July producer price index came in cooler than expected, with markets pricing in about 64% odds of the Federal Reserve keeping rates steady in September. According to the Financial Times, Anthropic could seek a valuation of at least $2 trillion in a potential IPO this fall, surpassing SpaceX’s $1.77 trillion valuation. Cisco reported solid second-quarter results but its artificial intelligence revenue guidance disappointed, sending shares down 6% in premarket trading. JPMorgan resumed coverage of Salesforce and Oracle with buy ratings, while AI chipmaker Cerebras plunged 15% after disappointing quarterly revenue, reinforcing Nvidia’s dominant market position. Tapestry beat second-quarter earnings and revenue estimates but its fiscal 2027 earnings guidance underwhelmed, with shares dropping nearly 9% premarket.
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