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0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Apple Q2 FY26 revenue +17% YoY to $111.2B vs. $108.9B est., net income +19%

+22% YoY in iPhone sales to $57.0B vs. $57.2B est.
- Apple blamed supply constraints for missing iPhone sales estimates.
+6% in Mac sales to $8.4B.
+8% in iPad sales to $6.9B.
+5% in Wearables, Home, and Accessories sales to $7.9B.
+16.3% in Services revenue to $31.0B.
Greater China sales +28% YoY to $20.5B vs. $18.9B est.

iPhone accounted for 51% of revenue vs. 49% a year earlier

Q3 FY26 sales seen +14%-17% vs. +9.1% est.
Apple warned memory-chip costs will rise and Mac shortages may persist for “several months.”
Incoming CEO John Ternus said he will maintain Tim Cook’s “thoughtfulness, deliberateness and discipline.”

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3. Elon says xAI “partly” distilled OpenAI models in Altman trial

Elon Musk said under oath that xAI partly used OpenAI models in training.
OpenAI has sought to prevent rivals, including China’s DeepSeek, from distilling its models.
U.S. AI labs often use each other’s models for benchmarking and safety testing.
The judge told Musk’s lawyer to avoid existential AI arguments and focus on OpenAI’s founding.
OpenAI lawyers said Shivon Zilis acted as a covert liaison between Musk and the company.

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