs and investments in working capital to prepare for growth, Nokia now expects to track toward the low end of its free cash flow conversion assumption of 55% to 75%.

Nokia said there was no operational change to its comparable operating profit guidance, aside from the technical adjustment related to discontinued operations. Wirén said the company continues to track “somewhat above the midpoint” of its operating profit range. For the third quarter, Nokia expects sequential net sales growth of 3% to 7% and operating profit broadly similar to the second quarter, followed by a meaningful improvement in the fourth quarter.

During the Q&A session, Hotard said Nokia remains broadly supply constrained in optical networks, particularly for leading-edge products. He said if more supply were available, Nokia would “probably generate more revenue.” He also said memory remains the most significant supply chain constraint, alongside broader component limitations affecting the technology ecosystem.

About Nokia (NYSE:NOK)Nokia Corporation, headquartered in Espoo, Finland, is a global telecommunications and technology company with roots dating back to 1865. Over its long history the company moved from forestry and cable operations into electronics and telecommunications, becoming widely known in the 1990s and 2000s for its mobile phones. In recent years Nokia refocused its business toward network infrastructure, software and technology licensing, and research and development, following the divestiture of its handset manufacturing business and the acquisition of Alcatel‑Lucent in 2016, which brought Bell Labs into its portfolio.

Today Nokia's core activities center on designing, building and supporting communications networks and related software.

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BA heads into Q2 with higher commercial deliveries and production gains, but supply-chain bottlenecks could shape revenues and cash flow.

NVIDIA Draws Fresh BuyingVirtus Investment Partners’ Joe Terranova told CNBC’s “Halftime Report” that he added to NVIDIA after the stock showed signs of a technical momentum breakout. He said NVIDIA’s fundamentals remain well known, but his latest purchases focused on the stock’s chart setup.

Broadcom And AMD Stay In FocusHyperscalers Drive The Chip TradeBrown said Alphabet’s earnings are important because they give investors a clean read on hyperscaler capital spending and whether AI infrastructure projects remain on track. He said investors who believe in the theme likely want exposure before those updates.

Memory And Capex Support SentimentLink said she added Micron after the stock pulled back from its highs while fundamentals stayed strong. She said memory and compute remain in short supply, giving Micron pricing power and stronger earnings visibility.

Jason Snipe, founder and chief investment officer of Odyssey Capital Advisors, during CNBC’s “Halftime Report” said the semiconductor pullback looked like a positioning reset rather than a fundamental break.

He said hyperscaler capital spending is unlikely to slow and expects Alphabet and other large cloud buyers to reaffirm, or potentially raise, spending plans.

NVDA Price Action: NVIDIA shares were down 1.09% at $209.74 at the time of publication on Thursday, according to Benzinga Pro data.

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As the artificial intelligence revolution matures in 2026, many investors are weighing high-performance hardware against specialized automation software. Choosing between NVIDIA (NVDA -1.56%) and UiPath (PATH -4.63%) requires balancing pure computing power with workplace efficiency.

NVIDIA provides the essential infrastructure for modern computing, while UiPath develops the AI software robots that execute complex business tasks. Both companies are central to the global technology landscape, offering different ways to gain exposure to the ongoing shift toward automated enterprise intelligence.

The case for NVIDIANVIDIA designs accelerated computing infrastructure, primarily focused on graphics processing units (GPUs) and AI systems for training large models. The company occupies a unique position among tech stocks due to its role in building the foundation of artificial intelligence. It serves massive markets like healthcare, though two customers accounted for 36% of total revenue in fiscal year (FY) 2026, which adds a layer of risk to the business.

In FY 2026, revenue reached $215.9 billion, representing growth of 65.5% over the prior year. This expansion led to substantial profitability, with the company reporting net income of $120.1 billion. The net margin, which measures how much profit a company keeps from every dollar of sales, remained high at 55.6%.

As of its January 2026 balance sheet, the debt-to-equity ratio is 0.1x. This ratio compares total debt to shareholder equity, with a lower number suggesting a lighter debt load. Free cash flow reached $96.7 billion for the year, and the current ratio stands at 3.9x.

The case for UiPathUiPath provides an integrated automation platform that uses AI agents and software robots to streamline business workflows across financial and healthcare sectors. The company relies on enterprise sales, with its top 10% of customers representing a substantial portion of total revenue. Recent efforts include a three-year deal with The Very Group.

In FY 2026, revenue reached $1.6 billion, indicating a growth rate of 12.7% compared to the previous year. The company reported net income of $282.3 million as it successfully transitioned to profitability. This resulted in a net margin of 17.5% for the fiscal year.

As of its January 2026 balance sheet, the debt-to-equity ratio is zero and the current ratio is 2.5x. Free cash flow for the year was $352.2 million. Note that stock-based compensation (SBC) represented 78.3% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

Risk profile comparisonNVIDIA faces strict U.S. export controls on advanced chips that significantly limit access to major markets. The company also deals with manufacturing concentration because it depends on third-party foundries such as Taiwan Semiconductor Manufacturing. Furthermore, an ongoing lawsuit regarding cryptocurrency revenue, and rapid technological change keep the pressure on its market share.

UiPath faces intense competition from established enterprise platform vendors such as Microsoft. The company relies heavily on its single automation platform, making it vulnerable to shifts toward native AI solutions. Scaling complexity and strict global privacy regulations, such as the EU AI Act, also pose potential operational and legal challenges.

Valuation comparisonWhile NVIDIA continues to command a significant premium due to its dominant market position, UiPath offers a lower entry point based on sales multiples.

MetricNVIDIAUiPathForward P/E23.0x15.4xP/S ratio23.3x4.0xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Both NVIDIA and UiPath have benefited from the rise of artificial intelligence, as demonstrated by their double-digit year-over-year sales growth. However, NVIDIA’s consistent success has resulted in Wall Street harboring sky-high expectations for the company.

This means it takes near-flawless execution to meaningfully move the needle on NVIDIA’s stock price these days. For instance, the company announced on July 16 that it was working with the Japanese government to establish the world’s first national infrastructure for AI, but the news did little to the share price.

UiPath faces the opposite problem. Wall Street is skeptical the company’s AI automation products will prove successful over the long run as competition heats up. Consequently, its stock fell to a 52-week low of $9.20 in May and has struggled to rebound.

That said, UiPath’s sales growth and transition to profitability show it is capturing customers and effectively managing its financial health. Given UiPath’s lower share price valuation, it certainly looks like a compelling investment. But the risk is that customer adoption of its automation tools may plateau at some point.

Meanwhile, NVIDIA’s leadership in the AI sector is unmatched, and its financial strength is impressive. It continues to evolve its technology to keep pace with competitors, and is now investing in quantum computing. These factors make it the better long-term investment.

TEMPE, Ariz.--(BUSINESS WIRE)---- $AMKR #AdvancingWhatsNext--Amkor Technology, Inc. (Nasdaq: AMKR) today announced a multi-year strategic partnership with NVIDIA to develop advanced semiconductor packaging and test technologies for next-generation AI and accelerated computing platforms. Under the agreement, NVIDIA will provide a prepayment to support the expansion of Amkor's U.S. advanced packaging capacity.Advanced packaging enables the performance, energy efficiency and system-level integration required for AI infrastructu.

By PYMNTS  |  July 23, 2026

 | 

Highlights

Overlapping summer sale events from Amazon and Walmart nearly saturated the adult U.S. market, but average spending fell sharply at both retailers, showing that a bigger audience can still produce smaller baskets and weaker economics.

Deal-week competition is turning loyalty into price arbitrage. With shoppers moving fluidly between Amazon and Walmart, comparing offers in real time and choosing largely on price, promotional events increasingly reward the lowest offer rather than the strongest retail relationship.

AI is beginning to control the path to purchase. As shoppers use assistants to research, compare and recommend products before entering a retailer’s ecosystem, Amazon and Walmart risk losing influence over discovery, even when they ultimately win the transaction.

This summer, Amazon moved Prime Day to June 23-26, leaving July without its usual commercial centerpiece for the first time outside the pandemic-disrupted 2021 event. 

The shift created an apparent hole in merchants’ calendars. What emerged instead was a clearer view of how large-scale shopping events are changing. Prime Day still generated extraordinary demand, but the combination of Amazon’s earlier timing, its direct overlap with Walmart Deals and a subsequent July slowdown suggests retailers are no longer competing simply to produce the biggest sales day. They are competing to control a longer, more fragmented cycle of consumer attention.

An estimated 244 million U.S. consumers, or 93% of adults, shopped at least one of the events, up from 135 million the previous year. The share participating in neither promotion collapsed from 48% to 7%, according to a PYMNTS Intelligence survey of 2,160 consumers conducted in June.

But the larger crowd came with a catch: Shoppers spent less. The survey found average spending at Amazon fell from $360 in 2025 to $308, while Walmart’s average dropped from $484 to $326. The overlap expanded the top of the funnel while compressing the value of each customer moving through it.

That trade-off offers a preview of the next phase of promotional retail. The biggest shopping events may attract more people than ever, but they are also becoming less capable of concentrating consumer spending in one place.

See also: Amazon and Walmart’s Summer Sale Wars Deliver a Win (With An Asterisk) 

Retail Loyalty Gives Way to Comparison Shopping Running competing events simultaneously also made it easier for consumers to treat Amazon and Walmart as interchangeable deal inventories. Nearly three-quarters of dual-event participants compared prices across Amazon and Walmart, the survey found, and 46% said price alone determined where they completed a purchase. Loyalty was the deciding factor for just 15%.

The overlap therefore produced not only a bigger market but a more efficient one, at least from the consumer’s perspective. Shoppers could check the same television, appliance or household item on multiple platforms in real time, reducing retailers’ ability to use the event’s scale and urgency to soften price sensitivity.

Artificial intelligence (AI) added another comparison layer. Twenty-one percent of event participants used an AI assistant to research products, locate deals or compare prices. Nearly three-quarters of those users bought at least one product primarily because an AI tool recommended it.

Also from PYMNTS: PYMNTS covered Thursday (July 23) how Amazon’s founder Jeff Bezos reportedly sees Prime Video as the place to tout the company’s AI efforts and has urged Prime Video boss Mike Hopkins to revamp the streaming service to give AI a starring role.

Without another July promotional sprint, consumer retail brands have shifted their attention toward back-to-school campaigns, fourth-quarter inventory forecasts, advertising allocations and final holiday shipments.

The result is a retail calendar that looks less like a series of isolated events and more like a continuous demand-management system. Winning within it requires merchants to distinguish between reach and profitability, participation and loyalty, promotional velocity and durable growth.

Read the report: The Overlap Effect: How Amazon and Walmart Expanded the Crowd and Shrank the Basket

AI Moves Upstream of the Retailer The more disruptive competitive pressure may come from outside both companies. More than one in five event shoppers used an AI chatbot or assistant to compare products, locate deals or research purchases, a rate that climbed to 35% among Generation Z.

That behavior moves an important part of product discovery upstream from the retailer. Instead of beginning a search inside Amazon or Walmart, shoppers can ask an independent interface to evaluate prices, features and reviews across multiple merchants before directing them toward a checkout page.

At the same time, the survey found that consumers expect major retailers to coordinate their discounting around the same shopping windows, just as they expect competitive shipping, accessible reviews and transparent pricing. What once distinguished a retailer can quickly become a market-wide condition.

That raises the strategic stakes. Attracting more shoppers is no longer sufficient when those shoppers are spending less, comparing more and arriving with recommendations generated outside the retailer’s ecosystem.

Ford is planning to integrate Apple software into its next-generation fleet of electric vehicles, which will, in turn, help power hands-free driving technology.

Apple and Ford announced Thursday that Apple Maps will be included in the automakers' new Universal Electric Vehicle (UEV) platform through the use of Apple's MapKit for Automotive SDK. Ford's UEV will debut with a midsize electric in 2027, and buyers won't need a separate Apple subscription to use the software in the vehicle.

The UEV will harness that tech to give drivers turn-by-turn directions with the use of natural language, giving them real-time traffic and incident information, as well as a search function that uses detailed place cards and routing options.

The partnership will also see Ford use road-level data from Apple Maps in the development of the company's next-generation BlueCruise hands-free driving capability, as well as its in-house autonomous driving tech.

APPLE RAISES PRICES ON SOME STREAMING SERVICES AS LICENSING COSTS CLIMB

Ford's partnership with Apple comes amid a push to improve self-driving technology. (Calla Kessler/The Washington Post via Getty Images)

Apple's MapKit for Automotive SDK provides road-level information to help automakers develop self-driving technologies, and the company said the tool uses the same privacy practices as Apple Maps, noting that it doesn't collect users' location details and activity in a way that can be linked to the individual user.

"Apple Maps delivers the best map experience in the world, and we’re excited to bring the power of Maps’ navigation technology to Ford’s innovative Universal Electric Vehicle Platform," said Eddy Cue, Apple’s SVP of services and health.

"With our new MapKit for Automotive SDK, we’re bringing Maps further into drivers’ daily lives, giving them an incredibly accurate and easy-to-use navigation system that is seamlessly integrated into Ford vehicles."

FORD REHIRES EXPERIENCED ENGINEERS AFTER AI MISSES THE MARK

Apple's partnership with Ford includes Apple Maps and data that will help inform self-driving tech. (Wirestock / Getty Images)

Ford CEO Jim Farley said the company's next midsize EV will be priced around $30,000 and "redefines what advanced technology can be – simple, useful and truly attainable for more customers."

"We're proud to embed Apple Maps' navigation and mapping technology directly into our Universal Electric Vehicle Platform alongside our Ford app, a full suite of software and next-generation BlueCruise, all enabled by a new zonal architecture," Farley said.

"Apple Maps has delivered a world-class product, and we're honored to be among the first to embed it directly into a vehicle, helping define intuitive, capable driving."

APPLE TO INVEST $30 BILLION IN US CHIP MANUFACTURING

Ticker Security Last Change Change % AAPL APPLE INC. 321.66 -4.23 -1.30% F FORD MOTOR CO. 14.14 -0.26 -1.80% Latitude AI, Ford's wholly owned subsidiary focused on autonomous driving, is developing the company's in-house advanced driving system. The Ford Large Driving Model supports a range of self-driving capabilities and has been derived from millions of miles of real-world driving data, the company said.

Ford and Latitude are designing both the hardware and software to be easily scalable across the automaker's lineup of vehicles.

The company indicated that work "is vital to Ford and Latitude's mission of democratizing autonomy and delivering a compelling experience at an attainable price point on the UEV Platform."

Ford announced the partnership with Apple ahead of the rollout of its Universal Electric Vehicle Platform next year. (Jeff Kowalsky/Bloomberg via Getty Images  / Getty Images)

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