Good morning,

Today, we’ll look at this week’s tech earnings reports and catch up on the top tech news you need to know from this week.

Let’s go 👇

This week’s insight

Tech earnings

• Alphabet (GOOGL) tops estimates as its cloud business grows but so does its AI spending:

  • Total Revenue: $84.74B (+14% YoY)

  • Operating Expenses: $57.31B

  • Net Income: $23.61B 

• Amazon (AMZN) reported weaker-than-expected revenue for Q2: 

  • Total Revenue: $147.98B (+10% YoY)

  • Operating Expenses: $133.3B 

  • Net Income: $13.48B 

  • Next Quarter Guidance: $154B – $158.5B revenue

• AMD (AMD) delivers a strong Q2 with signs of becoming an AI chip company, just like Nvidia: 

  • Total Revenue: $5.83B (+9% YoY)

  • Operating Expenses: $2.6B (+5% YoY) 

  • Net Income: $265M (+881% YoY)

  • Next Quarter Guidance: $6.7B revenue

• Apple (APPL) beats its quarter expectations, despite a decline in iPhone sales:

  • Total Revenue: $85.8B (+5% YoY)

  • Operating Expenses: $14.32B 

  • Net Income: $21.44 

• Coinbase (COIN) reported better-than-expected revenue, mostly due to its sales diversification strategy:

  • Total Revenue: $1.4B (-11% QoQ)

  • Operating Expenses: $1.1B (+26% QoQ)

  • Net Income: $36M

  • Next Quarter Guidance: $530M – $600M revenue from subscription and services. No guidance was given for transaction revenue.

• Intel (INTC) misses expectations and announces plans to lay off over 15,000 workers and stop ‘non-essential work’:

  • Total Revenue: $12.8B (-1% YoY)

  • Operating Expenses: $6.51B 

  • Net Income: -$1.65B

  • Next Quarter Guidance: $12.5B – $13.5B

• Meta (META) beats Q2 estimates but warns of a significant increase in spending in 2025:

  • Total Revenue: $39.07B (+22% YoY)

  • Costs and expenses: $24.22B (+7% YoY) 

  • Net Income: $13.46B (+73% YoY)

  • Next Quarter Guidance: $38.5B – $41B revenue

• Microsoft (MSFT) reported strong quarterly earnings but its cloud division didn’t grow as strongly:

  • Total Revenue: $64.7B (+15% YoY)

  • Operating Expenses: $17.1B (+13% YoY) 

  • Net Income: $22B (+10% YoY)

• PayPal (PYPL) reported earnings that topped estimates while total payment volume came in slightly below views:

  • Total Revenue: $7.88B (+8% YoY)

  • Operating expenses: $6.4B (+5% YoY) 

  • Net Income: $1.08B 

• Tesla’s (TSLA) earnings fell short of estimates:

  • Total Revenue: $25.5B (+2% YoY)

  • Costs and expenses: $2.97B (+39% YoY)

  • Net Income: $1.47B (-45% YoY)

This week’s videos

Top news

• Wear this AI friend around your neck — The latest AI-powered wearable is an always-listening pendant. But, it doesn’t help you be more productive, it just keeps you company. 

• Google Cloud now has a dedicated cluster of Nvidia GPUs for Y Combinator startups to build AI models. 

• Microsoft says OpenAI is now a competitor in AI and search.

Other news

• OpenAI started rolling out its Her-like voice mode for ChatGPT.

• Google's newest update cracks down on deep fake nudes in Search. 

• ChatGPT’s new voice mode mimics accents and corrects pronunciation. 

• Zuck debuts Segment Anything 2 (SA2), an ML model that can identify and outline anything in a video, at a tech event this week. This is the next version of SA1 which did the same but only for images.

• Google Maps is getting even more like Waze, maps get easier incident reporting and the ability to see building entrances and nearby parking, while Waze gets more camera alerts and prompts for upcoming events that might affect traffic. 

• AI wearable device maker Humane appoints former Cisco CEO John Chambers to its board of directors to help with a potential M&A deal for the company.

• Alibaba unveils the world's first AI-powered conversational sourcing engine to revolutionize the global sourcing process for small and medium-sized businesses.

• Apple releases iOS 18.1 developer beta with the first ‘Apple Intelligence’ iPhone feature. 

Deal flow

• AI chipmaker Cerebras confidentially files for US IPO as it prepares to challenge Nvidia.

• Chinese Autonomous Driving Firm WeRide plans to go public in the U.S. The company filed for IPO on Friday, July 26.

• Payments giant Stripe has acquired a four-year-old competitor, Lemon Squeezy for an undisclosed amount.

• Graphic design startup Canva is acquiring the generative AI platform Leonardo.AI for an undisclosed amount (mix of cash and stock deal). For context, Leonardo has 120 employees and has raised $31M in funding.

• Spring Health Announces $100M Series E funding round to accelerate growth and expand global access to mental healthcare.

• Faye raises a $31M Series B round for its fintech platform for travelers. 

• A16z Crypto leads a $9M Series A round for DePin project daylight. 

• Gradient AI raises a $56.1M Series C round to improve the insurance sector through AI-driven solutions.

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That’s it for this week. I hope it was insightful. As always, let me know what you think and if you have any questions. Cheers!

🌜 Loryn and Nicole from Dark Mode Digest