Global Tech Momentum Powers Corporate Gains Across Sectors

17th July 2025

Tech and AI demand drove strong results across key companies. ABB and TSMC posted record-breaking quarters, while Publicis raised its growth forecast, brushing off Meta's AI ad tools. In the U.S., crypto legislation advanced with Trump’s support. Ocado returned to profit, boosted by tech gains and its M&S partnership. All this and more in today’s Read It and Eat!

Major Headlines 

ABB Hits Record Orders on Soaring U.S. and AI Data Centre Demand

Swiss engineering giant ABB just reported its strongest-ever quarterly order intake, driven by a surge in demand from the U.S. and the rapidly expanding AI data centre market. In its second-quarter update, the company said orders in the U.S. its largest market jumped 37%, well ahead of the group’s overall 14% order growth.

The momentum has been especially strong in ABB’s data centre segment, which saw double-digit percentage growth this quarter. These facilities, essential for storing and powering AI applications, have seen a wave of investment as the U.S. doubles down on its tech infrastructure. ABB’s CEO Morten Wierod credited this boom and a generally resilient market for the company’s performance, noting that “ABB delivered an all-time-high order intake and improved operational performance.”

The strong quarter lifted ABB’s shares by over 3% in early Zurich trading. Financial results also outpaced expectations, with core operating income rising 9% year-on-year to $1.71 billion, beating forecasts of $1.65 billion. Net income came in at $1.15 billion just ahead of estimates while revenue rose 8% to $8.9 billion.

Looking ahead, ABB is optimistic about the rest of 2025, despite ongoing geopolitical tensions and potential tariff impacts. The company expects mid-single-digit revenue growth in the third quarter, positioning it well for what Wierod called a “new record year.” Yahoo.Finance 

TSMC Delivers Record $13.5B Profit as AI Chip Demand Soars

Taiwan Semiconductor Manufacturing Co. (TSMC), the global leader in advanced AI chip production, posted a record-breaking profit of $13.5 billion for the second quarter, surging past analyst expectations with 60% year-on-year growth. As demand for AI technology continues to accelerate, the company is seeing momentum that shows no signs of slowing at least for now.

Looking ahead, TSMC expects third-quarter revenue to come in between $31.8 billion and $33 billion, a significant jump from $23.5 billion in the same period last year. But the company isn’t throwing caution to the wind. Executives flagged potential headwinds, including U.S. tariff uncertainty and the impact of a stronger Taiwan dollar, which could affect margins in the coming quarters.

This quarter marks TSMC’s fifth straight of double-digit growth, boosted by strong orders from major clients like Apple and Nvidia. The company has also doubled down on its U.S. expansion, following up a $65 billion commitment to three Arizona chip plants with a new $100 billion investment, announced alongside former President Trump earlier this year.

While TSMC’s stock skyrocketed 80% in 2024, this year’s gains have been more muted, up just 5% so far as investors weigh geopolitical risks and foreign exchange pressures. Still, with AI demand showing no signs of cooling, TSMC’s position as a cornerstone of the global chip supply chain remains as solid as ever. Reuters

U.S. House of Representatives Moves Forward on Landmark Crypto Bills After Trump Steps In

In a major step forward for the digital asset industry, the U.S. The House of Representatives has cleared key procedural hurdles to consider sweeping new crypto legislation thanks in part to a timely intervention by former President Donald Trump.

The legislative push follows over nine hours of intense, behind-closed-doors negotiations aimed at rallying support among skeptical lawmakers. The breakthrough now sets the stage for what could be the country’s first federal laws specifically designed to regulate digital assets.

First in line is a stablecoin bill, which would establish a clear regulatory framework for cryptocurrencies that maintain a fixed value, typically pegged to the U.S. dollar. Stablecoins have become a cornerstone of crypto trading, offering a faster and cheaper alternative to traditional banking transfers. The bill has already passed the Senate and could be signed into law by Trump if it clears the House.

The House is also preparing to vote on two additional crypto-related measures. One would define when digital tokens should be treated as commodities placing them outside the Securities and Exchange Commission’s jurisdiction. The second, which is backed heavily by conservative lawmakers, would bar the Federal Reserve from creating its own digital currency a move some Republicans argue could give the government excessive control over personal finances. While the Fed has said it has no plans to launch such a currency, the issue remains a flashpoint.

These efforts hit a roadblock earlier in the week when internal party divisions temporarily derailed a vote. But after Trump met privately with dissenting Republicans, momentum returned. Still, House leaders had to spend hours persuading holdouts to let the bills proceed, ultimately bundling the Fed-related provision with a separate defense authorization bill to secure enough support. If passed, the legislation would mark a historic moment for the crypto sector, which has long pushed for regulatory clarity from Washington. Washington Post 

Publicis Lifts Growth Forecast, Shrugs Off Meta’s AI Ad Challenge

Publicis, the French advertising powerhouse, raised its full-year organic growth outlook on Thursday after a strong second-quarter performance, brushing aside concerns over Meta’s AI-driven ad capabilities. CEO Arthur Sadoun didn’t mince words during the earnings call, pushing back on suggestions that Meta’s new AI ad creation tools pose a serious threat. “When Meta says they can do everything themselves, they’re underestimating the intelligence of our clients,” he said. “Our customers aren’t fooled they know better than to hand over all their data to a single platform.”

Sadoun emphasized that clients remain wary of the so-called “walled gardens” controlled by big tech platforms. Advertisers today want more than convenience they demand transparency, data control, and independent measurement of their campaign performance. Publicis positions itself as a key partner in that regard, offering proprietary tools powered by in-house AI and big data capabilities to serve tailored ads to more than four billion internet users globally. According to Sadoun, the company’s decade-long, $12 billion transformation has now been completed, shifting the focus firmly to execution.

Publicis reported 5.9% organic net revenue growth in the second quarter, prompting the upgrade of its 2025 organic growth forecast to nearly 5%, up from a previous range of 4% to 5%. Business wins were a major highlight, with the firm landing new clients like Coca-Cola, Nespresso, Lego, Paramount, and Spotify. In total, Publicis secured $5.2 billion in net new business during the first half of 2025, a figure that stands out in a flatlining market where major competitors like WPP and Omnicom have struggled to keep pace.

Regional growth was consistent, with revenue up 5.3% in the U.S., 4.6% in Europe, and 5.7% in Asia-Pacific. Sadoun dismissed long-standing claims that platforms like Meta or Google would eventually displace traditional agencies. “I’ve been hearing for nine years that platforms are going to eat us for breakfast,” he said. “It’s just not the reality.” With a tech-forward approach and strong client relationships, Publicis is making the case that agencies still have a central and growing role to play in the evolving digital advertising landscape. Reuters 

Ocado Turns a Corner with Strong Profit Boost from Tech Growth and M&S Partnership

Ocado Group saw its shares surge on Thursday after reporting a surprise swing to a first-half pretax profit, thanks to impressive performance in both its retail and technology operations. For the 26 weeks ending June 1, the online grocer posted a pretax profit of £607.3 million, a dramatic turnaround from the £144.2 million loss recorded the year before. Investors responded positively, with shares rising 10% in early trading, though they remain down nearly 14% for the year so far.

Driving much of this growth was Ocado Retail, the company’s joint venture with Marks & Spencer, which saw revenue climb 16% to £1.53 billion. Overall group revenue also increased to £674 million from £595.4 million. At the same time, Ocado managed to narrow its net loss to £130 million, compared to £160.6 million last year indicating better cost control and stronger operational efficiency.

CEO Tim Steiner emphasized the strong momentum in Ocado’s tech division, noting that the Technology Solutions arm more than doubled its EBITDA in the period. “Our Technology Solutions division has more than doubled EBITDA, and our underlying cash flow has improved significantly, ending the period with liquidity in excess of £1 billion,” Steiner said. This reflects Ocado’s broader strategy to position itself not just as a retailer, but as a tech enabler for the global grocery sector.

Looking ahead, Ocado maintained a positive outlook, projecting about 10% revenue growth from its tech unit and mid-to-high single-digit growth for its logistics arm. The group is targeting a 20–25% EBITDA margin for Technology Solutions and aims to deliver around £30 million in adjusted EBITDA for Logistics. With strong momentum across both core areas, Ocado appears to be laying the groundwork for sustained profitability and future expansion. Wall Street Journal 

Minor Headlines

• Trump Says He Has No Plans to Remove Fed Chair Powell. Wall Street Journal 

• Privacy Watchdog Files Complaint Against AliExpress, TikTok, and WeChat. Yahoo.Finance 

• Circle K’s Canadian Parent Withdraws $46B Bid for 7-Eleven Owner. Financial Times

• EU Delays Musk’s X Investigation Amid US Trade Negotiations. Financial Times

• S&P Lowers Nippon Steel’s Rating to ‘BBB’ Citing Debt from US Steel Deal. Yahoo.Finance 

• London Southend Airport Partially Reopens After Fatal Plane Crash. CityAM 

• Barclays Fined $56M by UK Regulators Over Financial Crime Failures. CityAM 

• Volvo Chief Urges EU to Ease Auto Tariffs, Warns of Trump-Linked Risks. Reuters 

• Anthropic Set to Launch Claude for Financial Services. Bloomberg 

Gen Z Word of the Day 

TFW

TFW stands for "that feeling when." TFW you get off work early on a Friday