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On July 23, Alphabet (GOOG.O), Googles parent company, reported that its capital expenditures doubled in the second quarter, accelerating investment in artificial intelligence infrastructure, while revenue and profit easily exceeded Wall Street expectations. The company spent $44.9 billion on fixed assets and equipment in the second quarter, up from $22.4 billion in the same period last year, reflecting its continued push for AI infrastructure development and global computing power enhancement. In addition, the company raised $49.6 billion through a share offering, stating that the proceeds will be used to support capital expenditures and other corporate purposes. Alphabet reported second-quarter earnings per share of $9.11, far exceeding analysts expectations of $2.88; revenue increased by 24% year-over-year to $119.8 billion, also exceeding the market consensus of $116.52 billion. Operating profit increased by 30%, and the operating margin improved to 34%. The strong performance was primarily driven by Google Cloud, whose revenue surged 82% to $24.77 billion.July 23 – Alphabet (GOOG.O) reported second-quarter cloud revenue that exceeded Wall Street expectations, but its search engine sales slightly missed expectations, potentially exacerbating market concerns about its massive investments in artificial intelligence. For the quarter ending June 30, Alphabets cloud sales totaled $24.77 billion, an 82% increase year-over-year. This figure exceeded analysts expectations of $22.34 billion. Search advertising revenue was $63.27 billion, slightly below the expected $63.28 billion. Alphabet was the first major U.S. technology company to report earnings this quarter, providing the market with an early indication of future performance trends.On July 23, Tesla (TSLA.O) reported second-quarter 2026 revenue of $28.2 billion, exceeding market expectations of $25.706 billion. However, its second-quarter earnings fell short of Wall Street expectations, undoubtedly a setback for the electric vehicle manufacturer. Teslas earnings report showed adjusted earnings per share of 33 cents, below the average analyst estimate of 51 cents. The company also reported negative free cash flow of $1.09 billion. Musk had warned that total spending this year would exceed $25 billion, and the company is planning to ramp up production of cars, batteries, and robots at its six factories to achieve its future vision. The impact of this investment is currently being reflected in the companys financial statements, so investors are eager to learn more about the details of the funding deployment.Alphabet (GOOG.O): An equity distribution agreement has been reached to issue up to $40 billion in Class A and Class C shares through a market transaction program.Tesla (TSLA.O): Our energy storage business has resumed growth.

Gold Rises for a Third Day Ahead of the Jackson Hole Federal Reserve Meeting

Aria Thomas

Aug 26, 2022 10:44

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Gold climbed for a third straight day on Thursday as the dollar dropped ahead of the Federal Reserve's annual meeting in Jackson Hole, Wyoming, where central bank chief Jerome Powell was set to make a major statement regarding the outlook for rate hikes.


The gold futures contract for December on the New York Comex increased $9.90, or 0.6%, to $1,771.40 per ounce. In the previous two sessions, December gold prices increased by over 0.9%.


At 16:12 ET (20:12 GMT), the spot price of bullion, which some traders watch more closely than futures, was $1,757.63, up 0.4% for the day. Similarly to futures, spot gold rose 0.9% over the previous two trading sessions.


"Gold saw a modest boost as the dollar dropped ahead of Fed Chair Powell's Jackson Hole speech," noted Ed Moya, an analyst with the online trading platform OANDA.


"Another wave of US economic statistics and Fed remarks indicated that the Fed will sustain an aggressive monetary tightening policy until inflation is under control. Investors want to know if Fed Chair Powell will commit to a September rate hike of 75 basis points, but he is expected to stick to the data-dependence script and postpone the September 13 inflation report.


The Dollar Index, which analyzes the U.S. dollar against the euro and five other major currencies, fell 0.2%.


Whether modest or vigorous, a rate hike is intrinsically adverse for gold. Gold's role as an inflation hedge has allowed it to withstand the most extreme selling pressure during this year's Fed rate increases.


Since March, the Fed has executed four rate hikes, bringing essential lending rates from near zero to as high as 2.5% by July.


As measured by the Consumer Price Index or CPI, inflation continues to exceed the annual target of 2% established by the central bank. Through July, the CPI had climbed by 8.5% year-to-date. Prior to that, the CPI rose at the fastest rate in four decades, 9.1% in the twelve months preceding June.


The Commerce Department provided the most recent assessment of the U.S. economy for the second quarter on Thursday, lending credence to more aggressive Fed action.


The latest projection for the U.S. Gross Domestic Product in the second quarter of 2022 has improved to a negative 0.6% from a negative 0.9%, despite the economy remaining in recession.


Each quarter, three GDP estimates are produced in total.


The United States GDP contracted by 1.6% in the first quarter of 2022. Conventionally, a recession consists of two consecutive quarters of GDP decrease.

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