Alexis Le-Quoc, co-founder and Chief Technology Officer of Datadog, Inc. (DDOG -3.47%), sold 43,224 shares of Class A Common Stock on July 20, 2026, for a total value of ~$11.5 million, according to an SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$11.5 millionShares sold (direct)43,224Post-transaction shares (total)509,974Post-transaction shares (directly held)509,805Post-transaction shares (indirectly held)169Post-transaction value$134.23 millionTransaction value based on SEC Form 4 weighted average sale price ($265.23); post-transaction value based on July 20, 2026 market close ($263.20).
Key questionsWhat triggered this specific liquidation of equity?
The transaction was part of a structured divestment process governed by a Rule 10b5-1 trading plan adopted on June 13, 2025. This plan facilitated the automatic exercise of 43,224 options and their immediate sale on the open market, providing the executive with liquidity while maintaining a substantial long-term stake in Datadog.How does the current holding compare to historical equity awards?
While the sale involved ~43,000 shares, Alexis Le-Quoc continues to hold a significant portfolio of company equity. This includes 509,805 shares held directly and approximately 8.4 million derivative securities, including vested and unvested awards, held both directly and through the Alexis Le-Quoc Revocable Trust.How has the stock performed relative to the transaction price?
The disposition occurred at a weighted average price of $265.23, while the one-year total return for the stock stood at 81% as of the July 20, 2026 transaction date. Since the trade, the share price settled at $254.79 as of the July 21, 2026 market close.What is the impact on total ownership concentration?
The transaction resulted in an 8% reduction in direct holdings, leaving the insider with a total beneficial interest of 509,974 shares of Class A Common Stock. This remaining position, excluding derivatives, represents an insider ownership percentage of 0.14% and a market valuation of approximately $130 million based on recent trading levels.Company OverviewMetricValueShare Price (as of market close 2026-07-21)$254.79Market Capitalization$87.1 billionRevenue (TTM)$3.7 billionNet Income (TTM)$135.7 millionCompany SnapshotDatadog provides a comprehensive cloud-based Software-as-a-Service (SaaS) platform that delivers infrastructure monitoring, application performance management, log management, and security surveillance capabilities to enterprise customers globally.The company operates on a subscription-based business model, generating recurring revenue from customers who rely on its integrated monitoring and analytics solutions to maintain real-time visibility across their technology infrastructure.Datadog serves developers, IT operations teams, and business stakeholders across North America and internationally, with particular strength in enterprises requiring end-to-end observability and security monitoring solutions.Datadog has established itself as a leading provider of cloud-based observability and security solutions, with a market capitalization of $87.1 billion. The company's integrated platform approach — combining infrastructure monitoring, application performance tracking, log management, and security surveillance — provides a competitive advantage by delivering comprehensive visibility across complex technology environments.
With 8,100 employees and a strong presence in North America and international markets, Datadog continues to benefit from secular trends in cloud adoption and the increasing complexity of distributed systems requiring sophisticated monitoring solutions.
What this transaction means for investorsThe July 20 sale of over 40,000 Datadog shares by its co-founder and CTO Alexis Le-Quoc seems like a substantial disposition. Yet take into account that he retained over 500,000 directly-held shares post-transaction, and another 6.1 million Class B shares held indirectly via the Alexis Le-Quoc Revocable Trust, which can be converted into Class A, and the sale actually represents a small percentage of his equity stake.
In addition, this was a non-discretionary transaction executed as part of a pre-established Rule 10b5-1 plan. Such plans allow insiders to sell shares at predetermined times to avoid concerns of trading on non-public information. Consequently, Le-Quoc’s disposition does not appear to be a cause for investor concern.
Datadog shares are up thanks to strong business performance. In the first quarter, revenue reached $1 billion, representing outstanding 32% growth from the previous year. The company forecasted 2026 full-year sales to rise to $4.3 billion, a significant increase from 2025’s $3.4 billion.
Wall Street's tendency to overreact creates opportunities for disciplined investors to capitalize on market inefficiencies, including in Atlassian shares. The public perception that Atlassian will be a victim of the AI revolution is completely off base. Maintaining a rational, long-term perspective is critical to exploiting these short-term market dislocations.
Samsara NYSE: IOT stockholders approved all three proposals presented at the company's fiscal 2027 annual meeting, including the election of eight directors, ratification of the company's auditor and advisory approval of executive compensation, according to preliminary voting results announced during the meeting.
Michael R. Nicolais, a director at Eagle Materials Inc. (EXP -0.62%), disposed of 1,577 shares on June 17, 2026, according to an SEC Form 4 filing.
Transaction summaryMetricValueShares sold1,577Transaction value$336,279Post-transaction shares (directly held)52,862Post-transaction value$11.27 millionTransaction value based on SEC Form 4 weighted average sale price ($213.24); post-transaction value based on June 17, 2026 market close ($213.24).
Key questionsWhat was the primary driver of this transaction?
The disposal was non-discretionary, executed solely to satisfy the exercise price of non-qualified stock options. This mechanism is a standard component of equity compensation and does not reflect a change in the director's outlook on the company's valuation or performance.How much equity does Nicolais retain in the company?
Following the withholding of shares, Nicolais maintains a direct position of 52,862 shares of common stock. As of July 21, 2026, the stock was priced at $205.01.Are there additional derivative holdings for this insider?
Beyond the common stock reported in this filing, Nicolais continues to hold 4,000 derivative securities directly. These holdings ensure the director maintains significant exposure to future share price appreciation and aligns his interests with those of shareholders.What was the stock's performance context on the day of the transaction?
On the June 17, 2026 transaction date, the company's shares were priced at $213.24. As of that date, the stock had delivered a one-year total return of 10%; however, shares have since fallen to about $205 and are down 7% for the year.Company OverviewMetricValueShare Price (as of market close 2026-07-21)$205.01Market Capitalization$6.3 billionRevenue (TTM)$2.3 billionNet Income (TTM)$423.8 millionCompany SnapshotEagle Materials Inc. manufactures and distributes a comprehensive range of heavy construction and light building materials, including Portland cement, concrete, aggregates, gypsum wallboard, and recycled paperboard, generating revenue across four primary operating segments.The company operates an integrated business model centered on the mining of limestone and the production, distribution, and sale of construction materials to regional and national markets, capturing value across the supply chain from raw material extraction through finished product delivery.Eagle Materials serves a diverse customer base, including construction contractors, building product distributors, and commercial end-users engaged in residential and non-residential construction projects throughout the United States.Eagle Materials Inc. is a vertically integrated producer of essential construction materials with operations spanning cement manufacturing, concrete and aggregates production, gypsum wallboard fabrication, and recycled paperboard processing. The company's diversified product portfolio and geographic footprint position it as a significant participant in the U.S. construction materials sector, with a market capitalization of $6.3 billion and TTM revenues of $2.3 billion. The company's integrated operations and established distribution network provide competitive advantages in serving the cyclical construction industry.
What this transaction means for investorsGiven the nature of the transaction, Nicolais didn't take cash out of this at all. Meanwhile, the price also lands exactly at that day's close, making clear that this was a company-facilitated exchange rather than a market order. For a director converting options while keeping the resulting equity, the read is straightforward.
That said, the business isn’t so clear-cut. Eagle closed fiscal 2026 with record revenue of $2.3 billion, but net earnings fell 9% to $423.8 million. Its heavy materials arm, cement and aggregates, grew about 10% to $1.43 billion on infrastructure and data center demand, while light materials, mostly wallboard, dropped 9% to $881.4 million on soft housing. CEO Michael Haack candidly noted that conditions "create some near-term uncertainty in the demand outlook." That split explains the very choppy stock over this past year, including a nearly 40% surge between March and June, and a nearly 15% tumble since. One half of the business rides construction spending, the other relies on housing, and neither has settled into a clear trend yet.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Eagle Materials. The Motley Fool has a disclosure policy.
Adventurers — in Mirandus: Eternal Night, survival is a nightly struggle against the Fog. But true royalty doesn’t just endure the dark; they carve a kingdom out of it. Meet one of the most prestigious high-tier Land Deeds in all of Mirandus: the Town of the Prince — a Legendary Land Deed and a lavish refuge from the perils of the wild, the crown jewel for elite players ready to anchor an unmatched stronghold.
🏯 Stronghold Specifications
Sweeping Safe Zone: casts light across a 3-hex radius, carving a permanent safe zone out of the Fog of War and suppressing enemy spawns across your territory. Steady Recovery: anyone resting within your borders regenerates +3 HP and +3 Energy every 5 seconds. True Respawn Point: a permanent beacon of safety where fallen Echoes return. Colossal Infrastructure: 20 Building Slots, 20 Shop Slots, and 20 Housing Slots — a 700-HP stronghold built to weather the night. Town Services: Global Store, Party Management, Cemetery, Hunting Board, Town Storage, and Crafting. 🛠️ Strategic Placement
To claim this royal ground you’ll need a secured expanse: the Town of the Prince can be placed where the local Threat Level is 20 or below. Once anchored, Deed Owners publish high-value custom quests, set bounties, harvest resources, and collect land taxes on every player-to-player shop sale within their domain.
🏗️ Build Your Town: Buildings Are Live
Your Town of the Prince is more than walls — it’s a settlement waiting to be raised. 25 Building NFTs across 8 trades can be placed in your domain right now, from humble stands to Legendary landmarks:
• Archery — Stand, Medium, Large (Uncommon → Epic)
• Bakery — Stand, Medium, Large (Uncommon → Epic)
• Brewery — Medium, Large (Uncommon → Epic)
• Butchery — Medium, Large (Uncommon → Epic)
• Cemetery — Medium, Large, Grand (Common → Rare)
• Barn — Medium, Large (Common → Rare)
⚠️ Placement First, Function Next
Buildings can currently be placed in your town — stake out your layout and shape your skyline now. Their full services will come online in a follow-up update.
🌒 Coming Soon to Eternal Night
• Zone Threat — the danger of the land surrounding your settlement will begin to matter.
• Degradation & Repair — settlements left unattended will decay under rising Threat, and owners will be able to repair them.
• Building Functionality — the trades above will open their doors with full services.
🌾 Coming Next: The Village of the Farmer
A brand-new Land Deed is on the way. The Village of the Farmer opens a fresh place to put down roots in Mirandus Eternal Night — stake out a settlement of your own. Full details coming soon.
After Aster DEX listed eCash perpetual futures with 5x leverage and 2.5x trading points, eCash [XEC] pumped 55% to $0.00001.
Market speculation soared, with derivatives volume on Aster surging 85% to $4.5 million, while overall volume surpassed $7 million.
Source: X Shortly after the price pump, the altcoin retraced to $0.000006. After this drop, buyers returned with strength and defended higher levels, and XEC’s downside trend reversed, hiking to $0.0000087.
As of this writing, eCash was trading around $0.0000078, after rising 14.7% on the daily charts. Over the same period, its trading volume climbed 106% to $36.8 million while the market rose 13% to $158 million.
eCash traders stage a strong comeback After eCash recently retraced following a major rally, traders returned across the market, seeking to reenergize it.
Speculators especially showed increased appetite. According to Coinalyze data, Daily Perpetuals Buy Sell Volume climbed to 174.6 billion compared to 172 billion in sell volume.
Source: Coinalyze As a result, the buy-sell delta rose to 2.6 billion. At the same time, the market held a positive net buying of 77.5 billion.
A positive delta and net buying suggested that more capital flowed into opening new positions. Likewise, the Derivatives Volume rose 4% to $1.4 million while Open Interest jumped 2% to $2.8 million.
Source: CoinGlass The rising OI and volume confirmed the earlier observation that traders deployed capital to open new positions. The same market behavior was observed on the spot side.
According to Coinglass data, the Spot Netflow turned negative after six consecutive days of negative flows. After the Aster listing, the altcoin’s Netflow skyrocketed to an ATH of $927k, reflecting intense profit realization.
Source: CoinGlass Thus, after the rebound, holders rushed to cash out after staying underwater for a prolonged period. Now, this selling pressure has cooled down, and holders are less incentivized to sell.
At press time, Netflow was -$50k, suggesting eCash flowed out of exchanges, a clear sign of rising accumulation.
Historically, such market demand has strengthened upside momentum, setting the path for more gains on price charts.
Can XEC’s upside hold, or is it merely a speculative bubble? eCash rebounded after the Aster listing of perps futures, and the market is still riding on the wave. Traders have remained extremely active across the market.
Source: TradingView As a result, XEC’s +DI of the Directional Movement Index (DMI) climbed to 41, while the ADX rose to 46. The rising ADX and +DI indicated strong upward momentum and the likelihood of its continuation.
Currently, eCash is testing the 200-day EMA at $0.000008. If XEC closes above it, the altcoin could reclaim $0.00001 again.
However, if $0.000008 fails to hold, a pullback to $0.000006 will most likely follow.
Final Summary eCash [XEC] surged 14.7%, successfully holding $0.000006 support to reclaim $0.0000087. eCash rebounded amid a cool-down in profit realization and renewed speculative activity across the market.
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Verra Mobility Corporation (NASDAQ: VRRM) between February 24, 2026 and May 26, 2026, inclusive (the “Class Period”), of the important August 4, 2026 lead plaintiff deadline.
SO WHAT: If you purchased Verra common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Verra class action, go to https://rosenlegal.com/cases/verra-mobility-corporation-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 4, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Verra’s relationship with Avis Budget Group (“Avis”), and in particular obtaining a contract extension with Avis. Further, Verra minimized concerns that major rent-a-cars could replace Verra with in-house solutions or outsourced alternatives. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Verra class action, go to https://rosenlegal.com/cases/verra-mobility-corporation-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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LOS ANGELES--(BUSINESS WIRE)---- $PRIM--PRIM Investors Have Opportunity to Lead Primoris Services Corporation Securities Fraud Lawsuit with the Schall Law Firm.
The law firm of [url="]Kirby McInerney LLP[/url] announces that a class action lawsuit has been filed on behalf of investors who acquired Primoris Services Corp
[url="]The Schall Law Firm[/url], a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Primoris Services Corporati
This disposition involved 7,849 shares with a total value of about $112,100 based on a weighted average price of $14.28 per share. The transaction was non-discretionary, executed to cover tax obligations following the scheduled vesting of restricted stock units, and does not reflect the insider's view on the stock.
Alexandre Eboli, the chief supply chain and transformation officer at Conagra Brands, Inc. (CAG -0.14%), disposed of 8,186 shares of common stock at $14.28 per share on July 17, 2026, and July 19, 2026, according to an SEC Form 4 filing.
Transaction summaryMetricValueShares sold8,186Transaction value~$116,896Post-transaction shares (directly held)67,109Post-transaction value$984,153.48Transaction value based on SEC Form 4 weighted average sale price ($14.28).
Key questionsWhat was the specific catalyst for this transaction?
The disposal was a non-discretionary event triggered by the vesting of restricted stock units (RSUs) granted in July 2023 and July 2025. These awards reached scheduled vesting milestones on July 17, 2026, and July 19, 2026, and the shares were withheld by the company to fulfill the insider's tax withholding requirements.What is the executive's remaining equity exposure?
Following the withholding, Eboli maintains a direct position of 67,109 shares. The executive also holds 24,015 derivative securities in the form of unvested RSUs, which are scheduled to vest in subsequent tranches through July 2028.How does this transaction align with the company's current financial profile?
As of the July 20, 2026 market close, Conagra Brands common stock was priced at $14.66, giving the company a market capitalization of $7.0 billion. The firm reported trailing twelve-month revenue of $11.3 billion and a net loss of $1.9 billion.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$14.66Market Capitalization$7.0 billionRevenue (TTM)$11.3 billionNet Income (TTM)-$1.9 billionCompany SnapshotConagra Brands manufactures and distributes a diverse portfolio of packaged food products across North America, generating revenue through four primary segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.The company operates a vertically integrated business model that combines manufacturing, distribution, and retail partnerships to deliver packaged foods to consumers through multiple channels, including supermarkets, foodservice establishments, and direct-to-consumer platforms.Conagra serves a broad customer base spanning retail consumers, foodservice operators, and institutional purchasers across North America, with particular emphasis on the United States market, where the majority of revenue is generated.Conagra Brands is a leading manufacturer of packaged food products with an enterprise value of $7.0 billion and annual revenues of $11.3 billion (TTM). The company leverages its diversified product portfolio and established distribution infrastructure to maintain competitive positioning within the packaged foods sector. Conagra's multi-segment operating structure provides revenue diversification across consumer retail channels and foodservice markets, supporting its strategic positioning in the defensive consumer staples category.
What this transaction means for investorsEboli's remaining awards vest in tranches stretching to July 2028, which tells you that this filing is just one scheduled slice of a multiyear compensation package coming due, with 8,186 shares peeled off for taxes at $14.28. He's one of several Conagra executives whose stock vested and got withheld the same week, a telltale sign of a shared annual grant date, rather than a huddle over the share price. Plus, he keeps 67,109 shares plus more unvested units, which means he has plenty of reason to ensure the firm performs well.
His title is worth pausing on, though. As chief supply chain and transformation officer, Eboli owns the levers Conagra is now pulling. The company just closed fiscal 2026 with fourth-quarter adjusted operating margin down 215 basis points to 11.7%, squeezed by roughly 6.5% inflation, including tariffs, and is pouring freed-up cash into supply chain modernization and manufacturing in-sourcing. CEO John Brase is pushing an initiative he calls "radical simplicity" to cut complexity. In other words, Conagra is spending to rebuild margins while sales decline, but the executive running that effort just had routine shares vest, nothing more.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
US military carries out strikes against Iran for the 12th consecutive night, saying it has destroyed missiles, drones and maritime combat facilities.
U.S. Central Command said that as of 22:30 ET on July 22 (10:30 Beijing time on July 23), U.S. military forces have launched a new round of strikes against Iran for the 12th consecutive night. The targets of this operation include Iran's maritime combat capabilities, missile and drone storage facilities, coastal surveillance sites, and air defense assets. The U.S. side stated that the strikes further weakened Iran's ability to attack civilian crew members and merchant ships. (Jinshi)
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SpaceX’s token has continued to slump after breaking its issue price, with addresses holding heavy long positions suffering an additional massive loss of $1.23 million.
According to Hyperinsight monitoring, as of press time, SPCX on Hyperliquid is trading at around $116, down 49.6% from its peak of $230 and 14.1% below its IPO price of $135. Today, it hit a low of $114.48, with the underperformance widening to 15.2% at one point. The largest long whale, whose address starts with 0x3527, first opened a position on July 16, nearly seven days ago. Since then, it has been averaging down by adding positions daily without any reduction, accumulating a position of 111,700 units, with a cumulative notional position value of around $14.196 million. Currently, the whale holds a full-position long on SPCX with 20x leverage, at an average price of $127.1, with a position value of approximately $12.958 million. It has an unrealized loss of about $1.238 million, a return of -174.5%, meaning the loss has exceeded the initial margin of this position. Calculated based on margin, the theoretical liquidation line is around $113.06, only about $2.94 away from the current price. However, this address has enabled portfolio margin, with 301,900 HYPE (including roughly 60,000 added recently) included as collateral to jointly support SPCX’s losses. The risk is that when HYPE and SPCX decline simultaneously, both collateral value and position equity shrink, and once the threshold is triggered, the system may liquidate the HYPE collateral. All positions held by this address, including SPCX and CRCL, are long positions, with SPCX accounting for around 72% of the total position value, making it a typical high-leverage one-sided long. No stop-loss or position-reduction orders have been placed in the account, and there are no closed position records since the address first opened a long position seven days ago.
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「巨鲸追踪」谷歌财报前做多千万头寸巨鲸，认亏74万美元清仓
According to Hyperinsight’s monitoring, the GOOGL bull address (0xC8b) disclosed last night continued to add to its position after the report. From 10 PM on July 22 to 4 AM today, it opened a total of 38,800 GOOGL long contracts, worth approximately $13.5578 million, at an average price of $349.28; it added about $2.8978 million to its position since the disclosure. After Alphabet’s earnings report was released, the whale began reducing its position at 5:43 AM today and closed all the aforementioned long positions 2 hours ago at $330.29, posting a loss of $737,000. Alphabet’s Q2 revenue rose 24% year-over-year, while Google Cloud revenue jumped 82% YoY; however, the company raised its full-year capital expenditure guidance from $180-$190 billion to $195-$205 billion, leading its stock to briefly turn negative in after-hours trading. As of press time, GOOGL contracts on Hyperliquid are trading at $334.27, down 4.34% on the day. The whale previously booked a profit of about $1.7178 million from its prior MU long positions. Currently, its only position has shifted back to MU: it holds 24,600 long contracts with 3x leverage, worth approximately $23.9561 million, at an average entry price of $977.60, with an unrealized loss of about $97,900 and a liquidation price of $354.91.
6 minutes ago
Upbit will list o1 Exchange (O) trading pairs against KRW, Bitcoin, and USDT.
According to official announcements, Upbit will list o1 Exchange (O) trading pairs against the Korean won (KRW), Bitcoin, and USDT, with the launch scheduled for 3 PM local time on July 23.
6 minutes ago
Institutional buying demand for Bitcoin has dropped to a low, while spot Bitcoin ETFs have recorded a net outflow of $2.1 billion over the past 30 days.
CryptoQuant analyst Darkfost noted in a post that spot Bitcoin ETFs saw a net outflow of approximately $2.1 billion over the past 30 days. New demand from Strategy and other Bitcoin treasury firms has stayed near zero for several consecutive weeks. He estimated that monthly demand from such treasury companies peaked at around $6.6 billion in August 2025, when BTC traded at roughly $115,000. Now, with BTC at about $65,000, this related demand has largely vanished.
Dogecoin price trades near $0.073, its lowest area since November 2023, days after a whale bought 200 million DOGE worth $14 million. Elon Musk added fuel by liking a Doge meme for the first time in months.
The Dogecoin price has fallen about 90% from its 2021 record and has spent 19 months in a downtrend. Derivatives traders now position for a reversal, while ETF investors stay on the sidelines.
Dogecoin 1-Year Price Chart. Source: BeInCryptoWhales Accumulate as Musk Breaks His SilenceOn July 19, an unidentified whale purchased 200 million DOGE, worth roughly $14 million, through Robinhood. Futures volume jumped 114% to about $740 million, and open interest climbed above $1.1 billion.
Moreover, the weekly TD Sequential indicator has flashed consecutive buy signals. Historically, this setup has appeared near major bottoms across crypto assets, though it does not guarantee a reversal.
Speculation about the buyer intensified after Elon Musk liked a reply featuring the Swole Doge meme. According to Whale Insider, it was his first Doge-related like in months.
However, no wallet data links Musk to the purchase, and the claim remains unverified.
The accumulation stands out because meme coin dominance recently fell to a two-year low, with capital rotating into utility tokens.
Dogecoin Price: Sport ETF Flows Have FlatlinedThe institutional side tells a different story. Glassnode data shows US spot Dogecoin ETF inflows peaked near $2.5 million per day in early January, when DOGE traded around $0.15.
Since then, inflows have shrunk and become sporadic. Early July brought an outflow of roughly $871,000, the second largest in the products’ history. In contrast to the whale activity, net flows have sat at zero for about two weeks.
DOGE US spot ETF net flows. Source: GlassnodeThe two funds hold a combined $20 million in assets, barely above their launch levels. Therefore, the current bid comes from whales and leveraged traders rather than regulated funds. Meme coins have also absorbed heavy selling on Binance since Bitcoin’s October peak.
A Full Retrace to November 2023 LevelsThe weekly chart shows how deep the reset runs. DOGE has retraced the entire rally from its December 2024 cycle top at $0.485, returning to its November 2023 base.
Price is now testing the $0.056 to $0.07 support zone that launched the previous bull run. Meanwhile, DOGE presses against the descending trendline drawn from the cycle high. A weekly close above it would mark the first trendline break in 19 months.
DOGE weekly chart. Source: TradingviewIf buyers reclaim momentum, the 0.786 Fibonacci retracement at $0.1476 becomes the first major target. The golden pocket near $0.2197 follows. Weekly volume keeps contracting, a pattern also visible in SHIB and other meme coins at multi-year lows.
Dogecoin Price Prediction and the $0.07 Line in the SandThe daily chart confirms stabilization rather than reversal. DOGE has traded between $0.070 and $0.075 since late June, sitting on the top of the weekly support band.
The Relative Strength Index (RSI) has recovered to the neutral zone after deeply oversold readings in June. However, declining volume shows low participation, so any breakout attempt needs a clear volume expansion to be credible.
DOGE daily chart. Source: TradingviewThe resistance ladder starts at $0.082, about 12% above the current price. The $0.089 to $0.09 zone follows, then the psychological $0.10 level, roughly 37% higher.
Reclaiming the $0.1154 swing high, a 58% move, would signal a genuine trend reversal, as noted in a previous DOGE analysis.
On the downside, losing $0.07 could open a slide toward the 1.0 Fibonacci level at $0.0556, about 24% below. Whale accumulation and rising open interest could accelerate either move. Either the trendline finally breaks, or DOGE revisits prices last seen in 2023.
British Pound nudges higher above 1.3350 despite Middle East turmoilThe GBP/USD pair rebounds to near 1.3385 during the Asian trading hours on Thursday. However, the potential upside for the major pair might be limited amid cooler-than-expected UK inflation data and escalating tensions in the Middle East. Traders will take more cues from the UK Retail Sales report, which is due later on Friday.
The UK headline Consumer Price Index (CPI) inflation slowed to 2.6% YoY in June, the lowest since March 2025, down from 2.8% in May, according to the Office for National Statistics (ONS) on Wednesday. This figure came in softer than the market expectations of 2.7% growth. Read more...
A cooler inflation print buys British Pound Sterling nothing but a slower declineThe Pound's week-long slide slowed to a crawl on Wednesday, and it picked an odd session to do so, because the June inflation report handed sellers their cleanest argument yet. GBP/USD tagged the 1.3350 area in early New York trade, its weakest level in over a week, and now sits between that floor and the converged moving-average band just below 1.3400, on track for a fifth straight daily decline measured in single-digit pips.
The Office for National Statistics put headline Consumer Price Index (CPI) inflation at 2.6% YoY for June, under the 2.7% consensus, down from 2.8% in May and the lowest annual rate since March 2025. Services inflation eased to 3.6% from 3.7%, the monthly gain ran at just 0.1%, and transport and food did most of the downward work, precisely the categories a war-supply shock was supposed to keep hot. Read more...
British Pound steadies as cooler UK CPI meets Oil shockThe Pound Sterling holds firm during the North American session as UK inflation data dipped, easing pressure on the Bank of England to tackle higher prices, while attacks between the US and Iran don’t seem to be ending in the Middle East. The GBP/USD trades at 1.3377.
During the European session, UK inflation data for June dipped from 2.8% to 2.6% YoY. The core Consumer Price Index (CPI) remained steady at 2.6% YoY for the same period. Even though this relieves the BoE, traders continued to price in an 82% chance for a rate hike by the November 5 meeting, according to Prime Terminal data. Read more...
The Japanese yen remained under intense pressure today, July 23, as traders rushed to the US dollar amid the rising tensions in the Middle East. The USD/JPY pair was trading at 163.07, a few pips below this week’s high of 163.2.
The Japanese yen has continued falling this month, even as the country’s central bank has launched several defensive measures.
The Bank of Japan has hiked interest rates to the highest level since 1995, and hinted that it may deliver more increases.
At the same time, the bank has spent more than $73 billion on foreign exchange market interventions. While these interventions typically trigger a stronger yen, the gains have historically been short-lived.
The Japanese yen has mostly dropped because of the significant gap that exists between the US and Japanese interest rates.
Japanese rates have jumped to 1%, while in the United States, the Fed has left them unchanged between 3.50% and 3.75%. Economists and traders now expect the Fed to hike rates further this year as inflation concerns remain. Odds of a Fed hike have jumped to over 67% on Polymarket.
Higher interest rates in the United States have made the US dollar more attractive than the Japanese yen. They have also fueled the popularity of the USD/JPY pair among carry traders, who borrow in low-interest-rate currencies to invest in higher-yielding ones.
The ongoing crisis in the Middle East has contributed to the ongoing Japanese yen sell-off because the country depends substantially on oil coming from the region. In a statement, an Iranian official said that the crisis would escalate. He said:
“If the Americans target a bridge or a power plant in Iran, Iran will, in turn, strike infrastructure and bridges in the region, including energy facilities where the United States has interests.”
Data shows that Brent and the West Texas Intermediate (WTI) continued rising overnight as the crisis continued. Also, Houthis hit an oil tanker attempting to cross the Bab El-Mandab Strait. Brent jumped to $96, while the West Texas Intermediate (WTI) approached the key resistance at $90. These events have fueled the US dollar gains as investors rush to its safety.
USD/JPY chart | Source: TradingView
The daily chart shows that the USD/JPY pair has continued rising in the past few months. These gains have been supported by the 50-day Exponential Moving Average (EMA).
The pair has recently crossed the important resistance level of 162.82, its highest level on July 1. It also remains above the Supertrend indicator.
Therefore, the path of the least resistance for the pair is bullish, with the next key level to watch being at 164. A move above that price may see it hit the resistance at 165 over time.
On July 22, 2026, Helen Of Troy Ltd (HELE) shares rose 3.3% today to $28.19. The stock has experienced a 52-week range between $13.85 and $30.68, reflecting sig
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Following a merger of Ethereum’s [ETH] Layer 1 (L1) and Layer 2 (L2) into one holistic roadmap, the scaling upgrades seem to be working. For instance, Pectra Upgrade expanded L2 blob throughput, while Fusaka Upgrade increased data availability by 8x.
That is not just heresy. It is backed by the recent on-chain data. Here are the details:
Peak usage meets minimal cost—what does it mean? Overlaying the cost of transactions with the number of activities on the blockchain is a powerful tool for assessing whether the scaling upgrades are working.
The weekly transaction count on Ethereum is at an all-time high of 1.8 million, and at one point, it reached 21 million. This indicated peak usage of the network. It represented a surge of 15% in monthly transaction count.
On the other hand, the median transaction fee was at an all-time low (ATL) of $0.008. This divergence in cost from transaction count suggested Ethereum’s scaling upgrades were working.
Source: Token Terminal To confirm this hypothesis that Ethereum’s scaling upgrades were working, we need to look into activity on L2s.
Other supporting datasets For instance, total blob fees have reached 1.492 million ETH as per Dune Analytics. This shows the adoption of proto-danksharding, an upgrade that saves transaction costs through temporary space-saving data blobs.
It indicates scaling demand has shifted to L2 while settlement remains on the Ethereum mainnet.
Transactions on L2s have also spiked immensely since late June, led by Robinhood Chain. It tops the monthly change in the number of transactions at 30,922% and accounts for 13.9% of all transactions by L2s.
However, the majority of L2 transactions are done on Base, about 248.3 million, which accounts for 29.1%. Base Chain’s transactions have increased by 13.4%, behind Arbitrum One [ARB] and Optimism [OP], at 22.2% and 19.2%, respectively.
Source: Token Terminal Similarly, the Total Value Locked (TVL) of L2s is growing, showing that scaling in the ecosystem is expanding. For L2s, the total is $37.41 billion, almost half of the total TVL on the ETH mainnet.
For instance, Base Chain has the highest TVL, which rose to around $11.86 billion, up 1.04%. It is followed by Arbitrum One, ZKsync, and OP Mainnet, all of which are up except for ZKsync.
Source: L2BEAT Lastly, the number of monthly active users on Ethereum has increased by 2.9%, to around 8.3 million. As such, it meant Ethereum was not only processing more transactions cheaply but also attracting new users and securing more capital.
Final Summary Ethereum’s weekly transaction count peaks at 18M while fees remain at ATL, a sign that ecosystem scaling upgrades are working. The increase in Blob fees, transactions, and TVL of L2s indicates a holistic upgrade across the whole Ethereum ecosystem.
Gold is snapping its recent recovery, struggling above $4,100 early Thursday, as both fundamental and technical factors warrant caution for buyers.
Gold reverses from two-week highsGold is extending its pullback from two-week highs of $4,166 reached on Wednesday, even as the US Dollar (USD) remains on the backfoot.
Looming Japanese intervention risks keep Greenback traders cautious amid potential downside risk to the USD/JPY pair, which could have a ‘rub-off’ effect on the buck.
Additionally, the earnings reports from the American tech titans, Alphabet and Tesla, showed robust spending plans for Artificial Intelligence (AI) infrastructure, lifting chipmakers and major Asian indices. The cautious optimism is also rendering negative for the safe-haven US Dollar.
However, expectations of sooner (than later) interest rate hikes by the US Federal Reserve (Fed) are back on the table, courtesy of the widening Middle East conflict-led surging Oil prices and increasing inflation fears, which continue to limit the USD downside and reinforce bearish pressure on non-yielding assets such as Gold.
Therefore, the latest leg down is sponsored by that narrative, especially after the US launched a new wave of strikes on Iran and Yemen's Houthis targeted oil tankers in the Red Sea, widening the scope of a conflict that has once again rattled global markets.
Late Wednesday, Iran’s Foreign Minister Abbas Araghchi warned that Tehran would respond in kind to any attack on its infrastructure after US President Donald Trump threatened to bomb a bridge or power plant for every ship targeted in the Strait of Hormuz.
Looking ahead, Gold remains in the eye of the storm amid escalating tensions in the Middle East and ahead of the European Central Bank (ECB) monetary policy decision.
Although the ECB is widely anticipated to hold key rates this Thursday, any signs of a possibility of a September rate hike could ramp up hawkish sentiment around the central bank. This could further contribute to the retracement in Gold.
Meanwhile, Gold’s daily technical setup continues to caution buyers as they keenly await confirmation of the impending Bear Cross while momentum stays neutral.
Gold price technical analysis: Daily chart
In the daily chart, XAU/USD trades at $4,117.19, holding below the 50-day simple moving average (SMA) at $4,242.58 and well under the 100-day and 200-day SMAs clustered around $4,491, which keeps the near-term bias bearish despite the latest rebound. The metal remains above the 21-day SMA at $4,071.54, suggesting some short-term demand, while the Relative Strength Index (14) near 49 points to neutral momentum rather than a decisive recovery.
Additionally, keeping buyers defensive, the 100-day SMA has crossed the 200-day SMA from above, but a confirmation on a daily candlestick closing basis is awaited to confirm a Bear Cross.
On the topside, initial resistance is seen at the 50-day SMA at $4,242.58, followed by the 100-day SMA at $4,491.02 and the 200-day SMA at $4,495.96, where a dense supply zone could cap further gains. On the downside, immediate support emerges at the 21-day SMA at $4,071.54; a daily close below this floor would likely expose the bearish trend to renewed pressure toward lower levels not yet defined by the current moving-average structure.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Gold upside capped as energy and Fed expectations stay in focusAnalysts at ING highlight that gold is "likely to remain sensitive to developments in energy markets and expectations for US monetary policy," keeping the metal vulnerable to shifts in both oil prices and the Fed outlook. They add that silver "could continue to outperform if strength in industrial metals persists alongside safe-haven demand," suggesting the white metal may benefit from both industrial and defensive flows.
Echoing the cautious tone, OCBC notes that "near term, price action may remain two-way," but stresses that "a more sustained recovery likely requires oil prices to back off, some easing in real yields and Fed tightening expectations." Until those conditions materialise, OCBC warns that "upside may remain capped" for gold.
On July 22, 2026, Smith and Wesson Brands Inc (SWBI) shares fell 3.7% to a current price of $14.62. This decline occurs within a 52-week range of $7.73 to $17.56,
Injective, a notable player in the crypto space, has just wrapped up a significant technical transition: the migration of its INJ token from Ethereum’s ERC-20 standard to a native version on its own blockchain, the Injective EVM. This shift, completed by July 22, 2026, marks a major step for the platform’s ecosystem, with Coinbase leading the charge in supporting this new format over its predecessor.
The transition, which started on July 20, allowed Coinbase users to experience a seamless 1:1 conversion of their holdings. Post-migration, you can now trade directly on the native Injective network, effectively making the ERC-20 version a relic of the past. Coinbase’s decision to end its support for ERC-20 INJ deposits and withdrawals emphasizes this new chapter for the token.
What’s the big deal with the migration? This isn’t just a switch for tech’s sake. The move to the native Injective EVM chain means better access to decentralized finance (DeFi) applications and increased liquidity for users. If you’ve ever been frustrated with cross-chain compatibility and transaction times, this development might just make your day.
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Injective has been laying the groundwork for this since its native EVM launched back in November 2025. The migration aligns with a series of strategic moves, including a partnership with Robinhood, which could make Injective’s offerings accessible to a broader audience. These were highlighted at the Injective Summit in Washington, D.C., last month.
Why investors should be paying attention Let’s talk money. For investors, the implications are clear: streamlined technology often paves the way for an increase in user engagement and transaction volume. This could positively affect INJ’s market performance, injecting a jolt of enthusiasm into its price trajectory.
The combined support from platforms like Coinbase and Robinhood offers a nod of credibility and could attract more institutional interest. So, expect the usual suspects in the market—like improved liquidity and heightened trading activity—to play their part in shaping INJ’s future.
Optimists in the market view this as a chance for Injective to increase its footprint. With enhanced technical capabilities and more robust user engagement, the blockchain aims to stand out in an increasingly crowded DeFi space.
Anticipating the next moves While it’s too early to build castles in the sky about INJ’s potential valuation jumps, aligning strategic improvements with increased adoption often spells good news. As traders transition from the old ERC-20 standard, any uptick in liquidity could have investors hitting the buy button.
Naturally, there are risks. Technological transitions come with their own set of challenges and uncertainties. Yet, the early signs from the migration suggest that Injective is on a solid path toward cementing its position as a DeFi leader.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Silver (XAG/USD) attracts fresh buyers near the $58.25-$58.20 zone during the Asian session on Thursday, stalling the previous day's modest pullback from the $61.00 neighborhood, or an over two-week high. The white metal, however, lacks follow-through and currently trades just above the mid-$59.00s, down over 0.40% for the day.
This week's breakout through the $59.00 confluence – comprising the 100-period Simple Moving Average (SMA) on the 4-hour chart and the 23.6% Fibonacci retracement level of the fall from the June 17 high – was seen as a key trigger for XAG/USD bulls. The Relative Strength Index (RSI) at 61.21 stays in positive territory, while the Moving Average Convergence Divergence (MACD) histogram remains mildly positive. Momentum indicators together suggest that upside momentum is still constructive despite the latest pause, backing the case for a further near-term appreciating move.
In the meantime, any subsequent move up is likely to confront initial resistance at the 38.2% Fibo. retracement at $61.31. This is followed by the 50.0% level at $63.28 and the 61.8% retracement at $65.25, with the 78.6% barrier at $68.05 acting as a broader cap. On the downside, immediate support is seen around the 100-period SMA/23.6% Fibo. level confluence at $58.99, while a deeper pullback would expose the structural anchor of the current cycle near $54.94.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
XAG/USD 4-hour chart
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
NZDCAD currency pair recently reversed down from the resistance zone between the long-term resistance level 0.8260 (which has been reversing the price from last September) and the upper daily Bollinger Band.
The downward reversal from the resistance level 0.8260 created the daily Japanese candlesticks reversal pattern Shooting Star.
Given the strength of the resistance level 0.8260 and the overbought daily Stochastic, NZDCAD currency pair can be expected to fall to the next support level 0.8160.
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Nvidia (NVDA +2.39%) disclosed this week that it beneficially owns 9.3% of Nebius Group (NBIS +0.61%), an artificial intelligence (AI) cloud infrastructure provider that has become one of the market's hottest stocks. The disclosure came in a Schedule 13G (which Nvidia filed under the rule for passive investors) covering about 22.3 million shares.
Investors treated it as a vote of confidence. Nebius shares jumped nearly 19% on Tuesday, to close at $217.09. The stock is up more than 300% over the past year.
But the market may be reacting to the headline number rather than the fine print. What Nvidia actually owns, and why, tells a more useful story for investors.
Image source: Nvidia.
Mostly a prepaid warrant, locked up until September The 9.3% figure comes with two big qualifiers.
First, the composition. Only about 1.2 million of the shares are common stock Nvidia holds outright. The rest (roughly 21 million shares) comes from a pre-funded warrant Nvidia bought outright with its previously announced $2 billion investment in Nebius, at an exercise price of $0.0001 a share. Nebius already counts those shares as outstanding for earnings-per-share purposes. Nvidia simply can't exercise the warrant or sell the shares before Sept. 11.
Second, the intent. A Schedule 13G is a passive filing. It signals that Nvidia isn't seeking control or pushing for changes. This is a financial and strategic position, not the opening move of a takeover.
Put another way, Nvidia didn't suddenly buy a tenth of Nebius on the open market this week. The filing largely formalizes a stake investors have known about since the $2 billion investment was announced. The market's 19% response says more about sentiment toward anything Nvidia touches than about new information.
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Why Nvidia wants equity in its own customer Nebius is what the industry calls a neocloud. It buys enormous quantities of graphics processing units (GPUs), overwhelmingly Nvidia's, and turns them into rentable AI computing capacity for customers who can't build their own. Nvidia taking equity in a company like that deepens a loop that already exists: Nebius gets capital and credibility, and Nvidia strengthens a fast-growing buyer of its chips while collecting a slice of the upside.
The stake also says something about demand. Nvidia doesn't need to prop up customers if AI computing capacity is going unsold. Putting $2 billion behind a company whose business is renting out Nvidia hardware is a bet that demand for that capacity keeps outrunning supply.
And Nebius has momentum to point to. Its revenue over the trailing 12 months totals about $878 million, and the demand evidence keeps stacking up. In March, Meta Platforms signed a long-term agreement to spend up to $27 billion on Nebius' AI infrastructure.
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The stock has moved just as violently. Shares traded below $50 within the past year, peaked at $299.86, and even after Tuesday's jump still sit about 28% below that high. Swings like that are the price of admission in this corner of the AI market, and investors should expect more of them.
The problem is the price. After Tuesday's jump, Nebius commands a market capitalization of about $55 billion, which is more than 60 times its trailing sales. A multiple like that prices in years of hypergrowth and flawless execution in one of the most capital-hungry businesses in technology.
After all, building AI infrastructure requires staggering amounts of money for data centers, power, and chips, and Nebius will likely need to keep raising capital to fund its expansion. Every dollar of that spending has to earn a return in a market where the largest cloud providers are building the same capacity.
Additionally, a passive minority stake doesn't guarantee Nebius preferential access to chips. It doesn't change the company's economics or its capital needs, and it doesn't make the valuation cheaper. Nvidia's endorsement is a point in the bull case, not a substitute for one.
The stake itself, though, is a meaningful signal. The most important company in AI wants this neocloud to succeed, and it has put real money behind that preference. For Nebius shareholders, that's comforting.
But at more than 60 times sales, the growth stock already prices in an awful lot of success, and Tuesday's pop made that math harder, not easier. I'd watch this one from the sidelines and let the next few quarters show if the growth can keep pace with the expectations.
Space Exploration Technologies (SPCX -6.70%) has officially announced Aug. 4 as the date of its highly anticipated earnings release for the quarter ended June 30. The earnings release and earnings call with Wall Street analysts will provide an updated look at where SpaceX is and where the company could be headed.
Here's why investors should also pay close attention to Aug. 6, and what the date could mean for SpaceX stock.
Image source: Getty Images.
Public markets have only gotten a taste of SpaceX SpaceX went public on June 12, raising $75 billion by selling 555 million shares at $135 per share and then another $10.7 billion from underwriters exercising options to buy additional shares. But with SpaceX's market cap at $1.58 trillion at the time of this writing, that leaves the vast majority of shares owned by insiders through restricted stock units and early release eligible shares.
That means that the supply of shares potentially hitting public markets will be far higher than the shares currently available, which will test SpaceX's already beaten-down stock price.
At $119.85 as of market close on July 20, SpaceX is down 47% from its intraday high and 11.2% from its initial public offering (IPO) price.
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Open the floodgates In SpaceX's May 20 Form S-1 filing with the Securities and Exchange Commission, SpaceX outlines its unusual schedule for unlocking restricted shares at a far faster rate than the typical 180-day period for IPOs. The first wave of early release eligible shares will be made available for sale "on or after the second full trading day on Nasdaq immediately following the public release of our quarterly financial results for the quarter ended June 30, 2026." With the earnings call confirmed for Aug. 4 after market close at 4:30 p.m. ET, that makes Aug. 6 the first time since SpaceX's IPO when holders of early-release-eligible shares may choose to sell a portion of those shares on the Nasdaq.
An additional 10% of early release eligible shares may be transferred if SpaceX is above $175.50 per share for five of the 10 trading days leading up to and including Aug. 4. However, that is highly unlikely to happen considering that count down began on July 21, and SpaceX remains down over 30% from that price it needs to average over the next couple of weeks to trigger the extra release of shares.
Another 7% of shares will be unlocked on each of the following dates -- Aug. 31, Sept. 10, Sept. 25, Oct. 10, and Oct. 25. Another 28% of shares will be released two days after the quarter ended Sept. 30 earnings, before all shares are unlocked on Dec. 9.
A critical moment for SpaceX stock SpaceX's earnings report, combined with more shares hitting public markets, will be the ultimate stress test for the growth stock. Especially if insiders decide to sell shares with SpaceX below its IPO price.
This is an incredibly exciting company for its technological prowess, lack of competition, and virtually infinite total addressable market. But I still think it's best if investors keep SpaceX on a watch list to see how the insider lock-up expiration unfolds, and for SpaceX to begin generating positive free cash flow so it doesn't have to continue relying on capital markets to raise money.
It's been over a month since the Space Exploration Technologies (SPCX -6.70%) IPO, and the shine may be starting to come off.
SpaceX stock sank below its $135 IPO price for the first time on July 15, and today, it hit an all-time low, closing down 6.7% at $115.26 on a broader sell-off in the software sector.
Wall Street, which lined up behind the stock to push the IPO in unprecedented fashion, has released a bullish set of price targets, following the end of the stock's quiet period.
Of the 13 analysts covering the stock, the lowest price target belongs to Needham at $200, implying a roughly 70% gain in the stock over the next year.
The average price target on the stock is $278, implying the stock will more than double over the next year, reaching a valuation of more than $3.5 trillion, and the Street-high target is Raymond James' $800, which would make SpaceX easily the most valuable company in the world at a valuation above $8 trillion.
Image source: Getty Images.
A dose of reality One analyst, who gave a buy recommendation on the stock, shared one comment that shows SpaceX investors will need an extraordinary amount of patience for the stock to pay off.
Citing the company's funding risk, a Morgan Stanley analyst said, "We forecast no free cash flow-positive year before 2035 and average external capital needs of roughly $84 billion per year from 2027 to 2034. If debt markets cannot absorb this financing need, SpaceX may need to issue equity, reduce growth investment, or slow deployment."
Assuming this is a base-case scenario, this analyst sees no positive cash flow from the company for nearly a decade. In itself, that's not entirely remarkable. Amazon founder Jeff Bezos ran that company with a famously long-term mentality, and didn't generate positive free cash flow until 2003. Bringing in more than $1 billion in free cash flow annually took the company until 2007.
However, Amazon was a much different company from SpaceX shortly after its IPO. First, it went public less than three years after it was founded, while SpaceX waited 24 years. Amazon was also growing much faster at that stage, putting up triple-digit growth before the dot-com bust. SpaceX, on the other hand, reported just 15% revenue growth in its first quarter.
In other words, SpaceX is at a much different stage of its life cycle than Amazon was, even though it still has bold ambitions, including in AI, launching orbital data centers, and eventually colonizing Mars.
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What it means for SpaceX investors Unlike Amazon in its early days, SpaceX is not cheap by any conventional metric, and its valuation already makes it one of the most valuable companies in the world, leaving it with much less upside than Amazon had when it went public. Morgan Stanley's prediction also shows how much risk is involved in a SpaceX investment.
Using the conventional discounted cash flow model, there's pretty much no scenario in which SpaceX could delay free cash flow by a decade and still justify its current valuation of $1.5 trillion, and that doesn't even factor in the capital funding needs of $84 a year over the next eight years, or $672 billion total.
Making predictions nearly ten years in the future is mostly an academic exercise, and by nature, predictions become less accurate the further away they are.
For SpaceX bulls, it's worth considering that the buy case is premised on the company successfully enduring nearly a decade of deep cash losses. If SpaceX accomplishes the goals it has set for itself, like making human life interplanetary, then it should pay off, but optimistically, it's still decades away from that.
The recent sell-off seems to reflect the reality that it will take many years for the company's investments to pay off, if they ever do. Given that, the stock seems destined to continue to fall as 2035, its first year of positive free cash flow according to Morgan Stanley, is still a long way away.
When it comes to bridging the gap between crypto and tangible assets, Shukyee Ma has become somewhat of a superstar. As the Chief Strategy Officer for Plume Network, Ma will take the stage at Money Frontier 2026, a summit seeking to spotlight actionable developments in the blockchain arena. Her slot on the agenda focuses on integrating real-world assets into on-chain financial products, a key part of Plume Network’s strategy.
Plume’s Plans for the Summit Money Frontier 2026 will unfold over two days—July 27 and 28—in the bustling hub of Hong Kong. Unlike events that concentrate on market trends, this summit emphasizes the real-world applications of blockchain tech. It’s fitting, then, that Ma is discussing how Plume Network, a Layer-1 blockchain known for its focus on Real World Asset Finance (RWAfi), is pioneering the conversion of tangible assets into digitized ones for the crypto-savvy.
Shukyee Ma isn’t new to this. Before joining Plume Network, she co-founded Polyhedra and has shared her insights at prominent industry gatherings like Solana Breakpoint and Devcon SEA. Under her strategy, Plume Network successfully raised $20 million in Series A funding in December 2024, an initiative that pushed its total funding to approximately $30 million. This wave of financial backing underscores market confidence in Plume’s vision.
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Adding to its list of achievements, Plume recently integrated its nBASIS RWA yield vault into Binance Wallet, enabling over 5 million users to access institutional-grade yields. Collaborations with 14 tokenized funds from WisdomTree and plans to tokenize parts of Japan’s massive equity market further cement Plume’s foothold in the RWA space.
The Market Implications But what does all this mean for the crypto market? The activities orchestrated by Ma and her team at Plume are indications of the growing appetite for tokenized assets among institutional players. A text from the financial markets playbook, perhaps: if you build a bridge, investors will cross it. The burgeoning tokenized RWA market, now estimated to have grown to around $25-27 billion, offers a fertile ground for investment opportunities.
By enhancing liquidity and accessibility, Plume Network, through its partnerships and integrations like the one with Binance Wallet, is simplifying the path to on-chain investments for traders accustomed to traditional finance methods. While this rush to tokenize can increase volatility—crypto’s middle name, some would say—it can also invite a broader demographic, seeking newer frontiers in asset yield and diversification strategies.
What Investors Should Watch Still, it’s not all sunshine and rainbows. As tokenization continues to evolve, regulatory factors loom large over its adoption trajectory. The ability of networks like Plume to navigate potential regulations while pushing their tokenization agendas will prove crucial. It’s summits like Money Frontier that provide the platform for achieving this, by fostering discussions that could pave the way for mutual understanding between stakeholders from the crypto and traditional financial sectors.
Those with skin in the game should maintain awareness of ongoing policy discussions that could impact these developments. The involvement of seasoned entities and the excitement of successful funding rounds like Plume’s exemplify an ecosystem that’s eager yet cautious, as it ventures into territories where digital meets everyday finance.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Apple (AAPL -0.44%) is preparing to launch a device-leasing program called Apple Upgrade in the U.S. on July 28, Bloomberg reported this week. If the report is right, the program could push the tech company's biggest revenue line, the iPhone, toward faster upgrades and steadier, more subscription-like sales.
The reported structure works much like a car lease. Klarna (KLAR -6.02%) would provide the financing, enrollment would involve a soft credit check, and leases would reportedly run 24 months for iPhone and Apple Watch and 36 months for Mac and iPad. During a term, customers could pay the device off early or upgrade to a newer model. At the end of one, they could keep the device or return it.
The program would reportedly replace new enrollments in Apple's existing upgrade and financing options, though some lower-priced models wouldn't be eligible for it (including the iPhone 16, the entry-level iPad, and the Apple Watch SE). AppleCare coverage would no longer be included automatically.
Image source: Apple.
This could be material for Apple's business.
The first effect is upgrade frequency. A lease with a built-in upgrade path tends to shorten the replacement cycle, and every shortened cycle means more device sales per customer over time. That matters most for the iPhone, which generated $57 billion of revenue in the March quarter, up 22% year over year and a record for the period. Leasing is a way to keep that momentum going after the iPhone 17's blockbuster run.
Leasing could also smooth out demand cycles. Customers on standard two- and three-year terms can upgrade on a schedule rather than waiting for a hardware overhaul, ultimately making iPhone revenue less dependent on any single product cycle landing perfectly.
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And notably, Apple gets all of this without becoming a lender. Because Klarna would provide the financing, Apple keeps the customer relationship and the upgrade cadence while a partner carries the credit risk.
Of course, the company hasn't said any of this publicly yet, and reported plans can change. But Apple's fiscal third-quarter earnings report is scheduled for July 30 -- two days after the program's reported launch date, and management will likely face questions about what leasing means for the business. July 28 -- when Klarna and Apple are expected to roll out this program -- may start providing answers. And July 30 could finish the job.
Tesla said Wednesday that its robotaxi fleet has logged more than 380,000 unsupervised miles across six cities in two states without what the company described as a "notable" safety incident.
Ashok Elluswamy, Tesla’s vice president of AI software, highlighted the fleet’s safety record during the electric vehicle maker’s second-quarter earnings call, telling investors it had recorded "zero notable incidents."
Any reported incidents involved "other actors impacting us when we were stationary," Elluswamy said.
"I'd like to emphasize how safe the operation has been so far," Elluswamy said. "Zero notable incidents over 380,000 miles."
MUSK SAYS TESLA, SPACEX TO BUILD ADVANCED CHIP MANUFACTURING FACILITY
A Tesla robotaxi travels along South Congress Avenue in Austin, Texas, June 22, 2025. Tesla said that its robotaxi fleet has logged more than 380,000 unsupervised miles across six cities in two states without what the company described as a "notable" (Reuters/Joel Angel Juarez / Reuters)
Elluswamy said the results support Tesla’s camera-based approach to autonomous driving.
"Historically, the so-called experts have always claimed that you need lidars, radars, HD maps and the entire kitchen sink to drive safely," he said. "Here, we show that such is not true. You can have safe, comfortable and affordable autonomy with just cameras."
Tesla said mileage traveled by its unsupervised robotaxi fleet has grown at a double-digit weekly rate for months.
"We have grown at such a high compounding rate on a week-over-week basis over the last several months," Elluswamy said. "Not only that, we expect to continue growing at such a large rate through the rest of this year."
ELON MUSK REVEALS PRICE OF TESLA'S CYBERCAB
A Tesla robotaxi operates on South Congress Avenue in Austin, Texas, on June 22, 2025. (Reuters/Joel Angel Juarez / Reuters)
The remarks came one day after Tesla expanded its robotaxi service to Orlando and Tampa, according to Reuters.
Tesla launched the service in Austin in June 2025, initially placing safety monitors inside the vehicles.
It later began offering fully unsupervised rides in Austin and expanded the service to Dallas, Houston and Miami, Reuters reported.
Stocks In This Article: SELF-DRIVING CAR COMPANIES WAYMO, TESLA TO TESTIFY AT KEY SENATE COMMITTEE ON REGULATING GROWING INDUSTRY
Passengers exit a Waymo self-driving car, Dec. 26, 2025, in San Francisco. Unlike Waymo, which uses lidar sensors, Tesla relies mainly on cameras and AI software. (John J. Kim/Chicago Tribune/Tribune News Service via Getty Images / Getty Images)
Unlike Waymo, which uses "light detection and ranging" or "lidar" sensors, Tesla relies mainly on cameras and AI software, according to the outlet.
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"We expect that the time to launch to a new city will continue to trend towards zero, towards an end where we operate in entire states as a whole, instead of going city by city," Elluswamy added.
Tesla could not immediately be reached by FOX Business for comment.
Tesla, Inc. (TSLA) Q2 2026 Earnings Call July 22, 2026 5:30 PM EDT
Company Participants
Travis Axelrod - Head of Investor Relations
Elon Musk - Co-Founder, Technoking of Tesla, CEO & Director
Vaibhav Taneja - Chief Financial Officer
Ashok Elluswamy - Executive Officer
Karn Budhiraj
Lars Moravy - Vice President of Vehicle Engineering
Brandon Ehrhart
Conference Call Participants
Andrew Percoco - Morgan Stanley, Research Division
Alexander Perry - BofA Securities, Research Division
Colin Langan - Wells Fargo Securities, LLC, Research Division
Walter Piecyk - LightShed Partners, LLC
William Stein - Truist Securities, Inc., Research Division
Dan Levy - Barclays Bank PLC, Research Division
Presentation
Travis Axelrod
Head of Investor Relations
Good afternoon, everyone, and welcome to Tesla's Second Quarter 2026 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja and a number of other executives.
Our Q2 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.
During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.
During the question-and-answer portion of today's call, please limit yourself to one question and one follow-up. [Operator Instructions]
Before we jump into Q&A, Elon has some opening remarks. Elon?
Elon Musk
Co-Founder, Technoking of Tesla, CEO & Director
Thank you. So, yes, it's been a great quarter. We achieved record Q2 deliveries. Model Y, I believe it is now, I think it's the best-selling car of any kind in the world and is setting records across the board. So its popularity is increasing tremendously. And we're seeing in locations that have FSD approved, we're seeing a very high take
Tesla CEO Elon Musk on Wednesday left the door open to the EV maker merging with his other trillion-dollar-plus-valued firm SpaceX , declining to dismiss the possibility and citing growing overlap between the companies.
Google reported blockbuster second-quarter revenue and is preparing to invest more in AI infrastructure. Bloomberg/Getty Images Google's latest earnings call offered a familiar message: AI is driving growth, and it's also getting more expensive.
On Wednesday, Alphabet reported second-quarter revenue of $119.8 billion, up 24% from a year earlier, while Google Cloud posted another blockbuster quarter as enterprises raced to adopt AI. At the same time, executives made it clear the company is prepared to spend even more to meet surging demand.
Here are the three biggest takeaways from Alphabet's earnings.
Google is spending more on AI and is willing to sacrifice marginsGoogle is prioritizing long-term AI growth over short-term profitability by doubling down on its AI buildout.
The company raised its 2026 capital expenditure forecast to between $195 billion and $205 billion, up from a previous outlook of up to $190 billion, saying demand for AI infrastructure continues to exceed available capacity.
Finance chief Anat Ashkenazi said during Wednesday's earnings call that the higher spending reflects an accelerated rollout of computing capacity.
Google also plans to lean more heavily on third-party cloud providers while it builds out its own infrastructure, a strategy Ashkenazi said will create "modest margin pressure in the near term" but help the company "keep growing our customer base and capture greater overall value."
Google Cloud is becoming the company's AI growth engineSearch remains Google's largest business, but Cloud is increasingly emerging as its primary AI growth engine.
Over Q2, Google Cloud once again delivered the strongest performance across Alphabet's businesses.
Revenue jumped 82% year over year to $24.8 billion, well ahead of analyst expectations, while cloud backlog reached $514 billion, highlighting continued demand from businesses building AI applications.
"We're still in a supply-constrained environment," Ashkenazi said, adding that Google is seeing "very strong demand both from external cloud customers as well as across the business."
About 60% of Google's infrastructure spending during the quarter went toward AI servers, with the rest invested in data centers and networking equipment.
Google's Gemini app is closing in on ChatGPTGoogle's AI assistant is approaching a milestone, signaling that Google's consumer AI strategy is gaining momentum amid intensifying competition with OpenAI and Anthropic.
The company said during Wednesday's earnings call that the Gemini app now has 950 million monthly active users, up from about 650 million last October and more than 750 million earlier this year. CEO Sundar Pichai also said during the earnings call that daily active users have tripled over the past year.
That puts Gemini within striking distance of OpenAI's ChatGPT, which recently reached roughly 1 billion monthly users.
Google is also trying to make its AI models cheaper to run. This week, it introduced three new Gemini models, including Gemini 3.6 Flash, which the company says improves coding performance while using fewer tokens, reducing the cost of deploying AI applications.
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Katherine Li You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Investors were eagerly anticipating Alphabet's (GOOG -1.20%) (GOOGL -1.44%) second-quarter earnings report on Wednesday, and the numbers did not disappoint.
Alphabet nearly doubled revenue in the key cloud segment, with Google Cloud revenue up 82% to $24.8 billion. Even more impressive was operating income in the cloud segment, which more than tripled to $8.8 billion, thanks to the boom in AI infrastructure spending.
Alphabet's overall numbers were strong as well, as revenue jumped 24% to $119.8 billion, well ahead of the consensus at $117 billion.
Operating margin also expanded from 32% to 34%, translating into $40.8 billion in operating income. Despite those strong results, Alphabet stock was down after hours, losing as much as 5% before clawing back some of those losses.
Image source: Google.
Alphabet's free cash flow goes negative While the numbers on the income statement were phenomenal, investors seem more concerned with the company's bulging capital expenditures.
Management had made it clear to investors that it was ramping up capex spending to capitalize on the opportunity in AI, and it raised its capex forecast again in the quarter, hiking it by $15 billion to $195 billion-$205 billion.
In the second quarter, the company also reported negative free cash flow for the first time ever as a publicly traded company. It brought in $39.1 billion in operating cash flow, but spent $44.9 billion on capital expenditures, giving it negative free cash flow of $5.8 billion.
After the increase in its capex forecast, the company is on track to spend around $120 billion in capex in the second half of the year, meaning that investors should expect the company to continue to report negative free cash flow.
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Should investors be worried? On a macro-level, the market seems suspicious about the massive capex spending from the four hyperscalers, Alphabet, Microsoft, Amazon, and Meta Platforms, which is likely to approach $800 billion this year.
That assumes a lot of value creation from AI in the future.
However, on an individual basis, Alphabet can easily manage a free cash outflow. The company has more than $240 billion in cash and marketable securities, and it has arguably more applications for AI spending than any other company, considering its Google Cloud business, Gemini and other generative AI investments, and its core advertising business.
While investors might see the move as risky, it should pay off over the long term. In the meantime, investors should be satisfied with 24% revenue growth, booming cloud growth, and its expanding operating margins.
Alphabet’s second-quarter earnings announcement on Wednesday (July 22) provided a clearer answer to one of the central questions surrounding generative AI: Are businesses moving quickly enough from testing the technology to paying for it at scale?
For Google, the evidence is increasingly coming from enterprise customers, where demand for computing capacity, Gemini models and AI applications contributed to an 82% increase in Google Cloud revenue and pushed Cloud backlog to $514 billion.
The scale of that demand has strengthened management’s view of the AI opportunity over the past year. Asked during the analyst Q&A whether Alphabet’s expectations for generative AI returns had changed, CEO Sundar Pichai said they had. He pointed specifically to conversations with corporate executives, saying many companies are “barely scratching the early stages of what’s possible here.”
Management has discussed supply constraints for several quarters. CFO Anat Ashkenazi acknowledged that demand continues to run ahead of the capacity Alphabet has added.
As a result, Google Cloud revenue reached $24.8 billion with Google Cloud Platform (GCP) growing faster than Cloud overall. AI infrastructure, core GCP products and AI solutions all contributed. Cloud operating income more than tripled to $8.8 billion.
Search remains the clearest test of whether Google can introduce generative AI as a tailwind to its core business. Search and other revenue rose 17% to $63.3 billion, while AI Overviews and AI Mode increasingly operate as parts of a single Search experience. Pichai said users are asking longer and more complex questions, and Google is seeing growth in total queries as people use AI features for searches they previously might not have made. The company is also extending AI Mode into more commercial queries, putting the product closer to shopping and purchase decisions.
Gemini Moves Into Search, Advertising and Commerce Gemini is becoming a larger part of that enterprise proposition. Nearly 90% of Fortune 100 companies are using Gemini Enterprise. Alphabet said nearly 500 Cloud customers have each processed more than 1 trillion tokens during the past year, while more than 2,000 enterprises have consumed more than 100 billion tokens.
Customers are deploying Gemini within cybersecurity, data analytics and other applications, where the model operates as one component of a broader system. “The model is just an ingredient in those solutions,” Pichai told analysts.
The same strategy is appearing in Google’s consumer businesses, particularly where Search intersects with advertising and shopping.
Search and other advertising revenue saw retail making the largest contribution and finance also contributing significantly. YouTube advertising revenue increased 13% to $11.1 billion, driven by direct-response and brand advertising. Overall advertising revenue rose 14%.
The company is also using Gemini throughout its advertising system, including query interpretation, advertiser tools and ads accompanying AI-powered search experiences. The company said Gemini helped produce a 20% improvement in showing relevant shopping ads. More than half of Google’s small- to medium-sized business advertising customers now use AI to create or optimize advertising creative.
Commerce is moving closer to those search and advertising products. Management said on the call that Target and Steve Madden are now live on its open-source Universal Commerce Protocol. It also announced Universal Cart, which lets consumers put merchandise from multiple retailers into one cart across Google services and complete a single checkout.
YouTube is developing a similar connection between content, advertising and transactions. Google is expanding shoppable advertising formats and has introduced Buy with Google Pay, allowing connected-TV viewers to complete purchases directly from the television in two clicks. It is also using affiliate partnerships and YouTube Shopping commissions to connect creators more directly with sales.
Gemini itself is also accumulating consumer scale. The Gemini app reached 950 million monthly active users, while daily active users have tripled over the past year. Alphabet’s model application programming interfaces (APIs) are processing approximately 22 billion tokens per minute, up from more than 16 billion a quarter earlier. More than 9 million developers are building with Google’s models each month.
Overall, Alphabet revenue increased 24% to $119.8 billion, while operating income rose 30% to $40.8 billion.
The cost of supplying AI demand remains part of the equation. Capital expenditures reached $44.9 billion during the quarter, and Alphabet raised its 2026 capital spending forecast to $195 billion to $205 billion from $180 billion to $190 billion. Management said the increase reflects faster deployment of computing capacity, while third-party capacity will temporarily supplement Google’s infrastructure. Investors, perhaps eyeing that ramp-up in investment, sent shares down 3.5% in after hours trading.
Asked about returns on additional computing investment in 2027, Pichai pointed to long-term customer agreements, renewals and continuing demand.
“We are seeing strong demand indicators, including long-term deals,” he said. “If anything, the dynamics look healthier than where we were about a year ago, and so that’s what gives us the confidence to undertake those investments.”
Item 1 of 2 Google's CEO Sundar Pichai speaks at Google's I/O 2026 developer conference in Mountain View, California, U.S. May 19, 2026. REUTERS/Manuel Orbegozo/File Photo
[1/2]Google's CEO Sundar Pichai speaks at Google's I/O 2026 developer conference in Mountain View, California, U.S. May 19, 2026. REUTERS/Manuel Orbegozo/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesGemini 3.5 Pro remains in partner testing after Google delayed its planned June releasePichai says Gemini 4 roadmap involves releases almost at a monthly cadencePichai emphasizes Flash models for cybersecurity, customer service, analytics and enterprise softwareShares dropped over 3% after hours and are down about 9% since AprilJuly 22 (Reuters) - Alphabet (GOOGL.O), opens new tab CEO Sundar Pichai used Wednesday's earnings call to mount a robust defence of Google's AI strategy, pushing back on concerns that the company has fallen behind rivals after delaying a flagship model and ceding ground in AI coding.
Investors have become increasingly uneasy over Google delaying the release of Gemini 3.5 Pro, a model originally slated for June that was expected to bolster the company's standing in AI coding and autonomous "agent" tasks, two of the industry's most fiercely contested areas.
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The latest setback has fueled worries that Google was losing momentum just as OpenAI and Anthropic and a host of Chinese rivals have accelerated the pace of model releases. On the call on Wednesday, Pichai struck an unusually defensive tone as analysts pressed him on the state of Google's frontier models and whether they could still compete at the cutting edge of AI development.
"We've had clearly frontier models. There are many attributes on which we are still at the frontier; there are areas where we've acknowledged we need to improve and coding and agentic coding is an example of that," he said in response to JPMorgan analyst Doug Anmuth, who questioned whether Gemini could remain competitive at the industry's leading edge and noted Google's slower release of models.
Rather than dwell on the Gemini 3.5 Pro delay, Pichai repeatedly highlighted Gemini Flash, Google's cheaper, faster "workhorse" model that powers a growing range of applications, including cybersecurity, customer-service agents, data analytics and enterprise software.
He pointed to Gemini 3.6 Flash, released this week, saying it had improved by more than 10 points on a coding benchmark compared with the previous version while using fewer tokens. The company on Tuesday also unveiled Gemini 3.5 Flash-Lite and a cybersecurity-focused Flash Cyber model, while keeping Gemini 3.5 Pro in partner testing.
"I think people will be pleased" when Google unveils Gemini 4, Pichai said, describing it as a "very ambitious effort." He stressed that Google is training a significantly larger model designed to compete at the frontier when it is released, adding that the company remains "very committed and very confident" about staying at the leading edge of AI.
When Barclays analyst Ross Sandler raised similar concerns about Google's model release pace, Pichai disclosed that Gemini 4's roadmap includes rolling out models "almost at a monthly cadence."
Pichai's vigorous defence underscores a growing challenge facing Google: persuading investors to judge its AI ambitions not by the delay of a single flagship model, but by the scale of an ecosystem spanning cloud infrastructure, custom AI chips and a portfolio of Gemini models embedded across its products and services.
While Google posted another quarter of blistering cloud growth on Wednesday — up 82%, far above an average estimate of 64% — Wall Street is increasingly focused on whether the company can regain leadership in AI coding and frontier reasoning, especially as its capital costs skyrocket.
Alphabet raised its capex plans by $15 billion to a range of $195 billion to $205 billion.
The company's shares fell more than 3% in after-hours trading. Concerns over Gemini's delays, coupled with several high-profile executive departures, have left the stock down about 9% since the end of April.
Reporting by Deborah Sophia in Bengaluru and Kenrick Cai in San Francisco; Editing by Sayantani Ghosh and Shri Navaratnam
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Kenrick Cai is a correspondent for Reuters based in San Francisco. He covers Google, its parent company Alphabet and artificial intelligence. Cai joined Reuters in 2024. He previously worked at Forbes magazine, where he was a staff writer covering venture capital and startups. He received a Best in Business award from the Society for Advancing Business Editing and Writing in 2023. He is a graduate of Duke University. Reach him on Signal at @kenrick.01.
When Alphabet and Tesla kicked off tech earnings season on Wednesday, one theme became immediately clear: AI spending is under a microscope.
Both companies reported negative free cash flow for the latest quarter and told investors to prepare for higher capital expenditures. They both also reported better-than-expected revenue, but that wasn't enough to prevent an after-market selloff, with Tesla shares sliding 4% and Alphabet down more than 3%.
It's a potentially ominous sign for the tech industry, particularly the other megacaps, which are mostly set to report quarterly results next week. Meta and Microsoft are scheduled to report next Wednesday, followed a day later by Amazon and Apple.
Much of the AI boom to date has been fueled by historic levels of infrastructure spending among a small crop of companies, including hefty investments into model developers OpenAI and Anthropic. But the recent emergence of cheaper open-source models, largely out of China, along with signs that corporate America is getting more frugal when it comes to spending on AI services, has raised concerns about the future returns on investment.
Heading into Wednesday's reports, Alphabet's stock was already on pace for its third straight monthly decline after surging in April, while Tesla shares were down 11% in July and 17% for the year. The tech-heavy Nasdaq has dropped about 5% since reaching a record in early June.
While Alphabet and Tesla are both spending at unprecedented levels, their numbers vary dramatically.
Google's parent company forecast capex for this year of $195 billion to $205 billion and warned of higher numbers in 2027. Prior guidance was for spending of $180 billion to $190 billion. At the top end of the new range, Alphabet could be the biggest spender in tech this year, as Amazon's latest guidance was for more than $200 billion, though that number may increase when the company reports results next week.
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Google and its hyperscaler peers are building out data centers packed with advanced chips so they can provide the computing power necessary to build and run the leading AI models and the services they power.
Mizuho analysts wrote in a note that Google's capex increase was "broadly anticipated," and that the overall story is positive, largely due to the surge in cloud revenue, which jumped 82% from a year earlier, blowing past estimates. Cloud margins expanded and usage of Google's Gemini model accelerated.
"As such we are surprised the stock is trading off after hours and would expect it to recover in trading tomorrow," wrote the analysts, who recommend buying the stock.
'As fast as we can spend'Tesla reiterated expectations for more than $25 billion in capex this year, which would represent about 200% year-over-year growth. In the second quarter, capex soared 142% to $5.79 billion. The company boosted spending on self-driving technology, AI and robotics initiatives that CEO Elon Musk has been touting for years.
Tesla is now retooling its factories to make the two-seater driverless Cybercab, and to manufacture Optimus humanoid robots, which are still being developed, while also preparing to start construction of a sprawling AI chip-manufacturing plant in Texas.
"We should be spending on capex as fast as we can spend, as fast as we can without it being too wasteful," Musk said on the earnings call. He added, "It's ok to be a little less capital efficient if we get things done sooner."
For both companies, the aggressive growth plans are resulting in a major hit to their cash holdings.
Free cash flow at Tesla turned negative in the quarter, with a deficit of $1.1 billion after the company generated $146 million in free cash flow a year ago and $1.44 billion in the first quarter of 2026.
"This is a massive capex year but we are confident that all the things that we are investing in will yield incredible returns," Musk said. He compared Tesla's spending and building in "many different arenas simultaneously," to that of Henry Ford with the Model T.
"I think probably this is the fastest industrial scale-up since World War II in America," Musk said.
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The numbers at Alphabet were even more stark, with free cash flow sinking to negative $5.9 billion after the company, which is lauded for its fat margins from online ads, generated almost $25 billion in free cash flow a year ago.
"We expect the free cash flow will remain under pressure, driven by our investments in technical infrastructure, which enables us to capitalize on the AI opportunity and continue to drive attractive returns," CFO Anat Ashkenazi said on the earnings call.
Most of the company's $44.9 billion in capex in the second quarter went to infrastructure to support the AI buildout, Ashkenazi said.
In addition to building its own data centers, Google executives said they also plan to rely on capacity from third-party cloud providers to meet feverish computing demand, building on a recent compute deal with Musk's SpaceX, which now owns xAI and its Memphis data centers.
The results on Wednesday did nothing to squash the enthusiasm of bullish analysts and investors.
Keith Fitz-Gerald, principal at investment consulting firm Fitz-Gerald Group, said that at Tesla, "profitability is being sacrificed for infrastructure" just as it was previously at companies including Amazon and Netflix.
"I expect it to pay off in spades over the next 12-24, even 36 months," Fitz-Gerald wrote in a note after the report.
And Rebecca Wettemann, CEO of tech research firm Valoir, said in an email that Google's core business remains strong and that its AI investments are generating returns.
"Google's momentum should calm some market fears about AI overspending," she wrote. "Strong performance across its businesses show search isn't dead, advertising still matters, and cloud investment is still a good bet."
Amazon.com Inc (NASDAQ:AMZN) reports second-quarter earnings on July 30, and Bank of America is raising the bar ahead of the print, arguing AWS is accelerating faster than the Street expects.
BofA now projects second-quarter revenue of $198.8 billion and operating profit of $24.1 billion, both above consensus of $196.8 billion and $23.6 billion.
The upside case centers on AWS: the bank raised its growth estimate to 33% year over year, up from 31%, a 5-point acceleration from the first quarter.
The driver is surging demand from AI model providers, with Anthropic-related revenue and OpenAI models on Bedrock cited as key contributors.
AWS margins should expand year over year to 34% on strong capacity utilization and pricing, though they'll contract sequentially as stock-based compensation rises.
Retail looks steadier. Bank of America card data shows online spending accelerated 2 points sequentially, consistent with Street expectations for North American retail growth to reach 14% year over year, even as the Prime Day bump appeared more modest than in prior years. BofA also thinks Amazon could raise its 2026 capex outlook to $210 billion on higher memory costs.
For the third quarter, BofA expects revenue guidance of $200.5 billion to $205.5 billion, a midpoint just below the Street's $204 billion. That outlook bakes in a roughly $1 billion sequential decline in North American retail tied to Prime Day timing, offset by international growth and AWS accelerating to 36%, adding an estimated $3.8 billion sequentially.
On profit, BofA expects a guidance range of $21.5 billion to $26.5 billion, with a $24 billion midpoint, flattish sequentially and slightly below the Street's $25 billion. Amazon typically guides conservatively, but AWS acceleration should still drive sequential profit growth.
BofA's broader thesis is that results will showcase Amazon's improving AI positioning, including AWS acceleration, an expanding backlog reportedly including $100 billion tied to Anthropic, positive Bedrock datapoints, and margin benefits from Amazon's Trainium chips.
Amazon is paying out $1.5 billion to customers as part of its settlement with the FTC. STEFANI REYNOLDS/AFP via Getty Images Amazon is required to pay out $1.5 billion to affected customers as part of its FTC settlement — and you have less than a week left to claim your share.
The Federal Trade Commission sued Amazon in 2023, accusing the company of enrolling customers in Amazon Prime without their knowledge or consent and making it difficult for them to cancel.
Amazon settled with the FTC last year, agreeing to pay out a large sum to customers and a $1 billion civil penalty, for a total of $2.5 billion.
The settlement followed a Business Insider investigation that revealed Amazon Prime's sign-up tactics could be misleading.
Amazon issued automatic refunds to some eligible customers between November and December 2025. Additional eligible customers have until July 27, 2026, to request a refund.
Here's what you need to know about getting the payout.
How much is the Amazon Prime settlement payment?Affected customers can receive a refund for Amazon Prime subscription fees, up to $51.
Who is eligible to file a compensation claim from Amazon Prime?You are eligible to file a claim for the Amazon Prime lawsuit payout if you did not already receive an automatic refund and meet the following criteria:
You signed up for Amazon Prime in the US.You unintentionally enrolled in Prime through one of the sign-up processes challenged by the FTC between June 23, 2019, and June 23, 2025 (Amazon will use its records to determine whether you enrolled through an eligible process, referred to as a "challenged enrollment flow"); or you tried and failed to cancel through the online cancellation process during the same time period.You used fewer than 10 Prime benefits, such as shopping, delivery, and streaming, during a one-year period of having Prime.How do I claim the refund from Amazon Prime?You can file a claim by visiting the official website and clicking "File Claim."
If you received a mailed or emailed notice from Amazon, you should provide the Claim ID and PIN that you were assigned.
If you did not receive a notice but believe you are eligible for a refund, you can still submit a claim by providing your personal details and explaining how you believe you are eligible: either if you unintentionally enrolled in Prime or unsuccessfully tried to cancel during the relevant time period. Amazon says it will use its records to confirm if you meet the eligibility criteria.
How and when will I be paid?Amazon has 30 days to review claims after they are received. All payments are to be issued by September 2026.
Payments will be made by PayPal, Venmo, or mailed checks, depending on the customer's preference given when submitting the claim.
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Kelsey Vlamis You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Kelsey is a senior reporter for Business Insider, where she covers business and tech news as well as stories about travel, luxury, and consulting.Her feature story "Disaster at 18,200 feet" received awards from the New York Press Club and the North American Travel Journalists Association, as well as honorable mention from the Society of American Travel Writers. It was also included on Longreads' and Pocket's best of 2022 lists. She has also received an American Journalism Online Award for her coverage on missing and murdered Indigenous people in Wyoming.She's appeared on CBS, NPR, NBC, and other outlets to discuss her work. She previously worked on the world news desk at the BBC in London and received a master's in journalism from Northwestern University.She can be reached by email at [email protected] or via the encrypted-messaging app Signal @kelseyv.21.Popular storiesDisaster on Denali: Inside a 1,000-foot fall on America's highest peakThrifting is more popular than ever. It's also never been worse.Rolex wouldn't service the vintage watch my mom inherited. Watchmakers say it happens all the time.A tiny, invasive bug and the climate crisis are changing how guitars are made, and shifting the course of music historyThe tourism free-for-all is overGovernment-run boarding schools were founded to 'civilize' Native Americans. Hundreds of dead children remain buried in the schoolyard graves.Meet the Texas minister who helps fly dozens of women to New Mexico every month to get abortionsPeople are flocking to Colorado for the great outdoors, but the air pollution is so bad, it's forcing many to stay insideInside Kabul: An aid worker reveals the devastating chaos that erupted during the US exit from Afghanistan
Andrew Arons shares his perspective on the recent market volatility and what investors should be watching. He highlights Microsoft (MSFT) ahead of its earnings report next Wednesday, noting the stock's near 30% decline from all-time highs, pointing to it as a buy opportunity.
New York, New York--(Newsfile Corp. - July 22, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Microsoft Corporation (NASDAQ: MSFT) between May 1, 2025 and January 28, 2026, inclusive (the "Class Period"), of the important August 11, 2026 lead plaintiff deadline.
SO WHAT: If you purchased Microsoft common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Microsoft class action, go to https://rosenlegal.com/cases/microsoft-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 11, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Microsoft's Copilot family of products had experienced significant brand positioning, user experience, usage, data siloing, computational capacity, organizational, and interoperability problems; (2) Microsoft's flagship proprietary AI model ranked well below competitors on a number of benchmark tests; (3) Microsoft needed to increase by billions of dollars its capital expenditures and divert graphics processing unit ("GPU") and central processing unit ("CPU") capacity away from fulfilling demand for its profitable Azure services in order to improve the competitive positioning of its critical Copilot family of products and increase its AI-related research and development ("R&D"); and (4) as a result, Microsoft had failed to convert a significant percentage of its commercial Microsoft 365 users to paid Copilot subscriptions and Microsoft's Copilot offerings had lost market share to rival products, a trend that was increasing. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Microsoft class action, go to https://rosenlegal.com/cases/microsoft-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306163
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Microsoft Corporation (NASDAQ: MSFT) between May 1, 2025 and January 28, 2026, inclusive (the “Class Period”), of the important August 11, 2026 lead plaintiff deadline.
SO WHAT: If you purchased Microsoft common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Microsoft class action, go to https://rosenlegal.com/cases/microsoft-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 11, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Microsoft’s Copilot family of products had experienced significant brand positioning, user experience, usage, data siloing, computational capacity, organizational, and interoperability problems; (2) Microsoft’s flagship proprietary AI model ranked well below competitors on a number of benchmark tests; (3) Microsoft needed to increase by billions of dollars its capital expenditures and divert graphics processing unit (“GPU”) and central processing unit (“CPU”) capacity away from fulfilling demand for its profitable Azure services in order to improve the competitive positioning of its critical Copilot family of products and increase its AI-related research and development (“R&D”); and (4) as a result, Microsoft had failed to convert a significant percentage of its commercial Microsoft 365 users to paid Copilot subscriptions and Microsoft’s Copilot offerings had lost market share to rival products, a trend that was increasing. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Microsoft class action, go to https://rosenlegal.com/cases/microsoft-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827 [email protected]
www.rosenlegal.com
Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>
Here are the key points:
The Q2 earnings season is displaying exceptional momentum, characterized by widespread beat rates and an accelerating growth pace. Both earnings and revenue growth—alongside the percentage of positive surprises—are tracking well above recent quarterly averages. While it is still relatively early in the reporting cycle, with results from only 16% of S&P 500 members out, these early results strongly validate the underlying health and resilience of the corporate earnings picture.For the 81 S&P 500 companies that have reported Q2 results already, total earnings are up +40.6% from the same period last year on +13.3% higher revenues, with 91.4% beating EPS estimates and 81.5% beating revenue estimates.This is a notably better showing from these 81 index members relative to other recent periods, both in terms of the earnings and revenue growth rates as well in terms of the beats percentages. The EPS and revenue beats percentages for these 81 index members is matching the 5-year high from 2021 Q3.The Q2 earnings and revenue growth rates have been boosted by Micron’s (MU) very strong quarterly results, but the earnings and revenue growth rates would still compare favorably with other recent periods when we exclude Micron from these results. Excluding Micron, Q2 earnings for the remaining 80 index members that have reported Q2 results would be up +20.5% (vs. +40.6% otherwise) on +9.9% higher revenues (vs. +13.3% otherwise). High Beat Rates Against Rising EstimatesWhile the big banks and brokerages provided a powerful launchpad for the Q2 earnings season, reporting momentum has rapidly expanded well beyond the Finance sector. The central theme emerging across the broader market remains one of consistent, widespread strength.
Companies across a diverse spectrum of industries—ranging from General Motors (GM - Free Report) and AT&T (T - Free Report) to Wabtec (WAB - Free Report) and CME Group (CME - Free Report) —are comfortably topping consensus estimates. More importantly, management commentary across these varied sectors continues to offer reassuring signals regarding underlying demand and operational resilience in their respective markets.
As shown below, the proportion of companies beating both Q2 EPS and revenue estimates is tracking at a 20-quarter high.
Image Source: Zacks Investment Research
What makes this achievement particularly impressive is the backdrop: analysts actually revised Q2 estimates upward heading into reporting season. This stands in stark contrast to historical trends, where earnings expectations are typically lowered ahead of time to create an easy bar for companies to clear. Beating these elevated expectations underscores the genuine underlying strength of corporate earnings.
The Earnings Big PictureThe chart below shows S&P 500 expectations for 2026 Q2 in terms of what was achieved in the preceding four periods and what is currently expected for the following three quarters.
Image Source: Zacks Investment Research
The chart below shows the overall earnings picture for the S&P 500 index on an annual basis.
Image Source: Zacks Investment Research
As with estimates for Q2, estimates for full-year 2026 have also been steadily going up, particularly since the start of March. The chart below shows the evolution of aggregate S&P 500 earnings estimates since last July.
Image Source: Zacks Investment Research
Full-year 2026 earnings estimates have increased for 11 of the 16 Zacks sectors since the start of March, with the most pronounced gains at the Energy, Basic Materials, Tech, Industrials, Utilities, and Business Services sectors. On the negative side, estimates have been under pressure for the Transportation, Autos, Medical, and Consumer Discretionary sectors since the start of March. History suggests that these favorable revisions will get a boost from the Q2 earnings season and updated management guidance.
On Wednesday, IBM officially reported earnings and the news was as bad as everyone knew it would be.
While the 115-year-old company still generates boatloads of cash — $17.2 billion in revenue, $9.9 billion in gross profit, nearly 58% margins, and $2.2 billion in net earnings for the quarter — its results fell well short of Wall Street’s expectations.
It was such a bad miss that IBM CEO Arvind Krishna and the board took an unprecedented step of warning investors ahead of time that the earnings “was worse than our expectations,” offering everyone a sneak peek.
He published a “letter to investors,” last week sharing preliminary results. It warned of abysmal revenue in the company’s all-important “infrastructure” category and said that profit margins were also going to take a hit. The company’s stock instantly tanked 25%, it’s biggest single-day decline ever. Until then, the stock had performed well under Krishna’s six years of leadership, buoyed by the AI data center boom that had been lifting all boats.
On Wednesday, IBM also lowered its full-year growth forecasts, meaning this horrible quarter would impact the rest of the year. The culprit? IBM’s cash-cow mainframe business was down 42%.
That’s a cascading problem, because as CFO Jim Kavanaugh explained on the quarterly call with investors, IBM earns $3 in software revenue for every $1 of mainframe hardware it sells.
However, the CEO and CFO spent the call insisting that this was a temporary blip and all would be well soon.
What happened, they said, was that “tens” of customers that were due to buy a new mainframe during the quarter opted not to do so. That may not sound like a lot of customers, but mainframes are systems that cost hundreds of thousands to millions of dollars, and with maintenance contracts and software, generate many millions more.
The same AI boom that lifted IBM’s boat also sank it.
Instead of buying a new mainframe, these clients bought other hardware, Krishna explained. They were faced with astronomically high cost increases of 15% to 30% for data center gear and PCs.
“When they were faced with that issue, then they decided to move budget to those areas where they were having that extreme price,” Krishna said.
Enterprise hardware makers like Dell and HP have warned that rising costs on components like memory, caused by the AI build-out boom, have forced them to raise prices. Apple has said the same.
But Krishna promised that those customers will still buy their new mainframes eventually — along with their new software contracts. In fact, he said some of them have already done so this quarter. “We see no evidence of clients moving off the mainframe,” he said.
We’ll have to wait and see. But the tech industry has predicted the death of the mainframe for many decades now. Maybe even AI won’t kill it.
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International Business Machines Corporation (IBM) Q2 2026 Earnings Call July 22, 2026 5:00 PM EDT
Company Participants
Olympia McNerney - Global Head of Investor Relations
Arvind Krishna - CEO, President & Chairman
James Kavanaugh - CFO and Senior VP of Finance & Operations
Conference Call Participants
Amit Daryanani - Evercore ISI Institutional Equities, Research Division
Brent Thill - Jefferies LLC, Research Division
Benjamin Reitzes - Melius Research LLC
Fatima Boolani - Citigroup Inc., Research Division
Erik Woodring - Morgan Stanley, Research Division
Matthew Swanson - RBC Capital Markets, Research Division
Presentation
Operator
Welcome, and thank you for standing by. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.
Now I will turn the meeting over to Olympia McNerney, IBM's Global Head of Investor Relations. Olympia, you may begin.
Olympia McNerney
Global Head of Investor Relations
Thank you. I'd like to welcome you to IBM's Second Quarter 2026 Earnings Presentation. I'm Olympia McNerney, and I'm here today with Arvind Krishna, IBM's Chairman, President and Chief Executive Officer; and Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer.
We'll post today's prepared remarks and a replay of today's webcast on the IBM Investor website within a couple of hours. The earnings presentation is already available. To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our investor website.
Finally, some comments made in this presentation may be considered forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company's
IBM (IBM - Free Report) reported $17.16 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 1.1%. EPS of $2.93 for the same period compares to $2.80 a year ago.
The reported revenue represents a surprise of -0.03% over the Zacks Consensus Estimate of $17.17 billion. With the consensus EPS estimate being $2.93, the company has not delivered EPS surprise.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how IBM performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- Software: $7.76 billion compared to the $7.95 billion average estimate based on five analysts. The reported number represents a change of +5.1% year over year.Revenue- Consulting: $5.33 billion compared to the $5.38 billion average estimate based on five analysts. The reported number represents a change of +0.2% year over year.Revenue- Financing: $186 million compared to the $172.79 million average estimate based on five analysts. The reported number represents a change of +12.1% year over year.Revenue- Infrastructure: $3.84 billion compared to the $3.95 billion average estimate based on five analysts. The reported number represents a change of -7.4% year over year.Revenue- Other: $52 million compared to the $47.75 million average estimate based on four analysts. The reported number represents a change of -267.7% year over year.Revenue- Intelligent Operations: $2.4 billion compared to the $2.41 billion average estimate based on three analysts. The reported number represents a change of 0% year over year.Revenue- Automation: $2 billion compared to the $2.03 billion average estimate based on three analysts. The reported number represents a change of +5.3% year over year.Revenue- Strategy and Technology: $2.9 billion versus the three-analyst average estimate of $2.95 billion. The reported number represents a year-over-year change of 0%.Revenue- Hybrid Cloud: $2 billion compared to the $2 billion average estimate based on three analysts. The reported number represents a change of +11.1% year over year.Revenue- Infrastructure Support: $1.3 billion versus the three-analyst average estimate of $1.18 billion. The reported number represents a year-over-year change of 0%.Revenue- Data: $1.8 billion versus $1.87 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +20% change.Revenue- Transaction Processing: $2 billion compared to the $2.19 billion average estimate based on three analysts. The reported number represents a change of -9.1% year over year.View all Key Company Metrics for IBM here>>>
Shares of IBM have returned -20.6% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
New York, New York--(Newsfile Corp. - July 22, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of First Solar, Inc. (NASDAQ: FSLR) between February 26, 2025 and February 24, 2026, inclusive (the "Class Period"), of the important August 24, 2026 lead plaintiff deadline.
SO WHAT: If you purchased First Solar securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the First Solar class action, go to https://rosenlegal.com/cases/first-solar-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 24, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) defendants had overstated First Solar's capacity to manage the impact of U.S. tariff policy on First Solar's business; (2) defendants understated the extent to which its responses to U.S. tariff policy, including the intentional underutilization of production facilities in Malaysia and Vietnam, and attempted relocation of production to the U.S., were likely to negatively impact First Solar's projected performance in the 2026 fiscal year; and (3) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the First Solar class action, go to https://rosenlegal.com/cases/first-solar-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306186
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
