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- Google Soars, Quiets AI Doubts
Good Morning!
Happy Friday! Enjoy your weekend:
👉 Alphabet numbers are in
👉 Microsoft earnings are here
👉Pfizer gets FDA approval
BREAKING: Key inflation indicator (PCE) rose 2.8%, more than expected
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ALPHABET: EARNINGS ARE IN
Alphabet exceeded earnings expectations, calming concerns about its Google ads business and AI investments. The company saw a 15% revenue increase, marking its quickest growth since early 2022, while YouTube's ad sales rose 20%.
Source: CNBC
Google's ad revenue is rebounding despite challenges from new AI services like OpenAI's ChatGPT. Google Cloud also performed well, with revenue up 28% to $9.57 billion. Additionally, Alphabet launched new AI products, announced its first-ever quarterly dividend of 20 cents per share, and unveiled a $70 billion stock repurchase plan. As it faces increasing competition, Alphabet continues to heavily invest in new technologies.
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EARNINGS: Microsoft
Microsoft has significantly increased its spending, reaching $14 billion in capital expenditures, a 79% jump from last year, as reported in its latest earnings. This surge in spending outpaces its revenue growth, which rose by 17%. Despite these investments, Microsoft faces a shortage of data center infrastructure, particularly for deploying AI models. The demand for more computing power has grown with the integration of AI features like those in Microsoft Teams and Bing, initially sparked by OpenAI's ChatGPT.
Source: Yahoo
These issues are impacting Microsoft’s ability to meet the demand for AI capabilities, particularly in its Azure cloud service, which saw a 31% revenue increase partly due to AI. This supply limitation is expected to affect future results as well.
PFIZER: FDA Approval
On Friday, the FDA approved Pfizer's gene therapy for a rare bleeding disorder called hemophilia B, marking Pfizer's first gene therapy approved in the U.S. The treatment is for adults with severe forms of the disease and will be sold for $3.5 million per dose, however insurance and rebates can reduce the cost.
Source: Reuters
Over 7,000 people in the U.S. suffer from hemophilia B, which is caused by a deficiency of a protein necessary for blood clotting. Without enough of this protein, called factor IX, patients experience frequent and prolonged bleeding. The new drug is a one-time therapy that helps patients produce factor IX on their own, reducing the need for frequent treatments. In trials, the drug was more effective than the standard treatment, which requires multiple infusions each week or month.
Headlines You Need To Know: 🎙
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📊 Amazon Dominates Books
Source: Statista
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