Business & Markets — July 24, 2026

Tesla and Alphabet lose hundreds of billions. Both signaled higher AI spending in earnings reports. Investors questioned the returns and wiped out hundreds of billions in combined market value.

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Oracle wins $7 billion Pentagon contract. Oracle signed a 10-year deal worth up to $7 billion to supply on-premises software to the U.S. Department of Defense.

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Fed rate hike odds rise. $100 oil is stoking inflation fears, and investors increasingly price in a September Federal Reserve rate hike -- a sharp shift from just weeks ago.

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Intel posts fastest revenue growth in nearly 15 years. Q2 revenue rose 25% on AI data center demand, sending shares higher and contrasting with the tech selloff sparked by Alphabet and Tesla's spending warnings.

CNBC reported that Intel's quarter included stronger-than-expected guidance alongside the headline results, both attributed to demand for chips powering AI data centers. The reaction positioned Intel as a beneficiary of the same AI buildout that weighed on other large-cap technology names in this earnings cycle, as companies disclosing heavier AI outlays saw shares fall while a supplier capturing that spending rallied.

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