Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

It's good to be with you on this Thursday, July 31st. I'm Julie Morgan.

Amazon and Apple report today. Trump's baby accounts spark a Social Security debate, and a Chinese startup pushes AI collaboration to a new level.

Amazon and Apple will report earnings today after market close. Let's start with Amazon. The consensus

EPS estimate is $1.31 and the consensus revenue estimate is $162.09 billion or 9.5% increase year over year.

Key themes for the earnings update and conference call with management include AI innovation

with AWS-A-powered services under scrutiny and efficiency gains in logistics. Investors are also watching for

margin trends in AWS, says increased capital spending could affect profitability. Major suppliers

to Amazon with a strong post-earnings trading correlation include Aetarian, Nova Bay Pharma, and

air transport. Options trading implies a 5.5%

swing for Amazon following the report. A wildcard could be an announcement of a hike in the

price of Amazon Prime, with the company approaching four years since the last increase. As we said,

Apple is also set to report today. Analysts led by

Dan Ives said the street will be focused on Apple delivering good headline numbers with a mini

rebound in China iPhone sales front and center. In addition, the analysts expect a strong

services number that shows upside this quarter and continues to hold up

very firm. Ives and his team said that this quarter is just the appetizer for the main event,

which is the launch of iPhone 17 in September. But the elephant in the room continues to be

Apple's AI growth strategy. They say Apple needs to start making some significant

headway on its AI strategy because patience is wearing thin among investors and, importantly,

developers. Both companies will have their conference call today at 4 p.m. We know that META and

Microsoft reported earnings on Wednesday, and that's the topic

...