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Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. Tech Earnings:

   1. Microsoft's shares dropped following its earnings release, which surpassed analyst expectations yet provided a conservative revenue outlook for the upcoming quarter. The forecasted revenue range for the fiscal third quarter is between $60 billion and $61 billion, slightly below what analysts anticipated. Despite this, Microsoft projects reduced costs and operating expenses for the period. The report highlighted a 17.6% year-over-year revenue increase, with significant growth in its Intelligent Cloud segment, mainly due to Azure and other services. Additionally, Microsoft completed its acquisition of Activision Blizzard, launched new products, and proceeded with layoffs, including reductions in LinkedIn and its gaming unit post-Activision deal.

   2. Alphabet's shares dropped over 6% due to ad revenues falling short of expectations despite a 13% revenue increase, marking its fastest growth since early 2022. Ad revenue was $65.52 billion, missing forecasts by a narrow margin. While Google Cloud showed significant profit growth, the overall performance didn't meet investor expectations, especially with the rise of competitors like Facebook and TikTok. Alphabet continues to invest in artificial intelligence, including launching the new AI model Gemini, and has faced additional layoffs, affecting its finances. Net income and operating margin grew considerably, with venture revenues like Waymo and Verily also increasing.

2. A Delaware judge has nullified Elon Musk's $56 billion compensation package from Tesla, marking a significant judicial intervention. The ruling criticized Tesla's board for not proving the package's fairness or showing that proper negotiations with Musk took place. The compensation, unprecedented in corporate history, was contingent on Tesla achieving specific market value and revenue milestones. The judge's decision points to potential conflicts of interest and a lack of rigorous approval processes, suggesting Musk had undue influence over his compensation arrangement. Musk can challenge the decision in the Delaware Supreme Court.

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4. Headlines

   1. Starbucks lowered its forecasts after missing targets last quarter.

   2. Walmart will undergo a 3:1 stock split.

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