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Top stories today:

1. Alphabet revenue only +3%, as operating margin falls
2. Microsoft revenue +13% to $56.5B in Q3
3. Apple confirms Mac event on Oct. 30
4. OpenAI faces price pressure from partner Microsoft, others
5. Israel faces rockets from Gaza, Syria, Lebanon

0. Data and calendar

1. Alphabet revenue only +3% in Q1 FY2023, operating margin down to 25% with restructuring charges

Cloud was the segment with the highest growth, but even that has been slowing down

Operating income fell $2.7B, with $2.6B in severance, office restructuring charges

• Alphabet stock -7% in the pre-market. - Google Finance

2. Microsoft revenue +13% to $56.5B in Q3, as operating margin +5 p.p. to 48%

• Cloud revenue +19%, similar growth rate as Alphabet's.

Cloud, Azure, Office 365 Commercial led revenue growth, as Devices were the only drag

• Microsoft stock +4% in the pre-market. - Google Finance

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4. Apple confirms Mac event on Oct. 30