Tesla's CEO Elon Musk reported a 14.4% adjusted operating margin, the lowest in three years, as the company's expenses soared. The company missed Wall Street estimates for second-quarter earnings, with a net income of $1.48 billion on revenue of $25.5 billion. The revenue included $890 million in regulatory credits. This marks the fourth straight quarter of shrinkage in profit margins.

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DeepL, a $2 billion AI company, launched traditional Chinese as a language option, targeting Taiwan and Hong Kong, strong technological markets that are exporting, particularly Taiwan, home to the world's biggest chipmaker TSMC. The company's CEO, Jaroslaw 'Jarek' Kutylowski, aims to expand its presence in Asia.

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Britain's new Labour government plans to regulate 'buy now, pay later' firms like Klarna and Block's Afterpay. The government will set out updated plans shortly, aiming to protect people and deliver certainty for the sector. The new economic secretary to the U.K. Treasury, Tulip Siddiq, has emphasized the importance of regulating these products.

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SK Hynix, a leading memory chipmaker, reported its highest quarterly profit in six years, with revenue of 16.42 trillion Korean won ($11.86 billion) and operating profit of 5.47 trillion Korean won. The company maintains its leadership in advanced memory chips critical for artificial intelligence computing.

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Grayscale, a unit of Digital Currency Group, has converted its $9 billion ether trust into an ETF, allowing investors to buy ether like stock and bond index funds. The firm will offer two ETFs, one of which is the converted trust. Grayscale was founded in 2013 and has spent years building its trust.

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IBM shares rose 5% in extended trading after the company reported second-quarter results that surpassed analysts' predictions. The company's CEO, Arvind Krishna, reported earnings per share of $2.43, adjusted, which beat expectations of $2.20. Revenue increased 1.9% to $15.77 billion, exceeding the expected $15.62 billion. Net income rose to $1.83 billion, or $1.96 per share, from $1.58 billion, or $1.72 per share, a year earlier.

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Tesla shares fell 7.3% in premarket trading after the company reported second-quarter earnings that missed expectations. The electric carmaker's automotive revenue dropped 7% year-on-year to $19.9 billion, while its adjusted earnings margin declined. The company has been forced to slash prices globally and offer discounts and incentives amid slowing sales and rising competition, especially in China.

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Elon Musk, CEO of Tesla, is attending Cannes Lions to reassure ad groups and global brands about the future of X. He posted a poll on social network X asking if Tesla should invest $5 billion into his newest startup, xAI. The poll assumes a valuation set by credible outside investors, requiring board approval and shareholder vote. Tesla reported second-quarter earnings that fell short of analysts' expectations.

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Former President Donald Trump, the Republican nominee for president, is set to deliver a keynote address at a major bitcoin conference in Tennessee. He has raised more than $4 million from a mix of digital tokens, including bitcoin, ether, Ripple's XRP token, USDC, and various memecoins. The funds were donated to the 'Trump 47' joint fundraising committee, according to a Federal Election Commission filing.

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Cryptocurrencies fell 2% to $64,299.18, following a tech stock rout that saw the S&P 500 and Nasdaq Composite experience their worst day since 2022. Disappointing quarterly earnings from Alphabet and Tesla weighed on the tech sector, causing investors to rotate out of high-risk assets, including cryptocurrencies. Market strategist Joel Kruger attributed the setbacks to macro forces, including global financial market turmoil, softer economic data, and ineffective central bank moves.

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