|Day's Range||0.5500 - 0.5500|
Google said it has achieved a breakthrough in quantum computing research, saying an experimental quantum processor has completed a calculation in just a few minutes that would take a traditional supercomputer thousands of years.
Google achieved what it calls a breakthrough in computer research using this odd-looking metal cylinder full of wires and wafers. CEO Sundar Pichai: SOUNDBITE: GOOGLE CEO, SUNDAR PICHAI, (ENGLISH) SAYING: "It can perform a computation in seconds, what would take the world's fastest supercomputer thousands of years to do that same calculation. In the field, this is known as quantum supremacy, and it's a really important milestone." Official confirmation of the breakthrough in quantum computing came in a paper published in the science journal Nature, after weeks of controversy following the leak of a draft, over whether Google's claim of "quantum supremacy" was valid. But there's a catch: Quantum researchers need to cool the qubits to close to absolute zero to limit vibration - or "noise" - that causes errors to creep into their calculations. It's in this extremely challenging task that the research team at Google, a unit of Alphabet Inc, has made significant progress. Some skeptics say Google is over-selling its achievment. Archrival IBM says quantum computers will work in concert with classical computers and won't reign supreme over them. It contends a supercomputer with additional storage can solve the same problem with greater accuracy - in 2-1/2 days at most. ------------------ Google achieved what it calls a breakthrough in computer research using this odd-looking metal cylinder full of wires and wafers. CEO Sundar Pichai: SOUNDBITE: GOOGLE CEO, SUNDAR PICHAI, (ENGLISH) SAYING: "It can perform a computation in seconds, what would take the world's fastest supercomputer thousands of years to do that same calculation. In the field, this is known as quantum supremacy, and it's a really important milestone." By contrast, traditional computers do their calculations by processing bits of data using ones and zeroes. Quantum computing uses quantum bits called qubits that can be both one and zero simultaneously. To eliminate errors in calculations, researchers need to cool the qubits close to absolute zero. That's where Google has made big progress. But skeptics say Google is over-selling its achievment. Archrival IBM says quantum computers will work in concert with classical computers and won't reign supreme over them. It contends a supercomputer with additional storage can solve the same problem with greater accuracy - in 2-1/2 days at most.
(Bloomberg) -- Microsoft Corp.’s sales and profit got a boost from demand for Azure cloud-computing programs and internet-based versions of Office productivity software, lifting results above analysts’ expectations.Profit in the first quarter, which ended Sept. 30, rose to $10.7 billion, or $1.38 a share, compared with the $1.24 per-share average estimate of analysts polled by Bloomberg. Revenue rose 14% to $33.1 billion, the Redmond, Washington-based company said Wednesday in a statement, better than the $32.2 billion average prediction.Chief Executive Officer Satya Nadella has spent the past five years building up Microsoft’s cloud business, which lets customers avoid having to buy and run their own hardware and applications. Revenue from Azure cloud services rose 59% in the recent period, slowing from a 64% gain in the previous period and 73% for the quarter before that. As that growth decelerates, the company is working to improve margins and rack up a steady stream of large deals for Azure, which competes with Amazon.com Inc.’s web-services division. Sales of the subscription-based Office 365 for corporate customers, Microsoft’s other major cloud business, jumped 25%.“They’ve made the migration from core enterprise software to this cloud focus,” said Daniel Morgan, senior portfolio manager at Synovus Trust Co. “You look at cloud, at expanding margins, at the corporate move to Windows 10, and at least the PC market was better than expected in the quarter.”Microsoft shares were little changed in extended trading following the report, after closing at $137.24 in regular New York trading. The stock gained 3.8% in the quarter, while the Standard & Poor’s 500 Index rose 1.2%.The company’s shares have jumped this year on optimism about the cloud business. The stock is also being helped by some investors’ belief that Microsoft is a safer bet as U.S. and European regulators sharpen their scrutiny of other large technology firms, including Google, Amazon and Facebook Inc. Microsoft’s market capitalization rose above $1 trillion briefly in April and returned to that level in June. Apple Inc. overtook Microsoft as the most valuable publicly traded U.S. company earlier this month.In the latest period, Microsoft said commercial cloud revenue rose 36% to $11.6 billion. Margins widened by 4 points to 66%, “driven by material improvement in Azure gross margin,” the company said in a slide deck posted on its website. Microsoft doesn’t break out Azure revenue separately or comment on whether that business is profitable.Commercial cloud profitability will continue to improve in the coming quarter and the current fiscal year, Microsoft Chief Financial Officer Amy Hood said in an interview. Still, over time, as the lower-margin Azure becomes a larger piece of that business, “you will see more pressure on that number,” she said.The company will keep spending to construct data centers to keep up with strong customer interest in Azure, she said. “With the type of demand signal we have, we will continue to build.”Hood told analysts on a conference call that the company expects another strong quarter in the period that ends Dec. 31. Here are her forecasts:Intelligent Cloud sales, made up of Azure and server software, will be as much as $11.45 billion, Hood said, above the $11.2 billion estimate compiled by Bloomberg. Productivity unit sales, mainly Office software, will range from $11.3 billion to $11.5 billion, in line with estimates of $11.4 billion. Sales from More Personal Computing, including Windows, Surface and gaming revenue, will fall short of the $13.4 billion Bloomberg estimate and will range between $12.6 billion and $13 billion, Hood said.Keith Weiss, an analyst at Morgan Stanley, expects commercial cloud sales of $48 billion for the 12 months that end June 30, rising to $79 billion in fiscal 2022. He also expects continued improvement in margins as increasing use of Microsoft’s cloud data centers allows the company to run the services more efficiently.“They’re doing a good job with the move to the cloud,” Synovus’s Morgan said. “Of all the old smokestack tech companies -- you look at IBM, you look at Oracle -- of all those companies, Microsoft is the one that has done a really good job.”Sales of Windows to PC makers rose 9%. Surface revenue declined 4%, in part because the company introduced new models for the holiday season after the end of the first quarter. LinkedIn revenue grew 25% and gaming revenue fell 7%.Microsoft still gets more than 15% of its sales from Windows, and that business remains heavily dependent on the cycle of companies replacing PCs. In the September quarter, global shipments of personal computers increased 1.1%, Gartner said earlier this month, fueled by businesses upgrading to the latest Windows operating system. Microsoft is ending support for Windows 7, which was released in 2009, in January, meaning companies need to upgrade to Windows 10 if they want to continue to receive updates and service on their systems.The older software’s expiration is also helping boost sales of the company’s Microsoft 365 bundle, which includes Windows and Office cloud software such as Word, Excel and Teams, Microsoft’s rival to Slack Technologies Inc.’s product.(Updates with forecast in 10th paragraph. An earlier version of this story corrected the day of the week in the second paragraph.)To contact the reporter on this story: Dina Bass in Seattle at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Alistair BarrFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Ford plans to produce autonomous cars for ridesharing by 2021. GM acquired Cruise, a self-driving startup, to kickstart its autonomous driving plans.
Six months before it's even slated to launch, Quibi has sold out the entire $150 million advertising inventory for its first year. The launch partners for Jeffrey Katzenberg's mobile-first platform include Discover (NYSE: DFS), General Mills (NYSE: GIS), Taco Bell (NYSE: YUM) and T-Mobile joining previously announced advertisers Anheuser-Busch (NYSE: BUD), Google (NASDAQ: OOG), PepsiCo (NASDAQ: PEP), Progressive (NYSE: PGR), Procter & Gamble (NYSE: PG) and Walmart (NYSE: WMT).
The web giant’s shares, which are down 7% since the end of June, have come under pressure from growing concerns about both the costs of one-day shipping and increasing competition in the cloud.
Alphabet Inc., the parent of Google, reports Q3 2019 earnings after the market close on Oct. 28. Investors will be closely watching growth in paid clicks.
Is America in the midst of a new Gilded Age? Author Matt Stoller discusses his new book, "Goliath: The 100-Year War Between Monopoly Power and Democracy."
Google said it has achieved a breakthrough in quantum computing research, saying an experimental quantum processor has completed a calculation in just a few minutes that would take a traditional supercomputer thousands of years.
(Bloomberg) -- The hostility toward Facebook’s Libra cryptocurrency appears to be weighing on the sentiment for Bitcoin.The world’s largest cryptocurrency dropped as much as 10% to $7,305 in New York, the lowest level since May. Other digital tokens such as Ether and Litecoin, which dropped 11% and 13% respectively, slumped even more as Facebook Chief Executive Officer Mark Zuckerberg testified before the House Financial Services Committee on Wednesday.“The biggest thing behind this is that volumes have been very very low,” said Josh Lim, head of trading strategy at Galaxy Digital in New York. “On the sentiment side of things, the fact that the Libra coalition has faced some major challenges and the Telegram launch was halted by the SEC, it really curtailed investor appetite for crypto broadly.”Potentially adding to concern is the news that Alphabet Inc.’s Google has built a computer that’s reached “quantum supremacy,” performing a computation in 200 seconds that would take the fastest supercomputers about 10,000 years. Skeptics of cryptocurrencies have noted that advances in computing could make the slower proof of work system used by Bitcoin and other tokens obsolete.As often the case with cryptocurrencies, traders pointed to an array of potential catalysts beside Libra for the sudden spike down in prices around 8:30 a.m. New York time. Among the reasons cited were liquidation of futures contracts on exchanges such as BitMex, the stablecoin Tether trading at a discount to parity and a general lack of liquidity among cryptocurrencies.“The fact that this is losing so much momentum so quickly is telling people that Bitcoin as a widely accepted currency is going to take longer than they were hoping,” said Matt Maley, equity strategist at Miller Tabak + Co.\--With assistance from Alastair Marsh.To contact the reporters on this story: Claire Ballentine in New York at firstname.lastname@example.org;Olga Kharif in Portland at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Dave Liedtka, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Researchers at Google say they have achieved 'quantum supremacy', in which a computer harnessing the properties of sub-atomic particles did a far better job of solving a problem than the world's most powerful supercomputer. Given the task of finding a pattern in a seemingly random series of numbers, Google's quantum computer produced an answer in 3 minutes and 20 seconds. It estimates that the Summit supercomputer https://www.ibm.com/thought-leadership/summit-supercomputer at the Oak Ridge National Laboratory in Tennessee would take 10,000 years to complete the task.
The Justice Department beefed up its online platform investigation team on Wednesday by adding Ryan Shores, formerly a partner with an international law firm, to help oversee its probe of Alphabet's Google, Facebook and other big tech firms. Shores, who comes from the law firm Shearman & Sterling LLP, was named to join the Office of the Deputy Attorney General, which oversees the Antitrust Division, among others, the department said. The department said in July it was opening a probe of big high tech firms into whether they break antitrust law.
A report by Canadian company Blackberry details new espionage campaigns that are trying to steal sensitive data from mobile devices
(Bloomberg) -- It was just weeks ago that Adam Neumann was running one of the world’s most valuable startups. As chief executive officer of WeWork, he was on the verge of an initial public offering of a venture once valued at $47 billion.Today, in a remarkable fall from grace, the office-sharing company that he co-founded in 2010, the one he promised would elevate the world’s consciousness, is no longer his.SoftBank Group Corp., the company’s largest investor, unveiled Wednesday in Tokyo a multibillion-dollar rescue package that nets it 80% of WeWork, part of a desperately needed lifeline. It brings an end to an era marked by lavish spending and self-dealing that deepened the company’s losses and eroded investors’ faith in Neumann’s ability to lead. Even with the capital infusion and new ownership, it also leaves WeWork beset by woes that include sagging morale, landlord unrest and tens of billions of dollars in rent payments.“Obviously the biggest challenge is just steadying the ship,” said Duncan Clark, chairman of BDA China, an advisory firm. “Can the company remain solvent? It’s a race against time to trim costs, sell assets, change culture.”The rescue package is personally humbling for the 40-year-old Neumann, a natural showman with a penchant for speaking in grandiose terms about changing the world while doling out shots of tequila in the workplace. But it’s also poised to make him a very rich man.Read more: WeWork Taps ‘Adult in Room,’ Ex-Amazon Exec to Replace NeumannIn an unusual deal that is almost certain to spark the ire of WeWork staffers being dismissed by the thousands, Neumann will walk away with as much as $1.2 billion as well as a $500 million credit line from SoftBank, after it pushed him out as chief executive officer last month. He’ll remain as a board observer and can assign two board seats upon repayment of the drawn amount of his outstanding credit line, which is currently about $395 million, said a person with knowledge of the matter.The deal gives WeWork a second chance at least in the short-term. SoftBank will soon provide WeWork with $1.5 billion, accelerating a financing agreement that was originally scheduled for April. SoftBank is also organizing a $5 billion debt package, which will include contributions from SoftBank itself, Mizuho Financial Group Inc. and other lenders.Emblematic of high-flying, growth-at-all-costs unicorns, WeWork’s never made a penny in profits, losing $900 million in the first half of this year. Burning through cash since its inception, it faced a crunch that could have left the company short of funds as soon as next month. Much of that binge stems from Neumann, a fierce and unpredictable negotiator unafraid of spending his way to growth: In the past nine years, WeWork has opened 425 office locations in 36 countries, become Manhattan’s biggest tenant, and upended the stodgy world of commercial real estate.Serious questions remain about its business model of renting and renovating office space that it leases to individuals and companies. That strategy has made it the biggest private office tenant in cities like New York and London. But it’s also left it in a precarious position. It has some $47 billion of future rent payments due and some $1 billion in renovation costs.Landlords and tenants have become cautious when dealing with the firm. Google has walked away from a potential Toronto lease and landlords are reaching out to WeWork rivals to see if they will take over WeWork leases or buildings if it becomes necessary.SoftBank also must grapple with reducing costs including a workforce of more than 12,000 people that had grown bloated under Neumann. WeWork already plans to lay off 2,000 people and sell some non-core businesses.Even as it reduces the workforce, SoftBank will also need to deal with growing dissatisfaction among employees, some of whom have worked for years in anticipation of an initial public offering that never materialized. At least five C-level executives have headed for the exits in recent weeks, and some staffers, unsure of their fate, stopped reporting for duty altogether, people familiar with the situation said last week.As part of the package, SoftBank executive, Marcelo Claure, will take over as chairman of WeWork’s board. WeWork appointed Artie Minson and Sebastian Gunningham as co-CEOs last month after investors pushed back against the IPO.Even before the bailout, the Japanese conglomerate had committed more than $10 billion to the company. As its estimated valuation cratered, WeWork last month ousted Neumann as CEO and, eventually, pulled its IPO in the face of investors who balked at its losses and corporate governance.The debacle has been an embarrassment for SoftBank. It valued WeWork at $47 billion as recently as the start of the year. Already, SoftBank has invested more than WeWork is estimated to be worth without its latest capital infusion-- about $8 billion.Under the deal, Neumann is allowed to sell a little under $1 billion of stock to the Japanese conglomerate, said people familiar with the matter. Neumann currently owns 22% of WeWork. It couldn’t immediately be learned what his stake will fall to after any sale to SoftBank. He will also get a roughly $185 million consulting fee.SoftBank and JPMorgan declined to comment. WeWork couldn’t immediately be reached.SoftBank’s stock purchase from Neumann is part of a broader offer to buy as much as $3 billion from existing shareholders. The $500 million credit line for Neumann will be secured by some of his stock. And a $500 million loan to Neumann extended by JPMorgan, UBS and Credit Suisse will be repaid, one of the people said.When Neumann stepped down from the CEO role, it triggered terms of the loan that would have put him in technical default, according to a person familiar with the matter.JPMorgan had been pitching a $5 billion debt package for WeWork. Last week, the company had been leaning toward the bank’s plan over SoftBank’s, because it wouldn’t dilute existing shareholders or force the startup to cede control.But disagreements over the company’s valuation -- JPMorgan’s plan had pegged WeWork about $5 billion -- pushed the company toward SoftBank, which was willing to increase its equity stake and provide a payout to Neumann, according to a person familiar with the situation.For his part, SoftBank chief Masayoshi Son is showing signs of contrition for the role he played in inflating WeWork’s valuation. On a call Monday, Son apologized to investors in the first Vision Fund, which injected capital into WeWork at a valuation of north of $21 billion in 2017, according to a person briefed on the matter.(Updates with details of Neumann’s debt in the sixth paragraph.)\--With assistance from Candy Cheng.To contact the reporters on this story: Gillian Tan in New York at email@example.com;Michelle F. Davis in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Tom Giles at email@example.com, Larry ReibsteinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Tesla CEO Elon Musk expects its self-driving cars to hit the road by 2020. However, Zoox CTO Jesse Levinson believes that Musk could miss this deadline.
BERLIN/SAN FRANCISCO, Oct 23 (Reuters) - Alphabet Inc's Google said on Wednesday it had achieved a breakthrough in computing research by using a quantum computer to solve in minutes a complex problem that would take today's most powerful supercomputer thousands of years to crack. Google researchers expect that quantum computers within a few years will fuel advancements in fields such as artificial intelligence, materials science, and chemistry.
Microsoft to report fiscal Q1 earnings after market close on Oct 23. Will the cloud business and strong outlook help it in surpassing estimates?
On October 22, Slack stock fell 6.9% to end the trading day at $21.03. On the day, the stock hit its all-time low of $20.93 and then recovered slightly.
BERLIN/SAN FRANCISCO (Reuters) - Alphabet Inc's Google said on Wednesday it had achieved a breakthrough in computing research by using a quantum computer to solve in minutes a complex problem that would take today's most powerful supercomputer thousands of years to crack. Google researchers expect that quantum computers within a few years will fuel advancements in fields such as artificial intelligence, materials science, and chemistry. The company is racing rivals including IBM Corp and Microsoft Corp to be the first to commercialize the technology and sell it through its cloud computing business.
The acronym FANG refers to four high-growth internet stocks. (Sometimes they're called FAANG stocks.) Here's what investors should know about FANG stocks and why they might be worth a look.
(Bloomberg) -- Alphabet Inc.’s Google said it’s built a computer that’s reached “quantum supremacy,” performing a computation in 200 seconds that would take the fastest supercomputers about 10,000 years.The results of Google’s tests, which were conducted using a quantum chip it developed in-house, were published Wednesday in the scientific journal Nature.“This achievement is the result of years of research and the dedication of many people,” Google engineering director Hartmut Neven said in a blog post. “It’s also the beginning of a new journey: figuring out how to put this technology to work. We’re working with the research community and have open-sourced tools to enable others to work alongside us to identify new applications.”The idea behind quantum computing is to exponentially improve the processing speed and power of computers to be able to simulate large systems, driving advances in physics, chemistry and other fields. Rather than storing information in binary 0s or 1s like classical computers, quantum computers rely on “qubits”, which can be both 0 and 1 simultaneously, dramatically increasing the amount of information that can be encoded.But, much like advancements in artificial intelligence, there’s a lot of debate about what constitutes a real breakthrough. Researchers at International Business Machines Corp. said in a blog this week that a simulation of the same task Google used could be done in 2.5 days on a classical computer with enough hard drive storage, not 10,000 years. If quantum supremacy means doing something classical computers can’t, this isn’t it, they wrote.While the world’s biggest tech companies are racing to develop a quantum computer that passes the scrutiny of academics, some products are commercially available already. In 2011, Canada’s D-Wave Systems Inc. became the first company to sell such a product to businesses and government labs, although unlike machines being built by rivals, its usefulness is limited as the hardware can’t solve any kind of mathematical problem.A number of other companies -- including IBM, Google, Microsoft Corp., and California-based startup Rigetti Computing -- are pushing to create more powerful machines that businesses can use. They’ve also made some of their technology available for researchers to experiment with via the internet.To contact the reporter on this story: Amy Thomson in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Giles Turner at email@example.com, Nate Lanxon, Peter ChapmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
For nearly five months, the predominant story line in Big Tech has been its skirmishes with antitrust regulators and their escalating investigations. And for nearly five months, investors haven’t blinked.