Major tech firms like Apple, Microsoft, and Amazon reported strong earnings, but Wall Street declined as macroeconomic risks, including Fed rate pauses, weak jobs data, and inflation, overshadowed the results. AI and automotive sectors saw developments, including AI funding, Tesla's new operations, and automotive sales updates.

Microsoft has ended its 30-year practice of naming competitors in annual reports, shifting focus to broader market trends. Other tech giants like Amazon and Alphabet have followed suit, while Apple, Meta, and Nvidia still name rivals. Microsoft’s 2024 report avoids listing competitors like Apple and IBM, instead categorizing rivals as productivity software, PC operating systems, and cloud infrastructure. The change reflects the fast-paced nature of tech markets, though executives still acknowledge competitors in public forums. Microsoft reported a 24% net income increase in Q2 2025, reaching a $4 trillion market cap.

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Apple Inc. reported a strong third-quarter performance despite tariff concerns, with a $1.1 billion potential hit from tariff-related costs. The company emphasized its openness to AI acquisitions and highlighted AI's strategic importance. Reports suggest JPMorgan Chase is in talks to take over Apple's credit card partnership from Goldman Sachs.

Apple CEO Tim Cook announced the company is open to large mergers and acquisitions to accelerate its AI development, despite lagging in the AI race. Apple has acquired seven companies this year and is considering potential AI-focused deals, including possible partnerships with OpenAI or Anthropic. The company also delayed its AI-powered Siri release but reported strong financial results in Q3 2025.