FT News Briefing

Big tech continues to rock

Feb 2, 2024

11:27

Snipd AI

Big tech companies like Meta announce dividend and buybacks, US President sanctions Israelis in West Bank, Elon Musk responds to court decision on Tesla pay package, EU agrees on €50bn support package for Ukraine, podcast explores challenges faced by Tesla and Elon Musk in relocating.

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Quick takeaways

Tech companies like Microsoft, Alphabet, Meta, Amazon, and Apple reported strong earnings with revenue growth surpassing expectations, driven by thriving core businesses and the incorporation of artificial intelligence into their operations.

Elon Musk's $56 billion pay package for Tesla was struck down by a Delaware court, prompting him to seek a shareholder vote on moving Tesla's registration to Texas, a challenging task that may set a unique precedent.

Deep dives

Tech earnings show strong momentum and growth

Tech companies like Microsoft, Alphabet, Meta, Amazon, and Apple reported strong earnings with revenue growth surpassing expectations. Core businesses such as the cloud and advertising are thriving, supporting the stock prices. Artificial intelligence played a role in revenue growth, particularly for Microsoft with its generative AI partnership. Other companies are still in the early stages of incorporating AI into their businesses. However, concerns were raised about Apple's sales slump in China and Google's search advertising not meeting expectations.

Introduction

6min

Tesla's Pay Package and Legal Domicile

2min

Challenges Faced by Tesla and Elon Musk in Relocating and the Relationship Between CEOs, Boards, and Courts

3min

Meta will reward shareholders with its first-ever dividend and an additional $50bn in share buybacks, US President Joe Biden has approved financial sanctions on Israelis in the West Bank, and Tesla chief executive Elon Musk is hitting back after a Delaware court struck down his $56bn pay package. Plus, the EU has agreed a deal on a €50bn financial support package for Ukraine.

Mentioned in this podcast:

EU agrees €50bn support package for Ukraine

US to put sanctions on Israeli settlers responsible for West Bank violence

Tesla shareholders will vote on moving incorporation to Texas, says Elon Musk

What the $56bn Tesla pay deal setback means for Elon Musk and his empire

Formula One’s Lewis Hamilton to join Ferrari from Mercedes

Meta dividend signals 'coming of age' for Mark Zuckerbergs company

CREDIT: Formula 1

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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