Moe’s Market Memo

By Hightower St. Louis on July 25, 2025

Weekly data-driven insights on the markets and economy

Fourth Week of July 2025

Gigawatt goals

Oracle and OpenAI announced on Tuesday that they are adding 4.5 gigawatts of data center capacity to their Stargate AI infrastructure project, bringing the total under development to more than 5 gigawatts. The expansion is expected to create more than 100,000 U.S. jobs, with construction already underway in Abilene, Texas. Despite recent reports of delays, the companies say they’re moving urgently to deliver one of the largest AI infrastructure efforts in U.S. history.[i]

Homebuyers bail

Nearly 15% of pending home sales nationwide were canceled in June—the highest rate for this time of year since tracking began in 2017. Redfin attributes the spike to increased buyer leverage, inspection-related walkaways, and economic uncertainty. Sunbelt cities like Jacksonville, Las Vegas, and Atlanta saw the highest cancellation rates, while Florida metros led in year-over-year declines.[ii]

AstraZeneca announces expansion

AstraZeneca announced a $50 billion investment on Tuesday to expand U.S. manufacturing and R&D by 2030, including a new flagship facility in Virginia focused on weight management treatments. The company will also grow operations in Maryland, Massachusetts, California, Indiana, and Texas, creating tens of thousands of jobs.[iii]

GENIUS fuels gains

Trump Media announced Monday it now holds roughly $2 billion in bitcoin and related assets, making crypto two-thirds of its liquid portfolio. The news followed President Trump’s signing of the bipartisan GENIUS Act into law, further cementing his push to make the U.S. a global crypto leader. The company’s stock rose on the announcement, as observers continue to track the intersection of Trump’s policy agenda and his business interests.[iv]

EU tariff talks tumble

On Monday, the European Union (EU) warned it may impose sweeping countermeasures against the U.S. as trade talks falter, including restrictions on services, investment, and public tenders. The move follows President Trump’s threat of a 30% tariff by August 1, which EU officials say would severely disrupt transatlantic trade. The bloc is now weighing activation of its “anti-coercion” tool.[v]

Blackstone backs out

Last Friday, private equity firm Blackstone exited a consortium bidding for TikTok’s U.S. operations amid growing uncertainty and delays tied to U.S.-China trade negotiations. The deal, backed by current ByteDance investors and favored by the Trump administration, faces mounting legal and political hurdles ahead of a September 17 divestment deadline.[vi]

Mohammad Abouchleih, MBA, CIMA®

Investment Analyst

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[i] Capoot, Ashley. “OpenAI expands Oracle data center deal, says parts of Stargate 1 in Texas are operational.” CNBC, 22 July 2025, https://www.cnbc.com/2025/07/22/openai-oracle-stargate-texas.html. Accessed July 23, 2025.

[ii] Riley Roche, Lisa. “Pending home sale cancellations nationwide hit a new high.” Yahoo! Finance, 22 July 2025. https://finance.yahoo.com/news/pending-home-sale-cancellations-nationwide-030001714.html. Accessed July 23, 2025.

[iii] Gilchrist, Karen. “AstraZeneca to invest $50 billion in the U.S. as pharma tariffs weigh.” CNBC, 22 July 2025, https://www.cnbc.com/2025/07/22/astrazeneca-to-invest-50-billion-in-the-us-as-pharma-tariffs-weigh.html. Accessed July 22, 2025.

[iv] Breuninger, Kevin. “Trump Media builds $2 billion bitcoin hoard, as crypto swells president’s net worth.” Reuters, 21 July 2025, https://www.cnbc.com/2025/07/21/trump-djt-bitcoin-net-worth.html. Accessed July 21, 2025.

[v] Blenkinsop, Philip. “EU to ramp up retaliation plans as US tariff deal prospects dim.” Reuters, 21 July 2025, https://www.reuters.com/business/autos-transportation/eu-ramp-up-retaliation-plans-us-tariff-deal-prospects-dim-2025-07-21/. Accessed July 21, 2025.

[vi] Chmielewski, Dawn and Hu, Krystal. “Exclusive: Blackstone drops out of consortium bid for TikTok US, source says.” Reuters, 18 July 2025, https://www.reuters.com/legal/transactional/blackstone-drops-out-consortium-bid-tiktok-us-source-says-2025-07-18/. Accessed July 21, 2025.