The Daily Wrap – July 22, 2026

The artificial intelligence boom is accelerating with a massive multi-billion dollar deal between AMD and Anthropic for AI chips, while companies like Supermicro and GE Vernova are seeing record orders for the servers and power infrastructure needed to support the buildout. Meanwhile, geopolitical tensions are rising as ongoing U.S. strikes against Iran push oil prices near $95 a barrel, and the Trump administration threatens to disrupt the supply of affordable medicine with a proposed 100% tariff on foreign-made generic drugs. In other major corporate news, AT&T's stock is rising on strong subscriber growth, and Wall Street giants like Blackstone and Vanguard are launching new funds to give individual investors greater access to private markets.  

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From Finextra Pro in Tampa, it's Wednesday, July 22nd, and I'm Rachel Anderson with the Daily Rap. Oil prices are hovering near $95 a barrel after the U.S. conducted its 11th consecutive round of strikes against Iran overnight. Secretary of State Marco Rubio stated that the U.S. will continue to protect shipping in the critical Strait of Hormuz, which he called a major sticking point in negotiations. The ongoing conflict is reviving fears of inflation and influencing bets on a more hawkish Federal Reserve. Meanwhile, the White House is preparing a new trade battle, this time targeting the pharmaceutical industry. The president has announced a plan to impose a 100% import duty on generic drugs not produced in the U.S., starting in August 2028. The move is aimed at reshoring manufacturing, but it threatens to disrupt the supply of affordable medicines for millions of Americans and could significantly raise costs for consumers. In a landmark deal, AMD and AI frontrunner Anthropic have signed an agreement for tens of billions of dollars worth of AI servers. The deal will see Anthropic purchase up to 2 gigawatts of AMD's next generation chips and includes a potential $5 billion investment from AMD into the AI firm. The move strengthens AMD's position against rival NVIDIA and secures critical computing power for Anthropic to meet surging demand. AI server maker Supermicro saw its stock jump over 24% after revealing a record order backlog of over $60 billion and forecasting its gross margins will nearly double. GE Vernova reported a massive 88% surge in orders, driven by its power and electrification segments that supply gas turbines for data centers. However, the stock is trading down today as the company's wind unit continues to struggle, with a 40% drop in new orders dragging on overall earnings. We'll get a clearer picture of the AI spending Palooza after the bell today, when Alphabet kicks off earnings for the Magnificent 7. Analysts expect the Google Parents' capital expenditures to double from last year as it pours money into AI, setting the tone for what's to come from the rest of big tech. ATT stock is rising after the carrier topped second quarter earnings targets. The company added more post-paid phone subscribers than Wall Street expected, helping to ease investor fears about growing competition from SpaceX's Starlink service. A few Wall Street giants are teaming up to give everyday investors more access to private markets. Blackstone, Vanguard, and Wellington Management are rolling out new funds today that will hold private equity, credit, and real estate. The move represents a major push to democratize alternative assets, though investors should be aware of higher fees and limited liquidity compared to traditional funds. U.S. Treasury yields are ticking up after the likelihood of a rate hike increased. The 10-year yield is at 4.65%, the two-year yield is at 4.3%, and the 30-year bond yield is at 5.14%. And now, let's check the scoreboard. Wall Street is a little wavy today, with earnings from Google and Tesla on deck after the bell. Midday, the SP was up almost two tenths of a percent, the Dow was up around 4 tenths of a percent. And the NASDAQ was near flat, down just 0.3%. That's all for your daily rap today. I'm Rachel Anderson from FinExtra Pro, turning data into stories.