TL;DR

Nvidia tops $4T; Trump expands tariffs, including 50% on copper; Amazon Prime Day sales plunge 41%.

Highlights

• Nvidia becomes the world’s first $4 trillion company; CEO to visit Beijing for China-specific AI chip launch18.
• Microsoft cuts 9,000 jobs, citing $500M in AI-driven savings and ongoing investment in generative AI9.
• OpenAI to launch an AI-powered web browser and its first open-weight model since 2019, raising competition with Google and cloud providers1013.
• Amazon Prime Day sales drop 41% year-over-year on opening day, with extended event and tariffs cited as factors11.
• Trump administration expands tariffs up to 40% on 18+ countries, including a new 50% copper tariff targeting Mexico and pending duties on Brazil; broad tariff deadline pushed to August 1271820.
• US Treasury 10-year auction stops through at 4.362% on strong demand, with high foreign participation3.
• Russia launches record drone and missile attack on Ukraine after Trump arms pledge; Red Sea shipping hit by renewed Houthi attacks, pushing oil prices higher46.
• US Defense Secretary and Israeli PM highlight joint US-Israel strikes on Iran; no new defense agreements announced5.
• Ripple selects BNY Mellon as custodian for RLUSD stablecoin reserves, signaling further institutional adoption in digital assets14.
• GMX investigates a $40M hack, with stolen funds bridged to Ethereum; crypto security risks persist15.
• SEC’s Hester Peirce reiterates tokenized assets must comply with securities laws as Senate debates crypto regulation16.
• Pump.fun schedules $600M PUMP token sale for July 12; major exchanges to list, but US/EU/UK residents excluded17.

Commentary

Tech and AI remain the central drivers of US equity sentiment, with Nvidia ’s $4 trillion milestone underscoring persistent demand for AI infrastructure1. The company’s planned China-specific chip launch and CEO Huang’s trip to Beijing highlight ongoing efforts to maintain global market share despite US export restrictions8. Microsoft ’s workforce reduction, attributed to AI-driven productivity gains, and OpenAI’s upcoming browser and open-weight model release further emphasize the sector’s rapid evolution and intensifying competition, particularly with Google and among cloud providers91013.

Trade policy is back in focus as the Trump administration broadens tariffs to over 18 countries, including new 50% duties on copper imports from Mexico and pending levies on Brazil2718. While the extension of the tariff deadline to August 1 has provided temporary relief, the breadth and scale of these measures—along with threats of additional tariffs on pharmaceuticals—raise concerns about supply chain costs, particularly in metals and manufacturing20. Copper prices have already reacted, and further escalation could impact industrials and EM currencies20.

Geopolitical risk remains elevated. Russia’s record drone and missile attack on Ukraine and renewed Houthi assaults on Red Sea shipping have pushed oil prices higher and added to global supply chain uncertainty46. The US-Israel joint military actions against Iran reinforce ongoing security tensions in the Middle East, with potential implications for defense and energy sectors5.

Fixed income markets saw a strong 10-year Treasury auction, with robust foreign demand and little immediate yield reaction, suggesting continued confidence in US debt despite fiscal and Fed policy uncertainty3. In digital assets, Ripple’s selection of BNY Mellon as stablecoin custodian and SEC commentary on tokenized securities point to growing institutional involvement alongside ongoing regulatory scrutiny1416. Crypto-specific risks remain elevated, as highlighted by the $40M GMX hack and upcoming Pump.fun token sale1517.

Traders should watch for late-session moves following the Fed minutes, particularly any signals on inflation and rates in the context of new tariffs20. Monitor rotation within tech, commodity price action in copper and oil, and potential volatility in consumer and EM-linked equities as tariff and geopolitical headlines develop720.