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Top stories today: - OpenAI introduces web search on ChatGPT to fight Google, Perplexity
- Apple's 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
- Friday's jobs report expected to show 106K new jobs
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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 - Nov. 1, 2024 ► Play Online |
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1. OpenAI introduces web search on ChatGPT to fight Google, Perplexity |
 | ChatGPT. |
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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. "In the coming months": 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 ChatGPT's search experience.
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Relatedly, Sam Altman indicated GPT-5 wouldn't launch this year due to compute limitations |
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2. Apple's revenue +6% YoY to $94.9B, but net income -36% to $14.7B over EU's tax penalty |
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$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 Apple's overall sales. +12% in services revenue to $25B from 22.3B a year ago.
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Apple's China growth remains negative, but shows signs of improvement |
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Apple's stock was -2% to $221.75 ($3.43T market cap) in trading after the bell on weak guidance |
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Over 400,000 happy customers can't be wrong – they're loving a new world of effortless hearing. Isn't it time you heard what all the fuss is about? | | *Sponsored. |
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4. AWS, e-commerce, ad growth boost Amazon revenue in Q3 |
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+11% YoY in revenue to $158.9B from $143B a year ago, vs. $157.3B expected. +19% in sales reported by AWS to $27.5B. AWS's growth is still slower than competitors' (Microsoft's Azure and Alphabet's Google Cloud). +49% in AWS operating income to $10.4B. +12% in sales from Amazon's international business to $35.9B. CAPEX was +81% to $22.62B, from $12.48B a year ago, as AI moves demand capital.
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CAPEX has been high and increasing at most tech giants, who are investing heavily in AI |
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Amazon's Q3 net income was +55% to $15.3B |
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Amazon's stock was +6% to $197.50 ($2.02T market cap) in after-hours trading on better-than-expected results |
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5. Intel stock jumps as Q4 projections fuel optimism |
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Intel's stock was +7% to $23.01 ($95.35B market cap) in after-hours trading on the optimistic projections |
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The positive projections come despite revenue being -7% to $13.3B and an operating result of -$2.4B |
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6. Friday's jobs report expected to show 106K new jobs, lowest since 2020 |
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Nonfarm payrolls: exp. 106K in Oct., from 254K in Sep. Average hourly earnings: exp. 0.3% MoM / 4.0% YoY, from 0.4% / 4.0%. Unemployment rate: exp. 4.1%, steady from last month.
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7. Google Maps adds Gemini for AI reviews and location search |
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Ask Google Maps questions about places you want to visit. This week, Android and iOS users in the U.S. will get the update. Immersive View expanded to 150 cities.
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8. Global smartphone shipments +2%, revenues +10% as Average Selling Prices increased |
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Samsung continued its market leadership in Q3 with a 19% share. Apple and Xiaomi followed the South Korean giant. 307M smartphones were shipped in Q3.
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Global ASP saw its highest-ever value of $349 |
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Ultra-premium (>$800) saw +1% growth, while the >$400 segment was +2% in Q3 |
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9. Mid-market PE deals in U.S. see value realization, while larger sizes experience margin erosion |
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In Europe, larger deals are more likely to derive value from margin improvements |
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10. Interesting videos, posts, and memes |
 | Ep19. State of Venture, AI Scaling, Elections | BG2 w/ Bill Gurley, Brad Gerstner, & Jamin Ball |
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 | No Priors Ep. 88 | With Founder & CEO of Kalshi Tarek Mansour |
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 | You Don't Have To Be A Billionaire To Launch Satellites |
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 | Can We Detect a Deepfake? |
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11. Other headlines |
AI |
Anthropic's Claude gets apps for Mac, Windows desktops. Meta working with Wonik, GelSight to commercialize AI tactile sensors. Chinese researchers adapt Meta's Llama to build AI model for military: report. Insider, Turkish startup offering AI-powered business tools, raises $500M.
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Tech |
Waymo valued at $45B+ in latest funding. Call of Duty Black Ops 6 sales reach 500M. Apple to use in-house Wi-Fi chips in iPhone 17 series: Ming-Chi Kuo. Microsoft delays controversial Recall to Dec. after previously pushing to Oct. White House plans $825M investment in Albany semiconductor R&D facility. Huawei Q3 revenue +15.6%to $23.7B, net profit -70.5% to $1.1B.
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Tech & law |
Anthropic urges governments to act on building AI policy within 18 months. Nvidia-Run:ai deal to be reviewed under EU's merger rules. China's Temu faces EU probe over failure to stop illegal sales.
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Biotech |
Semaglutide use correlates with reduced Alzheimer's risk in T2D patients. Centenarians exhibit lower burden of harmful loss-of-function gene variants. FDA advisers vote against Lexicon Pharma's add-on drug for type 1 diabetes. Inbrain targets neurological diseases with graphene-based interface.
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Business |
Boeing union on strike endorses 38% wage hike offer, vote set for Mon. UK bonds fall again after Labour releases budget on Wed. China policy meeting on Mon., economic recovery measures expected.
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Crypto |
Tether Q3 net profit hits $2.5B, YTD profit reaches $7.7B. Trump's World Liberty Financial slashes fundraising target by 90% to $30M. Trump wishes Bitcoiners happy 16th birthday, promises Ross Ulbright release.
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U.S. politics |
Harris seizes on Trump's vow to protect women "whether they like it or not." Biden's "garbage" transcript was altered by White House despite concerns. CBS sued by Trump for $10B over Harris's 60 Minutes interview. Fox News, CNN main sources for political news for Americans.
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World |
Iran reportedly prepping new attack on Israel from Iraq, fuelling oil prices. Blinken says 8,000 North Korean troops in Russia's Kursk. Russia gains territory as many Ukrainians now favor peace talks.
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