US Market Key News Summary July 25, 2026

Tesla Weekly Drop of 18%, SpaceX Continues Slide – Musk Loses $130 Billion and Jokes 'Former Trillionaire'

Tesla (TSLA-US) stock plummeted 18% this week, closing Friday at $313.03, its worst weekly performance since 2022. SpaceX (SPCX-US) also continued its decline, falling 7.2% over five trading days, closing Friday at $115.07, the lowest since its record-breaking IPO last month. The dual stock declines wiped out approximately $130 billion of Elon Musk’s wealth, just weeks after he became the world’s first trillionaire.

Qualcomm Chips to Rise in Price from September – AI Supply Shortages Worsen

Qualcomm (QCOM-US) notified customers on Friday (24th) that products shipped after September 1 will see double-digit price increases. This move is expected to ripple across the tech industry. According to documents obtained by Bloomberg, Qualcomm stated it can no longer absorb rising supplier costs and has attempted to source alternative components with limited success. Like the broader tech sector, Qualcomm faces unprecedented supply shortages affecting smartphones, supercomputers, and the automotive industry.

SpaceX Falls Below IPO Price – Down 23% in One Month, Underperforms 90% of Major IPOs, August Unlock a Test

SpaceX (SPCX-US), just over a month since its historic IPO, has delivered one of the weakest post-listing performances for a major U.S. IPO since the financial crisis. Analysis by Barron’s shows that among U.S. IPOs with a market cap of at least $1 billion since July 2009, SpaceX has outperformed fewer than 10%—placing it in the bottom 10%.

Jensen Huang Joins Microsoft, Meta in Plea – Urge Congress Not to Stifle Open-Source AI

NVIDIA (NVDA-US), Microsoft (MSFT-US), Meta Platforms (META-US), IBM (IBM-US), and other tech giants jointly sent a letter to the U.S. Congress on Friday, publicly supporting open-source AI models. They urged lawmakers to avoid premature or overly broad restrictions, warning such moves could stifle competition and push AI innovation overseas. The open letter was led by NVIDIA CEO Jensen Huang and co-signed by around 24 companies and industry groups.

Trump Slams EU for 'Looting' U.S. Tech Giants, Threatens Heavy Tariffs

Former U.S. President Donald Trump said on Friday (24th) his administration would launch a trade investigation into the European Union, aiming to overturn massive fines imposed on U.S. tech giants and potentially levy 'high' tariffs on the 27-member bloc. Trump accused the EU of 'looting' American companies and, by extension, American taxpayers, expressing strong dissatisfaction over the EU’s recent $1 billion fine on Google for allegedly favoring its own services in search results.