Disney posted mixed quarterly results on Wednesday, far surpassing Wall Street expectations for earnings while slightly missing revenue estimates, with its parks and streaming businesses once again driving the company’s performance.

Parks Continue To Drive Growth

Revenue from Disney’s Experiences segment, which includes global theme parks and cruises, rose 10% year over year to $9.97 billion, despite macroeconomic uncertainty that continues to weigh on consumers.

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“Domestically we’re doing extremely well right now,” CFO Hugh Johnston told CNBC, noting that attendance at U.S. parks increased 3%, while per capita spending rose 4%. He also highlighted strong attendance at Walt Disney World in Orlando.

By comparison, Comcast’s NBCUniversal recently reported lower attendance at its Orlando theme parks, citing weaker consumer sentiment and higher travel costs.

Streaming Supports Results

Revenue from Disney’s streaming business, primarily Disney+ and Hulu, increased 11% to $5.53 billion, driven by subscriber growth, price increases and higher advertising revenue.

Overall revenue from the Entertainment segment, which also includes traditional television and theatrical releases, rose 6% to $11.35 billion, helped by the success of Toy Story 5, which has surpassed $1 billion at the global box office.

Disney no longer reports quarterly streaming subscriber numbers or a breakdown of revenue and operating income for its linear television networks.

Earnings Top Forecasts

For the fiscal third quarter ended June 27, Disney reported earnings per share of $2.06, above analysts’ expectations of $1.86, while revenue reached $25.25 billion, slightly below the expected $25.4 billion.

Overall revenue increased 7% year over year, while adjusted earnings rose to $2.06 per share from $1.61 a year earlier. Shares gained roughly 4% in premarket trading following the results.

Sports And Share Buybacks

Revenue from Disney’s Sports segment, led by ESPN, rose 4% to $4.5 billion, supported by subscription and affiliate fees as well as advertising revenue. Johnston said viewership for the NBA and NHL Finals more than doubled compared with last year.

Disney also raised its fiscal 2026 share repurchase target to at least $9 billion, up from $8 billion previously, following the sale of its 50% stake in A+E Global Media to Hearst.

Beginning in fiscal 2027, the company will move much of its consumer products business to the Entertainment division. Separately, Disney announced a global partnership with TikTok aimed at expanding Disney-related fan content across the platform.

Missile Attack Pushes Crude Higher

Oil prices moved higher on Wednesday after Yemen’s Iran-backed Houthi militants claimed responsibility for a missile strike on a Saudi Arabian tanker in the Red Sea. Brent crude, the international benchmark, rose 1% to $80.22 per barrel, while U.S. West Texas Intermediate futures gained 0.46% to $76.12. The Iranian-backed group said the tanker was hit near Yanbu, a major Saudi export port for crude oil.

Hormuz Talks Continue

The reported attack came as the U.S., Iran and Oman continued negotiations aimed at easing tensions in the Strait of Hormuz. According to Axios, the parties are discussing an interim arrangement under which inbound ships would pass through Iran’s territorial waters. At the same time, outbound vessels would travel through Oman’s waters in coordination with Tehran.

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President Donald Trump told Fox News on Tuesday evening that negotiations had continued throughout the day.

“It looks like things are very good,”

he said.

Treasury Secretary Scott Bessent also told CNBC on Tuesday that an agreement to reopen the strategic waterway could be reached this week.

Market Watches Regional Tensions

The U.S. and Iran signed a memorandum of understanding on June 17 to reopen the Strait of Hormuz, but the agreement quickly unraveled after fighting broke out over shipping routes through the waterway.

According to the report, Tehran targeted vessels sailing along Oman’s coast under U.S. military protection in an effort to force ships through its territorial waters. Washington responded with more than a dozen waves of airstrikes and reinstated its naval blockade on Iran.

Oil prices had fallen around 6% on Tuesday amid optimism that the strait could reopen. Crude has remained under pressure in recent days after Trump called off a planned attack on Iran earlier this week in favour of renewed negotiations.

Heatwaves Threaten Productivity

Extreme heat could cost Cyprus between €2.3 billion and €3.8 billion by 2050 unless workplaces are adapted to cope with rising temperatures, according to a new study by the Cyprus Institute released on Wednesday.

Increasingly frequent and intense heatwaves could force employees working outdoors or in poorly cooled environments to reduce their working hours or stop work altogether during unsafe conditions.

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The research focused on sectors including construction, agriculture and tourism, where workers are particularly exposed to high temperatures and direct sunlight.

Economic Losses Expected To Grow

Comparing future projections with conditions recorded between 1980 and 2020, researchers found that employees are likely to face a growing number of days when temperatures exceed safe limits for normal work.

Lost working hours and lower productivity could cost the economy around €101 million by 2030, with annual losses rising to approximately €303 million by 2050.

Without measures to protect workers and adapt workplaces, the cumulative economic impact over the next 25 years could reach between €2.3 billion and €3.8 billion, the study estimates.

Researchers Call For Workplace Adaptation

Professor Theodore Zachariades, one of the study’s authors, said the research is the first to quantify the economic impact of lost working hours caused by extreme heat using Cyprus-specific data.

He warned that the financial burden would increase as very hot days become more frequent and prolonged in the years ahead. According to Zachariades, workers most exposed to high temperatures could also face serious health risks, highlighting the need for measures that protect both their wellbeing and their ability to work.

The Cyprus Institute said the findings underscore the importance of reducing the impact of rising temperatures on employees and the wider economy.

SpaceX spent $329 million on Tesla’s Megapack battery systems during the first half of 2026, highlighting the growing energy demands of the company’s expanding artificial intelligence infrastructure.

According to SpaceX’s latest earnings report, $295 million of those purchases were made during the second quarter alone, marking a sharp increase in investment in large-scale energy storage.

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Powering AI Infrastructure

The battery systems are expected to support SpaceX’s AI data centre operations, where electricity demand fluctuates significantly as computing workloads increase during AI training and inference.

Megapacks help stabilise power consumption by storing electricity and providing additional capacity during periods of peak demand, while also serving as backup power in the event of outages.

Growing Links Across Musk’s Companies

The purchases further illustrate the close operational ties between Elon Musk’s businesses. Before merging with SpaceX earlier this year, xAI had also invested heavily in Tesla’s battery storage systems for its own data centres.

SpaceX’s regulatory filing also showed the company had previously purchased $131 million worth of Tesla Cybertrucks, reflecting continued commercial activity between Musk-led companies.

AI Drives Infrastructure Investment

As AI companies expand computing capacity, demand for energy infrastructure is rising alongside investment in data centres. Battery storage has become an increasingly important component of those facilities, helping operators manage electricity costs while maintaining stable performance during intensive computing workloads.

Spotify is expanding its upcoming AI-powered music remix and covers platform through a new partnership with Merlin, bringing more than 30,000 independent labels and distributors into the initiative.

The agreement follows Spotify’s earlier collaboration with Universal Music Group and broadens the catalogue of artists who can choose to participate in the platform.

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AI With Artist Permission

Unlike AI services that generate entirely synthetic songs, Spotify says its new product is designed around licensed music and artist consent.

The platform will allow fans to create AI-generated covers and remixes using music from participating artists, while ensuring creators are credited and compensated for the use of their work.

A New Revenue Opportunity

Spotify plans to launch the feature as a paid add-on, creating an additional source of income for artists who choose to make their catalogues available.

An initial research preview will be rolled out to a limited group of users, although the company has not announced a launch date.

A Different Approach To AI Music

The announcement comes as AI-generated music continues to grow rapidly across streaming platforms. Rather than competing with services that create entirely new songs, Spotify is positioning its product as a licensed ecosystem that allows fans to interact with existing music while keeping artists involved in the creative and commercial process.

SpaceX shares fell after the company’s first earnings report as a public company, as investors focused on soaring AI-related spending despite stronger-than-expected revenue growth and an optimistic long-term outlook.

Revenue increased 92% year over year during the second quarter, but capital expenditure climbed to $18.4 billion, significantly exceeding analysts’ expectations. Most of that investment was directed toward expanding the company’s artificial intelligence infrastructure.

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Betting Big On AI

SpaceX is rapidly building AI computing capacity as it seeks to compete in the fast-growing market for cloud-based AI services. The company says those investments are already generating demand through agreements with customers including Google, Anthropic and Reflection AI.

Chief Financial Officer Bret Johnsen told investors that AI infrastructure is expected to pay for itself in less than a year, arguing that the company’s capital spending should be viewed as a driver of future revenue rather than a short-term cost.

Investors Remain Cautious

Despite those assurances, investors reacted negatively to the scale of spending, sending the stock lower after the results were released.

The earnings report comes as technology companies continue investing heavily in AI infrastructure, with firms including Microsoft, Amazon, Alphabet and Meta collectively committing hundreds of billions of dollars to data centres and computing capacity.

Long-Term Growth Strategy

SpaceX expects its AI business to become a major source of future revenue as it expands computing capacity and secures additional cloud contracts.

At the same time, the company faces increasing competition in AI infrastructure, while legal challenges related to one of its data centre projects add another layer of uncertainty as it scales its operations.

General Motors and China’s SAIC Motor have agreed to extend their long-running joint venture for another 20 years, signalling a continued commitment to the world’s largest automotive market despite rising geopolitical tensions and growing competition from Chinese manufacturers.

Originally established in 1997, the 50-50 partnership was due to expire next year. Under the new agreement, the joint venture will continue operating until 2047.

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A Long-Term Bet On China

The renewed partnership comes as global automakers face mounting challenges in China, where domestic brands have rapidly gained market share and reshaped the competitive landscape.

GM said the joint venture will continue focusing on Buick and Cadillac sales in China while also expanding exports of vehicles manufactured in the country to markets including the Middle East, Africa, South America, Mexico and the Asia-Pacific region.

Navigating A Changing Market

China was GM’s largest market between 2010 and 2023, but the company’s performance has weakened in recent years as competition intensified.

Following a restructuring programme that resulted in $1.1 billion in special charges last year, GM returned to profitability in China during the first half of 2026, reporting $248 million in equity income.

Since its launch nearly three decades ago, the joint venture has produced and delivered more than 20 million vehicles.

Europe’s Stoxx 600 reached a record high on Tuesday, extending its gains for the year as technology and banking stocks continued to drive the region’s equity markets despite ongoing geopolitical and economic uncertainty.

The benchmark index, which tracks 600 companies across 17 European countries, has gained around 10% since the start of 2026. Investor sentiment has remained resilient even as markets navigate higher energy prices, persistent inflation and increased volatility linked to artificial intelligence.

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Technology Continues To Lead

Semiconductor companies have been among the strongest performers this year, supported by continued investment in AI infrastructure and expectations of sustained demand for advanced chips.

Companies including Soitec, AT&S, Technoprobe, Aixtron and STMicroelectronics have all posted triple-digit gains in 2026, although several semiconductor stocks have pulled back from recent highs as investors reassess the pace of AI-related spending.

Banks Benefit From A Stronger Environment

European banks have also outperformed, supported by resilient economic conditions, stable lending margins and increased merger activity across the sector.

Analysts say higher market volatility has also benefited investment banking businesses, contributing to stronger earnings across several major lenders.

Luxury And Automotive Stocks Lag Behind

Not every sector has shared in the rally. Luxury brands continue to face weaker demand from China and softer consumer spending, weighing on shares of companies such as LVMH, Hermès and Kering.

European automakers have also remained under pressure as slowing electric vehicle demand, rising competition from Chinese manufacturers and higher financing costs continue to challenge the industry.

A cybersecurity incident involving Apple supplier Tata Electronics has become part of China’s broader effort to defend its manufacturing ecosystem, as Beijing seeks to counter growing attempts by global companies to diversify production beyond the country.

Although Tata Electronics said the incident did not disrupt operations, reports suggest the leaked data may have included information related to Apple’s upcoming iPhone 18 Pro. Apple has not commented on the reported breach.

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Supply Chains In Focus

The incident comes as Apple continues expanding production in India to reduce its reliance on China. Chinese state media has repeatedly argued that replicating the country’s manufacturing ecosystem elsewhere will be difficult, pointing to its scale and technical expertise.

More Than A Data Leak

Despite speculation online, technicians in Shenzhen’s Huaqiangbei electronics market told CNBC that leaked design documents alone are not enough to recreate an iPhone. While accessories can be copied, critical components such as chips and Apple’s software remain out of reach.

The episode underscores the growing challenges facing global technology companies as they balance supply chain diversification with cybersecurity, manufacturing expertise and geopolitical risk.

Tesla may still generate most of its revenue from selling vehicles, but the company’s messaging is increasingly centred on artificial intelligence and robotics rather than its core automotive business.

An analysis of Tesla’s earnings call transcripts from 2019 onwards shows CEO Elon Musk now spends nearly half of his speaking time discussing AI, robotaxis and Full Self-Driving technologies, reflecting the company’s broader shift toward positioning itself as an AI-driven technology business.

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AI Takes Centre Stage

The analysis, conducted by Hudson Labs using AI-powered financial research tools, found that Musk’s focus on AI-related topics has increased significantly over the past several years.

While discussions around autonomy typically accounted for around 15% to 20% of his remarks in 2022, they now make up nearly half of everything he says during earnings calls. At the same time, conversations about Tesla’s traditional automotive business have steadily declined.

Musk has repeatedly argued that Tesla should be valued as an AI company rather than a conventional automaker, pointing to autonomous driving as a key driver of the company’s long-term growth.

Optimus Becomes A Bigger Priority

Tesla’s humanoid robot, Optimus, has also become a much larger part of the company’s public messaging.

Although the project was introduced in 2021, it received relatively little attention during its early stages. Over the past year, however, Musk has increasingly highlighted Optimus during earnings calls, reflecting Tesla’s growing emphasis on robotics as part of its long-term strategy.

A Different Message From Other Executives

Other senior executives continue to devote more attention to Tesla’s automotive operations than Musk does. Finance and engineering leaders still spend a significant share of earnings calls discussing vehicle production, manufacturing and sales, although AI and autonomous driving are becoming increasingly prominent topics across the leadership team.

More Than A Messaging Shift

The changing narrative comes as Tesla’s vehicle business faces slower growth and stronger competition from both established automakers and Chinese EV manufacturers.

While AI products such as Full Self-Driving, robotaxis and Optimus have yet to become major revenue drivers, they are playing an increasingly central role in how Tesla presents its long-term vision to investors.