| |  | Oct 31, 2025 | | | | | Supported by |  | | | | | | TGIF! Amazon Web Services revenue grows 20.2%, the fastest rate since 2022. Meta Platforms plans to sell at least $25 billion of corporate bonds. Apple forecasts strong growth during the holidays on demand for its latest iPhones.
| | | | Amazon shares jumped more than 10% in aftermarket trading Thursday, after the e-commerce giant said that Amazon Web Services revenue grew 20.2% to $33 billion in the third quarter, the fastest rate since 2022. While competitors Microsoft and Google have much smaller cloud businesses than AWS, they are growing more quickly, pressuring Amazon to reaccelerate AWS's growth. Amazon said overall revenue grew 13% to $180.2 billion from the same period last year. The company reported flat operating income of $17.4 billion, reflecting the cost of a $2.5 billion charge related to the company's legal settlement with the Federal Trade Commission in a consumer protection lawsuit and $1.8 billion in severance costs related to the roughly 14,000 corporate jobs Amazon said it would cut earlier this week. Amazon's retail business got a boost from its annual Prime Day sales event in July—online stores net sales grew 10% from the second quarter to $67.4 billion. Amazon forecast overall sales of $206 billion to $213 billion for the fourth quarter, or growth of 10% to 13% from a year earlier. | | | | Meta Platforms is planning to sell at least $25 billion of corporate bonds on Thursday and has received orders for about $125 billion for the sale, Bloomberg reported. The outsized demand could give Meta leverage to increase the size of the bond issue or negotiate better terms with investors. The sale comes a day after Meta said it would continue spending aggressively on artificial intelligence next year. The company has estimated it will spend between $70 billion and $72 billion on capital expenditures this year. It has also said it expects "notably larger" dollar growth in capital expenditures next year, suggesting its capital expenditures could grow beyond $101 billion. Citigroup and Morgan Stanley are managing the sale. Spokespeople for Meta, Citigroup and Morgan Stanley did not immediately respond to requests for comment. | | | | Apple reported an 8% jump in revenue for its fiscal fourth quarter and forecast even stronger growth during the holidays, due to demand for its latest iPhones. The results were another sign of life for the company's iPhone business, sales of which have stagnated in recent years. Apple's new iPhone 17 lineup, which was released during the quarter, helped the business hit $49 billion for the quarter, up more than 6% from the same period a year earlier. In a call with analysts, Apple said it expects the growth rate of iPhone revenues to be in the double-digits. Apple shares rose 3% in after-hours trading following the news. Total Apple revenues rose nearly 8% for the quarter that ended September 27 to $102.47 billion, while fiscal full year revenue rose over 6% to $416.16 billion. For the holiday quarter, the company said it expects total sales to grow between 10% and 12%. Services remains the company's fastest area of growth, advancing 15.1% from the same quarter a year earlier to $28.8 billion. The company said it was aided by record sales from the App Store, cloud services, music, payment services, video and advertising. The Mac also did well, growing 12.7% annually to $8.7 billion. However, sales were weak in China—one of Apple's most important markets—declining 3.6% from the previous year to $14.5 billion. Apple Chief Executive Tim Cook said he expects the company to return to growth in China for the current quarter. | | | | Elon Musk's SpaceX said Thursday that it's considering changing unspecified parts of its plan to land U.S. astronauts on the Moon after the head of NASA said the company is "behind schedule" and said the agency would consider alternative bids. SpaceX first won the contract in 2021 to provide the launch vehicle for NASA's Artemis III mission, which is due to launch in 2027 and would be the first time humans have walked on the moon in decades. In the years since SpaceX was selected for the mission, the company has suffered delays to its Starship launch vehicle that acting NASA administrator Sean Duffy said last week had prompted the agency to open up bids to rivals like Jeff Bezos' Blue Origin. Musk then attacked Duffy on X. In a blog post on Thursday, SpaceX shared new renderings of Starship and defended the program's record with NASA. The company said: "Since the contract was awarded, we have been consistently responsive to NASA as requirements for Artemis III have changed and have shared ideas on how to simplify the mission to align with national priorities. In response to the latest calls, we've shared and are formally assessing a simplified mission architecture and concept of operations that we believe will result in a faster return to the Moon while simultaneously improving crew safety." | | | | Nvidia is planning to invest up to $1 billion in Poolside as part of the artificial intelligence startup's ongoing funding round, Bloomberg reported Thursday. Poolside previously developed AI-powered coding assistants, but is pivoting to training foundation models. The startup has been seeking to raise around $2 billion at a $12 billion valuation, not including the investment, based on our prior reporting. Magnetar, a hedge fund that is a major backer of CoreWeave, has been in talks to invest in the round. Earlier this month, Poolside announced plans to build a data center in West Texas and said CoreWeave will be the anchor tenant for the first phase of the project. An Nvidia spokesperson declined to comment. The investment would be the latest instance of Nvidia investing in companies that are customers of its AI hardware. Earlier this week, Nvidia announced that it would invest $1 billion in Nokia, the Finnish telecommunications company that provides network equipment and software. As part of the deal, Nokia will adopt Nvidia's new telecommunications hardware that is designed for AI. | | | | Globalstar has talked to Elon Musk's SpaceX and other potential suitors about buying the satellite company, Bloomberg reported. The news of the sale talks follows a report from The Information saying that Globalstar's chairman James Monroe had discussed the possibility of selling the company for more than $10 billion with associates. Bloomberg reported that Globalstar has hired an investment bank to assist it with a possible sale, though the company could decide not to move forward with such a plan. A sale of Globalstar would likely need to involve Apple, which has partnered with the company to provide emergency satellite internet connectivity to iPhone users when they're out of the range of cellular networks. Apple has a 20% stake in Globalstar and a right to bid on the company before it sells itself to another suitor. Globalstar didn't respond to a request for comment. For SpaceX, already the dominant player in satellite-based internet services, an acquisition of Globalstar would further consolidate its power in the market. | | | | Nvidia said Thursday it signed a deal to sell 50,000 graphics processing units to Samsung Electronics to help the South Korean company with its chip design and manufacturing. The deal, estimated to be worth hundreds of millions of dollars in sales, was announced during a visit by Nvidia CEO Jensen Huang to South Korea, where he attended the Asia-Pacific Economic Cooperation CEO Summit and also met with local government and business leaders including the chairman of Samsung. Nvidia said Samsung will use Nvidia's Blackwell chips in conjunction with popular chip design tools made by Synopsis, Cadence and Siemens to simulate and verify its chip designs. Samsung will also use the GPUs to speed up the design of its chip fabrication facilities and to make improvements to computational lithography, a method of simulating the process of printing circuit patterns on silicon wafers. | | | | Shareholders in data center developer Core Scientific voted down a $9 billion sale to cloud provider CoreWeave, ending a deal that CoreWeave pitched as key to lowering the costs of its debt-heavy business model. Core Scientific said Thursday it terminated the merger agreement with CoreWeave after its investors rejected the offer. Hedge fund Two Seas Capital had led shareholder opposition to the deal, arguing the all-stock offer undervalued Core Scientific and it had more attractive prospects as an independent company. The deal would have given CoreWeave data centers consuming 1.3 gigawatts of power, allowing it to own the facilities housing its chips rather than leasing them. That could have helped CoreWeave raise cheaper debt by allowing it to more easily borrow from traditional infrastructure lenders. Shares in Core Scientific gained more than 6% in early trading, while CoreWeave shares fell 6%. CoreWeave CEO Michael Intrator previously said the company wouldn't raise its offering price for Core Scientific. "CoreWeave's strategy remains unchanged," Intrator said in a statement Thursday. | | | | Coinbase said its third-quarter revenue was $1.87 billion, up 55% from a year ago, driven by rising trading volume and growth in the number of tokens available for its customers to trade. Stock jumped 2.6% in post-market trading. Net income was $433 million, up from $76 million a year ago. Coinbase increased its holdings of cash, U.S. dollar-backed stablecoins and money market funds by 28% to $11.9 billion from a quarter ago. It also increased its bitcoin holdings by $299 million in the quarter, driven by weekly purchases. Coinbase has made eight acquisitions this year, including a $2.9 billion deal for crypto options platform Deribit and a $375 million deal for Echo, an initial coin offering platform. Coinbase is also building a stablecoin payments platform. Fortune this week reported that Coinbase is in late-stage talks to buy BVNK, a stablecoin infrastructure startup, for about $2 billion. Anil Gupta, Coinbase's head of investor relations, declined to comment on the deal talk. He said Coinbase's offerings in stablecoin payments are still in its early days. | | | | Shares of travel software company Navan fell 18% on its opening day as a public company. Navan priced its initial public offering at $25 a share but by late afternoon on Thursday the stock was trading around $20. The company raised $923 million in the IPO, which valued the company at $6.2 billion, roughly $3 billion less than where private investors last valued Navan in 2022. The Palo Alto, Calif,-based startup, formerly called TripActions, sells travel booking and expense management software. It's the largest company to go through with a public listing during the government shutdown. The offering from Navan, which has been preparing for an IPO for roughly three years, was not expected to be a blockbuster and hit the market on a weak day for tech stocks. The company is growing steadily but far from profitable. Navan showed a revenue of $329 million for the six months ended July 31, up 30% year over year but also had a net loss of $100 million for the same period. It said in its IPO filings that it "may not achieve or sustain profitability in the future." | | | | | Popular articles By Kalley Huang, Erin Woo and Stephanie Palazzolo
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