Microsoft signed more than $130 billion of new data centre leases in the second quarter as it moves to expand computing infrastructure to serve AI-driven cloud demand. Capital expenditures jumped to $41 billion in the quarter, up 70 per cent year on year, while free cash flow fell 23 per cent to $19.6 billion. The results lifted the shares, which rose 9 per cent in after-hours trading.

SpaceX shares face pressure from a wave of insider selling as the company uses a staged lockup schedule rather than a standard uniform 180-day restriction. Some insiders will be able to sell after the first earnings report in August, with additional tranches unlocking over time. The tradable float is expected to reach 58% of total shares within 180 days, far above the less than 5% initially available after the IPO. The analysis argues that early gains were driven by scarcity, while a sustained increase in supply could create meaningful selling pressure.

SpaceX briefly climbed to a $2.97 trillion valuation, overtaking Microsoft and Amazon to rank as the world’s fourth-most valuable company. Yet the company posted a $9 billion net loss on $19 billion in annual sales, leaving it trading at more than 150 times revenue. The surge has fueled fresh scrutiny of “story-driven” valuations that lean on future promises rather than current profitability. The dynamic is being compared with Tesla, whose long-running premium has also been sustained by faith in growth narratives.

Peru’s presidential runoff held on June 7 has Keiko Fujimori ahead of Roberto Sánchez by about 36,000 votes, with official results not expected until July as hundreds of thousands of ballots are disputed. Their platforms diverge sharply, with Fujimori pledging tougher security measures and education reform, while Sánchez has vowed to weaken central bank independence and tap foreign reserves for public works. The count shows Fujimori leading by a wide margin among overseas voters but trailing domestically by 43,000 votes, underscoring deep urban-rural and class divisions.

An interim peace agreement between the US and Iran raised hopes that the Strait of Hormuz could reopen, sending oil prices back to around $78 a barrel. European airline stocks such as Lufthansa and Air France rose, while chipmakers including Infineon and Aixtron advanced, alongside broad strength in US semiconductor shares. Nvidia, Intel, Marvell and Micron were among the names that gained as easing Middle East tensions coincided with upbeat expectations for AI-chip demand. A hawkish message from the Federal Reserve pressured European equities, but did not displace oil and tech as the main drivers.

Amazon took the lead in a $310 million (€267 million) funding round for Odyssey ML, valuing the startup at $1.45 billion including the new capital. Odyssey is developing physics-based “world models” designed to generate 3D environments. Under the deal, Odyssey will use Amazon Web Services as its preferred cloud provider and deploy Amazon’s latest Trainium chips. The investment arms of Nvidia and AMD also joined the round.

Experts say the war in the Middle East is likely to leave many Irish consumers at least €1,000 a year worse off, even if the US-Iran deal holds. Damage to energy infrastructure has kept prices elevated for oil, gas and energy-linked goods such as fertiliser and plastics. The ECB has already raised interest rates and could increase them twice more this year, adding to mortgage and household energy costs. Analysts say restoring crude output and refinery coordination could take months to a year, extending upward pressure on food and construction costs through higher diesel, fertiliser and processing energy bills.