The article also provides insights from the recent quarterly earnings of major tech companies, including Google, Microsoft, Meta, Amazon, and Apple. It highlights that advertising remains a key revenue source for these companies, and investments in AI are proving beneficial, particularly for cloud businesses. The article also notes Reddit's success, attributing it to advertising and deals with AI companies. The company's new translation feature, which uses AI, has also led to a significant increase in monthly users.
Key takeaways:
- Elon Musk is accused of using his social media platform to spread misinformation and influence the US election, with experts comparing the situation to the 2020's Stop the Steal Facebook group.
- Five of the Magnificent Seven – Google, Microsoft, Meta, Amazon and Apple – reported their quarterly earnings last week, with all beating Wall Street’s revenue expectations. Key learnings include the continued importance of ads and the payoff of investment in AI.
- Reddit turned a profit for the first time as a public company last week, with a 68% revenue increase compared to the same quarter last year. The company's success is attributed to advertising and deals with AI companies.
- Online culture is debating the worthiness of taking the internet’s inside jokes into real life, as seen with the proliferation of niche Halloween costumes and related memes on social media.