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Is Rivian Automotive, Inc. (RIVN) The Best EV Charging Stock To Invest In?
Affan Mir
Sat, Sep 14, 2024, 8:12 AM MDT7 min read
https://finance.yahoo.com/news/rivian-automotive-inc-rivn-best-141236293.html
We recently published a list of 11 Best EV Charging Stocks To Invest In. In this article, we are going to take a look at where Rivian Automotive, Inc. (NASDAQ:RIVN) stands against other best EV charging stocks.
Over the last few years, the electric vehicle (EV) market has experienced significant growth, due to consumer demand, automaker investments, and substantial government support. In the US, the $7.5 billion from the 2021 Infrastructure Investment and Jobs Act and tax credits from the Inflation Reduction Act have also fueled EV growth.
According to the International Energy Agency (IEA), global public charging points are expected to exceed 15 million by 2030 and will increase to nearly 25 million by 2035. In the U.S., the government aims to install 500,000 public charging ports by 2030, with the total number of chargers expected to reach 900,000 in 2030 and 1.7 million by 2035.
Globally, home charging is expected to grow to over 270 million units by 2035, with more than 45% of electricity coming from public or private non-home chargers. Charging infrastructure for heavy-duty vehicles (HDVs) is also expected to grow significantly. By 2035, installed HDV charging capacity is projected to reach 2,000 GW. Policies like the EU’s Alternative Fuels Infrastructure Regulation and U.S. strategies are driving this expansion, alongside private investments.
The Road Ahead for EV Charging: Industry Growth and Challenges
According to PwC’s analysis, the number of charge points in the U.S. must grow from around 4 million today to 35 million by 2030 to meet demand. The PwC report has projected that the number of EVs could reach 27 million by 2030 and 92 million by 2040.
The EV supply equipment (EVSE) market is expected to expand from $7 billion to $100 billion by 2040, at a 15% compound annual growth rate. The market’s primary value pools are hardware, software, installation services, and charge point operators (CPOs). CPOs, which build, operate, and maintain charging stations, are expected to dominate and capture 65% of market revenue by 2040. On the other hand, hardware providers’ share will shrink from 46% today to 20% by 2040.
Despite the clear market opportunities, challenges remain, including educating consumers, financing infrastructure, and ensuring cost-effective solutions across different charging segments. Companies looking to enter or expand in the EVSE market will need to understand evolving customer needs, adopt appropriate business models, and prepare for long-term investments with a focus on strategic partnerships and potential acquisitions.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points
Rivian Automotive (NASDAQ:RIVN)
Number of Hedge Fund Holders: 37
One of the best EV charging stocks, Rivian Automotive (NASDAQ:RIVN) is a well-known name in the EV industry. It is making considerable advancements with its charging infrastructure to support the increasing number of EVs on the road.
At the core of the company’s strategy is the Rivian Adventure Network (RAN), which is a dedicated network of DC fast chargers exclusively for Rivian owners. As of February, the network featured 400 fast chargers distributed across 67 locations in the U.S. The company plans to expand this network significantly, aiming to install 3,500 chargers across about 600 sites in the U.S. and Canada by the end of 2025.
The company’s commitment to improving its charging infrastructure is further evident from its recent decision to open the RAN to other electric vehicle brands by the end of 2024. It will allow vehicles equipped with CCS (Combined Charging System) ports to use the company’s chargers, which will broaden the network’s accessibility and benefit the entire EV community.
Additionally, it has introduced a new charger design that accommodates both 400-volt and 800-volt battery systems, which ensures compatibility with a wide range of EVs.
Alongside the RAN, Rivian (NASDAQ:RIVN) offers Level 2 charging solutions through its Rivian Waypoints. The public chargers are situated near popular spots like shopping centers, restaurants, hotels, and parks, which allows EV owners to recharge their vehicles conveniently while they are out. The company intends to deploy over 10,000 Waypoint chargers throughout the U.S. and Canada to increase the ease of charging for all EV drivers.
For home use, the company provides the Wall Charger, which delivers 11.5 kW of power for efficient overnight charging. The home charger is compatible with most EVs and comes with Wi-Fi connectivity for over-the-air updates. Additionally, the company includes a portable charger with each vehicle, which lets users charge their cars using both 240V and 120V outlets.
Rivian’s (NASDAQ:RIVN) charging infrastructure is powered entirely by renewable energy, which aligns with the company’s dedication to environmental sustainability. The RAN has achieved an uptime of over 98% in 2024, reflecting the reliability and strength of the company’s charging network.
It plans to adopt the North American Charging Standard (NACS) beginning in 2025. The transition will allow Rivian vehicles to use Tesla’s expansive Supercharger network through a NACS DC adapter. During the transition, Rivian’s chargers will also support NACS adapters, which facilitates continued compatibility and ease of use for Rivian owners.
Supported by various national and state initiatives, such as the U.S. National Electric Vehicle Infrastructure (NEVI) program, the company is well-positioned to leverage these incentives to expand its charging network and drive the adoption of electric vehicles. Its Q2 performance reflects its growth potential, with deliveries increasing by 9% year over year to 13,790 units and generating around $1.2 billion in revenue.
In Q2, 37 hedge funds held stakes in Rivian (NASDAQ:RIVN), with positions worth $383.602 million. As of the second quarter, SoMa Equity Partners is the most significant shareholder in the company. The firm has increased its stake in the company by 53% to 6.6 million shares worth $88.5 million.
Meridian Hedged Equity Fund stated the following regarding Rivian Automotive, Inc. (NASDAQ:RIVN) in its first quarter 2024 investor letter:
“Rivian Automotive, Inc. (NASDAQ:RIVN) is a US-based manufacturer of electric vehicles, namely the R1T pickup truck and R1S SUV. They also have exposure to the commercial vehicle market with their electric delivery vans (EDVs) that are sold to companies like Amazon. The company has faced challenges amid the broader slowdown in electric vehicle demand and rising interest rates. This has contributed to Rivian underperforming expectations over the past few quarters. Rivian has also incurred losses as it continues to invest in the development of its products and manufacturing capabilities. We own Rivian in a hedged structure, which provides a significant margin of safety. Despite the near[1]term challenges, several factors provide optimism that Rivian can emerge as a long-term winner in the EV market. Rivian’s balance sheet is strong, with a substantial cash position that enables the company to continue investing in its growth and navigate through the current economic headwinds. Rivian is also unveiling the R2, which is a smaller and more affordable EV platform that will open the company’s products to a wider customer base. Lastly, Rivian’s investment in the enhancement of its production capabilities should improve the company’s manufacturing efficiency and drive a path to profitability. We continue to hold the company in a hedged structure.”
Overall RIVN ranks 3rd on our list of the best EV charging stocks. While we acknowledge the potential of RIVN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe.
Intel moves to spin out foundry business, inks AI chip deal with AWS
Kyle Wiggers
Tue, Sep 17, 2024, 1:00 AM MDT2 min read
https://finance.yahoo.com/m/2abe52e9-5005-3f57-8ec4-c7f5dd132149/intel-moves-to-spin-out.html?
Intel has announced a key customer win and changes to its foundry business as the beleaguered chipmaker looks to execute a turnaround.
Intel is taking steps to transition its chip foundry division, Intel Foundry, to an independent subsidiary, Intel CEO Patrick Gelsinger said in a blog post. Intel Foundry’s leadership isn’t changing, and the subsidiary will remain inside Intel. But Intel Foundry will gain an operating board, including independent directors.
Gelsinger also said the company would pause its chip fabrication projects in Poland and Germany for two years "based on anticipated market demand," and consider pulling back on its chip packaging and testing operations in Malaysia. Intel previously pledged to spend over $36 billion to build semiconductor factories in Magdeburg, Germany; $4.6 billion on a chip plant near the Polish city of Wroclaw; and $7 billion on its Malaysia footprint.
But in a win for the foundry business, Gelsinger revealed that Intel has signed a deal with AWS to co-develop an AI chip using Intel's 18A chip fabrication process. Intel has also agreed to produce a custom Xeon 6 processor for AWS, building on an existing partnership between the two firms.
"We have tripled our deal pipeline since the beginning of the year," Gelsinger said of Intel Foundry's business, describing the AWS deal as a "multi-year, multi-billion-dollar framework" that could potentially involve additional chip designs. He added that it "demonstrates the continued progress we are making to build a world-class foundry business."
Intel's cost-cutting and dealmaking -- along with a newly awarded $3.5 billion contract to build chips for the Pentagon -- sent the company's stock soaring over 6% at market close. It's a bright spot in Intel's otherwise grim fiscal year.
In Q1, Intel posted a $437 million net loss -- a loss that widened to $1.6 billion in Q2. Intel Foundry posted $5.3 billion in operating losses in H1, despite a slight year-over-year climb in revenue.
Intel also reportedly lost out on a major customer, Sony, after failing to come to a chip manufacturing agreement for Sony's next PlayStation console. That tie-up would've contributed $30 billion to Intel's foundry business, according to Reuters.
This summer, Intel announced a $10 billion cost-reduction plan, which included laying off 15,000 staffers through separation and early retirement offerings. (Intel says it's more than halfway through the process and expects to wrap up by the end of the year.) The chipmaker has also reportedly considered selling its autonomous driving arm Mobileye and its enterprise networking division.
This Stock-Split Stock Just Ran Into Trouble. Here's Why It's Still a Buy.
https://finance.yahoo.com/m/7d50ddfb-e7d6-3a62-a15f-6e3f35979d2d/this-stock-split-stock-just.html
Adria Cimino
Updated Mon, Sep 16, 2024, 2:33 AM MDT4 min read
Super Micro Computer (NASDAQ: SMCI) posted a fantastic first half of the year. Thanks to demand from artificial intelligence (AI) customers, in just one quarter, the company delivered sales that surpassed what it used to generate in a full year as recently as 2021. The S&P 500 and Nasdaq-100 even welcomed this 30-year-old tech company to join. And Supermicro's share price reflected all this good news, climbing 188% to outperform market darling Nvidia.
In fact, the stock had reached such high levels — peaking at more than $1,100 early in the year — that in August, the company announced a stock split planned for later this month. This sort of operation involves the issuance of additional shares to current holders to bring down the per-share price, opening up the investment opportunity to a broader range of investors.
But in recent weeks, the story has lost some of its sparkle. A short report by Hindenburg Research alleging troubles at Supermicro hit the stock badly — it's dropped 16% since the report's late-August release. Separately, Supermicro delayed filing its 10-K annual report, another element that's weighed on the shares. Despite these challenges, Supermicro still makes a great buy right now. Let's find out why.
Hindenburg's short position
First, let's consider the bad news. In its report, Hindenburg alleged "glaring accounting red flags," "evidence of undisclosed related party transactions," and other potential issues. But it's important to keep one thing in mind. Hindenburg holds a short position in Supermicro, meaning it will benefit if the stock declines. This bias makes it difficult to rely on Hindenburg as a source of information about the company.
Another point to keep in mind is that Supermicro addressed the report, saying it "contains false or inaccurate statements." So, I wouldn't base a decision on whether to buy or sell Supermicro on the Hindenburg report. Instead, it's better to consider what we know, such as the company's path so far, details from recent earnings reports, and market potential.
I mentioned that Supermicro has been around for quite some time, but it's only over the past few years that its earnings have truly taken off. That's because AI customers are busy building out their data centers, and they're rushing to Supermicro for its workstations, servers, and other products.
Supermicro's strategy
Why Supermicro? The company is able to quickly build products to suit a customer's needs, including the very latest technology. This is because Supermicro uses building block technology, meaning its products contain a lot of common parts. Supermicro also works closely with top chip designers to immediately integrate their new releases into its products.
This has helped the equipment maker reach record revenue in recent quarters. On top of this, Supermicro may be at the start of a new high-growth opportunity thanks to its ability to solve a big problem with today's AI data centers: the accumulation of heat. Supermicro makes direct liquid cooling (DLC) elements to handle this and sees demand here set to take off. The company predicts 25% to 30% of new data centers will use this technology in the coming 12 months and Supermicro will dominate the market.
Considering the AI market is forecast to reach more than $1 trillion by the end of the decade, it's clear that heat could become a problem — and Supermicro may see a huge wave of growth from its expertise in DLC.
Finally, Supermicro recently said that though it's delaying its 10-K filing, it doesn't expect any major changes to its fourth-quarter or fiscal-year results. That's another element that should ease our minds.
So, Supermicro offers us a solid track record, a strategy that sets it apart, and potential for growth ahead. In addition, due to the recent headwinds, the stock has fallen into dirt cheap territory at only about 13x forward earnings estimates. And that's why now is a great time for long-term investors to consider scooping up shares of this company that may be heading for a whole new wave of growth.
NVDA GAP 86.23 TRK
200 day tag TRK curr 91.09
(88.55)
Curr pps 117.42 (headed into mid sept 9/16)
200 day curr. 91.09 up from last track
Open Gaps
Direction Date range
(note: pre split gaps and now split adjusted number)
up May-03-2024 86.23 to 87.04 (that would take poor earnings, yuck news and then time)
up Feb-22-2024 68.89 to 74.22 (The widest)
CLOSED:
up Aug-13-2024 111.07 to 111.58 ✔️9/3
up Jun-05-2024 116.60 to 117.46✔️ 7/24
up May-28-2024 106.47 to 109.83 ✔️Tailed 7/25 and full candled (much better) 7/30
up May-23-2024 96.02 to 101.52 (largest gap) ✔️filling 8/5
up May-15-2024 90.99 to 91.59✔️ 90.69 low 8/5/24
Upstart Announces Proposed Private Offering of $300,000,000 of Convertible Senior Notes Due 2029
September 16, 2024 06:50 AM Eastern Daylight Time
SAN MATEO, Calif.--(BUSINESS WIRE)--Upstart Holdings, Inc. (NASDAQ: UPST) today announced its intention to offer, subject to market conditions and other factors, $300,000,000 aggregate principal amount of Convertible Senior Notes due 2029 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Upstart also expects to grant the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date the notes are first issued, up to an additional $45,000,000 aggregate principal amount of the notes.
The notes will be senior, unsecured obligations of Upstart, and will bear interest payable semi-annually in arrears. The notes will mature on October 1, 2029, unless earlier converted, repurchased or redeemed. The notes will be convertible into cash, shares of Upstart’s common stock, or a combination thereof, at Upstart’s election. The interest rate, initial conversion rate, and other terms of the notes will be determined at the time of pricing of the offering.
Upstart intends to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions described below. Upstart also intends to use a portion of the net proceeds from the offering for the repurchase of a portion of its outstanding 0.25% Convertible Senior Notes due 2026 (the “2026 Notes”). Upstart intends to use the remainder of the net proceeds from the offering for general corporate purposes.
In connection with the pricing of the notes, Upstart expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their respective affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions will cover, subject to anti-dilution adjustments, the number of shares of common stock underlying the notes sold in the offering. The capped call transactions are expected generally to offset the potential dilution to Upstart’s common stock upon any conversion of notes and/or reduce any cash payments Upstart is required to make in excess of the principal amount of converted notes, as the case may be, with such offset and/or reduction subject to a cap. If the initial purchasers exercise their option to purchase additional notes, Upstart expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties.
Upstart has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of Upstart’s common stock and/or enter into various derivative transactions with respect to Upstart’s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Upstart’s common stock or the notes at that time. In addition, Upstart expects that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Upstart’s common stock and/or purchasing or selling shares of Upstart’s common stock or other securities of Upstart in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so (x) during the observation period for conversions of notes on or following July 1, 2029, (y) following any conversion of notes prior to July 1, 2029, or in connection with any repurchase or redemption of the notes, to the extent Upstart unwinds a corresponding portion of the capped call transactions, and (z) if Upstart otherwise unwinds all or a portion of the capped call transactions). This activity could also cause or prevent an increase or decrease in the market price of Upstart’s common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs following a conversion or during any observation period related to a conversion of the notes, it could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes.
Upstart also expects in connection with the repurchase of a portion of its 2026 Notes, those holders of the 2026 Notes that sell their 2026 Notes to Upstart may enter into or unwind various derivatives with respect to Upstart’s common stock (including entering into or unwinding derivatives with one or more of the initial purchasers in this offering or their respective affiliates) and/or purchase shares of Upstart’s common stock concurrently with or shortly after the pricing of the notes. In particular, Upstart expects that many holders of the 2026 Notes employ a convertible arbitrage strategy with respect to the 2026 Notes and have a short position with respect to Upstart’s common stock that they would close out through purchases of Upstart’s common stock and/or the unwinding of various derivatives with respect to Upstart’s common stock, as the case may be, in connection with Upstart’s repurchase of the 2026 Notes. This activity could increase (or reduce the size of any decrease in) the market price of Upstart’s common stock, which may also affect the trading price of the notes at that time, and could result in a higher effective conversion price for the notes. The initial conversion price for the notes will be determined based on the last reported sale price of Upstart’s common stock per share on the Nasdaq Global Select Market on the day of pricing of the offering.
In connection with the issuance of its 2026 Notes, Upstart entered into capped call transactions (the “existing capped call transactions”) with certain financial institutions including certain of the initial purchasers or their affiliates (the “existing capped call counterparties”). If Upstart repurchases any of the 2026 Notes, Upstart expects to enter into privately negotiated agreements with the existing capped call counterparties concurrently with the pricing of the notes to terminate a portion of the existing capped call transactions corresponding to any principal amount of the 2026 Notes repurchased. In connection with the termination of the existing capped call transactions, Upstart expects the existing capped call counterparties or their respective affiliates to sell shares of Upstart’s common stock and/or unwind various derivatives with respect to Upstart’s common stock to unwind their hedge in connection with those transactions. Such activity could decrease, or reduce the size of any increase in, the market price of Upstart’s common stock at that time and could decrease, or reduce the size of any increase in, the market value of the notes at that time.
The notes will only be offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum. Neither the notes nor the shares of Upstart’s common stock potentially issuable upon conversion of the notes, if any, have been, or will be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from such registration requirements.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.
Customer and Partner Letter (SMCI 9/3/24)
https://www.sec.gov/Archives/edgar/data/1375365/000137536524000032/0001375365-24-000032-index.htm
Subject: Update from Supermicro CEO Charles Liang
Super Micro Computer, Inc.
980 Rock Avenue
San Jose, CA 95131 USA
September 3, 2024
Dear Valued Customers and Partners,
You may have seen our recent announcement that Supermicro will be delayed in filing its Annual Report for the fiscal year ended June 30, 2024, and separately, a report published by a short seller. I wanted you to hear from me directly about what they mean for you and our products.
Neither of these events affects our products or our ability and capacity to deliver the innovative IT solutions that you rely on every day. Our production capabilities are unaffected and continue operating at pace to meet customer demand. Our world class engineering and support teams are also unaffected and continue to build and deploy large scale AI Total Solutions. Our liquid-cooled solutions continue to ramp. We have shipped approximately 2,000 DLC liquid-cooled AI racks to customers, which we believe is more than 75% of the entire DLC liquid-cooled AI server market this calendar year. Ultimately, we remain well-positioned to deliver our broad product portfolio to you and our thousands of other customers around the world. Our primary focus remains to help you meet your IT challenges and execute your mission.
In terms of our Annual Report, the Audit Committee of the Board of Directors decided to delay the filing and, as we shared publicly, has also formed a committee to review our internal controls and other matters. The Board committee is working diligently on this thorough review.
Importantly, however, when we announced the decision to delay our Annual Report filing, we indicated that based on the work done so far, we don’t anticipate any material changes in our fourth quarter or fiscal year 2024 financial results. This is good news. I continue to have strong confidence in our finance and internal teams.
Additionally, we remain proud of our strong financial performance driven by our quest to serve your technology needs. We more than doubled revenues year-over-year in fiscal year 2024, which is more than 3 times the industry average, and we are efficiently growing our staff and investing further in innovation to enhance our capabilities. We are becoming stronger year after year.
Separately, you may have also heard about a recent report from a short-seller hedge fund that contains false or inaccurate statements about our company including misleading presentations of information that we have previously shared publicly. We will address these statements in due course. As you may know, short seller reports are designed to drive the stock price downwards to serve the short seller’s interests to the detriment of the company’s shareholders.
Your experience as our customer is our number one priority. That experience will not change. We are focused on delivering on our customer commitments and product roadmaps while continuing our robust growth and expansion to meet your evolving needs and support your business objectives.
As we look ahead to 2025, we are closing out a historic year with winning products, a record number of orders, a strong and growing backlog of design wins and leading market positions across a number of areas. Your trust in Supermicro drives that success. We are proud to be your partner and grateful for the opportunity to continue and further grow this partnership. Please do not hesitate to reach out to me or your relationship contact at the company with any questions. Thank you.
Sincerely,
Charles Liang
Founder, President and CEO
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Original filing
https://www.sec.gov/Archives/edgar/data/1375365/000137536524000031/0001375365-24-000031-index.htm
Bld's of interest for fall: low dates to track
RBLX and RIG: end of Sept
ABNB,AMZN, DIS, GOOGL, INTC, PYPL, ROKU, SNOW, Oct
NVDA, RNG, SHOP, SQ, TSLA, TWLO, UPST, Nov
SMCI - after reverse and relax period (trk 334/33.40 gap)
Fall Capital Protect in process (sept, oct, nov)✔️
Gains only taken on those CP's
Continue until end of Nov
No washes = rebooted anytime should opportunity on low dates present
Dec 30th and 31st (Monday and Tuesday this year) Tax harvest against all gains
31 day wash out either side and repo's need to be in place by Nov 29th, ( or it's Jan 30th on the flip side)
Offshore driller Seadrill eyes asset acquisitions, M&A, CEO says
12:23:40 PM ET, 09/11/2024 - Reuters
OSLO, Sept 11 (Reuters) - Offshore drilling contractor Seadrill is looking to buy more assets or create a larger player by merging with peers, the company's CEO said on Wednesday.
Norwegian-born billionaire John Fredriksen lost the control of the company, once the world's largest driller by market cap, to its creditors over two debt restructurings since 2014.
Now a much leaner and smaller company, New York-listed Seadrill itself is looking to buy distressed assets or players with "distressed balance sheets", CEO Simon Johnson told an investor conference in Norway.
"We are not going to do anything crazy, we've proven our discipline," he said. But the amount of cash the company has on its balance sheet, "which some consider inefficient, gives us both a defensive buffer and a basis for offence", he said.
"We haven't seen the end of consolidation in (the offshore drilling market)," Johnson added.
Debt restructurings following oil market crashes in 2014 and 2020 led to a wave of consolidation in the sector, which left fewer players with fewer rigs, with drilling rates more than doubling since 2021.
"We believe that there is room for one big consolidation, especially given that our customers are also consolidating," Seadrill rival Transocean's President and Chief Operating Officer Keelan Adamson told the conference.
Johnson told the conference Seadrill remained agnostic whether it comes on top in a potential merger, or is bought by others, provided the price is good.
"We are looking to add a couple of units (drilling rigs) so we grow to 20-25 units... But we will be also open to being a junior partner in an integration provided that we get the premium that reflects the quality of our assets," he added.
Johnson declined to say whether the company was involved in any negotiations on a possible merger, when asked by Reuters.
Its top three shareholders are investment funds Bybrook Capital LLP, Canyon Capital Advisors LLC and Elliott Management Corporation, according to LSEG data. (Reporting by Nerijus Adomaitis; Editing by Jan Harvey)
Transocean LTD (RIG): The Best US Stock to Buy Under $5 Now
https://finance.yahoo.com/news/transocean-ltd-rig-best-us-163527035.html
We recently published a list of 10 Best US Stocks to Buy Under $5. In this article, we are going to take a look at where Transocean LTD (NYSE:RIG) stands against the other stocks to buy under $5.
Investors are becoming increasingly nervous amid a slowing U.S. economy. Signs of weakness in consumer spending and manufacturing points to an economy that is overheating amid the high interest rate environment
In August, nonfarm payrolls grew by 142,000, an increase from 89,000 in July but short of the 161,000 forecast. The unemployment rate decreased to 4.2%, while the “real” unemployment rate climbed to 7.9%, the highest since October 2021.
According to Dan North, an economist at Allianz Trade, the recent string of economic data has been disappointing, signaling something is wrong. A slowing economy always takes a significant toll on investors sentiments in the equity market.
The slowdown comes when the stock market is at a pivotal level heading into the year-end. The leading market indices are hovering close to all-time highs amid a slowing economy that needs the U.S. Federal Reserve to tweak its monetary policy.
The earnings season has also added another caveat seen by increased volatility. After months of blockbuster gains, significant stock sell-offs linked to artificial intelligence and semiconductors have come into play. Geopolitical worries, the forthcoming presidential race, and shifts in Federal Reserve strategy usher in uncertainty.
Valuations have gotten out of hand as most stocks are trading way above their historical highs. Given that the stock market experiences about four deep pullbacks of more than 5% every year, there is growing concern that one could be on the way heading into the year-end.
Appearing in an interview on CNBC, George Lagarias, the head economist at Forvis Mazars, stated that although it’s impossible to predict the magnitude of the Federal Reserve’s upcoming rate adjustment, he is in favor of a 25-basis point reduction. Analysts do not see the need for a 50 basis point or more reduction as it could confuse the markets and the economy, portraying a sense of urgency.
A more profound interest rate cut would take a significant toll on stocks trading at premium valuations as they would be the hardest hit with heightened volatility. On the other hand, emerging stocks that haven’t caught the Street’s attention yet could offer some good buying opportunities.
Currently, the market appears favorable for the growth of penny stocks and small-cap companies. Chris Retzler, portfolio manager at Needham Small Cap Growth Fund, suggests that while smaller companies are volatile, their long-term outlook is positive. He anticipates a market broadening in the second half of 2024, which could benefit smaller companies that have recently underperformed.
Retzler highlights the liquidity of smaller companies as a key growth factor. As funds shift from larger to smaller companies, many small-cap stocks may see significant price increases. Additionally, the expectation of lower interest rates over the next year is favorable for penny stocks, which require less capital to see price and valuation growth.
Investing in penny stocks or small-cap companies can be risky due to their volatility and limited historical data. However, these high-risk investments can also offer substantial rewards for those with a higher risk tolerance. While many of these companies face significant issues, some are hidden gems.
Our Methodology
We screened for US-listed companies that are trading under $5 and picked the stocks that were the most popular among elite hedge funds and that analysts were bullish on. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
Transocean LTD (NYSE:RIG)
Number of Hedge Fund Holders: 42
Current Share Price: $4.12
Transocean LTD (NYSE:RIG) is an oil and gas company providing offshore drilling services for oil and gas wells worldwide. It operates a fleet of mobile offshore drilling units comprising ultra-deep-water and harsh environment floaters. Its primary clients are integrated energy companies. Government-owned or government-controlled energy companies.
It is one of the best US stocks to buy under $5 as it is currently trading at a discount coming under pressure on the overall industry, facing challenges ranging from fluctuating oil prices to increased regulatory scrutiny. Deteriorating market conditions have pushed the stocks’ valuations to the lowest level.
Amid the deteriorating conditions, Transocean LTD (NYSE:RIG) continues to deliver solid financial results as it also inks multi-million dollar deals that should allow it to generate long-term value. It delivered an adjusted EBITDA of $284 million and contract drilling revenues of $861 million for Q2 2024. Its revenue growth over the past year has been strong at 15.07%
While the company posted a net loss of $123 million in the quarter, it inked a $123 million contract with BP that should strengthen its revenue base. It has also inked a 2-well contract with Beacon Offshore Energy.
Transocean LTD (NYSE:RIG) has also inked six new contracts, including three lucrative deals in the U.S. Gulf of Mexico, highlighting the robust demand for offshore drilling services. This is further supported by Transocean’s substantial $8.8 billion backlog, indicating a healthy pipeline of future work. Additionally, the broader energy sector, particularly offshore drilling, is experiencing positive momentum due to rising oil and gas demand. These factors boosted investor confidence and drove up Transocean LTD (NYSE:RIG)’s stock price.
While the stock trades under $5, it trades at a price-to-earnings multiple of 16, signaling its potential to generate earnings and shareholder value in the future. As of the end of the second quarter of 2024, 42 hedge funds had stakes in Transocean LTD (NYSE:RIG).
Overall RIG ranks 1st on our list of best US stocks to buy under $5. While we acknowledge the potential of RIG as an investment, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than RIG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
A History Of U.S. Bear Markets, 1957 to 2022 Bear Market Period Duration Total S&P 500 Decline
Wayne Duggan
Investing Expert Writer
https://www.forbes.com/advisor/investing/bear-market-history/
During the first 10 months of 2022, the U.S stock market was mired in a painful bear market. The post-Covid-19 supply chain crisis fueled runaway inflation, and the Federal Reserve hiked interest rates seven times that year in a campaign to get prices under control.
While the S&P 500 declined as much as 25% from its prior high-water mark, history shows that the 2022 bear market was actually milder than typical bear markets that have occurred since 1929.
Bear markets can be unpredictable, but within months of their end, they are inevitably followed by a new bull market. Savvy investors study the history of bear markets to learn what to expect and how to prepare to navigate them successfully.
What Is a Bear Market?
A bear market is a period of time during which the stock market—typically represented by the S&P 500—declines 20% or more from its last all-time high.
That’s the widely accepted definition among investors, strategists, economists and others, although there is no official definition of the term. Some experts call a market pullback of just 19% or even less a bear market.
There have been 12 bear markets since the S&P 500 index launched in 1957, including the 1990 bear market, when the benchmark index fell 19.9%. That works out to roughly one bear market every 5.5 years.
Yet despite these regular setbacks, the S&P’s total return since 1957 is more than 65,000%.
Bull markets are the flip side of the coin. A bull market is an extended period of time during which the stock market rallies more than 20% from a low-water mark. Like bear markets, there is no official definition of a bull market.
Many different factors contribute to bear markets. Recessions, macroeconomic weakness, deteriorating investor sentiment and geopolitical events like wars or elections are the main causes of bear markets.
Is the 2022 Bear Market Over?
(outdated article - so.... long over. Its now 9/11/2024)
The 2022 bear market officially ended in October 2022, when the S&P 500 hit its low point of the year.
“Last year’s bear market looked relatively average,” says LPL Financial chief equity strategist Jeffrey Buchbinder. “Without a recession, the average duration of a bear market has been seven months, with a peak-to-trough drawdown averaging -23%.”
For context, the 2022 bear market lasted 10 months, and the S&P 500’s maximum decline from its high point was 25%.
Now that the stock market has transitioned back to a bull market, LPL Financial chief technical strategist Adam Turnquist says history suggests the S&P 500 could soon break out to new all-time highs.
“Of course, we don’t know when the next bear market will arrive, but based on history, there is a good chance it doesn’t show up for quite a while,” Turnquist says. “Since 1957, the average S&P 500 bull market has lasted 59.2 months and produced an average cumulative gain of 169.3% (annualized 28.7%).”
It can be scary to buy stocks during bear markets when prices seem to keep falling. But history shows that bear market buyers have been handsomely rewarded for their boldness over the long term.
Let’s take a brief look at the history of bear markets that ended in 1957 or later.
S&P 500 Bear Markets 1956 to 2022
August 1956 to October 1957 14 months -22%
December 1961 to June 1962 6 months -28%
February 1966 to October 1966 8 months -22%
December 1968 to May 1970 17 months -36%
January 1973 to October 1974 21 months -48%
November 1980 to August 1982 21 months -27%
August 1987 to December 1987 4 months -34%
July 1990 to October 1990 3 months -20%
March 2000 to October 2002 31 months -49%
October 2007 to March 2009 17 months -56%
February 2020 to March 2020 1 month -34%
January 2022 to October 2022 10 months -25%
The Bear Market of 1956-1957: The Eisenhower Recession
Bear Market Duration: 14 months
S&P 500 Decline: -22%
Time to New Bull Market: 11 months
The 1956-1957 recession was triggered by uncertainties in the outlook for corporate profits and a concurrent sharp rise in bond yields. Corporate profit growth stagnated in early 1956 and began to drop in the first two quarters of 1957.
Economic conditions were worsened by a large influenza outbreak in early 1957, and the Federal Reserve applied additional pressure to the economy by raising interest rates to combat inflation.
The U.S. economy experienced a brief recession known as the Eisenhower Recession, but President Dwight D. Eisenhower jump-started the economy back to growth by implementing fiscal stimulus measures in 1958.
The Bear Market of 1961-1962: The Kennedy Slide
Bear Market Duration: 6 months
Maximum S&P 500 Decline: 28%
Time to New Bull Market: 14 months
In the early 1960s, the U.S. auto industry that had been centered in Detroit, Mich., became more globalized, and domestic auto sales and production began to decline.
In 1960 and 1961, U.S. gross domestic product dropped 2.4% and unemployment approached 7%. A stock market sell-off in early 1962 was so volatile the bear market was nicknamed the “Flash Crash of 1962” and the “Kennedy Slide” after President John F. Kennedy.
Experts blamed investor complacency for the flash crash after stock prices had gained 27% in 1961.
The Bear Market of 1966: The Great Society
Bear Market Duration: 8 months
Maximum S&P 500 Decline: 22%
Time to New Bull Market: 7 months
In 1966, the Vietnam War was escalating, interest rates were rapidly rising, Americans were struggling with inflation and investors were concerned about the possibility of a global recession. In addition to government outlays for the Southeast Asian war, funding for social programs of President Jyndon Johnson’s Great Society also had ramped up government spending.
The S&P 500 hit new all-time highs in January and March of 1966, but didn’t make a new all-time high again until early 1968. The 1966 bear market was difficult for investors, but the U.S. economy avoided slipping into a recession and the market was reportedly not a major factor in the 1966 midterm elections.
The Bear Market of 1968-1970: Vietnam and Inflation
Bear Market Duration: 17 months
Maximum S&P 500 Decline: 36%
Time to New Bull Market: 21 months
The bear market that began in December 1968 was associated with further ramping up of U.S. military spending tied to Vietnam.
While prices remained relatively stable throughout most of the early 1960s, the Federal Reserve reported that inflation jumped to 5% in 1969 from 1.7% in 1965. That marked the worst sustained period of U.S. inflation since World War II.
As a result, the effective federal funds rate rocketed up to 9.1% by August 1969 from 3.9% in August 1967. That sent stock prices tumbling.
The Bear Market of 1973-1974: The Oil Shock
Bear Market Duration: 21 months
Maximum S&P 500 Decline: 48%
Time to New Bull Market: 69 months
The bear market that began in January 1973 was associated with what became known as the oil shock recession. Later that year, Arab oil producing nations instituted an oil embargo on the U.S. in retaliation for its support of Israel in the conflict known as the Yom Kippur War. The embargo triggered a shortage of oil and a spike in oil prices that crippled the U.S. economy.
It was the most severe bear market the S&P 500 Index suffered in the 20th century until then. Stock prices dropped nearly 50% from peak to trough, and it took the S&P 500 nearly six years to reach new all-time highs after hitting its bottom.
The Bear Market of 1980-1982: Double-Dip Recession
Bear Market Duration: 21 months
Maximum S&P 500 Decline: 27%
Time to New Bull Market: 3 months
Despite ongoing inflation and rising interest rates, the S&P 500 performed relatively well in 1979, gaining about 12.3% for the year. However, inflation reached a staggering 15% in 1980. Elevated energy prices dampened economic growth.
The Fed took extreme measures to fight inflation in the early 1980s, raising interest rates as high as 19% in 1981. The U.S. economy experienced a double-dip recession in 1980 and 1981. Fortunately, the S&P 500 took just three months to fully recover from the associated bear market.
The Bear Market of 1987: Black Monday
Bear Market Duration: 4 months
Maximum S&P 500 Decline: 34%
Time to New Bull Market: 20 months
The Fed describes the stock market crash of October 19, 1987, as the “first contemporary global financial crisis.”
On so-called “Black Monday” in 1987, the Dow Jones Industrial Average—another widely followed benchmark for the broad U.S. stock market—dropped more than 22%, its largest single-day percentage drop in history. While there was no direct cause for the crash, Black Monday came after the market had already fallen sharply over several days.
Investors may have been nervous about escalating tensions between the U.S. and Iran in the Persian Gulf. Fortunately, the 1987 bear market lasted just four months.
The Bear Market of 1990: The Gulf War
Bear Market Duration: 3 months
Maximum S&P 500 Decline: 20%
Time to New Bull Market: 4 months
The bear market that began in July 1990 was associated with the Gulf War and an accompanying recession. The war was a response by a U.S.-led coalition to free Kuwait from Iraq, which had invaded it. The war sent oil prices soaring once again, forcing the Fed to raise interest rates to keep inflation in check.
Concerns over the war coupled with a weak residential mortgage market triggered a mild U.S. recession. Many U.S. savings and loan institutions had collapsed in the years leading up to the 1990 recession, leading to even tighter credit conditions.
The Bear Market of 2000-2002: Dot Com Bubble
Bear Market Duration: 31 months
Maximum S&P 500 Decline: 49%
Time to New Bull Market: 56 months
The bear market that began in March 2000 was triggered by the bursting of the Dot-Com bubble.
Fed Chairman Alan Greenspan famously mocked excess enthusiasm for tech stocks as “irrational exuberance.” But investors stayed bullish amid historically low interest rates and prolonged stock market gains throughout the 1990s. In the late 1990s, tech stock valuations soared to unsustainable highs.
When the Fed began raising interest rates in 1999 and 2000, tech stocks simply couldn’t maintain their bubble valuations. After 2000, the S&P 500 took more than four and a half years to recover to new all-time highs. The tech-heavy Nasdaq took an incredible 15 years to fully recover from the post-bubble bear market.
The Bear Market of 2007-2009: Global Financial Crisis
Bear Market Duration: 17 months
Maximum S&P 500 Decline: 56%
Time to New Bull Market: 49 months
The bear market that began in October 2007 is the most severe bear market in the history of the S&P 500. It emerged from the bursting of the subprime mortgage bubble and the global financial crisis.
In the years leading up to the crisis, financial institutions had overleveraged their balance sheets with complex securities made up of bad mortgage loans. Investors looked on helplessly as major investment banks Bear Stears and Lehman Brothers collapsed. That sparked fears about the stability of the entire global financial system. The S&P 500 dropped 56% during the resulting bear market.
The Bear Market of 2020: Covid-19 Pandemic
Bear Market Duration: 1 months
Maximum S&P 500 Decline: 34%
Time to New Bull Market: 5 months
The bear market of 2020 was associated with the Covid-19 pandemic and associated U.S. recession. The recession was unique in that it was artificially created by mandated government business shutdowns.
Stock prices crashed in February and March 2020 over concerns about the deadly outbreak. But the market quickly recovered to new all-time highs just five months later after it became clear the Covid-19 outbreak wasn’t as catastrophic or deadly as initially feared. Stock prices were also supported by more than $5.2 trillion in U.S. government stimulus.
The Bear Market of 2022: Post-Pandemic Supply Chain Crisis
Bear Market Duration: 10 months
Maximum S&P 500 Decline: 25%
Time to New Bull Market: 8 months
Unprecedented Covid-19 stimulus measures, global pandemic supply chain disruptions and Russia’s invasion of Ukraine sent U.S. inflation to its highest level in decades in 2022. The Fed was forced to aggressively raise interest rates, which triggered a sell-off in growth stocks and tech stocks.
Fortunately, the labor market has remained resilient, and concerns the Fed would trigger a “hard landing” recession have proven unwarranted so far. In fact, inflation has been trending steadily lower since the S&P 500 bottomed in October 2022.
Bear Market Close Calls
Market watchers generally include 1990’s setback among the modern full-fledged bear markets. The 19.9% plunge by the S&P 500 rounds off to 20%.
It was more severe than many other bear markets in terms of how much of the prior bull market it wiped out, says Sam Stovall, Chief Investment Strategist of CFRA Research.
Additional post-1957 market pullbacks came close to achieving bear market status but fell short. Many investors lump them in with conventional bear markets anyway.
Late 1970s Stagflation Period
Downturn Duration: 17 months
Maximum S&P 500 Decline: 19%
Time to New Bull Market: 17 months
The market downturn that began in September 1976 was not nearly as severe as the oil shock recession and bear market just a few years earlier. But it was painful nonetheless.
There was no U.S. recession associated with the bear market of the late 1970s. Yet the U.S. economy was still dealing with stagflation—a period in which inflation is historically high and economic growth stagnates. In 1979, prices for West Texas Intermediate (WTI) crude oil reached new all-time highs, approaching $150 per barrel in 2023 dollars.
The 1998 Asian Currency Crisis
Downturn Duration: 1 month
Maximum S&P 500 Decline: 19%
Time to New Bull Market: 3 months
Investors generally think of the 1990s as one of the biggest and most prolonged bull markets of all time. The late 1990s were a particularly strong period of growth for tech stocks. But the period became known as the Dot-Com bubble due to its sudden demise.
The market run-up before the bubble burst was not, however, uninterrupted. Several Asian countries experienced financial crises in late 1997. In 1998, the S&P 500 hiccuped. Many investors have forgotten that brief 19% pullback. Around the same time, Russia was forced to devalue its currency.
The global currency volatility triggered a sharp one-month pullback by the S&P 500 that was quickly forgotten after the index bounced back and hit new all-time highs just three months later.
The 2011 European Debt Crisis
Downturn Duration: 6 months
Maximum S&P 500 Decline: 19%
Time to New Bull Market: 4 months
The market tumble of 2011 began with a sovereign debt crisis in Europe. Standard & Poors also issued its first U.S. credit downgrade in history following a political dispute in Congress about the U.S. debt ceiling.
Fortunately, lawmakers eventually reached a deal on the debt ceiling, and Europe ultimately approved bailout packages for Greece, Ireland, Portugal, Spain and Cyprus.
The 2018 Fed Rate Hikes
Downturn Duration: 3 months
Maximum S&P 500 Decline: 19.8%
Time to New Bull Market: 4 months
The market fell 19.8% in 2018. Like the 2011 and 1998 pullbacks, it was a brief, shallow downturn triggered by concerns that a U.S. recession could be imminent.
Investors believed the Fed was raising interest rates more rapidly than the economy could digest, and experts saw slowdowns in the auto markets and housing markets as red flags for the economic outlook. Fortunately, the economy avoided a recession and this mini bear market lasted just three months.
APLD
9-5-24
3.24 closing price 9-4-24
(private placement 49m shares to be issued at that 3.24 )
Applied Digital Corp (Nasd: APLD)
SEC, nasdaq, ShortSqueeze
Finviz, StockTA, Stoxline,
Applied Digital Announces $160 Million Strategic Financing, Fueling Transformative Accelerated Compute and AI Infrastructure
Investment Endorses Applied Digital’s Track Record of Innovation, Accelerating the Creation and Application of its Data Center and GPU Cloud Deployments
September 05, 2024 09:00 ET
| Source: Applied Digital Corporation
Share
DALLAS, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) (“Applied Digital” or the “Company”), a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (HPC) applications, today announced that it has entered into definitive agreements for a $160 million private placement financing priced at market, from a group of institutional and accredited investors, NVIDIA and Related Companies, the most prominent privately-owned real estate company and leader in complex infrastructure and data center development. This strategic financing underscores Applied Digital's position as a trusted pioneer in the accelerated compute space.
With this added capital, Applied Digital is further strengthening its financial position to bring its transformative data center and GPU cloud solutions to market at scale. These solutions — supported by the company’s deep bench of hyperscale talent, specialized access to a robust and immediately available pipeline of stranded power, and use of advanced infrastructure technologies such as closed-loop liquid cooling — are poised to deliver a proprietary, purpose-built, hyper-efficient platform for the world’s most advanced HPC and AI workloads. Among these projects are the company’s current build-out of one of the world’s largest data centers and development of an additional 300MW of data center capacity.
Applied Digital, already a Preferred NVIDIA Cloud Partner, remains on the leading edge of data center and cloud computing advancements.
As a leading digital infrastructure developer focused on keeping pace with GPU innovation delivered by leaders like NVIDIA, Applied Digital continues to establish its place as a singular source of significant scale, flexibility, security, and power in a traditionally constrained national market.
“Applied Digital was built on its ability to identify market demands, and we believe our collective philosophy, technical expertise, and long-standing industry experience have brought us to our current place of strength that will carry us and our hyperscale customers securely into the AI and HPC future,” notes Wes Cummins, CEO and Chairman at Applied Digital. “We’re proud of our strong relationship with NVIDIA, and the confidence that both they and Related Companies, along with institutional investors, have placed in us. Our team is eager to bring to market the vital capacity and contiguous, liquid-cooled IT environments that are tailor-made for AI, HPC, and other accelerated compute workloads.”
In the private placement, Applied Digital agreed to issue 49,382,720 shares of its common stock at a price per share of $3.24, representing the last closing price on September 4, 2024. The closing of the private placement is subject to customary closing conditions. Additional details regarding the private placement will be included in a Form 8-K to be filed by Applied Digital with the Securities and Exchange Commission.
The securities described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The company has agreed to file a resale registration statement with the SEC for purposes of registering the resale of the shares of common stock described above.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Goldman Sachs & Co. LLC is serving as exclusive placement agent and Lowenstein Sandler LLP is serving as legal adviser to Applied Digital in connection with the private placement.
Applied Digital Secures Nvidia Backing in $160 Million Funding Deal -- Shares Rise Pre-Bell
09:21:21 AM ET, 09/05/2024 - MT Newswires
09:21 AM EDT, 09/05/2024 (MT Newswires) -- Applied Digital (APLD) shares were up 51% in recent Thursday premarket activity after the data-center and artificial intelligence company said chipmaker Nvidia (NVDA) joined its $160 million financing round.
Nvidia is joining real-estate firm Related Companies among other investors in a deal to provide capital for Applied Digital through a purchase of new shares, Applied Digital said.
Applied Digital said that as part of the private placement deal, it has agreed to issue 49 million shares of its common stock at its Tuesday closing price of $3.24 each.
Applied Digital said the funds would be used to bring its data center and GPU cloud technology to market at scale.
Price: 4.9488, Change: +1.71, Percent Change: +52.74
Plug Awarded $10 Million DOE Grant to Lead Development of Advanced Hydrogen Refueling Station in Washington State
September 05, 2024 07:00 ET
| Source: Plug Power, Inc.
SLINGERLANDS, N.Y., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, has been awarded $10 million by the U.S. Department of Energy (DOE) to demonstrate next generation hydrogen refueling infrastructure for medium and heavy-duty vehicles at scale. Plug’s project, HYPER-Fuel (“the project”), is a liquid-to-gaseous dispensing and cryogenic dispensing hydrogen refueling station architecture.
This funding is part of the DOE’s $62 million investment in 20 projects across 15 states aimed at accelerating the deployment of next-generation clean hydrogen technologies. These initiatives will advance key aspects of hydrogen fueling infrastructure, demonstrate hydrogen-powered container-handling equipment for port operations, and enhance processes critical to the efficient, timely, and equitable implementation of hydrogen technologies.
In partnership with Washington State University (WSU), the University of Maryland at College Park, and the National Renewable Energy Laboratory (NREL), Plug will develop a high-flow, direct-fill hydrogen fueling station. The dispensing station, based on Plug’s GenFuel technology, will offer fueling rates exceeding 8 kg/min, a daily capacity of >2 tonnes, and options for both 350 and 700 bar pressurized hydrogen, including forward looking subcooled liquid and cryo-compressed hydrogen dispensing. The project aims to address the growing hydrogen infrastructure needs for on-road heavy-duty vehicles.
"We’re grateful for the Department of Energy's support, which underscores Plug’s leadership in the hydrogen sector," said Plug CEO Andy Marsh. "With over 250 high-performance refueling stations under our belt—more than any other company globally—our proven expertise positions us uniquely to lead this important commercial demonstration project."
“This station solves the chicken-or-egg conundrum holding back the hydrogen economy–with integrated cooling we can minimize boil-off losses, easing the barrier to adopting hydrogen fuel for heavy duty applications,” said Jacob Leachman, who heads up Washington State University’s Hydrogen Properties for Energy Research (HYPER) Laboratory. “The research and testing opportunities will significantly advance the field. We couldn’t be more excited to partner with Plug again on DOE projects.”
As the primary partner, Plug will oversee engineering, construction, operation, and training. WSU will leverage its advanced cryogenics lab to develop and optimize thermofluid models for the station and will act as the end-use operator. NREL will investigate leakage and sensor technologies, while the University of Maryland will evaluate safety risks and reliability. Engineering will be managed by Plug’s team at its Vista headquarters in Slingerlands, NY, with support from its Cryogenics R&D facility in Colfax, WA.
This project focuses on demonstrating these advanced technologies as commercially viable solutions. Rather than conducting R&D as part of the project, Plug will build a fueling station in Pullman, Washington that is expected to be operational in 2026—and could ultimately fuel WSU and community vehicles. This model of the station could also be replicated in New York and nationwide to meet growing refueling demands and support broader adoption of hydrogen fuel cell technology. WSU-Pullman and the Pacific NorthWest is an ideal location for this project as there is significant momentum building around the Pacific Northwest H2 Hub, which Plug is also a partner in, and Washington State’s zero-emission vehicle mandate by 2035, which the university must meet.
“This historic federal research funding is further proof that Plug is leading the world in hydrogen technology. I couldn’t be prouder that this work is centered, right here, in Upstate New York,” said U.S. Senate Majority Leader Chuck Schumer.
“Plug Power is a pioneer in clean energy innovation, and this grant helps cement the Capital Region’s role at the forefront of the transition to a green energy economy,” said Senator Gillibrand. “I’m proud to see the Department of Energy make this $10 million investment and look forward to continuing to work with Plug Power to build a green future.”
“Clean hydrogen offers us a chance to secure a clean energy future, but these opportunities can only be realized with robust, forward-thinking federal investments,” Congressman Paul Tonko (NY-20) said. “That’s why I’ve worked hard throughout my time in Congress to drive investments in clean hydrogen research and development. I’m thrilled that Plug Power will be playing this central role in developing our innovation economy, and I’ll continue to do all I can to support their powerful work and secure our nation’s leadership in clean energy technologies.”
“Our nation’s clean hydrogen economy is coming into focus, but there is still important work to do in advancing the national strategy and underlying technologies,” noted Dr. Sunita Satyapal, director of the U.S. Department of Energy’s (DOE’s) Hydrogen and Fuel Cell Technologies Office and coordinator of the DOE Hydrogen Program. “These selected projects will play a crucial role in advancing technologies for hydrogen fueling infrastructure and port operations, and they will complement other investments by the Biden-Harris administration in clean hydrogen. The advances achieved by these projects will help grow markets for clean hydrogen in hard-to-decarbonize sectors of America’s economy, such as heavy industry and heavy-duty transportation.”
Earlier this year, Plug was selected by the DOE for a total of nine awards for Clean Hydrogen Electrolysis, Manufacturing, and Recycling Activities under the Bipartisan Infrastructure Law. These awards highlight Plug’s industry leadership and commitment to developing the green hydrogen economy.
Intel rises as report of chipmaker exploring options stokes investor enthusiasm
08:11:04 AM ET, 08/30/2024 - Reuters
Aug 30 (Reuters) - Intel's shares rose more than 3% before the bell on Friday, as a report of the struggling chipmaker exploring options that could include a merger or a split induced some investor enthusiasm after one of the stock's worst slumps in decades.
The company is working with investment bankers and considering various options such as separating its flagship product business from its money-losing manufacturing unit, Bloomberg News reported on Thursday.
Intel is also discussing potentially scrapping some factory projects, the report said.
Building and expanding chip production sites is at the core of Intel's turnaround efforts focused on becoming a contract manufacturer for other chip firms - a capital intensive undertaking that has strained the company's finances.
Intel's market value was set to rise by nearly $3 billion on Friday, after falling below the $100 billion mark earlier in August for the first time in three decades.
The report provided some relief to investors, many of whom see Intel splitting its business as an ideal option as the company trudges through the AI era and trails chipmakers like Nvidia and AMD.
Intel's shares have fallen about 60% so far this year, compared with a less than 2% year-to-date drop for AMD. Nvidia's shares have more than doubled in value this year.
Intel's disappointing quarterly report earlier in August, coupled with the company pausing its dividend and announcing layoffs impacting 15% of its workforce, have deepened the stock's slump.
The stock trades at about 24 times expected earnings, compared with a price-to-earnings ratio of 30.6 for AMD. Nvidia trades at 33.7 times expected earnings.
Market Chatter: Intel in Talks With Investment Bankers Amid Financial Challenges -- Shares Up Pre-Bell
08:56:28 AM ET, 08/30/2024 - MT Newswires
08:56 AM EDT, 08/30/2024 (MT Newswires) -- (Updates with latest stock moves in headline and last paragraph.)
Intel (INTC) is working with investment bankers Morgan Stanley (MS) and Goldman Sachs Group (GS) to navigate the best way forward as the California-based technology company faces challenging times, Bloomberg News reported Friday citing people familiar with the matter.
The company's shares recently dropped to their lowest level since 2013 after delivering disappointing earnings earlier this month.
Anonymous sources told Bloomberg that Intel is considering several options, including M&A, a split of its product-design and manufacturing businesses, and scrapping some of its factory projects, which are expected to be presented during a board meeting in September.
Intel did not immediately respond to MT Newswires' request for comment on the matter.
Shares of the chipmaker were up more than 6% in recent premarket activity.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Wary of Trump, US minerals projects rush to close government loans
© Thomson Reuters
By Ernest Scheyder
(Reuters) - U.S. miners and battery recyclers are rushing to close government loans worth billions of dollars before January out of concern that former President Donald Trump would, if reelected, block funding needed to boost American output of critical minerals for the energy transition.
Tumbling prices this year for lithium, nickel and other minerals, as well as lower-than-expected EV sales, have spooked private financiers and put the traditionally conservative mining industry in the unusual position of needing Washington's support to grow and counter what the West sees as China's market manipulations.
Under President Joe Biden, the U.S. Department of Energy's Loan Programs Office (LPO) has awarded nearly $25 billion in conditional loans to 21 companies, including Li-Cycle, ioneer, Lithium Americas, Redwood Materials and others planning to build facilities that recycle batteries or process lithium and other minerals for use in electric vehicles. Such conditional loans still need final approval, which takes time.
Solar companies, including South Korea's Qcells, and hydrogen firms, including Plug Power, have also received conditional loans, yet their plans rely in part on domestic supply of critical minerals, thus making the funding for mines crucial for the U.S. energy transition.
The average LPO loan is for $1 billion and each must be reviewed by the office and others across government - including engineers, financial experts and even Energy Secretary Jennifer Granholm - before funds are dispersed.
Given Trump's pledge to "end the electric vehicle mandate" and plans laid out by former Trump administration officials in the Project 2025 document to shutter the LPO, mining companies and others are rushing to close the loans before Biden leaves office in five months. Some are likely to fall short given the short timeframe, according to interviews with more than two dozen industry executives, consultants, investors, analysts and policymakers.
Without those financial lifelines, all of the sources say, many domestic critical minerals projects could be frozen in the planning stage, a step that could cripple the Western EV supply chain as Beijing-linked rivals boost market share by flooding global markets with cheap supplies of metals.
One executive with a loan pending before the LPO said Trump was "a wild card," so the company was keen to get its loan finalized before a new president takes office in January. The executive was one of five interviewed for this article who, along with other experts in the field, declined to be identified so as not to offend Trump, a Republican, or Vice President Kamala Harris, his Democratic rival in the Nov. 5 election.
Trump has tried to distance himself from Project 2025, although much of its energy-related portions were written by aides from his first term.
LPO staff members have told applicants they will be unable to finalize many outstanding loans before January given the need to closely scrutinize each project's credit worthiness and other factors, with most loans by necessity falling to the next president to address, three sources with direct knowledge of the conversations said.
The Harris and Trump campaigns did not respond to requests for comment.
The U.S. Department of Energy, which controls the LPO, said the loan program has "provided a bridge to bankability for American entrepreneurs and innovators for almost 20 years" and holds "responsible stewardship of taxpayer money" as a key priority.
"Federal programs like ours regularly continue across administration changes," said an Energy Department spokesperson.
Harris, who cast the tie-breaking vote for the Inflation Reduction Act in 2022, is expected to continue many of the climate policies implemented by Biden, although her aides told Reuters she is being strategically ambiguous with energy proposals.
The LPO employs roughly 400 people, up from 90 when Biden and Harris took office in January 2021.
Trump issued only one LPO loan during his first term by lending to a Georgia nuclear project that had previously received loans under then President Barack Obama. The LPO was sidelined during the rest of Trump's term, although his administration did update lending policies a month before leaving office to invite critical minerals projects to apply.
Much of the uncertainty with a Trump second term, according to the sources, centers on how he would implement funding portions of the IRA, which boosted LPO funding yet was opposed by Trump. While Trump couldn't unilaterally close the LPO as it is congressionally funded, he could slow-walk the loan underwriting process to such a degree that applicants walk away.
Plug Power, which is building multiple U.S. hydrogen plants, said it is working closely with the Energy Department to finalize its $1.66 billion loan. "Given the resilience of (Department of Energy) programs through previous administration changes, we remain confident that subsequent administrations will continue to support projects that have received prior conditional approval," Andy Marsh, Plug Power's CEO, told Reuters.
MINING PROJECTS
The LPO, which gave Tesla a $465 million loan in 2010 to stave off bankruptcy, has been meticulous in its loan review process under Biden, with more than two-thirds of applicants requiring help to navigate the complex credit review process that slows down the loan approval timeline, LPO chief Jigar Shah, told Reuters last year.
For U.S. mining projects, any delay in funding could imperil plans to supply cathode and battery facilities, many of which are also in line for LPO funding.
In Nevada, ioneer is pushing to close a $700 million LPO loan for its Rhyolite Ridge lithium project, which is estimated to eclipse $1 billion in cost. And General Motors-backed Lithium Americas has begun work on its nearly $3 billion Thacker Pass lithium project, which Trump approved five days before leaving office. The bulk of the project's funding will come from a $2.26 billion LPO loan that the company expects to close by December.
"We're pleased that our project was supported by the Trump and Biden administrations," said a spokesperson for Lithium Americas. "They both have expressed the importance of Thacker Pass in securing a domestic supply of critical minerals."
Australia-based ioneer did not respond to requests for comment.
Recycling startups Li-Cycle and Redwood are also rushing to close LPO loans. Redwood was conditionally approved for a $2 billion loan that it expected to close last year, but the company is still waiting for funding.
Li-Cycle said it continues "to work closely with the U.S. Department of Energy on key technical, financial and legal workstreams to advance towards definitive financing documentation for a loan."
Representatives for Redwood and Qcells did not respond to requests for comment.
Another executive with a loan pending before the LPO said they believe Trump understands that EVs will grow in popularity, a stance echoed by some Republicans.
Yet whether Trump would see the value in using U.S. industrial policy to support miners and others in a potential second term - or whether he will hew more toward Project 2025's aims - is fueling anxiety among executives looking now to make decisions that will affect their companies for years.
A third executive with a pending loan said it was not clear whether Trump's statements on the subject were "rhetoric or actual policy."
NVDA: Analyst tgts
BNP Paribas Exane Adjusts Price Target on NVIDIA to $150 From $145, Maintains Outperform Rating
Mizuho Adjusts Price Target on NVIDIA to $140 From $132, Maintains Outperform Rating
Raymond James Adjusts Price Target on NVIDIA to $140 From $120, Maintains Strong Buy Rating
Infosys Expands Partnership With Nvidia for AI-Powered Telecom Solutions
Truist Securities Adjusts Price Target on NVIDIA to $145 From $140, Maintains Buy Rating
Morgan Stanley Adjusts Price Target on NVIDIA to $150 From $144, Maintains Overweight Rating
Bernstein Adjusts Price Target on NVIDIA to $155 From $130, Maintains Outperform Rating
Wells Fargo Adjusts Price Target on NVIDIA to $165 From $155, Maintains Overweight Rating
Deutsche Bank Adjusts Price Target on NVIDIA to $115 From $100, Maintains Hold Rating
New Street Cuts Price Target on NVIDIA to $143 From $148, Buy Rating Maintained
NVDA: (Blackwell comments)
CFO Commentary on Second Quarter Fiscal 2025 Results
https://www.sec.gov/ix?doc=/Archives/edgar/data/1045810/000104581024000262/nvda-20240828.htm
We specialize in markets where our computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems and services to deliver unique value. Our platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive.
On June 7, 2024, we completed a 10-for-1 forward stock split. All share and per share amounts presented have been retroactively adjusted to reflect the stock split.
Revenue
Revenue was a record $30.0 billion, up 122% from a year ago and up 15% sequentially.
Data Center revenue was a record, up 154% from a year ago and up 16% sequentially. The strong sequential and year-on-year growth was driven by demand for our Hopper GPU computing platform for training and inferencing of large language models, recommendation engines, and generative AI applications. Sequential growth was driven by consumer internet and enterprise companies. Cloud service providers represented roughly 45% of our Data Center revenue, and more than 50% stemmed from consumer internet and enterprise companies. Strong year-on-year growth was driven by all customer types from both compute and networking revenue. Customers continue to accelerate their Hopper architecture purchases while gearing up to adopt Blackwell. Data Center compute revenue was $22.6 billion, up 162% from a year ago and up 17% sequentially. Networking revenue was $3.7 billion, up 114% from a year ago driven by InfiniBand and Ethernet for AI revenue, which includes Spectrum-X end-to-end ethernet platform. Networking revenue sequentially was up 16% and includes a doubling of Ethernet for AI revenue.
We shipped customer samples of our Blackwell architecture in the second quarter. We executed a change to the Blackwell GPU mask to improve production yield. Blackwell production ramp is scheduled to begin in the fourth quarter and continue into fiscal 2026. In the fourth quarter, we expect to ship several billion dollars in Blackwell revenue. Hopper demand is strong, and shipments are expected to increase in the second half of fiscal 2025.
Gaming revenue was up 16% from a year ago and up 9% sequentially. These increases reflect higher sales of our GeForce RTX 40 Series GPUs and game console SOCs. We had solid demand in the second quarter for our gaming GPUs as part of the back-to-school season.
Professional Visualization revenue was up 20% from a year ago and up 6% sequentially. These increases were driven by the continued ramp of RTX GPU workstations based on our Ada architecture.
Automotive revenue was up 37% from a year ago and up 5% sequentially. These increases were driven by AI Cockpit solutions and self-driving platforms.
Gross Margin
GAAP and non-GAAP gross margins increased from a year ago on strong Data Center revenue growth primarily driven by our Hopper GPU computing platform. Sequentially, gross margins decreased primarily driven by inventory provisions for low-yielding Blackwell material and a higher mix of new products within Data Center.
Expenses
GAAP operating expenses were up 48% from a year ago and up 12% sequentially, and non-GAAP operating expenses were up 52% from a year ago and up 12% sequentially. These increases were largely driven by compensation and benefits, reflecting growth in employees and compensation.
NVIDIA Announces Financial Results for Second Quarter Fiscal 2025
August 28, 2024 16:20 ET
Source: NVIDIA
Record quarterly revenue of $30.0 billion, up 15% from Q1 and up 122% from a year ago
Record quarterly Data Center revenue of $26.3 billion, up 16% from Q1 and up 154% from a year ago
SANTA CLARA, Calif., Aug. 28, 2024 (GLOBE NEWSWIRE) -- NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter ended July 28, 2024, of $30.0 billion, up 15% from the previous quarter and up 122% from a year ago.
For the quarter, GAAP earnings per diluted share was $0.67, up 12% from the previous quarter and up 168% from a year ago. Non-GAAP earnings per diluted share was $0.68, up 11% from the previous quarter and up 152% from a year ago.
“Hopper demand remains strong, and the anticipation for Blackwell is incredible,” said Jensen Huang, founder and CEO of NVIDIA. “NVIDIA achieved record revenues as global data centers are in full throttle to modernize the entire computing stack with accelerated computing and generative AI.”
“Blackwell samples are shipping to our partners and customers. Spectrum-X Ethernet for AI and NVIDIA AI Enterprise software are two new product categories achieving significant scale, demonstrating that NVIDIA is a full-stack and data center-scale platform. Across the entire stack and ecosystem, we are helping frontier model makers to consumer internet services, and now enterprises. Generative AI will revolutionize every industry.”
During the first half of fiscal 2025, NVIDIA returned $15.4 billion to shareholders in the form of shares repurchased and cash dividends. As of the end of the second quarter, the company had $7.5 billion remaining under its share repurchase authorization. On August 26, 2024, the Board of Directors approved an additional $50.0 billion in share repurchase authorization, without expiration.
NVIDIA will pay its next quarterly cash dividend of $0.01 per share on October 3, 2024, to all shareholders of record on September 12, 2024.
On June 7, 2024, NVIDIA completed a ten-for-one forward stock split. All share and per-share amounts presented have been retroactively adjusted to reflect the stock split.
Q2 Fiscal 2025 Summary
https://www.globenewswire.com/news-release/2024/08/28/2937384/0/en/NVIDIA-Announces-Financial-Results-for-Second-Quarter-Fiscal-2025.html
Outlook
NVIDIA’s outlook for the third quarter of fiscal 2025 is as follows:
Revenue is expected to be $32.5 billion, plus or minus 2%.
GAAP and non-GAAP gross margins are expected to be 74.4% and 75.0%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.
GAAP and non-GAAP operating expenses are expected to be approximately $4.3 billion and $3.0 billion, respectively. Full-year operating expenses are expected to grow in the mid- to upper-40% range.
GAAP and non-GAAP other income and expense are expected to be an income of approximately $350 million, excluding gains and losses from non-affiliated investments and publicly-held equity securities.
GAAP and non-GAAP tax rates are expected to be 17%, plus or minus 1%, excluding any discrete items.
Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:
Data Center
Second-quarter revenue was a record $26.3 billion, up 16% from the previous quarter and up 154% from a year ago.
Announced that the combination of NVIDIA H200 Tensor Core and NVIDIA Blackwell architecture B200 Tensor Core processors swept the latest industry-standard MLPerf benchmark results for inference.
Revealed that H200 GPU-powered systems are now available on CoreWeave, the first cloud service provider to announce general availability.
Unveiled an array of Blackwell systems featuring NVIDIA Grace™ CPUs, networking and infrastructure from top manufacturers such as GIGABYTE, QCT and Wiwynn.
Reported broad adoption of the NVIDIA Spectrum-X™ Ethernet networking platform by cloud service providers, GPU cloud providers and enterprises, as well as partners incorporating it into their offerings.
Released NVIDIA NIM™ for broad availability to developers globally and announced more than 150 companies are integrating microservices into their platforms to speed generative AI application development.
Unveiled an inference service with Hugging Face powered by NIM microservices on NVIDIA DGX™ Cloud to enable developers to deploy popular large language models.
Introduced an NVIDIA AI Foundry service and NIM inference microservices to accelerate generative AI for the world’s enterprises with the Llama 3.1 collection of models.
Announced Japan advanced its sovereign AI capabilities with its ABCI 3.0 supercomputer, integrating H200 GPUs and NVIDIA Quantum-2 InfiniBand networking.
Accelerated quantum computing efforts at national supercomputing centers around the world with the open-source NVIDIA CUDA-Q™ platform.
Gaming and AI PC
Second-quarter Gaming revenue was $2.9 billion, up 9% from the previous quarter and up 16% from a year ago.
Announced NVIDIA ACE, a suite of generative AI technologies that bring digital humans to life, now includes NVIDIA Nemotron-4 4B, a small language model for on-device inference, and is available in early access for RTX AI PCs.
Introduced Project G-Assist, a technology preview demonstrating the power of AI agents to assist gamers and creators in real time.
Announced new NVIDIA GeForce RTX and DLSS titles, including Indiana Jones and the Great Circle, Dune: Awakening and Dragon Age: The Veilguard, bringing the total number of RTX games and apps to over 600.
Surpassed 2,000 games on GeForce NOW, expanded the service into Japan and announced launches of Black Myth: Wukong and Star Wars Outlaws.
Professional Visualization
Second-quarter revenue was $454 million, up 6% from the previous quarter and up 20% from a year ago.
Introduced generative AI models and NIM microservices for OpenUSD to accelerate workflows and the development of industrial digital twins and robotics.
Announced major Taiwanese electronics makers are creating more autonomous factories with a new reference workflow that combines NVIDIA Metropolis vision AI, NVIDIA Omniverse™ simulation and NVIDIA Isaac™ AI robot development.
Automotive and Robotics
Second-quarter Automotive revenue was $346 million, up 5% from the previous quarter and up 37% from a year ago.
Unveiled the world’s leaders in robot development, including BYD Electronics, Siemens and Teradyne Robotics, are adopting the Isaac robotics platform for R&D and production.
Announced Omniverse Cloud Sensor RTX™ microservices to enable physically accurate sensor simulation to speed development of autonomous machines.
Won the Autonomous Grand Challenge at the Computer Vision and Pattern Recognition conference in the category of End-to-End Driving at Scale for advances in building physical, generative AI applications for autonomous vehicle development.
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.
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