Inside the S&P 500 AI boom, industrials are getting as rich as tech stocks

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As the AI infrastructure buildout and global geopolitical developments spur massive spending, an old-guard sector of the economy is getting a level of attention from investors that rivals the action in tech. The industrials sector of the S&P 500 is trading at a price-to-earnings ratio above 30, a level investors more often associate with high fliers, and a P/E ratio that is well above industrials' long-term average, which is closer to 20. "If you look at [Industrial Select Sector SPDR] XLI from State Street, its valuations are really high relative to the S&P 500," Cinthia Murphy, director of research at VettaFi, said on the most recent "ETF Edge." "It's as high as tech, so it really is a sector that has really had its moment in the sun and picked up a lot of attention," Murphy said. The race to construct AI data centers in hopes of gaining a durable business advantage in a rapidly-shifting digital infrastructure has gripped the corporate w...

Trump vows to investigate EU over fining of US tech companies

Image source, Reuters Image caption, US President Donald Trump has taken issue with European regulators in the past. By Kali Hays Technology reporter Published 24 July 2026 Donald Trump says the US will launch an investigation into the European Union and threatened a fresh tariff over fines handed to some of the biggest American tech companies. It comes days after the European Commission fined Google 890m ($1bn) for operating in a way that squeezed out competitors to its services. In a post to Truth Social, which Trump owns, the US president said the EU would pay a "very big price" over how it had treated Google, along with other major US tech companies Apple, Meta, and Amazon, which have also been investigated. "The United States of America is not a "PIGGYBANK" for Europe, nor will we allow it to be!" he wrote. Trump said any fines should be "entirely reversed" and that he was initiating a trade investigation of the EU while considering "a substantial TARIFF". He added that the US would "immediately initiate a 301 investigation" over European regulators' alleged practice of "robbing American companies and, in turn, the American taxpayer". Section 301 of the Trade Act of 1974 , external gives The Office of the United States Trade Representative the power to react and investigate trade practices believed to be unfair. The second Trump Administration has launched several such investigations , external since last year. The tariff threat comes just one day after Trump announced new tariffs on 60 trading partners , including the EU, UK and China, of between 10% and 12.5%. Trump also last month threatened a 100% import tariff on any European country that introduces a digital services tax on American technology giants, despite many such nations already doing so , external for years. Major tech companies, including Google, Meta, Apple, and Amazon, have donated millions of dollars to funds behind Trump's campaign and presidency . José Castañeda, a spokesman for Google, told the BBC the company had "worked hard to comply" with Europe's Digital Markets Act but had "expressed our concerns about the impact of recent EC decisions". "We appreciate the engagement by the administration and US government," Castañeda added. In addition to the recent fine against Google, Trump claimed in his post that Apple had received EU fines of $15bn, Meta fines of $3bn, and Amazon fines of $2.5bn. Representatives of Meta, Apple and Amazon, as well as the European Commission, have been contacted for comment. It was not clear where the figures cited by Trump come from. Shortly before Trump was elected president in 2024, he said Tim Cook, Apple's chief executive, had called him directly to complain about fines the company had received from European regulators. The call came not long after Apple lost a long-running dispute over unpaid taxes . Meta, which owns Facebook, Instagram and WhatsApp, has been fined several times by EU regulators, including for violations of user privacy and competition laws , external . It is also...

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