Good Afternoon. If your tech heavy portfolio feels hotter than the sidewalk in July, you’re not alone. Microsoft just hit a $4 trillion valuation, Figma’s IPO lit up Wall Street like the Fourth of July, and Mark Zuckerberg says you’ll soon need AI glasses just to keep up with your neighbors. Meanwhile, OpenAI is moving to Norway for that cool Arctic energy. Let’s dive in.

—Rosie, Wyatt, Evan & Conor

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1. Microsoft Hits $4 Trillion Milestone on Blockbuster Earnings

The News: Microsoft’s fourth-quarter results smashed expectations, sending its shares up over 7% and pushing the company’s valuation above $4 trillion for the first time. Quarterly revenue hit $76.4 billion, with profits soaring to $27.2 billion. The big driver: Azure, Microsoft’s cloud division, saw revenue jump 39% and topped $75 billion in annual sales, closing the gap with Amazon Web Services and staying ahead of Google Cloud.

Why It Matters: Microsoft is now firmly entrenched as an AI and cloud heavyweight. CEO Satya Nadella credited AI-powered tools and soaring demand for cloud services as key to the company’s record-setting quarter. With over 100 million monthly Copilot users and $46.7 billion in quarterly cloud revenue, Microsoft’s momentum is accelerating even as it prepares to spend more than $30 billion next quarter to keep building its AI infrastructure. The company joins Nvidia in the ultra-exclusive $4 trillion club, cementing its leadership in tech’s next era.
Source: reuters.com

2. Zuckerberg Warns: No AI Glasses = 'Cognitive Disadvantage'

The News: Meta CEO Mark Zuckerberg declared during Meta’s Q2 earnings call that not owning AI-powered smart glasses in the future could leave people at a "significant cognitive disadvantage." He argued that smart eyewear, letting AI see, hear, and interact with your daily world, will soon be the primary way we use artificial intelligence. Meta’s Ray-Ban glasses are selling fast, with sales more than tripling year-over-year, and new Oakley Meta glasses expanding the lineup.

Why It Matters: Zuckerberg is betting billions that smart glasses will be the next must-have device, despite Meta’s Reality Labs division posting a $4.53 billion quarterly loss (and nearly $70 billion in red ink since 2020). While critics question the burn rate, Meta is pushing ahead, arguing that AI glasses will be as transformative as smartphones and competitors like Apple and OpenAI are quietly racing to catch up. If Zuck is right, glasses may soon be as essential as your phone or, in his words, "the ideal form factor for AI." Nerd alert.
Source: fortune.com

3. Apple could lose $12.5B if Google search deal ends

The News: JPMorgan warns Apple could lose up to $12.5 billion in annual revenue if federal courts bar Google from paying to be the default search engine on Apple devices. This risk comes as Judge Amit Mehta prepares to rule on antitrust remedies after finding Google maintained its search monopoly through exclusive deals including payments of $15–$28 billion a year to Apple globally.

Why It Matters: Losing Google’s search deal would hit about 15% of Apple’s earnings per share and deal a major blow to its booming Services segment. While a total ban is unlikely, even moderate restrictions could force Apple to find new partners, introduce user choice screens, or build / buy their own AI search engine like Perplexity. As regulators turn up the heat, Apple faces real pressure to diversify away from its Google cash cow, reminding investors that even tech giants aren’t immune to antitrust shake-ups.
Source: yahoo.finance.com

4. 1st pills for obstructive sleep apnea show promising results in trials

The News: Two new oral drugs for obstructive sleep apnea (OSA) delivered impressive results in recent clinical trials, potentially paving the way for the first pill-based alternative to CPAP machines. Apnimed’s AD109 cut apnea severity by nearly 47% in a Phase 3 study, while Incannex Healthcare’s IHL-42X reduced breathing interruptions by up to 83% in a Phase 2 trial. Both companies are advancing toward FDA approval, aiming to address a massive unmet need among 39 million Americans with OSA.

Why It Matters: These breakthroughs could disrupt a $10+ billion global sleep apnea market and investors are watching closely. Apnimed, developer of AD109, is a privately held U.S. biotech and not yet publicly traded. Incannex Healthcare (ticker: IXHL) is an Australia-based biotech publicly traded on the NASDAQ. If these pills reach approval, Incannex stands to gain direct exposure as a first-mover in this new drug category. If approved, these pills could become the go-to treatment for millions who can’t tolerate CPAP therapy, reshaping the sleep medicine landscape and creating potential new winners in the pharma sector. Ironically, Incannex risks delisting from Nasdaq as its decline, on fears of share dilution and capital requirements for Phase 3 trials, over the last few days puts it stock below $1.00.
Source: abcnews.com

5. Figma Shares Jump More Than 200% in Stock-Market Debut

The News: Figma shares soared over 200% in their highly anticipated stock-market debut, closing above $100 and giving the collaborative design software company a market cap north of $19 billion. The IPO, which raised $1.2 billion, marks the largest venture-backed tech listing since 2021 and signals a major revival for the U.S. IPO market. Figma’s listing follows a surge in demand from investors, with shares opening at $85, more than double the IPO price, and briefly pausing for volatility.

Why It Matters: Figma’s red-hot debut adds serious momentum to a sluggish IPO market, showing investor appetite is back for high-growth tech firms. It’s a huge win for early backers like Sequoia Capital (whose stake is now worth over $1 billion) and could encourage other big names like Klarna and StubHub to jump in this fall. With Figma’s cloud-based tools used by Netflix, Uber, and Airbnb, the IPO also highlights ongoing demand for collaborative software and offers public investors a fresh way to bet on digital transformation as dealmaking heats up again.
Source: wsj.com

1. OpenAI announces $1B European data center in Norway

The News: OpenAI has announced Stargate Norway, a $1 billion AI data center to be built near Narvik, its first major infrastructure project in Europe. The facility is a 50/50 joint venture between British firm Nscale and Norwegian energy giant Aker, with OpenAI as the main customer. Stargate Norway will launch with 230 megawatts of capacity, aiming to expand to 520 MW, and deploy 100,000 Nvidia GPUs by the end of 2026.

Why It Matters: As Europe races for AI sovereignty, Stargate Norway represents a big step toward reducing reliance on U.S.-based data centers and empowering European developers, startups, and researchers. The facility will run on renewable hydropower and use advanced liquid cooling for efficiency, supporting both the continent’s green goals and digital ambitions. The project underscores the rapid global expansion of AI infrastructure and puts Norway on the map as a key player in the next era of AI. Keep in mind, the total cost for 100,000 GPUs would range from approximately $2.5 billion to $4 billion, not a bad deal for Nvidia either.
Source: techcrunch.com

2. Bank of Japan holds rates at 0.5%, raises inflation outlook

The News: The Bank of Japan held its key interest rate steady at 0.5%, sticking with its cautious approach even as it sharply raised its inflation forecast for 2025 to 2.7%. Officials cited rising food prices, especially rice, as the main driver, and nudged up GDP growth expectations to 0.6% after progress on U.S.-Japan trade talks. Japan’s inflation remains above the BOJ’s 2% target, but policymakers unanimously agreed more time is needed before further rate hikes.

Why It Matters: Despite rising prices and higher growth projections, the BOJ is still playing it safe, favoring stability over abrupt policy shifts. Remind you of Jerome Powell? With global central banks on different tracks, Japan’s gradual approach means real interest rates stay negative, supporting borrowing but putting continued pressure on the yen. The market will watch closely for any future rate hikes, but for now, Japan remains an outlier among major economies still hesitant to fully tighten policy.
Source: nippon.com

3. Colombia Decree to Nationalize Health Care

The News: Colombia’s government has issued a sweeping decree to implement key elements of President Gustavo Petro’s failed healthcare reform—despite the reform’s double rejection by Congress. The decree transforms private healthcare intermediaries (EPS) into “health managers” with a diminished role, shifts more power to public authorities, and aims to establish a preventive and predictive health model. The opposition and industry groups are fiercely critical, vowing legal challenges and accusing the government of bypassing democratic process and ignoring warnings about past public system failures.

Why It Matters: Colombia’s move signals a major shakeup for its health sector, bypassing Congress to push controversial reforms that could dramatically expand public control and diminish the role of private companies. The country’s existing mixed system, while flawed, has been in place for over 30 years, and critics warn this unilateral overhaul could worsen service and funding woes. Expect heightened political tension, legal battles, and potential disruption for millions of Colombians depending on healthcare access at a time when public trust in government management is already shaky. If the reforms spark social unrest or broader economic instability, they could also ripple into trade relations, potentially disrupting Colombian exports to the U.S. (including coffee, flowers, oil, and manufactured goods) at a moment when supply chains are already under global stress.
Source: colombiaone.com

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