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Records Keep Falling. Markets Are in Full Beast Mode
U.S. equities wrapped up the week with new records across the board, lifted by strong corporate earnings and renewed trade optimism.
The S&P 500 closed at 6,388.64, up 1.33% for the week, marking its 14th record close of 2025. The Nasdaq ended at 21,108.32 (up 0.71%), while the Dow Jones gained 1.20% to settle at 44,901.92, just shy of its all-time high.
A strong earnings season is fueling the rally. Over 82% of reporting S&P 500 companies have beat estimates. Alphabet rose 4% this week; Verizon jumped 5% post results.
Adding momentum: a U.S.-Japan trade deal and expectations of further accords with Indonesia and the EU. Despite tariff and geopolitical uncertainties, investor sentiment remains upbeat.
Next week brings earnings from tech heavyweights Meta and Apple, alongside a Fed policy meeting where rates are expected to remain unchanged.
Stock market closing data for the week of July 21st to July 25th, 2025
News Summaries
China Apparently Got $1 Billion in Banned Nvidia Chips
Despite US export controls, over $1 billion worth of Nvidia’s high-end AI chips including the restricted B200, H100, and H200 made their way into China in just three months, according to FT’s analysis of sales contracts and insider accounts.
The B200, banned from sale to China, has become a black-market favourite, used by US tech giants like OpenAI and Meta.
Distributors across provinces like Guangdong and Anhui sold entire B200 racks, each priced near $489,000 to local data centres serving Chinese AI players. One major distributor, “Gate of the Era,” reportedly moved $400 million in sales alone.
Nvidia denies any involvement or knowledge of the smuggling, reiterating that support is only provided to authorised users. Meanwhile, companies like Supermicro, Dell, and Asus, whose hardware houses these chips, say they strictly follow US export laws.
On Chinese social platforms, banned chip racks are openly marketed like seafood, with sellers promising “plug-and-play” convenience. Demand remains strong despite the US lifting restrictions on the lower-powered H20 chip, as buyers still crave top-tier processors like the B200 and upcoming B300.
With loopholes through Southeast Asia and Europe, experts say chip arbitrage will persist. Where profit flows, new smuggling routes follow.
Walmart Outshines Amazon as Deal-Hungry Shoppers Shift Loyalty
Walmart’s summer “Deals” event stole the show in July 2025, outperforming Amazon’s longest-ever Prime Day sale across spending, web traffic, and app usage.
Online spending at Walmart jumped 24% year-on-year, six times Amazon’s 4% growth during its four-day sale. Web visits to Walmart rose 14% while Amazon’s traffic remained flat.
App engagement told a similar story: Walmart’s usage grew 22% versus Amazon’s 3%, according to Bloomberg Second Measure and Similarweb data.
While Amazon still commands 40% of US e-commerce, Walmart’s digital momentum is building. Nearly 8% of Prime Day shoppers also made purchases on Walmart.com up from 5% last year. Many cited Amazon’s higher prices as a reason to browse elsewhere.
Walmart leveraged its marketplace scale and deeper discounts to drive sales, especially among budget-conscious buyers focused on essentials and back-to-school items. Amazon’s Prime Day saw increased spending on household basics but lacked the growth punch expected.
Despite the competition, Amazon maintains its dominance with 403 million visits during the sale, but this summer made one thing clear: shoppers are comparison-savvy, and Walmart is fast becoming a credible alternative.
Alphabet’s $85 Billion AI Bet Shakes Up Wall Street
Alphabet just turned up the heat in the AI race, raising its 2025 capital expenditure forecast to a staggering $85 billion that is $10 billion higher than previously expected. The surge is driven by growing demand for AI infrastructure and cloud services, according to CEO Sundar Pichai.
Despite beating Q2 revenue and profit estimates, the stock initially dipped before rebounding 4.1% after markets opened. Alphabet reported $81.7 billion in sales (excluding partner payouts), ahead of analysts’ expectations. Google Cloud also delivered a strong $13.6 billion in revenue and $2.83 billion in operating income.
But the AI push comes with rising costs. Research and development spending jumped 16%, partly due to compensation battles with rivals like Meta. Alphabet’s recent $2.4 billion deal with AI startup Windsurf highlights the fight for top-tier talent.
Gemini, Google’s flagship AI model, remains central to its enterprise strategy, even as it trails OpenAI in user adoption. Meanwhile, YouTube ad revenue hit $9.8 billion, beating estimates, and Waymo is ramping up operations across 10 cities, including New York.
With regulators circling and rivals spending big, Alphabet’s aggressive investment signals one thing: it is going all-in to stay relevant in the AI era.
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From the World of Crypto
Square Starts Taking Bitcoin as Block Joins the Big Leagues
Block is making headlines on two points.
First, its stock just entered the S&P 500.
Second, its flagship product Square has started onboarding merchants for native Bitcoin payments.
The Jack Dorsey-led firm is rolling out Bitcoin acceptance through Square’s point-of-sale app, powered by the Lightning Network.
This move allows merchants to receive BTC with near-zero fees and instant confirmation marking a step toward Dorsey’s long-stated vision of Bitcoin as a daily payment tool, not just an asset.
Block’s shares are up 14% over the past week, buoyed by its S&P 500 inclusion and crypto’s broader recovery. Bitcoin has surged 26% year-to-date, currently trading around $118,000. While Block stock is still down 8% for 2025, the Bitcoin-linked momentum could help reverse that.
This Bitcoin-native experience expands on Cash App’s long-standing support for BTC transactions and adds another milestone to Block’s pivot since rebranding from Square in 2021.
As crypto adoption grows, Block is positioning itself as the infrastructure layer for real-world Bitcoin usage turning ideology into transactions.
Key headlines of the week
Apple TV+ Scores 81 Emmy Nominations | Apple TV+ earned 81 total Emmy nods, including 27 for Severance and 23 for The Studio. Warner Bros. Discovery led all networks with 142 nominations across 20 HBO and HBO Max originals, showcasing the strength of its content slate.
Automakers Urge Europe to Boost EV Demand | Carmakers pushed for more incentives as new car sales in Europe slumped in June, the worst decline in 10 months. Fully electric vehicle registrations rose 14%, while plug-in hybrids jumped 38%, signaling buyer preference for flexible options.
InMobi Eyes $1 Billion India IPO at Up to $6B Valuation | Mobile ad platform InMobi is planning a $1 billion IPO in Mumbai at a possible $5–6 billion valuation. The SoftBank-backed firm would join a growing list of Indian tech startups heading for domestic listings in 2025.
Infosys Raises Forecast Amid Strong Deal Wins | Infosys now expects revenue to grow 1% to 3% this year, raising the lower end of its guidance. The company cited robust deal momentum, though tariff risks and macro uncertainty continue to weigh on visibility.
