July 31, 2024 | Read Online

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0. Data and calendar

All values as of 12 AM ET / 9 PM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. Microsoft's revenue +15% to $64.7B, as net income +10% to $22.0B

Microsoft presentation.

Growth across segments were stable, with Azure slightly decelerating from 31% YoY to 29%

CNBC.

8 p.p. of Azure's increase was AI-related, from 7 p.p. in the prior quarter.
Stock -3% after hours, as investors expected more positive news about AI.

2. Rethinking Startup Models: The Compound Startup Approach*

Rippling.

Compound startups can offer deeper product integration, common UX patterns, and bundled pricing, leading to superior efficiency and customer value.
Unlike focused startups tackling single issues, compound startups address comprehensive business challenges, creating more substantial market opportunities.
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*Sponsored.

3. AMD's revenue +9% to $5.8B, with AI units growing

Data Center and Client are their AI segments:

NVIDIA presentation.

$1B in sales for their main AI chip, the AMD Instinct MI300 accelerator, which competes with NVIDIA's H100.
Yearly: both AMD and NVIDIA plan to release AI chips every year.
Unclear how sustainable NVIDIA's competitive advantage is.

4. 'Friend' AI wearable device listens, texts you, priced at $99

X: Friend founder Avi Schiffmann.

Jan. 25: when it ships.
$1.8M: cost of the domain name Friend.com — the startup raised $2.5M in total.
Claude 3.5 powers the Friend device.
Already widely criticized on X for being dystopian.

5. Trump 61%, Harris 38% odds of winning: Nate Silver

Nate Silver.

Trump +0.4 nationally and in Pennsylvania, according to Silver's polling averages.
Harris pledges to sign border bill that Trump opposed.
Project 2025 director steps down amid Trump criticism.

98% of Trump and Harris ads are airing in 5 states

Bloomberg.

6. Japan leads in Paris Olympics, as U.S. is expected to catch up

Bloomberg.

76% odds of the U.S. catching up, on Polymarket.

7. Interesting videos, posts, and memes

Meta's Joe Spisak on Llama 3.1 405B and the Democratization of Frontier Models | Training Data

8. Other headlines

AI

ChatGPT's Advanced Voice Mode begins rollout.
Meta eliminates AI celebrity chatbots after 1 year.
Google betting on AI improving medical industry.

Athyna: hire incredible global talent with up to 80% savings vs. U.S. hires.*
Open Source CEO: learn how to be a leader and outperform the competition, with this free newsletter.*

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Tech

X CEO Yaccarino's relationship with Elon: a look at.
Flo Health, fertility tracker, raises $200M at $1B+.

Rippling: maximize HR impact and hire global teams in one unified system.*
Sidebar is a personal board of advisors for the next generation of leaders.*
Mercury saves your finance team valuable time.*

*Sponsored. Clicking on ad links may share your email with Mercury for remarketing purposes.

Tech earnings

Samsung's revenue +23% to $54B, operating profits 16x to $8B.
PayPal's revenue +9% to $7.9B, lifts profit guidance for 2nd time.
EA's revenue -14% to $1.9B.
Match's revenue +4% to $864M, will cut 6% of staff.
Pinterest's revenue +21% to $854M, MAUs +12% to $522M.
Netflix raising $1.8B in new debt offering, 1st since investment-grade status.
Intel plans to eliminate 1K's of jobs.

Tech & law

Kids Online Safety Act passes in Senate by 91 to 3.
Meta to pay $1.4B to settle TX facial recognition lawsuit.
Booking fined $448M by Spain for alleged abuse of dominant position.

Business

Olympics revenue at NBC surpasses record $1.25B for Tokyo 2020.

Crypto

BitClout founder charged by DOJ, SEC with fraud.
California's DMV puts 42M cars on blockchain to detect fraud.

tea Protocol: click to subscribe to tea's newsletter and learn more about how to get rewards for your open-source contributions.*

*Sponsored.

World

Hamas says leader Ismail Haniyeh killed in Iran, accusing Israel.
Israel hits Beirut, says it killed senior commander, won't do further strikes.
Maduro quick to silence opposition, starts arresting detractors.
F-16s U.S. will provide Ukraine to be armed with advanced weapons.

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