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Top stories today:
- Elon Musk’s xAI seeks $40B valuation in new funding
- Google Cloud drives Alphabet’s Q3 accelerating revenue growth
- Mac mini redesigned in 1st since 2010, with considerably smaller build
- GitHub Copilot goes multi-model
- Samsung loses $122B market value in 4 months
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 today’s newsletter (beware the few hallucinations):
1. Elon Musk’s xAI seeks $40B valuation in new funding
+67% from the last round that brought its valuation to $24B.
May: $6B was raised in the last round.
Doubling xAI’s access to compute is the plan, Musk said Thu.
xAI’s facility in Memphis is already the largest such data center.
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3. Google Cloud drives Alphabet’s Q3 accelerating revenue growth
+35% YoY in Google Cloud revenue in Q3, reaching $11.4B (13%) (up from $8.4B (11% of total) a year ago).
+632% in Google Cloud operating income, at $1.9B (up from $266M).
+13% in Google Services revenue, totalling $76.5B.
+15% in Alphabet’s overall revenue to $88.3B.
+34% in Alphabet quarterly net income to $26.3B.
Alphabet’s ad business, mainly through Google Search and YouTube, slowed.
+10.4% total ad sales to $65.9B, down from 11% growth a year earlier.
Alphabet’s stock was +6% to $179.50 ($2.2T market cap) in trading after the bell
Google’s AI efforts have helped Alphabet retain investors’ confidence.
25%+ of new code at Google is generated using AI, Sundar Pichai revealed during the company's earning call on Tue.
