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Top stories today:
- Alphabet Q4 revenue +18% YoY to $113.8B, net income +30%
- Anthropic says Claude will stay ad-free in challenge to OpenAI
- Cerebras raises ~$1B Series H led by Tiger Global at $23B
- Eli Lilly projects +27% sales growth, contrasting Novoās -13%
- ElevenLabs raises $500M Series D led by Sequoia at $11B valuation
- Adobe boosts ad spending to $1.4B in 2025, +40% from 2024
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Alphabet Q4 revenue +18% YoY to $113.8B, vs. $111.4B est., net income +30%
+16% YoY in operating income to $35.9B, including a $2.1B Waymo employee compensation charge.
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Gemini app MAUs topped 750M, up from 650M in Q3
Googleās first-party models process 10B+ tokens per minute via direct customer API use.
+9% YoY in YouTube Q4 ad revenue to $11.4B, missing $11.8B est.
YouTube annual revenue surpassed $60B across ads and subscriptions.
Alphabet shares volatile in extended trading; +61% YoY.
Google Cloud revenue +48% YoY to $17.7B, vs. $16.2B est.
Alphabet has projected 2026 capex at $185B, vs. $119.5B est., exceeding spend from prior 3 years combined
+99% YoY in Q4 capex to $27.9B.
60% of technical infrastructure spend went to servers, with the rest to data centers and networking, CFO Anat Ashkenazi said.
2. Anthropic says Claude will stay ad-free in challenge to OpenAI
Claude users wonāt see āsponsoredā links alongside conversations, Anthropic said.
Claudeās responses wonāt be influenced by advertisers or include third-party product placements.
Will continue investing in smaller models and may offer lower-cost subscription tiers and regional pricing where demand exists, Anthropic said.
Anthropic has released Super Bowl ads parodying intrusive ads in AI chatbots
A 60-second version will also air pre-game.
Funny ābut dishonest,ā Sam Altman has called Anthropicās ads.
3. Cerebras raises ~$1B Series H led by Tiger Global at $23B
Benchmark, Fidelity, and AMD also participated.
Cerebrasā hardware runs AI models multiple times faster than NVIDIA systems, CEO Andrew Feldman said.
Meta, IBM, and Mistral also get remote computing services from Cerebras.
4. Eli Lilly projects +27% sales growth, contrasting Novoās -13%
Zepbound prescriptions hit 16.3M in 2025, topping Novoās 13.3M:
