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Top stories today:
- Tesla bets $2B on Elon’s xAI, amid $20B shift from EVs to robotics, AI
- Microsoft Cloud drives Q2 FY26 revenue +17% YoY to $81.3B
- Meta Q4 revenue +24% YoY to $59.9B, net income +9% to $22.8B
- OpenAI seeks $100B round, with $60B from NVIDIA, Microsoft, Amazon
- Fed holds rates as Powell says central bank “well positioned” to wait
- U.S. dollar -0.3% as debasement fears outweigh Bessent’s support
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 of hallucinations):
1. Tesla bets $2B on Elon’s xAI, despite mixed shareholder support, amid $20B shift from EVs to robotics, AI
Nov. 6: Tesla did not release the vote tally of the advisory shareholder vote on whether to invest in xAI, just saying there were more yes votes than no, excluding ballots not cast.
Tesla is axing the Model S and Model X as part of the overhaul.
1.1M active subscribers for Tesla’s Full Self-Driving software, +40% YoY.
Tesla’s Q4 net income was -61% to $840M
Tesla’s Q4 revenue -3% YoY to $24.9B, vs. $24.9B est., and full-year revenue was -3% to $94.8B
+25% in energy generation and storage revenue to $3.84B.
2. Microsoft Cloud drives Q2 FY26 revenue +17% YoY to $81.3B, operating income +21%
+60% YoY in net income to $38.5B.
$7.6B boost to net income from OpenAI investment, Microsoft said.
-3% YoY in More Personal Computing revenue to $14.3B.
+39% YoY in Azure and other cloud services revenue.
15M seats for Microsoft 365 Copilot add-on; 450M+ paid commercial Microsoft 365 seats.
$80.65B-$81.75B Q3 revenue outlook (vs. $81.19B expected by analysts).
+37%-38% Azure revenue growth projected for Q3 (vs. 37.1% expected).
Windows 11 reached 1B users in Q2, +42% YoY, a faster rate than that of Windows 10.
LinkedIn Q2 revenue +11% YoY to a record $5B, giving it an annual run rate of $20B+
Microsoft’s capital expenditures hit a record $37.5B, +66% YoY, on surging AI demand (vs. $34.31B expected)
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4. Meta Q4 revenue +24% YoY to $59.9B (vs. $58.4B est.), net income +9% to $22.8B
