The world’s seven largest technology companies – Microsoft, Apple, Alphabet, Amazon, Meta, Nvidia and Tesla – collectively reported a net profit of $143 billion in the second quarter, representing a 27.6% increase year-on-year, according to their financial statements.
Often referred to as the “Magnificent 7,” the firms also saw combined revenues rise to $551.4 billion, up 15.4% compared with the same period last year and 6.6% from the previous quarter. Capital expenditures surged 66.1% annually to $96.8 billion, largely driven by investments in artificial intelligence and data centres.
Alphabet posted the highest net profit among the group at $28.2 billion, followed by Microsoft ($27.2 billion) and Nvidia ($26.4 billion). Tesla recorded the largest quarterly net profit increase of 186.6%, rising from $409 million to $1.2 billion.
Nvidia also achieved the largest growth in net profit value, increasing by $7.6 billion, while Alphabet and Apple saw declines of 18.4% and 5.4% respectively. On an annual basis, Nvidia led net profit growth with 59.2%, followed by Meta (36.2%) and Amazon (34.7%).
In terms of revenue, Amazon topped the group with $167.7 billion, while Tesla led quarterly growth with 16.3%. Capital expenditure was highest at Amazon ($32.2 billion), with Meta recording the largest annual increase of 111.8%.
Earnings per share were highest at Meta ($7.3), followed by Microsoft ($3.7) and Alphabet ($2.3). Tesla’s EPS surged 176.9%, while Alphabet and Apple saw declines.
Analysts say the tech giants’ aggressive investment in AI and long-term infrastructure has been a key factor behind their record capital spending and strong quarterly performance.
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Ukraine will increase military wages and expand recruitment of foreign volunteers, President Volodymyr Zelenskyy announced on Friday, as the armed forces face a critical personnel shortage after more than four years of war with Russia.
Poland will receive a new $4 billion loan from the United States through the Foreign Military Financing (FMF) programme, strengthening defence ties between the two NATO allies as Warsaw continues a major military modernisation drive.
Georgia and the European Union have held their first working-level talks in Brussels following the EU's decision to suspend visa-free travel for holders of Georgian diplomatic, service and official passports.
Italian Prime Minister Giorgia Meloni and Polish Prime Minister Donald Tusk have criticised Britain, France and Germany for leaving them out of talks with Russia about a potential future peace deal for Ukraine.
Mexico and South Africa meet in Thursday’s World Cup opener in Mexico City, with both teams approaching the match from very different positions but facing their own pressures.
SpaceX has made history with the largest initial public offering ever in the United States, pricing its shares at $135 each and achieving a market valuation of $1.77 trillion.
U.S. Donald Trump has said he has cancelled planned strikes on Iranian oil and gas ports announced earlier on Thursday. Trump said he made the decision after senior leadership in Iran agreed to peace talks.
While France hosts next week’s Group of Seven summit, businesses in neighbouring Switzerland have already begun taking precautions, with many shops in Geneva boarded up ahead of a large anti-G7 demonstration expected on Sunday.
The Armed Forces of the Philippines has expressed “absolute solidarity” with Defence Secretary Gilberto Teodoro following sanctions imposed on him by China.
The Canadian government has introduced a digital safety bill that would ban children under the age of 16 from using social media, unless platforms meet specific safety standards.
NASA has named three American astronauts and one Italian astronaut to fly on its Artemis III mission, a major orbital test planned for late next year that will evaluate lunar landing vehicles developed by SpaceX and Blue Origin.
China will send an astronaut to its space station on Sunday for a one-year mission, the longest duration for the country so far. The mission will help study long-duration human physiology in space as China works toward a crewed Moon landing by 2030.
Anxiety over artificial intelligence is hardening among young workers as executives promote faster adoption and companies point to automation in fresh job cuts.
Hackers are increasingly using artificial intelligence to detect software vulnerabilities, reducing the time organisations have to respond to cyber threats, Verizon said in its annual data breach report.
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