Tuesday☕️

31 Oct 2023 — 4 min read

Trending:

Markets:

Google’s $2B Anthropic Investment:

Google has made a significant investment commitment of up to $2 billion in Anthropic, an artificial intelligence startup and direct competitor to OpenAI. CNBC has verified this investment agreement, which includes an immediate infusion of $500 million and an additional pledge of $1.5 billion to be dispersed gradually over time. This information was provided directly by a spokesperson from Anthropic.
Anthropic is recognized for developing the Claude 2 chatbot, which is utilized by notable companies such as Slack, Notion, and Quora. Earlier this year, the startup achieved a valuation of $4.1 billion. It was established in 2021 by former OpenAI executives Dario Amodei and Daniela Amodei, alongside several other OpenAI alumni.
The company has also secured funding from major players like Salesforce, Zoom, and Amazon. Claude 2, Anthropic's chatbot, stands out with its capacity to summarize extensive texts up to 75,000 words, a notable advancement compared to other models. This feature enables users to input large data sets and request summaries in various formats.
The startup has garnered attention and investments rapidly, hosting a $450 million funding round in May, following a $300 million investment from Google in April for a 10% stake. The momentum in the AI industry is highlighted by the demand for large language models, providing opportunities for numerous entities to thrive and innovate.

McDonald’s Earnings:

On Monday, McDonald's reported its quarterly (Q3) financial performance, showcasing results that surpassed analyst expectations. This success was attributed to increased menu prices which helped mitigate the impact of fewer customer visits to its U.S. outlets. Despite these price hikes, McDonald's has managed to maintain a competitive edge in terms of value and affordability across its major markets.
The fast-food giant reported adjusted earnings per share of $3.19 and revenue of $6.69 billion, both exceeding Wall Street predictions. Furthermore, McDonald's net income (profit) saw a significant increase, reaching $2.32 billion or $3.17 per share, up from $1.98 billion or $2.68 per share in the previous year. Global same-store sales also experienced growth, with an impressive 8.8% increase, surpassing the expected 7.8%.
CFO Ian Borden shared in the earnings call that customers continue to seek affordable dining options in response to the ongoing increase in living costs. He emphasized that McDonald's markets worldwide are adapting well to these consumer demands, showcasing the company's resilience and strategic response to global economic challenges.

Statistic: