CNBC — 2026-07-15#

Lead Story#

The AI capital expenditure supercycle officially crowned its unexpected winners—Wall Street megabanks—as Morgan Stanley posted record revenue on a 69% equities trading surge, while legacy tech giant IBM suffered its worst day on record, plummeting 25% following a sharp pivot in enterprise spending from software to hardware.

Markets & Economics#

Wholesale inflation unexpectedly declined 0.3% in June, driven by a sharp drop in gasoline prices that offered continued relief on the price front. In Washington, Federal Reserve Chairman Kevin Warsh defended his independence during Senate testimony, while New York Fed President John Williams stated that inflation has likely peaked, projecting a drop to 3.25% by year-end. Meanwhile, U.S. forces launched fresh strikes against Iran and reinstated a naval blockade in the Strait of Hormuz, sending Brent crude above $85 a barrel. Overseas, China reported a sluggish 4.3% Q2 GDP growth, missing expectations and marking its weakest pace of expansion since 2022.

Business & Earnings#

Morgan Stanley joined JPMorgan Chase and Goldman Sachs in reporting a blowout quarter, posting $3.46 in EPS on $21.35 billion in revenue. On the semiconductor front, ASML hiked its full-year sales forecast to between 43 billion and 45 billion euros on ferocious AI chip demand, while Anthropic began lining up investor meetings ahead of a potential mega-IPO. In healthcare, Johnson & Johnson beat Wall Street estimates with $25.31 billion in sales and raised its full-year outlook despite weakness in its MedTech unit. In massive M&A news, Stripe and Advent International submitted a joint $53 billion offer to acquire PayPal for $60.50 per share.

Investing & Commentary#

Warren Buffett criticized the current market environment, warning that it is “tough to find values when everybody is preferring gambling” while confirming he initiated Berkshire’s massive stake in Alphabet. Meanwhile, Jim Cramer demanded “cold hard” proof that heavy AI investments are actually paying off for corporate customers, cautioning that the recent Big Tech rally may be detached from fundamentals. UBS analysts remain extremely bullish on the AI hardware trade, raising their price target on AMD to $700 ahead of the chipmaker’s upcoming AI event.

Also Worth Watching#

• United Airlines Tops Estimates but Warns of Higher Fuel Costs: The carrier beat Q2 expectations but anticipates $6 billion in added jet fuel expenses amid the ongoing U.S.-Iran conflict.
• Trump Blasts New York’s AI Data Center Moratorium: The former president criticized Governor Kathy Hochul’s new pause on large-scale data center construction, demanding an immediate reversal.
• Alibaba Shares Jump on Apple Intelligence Integration: Alibaba’s U.S.-listed shares rose 4% following confirmation that its Qwen AI model will power Apple’s services in China.
• Jamie Dimon Announces $24M to Boost American Shipbuilding: The JPMorgan Chase CEO unveiled financing to revive domestic manufacturing as part of the bank’s $1.5 trillion economic security initiative.
• World Cup Provides Mixed Economic Impact: A Federal Reserve report indicated that while host cities saw a tourism boost, higher local prices led consumers to pull back on other discretionary spending.