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Top stories today:
- OpenAI introduces web search on ChatGPT to fight Google, Perplexity
- Appleās revenue +6% YoY to $94.9B, but net income -36% to $14.7B
- AWS, e-commerce, ad growth boost Amazon revenue in Q3
- Intel stock jumps as Q4 projections fuel optimism
- Fridayās jobs report expected to show 106K new jobs
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 the few hallucinations):
1. OpenAI introduces web search on ChatGPT to fight Google, Perplexity
ChatGPT.
ChatGPT Search is the finalized version of the SearchGPT prototype released in Jul.
ChatGPT Plus, Team, and SearchGPT waitlist users get early access; Enterprise and Edu to follow in weeks.
āIn the coming monthsā: free users will get the experience.
U.S. election queries will be directed to news sources, including AP and Reuters.
Google already has AI Overviews as a contender against ChatGPTās search experience.
2. Appleās revenue +6% YoY to $94.9B, but net income -36% to $14.7B over EUās tax penalty
$10.2B one-time EU tax charge recorded by Apple, impacting net income.
+6% in iPhone revenue to $46.2B from $43.8B a year earlier.
iPhone represented 49% of Appleās overall sales.
+12% in services revenue to $25B from 22.3B a year ago.
Appleās China growth remains negative, but shows signs of improvement
-0.3% in sales from China to $15.03B, vs. $15.08B a year ago.
Chinese players including Vivo gained ground while Apple suffered.
Appleās stock was -2% to $221.75 ($3.43T market cap) in trading after the bell on weak guidance
Guidance of ālow-to-middle single digits,ā Apple predicted, vs. analystsā estimates of 7%.
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