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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 revenue +5% YoY to $95.4B, beating estimates amid tariff pressure

~+5% in net income to $24.8B.
+12% in services revenue to $26.6B.
U.S. tariffs are expected to add $900M to Apple’s costs for Q3, CEO Tim Cook said.
Tariffs are likely to increase manufacturing in India, Vietnam, and other regions with labor prices similar to China, not the U.S. itself.

Apple stock is ~-3% in pre-market trading, as Cook said “very difficult” to predict tariff costs beyond Jun.

Google Finance: Apple stock.

2. Step into Summer Style, The Italian Way*

Luca Faloni

From brunches in Napa to evenings in the city, Luca Faloni’s summer collection brings effortless Italian style to your Bay Area wardrobe. Discover breathable linen shirts, ultra-light silk-cotton staples, elegant polos, and tailored summer trousers—crafted in Italy for comfort and charm in every setting. Whether you’re escaping to the coast or staying local, elevate your look with ease. Sign up for our newsletter and enjoy 10% off your first purchase.

Luca Faloni’s Summer Wardrobe Essentials:

Classic Linen Shirt: A signature staple, crafted from the finest Italian linen for breathable elegance from day to night.
Silk-Cotton Shirt: Ultra-light with a subtle sheen—perfect for refined summer dressing when the temperature rises.
Cotton Piqué Polo: A fresh twist on a classic, offering a comfortable silhouette for smart-casual versatility.
Linen Jersey Polo Shirt: Naturally cooling and exceptionally soft, ideal for those particularly balmy days.
Lightweight Cotton Chinos: Tailored for comfort, these refined pants move with you from city strolls to coastal escapes.