Business
Apple set to lose nearly $500 billion in value after weak forecast
The drop, if sustained, would mark the stock’s worst day since the pandemic-driven selloff in March 2020. It would erase nearly $500 billion from Apple’s market capitalization and return the crown of the world’s most valuable company to AI chip giant Nvidia, days after reclaiming it.
Tim Cook, widely hailed as a supply-chain genius, called the shortages “very significant” and said Apple had limited options to address them, speaking on his final earnings call as CEO before handing the reins to John Ternus in September and becoming executive chairman.
“If even at Apple’s scale they are saying they are out all supply chain flexibility, it’s really bad for everyone,” said Ben Bajarin, CEO of tech consultant Creative Strategies.
Big Tech has been scooping up advanced chip-making capacity and memory chips to power its AI data centers, sparking shortages and price increases that are expected to shrink both the personal computer and smartphone markets this year.
Apple had cushioned some of the blow from surging memory costs by drawing on stockpiled inventory, but Cook said that the buffer was fading and shortages of processors were keeping it from meeting strong demand for iPhones and Macs.
Its forecast on Thursday for revenue growth of between 9% and 11% in the current quarter fell short of Wall Street’s roughly 12% estimate, and softer growth in its services business also overshadowed otherwise strong June-quarter results.
SERVICES WEAKNESS WORRIES INVESTORS
The services weakness worried investors as it came during a stretch of strong iPhone sales, which typically feed the business that takes a cut of App Store purchases and includes everything from Apple Music to Apple TV.
That slowdown could deepen if iPhone sales take a hit from a price increase that many analysts expect during the launch of the new lineup, which typically happens in September.
“Apple’s leverage over the supply chain appears to be in question and it’s not clear that AI is serving as any measurable tailwind to products or services, with its future monetization impact still uncertain,” Morgan Stanley analysts said.
“In fact, one could argue App Store softness might even be a result of AI re-prioritizing customer time.”
Still, some analysts said that the iPhone has weathered price hikes before without denting demand significantly and that a recent U.S. leasing deal with Klarna that offers monthly plans for Apple’s devices could soften the blow.
At least four brokerages cut their targets for the company’s stock price, while three raised. That moved the median view to $330, which is $3 lower than the last closing price, according to LSEG data. The stock has risen 22.7% this year as of Thursday’s close.
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In an exchange filing, GSM Foils said the firing incident took place in the Naikpada area in Vasai-Virar, located near Mumbai. After getting injured in the incident, the company said that Parmar received prompt medical attention and is presently under proper medical care. His health condition was reported to be stable and improving.
Sagar Bhanushali, a whole time director of the company, was then taken into police custody in relation to the ongoing investigation into the firing case. The company said it is extending full cooperation to the investing authorities.
The senior management team has taken the necessary steps to ensure continuity of the company’s operations. At present, the company’s manufacturing facilities at Vasai and Ahmedabad, Plant continue to function normally,’ it added.
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GSM Foils share price
GSM Foils shares crashed 20% to close at Rs 192 apiece on NSE. Notably, the exchange filing came in the post market hours of Friday.
GSM Foils manufactures blister foils and aluminium pharma foils for the pharma industry. The sharp fall in the share price came prior to that as media reports around the incident surfaced.
US stock market losses behind murder plot?
Bhanushali plotted the attack to evade repaying Parmar Rs 32 crore and gain complete control over the company, Times of India reported. According to police officials cited by the report, Bhanusali suffered massive financial losses during a sharp selloff in the US stock market, leaving him burdened with debts running into crores.
The report quoted investigators as saying that Bhanusali had persuaded Parmar to purchase his stake in the company and took nearly Rs 32 crore. Instead of repaying the said amount, he allegedly conspired to kill Parmar, thinking this death would wipe out the liability and enable him to take complete control of the company.The attack took place on July 24 at the company’s premises when two motorcycle-borne hitmen opened fire at the 46-year old Parmar, who was hit in the shoulder by the first bullet.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The proposed IPO is likely to be a combination of a fresh equity issuance and an offer for sale (OFS) by existing shareholders.
JM Financial, BofA Securities India and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
Email queries to the company and the bankers went unanswered.
In the confidential IPO filing route, issuers are allowed to keep their initial draft prospectus confidential from the public domain until the regulatory review process reaches an advanced stage.
J.P. Morgan, Aditya Birla Capital, Motilal Oswal Alternates and HDFC Ltd have been investors in projects of Assetz, founded by Ben Salmon and Rajpal Singh Chaudhary in 2006.
Bengaluru’s residential property market has remained one of the strongest in the country, driven by sustained demand from technology professionals, Global Capability Centres (GCCs), startups and a steadily expanding white-collar workforce. Robust employment generation, rising incomes and continued infrastructure development have supported healthy home sales despite higher property prices.Developers have remained focused on premium housing and large integrated townships, while the city’s deep end-user demand and improving connectivity have encouraged continued land acquisitions, new project launches and institutional investments.
Operator
Good afternoon, ladies and gentlemen, and welcome to the Coveo First Quarter Fiscal 2027 Financial Results Conference Call. [Operator Instructions] This call is being recorded on Thursday, July 30, 2026. I would like to turn the conference over to Adhir Kadve. Please go ahead.
Adhir Kadve
Head of Investor Relations
Good afternoon, everyone, and thank you for joining us. With me to discuss Coveo’s first quarter fiscal 2027 results are Laurent Simoneau, Coveo’s co-founder and Chief Executive Officer, Louis Têtu, Coveo’s Executive Chairman, and Karine Hamel, Coveo’s Chief Financial Officer. A reminder that some remarks made today will be forward-looking statements within the meaning of applicable securities laws, including those regarding our planned objectives, expected performance, and our outlook for the second fiscal quarter and full year fiscal 2027. These are forward-looking statements given as of July 30, 2026, and while we believe any statements we make are reasonable, they are based on current expectations and assumptions which are subject to risks and uncertainties.
Actual results could differ materially from those expressed or implied. Coveo disclaims any intent or obligation to update our forward-looking statements, whether as a result of new information, future events, or otherwise. Further information on factors that could affect the company’s financial results is included in the filings we make with Canadian Securities Regulators, including the Risk Factors section of the company’s
AlexSecret/iStock via Getty Images
Technology rallied 5.24% on Thursday for its best day since April 9, 2025, when the sector surged 14.15% after the Tariff Tantrum. Tech had fallen 5.41% over the prior four trading days, and the rebound recovered more than 90% of that decline. By comparison, the
Kip Meintzer
Head of Global Investor Relations
Greetings, and welcome to the Check Point Software’s 2026 Second Quarter Financial Results Video Conference. I’m Kip E. Meintzer, Global Head of Investor Relations. And joining me today are Chief Executive Officer, Nadav Zafrir; and our Chief Financial Officer, Roei Golan.
Before we begin, I’d like to remind everyone that this conference is being recorded and will be available for replay on our website at checkpoint.com. [Operator Instructions] During the presentation, Check Point’s representatives may make forward-looking statements.
Forward-looking statements can relate to future events or future financial and/or operating performance. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Any forward-looking statements made only as of the date hereof, Check Point Software undertakes no obligation to update publicly any forward-looking statements except where required by law.
In our press release, which has been posted on our website, we present GAAP and non-GAAP results, along with the reconciliation of such results, as well as
The e-commerce and cloud titan posted its strongest cloud growth in over four years, indicating a fresh wave of demand that justifies its 10% increase in planned capital spending for 2026 to $220 billion.
Amazon’s results come as a resounding sign to Wall Street that some of Big Tech’s AI investments are already generating measurable returns.
If gains hold, the stock could add more than $340 billion in market value on the back of a 37% jump in second-quarter cloud revenue. Earlier this week, Microsoft surged more than 15% after its cloud unit beat estimates with a 43% revenue jump.
However, there’s a growing divide in investors’ tolerance for the ever-increasing AI spend by Big Tech, set to exceed $730 billion this year.
“The market is no longer questioning whether AI demand is real. The new dividing line is whether unprecedented spending is producing visible, near-term revenue and margin expansion,” said Bill Birmingham, managing director at REX Financial.
“The market penalizes spending when monetization is delayed, indirect or difficult to measure.” Meta and Google-parent Alphabet both slumped 7%, despite strong growth in revenues, after the companies raised their capital spending forecasts while free cash flows cratered.
“Amazon is earning the right to keep spending. Where others are asking investors to trust that the payoff will come, Amazon showed it this quarter,” said Thomas Monteiro, senior analyst at Investing.com.
“As long as AWS keeps accelerating and margins hold, the market looks willing to fund the build-out, even with free cash flow in the red.”
Amazon’s free cash flow swung sharply negative in the quarter, with the company burning $7.6 billion on a trailing 12-month basis, versus $18.2 billion in positive free cash flow a year earlier.
Still, CEO Andy Jassy reassured investors that Amazon is only pouring money into serving demand that already exists. He said a majority of available Amazon cloud capacity for 2027 and some capacity for 2028 had already been reserved by customers.
Chris Ballard, managing partner at Check Capital, said Amazon’s approach to spending was “methodical and responsible.”
“This level of capital deployment is all very new, so Amazon showing immediate results is a really good sign.”
At least 15 brokerages raised their price targets on the stock following results.
Amazon trades at a price-to-earnings ratio of 24.67, compared with Microsoft’s 22.94 and Alphabet’s 19.35.
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