On this date five years ago, Google announced its acquisition of Fitbit for $2.1 billion. At that time, Fitbit was a leading name in wearable technology while the Apple Watch initially failed to disrupt its dominance. However, as the market evolved, watches became more popular, and Fitbit’s standing changed. Presently, Google remains a participant in the wearable tech category, though not a leading one, even with its aesthetically appealing products.
The author mentions switching from a fitness band to a mechanical watch for convenience, avoiding the need to frequently charge devices.
In related news, Josh Kushner of Thrive Capital is slated to speak at the Fortune Global Forum in New York City on November 11-12.
Amazon recently posted quarterly financial results that exceeded analyst projections, mainly driven by Amazon Web Services (AWS), its $110 billion cloud computing division. AWS reported a 50% increase in operating income year-over-year, rising to $10.4 billion, with a revenue boost of 19% reaching $27.5 billion. The operating profit margin increased from 30% to 38% over the same period. Amazon is heavily investing in AI consumer products and expanding its AI services to corporate customers. CEO Andy Jassy highlighted the promising future of AWS’s generative AI business, predicting healthy margins as it develops further. Amazon plans to increase investments in data centers and warehouse automation.
OpenAI announced new search features within its ChatGPT product, called ChatGPT Search. This update enables users to access timely information with source attributions, using OpenAI’s 4o model. Currently, these features are available to paid ChatGPT Plus and Team users on mobile and web, with expansion to enterprise, educational, and eventually free users expected soon.
Apple reported a 6% increase in revenue for its fiscal fourth quarter, buoyed by a rebound in iPhone sales, which grew by 5.4%, reaching $46.2 billion. All business units showed progress except the wearables, home, and accessory segment, which includes products like the Apple Watch, AirPods, and Apple VisionPro headset—this segment saw a 3% decline in net sales.
China has imposed sanctions on Skydio, a U.S.-based drone manufacturer, after it sold drones to Taiwan. These sanctions compound supply chain challenges for Skydio, especially as the drone batteries are sourced from China. The company is actively seeking alternative suppliers while managing its existing battery stock amid U.S.-China trade tension.
Intel’s shares rose significantly after reporting better-than-expected earnings and guidance. Despite a drop in revenue, the company posted an earnings figure that impressed investors. CEO Pat Gelsinger revealed plans to cut jobs and real estate holdings to streamline operations. Intel is also introducing new products like Xeon 6 server processors and Gaudi AI accelerators, although the adoption of Gaudi has been slower than anticipated.
Additional data points include Microsoft hiring Facebook’s former engineering chief Jay Parikh, the upcoming release of Google’s Android 16, the EU’s review of Nvidia’s acquisition of Run:ai, Uber’s drop in shares after revelations of slowed growth due to higher prices, and Anthropic’s call for targeted AI regulation.
