At the same time, India’s weather office said on Friday that several states are likely to see above-normal heatwave days in May, as persistent high temperatures drive energy demand to record levels.
As the world’s third-largest oil importer and consumer, India’s energy supply is already strained after the US-Israeli conflict with Iran disrupted shipments through the Strait of Hormuz.
In corporate news, Reddit beat Q1 estimates with strong earnings and an upbeat outlook, sending its stock up over 9% after hours. It reported $1.01 EPS vs $0.58 expected and $663M revenue vs $611M expected. Revenue rose 69% year-on-year to $663M, while net income jumped to $204M from $26M a year earlier.
ICYMI: Google broke ground on an AI hub in Visakhapatnam this week, marking what executives and policymakers described as a pivotal step in India’s bid to build large-scale digital infrastructure to power its next phase of economic growth.
In today’s newsletter, we will talk about
- Tim Cook ‘over the moon’ on India growth
- VC inflow records a sharp rise
Here’s your trivia for today: Which 1983 movie is credited with raising awareness about computer security and hacking?
Technology
Tim Cook ‘over the moon’ on India growth
Apple CEO Tim Cook has expressed strong optimism about India, calling it a major growth opportunity as the company reported robust double-digit expansion across most product categories in the country during the March quarter.
Key takeaways:
- Cook said Apple remains bullish on India, citing rising middle-class demand and strong sales momentum despite the company still holding a relatively small market share.
- Apple posted $111.2 billion in revenue (up 17%) and $29.6 billion in profit, with double-digit growth across all regions and standout iPhone sales driven by the iPhone 17 lineup.
- Services hit a record $31 billion, while hardware demand for Mac, iPad, and Apple stayed strong. However, supply constraints and AI investments continue to shape near-term performance and strategy.
Funding
VC inflow records a sharp rise
Indian startups saw a strong rebound in venture capital activity in the final week of April and early May, with funding more than doubling week-on-week, led by several large deals above $20 million.
Key takeaways:
- Total VC funding jumped to $219 million across 18 deals, up from $81 million the previous week, reversing two weeks of subdued activity.
- Major rounds included Snabbit ($56M), Sahi ($33M), Kimbal Technologies ($22M), and Metasports Interactive ($20M), alongside several mid-sized investments across sectors.
- Despite the uptick, investors remain cautious due to macroeconomic headwinds, with future momentum expected to depend on geopolitical stability and rising interest in AI-focused startups.
News & updates
- SpaceX: SpaceX has invested over $15 billion in developing its next-generation Starship rocket, according to its IPO filing, a figure far exceeding the cost of its Falcon rocket program, as Elon Musk’s company approaches a decade-long effort to build a fully reusable launch system.
- Anthropic: Anthropic is asking investors to submit allocations for the AI company’s latest fundraise within the next 48 hours, according to sources familiar with the matter.
