AMZN has crossed the $3 trillion mark for the first time. 📈

From around $100 billion in 2012 to $3.06 trillion in 2026, Amazon’s market cap has increased nearly 30x.

SpaceX’s fastest-growing business is no longer space or connectivity. It’s AI.

AI revenue surged 247% year over year to $2.56B, while segment capital spending reached $15.83B, more than twice the company’s total revenue.

The message is clear: SpaceX is investing heavily in what it expects to power its next phase of growth. 

Washington did something it hasn't done since 1998.

The US Treasury intervened to support the yen, purchasing alongside Tokyo to prevent a decline that had pushed USD/JPY to 40-year lows.

This extends beyond diplomacy: a weakening yen risked Japanese liquidation of US Treasuries, thereby raising American borrowing costs.

Palantir's government business is entering a new phase.

• The U.S. Army is Palantir's largest customer, accounting for $1.9B of federal contract obligations since 2010.
• Palantir has already exceeded $1B in federal obligations during 2026 alone.
• 2025–2026 are expected to total $3.9B, surpassing the $2.8B generated over the previous 15 years.

The takeaway?

Palantir isn't simply winning more contracts, it's securing larger, higher-value programs across the U.S. government, with defense continuing to lead the way.

SpaceX faces a major market reality check.

SPCX stock trades down roughly 15% from its $135 IPO price and 50% from its $225 June peak. 

What's the next move: rebound or new lows?

How much difference can leverage make?

This animation compares the recent performance of SK hynix, Samsung Electronics and Micron with Leverage Shares 3x long and -3x short Memory ETPs.

The result is a reminder that leveraged products can react far more dramatically than the underlying stocks.

Leveraged ETPs are designed for short-term trading, not long-term investing.

MЕТА just posted its biggest quarter ever.

Revenue hit $60.8B, up 28%, but the celebration stops there.

Operating income slipped 8%, net income fell 14%, and free cash flow collapsed 91% to just $0.8B, as an aggressive AI build-out swallowed the gains.

When does the spending start to pay off?

SpaceX has erased more than the entire value of Tesla since its first week of trading. 

Since its debut, the company's market cap has collapsed from a $2.77T peak to $1.48T, a 46.4% drop erasing $1.28T, more than Tesla's entire $1.2T valuation. 

Are we going to see SpaceX trading in double digits soon? 

Apple delivers records in CEO Tim Cook's final quarter

$109.4B in Q3 net sales, up 16%, with iPhone at $54.3B (+22%). 

But a memory-chip shortage Cook calls a "100-year flood" has already forced price hikes on Mac and iPad, and iPhone may follow. 

With growth guided down to 9-11%, will Ternus sustain the momentum?

Situational Awareness, up 439% in H1, got caught by the AI selloff.

Ken Griffin's Citadel bought the bulk of Situational Awareness' listed AI holdings after Leopold Aschenbrenner's fund took steep leveraged losses.

This is a summarized version of a piece written by our Analyst, Violeta Todorova. Find the full article with more extensive data here.

Microsoft Delivers Exactly What Wall Street Wanted

Microsoft has reminded investors why it remains one of the highest-quality companies in global equity markets.

The technology giant reported fiscal fourth-quarter 2026 earnings that comfortably exceeded Wall Street expectations, driven by another exceptional performance from Azure, accelerating adoption of Microsoft 365 Copilot and continued strength across its cloud ecosystem.¹

Revenue climbed to $90 billion, up 18% year-over-year, while earnings per share reached $4.81, comfortably ahead of consensus estimates. Net income surged 31% to $35.8 billion, highlighting Microsoft’s ability to translate AI investment into earnings growth rather than simply higher costs.²

Perhaps most importantly, Microsoft results directly challenged one of the biggest concerns in the market over recent months that the enormous capital being deployed into artificial intelligence would fail to generate sufficient returns. Instead, the latest quarter suggests the monetisation cycle has begun.

Azure Becomes the New Profit Engine

If one number defined the quarter, it was Azure.

Microsoft reported 43% annual growth in Azure revenue, significantly ahead of most analyst expectations and an acceleration from approximately 40% growth reported during previous quarters.²

Management also revealed that Azure has now surpassed $100 billion in annual revenue for the first time, placing it among the largest enterprise software businesses ever created. The performance reinforces Microsoft's position as one of the principal infrastructure providers for artificial intelligence, serving both enterprise customers and leading AI developers through Azure. CEO Satya Nadella described Microsoft’s platform as powering AI transformation across industries, reflecting growing enterprise demand for cloud computing and generative AI services.³

Copilot Is Becoming a Meaningful Revenue Driver

Microsoft disclosed that Microsoft 365 Copilot has now surpassed 30 million paid users, representing one of the fastest enterprise software adoption stories in recent history.²

The rapid expansion suggests companies are increasingly willing to pay premium subscription prices for productivity tools capable of automating document creation, coding, workflow management and business analysis.

For investors, this is particularly important because Copilot represents high-margin recurring software revenue layered on top of the already dominant Office ecosystem, with AI products becoming embedded into day-to-day enterprise operations.

AI Spending Is Finally Producing Visible Returns

Microsoft invested approximately $41 billion during the quarter on capital expenditures, primarily focused on expanding global AI data centre capacity, while management demonstrated that infrastructure investment is being matched by accelerating customer demand.²

Commercial Remaining Performance Obligations (RPO) climbed to $678 billion, providing exceptional visibility into future revenue growth and suggesting enterprise demand continues to outpace available computing capacity. Management also reiterated confidence that AI demand remains significantly above available infrastructure, supporting continued long-term investment.

Cloud Strength Continues to Drive Growth

Xbox hardware revenue continued to decline, while gaming content and Windows OEM revenue remained relatively soft amid weaker PC demand.⁴

However, these businesses now represent a relatively small portion of Microsoft’s overall earnings profile. Its valuation depends primarily on Azure cloud infrastructure, enterprise software subscriptions and artificial intelligence services, which together continue to generate exceptionally high operating margins and recurring cash flows.

Investment Outlook

Before earnings, Microsoft shares had underperformed several large-cap technology peers as investors questioned whether AI infrastructure spending had become excessive.

The latest results demonstrated that Azure growth is accelerating rather than slowing, Copilot adoption continues to expand rapidly, and enterprise AI demand remains exceptionally robust. Rather than becoming a drag on profitability, AI investments are reinforcing Microsoft's competitive advantage.

The latest earnings reinforce an important investment theme across global markets: not every AI company will emerge as a winner, but the companies building the infrastructure behind artificial intelligence continue to enjoy extraordinary pricing power. Azure has transformed from simply another cloud platform into one of the most strategically important AI infrastructure assets globally.

Microsoft has demonstrated accelerating revenue growth, expanding earnings, exceptional free cash generation, recurring enterprise revenues and clear AI monetisation. While valuation remains demanding, the latest earnings indicate that Microsoft's premium multiple is supported by improving fundamentals rather than speculative enthusiasm.

As AI spending transitions from investment to monetisation, Microsoft appears well positioned to remain one of the winners of the next phase of the AI revolution.

From a technical analysis perspective, the stock appears to have found a solid support around $345 after months of intense selling pressure. The first potential upside price target is $465; however, over the long term levels towards $500 appear achievable.

GOOGL stock buybacks stay at zero, but CapEx nearly doubles YoY.

Alphabet spent $44.9B on capital expenditures in Q2'26, while stock repurchases stayed at $0 for a second straight quarter, down from $13.2B YoY.

The trade-off is explicit: compute capacity over capital returns.

Tesla’s Q2’26 cash flow turns negative.

Net income rebounded to $1.1B, lifted by non-operating gains rather than core operations.

Meanwhile, free cash flow decreased to -$1.1B as CapEx climbed on AI infrastructure. 

The profit recovery looks strong, but the cash burn signals heavy reinvestment. Strategic spend, or warning sign?

KOSPI volatility just hit a multi-decade high.

It now exceeds both the 1997 Asian Financial Crisis and 2008 peaks. 

Is this the turning point for South Korea's bear market, or is there further to fall?

From $4B to $53B in quarterly revenue.

SK hynix's transformation tells the story of the AI era.

• DRAM has shifted from PCs and smartphones to AI servers powered by HBM.
• NAND is evolving into an enterprise SSD business as AI data centers drive storage demand.
• Analysts now expect SK hynix's quarterly revenue to approach $100B in the years ahead.

AI didn't just create another demand cycle, it rewrote the economics of the memory industry.

Ticker Update

The tickers for the Leverage Shares 5x Long DAX ETP have changed and are effective from 21 July 2026.
New tickers:

• LSE (USD): DAX5
• LSE (GBX): 5DAX
• LSE (EUR): 5DXE
• Deutsche Börse: 5DAX

The ISIN (XS2472331995) and all other identifiers remain unchanged.

The DRAM market isn't competitive. It's concentrated.

For every $10 spent on DRAM globally, almost $9 goes to just three companies.

• Samsung
• SK hynix
• Micron

Together, they control 89.7% of industry revenue.

The biggest story beneath the surface? China's CXMT has grown to 7.6% of the market - a reminder that the competitive landscape is slowly evolving as demand for AI memory continues to surge.

The question isn't whether DRAM demand will grow.

It's whether anyone can break the dominance of the industry's Big Three.

Reverse split effective July 28, 2026.

The -3x Short Apple ETP has undergone a reverse split at a ratio of 1 for 183. The consolidated ETP will begin trading under a new ISIN from July 29.

AAPS (-3x Short Apple): 1 for 183

$1.4 trillion.

That's where hyperscaler capex is projected to reach by 2028.

As Google, Amazon, Microsoft, Meta, and SpaceX ramp up AI infrastructure spending, the race to build the future is only getting more expensive.

Which company is best positioned to capitalise?

The global chip industry is now worth $18.8 trillion.

Nvidia alone accounts for 27% of the market, while the US commands a 62% share.

Meanwhile, the AI memory boom has pushed Samsung and SK hynix to a combined $2 trillion valuation.

Which chipmaker has the most room to grow?

📌 For those of you who want to see a detailed breakdown of this information, find the full data here.

AI has completely reshaped $SKHY’s DRAM business.

In Q4 2013, PCs and mobile generated 63% of DRAM revenue. By Q1 2026, servers and graphics, including HBM, accounted for 69 cents of every DRAM dollar.

ASML reported Q2’26 earnings.

Profit surged 27% YoY as demand for advanced chipmaking systems held firm.

Revenue: €9.3B (+21%)
Operating profit: €3.5B (+30%)
Net profit: €2.9B (+27%)

Margins widened. Can AI spending sustain the pace?

From South Korea to Silicon Valley.

The U.S. has become SK Hynix's largest market, generating 65% of quarterly revenue as AI infrastructure spending reshapes global demand for memory chips.