Market Overview
The S&P 500 ended lower as investors weighed data and Middle East tensions [3]. Weaker retail sales suggested caution among consumers, while rising oil prices helped lift the energy index. The market also saw a surge in Reddit's stock following news of its index inclusion. AI-related stocks were dragged down by Applied Materials' slump.
Nvidia News
Nvidia disclosed a $21 billion stake in SpaceX at the end of the second quarter [1]. The company has also unveiled a major financing initiative aimed at supporting artificial intelligence chip acquisitions [10]. This multifaceted financing strategy is designed to address the skyrocketing demand for computing power, ultimately fostering the essential digital and AI infrastructure development needed in the tech industry. Axe Compute Inc. reported a significant growth in revenue, with more than $2.8 billion in new contracts signed [2].
Company Updates
Meta Platforms Inc. says it has removed access to more than 750,000 Instagram and Facebook accounts in Australia believed to belong to people under 16 [5]. Elon Musk's SpaceX completed a $60 billion acquisition of AI startup Cursor [9]. Lucid delayed the launch of its Cosmos SUV, which could be seen as either a red flag or a prudent move [11].