Sunday, July 26, 2026

US military operations against Iran have paused for a second consecutive night after striking the country for 13 straight days, with no new attacks announced as Vice President JD Vance and the Joint Chiefs chairman raised escalation concerns at a White House meeting. President Trump said talks are pressing forward and threatened larger operations, even as aides worry the conflict could hurt GOP turnout in swing states (via The Washington Post).

House Republicans passed $1.1 trillion in annual military spending Wednesday alongside a budget blueprint to fund the Iran war, with six Democrats joining the party-line 216-212 vote. The National Defense Authorization Act now heads to the Senate, where Democrats have blocked earlier versions and demanded limits on Trump's war authority (via NPR).

The week ahead brings earnings from three of the world's biggest technology companies, with Microsoft reporting Wednesday evening and Apple followed by Amazon on Thursday. Apple's final earnings call under CEO Tim Cook will set the stage for new hardware chief John Ternus to take over, with analysts expecting iPhone revenue around $108.8 billion, up 14% year over year (via Bloomberg).

Wall Street limped to the end of a rough week. Friday the Dow rose 0.46% to 51,947 while the S&P 500 ticked up 0.05% to 7,412, but the Nasdaq fell 0.64% to 24,976 as tech stocks continued their slide on worries that big AI investments haven't paid off. All three major indexes posted weekly losses, with the Nasdaq down about 2% after the Magnificent Seven's recent wipeout (via CNBC).

Big technology companies face fresh pressure to prove their artificial intelligence spending is worth the money. After the Magnificent Seven tech giants shed $797 billion in market value this week amid skepticism that AI returns justify the costs, investors are demanding concrete evidence that the trillion-dollar AI infrastructure buildout will eventually pay off (via Bloomberg).

Intel broke ranks with peers and offered a brighter outlook, forecasting stronger sales as its data center business accelerates on soaring demand for AI chips. The chipmaker's comeback story hinges on proving it can compete with Nvidia as customers snap up memory chips ahead of earnings reports that will reveal the true state of the artificial intelligence trade (via Bloomberg).

The WNBA All-Star Game delivered a record-breaking night in Chicago. Team Spoon defeated Team Coop 129-122 Saturday at the United Center in front of 19,783 fans, the largest crowd in All-Star game history. Jonquel Jones won MVP honors with 22 points, 13 rebounds, and 8 assists, while Dominique Malonga made history with the first dunk in an All-Star game since Sylvia Fowles in 2022 (via ESPN).

PBS SoCal dominated Los Angeles television awards Saturday night, winning eight Emmy Awards including honors for live events programming and arts coverage at the 68th annual L.A. Area Emmy Awards. Univision's KMEX followed with seven wins and Telemundo's KVEA took six, reflecting strong local broadcast journalism and entertainment production across the market (via Variety).