We write a weekly newsletter of quality quotes from Earnings Calls | Editor: @Skrisiloff | Lead Author: @ekmokaya | Publisher: @Avondaleam |
Joined October 2017
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The Transcript retweeted
$META's FCF turned negative in Q3 2026:
"Capital expenditures, including principal payments on finance leases, were $34.9 billion, driven by investments in servers, data centers and network infrastructure. Free cash flow was negative $2.1 billion." - CFO
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$META CFO: "We ended Q3 with over 66,000 employees, down 12% from Q2 following the May 2026 head count reduction."
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$META's Special Committee: "...timing is important to secure capital before competitors saturate various funding options. Recent significant capital raises at other notable companies....have resulted in an increasingly challenging environment for raising capital"
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$META CFO: "Muse right now skews to our highest value users. I think over 20% of U.S. Muse users today are $1,000-plus annual ARPU users. So, it gives you a sense of kind of what the early adopters look like, and so they are not totally representative of the overall U.S. user base, which is not representative of the overall worldwide user base."
The Transcript retweeted
$META Q3 Earnings: Interesting numbers on Muse AI
— 10M+ users signed up in just six weeks, despite availability being limited to the U.S. and Canada.
— ~25% of users engage daily, more than 2x the initial engagement of Threads.
— 25%+ of users engage in shopping, with an average purchase size exceeding $200.
— Personal productivity (email, calendar management and task automation) and creativity rank as Muse’s second and third most common use cases, respectively.
— Targets a 10x+ improvement in inference cost efficiency over the next 12 months.
— Meta is building compute capacity to serve 1B+ Muse users over the next few years.
— Muse monetization will begin earlier than Meta's traditional playbook, reflecting high inference costs and significant commerce opportunities.
— Meta expects Muse to eventually generate more revenue per U.S. user than its existing Family of Apps
The Transcript retweeted
"Challenging environment for raising capital" = Funding sources are becoming saturated = Higher rates are needed to clear the market
$META's Special Committee: "...timing is important to secure capital before competitors saturate various funding options. Recent significant capital raises at other notable companies....have resulted in an increasingly challenging environment for raising capital"
The Transcript retweeted
Honoured to be featured in the @WSJ Innovators Issue. I’ve always believed in the power of human ingenuity to solve our hardest problems. I’m confident we can collectively navigate the potential challenges of frontier models and usher in a new golden age of scientific discovery!
From childhood prodigy to AI pioneer to Nobel Prize winner, Demis Hassabis has always had a simple plan. Step one, solve intelligence. Step two, solve everything else. 🔗 on.wsj.com/4i0Axoo
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$META CEO: "Threads has now overtaken X in monthly actives and continues to grow quickly. "
Who is using Threads?
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Thanks for having me on Alex - great conversation!
New: I spoke with @sundarpichai about Google's commitment to the AI frontier, how close we are to RSI, balancing DeepMind's compute needs vs. Google Cloud profits, and much, much more.
Full Big Technology Podcast episode here -->
Chapters:
0:00 Introduction
1:14 Google’s Frontier AI Strategy
3:47 Do Frontier Models Really Matter?
6:35 The Future of AI Agents
7:39 Recursive Self-Improvement
12:58 World Models and the Path to AGI
14:56 Google’s Compute Dilemma and AI Infrastructure
19:36 Is AI Overbuilt?
23:35 The Future of the AI Interface
31:42 Google’s Answer to Muse and Dots
35:03 Apple, Space Data Centers, and AI Coding
41:42 Optimism and AI’s Future
The Transcript retweeted
$TSM TSMC CEO: "The gap between demand and supply are still quite big, and that is why we put all our strengths to increase the capacity, as I just mentioned. Whether it is bigger or if the gap become bigger or the gap become narrow, we are working very hard. I cannot answer this question right now because my customer continue to increase their demand."
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$ASML CEO: "Supply shortages across advanced Logic and Memory nodes continue to increase in size and in time horizon. Against this backdrop, we had very constructive discussions with our customers throughout the quarter and the demand signals we have received have continued to strengthen"
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$GS CEO: Near-zero interest rates were the anomaly, not a 5% US 10-year Treasury yield.
"I mean, I've been around for 64 years. The anomaly is zero interest rates, not 5% 10-year Treasury. And so, obviously, significant moves when they happen quickly upset markets and can have an impact. But you're seeing the world's absorbed, you know, this move in the 10-year Treasury reasonably well."
Chairman and CEO David Solomon joined @CNBC from the firm’s 15th annual Builders and Innovators Summit, where he discussed the firm’s third-quarter earnings, his outlook for near-term dealmaking activity, and continued confidence in the IPO market. He also shared his views on AI innovation, and the need for human and enterprise accountability and risk controls.
The Transcript retweeted
$TSLA CEO @elonmusk: "I think Cathie Wood [@CathieDWood] said it best...we should be thought of as an AI or robotics company. If you value Tesla as just like an auto company...it's just the wrong framework..if somebody doesn't believe Tesla is going to solve autonomy, I think they should not be an investor in the company"
