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Top stories today:
- Trump signs orders to boost AI with looser rules, more energy
- Alphabet Q2 revenue +14% YoY, 2025 capital spending forecast +13%
- Trump sets 15%-50% range for tariffs, with 15% as likely minimum
- Meta unveils wristband to control computers with hand gestures
- Tesla Q2 revenue -12% YoY, -16% in auto revenue
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 todayās newsletter (beware of hallucinations):
1. Trump signs orders to boost AI with looser rules, more energy for data centers
Blocked AI groups with āideological biasā from federal government procurement.
An AI Action Plan was unveiled to overhaul permitting and streamline environmental rules for AI infrastructure projects.
Suggested new location verification features in advanced AI chips to restrict Chinese AI development.
Recommended stabilizing the grid and improving transmission.
Prioritizing reliable, dispatchable power sources like nuclear and geothermal to meet rising demand.
All In and the Hill and Valley Forum hosted the President for his announcement
2. Alphabet Q2 revenue +14% YoY, 2025 capital spending forecast +13% to $85B
+10.9% in Q2 revenue was expected by Wall Street analysts.
$58.8B was expected in capital expenditures in 2025.
āOur AI infrastructure investments are crucial to meeting the growth in demand from cloud customers,ā CEO Sundar Pichai said.
Google Cloud revenue was +32% YoY to $13.6B and its operating income was $2.8B
Alphabetās Q2 capital expenditures +70% YoY to $22.4B
Further increases in capital expenditures are expected in 2026, Alphabet CFO Anat Ashkenazi said.
Google Search unitās revenue +12% YoY to $54.2B and advertising revenue +10.4% to $71.3B
AI Overviews now has over 2B monthly users, up from 1.5B last quarter.
450M+ MAUs on the Gemini app.
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4. Trump sets 15%-50% range for tariffs, with 15% as likely minimum
Major trade partners for the U.S. include Mexico, Canada, and China:
