August 02, 2024 | Read Online

Brought to you by:

0. Data and calendar

All values as of 1 AM ET / 10 PM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. Intel stock -19% after weak earnings, to lay off 10K workers, 15% of staff

Google Finance: Intel.

$10B in cost cuts across the board, including headcount, CAPEX, and cost of sales.
Revenue -1% YoY to $12.8B.
Operating margin of -15%, from -8%.
Dividends being suspended starting in Q4.

2. Don Lemon sues Elon Musk, X for canceling web show

Lemon v. Musk.

Lemon claims Elon promised $1.5M/year and full authority over content.
$200K was to be paid upfront, Lemon alleges.
No contract had been signed between them. Lemon alleges Elon said there would be no need to "fill out paperwork."

3. Athyna: Hire high-quality, affordable remote talent

Athyna.

They source the best talent from LATAM and South Africa.
- Native or fluent English.
- Similar time zones.
1/3 to 1/2 the cost of U.S./European talent.
It's what the Bay Area Times uses to hire our team!
$1,000 discount for BAT readers.

Learn more about Athyna.

*Disclaimer: Athyna is a partner of the Bay Area Times.

4. Apple's revenue +5% to $85.8B, led by Services, iPad, as China sales drop

Apple.

New iPads were released in Q2, first since 2022.
To look out in Q3/Q4: iPhone 16 lineup and Apple Intelligence launch.
Stock +1% after-hours.

5. Amazon stock -7% with worrying remarks, even as operating income +91% to $14.7B

North America and AWS led in operating income growth, as AWS led in revenue:

Amazon.

Consumers "are continuing to be cautious with their spending trading down, [looking] for deals," Amazon's CFO, Brian Olsavsky, said.
Ad revenue was +20% to $12.77B.

6. Interesting videos, posts, and memes

YouTube video by No Priors: AI, Machine Learning, Tech, & Startups

No Priors Ep. 74 | With Google DeepMind VP of Research Oriol Vinyals

AI in Pharmaceutical R&D with Kim Branson

7. Other headlines

AI

Contextual AI, RAG 2.0 for LLM development, raises $80M.
Chrome's desktop version getting new Gemini-powered features.

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.*

*Sponsored.

Tech

Microsoft names OpenAI as competitor in AI, search.

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.*
Pipedrive helps you drive more deals from day one.*
Mercury simplifies your financial workflows.*

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

Tech earnings

Block's revenue +11% to $6.16B.
Coinbase's revenue +108% to $1.38B, still reliant on high consumer fees.
Snap's revenue +16% to $1.24B, stock -16% on weak guidance.
Twilio's revenue +4% to $1.08B, net loss of $32M.
Roku's revenue +14% to $968M, net loss of $34M.
Cloudflare's revenue +30% to $401M.

Tech & law

NVIDIA's buy of Run:ai probed by DOJ.
Apple files motion to dismiss DOJ's antitrust lawsuit.
Net neutrality rules from Biden admin blocked by appeals court.
G42 working with U.S. to meet AI standards amid China worries.
HPE's $14B Juniper deal approved by EU.
EU's AI Act comes into force.

Business

Buffett sells another $1B of BofA stock.
Venu sports streaming service priced at $42.99/mo.

Crypto

Do Kwon's extradition to Korea approved by Montenegro court.

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

*Sponsored.

U.S. politics

$80B tax bill rejected by Senate after bipartisan support in House.
Trump campaign raises $139M in July, has $327M in cash.
Nate Silver: election toss-up, with Harris at 45%.
JD Vance defends Trump's NABJ comments on Harris.

World

Evan Gershkovich, Paul Whelan, others released in prisoner swap.
Israel preps for potential attack by Iran.
Ismail Haniyeh's cause of death: smuggled bomb into Tehran guesthouse.
Maduro's opponent recognized as election winner by U.S.
Venezuela's opposition leader: in hiding, "fearing for my life."

Was this newsletter forwarded to you? Sign up here. Liked it? Forward it to friends and get rewards (see below).

Share Bay Area Times

Share our newsletter with your friends and get free Bay Area Times rewards!

You currently have 0 referrals, only 1 away from receiving our Generative AI Unicorns Database.

Click to Share

Or copy and paste this link to others: https://www.bayareatimes.com/subscribe?ref=UbEAXR818y&_bhlid=3a204cfb8901619d48d332d8182731bdbd6bdcc7

What did you think of today's newsletter?

Advertise on the Bay Area Times

Disclaimer: The Bay Area Times is a news publisher. All statements and expressions herein are the sole opinions of the authors or paid advertisers. The information, tools, and material presented are provided for informational purposes only, are not financial advice, and are not to be used or considered as an offer to buy or sell securities; and the publisher does not guarantee their accuracy or reliability. You should do your own research and consult an independent financial adviser before making any investments. Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. Assets mentioned may be owned by members of the Bay Area Times team.

Please read our Terms of Service and our Privacy Policy before using Our Service.