Techmeme: Cloud data management startup Rubrik priced its NYSE IPO at $32 per share, above its expected $28 to $31 range, raising $752M and valuing the company at $5.6B (CNBC)

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April 25, 2024, 4:10 AM

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Meta Investor Relations:

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 Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended March 31, 2024.

Ashley Capoot / CNBC:

Meta's stock dropped 15%+ after hours on weak Q2 revenue guidance and higher FY 2024 capital expenditures due to increased AI infrastructure investments — Meta shares plunged in extended trading on Wednesday after the company issued a light forecast, overshadowing better-than-expected first-quarter results.

More: Wall Street Journal, Livemint, FXStreet, Reuters, Shacknews, Benzinga, Financial Times, The Crypto Times, NBC News, Proactive, Fast Company, The Irish Times, Benzinga, The Hollywood Reporter, and Bloomberg

Threads: @vthallam and @kurtwag8

LinkedIn: Roderick Mann and Ashley Capoot. Forums: r/wallstreetbets

See also Mediagazer

Alex Heath / The Verge:

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

More: The Hindu, Business Insider, Financial Times, Moneycontrol, Business Today, Bloomberg, New York Times, Dow Jones Newswires, Metanews, and Business Insider

Threads: @alexheath. Bluesky: @marygillis.bsky.social

Karissa Bell / Engadget:

On Meta's Q1 earnings call, Mark Zuckerberg said Threads now has more than 150M MAUs, up from 130M in February 2024

More: TechCrunch, Neowin, Benzinga, The Verge, and Business Insider

Threads: @alexheath, @wongmjane, @parkerortolani, and @kalihays1

Alex Koller / CNBC:

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

More: Silicon Republic, MIXED Reality News, Proactive, and MarketWatch

Mastodon: @parismarx@mastodon.online. X: @cap_zay, @brandolightshed, @jason_kint, @ballmatthew, @lamonicabuzz, @ballmatthew, and @qcapital2020

Forums: r/Economics and r/technology

Lauren Feiner / The Verge:

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 — The divest-or-ban bill is now law, starting the clock for ByteDance to make its move. The company has an initial nine months …

More: Ars Technica, CNBC, Reuters, The White House, GamesIndustry.biz, 9to5Mac, Associated Press, New York Times, Variety, Washington Post, ExchangeWire.com, BBC, Wired, The Guardian, CNN, Mashable, Semafor, Business Times, ABC7, Android Headlines, PetaPixel, Forbes, Rolling Stone, Android Authority, Comic Book, Kiplinger.com, Engadget, PCMag, KnowTechie, Axios, The Information, Bloomberg, Semafor, TechCrunch, Business Insider, Wired, Tom's Guide, India Today, Infosecurity, Total Telecom, The Wrap, Dexerto, Music Ally, The Register, The Guardian, PR Daily, DJ Mag, NBC News, Engadget, One Man & His Blog, XDA Developers, Android Police, Far Out Magazine, ComingSoon.net, The Independent, London Evening Standard, Wall Street Journal, Silicon UK, Florida Politics, Benzinga, The Daily Beast, Mastodon, Australia & World, Social Media Today, Mothership.SG, Politico, GSMArena.com, Neowin, Bloomberg, Newsweek, and CNBC

Threads: @jbillinson, @ezeekat, @jw, @alexheath, and @vishwanathsarang

Mastodon: @mattontech@mastodon.sdf.org, @NeoNacho@mastodon.social, and @caseynewton@mastodon.social

Forums: Hacker News, r/China, r/Sino, r/rspod, r/stupidpol, r/InternationalNews, r/technews, r/PoliticalSparring, r/geopolitics, r/technology, r/Tiktokhelp, r/news, r/politics, r/popculturechat, Beehaw, Beehaw, Slashdot, and Ars OpenForum

See also Mediagazer

Wall Street Journal:

Sources: ByteDance executives have previously considered TikTok's global operations to be worth ~50% of the company's overall value, or above $100B

X: @jchengwsj and @wsjtech

New York Times:

How a tiny group of US lawmakers and aides wrote the TikTok divestment bill, hiding their efforts to avoid TikTok's lobbying, alongside the DOJ and White House

More: Techdirt, Courthouse News Service, NBC News, Politico, The Atlantic, The Information, and Forbes

Threads: @davechensky. Mastodon: @profcarroll@federate.social. X: @sapna, @sapna, @sapna, @brendancarrfcc, @nathanleamerdc, and @sapna

Alex Barinka / Bloomberg:

Biden signing the TikTok divestment bill starts a 270-day countdown for a sale or a US prohibition; sources say ByteDance sees a divestiture as a last resort

More: Digiday, CNN, New York Times, Wired, Daily Post Nigeria, Digital Music News, Daily Sabah, WITN, Livemint, The Verge, Washington Post, and Financial Times

Forums: r/neoliberal, r/FreeSpeech, and r/business

See also Mediagazer

M.G. Siegler / Spyglass:

Whether TikTok is banned or not, this is the end as we know it for the money-losing app, which may lose focus due to advertiser, creator, and staff uncertainty

More: Hindustan Times, WAFF-TV, NBC News, WECT-TV, Out Magazine, Forbes, KSNV, Western Massachusetts News, ABC11, Star Tribune, and CBS News

See also Mediagazer

Andy Greenberg / Wired:

Cisco details a hacking campaign that penetrated multiple governments' networks using two zero-day flaws in its VPN and firewall Adaptive Security Appliances — Sources suspect China is behind the targeted exploitation of two zero-day vulnerabilities in Cisco's security appliances.

More: Cisco Talos Blog, Cisco, Cisco, Ars Technica, The Record, Canadian Centre …, BleepingComputer, Cybersecurity …, SiliconANGLE, Security Affairs, The Register, InfoRiskToday.com, and CRN

Mastodon: @da_667@infosec.exchange, @GossiTheDog@cyberplace.social, @mttaggart@infosec.town, and @agreenberg@infosec.exchange

LinkedIn: Lodi Hensen and Alexander Viftrup Andersen

Forums: r/netsec, r/privacy, and Slashdot

Ben Glickman / Wall Street Journal:

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 — IBM will pay $35 a share for the cloud-software company in cash, giving it access to HashiCorp's roster of some 4,400 clients

More: IBM, Bloomberg, The Register, HashiCorp, TechCrunch, Investing.com, AVOA, SiliconANGLE, The New Stack, Network World, The Information, Forbes, DevOps.com, and Channel Futures

Mastodon: @megmac@social.treehouse …. Bluesky: @permadeath.com. X: @devnetdan, @armon, @semil, @geerlingguy, @hashicorp, @a2d2, @melvinmonetary, @rakyll, and @kelseyhightower

LinkedIn: Armon Dadgar, Bill Grady, Bryan Krausen, and Aly Farooqui. Forums: r/Terraform

Jordan Novet / CNBC:

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%+

More: Reuters, IBM, Bloomberg, SiliconANGLE, CRN, Constellation Research, Investor's Business Daily, and Barron's Online

Forums: Hacker News and r/technology

David Pierce / The Verge:

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 — There were times I wasn't sure the Rabbit R1 was even a real thing. The AI-powered, Teenage Engineering-designed device came …

More: Engadget, rabbitscam on GitHub, Tom's Guide, The Overspill, 9to5Google, PCMag, TechSpot, TechCrunch, Android Headlines, Dexerto, Wired, Mashable, Mashable, Tom's Guide, and CNET

Mastodon: @carnage4life@mas.to and @stroughtonsmith …. Bluesky: @zitron.bsky.social

X: @mkbhd, @snazzylabs, and @maxwinebach. Forums: Hacker News

Bob Van Voris / Bloomberg:

US prosecutors charge two founders of Samourai Wallet, saying the crypto mixing service facilitated more than $100M in money laundering transactions — - US prosecutors say Samourai Wallet was ‘haven for criminals’ — Europol has said crypto mixing services are a ‘top threat’

Shubham Sharma / VentureBeat:

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 — Just as Google, Samsung and Microsoft continue to push their efforts with generative AI on PCs and mobile devices …

More: Apple on Hugging Face, MacRumors, arXiv.org, Hindustan Times, 9to5Mac, AppleInsider, MSPoweruser, NewsBytes, Philip Elmer‑DeWitt, The Register, The Information, SiliconANGLE, The Verge, and Simon Willison's Weblog

Threads: @paul_rietschka. X: @sbeastwindy, @nickadobos, @parkerortolani, @simonw, @burkov, @max_paperclips, @awnihannun, @simonw, @simonw, @_akhaliq, @thom_wolf, @pcuenq, @arankomatsuzaki, @clementdelangue, and @morastegari

Forums: Hacker News, Hacker News, r/LocalLLaMA, and MacRumors Forums

Shubham Sharma / VentureBeat:

Snowflake announces Arctic, an LLM optimized for enterprise tasks such as SQL generation, coding, and instruction following, with an Apache 2.0 license — Today, Snowflake announced the launch of Arctic, a large language model (LLM) optimized for complex enterprise workloads such as SQL generation …

More: Snowflake, MSPoweruser, ITPro, Barron's Online, CIO Dive, ZDNet, InfoWorld, TechCrunch, and SiliconANGLE

X: @haozhangml, @vivek7ue, @ramaswmysridhar, @thom_wolf, @aurickq, @omarsar0, @jeffra45, @snowflakedb, @yahoofinance, @unixterminal, @vivek7ue, and @deliprao

LinkedIn: Craig Collier, Kaitlyn Hopkins, and Mike Biebel. Forums: r/snowflake

Vlad Savov / Bloomberg:

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 — READ MORE ON ARTIFICIAL INTELLIGENCE — Big Tech … SUBSCRIBE TO THE POWER ON NEWSLETTER — Startups

More: Lenovo StoryHub

Yoolim Lee / Bloomberg:

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

More: South China Morning Post, The Korea Herald, ZDNet, Wall Street Journal, KED Global, Reuters, TrendForce Insights, and Nikkei Asia

Kyle Wiggers / TechCrunch:

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 — AI is supercharging coding — and developers are embracing it. — In a recent StackOverflow poll, 44% of software engineers …

More: Augment, SiliconANGLE, and Maginative

X: @typedfemale and @hyhieu226

Forums: Hacker News and Hacker News

CNBC:

Cloud data management startup Rubrik priced its NYSE IPO at $32 per share, above its expected $28 to $31 range, raising $752M and valuing the company at $5.6B — Bipul Sinha, co-founder and CEO of data security software company Rubrik. Sinha previously backed cloud management company Nutanix.

More: Bloomberg, Wall Street Journal, Reuters, The Information, Fortune, CRN, SiliconANGLE, and Barron's Online. X: @lesliepicker

Cheng Ting-Fang / Nikkei Asia:

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 — Taiwan chip titan aims to secure leading position and capture AI demand — TAIPEI — Taiwan Semiconductor Manufacturing Co …

More: Reuters, TSMC, TweakTown, and TrendForce Insights

Aisha Malik / TechCrunch:

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 — WhatsApp is introducing support for passkey verification on iOS, removing the need for users to deal with SMS one-time passcodes.

More: Financial Express, Engadget, Hindustan Times, The Mac Observer, MySmartPrice, NewsBytes, MacRumors, Wccftech, Forbes, PhoneArena, and The Verge

Mastodon: @505fred@mastodon.social. X: @whatsapp

Joanna Nelius / The Verge:

Qualcomm details its Snapdragon X Plus and X Elite chips; benchmarks from a demo suggest the chips match Apple's M3, Intel's Core Ultra 9, and AMD's Ryzen 9 — On Wednesday, Qualcomm announced the impending arrival of its Snapdragon X Plus laptop processor alongside more information …

More: Ars Technica, Qualcomm, Business Today, VentureBeat, ZDNet, AnandTech, MSPoweruser, Sam Lover, 9to5Google, PCMag, HotHardware, Forbes, XDA Developers, Thurrott, Tomshardware, and Tom's Hardware

X: @vadimyuryev, @edludlow, @unixterminal, @g_schneemann, @daniel_rubino, @sean_endicott_, @theunlockr, @snapdragon, and @tomwarren. LinkedIn: Brent Summers. Forums: r/technology

Charlie Demerjian / SemiAccurate:

Sources: Qualcomm is cheating on Snapdragon X Plus and Elite benchmarks given to OEMs and the press; the numbers are not achievable with the claimed settings

More: PhoneArena and Macworld

X: @kepler_l2, @aadetugbo, @cdemerjian, and @ghost_motley

Forums: r/hardware and Slashdot

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From Mediagazer

Brian Steinberg / Variety:

Sources: NBCUniversal Vice Chairman Bonnie Hammer plans to leave the company at the end of the year; she has been with the company since 2004

Ashley Carman / Bloomberg:

A growing number of podcasters, including Tim Ferriss, are moving away from interviews to monologues or co-hosts, as some well-known guests can be overexposed

Jonathan Stempel / Reuters:

A New York judge finds Sirius XM liable for a difficult subscription cancellation process; Sirius says it will appeal but abide by a new “click-to-cancel” rule

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New York Times:

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

LinkedIn: Monis Rahman

Manish Singh / TechCrunch:

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

More: The Economic Times, Business Today, Moneycontrol, Entrackr, Business Standard, and Inc42 Media

Financial Times:

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

X: @johnreedwrites, @ft, and @christopherkay

Scharon Harding / Ars Technica:

Reddit says its Dynamic Product Ads, which use “shopping signals” to automatically show relevant ads to users, are entering public beta globally

More: Social Media Today and Search Engine Land

Mastodon: @dangillmor@mastodon.social. Forums: Ars OpenForum

See also Mediagazer

Annie Palmer / CNBC:

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”

X: @rogoswami and @levynews

Ken Yeung / VentureBeat:

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

More: Nooks and FinSMEs. X: @annimaniac

Foo Yun Chee / Reuters:

TikTok suspends the rewards program in TikTok Lite while the company tries to resolve EU concerns over the potentially addictive nature of Lite for children

More: Engadget, The Guardian, Brussels Signal, Irish Examiner, GovTech, Android Headlines, Tubefilter, The Hill, PYMNTS.com, The Information, and Bloomberg

X: @tiktokpolicyeur, @thierrybreton, @vestager, and @stokel

See also Mediagazer

Earlier Picks

Ingrid Lunden / TechCrunch:

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

More: American Banker, PYMNTS.com, Finextra, Bloomberg, Stripe, and Stripe

X: @stripe, @dps, @bentossell, @stripe, and @stripe

Brian McGleenon / The Block:

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%+

More: Semafor, Worldcoin, Tech Policy Press, Cryptonews, BeInCrypto, Gizmodo, and Cointelegraph

X: @reedalbergotti, @foftypawlow, @nanixbt, @beniduboss, and @zachxbt

Kate Clark / The Information:

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

More: CoinGape. X: @amir, @steph_palazzolo, @jaykef_, and @rowancheung

Meir Orbach / CTech:

Nvidia acquires AI infrastructure orchestration and management service Run:ai, a source says for ~$700M; Run:ai, founded in 2018, had raised $118M to date

More: NVIDIA, TechCrunch, VentureBeat, Globes Online, Tech in Asia, The Information, Maginative, SiliconANGLE, Neowin, Network World, TLV Partners, The Register, insideHPC, Laptop Mag, and PYMNTS.com

LinkedIn: Panos Lampropoulos and Amit Kumar. Forums: Hacker News

Brian X. Chen / New York Times:

Hands-on with the Meta AI chatbot: fails at basic search queries, stinks at counting, excels at editing existing paragraphs, quickly creates images, and more

More: MSPoweruser and The Verge

Threads: @technologizer and @parkerortolani

Tom Warren / The Verge:

Microsoft begins rolling out Windows 11 Start menu ads that show app “recommendations” from “a small set of curated developers”; users can disable the ads

More: Engadget, BetaNews, Neowin, TechSpot, CNET, Windows Latest, Liliputing, BGR, Mashable, and Gizmodo

Mastodon: @GossiTheDog@cyberplace.social. Bluesky: @databyss.com. X: @thebookisclosed, @tomwarren, @jonyiveparody, @baekdal, @gamingonlinux, @datnofact, and @xenopanther

Forums: Hacker News, r/pcmasterrace, r/technology, and r/windows

Wall Street Journal:

The US FTC bans noncompete clauses that restrict job switching, the first time in 50+ years that the FTC has issued a regulation mandating an economywide change

More: Ars Technica, Federal Trade Commission, U.S. Chamber of Commerce, Federal Trade Commission, and More Perfect Union

LinkedIn: Matt Forshee, Mark Lemley, Sandy Diao, Alex Dickinson, J.K. Simms, Michael Kitces, Nathan Carrell, and Alex Marcy

See also Mediagazer