Anti-Clickbait News Summaries for October 4, 2024
U.S. election 2024 shapes investor sentiment but fundamentals remain key
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Survey reveals security professionals struggle with alert overload and trust issues in threat detection tools
A recent survey by Vectra AI reveals that 71% of security professionals fear missing real attacks due to excessive alerts. Many find their threat detection tools unreliable, with 47% lacking trust in their effectiveness.
Security experts spend over two hours daily sorting through alerts, with only 16% deemed genuine threats. Despite this, confidence in defenses has improved over the past year, partly due to AI integration.
AI is helping reduce workloads and burnout for 73% of respondents. While trust in vendors has declined, 89% plan to adopt more AI tools to enhance threat detection and response.
Source: https://www.techradar.com/pro/security-pros-are-missing-attacks-due-to-overload-of-pointless-alerts
US stocks mixed as traders await key jobs report and AI stocks gain momentum
U.S. stock traders are cautiously optimistic as they await the September jobs report, with index futures showing mixed results. The end of the Longshoremen's strike has eased some market concerns, despite ongoing tensions in the Middle East.
In premarket trading, the SPDR S&P 500 ETF Trust rose 0.16%, while the Invesco QQQ ETF increased by 0.32%. Recent economic data has created uncertainty, with jobless claims rising and mixed signals from the service sector.
AI stocks received a boost following OpenAI's significant funding round, valued at $157 billion. Nvidia's CEO also reported high demand for new chips, contributing to positive sentiment in the tech sector.
QQQ 0.00%↑ TQQQ 0.00%↑ NVDA 0.00%↑ MSFT 0.00%↑ SPY 0.00%↑ AAPL 0.00%↑ AMZN 0.00%↑
Waymo to add Hyundai electric SUVs to robotaxi fleet by late 2025
Alphabet's Waymo will add Hyundai's electric IONIQ 5 SUVs to its robotaxi fleet, starting on-road testing by late 2025. This expansion comes as Waymo currently operates about 700 vehicles and is the only U.S. company offering paid robotaxi rides.
Waymo's partnership with Hyundai will not replace its existing vehicles, which include Jaguar I-PACE and Zeekr models. The company recently opened its service to all users in San Francisco and expanded operations in metro Phoenix and Los Angeles.
Waymo has doubled its paid rides to 100,000 per week this year. Despite regulatory challenges, Alphabet plans a $5 billion investment in Waymo over several years.
Source: https://ca.finance.yahoo.com/news/alphabets-waymo-expand-robotaxi-fleet-100215588.html
Tesla invites reservation holders to order more affordable Cybertruck models
Tesla has started inviting reservation holders to order the less expensive non-foundation series Cybertruck. This version begins at $79,990, while the higher-end Cyberbeast variant is priced at $99,990.
Previously, the foundation series Cybertruck was the only option available, starting at $99,990. The new invites suggest that production of the cheaper models is set to begin soon.
Tesla aims to ramp up Cybertruck production to 2,500 units per week by the end of the year, with plans to deliver 250,000 units annually starting in 2025.
U.S. election 2024 shapes investor sentiment but fundamentals remain key
The U.S. presidential election is influencing investor sentiment, but financial fundamentals like interest rates and corporate earnings are more important for long-term strategies. Historical trends suggest that market performance before elections can indicate the incumbent party's chances.
Currently, the race is tight between Donald Trump and Kamala Harris, with a split Congress historically benefiting stock market gains. A Democratic president with a divided Congress has led to average S&P 500 gains of 16% since 1945.
Investors are particularly concerned about potential changes to the corporate tax rate, which could significantly affect small companies. While Trump's policies may favor energy and financial sectors, Harris's agenda could benefit consumer discretionary stocks, though regulatory pressures may arise.
Source: https://www.kiplinger.com/investing/election-2024-politics-and-your-portfolio
Newly naturalized Americans eager to vote in November election
Many new Americans are eager to vote in the upcoming November election after recently becoming citizens. They registered just before the October 7 deadline during naturalization ceremonies in Texas, where over 1,000 voter registration forms were collected.
The U.S. government is processing citizenship applications faster, with average wait times dropping to five months. This has led to a record number of naturalized citizens eligible to vote, making up about 10% of the U.S. electorate.
A recent poll shows that 97.3% of registered naturalized citizens plan to vote in the presidential election. Many express a strong sense of responsibility and excitement about participating in democracy for the first time.
Republican Party reaffirms support for gun rights in 2024 platform
The Republican Party's 2024 platform briefly mentions gun rights, stating it will protect the right to bear arms. Despite limited focus in the platform, gun policy remains a key issue in upcoming elections, with many GOP politicians campaigning on it.
Senator J.D. Vance emphasized school security measures to address gun violence, opposing bans on semi-automatic rifles. A Pew Research poll shows that 40% of Republican supporters believe more guns are beneficial, while 27% view gun violence as a major issue.
Former President Donald Trump highlighted the importance of opposing firearm regulations to the party's base. The conservative majority in the U.S. Supreme Court has also supported gun rights, reinforcing the party's stance on this issue.
Source: https://ca.news.yahoo.com/republican-partys-stance-guns-heres-100725511.html
U.S. markets react as ports strike ends and oil prices rise
U.S. markets are adjusting as a three-day ports strike ends, allowing East and Gulf Coast ports to reopen after dockworkers reached a wage agreement. This development alleviates concerns about potential retail price increases due to supply disruptions.
Oil prices have risen this week, influenced by geopolitical tensions, but remain down over 10% year-on-year. U.S. retail gasoline prices are near eight-month lows, despite the recent price increase.
The September employment report is expected to show 140,000 new jobs, with the unemployment rate steady at 4.2%. Global stock markets are slightly up, while the European Union struggles with trade negotiations over tariffs on Chinese electric vehicles.
Source: https://ca.finance.yahoo.com/news/morning-bid-jobs-oil-dominate-100456886.html
Masayoshi Son predicts artificial superintelligence within ten years at SoftBank World 2024
Masayoshi Son, CEO of SoftBank, predicts that artificial superintelligence will emerge within the next decade. He made this statement at the SoftBank World 2024 conference, praising OpenAI's new "Strawberry" models for their advanced reasoning abilities.
Son believes these models could lead to AI that performs everyday tasks, enhancing human happiness. He anticipates achieving artificial general intelligence in two to three years, followed by superintelligence ten years later.
SoftBank's strategy focuses on AI chips and partnerships, despite setbacks in talks with Intel. Son's predictions reflect a growing interest in AI advancements and the competitive landscape in tech investments.
Apple releases iOS 18.0.1 with key security fixes for iPhone 16 series
Apple has released iOS 18.0.1, which includes important security fixes for the iPhone 16 series. One fix addresses a bug in the Messages app that could accidentally record audio before the recording icon appears.
Another fix resolves a security issue with the VoiceOver feature, which previously read out saved passwords. Users should note that upgrading may cause issues with M4 iPad Pros, as there is a bug that can render them unusable.
iOS 18.0.1 is a security and bug patch, distinct from the iOS 18.1 public beta. While it offers some enhancements, users cannot downgrade back to iOS 17 after upgrading.
Elon Musk to support Trump at rally marking site of July assassination attempt
Elon Musk will attend Donald Trump’s rally on Saturday at the site of a July assassination attempt against Trump. Musk expressed his support on Trump’s social media account, calling the event “HISTORIC!”
The rally marks Trump’s first visit to the location since he was wounded. His campaign highlighted the significance of the event, stating he narrowly escaped a life-threatening situation.
Musk has become a prominent supporter of Trump since the attack, despite previously indicating support for another Republican candidate. Security for Trump has increased following the July incident and another recent threat.
Apple adds new text effects and formatting options in Messages for iOS 18 and macOS 18
Apple has introduced new text effects and formatting options in Messages for iOS 18, iPadOS 18, and macOS 18. Users can now apply styles like bold and underline, and animate text with effects, separate from previous message-wide effects.
To use these features, users can select text in an iMessage conversation. On iOS/iPadOS, a Text Effects button appears in the Quick Type bar. On macOS, users can access formatting through a contextual menu or the Format menu.
Formatting options include bold, italic, underline, and strikethrough, with eight animation effects available. Recipients must also be on the latest software to see the effects; otherwise, the text appears plain.
FDA decisions could boost stocks of BridgeBio, PTC Therapeutics, and Vertex Pharmaceuticals
Three biopharmaceutical companies, BridgeBio Pharma, PTC Therapeutics, and Vertex Pharmaceuticals, are awaiting key FDA decisions that could significantly impact their stock prices by the end of 2024.
BridgeBio is seeking FDA approval for acoramidis, a treatment for transthyretin amyloidosis cardiomyopathy, with a decision expected by November 29. Positive results from recent studies may support its case.
PTC Therapeutics is awaiting a decision on Upstaza, a gene therapy for AADC deficiency, by November 13. Vertex Pharmaceuticals is reviewing a new once-daily cystic fibrosis treatment, with a decision expected by January 2, 2025.
PTCT 0.00%↑ BBIO 0.00%↑ VRTX 0.00%↑
Microsoft raises quarterly dividend to $0.83 per share starting December 2024
Microsoft has announced a dividend increase, raising its quarterly payout from $0.75 to $0.83 per share. This change will take effect in December 2024, bringing the total annual dividend for 2024 to $3.08 per share.
If Microsoft maintains the $0.83 quarterly dividend in 2025, the annual payout would rise to $3.32 per share. This would result in a total dividend payout of approximately $24.67 billion, assuming the number of shares remains constant.
Additionally, Microsoft has initiated a $60 billion stock-buyback program, which could further impact future dividends by reducing the number of outstanding shares.
OpenAI faces deadline to shift to for-profit model in $6.6 billion funding deal
OpenAI's recent $6.6 billion funding deal includes a stipulation requiring the company to transition to a for-profit model within two years. If this does not happen, investors may demand their money back.
Originally founded as a nonprofit in 2015, OpenAI added a for-profit arm in 2019. The shift to a fully for-profit entity has raised concerns about legal challenges, particularly regarding the use of nonprofit assets.
Legal experts indicate that the transition could face scrutiny from regulators and internal disagreements. However, they believe it is possible for OpenAI to complete the process within the two-year timeframe.
Amazon emerges as top pick among Magnificent Seven stocks after Fed rate cuts
The Federal Reserve cut interest rates by 0.5% in September, with more cuts expected. Lower rates typically reduce borrowing costs for large companies, including the "Magnificent Seven" stocks, which include Amazon, Apple, and Microsoft.
Amazon has the highest debt among these companies, making it likely to benefit the most from lower rates. Tesla and Nvidia have the least debt, while Meta and Alphabet fall in the middle. Increased customer spending and a weaker dollar could also help these companies.
Analysts suggest Amazon may be the best stock to buy among the Magnificent Seven due to its growth potential in cloud services and advertising. Tesla faces more competition and declining interest in electric vehicles, making Amazon a more attractive option.
AMZN 0.00%↑ AAPL 0.00%↑ MSFT 0.00%↑ TSLA 0.00%↑ NVDA 0.00%↑ META 0.00%↑ GOOG 0.00%↑
iShares Future AI and Tech ETF restructures to target leading AI companies
The iShares Future AI and Tech ETF has recently restructured to focus on companies leading the AI revolution. Established in 2018, it now invests in sectors like generative AI and AI infrastructure, holding 46 stocks with a concentration in its top 10.
Top holdings include semiconductor companies like Nvidia and Advanced Micro Devices, which dominate AI hardware. The ETF also features software firms such as Meta Platforms and CrowdStrike, reflecting a diverse investment strategy within the AI sector.
With an expense ratio of 0.47%, the ETF is more costly than traditional index funds. Investors should be aware of its potential volatility due to concentration in a few stocks, but it offers a way to gain exposure to the growing AI market.
Tech giants boost semiconductor demand as AI spending surges heading into 2025
Major tech companies are significantly increasing their spending on artificial intelligence (AI) infrastructure, particularly on graphics processing units (GPUs). Microsoft, Amazon, Alphabet, and Meta Platforms have announced substantial capital expenditures for AI-related projects, indicating strong demand for semiconductor products.
Nvidia remains the leader in data center GPUs, with its upcoming Blackwell architecture expected to enhance performance and cost efficiency. Micron Technology is also seeing increased demand for its memory chips, which are essential for AI applications, while Axcelis Technologies anticipates record revenue due to rising needs for its ion implantation equipment.
Broadcom is experiencing rapid growth in its AI semiconductor business, with significant sales increases reported. Advanced Micro Devices is competing with Nvidia in the data center market, preparing to launch its new MI350 GPU. Both companies are benefiting from the ongoing AI boom.
Okta reports first quarterly profit as stock faces significant decline
Okta's stock has fallen about 75% since its peak in 2021, with a 19% decline this year. Despite this, the company has achieved its first quarterly profit and reported a 16% revenue increase in its latest quarter.
Okta's management highlights strong performance from large customers, with a net retention ratio of 110%. The company expects annual revenue growth of around 13% and a significant increase in earnings per share for the fiscal year.
The launch of Okta AI aims to enhance security and efficiency, potentially driving future growth. Analysts suggest the stock may be undervalued compared to peers, making it a candidate for long-term investment.
Source: https://www.fool.com/investing/2024/10/04/is-okta-stock-a-buy-right-now/?source=iedfolrf0000001
Nobel Prizes to be announced next week amid global conflicts and AI advancements
The Nobel Prizes will be announced next week amid ongoing global conflicts, including wars in the Middle East and Sudan, and rising military spending. The Peace Prize may be withheld this year due to the current violence, a rare occurrence in its history.
Nominees for the Peace Prize include grassroots organizations working for peace in the Middle East and groups aiding those affected by famine in Sudan. The announcement will take place on Friday, following other categories throughout the week.
Artificial intelligence may also be recognized in various categories, particularly in science. AI advancements, such as Google's AlphaFold, have led to significant breakthroughs, raising the possibility of AI-related discoveries being honored this year.
Apple prepares to unveil MacBook Air M4 at October event
Apple is expected to announce a new MacBook Air M4 at its upcoming October event. This model could include both 13-inch and 15-inch versions, following the recent release of the M3 models in March 2024.
While there is no official release date, speculation suggests the M4 MacBook Air could launch as early as late October 2024 or in early 2025. Recent reports indicate that display shipments for the new models are set to begin this month.
The M4 MacBook Air is anticipated to feature the M4 chip, with potential specs similar to the M3 models, including up to 24GB of memory and 2TB of storage. Further details are expected during the October event.
Source: https://www.techradar.com/computing/macbooks/macbook-air-m4
NIST finalizes quantum-resistant encryption standards to enhance VPN security
The National Institute of Standards and Technology (NIST) has finalized new quantum-resistant encryption standards after nearly a decade of research. These standards aim to protect sensitive data from potential threats posed by quantum computing, which could compromise current cryptographic systems.
The new standards provide tools for VPN providers to enhance security against quantum attacks. However, implementing these standards will require significant collaboration across the industry to ensure compatibility with existing protocols and maintain performance.
The transition to quantum-resistant encryption will be gradual, with ongoing advancements expected in the coming years. VPN providers will need to adapt their systems carefully to meet the new security demands while ensuring user privacy and functionality.
Source: https://www.techradar.com/pro/nist-cryptography-and-the-future-of-vpns
US job growth expected to remain moderate in September
The U.S. economy is expected to show moderate job growth for September, with nonfarm payrolls likely increasing by 140,000 jobs. The unemployment rate is projected to remain steady at 4.2%. This follows a trend of slowing job gains.
Recent strikes, including tens of thousands of Boeing machinists and dockworkers on the East Coast, may impact future employment data. Despite these disruptions, wage growth is anticipated to remain solid, supporting economic expansion.
The Federal Reserve recently cut interest rates for the first time since 2020. Financial markets now predict a 65% chance of a quarter-point rate cut in November, reflecting ongoing concerns about the labor market's health.
Source: https://ca.finance.yahoo.com/news/us-expected-report-moderate-september-040349460.html
Trump's campaign adapts to increased security threats and assassination attempts
Donald Trump's campaign has changed significantly due to recent assassination attempts and ongoing threats. Security measures have increased, with armed guards at events and new restrictions on rally locations. His team faces challenges in organizing large gatherings.
Despite these threats, Trump remains determined to continue campaigning. He has expressed feelings of divine intervention and a sense of obligation to his supporters. His rallies still attract loyal followers, undeterred by safety concerns.
The campaign is also dealing with cyber threats, including hacking attempts linked to Iran. Trump's legal troubles continue, with multiple indictments and lawsuits pending. His campaign staff is adapting to these challenges while maintaining their focus on the election.
Google explores nuclear power options for AI data centers to meet energy demands
Google is exploring the use of small modular nuclear reactors to power its AI data centers, according to CEO Sundar Pichai. This move aims to meet the company's high energy demands while working towards net-zero emissions by 2030.
Pichai's comments come as competitors like Amazon and Microsoft have already secured nuclear energy deals for their data centers. Amazon recently signed a $650 million agreement with the Susquehanna nuclear power station, while Microsoft has a 20-year deal with the Three Mile Island plant.
Google has previously shown interest in clean energy alternatives, including geothermal and hydrogen. The company plans to continue investing in various clean energy technologies to support its sustainability goals.
GOOG 0.00%↑ AMZN 0.00%↑ MSFT 0.00%↑
Micron unveils 36GB HBM3E memory to boost AI capabilities and compete with rivals
Micron has launched its 36GB HBM3E memory, which offers 50% more capacity and 1.2TB/s bandwidth, while consuming 30% less power than competitors. This new memory targets AI and data-heavy applications, addressing the growing demand for efficient processing.
The 36GB HBM3E memory is designed for AI accelerators and data centers, providing rapid data access with a pin speed over 9.2Gb/s. Micron has begun shipping units to industry partners for integration into their systems.
Despite these advancements, Micron faces strong competition from Samsung and SK Hynix, who are developing HBM4 memory with 16 layers and higher bandwidth. Micron's collaboration with TSMC’s 3DFabric Alliance aims to enhance its memory's integration into advanced semiconductor designs.