Axios

Microsoft's AI-powered cloud business, Azure, grew 29% in the last quarter, below what most analysts were looking for — and a slowdown from the 31% growth seen in the previous period.

Why it matters: Microsoft's results are the latest test for Big Tech around AI monetization.

Sen. Cynthia Lummis might have had a hand in the so-called Trump bump from Nashville on Saturday when she mentioned legislation for the U.S. government to hold bitcoin as a strategic reserve asset.

Between the lines: Folks started fever dreaming about all the buying — but one economist tells Axios the proposal isn't as daffy as it immediately seemed, and would involve only enough capital to finance the purchase of 1 million bitcoin.

Zoom in: The Cato Institute's George Selgin worked out the mechanics of what Lummis proposed and got more details in the process.

• Lummis' plan, according to Selgin, would create gold certificates to finance the purchase of 1 million bitcoin.

Former President Trump's plan is among the more modest bitcoin-as-strategic-reserve proposals out there.

Between the lines: That's because Trump didn't say he would buy more bitcoin, but merely suggested never selling what the U.S. government has now and holding onto anything it seizes in future criminal busts.

Flashback: He said Saturday in Nashville: "If I am elected, it will be the policy of my administration to keep 100% of all the bitcoin the U.S. government currently holds or acquires."

Happy birthday, Ethereum! Nine years ago, the first block of Ethereum was mined.

Why it matters: Ethereum is the $400 billion Pepsi to Bitcoin's $1 trillion Coke, and it's unlikely any other project will usurp either of them any time soon.

Catch up quick: A gawky, youthful Vitalik Buterin had the idea for Ethereum, which galvanized a bunch of blockchain notables to build the thing.

• It was funded by allowing people to buy its coin of the realm, ether (ETH) — its equivalent of bitcoin (BTC), before the chain even existed.

The big picture: Ethereum's big idea was to create a blockchain that could run full computer programs in a decentralized way, allowing them to operate without the need for a company or people to keep them going.

The U.S. job market looks to have frozen up. Companies aren't doing large-scale layoffs — but they have slowed down hiring, and fewer workers are quitting their jobs voluntarily.

Why it matters: Employers are showing the least appetite for bringing on new workers in years. That's a byproduct of the economy cooling — though not so much that employers feel they need to let go of the staff they have.

The U.S. Securities and Exchange Commission has notified the court that it intends to amend its complaint regarding several listed third-party tokens in its case against the world's largest cryptocurrency exchange, Binance.

Why it matters: The idea that most cryptocurrencies represent "unregistered securities" under U.S. law has been central to the agency's campaign against the cryptocurrency industry.

McDonald's isn't offering enough of what its main consumers want.

Between the lines: Higher prices — and more specifically, a sagging value proposition — came back to bite the fast-food giant last quarter.

Mickey D's isn't offering enough of what its main consumers want.

Between the lines: Higher prices — and more specifically, a sagging value proposition — came back to bite the fast-food giant last quarter.

Driving the news: While McDonald's $5 meal deal began to pull some people back, fewer customers visited the company's U.S. restaurants in the second quarter than a year ago, sending same-store sales down 0.7%, the company said today.

• The value deals have resonated with the company's "two lowest income cohorts," those earning under $45,000, and $45,000–$75,000, CEO Chris Kempczinski told analysts this morning following the company's earnings report release.

Brace yourselves for a heavy week of market-moving news.

• Microsoft earnings come tomorrow after the bell.
• The Fed's latest decision on interest rates and read on the economy comes Wednesday.
• Apple and Amazon report earnings Thursday, with July's job report on Friday.

What we're watching: The Fed's decision "is very pre-baked," Jay Hatfield, Infrastructure Capital Advisors CEO, tells Axios.

• "Consequently, tech earnings will be the critical driver."

The Fed this week probably won't be too explicit about its plans over the next few months. But a close look at its communications will likely show new confidence that rate cuts are coming soon.

Why it matters: Throughout 2024, officials have said a rate cut would only come after either more proof of receding inflation or a job market slowdown. Recent data has pointed toward both, but the Fed looks set to wait a bit longer before lowering rates.

The GOP platform this year says the party will protect individuals' right to self-custody their bitcoin, so we checked out some of the tools for self-custody at Bitcoin 2024.

Why it matters: Self-custody — controlling your digital money yourself — is a cool power Satoshi gave everyone, but it's also a little scary.

• Entrepreneurs and technologists are constantly experimenting with ways to make it easier and more secure.

Here are four hardware wallets we saw demoed on the ground.

• Portal, a near-field communication (NFC) wallet for mobile users. This was probably my favorite because the Italian team making it touted the fact that they want to make it work with every mobile bitcoin wallet — rather than build their own (let's hear it for interoperability).

Castle Island Ventures' Nic Carter probably had the best Bitcoin 2024 of anyone.

• First, he won his first-ever fight inside a real boxing ring, up against someone with more training in combat than he had (and very scary tattoos).
• Then a former president (and a candidate he favors) namedropped a concept that he articulated: Operation Chokepoint 2.0.

What they're saying: "My big whitepill is that you can just decide to do stuff," he wrote in a new X post that captures his upbeat mood at the moment.

Ryan Reynolds should be feeling pretty good: he's now beat his own record of leading the biggest R-rated film opening with "Deadpool & Wolverine."

Why it matters: The third "Deadpool" movie brought in $205 million at domestic box offices over the weekend at a time when signs of superhero fatigue have curbed the success of other titles, such as "Ant-Man and the Wasp: Quantumania" and "The Marvels."

Don't look for luxury EV maker Lucid to join the crowded electric pickup truck race — CEO Peter Rawlinson says the math doesn't work.

Why it matters: Instead, Lucid hopes to forge its own path — and thrive in a tough space increasingly littered with financial casualties.

Is it legal to lie on Twitter about what's in your stock portfolio? That's the question at the heart of both government cases against short seller Andrew Left.

Why it matters: The criminal and civil complaints filed against Left last week by the Department of Justice and the SEC allege that his false public statements misled investors.