The AlwaysOn X Fund portfolio finished the week up 0.8%, the NASDAQ was up 0.6%, and the S&P 500 was up 0.4%. Year to date, the AO X Fund is up 6.9%, the NASDAQ is up 12.3%, and the S&P 500 is up 8.4%.

Google reported a strong quarter with revenue growth of 39% and earnings up 16%. Google sites revenue grew 21% and makes up 69% of the total. Google’s international revenue was the same as last quarter, accounting for 54% of total revenue. Motorola currently makes up 10% of Google’s revenue. Paid clicks grew 42%, cost per click dropped 16%, and traffic acquisition cost stood at 25% of advertising revenue. Google now activates 1 million Android phones per day, up from 900,000 in Q1. YouTube accounts have doubled during the last year, implying that the video service is seeing strong momentum. GOOG finished the week up 5.9%%.

Intuitive Surgical posted better than expected results, with 26% revenue growth and 29% earnings growth. Da Vinci procedure growth was 26%, with 150 Da Vinci systems sold, up from 129 in Q2 2011. ISRG saw a slight improvement in its operating margin, now at 42% compared to 39% a year ago. The results failed to impress investors, and ISRG dropped 8.4% on Friday, and was down 7.7% for the week.

To learn more about GSV Asset Management—an investment management firm that leverages GSV Media’s ideas, insights, and philosophy—go to gsvam.com. www.gsvmedia.com.

Michael Moe is an AlwaysOn contributing editor and a former co-founder of ThinkEquity.