When Facebook became Meta, Big Tech's AI spending spree, and Elon Musk's robots: Tech news roundup

Tesla (TSLA) CEO Elon Musk said on Tuesday that he thinks humanoid robots will outnumber humans in less than 20 years. His company is helping to make that future a possibility.

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Facebook (META) began as a digital college yearbook, connecting Harvard students face to face. Three years ago on Monday, Mark Zuckerberg rebranded his social media empire as Meta, betting billions on a future where we’d meet in virtual worlds instead.

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Amazon’s (AMZN) third-quarter results came in above Wall Street’s estimates thanks to strong growth in its cloud and advertising divisions.

The retail and cloud giant reported total revenues of $158.9 billion for the quarter that ended in September — an 11% increase from the previous year. Amazon reported net income of $15.3 billion and earnings per share of $1.43 — both increasing year over year.

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Facebook parent Meta Platforms (META) has invested billions of dollars into artificial intelligence as it looks to keep pace with its Magnificent 7 competitors. The tech giant warned that this spending will only grow into next year and beyond.

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Facebook parent Meta Platforms (META) saw its profits surge 35% in the third quarter, as it looks to show investors that its multi-billion dollar investments into artificial intelligence are bearing fruit.

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Apple (AAPL) reported record quarterly revenues buoyed by strong iPhone sales in its fiscal fourth quarter.

The Cupertino, California-based tech giant saw $94.9 billion in revenue for the fourth quarter, up 6% from $89.5 billion in the same quarter a year ago, the company reported Thursday. That surpassed Wall Street’s projected $94.46 billion in revenue, according to estimates compiled by FactSet (FDS).

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Despite Apple’s (AAPL) strong fourth fiscal quarter performance, analysts warn that the iPhone maker’s new artificial intelligence features might not boost sales for at least a few more years.

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A Russian court has fined Google more than the world’s GPD for blocking Kremlin-linked accounts on its platforms.

The $2.5 decillion fine — meaning $2.5 trillion trillion trillion — was handed down Tuesday, according to The Independent.

The Russian court has been doubling the fine, which was originally just $100,000 rubles, every week since 2020 because Google hasn’t paid the fine.

The fine came after two Kremlin-linked media outlets won a suit against Google (GOOGL) about restrictions placed on their YouTube channel.

Google also banned other Russian outlets that supported Russia’s actions during the war in Ukraine, which added onto the fines, The Independent said.

The tech giant has been scaling back its operation in Russia for a few years now, blocking the creation of new accounts from Russians and restricting Russian nationals’ abilities to make ad money on YouTube.

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