One of the defining features of Apple’s iPhone 17 Pro is its 8x zoom — it helps focus on things that matter. For consumers, it’s memorable moments; for Apple, it’s the balance sheet.

On Thursday stateside, the Cupertino-based company reported a 16% year-on-year jump in its fiscal first-quarter revenue on “staggering” iPhone demand, topping market estimates. It also forecast current-quarter revenue above Wall Street expectations.

Investor response, however, was tepid, with Apple shares rising about 0.5% in extended trading. That could be because Apple still appears behind the curve for artificial intelligence.

But investors drove Meta Platform shares more than 10% higher, after the company showed signs that its AI investments were boosting its bottom line.

Microsoft, on the other hand, was punished for its spending plans and slowdown in cloud growth. Its stock slumped 10%, wiping out $357 billion in market cap in its worst day since March 2020.

That weighed down the tech-heavy Nasdaq Composite, which declined 0.72%. The S&P 500 fell a 0.13%, while the Dow Jones Industrial Average bucked the trend to climb 0.11%.

Cryptocurrencies fell alongside equities, with bitcoin tumbling more than 5% to touch its lowest level in nearly two months.

Markets, however, saw a bright spot in gold, which rebounded after experiencing a dip during midday U.S. hours as traders took profit — the precious metal had hit $5,626.8 earlier in the day, its highest level ever. 

Meanwhile, oil prices jumped more than 3% as U.S. President Donald Trump weighs strikes on Iran, according to a Reuters report.

In the White House, Trump on Thursday said he would announce on Friday morning stateside a new Federal Reserve chair to replace Jerome Powell. Trump also endorsed a Senate deal on government funding that would help avert a shutdown of federal services, according to Reuters.

India is set to present its Union Budget for financial year 2027 on Sunday, Feb. 1 — an event that could trigger a market sell-off, according to BofA Securities.

Even though the weekend is set to arrive, global investors shouldn’t take their eyes off the headlines yet.

— CNBC’s Samantha Subin and Garrett Downs contributed to this report.

Denmark lauds talks with U.S. over Greenland. Copenhagen’s foreign minister on Thursday welcomed “very constructive” high-level talks over Greenland’s future, saying the conversation about the island was “back on track.”

Amazon could invest up to $50 billion in OpenAI. The AI startup’s CEO Sam Altman and Amazon CEO Andy Jassy have been having direct discussions, CNBC confirmed on Thursday. It’s a show of confidence in OpenAI as Amazon has invested in its AI competitor Anthropic.

U.S. trade deficit soared in November. The figure stood at $56.8 billion, an increase of 94.6% from October, despite Trump tariffs.

U.S. indexes mostly retreat, weighed by Microsoft. However, the Dow Jones Industrial Average outperformed and rose.Europe’s regional Stoxx 600 dropped 0.23%, with SAP plunging 16% on disappointing earnings.

[PRO] Russia and China control a key metal. It’s crucial for developing military equipment, and one U.S. company is working to replace it. That has earned the firm a “buy” rating after an investment bank initiated coverage.

World’s largest sovereign wealth fund made $247 billion in 2025, driven by tech and banking rally

Norway’s sovereign wealth fund on Thursday posted annual profit of 2.36 trillion kronor, or $246.9 billion. Over the course of 2025, the fund returned 13.5 trillion kronor — its highest annual return since the fund’s inception in the nineties.

Norges Bank Investment Management (NBIM) manages the fund on behalf of the Norwegian population.  “Stocks in technology, financials and basic materials stood out, making a significant contribution to the overall return”, Nicolai Tangen, NBIM’s CEO, said in a statement on Thursday.

— Chloe Taylor