The AlwaysOn X Fund portfolio advanced 3.6% for the week, while the NASDAQ was up 3.7%, and the S&P 500 was up 3.8%. For the year, the AO X Fund portfolio is up 6.9%, the NASDAQ is down 1.6%, and the S&P 500 is down 0.9%.

Apple presented its new iPod lines with the iPod Touch 4G now having Facetime video calling. Also introduced was the new Apple TV for $99 that lets users watch shows for 99 cents and also connects to Netflix and YouTube. For the week, AAPL advanced 7.1%.

The AlwaysOn X portfolio dropped 2.9% for the week, while the NASDAQ was down 5%, and the S&P 500 was down 3.8%. For the year, the AO X Fund portfolio is up 2.5%, the NASDAQ is down 4.2%, and the S&P 500 is down 3.2%.

Netflix reached a deal to add movies from Paramount Pictures, MGM, and Lions Gate, increasing the company's competitive strength vs. cable companies and traditional TV providers. For the week, NFLX advanced 11.8%.

The AlwaysOn X Fund portfolio advanced 5.3% for the week, while the NASDAQ was up 4.1%, and the S&P 500 was up 3.1%. For the year, the AO X Fund portfolio is up 5.7%, the NASDAQ is flat and the S&P 500 is down 1.1%.

All our companies reporting last week posted positive results supported by strong growth. New Oriental Education beat expectations by 2 cents, posting 114% EPS growth and 45.8% sales growth. Apple beat expectations by 40 cents, posting 160% EPS growth and 61.3% sales growth. VmWare beat expectations by 2 cents, with Q2 EPS up 70% and sales up 48%. Management guides up for Q3. Baidu.com beat expectations by 4 cents, with EPS down 78%, while sales were up 74.4%. Management raised its Q3 guidance. F5 Networks posted 5 cents better-than-expected EPS results, up 65% YoY, and sales up 45.7%. FFIV raised its Q3 outlook.

After weathering one of the most dismal years in recent history, tech M&A came roaring back this year for the AlwaysOn Global 250. This year, acquirers spent $5.7 billion to acquire 37 AO250 companies, more than six times the spending and three times the number of deals as in the prior—year period—and the highest number of deals we've seen since AlwaysOn began naming companies to its top 100 and top 250 lists. Last year, amid the turmoil of the credit crisis and its aftermath, acquirers spent just under $900 million to buy only 13 AO companies.

The AlwaysOn X Fund portfolio dropped 1% for the week, while the NASDAQ was down 0.8%, and the S&P 500 was down 1.2%. Year-to-date, the AO X Fund is up 0.4%, the NASDAQ is down 4%, and the S&P 500 is down 4.5%.

Google missed its EPS estimates for Q2 by 7 cents, reporting 20% EPS growth and 24% sales growth. The weakening euro hurt earnings as a third of Google's sales come from Europe. Additionally, expense growth is accelerating with 2,000 new employees in the second half of the year, while sales growth is decelerating. The average price-per-ad click grew only 4%. Competition from Facebook is also pulling Web traffic and advertising dollars away from GOOG. For the week, GOOG dropped 1.7%.

The AlwaysOn X Fund portfolio advanced 6.2% for the week, while the NASDAQ was up 5%, and the S&P 500 was up 5.4%. Year-to-date, the AO X Fund is up 1.4%, the NASDAQ is down 3.2%, and the S&P 500 is down 3.3%.

Google announced that the Chinese government renewed its license to operate in the world's most populous country, but did not disclose which services it will offer. A few months ago, Google started redirecting users in China to an uncensored Hong Kong search site. For the week, GOOG advanced 7.1%.

The AlwaysOn X Funed portfolio dropped 7.2% for the week, while the NASDAQ declined 5.9%, and the S&P 500 was down 5%. Year-to-date, AO X is down 4.5%, the NASDAQ is down 7.8%, and the S&P 500 is down 8.3%.

Google purchased airline data company ITA for $700 million. In the last months, ITA had been the subject of interest among Microsoft, Kayak, and Expedia. With this purchse, it's obvious that Google will enter the online travel space very soon. For the week, GOOG dropped 7.6%.

Founded in 2001, THINKstrategies is a strategic consulting company that helps its clients capitalize on the migration of the technology industry from a product-centric to a services-driven business model. THINKstrategies is dedicated to helping enterprises make better sourcing decisions, IT solution providers make better marketing decisions, and venture investors make better investment decisions to capitalize on the business benefits of today's on-demand services, including SaaS, cloud computing, and managed services.

The northeast has been an American hub for innovation for the past hundred years. The venture capital industry itself was born right here, with George Doriot's founding of American Research Development Corporation (ARDC) in 1946. In the mid-1950s and '60s, George and his colleagues put venture capital on the map alongside a company in which they invested called Digital Equipment Corporation. Their original $70,000 would be worth more than 500 times that investment when Digital went public in 1968. In many ways, Digital was the Google of its day.

Welcome to Venture East Summit at Harvard Business School. It’s an honor to co-host this exciting event with AlwaysOn and Harvard Business School. The AlwaysOn Summit at Stanford has long been one of the preeminent events for the entrepreneur and venture capital communities, and I am thrilled to help facilitate that same type of university partnership with the Boston entrepreneur community here at HBS.