Looks like AI is not the great disruptor everyone says it is. At least, not in 's case, which posted better-than-expected financial results last week — squashing fears that 's AI-powered Bing could relegate it to the No. 2 spot in the search engine business. Google Microsoft Results showed that Google-parent Alphabet generated $74.6 billion in second-quarter 2023 revenues, up 7% year over year, and $18.3 billion in net income — an increase from the $16 billion booked in the same quarter last year. "Our financial results reflect continued resilience in Search, with an acceleration of revenue growth in both Search and YouTube, as well as momentum in Cloud," Alphabet CFO Ruth Porat said in a . statement This particular news should provide some comfort to Google CEO Sundar Pichai who was already for letting Microsoft one-up his company by investing early on into OpenAI, the creator of ChatGPT, and failing to make a splash with . on the hook Bard Nonetheless, analysts said Google has been an for seven years, and has rolled out a series of AI products this year and revamped its search engine with the technology as it competes with Microsoft in a race to dominate the nascent field. AI-first company "Contrary to fears, AI everywhere is not, at least now, causing margin indigestion, or disrupting search. On the contrary, it appears to have potential to make Google a share-gainer in cloud services," Rosenblatt Securities analyst Barton Crockett wrote in a note to clients, Reuters . reported Google wasn't the only one that surprised Wall Street with its financial results. Microsoft too posted better-than-expected quarterly results last week, showing a year-over-year in both revenue and net income. Though, what caught everyone's attention was an that would see Microsoft continue to spend more and more money to boost AI capabilities throughout fiscal 2024 to reach a point where it could generate money from such investments. increase aggressive spending plan Microsoft is among a handful of companies vying to secure graphic cards from necessary to build the processing power for AI products and services. And let us tell you; those graphic cards ain't cheap! Guess you gotta spend money to make money, huh? Nvidia Google ranked #12 on HackerNoon's Tech Company Rankings this week, while Microsoft was on the #14 spot. 🌎 World Citizen? Not So Fast! Apparently not satisfied with the success of ChatGPT, OpenAI co-founder and CEO Sam Altman now wants to create a new world order.. Of sorts. Last week, he launched a crypto-backed venture called Worldcoin which has already raised eyebrows with governments around the world. Worldcoin is designed to become the world's largest human identity and financial network, giving ownership to everyone, according to its . website In exchange for letting a futuristic looking globe scan your eyes, the project offers a digital ID signifying that you are a real human being (and not a robot, ) and some cryptocurrency. Free cryptocurrency is not so bad, but giving over your biometric data is, prompting officials in , , and to spring into action and scrutinize the project which already boasts of 2 million sign ups, mostly during its trial phase. duh Germany France Britain Most of these users don't seem to care about privacy concerns and seem to have been lured by the prospect of and a hefty profit if the Worldcoin tokens somehow magically blow up. Guess nobody told em the infamous phrase, "Mo Money, Mo Problems," especially considering that privacy campaigners have warned that users' biometric data could be hacked or exploited. making some money Oh well.. 👋 You’re reading of HackerNoon's Tech Company News Brief, a weekly collection of tech goodness that combines HackerNoon's proprietary data with internet trends to determine which companies are rising and falling in the public consciousness. went live yesterday. Prefer reading the whole thing a day early AND in one go? No problemo! Just subscribe to receive the newsletter in your inbox every Tuesday. part 2 Part 1 here complete In Other News.. 📰 Sony PlayStation 5 console sales pass 40 million — via . Reuters LinkedIn seems to be working on an AI ‘coach’ for job applications — via . The Verge Zuck Says He's 'Not Sure' if the Elon Cage Match Will Happen — via . Gizmodo Twitter, now X, threatens suit against nonprofit studying hate speech and misinformation — via . CNBC OpenAI’s head of trust and safety is stepping down — via . CNN Scoop: Google Assistant to get an AI makeover — via . Axios And that's a wrap! Don't forget to share this newsletter with your family and friends! See y'all next week. PEACE! ☮️ — Sheharyar Khan, Editor, Business Tech @ HackerNoon

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