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Elon Musk’s xAI seeks $40B valuation in new funding

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Top stories today:

  1. Elon Musk’s xAI seeks $40B valuation in new funding
  2. Google Cloud drives Alphabet’s Q3 accelerating revenue growth
  3. Mac mini redesigned in 1st since 2010, with considerably smaller build
  4. GitHub Copilot goes multi-model
  5. Samsung loses $122B market value in 4 months

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

Listen to our AI-generated podcast summarizing today’s newsletter (beware the few hallucinations):

1. Elon Musk’s xAI seeks $40B valuation in new funding

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3. Google Cloud drives Alphabet’s Q3 accelerating revenue growth

  • +35% YoY in Google Cloud revenue in Q3, reaching $11.4B (13%) (up from $8.4B (11% of total) a year ago).

  • +632% in Google Cloud operating income, at $1.9B (up from $266M).

  • +13% in Google Services revenue, totalling $76.5B.

  • +15% in Alphabet’s overall revenue to $88.3B.

  • +34% in Alphabet quarterly net income to $26.3B.

  • Alphabet’s ad business, mainly through Google Search and YouTube, slowed.

    • +10.4% total ad sales to $65.9B, down from 11% growth a year earlier.

Alphabet’s stock was +6% to $179.50 ($2.2T market cap) in trading after the bell

4. Mac mini redesigned in 1st since 2010, with considerably smaller build

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