⚡️Nvidia beats analyst expectations on income and revenue for third fiscal quarter.
Nvidia reported income of $1.34 billion in Q3 compared with $899 million in this year-ago period.
Revenue soared to $4.73 billion from $3.01 billion in the year-ago quarter.
https://on.mktw.net/2UGIxPO
Nvidia reported income of $1.34 billion in Q3 compared with $899 million in this year-ago period.
Revenue soared to $4.73 billion from $3.01 billion in the year-ago quarter.
https://on.mktw.net/2UGIxPO
MarketWatch
Nvidia sales and earnings hit records as videogame and server chips surge
Nvidia Corp.'s quarterly results blew past estimates to set records in the extended session Wednesday as sales rocketed past the $4 billion milestone for the...
⚡️Google takes on banking.
Google will let users open bank account through Google Pay app (in partnership with Citi) and send money to other users similar to Venmo.
https://www.cnbc.com/2020/11/18/google-moves-into-venmo-and-banking-turf-with-checking-account-app.html
Google will let users open bank account through Google Pay app (in partnership with Citi) and send money to other users similar to Venmo.
https://www.cnbc.com/2020/11/18/google-moves-into-venmo-and-banking-turf-with-checking-account-app.html
CNBC
Google moves into Venmo and bank territory with checking accounts and updated payment app
Google will let you open a bank account or pay friends through the new version of its app rolling out Wednesday.
⚡️Apple is lowering the App Store fee to 15% from 30% for developers who produce as much as $1 million in annual revenue from their apps and those who are new to the store.
Spotify and Epic Games remain unsatisfied as they don’t fall into that category.
Income from app developers has been key to Apple’s growing services business, which reached almost $54 billion in revenue in 2020.
https://www.bloomberg.com/news/articles/2020-11-18/apple-to-cut-app-store-fees-in-half-to-15-for-most-developers
Spotify and Epic Games remain unsatisfied as they don’t fall into that category.
Income from app developers has been key to Apple’s growing services business, which reached almost $54 billion in revenue in 2020.
https://www.bloomberg.com/news/articles/2020-11-18/apple-to-cut-app-store-fees-in-half-to-15-for-most-developers
Bloomberg
Apple to Cut App Store Fees in Half for Most Developers
Apple Inc. is cutting by half the fees charged to most developers who sell software and services on the App Store, marking the biggest change to the store’s revenue structure since the iPhone maker launched the service in 2008. That wasn’t enough for some…
⚡️Affirm files for IPO.
Affirm expects to list its Class A shares on the Nasdaq under the ticker AFRM.
The San Francisco company disclosed that revenue nearly doubled in the past fiscal year and surpassed half a billion dollars, rising to $509.5 million.
https://on.mktw.net/3pIcQDZ
Affirm expects to list its Class A shares on the Nasdaq under the ticker AFRM.
The San Francisco company disclosed that revenue nearly doubled in the past fiscal year and surpassed half a billion dollars, rising to $509.5 million.
https://on.mktw.net/3pIcQDZ
MarketWatch
Affirm, PayPal co-founder’s fintech startup, files for IPO
Affirm Holdings Inc. filed for an initial public offering Wednesday, giving a member of the "PayPal Mafia" yet another chance to score Wall Street riches.
⚡️What will happen to Snap in 5 years?
If Snap’s monetization progress were to mirror Facebook’s from the early 2010s, the company could see revenue grow to $19 billion by 2027 from about $2.5 billion and be valued at $200 billion.
Snap is currently worth about $60 billion.
https://www.marketwatch.com/story/snap-could-be-worth-200-billion-in-5-years-analyst-says-11605807838
If Snap’s monetization progress were to mirror Facebook’s from the early 2010s, the company could see revenue grow to $19 billion by 2027 from about $2.5 billion and be valued at $200 billion.
Snap is currently worth about $60 billion.
https://www.marketwatch.com/story/snap-could-be-worth-200-billion-in-5-years-analyst-says-11605807838
MarketWatch
Snap could be worth $200 billion in 5 years, analyst says
Snap Inc.'s "undeniably strong" revenue momentum puts the company on a path to follow in Facebook Inc.'s footsteps, according to an analyst, and that could...
⚡️A good read on all November tech IPOs - DoorDash, Airbnb, Affirm, Roblox and Wish.
Revenue and net loss figures included.
https://www.cnbc.com/2020/11/21/key-points-from-doordash-airbnb-roblox-wish-affirm-s-1-filings.html
Revenue and net loss figures included.
https://www.cnbc.com/2020/11/21/key-points-from-doordash-airbnb-roblox-wish-affirm-s-1-filings.html
CNBC
Tech companies are lining up to go public — here's what we learned from the most recent wave of IPO filings
Some of the hottest consumer internet companies are going public before year-end, and all have Covid stories to tell investors.
⚡️Snap just launched a new feature - Spotlight that works like TikTok and Instagram Reels.
Spotlight will show users the top snaps that have been submitted for consideration by the app’s more than 249 million daily users in a feed that they can swipe or tap through. Spotlight snaps will play in a continuous loop until users swipe to the next one.
https://www.cnbc.com/2020/11/23/snap-launching-a-competitor-to-tiktok-and-instagram-reels.html
Spotlight will show users the top snaps that have been submitted for consideration by the app’s more than 249 million daily users in a feed that they can swipe or tap through. Spotlight snaps will play in a continuous loop until users swipe to the next one.
https://www.cnbc.com/2020/11/23/snap-launching-a-competitor-to-tiktok-and-instagram-reels.html
CNBC
Snap is launching a competitor to TikTok and Instagram Reels
Snap just announced the launch of Spotlight, a Snapchat feature that functions like TikTok and Instagram Reels.
⚡️Tesla market cap soared to $498 billion.
Elon Musk projected in 2015 that company’s market cap would increase to $700 billion in 2025. Looks like Tesla is easily outpacing the forecast.
https://markets.businessinsider.com/news/stocks/tesla-500-billion-market-cap-elon-musk-self-driving-cars-2020-11-1029830601
Elon Musk projected in 2015 that company’s market cap would increase to $700 billion in 2025. Looks like Tesla is easily outpacing the forecast.
https://markets.businessinsider.com/news/stocks/tesla-500-billion-market-cap-elon-musk-self-driving-cars-2020-11-1029830601
Business Insider
Tesla just surged past $500 billion in market value. Elon Musk predicted self-driving cars would boost it to that level
The electric-car maker's market capitalization has soared more than 11-fold since Musk's forecast in May 2019.
⚡️Big fintech players PayPal and Square are buying up most of the new Bitcoins coming on the market. That drives BTC price to rise over $18,000.
The Bitcoin network issues new BTC on a fixed and predetermined schedule. Only 6.25 new BTCs are mined every 10 minutes.
https://www.coindesk.com/bitcoin-shortage-pantera-thinks-market-rally-driven-by-paypal-buys
The Bitcoin network issues new BTC on a fixed and predetermined schedule. Only 6.25 new BTCs are mined every 10 minutes.
https://www.coindesk.com/bitcoin-shortage-pantera-thinks-market-rally-driven-by-paypal-buys
⚡️Saleseforce in talks to acquire Slack!
Slack Technologies shares jumped 24% to $36.58, giving the company a market capitalization of $21 billion.
If the negotiations conclude successfully, a deal could be announced before Slack reports quarterly earnings on Dec. 9.
https://www.reuters.com/article/us-slack-tech-m-a-salesforce-com-idUSKBN2852PA
Slack Technologies shares jumped 24% to $36.58, giving the company a market capitalization of $21 billion.
If the negotiations conclude successfully, a deal could be announced before Slack reports quarterly earnings on Dec. 9.
https://www.reuters.com/article/us-slack-tech-m-a-salesforce-com-idUSKBN2852PA
U.S.
Salesforce to buy workplace app Slack in $27.7 billion deal
Salesforce.com Inc has agreed to buy workplace messaging app Slack Technologies Inc in a $27.7 billion deal, the biggest by the cloud-computing pioneer as it bets on an extended run for remote working and sharpens its rivalry with Microsoft.
⚡️Facebook’s crypto currency Libra could launch in Jan 2021.
https://www.ft.com/content/cfe4ca11-139a-4d4e-8a65-b3be3a0166be
https://www.ft.com/content/cfe4ca11-139a-4d4e-8a65-b3be3a0166be
Ft
Facebook’s Libra currency to launch next year in limited format
Long-awaited project to arrive as soon as January, with just one dollar-backed coin
⚡️ Nikola stock plunged more than 27% after General Motors gave up an equity stake in Nikola. The new deal drops plans on building an electric truck Badger and keeps only fuel cell partnership.
In September, the automakers announced a $2 billion deal that gave GM an 11% stake in Nikola to supply battery and fuel cell technologies as well as produce the Badger pickup.
https://www.cnbc.com/2020/11/30/gm-nikola-announce-reworked-smaller-deal-focused-on-fuel-cell-supply-deal.html
In September, the automakers announced a $2 billion deal that gave GM an 11% stake in Nikola to supply battery and fuel cell technologies as well as produce the Badger pickup.
https://www.cnbc.com/2020/11/30/gm-nikola-announce-reworked-smaller-deal-focused-on-fuel-cell-supply-deal.html
CNBC
Nikola shares crater by 27% after GM gives up equity stake in smaller, reworked deal
General Motors and Nikola announced a reworked, smaller agreement that abandons plans to build Nikola's Badger pickup truck for consumers.
⚡️ DoorDash plans to list 33 million shares on the NY Stock Exchange at a price between $75 and $85 and raise up to $2.8 billion in its IPO, giving it a valuation of up to $32 billion.
DoorDash has the lead in U.S. with 49% of meal delivery sales in September compared with Uber’s 22% and GrubHub’s 20%.
https://www.cnbc.com/2020/11/30/doordash-ipo-seeks-valuation-of-up-to-30-billion.html
DoorDash has the lead in U.S. with 49% of meal delivery sales in September compared with Uber’s 22% and GrubHub’s 20%.
https://www.cnbc.com/2020/11/30/doordash-ipo-seeks-valuation-of-up-to-30-billion.html
CNBC
DoorDash seeks valuation of up to $32 billion in IPO, double what it was in June
DoorDash plans to list 33 million shares at a price between $75 and $85.
⚡️GitLab was valued over $6 billion which is more than double the company’s last announced valuation in September 2019.
The company had originally aimed to go public this month but decided to delay those plans until 2021.
GitLab was co founded by Ukrainian developer Dmitriy Zaporozhets in 2014.
Its 1,300-plus employees work fully remote in more than 65 countries.
https://www.cnbc.com/2020/11/30/-gitlab-valued-over-6-billion-in-secondary-share-sale.html
The company had originally aimed to go public this month but decided to delay those plans until 2021.
GitLab was co founded by Ukrainian developer Dmitriy Zaporozhets in 2014.
Its 1,300-plus employees work fully remote in more than 65 countries.
https://www.cnbc.com/2020/11/30/-gitlab-valued-over-6-billion-in-secondary-share-sale.html
CNBC
GitLab is being valued at more than $6 billion in secondary share sale
Code-sharing site GitLab is letting some employees sell shares at a price that values the company at $6 billion, with a public market debut expected next year.
⚡️Zoom reported fiscal Q3 earnings after the closing bell on Monday, beating analysts’ expectations with revenue jumping 367% year-over-year ($777M vs 693M expected).
At the start of the year, Zoom’s stock price sat at $71.90. But with the company growth amid the pandemic, the stock ended Monday at $478.36.
https://finance.yahoo.com/news/zoom-q3-earnings-2021-190234686.html
At the start of the year, Zoom’s stock price sat at $71.90. But with the company growth amid the pandemic, the stock ended Monday at $478.36.
https://finance.yahoo.com/news/zoom-q3-earnings-2021-190234686.html
Yahoo
Zoom Q3 earnings beat analysts' expectations, revenue up 367%
Zoom beats earnings expectations as the pandemic-driven service continues impressive performance.
⚡️Facebook backed Libra Association was renamed to Diem. Libra cryptocurrency will be called Diem as well (why not just call it a Zuck Buck).
It could debut as a single coin backed by the dollar, with an initial launch as early as Jan 2021.
Diem is an independent group organized by Facebook to manage digital currencies that had a rough start when Visa, MasterCard, eBay and PayPal dropped out. Although companies like Coinbase, Farfetch, Spotify, Uber and Shopify still remain its members.
https://www.cnbc.com/2020/12/01/facebook-backed-libra-digital-currency-has-been-renamed-diem.html
It could debut as a single coin backed by the dollar, with an initial launch as early as Jan 2021.
Diem is an independent group organized by Facebook to manage digital currencies that had a rough start when Visa, MasterCard, eBay and PayPal dropped out. Although companies like Coinbase, Farfetch, Spotify, Uber and Shopify still remain its members.
https://www.cnbc.com/2020/12/01/facebook-backed-libra-digital-currency-has-been-renamed-diem.html
CNBC
Facebook-backed Libra Association has been renamed Diem
It follows Facebook's rebranding of its digital wallet earlier this year to Novi from Calibra.
⚡️Salesforce will acquire Slack for $27.7 billion ($26.79 in cash and 0.0776 shares).
Shares of Slack rose nearly 48% in the last five days.
https://finance.yahoo.com/news/salesforce-to-buy-slack-for-27-billion-reports-q3-results-211923742.html
Shares of Slack rose nearly 48% in the last five days.
https://finance.yahoo.com/news/salesforce-to-buy-slack-for-27-billion-reports-q3-results-211923742.html
Yahoo
Salesforce to acquire Slack in $27.7B deal
Another strong quarter for Salesforce revenue as the company looks to grow.
⚡️Hewlett Packard Enterprise is leaving Silicon Valley and relocating its headquarters from San Jose, California, to Houston, Texas.
Hewlett-Packard was one of the original Silicon Valley success stories, founded by partners Bill Hewlett and Dave Packard in a garage in Palo Alto 1939.
The garage has turned into a tourist destination and became known as the "Birthplace of Silicon Valley."
https://www.cnbc.com/2020/12/01/hpe-is-relocating-headquarters-to-houston-from-california.html
Hewlett-Packard was one of the original Silicon Valley success stories, founded by partners Bill Hewlett and Dave Packard in a garage in Palo Alto 1939.
The garage has turned into a tourist destination and became known as the "Birthplace of Silicon Valley."
https://www.cnbc.com/2020/12/01/hpe-is-relocating-headquarters-to-houston-from-california.html
CNBC
Hewlett Packard Enterprise is the latest tech company to leave Silicon Valley, and is moving to Houston
The coronavirus pandemic has given a number of tech companies, and prominent Silicon Valley figures, an excuse to exit California.
🎄Microsoft released its geek version of holiday ugly sweater.
$70 worth Windows sweaters sold out in 24h.
https://www.businessinsider.com/how-to-buy-microsoft-paint-holiday-sweaters-2020-12?r=MX&IR=T
$70 worth Windows sweaters sold out in 24h.
https://www.businessinsider.com/how-to-buy-microsoft-paint-holiday-sweaters-2020-12?r=MX&IR=T
Business Insider
Microsoft's $70 nostalgia-fueled holiday sweaters sold out in 24 hours — but you'll have a second chance to snag them later this…
Microsoft's 2020 #WindowsUglySweater offerings include a $70 MS Paint "Soft-wear" sweater with icons nodding to the firm's beloved computer program.
💵 In the light of recent $27.7 billion acquisition of Slack by Salesforce here is a recap of the greatest Big Tech deals:
• IBM buys Red Hat for $34 billion in 2019
• Amazon buys Whole Foods for $13.7 billion in 2017
• Microsoft buys LinkedIn for $26.2 billion in 2016
• Facebook buys WhatsApp for $19 billion in 2014
• Microsoft buys Skype for $8.5 billion in 2011
• Facebook buys Instagram for $1 billion in 2012
• Google buys YouTube for $1.65 billion in 2006
https://fortune.com/2020/12/02/slack-salesforce-deal-acquisition-big-tech-amazon-whole-foods-apple-beats-facebook-instagram-google-youtube/
• IBM buys Red Hat for $34 billion in 2019
• Amazon buys Whole Foods for $13.7 billion in 2017
• Microsoft buys LinkedIn for $26.2 billion in 2016
• Facebook buys WhatsApp for $19 billion in 2014
• Microsoft buys Skype for $8.5 billion in 2011
• Facebook buys Instagram for $1 billion in 2012
• Google buys YouTube for $1.65 billion in 2006
https://fortune.com/2020/12/02/slack-salesforce-deal-acquisition-big-tech-amazon-whole-foods-apple-beats-facebook-instagram-google-youtube/
Fortune
How the Slack/Salesforce deal stacks up to other big tech mergers
Salesforce buying Slack is one of the priciest tech deals of all time—history will be the judge of whether it was worth it.
🌵Elon Musk could be moving to Texas.
Three of Musk’s businesses SpaceX Tesla and Boring Company already have offices in Texas.
Getting out of California, with the highest income tax in the country %13.3, and into Texas, which has no state income tax, could save Musk billions of dollars.
https://www.cnbc.com/2020/12/02/tesla-ceo-elon-musk-plans-to-move-to-texas-friends-and-associates-say.html
Three of Musk’s businesses SpaceX Tesla and Boring Company already have offices in Texas.
Getting out of California, with the highest income tax in the country %13.3, and into Texas, which has no state income tax, could save Musk billions of dollars.
https://www.cnbc.com/2020/12/02/tesla-ceo-elon-musk-plans-to-move-to-texas-friends-and-associates-say.html
CNBC
Tesla CEO Elon Musk has told friends and associates he plans to move to Texas
Elon Musk has been vocal in his criticisms of California during the Covid-19 crisis, but he has significant tax reasons for leaving.