Personal Tech — Thursday, October 29, 2026

Microsoft beats

• revenue $92.3B (+19%), adjusted EPS $4.89
• Azure +48% to $33.2B (first dollar disclosure), Microsoft Cloud +30% to $63.9B
• capex + finance leases $45.2B
• free cash flow +$18.6B
• shares +~4% after hours

Alphabet misses despite Google Cloud +103% to $30.7B

• revenue $127.6B just below estimates, Search $63.4B missed, EPS $2.12 after $8.7B equity-securities loss
• capex $51.4B, free cash flow -$9.1B (second straight negative quarter)
• $28.7B notes issued + $12.4B stock sold, no buybacks
• shares -~10% after hours
• full-year capex guidance $195-205B

Fed holds rates at 3.75%-4.00% in 10-2 vote (Cook, Hammack dissented for a hike)

• Chair Warsh calls it a "hawkish skip"
• ~80% market odds of December hike
• 10-year Treasury yield above 5%
• S&P 500 +0.28%, Nasdaq +0.27%, Dow +0.19% on Oct 28

Amazon reports after close Thu Oct 29

• guide $197-202B sales, $22.5-26.5B operating income
• consensus ~$1.96 EPS, ~$202B revenue
• watch AWS growth vs Q2 37%, margin near 39%, ~$220B 2026 capex, -$7.6B trailing FCF, $496B AWS backlog
• Apple reports Mon Nov 2 (~$113B revenue expected)

FuriosaAI Series D

• $620M raised at $2.9B post-money valuation (4x prior)
• South Korea National Growth Fund $280M lead
• RNGD inference chips claim <half Nvidia power use
• LG EXAONE, Upstage, Samsung SDS customers
• 20,000 chips in 2026, 40,000 in 2027
• third-gen chip co-developed with Broadcom

Quantum

• NVision Nature paper on quantum chips via OLED-like organic molecules ("Goldilocks" molecule), borrowing smartphone-display manufacturing
• $120M raised
• originated from MRI sugar-molecule spin technology

Quantum funding

• Quanfluence (Bengaluru) raises $10M led by Chiratae Ventures for room-temperature photonic quantum computing
• targeting 4-qubit machine near term, ~100 qubits by 2029

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