Axios

Amazon's greenhouse gas emissions rose sharply last year as the company raced to expand AI infrastructure.

Why it matters: Amazon's annual environmental report, released a day after Google's report unveiled similar increases, adds to mounting evidence that AI growth is making it harder for tech giants to maintain climate ambition.

Wait, what? The ink is barely dry on the U.S.-Iran memorandum of understanding, and somehow the market is swimming in oil.

Why it matters: Middle East oil transit and production have resumed faster than many analysts predicted, helping push down prices.

U.S. stock investors brushed off any concerns from the Iran war to send major indexes to their best quarter since 2020.

The big picture: Stocks rebounded after a bruising first quarter.

• In the second quarter, the S&P 500 index rose nearly 15%, the Nasdaq Composite jumped more than 21%, and the Dow Jones Industrial Average increased nearly 13%.

Google's electricity, water use and greenhouse gas emissions all climbed to record levels last year as the company raced to build more AI infrastructure.

Why it matters: Google has invested more aggressively than perhaps any other tech company in clean energy, yet its environmental report released Tuesday shows how difficult it has become to keep climate goals on track amid the AI buildout.