市场原本盯的是微软能否把高额AI基础设施投入转成收入和利润率。现在的现实是，公司一边继续加大AI投入，一边压缩销售和游戏业务的组织成本。Xbox相关调整尤其说明， 此次整体裁员比例不高，但游戏业务内部调整很深，裁员解释对象不是单个岗位是否被模型替代，而是低效率业务和高投入业务之间的预算重新排序。

Goldman Sachs raised its PT for Qualcomm (QCOM.O) to $180 from $145.

Aramco cut its August official selling price for Arab Light to Asian customers by $11/bbl, leaving the grade $1.50/bbl below the regional benchmark — the largest reduction in at least 26 years and larger than the $8/bbl expected in a survey. Middle East crude prices have fallen recently. After Ras Tanura (Persian Gulf) resumed exports, Aramco boosted shipments to about 90% of pre-war levels; exports had been routed to Yanbu on the Red Sea when the Strait of Hormuz was blocked. OPEC+ agreed a modest output increase for August; with shipping via the Strait of Hormuz restored, Gulf producers including Saudi Arabia, Iraq and Kuwait can utilise higher quotas.