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Microsoft Q3: revenue up 17% YoY to $61.9B, net income up 20% to $21.9B, Office Commercial revenue up 13%, LinkedIn revenue up 10%; MSFT jumps 4%+ after hours (Microsoft)
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As ASML shareholders approve Christophe Fouquet as CEO, he faces a tricky balancing act to guide ASML, Europe's largest tech firm, through the US-China chip war (Toby Sterling/Reuters)
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Nagomi Security, which has developed a proactive security and threat exposure management platform, emerges from stealth with a $23M Series A and a $7M seed (Meir Orbach/CTech)
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Stripe will let customers accept crypto payments, starting with USDC on Solana, Ethereum, and Polygon, the first time it has taken crypto payments since 2018 (Ingrid Lunden/TechCrunch)
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Threads expands Hidden Words to let users filter out words, phrases, and emoji; Threads is also testing a way to mute notifications and controls for quote posts (Ivan Mehta/TechCrunch)
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Sources: ByteDance prefers a TikTok shutdown in the US rather than a sale if legal options fail, deeming TikTok's algorithm as core to overall ByteDance systems (Reuters)
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Cloud data management startup Rubrik opens up 20% at $38.60 per share in its NYSE debut, after raising $752M at a $5.6B valuation (CNBC)
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The FCC votes 3-2 to reinstate the US' net neutrality rules, expanding government oversight of ISPs and aiming to protect consumer access to the internet (Cecilia Kang/New York Times)
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Sublime, which monitors emails of companies and political campaigns to spot AI-generated phishing attacks, raised a $20M Series A, taking total funding to $30M (Thomas Brewster/Forbes)
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Movement Labs, which is building Movement L2, a layer-2 Ethereum blockchain based on the Move programming language, raised a $38M Series A led by Polychain (Leo Schwartz/Fortune)
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Sources: a Huawei-led consortium, backed by Chinese government funding, aims to compete with Nvidia by making high-bandwidth memory chips, used in GPUs, by 2026 (The Information)
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Sources: Microsoft is prioritizing security over new features to win back consumer trust, as it scrambles to respond to new attacks from Russia-linked hackers (Tom Warren/The Verge)
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Sources: ByteDance is exploring scenarios for selling a majority stake in TikTok US, preferably to a non-tech company, and without the recommendation algorithm (The Information)
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Google Meet rolls out an update to let users seamlessly transfer calls between devices "without hanging up and rejoining" via its Android, iOS, and web apps (Abner Li/9to5Google)
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Garry's Mod is removing "all Nintendo related stuff" from its Steam Workshop, covering "20 years of uploads", after receiving a takedown request from Nintendo (Andy Chalk/PC Gamer)
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Interviews with 24+ current and ex-ByteDance staff: the Beijing-based company has tightened its grip on TikTok over the past two years, causing a culture clash (Financial Times)
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A look at AI video startup Synthesia, whose avatars are more human-like and expressive than predecessors, raising concerns over the consequences of realistic AI (Melissa Heikkilä/MIT Technology Review)
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Franco-Italian chip company STMicro reports Q1 revenue down 18% YoY to $3.47B, below $3.63B est., and expects Q2 sales down 26% YoY to $3.2B, below $3.79B est. (Jillian Deutsch/Bloomberg)
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The US awards Micron up to $6.1B under the CHIPS Act, to back an up to $125B investment to build a megafab in New York and a fab in Idaho over the next 20 years (Ben Glickman/Wall Street Journal)
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Lenovo survey of 750 CIOs: 96% expect increased AI investment in the next 12 months and 42% don't expect to show return on AI investments for the next two years (Vlad Savov/Bloomberg)
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A look at Saudi Arabia's spending blitz to become an AI superpower, which has put the kingdom in the middle of an escalating global competition over AI (New York Times)
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Filing: Swiggy, which has a ~45.8% share of the Indian food delivery market, secures shareholder approval for a potential $1.25B IPO, slated for later in 2024 (Manish Singh/TechCrunch)
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Sources: ByteDance executives have previously considered TikTok's global operations to be worth ~50% of the Chinese company's overall value, or above $100B (Wall Street Journal)
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K Krithivasan, the CEO of Indian IT giant TCS, says there will be "minimal" need for call centers in as soon as one year, due to AI chatbots taking on the work (Financial Times)
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On Meta's Q1 earnings call, Mark Zuckerberg said Threads now has more than 150M MAUs, up from 130M in February 2024 (Karissa Bell/Engadget)
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Snowflake announces Arctic, an LLM optimized for enterprise tasks such as SQL generation, coding, and instruction following, with an Apache 2.0 license (Shubham Sharma/VentureBeat)
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Mark Zuckerberg says Meta AI assistant has been "tried" by "tens of millions of people" and making money from generative AI will take Meta several years (Alex Heath/The Verge)
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TSMC unveils a new chip manufacturing technology called A16, and says the company plans to start producing its ultra-advanced 1.6nm chips by 2026 (Cheng Ting-Fang/Nikkei Asia)
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Reddit says its Dynamic Product Ads, which use "shopping signals" to automatically show relevant ads to users, are entering public beta globally (Scharon Harding/Ars Technica)
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SK Hynix reports Q1 revenue of ~$9B, more than doubling YoY, and ~$2B in operating income, above estimates of ~$1.3B and the biggest quarterly profit since 2022 (Yoolim Lee/Bloomberg)
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Memo: Thrasio CEO Greg Greeley plans to resign and five other senior executives will "step down when Thrasio emerges from Chapter 11 in the coming weeks" (Annie Palmer/CNBC)
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Hands-on with the Rabbit R1: a fun and funky AI device that feels pretty nice and does a solid job with basic AI questions, but the Rabbithole app is unfinished (David Pierce/The Verge)
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Nooks, whose AI tools can analyze sales calls and summarize customer interactions, raised a $22M Series A led by Lachy Groom, bringing its total funding to $27M (Ken Yeung/VentureBeat)
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AI coding assistant startup Augment emerges from stealth with a $227M Series B at a $977M post-money valuation, following a $25M Series A led by Sutter Hill (Kyle Wiggers/TechCrunch)
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Cloud data management startup Rubrik priced its NYSE IPO at $32 a share, above its expected $28-$31 range, raising $752M and valuing the company at $5.6B (CNBC)
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Meta's stock drops 15%+ after hours on weak Q2 revenue guidance and higher FY 2024 capital expenditures due to increased AI infrastructure investments (Ashley Capoot/CNBC)
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Meta's Reality Labs Q1: revenue up 30% YoY to $440M, vs. $512.5M est., a $3.85B operating loss, vs. $4.31B est.; Reality Labs lost $45B+ since the end of 2020 (Alex Koller/CNBC)
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IBM agrees to buy HashiCorp, which helps companies manage cloud infrastructure, in a deal valuing HashiCorp at $6.4B and expected to close by the end of 2024 (Ben Glickman/Wall Street Journal)
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IBM reports Q1 revenue up 1% YoY to $14.46B, vs. $14.55B est., software revenue up 5.5% YoY to $5.9B, and net income of $1.6B, up from $927M YoY; IBM drops 5%+ (Jordan Novet/CNBC)
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Meta reports Q1 revenue up 27% YoY to $36.46B, net income up 117% YoY to $12.37B, and family daily active people up 7% YoY to 3.24B for March 2024 (Meta Investor Relations)
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Cisco details a hacking campaign that penetrated multiple governments' networks using two zero-day flaws in its VPN and firewall Adaptive Security Appliances (Andy Greenberg/Wired)
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TikTok is suspending the rewards program in TikTok Lite while it tries to resolve EU concerns about the potentially addictive nature of the program for children (Foo Yun Chee/Reuters)
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US prosecutors charge two founders of the Samourai Wallet crypto mixing service, saying it facilitated more than $100M in money laundering transactions (Bob Van Voris/Bloomberg)
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Stripe says some of its products will be available to companies that are using other payments providers, and unveils new embedded finance features and AI tools (Ingrid Lunden/TechCrunch)
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Worldcoin subsidiary World Assets plans to sell WLD tokens to meet the demand for orb-verified World IDs and support Worldcoin network growth; WLD drops 7%+ (Brian McGleenon/The Block)
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WhatsApp rolls out passkey support on iOS, removing the need for users to deal with SMS one-time passcodes, six months after introducing the feature on Android (Aisha Malik/TechCrunch)
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Apple researchers share OpenELM, a family of LLMs with 270M to 3B parameters, designed to run on-device, and pre-trained and fine-tuned on public datasets (Shubham Sharma/VentureBeat)
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Source: Cognition, which offers an AI coding assistant, raised $175M led by Founders Fund at a $2B valuation, a month after a Series A at a $350M valuation (Kate Clark/The Information)
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President Biden signs the ByteDance-TikTok divest-or-ban bill into law, after the Senate passed it by 79-18; the House passed the legislation 360-58 on April 20 (Lauren Feiner/The Verge)
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Biden's re-election campaign plans to continue using TikTok for at least the next year, with "enhanced security measures", to help "meet voters where they are" (Monica Alba/NBC News)
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