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On 5 August at Ai4, Hinton, Ng and Fei-Fei Li argued in public about the future of work: “increased productivity does not translate to shared prosperity.” Meanwhile OpenAI passed a billion users, the EU AI Act switched on its fines, and OpenAI and Anthropic agents went rogue in tests.

The indices move within half a percent while single stocks break apart: 19 moves off the scale in one session, averaging -3.8%. Datadog and AppLovin stocks lose nearly a fifth and Western Digital 13% as semiconductor stocks reset, while Unity stock gains 15% and Banco BPM leads Milan.

Money leaves semiconductor stocks for healthcare, materials and travel: Shopify stock jumps 17% on results, gold surges on Red Sea tension, and the Milan market holds its highs with Leonardo stock still climbing.

A blowout quarter reignites artificial intelligence: Palantir stock climbs 29% and lifts semiconductor stocks and data-centre infrastructure. The US market closes at record highs, while AMD stock and SpaceX fall after the bell on capital spending.

Crude oil drops more than 5% after the strike on Iran is called off and money returns to risk: a record close on the Dow and Amazon stock above 3,000 billion in market value. Banks led the Milan market on a steeper curve, while Eni paid for the oil move.

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Amazon stock gains 15.32% with cloud up 37% while Apple stock loses 7.35% despite a beat: the market pays those who monetise artificial intelligence and punishes those who merely use it. Record profits across big oil, with Eni doubling earnings alongside a 3.4 billion buyback.

Microsoft's cloud grows 43% and the stock gains 15.51%, the largest single-day market value gain on record: the Nasdaq breaks a six-day losing run. Meta drops 8% on spending without a return. In Europe Rolls-Royce and Schneider rise while adidas posts its worst session ever.

The Federal Reserve holds rates with a hawkish message; the Nasdaq slides toward correction as chips fall, with Micron down 10% and Nvidia 3.5%. In Milan, Eni jumps over 7% on its half-year and Nexi holds. After the bell Microsoft rises while Meta drops 10%.

Chip stocks fall for a fourth session with the trigger out of Seoul, crude posts its worst three-day stretch in six years and money rotates into defensives. Coca-Cola, PayPal and Visa carry the Dow; Boeing rises on a miss.

The US-Iran truce strips the war premium out of crude and overturns, in a single session, the very theme our model had just bought. Technical analysis of the day, this week's twelve fresh signals and the desk's position on every instrument mentioned.

The Fed lands on Wednesday, with a wall of earnings around it: Microsoft and Meta on the 29th, Apple and Amazon on the 30th, plus Eni, Intesa and Enel. Brent down 4% turns Europe green as Italy's banking consolidation hits its decisive week. Technical analysis on the stocks we follow.

From today the World Observatory is published every market morning: the desk's read on the session just closed. Free and open to everyone.

For three years the AI race was scored in capability. This week the centre of gravity moved to money and power: Google misses its flagship for a third time, Alphabet lifts capex to $205B, China opens a governance bloc, and Tesla starts building the Optimus lines.