Mag 7 News — Weak jobs changed the rate math for tech.

Wall Street’s rally came in two stages. Falling oil prices and strong earnings pushed stocks sharply higher early in the week, before Friday’s jobs report arrived. Then employers unexpectedly cut 23,000 jobs in July, Treasury yields fell, and investors became less worried about another near-term Fed rate increase.

That helped expensive technology stocks. But weak hiring only counts as good news for markets until it starts hurting consumer and business spending.

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^{Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.}

^{The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.}

Lead: Nvidia had the strongest Mag7 week, and demand signals kept arriving.

What happened: AMD reported data-center revenue of $6.7 billion, up 107% year over year. Separately, SpaceX said it would exclusively use Nvidia chips for its AI systems, helping Nvidia rise 3.4% Wednesday even as SpaceX and AMD fell.

Why it matters: AI infrastructure demand still looks broad, but the market’s expectations are getting harder to beat.

Impact: Nvidia’s challenge is increasingly not proving demand exists, but exceeding what investors already expect.

Lead: Google changed who runs its AI engine while the cost of the buildout kept rising.

What happened: Demis Hassabis moved to Chair of Google DeepMind and Chief Scientist of Alphabet, while Koray Kavukcuoglu took day-to-day leadership of DeepMind. Jeff Dean and Sanjay Ghemawat are also leaving to start a new company. Alphabet separately returned to debt markets with a roughly $25 billion bond sale.

Why it matters: Google now has an execution question alongside its already-large AI financing needs.

Impact: The next test is whether Alphabet can turn enormous AI demand into returns without letting organizational complexity or spending get ahead of it.

Lead: Meta rallied with big tech, even as a court imposed a much more concrete regulatory cost.

What happened: A New Mexico judge ordered Meta to pay $567 million for treatment and prevention programs after finding that Facebook and Instagram contributed to harms among young users. The ruling also requires changes to protections for minors. Meta says it will appeal.

Why it matters: The fine is one issue. Court-ordered changes to how Meta’s products work could become more important if similar cases spread.

Impact: Meta’s strong business momentum now sits alongside growing pressure to change how its platforms serve younger users.

Lead: Amazon’s robotaxi bet is about to start charging customers.

What happened: Amazon-owned Zoox said it will begin charging for rides in Las Vegas on August 10, marking the start of commercial operations after offering free public rides.

Why it matters: This moves Zoox one step beyond demonstration and testing. It also gives investors another real-world benchmark for purpose-built robotaxis as Tesla works toward its Cybercab plans.

Impact: Zoox remains tiny beside AWS, but paid service turns Amazon’s autonomy investment into an operating business rather than just a technology project.

What happened: Tesla’s stock had a strong week, and its China business finally supplied some operating support. July sales of China-made Model 3 and Model Y vehicles reached 93,579, up 37.8% from a year earlier and marking a ninth straight month of year-over-year growth from Shanghai.

The improvement matters because Tesla is spending heavily on robotaxis, AI and Optimus while its traditional vehicle business still provides most of the cash.

Impact: Stronger China volumes give Tesla more breathing room to fund its autonomy ambitions, but the recovery still needs to broaden beyond one market to look durable.

What happened: Microsoft’s rally continued after last week’s strong Azure results. The company also opened its new Hyderabad cloud region Thursday, adding physical capacity behind that growth story.

What happened: Apple had a relatively quiet trading week. A more interesting China AI development arrived Saturday and is noted below.

AMD (AMD): Q2 revenue rose 50% to $11.5 billion, while data-center revenue jumped 107% to $6.7 billion. AMD expects roughly $13 billion of Q3 revenue.

Impact: AMD confirmed that AI-chip demand remains enormous, while also showing Nvidia faces increasingly credible competition.

Title text. Its first public quarterly report put heavy AI infrastructure spending under the microscope, while its decision to use Nvidia exclusively for AI created a direct supplier benefit.

Impact: The AI buildout is spreading well beyond traditional cloud companies, creating new customers and new spending risks at the same time.

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