Hello and welcome to Daily Crunch for Monday, August 2, 2021. What a day. Square kicked off this week’s news cycle with a megadeal, Google popped up with new hardware, and there are new VC funds aplenty. It’s busy, but before we get started, there’s a special summer edition of Extra Crunch Live this week that’s 100% pitch-off. It’s on Wednesday, so be there or be square. — Alex
The TechCrunch Top 3
- Google pursues custom silicon: Alphabet’s Google subsidiary is getting into the custom silicon game, TechCrunch reports. Akin to what Apple did with its A and M chips, Google hopes that it is Tensor SoC (system on a chip) “will differentiate itself in a crowded smartphone field,” Brian Heater writes. For more on Google’s new hardware, head here.
- Square buys Afterpay: U.S. fintech giant Square is buying the Australian buy now, pay later company Afterpay for $29 billion in stock. TechCrunch dug into the deal’s numbers, but the gist is that Afterpay brings merchants, global users and a new fintech product to Square. The value isn’t cheap, but it does make sense.
- Cloud infra spend accelerates: Want to know why investors are so hot and bothered by the tech industry these days? In part because the demand just keeps accelerating. TechCrunch covered new data today indicating that the cloud infra market — which underpins so very many services that consumers and corporates depend on alike — saw spending grow 39% in Q2 2021 compared to the year-ago quarter. The total for the second quarter? $42 billion.