tech
SpaceX AI revenue surges 830% to $7.6 billion in third quarter
SpaceX AI revenue surged 830% to $7.6 billion in the third quarter.
Key points
- Norges Bank Investment Management reported a third-quarter accounting loss of 278 billion kroner, or approximately $29.7 billion.
- Fixed income investments, which make up just over a quarter of the portfolio, delivered a negative return of 3.5%.
- Equities, representing 72% of the fund's investments, returned 0.5% during the third quarter.
Why it matters. Rising interest rates and a global bond market rout have dented returns for the world's largest sovereign wealth fund.
SpaceX reported third-quarter results on October 20 showing total revenue rose 161% to $14.6 billion. The Super Intelligence business grew 830% to $7.6 billion, aided by an August acquisition that added $608 million. SpaceX spent $16.4 billion on capital expenditure for this unit, a 245.5% increase. CEO Elon Musk predicted the shortage of computing capacity for superintelligence would last for some time.
Latest updates
SpaceX AI revenue surges 830% to $7.6 billion in third quarter
SpaceX reported strong third-quarter results on October 20, with total revenue jumping 161% year-over-year to $14.6 billion. The company's AI segment, known as Super Intelligence (SI), saw revenue surge 830% year-over-year to $7.6 billion. This growth has increased market focus on Nvidia and CoreWeave due to the rising demand for computing power. The results highlight a strategic shift toward AI-driven revenue streams for the aerospace firm.
Norway's sovereign wealth fund reports $30 billion third-quarter loss
Norges Bank Investment Management (NBIM) announced a $30 billion loss for the third quarter. The loss was primarily driven by bond market turbulence and rising interest rates, which dented the portfolio's returns. Despite the quarterly dip, the fund maintains a total current value of approximately $2.3 trillion. CEO Nicolai Tangen discussed the results during the Norges Bank Climate Conference in Oslo on October 21.
Meta Net Income Rises 264% To $9.86 Billion In Third Quarter
Meta's third-quarter financial results show a net income jump to $9.86 billion, marking a 264% increase. Despite the strong growth in earnings, the company noted that legal charges acted as a limit on total profits. The results reflect the company's current fiscal performance amid ongoing regulatory challenges. Detailed expenditure breakdowns were not provided in the summary.
Barclays cuts 5,000 jobs as third-quarter pre-tax profits rise to £2.3 billion
British banking giant Barclays has announced it is cutting approximately 5,000 positions, amounting to a 5 percent reduction in its overall workforce, as part of a strategic shift toward increased automation and artificial intelligence utilization. The workforce reduction details were revealed alongside the bank's third-quarter financial results, which reported a pre-tax profit increase of 12 percent to £2.3 billion. Although profits rose, the figure came in slightly below market forecasts, prompting management to announce a £500 million share buyback program alongside the restructuring measures. Bank executives emphasized that integrating advanced artificial intelligence systems across operations is crucial for long-term efficiency and maintaining competitiveness in the financial sector. Labor representatives and industry analysts are closely monitoring the restructuring as a bellwether for technology-driven employment shifts across major international financial institutions. The bank intends to manage the phased staff reductions over the coming months while continuing its deployment of automated customer service and administrative systems.