July is the month in which the AI race reorganized itself around the stock market: Anthropic and OpenAI are preparing US$ 1 trillion IPOs, DeepSeek and Moonshot AI are accelerating their own debuts, and SpaceX opened the playbook. The capital that came in — US$ 25 billion in Amazon/AWS debt, US$ 2.5 billion from Microsoft, US$ 10.3 billion from Etched — no longer buys just models; it buys infrastructure and independence. Apple closed US$ 30 billion with Broadcom, DeepSeek is developing its own chip, and AMD added Microsoft as a buyer of Helios: the siege of Nvidia is materializing in silicon and in Kyber delays. The other side is trust. Google began training AI with users’ data; xAI opened its code after a leak; Apple is testing chips from a banned supplier; Alibaba is accused by Anthropic of distillation and fined € 550 million.