Markets faced a heavy wave of earnings reports, with the narrative anchored by Big Tech and the intensifying financial burden of AI integration. While Microsoft reported strong cloud growth, Meta’s revenue miss and soaring infrastructure costs exacerbated investor anxiety, contributing to a broader equity slide amid semiconductor volatility and geopolitical tension. The Federal Reserve’s decision to hold rates steady further compounded the market's cautious mood. Simultaneously, a governance focus emerged through congressional oversight, with Senate hearings probing the risks of AI-enabled deception and its impact on the workforce, while regulators intensified scrutiny of corporate billing and data practices.