Anti-Clickbait News Summaries for October 14, 2024
Pentagon awards $12 billion in contracts for bombs and missiles to major defense firms
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Professors win Nobel Prize in Economics for research on colonial wealth disparities
Three professors, Simon Johnson, James A. Robinson, and Daron AcemoÄŸlu, have won the Nobel Prize in Economics for their research on how colonial political and economic systems affect current wealth disparities. They highlight that inclusive institutions lead to prosperity, while exploitative systems result in poverty.
The laureates emphasize that countries can improve their economic situations by establishing democracy and the rule of law, potentially reversing the negative impacts of colonialism. They will share an £810,000 prize and a gold medal for their contributions.
AcemoÄŸlu and Johnson are professors at MIT, while Robinson teaches at the University of Chicago. Their work includes influential books on the relationship between institutions and economic outcomes.
Longboard Pharmaceuticals shares jump 47% on $2.6 billion acquisition deal
Longboard Pharmaceuticals shares surged nearly 47% in pre-market trading, reaching $57.13, following Lundbeck's announcement of a $2.6 billion acquisition deal. This marks a significant increase compared to previous trading levels.
Other notable pre-market movers include Inventiva, which rose 86.2% after securing funding for a clinical trial, and Tevogen Bio, up 92.2% due to plans to discuss its revenue potential.
Conversely, Molecular Templates saw a drastic decline of 76.8% as its board approved liquidation. Vicinity Motor also fell 44.1% after failing to renegotiate creditor terms.
Web companies face IPv4 address shortage and explore new solutions
Web companies are now facing a shortage of IPv4 addresses, which were previously less of a concern for them compared to internet service providers. As demand for IP addresses grows, these companies are exploring solutions like carrier-grade network address translation (CGNAT) to manage their needs.
IPv4 addresses, standardized in the 1980s, are limited and have become scarce due to the rise of connected devices. Although IPv6 offers a vast address space, its adoption has been slow due to various challenges. Consequently, many companies still rely on IPv4.
To address the shortage, web companies can transition to IPv6, purchase addresses from brokers, or implement CGNAT, which allows multiple devices to share a single IP address. CGNAT has evolved into a software solution that can optimize address usage, but it also presents management challenges.
Pentagon awards $12 billion in contracts for bombs and missiles to major defense firms
The Pentagon has awarded $12 billion in contracts for bombs and missiles to Boeing, Lockheed Martin, and RTX as it concluded its fiscal year 2024. This spending spree is aimed at utilizing the full budget to avoid potential cuts.
Boeing received a $6.9 billion contract for small diameter bombs, while Lockheed Martin secured $3.6 billion for various missiles. RTX won contracts totaling $1.5 billion for air-to-air and air defense missiles.
These contracts mark a significant increase in defense spending compared to previous years, benefiting major defense contractors. Boeing's contract is substantial but may not improve profitability, unlike Lockheed Martin and RTX, which have more profitable defense divisions.
Pharmaceutical companies invest heavily in AI but face challenges in drug approvals due to data quality
Pharmaceutical companies have invested nearly $60 billion in AI to improve drug discovery, but new drug approvals remain low. The main issue is the quality of data used to train AI models and how these models are applied in research.
To enhance AI's effectiveness, companies need to use comprehensive, real-world patient data rather than limited datasets. This approach can lead to better predictions and insights, which can be validated through laboratory experiments.
AI's role in drug development extends beyond identifying targets. It can help stratify patient populations for clinical trials and optimize drug combinations. By integrating AI with traditional methods, the industry aims to improve drug development and patient care.
Nvidia and AMD report strong demand for AI chips and bullish market forecasts
Nvidia and AMD have reported strong demand for their AI chips, with Nvidia's new Blackwell chip sold out for the next year. AMD's CEO raised the projected AI accelerator market size to $500 billion by 2028, reflecting growing investment in AI.
Despite recent skepticism about AI stocks, both companies' announcements suggest continued growth in the sector. Analysts believe the current AI boom is still in its early stages, with major tech firms financially stronger than those during the dot-com era.
Concerns about an AI bubble persist, but current valuations are seen as reasonable. The market remains optimistic about the long-term potential of AI technology and its applications across various industries.
French startup plans to deliver 5G internet from space with telecom partnerships
French startup Constellation Technologies & Operations plans to partner with telecom operators to deliver 5G internet from space. The company aims to use existing telecom assets and repurpose 5G technology for satellite broadband, similar to Starlink.
Constellation will launch a constellation of satellites in low Earth orbit, utilizing terrestrial 5G spectrum for space-based connectivity. The startup has secured €9.3 million in funding to support its ambitious goal of deploying 1,500 satellites for global coverage.
The company plans to conduct an end-to-end test with a hosted payload by June 2025, followed by two prototype satellites by the end of 2026. Full production satellite deployment is expected in 2027.
WHO approves mpox vaccine for adolescents from Bavarian Nordic
The World Health Organization has approved Bavarian Nordic's mpox vaccine for adolescents aged 12 to 17. This decision follows the vaccine's prequalification on October 8 and aims to protect a vulnerable age group amid ongoing global concerns about mpox outbreaks.
In September, the WHO had already approved the Jynneos vaccine for adults, facilitating access in heavily affected African countries. The EU also approved the vaccine for adolescents last month.
Bavarian Nordic plans to start a clinical trial in October to test the vaccine's safety in younger children aged two to 12. The U.S. FDA has approved the vaccine for adults but granted emergency use for adolescents during the 2022 outbreak.
Source: https://www.straitstimes.com/world/who-approves-bavarian-nordics-mpox-vaccine-for-adolescents
Vast plans new space station Haven-2 to succeed ISS by 2031
Vast Space has announced plans for a new space station called Haven-2, intended to replace the International Space Station (ISS) after its retirement in 2031. This station will focus on microgravity research and serve as a destination for astronauts from NASA's international partners.
Haven-2 will consist of four modular components that can connect in space. Vast aims to launch the first module by 2028, ahead of the ISS's planned decommissioning. The company is also preparing to compete for NASA contracts worth up to $2 billion for future space station projects.
Vast's Haven-2 builds on its earlier Haven-1 project, with plans to launch Haven-1 in 2025. The company expects to invest around $1 billion in the project and will seek additional funding from investors in the coming years.
China's property stocks rise as government unveils support measures for real estate sector
China's property stocks surged on Monday after the government announced new measures to support the struggling real estate sector. The Hang Seng Mainland Properties Index rose over 2%, with China Resources Land leading gains at 7.6%.
The Ministry of Finance revealed that local governments can issue more special bonds to purchase land and unsold homes. This aims to balance supply and demand in the land market and ease financial pressures on developers.
Real estate was the top performer in Mainland China's CSI 300, increasing nearly 5%. Investors are optimistic about the government's focus on stabilizing the market, though details on implementation remain unclear.
Trump distances himself from Project 2025 while sharing key policy overlaps
Donald Trump claims that Project 2025, a detailed conservative policy plan, does not align with his priorities for a potential second term. He has not read the document and emphasizes his own agenda, known as "Agenda 47," which shares some similarities with Project 2025.
Both Trump and Project 2025 propose significant tax cuts, stricter immigration policies, and regulatory rollbacks. However, Project 2025 offers more specific proposals, such as a flat tax system and detailed immigration reforms, while Trump's plans focus on broader themes and populist messaging.
In foreign policy, Trump maintains a more isolationist stance, while Project 2025 suggests a tougher approach to China and NATO. The document also emphasizes traditional family values and proposes significant changes to education and civil rights enforcement, reflecting a more structured conservative ideology than Trump's general statements.
AI model LucaProt identifies over 251,000 new RNA viruses, expanding global viral diversity knowledge
Researchers have developed an AI model called LucaProt, which has identified over 251,000 new RNA virus species. This discovery significantly expands our understanding of viral diversity in various ecosystems, including extreme environments like Antarctica.
LucaProt outperformed traditional virus detection tools, achieving a recall rate of 98.22%. It identified 180 RNA virus supergroups and revealed that many new viruses were previously unreported, highlighting the model's effectiveness in uncovering hidden viral diversity.
The study analyzed 10,487 meta-transcriptomes, covering diverse habitats. It found a 55.9-fold increase in known RNA virus species compared to previous classifications, indicating a rich and complex RNA virosphere that warrants further research.
Goldman Sachs raises China's growth forecasts following new stimulus measures
Goldman Sachs has raised its growth forecasts for China's economy in 2024 and 2025 following new government stimulus measures. The bank now expects a 4.9% GDP growth for 2023, up from 4.7%, and 4.7% for 2024, increased from 4.3%.
The Chinese government plans to use 2.3 trillion yuan in special bond funds for local projects in the fourth quarter. Additionally, 200 billion yuan in investment projects will be pre-approved for next year, aiming to support the GDP growth target of around 5%.
Despite these upgrades, Goldman Sachs noted ongoing structural challenges in China, including demographic issues and debt concerns. The bank's long-term forecasts for 2026 and beyond remain unchanged.
Source: https://ca.finance.yahoo.com/news/goldman-sachs-upgrades-china-growth-012347717.html
Director of 'I, Robot' accuses Elon Musk of copying designs for new Tesla models
Elon Musk recently introduced new self-driving prototypes, the cybercab and robovan, along with the Tesla robot Optimus. The event showcased the robot interacting with attendees, though its level of autonomy remains unclear.
Director Alex Proyas, known for "I, Robot," accused Musk of copying his designs. He shared side-by-side images comparing his film's robots and vehicles to Tesla's new models on social media, asking Musk to return his ideas.
Proyas's 2004 film features a future where robots follow strict laws. He has been discussing AI and the film industry on his Patreon and is currently working on a new sci-fi project titled "R.U.R."
Source: https://variety.com/2024/film/news/irobot-director-elon-musc-alex-proyas-1236176584/
Politicians propose price controls as inflation stabilizes
Recent proposals from politicians to control prices have emerged as inflation stabilizes. President Biden's plan aims to cap rents, while Vice President Harris seeks to regulate grocery prices. Former President Trump has suggested limiting credit card interest rates.
These measures are criticized for potentially worsening shortages and market inefficiencies. Historical examples show that price controls can lead to reduced supply and increased scarcity, as seen in New York and the Netherlands.
Experts suggest that increasing supply and competition is a more effective solution. Addressing the root causes of high prices, rather than imposing caps, may better support consumers facing rising costs.
Source: https://www.startribune.com/price-controls-are-a-bipartisan-delusion/601161806
Threat hunter tackles foreign use of AI in U.S. election disinformation efforts
Ben Nimmo, a threat investigator at OpenAI, is addressing the use of AI by foreign adversaries to influence U.S. elections. He has reported that countries like Russia and Iran are experimenting with AI tools to create disinformation campaigns, although these efforts have had limited impact so far.
Nimmo's recent report revealed that OpenAI disrupted four operations targeting elections globally this year. These included Iranian attempts to deepen political divides in the U.S. and Russian efforts to generate fake news and misleading images about the Ukraine conflict.
Despite the current amateurish tactics of foreign actors, Nimmo and OpenAI are preparing for more sophisticated disinformation efforts as the election approaches. Nimmo's work is crucial as other tech companies reduce their focus on countering disinformation.
ByteDance plans to use 100,000 Huawei AI chips for next-gen language model training
ByteDance, the parent company of TikTok, plans to use 100,000 AI chips from Huawei to train its next-generation language model. This marks a shift from its previous reliance on Nvidia's high-end GPUs due to U.S. trade restrictions.
In 2024, ByteDance has spent over $2 billion on Huawei's modified H20 GPUs, becoming a major buyer of this hardware. However, it has received less than a third of its order for Huawei's Ascend 910B chips.
The transition to Huawei's chips may present challenges, as ByteDance's existing AI models were built on more powerful hardware. The company aims to reduce its dependency on Nvidia while navigating U.S. trade restrictions and seeking local suppliers.
Accenture launches Nvidia Business Group to train 30000 employees on AI tools
Accenture has launched a new unit called the Nvidia Business Group, aiming to train 30,000 employees on Nvidia's AI tools. This initiative will help clients implement generative AI technologies more effectively, potentially increasing productivity and innovation.
The partnership positions Accenture as a key player in AI consulting, generating $3 billion in bookings for generative AI services in the last fiscal year. This collaboration allows Accenture to market Nvidia's products while enhancing its own service offerings.
Overall, the deal is seen as beneficial for both companies, with Accenture gaining a stronger foothold in the AI market and Nvidia expanding its reach through Accenture's consulting services.
Source: https://finance.yahoo.com/news/accentures-deal-nvidia-game-changer-190000819.html
Celsius stock drops 61% in six months as company seeks to regain market share
Celsius Holdings, known for its energy drinks, has seen its stock drop 61% in the past six months. Despite this decline, the company has a history of strong growth, turning a $10,000 investment into over $1.7 million in the last decade.
Celsius aims to disrupt the energy drink market with higher caffeine content compared to competitors like Monster and Red Bull. However, it currently lacks the consistent profitability and market share of these established brands, making it a riskier investment.
The company's partnership with PepsiCo has boosted sales, but it remains uncertain if new customers will choose Celsius over other options. While the stock may appear more attractive now, potential investors should consider the risks and the need for sustained consumer loyalty before making a decision.
AI's energy consumption in the sector could reach 3.5% by 2030
Artificial Intelligence (AI) is rapidly growing in the energy sector, with its energy consumption expected to reach 3.5% of global usage by 2030. In the U.S., data center energy use could double, raising concerns about electric grid stability and greenhouse gas emissions.
Despite these challenges, AI may also enhance energy management. The U.S. Department of Energy suggests AI can improve smart grid operations and assist in energy storage solutions. Researchers have developed AI methods to identify more efficient energy storage materials.
Start-ups are exploring AI applications in energy demand management and electric vehicle systems. While these innovations show promise for stabilizing energy grids, risks remain, including increased energy consumption and cybersecurity threats.
Source: https://oilprice.com/Energy/Energy-General/The-Double-Edged-Sword-of-AI-in-the-Energy-Sector.html
IPv4 exhaustion has been an exhausted topic for over 20 years haha.