Microsoft Financial News

Almost a year into Facebook’s unexpected rebranding as Meta, the company’s flagship Metaverse product is reportedly failing to meet internal standards. 

While highly regarded even at the time of its writing, Marc Andreessen’s 2011 landmark essay, “Why Software Is Eating the World,” has proven even more prophetic than it seemed at the time. At the dawn of a decade when software would prove invaluable to nearly every aspect of modern life, Andreessen argued that every company was now ostensibly a software company, whether the company liked it or not.

Some of the biggest companies in the world are expected to report their 2Q earnings in October, including electric automaker Tesla on Oct. 18, tech giants Meta and Microsoft on Oct. 24, Apple and Amazon on Oct. 26 and Google on Oct. 30. Currently, the possibility of an even more severe global economic slowdown is in the cards and lackluster profits could further add to the uncertainty.

After the Fed's 75bps print, volatility increased and caused liquidation on both sides of the book before selling off to a weekly low of $1220. Subsequently, the price found some relief along with a rise in long open interest. Within a week, the closing price had reversed again, indicating underlying weakness in the market. ETH closed the week at $1,295 and returned -3.01% WoW. Ahead of Wednesday's FOMC, ETH/BTC showed strength, jumping over 4% by Tuesday afternoon. After the Ethereum merger, there was a significant increase in user contract calls. Historically, such behavior has indicated a growth in activity on the Ethereum network that goes beyond simple token transfers. Concerns about network instability may have motivated participants to sideline holdings before the event was successful. After the successful merge was confirmed, along with the cancellation of any technical issues, activity skyrocketed in the following days. Interestingly, increased volumes persisted throughout the week, particularly in the DeFi and NFT sectors.

M12, Microsoft’s venture capital fund, led a $20 million funding round for Web3 startup Space and Time as the tech giant focuses on decentralizing data.

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Web3 and tech companies participated in a funding round for a data platform called Space and Time that aims to transform central databases into trustless data sources powered by smart contracts. 

A recent report from the Ethereum Enterprise Alliance (EEA) highlights how the Ethereum ecosystem has matured to a point where the network can be used by businesses to solve real-world problems. From supply chain management use cases to payment solutions utilized by companies like Visa and PayPal, the report demonstrates how the Ethereum network has grown to become one of the most valued public blockchains. 

In February, Ukraine passed a law allowing private cloud providers to host government data outside its borders, then struck contracts with Amazon Web Services, Microsoft Corp. , Oracle Corp. and Alphabet Inc.’s Google.

Check out the companies making headlines in midday trading.

In this article

Check out the companies making headlines in after hours trading.

The popular sandbox video game Minecraft has banned non-fungible tokens (NFTs) and blockchain innovations from integrating with its platform. On the other hand, Japanese entertainment conglomerate Square Enix has announced its NFT project.

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Big four accounting firm Ernst & Young (EY) has selected 16 early-stage startups to join its EY Foundry Cohort 5 program to propel disruptive solutions in four areas: sustainability, new enterprise, people and wellness, and services of tomorrow.

Meta, Microsoft, Nvidia, Sony, as well as 33 other tech giants racing to build the metaverse have formed a group to create the infrastructure for an interoperable metaverse.

Gaming companies Roblox and Niantic also were not included among the forum's participants.

Gaming companies Roblox and Niantic also were not included among the forum's participants.

Private equity boss Orlando Bravo has a somber warning for the technology industry.

Tech billionaire, and currently the world’s fourth-richest person, Bill Gates, spoke at the TechCrunch climate change conference Tuesday about the progress society has made in supporting the climate movement, his assessment of current global economics, alongside his skepticism of NFTs. 

Bill Gates is not a fan of cryptocurrencies or non-fungible tokens.