Big Tech

09:45

                            Trump to propose record $1.01 trillion national security budget
                        
                            U.S. President Donald Trump will request a record $1.01 trillion in national security spending for the next fiscal year starting Oct. 1, more than 13% higher than the current fiscal year's figure, according to U.S. government officials familiar with the matter. The defense budget will fund the Golden Dome missile defense project, shipbuilding and nuclear modernization, and border security. It includes a 3.8% pay raise for military personnel. One of the officials, who asked not to be named, said the 13% increase echoes the defense buildup under President Reagan. As part of Elon Musk's cost-cutting efforts, the Trump administration has sought to cut some Pentagon spending but has said it wants to increase the overall defense budget.
                        
07:42

                            Crypto Industry Holds Massive Fundraiser for Trump With $1.5 Million Admission
                        
                            A copy of the invitation shows that the cryptocurrency industry will hold a fundraiser for Trump in Washington on Monday, with an admission fee of $1.5 million per person. Trump has been courting the crypto industry, including co-founding a crypto business called "World Free Finance" with old friend and current White House Middle East envoy Vitkov last year. Trump launched the official "Trump Coin" before taking office, a move that has raised questions about whether he will use his presidency for personal gain. It is reported that technology giant David Sachs will co-star in the fundraiser, which is called the "Cryptocurrency and Artificial Intelligence Innovators Dinner." The proceeds will be donated to MAGA Inc., a super political action committee supporting Trump, who has been actively raising funds for next year's midterm elections.
                        
07:30

                            Microsoft changes law firm in shareholder case, hires Trump rival
                        
                            Microsoft Corp. is switching law firms representing it in shareholder cases, swapping one that settled with the Trump administration to avoid a punitive executive order for one that is fighting the White House. Microsoft has hired Jenner & Block, replacing Simpson Satcher LLP, in a lawsuit filed in Delaware Chancery Court over its $69 billion acquisition of Activision Blizzard, court documents show. No reason was given in the documents.
                        
07:06

                            Amazon's first quarter revenue was $155.7 billion, and the company expects second quarter operating profit to be lower than market expectations
                        
                            Amazon's revenue in the first quarter was $155.7 billion, the market expected $154.92 billion, and $143.31 billion in the same period last year; operating profit in the first quarter was $18.4 billion, estimated at $17.51 billion; operating profit margin in the first quarter was 11.8%, analysts expected 11.2%; North American net sales in the first quarter were $92.89 billion, analysts expected $92.63 billion; physical store net sales in the first quarter were $5.53 billion, analysts expected $5.41 billion; AWS net sales in the first quarter were $29.3 billion, the market expected $29.41 billion; AWS net sales in the first quarter increased by 17% after excluding exchange rate factors, and analysts expected an increase of 17.2%. The company expects net sales of $159 billion to $164 billion in the second quarter, analysts expect $161.42 billion; the company expects operating profit of $13 billion to $17.5 billion in the second quarter, analysts expect $17.82 billion.
                        
07:04

                            Apple's revenue exceeded Wall Street expectations, but the service sector was disappointing, and U.S. stocks fell more than 4% after the market closed.
                        
                            Apple reported second-quarter revenue on Thursday that exceeded Wall Street expectations, but the company's closely watched services division performed worse than expected. Apple's fiscal 2025 Q2 revenue was $95.36 billion, while LSEG expected $94.66 billion. iPhone revenue was $46.84 billion, StreetAccount estimated it was $45.84 billion; Mac revenue was $7.95 billion, StreetAccount estimated it was $7.77 billion; iPad revenue was $6.4 billion, StreetAccount estimated it was $6.2 billion. Wearables, home and accessories revenue was $7.52 billion, StreetAccount estimated it was $7.95 billion. Service revenue was $26.65 billion, StreetAccount estimated it was $26.7 billion. Apple's services division includes revenue from iCloud subscriptions, services such as Apple Music and Apple TV+, warranties and search licensing agreements. Apple's U.S. stocks fell more than 4% after the market.
                        
06:00

                            Apple estimates tariffs will add $900 million to its costs
                        
                            On Thursday, Apple (AAPL.O) estimated that costs for the fiscal quarter ending in June would increase by about $900 million if global tariffs remain unchanged. Apple (AAPL.O) CEO Tim Cook said in an earnings call that Apple believes the impact of tariffs on the second fiscal quarter is "limited" as the company shifts its supply chain and inventory. "But for the quarter ending in June (third fiscal quarter), assuming that current global tariff rates, policies and implementation do not change for the remainder of the quarter and there are no new tariffs, we estimate the impact will increase our costs by $900 million," Cook said. In addition, Cook made it clear that the company is using U.S. suppliers. He expressed support for Apple's plan to spend $500 billion over four years, part of which will be used to expand teams and facilities in Arizona, Nevada, Iowa, Oregon, North Carolina and other places. "We expect to purchase more than 19 billion chips from more than a dozen states, including tens of thousands of advanced chips produced in Arizona this year," Cook said.
                        
05:58

                            Market news: Apple CEO Cook said he is still excited about the company's artificial intelligence (AI) and large language model (LLM) roadmap.
                        
05:53

                            Amazon (AMZN.O): AWS's backlog was $289 billion in the first quarter, up about 20% year-over-year.
                        
05:52

                            Apple (AAPL.O) fell 3.8% after the market closed.
                        
05:51

                            Market news: Apple (AAPL.O) CEO Cook said there is no news about product price increases to be announced today.
                        
05:39

                            Apple (AAPL.O) CEO Cook: iPhone and iPad are the top two mobile devices and tablets in Chinese cities.
                        
05:36

                            Amazon (AMZN.O) CEO: Third-party sellers are already stockpiling inventory in advance, and we encourage that so we can keep prices as low as possible.
                        
05:36

                            Apple (AAPL.O) CEO Cook: Apple is "very concerned" about tariffs.
                        
05:35

                            Market news: Apple (AAPL.O) CEO Cook said that after excluding the exchange rate headwind, Apple's performance in the Chinese market was roughly flat.
                        
05:30

                            Apple (AAPL.O) CEO Cook: I don't think demand will decline in the third quarter.
                        
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