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Check out the companies making headlines in after-hours trading: Apple — The iPhone maker advanced 7% as it announced a $110 billion share repurchase and a top- and bottom-line beat. That surpassed analysts' estimates for earnings of $1.50 per share on revenue of $90.01 billion, per LSEG. Expedia posted a beat on first-quarter revenue, which came in at $2.89 billion, surpassing analysts' estimates of $2.81 billion, per LSEG. Block reported adjusted earnings of 85 cents per share on revenue of $5.96 billion in the first quarter. Those results beat analysts' estimates for earnings of 72 cents per share and revenue of $5.82 billion, per LSEG.
Persons: Expedia, Amgen, LSEG, Fortinet, Cloudflare, DaVita, FactSet, , Christina Cheddar, Berk Organizations: Apple Locations: billings
JPMorgan analyst Vivek Juneja upgraded the regional bank stock to an overweight rating from neutral, simultaneously lifting his price target to $39.50 from $37.50. — Lisa Kailai Han 6:27 a.m.: Deutsche Bank downgrades Starbucks after disappointing quarterly earnings Starbucks could feel some near-term pressure, according to Deutsche Bank. Analyst C. Stephen Tusa also raised his price target to $111 from $110, implying that shares of 3M could rally 15% from here. 3M stock has added nearly 6% so far in 2024, but the stock is still trading at an attractive valuation given the company's characteristics, Tusa said. Amongst the group, JPMorgan analyst Doug Anmuth has the highest price target of $240, which implies that Amazon stock could rally another 37% from here.
Persons: Vivek Juneja, Juneja, — Lisa Kailai Han, Samik Chatterjee, Chatterjee, Lauren Silberman, Silberman, Lisa Kailai Han, Stephen Tusa, Tusa, 3M's, Morgan Stanley, Doug Anmuth, Anmuth, — Lisa Kailai Han — CNBC's Michael Bloom Organizations: CNBC, JPMorgan, Starbucks, Deutsche Bank, Fifth, Bancorp, Logitech, 3M, Barclays, Bank of America, Amazon, Services, Wall Street, Locations: China
Over the last two weeks, major cloud providers Amazon, Microsoft, and Alphabet have reported quarterly earnings that exceeded Wall Street's expectations. Amazon, Microsoft, and Alphabet's shares also climbed after earnings were reported, evidence that doubling down on their AI strategies seems to be paying off. Davidson Companies analyst Gil Luria told Business Insider regarding Amazon, Microsoft, and Alphabet. Microsoft Cloud generated $35.1 billion in revenue — up 23% year-over-year — that CEO Satya Nadella credits partly to investments into AI tools like Microsoft Copilot. Amazon, Microsoft, and Alphabet didn't immediately return a request for comment from Business Insider before publication.
Persons: , D.A, Gil Luria, Claude, Andy Jassy, Satya Nadella, Nadella, Ruth Porat, OpenAI's ChatGPT, Luria, doesn't, Jassy, Sundar Pichai Organizations: Service, Microsoft, Business, Davidson Companies, Amazon, Web Services, Google Cloud, Google, Gemini, Research, Capital Locations: Indonesia
Nvidia-backed startup Coreweave is based in Roseland, New Jersey, with 160 employees. CoreWeave, a cloud infrastructure startup that rents out graphics processing units to companies, said Wednesday that it has raised $1.1 billion in funding. The new investment values the company at $19 billion, up from $7 billion months ago, a person familiar with the matter said. And during its earnings call on April 25, Microsoft said the company wasn't able to meet demand for AI cloud services. For now, CoreWeave only has three regions of data center infrastructure, all in the U.S.
Organizations: Nvidia, Computer, Microsoft, CNBC, Fidelity, Lykos Global Management, Amazon, Google Locations: Roseland , New Jersey, New Jersey, Paris, U.S
Frankfurt-based tech company Northern Data , prominently known for bitcoin mining, has recently transformed its business model into cloud solutions and data center infrastructure. Listed on the Frankfurt Stock Exchange, Northern Data has three core divisions: Peak Mining for bitcoin mining, Taiga Cloud for cloud computing and Ardent Data Centers for data center infrastructure. The company's Taiga Cloud division is certified as an "Elite" partner of Nvidia , making it one of the largest providers of Nvidia-based cloud services in Europe. The investment bank forecasts annual revenues of around 400 million euros and adjusted profits of about 290 million euros from Taiga Cloud from 2026 onward. Northern Data's cloud computing platform is expected to have 20,000 Nvidia AI chips, worth 730 million euros, by the third quarter of 2024, the note said.
Persons: Gerhard Orgonas, Jenna Xu, Aroosh Thillainathan Organizations: Northern Data, Frankfurt Stock Exchange, Data, Mining, Ardent, Healthcare, Northern Bitcoin, Northern, Nvidia, Data's Locations: Frankfurt, Italy, United States, Northern, Pittsburgh, North Dakota, Texas, Europe
Insider Today: LinkedIn ghostwriter boom
  + stars: | 2024-04-28 | by ( Matt Turner | ) www.businessinsider.com   time to read: +4 min
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Meta CEO Mark Zuckerberg BIThis week's dispatchBig Tech takeawaysTesla, Meta, Microsoft, and Alphabet reported earnings last week. Microsoft: AI spend was also the name of the game at Microsoft. Alphabet also issued a $0.20 per share dividend — its first ever — joining its Big Tech peers like Microsoft, Apple, and Meta, in the dividend club. drbimages/Getty, LinkedIn, Tyler Le/BILinkedIn ghostwriting is boomingLinkedIn influencers are becoming more popular, with some amassing followings of millions of people.
Persons: , Herman Miller Eames, Mark Zuckerberg, Tesla, Meta didn't, Kevin C, Cox, Jenny Chang, Rodriguez, Goldman Sachs, Dominic Bugatto, Dani Widell, Hokyoung Kim, Tyler Le, Samu Hällfors Organizations: Service, Business, Big Tech, Meta, Microsoft, Apple, The, Airbnb, LinkedIn
Microsoft plans to boost spending on AI and cloud services as demand rises. Microsoft's spending commitment follows leaked plans to acquire 1.8 million AI chips in 2024. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In its third-quarter earnings call on Thursday, the tech giant said it will continue to invest in AI and cloud services because of growing demand and a rise in average spending on its cloud platform, Azure.
Persons: , Amy Hood Organizations: Service, Microsoft, Business
And the initial signs are quite positive here too," Zuckerberg told investors in an earnings call. AdvertisementElon Musk had even stronger words for investors on Tuesday after Tesla reported plunging profits. Even so, Musk insisted during an earnings call that Tesla is an AI company and had a specific message to any shareholder who thinks that Tesla won't develop self-driving someday. On Thursday, Microsoft and Alphabet reported profits, which they ascribed in part to their respective AI sectors. Google's parent company reported $23.7 billion in profits for the same period.
Persons: , Apple, Demis Hassabis, Sam Altman, Mark Zuckerberg, Zuckerberg, we've, Elon Musk, Tesla, Musk, Matthew Prince, Sundar Pichai, Pichai Organizations: Service, Meta, OpenAI's, EV, Economic, Reuters, Nvidia, Microsoft Locations: Davos
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at how the latest GDP data has shifted the expectations of where the economy is headed. Now, the economy will need some type of event (see: bubble popping) for rate cuts to become an option anytime soon, Miskin said. Energy price shocks could bring the world economy to a "vulnerable moment," chief economist Indermit Gill warned.
Persons: , TikTok, they're, you'd, Jia Feng, It'll, Insider's Madison Hoff, It's, Jerome Powell, Anna Moneymaker, BI's Filip De Mott, Jamie Dimon, Matt Miskin, Miskin, Mark Zuckerberg, C, Cox, Jenny Chang, Rodriguez, Goldman Sachs, Guess what's, Indermit Gill, Alphabet's, Redmond, Tyler Le, Doug McMillon, execs, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Reserve, stagflation, JPMorgan, Wall Street, John Hancock Investment Management, Galatioto Sports Partners, Bank, Google, Big Tech, Microsoft, Health, Linkedin, YouTube, ExxonMobil Locations: Chevron, New York, London
Microsoft and Alphabet reported quarterly earnings that beat Wall Street's expectations. On Thursday, just off the heels of Meta's mixed first-quarter results that caused a dip on Wall Street, Microsoft and Alphabet just proved that there's money to be made off of artificial intelligence. However, the executive also made sure to highlight the contributions of Google Cloud, which now comes with generative AI services through Google's AI model, Gemini. Investors appeared pleased with Microsoft's and Alphabet's quarterly performance, which gave the companies a stock surge, as Wall Street continues to nurse a hangover from Meta's first-quarter report. "They have a goldmine of AI engineers and data, and now they're starting to monetize it," Ives said of Alphabet and Microsoft.
Persons: Wedbush's Dan Ives, , Meta's, Sundar Pichai, Mercedes, Pichai, Ruth Porat, Satya Nadella's, Nadella, Microsoft's, Dan Ives, Ives Organizations: Microsoft, CNBC, Service, Google, Bayer, Cintas, Mercedes Benz, Walmart
Alphabet shares surged in Friday's premarket after a blowout earnings report for the Google owner. AdvertisementAlphabet stock surged ahead of Friday's opening bell as investors cheered the Google owner's blowout first-quarter earnings. If those gains hold until the opening bell, its valuation will top $2 trillion for the first time. Meanwhile, Microsoft stock made more modest gains after it reported first-quarter earnings on Thursday afternoon. Shares were up almost in pre-market trading, putting its market capitalization on course to jump about $11 billion at the opening bell back above $3 trillion.
Persons: , AJ Bell, Russ Mould, Amy Hood, hadn't, OpenAI, Sophie Lund, Yates, Hargreaves Lansdown Organizations: Google, Microsoft, Nasdaq, Big Tech, Service, Apple Locations: Friday's
Microsoft and a major chemical stock were among Friday's biggest analyst calls. He also lowered his price target by $1 to $25, which implies shares can fall roughly 19% from Thursday's close. Sandler increased his price target by $27 to $200, which implies 26.6% potential upside. JPMorgan: Analyst Mark Murphy added $30 to his price target, which is now at $470. He also hiked his price target to $61 from $55, which implies upside of 8% going forward.
Persons: Morgan Stanley, Mobileye, Adam Jonas, Jonas, — Pia Singh, Stifel, Stanley Elliot, Elliott, Alphabet's, Oppenheimer, Jason Helfstein, Ross Sandler, Sandler, Brent Thill, Google's, Justin Post, Post, Wall, Raimo Lenschow, Wells, Michael Turrin, MSFT, Turrin, Mark Murphy, Murphy, Keith Weiss, Weiss, Jeffrey Zekauskas, Zekauskas, Dow, Fred Imbert Organizations: CNBC, Microsoft, JPMorgan, Dow Inc, TAM, Caterpillar, Google, Barclays, , Jefferies, Bank of America, DOW Locations: Israel, Thursday's, reaccelerate, Wells Fargo
However, momentum from AI services will keep Azure growth stabilized at these high levels, outperforming the market's expectations. AI services continue to be a large source of revenue growth, contributing seven percentage points of growth. The Office Commercial Products and Cloud Services revenue rose 12%, while the Office Consumer Products and Cloud Services revenue grew 4%. Windows Commercial Products and Cloud Services revenue increased 12%, driven by demand for Windows 365. The company guided Azure's constant currency revenue growth to 30% to 31%, which is higher than estimates of 29%.
Persons: OpenAI, Satya Nadella, there's, we're, Jim Cramer's, Jim Cramer, Jim, Satya Narayana Nadella, Lucas Jackson Organizations: Microsoft, Revenue, Google, Fortune, Productivity, Products, Cloud Services, Consumer Products, Novo Nordisk, Nvidia, Activision, Windows, Management, CNBC Locations: OpenAI, ChatGPT, Novo, Manhattan, New York City
Investors will be looking to see if Microsoft's report can restart the rally, but the bar for success might be high. The AI narrative Microsoft is viewed as one of the companies best-positioned to take advantage of recent advances in artificial intelligence. Another area is Copilot , the AI tool that Microsoft is packaging with its Office suite of software products. "That said, we expect AI contribution to Azure growth to increase w/ our checks pointing to strong demand for Azure AI services & elevated workloads as more models go into production. Wall Street is overwhelmingly positive on the stock, with more than 90% of the analysts covering Microsoft giving it a rating of "buy" or "strong buy," according to LSEG.
Persons: Jefferies, Brent Thill, MSFT's, LSEG, Brad Reback, Reback, MSFT, Guggenheim, John DiFucci, DiFucci, — CNBC's Michael Bloom Organizations: Microsoft, Investors, Wall Street Locations: MSFT, F4Q
Profit hit $21.9 billion, up from $18.3 billion. A year after Microsoft began its push to put A.I. into everything it does, the company said sales of its flagship cloud computing product, Azure, had grown 31 percent. push has helped it gain market share from Amazon, the leading cloud services provider. In January, the company said 53,000 customers were using its cloud A.I.
Persons: Microsoft’s Organizations: Microsoft, Revenue, Amazon
Organizations and individuals who delay investing in the latest AI PCs risk falling behind in an increasingly competitive landscape where technological advancements are essential for staying innovative, collaborative, and secure. These AI PCs possess the ability to anticipate and comprehend user requirements, resulting in a highly personalized and responsive interaction. The new Latitude AI PCs can deliver up to 38% less power when running AI-enhanced collaboration features like Zoom.22. Content creators can save time by generating images 1.7 times faster with StabilityAI on their Dell AI PCs or Dell AI workstations with new Intel processors.33. Knowledge workers can optimize their Dell AI PCs by utilizing just 1% of CPU usage, effectively detecting malware with Crowdstrike4.
Persons: cyberattacks, Dell, Read, Forrester Organizations: Forrester, Processing, Dell, Intel, Dell Optimizer, Dell Technologies, Insider Studios, Forrester Consulting, Services Locations: NPU, Argentina, Chile, China, Colombia, Costa Rica, Guatemala, Hong Kong, Korea, Malaysia, Russia, South Africa, Taiwan, Ukraine, Venezuela, Vietnam, Thailand, Philippines
Google on Wednesday fired 28 workers after dozens of employees participated in sit-ins at the company’s New York and Sunnyvale, Calif., offices to protest the company’s cloud computing contract with the Israeli government. A day earlier, nine employees were arrested on charges of trespassing at the two offices. “Physically impeding other employees’ work and preventing them from accessing our facilities is a clear violation of our policies, and completely unacceptable behavior,” a Google spokeswoman said in a statement. Google recently fired an employee who disrupted an Israeli technology conference in New York. And the company is even planning to make changes to a corporate forum because employees were bickering about the conflict.
Organizations: Google Locations: York, Sunnyvale, Calif, Gaza, New York
Google workers have the right to peacefully protest about terms and conditions of our labor. Last month, Google Cloud engineer Eddie Hatfield interrupted a keynote speech from the managing director of Google's Israel business stating, "I refuse to build technology that powers genocide." That same week, an internal Google employee message board was shut down after staffers posted comments about the company's Israeli military contracts. The Israeli Ministry of Defense reportedly sought consulting services from Google to expand its access to Google Cloud services. "A small number of employee protesters entered and disrupted a few of our locations," a Google spokesperson told CNBC Wednesday evening.
Persons: Thomas Kurian's, Chris Rackow, Googlers, Cheyne Anderson, Anderson, Eddie Hatfield, Hatfield, Israel, Ariel Koren, It's, Hasan Ibraheem, Ibraheem Organizations: Google, CNBC, Google Cloud, Apartheid, Protesters, Hamas, enclave's Health Ministry, Israeli Ministry of Defense, The New York Times, Security, New Locations: New York, Sunnyvale , California, Sunnyvale, Seattle, Washington, Israel, Gaza, South Africa, York, New York City
Nine Google workers were arrested on trespassing charges Tuesday night after staging a sit-in at the company's offices in New York and Sunnyvale, California, including a protest in Google Cloud CEO Thomas Kurian's office. Anderson had flown to Sunnyvale for the protest in Kurian's office and was one of the workers arrested Tuesday. Last month, Google Cloud engineer Eddie Hatfield interrupted a keynote speech from the managing director of Google's Israel business stating, "I refuse to build technology that powers genocide." The Israeli Ministry of Defense reportedly sought consulting services from Google to expand its access to Google Cloud services. "A small number of employee protesters entered and disrupted a couple of our locations," a Google spokesperson told CNBC.
Persons: Thomas Kurian's, Cheyne Anderson, Anderson, Eddie Hatfield, Hatfield, Israel, Ariel Koren, It's, Hasan Ibraheem, Ibraheem, Googlers Organizations: Google Cloud, Apartheid, Google, CNBC, Hamas, enclave's Health Ministry, Israeli Ministry of Defense, The New York Times, Security, New, Sunnyvale Locations: New York, Sunnyvale , California, Sunnyvale, Seattle, Washington, Israel, Gaza, South Africa, York, New York City
The public cloud model has been a boon for organizations in terms of flexibility and scalability, and many organizations might think running AI workloads in the public cloud would be a logical choice. Organizations are beginning to see real advantages when they shift AI models closer to where the data originates for processing. Here are three reasons organizations should bring AI to their data. When both your AI model and data reside securely within your environment, you are in complete control, and better able to safeguard against unauthorized access and leaks. Gain cost efficienciesOperating AI technologies in your own environment can also help curb the potential for burgeoning costs associated with public cloud services.
Organizations: Gartner, Dell Technologies, Insider Studios
Under the partnership, Microsoft will give G42 permission to sell Microsoft services that use powerful A.I. chips, which are used to train and fine-tune generative A.I. products shared with G42 and includes an agreement to strip Chinese gear out of G42’s operations, among other steps. “When it comes to emerging technology, you cannot be both in China’s camp and our camp,” said Gina Raimondo, the Commerce Secretary, who traveled twice to the U.A.E. The accord is highly unusual, Brad Smith, Microsoft’s president, said in an interview, reflecting the U.S. government’s extraordinary concern about protecting the intellectual property behind A.I.
Persons: Biden, , Gina Raimondo, Brad Smith Organizations: Microsoft, United Arab, U.S ., Commerce Locations: United Arab Emirates, China, Washington, Beijing, Gulf
deal as a diplomatic weaponA relatively small deal — by Microsoft’s standards, anyway — is leading to big geopolitical ripples on Tuesday. The tech giant is investing $1.5 billion in G42, an Emirati artificial intelligence company. On its face, that may appear to be just another effort by the tech giant to claim a foothold in a fast-growing A.I. The terms of the deal: G42 will be able to sell Microsoft services that use powerful A.I. chips; in return, it will use Microsoft’s Azure cloud services for its A.I.
Persons: OpenAI, Biden Organizations: Microsoft Locations: Beijing, China
The move gives Google an edge in its competition with Amazon and Microsoft in the AI cloud race. Google said Axion will deliver better performance and energy efficiency than prior chips. AdvertisementGoogle has a new edge against competitors like Amazon and Microsoft: it's partnering with Arm to make more of its own chips. It's following Amazon Web Services and Microsoft Azure in creating custom Arm-based processors. Google said Axion will improve performance for "general-purpose workloads," like open-source databases, web and app servers, in-memory caches, data analytics engines, media processing, and AI training.
Persons: Organizations: Google, Amazon, Microsoft, Service, Web Services, Cloud, Business
Oracle, which works with Nvidia and Microsoft on generative AI capabilities, has already helped use cloud tech to cut red tape for countries. For the first time, we're beginning to win business for countries," Ellison said. Countries including Serbia are standardizing on Oracle Cloud Infrastructure and using generative AI for processes like automating health care. Cloud and generative AI applications allowing countries to give rural areas internet access could increase educational opportunities and create more economic value. "There's the 'Black Mirror' bad side of it: Big Brother, data wars, AI warfare and all that stuff," Garder said.
Persons: Raimo Lenschow, Ellison, Oracle's Larry Ellison, it's, Elon Musk's, you've, we've, Dan Gardner, Tapan Parikh, Parikh, Garder, Gardner, Simone Bohnenberger, It's, Bohnenberger, there's Organizations: Oracle, Barclays, EU, Nvidia, Microsoft, European, Amazon, Department of Defense, Google, Infrastructure, Oracle Cloud Infrastructure, Cornell University, U.S Locations: Serbia, Albania, European Union, Kenya, Rwanda, U.S, China, TikTok
"We are raising our YE'24 NFLX target price $65 to a street-high $765 driven primarily by a combo of higher '24 and beyond subscriber/ARPU forecasts." "We are upgrading Ollie's Bargain Outlet to a Buy from a Hold rating while raising our price target to $90 from $80, implying 26% upside from current levels." We cut our price target from $2 to $1, still giving ATUS the highest multiple in Cable as optionality. "We are raising our already Street High $330 YE'24 target price $60 to $390 driven primarily by higher premium and to a lesser extent ad supported ARPU forecasts." Jefferies adds Pepsi to the franchise picks list Jefferies said it sees opportunity internationally for Pepsi and raised its price target to $209 per share from $199.
Persons: Marvell, it's, Bernstein, Mizuho, Wells, Piper Sandler, Krispy, JPMorgan, Eli Lilly, LLY, Stifel, Rosenblatt, Snowflake, Jefferies, underperform KBW, Daiwa, Tesla, KBW, Monness Crespi Hardt Organizations: Netflix, Bank of America, Apple, Amazon Web Services, RBC, Eaton, Piper, JPMorgan, Technologies, Cable, Spotify, BMO, Royal Bank, Pepsi, Fox, Fox News, Digital, Citi, Express, American Express Locations: NY, McDonald's, USA, Toronto, Snowflake, U.S
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