| “I’ve created more billionaires on my management team than any CEO in the world.” | — Nvidia (No. 31) CEO Jensen Huang on a recent panel hosted by the All-In podcast | | | | In interviews with Fortune 500 CEOs: | - Salesforce (No. 120) founder and CEO Marc Benioff sat down with Fortune AI Editor Jeremy Kahn last month for a conversation about the prospect of AI displacing white collar and customer service workers. “This is going to help your employees to be more productive and go forward faster. But it is not a wholesale replacement of human beings,” Benioff said. “Or if that opportunity exists, somebody needs to explain it to me, because, as the CEO of a 75,000 person company, I can’t figure it out.”
| | | On earnings calls: | - Amazon (No. 2) reported quarterly revenue of $167.7 billion, up 13% year-over-year. While the majority of revenue came from the company’s retail business, Amazon Web Services (AWS) continued to be the primary driver of profit, generating $30.9 billion in revenue and $10.2 billion in operating income for the quarter.
- UnitedHealth Group (No. 3) posted net income of $3.41 billion for the quarter, down from $4.22 billion in the same quarter last year. The company restored its full-year revenue outlook—projecting revenues between $445.5 billion and $448 billion—after suspending its prior guidance in May. CEO Stephen Hemsley noted during the earnings call that he doesn’t expect profit to increase this year. Read more: UnitedHealth Group didn’t just miss earnings, it did something far worse
- Apple (No. 4) reported $94.04 billion in revenue for Q3 2025, a 10% year-over-year increase, achieving a new quarterly record. iPhone sales were the main contributor, generating $44.6 billion, representing a 13% annual growth in that business segment.
- Microsoft (No. 14) brought in revenue of $76.4 billion in its fiscal fourth quarter, an 18% year-over-year increase. The company’s strong performance was driven by growth across its suite of cloud services, especially Azure. For the first time, Microsoft disclosed that Azure’s annual revenue surpassed $75 billion, up 34% from the previous year.
- Meta (No. 22) announced $17 billion in capital expenditures during its fiscal second quarter, primarily allocated to AI infrastructure investments. CEO Mark Zuckerberg emphasized the importance of these investments, stating, “We’re making all these investments because we have conviction that superintelligence is going to improve every aspect of what we do.” Meta exceeded expectations with $47.5 billion in revenue, marking a 22% increase year-over-year.
- Boeing (No. 63) had a strong Q2 with $22.7 billion in revenue, up 35% from the same quarter last year. CFO Brian West, who will step down on Aug. 15, noted that the company is making improvements in the quality and efficiency of its plane production. Read more: How Boeing is quietly betting on a ‘brilliant’ 39-year old engineer
- eBay (No. 411) reported revenue and earnings growth, and CEO Jamie Iannone attributed this growth chiefly to collectibles, including trading cards. Still, eBay accounts for less than 4% of the overall e-commerce market in the U.S., Fortune Tech Correspondent Jason Del Rey wrote this week, but it’s also leaning into livestreaming e-commerce with eBay Live. Read more: Is eBay actually sexy again as the e-commerce old-timer’s stock surges to an all-time high?
Other earnings calls that took place this week: CVS Health (No. 5), AbbVie (No. 77), Starbucks (No. 126), Visa (No. 127), PayPal Holdings (No. 137), KKR (No. 145), Paramount Global (No. 147), Colgate-Palmolive (No. 212), Sirius XM Holdings (No. 448), and many more. | Earnings to watch next week include: Vertex Pharmaceuticals (No. 385) on Aug. 4; Advanced Micro Devices (AMD) (No. 167) and Super Micro Computer (No. 292) on Aug. 5; Walt Disney (No. 46), Uber Technologies (No. 101), NRG Energy (No. 153), and Airbnb (No. 382) on Aug. 6; ConocoPhillips (No. 75) and Eli Lilly (No. 100) on Aug. 7; and other Fortune 500 companies. | | | | | Fortune Brainstorm Tech 2025 | Fortune’s award-winning journalists have convened a community of thinkers and doers—from Fortune 500 execs and investors to technologists and influencers—for a three-day summit exploring how tech reshapes society. (Park City, Utah) Register now | | | Fortune Global Forum 2025 | The Fortune Global Forum gathers the leaders of the world’s biggest multinational companies in great cities on the dynamic frontiers of global business. (Riyadh, Saudi Arabia) Register now | | | | | | This email was sent to | | | | | | Fortune Media 40 Fulton Street, New York, NY, 10038, United States | | | | | |