Parmy Olson / Bloomberg: As OpenAI, Anthropic, and Google reportedly see diminishing AI training returns, a break from the market hype could be useful, just as with previous innovations — Businesses will benefit from some much-needed breathing space to figure out how to deliver that all-important return on investment.
Bloomberg: SMIC's Shanghai-listed shares are up 120% from a September 2024 low, outperforming Nvidia and TSMC, on an expected boost from China's chip self-reliance push — - SMIC has more than doubled in two months as market eyes Trump — Competition looms and valuation not attractive: Morgan Stanley
Bloomberg: Lisbon-based Tekever, which builds aerial surveillance drones that can serve as the communication and navigation hub for swarms of smaller drones, raised €70M — - Round led by Baillie Gifford and Nato Innovation Fund — Tekever's drones have searched for small boats in Channel
Upmanyu Trivedi / Bloomberg: The UK CMA clears Google's partnership with Anthropic, finding that Google has not gained “material influence” over the AI startup, following a formal probe — - Google pledged to invest $2 billion into the startup last year — Investment in Anthropic avoids full blown CMA investigation
Carmen Reinicke / Bloomberg: Super Micro hires BDO USA as its new independent auditor and files a plan to come into compliance with Nasdaq listing requirements; SMCI jumps 29%+ pre-market — - The company filed a plan to stay listed on the Nasdaq — Super Micro said it appointed a new auditor in press release
Bloomberg: Sources: Huawei is designing its next two Ascend chips around a 7nm architecture, meaning its marquee chips will be stuck with aging tech until at least 2026 — - The Chinese firm's AI chips will use existing 7nm tech in 2025 — The US has cut off China's access to the best chip equipment
Ian King / Bloomberg: Google and Nvidia say Google's Quantum AI division will use Nvidia's Eos supercomputer to speed up the design of quantum components — - Project will use Nvidia's Eos supercomputer to run simulations — Quantum computing remains a long-range bet for tech industry
Parmy Olson / Bloomberg: Tim Berners-Lee's Inrupt begins an early trial of its digital wallet in Belgium to help deliver social services to 7M citizens, as he worries over AI's rise — The inventor of the World Wide Web is on a laudable mission to give everyone control of their online data. He's fighting an uphill battle.
Bloomberg: Xiaomi reports Q3 revenue up 31% YoY to ~$12.8B, above ~$12.4B est., and a ~$738.5M net income, above ~$653M est., buoyed by growing smartphone and EV sales — - Xiaomi again raises delivery target for SU7 sedan for 2024 — Handset shipments grow thanks to continued industry recovery
Bloomberg: How Wall Street is preparing to cash in on AI hysteria; analysis: delivering on AI's promise will require $1T+ for data centers, electricity, and comms networks — Finance's biggest names are ready to gatecrash the artificial-intelligence party. — At a dinner hosted by some of Morgan …
Bloomberg: Trump names FCC Commissioner Brendan Carr as FCC chair; Carr floated limiting Section 230 and says the FCC has “an important role to play reining in Big Tech” — - Senior Republican on panel seeks to rein in tech, backs Musk — Carr wrote a chapter of Project 2025 on the FCC's priorities
Bloomberg: Sources: Trump's transition team is looking for candidates to lead the US Department of Transportation and develop a framework to regulate autonomous vehicles — - Policy leaders are being pursued for key Musk priority — Tesla CEO, named to efficiency role, plans push on robotaxis
Bloomberg: Netflix says 60M households watched the Paul vs. Tyson boxing bout live around the world, peaking at 65M concurrent streams — - Mike Tyson and Jake Paul faced off in heavily anticipated bout — Users complained on social media of difficulty watching fight
Ellen Huet / Bloomberg: A look at the challenges facing the Trump administration for regulating AI; policy analysts suspect Trump will dismantle or reshape the US AI Safety Institute — There's a broad expectation the president-elect will reverse attempts to craft rules that put safety ahead of maximum speed in developing the technology.
Shirin Ghaffary / Bloomberg: One year after Sam Altman was dramatically ousted and reinstated, OpenAI remains dominant as it continues to push ahead on impressive new products — The ChatGPT maker is still the company to beat in AI despite going through a turbulent period. — One year after Sam Altman's dramatic …
Lulu Yilun Chen / Bloomberg: Ant Group's profit grew ~193% YoY in the June quarter to $1.05B, reversing a year-long decline as it regains its footing from the Chinese government crackdown — - The Fintech company posted 7.5 billion in quarterly profit — Ant is seeking overseas and artificial intelligence expansion
Bloomberg: Filing: Samsung plans to buy back about $7.2B of its own stock in stages over the next year, in one of the larger shareholder return programs in its history — - Samsung's stock soared as much as almost 9% on Friday — Investors fear the company is missing out on the AI boom
Bloomberg: JD.com reports Q3 revenue up 5.1% YoY to ~$36B, above $35.9B est., and net income up 48% YoY to ~$1.6B, suggesting a recovery in segments of China's economy — JD.com Inc.'s quarterly revenue rose 5.1%, suggesting Chinese consumers are cautiously spending again as Beijing tries to revitalize the economy.
Lynn Doan / Bloomberg: Super Micro delays another filing as it searches for a new accounting firm, saying it can't file its 10-Q for Q3 2024, after failing to file its annual 10-K — - Troubled server maker says it needs more time to find auditor — Firm has seen more than $50 billion in market value wiped out
Bloomberg: How gambling apps are ravaging Brazil in the wake of legalization; Nubank reassured investors in September 2024 that it had limited exposure to troubled bettors — The boom shocked policy makers who are now scrambling to control it — At the headquarters of the United Nations …
Spencer Soper / Bloomberg: Amazon recently told staff with disabilities that it was adding a more rigorous vetting process to approve working from home, as it moves to five days per week — New ‘multilevel leader review’ can take weeks and has prompted concerns that affected corporate workers will give up and quit.
Bloomberg: Sources: OpenAI, Google, and Anthropic are all seeing diminishing returns from costly efforts to build new AI models; a new Gemini model misses internal targets — Three of the leading artificial intelligence companies are seeing diminishing returns from their costly efforts to develop newer models.
Bloomberg: How Roger Ver, known as “Bitcoin Jesus”, is fighting the IRS, which says he owes $48M+ after selling $240M in tokens, from Mallorca after his April 2024 arrest — - Roger Ver charged with underreporting value of token holdings — Longtime crypto investor renounced US citizenship in 2014
Zheping Huang / Bloomberg: Tencent reports Q3 revenue up 8% YoY to ~$23.9B and net income up 20% YoY to ~$7.4B, vs. ~$6.2B est., buoyed by Dungeon & Fighter Mobile and Black Myth: Wukong — - Net income for the September quarter beat analyst estimates — Tencent kicks off a busy earnings season for China tech
Muyao Shen / Bloomberg: PitchBook: Q3 2024 crypto VC funding fell 31.3% YoY to $1.7B and VC deals fell 25.3% YoY to 392, as infrastructure startups continued to draw investors' focus — - VC investment dropped 31% to $1.7 billion in the third quarter — Infrastructure startups continued to draw the focus of backers
Gian Volpicelli / Bloomberg: The EU notifies Apple of “potentially prohibited geo-blocking practices” on the App Store and other apps, and says it must align with EU anti-geo-blocking rules — Apple's App Store, iTunes Store and other media services unlawfully discriminate against European customers based …
Spencer Soper / Bloomberg: Shopify reports Q3 revenue up 26% YoY to $2.2B, above $2.12B est., GMV up 24% YoY to $69.7B, projects Q4 revenue growth above est.; SHOP jumps 13%+ pre-market — Revenue for the period rose about 26% to $2.16 billion, the company said in a statement Tuesday, beating the $2.12 billion average estimate of analysts surveyed by Bloomberg.
Bloomberg: Sea reports Q3 revenue up 31% YoY to $4.3B and a $153.3M net income, above estimates and up from a $144M loss in Q3 2023; SE rises 5%+ pre-market — Shares of Sea rose about 7% in pre-market US trading after net income for the company as a whole topped estimates at $153.3 million.
Bloomberg: Alibaba, JD, and Xiaomi report a plethora of Singles' Day sales statistics to show how 2024's shopping event was one of the biggest yet, as China's economy sags — - Data shows sales surged, but over a much longer period — Analysts warn shoppers still show signs of moderated spending
Bloomberg: SoftBank reports Q2 net income of ~$7.7B and a Vision Fund gain of ~$2.42B, driven by strong Indian IPOs and valuation gains in startups like Coupang and Didi — - Tech investor rakes in profit on hot Indian IPO market — Legacy-conscious founder Masayoshi Son is readying next gamble
Pei Li / Bloomberg: Filing: a Chinese court agrees to hear an Epic-like case against Apple by Bodyreader, a posture correcting app Apple removed in 2020; Bodyreader seeks ~$420K — - Beijing court agreed to hear complaint about Apple's practices — Apple is coming under pressure in its biggest overseas market
Bloomberg: How Swiggy beat Amazon to fast grocery deliveries in India by using an army of gig workers, mini-warehouses, and notable investors, ahead of its November 13 IPO — It has an army of gig workers, a fleet of mini-warehouses and big-name investors. But a knockout trading debut isn't a guarantee.
Emily Nicolle / Bloomberg: FTX sues Binance and former CEO Changpeng Zhao, seeking to claw back almost $1.8B it alleges was fraudulently transferred by Sam Bankman-Fried in a 2021 deal — Binance, Zhao and other Binance executives received the funds as part of a July 2021 share repurchase deal with Bankman-Fried, the FTX co-founder who is now in prison.
Mark Gurman / Bloomberg: Apple's future growth may come from several new Watch- or iPad-level businesses; visionOS 2.2's ultrawide Mac display mode is the Vision Pro's first killer app — Apple may never find another product with as much revenue potential as the iPhone, but it can still thrive with several new Apple Watch- or iPad-level businesses.
Bloomberg: FTX sues Anthony Scaramucci, Crypto.com, Zuckerberg's FWD.US, and others to recoup SBF's “investments” as part of his “campaign of influence-buying” in 2022 — - Lawsuit says $67 million was invested into Skybridge endeavors — FTX Says investments conveyed ‘little to no benefit’
Ben Holland / Bloomberg: Analysis: US private construction spending on data centers grew to ~$30B/year, over 2x the amount in late 2022; global spending is on track to reach $250B/year — US companies are plowing money into building data centers as they race to get ahead in artificial intelligence.
Zeke Faux / Bloomberg: The 2024 US election cycle showed how crypto has turned out to be a practically perfect special interest group for an era of unlimited corporate spending — The industry made a $135 million bet on the election. It paid off spectacularly. — On Nov. 5, a few dozen Bitcoiners …
Sabrina Willmer / Bloomberg: A US judge sentences Russian-Swedish national Roman Sterlingov to 12.5 years for operating crypto mixer Bitcoin Fog from 2011 to 2021, laundering ~$400M — The founder of a cryptocurrency mixing service known as Bitcoin Fog was ordered to serve 12 1/2 years in prison for laundering tens …
Margi Murphy / Bloomberg: Experts say the Trump administration's approach to cybersecurity is likely to focus on confronting China, relaxing regulations, narrowing CISA's focus, and more — It's too early to say exactly how a Trump administration will approach cybersecurity policy.
Bloomberg: Sony reports Q2 revenue up 9% YoY to ~$19.45B, operating profit up 73% YoY to ~$2.96B vs. ~$2.18B est., and PS5 sales of 3.8M units, down from 4.9M a year ago — - Chinese hit ‘Wukong’ helped game sales on aging PlayStation 5 — Image sensor business was hurt by demand lull in North America
Bloomberg: Source: Baidu plans to unveil smart glasses with built-in cameras and voice support for AI model Ernie next week, launching as soon as early 2025 for under $299 — China's search leader and longtime investor in artificial intelligence plans to showcase the product at its annual Baidu World event …
Kurt Wagner / Bloomberg: Trump's win flips the idea that Elon Musk overpaid for X on its head, after Musk turned his feed into a Trump-inspired billboard for his 200M+ followers — The day before Donald Trump's decisive election victory, Joe Rogan published a podcast interview during which he suggested that anyone …
Bloomberg: France's gambling regulator says it is “aware” of Polymarket and is “currently examining its operation and compliance”, after user Fredi9999 made a $48M profit — - Inquiry follows publicity around French trader's huge bets — Online gambling and betting is tightly regulated in France
Debby Wu / Bloomberg: TSMC SVP Cliff Hou says Taiwan must improve its chip tech to maintain its global leadership; in October, Trump said that Taiwan “stole 95% of our business” — - Taiwan's chip industry association chair speaks in Hsinchu — Island plays indispensable role in AI hardware supply chain
Sarah Jacob / Bloomberg: Adyen reports Q3 revenue up 20% YoY to €498.3M, vs. €503.3M est., and processed volume growth slowed to 32% from 45% in H1 2024; ADYEN falls 9%+ in Amsterdam — The Amsterdam-based company's processed volume expansion missed estimates in the period, slowing to 32% in the period from 45% in the first half.
Samuel Stolton / Bloomberg: The EU Commission opens an antitrust investigation into smartphone glass maker Corning over allegedly abusing its market dominance to squeeze out rivals — - EU fears deals with smartphone firms are anti-competitive — Corning pressed to remedy EU concerns with concessions
Bloomberg: Trump Media & Technology Group's stock jumps 35%+ in pre-market trading, hitting a $7B+ market cap, as Trump beats Kamala Harris; TSLA rises 10%+ pre-market — - Shares surged in premarket trade before quickly paring — Banks, prison operators and crypto stocks also rally
Ryan Vlastelica / Bloomberg: Nvidia closed up 2.9% at $139.93, hitting a $3.43T market cap and surpassing Apple at $3.38T and Microsoft at $3.06T; NVDA is up 850% since the end of 2022 — Elon Musk Is Now X's Biggest Promoter of Anti-Immigrant Conspiracies … Hello World … Quicktake
Bloomberg: Polymarket confirms paying US-based influencers, including large Instagram meme accounts, to promote election betting despite being banned in the US — - Content creators contacted by Polymarket's growth director — US audience targeted with ads despite ban on trade in US
Karin Matussek / Bloomberg: The UK CMA says it would approve the £15B Vodafone-Three merger if they commit to investing £11B to upgrade the UK's network, ahead of a December 7 decision — - CMA calls for short term protections to prevent price hikes — The £15 billion ($19.5 billion) …