July was a volatile month for most investors as markets became more uncertain 📉
In this recap, we look at how the major indexes performed, how our portfolios compared, which stocks were the biggest winners and weakest performers, and the changes we made during July.
Dive into our full July Recap below 👇
📢 Next week, we'll reveal our Best Buys for August — don't miss it 🎯
What Moved the Markets in July
July was a very volatile month for investors. The conflict between the U.S. and Iran was still making headlines, but most attention shifted to earnings season and the latest AI developments. The Nasdaq posted its weakest July in 22 years.
Companies announced a number of major AI infrastructure investments. TeraWulf signed a 20-year, 401 MW lease with Anthropic worth around $19 billion. Core Scientific secured AMD as a customer in a 15-year agreement that could generate more than $14 billion in revenue. Micron also increased its U.S. investment plans to $250 billion by 2035.
Meta launched Muse Image, its first AI image generation model. Reports also suggested the company is considering launching a cloud computing business to compete with AWS, Microsoft Azure and Google Cloud, but Meta has not confirmed those plans.
Nvidia, Microsoft and more than 20 other technology companies signed a letter supporting open-source AI models. Chinese startup Moonshot AI unveiled Kimi K3, saying its latest model can match OpenAI and Anthropic while using fewer advanced AI chips. That led to a sell-off in AI and semiconductor stocks. Reports that China had developed its first domestic DUV lithography machine added more pressure on ASML and other chipmakers.
SK hynix completed its Nasdaq listing, and Chinese memory maker CXMT debuted on the Shanghai Stock Exchange. The shares opened roughly 470% higher, making CXMT the largest listed company in mainland China. The South Korean index (KOSPI) also came under heavy pressure after margin calls forced many leveraged investors to sell. Leopold Aschenbrenner's hedge fund, Situational Awareness, sold most of its public stock portfolio to Citadel after heavy losses triggered margin calls.
Earnings season has been mixed so far. Alphabet, Microsoft and Amazon all reported excellent results, driven by strong cloud growth. Google Cloud grew 82%, Azure 43% and AWS 37%. SK hynix and Samsung reported another strong quarter thanks to booming demand for HBM memory, but revenue came in slightly below analysts’ expectations. Meta reported another strong quarter, but higher AI spending and capital expenditure guidance overshadowed the results. Apple also declined after its quarterly results.
Robotaxis continued expanding across the U.S. Tesla launched its Robotaxi service in Miami and announced future launches in Orlando and Tampa. Waymo entered Las Vegas and announced launches in Denver, San Diego and Tampa. Reports also suggested Waymo may end its partnership with Uber in Austin and Atlanta after 2028. Amazon’s Zoox became the first company to receive approval for a paid robotaxi service without a steering wheel.
July also brought other important business news. Uber agreed to acquire Delivery Hero for €12.5 billion, while Tempus AI acquired Personalis for $1.5 billion. Novo Nordisk received EU approval for the first oral version of Wegovy. Klarna applied for a U.S. banking license, while Nubank Mexico received approval to operate as a bank.
How did the markets perform in July? Here's how the three major indexes ended the month:
S&P 500: -0.1% 📉 (+9.4% YTD)
Nasdaq: -3.2% 📉 (+9.2% YTD)
Dow Jones: +0.3% 📈 (+9.2% YTD)
🔥 Upgrade Now & Save 30%!
Unlock full access to this Portfolio Review, our Portfolios & Transactions, our monthly Best Buys, all Deep Dives, all Stock Battles — plus 400+ premium articles.
✅ Already trusted by 4,800+ investors.
Portfolio Performance: How Did We Do?
How did our portfolios perform in July?
We compare our returns with the S&P 500, Nasdaq, and Dow Jones, take a closer look at our best and worst-performing stocks, and share every change we made to our portfolios.
Dive into the full recap below 👇
Available exclusively for our paid subscribers ✨