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Oil companies had a blow-out quarter. As my colleague Matthew Zeitlin wrote today, oil and gas companies cashed in on the global price surge triggered by the Iran war. Their refining businesses did particularly well. But their results also revealed that global oil demand continues to fall — at least for now.
Some data center bets are starting to pay off. As I wrote on Wednesday, Microsoft had a bonanza quarter, and its Azure cloud business — which allows other companies to rent its data centers — grew faster than Wall Street expected.
That matters because America’s biggest tech companies have spent the past few years transforming into industrial firms, building massive new infrastructure and driving up U.S. electricity demand — and that strategy, contrary to some expectations, seems to be working for now.
Rivian is optimistic. The most important U.S. electric vehicle maker not run by Elon Musk released their second quarter results on Thursday night. The outlook was … decent!
The company delivered almost 12,200 vehicles last quarter. This was Rivian’s best period for sales since the third quarter of last year, when every EV maker’s results were juiced because the Inflation Reduction Act’s EV leasing tax credit expired.
Crucially, this was our first look at Rivian’s sales since it started delivering its more affordable (and well-reviewed) crossover, the R2. That vehicle started going out to customers at the very end of the quarter in mid-June, so we only get a snippet of those deliveries in this number.
More heartening, I think, is Rivian’s forward guidance. It now expects to deliver 65,000 to 70,000 vehicles this year, which implies it will deliver an average of more than 21,000 over the next two quarters. That would make Q3 and Q4 of this year its best sales periods ever.
RJ Scaringe, the company’s CEO, said that R2 sales conversions were running “meaningfully higher” than the company projected. The company still lost $379 million last quarter, but that was much better than analysts had projected.
We last checked in on Rivian when they sold new stock earlier this month to fund collateral for an Energy Department loan that will let them build a second factory in Georgia. On the call yesterday, executives confirmed they expect to start drawing on that loan in early 2027, part of what it painted as a healthy cash flow picture. For all the optimism, though, investors seemingly remain skeptical: Its stock fell 8% today.
The wildfires blazing across the continent aren’t isolated to the mainland. A fire raging in eastern England forced dozens of evacuations and put the Sizewell B nuclear plant, which just won approval to extend its license this month, on emergency alert.
As quickly as public opinion over data centers is plummeting, local ordinances barring or limiting construction of new facilities are proliferating. More than 530 such statutes are now in place all over the country, and the vast majority were enacted this year, according to an extensive review of public records conducted by Heatmap Pro that my colleague Robinson Meyer wrote up. These restrictions are driving a wave of project cancellations.
Meanwhile, Anthropic is in what The Wall Street Journal described as “advanced talks” with banks to borrow $15 billion to build a sweeping new data center and power-generating complex. The deal would be backed by a consortium of banks led by Morgan Stanley and would back the project in Hubbard, Texas, which would include a 1.6-gigawatt natural gas power plant. To raise the debt, Google has provided guarantees for billions of dollars of the Claude maker’s lease and obligations to pay for electricity.
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The Federal Communications Commission’s ban on imported inverters, the devices that help patch solar panels into data centers and onto the grid, will have little effect on the buildout of panels in the U.S., according to the latest assessment from the consultancy BloombergNEF. "We expect the ban to have limited impact on U.S. solar and energy storage project deployment, given that it allows current models to still be sold," the consultancy wrote in a memo. U.S. factories cannot meet demand on their own, matching only 18% of the American market in 2025.
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Workers at the Saritag antimony mine in western Tajikistan. STRINGER/AFP via Getty Images
The U.S. needs antimony to make ammunition, semiconductors, and batteries. But the country stopped mining the lustrous gray metalloid back in 1983. Since then, China has dominated the global market, with Russia trailing in second place and Tajikistan in a steady third, according to the latest U.S. Geological Survey data. Now America is getting back into the antimony game. On Thursday, the U.S. unveiled a new modular mineral processing plant designed to establish a new end-to-end domestic supply chain for antimony, Mining.com reported. The project is supported by the mining company Perpetua Resources, the U.S. Army, and the Idaho National Laboratory. Backed by billionaire hedge fund manager John Paulson, Perpetua was designated last year by the Trump administration for a fast-track permitting program. In May, the federal Export-Import Bank gave the project a $2.9 billion loan.
It’s a good time for energy startups. Fresh off Commonwealth Fusion Systems’ $1 billion round yesterday, Antora Energy, the thermal battery startup that converts electricity into heat with large carbon blocks, just netted $550 million in a Series C. Meant to help the company ramp up production, the funding round comes after the company launched one of the largest battery storage projects in the world, a 5-gigawatt-hour system in South Dakota that was built in less than a year. “From factories to data centers, energy is the bottleneck to industrial growth,” Andrew Ponec, Antora’s co-founder and chief executive, said in a statement. “Antora has shown we can help break that bottleneck — delivering energy fast, at massive scale, with American innovation. With this funding round, we’re continuing to strengthen our investment in U.S. manufacturing, delivering affordable energy across the country and around the world.”
Mexico is getting ready to do something about the algae. This week, Mexican President Claudia Sheinbaum said her government will create a comprehensive plan to free the country from a vast bloom of sargassum. While not dangerous to humans, the seaweed can rot on shore and emit foul odors.
This story was updated with a quote directly from BloombergNEF's analyst memo.
