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Meta set to report Q3 earnings after the bell
  + stars: | 2024-10-30 | by ( Jonathan Vanian | In | ) www.cnbc.com   time to read: +2 min
Mark Zuckerberg, chief executive officer of Meta Platforms Inc., arrives for the Meta Connect event in Menlo Park, California, US, on Wednesday, Sept. 25, 2024. Meta is slated to report third-quarter earnings on Wednesday after the close of regular trading. Meta's results come a day after digital ad companies Alphabet , Reddit and Snap all reported solid quarterly earnings. Microsoft reports after the bell on Wednesday, and the big week for tech earnings wraps up on Thursday, when Apple and Amazon report quarterly financials. If Meta hits analysts' expectations for third-quarter revenue, that would represent 18% year-over-year growth, down from 23% a year ago.
Persons: Mark Zuckerberg, LSEG, Jeff Bezos, Zuckerberg, Bernstein, Meta Organizations: Meta, Inc, Amazon, Bloomberg, Microsoft, Apple Locations: Menlo Park , California, China
Microsoft is still spending massively on AI
  + stars: | 2024-10-30 | by ( Tim Paradis | ) www.businessinsider.com   time to read: +4 min
Investors have been focused on Big Tech AI spending and returns. That's a worry at Microsoft partly because feedback on the company's Copilot AI has been mixed. Others have been concerned that Big Tech spending on artificial intelligence is outpacing results. Goldman said Microsoft has been counting on its AI Copilot and other generative AI efforts at Windows, Edge, and Microsoft 365 to draw enterprise clients. AdvertisementMuch of Microsoft's spending has been going toward data centers, graphics processing units, and other AI projects.
Persons: , Jeremy Goldman, Goldman, it's, Satya Nadella, Francine McKenna Organizations: Investors, Big Tech, Service, Microsoft, Apple, Windows, Bloomberg Locations: Redmond, Washington, OpenAI
The economy accelerated at a 3% pace in the second quarter. The U.S. economy posted another solid though slightly disappointing period of growth in the third quarter, propelled higher by strong consumer spending that has defied expectations for a slowdown. Personal consumption expenditures, the proxy for consumer activity, increased 3.7% for the quarter, the strongest performance since Q1 of 2023. "You've got the perfect combination of strong growth and slowing inflation. The personal savings rate decelerated in the third quarter to 4.8%, down from a 5.2% level that had been revised up sharply.
Persons: Dow Jones, You've, Dan North, Kamala Harris, Republican Donald Trump, Harris, — Trump Organizations: Gross, Commerce Department, Treasury, Allianz Trade North America, Federal Reserve, Fed, Republican Locations: U.S
Mark Zuckerberg, CEO of Meta Platforms Inc., arrives for the Meta Connect event in Menlo Park, California, on Sept. 25, 2024. Meta has been so quick to build out its massive data center and computing infrastructure for artificial intelligence projects that CEO Mark Zuckerberg is even a bit surprised. In a call with analysts on Wednesday after Meta's third-quarter earnings report, Zuckerberg explained to investors how Meta's rising costs for the year are tied to the speed at which employees are able to get data centers, servers and chips for AI up and running. Meta raised the low end of its capital expenditures guidance for 2024 to $38 billion from $37 billion. "That execution makes me somewhat more optimistic that we're going to be able to keep on building this out at a good pace."
Persons: Mark Zuckerberg, Meta, Zuckerberg, we've Organizations: Meta, Inc Locations: Menlo Park , California
AMD still has a gap to close with Nvidia's AI chips
  + stars: | 2024-10-30 | by ( Helen Li | ) www.businessinsider.com   time to read: +4 min
AMD aims to close the gap with Nvidia, which holds 80% of the GPU market. AMD still has a large gap with Nvidia, as it lags behind in GPUs or graphics processing units. Su responded that AMD's road map "actually closed a good part of that gap" with Nvidia's products and that AMD holds an advantage in data center retrofitting. Advertisement"As much as we still believe NVDA will be hard to shake from its 80-85% AI share, AMD still has done an enviable job from virtually zero to ~5% market share," Arya wrote in a note released on Wednesday. Even if this share remains unchanged, the underlying AI growth will still provide AMD "the chance to participate," he added.
Persons: , Lisa Su, MI350, Blackwell, Vivek Arya, Su, Piper Sandler, Harsh Kumar, We've, Arya, Morgan Stanley Organizations: AMD, Nvidia, Service, Devices, Wall Street, Bank of America Securities, Analysts, Microsoft, Meta, Google
Donald Trump proposed mass deportation to lower housing costs and boost job opportunities. AdvertisementThe mass deportation of people living in the US illegally has been one of the cornerstones of the Republican presidential ticket leading up to the November election. Many Democrats say mass deportations would hurt businesses and employment opportunities for all Americans, in addition to separating families and displacing millions of people. She told BI that a mass deportation would devastate the agriculture, construction, and hospitality industries. AdvertisementHow much a mass deportation would cost the governmentThe Trump campaign has talked little about how mass deportations could be implemented and on what scale.
Persons: Donald Trump, , Trump, Kamala Harris, Biden, Harris, Douglas Nicholls, Nicholls, Regina Romero, Romero, " Romero, Duncan Braid, Braid, Davis, Chloe East, Taylor Rogers, Trump's, Rogers, hasn't, Marcus Noland Organizations: Service, Republican, Pew Research Center, Business, Pew Research, Trump, Immigration, Customs, American Compass, University of California, Brookings Institution, ICE, New York Times, American Immigration, Taxation, Economic, Manhattan Institute, FEMA, RNC, Peterson Institute for International Economics, American Immigration Council, Peterson Institute Locations: Los Angeles, Springfield, Aurora, Ohio, Colorado, Arizona, Yuma , Arizona, Mexico, Yuma, Tucson, Reading , Pennsylvania, US, Aurora , Colorado
We spent the next year and a half traveling through Mexico, before arriving in the fall of 2023 on Ōmishima Island in Japan's Ehime Prefecture. Today, we own a guesthouse, a primary residence that used to be an inn, and have a small, growing honeybee farm. Photo: Dani BentonOur work on the honeybee farm includes hive health inspections, monitoring colony growth, building hive boxes and, of course, harvesting and processing honey. The community has made us feel so at homeWe found Bosco living under another abandoned house next to our property. Photo: Dani BentonI love animals, and thanks to ours, I got involved with One No Wa, the dog rescue on the island.
Persons: Evan, they've, Ōmishima, Bosco, Dani Benton, Hani, Shimanami Kaido, Cherry, Dani Benton …, Ino Ino, Ponkan Locations: New Orleans, Mexico, Ōmishima, Japan's Ehime Prefecture, Hakatajima, Ōmishimafuji
For example, according to a recent McKinsey study, Black Americans are 10% more likely to be working jobs slated for AI automation. If current trends hold, the new wealth created by GenAI alone will increase the racial wealth gap by $43 billion annually, according to McKinsey. That begins with infrastructure that supports AI enablement for all, including education on AI tools, access to the internet and power to compute. SFI has been working hard to close the digital divide in Black communities, including Historically Black Colleges and Universities (HBCUs), 82% of which reside in broadband deserts. This work is bridging access gaps and ensuring that underrepresented talent thrives in the rapidly growing and in-demand field of AI.
Persons: Goldman Sachs, GenAI, Robert Solow, SFI Organizations: Istock, McKinsey, Initiative, Black Colleges, Universities, Vista Equity Partners, Morehouse College Locations: U.S, Black
AWS's Graviton CPU chips are used by over 90% of its 1,000 largest data center customers. AWS's custom silicon strategy includes AI chips like Inferentia and Trainium. AdvertisementIn 2018, Amazon Web Services launched Graviton, its own line of homegrown central processing unit chips for data center servers. Big enterprises, such as Epic Games, Databricks, and Pinterest, are all major Graviton customers, he said. "We will absolutely continue to drive innovation in custom silicon as we have been doing for the past 10-plus years."
Persons: , Rahul Kulkarni, Kulkarni, Graviton, James Hamilton, Bernstein, AWS's Kulkarni, Jassy Organizations: Service, Amazon Web Services, Intel, AMD, Epic, Annapurna Labs, Bernstein Research, AWS Locations: Israel
Bottom line The main part of our AMD thesis — fast-growing sales of its MI300 AI chips — is still on track, so we view the post-earnings pullback as a buying opportunity. Given how integral these AI chips are to AMD's growth, we were pleased management on Tuesday night raised its full-year sales projections to exceeding $5 billion. Another factor: AMD's chips passed some performance milestones with customers, Su said. We believe Su's AI roadmap — outlined at its AI event earlier this month — will lead to significant sales growth in 2025 and thereafter. Quarterly commentary Sales in AMD's all-important data-center segment came in $3.55 billion, exceeding estimates and more than doubling year over year.
Persons: We're, Lisa Su, Su, couldn't pare, Jim Cramer, , Jim Cramer's, Jim Organizations: AMD, Nvidia, Intel, Club, Broadcom, ZT Systems, CNBC, Dell Technologies, Microsoft, Meta, Revenue, Visitors, Congress, Nurphoto, Getty Locations: AMD's, , Shanghai, China
Major equipment suppliers in Europe say that U.S. chip designers are calling on them to lower their water temperatures to accommodate the hotter AI chips, according to Herbert Radlinger, managing director at NDC-GARBE. Energy efficiency is high on the European Commission's agenda, as it seeks to reach its goal of reducing energy consumption by 11.7% by 2030. The EU predicted in 2018 that energy consumption of data centers could rise 28% by 2030, but the advent of AI is expected to boost that number two or threefold in some countries. Many of the recent discussions have focused on different ways to source "prime power" for AI data centers and for the potential for more collaboration with utilities, said Steven Carlini, chief advocate of AI and data centers and vice president at Schneider Electric. Liquid cooling will require a "reconfiguration," Gunen explained, adding that new data centers are already coming ready with this technology.
Persons: Goldman Sachs, Andrey Korolenko, Nvidia's Blackwell, we've, Winterson, CNBC Michael Winterson, Michael Winterson, Herbert Radlinger, Steven Carlini, Carlini, Schneider, Meta, Gunen, Equinix Organizations: Luza, CNBC, European Data Center Association, NDC, EU, Energy, Directive, Schneider, Schneider Electric, European, Nvidia, Blackwell Locations: Europe, Brussels, Equinix
China News Service | China News Service | Getty ImagesBEIJING — Chinese IPOs in the U.S. and Hong Kong are set to increase next year, analysts said, as some high-profile listings outside the mainland this year raise investor optimism over profitable exits. Last week, Horizon Robotics — a Chinese artificial intelligence and auto chip developer — and state-owned bottled water company CR Beverage went public in Hong Kong. The firm noted that Chinese delivery giant SF Express is planning for a Hong Kong IPO next month, while Chinese automaker Chery aims for one next year. Still, the overall pace of Hong Kong IPOs this year is slightly slower than expected, George Chan, global IPO leader at EY, told CNBC in an interview earlier this month. Hong Kong, then New York
Persons: Pony.ai, Didi, Marcia Ellis, Morrison Foerster, George Chan, Chan Organizations: Nasdaq, China News Service, Getty, U.S, Hong Kong Stock Exchange, CR Beverage, Renaissance, Hong, Chery, CNBC, IPOs Locations: BEIJING, U.S, Hong Kong, China, New York, Mainland China, New
The 2024 presidential election, explained
  + stars: | 2024-10-29 | by ( Zachary B. Wolf | ) edition.cnn.com   time to read: +16 min
For Democrats, President Joe Biden dominated the primaries and faced only token opposition. Vice President Kamala Harris speaks as former President Donald Trump listens during a presidential debate at the National Constitution Center in Philadelphia on September 10, 2024. Trump was accused by the Justice Department of election interference after he tried to overturn the 2020 election results. The most populous states are California (54 electoral votes), Texas (40 electoral votes) and Florida (30 electoral votes). The total number of electoral votes, 538, is an even number, which means a tie is conceivable.
Persons: CNN —, Hurricane Helene, Jonathan Drake, Kamala Harris, Tim Walz, Donald Trump, Sen, JD Vance, Ohio, Party’s Chase Oliver, Jill Stein, Robert F, Kennedy Jr, Trump, Harris, Read, Joe Biden, Biden, Saul Loeb, Hillary Clinton, Roe, Wade, Harris ’, Hannah Beier, White, , Barack Obama, Bill Clinton, Clinton, Nathan L, Gonzales, Kent Nishimura Organizations: CNN, Democrat, Minnesota Gov, Republican, Trump, Republicans, Democrats, Capitol, GOP, National Constitution Center, Getty, US, Justice, White, Electoral College, Voters, Washington, White House, Black, North Carolina, Georgia, Electoral, Senate, Bloomberg, Democratic Locations: Indiana, Kentucky, Alaska, Washington state, Oregon, Utah, Hurricane, Marion , North Carolina, Philadelphia, Florida, New York, Alaska , Delaware, , Vermont, Wyoming, California, Texas, Washington ,, Puerto Ricans, Doylestown , Pennsylvania, Pennsylvania, Michigan, Wisconsin, West Virginia, Arizona, Nevada, West, North Carolina, Georgia, East . Arizona , Georgia, Nebraska, Maine, Trump, Omaha, Washington, Montana, Ohio
AMD shares are up about 20% so far in 2024, although rivals such as Nvidia and Broadcom have had much greater gains during the same period, driven by the increasing demand for AI chips. AMD is the second-largest vendor of data center graphics processing units, or GPUs, which are used to train and deploy large generative AI models. AMD's AI chips are reported in its data center segment, which more than doubled on an annual basis to $3.5 billion in total sales. Overall data center revenue was up 122% year over year. AMD's gross margin expanded to 54%, which the company said was because of higher data center revenue.
Persons: Lisa Su, Su Organizations: Devices, AMD, Nvidia, Broadcom, Microsoft, Windows, Sony PlayStation
PayPal drops more than 6% premarket on revenue miss
  + stars: | 2024-10-29 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +2 min
A PayPal sign is seen at its headquarters in San Jose, California, Jan. 30, 2024. PayPal reported better-than-expected third-quarter earnings on Tuesday, but revenue came in a bit light of expectations. PayPal reported net income of $1.01 billion, or 99 cents per share, compared to $1.02 billion, or 93 cents per share, a year earlier. "PayPal delivered strong financial and operating results during a highly productive third quarter," Chriss said in the earnings release. PayPal reported total active accounts of 432 million, up 1% from a year earlier, and beating the average estimate of 430.5 million.
Persons: Alex Chriss, Chriss Organizations: PayPal, LSEG, Meta Locations: San Jose , California, Braintree
His loved ones, who witnessed his drug and alcohol abuse for years, were heartbroken by what his mother later described as an unavoidable outcome. His mother spoke about processing her grief and teared up when talking about how powerless one can feel against a loved one’s struggles with addiction. In the months leading up to his death, Perry appeared to have turned a corner with his addiction, relatives said. Now, loved ones switch tenses from past to present to past again as they remember the complicated man who brought them so much joy. It’s a familiar story for the millions of people whose loved ones have addiction disorders and is a guiding principle for the foundation, the family said.
Persons: It’s, Matthew Perry, pickleball, ” Suzanne Perry, “ You’ve, , Perry, Chandler Bing, Gen Xers, Keith Morrison, David M, , ” Keith Morrison, Caitlin Morrison, ” Emily Morrison, ” Caitlin Morrison, Suzanne Perry, ” Suzanne, Caitlin Morrison’s Organizations: NBC, Dateline, Los, Federal, Matthew Perry Foundation Locations: Los Angeles, Savannah Guthrie, Los Angeles County, London
Companies must consider customers' desire for local payment methods, frictionless transactions, and evolving government regulations. For both enterprises, a payment platform must do more than simply accept transactions: It must easily adapt to different markets, audiences, and regulatory environments. That's why they have chosen a single-source payment platform to help them innovate and grow. This included payment methods like Momo in Vietnam, Bank Transfer in Indonesia, Pix in Brazil, and UPI in India. Seamless payment processes drive businessEnterprises looking to grow need a payment partner that meets business requirements as well as consumer preferences.
Persons: Dave Wolf, Fubo, Erik Gerson, Adyen, Momo, we've, Wolf, tokenization, Gerson Organizations: Companies, Meta, Reality Labs, Fubo, UPI, tokenization, Insider Studios Locations: Vietnam, Indonesia, Pix, Brazil, India, Adyen
CNN was able to project that Biden would win the election four days after Election Day, on November 7, but counting would continue. That means a blue shift in the popular vote could still occur even if it does not delay figuring out the presidential election results. A person votes early at a polling station in Deland, Florida, on October 21. North Carolina no longer accepts mail-in ballots if they arrive after Election Day. The Center for Election Innovation & Research has a rundown of the various rules and timelines for processing mail-in ballots.
Persons: CNN — It’s, , Donald Trump, Trump, Joe Biden, Phil Mattingly, Biden, CNN’s Marshall Cohen, Hillary Clinton, Miguel J, Rodriguez Carrillo, Brad Raffensperger, Raffensperger, , Jocelyn Benson, Benson, Republican Al Schmidt, George W, Bush, Al Gore, Harris, George H.W, it’s Organizations: CNN, Massachusetts Institute of Technology, Biden, Trump, AFP, Getty, North, Brennan Center for Justice, Georgia, Republican, CBS, Election Innovation, Research, NPR Locations: Arizona , North Carolina , Nevada , Wisconsin , Michigan, Maine, Georgia, Pennsylvania, California, Deland , Florida, North Carolina, Wisconsin, Michigan, , Florida
For all we know, the yield curve may simply be going through the birthing of an un-inverted yield curve. GOOGL YTD mountain Alphabet YTD Search used to be so simple. META YTD mountain Meta Platforms YTD Meta Platforms has run big ahead of the quarter. AMZN YTD mountain Amazon YTD Let's get to the two toughest of the week, Amazon and Apple. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: let's, Eli Lilly, nonfarm payrolls, Carl Quintanilla, batty, Jeff Marks, Waymo, Elon Musk, Donald Trump, Kamala Harris, Department's, Mark Zuckerberg, Jensen Huang, Marc Benioff, Trump, Warren Buffett, Jim Cramer's, Jim Cramer, Jim Organizations: CNBC, Microsoft, Apple, Treasury, Federal Reserve, charlatans, Honeywell, Twitter, Club, Gemini, YouTube, Google, Donner Party of cannibalization, AMD, Nvidia, Intel, Merck, Pfizer, Tech Titans, Meta, Amazon Web Services Locations: Wall, cyclicals, California, Philly
“With North Carolina, I mean, it’s legitimate. And despite concerns that hurricane damage could suppress turnout in Western North Carolina, state data suggests that voters have not been widely disenfranchised. And on Wednesday, the day before Raiklin’s presentation, USPS put out a statement stating that all North Carolina processing facilities and most retail locations are open. North Carolina Rep. Patrick McHenry told reporters Friday, “It makes no sense whatsoever to prejudge the election outcome and that is a misinformed view of what is happening on the ground in North Carolina. Bless his heart.”And National Republican Congressional Committee Chairman Richard Hudson, who is also from North Carolina said candidates should focus on turning out the vote.
Persons: Donald Trump, Trump, Andy Harris, ” Harris, Ivan Raiklin, Raiklin, Harris ’, ” Raiklin, Harris, I’ve, “ What’s, , Karen Brinson Bell, Patrick McHenry, Richard Hudson, , Andy, Let’s, ” Hudson, Kamala Harris, Joe Morelle, , Mike Pence Organizations: CNN, Caucus, Trump, North, Republican, North Carolina Rep, Administration, “ Extreme Republican, Capitol Locations: North Carolina, Western North Carolina, Hurricane, Maryland, America, North, New York
Since Otto Schott invented specialty glass in 1884, the simple material has become a cornerstone of modern technology, and driving innovation. From semiconductors to clean energy, home tech, and electric vehicles, glass is the silent enabler of progress. Specially engineered laser glass helped researchers achieve what was once thought impossible: creating more energy from a reaction than was put into it. The light, amplified by active laser glass and focused through precisely crafted optical glass, delivered significant energy to a tiny fuel pellet, triggering a fusion reaction that produced a net energy gain. The fusion reaction generated 3.15 megajoules of energy, exceeding the 2.05 megajoules of laser energy delivered to the target.
Persons: Bill James, Otto Schott, SCHOTT Organizations: SCHOTT North, Industry, photonics, Lawrence Livermore National Laboratory, SCHOTT, Insider Studios Locations: SCHOTT North America
CNN —Costco is recalling smoked salmon products over possible listeria contamination. There have been at least 10 reported deaths and 59 hospitalizations across 19 states due to the listeria outbreak, according to the CDC. In October, there have multiple instances of recalls like Costco’s salmon products due to potential listeria contamination, according to the FDA, which tracks public announcements. While the recalls come on the heels of the Boar’s Head listeria outbreak and McDonald’s E. coli outbreak, experts told CNN that an increase in recalls over potential contamination isn’t necessarily cause for concern. On October 24, the FDA announced a recall of chicken taco kits produced by Sprouts Farmers Markets over potential listeria contamination.
Persons: Salmon, Costco’s, Francisco Diez, Gonzalez, BrucePac, Diez, , ” Diez, “ It’s, bode Organizations: CNN, Costco, US Center, Disease Controls, Kirkland, Acme, Fish Corp, CDC, listeria, US Food and Drug Administration, FDA, Center for Food Safety, University of Georgia, Farmers, Treehouse Foods, Target, Walmart, US Department of Agriculture, Consumers Locations: Virginia
At least a dozen mail ballots were stolen, fraudulently filled out and submitted in Colorado for the Nov. 5 election, the Colorado secretary of state’s office said Thursday. Authorities said the ballots were mailed into the Mesa County election office via USPS, not returned in drop boxes. The secretary of state’s office said nearly all of the votes cast on the stolen ballots were stopped before they were counted. But three ballots were counted before election officials could pull them from the process because they passed signature verification. Mesa County has been home to election conspiracies in recent years, including by former Republican Mesa County Clerk Tina Peters, who was recently convicted in a 2021 security breach of the county’s election system.
Persons: , State Jena Griswold, Tina Peters Organizations: Authorities, , State, NBC News, Republican Locations: Colorado, Mesa County, govotecolorado.gov, Republican Mesa County
In vulnerable groups, E. coli infection can also lead to serious kidney complications and death. People can become infected after consuming contaminated food or water, or coming into contact with the feces of animals or infected people. E. coli symptoms usually show up three to four days after ingesting the bacteria, but it may take up to 10 days. Once the contaminated food enters the kitchen, it’s also possible for cross-contamination to occur if ingredients are mixed or handled improperly. If you are experiencing diarrhea, don't swim in a public pool to minimize the risk of transmission.
Persons: , Prashant Singh, coli, Barbara Kowalcyk, don’t, ” Kowalcyk, Kevin, it’s, Donald Schaffner, Schaffner, ” Schaffner, Singh Organizations: Centers for Disease Control, Prevention, Florida State University, Institute for Food Safety, Nutrition Security, George Washington University Milken Institute School Public Health, Department of Food Science, Rutgers University, Food Safety Advisory Council Locations: U.S, New Jersey, California
Mesh networks consist of devices that connect to each other rather than to a single router. A mesh network is a private wireless broadband network in which devices, or connection points, link to one another in a weblike structure. Mesh networks also offer significantly more safety and security, whether from a malicious attack or other breach. We're also moving toward more autonomy and artificial-intelligence-driven decision-making, applications, and technologies; mesh networks are built for that. If you drop a mesh network into an environment with poor LAN architecture and configuration, it will become apparent pretty quickly.
Persons: , Steven Griggs, Todd Rigby, Griggs, Rigby, Erica Sweeney, We're, Sweeney Organizations: Rajant Corporation, Service, LTE
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