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Top stories today: - Tesla's operating income +54%, with EPS beating estimates
- Apple said to sharply scale back Vision Pro production
- Google releases SynthID Text to watermark AI-generated text
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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). |
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Listen to our AI-generated podcast summarizing today's newsletter (beware the few hallucinations): |
| Bay Area Times Daily - Oct. 24, 2024 ► Play Online |
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1. Tesla's operating income +54%, with EPS beating estimates as demand rebounds |
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+8% YoY in Q3 revenue to $25.18B, vs. $25.41B estimated. +17% in Q3 net income (GAAP) to $2.17B, with an adjusted EPS of $0.72 beating estimates of $0.60. 463K vehicles delivered in Q3, vs. 444K in Q2 and 435K a year ago. Cybertruck reached profitability for the first time. Autonomous ride-hailing to go public in Texas and California next year. Plans for more affordable models in 1H 2025.
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Tesla's stock was +12% in trading after hours |
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3. Apple said to sharply scale back Vision Pro production |
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Relatedly, Apple is reportedly nearing production of an updated MacBook Air with the M4 chip |
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13-inch and 15-inch models in the new lineup. Next week: new Macs, including MacBook Pro and iMac, said to launch. This spring: new entry-level iPad models could debut.
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4. Google releases SynthID Text to watermark AI-generated text |
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Adds info to token distribution by modulating token generation likelihood. Doesn't compromise quality, accuracy, creativity, or speed, Google said. However, it doesn't perform well with short, rewritten, and translated text. Free to download from Hugging Face and Google's Responsible GenAI Toolkit. Later this summer, Google will open source SynthID Text.
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SynthID can also watermark videos by embedding a watermark in each frame's pixels |
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6. Global VC dealmaking in pet companies continues to decline as demand cools |
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-44.1% to $1.75B in 2023 from the 2021 peak in VC funding into pet startups. 2024 YTD: $0.72B worth of VC deals closed. 189 deals have been closed this year so far. Loyal and FirstVet among the startups raised sizeable sums in 2024. Vetted Capital to raise $150M–$300M for the first pet care-focused fund.
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7. Triple, quad camera smartphones capture 50% of global sales |
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700M smartphones debuted in 2023 with optical image stabilization (OIS) |
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Smartphones with a 1-inch CIS camera continue to grow in the global smartphone sales |
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8. Interesting videos, posts, and memes |
 | AJ Tennant: How to Build a Sales Machine and Where Most Go Wrong | E2118 |
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 | 2 $1M+ EdTech Startups you can launch tomorrow |
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9. Other headlines |
AI |
SK Hynix's revenue +94% to $12.7B, operating margin at 40%. Ex-OpenAI employee accuses company broke law when scraping content. Character AI sued over teen's suicide. iOS 18.2 first beta out with Genmoji, Visual Intelligence, ChatGPT support. Perplexity CEO says it wants revenue-share deals with news publishers.
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Tech |
WeRide, Chinese self-driving startup, files for $119M IPO. Apple cuts iPhone 16 orders by ~10M units for 4Q24-1H25: report. Nicole Shanahan profile: remaking herself as a "pro-Trump wellness guru." IBM's revenue +1% to $15.0B, lower than $15.1B estimates. TikTok says it's bringing STEM feed to all users in U.S., UK, Ireland by default.
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Tech & law |
EU's Court of Justice gives Intel win in $1.1B antitrust fine case. Apple, Goldman Sachs to pay $89M in U.S. fines over credit card program.
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Biotech |
RegenxBio promotes positive data from wet AMD gene therapy trial. Radiopharma Alpha-9 raises $175M series C to fund clinical push. Ocuphire to transform into gene therapy biotech via Opus buyout.
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Business |
Boeing strikers reject 35% pay hike +4-year contract. New home sales on track to fall 3%+ YoY, out at 10 AM ET.
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Crypto |
Crypto super PAC Fairshake poised to spend more $40M in final weeks. Nigeria court releases Binance exec detained for months. BTC whale count surge to highest levels since Jan. 2021. Citibank debanked Ripple's Brad Garlinghouse due to crypto, exec says.
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U.S. politics |
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World |
Turkey's Erdogan sole NATO member to join BRICS Summit in Russia. Hezbollah sends 50+ rockets into Israel. Israel's Gallant: "after we strike in Iran, everyone will understand" our preparation. Hamas ready to prioritize Russian hostages in potential deal: deputy head.
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