Google Cloud's AI Growth 🚀

Plus, AMD's unimpressive outlook.

October 30, 2024

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Today is Wednesday, October 30, 2024.

The Early Bird Index today is 74.82.

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Google Cloud's AI Growth 🚀

Google parent Alphabet (Nasdaq: GOOGL) jumped 5.80% in after-hours trading on Tuesday after posting strong financial earnings results.

Financials: Alphabet reported earnings of $2.12 per share in the past quarter and revenue of $88.3 billion; both were better than expected.

Powering the Story: Revenue for Google Cloud surged by 35% (wow), which the company attributed to growth across artificial intelligence infrastructure and generative AI solutions.

Early Bird’s Nest Egg Gains: The cloud computing business is experiencing significant growth because businesses that use AI need massive computational power and storage capacity from the cloud.

Final Thoughts: Alphabet is up 22% this year thanks to continued strong financials.

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Notables

Notable Earnings Today: Meta Platforms (Nasdaq: META), Eli Lilly (NYSE: LLY), Microsoft (Nasdaq: MSFT), Coinbase Global (Nasdaq: COIN), Starbucks (Nasdaq: SBUX), Global Payments (NYSE: GPN), Robinhood Markets (Nasdaq: HOOD), Caterpillar (NYSE: CAT), DoorDash (Nasdaq: DASH), MGM Resorts (NYSE: MGM), Biogen (Nasdaq: BIIB), Etsy (Nasdaq: ETSY), Roku (Nasdaq: ROKU), AbbVie (NYSE: ABBV), Brinker International (NYSE: EAT), Riot Platforms (Nasdaq: RIOT), Shake Shack (NYSE: SHAK), Humana (NYSE: HUM), Fiverr (NYSE: FVRR), Kraft Heinz (Nasdaq: KHC), Paramount Group (NYSE: PGRE), Automatic Data Processing (Nasdaq: ADP), JinkoSolar (NYSE: JKS), Twilio (NYSE: TWLO), Booking Holdings (Nasdaq: BKNG), Clorox (NYSE: CLX), eBay (Nasdaq: EBAY), Carvana (NYSE: CVNA), Teladoc (NYSE: TDOC), CDW (Nasdaq: CDW), Wingstop (Nasdaq: WING), Sunnova Energy (NYSE: NOVA), Garmin (NYSE: GRMN), NETGEAR (Nasdaq: NTGR), GE HealthCare (Nasdaq: GEHC), GlaxoSmithKline (NYSE: GSK), GoDaddy (NYSE: GDDY), Advanced Energy (Nasdaq: AEIS), AerCap (NYSE: AER), Alkami Technology (Nasdaq: ALKT), Allegiant Travel (Nasdaq: ALGT), Alphatec (Nasdaq: ATEC), Altair Engineering (Nasdaq; ALTR), Amgen (Nasdaq: AMGN), Arvinas (Nasdaq: ARVN), Avanos Medical (NYSE: AVNS), Avnet (Nasdaq: AVT), Axalta Coating Systems (NYSE: AXTA), Bausch + Lomb (NYSE: BLCO), Bausch Health (NYSE: BHC), Benchmark Electronics (NYSE: BHE), Bio-Rad Labs (NYSE: BIO), Blackbaud (Nasdaq: BLKB), Bunge (NYSE: BG), C.H. Robinson (Nasdaq: CHRW), Clean Harbors (NYSE: CLH), Clearway Energy (NYSE: CWEN), Cognizant Technology Solutions (Nasdaq: CTSH), Columbia Sportswear (Nasdaq: COLM), Columbus McKinnon (Nasdaq: CMCO), Compass Diversified (NYSE: CODI), Confluent (Nasdaq: CFLT), Energy Recovery (Nasdaq: ERII), Envista (NYSE: NVST), Equinix (Nasdaq: EQIX), Ethan Allen (NYSE: ETD), Exelon (Nasdaq: EXC), Extreme Networks (Nasdaq: EXTR), Federal Realty (NYSE: FRT), Flex (Nasdaq: FLEX), Fortive (NYSE: FTV), Gates Industrial (NYSE: GTES), Gen Digital (Nasdaq: GEN), Gentherm (Nasdaq: THRM), Group 1 Auto (NYSE: GPI), Herbalife Nutrition (NYSE: HLF), Hercules Capital (NYSE: HTGC), Hess Midstream Partners (NYSE: HESM), Houlihan Lokey (NYSE: HLI), Illinois Tool Works (NYSE: ITW), Informatica (NYSE: INFA), InMode (Nasdaq: INMD), Informatica (NYSE: INFA), Intra-Cellular Therapies (Nasdaq: ITCI), Kirby (NYSE: KEX), iRhythm (Nasdaq: IRTC), KLA Corporation (Nasdaq KLAC), Leonardo DRS (Nasdaq: DRS), LivaNova (Nasdaq: LIVN), LPL Financial (Nasdaq: LPLA), Materion (NYSE: MTRN), Matson (NYSE: MATX), Merit Medical (Nasdaq: MMSI), MetLife (NYSE: MET), MicroStrategy (Nasdaq: MSTR), Mister Car Wash (NYSE: MCW), Monolithic Power (Nasdaq: MPWR), Neurocrine Biosciences (Nasdaq: NBIX), NiSource (NYSE: NI), NovoCure (Nasdaq: NVCR), NV5 Global (Nasdaq: NVEE), Oil States (NYSE: OIS), Omnicell (Nasdaq: OMCL), Oshkosh (NYSE: OSK), Otis Worldwide (NYSE: OTIS), Parsons (NYSE: PSN), Paycom Software (NYSE: PAYC), Paylocity (Nasdaq: PCTY), ProPetro (NYSE: PUM), Prudential (NYSE: PRU), Remitly Global (Nasdaq: RELY), Reynolds Consumer Products (Nasdaq: REYN), Root, Inc. (Nasdaq: ROOT), Rush Enterprises (Nasdaq: RUSHA), Silgan Holdings (NYSE: SLGN), Sleep Number (Nasdaq: SNBR), Sprouts Farmers Market (Nasdaq: SFM), SPX Technologies (NYSE: SPXC), STAAR Surgical (Nasdaq: STAA), Stem (NYSE: STEM), Stepan (NYSE: SCL), Tenable (Nasdaq: TENB), Tradeweb Markets (Nasdaq: TW), Trinity Capital (Nasdaq: TRIN), Trupanion (Nasdaq: TRUP), TTM Technologies (Nasdaq: TTMI), United Therapeutics (Nasdqq: UTHR), Verisk Analytics (Nasdaq: VRSK), Vulcan Materials (NYSE: VMC), WillScot Mobile Mini (Nasdaq: WSC), XPO (NYSE: XPO), Zimmer Biomet (NYSE: ZBH).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Ecodunia (Honeycomb), The Ordinary Fellow (Honeycomb), Silver Branch Brewing Company (Honeycomb), Yacht Water (Wefunder), Pop Pop Hurray (Honeycomb), Foster’s Kitchen (Honeycomb), Cottonwood Creek Brewery & Smokehouse (Honeycomb), Beanchain Coffee (Honeycomb), WANDER (Honeycomb).

Notable Economic Events Today: ADP Nonfarm Employment Change (8:15 a.m. ET), GPD (8:30 a.m. ET), Core PCE Prices (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).

AMD's Unimpressive Outlook

After posting financial earnings results on Tuesday, Advanced Micro Devices (Nasdaq: AMD) fell 7.63% in after-hours trading.

Financials: AMD reported earnings of 92 cents per share in the past quarter, which was expected. The company also reported revenue of $6.8 billion, which was better than expected.

Final Thought: Investors felt that AMD’s financial outlook was not impressive, which is why the stock fell on Tuesday.

Reddit’s Surprise Profit 

Social media platform Reddit (NYSE: RDDT) jumped 24.79% in after-hours trading on Tuesday after reporting that the company was finally profitable.

Final Thoughts: The stock is up 77% since its IPO in March.

Consumer Spending Strong: Visa Profit Climbs on Payments Volume, Beats Estimates (Bloomberg)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.