Apple reports Q2 earnings today — its first since naming John Ternus as Tim Cook’s successor. Wall Street expects EPS of 1.96 on 109.7 billion in revenue, with iPhone sales up 21.6%. A global memory shortage from AI data center build-out could pressure margins.
Alphabet topped Q1 estimates Wednesday, posting EPS of 5.11 on 109.9 billion revenue, driven by strong Google Cloud growth of $20 billion. The company also plans to sell its custom TPU chips to third parties. Stock rose 3%.
Meta beat earnings with EPS of 10.44 on 56.3 billion revenue, but the stock fell 6% after hours as the company raised its 2026 AI spending forecast to between 125 billion and 145 billion, citing higher component pricing.
Oil prices surged to 126 a barrel—the highest since 2022—as President Trump mulled extending the naval blockade of Iranian ports, keeping the Strait of Hormuz effectively closed. US average gas prices hit a four-year high of 4.23.
Nvidia B300 servers now cost about $1 million in China, nearly double from late last year, after US crackdowns on chip smuggling dried up black-market supply. Strong AI demand from Chinese tech firms continues to drive prices higher.
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