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Senate Passes Trump’s Defense Megabill

The Senate pushed President Donald Trump’s “One Big Beautiful Bill Act” over the line, 51-50, with Vice President JD Vance casting the tie-breaker. The package folds a $150 billion windfall for shipbuilding, the Golden Dome homeland-missile shield, and munitions into the FY2026 defense ledger.

The bill now returns to the House, where Trump has demanded passage by July 4. However, several Republicans already concede the lower chamber may slip past that deadline.

You can read more on the matter here.

What’s going on?

• Senate Narrowly Passes Trump’s One Big Beautiful Bill In 51-50 Vote (theDeepDive)

• Carney to meet with automotive sector CEOs as U.S. trade talks continue (Globe)

• Mexico Oil Production Hits 46-Year Low as Pemex Posts $2B Loss (theDeepDive)

• Donald Trump says US has struck trade deal with Vietnam (FT)

• Tesla Vehicle Deliveries Drop 14% in Second Quarter, Marking Steepest Decline on Record (theDeepDive)

• Sean 'Diddy' Combs cleared of sex trafficking and racketeering, convicted on lesser charges (Reuters)

• Shell’s $40B LNG Canada Makes Its First Cargo (theDeepDive)

• House Republicans Threaten to Sink Trump’s Megabill (WSJ)

• ECB Eyes Retail Cash Pile to Power EU Capital Markets (theDeepDive)

• Ottawa must pass law revoking digital service tax before refunds are issued, CRA says (Globe)

• Russia-Azerbaijan Tensions Escalate After Ethnic Violence Deaths (theDeepDive)

What’s the latest?

• Microsoft: Microsoft is laying off nearly 9,000 workers—about 4% of its workforce—as part of continued restructuring. The cuts span global teams, including sales and Xbox, and follow previous rounds in May and June affecting over 8,000 jobs. While Microsoft cites agility and management streamlining, the layoffs include software engineering roles, raising concerns about AI’s impact on coding jobs. CEO Satya Nadella previously noted that up to 30% of Microsoft’s code is now written by AI.

• Bombardier: Bombardier shares jumped over 10% after securing a US$1.7 billion order for 50 Challenger and Global jets from a new customer. The deal includes 70 additional purchase options, which could raise the total value to over US$4 billion. Aircraft deliveries begin in 2027. Bombardier stock rose to C$133.91 on the Toronto Stock Exchange.

• Politics: Companies that already paid Canada’s now-revoked digital services tax will need to wait for new legislation to receive refunds, according to the Canada Revenue Agency. The CRA confirmed it collected some DST revenue but did not disclose how much. Parliament is on break until September 15, delaying formal repeal. The tax, retroactive to 2022, was expected to cost U.S. tech firms about US$2 billion. Confusion followed the tax reversal, with some firms unsure how to report payments in their upcoming financial statements.

• Tesla: Tesla delivered 384,122 vehicles in Q2 2025, down 13.5% year-over-year, marking its second straight quarterly drop. Despite this, shares rose 5% as the decline was less severe than expected. The company faces pressure from Elon Musk’s political image, aging models, and rising competition. Tesla must deliver over a million units in the second half to meet growth targets, while facing potential cuts to key EV tax incentives under the Trump administration.

• NVIDIA: Nvidia became the world's most valuable company in June with a $3.86 trillion market cap, overtaking Microsoft ($3.69T) amid strong AI chip demand. Apple remains third at $3.1T, below its record $3.92T high in December 2024. Meta, Broadcom, and Amazon also saw double-digit gains, while Tesla fell 8.3% to $1.02T due to CEO Elon Musk’s political clashes. Analysts expect Nvidia and Microsoft to reach $4T soon, with $5T in focus over the next 18 months.

The Aznalcollar Trial

The stock market and stuff

• Figma Files for Up to $1.5B IPO In One Of 2025’s Biggest Tech Listings (theDeepDive)

• Riot Platforms Begins To Unload Bitfarms Stock (theDeepDive)

• Oil prices jump 2% as Iran suspends cooperation with UN nuclear watchdog (Reuters)

• Meta Bets $14B on ‘Superintelligence Labs’ to Outrun OpenAI (theDeepDive)

• Court Allows Celsius’s $4 Billion Lawsuit Against Tether to Proceed (theDeepDive)

In the juniors

• ESGold Names Gordon Robb As Chief Executive Officer (theDeepDive)

• Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources (theDeepDive)

• NGEx Minerals Confirms At Least Three High Grade Zones At Lunahuasi (theDeepDive)

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