Nvidia smashes earnings

Nvidia generated $22.1 billion in Q4, Reddit files for IPO, And Sam Altman one of Reddit's largest shareholders.

Dark Mode & Loryn Chen
February 23, 2024

Nvidia smashes sky-high Q4 earnings expectations. Revenue was up 265% to $22.1 billion. Earnings per share was up 486% to $5.16 per share.
Reddit files to go public on NYSE under the ticker RDDT. It’s estimated to be valued at $5 billion, having raised $1.3 billion in total funding.
OpenAI’s Sam Altman is revealed to be one of Reddit’s largest shareholders from Reddit’s IPO filings. He controls an 8.7% stake in the company. This equates to $435 million if Reddit IPOs at $5 billion.
SoftBank founder Masayoshi Son is seeking as $100 billion to bankroll a new chip venture to compete with Nvidia Corp and supply semiconductors essential for AI. Codenamed “Project Izanagi”, the new venture could see $30 billion invested by SoftBank and $70 billion put in by Middle Eastern investors.
Google launches Gemma, a new family of AI language models, which are free, open-weight models built on technology similar to the more powerful but closed Gemini models.

Apple is reportedly gearing up to launch a smart ring wearable. The idea of an Apple smart ring started from rumors in 2007.
Meta is working on a neural wristband for AR/VR input and will ship in the next few years. It uses a technique called electromyography to sense the neural electrical passing through users’ wrists, potentially providing zero or even negative latency, and perfect accuracy.
Roblox game developers earned a record $741 million last year. This is about 12,000 game creators—the majority of whom are 16 years old or younger.
Apple released a new sports app for iOS that gives users updates to real-time scores and stats.
Tinder expands ID Verification to users in the US, UK, Brazil, and Mexico. This serves as an additional step for users to help confirm the authenticity of profiles, focusing on date of birth and likeness.
Apple’s COO Jeff Williams is on a rare visit to Taiwan to celebrate Foxconn’s 50th anniversary. Foxconn assembles Apple’s devices including the iPhone, iPad, and MacBook. It’s also helping Apple shift some iPhone assembly to India as the company looks to diversify its global supply chain.
YouTube is the overall top streaming service in the US on TV. It takes up 8.6% of viewing share vs Netflix which takes up 7.9%.
Reddit struck a deal to license its user-generated content to Google for $60 million per year. This is a strategic play as it’s currently eyeing an IPO launch this year.

Crypto exchange FTX received bankruptcy court approval to sell its 8% stake in AI startup Anthropic, potentially adding over $1 billion to its $6.4 billion cash pile.
Antithesis, by FoundationDC’s team, raised $47 million to develop its software testing and debugging platform further and accelerate its go-to-market strategy.
Meter raised $35 million in a new round led by Sam Altman and early Stripe employee Lachy Groom. Meter provides internet infrastructure to businesses, building enterprise-grade networks that are faster, more accessible, and more secure.
Scribe raises $25 million in its Series B round to un-silo company intelligence.
Cisco sells $13.5 billion of bonds to help fund its $28 billion Splunk deal from last September.
Walmart is acquiring TV maker Vizio for $2.3 billion. This will enable Walmart to connect with and serve customers in new ways including innovative television and in-home entertainment and media experiences.
Hack VC raises a $150 million fund to invest in Web3, crypto, and other financial infrastructure companies.
Capital One is acquiring Discover Financial Services in a whopping $35.3 billion all-stock deal. This could shake up how you choose your credit cards.

Google Gemini AI appears to be too woke, having generated inaccurate historical images. This caused a backlash on X, causing the Google AI team to pause image generation on its platform.