ヘッドライン · 2026-08-12

US July CPI rose 3.4% year over year and 0.1% month over month, while core CPI increased 2.5% annually and 0.2% on the month. All of those figures matched expectations, pointing to another step down in inflation without a surprise in either direction.

Ahead of the release, Wall Street forecasts for headline CPI were tightly clustered between 3.30% and 3.40%. Kalshi and Citi were at 3.30%, Goldman Sachs at 3.35%, and several others — including BofA, Barclays, Morgan Stanley and Wells Fargo — were centered at 3.40%.

For markets, the main takeaway is a calmer setup for Treasuries and other rate-sensitive assets, including big-cap tech, real estate and utilities. An in-line inflation report typically reinforces the view that the Fed can hold policy steady until the next batch of data shifts the outlook.

Traders and market commentators broadly framed the print as priced in, rather than a catalyst for a sharp repricing. The next focus is how policymakers read the still-sticky services component and whether upcoming data confirm the cooling trend.

CoreWeave reported second-quarter revenue of $2.58 billion, ahead of the $2.56 billion consensus, while adjusted loss per share came in at $1.03, better than expected. The company said revenue backlog reached $104 billion at quarter-end, excluding more than $25 billion of net new customer commitments added in early Q3.

The update extends a theme that has dominated the AI infrastructure trade: rapid demand for compute. CoreWeave said active power stood at 1.5 gigawatts and contracted power at about 3.7 gigawatts, while it raised full-year 2026 revenue guidance to $12.4 billion-$13.2 billion and capex guidance to $35 billion-$39 billion.

CoreWeave also reported adjusted operating income of $128 million versus $67 million expected, but the company remains unprofitable and heavily levered. Recent reporting put quarter-end interest-bearing debt at roughly $35 billion, underscoring why investors continue to weigh growth against financing costs.

Shares of CRWV rose in after-hours and premarket trading after the print, with traders focusing on the backlog expansion and the stronger-than-expected operating result. The earnings release also serves as a read-through for the broader AI compute ecosystem, including Nvidia-linked infrastructure spending.

Nvidia said on August 10 that it had signed memorandums of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to build AI compute financing platforms aimed at mobilizing more than $500 billion in third-party capital. The company says the structures are meant to help customers secure compute at attractive rates, but the arrangements are still subject to final agreements.

The announcement quickly revived debate over so-called circular financing, because Nvidia sells the hardware while also helping assemble capital for customers that will buy it. Reuters and CNBC both noted that no individual project names, allocation amounts or deployment timetable have been disclosed, and the $500 billion figure is an aggregate potential over time rather than committed funding.

For markets, the immediate focus is on NVDA and the wider AI infrastructure trade, including cloud providers, data-center operators and power equipment suppliers. If the financing structures are eventually completed, they could ease customer access to Nvidia’s chips, while also drawing closer scrutiny to the risk-sharing and funding links inside the AI supply chain.

Nvidia frames the initiative as an attempt to turn compute into an investable infrastructure asset. For now, though, the key point is that the deal is still a proposal on paper, not a fully funded transaction.

Norway’s sovereign wealth fund on Wednesday said it held a 0.05% stake in SpaceX worth $1.22 billion as of June 30, in its first public disclosure of the private-space company. The fund also reported a record first-half profit of NOK 1.75 trillion.

Managed by Norges Bank Investment Management, the roughly $2.3 trillion fund is among the world’s largest institutional investors. Reuters and CNBC said the half-year result was lifted mainly by technology stocks, especially Asian tech names, alongside major positions in Nvidia, Apple, Alphabet, Microsoft and TSMC.

The disclosure adds a new data point on how large sovereign funds are accessing private technology assets, while also keeping attention on SpaceX’s valuation and investor base. Its public equity portfolio remains concentrated in global mega-cap tech, which continues to shape returns.

The fund said the gain was driven by strong equity-market performance, particularly from Asian technology stocks. The updated filing gives the market a clearer look at its private-market exposure, even as the company itself did not provide additional comment on the stake.

U.S. Treasury Secretary Scott Bessent publicly welcomed Meta’s release of Muse Glimmer, calling it “another win for American innovation.” He said U.S. AI leadership depends on advancing both open-weight and closed-weight models.

Meta unveiled Muse Glimmer on Aug. 10 as a roughly 30-billion-parameter open-weight model designed to run locally on a Mac or PC with a single consumer GPU. Reuters and other outlets reported that Meta is also preparing to release a more capable model later.

The reaction helped lift Meta shares in premarket trading, as investors continue to track how the company turns heavy AI spending into developer adoption and product momentum. The open-weight push also keeps Meta in sharper competition with Chinese model makers cited in recent reporting.

Bessent’s comments do not change policy on their own, but they add political validation to Meta’s open-source strategy. Separate coverage this week also shows Meta’s AI products remain under regulatory scrutiny in Europe, including a German privacy complaint over AI glasses.

Alphabet CEO Sundar Pichai said Gemini now has more than 1 billion monthly active users, making it Google’s fastest-growing product and the company’s 14th product to clear that milestone. The update marks a new scale threshold for Google’s consumer AI push.

The announcement builds on a series of earlier disclosures from Google. At I/O and in quarterly materials this year, the company said the Gemini app had passed 900 million monthly active users by mid-2026, while AI Mode and AI Overviews had also reached massive usage levels across Search.

For investors, the key question is how much that engagement translates into deeper product stickiness and monetization across Alphabet’s ad, search, workspace, and cloud businesses. The update keeps Alphabet squarely in the center of the AI race, even as management has not broken out revenue tied directly to Gemini.

The latest numbers were echoed by multiple outlets and wire-style posts today, but Alphabet has not provided a detailed revenue split for Gemini itself. The next earnings call will likely be watched for any further disclosure on usage growth and infrastructure spending.

Google confirmed on Aug. 12 that the Pixel 11 family will get price adjustments as memory costs surge, with the company saying it is passing through higher component costs it can no longer absorb. The base Pixel 11 is set to start at $899, up from $799 for the prior generation, according to reports citing Google’s briefing.

The backdrop is a sharp jump in RAM pricing driven by AI-related demand for memory chips. Google said it is also working to reduce how much RAM Android and its app ecosystem need, suggesting software optimization will be part of its response to tighter supply.

For investors, the development is a read-through for Alphabet’s hardware margins and for the memory supply chain, including Micron, SanDisk and Samsung. It also underscores how AI infrastructure spending is spilling over into consumer devices, where pricing power may depend more on component availability than on product refresh cycles.

Google has not disclosed the full official price list yet, but it said promotions, trade-ins and Google One bundles will remain part of its affordability strategy. The company framed the move as supply-driven rather than discretionary, and said pricing will be rolled out dynamically to match supply realities.

Apple said Jennifer Bailey, the executive who oversees Apple Pay and Wallet, will retire in October. In an employee memo, services chief Eddy Cue said Bailey will remain available in an advisory role during the transition, and Apple will announce a successor before she leaves.

Bailey joined Apple in 2003 and has led Apple Pay since its launch in 2014, while also overseeing Apple Wallet, Apple Card, and related fraud-prevention and partner-operations work. The departure is the latest sign of a broader management turnover at Apple as the company prepares for a CEO transition.

Apple Pay has expanded to more than 80 countries and is accepted at more than 85% of U.S. retailers, underscoring its importance to Apple’s services ecosystem and customer retention. Investors will be watching for whether the leadership change alters execution in payments and wallet products.

Apple has not publicly named a successor. Reports also say several long-tenured executives at the company have retired or are nearing retirement, reinforcing the sense of a wider generational handoff.

Goldman Sachs is said to be buying NEOS Investments for as much as $2.25 billion, according to multiple market reports cited in the signal. The latest wave of coverage framed the move as Goldman’s acquisition of ETF provider NEOS in a deal worth up to $2.3 billion.

NEOS manages roughly $30 billion in assets and focuses on actively managed ETFs and options-income strategies, making it a strategic fit for Goldman’s asset-management franchise. Goldman Sachs Asset Management reported $3.39 trillion in assets under supervision as of March 31, 2026, underscoring the scale of its platform.

If completed, the transaction would give Goldman a larger presence in a fast-growing corner of the ETF market and could reshape competition around income-oriented and options-based products. Goldman shares and peers exposed to ETF distribution and asset-management economics are the names investors will watch most closely.

No full deal terms have been publicly disclosed yet, and the reports remain unconfirmed by the parties in the material provided. Key questions include the final purchase price, closing timetable and any regulatory review process.

Oracle is reportedly planning another round of layoffs this month, according to Business Insider. The latest reporting says some teams could face double-digit percentage cuts, adding a new tranche of workforce reduction to the company’s ongoing cost reset.

The move comes after Oracle disclosed in June that its global headcount fell by 21,000 over the prior 12 months, leaving about 141,000 employees as of May 31, 2026. The company also said restructuring and other expenses rose to roughly $1.8 billion from $374 million a year earlier, underscoring the cost of its exit and severance program.

Investors have been watching Oracle’s spending closely as it pours money into cloud and AI infrastructure. Oracle has said it plans to raise $45 billion to $50 billion in 2026 to fund that buildout, and recent stock moves have reflected renewed concern over the pace and financing of that expansion.

Oracle has not publicly detailed the new cuts, and earlier layoff reports drew no substantive comment from the company. For now, the fresh reporting adds another data point to a year defined by rapid AI investment, debt financing and a shrinking workforce.

South Korean chipmakers extended gains after local media reported that Singapore’s Temasek Holdings is weighing investments in Samsung Electronics and SK Hynix. Both stocks briefly added more than 8% intraday as traders reacted to the prospect of fresh sovereign-wealth-fund demand.

The move lands against a backdrop of record earnings for the two memory-chip leaders. Samsung reported second-quarter operating profit of 89.5 trillion won, while SK Hynix posted second-quarter revenue of 60.5 trillion won, both benefiting from AI-driven memory demand.

For the market, the key issue is not just whether Temasek buys, but whether the report signals continued global capital interest in the AI memory chain. Samsung Electronics and SK Hynix are the obvious tradeable names, and any confirmed allocation would likely reinforce sentiment around Korea’s chip complex.

No company has confirmed the reported plan so far. The story remains a market-moving rumor unless Temasek or the chipmakers disclose a formal investment decision.

U.S. stock futures rose in premarket trading on Wednesday, with S&P 500 futures up about 0.3% and Nasdaq 100 futures up about 0.7%. Investors are waiting for July consumer price data, which could shape expectations for the Federal Reserve’s next move.

Consensus forecasts point to annual CPI easing to 3.4% from 3.5% in June, while core CPI is expected to rise 0.2% month over month. The report matters because it may influence whether the Fed keeps rates unchanged in September or signals a more hawkish stance.

Technology shares remain the main support for futures, helped by improving results from AI infrastructure names and continued appetite for semiconductor exposure. Asian markets were also mixed to firmer, with South Korea’s Kospi previously jumping 3.7%, underscoring the strength in chip-related sentiment.

Beyond equities, bond and currency traders are also positioning cautiously ahead of the release. The dollar index was still below 100, suggesting markets are holding fire until the inflation print lands.

CAVA Group reported second-quarter revenue of $368.4 million and adjusted EPS of $0.19, both above Wall Street expectations. Same-restaurant sales rose 9.0%, driven by 5.3% traffic growth and a 3.7% contribution from price and mix.

The update follows a first-quarter guidance raise earlier this year, but the key new evidence is that second-quarter momentum held up and management left its full-year outlook unchanged. CAVA said it opened 17 net new restaurants in the quarter, bringing its total to 476.

The results matter for CAVA shares and for comps across fast-casual dining, where investors are watching whether traffic can keep offsetting a pressured consumer backdrop. The quarter also gives fresh read-through for rivals such as Chipotle and McDonald’s as the market weighs value, quality and unit growth.

Management said the quarter’s sales growth was powered by higher same-store sales and continued strength in newly opened locations. The company reiterated its 2026 targets for net new openings, same-store sales, restaurant-level margin and adjusted EBITDA.

Home Depot said Wednesday that Chief Executive Ted Decker is taking a temporary medical leave of absence and is expected to return within the next few months. During his absence, Executive Vice President Ann-Marie Campbell will oversee day-to-day operations, while CFO Richard McPhail will lead financial management.

Decker, 63, became CEO in 2022 after a long internal career at Home Depot. Company materials show he joined the retailer in 2000 and later held senior roles across merchandising, supply chain, strategy and retail finance, making the move a notable management change at the home-improvement giant.

The announcement pressured Home Depot shares in premarket trading as investors focused on continuity ahead of the company’s second-quarter earnings report on Aug. 18. The key question is whether the temporary leadership handoff changes execution or messaging around a business that has been navigating a sluggish home-improvement backdrop.

Home Depot has not disclosed the reason for Decker’s leave beyond calling it temporary medical leave. For now, the company framed the move as an interim leadership arrangement rather than a permanent succession event.

FactSet said the S&P 500’s blended Q2 2026 earnings growth rate rose to 47.4% from 38.0% in the prior week, with Amazon delivering the largest single-company boost to the update. The firm said Amazon alone accounted for 76% of the net dollar-level increase in S&P 500 earnings over that period.

The revision comes amid unusually large non-operating gains at several big tech names. FactSet said Amazon’s GAAP EPS was $5.75 and included $53.4 billion of pre-tax other income, mainly tied to investments in Anthropic; Yardeni QuickTakes separately said the index’s earnings picture remains strong even after stripping out accounting gains from the biggest tech companies.

For the market, the message is that earnings leadership remains concentrated in mega-cap technology and AI-linked infrastructure. FactSet said the S&P 500 would still show 28.8% earnings growth even without Alphabet and Amazon, while the Information Technology sector’s Q2 revenue growth remained at 35.9%.

FactSet noted that it uses GAAP EPS for both surprise and growth calculations for Amazon, while Yardeni cautioned that valuation gains are inflating the headline pace. The underlying earnings trend, however, still points to broad double-digit growth across the index.