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TLDR

MARKET RECAP → Stocks on Monday kept rising as investors looked to close out the month with fireworks, hitting more record highs in the S&P 500 and the Nasdaq Composite.

CANADA DROPS DIGITAL TAX→ Facing U.S. pressure, Canada repealed its digital services tax on American tech firms, leading to the resumption of trade talks with the U.S. The move aims to secure a new trade deal by July 21 but has sparked backlash domestically over Ottawa’s handling of the issue.

META’S MARKET MIND MELD → Meta (META) hit record highs as investors rallied behind Zuckerberg’s aggressive AI expansion, including plans to spend up to $65 billion on infrastructure in 2025. The company is being revalued as a serious AI and data center player—not just a social network.

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Politics

Canada Drops Digital Tax

Canada Backs Down to Restart Talks: Canada has scrapped its 3% digital services tax targeting U.S. tech giants like Amazon (AMZN) and Google (GOOG), just hours before it was set to take effect. The move follows intense pressure from President Trump, who had halted trade negotiations and threatened new tariffs, calling the tax a “blatant attack” on American firms.

Trade Talks Back On: With the tax repealed, trade negotiations between the U.S. and Canada are resuming immediately, aiming for a deal by July 21. White House economic adviser Kevin Hassett confirmed the restart, noting that digital taxes will remain a key issue in U.S. talks with other countries as well.

Domestic Fallout in Canada: Canada's reversal drew praise from U.S. officials and business groups but sparked criticism at home. Critics argue the government mishandled the tax issue, alienating allies and misreading the tech sector. The tax was expected to raise over $7 billion over five years, but its retroactive nature and potential impact on consumers and businesses led to its downfall.

Tech

Meta’s Market Mind Meld

Meta’s AI pivot sends stock soaring: Meta (META) hit a fresh all-time high after CEO Mark Zuckerberg doubled down on AI infrastructure and Wall Street cheered the bet. Shares are up about 27% year-to-date, lifted by optimism around Meta’s buildout of custom data centers and plans to deploy 1.3 million GPUs by year-end. Analysts increasingly view Meta as a serious AI infrastructure player, not just a social media giant.

CapEx explosion fuels optimism: Zuckerberg is going all-in on AI spending, with Meta projecting up to $65 billion in capital expenditures for 2025—far above its 2024 estimate of $40 billion. Much of that will fund AI infrastructure, including massive training clusters and silicon investments. While not all chip details are public, Meta’s ambition to control the full AI stack echoes Amazon’s cloud strategy.

Wall Street likes the transformation: Analysts are raising price targets, highlighting Meta’s strong ad business and leaner operations as tailwinds. Reels monetization is improving, and the AI narrative gives Meta a compelling story alongside rivals like Alphabet (GOOG) and Microsoft (MSFT). Even the metaverse is on the back burner for now—AI is clearly the main character.

BULL VS. BEAR

KEEP READING

Oracle stock jumps after $30 billion annual cloud deal revealed in filing (CNBC)

Solar and wind industry faces up to $7 billion tax hike under Trump’s big bill, trade group says (CNBC)

First Solana ETF to Hit the Market This Week; SOL Price Jumps 5% (CoinDesk)

Musk says tax bill will ‘destroy’ jobs as it advances in Senate (Morning Brew)

AI is making everyone sound the same (Morning Brew)

What is a Money Order? How a Money Order Works (ML)

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