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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
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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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Listen to our AI-generated podcast summarizing today's newsletter (beware the few hallucinations): |
| Bay Area Times Daily - Oct. 30, 2024 ► Play Online |
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1. Elon Musk's xAI seeks $40B valuation in new funding |
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3. Google Cloud drives Alphabet's Q3 accelerating revenue growth |
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+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.
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Alphabet's stock was +6% to $179.50 ($2.2T market cap) in trading after the bell |
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4. Mac mini redesigned in 1st since 2010, with considerably smaller build |
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5x5-inch size, vs. 7.75x7.75-inch on the previous model. Powered by M4 and M4 Pro chips. $599 starting price. Front and back USB-C ports. Thunderbolt 5 included in Mac Mini Pro for faster data transfers. Nov. 8: shipments will start in the U.S. and other initial markets.
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Apple has also introduced its M4 Pro chip alongside the new Mac mini |
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Up to 14-core CPU and 20-core GPU. Up to 2x power of the M4 GPU. 16-core Neural Engine. Up to 64GB RAM support. Today: new Macbook Pros (with the M4 Max) are expected to be announced.
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5. GitHub Copilot goes multi-model, adding support for Anthropic, Google, OpenAI models |
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Copilot Chat will get multi-model support first. OpenAI's o1-preview and o1-mini are now available. Next week: Claude 3.5 Sonnet will be rolled out. Coming weeks: Gemini 1.5 Pro will be available. Other surface areas and functions will also get multi-model support soon.
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Additionally, GitHub has announced Spark as its AI tool to build web apps using natural language |
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Live history, previews, and the ability to edit code are provided. OpenAI and Anthropic models are deployed to create live web app previews.
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7. Samsung loses $122B market value in 4 months, more than any other chipmaker worldwide |
$282B is Samsung's market cap, -49% from its peak of $553B in Jan. 2021: |
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Unlike Samsung, other chipmakers gained as AI boosted demand for their chips |
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Overseas investors have sold ~$10.7B worth of Samsung's shares since the end of July |
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Samsung also saw its share in the global smartphone market falling to 18% in Q3 from 21% a year ago |
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China's Huawei overtook Samsung's dominance in the foldable smartphone market, with a 27.5% share in Q2 |
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8. GenAI projects on GitHub +98% YoY in 2024 |
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137K public GenAI projects on GitHub. +59% in GenAI contributions. U.S. led in GenAI project contributions. Python surpassed JavaScript as the top language on GitHub.
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GitHub saw 5.2B contributions this year, with India emerging as the fastest-growing developer market |
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9. China achieves global leadership positive in 5 key technologies: Bloomberg |
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10. By 2028, 9 out of 10 smartphones priced over $250 to be GenAI-capable |
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Premium smartphones (>$600) will drive GenAI shipments, ~80% in 2024-2025. 730M+ GenAI smartphone shipments estimated by 2028.
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11. Interesting videos, posts, and memes |
 | AI-Driven Auto Shops with Mastertech.ai and Data Observability with Monte Carlo | E2035 |
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 | AI, Robotics & the New Global Arms Race |
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10. Other headlines |
AI |
OpenAI building first chip with Broadcom, TSMC, ETA 2026. Toyota, NTT to invest $3.3B for AI automotive software by 2028: sources. LinkedIn launches AI agent Hiring Assistant to aid recruiters.
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Tech |
Humanoid robots will outnumber humans by 2040: Elon. AMD Q3 revenue +18% YoY to $6.8B, data center revenue +122% to $3.5B. Reddit Q3 revenue +68% to $348M, DAUs +47% to 97M. Trump Media stock +9% on Tue, extending 5-week rally to +324%. Snap to roll out "simple" Snapchat app in Q1 2025. X speeds up Community Notes, now can appear in 20 minutes. China to send 14th crewed mission to space in Shenzhou-19.
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Tech & law |
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Biotech |
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Business |
China weighs $1.4T in stimulus over next few years. EU slaps tariffs of up to 35% on Chinese EVs, risking Beijing backlash. UK's budget, out today, could raise taxes by £35B/year (1% of GDP). David Ellison to take control of family's Paramount stake after deal. Boeing, striking union hold 1st meeting since latest contract rejection.
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Crypto |
Terminal of Truth AI crypto bot sees X account hacked. MetaMask lays off 162 employees, 20% of workforce. DYdX CEO Juliano cuts 35% of workforce, plans pivot. Binance launches 'Binance Wealth' for elite clients.
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U.S. politics |
John Paulson, Trump adviser, says he would work with Elon on spending cuts. Trump family members, Biden aides among China hack targets: sources. Europe will pay "big price," Trump warns on tariffs. Harris warns of dangers of another Trump presidency in speech at Jan. 6 site.
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World |
Biden advisers to visit Israel to try to end war in Lebanon: report. Israel meets on Lebanon diplomatic solution, says Hezbollah lost 80% of rockets. North Korea, Russia send political shockwaves with Ukraine war moves.
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