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Friday, February 9, 2024
YunHee Kim Promoted To Tech Editor, Corporate And Personal Technology
An announcement from business editor Lori Montgomery:
We're excited to announce the promotion of Yun-Hee Kim to Technology Editor for Business and Personal Technology, an expanded role that includes coverage of Silicon Valley's biggest tech companies: Apple, Amazon, Google and Microsoft. . Personal technology team in San Francisco and New York. In that role, he is the San Francisco bureau chief and oversees a staff that currently includes more than a dozen reporters, columnists and editors.
Since joining The Post as technical staff editor in 2021, Yun-Hee has demonstrated exceptional skills in carrying out The Post's mission to cover Silicon Valley citizens and consumers through fresh information, in-depth features, quizzes and interactive surveys . made videos with engaging content. As the founding editor of Help Desk, our best resource for personal tech coverage, Yun-Hee launched Plugged In, Left Out, an ambitious project about technology and loneliness. A series about transformative changes in the American workplace, also known as "Work: Reclaimed"; and columnist Geoffrey Fowler's creative explorations of artificial intelligence, Tesla's Autopilot and other technologies. In 2022, Yun-Hee Shira launched Ovide's The Tech Friend, an in-depth fortnightly newsletter that helps readers understand the latest technology news and developments. Recently, Yun-Hee led the coverage of OpenAI's board chaos, covering nearly 24 hours a day to document the collapse of the storm and the reappointment of Sam Altman as CEO.
Before joining the Post, Yun-Hee spent more than two decades at the Wall Street Journal and Dow Jones, where she covered technology and business and led news teams as a reporter and editor in New York, Hong Kong and Seoul. It spanned Asia. the rise of the technology industry, the rise of Samsung and the Chinese internet giants. At the magazine, Yun-Hee also led the expansion into live tech events, served as editorial director of the WSJ Tech Live banner, and conducted on-stage interviews with many of the top tech leaders.
Yun-Hee will continue to work with technical business editor Alexis Sobel Fitts and technical policy editor Mark Seibel, who oversee the other half of the Post's technology team.
Nasdaq President Adena Friedman discusses investing, the economy and IPOs
Inside The Hightech Effort To Save The Worlds Dwindling Sand Reserves
This month, government officials, civil society groups, scientists and business leaders from around the world will gather in Nairobi, Kenya for the sixth session of the United Nations Environment Assembly (UNEA-6), the world's preeminent decision-making body. The environmental debate is expected to explore how science, data and digital technologies such as Marine Sand Watch can support the transition to more responsible mining and sustainable use of minerals and metals.
Following the fifth session of UNEA, UNEP organized an intergovernmental consultation to identify priority issues related to metal mining and management. The countries discussed the creation of a larger global sand observatory to further strengthen scientific, technical and policy knowledge.
The maritime hourglass uses a type of short-range radio signal on large ships to track their movements. Advanced algorithms and artificial intelligence then analyze these movements for telltale signs of dredging. Slight forward and backward movements are possible.
In its first months of operation, Marine Sand Watch identified poor dredging practices around the world. Dredging sites have been discovered off the coasts of Europe, North America, West and East Asia. Researchers believe that in several places the sand was used to build beaches, protect harbors and build artificial islands.
Between 2018 and 2022, a sixth of dredging took place in marine protected areas, which were intended to become protected areas for underwater life.
“One of the biggest discoveries in recent months has been the frequency of dredging in protected areas,” Peduzzi said. “Frankly, this is a worrying development because dredging is very destructive and these areas are often very sensitive to the environment.”
Sand and gravel are important components of marine ecosystems. They form a bridge between land and sea, protecting the coast from storms and protecting coastal aquifers from salinization. They also support a wide range of plants and animals. According to Peduzzi, underwater life is often eclipsed by dredging vessels, which he compares to giant vacuum cleaners. “All the microorganisms in the sand burn out, and nothing remains,” “If you pour all the sand onto a bare rock, nothing will be saved.”
In 2022, countries around the world signed the Global Biodiversity Framework, a landmark agreement to protect and restore nature. One of the goals of the agreement is to protect 30% of the oceans. Sea Sand Watch could help monitor the level of protection in these areas, Peduzzi said.
Need a global standard
The data collected by Marine Sand Watch goes beyond monitoring offshore dredging. It can identify ports that specialize in sand trading and calculate the total amount of sand mined in a particular country.
Peduzzi suspects that most of the sand is mined legally by companies operating under government concessions. The platform can help countries ensure that dredging companies stick to approved areas through environmental impact assessments. Peduzzi said countries could receive additional support from UNEP/GRID in Geneva.
Marine Sand Watch monitors approximately 60% of all dredging vessels worldwide and strives for 100% coverage.
There are no global standards for sand mining. Peduzzi hopes Marine Sand Watch can help change that and stimulate discussion about best practices. The platform also aims to help developing countries strengthen their environmental monitoring capabilities.
“We need the country and the dredging industry to look at sand as a strategic component,” Peduzzi said. “We need to move quickly forward in negotiations to create an international standard for offshore dredging to reduce environmental impacts.”
The sixth session of the United Nations Environment Assembly (UNEA-6) will take place from 26 February to 1 March 2024 at the headquarters of the United Nations Environment Program (UNEP) in Nairobi, Kenya. As the world's highest decision-making body on environmental issues, UNEA's mission is to restore harmony between people and nature and improve the lives of the world's most vulnerable people. UNEA-6 will look at how multilateralism can help tackle the triple planetary crisis of climate change, nature and biodiversity loss, pollution and waste.
Asia Shares Rise With US After Strong Tech Results: Markets Wrap
This content was published on February 2, 2024 - 23:43
(Bloomberg) -- The stock market is poised for extended gains this week, as gains from major technology companies and strong jobs reports support corporate earnings expectations.
Meta Platform Inc. And as stocks neared the 5,000 level in the S&P 500 and the Nasdaq 100, Amazon.com Inc. It grew by 1.7%. Economic optimism outweighed expectations that the Federal Reserve would do no harm. The two-year Treasury yield jumped 16 basis points to 4.36 percent. The dollar hit its highest level since December.
"Today's employment report casts doubt on the 'soft landing' narrative," said David Donabedian of CIBC Private Wealth US.
According to Neil Dutta of Renaissance Macro Research, strong labor productivity growth means unit labor costs are under control, providing a good backdrop for company profitability. With such economic strength, it's "hard to be too complacent," said Brett Kenwell of eToro. Larry Tenterelli of Blue Chip Daily Trend Report saw the data as "a very alarming sign for the economy" and added, "We're buying the near-term weakness in stocks."
"With many hedged against a recession that will never happen in 2023, there will be another year without a recession," said Chris Zaccarelli of the Independent Advisory Alliance.
Nonfarm payrolls rose by 353,000 last month after an upward revision from the previous two months. The unemployment rate remained at 3.7 percent. Hourly wages rose from last month, the biggest increase since March 2022. According to various data, US consumer confidence has increased significantly.
While signs of a stronger economy may bode well for US businesses, the data reinforces the view that the Federal Reserve will delay the start of interest rate cuts.
Alex McGrath, of Northend Private Wealth, said: "I think we're officially saying goodbye to the March rate cut and possibly the May rate cut.
Federal Reserve Governor Michelle Bowman said she expects inflation to fall further if interest rates remain at their current levels, but officials have said it is too early to consider cutting interest rates.
May's deal, which halved the chance of a quarter-point rate cut based on the Federal Reserve's meeting in March, did not fully implement the rate cuts implemented a month earlier.
"A price cut in March seems highly unlikely," said Glenmead's Jason Pride. "This year there may be 2 to 3 cuts during the summer."
Chief Asset Management's Seema Shah said January was not the only time for the job market. Past months appear to be stronger than initial estimates.
"The big surprise in employment and wage growth means that the March rate cut will now have to be cancelled, and the May rate cut may be frozen for now," he said.
After the Fed's decision Wednesday, Chairman Jerome Powell said a rate cut was unlikely at its next meeting in March. He will appear on CBS News' "60 Minutes" to discuss inflation concerns, expected interest rates and banking practices, among other topics, the network said.
Tiffany Wilding Pacific Investment Management Co. He said Powell's decision to reverse the Fed's desire to cut interest rates in March seemed "very timely."
Charles Schwab Richard Flynn's Friday numbers may be another reason for the Federal Reserve to delay the first interest rate hike until the summer, but if the economy is on a comfortable path, this could be a good thing.
"Why is he in such a hurry?" he asked.
National's Mark Hackett said strong market growth was at record levels and expectations of a change in the Federal Reserve's outlook had "failed to accelerate".
"Investors on the sidelines are starting to throw in the towel on what should be a tailwind for the market as they continue to buy stocks after the corporate earnings season," Hackett said.
Shares rose on Friday, as the company's capitalization grew, sparking a sharp market rally from below.
Shares of Meta rose 20 percent to an all-time high after another impressive earnings report rattled shareholders. The update boosted the company's market capitalization to $197 billion. In 2022 and Amazon.com Inc. It beat the posted profit of $190 billion.
Bank of America's Michael Hartnett said the rapid rise in tech stocks was reminiscent of the dot-com era and reflected expectations that the economy would grow despite tighter monetary policy.
75% of investors said they expected a soft landing, while 20% said they expected no landing. However, while a soft landing favors many stocks, the so-called "Magnificent Seven" accounted for 45 percent of the S&P 500's performance in January, reflecting a "rest/bubble bias."
In other corporate news, Apple blamed losses on its China business, which investors blamed for the downturn. ExxonMobil Corp and Chevron Corp beat earnings estimates as better-than-expected shale production mitigated the impact of lower crude prices. The regional bank index bounced back after two days of decline.
Some of the major market activities are:
Share
The S&P 500 index was up 1.1 percent at 4 p.m. New York time.
The Nasdaq 100 index rose 1.7 percent.
The Dow Jones Industrial Average rose 0.3 percent.
The MSCI world index rose 0.6%
Coin
The Bloomberg Dollar Spot Index rose 0.6 percent.
The euro fell 0.7% to $1.0793.
The pound fell 0.8% to $1.2637.
The Japanese yen fell 1.3 percent to $148.30.
crypto currency
Bitcoin fell 0.3 percent to $42,945.79.
Ether fell 0.3% to $2,297.85.
Prisoner
The 10-year Treasury yield rose 14 basis points to 4.02 percent.
The yield on Germany's 10-year bond rose nine basis points to 2.24 percent.
The UK's 10-year bond yield rose 17 basis points to 3.92 percent.
Planting
West Texas Intermediate crude fell 2.3 percent to $72.14 a barrel.
Gold prices on the market fell 0.9 percent to $2,036.72 per ounce.
This story was produced with the help of Bloomberg Automation.
-- with assistance from Michael McKenzie, Subrata Patnaik and Carter Johnson.
BYD Senior Exec Taunts Musk That Tesla Will Lose Market Share And Face Challenges In Its AI Selfdriving System
BYD Co.'s top executive has blasted the Chinese automaker's rivalry with Tesla Inc. And Elon Musk warned that the company faces challenges in the area of intelligent driving systems.
Zhao Changjiang, sales director of Denza with Mercedes-Benz AG, wrote on Chinese social media site Weibo in response to a comment posted online earlier this month.
While Zhao didn't mention Tesla or Musk, it appears he was referring to a message Musk posted on his platform X in early January. Responding to a thread comparing Tesla and BYD, Musk said his company is an artificial intelligence company, not an automaker.
Zhao warned Tesla could lose market share.
"In 2024, you'll face big challenges with advanced driver assistance systems and car models like the Denza N7 that will change the landscape of the automotive market and the growth of the Model Y!" Zhao said, referring to Tesla's Model Y crossover SUV.
BYD's rapid growth has threatened Tesla's long-held title as the world's largest electric vehicle manufacturer. The Shenzhen-based company outperformed Musk for the first time in the fourth quarter, but could not match this performance for the full year.
Tesla, which will release results after the market closes on Wednesday, faces mounting pressure as global demand for electric vehicles declines and it seeks to maintain profitability. The company has slashed prices in China as competition in the world's biggest auto market intensified and investor skepticism drove the company's market value down by more than $94 billion in two weeks this year.
Learn all about cryptocurrencies with short and easy-to-follow lesson plans. Click here for Fortune's crash course on cryptocurrencies.
Ford Seat: Tesla will win / Why Tesla chose Chile now / Tesla Semi: 2 things ⚡️
Global Tech Spend To Grow 5.3% In 2024, Reaching $4.7 Trillion
CAMBRIDGE, MA. – Forrester has released new global technology market forecasts for 2023 and 2027, predicting that improving economic conditions will help global technology spending grow by 5.3% in 2024, up from 3.5% in 2023.
"Technology companies faced significant economic challenges last year, but 2024 promises better opportunities," said Michael O'Grady, senior forecast analyst at Forrester. “Asia will see the fastest economic growth, driven by the growth of India's IT export market and significant investment in technological innovation. Likewise, in the US, large investments in new technology by major CHIPS institutions and the development of the Science Act will increase technology spending. In Europe, cybersecurity is increasing investment, and a coordinated EU AI plan will help improve the region. Demand for cloud and artificial intelligence is high in all regions, and genAI is expected to drive the technology market over the next three years.
The study shows that this growth is mainly due to two factors: increased spending on software and IT services, including generative artificial intelligence (genAI), cloud, security and digital technologies, and economic growth in the Asia-Pacific region.
By 2027, software and IT services will account for 69% of global technology spending, and investment in genAI software is expected to reach $227 billion by 2030, with a compound annual growth rate of 36%. Countries in Asia, particularly India, the Philippines, Vietnam, India, Malaysia and China, will see the fastest growth in technology spending in 2024.
However, North America is expected to grow strongly by 5.4% in 2024. Software and IT services will account for 60% of US technology spending in 2027, up from 53% in 2018. Financial services and healthcare will see the largest growth in technology spending, while retail, manufacturing, transportation and logistics will slow to record growth in 2024. .
The Asia-Pacific region will grow by 5.7%. India is one of the largest exporters of technology services, with IT exports expected to reach $194 billion by 2023 and total revenue from the technology and services industry could reach $350 billion by 2025.
Europe will grow by 5.1%. After a difficult 2023, the European economy will recover in 2024 and grow almost twice as fast as in the previous year. In the long term, technology spending in Europe will increase by 5.1-5.7% between 2024 and 2027, driven by the increasing digital maturity of the business world and the adoption of more advanced cybersecurity tools.
Google Announces First Undersea Cable Connecting South America And AsiaPacific
Prospects. Google has announced that it will lay a new cable under the Pacific Ocean to provide a more reliable and flexible Internet connection in the Pacific Ocean. The $400 million project is a collaboration between the tech giant, government agencies and investment funds.
Google has officially announced Project Humboldt, a joint initiative to create a new underwater internet infrastructure. Mountain View Corporation will work with Chile's infrastructure fund Desarrollo País, the French Polynesia Office of Posts and Telecommunications (OPT) and other partners to connect Australia and Chile with a new submarine cable spanning 14,800 kilometers of seabed. Peaceful. .
Humboldt is the first direct cable route between South America and the Asia-Pacific region, according to Google. The new cable confirms the company's commitment to Chile and increases existing investments in digital infrastructure in the country and throughout Latin America. The Chilean government has been working since 2016 to build a direct fiber-optic link between South America and the Asia-Pacific region, and Humboldt is positioning the country as a gateway to Latin America for data from the Asia-Pacific region.
According to the official project page, Humboldt will provide "greater geographic diversity," a new level of flexibility and redundancy, and redundancy of existing telecommunications networks through the new route. Increasing internet bandwidth and reducing latency will play a key role in managing the explosive growth in traffic from new communications technologies such as 5G and the Internet of Things (IoT).
Google highlighted how submarine cables can contribute to significant economic growth in terms of both gross domestic product (GDP) and job creation, adding that businesses and public organizations can enjoy and offer a better digital experience, while people can learn skills at the same time. and knowledge for a new career. roads. .
Analysys Mason estimates that Google's previous submarine cables in Latin America and the Caribbean (LAC) will generate $178 billion in cumulative GDP growth between 2017 and 2027 and create around 740,000 new jobs by 2027.
Patricia Ray Sommer, chief land management specialist, said Google's public announcement of Humboldt is an important milestone in the history of the project. After years of working behind the scenes, Humboldt is finally entering the "materialization phase." The laying of the cable should be completed in 2026.
The US State Department, which will join the project with an investment of $15 million, said the Humboldt cable is a concrete example of "greater economic cooperation" in the US. The name Humboldt was chosen in a name contest on Chilean social media as a tribute to the German explorer Alexander von Humboldt, who traveled extensively in the Americas in the early 19th century.
Marines Using Cheap Commercial Tech To Hide Command Posts In Plain Sight
Marines sent to Asia for recent exercises have learned to hide their command posts using local cellular networks and other commercial technologies, part of the military's growing effort to adapt to the modern battlefield.
Naval command posts whose control radio transmissions can reveal their location to the enemy can conduct most missions over "host nation" Wi-Fi, Col. Thomas Sieverts said during an information session on Friday.
Sieverts is in command of the Marine Rotational Force Southeast Asia, which was deployed for the second time from September to December and is training in the Philippines, Malaysia and Indonesia.
The unit, modeled after other long-established Marine Corps rotational forces, focuses on security cooperation with U.S. allies and partners, but can also respond to regional crises.
The host nation's Wi-Fi is used to allow Marines to "blend into their environment," Sieverts said. Marines carry cell phones and connect to cellular networks using local SIM cards so their networks are not isolated. “We are untraceable,” he said.
Such communications require encryption and smaller communications, he added, referring to communications platforms that are physically much smaller than those they typically use.
Another tool in the Marine Corps' arsenal is commercial radar, which is no different from commercial fishing vessels, Sieverts said.
At the same time, the Marines must balance a command post that is invisible to enemy reconnaissance systems. .
"In order to meet the requirements, our [minimum] capacity is required," Sullivan said. "And to stay relevant over time, you also need to provide signature management."
The Marines' goal of making command posts more efficient comes as they and the military turn to counterterrorism and a modern battlefield where American adversaries are armed with precision-guided missiles and satellite signals.
One of the Army's primary goals is to improve the command post's ability to evade enemy fire. The aim is to make the command posts smaller and easier to move and to reduce their electromagnetic profiles.
"When we're dealing with massive battlefield operations centers that are difficult to set up and often supported by contractors, we're going to lose," Army Chief of Staff Gen. Randy George, said at the annual meeting of the Association of USA. Army in October. the meeting
"Russians learn this lesson several times a day [in Ukraine]. And we will learn the hard way.
Ukrainian forces often target Russian command posts, logistics centers and troop staging areas with long-range missiles supplied by the United States.
Even headquarters far from the front lines, for example in occupied Crimea, are anything but safe. The Ukrainian military said Thursday it had struck a Russian command post in Sevastopol.
Are Investors Becoming Disillusioned With Southeast Asias Tech Companies?
For the Southeast Asian technology giant Sea Ltd. 2023 was a year of contrasts. After a long period of huge losses, Sea was profitable this year. For the first nine months of 2023, Sea posted a net profit of $274 million, a significant improvement from its net loss of $2 billion in the same period in 2022.
However, shares have been falling throughout the year and are currently around $35 per share. At the height of the stock market boom in 2021, Sea traded at more than $350 per share, although it is now more profitable. Why are investors penalizing Sea for its profitability?
Welcome to the topsy-turvy world of technology companies and their stock valuations. The market often values technology companies based on expectations of what they will be one day, rather than what they are doing today. Tesla is known to have a higher valuation than one would expect based on its current earnings.
And the sea is no different. When it debuted on the New York Stock Exchange in 2017, the idea was that Sea would one day hold a crucial position in Southeast Asia's fast-growing digital economy and that investors would buy the value that future market dominance would generate. Today, the stock is taking a hit as investors appear to be losing confidence in Sea's ability to maintain and grow that market share.
Sea's digital gaming division has been a big winner, especially during the pandemic. Although the company remains profitable, revenue is declining and daily active user growth is stagnating. Meanwhile, the total value of transactions on Sea Shopee's e-commerce platform increased 5% year-on-year in the third quarter of 2023. 5% year-over-year growth isn't bad by most measures, but investors are probably expecting Shopee to grow faster.
Although e-commerce and digital entertainment are not meeting market expectations, Sea's digital banking business is actually growing rapidly and generating revenue. As of September 2023, Sea's digital finance business had $2.4 billion in loans outstanding and generated a net profit of $150 million in the third quarter.
But that wasn't enough to reassure investors, especially after the company posted a net loss in the third quarter and CEO Forrest Lee suggested Sea would return to growth, even if it would hurt results. While part of Sea's valuation also reflects rising interest rates driving investment out of stock markets, it points to a general disenchantment with the once-touted promise of Southeast Asia's tech unicorns.
Investors are also skeptical of Indonesia's GoTo, another tech giant that is expected to play a major role in the region's digital economy. GoTo's history in the first three quarters of 2023 shows that the company is still losing a lot of money ($620 million), but less than it lost in 2022 ($1.35 billion). But even as GoTo trims its losses and moves toward profitability, it faces similar headwinds as Sea, whose growth has stagnated.
In September 2023, GoTo reported that annual user numbers over the past 12 months had fallen 21% year-over-year. The value of transactions on Tokopedia, GoTo's e-commerce platform, fell 11% in the third quarter. Losses are narrowing largely because GoTo, like Sea, has cut costs and sought to maximize revenue from its existing user base.
In the first nine months of 2023, GoTo reduced its marketing spending by 57% compared to the previous year. Sea also reduced its marketing spending by $983 million, a decrease of 35 percent. In order to please investors, these companies are apparently expected to reduce their costs, including marketing costs. However, this makes it difficult for them to grow as quickly as before.
Tech platforms like Shopee, Gojek and Tokopedia should be game changers. Using mobile insights and technology, they wanted to revolutionize the way we buy and sell things. I think these companies have been very positive for an economy like Indonesia that faces high transaction costs. Small businesses can now market their products to a larger market than ever before using Gojek, Shopee or Tokopedia, and using a basic service like shipping has become incredibly easier and more efficient.
However, getting these companies to coordinate the market while delivering the profits and growth expected by investors has proven difficult. It turns out that promoting market activity is not a very profitable business. For this reason, for example, many of the physical public markets in Jakarta and other Indonesian cities are owned by local governments and run not for profit but as a public service. Technology has promised to reinvent the market in new and innovative ways, but so far we are still waiting to see if the promise lives up to expectations.
Chinas Gotion HighTech Rolls First Battery Pack Off Its New US Assembly Line
Chinese battery developer Gotion High-Tech continues its global expansion and is celebrating its latest technological achievements this month. Gotion has rolled out the first set of batteries from its new assembly line near Silicon Valley, the first product made in the United States.
Gution High-Tech Co., Ltd. specializes in the research and development of batteries and energy solutions. The company was founded and is headquartered in China, but production continues to expand into new regions around the world. For example, the company is expanding into Vietnam through a joint venture with Vines – the energy division of VinFast.
Last year we saw Gotion roll a battery off the assembly line in the German university town of Göttingen, the first product to be assembled in Europe. Also this year, the company bought a 25% stake in Slovakian electric car battery startup InoBat, the first investment by a Chinese battery maker in a European startup.
In addition to Southeast Asia and Europe, Guteon has begun expanding its battery operations in the United States, building an assembly plant in Fremont, California, and plans to build a $2 billion electric vehicle battery factory in Illinois, the company announced last September announced.
During the construction of this facility, Gotion reached a major milestone at its California factory, producing portable power units under its GenDome brand.
According to a live announcement from Gotion High-Tech, the company completed construction of its first battery pack in Fremont on December 21 as part of a "Made in the USA" initiative that dates back to 2014, when the company first conducted research - and development pipeline. he has. About silicone. .
Valley
Gotion's GenDome energy storage system (shown above) is the first product designed specifically for the US market, offering a range of portable and residential energy storage products with capacities ranging from 3 to 30 kWh.
Going forward, Gotion's Fremont location will serve as an innovation hub to support other future facilities in Michigan and Illinois.
“Over the past decade, we have consistently maintained the three-in-one strategy of local R&D, local manufacturing and local marketing,”
said Li Chen, senior vice president and business head of Gotion Americas at Gotion
.
From the initial development of battery management systems to today's battery factory, we have had to face many challenges and tests. Today, we have made a name for ourselves in the US market and with the support of a battery factory in Illinois and a materials factory in Michigan, Gotion will work with customers to build a localized, diversified, full-fledged supply chain system. Series.
Gotion's battery plant in Fremont is expected to reach 1 gigawatt-hour of production capacity and feature assembly lines that are 85% automated.
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Tech Lure, Bitcoin Buzz And Singles Day: Saturday Asia Briefing
(Bloomberg) -- As the world's largest bank collides with the world's largest cyber-heist ring, cryptocurrencies are on the rise and Hollywood returns to the studio, U.S. villainy has scored another hit. Here's a list of weekend reads.
Bloomberg's most read
South Korea's surprise decision to ban short selling at the end of last week is not stopping investors from snapping up shares in the country's tech companies.
Who is Sam Bankman? Cryptocurrencies bounce back as traders push for ETF acceptance
It's Singles Day, the world's biggest online shopping event and a test of how consumers will react to China's return to inflation.
One of the obstacles China's leaders face in stimulating domestic demand is a group of roughly 22 million unemployed. what are they doing? Take the elevator to Economy Class B1B2.
Next week will be an important meeting between Xi Jinping and Joe Biden at the APEC meeting in San Francisco, which according to a Chinese social network is "full of homeless people, crazy people and drugs". Can the city of Ilunabara restore its image?
Who is LockBit, the ransomware group that hacked ICBC, and why did it target Bank of China?
Exciting news for car thieves: Rockstar Games has promised to soon release the first trailer for Grand Theft Auto VI, the next in the hugely successful franchise. This is what we know now.
The wars in Ukraine and Israel have made flights between Asia and Europe the thread of a needle. That's the time and money it takes to cross into a war zone.
Kratom, a beverage derived from a Southeast Asian plant, is growing in the United States because of its non-alcoholic effects and popularity as an energy booster, mood enhancer, and mood enhancer. But there's a problem...
“Singapore Is Uniquely Positioned As Asias Health Hub,” Says Health Tech CEO Dr. SueAnne Toh
Produced by SilverKris for NOVI Health
In this opinion essay, CEO of NOVI Health, a Singapore-based health technology startup, Dr. Sue-Anne Toh highlights Singapore's unique strengths as a healthcare hub and key trends that will shape digital health in the region and beyond.
As a Singapore-based CEO and healthcare technology professional, I have witnessed the incredible growth and transformation of the healthcare sector in this city-state over the past few years. Singapore has emerged as a leading healthcare technology hub and is uniquely positioned to promote innovative digital health solutions and key trends in the region. Not surprisingly, Singapore has attracted one of the largest digital health venture capital transactions in Asia.
One of Singapore's greatest strengths as a healthcare hub is its ethnic and cosmopolitan population.Research abroad shows that minority groups face disparities in access to health care. This is often due to the lack of familiarity with the service provider's language and culture.Due to the city's multi-ethnic and multicultural social fabric, Singapore provides a rich environment for developing healthcare solutions that meet the needs of diverse communities.
We have access to a wealth of data—a true "living laboratory," if you will—that helps us tailor solutions for people with diverse backgrounds and needs. Its concentrated geography enables efficient recruitment of participants for large-scale research and clinical trials.
For example, we have been able to conduct large studies of prediabetes and type 2 diabetes by recruiting thousands of participants across the country to perform "gold standard" physiological tests at one medical center. Achieving such breadth and depth would be difficult even in countries where the biomedical research landscape is mature and well established, such as the US or the UK.
Due to the city's multi-ethnic and multicultural social fabric, Singapore provides a rich environment for developing healthcare solutions that meet the needs of diverse communities.
High health literacy in Singapore plays a major role in the rapid adoption and understanding of health technology innovations. The COVID-19 pandemic has accelerated this phenomenon: the need for remote consultations, telemedicine and digital health platforms is becoming more and more apparent, driving the development of these technologies and their use by healthcare providers such as NOVI Health. This rapid adoption of healthcare technology has undoubtedly led to changes in consumer and patient behavior.
Today, consumers expect the same level of healthcare experience, service and transparency of information as they do shopping for other products. Although health care inequities persist, information asymmetry between patients and health care providers is decreasing.
Technology has the potential to overcome this information asymmetry and increase transparency in healthcare. With health information more accessible than ever, consumers are better informed about options, prices and more. I think it will be a transformative change. But this accessibility also creates challenges. It is important to ensure that available information is balanced and verified to avoid misinformation.
We also see a positive trend towards value-based services. Currently, healthcare operates on a fee-for-service model, where payment is based on individual visits, medications and tests. However, it is increasingly recognized that this model can lead doctors to perform unnecessary tests and treatments.
Today, the focus is on value creation, defined as achieving the best results at a reasonable cost. For example, if one doctor can achieve the same or better results in one visit, while another doctor charges his patients 10 visits or higher costs, the former offers better value for money. The movement is already gaining momentum, and the next step is to figure out how to implement it on a larger scale.
Healthcare efficiency not only improves patient access to essential services, but also frees up more time so healthcare providers can focus on providing personalized care.
Over the next decade, I believe technology will play a critical role in improving access to healthcare. People can access healthcare services not only by visiting hospitals but also through mobile healthcare solutions. Healthcare will be personalized, holistic, not episodic, and I am excited to lead that responsibility with NOVI Health. Through our app, users can track their lifestyle and receive feedback, personalized advice and support from a health coach.
I also hope that technologies such as artificial intelligence can improve the services provided by healthcare professionals and reduce the workload of healthcare professionals such as doctors and nutritionists.Healthcare efficiency not only improves patient access to essential services, but also frees up more time so healthcare providers can focus on providing personalized care. This can significantly improve areas of healthcare that require human intervention, providing better patient experiences and outcomes.
Finally, I am inspired by the future of healthcare technology in Singapore. With continued advances in artificial intelligence, data analytics, and wearables, the opportunities for innovation and improvement in healthcare are endless. I believe that as a health technology hub, Singapore has the potential to transform healthcare in the country, while at the same time leading the way in developing tailor-made solutions for diverse global populations.
To learn more about NOVI Health, visit the official website .
RXT Digital And Bitcoinland: Pioneering Malaysias Ascent As Asias Premier Tech Hub
Hong Kong, Hong Kong Special Administrative Region - November 2, 2023 -
Asia is on the cusp of a tech renaissance, and Malaysia, with the help of RXT Digital Limited and Bitcoinland, is poised to lead the way. The future is here and it is being built brick by brick, code by brick in the heart of Malaysia.
RXT Digital Limited has announced the launch of its most ambitious project to date: Bitcoinland. This massive initiative positions Malaysia as a hub for technological innovation in Asia, cementing its status as the continent's leading technology hub.
Known for its strategic location, strong infrastructure and growing number of tech-savvy people, Malaysia has always been on the cusp of a technological revolution. With the launch of Bitcoinland RXT Digital Limited's visionary project, the country is poised to not only participate, but participate in the tech renaissance happening across Asia.
Bitcoinland is not just an infrastructure project; It includes a dream, a vision, and a commitment to the future. Strategically deployed in Pankal, Mentagor Island and Penang, this initiative aims to create a fusion of innovation, luxury, culture and cutting-edge technology, positioning Malaysia as a regional fintech and cryptocurrency hub.
The choice of Malaysia as the center of this innovative project is not accidental. The country's rich cultural fabric, combined with its strategic geographic advantages and relentless creative spirit, make it an ideal destination. Malaysia's stable political environment, developed economy and educated and dynamic workforce increase its potential to be at the forefront of the technological revolution.
The partnership between RXT Digital Limited and its Bitcoinland partners goes beyond traditional infrastructure development. It's about cultivating ecosystems, creating an environment fit for growth, and pushing the boundaries of technological possibilities. With state-of-the-art research centers, innovation hubs and co-working spaces, Bitcoinland will be a magnet for the brightest minds and innovators from around the world.
Sustainability, environmental awareness and community involvement are at the core of Bitcoinland. From green buildings to renewable energy integration and community outreach programs to cultural preservation initiatives, every aspect of the project is designed with forward thinking.
A spokesperson for RXT Digital Limited said: "The launch of Bitcoinland is not only an important milestone for RXT, but also a great achievement for Malaysia in the future. We believe in the potential of Malaysia and with Bitcoinland we are creating a legacy that will resonate around the world."
The global technology community, investors and governments have already taken notice of this historic initiative, which reflects the transformative potential of Bitcoinland and the changes it promises to bring to the technology landscape.
In conclusion, with Asia on the cusp of a golden age of technology, Malaysia powered by RXT Digital Limited's Bitcoinland is poised to lead the way. The future serves and shapes Malaysia's vibrant landscapes.
Contact address: Name: Agustin Email: Send an email. Company: RXT Digital Website: https://www.rxt.world/
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Hangzhou, September 26 (Belta - China Daily). - Olympic Council of Asia officials praised the opening ceremony of the Asian Games in Hangzhou and competitive events in the six host cities, emphasizing the use of digital technology to optimize speed and fluidity.
OCA Acting President Raja Randhir Singh said on Sunday that he was not only impressed by the spectacle of the inauguration ceremony, but also by the speed with which it happened.
The former athlete explained that he understood the organizing committee's hard work to ensure the march went smoothly and the placement of national delegates, calling the organization "really impressive".
Wei Jizhong, Honorary Life Vice President of the OCA, who attended the opening ceremony of the 11th Asian Games and Olympic Games, described the rhythm and order of the opening ceremony of the Hangzhou Games as "unprecedented".
More than 70,000 people, including more than 12,000 athletes and 50,000 spectators, participated in the event, which started at 8pm on Saturday at the Hangzhou Olympic Sports Center Stadium. Most were able to get to the metro or shuttle within half an hour of its completion.
Chen Weikiang, executive secretary of the Hangzhou Asian Games Organizing Committee, attributed operational efficiency to an intelligent management system using technologies such as 5G, the Internet of Things, big data and artificial intelligence.
Chen, who is also a spokesperson for the 19th Asian Games, explained that the orderly cleaning of the stadium was made possible by the installation of green lights in each area, indicating that people in relevant sections were free to exit.
"These lights are activated automatically based on real-time flow measurements at each exit," he said.
Chen said the intelligent management system is designed to ensure smooth running of the competition at 56 venues across the five host cities.
"The big (Smart Control) screen at our headquarters provides a clear view of all our facilities," he said. “We can go anywhere at any time and be fully aware of buildings and events. »
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Resist Russian Disinformation As Elections Loom, EU Tells Big Tech
BRUSSELS. European Commission Vice President Vera Jourova on Tuesday called on Alphabet's Google, Microsoft, Meta Platform and TikTok to do more to combat Russia's "multibillion-dollar weapon of mass manipulation".
Concerns have grown in recent months over a wave of uncertainty surrounding next year's European Parliament elections, as well as parliamentary elections in Slovakia on September 30 and Poland next month.
The company and other online platforms have provided data on their efforts to combat fake news over the past six months, according to European Union practice on disinformation.
"The Russian state is waging a war of ideas to pollute our information space with half-truths and lies in order to create a false impression that democracy is not better than dictatorship," he said at a press conference.
"Today it is a multi-million dollar weapon of mass manipulation...
"Very large platforms" have to deal with this risk. Even more so, we have to wait for the activities of the Kremlin and others before the elections."
After the last European Parliament elections in 2019, Russia's Security Council called Moscow's baseless accusations of disinformation to influence voters.
Last February, Yevgeny Prigogine, the late head of Wagner's Russian mercenary group, admitted that he founded the Internet Research Agency, which Washington called a disinformation "farm" that interfered in the US presidential election that year. 2016 year
There was a warning about Jourova X, which left the EU voluntary code in May but is considered a "very large online platform" under the Digital Services Act (DSA), subject to stricter content rules.
“Mr (Elon) Musk knows he is not ready to abandon the Code of Practice because we have now fully implemented the Digital Services Act. So my message on Twitter is you have to enforce strict laws and we'll see what he does. ", he said.
Russia, for its part, has clamped down on Western social media platforms after tightening censorship following last year's large-scale invasion of Ukraine, and in March 2022 accused Facebook owner Meta of "extremist activities".
CHANGCHUN - An array of high-tech products and achievements attracted the attention of many companies from Japan and Korea participating in the 14th China-Northeast Asia Expo, which ended Sunday in Changchun, capital of Jilin province.
During the five days of the fair, a total of 99 projects were signed, setting a new record in the amount of project investments, said the deputy director of the executive committee of the fair, Liu Haytsian.
These initiatives span multiple sectors, including new energies, modern agriculture, equipment manufacturing, pharmaceuticals, healthcare and modern services.
"Compared to their Japanese counterparts, Chinese scientists are generally young and energetic, which contributes to the rapid development of Chinese science and technology," said Haruko Yonyama, a senior adviser at Japan's Science and Technology Agency.
Jilin recently unveiled 15 high-tech achievements and products covering three fields: optoelectronic information and intelligent manufacturing, new materials and new energy, medicine, healthcare and modern agriculture. Among them, many new technologies that have reached advanced standards around the world have been evaluated by Yoneyama.
"I am optimistic about the prospects of China's science and technology development and look forward to the progress of China's scientific and technological innovation in fields such as artificial intelligence and big data," he said.
Toshio Shinoda, regional managing director of Marubeni Corp.'s China unit, said the company has long-term business relationships with Jilin companies involved in industries such as water treatment and real estate. With the boom in technological advancements in the state, Marubeni has expanded its cooperation with China, expanding into areas such as agricultural and food products, as well as entering the field of smart agriculture.
"Jilin is rich in wind, solar and other renewable energy. We hope to work with Chinese companies in the direction of new energy and carbon neutrality," Shinoda said.
Lee Sun-ho, head of the Changchun office of South Korea's Trade and Investment Promotion Agency, said Jilin is actively formulating new development plans, focusing on the development of emerging industries, especially the automotive industry, powered by clouds. Local automakers are expanding global collaboration and investment in research and development of key technologies in areas such as electric vehicles and self-driving cars.
He said the ROK government is investing heavily in the development of the NEV industry, and China and the ROK have ample scope for cooperation in this field.
"We hope the expo will be an opportunity for Northeast Asian countries to promote emerging industries and promote partnerships," Lee said.
According to the participants, high-tech exchanges between China, Japan and the Republic of Korea are not only a driving force to promote friendly competition, but also open up new avenues of cooperation.
"The Republic of Korea and China are geographically close, and the economic cooperation between the two sides is closely related. The youth of the two countries have a common future and look forward to more opportunities for exchanges that contribute to peace. in the world . Northeast Asia and the economic development of China and the Republic of Korea,” said Jeong Yong-gi of the Minjoo Party.
Under the slogan "Northeast Asia's Joint Development for Cooperation for the Future", the fair brought together more than 20,000 offline traders from 123 countries and regions.
Since the start of the exhibition in 2005, the China-Northeast Asia Expo has held 14 editions and signed more than 3,000 cooperation projects with a total investment value of more than 2 trillion yuan (US$274.3 billion).
China
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Temu Dives Into Southeast Asia, Takes On TikTok Shop And Alibabas Lazada
PDD-owned Temu quietly debuted in the Philippines last weekend as the top destination in Southeast Asia. Temu brings this shopping app to compete with similar apps in China namely Lazada and TikTok Shop.
Why it matters: Temu's expansion into Southeast Asia is expected to fuel the region's e-commerce sector with its aggressive marketing strategy, even as the country's big players are already gaining market share. enviable
Details: Since launching in the United States last September, Temu has reached consumers in 38 countries on six continents with products made in China.
In keeping with its "Shop like a billionaire" advertising tagline, Temu has entered the Philippines with deep discounts and free shipping, with most products on local sites priced between PhP 50 and PhP 1,500 (between $0.88 and $27).
Based in Boston, Temu works closely with a number of third-party logistics providers for local deliveries. In the case of the Philippines, Chinese newspaper Jiemian reported that Indonesia-based J&T Express would oversee long-distance logistics.
Like its main competitor Shein, Temu uses the Chinese supply chain network to offer products at very low costs to international customers.
An earlier report by local media 36Kr quoted sources as saying that Temu's overall leak rate was around 60%, compared to Shein's four consecutive years.
Context: Southeast Asia's relatively low e-commerce penetration rate makes the region highly attractive for Chinese e-commerce companies, especially as they face slowing domestic growth.
Lazada, the online shopping platform that received a $1.1 billion investment from its parent company Alibaba this year, reported double-digit order growth in Southeast Asia in the June quarter. The Alibaba International Digital Commerce Group, of which the company is a part, grew revenues 41% year-over-year, making it one of the Chinese tech giant's top-performing segments.
TikTok plans to invest "a billion dollars" in Southeast Asia over the next few years, company CEO Shou Zi Chew said in June, as the ByteDance-owned short-video app gains more control in the States. United. Recent research by venture capital firm Momentum Works estimates that TikTok Shop will capture 13.2% of the e-commerce market share in Southeast Asia this year. This indicates that it is closing the gap to Lazada, which is expected to have a 17.7% market share this year. region in 2023.
Cherry: MX2A Switch Sets A New Bar On Keyboard Tech
The benchmark for keyboard switches is updated. German company Cherry builds on its existing technology with a new 'MX2A' adapter that promises to be better in every way.
While Cherry's MX switches are considered some of the best in the business, the company says the formula needs to be improved to stay ahead. The result is the MX2A, which the company calls a “revolution in mechanical shift technology,” setting a new industry standard.
"While the exterior of the key looks the same, the internal mechanics have been redesigned to provide smoother movement and improved acoustics for a more enjoyable typing experience," said Cherry.
A redesigned MX2A keycap (Credit: Cherry)
The MX2A is designed to replace the full-size MX1A. The company says that every aspect of the new adapter is "integrated with special enhancements." It includes a bow redesign, post-dome shape and main bow guide.
A premium lubricant has also been applied to the cap dome to aid in smoother operation, reducing spring noise.
The new lubrication is equal to or better than the lubricants used in other keyboard switches. (credit: cherry)
According to Cherry, the changes created a more durable switch that can withstand more than 100 million keystrokes, which previous MX1A switches were also capable of. The company says the spring design has changed from "cylindrical geometry to cylindrical geometry" for close-contact linear motion, which reduces spring deformation and scratching to create a more durable transition.
New spring design (Credit: Cherry)
"The new Cherry MX2A features an improved rod guide system with diamond-ground sliding surfaces on the bottom and top for smoother operation," said Cherry.
We'll have to put the new Switch to the test, so stay tuned for our review. But one question that remains unanswered is how much the MX2A will cost. If the increase is significant, the price increase may cause consumers to choose competing keyboards despite the advertised performance improvement.
What old and current Cherry MX switches look like. (credit: cherry)
Meanwhile, Cherry is already making the MX2A switch available to keyboard manufacturers. The MX2A will also come in a variety of configurations from the existing line of Cherry switches: MX Red, MX Brown, MX Black, MX Speed Silver and MX Silent Red, as well as RGB options.
"We took care not to change the specifications to preserve the unique characteristics of each transformer," adds Cherry. "Our goal is always to improve without compromising the integrity of the product."
For consumers, the company is introducing Cherry's new XTRFY K5V2 keyboard switch, which will be available later this year. But if you were a fan of the existing MX1A adapter, don't worry, at least it's not going away just yet. "For now, the MX1A and MX2A will be available as standard and premium adapters, respectively," the company said.
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EVE Tech Asia 2023: Igniting Technological Advancements In EV, Environmental And Battery Industry.
SINGAPORE , July 13, 2023 /PRNewswire/ -- EVE Tech Asia, the leading platform dedicated to facilitating leadership, development, collaboration and technological advancement in the electric vehicle (EV) and battery industry, will host the highly anticipated event for the next 22 offer. years. November 24, 2023 . With a strong focus on collaborative research and development (R&D) and cross-border cooperation between academia and industry, EVE Tech Asia aims to lead the electric vehicle and battery sector in Southeast Asia into a new era of innovation and rapid growth.
The EV & Battery Conference is the core of EVE Tech Asia, where industry experts, government representatives, associations and colleagues gather to share the latest technology trends, regulations, policies and standards. This conference offers attendees a unique opportunity to learn from global leaders in the battery and electric vehicle industry and gain insights that will shape the future of the sector.
Highlights of the EVE Tech Asia 2023 Conference :
01: 1st Conference on Batteries and Power Sources - explores developments in new materials, battery components and revolutionary energy storage solutions. Well-known speakers include a distinguished representative of the Singapore Battery Association , EuroBat (European Association of Manufacturers of Vehicles and Industrial Batteries)and Giorgio Corbett, European Union Director of the well-known management consulting company McKinsey & Company .
02: 2nd Power Sources and Batteries Conference - Presenting the latest research and innovations in batteries, which improve energy efficiency and productivity. Shell 's global head of battery replacement , Kasthuri Gomatam , and Hioki EE's director of global business development , Kenneth Suh, will be among the speakers.
03: Electric Vehicle Standards - Led by the IEEE Automotive Technology Association of Singapore, the world's largest technical professional organization for technology development, this conference aims to standardize automotive initiatives and develop industry standards. Key Features Highlights Professor Christopher HT Leeof Nanyang Technological University , Singapore .
04: Technologies and innovations in electric vehicles - Topics such as urban air mobility, autonomous driving, software-driven vehicles (SDVs), advanced developments in electric vehicles, and innovations in electric mobility for sea, land and air will be explored. Keynote speakers include Kazuyuki Iwata, Executive Chief Engineer , Honda ( Japan ) Power Unit for Research and Development, and Jack Borremans, General Manager , Charging Interface Initiative, Asia.
05: EV Leaders Technology Conference - In a session led by NVIDIA Generative AI advocates, Dr.Ethican Caruppia, chief technologist at NVIDIA , shares valuable insights.
06: 2W and 3W Innovation Conference - A*STAR SIMTech (Singapore Technology and Research Agency, Singapore Institute of Manufacturing Technology) presented by E-TraM OTP (Electric Traction Unit Industrial Joint Venture), will focus on the latest developments in the transmission line. and power steering for two and three wheels. Main speaker dr.Teo Chek Sing , professor and research specialist at A*STAR SIMTech, explores experimental and collaborative efforts to provide a neutral platform for companies to showcase technological innovations.
07: Green technologies - With a focus on renewable energy, sustainable development and decarbonisation technologies, this track highlights the industry's commitment to a cleaner and greener future with innovative ideas to drive sustainable industrial development.
The line-up of premium speakers at EVE Tech Asia 2023 represents the pinnacle of expertise in the fields of electric vehicles, environment and batteries. Attendees can expect thought-provoking presentations and engaging discussions that will shape the future of the sector. Join us at EVE Tech Asia 2023 to participate in this game-changing event and contribute to the growth and development of the electric vehicle, environmental and battery industries in Southeast Asia .
For more information and registration, Please visit https://www.evetechshow.com and contact info@evetechshow.com .
About EVE Tech Asia (Electric Vehicles and Electric Technology in Asia) 2023
EVE Tech Asia is the only B2B exhibition and conference for electric vehicles and environmental technologies, bringing together industry leaders, professionals and innovative companies from Southeast Asia and around the world to showcase the latest advances in technology.
The event includes keynote speeches, technical conferences, exhibitions and networking opportunities. EVE Tech Asia is organized by ESG Tech Events Pte. Ltd. in Singapore .
Media connection Naza Shima Abdul. Rich project manager ESG Tech Events Pte. Ltd E. Naz.Syima@evetechshow.com Tel: +65 9150 1297 Address: One Raffles Quay, North Tower Level 49, Singapore 048583
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Stock Market Today: Asian Shares Are Mixed As Investors Weigh Weakness In The Tech Sector
BANGKOK (AP) — Stocks were mixed in Asia on Friday after a recent Wall Street rally was wiped out, with Tesla, Netflix and other big tech-focused companies falling sharply.
Hong Kong, Seoul and Bangkok advanced, while Tokyo, Shanghai and Sydney lagged behind. US futures rose and so did oil prices.
After Taiwan's Taiex fell 0.8%, TSMC, the world's largest chip maker, said sales would fall 10% this year due to weak demand. The company also said it won't be able to produce at a plant under construction in Arizona until 2024. TSMC shares fell 3.1%.
Japan reported that consumer price inflation rose to 3.3% from 3.2% in June, but mainly due to higher electricity tariffs. Excluding volatile costs of fuel and food, price increases have moderated. It eases pressure on the central bank to tighten monetary policy, which has been ongoing for more than a decade to combat sluggish economic growth.
Tokyo's Nikkei 225 index lost 0.4% to 32,351.56, while S The P/ASX 200 index was down 0.2% at 7,307.80. The Shanghai Composite Index fell 0.2% to 3,162.37 points.
In Seoul, the Kospi added 0.1% to 2,603.66 points, while Hong Kong's Hang Seng gained 0.5% to 19,029.45. Thailand's SET rose 0.4%.
Come to Wall Street on Thursday The P 500 fell 0.7% to 4,534.87, while the Nasdaq lost 2.1%, its biggest decline in more than four months. It closed at 14,063.31.
The Dow rose 0.5% to 35,225.18 as it included lower tech stocks.
Thursday's report showed the job market remained surprisingly strong. Fewer-than-expected workers filed for unemployment benefits last week, suggesting the level of layoffs is not worsening.
A strong labor market has helped the U.S. economy continue spending despite much higher interest rates to control inflation, keeping the economy out of a long-anticipated recession.
Investors who are hemmed in by the risks of a too-hot or too-cold economy and recession appear to be moving away as expectations of a "soft landing" in the economy grow, Stephen Innes of SPI Asset Management said in a comment.
"So at this point, investors are probably waiting for more evidence of soft landing dynamics," he said.
Tesla fell 9.7% despite reporting better-than-expected revenue and earnings for the spring. Analysts say investors may be worried about the company's profitability after it slashed prices for electric cars.
Tesla is one of Wall Street's most valuable companies, so its stock moves carry extra weight.
Netflix fell 8.4% despite better-than-expected earnings. An important measure for the company, its revenue from paid memberships fell on average in the quarter compared to last year.
Big tech stocks have risen this year, S Huge profit and 500. Netflix is up 48% YTD, and Tesla is up more than double.
Nvidia is down 3.3%, though it's still up 211.5% year-to-date.
Elsewhere on Wall Street, firms reported mixed results.
Zions Bancorp. It rose 10% last quarter after reporting better-than-expected revenue and profit. Shares of Tryst Financial fell 7.1% after reporting weaker-than-expected earnings.
The banks have come under scrutiny after three failed this year due to high interest rates.
The biggest loss The P 500 was led by Discover Financial, which fell 15.9%. Its latest quarterly results missed forecasts and showed it is working with regulators to resolve a 2007 accounting error that misclassified some credit card accounts. It also said it was suspending the share buyback pending an internal review.
Johnson & Johnson helped the Dow rise 6.1% after reporting better-than-expected revenue and profit in the latest quarter. It also raised its forecast for full-year financial results.
In other trading Friday, benchmark U.S. crude rose 63 cents to $76.28 a barrel in electronic trading on the New York Mercantile Exchange. It rose 36 cents to $75.65 on Thursday.
International trade benchmark Brent crude rose 62 cents to $80.26 a barrel.
The US dollar rose to 140.22 Japanese yen from 140.07 yen The euro strengthened to $1.1138 from $1.1130.
___
AP Business Columnist Stan Chow contributed.
Stocks rise on debt debate, Walmart arrives: Stock market news today | May 18, 2023
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