Anti-Clickbait News Summaries for September 14, 2024
Update Windows by October 1 to avoid vulnerabilities
The U.S. Cybersecurity and Infrastructure Security Agency (CISA) mandates that federal employees update their Windows systems by October 1 to address four critical vulnerabilities, including CVE-2024-38014 and CVE-2024-43491, which are actively exploited. These vulnerabilities affect Windows 10, Windows 11, and Windows Server. Organizations are advised to follow the Known Exploited Vulnerabilities catalog to enhance their cybersecurity measures.
Congress advances 28 bipartisan bills countering China's influence
During "China Week," U.S. House lawmakers advanced 28 bills aimed at countering China's influence, with bipartisan support. Key measures include the Biosecure Act, restricting federal contracts with Chinese biotech firms, and a bill targeting DJI drones over security concerns. Other proposals address foreign farmland purchases and scientific cooperation. Critics argue these actions may strain U.S.-China relations, which both nations seek to improve.
Source: https://www.nbcnews.com/news/world/congress-china-week-biotech-evs-drones-rcna170554
Lazada's AI and logistics strengths counter rising competition
Lazada Thailand CEO Varitha Kiatpinyochai highlighted the company's strengths in AI and logistics amid rising competition from Temu and TikTok. Lazada, part of Alibaba Group, utilizes AI technologies like LazzieChat and has the second-largest supply chain network in Southeast Asia, with 17 fulfillment centers. The region's e-commerce market is projected to exceed $116 billion in 2024, growing to over $190 billion by 2029.
Source: https://ca.finance.yahoo.com/news/lazadas-youngest-executive-sees-ai-093000071.html
Big tech invests $100 billion in energy infrastructure
Big tech firms, including Meta, Alphabet, Microsoft, and Amazon, invested nearly $100 billion in infrastructure for cloud and AI data centers in the first half of 2024. Energy demand for these centers is projected to increase by 35 to 50 gigawatts by 2028-2030. Natural gas demand is estimated at 40 billion cubic feet per day from 2023-2035, with 5 billion cubic feet attributed to data centers.
Instil Bio's stock soars 510% in 2024
Instil Bio's stock surged 510% year-to-date, with a 235% increase from September 6 to 12, 2024. The rise follows the in-licensing of IMM2510, a bispecific antibody targeting PD-L1 and VEGF. Despite its potential, clinical data is limited, showing only three tumor reductions in 25 patients. The company reported $152.6 million in cash but faces significant losses and future funding needs.
Sineng Electric opens Texas service center for clean energy
Sineng Electric has opened its North America Service Center in Katy, Texas, enhancing its support in the U.S. clean energy market. The facility includes a warehouse and technical support center, offering services like project planning and maintenance training. Sineng's new 400kW string PCS product aims to meet rising demand for solar and energy storage solutions as the U.S. pursues net-zero targets.
29% of young Americans doubt democracy's superiority, op-ed argues
A recent op-ed argues against the need for a new U.S. constitution, citing that 29% of young Americans believe democracy is not always preferable. The piece defends the Electoral College and filibuster as protections for minority rights, while criticizing Democrats for their historical use of the filibuster and perceived control over education. The author suggests that restoring faith in democracy requires changes in political leadership and communication.
Trump's tariffs could significantly increase inflation, warns Nomura
Nomura's analysis indicates that former President Donald Trump's proposed 10% across-the-board tariffs could significantly increase inflation, potentially raising core inflation by 1 percentage point. Unlike his previous targeted tariffs, which had minimal impact, these broad tariffs may raise prices for domestically produced goods by up to 10%. Nomura warns that such policies could negatively affect economic growth and act as a tax on consumers.
Source: https://ca.finance.yahoo.com/news/trump-proposed-tariffs-could-lead-081000214.html
Intel wins $3.5 billion Pentagon chip manufacturing contract
Intel Corp. has secured a $3.5 billion contract to produce semiconductors for the U.S. military, part of the Secure Enclave program. This funding adds to $8.5 billion in grants and $11 billion in loans Intel received under the Chips and Science Act. The contract aims to support manufacturing facilities in Arizona, Ohio, New Mexico, and Oregon, amid concerns over reliance on a single supplier.
DA opposes rice tariff hike in upcoming review
The Department of Agriculture (DA) will not recommend increasing the rice import tariff from 15% during the upcoming review of Executive Order 62 in November. In the first half of 2024, the Philippines imported 2.2 million metric tons of rice, with 440,000 metric tons under the lower tariff. Rice inflation decreased to 14.7% in August, down from 20.9% in July.
Palantir sees strong growth, shifting focus to commercial sector
Palantir Technologies reported a 27% revenue growth in Q2 2024, reaching $678 million, driven by a 33% increase in commercial revenue to $307 million. The U.S. commercial customer count rose 83% to 295, with remaining deal value up 103%. The company is transitioning from government to commercial focus, leveraging its AI platform, AIP, and plans to launch a new manufacturing software, Warp Speed.
Source: https://www.fool.com/investing/2024/09/14/where-will-palantir-be-in-10-years/?source=iedfolrf0000001
Nike stock down 35%, potential rebound opportunity
Nike's stock has declined over 35% from its 52-week high, trading at a price-to-earnings ratio below 21, its lowest in seven years. Despite a 0.3% revenue growth last fiscal year and a projected 10% drop in Q1 sales, Nike maintains strong brand recognition, with 97% awareness in the U.S. and a loyal global following. The company faces challenges but may exceed low expectations during the upcoming fiscal quarter.
Gen X risks retirement by borrowing from 401(k) savings
Gen X faces unique retirement challenges, primarily due to the decline of pension plans. Approximately 25% of Gen X workers utilize 401(k) loans, which can hinder long-term savings growth. These loans allow borrowing up to $50,000 or half the vested balance but require repayment, often leading to delayed retirement. Alternatives include emergency funds and traditional loans, but many still resort to tapping retirement savings.
High yield markets show resilience amid economic uncertainty
An analysis of U.S. high yield markets reveals resilience amid economic uncertainty. Futures markets anticipate over 100 basis points of Federal Reserve interest rate cuts by year-end. Historical comparisons show that high yield returned 12.0% during the 1995 soft landing and 8.4% during the 2007 recession. The current high yield market is noted for its higher quality and attractive yields.
NuScale Power's stock drops over 54%, consider risks
NuScale Power, a developer of small modular reactors (SMRs), has seen its stock drop over 54% from a peak of nearly $17 to below $10. The company has invested $1.8 billion in SMR technology, which can generate up to 924 MW. However, it faces challenges, including a terminated $9.3 billion project and a net loss of $82 million over the past year, with a cash burn rate of $20 million quarterly.
Trial examines Google's alleged monopoly in ad auctions
A federal trial in Alexandria, Virginia, is examining whether Google maintains an illegal monopoly in online advertising technology. The Justice Department claims Google's ad auction practices favor its own products, costing publishers millions. Google asserts its system enhances ad quality and efficiency. The trial follows a recent ruling deeming Google's search engine a monopoly, with no remedies yet decided.
Source: https://abcnews.go.com/US/wireStory/googles-millisecond-ad-auctions-focus-monopoly-claim-113682492
VSE Corporation reports 29.6% revenue increase in Q2 2024
VSE Corporation (NASDAQ: VSEC 0.00%β ) reported a 29.6% revenue increase in Q2 2024, rising from $205.2 million to $265.9 million, driven by a 54.6% surge in its aviation segment. The company anticipates continued growth in passenger air travel and aftermarket services, despite a 9.1% decline in its fleet segment. VSEC's strategic initiatives include expanding its European distribution center and enhancing its OEM fuel control manufacturing program.
Investigation launched into Flux Power's financial statement errors
Bragar Eagel & Squire, P.C. is investigating Flux Power Holdings, Inc. (NASDAQ: FLUX 0.00%β ) for potential violations of federal securities laws. On September 5, 2024, Flux announced that its previously issued financial statements for the fiscal year ending June 30, 2023, and subsequent quarters should no longer be relied upon due to errors in inventory accounting, resulting in an overstatement of approximately $1.7 million in inventory.
Aviat Networks faces investigation for potential securities law violations
Bragar Eagel & Squire, P.C. is investigating Aviat Networks, Inc. (NASDAQ: AVNW 0.00%β ) for potential violations of federal securities laws after the company announced it could not file its Annual Report on Form 10-K for the fiscal year ending June 28, 2024, by the due date. Following this announcement on September 11, 2024, Aviat's stock fell over 18.2% in morning trading.
AI stocks surged as spending projections rise significantly
AI stocks rebounded this week, with Nvidia, Super Micro Computer, and Broadcom rising nearly 20%. Oracle's shares surged 24% after cofounder Larry Ellison projected AI spending could reach $100 billion over five years. Nvidia's CEO Jensen Huang reported strong returns on AI investments, claiming $5 in revenue for every dollar spent. Overall, semiconductor stocks saw a nearly 10% increase amid renewed investor interest.
Source: https://ca.finance.yahoo.com/news/why-stock-markets-ai-trade-015219836.html
Northrop Grumman wins $200 million deep-space radar contract
Northrop Grumman has secured a $200 million contract for the second site of its Deep-Space Advanced Radar Capability (DARC) system, which will track objects 22,000 miles above Earth. This follows a $341 million contract in 2022 for the first site in Australia. The system aims to enhance space domain awareness, with all three sites operational by the decade's end. NOC 0.00%β
Fei-Fei Li's World Labs raises $230M, valued over $1B
Fei-Fei Li's startup, World Labs, has secured $230 million in funding from investors including Andreessen Horowitz and NEA, achieving a valuation of over $1 billion. The funding was raised in two rounds, and the company plans to launch its first product in 2025. World Labs aims to create AI models that interact with the 3D world for professionals in various fields.
Source: https://techcrunch.com/2024/09/13/fei-fei-lis-world-labs-comes-out-of-stealth-with-230m-in-funding/
Trump won't sell shares; stock jumps 11.8%
Shares of Trump Media & Technology Group Corp. surged 11.8% on Friday after former President Donald Trump announced he would not sell his nearly 115 million shares when a lockup period ends on September 19. His shares, valued at approximately $1.85 billion based on a closing price of $16.08, have significantly decreased from a high of $79.38 since the company's Nasdaq debut in March.
Source: https://apnews.com/article/trump-media-stock-truth-social-48dee7c7dea94caf1a7c03eb13bc4d75
NASA awards $121 million contract for aeronautics support
NASA has awarded a $121 million contract to Crown Consulting Inc. for aeronautics and exploration technology support at the Ames Research Center in California. The NASA Academic Mission Services 2 (NAMS-2) contract, starting October 1, 2024, includes a 60-day phase-in and a two-year base period, with options extending to November 2029. The contract will enhance air traffic management and aircraft safety technologies.
Source: https://www.nasa.gov/news-release/nasa-ames-selects-aeronautics-and-exploration-support-contractor/