Apple Mixed Earnings, Anthropic: AI Models Hacked Systems During Tests, More
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How is AI described as entering a consequential phase of scale, safety and sovereignty?
AI is entering its most consequential phase where scale, safety and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor, Salesforce, and supporting sponsors, IDA Ireland and Schneider Electric. Learn more at BloombergLive.com slash TechLondon.
News when you want it with Bloomberg News Now. I'm Doug Krisner. There were several big earnings reports after the bell.
What are the highlights and sponsorship details for Bloomberg Tech in London?
Amazon reported second quarter results beyond expectations. The booming demand for AI services accelerated sales for a fifth straight quarter. Revenue for Amazon Web Services jumped 37 percent. And we got reaction from Gil Lurie, head of technology research at D.A. Davidson.
The key to Amazon, just like the key to Google's growth last week, the key to Amazon is that Anthropic is such a big customer. Amazon is providing most of Anthropic's compute, and that huge ramp in Anthropic results this year is flowing through Amazon Web Services. That's why they have this accelerating growth, because they were wise enough invest in Anthropic early on and secure that Anthropic use their compute.
That was Gil Luria from D.A. Davidson. Now, on the negative side, Amazon's outlook for revenue in the current quarter was a bit disappointing. Even so, the stock is up nine percent in late U.S. trading. Apple reported record sales for the latest quarter, reflecting strong demand for last year's iPhone lineup. The company also reported surprising strength in sales of Mac computers. You see, they've become popular for certain AI applications. On the negative side, Apple had slower sales last quarter in China and in its services business. We got reaction from Bloomberg's Mark Gurman.
My take is that the iPhone number looks great. My take is that the Mac number looks amazing. My take is that service is a little soft and the China number missed the estimate we have here on the Bloomberg terminal. But at the same time, that is, you know, pretty nice growth on an annual basis where they were sort of, I guess, in the toilet in China a couple of years ago and last year. But they've totally rebounded there.
That is Bloomberg's Mark Gurman. Shares in Apple are down 8% in late US trading. Reddit is projecting revenue for the current quarter above street expectations.
Which major companies reported earnings after the bell and why does Amazon stand out?
Now, this extends a track record of strong sales growth driven by a more diversified advertising business. However, the market was hoping to see a shift to AI training since there have been worries over how Reddit may be disrupted by artificial intelligence. Shares in Reddit are down 12% in late US trading. Rivian Automotive reported better than expected earnings as the company began deliveries of a new mid-sized sport utility vehicle. The stock is up by more than 1% in late U.S. trading. Anthropic says its artificial intelligence models breached three different organizations during cybersecurity testing that went awry. Anthropic says its clawed AI tool accessed the internet and then hacked into the real-world infrastructure of external organizations.
Now, this news comes a little more than a week after Anthropic's chief rival, OpenAI, disclosed a similar incident. Now, there have been a spate of accidental AI-caused hacks recently, and that has prompted some politicians to call for federal guardrails or other oversight of AI technology. There was an explosive rally among semiconductor stocks today, reflecting the view that the recent selling of the group was overdone. We had the Philadelphia Semiconductor Index jumping by more than 8%, and other areas of the AI trade rallied as well. Microsoft surged 15% on strong cloud growth. Oracle jumped 8% after expanding its Gemini AI partnership with Google. Shares in Jersey Mike slumped nearly 9% on their trading debut.
The company and some of its shareholders raised a billion dollars in an IPO that priced at the midpoint of its marketed range.
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Chapters
5 chapters
1
How is AI described as entering a consequential phase of scale, safety and sovereignty?
0:00–0:37
2
What are the highlights and sponsorship details for Bloomberg Tech in London?
0:37–2:26
3
Which major companies reported earnings after the bell and why does Amazon stand out?
2:26–4:23
4
How did Anthropic’s relationship with AWS drive Amazon Web Services’ growth?
4:23–7:06
5
What were the key points from Apple’s earnings and Mark Gurman’s reaction?
7:06–7:34
Speakers
8 identifiedMore from Bloomberg News Now
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