AI REVENUE
Applied Digital soars 45% on $7 billion CoreWeave deal, expects revenue windfall from 15-year lease
Applied Digital stock soared over 45% today, driven by a massive $7 billion, 15-year lease deal with CoreWeave, a fast-growing AI cloud provider backed by Nvidia. With record trading volume and strong investor interest, APLD is gaining attention as a key player in the AI data center space. This surge highlights Applied Digital’s strategic move into high-demand cloud infrastructure, making it a stock to watch ahead of its July 2025 earnings report.
ChatGPT crosses 365 billion annual searches in 2024: Report
For perspective, Google took 11 years to achieve the same milestone, said Mary Meeker’s Trends – Artificial Intelligence (AI) report. That’s a 5.5 times faster rate of adoption for AI-based tools. In 2024, ChatGPT saw its user base surpass 700 million, subscribers reach about 20 million, and revenue exceed $4 billion.
Ads ruined social media, now they’re coming to AI chatbots
Chatbots are pivoting to the ad model and optimising for eyeballs. As subscription revenue plateaus, AI developers are increasingly exploring advertising as a new revenue stream, raising concerns about potential manipulation and addiction. The integration of ads into AI platforms like chatbots could exploit users' personal data and emotional vulnerabilities, just like social media did. Remember how that turned out?
Meta aims to fully automate advertising with AI by 2026: Report
Meta also plans to let advertisers personalise ads using AI, so that users see different versions of the same ad in real time, based on factors such as geolocation, according to the report. Social media firms such as Snap, Pinterest and Reddit are increasingly investing in AI and machine learning tools to attract advertisers in an intensely competitive and crowded digital ad market.
Where the fintech sector is headed next: QED-BCG Global Fintech Report 2025
Fintech may still be a small slice of global finance, but it’s scaling fast. A new report reveals five big trends—from smarter AI to rising onchain finance—that are reshaping the landscape. With fintech revenues growing 21% year-on-year, it’s clear the sector is outpacing traditional financial services.
Listed new-age cos’ road to profitability; QED’s Nigel Morris interview
After a torrid time on Dalal Street, new-age firms have taken a turn towards profitability in the March quarter. This and more in today’s ETtech Morning Dispatch.
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VerSe Innovation allegedly billed Builder.ai without services; Indian company denies claims
VerSe Innovation, parent of Dailyhunt, and Builder.ai allegedly inflated revenue through reciprocal invoicing without actual services rendered. London-based Builder.ai, which is under legal scrutiny in the US, reportedly gained $60 million from VerSe over four years. VerSe CEO Umang Bedi denies these claims, stating all transactions were for legitimate services, including cloud computing and advertising.
Anthropic hits $3 billion in annualised revenue on business demand for AI
AI developer Anthropic has reached $3 billion in annualised revenue, up from $1 billion in December 2024, driven by strong enterprise demand, especially for code generation. Backed by Google and Amazon, Anthropic is emerging as a leading SaaS player, though it trails OpenAI in consumer adoption and overall valuation.
DeepSeek can undercut larger ChatGPT, ace investor Mary Meeker warns
Mary Meeker predicts AI will spawn numerous trillion-dollar companies, with competition intensifying from firms like China's DeepSeek. Rising training costs for leading US models, such as OpenAI's GPT, are creating opportunities for cheaper, task-specific alternatives. The current AI landscape resembles a capital-intensive commodity market, demanding deep funding and patient investors for startups to thrive.
Builder.ai-Dailyhunt fake sales: All you need to know about the “round-tripping” scandal
Round-tripping involves transferring money between companies without any genuine exchange of goods or services — the only aim being to inflate revenue figures for investor consumption. Between 2021 and 2024, Builder.ai and VerSe Innovation reportedly exchanged invoices in round-tripping. Last month, Builder.ai said it planned to file for bankruptcy after one of its key lenders, Viola Credit, seized $37 million from its accounts.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Builder.ai faked business with Indian firm VerSe to inflate sales: Sources
Builder.ai, facing bankruptcy, allegedly inflated sales figures by engaging in "round-tripping" with VerSe Innovation, billing each other for similar amounts without actual services rendered. Documents suggest this practice occurred between 2021 and 2024 to deceive investors. VerSe co-founder Umang Bedi denies these allegations, while Builder.ai has declined to comment on the matter.
Marvell forecasts second-quarter revenue above estimates on strong demand for custom AI chips
Marvell said in its post-earnings call that it expects AI tailwinds to remain strong, driven by robust hyperscaler spending, new sovereign data center projects, and the expansion of emerging market players expanding the market, opening up growth opportunities. The company's carrier and enterprise networking segments have also gradually recovered following a period of inventory correction.
Dell raises annual profit forecast on strong AI server demand
Dell and Super Micro Computer have benefited from growing demand for such servers, but the high cost of producing them and tough competition have pressured margins. "We generated $12.1 billion in AI orders this quarter alone, surpassing the entirety of shipments in all of fiscal 2025 and leaving us with $14.4 billion in backlog," Dell's chief operating officer Jeff Clarke said.
Grammarly secures $1 billion from General Catalyst to build AI productivity platform
The investment, one of the biggest out of General Catalyst's Customer Value Fund (CVF), could help late-stage tech companies like Grammarly accelerate growth by using dedicated capital to acquire new customers. By reallocating funds typically tied up in sales and marketing, Grammarly can invest more in product development.
The Times and Amazon announce an AI licensing deal
Amazon's use of editorial content from the Times could extend to the Alexa software found on its smart speakers. In some instances, excerpts from Times reporting will include attribution and a link back to the Times' website. Material from the Times will also be used to train Amazon's proprietary AI models, the company said.
Donald Trump's policies are bad—then good? Nvidia CEO Jensen Huang flip-flops within minutes after Q1 results
Nvidia CEO Jensen Huang faces a complex situation, grappling with a $4.5 billion loss due to US export controls impacting AI chip sales to China. While criticizing the policy's effectiveness, he also praised Donald Trump's vision for reshoring manufacturing and strengthening national security.
Salesforce’s AI push slows hiring; piles pressure on engineers, customer service roles
Salesforce chief financial and operations officer Robin Washington said that, alongside reduced hiring, AI implementation will see 500 customer service staff reassigned to other roles—an adjustment expected to save $50 million. The company is also hiring fewer engineers due to AI-driven productivity gains, while expanding its sales team to support AI product growth.
Nvidia discloses more China risks, but CEO Huang praises Trump
Nvidia's sales surged by 69%, but the company cautioned about escalating US-China tech tensions. Restrictions on Chinese AI models and connected vehicle tech could hinder growth. Despite export curbs costing billions, Nvidia anticipates strong sales, driven by deals in Saudi Arabia, the UAE, and Taiwan.
Nvidia chief calls Elon Musk an ‘extraordinary engineer’, says Optimus robot will be next big thing
Despite recent geopolitical challenges, including US restrictions on chip exports to China, Nvidia has continued to post strong financial results. For the most recent quarter, it reported revenue of $44.1 billion, up 69% year-on-year, with net income rising 26% to $18.78 billion.
AI chipmaker Nvidia's revenue jumps 69% to $44.1 billion
Nvidia said Wednesday that sales in its most recent quarter rose 69% from a year earlier to $44.1 billion. Its net income rose 26% to $18.78 billion. The company exceeded Wall Street's expectations for sales of $43.28 billion, but fell short of predictions for a profit of $19.49 billion.
Salesforce raises annual results forecast on strong cloud spending
Higher cloud spending bodes well for Salesforce's efforts to ramp up monetization for its AI agent platform, Agentforce, as it bets big on agentic technology to spur adoption of its software offerings. The company said it closed over 8,000 deals since launching Agentforce, with half of them already paid. Its Data Cloud and AI annual recurring revenue has exceeded $1 billion.
Nvidia shares rise as sales hit from China export curbs not as bad as feared
Nvidia surpassed sales expectations due to AI chip stockpiling before new U.S. export restrictions to China. However, these restrictions are projected to cut $8 billion from the current quarter's sales, leading to a lower-than-expected forecast.
Nvidia discloses more China risks, but CEO praises Trump
While Nvidia CEO Jensen Huang on a conference call with analysts praised US president Donald Trump's decision to rescind an export rule put in place by President Joe Biden that would have regulated the flow of Nvidia's chips around the world, the company's quarterly filing noted that no new rule had been issued in its place and that a "replacement rule may impose new restrictions on our products or operations."
Nvidia reports record-breaking $44 billion revenue as AI chip demand skyrockets despite China export ban
Nvidia reported blockbuster Q1 results, exceeding expectations with record revenue and data center sales driven by surging AI demand. Despite a $4.5 billion hit from U.S. export curbs to China, the company's shares rallied. CEO Jensen Huang remains optimistic, emphasizing investments in American manufacturing and anticipating further growth in AI computing.
Telegram, Elon Musk's xAI partner to distribute Grok to messaging app's users
Telegram CEO Pavel Durov announced a partnership with Elon Musk's AI company xAI to distribute its chatbot Grok to Telegram’s billion-plus users. Telegram will receive $300 million in cash and equity, along with 50% of revenue from xAI subscriptions sold through the platform, Durov revealed on X.
TCS to add AI agents alongside human workforce: N Chandrasekaran
Looking ahead, TCS plans four progressions - establish a large pool of AI agents working alongside our human workforce, deliver solutions through a human+AI model, invest in AI data centers and cloud infrastructure, as well as forge partnerships, Chandrasekaran said.
Another AI deal: Salesforce buys Informatica for $8 billion, this move by Marc Benioff could rattle Microsoft, Amazon
Salesforce Informatica acquisition is making waves as Salesforce confirms an $8 billion deal to buy data software giant Informatica. The move is set to supercharge Salesforce's AI capabilities by merging Informatica’s powerful data management tools with Salesforce’s Data Cloud, Tableau, and MuleSoft. Announced at $25 per share, this surprise lower offer comes as part of Salesforce’s plan to strengthen its agentic AI ecosystem. With the focus now on autonomous AI agents and smarter digital tools, this acquisition could reshape how enterprise AI evolves. Here’s why this deal matters and what it means for the future of AI at Salesforce.
Nvidia earnings to reveal hit from US export curbs on China
Nvidia investors await clarity on the financial impact of US chip export curbs to China as the company prepares to report earnings. The restrictions may cost up to $4.5 billion per quarter. While new markets like the Middle East offer growth, China remains a major uncertainty for future sales.
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