OpenAI’s net loss in 2025 rose nearly eightfold to around $39bn, and it was losing roughly $1.84 for every dollar of revenue. It has also signed a $300bn, five-year computing contract with Oracle, while Oracle’s backlog of about $638bn is reported to be roughly half tied to OpenAI. The scale of the commitments has sparked market concerns about financial risk exposure on both sides.

Meta’s April 2025 earnings marked the first reported decline in user numbers, adding to concerns over large-scale layoffs, mandatory AI training work for engineers, and a hit to internal engineering culture. Reality Labs continued to post steep losses, reaching $19.1 billion in 2025, as questions mounted over the company’s execution of its AI strategy. Reporting cited by outlets including The New York Times and Wired described Meta as entering a “zombie era,” prompting broader doubts about its long-term competitiveness and profit model. The developments have also weighed on expectations for Meta’s fundamentals as a major S&P 500 constituent.

The U.S. and Iran are preparing to sign a Memorandum of Understanding on Friday, but the two sides are describing its contents in sharply different ways. Iran has warned that Israel’s continued strikes in Lebanon could cause the arrangement to unravel. The reopening of shipping through the Strait of Hormuz is expected to be heavily delayed, with energy analytics firm Kpler projecting traffic returns to only 45% of pre-war levels in one year. On the current trajectory, the piece says an “energy cliff” could be triggered in late July to early August as oil inventories keep being drawn down and the supply gap widens.