In partnership with

Happy Friday, investors. Big Tech’s strong earnings continued Thursday, with Apple reporting its best revenue growth since 2021 and Amazon beating analyst expectations.

That said, a splashy, outlandish IPO stole the spotlight in the trading session.

Breaking news: The US will raise tariffs on scores of nations at 12:01 AM on August 7, according to a new executive order signed by President Trump late Thursday. The EU, Japan, and South Korea face a 15% tariff, while others including Vietnam and Indonesia will face 20% and 19% levies, respectively.

Figma the moonshot

Wall Street has plenty of appetite for risk even without Fed rate cuts. 

Figma surged 250% in its trading debut Thursday, closing above $117 after pricing its IPO at $33.

After hours, it hovered near $150.

The rally not only confirms investor demand for splashy tech upstarts, but it serves as the clearest sign yet that the years-long IPO ice age is finally thawing.

It was only a couple years ago that UK regulators effectively blocked Adobe’s $20 billion acquisition of the software design firm. The company is now worth more than double that after its first day in public markets, which saw multiple trading halts due to volatility. 

The IPO market has shown a resurgence in recent months, with other fintech names notching impressive rallies on their first day of trading: 

• Circle: +167%

• Chime: +37%

• eToro: +29%

Meanwhile, Coreweave, which debuted March 28, had a relatively muted IPO but it’s gained 185.33% as of Thursday’s close. 

Figma, however, stands out in particular because its astonishing one-day gains came after the company raised its pricing range and still saw massive upside from there.

Investor enthusiasm was simply baked in to an extreme degree.

“Who needs fundamentals when you have vibes,” one retail investor told me Thursday.

Through most of 2023 and 2024, IPO activity stagnated as companies opted to stay private.

Mixed macro conditions, higher interest rates, and geopolitical flare-ups kept early-stage companies on the sidelines. 

Even though many of those factors persist in 2025, not to mention added uncertainty from tariffs, dealmaking has ramped up anyway. 

Figma is positioned as a growth company with expanding revenue —  up 46% year-over-year — enviable enterprise penetration — it’s reportedly used by three in four Forbes Global 2000 companies — and a compelling narrative. 

Whether this triggers a meaningful tipping point for IPOs remains to be seen, but markets at this moment seem to be optimistic to the tune of a $80 billion valuation. 

In a vacuum, Figma as a business may not be worth that much.

That figure puts it in the range of legacy brands including Target, Allstate, Macquarie, Aflac, and Volkswagen. 

But when a digital whiteboard company can add $30 billion in value in a matter of hours, the takeaway goes beyond a single stock. 

Wall Street is simply risk-on. 

Market snapshot

How can AI power your income?

Ready to transform artificial intelligence from a buzzword into your personal revenue generator

HubSpot’s groundbreaking guide "200+ AI-Powered Income Ideas" is your gateway to financial innovation in the digital age.

Inside you'll discover:

• A curated collection of 200+ profitable opportunities spanning content creation, e-commerce, gaming, and emerging digital markets—each vetted for real-world potential

• Step-by-step implementation guides designed for beginners, making AI accessible regardless of your technical background

• Cutting-edge strategies aligned with current market trends, ensuring your ventures stay ahead of the curve

Download your guide today and unlock a future where artificial intelligence powers your success. Your next income stream is waiting.

Get Your Guide

Elsewhere

🍎 Apple beat third-quarter earnings estimates. Overall revenue grew 10% and iPhone sales jumped 13% compared to a year ago. The stock moved 3% higher in after-hours trading Thursday. (CNBC)

📦️ Amazon reported a 13% revenue increase in the second quarter. Profit rose 35% and cloud computing sales jumped 17.5% yet the stock fell in after-hours trading. Those results did not include the impact of Prime Day, which the company extended into a four-day event in July. (WSJ)

📈 Enjoying Opening Bell Daily? You’ll want The Daily Upside in your inbox, too — it’s packed with in-depth market analysis and fresh perspectives from Wall Street insiders. Join 1M investors and subscribe free today.

Rapid-fire

• July non-farm payrolls projected to rise by 115,000 (FactSet)

• Reddit stock soared 20% after beating earnings estimates (Investing.com)

• President Trump extended Mexico’s tariff reprieve for 90 days (Yahoo Finance)

• Coinbase profits soared in the quarter but its revenue missed estimates (WSJ)

• President Trump said he asked major drugmakers to slash US drug prices within 60 days (CNBC)

• Copper prices plunged more than 20% Thursday for the biggest one-day drop on record (WSJ)

• MicroStrategy reported a sizable earnings beat and plans to buy more bitcoin (Barron’s)

• The US dollar has lost 28% of its purchasing power since January 2020 (Pomp Letter)

• Billionaire Ray Dalio has sold the last of his stake in Bridgewater (WSJ)

Steal the trades of elite investors

Join our Best Ideas Club to unlock access to our members-only stock tracker and get a new investment idea every Sunday. Our portfolio of trades has beat the S&P 500 all year.

Last thing

About me

📰 I’m Phil Rosen, co-founder and editor-in-chief of Opening Bell Daily. I’ve published books, lived on three continents, and won awards for my journalism, which has appeared in Business Insider, Fortune, Yahoo Finance, Bloomberg and Inc. Magazine.

I write our flagship newsletter to prepare you for each trading day — unpacking markets, economic data and Wall Street with analysis you won’t find anywhere else.

Feedback? Reply to this email, ping me on X @philrosenn, or write me directly at [email protected].

📩 Want to get in front of 185,000+ investors who get this newsletter and the 350,000 professionals who can access it on Bloomberg Terminals? Hit reply to this email and tell us why we should work together.