Expectations for Snap Inc.’s second quarter were low. The reality was even worse. The Snapchat owner posted its worst revenue growth since going public in 2017 thanks to mounting competition and slower ad spending. Snap shares plunged 26% in after-hours trading. The company is the first big social media company to report results this quarter, and the stock prices of digital-ad-dependent Meta...
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The Briefing cloud ai
Amazon’s Anthropic Deal Signals Cloud Sector Turbulence
You know the cloud industry is in upheaval when industry leader Amazon Web Services has to copy a tactic used by its smaller rivals to compete more effectively. The Amazon unit’s decision on Monday to invest up to $4 billion in AI startup Anthropic, as part of a broader deal in which AWS becomes the startup’s “primary cloud provider,” looks a lot like the type of equity-for-business deals AWS...
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