SpaceX told employees in an all-hands meeting that it generated $7.81bn in second-quarter revenue, including $2.56bn from AI and $5.25bn from non-AI businesses. The company is planning to buy AI coding tool Cursor for $60bn, commit to Nvidia hardware purchases and develop data centres in orbit. Elon Musk said he expects AI revenue to surpass the rest of the company’s sales by September.

Foxconn’s second-quarter results show its cloud and networking business, driven by AI servers, accounted for 51% of revenue for the first time. That surpassed the smart consumer electronics segment, which includes the iPhone, at 29%. Net profit rose 35% year on year to NT$59.97bn (about $1.86bn), a record for a second quarter, on consolidated sales of NT$2.53 trillion, up 41%. First-half net profit climbed 27% to NT$109.89bn, while operating margin improved by 0.6 percentage points to 3.75%.

Intel said before the market opened Monday that it plans a $15 billion underwritten public offering and has filed an S-3 registration statement with the U.S. Securities and Exchange Commission. Underwriters have a 30-day option to buy up to $2.25bn of additional shares. The move comes after Intel spent $82bn on share buybacks in the 2010s, reviving debate about financial pressure. The company has also committed €5bn to its Irish fab, but it still lacks meaningful volume orders from external customers, leaving the use of funds in focus.

Etsy reported second-quarter revenue of $668.3m, ahead of expectations, with gross merchandise sales rising 7.5% year on year. The company also announced a $2bn share buyback plan. At the same time, Etsy said it will cut 12% of its workforce, a move expected to result in about $35m in severance and related costs. Overall results were strong, even as the restructuring adds one-off expenses.

Oracle said it will integrate Google’s Gemini 3.1 Flash-Lite and Gemini 3.5 Flash models into its enterprise applications, including NetSuite, to bolster AI capabilities. The move does not use models from OpenAI, which partners with Oracle on infrastructure. After the announcement, Oracle shares rose as much as 8.4% to $127.64. NetSuite has more than 44,000 customers, putting the integration directly in the path of its SaaS competition and commercialization efforts.

US companies are increasingly switching from OpenAI and Anthropic’s higher-priced API services to cheaper Chinese large language models such as Z.AI’s GLM-5.2 and Moonshot’s Kimi K3. In a single week in July, Chinese models accounted for 57% of the tokens consumed by US firms on OpenRouter, and companies including Coinbase, DoorDash, Airbnb and Cursor have publicly said they use them. The shift is pressuring OpenAI and Anthropic’s ability to monetize, and could pose material downside risk to their IPO valuations, The Wall Street Journal reported.

SAP reported second-quarter 2024 cloud revenue of €6.28 billion, up 22% year on year, while its cloud backlog rose 26%. Operating profit came in at €2.74 billion, up 7% but below expectations, and the company cut its 2026 full-year profit outlook to €11.8–12.2 billion. The results sent SAP shares up more than 6% in intraday trading in Frankfurt, though the stock is down about 35% for the year, reflecting continued concerns over the durability of its business model in the AI era.

Alphabet reported Q2 revenue of $119.8 billion, up 24% year over year, while Google Cloud revenue rose 82% to $24.8 billion, well ahead of expectations. Management acknowledged that the next Gemini Pro model is significantly delayed and said Google needs to improve in coding capabilities relative to rivals. Alphabet also raised its 2026 capital expenditure guidance by about $15 billion to $195 billion–$205 billion, fueling concern about AI spending efficiency and execution. Shares fell more than 3% in after-hours trading and are down about 9% since late April.

IBM cut its full-year revenue growth target to 4–5% after sales of its Z series mainframes fell 42% year on year in the second quarter. The company also lowered its annual software sales growth outlook to 6–8%. IBM said the weakness is entirely concentrated in its infrastructure unit and related software, while the rest of the business is performing strongly. Second-quarter revenue was roughly $17 billion, up about 1%, and adjusted earnings were nearly $3 per share.