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Top stories today: - NVIDIA Q2 revenue +122% to $30.0B as data center chip demand surges
- OpenAI in talks to raise new funding round at $100B+ valuation
- Telegram CEO charged with "complicity," bail set at €5M
- California AI safety bill passes Assembly, awaiting governor's signature
- Google rolls out custom AI chatbots Gems, image generation model Imagen 3
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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). |
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 | All times are ET. |
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1. NVIDIA Q2 revenue +122% to $30.0B as demand for data center chips surges |
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$30.04B vs. $13.50B in Q2 FY24. +15% QoQ from $26.04B revenue reported in Q1. Net income +152% to $16.6B, vs. $6.2B in Q2 FY24. Issues with production of the new Blackwell chip were acknowledged, but CEO Huang said that they're "going to have lots and lots of supply." Stock -5% in the pre-market, even with NVIDIA beating expectations for EPS, revenue, and guidance.
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3. OpenAI in talks to raise new funding round at $100B+ valuation |
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Almost +20% from their $86B valuation in Oct. $1B from Thrive Capital is possible. Microsoft participation expected as well. $103B: Current OpenAI investors have been negotiating to sell shares at their price.
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4. Telegram CEO charged with "complicity," refusal to cooperate; bail set at €5M |
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5. California AI safety bill passes Assembly, awaiting governor's signature |
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Balked by tech companies including Google, OpenAI and Meta. Some Democrats also opposed the bill, including Nancy Pelosi. Mandates safety testing for advanced AI models costing $100M+. Sep 30 is the last date for the governor to sign or veto it.
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6. Google rolls out custom AI chatbots Gems, image generation model Imagen 3 |
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Gems enables custom AI chatbots in over 150 countries & "most" languages. Imagen 3 can create photorealistic landscapes, textured oil paintings. People image generation also coming after 6 months' suspension. Gemini Advanced, Business, & Enterprise users getting both offerings.
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7. Berkshire Hathaway becomes 1st U.S. non-tech company to cross $1T market cap |
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8. Europe's PE mega funds' fundraising time drops to 3.3yr vs. 3.7yr for non-mega funds |
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Mega funds are enjoying a 12.7% IRR over a 15-year horizon, compared to 11.4% IRR for non-mega funds |
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9. Smartwatch shipments remain static, while basic watches drive market |
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44.3M wearable band shipments in Q2 2024. +6% in basic smartwatch shipments. Samsung, Garmin, Huawei and Google boost smartwatch shipments.
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Apple leads with 49% share in smartwatches despite the Q2 decline |
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10. Interesting videos, posts, and memes |
 | Startup Pitch Competition: Three founders compete for $25K | E1999 |
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 | The company behind Pokémon GO wants to build a 3D map of the world | TechCrunch Minute |
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 | Arvind Narayanan: AI Scaling Myths, The Core Bottlenecks in AI Today & The Future of Models | E1195 |
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11. Other headlines |
AI |
xAI accused of adding to pollution in Memphis by using turbines. Plaud launches NotePin, AI wearable that transcribes, captures action items. Former Microsoft AI exec Mikhail Parakhin joins Shopify as new CTO.
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Tech |
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Tech earnings |
Huawei revenue +34% to $33.6B, net profit -18.6% to $5B. BYD's revenue +26% to ~$24.8B. HP revenue +2% to $13.5B, printing revenue -3% to $4.14B. Salesforce revenue +8% to $9.33B, net income $1.43B. CrowdStrike revenue +32% to $964M, FY25 forecasts cut. Affirm revenue +48% to $659M, net loss narrows to $45M from $206M.
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Tech & law |
Yelp sues Google over alleged unfair advantage in local search services. Brazil's top court threatens to ban X by tonight. TikTok will face lawsuit over 10-year-old's death, U.S. court rules.
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Biotech |
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Business |
Two Sigma founders step down after prolonged fight. FAA grounds SpaceX after rocket falls over in flames at landing. Toyota global output declines for 6th straight month in Jul. Tesla asked Canada to lower tariffs on China-made EVs.
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Crypto |
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U.S. politics |
Supreme Court rejects Biden plea to restore $400B student debt plan. Trump to visit swing districts in Michigan and Wisconsin on Thu. Harris 51%, Trump 49% in Nate Silver's latest forecast.
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World |
Hong Kong journalists convicted of sedition, as press freedom vanishes. Russia bans entry to 92 U.S. journalists, lawyers, business execs. Jake Sullivan meets Chinese general to revive security ties. Israel launches major military op. in West Bank, says 5 terrorists killed. WFP launches probe into Sudan ops. as famine spreads.
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