The Street

Netflix (NFLX) has spent 2026 testing the patience of its own shareholders.The stock that once traded like it was unstoppable is now down more than 40% over the past year, and it sank again after the company’s latest earnings report.However, Jim Cramer is stepping in to defend it.On the July 20 episode of CNBC’s Mad Money, Cramer told viewers that Netflix has fallen far enough and deserves a fresh look. His message was blunt: “This is not a broken company.”That single line captures the tension surrounding NFLX right now, as the business keeps growing and the stock continues sliding.Why Jim Cramer is defending Netflix stockCramer’s case starts with Netflix’s valuation.After its long retreat into the high-$60s, Netflix trades at roughly 19 times forward earnings estimates, its cheapest level since 2022, 24/7 Wall St reported.For a company still posting double-digit revenue growth, that is a valuation normally reserved for slower, more mature businesses.More Netflix Coverage:BofA trims Netflix stock target while betting on a reboundNetflix just made its slowdown harder to measureNetflix chases Letterboxd in a telling move for NFLX stockCramer’s point is that the market has punished the stock far harder than the underlying numbers justify.He conceded that the recent quarter was a disappointment with weakening content, but he pushed back hard on the idea that Netflix has lost its footing as a business.

Netflix shares have fallen sharply in 2026 even as Jim Cramer argues the business remains fundamentally sound.NurPhoto / Getty Images

What actually spooked investors after Netflix’s earningsTo understand Cramer’s call, you have to understand why the stock fell in the first place.Netflix’s second-quarter report on July 16 delivered earnings of $0.80 per share on revenue of $12.56 billion. That’s up 13.37% from last year, according to the company’s SEC release. Growth was spread across every region. The problem was the outlook, not the quarter itself, and Cramer laid out the bear case that has weighed on sentiment:The concerns dragging NFLX lowerSlower guidance. Netflix trimmed its full-year revenue growth outlook, a signal that reaccelerating sales growth is getting harder.A softer content slate. The recent pipeline has not been strong enough to keep viewers from canceling.Less disclosure. Netflix moved its “What We Watched” viewership data to an annual release, on top of already dropping quarterly subscriber counts. That reduced visibility unsettled Wall Street.A missed deal. Cramer argued Netflix passed on a chance to lock down Warner Bros. content before walking away from talks.The disclosure change stung the most. When a company gives investors less data to measure, uncertainty rises, and uncertain investors sell first and ask questions later.Netflix shares slid more than 10% on July 17 before closing near $68.95, erasing roughly $35 billion in market value at one point.The bull case Cramer says the market is ignoringCramer argues that the same report that scared investors also shows a company using its cash aggressively and expanding into higher-margin businesses.Netflix repurchased $4.7 billion of stock during the second quarter, its largest quarterly buyback ever, with about $27 billion still authorized.Related: Netflix’s Roku loss points to bigger streaming riskBuying back stock during a sell-off lowers the share count and lifts per-share earnings over time. It also signals that management believes the stock is cheap. As Cramer put it, there is a reason these executives are buying at the fastest pace in the company’s history.Where Netflix still has room to growCramer pointed to three aspects that remain intact:Advertising. Netflix expects ad revenue to roughly double to $3 billion this year. The company’s management says the gap between its ad tier and ad-free plans is narrowing.Scale. The company captures only about 5% of global television viewing time, leaving a long runway across live programming, gaming, and sports.Reach. Netflix is approaching an audience of nearly 1 billion people, with household penetration still under 45% of its addressable market.Bank of America made a similar argument. Analyst Jessica Reif Ehrlich kept her Buy rating even while trimming her target, saying the stock fell faster than the business behind it.How Netflix stock stacks up against the marketThe disconnect becomes clearer when you compare NFLX to the broader market over the same period.While the S&P 500 has held up through 2026, Netflix has moved the other way sharply:Netflix vs. the market in 2026Past week: NFLX down about 8%Past month: NFLX down roughly 13%Year over year: NFLX down about 40%, versus the S&P 500’s 16.58% gain.That gap is the main point of Cramer’s thesis. A stock can fall for valid reasons and still become heavily oversold, and he believes Netflix has done exactly that.What Cramer says investors should do nextCramer’s advice comes with a clear warning.He does not expect a fast rebound and cautioned that the weakness “could stick with us for a while.” So his strategy is deliberately cautious.Rather than buying a full position at once, he recommends starting small and adding gradually on further price dips. That approach lowers your average cost of entry if the stock keeps falling.For the bull case to pay off, a few things still need to happen:What has to go right for NFLXNetflix has to actually double its ad revenue toward the $3 billion target.Engagement growth needs to stabilize after the recent slide.The company must hit its third-quarter guidance to rebuild trust.None of that is guaranteed. If ad growth stalls or content doesn’t improve, a cheap stock can stay cheap for a long time.The practical takeaway is to separate the two stories. Netflix as a business is still profitable, growing, and buying back stock. Netflix stock, on the other hand, is caught in a confidence problem that may take several quarters to resolve.Cramer’s bet is that patient investors who slowly buy the dip will be rewarded when confidence returns, and it depends on whether Netflix can prove its growth engine still has room to run.Related: Netflix stock shows recovery signs after bombshell takeover report

Stifel Financial (SF) had the kind of quarter that generally makes for an effortless earnings tale.Revenue exceeded expectations. Profits outpaced sales growth. Investment banking bounced back, wealth management revenue hit a record, and the firm bought back $177 million of its own stock.But Stifel CEO Ron Kruszewski gave investors a more meaningful takeaway.The company previously said it would have to hire fewer staff due to its artificial intelligence adoption. But Stifel is finding that the technology is helping advisers, bankers, and analysts discover more opportunities, making talented professionals more valuable rather than replacing them.That’s important because wealth-management stocks have occasionally fallen on expectations that AI may automate financial advice and squeeze fees.Stifel’s results suggest a different outcome: AI may wipe out regular jobs but make trusted advisors more productive.Shares jumped 2.2% to $79.31 on July 22 following the release.Stifel’s earnings beat came from more than one businessStifel’s net revenue came in at $1.45 billion in the second quarter, up 13% year over year and about $20 million above consensus estimates.Adjusted earnings jumped 25% to $1.42 a share, above the $1.33 projection, Investing.com reported. GAAP net income available to common shareholders climbed 49% to $217.2 million, while diluted EPS rose to $1.34.Related: Stifel resets AMD price target for rest of 2026That makes a difference.The adjusted number excludes merger-related and other specific costs, while the GAAP number is the company’s reported bottom line, according to Business Insider. Both metrics demonstrated meaningful profit growth, driven by higher revenues and lower expense ratios.Global Wealth Management posted record net revenue of $956.5 million, up 13%, Business Insider noted. Client assets were $580.1 billion, and fee-based assets climbed to $239.8 billion, up 16%.Those data don’t show advisers have unlimited pricing power. But they do reflect clients still trusting human advisers with sizable investments as automated investing and generative AI get more sophisticated.“AI is making information more abundant. That only increases the value of judgment, trust, and relationships,” Kruszewski said during the earnings call.

Stifel’s earnings reveal an unexpected AI advantage.Bloomberg / Getty Images

Investment banking drove Stifel’s immediate earnings upsideThe AI story provides the intrigue, but investment banking drove much of the financial acceleration in the quarter.Revenue from Stifel’s Institutional Group rose 15% to $480.7 million. Investment-banking revenue increased 42%, with advisory revenue up 24% and equity capital raising up 121%.Pipelines for investment banking remain healthy across health care, industrials, technology, energy, and financial services, management said.That diversification is important, since Stifel’s advisory business is sometimes viewed too narrowly as a gamble on bank mergers. Management said bank deal activity remains weak, while other industry groups are gaining better momentum.More Wall Street:Wall Street sends strong 4-word verdict on the stock marketWall Street’s $200 billion IPO wave threatens sell-offWall Street flees software plays for triple-digit chipmaker boomHigher revenue also resulted in operating leverage.Stifel’s adjusted pretax margin increased to 21.7% from 20.3%, and its adjusted compensation ratio dropped to 57% from 58%. The annualized return on tangible common equity was 23.6%.There, the thesis of AI has to come out eventually.The technology story only matters from a financial perspective if advisers get more clients, bankers consider more opportunities, and compliance teams work harder without costs scaling at the same rate.Stifel’s buyback reveals management’s capital-allocation preferenceIn the quarter, Stifel repurchased 2.4 million shares for $177 million at an average price of $73.20. The corporation still has the authority to purchase an additional 7.8 million shares.Kruszewski said similar financial services and advisory firms typically trade at 15 to 18 times adjusted earnings before interest, taxes, depreciation, and amortization, compared with Stifel, which trades at about eight times that measure.That comparison is a management assessment, not an independent market consensus.It does explain the corporation’s choice, after all.If management believes the market is undervaluing the business, it can buy back stock, borrow more, invest in its advisors and technology, or make acquisitions at higher valuations.At quarter end, the company had $480 million of expected excess capital, based on a 10% Tier 1 leverage target, after supporting $2.6 billion of loan growth and the buyback.Key takeaways for Stifel investors Revenue and adjusted earnings topped estimates on Wall Street.Wealth management revenue and client assets were at all-time highs.Investment banking fees increased 42 percent.Stifel views AI as an aid to productivity, not as a replacement for advisers.Lower expense ratios mean better operating leverage.Buybacks were preferred by management at high acquisition values.Stifel’s quarter doesn’t end the AI and financial advice debate. It does change the standard of proof, however.Automation can build portfolios, compile market summaries, and process huge amounts of financial data. But wealthy clients often pay advisers for their judgment, accountability, and decision-making guidance during stressful times.Stifel believes that relationship will be enhanced with AI taking on lower-value tasks.The corporation needs to translate those productivity benefits into adviser production, margins, and organic asset growth. If the stock’s reaction is to hold water, then you need enough earnings momentum, which means investment banking has to hold up.For now, Stifel’s findings reveal a blind spot on Wall Street.Artificial intelligence need not replace costly professionals to revolutionize financial services. It can provide plenty of value simply by making it harder for the best ones to compete with.Related: 6 Signs You’ve Outgrown Your Financial Advisor

Memory stocks were the hottest trade of 2026 until they weren’t.In the span of a few weeks, one of the market’s best-performing sectors flipped into a bear market. Micron (MU), Samsung, and SK Hynix (SKHY) all fell more than 20% from their late-June highs, and the Roundhill Memory ETF went down with them.Then Morgan Stanley told clients that the selling had gone too far, and it looks like there is a chance to buy. The firm’s verdict deserves a closer look before taking your next investment decision.Why Morgan Stanley calls the memory selloff a buying opportunityMorgan Stanley analyst Joseph Moore laid out the case in a July 20 note.He described the recent decline as a “compelling entry point,” Investing.com noted. Moore argued that the fundamentals driving memory demand never actually broke.The selloff came from somewhere else. It was driven by soft demand signals from PCs, smartphones, and other consumer electronics, which spooked investors. Moore treats those as false alarms and misleading indicators for the overall sector, which is mainly driven by AI data center demand.Moore’s team checked in with data center buyers the week before the note. They found that shortage intensity shows no signs of slowing.What the data center shortage means for pricesMemory prices for data centers are set to rise at least 25% from the second quarter to the third quarter. That is above both Morgan Stanley’s own estimates and third-party forecasts, according to Yahoo Finance.That matters because rising prices in a supposed downturn tell you the shortage is real. When buyers keep paying more, it signals that supply is not catching up.Related: Wall Street flees software plays for triple-digit chipmaker boomHigh-bandwidth memory, or HBM, sits at the center of it. HBM is a stacked, ultra-fast memory that works alongside AI processors to move huge amounts of data quickly, which makes it essential hardware for training and running large AI models.Demand for HBM is the constraint, and Morgan Stanley expects the shortage to deepen, not fade.How long the memory shortage could lastA short-term price bump is one thing. A multi-year structural gap is another. Morgan Stanley made it clear that it sees the second. The firm said concerns about memory shortages intensifying in 2027 and 2028 remain “as strong as ever,” according to Investing.com.Other analysts had the same outlook. KeyBanc’s John Vinh recently raised his Micron target to $1,750 and estimated shortages lasting through 2027.More AI Memory Stocks:Micron stock jumps as investors look beyond GPUs in AI chip tradeNvidia stock remains Morgan Stanley’s top pick despite headwindVeteran analyst drops massive Micron valuation predictionThe demand backing this up is real. Micron reported $22 billion in memory supply commitments from 16 strategic customers, Reuters reported. These commitments come with take-or-pay clauses and pricing floors included.Customers are locking up supply years in advance. That is what a durable shortage looks like.What the broader chip cycle signals about demandThe memory cycle is not alone. It aligns with a broader chip market recovery identified in a recent Morgan Stanley distributor surveyAnalog, microcontroller, and power components have all moved to shipping above natural demand. That is a sign the broader chip cycle is healing even if the pace is slower than past recoveries.A few signals stood out in the survey:Analog sequentialgrowth expectations climbed to 75%, with the cycle indicator up 9.7 percentage points from its June 2024 bottom.Power chips are seeing a modest supply buildup, driven by AI and data center server demand.Pricing stayed firmacross analog and microcontroller lines, with zero survey respondents reporting weaker pricing.Firm pricing across the board suggests demand, not just hype, is holding the recovery together.

Data center demand for high-bandwidth memory is the engine behind Morgan Stanley’s bullish call.Bloomberg / Getty Images

Where the caution still livesNone of this makes memory stocks a risk-free trade.Morgan Stanley called memory stocks crowded and warned that sharp pullbacks will keep happening. It treats those dips as tactical entry points rather than reasons to abandon the thesis.There is also a real ceiling on prices. According to Moomoo, a separate Morgan Stanley team flagged that pricing momentum may be nearing a peak. Quarterly memory revenue now tops $200 billion, up from about $46 billion a year earlier. Push prices that far and demand eventually starts to break.Memory is still a cyclical business, and if supply catches up faster than expected, the same pricing power lifting these stocks now can reverse just as quickly.Why Texas Instruments shows the other side of the tradeNot every chip name has the same optimism, and Texas Instruments (TXN) makes the difference clear.According to Yahoo Finance, Morgan Stanley raised near-term growth and price estimates for the analog maker, pointing to strong analog, industrial, and data center trends. It lifted its price target to $230 from $221. Yet the firm kept an Underweight rating on the stock.The reason is a big increase in spending on new plants that Morgan Stanley expects to pressure near-term earnings and free cash flow. Strong demand does not automatically mean a strong stock, and TXN is an example.What this means for investors watching memory stocksFor readers weighing the sector, here are a few key notes.The AI data center shortage is the core driver, and Morgan Stanley sees it lasting into 2027 and 2028.Firm pricing during a selloff shows that demand is holding even as sentiment swings.Volatility is the cost of entry. Expect more sharp drops, and size positions accordingly.Not all chip names are equal. Memory and compute leaders like Nvidia and Broadcom carry the strongest cases, while big spenders face a tougher near-term path.Micron sat around $865 on July 20, well off its June 25 high near $1,213, according to Macrotrends.The pullback gave patient investors a lower entry into a trade Morgan Stanley still believes in. Whether it pays off depends on one thing: how long AI keeps outrunning the world’s memory supply.Related: Citi sends warning on semiconductor and hyperscaler stocks

Mortgage rates just hit their highest point in 2026 — actually, their highest in almost a full year.The national average 30-year fixed mortgage rate rose 0.03% to 6.58% the week of July 23, according to Freddie Mac.This is the third straight week of increases. The last time the 30-year rate was this high was August 2025, when it held at 6.58% the weeks of Aug. 14 and Aug. 21.”The tug-of-war between inflation and the renewed conflict between the U.S. and Iran is reflected in today’s rates, as higher oil prices raise concerns that elevated energy costs could filter into future inflation readings,” Jeff DerGurahian, chief investment officer and head economist at loanDepot, explained in a statement shared with TheStreet.This may seem like 100% bad news. I’m not trying to spout toxic positivity. But in my years covering mortgage rates and the housing market, I’ve seen how complex it is. High mortgage rates can actually deliver some benefits to homebuyers.Don’t get me wrong, increased mortgage rates can definitely make it harder to buy a house. But if you can still afford a house in general, they can work in your favor as you craft an offer.Reality check: How a 6.58% mortgage rate affects monthly paymentsThe national median housing price is a little over $400,000, according to Redfin data. So, let’s say you take out a 30-year mortgage loan for $400,000.I’m using the Bankrate mortgage calculator to compare the monthly payment toward the mortgage principal and interest based on the current 6.58% interest rate versus other recent rates. This way, you can see how the rate increases affect your monthly affordability.First, let’s look at how a 6.43% rate would affect your monthly payment. This was the 30-year mortgage rate the week of July 2, before the run of weekly increases began.Related: Is the American starter home officially dead?With a 30-year mortgage of $400,000, a 6.43% rate would result in a monthly payment of $2,510.Now we’ll look at the rate from the week of July 16, which was 6.55%. This leads to a slightly higher monthly payment of $2,541.And now for the annual high rate of 6.58%. The new monthly mortgage payment would be $2,549.With a 6.58% rate, you’d only pay $8 more per month than the rate from the previous week. And you’d still pay just $39 more monthly than the rate from a month prior.Small weekly rate increases aren’t necessarily make-or-break situations for whether you can afford monthly payments on a house. The more significant cost difference is what you’ll pay in interest over the entire 30 years. But remember — you can always refinance into a lower rate if market rates drop later.A factor that’s just as important (if not more so) than your mortgage rate is the home price.

Mortgage rates are up by 0.03%, but this only increases your monthly payment by $8.Maskot / Getty Images

Higher mortgage rates keep home prices tameRelatively high mortgage rates are keeping many homebuyers on the sidelines in 2026. Pending home sales hit their three-month low during the four-week period ending July 19, according to a Redfin report.If you can still afford a home, this is actually good news for you.More Mortgage Rates:Fannie Mae predicts shift in mortgage rates, housing marketWhy mortgage rates are spiking again and what to doReal estate giant updates mortgage rate, home price predictions”The buyers who are in the market have more leverage than they’ve had in years,” said Vanessa Leimback, a Redfin Premier agent in Seattle. “Homes that have been sitting on the market for longer than a few weeks often come with room to negotiate on price and seller concessions.”When there is heavy buyer demand, you have to deal with more competition from fellow buyers. This can lead to bidding wars that result in one of you paying above asking price.But higher mortgage rates have led to less competition. This means you can probably avoid a bidding war. If you negotiate on the price or seller concessions, you’ll actually spend less than you would otherwise.And if their house stays on the market for a long time? They might even cut the price.Related: Boomers have unfair edge over younger homebuyers

While once virtually impossible to imagine, hotels without any on-site staff are becoming more common. Technology can increasingly enable everything from an automated check-in and check-out process to a platform where various services can be called in as the need arises.In the southern Maine town of Kittery, the new Foreside Inn boutique hotel will operate under a 24/7 digital concierge service. Guests with a booked reservation open the door to one of the 24 rooms through their access code while workers will be available remotely through text, email, or phone at any hour that the guest contacts them.The hotel’s management is positioning this type of service as creating the ability to “‘provide a stress-free and effortless stay” and offer “a surprising level of luxury at an exceptional value.” Rooms during the summer months start at $260 per night.Foreside Inn in Maine opens with fully virtual check-in and conciergeKittery is both the southernmost and oldest town in Maine with a permanent population of just over 11,400 people. It is located across the Piscataqua River from Portsmouth in New Hampshire and often serves as a stop for those exploring the New England coast and local food scene.With traffic numbers to this part of Maine and New Hampshire remaining highly seasonal, the remote concierge service is a natural option for a part of the country that will see significantly more isolated visitors at some points of the year. Cleaning staff also get called on site based on booking patterns to prepare for guests’ arrivals and clean the rooms after they check out.Related: Luxury hotels are increasingly betting big on Rwanda travelPreviously, entirely staff-free models have largely been reserved to airport hotels and certain youth hostels with an entirely digitalized “check-in, check-out model.”In recent years, more and more high-end chains have also been offering digital check-in. The city of Dubai has been working with hospitality technology provider Houdini to eventually roll it out to all of the 820 hotels within the city. The same company provides the technology for staff-free check-in at Nobu hotels around the world but in each case the goal is to minimize staff rather than eliminate them entirely; employees are on hand to greet guests and help out with any questions that may arise on site.

The Foreside Inn opened in Maine’s Kittery this summer.Foreside Inn

Staff-free hotels have started popping up in these citiesThe fully digital hospitality experience seems to be seeing the most uptake in New England. In the New Hampshire city of Portsmouth, just a bridge away from the Foreside Inn in Kittery, the historic Treadwell Mansion built in 1818 has also eliminated the traditional front desk for a staff-free experience.More Travel News:Airline to launch unusual new flight to Cayman Islands from the U.S.There is a very cool Irish version of swimming pigs in the BahamasUnexpected country is most luxurious travel destination for 2026Low-cost airline launches easier way to get to Sri LankaGuests who booked one of the 38 apartment-style hotel rooms inside the converted mansion open the door through an access code created through a partnership with Mews digital access platform that then blocks the room once the reservation is over should the guest not extend the reservation or check out.This type of staff-free experience is hugely beneficial to hotel operators as it significantly reduces the number of needed staff while, even in the luxury sphere, guest preferences will vary: Some prefer a faster and sleeker check-in process while others still like the human touch of being welcomed and greeted as special guests.Related: Disney World shuts down part of legendary resort

Netflix revolutionized home cinematic viewing, first with its DVD subscription service, then with the rollout of its online streaming service. With hundreds of millions of subscribers globally, Netflix is one of the dominant streaming providers in the world, and its stock price has reflected its spectacular growth over the past two decades.As the company grew in popularity and its share price increased, it conducted stock splits to signal its confidence in its continued growth and keep its per-share price low enough to be accessible to individual investorsHere’s a closer look at Netflix’s stock splits since it went public in 2002.Netflix stock split quick factsNumber of stock splits: 3Most recent stock split: November 17, 2025First stock split: February 12, 204When did Netflix conduct its first stock split?Netflix implemented its first stock split less than two years after it underwent its IPO. Two shares were issued for every one held, as of the record date of February 2, 2004, and the post-split trading date was February 12, 2004.Related: Intel’s stock split history (& prospects) explainedWhen was Netflix’s latest stock split? Netflix’s latest stock split was on November 17, 2025, affecting stockholders of record on November 10, 2025. Stockholders were given 10 shares for each one owned. How many times has Netflix split its stock?Netflix has conducted a total of three stock splits: February 2004, July 2015, and November 2025. In 2015, it implemented a 7-for-1 stock split. Netflix’s stock split history at a glanceSplit dateRecord dateSplit typeNovember 17, 2025November 10, 202510 for 1July 15, 2015July 2, 20157 for 1February 12, 2004February 2, 20042 for 1Is Netflix going to split its stock again? Netflix last held its stock split in 2025. Given the time between stock splits, which averaged about 10 years, it’s not likely — as of mid-2026 — the streaming company will split its shares anytime soon.More on stock splits:Does Sandisk pay dividends? Will it split its stock?Has Meta conducted stock split? What sets this ‘Mag 7’ stock apartBoeing’s dividend & stock split history explainedWhat would Netflix’s stock price be in 2026 if it hadn’t conducted any stock splits?Netflix’s share price, had the stock not been split three times, can be calculated by multiplying the current stock price by the cumulative stock split ratio, in this case, 140: Current Netflix stock price x (10 × 7 × 2) = Netflix stock price had the stock never been splitCurrent Netflix stock price x (140) = Netflix stock price had the stock never been splitHad Netflix not conducted stock splits, the share price would be $9,613.80 as of late July. That’s based on Netflix’s closing price of $68.67 on July 21, 2026.How has Netflix’s stock performed?Netflix went public in 2002, with shares priced at $15 during its IPO. Since then, the stock has had a 640-fold gain through mid-July 2026. That compares to an almost sixfold increase for the S&P 500 Index in the same timeframe. In other words, Netflix has outperformed the market massively since its debut in the early oughts. Still, Netflix’s stock was down 25% year-to-date as of this article’s latest update and was down by almost half from its record high set in June 2025, amid concerns about slowing subscriber growth.

Netflix’s stock price performace since IPO using Gloogle Finance data via Google Sheets

Related: AMD’s stock split history (& prospects) explained

AMDsigned a multibillion-dollar chip and investment deal with Anthropic on Wednesday, July 22, its second major AI infrastructure agreement in three days.Two days earlier, AMD’s Azure deal with Microsoft sent shares up as much as 5%. This time, AMD shares fell 2.5% in premarket trading, according to Seeking Alpha.The reaction says more than the deal itself. Jefferies analysts had already predicted an Anthropic announcement at AMD’s Advancing AI event this week, according to TipRanks. Investors priced that in before the companies confirmed it.Anthropic’s deal goes beyond a chip orderAnthropic will deploy up to 2 gigawatts of AMD’s MI450 accelerators starting in the first half of 2027, according to the press release.That capacity runs through AMD’s Helios racks, which pair MI455X GPUs with EPYC Venice CPUs, Pensando networking, and ROCm software.Related: AMD just landed its biggest AI deal yetAMD will also invest up to $5 billion in Anthropic. That detail matters more than the chip order itself.It turns a customer into a financial stakeholder, tying AMD’s balance sheet to Anthropic’s growth instead of just its purchase orders. This isn’t the first time something like this has happened.AMD is also in discussions to backstop some of Anthropic’s future data center leases, according to Seeking Alpha, which cited a person familiar with the matter. That kind of arrangement lets Anthropic secure computing capacity without carrying the full financial risk on its own books.We are thrilled to deepen our partnership with Anthropic and deploy AMD Helios at gigawatt scale.The companies added an engineering partnership on top of that. AMD will use Anthropic’s Claude models to improve its own chip design, CEO Lisa Susaid.A chipmaker using an AI lab’s own models to build better chips is a feedback loop few competitors can offer.The market is grading AMD on a tougher curve nowWall Street had already raised the bar before July 22. Goldman Sachs, UBS, and Rosenblatt lifted their AMD price targets after the Monday, July 20, Microsoft news, with targets running as high as $700, as AMD’s earlier deal showed.A deal that analysts already expected does less to move a stock than a surprise would.More AMD:AMD just landed its biggest AI deal yetAMD stock gets a new reason to watch from Bank of AmericaAMD’s hidden AI weapon may finally be exposedThat is the cost of a winning streak. Every new customer raises the bar for the next one. AMD cleared the Anthropic hurdle on Wednesday, but it had already built that hurdle for itself two days earlier.That dynamic will only intensify as more hyperscalers weigh similar agreements. Investors who bought AMD ahead of the July 20 rally already captured the upside from expectations. Anyone buying now is betting on execution, not on rumor.

AMD will invest up to $5 billion in Anthropic and supply up to 2 gigawatts of MI450 chips starting in 2027 under a new partnership.I-HWA CHENG / Getty Images

AMD is filling the customer list Nvidia once had aloneMeta, OpenAI, Oracle and Microsoft had already adopted Helios before July 22. Anthropic makes five major AI labs and hyperscalers running AMD’s rack scale system within about a year.Nvidia still controls more than 95% of data center GPUs, according to CNBC, a dominance built in part on the absence of a credible alternative supplier.AMD’s Venice server chips have also drawn more early customers than any earlier EPYC generation, according to my earlier reporting. That suggests the diversification away from a single vendor extends beyond GPUs alone.Anthropic benefits most directly from the July 22 deal. It gains guaranteed capacity and financial backing from the same company supplying its chips.AMD benefits, too, locking in years of demand that justifies its own spending on manufacturing capacity.The bigger shift here is not about one chip deal. It is about how AI companies and their suppliers now share risk.When a chipmaker invests billions directly into the customer buying its hardware, the relationship stops looking like a vendor contract and starts looking like a joint venture.That structure may become the norm as AI infrastructure spending climbs into the hundreds of billions.The question worth watching is not whether AMD keeps signing customers. It is how many of them become financial partners too, and what that means for who controls the next generation of AI hardware.Related: Bank of America doubles down on Micron stock after AI bombshellHow to Protect Yourself from the Soaring Number of Cyber Scams and Fraud (11:53)

Hear the name Walmart (WMT), and you probably picture blue-aproned employees, football stadium-sized stores, and a company that reliably sends its shareholders a dividend check every quarter.For decades, Walmart has been a store — and an investment — for all seasons. Consumers shop there for its “Always Low Prices,” and investors appreciate its dependable cash flow and steady dividend increases.But that’s only half the story.Behind the scenes, Walmart has become one of the world’s largest adopters of artificial intelligence.Thanks to WMT’s massive cash flow — over $42 billion in 2025 alone — the company has been able to strategically adopt and integrate AI technology into nearly all aspects of its business.These initiatives started as early as 2017, before most consumers even knew the term “generative AI,” but they have since transformed Walmart’s operations and optimized its supply chain.Now, store associates use “computer vision” to monitor store inventory, while robotics have replaced conveyor belts in its distribution centers. The company’s proprietary Route Optimization software dynamically maps and reroutes delivery paths, which has sped up delivery times to as little as 30 minutes in some markets.Unlike many tech companies, Walmart doesn’t even need AI to create a new product; rather, it’s harnessing the technology to make one of the world’s largest retail operations a little more efficient.Walmart’s AI story is a new reason investors are taking a fresh look at the company. Shares have climbed 11% over the past year on its continual rollout of AI advancements, pushing the company’s valuation above $1 trillion.Now, what was once viewed as a dependable — albeit unexciting — defensive stock is increasingly becoming a “tech-adjacent” investment as well.And for dividend investors, that’s an appealing combination. Here’s what income investors should know about Walmart’s dividend. @itsmelinavega @Walmart’s Sparky AI shopping companion understood my entire fall moodboard #WalmartPartner Available in the Walmart app only, download now at the link in my bio! ♬ original sound – Melina Vega Does Walmart offer a dividend? Yes, Walmart offers a quarterly dividend of $0.2475 per share, totaling $0.99 per year. This amounts to a yield of roughly 0.88% to 0.9% as of this article’s last update. Walmart’s dividend yield is slightly lower than the average yield of the S&P 500, which ranges from approximately 1.3% to 1.5%. This is mainly due to the fact that Walmart’s stock price has outpaced its dividend growth rate — even though the company has consistently increased its payouts for the past 53 years.How often does Walmart pay dividends?Walmart pays dividends quarterly. On February 19, 2026, its board of directors approved an annual cash dividend of $0.99 per share for fiscal year 2027, a 5% increase from the $0.94 per share it paid in fiscal year 2026.The FY27 annual dividend is be paid in four quarterly installments of $0.2475 per share, accordingly:Walmart’s fiscal 2027 dividend scheduleDividend record dateDividend payable dateMarch 20, 2026April 6, 2026May 8, 2026May 26, 2026Aug. 21, 2026Sept. 8, 2026Dec. 11, 2026Jan. 4, 2027Source: Walmart“Dividends continue to be a part of our diversified capital returns approach,” said John David Rainey, Walmart’s executive vice president and chief financial officer, adding, “We’re proud to be increasing our annual dividend for the 53rd consecutive year. This decision is a proof point of our continued confidence in our business performance and forward momentum.”  Related: How many employees does Walmart have in 2026? Its workforce, locations & layoffs explainedIs Walmart a dividend aristocrat?Actually, Walmart qualifies as both a dividend aristocrat and a dividend king, having increased its dividend for 53 consecutive years.To qualify as a dividend aristocrat, a company must have raised its dividends for 25 consecutive years; dividend kings are an even more exclusive group of companies that have raised their dividends for 50 consecutive years.Only a few other companies, like Procter & Gamble (PG), Coca-Cola (KO), and Johnson & Johnson (JNJ), have done the same.Is Walmart’s dividend safe?Payout ratio and cash flow are two metrics investors can follow to gauge whether or not a company has enough money to continue to offer a stable (or growing) dividend to its shareholders — after all, dividends are a way to reward long-term investors with a slice of the company’s profits.The payout ratio is the percentage of company income distributed to shareholders. An “optimal” payout ratio is between 30% and 60%: Walmart’s payout ratio is 33% to 35%, which leaves management with plenty of cash leftover to run the business.More on dividends:Apple’s dividend explained: Yield, history & moreDoes Chevron pay dividends? When & how often?Does Intel pay dividends? History & future prospects explainedCash flow provides one of the clearest pictures of a company’s financial health. It is the money that moves into and out of its business, split between operations, investing, financing, and “free” cash flow, or everything leftover that’s used to either grow the business or be paid out as dividends. When it comes to cash generation, Walmart has a history that is both robust and consistent.The world’s largest retailer combines more than 50 years of annual dividend increases with new opportunities to improve its margins through AI. Taken together, these strengths could give management even more flexibility to continue growing Walmart’s dividend over time — something income investors are likely to appreciate.Related: History of Walmart: Company timeline & facts

For years, Amazon was my default option when I wanted quick delivery.As a Prime member, I get free two-day delivery, and in many cases, the online giant actually delivers the next day, sometimes even before 8 a.m.That’s a bar Walmart wants to raise. Fast Company writer Elizabeth Segran shared how she dropped Amazon for Walmart after her husband got a free Walmart+ membership through American Express.”When our 4-year-old announced she would eat nothing but Uncrustables for the foreseeable future, a box arrived within the hour. The prices were lower than on Amazon, and we got them faster, with no delivery fee. It turns out that my husband had gotten hooked on Walmart — all without ever setting foot in a store,” she wrote.Walmart hasn’t mounted a big ad campaign or even really touted its ability to deliver faster than Amazon, but the retail giant has leveraged its one advantage over its rival to win over Prime customers.Walmart has one edge over AmazonWhile Amazon has invested billions in delivery, it has struggled to build a brick-and-mortar retail operation. Aside from Whole Foods, which the company purchased, it has largely failed as a physical retailer, having closed its bookstores and 4-Star stores, while scaling back its efforts to build a low-priced Amazon Fresh grocery chain.Walmart has invested heavily in digital and delivery, but it has also leveraged its store network to get customers products quickly. That’s something Chief Growth Officer Seth Dallaire spoke about at the 6th Annual Evercore Consumer & Retail Conference.”We have a unique position where our stores sit close to over 90% of U.S. households. We can get products to people quickly and like really fast,” he said.That’s an edge Walmart has over Amazon.”We know that as you bring items closer to the customer and you shrink the amount of time it takes to deliver those items, the conversion rates on those items and the purchase frequency increase,” he said.More Walmart:Walmart’s 7,200 price cuts land heaviest in one categoryWalmart makes another move to win higher-income shoppersWalmart makes unusual nuclear power betThat has also helped Walmart expand its product offering. “So when we talk with the seller about bringing their product catalog into our store, it’s not just about getting the catalog and making it available and shipping it to you in two weeks. That wouldn’t be good enough. That item might sit. When we bring that item into one of our fulfillment centers, and we’re delivering it to you same day or next day, we see the conversion rates go up,” he added.The bar for delivery, he noted, has gone from two-day to even faster.”Speed is what our customers want, and that fast fuels the frequency,” he added.

Amazon has been the leader in fast delivery. Shuttershock/Charles-McClintock Wilson

Walmart has a lot to overcomeWhile Walmart arguably can deliver many products faster than Amazon, the company has a major hill to climb when it comes to competing with Prime.As someone who orders from Amazon nearly every day, Walmart has some catching up to do. I’m not a Walmart+ member and see little reason to join when Amazon gets me most items the next day, and when Uber Eats can bring me same-day items from Target, albeit at a slight markup.RTM Nexus CEO Dominick Miserandino thinks Amazon has an edge, but perhaps not an insurmountable one.”On one hand, people are used to the diversity, but they’re kind of ingrained with Amazon,” he told TheStreet. “Amazon has basically all the products people are used to, but on the other hand, the internet’s rather fickle, and when a new thing comes along after a while, that can become the go-to move.”Miserandino believes Walmart could win customers over.”So, I think time will tell. [As] more people use Walmart, do they find it starts to change and readapt their behaviors?” he added.Amazon continues to evolveWhile Walmart has leaned on its retail stores, Amazon has built out its distribution network in order to offer near-instant delivery (for a price).”If the item is needed urgently, most people will pay a premium for it to be delivered quickly. Amazon knows this, which is why it has put in place the faster delivery option. And that is exactly what it is: one delivery option among many, including same-day delivery that remains free. For Amazon, this is part of ensuring they are the go-to destination for all types of purchases,” GlobalData Managing Director Neil Saunders wrote on RetailWire.Scott Benedict, a retail consultant with 30 years of experience, sees it as an arms race where Amazon and Walmart keep raising the stakes.”The implication for retailers is that the competitive bar has risen. Offering faster delivery options is important, but the real opportunity lies in orchestrating speed, cost, and reliability based on the customer’s mission. The retailers that win will be those who give customers choice — fast when they need it, affordable when they don’t, and consistently reliable across every touchpoint,” he posted.Georganne Bender, a retail author and consultant, thinks delivery speed is more about protecting its turf than actual customer need. “Super-fast delivery speed might be critical for a small segment of consumers, but it works magic on everyone else’s perception. This is just another way that Amazon is making itself indispensable. Even if you never use this service, it’s comforting to know that it’s there,” she posted.Related: Costco cuts products, and most members find out too late

UnitedHealth Group (UNH) just delivered the quarter battered shareholders have been waiting for.The health care company blew past Wall Street’s profit prediction, increased its most widely monitored cost index, and boosted its full-year earnings outlook. The results seemed to vindicate investors who had bought the stock during the collapse of confidence in the company.But UnitedHealth’s recovery isn’t over.The corporation continues to face federal review of its Medicare billing methods, and management has warned that pressure on medical costs will remain. This leaves investors with a tough question: Is UnitedHealth reverting to its old earnings machine, or is the stock rallying because the biggest risk is now out of the way?Investor Steve Weiss has continued to buy UnitedHealth, calling it a “permanent compounder” on CNBC. Billionaire investor Bill Ackman had the opposite view, warning the company’s mounting problems could expose deeper trouble.Weiss has recent earnings on his side, while the government probes prohibit investors from giving up on Ackman.UnitedHealth’s earnings destroyed the bearish operating caseUnitedHealth reported second-quarter adjusted earnings of $6.38 a share, according to Reuters, well above the $4.90 analysts were expecting. Revenue was $112 billion, above consensus and up a little over last year.The company also boosted its projection for 2026 adjusted earnings to a range of $19.50 to $20 per share, from a previous view of at least $18.25.Related: JPMorgan resets UnitedHealth stock target for 2026Earnings were not the most important number; it was the medical loss ratio for UnitedHealth.The ratio, which tracks the percentage of premium revenue used for members’ medical treatment, improved to 86.7% from 89.4% a year earlier and was well below expectations of analysts, Reuters noted. If health costs are lower, an insurer can retain a larger share of the premium revenue for administrative expenditures and profit.The improvement shows that UnitedHealth’s plan redesigns, pricing measures, and medical-management strategies are starting to take hold.Optum offered another positive indicator. Operating income in the health services unit soared 29% to almost $4 billion, Reuters confirmed, quashing fears that the problems had infected more than the insurance business.

UnitedHealth may be recovering faster than investors can price the risk.Nagle/Bloomberg via Getty Images

One number makes UnitedHealth’s recovery less reassuringUnitedHealth’s 86.7% medical care ratio comprised about $860 million of favorable prior-period development. That indicates some of the improvement came from the corporation modifying projections for medical claims from earlier periods, not just from decreased costs incurred during the quarter.This does not make the result invalid. Still, investors should not expect all of the margin improvement to be a permanent change in the underlying business.Management also said medical cost trends remain elevated in Medicare and commercial insurance, Investors Business Daily noted, mainly driven by specialty pharmaceuticals and costs related to the No Surprises Act. UnitedHealth’s raised earnings outlook was still below some analyst projections, helping the stock give back much of its initial post-results rally.UnitedHealth is likewise cutting back on its less profitable Medicare Advantage plans. Such moves can restore margins, but there’s a trade-off: fewer members, and maybe slower revenue growth.So the essence of the turnaround is that UnitedHealth is making more money from a smaller, more worth-its-price membership.The threat UnitedHealth’s earnings cannot resolveThe Justice Department has investigated UnitedHealth’s Medicare Advantage billing practices, including how diagnoses sent to the government could affect payments.UnitedHealth said in 2025 that it was responding to official civil and criminal requests and said it had confidence in the integrity of its processes. An investigation doesn’t imply any wrongdoing, and you shouldn’t make any assumptions until the process is complete.But it cuts to the core of UnitedHealth’s business model.Insurers who offer Medicare Advantage plans receive paid extra for people with serious health issues. Governments immediately penalized for illegal payments resulting from coding practices could face financial penalties, operational modifications, or reputational damage.That’s the heart of the bearish thesis. It is not that UnitedHealth cannot improve one quarter’s medical costs. It is that the market still cannot confidently estimate the potential cost of federal scrutiny.Key takeaways for UnitedHealth investorsAdjusted earnings substantially exceeded Wall Street’s forecast.The medical care ratio improved to 86.7%.Optum’s operating income increased 29%.UnitedHealth raised its 2026 earnings outlook.Some cost improvement came from favorable prior-period development.Federal Medicare scrutiny remains unresolved.UnitedHealth already answered the first question investors asked after its crash — namely, whether the corporation can still make a lot of money.It has not answered the more critical question: whether the practices, laws, and medical-cost assumptions enabling those earnings will stay in place. That makes UnitedHealth’s recovery especially difficult to value.The operating recuperation is real. The momentum in earnings is picking up. And the latest revelation weakened the argument that the business is permanently broken.But one good quarter doesn’t close a federal inquiry.UnitedHealth’s stock could continue to climb as margins improve. The danger is that investors are pricing the turnaround faster than anyone can price what investigators may eventually find.Related: UnitedHealth CFO sends stark warning after earnings