🗞️ Harris jumps

August 01, 2024   |   Read Online Brought to you by: Top stories today: Fed keeps rates at 5.25% - 5.50%, with a rate cut 'as soon as [Sep.]' Meta's revenue +22% to $39.1B, as Reality Labs still loses $4.5B NVIDIA stock +13% after Microsoft's bullish results, AMD's results Harris edges higher to 43% odds after Trump interview, more polling Follow us on X | Instagram | Advertise to our 250K+ subscribers 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. 1. Fed keeps rates at 5.25% - 5.50%, with a rate cut 'as soon as [Sep.]' Risks to the Fed's "dual mandate" were added to the FOMC statement, signaling a growing worry with weaker labor markets: WSJ. Powell's full quote: "The question will be whether the totality of the data, the evolving outlook, and the balance of risks are consistent with rising confidence on inflation and maintaining a solid labor market. If that test is met, a reduction in our policy rate could be on the table as soon as the next meeting in September." Markets price in a near certainty of rate cuts in Sep., little changed from before the meeting CME FedWatch Tool. 2. Pipedrive helps you drive more deals from day one* Pipedrive. Pipedrive's easy and effective CRM lets you track your sales pipeline, manage deals, and automate the whole process so you can focus on one thing: selling. Draft quick, compelling, and personalized emails from simple prompts in just a click. Summarize threads with Al to save valuable time. Get a 14-day free trial (no credit card required) + take 20% off your first year. Start here. *Sponsored. 3. Meta's revenue +22% to $39.1B in Q2, operating profit +58% to $14.8B, as Reality Labs still loses $4.5B Meta presentation. 3.27B DAUs, +7%. Llama 4 in prep for 2025. It will use 10x more compute than Llama 3.1. Threads nearing 200M MAUs after hitting 175M in early July. 4. NVIDIA stock +13% after Microsoft's bullish results, AMD's results Google Finance. Higher spend on NVIDIA GPUs next year, Microsoft CEO Satya Nadella and CFO Amy Hood said Tuesday. AMD increased its 2024 guidance by 11% to $4.5B, with its AI divisions fueling growth. Both facts increased investor confidence in NVIDIA's ability to keep growing revenues and avoid an AI hardware peak. 5. Harris edges higher to 43% odds after Trump interview, more polling Polymarket. Trump's interview at NABJ event sees tough questions. Harris +0.2 in Nate Silver's polling average, also 43% odds. Shapiro at 67% for Dem. VP, Beshear 10%, Walz 9%. Trump proposes eliminating taxes on Social Security benefits. 100+ VCs, including Khosla, Hoffman, pledge support for Harris. 6. Interesting videos, posts, and memes Ethan Mollick: Why OpenAl Abandons Products, The Biggest Opportunities They Have Not Taken | E1184 7. Other headlines AI Gemma 2 2B outperforms some larger LLMs, underperforms Llama 3.1 8B. TikTok paying ~$20M/mo to buy OpenAI models through Microsoft. 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 Delta: CrowdStrike, Microsoft outage cost $500M. Spring Health, mental health startup, raises $100M at $3.3B. Reddit CEO: Bing, Anthropic, Perplexity must pay to search site. Rippling: maximize HR impact and hire global teams in one unified system.* Pipedrive helps you drive more deals from day one.* Mercury solves the puzzle of startup finances.* *Sponsored. Clicking on ad links may share your email with Mercury for remarketing purposes. Tech earnings Qualcomm's revenue +11% to $9.39B. eBay's revenue +1% to $2.57B, GMV +1% to $18.4B. Arm's revenue +39% to $939M, seeing weakness in certain markets. Tech & law NO FAKES Act, anti-AI deepfakes, introduced by senators. Applied Materials denied U.S. Chips Act grant for $4B project. SEC charges IRL's former CEO with fraud. Beijing seeks starting national internet ID system. Business Bill Ackman pulls Pershing USA IPO after slashing target. Crypto Tether sees $5.2B in net profits in H1. 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 3 Sep. 11 defendants agree to plead guilty at Guantanamo. H-1B program's low-cap exploited by companies farming IT workers. World Iran's Khamenei orders attack on Israel, officials say. Iraq strike carried out by U.S. Maduro: rivals, protestors should be jailed for 30 years. Russia may be preparing exchange of 20-30 political prisoners. 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! 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