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Top stories today: - MacBook Pro lineup updated by Apple with M4 chips
- Microsoft Cloud helps boost quarterly revenue +16% YoY to $65.6B
- Meta falls short on user growth, CAPEX grows faster than net income
- GDP increases at 2.8% ahead of president election
- FTX's Nishad Singh gets no jail time for role in crypto fraud
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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. 31, 2024 ► Play Online |
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1. MacBook Pro lineup updated by Apple with M4 chips |
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M4, M4 Pro, and M4 Max options. 12MP Center Stage camera. Thunderbolt 5 on the M4 Max models for faster data transfers. Nano-texture display option. Nov. 8: shipments will start in the U.S. and other initial markets. $1,599 starting price for the 14-inch MacBook Pro M4 and $2,499 for the 16-inch one.
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Apple has launched the M4 Max as its top-end chip with a 16-core CPU, up to 40-core GPU, and up to 128GB RAM |
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Additionally, Apple has made 16GB RAM as the base option for the MacBook Air M2 and M3 models |
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2. Microsoft Cloud helps boost quarterly revenue +16% YoY to $65.6B, operating income +14% to $30.6B |
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+20% YoY in Microsoft's cloud revenue in Q1 FY25 to $24.1B. "AI business on track to surpass an annual revenue run rate of $10B next quarter," Microsoft CEO Satya Nadella said during its earnings call.
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Microsoft partially attributed its $683M equity investment expenses in Q1 to OpenAI stake losses |
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$1.5B impact on income is expected in this quarter, mainly due to OpenAI's ongoing losses. $13B in total funding commitments to OpenAI, Microsoft disclosed in its filing.
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Microsoft's stock was -3.7% to $416.41 ($3.21T market cap) in trading after the bell on weak guidance |
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4. Meta falls short on user growth, CAPEX grows faster than net income |
+5% YoY in Q3 DAUs to 3.29B but below estimates of 3.31B: |
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Net income was +35% to $15.7B, the lowest growth rate since Q2 2023 |
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Meta's CAPEX was +36% to $9.2B in Q3 |
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Meta's Reality Labs logged a -$4.4B quarterly loss on $270M revenue, from -$3.7B in Q3 2023 |
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5. GDP increases at 2.8% ahead of president election |
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Consumer spending was +3.7%, government spending +5.0%, fixed investment +3.3%, and residential investment -5.1%. Core PCE inflation was -2.2%, in line with the Fed target.
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Annual GDP growth has remained above 2.5% for 6 consecutive quarters, marking the longest stretch since 2006 |
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6. FTX's Nishad Singh gets no jail time for role in crypto fraud |
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Sentenced to time served and 3 years of supervised release. Ordered to forfeit $11B. 75 years of maximum sentence was faced by Singh earlier. Far more limited involvement than that of FTX founder SBF or Caroline Ellison, the judge said.
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7. BYD quarterly revenue surpasses Tesla for first time ever |
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+24% YoY growth in BYD's revenue in Q3 to $28.2B (CNY 201.1B), vs. Tesla's $25.2B. +11.5% in net income to $1.6B, vs. Tesla's $2.2B. 1.13M deliveries by BYD in Q3, vs. 463K by Tesla.
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8. China's economy shows signs of improvement days after stimulus measures announced |
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9. South Korea's chip production declines for first time in 14 months |
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10. Interesting videos, posts, and memes |
 | Karri Saarinen: How to Grow Capital Efficiently in a World of BS Growth | E1221 |
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 | Steal my idea bank playbook |
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11. Other headlines |
AI |
Amazon delays Alexa update to 2025 from earlier Oct. 2024 schedule: sources. OpenAI expands Realtime API with 5 new voices, cuts caching prompt costs.
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Tech |
Siemens to buy Altair for ~$10B; deal to close in H2 2025. Dropbox cuts 528 jobs, 20% of workforce. Block-owned Tidal to lay off ~25% of workforce: sources.
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Tech earnings |
Samsung Q3 revenue +17% YoY to $57.4B, -40% chip profit to $2.8B. DoorDash Q3 revenue +25% YoY to $2.71B, +18% total orders to 643M. eBay Q3 revenue +3% YoY to $2.58B, +2% GMV, -51% net income to $636M. Roku Q3 revenue +16% YoY to $1.06B, 85.5M streaming users. Reddit Q3 revenue +68% to $348M, stock +42% on Wed.
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Tech & law |
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Biotech |
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Business |
UK budget includes $52B in new taxes. Taiwan's GDP +4% in Q3, more than +3.4% expected. Japan's BOJ keeps short-term rates steady at 0.25%, flagging global risks.
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Crypto |
MicroStrategy wants to raise $42B to buy BTC. Coinbase Q3 revenue +79% YoY to $1.21B, $75M net income. Robinhood Q3 revenue +36% YoY to $637M, crypto revenue +165% to $61M. Kraken lays off 15% of workforce, ~400 employees, including CTO, COO.
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U.S. politics |
Trump allies draw up plans targeting legal immigration. Elon Musk ordered to court over $1M giveaway in election. Trump drives in garbage truck to draw attention to Biden remarks.
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World |
Trump told Netanyahu to end Gaza war by time he takes office: sources. North Korea test-fires ICBM for 1st time in year. Iran threatens "definitive and painful" response to Israel before U.S. election. Lebanese PM says hoping for ceasefire in coming days.
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