Reynolds Shelley sold $607K of AMZN

Saudi Arabia's LEAP 2026 conference highlighted $17.35 billion in tech investments, focusing on AI, cloud computing, and data centers. Key announcements included AWS's $5.3 billion cloud region, HUMAIN's AI partnerships, and Adobe's $4 billion commitment. Investments span infrastructure, AI models, and industry adoption, with plans to expand cloud and AI capabilities across sectors.

OpenAI's Astra scored 64.6% on a science benchmark, ahead of Anthropic's Fable 5.1 (52.6%) and GPT-5.6 Sol (22.4%). Microsoft (MSFT) and Amazon (AMZN) have significant exposure to both AI labs. MSFT has licensing, revenue-sharing, and equity ties with OpenAI, while AMZN has long-term cloud contracts with both. MSFT's Azure revenue grew 43% in Q2, but cloud margins fell to 65%. AMZN's AWS revenue rose 37% to $42.2B, with hedge funds increasing positions in both.

Amazon (AMZN) faces regulatory risks and potential uptrend break. FTC alleges Amazon added undisclosed ad surcharges. US Treasuries (TLT) near 52-week low, with yields climbing. Treasury Secretary Bessent defends bond strategy. Howmet Aerospace (HWM) dropped 7.51% after SpaceX (SPCX) and Tesla (TSLA) solar plans announced.

The U.S. Department of Justice is investigating eight major retailers, including Walmart, Kroger, and Amazon, over beef pricing strategies. The probe, expanded from an earlier investigation into meatpackers, seeks details on pricing, costs, and wholesale arrangements. Tyson Foods previously settled a lawsuit for $82.5 million over beef price allegations, according to Reuters.

Amazon (AMZN) signed a multibillion-dollar deal with Corning (GLW) for optical fiber and connectivity products. The agreement highlights the importance of fiber in AI infrastructure, with Corning expecting to support 1,000 jobs. Amazon's AWS revenue grew 36.7% in Q2, while Corning also has a $6B deal with Meta. Both companies see increased hedge fund interest, with Amazon held by 369 funds and Corning by 99.

Amazon faces a lawsuit from 22 states and the FTC, alleging it manipulated its advertising auction system to overcharge over 1 million customers, including small businesses, by up to $20 billion. The lawsuit claims Amazon used fake bids and undisclosed pricing floors, turning second-price auctions into first-price ones. Amazon disputes the allegations, stating its average cost-per-click remained flat and winning bids fell 50% over a similar period.