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Last updated: July 30, 2026, 8:30 PM ET

Microsoft Drives Tech Rally, AI Spending Surges

Microsoft surged by the most in U.S. stock market history, adding $450 billion in market value and propelling the Nasdaq up over 2%. The software giant's robust earnings report restored momentum to the artificial intelligence boom, with megacap tech shares reviving confidence in the AI trade. Amazon increased AI to $220 billion this year, a significant jump from its previous expectation of $200 billion in 2026, as capital expenditures soared 69 percent. Concerns over the tech industry's mounting AI spending, however, are also growing, with some investors seeing a potential AI bubble. forecasts slower as its AI build-out strains tech supply chains, and the company raised prices on several products due to component shortages. Meanwhile, Google is backing an Anthropic data center project, with banks in talks to lend $15 billion for its construction risks spread across asset classes.

Commodities React to Geopolitical Tensions and Supply Concerns

Oil futures following attacks in the Black Sea, and prices were on track for the biggest monthly gain since March as the U.S.-Iran war escalated. Despite some pullback, oil prices remained volatile as the Middle East veered toward wider conflict. Saudi Arabia announced a maritime defense coalition with fourteen countries, including Pakistan and Turkey, to protect shipping and energy supplies amidst Houthi attacks threatening the Red Sea route. US refiners have posted record profits by running refineries at full tilt to meet global fuel demand, a situation exacerbated by attacks on Russian refineries and tighter supplies. U.S. natural gas futures from storage data, while base metals like copper, aluminum, and zinc advanced after the Federal Reserve left interest rates unchanged, easing demand concerns.

Yen Surges as Japanese Authorities Intervene to Support Currency

The yen soared by the most in over two years against the dollar after Japanese authorities intervened in the market for a second time to support the nation's weakening currency ahead of the Bank of Japan's policy decision. The dollar also weakened 2.3% against the yen, though official confirmation of intervention remained unconfirmed. The weak yen, however, is offering Toyota an earnings respite from tariffs and war, with exporters set to benefit from the currency's slide.

Global Automakers Navigate Shifting Demand and EV Landscape

Nio Inc. has become the hottest Chinese carmaker this year, with its fully electric SUV racing up sales charts and providing a much-needed financial boost. Rivian sales, and the startup automaker narrowed its losses, expecting to sell more vehicles this year than previously projected. BMW's profit from carmaking was slightly better than expected due to cost cuts and strong demand for new models.

Crypto Market Faces Headwinds as Coinbase Swings to Loss

Coinbase swung to a loss on a weak crypto market, reporting a 19% drop in revenue to $1.22 billion and missing analyst estimates. The cryptocurrency exchange in revenue, highlighting the pressure on even diversified exchanges from a cooling crypto market. Strategy Inc. also reported a loss of $8.22 billion from a profit the prior year, as Bitcoin prices declined, and the company following an overhaul of its financing model.

Private Equity and Credit Markets Show Resilience Amid Turbulence

Investment giants are in the private credit industry, with KKR selling private-equity investments to boost profits and Blue Owl reporting that investor withdrawals had bottomed out. KKR recorded best-ever despite a slump in the private-equity sector, while Blue Owl's real assets segment eclipsed credit in fundraising during the second quarter. Fitch Ratings reported that the private credit default rate for U.S. private debt borrowers.

China's Economy Signals Cautious Support Amid Stumbles

China's ruling Politburo called for "more proactive" tax and spending policies to address its stumbling economy but to combat weak consumer spending. Chinese stocks, meanwhile in a decade.

Other Notable Market and Economic Developments

The London housing market continues to show a downturn, with Foxtons Group Plc seeing a 13% drop in sales fees. Lloyds is targeting £2 billion in cost cuts as part of a new four-year strategy. In the U.S., Weyerhaeuser's profit rose due to increased lumber and western log prices, with the CEO despite macroeconomic uncertainty. The UK's Financial Conduct Authority plans to starting Friday to increase transparency.

Private Equity

Last updated: July 30, 2026, 8:30 PM ET

Mega-Funds and GP Stakes Ascend

amassed $10.6bn for its latest GP stakes fund, which is expected to close this year after multiple extensions. In the secondaries market on its sixth fund, having raised $9.3bn to date and planning to launch an infrastructure secondaries vehicle. Savano has closed an oversubscribed direct secondaries fund that has already made 12 investments. Meanwhile, Brookfield has held a $2bn first close on its Middle East buyout fund, anchored by Saudi Arabia's Public Investment Fund. Evercore is betting on APAC secondaries growth, having more than doubled its private capital advisory headcount in the region since February.

Dealmaking Across Sectors

Platinum Equity is buying a 50% stake in Nestlé's waters and premium beverages business for $3.4bn, forming a new entity at a €4.9bn enterprise value. In a separate transaction, KKR and Energy Capital Partners are set to acquire DCC for £5.75bn ($7.78bn), a deal that has received board backing despite shareholder objections. Blackstone is acquiring ultrasonic inspections company Dark Vision from Koch, while Macquarie is reportedly exploring a sale of its waste-to-energy business, Win Waste. TSG Consumer body care brand Saltair, previously backed by Prelude Growth Partners. Bain Capital has agreed to acquire UK vitamins leader Vitabiotics for approximately £900m ($1.2bn) to drive international growth. Providence Equity Partners is taking full control of THE·TEAM by buying out founder Casey Wasserman. Blackstone and Colony IM have agreed to buy Accor's 30.7% stake in hotel owner Essendi for up to €975m ($1.12bn).

Technology and Cleantech Funding Surges

Battery storage a $550m Series C round to accelerate the deployment of large-scale projects amid rising AI-driven energy demand. The EU has opened applications for a €10bn gigafactory scheme for AI development. testing platform $450m from General Catalyst for its subscription-based blood test service. Inforcer, a London-based firm, has raised $50m in a Series C round led by Insight Partners to help smaller businesses manage AI and security risks. MRC is backing Nexus Power to support its geographic expansion and targeted acquisitions. Dominus has invested in traffic products manufacturer Pelco Solutions, with the management team retaining significant ownership.

Industry Trends and Valuations

KKR posted its largest-ever realization quarter, generating $848m in performance income with exit multiples as high as 20x, signaling strong returns despite broader industry anxieties. Sweden's Alecta suggests that disciplined entry pricing is becoming as crucial as distributions for value creation in alternative investments. The concentration of capital in Asia’s large-cap market presents potential opportunities for GPs able to raise smaller funds. HIG Capital industrial services firm JT Thorpe to Truelink Capital, which it acquired in 2022. Hg and EQT are set to sell Quantios to Vista Equity, while Open Gate plans to carve out Knorr-Bremse’s HVAC unit.

Venture Capital and Startup Strategies

Vanessa Larco evaluating startups based on founder potential and their use of AI. Venture capitalists are increasingly taking on operator roles within their portfolio companies. AI startup to open a 24/7 cafe in London. European VCs are reportedly benefiting from a downturn in the chip market. Many European startups are prioritizing international expansion from the seed stage. Adyen is focusing on agentic payments, posing a challenge for startups in the space.

Sector Investment

Last updated: July 30, 2026, 8:30 PM ET

Private Equity and Infrastructure Deals

Peak Rock acquired Asembia through an affiliate, marking a new healthcare and life sciences investment. Meanwhile, Keppel is nearing a $2 billion close for its Data Centre Fund III, highlighting continued investor interest in infrastructure assets. Keppel's infrastructure division reported a 55% increase in first-half net profit to S$538 million.