This is The Takeaway from today’s Morning Brief, which you can sign up to receive in your inbox every morning along with:

Throughout this earnings season, investors have been especially focused on Big Tech’s capital expenditures.

This spending is seen as a barometer for how bullish Microsoft, Amazon, Meta, and Alphabet are about what AI will do for them. Though, as Julie Hyman wrote Thursday, it’s a little more complicated than that, since they must go all in to even get a seat at the table.

But the nature of supply chain dynamics means that what gathers and melts in the mountains pours into the rivers and lakes.

And as our Chart of the Week shows, Big Tech is still making it rain. And Nvidia is the lake.

According to estimates from Bloomberg, coupled with quarterly reports, more than 40% of Nvidia’s revenue comes from some familiar names among the “Magnificent Seven” stocks — Microsoft, Meta, Alphabet, and Amazon.

The biggest transfer is from Microsoft, with spending from the world’s most valuable company accounting for 19% of Nvidia’s revenue. This makes the company its biggest customer by far, nearly doubling Meta’s spend and tripling that of Alphabet and Amazon.

And on the Microsoft side, Bloomberg’s data shows Nvidia accounts for 45% of its capital expenditures, whereas the chipmaker only gets 15% of Alphabet’s outlays, for example.

In the AI jungle, this data is a reminder that the chipmakers eat first, long before the hyperscalers can offer much more than hints to investors about when the AI investments will turn into AI revenue streams.

Still, this is one of the key charts that have helped power the market, especially through the tech earnings season.

For now, the lack of revenue isn’t too worrying to investors — though doubts are rising! — as it’s still hard to imagine the trillion-dollar Microsoft doesn’t know something they don’t about the opportunity.

Ethan Wolff-Mann is a Senior Editor at Yahoo Finance, running newsletters. Follow him on X @ewolffmann.

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Nine federal financial regulatory agencies have proposed or will propose joint data standards that would apply to data submitted to the agencies.

As required by the Financial Data Transparency Act of 2022, the data standards for identifiers of legal entities and other common identifiers are meant to promote the interoperability of financial regulatory data across the agencies, the Consumer Financial Protection Bureau (CFPB) said in a Friday (Aug. 2) press release.

Along with the CFPB, the other agencies inviting public comment on the proposed rule concerning these standards include the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Federal Housing Finance Agency, the Commodity Futures Trading Commission, the Securities and Exchange Commission (SEC) and the Department of the Treasury, according to the release and the proposed rule.

In the SEC’s own press release about the proposed joint data standards, SEC Chair Gary Gensler said: “This proposal will make financial data more accessible, uniform and useful to the public. Consistent data standards will make it easier for financial institutions to file reports across multiple agencies. They will also help regulators be more effective and efficient in carrying out our oversight functions.”

The Financial Data Transparency Act was passed as a provision of the National Defense Authorization Act in December 2022, according to a statement issued at the time by Sen. Mark Warner.

It aims to modernize data collection by the federal financial regulators by requiring them to develop common data formatting standards for the financial data they already collect from regulated institutions, making that data easier to process and use, the statement said.

In May, Warner, House Financial Services Committee Chairman Patrick McHenry, Ranking Member Maxine Waters and Sen. Mike Crapo sent a letter to the heads of eight of the federal financial regulatory agencies, urging them to implement the Financial Data Transparency Act.

The members of Congress said in the letter that implementing the law will make federal financial data more accessible, uniform and useful for the public; facilitate the use of artificial intelligence and other advanced technologies; and lead to greater transparency and market efficiencies.

The Federal Reserve Board on Friday joined eight other agencies in asking for public comment on a rule that would create data standards for information collected and submitted to financial regulators. 

The Federal Deposit Insurance Corp, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Treasury Department, Commodity Futures Trading Commission, Federal Housing Finance Agency, National Credit Union Administration and Securities and Exchange Commission proposed a joint rulemaking to promote the “interoperability of financial regulatory data,” as required by the Financial Data Transparency Act of 2022. 

The act directs federal financial agencies to issue individual rules adopting joint data standards for the collection of certain information. The agencies also are required to consult with each and other departments and agencies. 

Once the final standards are established, the agencies will each issue separate rules and adopt the data collection standards. The agencies include the Consumer Financial Protection Bureau,. 

The agencies are expected to work together on the adoption of the established joint standards and to monitor developments related to data standards. 

“The field of data standards, data transmission, schemas and taxonomies is rich with well-established practices and is also rapidly evolving, including with proposals to extend existing standards beyond their existing use and with development of new standards,” according to the 74-page notice of proposed rulemaking. 

The Federal Data Transparency Act allows each agency to tailor data standards when the standards are adopted. Each agency in its rulemaking also must seek to “minimize disruptive changes” to small entities and may “reduce any unjustified burden on smaller entities affected by the regulations. The regulators also may adopt other data standards beyond the standard issued jointly. However, no new information collection requirements are required by the act. 

Comments on the data standards proposal are due 60 days after the notices from each agency are published in the Federal Register.