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Bernstein upgrades Apple stock, reiterates $195 target price
Monday, April 29, 2024 11:32 am
1 Comment
Bernstein analyst Toni Sacconaghi on Monday raised his rating on Apple stock to “Outperform” from “Market Perform” and reiterated his target price of $195.
Adam Clark for Barron’s:
“The stock has derated significantly amid weak revenue growth, and investors worry that Apple’s China business is structurally impaired. We believe that Apple’s business prospects are largely unchanged…and believe the pullback provides an attractive entry point,” Sacconaghi wrote in a research note.
China has been the main culprit for weaker iPhone sales and the Bernstein analyst argues that is likely to be a cyclical issue rather than a structural problem… “In strong iPhone cycles, Apple’s China revenue typically grows much faster than Apple overall, as Chinese consumers embrace the new phone,” Sacconaghi wrote. “The strong embrace is typically followed by several quarters of weaker (and often negative year-over-year growth), as we are seeing now.”
That could be changed by the introduction of AI to the coming iPhone 16. That could help drive 10% growth in iPhone units shipped in fiscal 2025, and 10% growth in annual revenue for Apple overall, according to the Bernstein analyst.
MacDailyNews Take: Hopefully, Apple’s marketing department can work its magic on Apple’s AI features this year to make them look as compelling, groundbreaking, and stunning as possible.
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https://macdailynews.com/2024/04/29/bernstein-upgrades-apple-stock-reiterates-195-target-price/
Verizon ups price for Apple Watch cellular plans
Friday, April 26, 2024 2:58 pm
1 Comment
In an email to customers on Thursday, Verizon announced a $5 per month price increase affecting plans tied to Apple Watch and other connected smartwatches.
Chance Miller for 9to5Mac:
With this price change, Verizon’s smartwatch plan will increase from $10 to $15 per month on most plans. Verizon notes that if your Apple Watch plan currently includes a discount, such as the 50% promotion for customers on Unlimited Plus and Ultimate plans, the price increase will reflect that discount.
In the email being sent today, Verizon says that the price increase will let it “continue improving” its service. The changes will go into effect as of June 3:
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MacDailyNews Take: Ugh.
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https://macdailynews.com/2024/04/26/verizon-ups-price-for-apple-watch-cellular-plans/
Coinbase article on Investors business daily
HARRISON MILLER 08:00 AM ET 04/26/2024
It's been a historic year for bitcoin, and Coinbase Global (COIN) has been a key player in it. As a result, Coinbase stock has leapt nearly 25% thus far this year.
Cryptocurrency prices and related stocks are running hot after the launch of spot bitcoin exchange traded funds in January. That sparked renewed interest in digital assets and propelled bitcoin to a record high in mid-March.
Some of that rally appears to have cooled in the wake of bitcoin's recent halving event, which cut the amount of rewards doled out to cryptocurrency miners by 50%. Still, analysts are bullish on the near-term prospects for Coinbase, with first-quarter results due next week.
How The Halving Event Affected Bitcoin
Bitcoin is trading around $63,000, about 14% below its all-time high of $73,798 from March 14. But it's still up 50% in 2024. Its price is essentially flat after bitcoin's fourth halving event, held April 19,
The halving events occur after every 210,000 bitcoins are mined. The idea is to help control the rate at which new bitcoins are created, which takes roughly four years. The total supply is capped at a maximum of 21 million bitcoins.
During the last three halvings, bitcoin averaged a 3,108% price increase in the 12 months following the event, Cathie Wood's ARK Invest (ARKK) noted in a recent email to investors.
After the April 19 event, bitcoin's supply growth fell to an annual rate of about 0.9% from 1.8%. That's below the supply growth of gold on a long-term basis, which was estimated at a 1.7% clip in 2023, according to ARK Invest.
A Divergence Of Opinion
However, analysts are conflicted about the impact this halving will have on bitcoin's price. Some predict the supply shock will propel bitcoin higher. Others believe the market has already priced in this year's halving.
And where bitcoin goes, other cryptos tend to follow. Bitcoin's market cap of $1.26 trillion represents half of the total global cryptocurrency market cap. Its performance can heavily influence other cryptocurrencies and related stocks.
Bitcoin is vital to exchanges like Coinbase as it represented 34% of its total trading volume in fiscal 2023 and 35% of transaction revenue.
Goldman Sachs recently cautioned that current macroeconomic conditions and the high-interest-rate environment are different from previous halving cycles, one report said.
Bitcoin's price in the midterm will depend on supply-demand dynamics and continued demand for spot bitcoin ETFs, Goldman said.
Coinbase Stock: Its Role As Custodian
Coinbase has a central role to play as custodian for the majority of the spot bitcoin ETFs.
Custodial banks in traditional finance settle trades and manage regulatory reporting, dividends and other shareholder services. Custodians keep and manage client assets, such as stocks, which is why stock traders rarely see any of the actual shares they purchase.
Cryptocurrency custodians fulfill a similar role. But there are some key differences that make the process more complex, such as technological, security and storage requirements specific to bitcoin and other digital assets.
Custodians typically charge a fee for assets under custody, or AUC, similar to the traditional finance world. The AUC charges are usually some basis-point charges on the assets that they're contracted to custody.
Who Coinbase Serves
Coinbase is serving as the custodian for eight of the new bitcoin exchange traded fund entrants, including the BlackRock iShares Bitcoin Trust (IBIT), the ARK 21Shares Bitcoin ETF (ARKB) and the Bitwise Bitcoin ETF (BITB).
It also is custodian for the Valkyrie Bitcoin Fund (BRRR) as well as the Grayscale Bitcoin ETF (GBTC), which converted its bitcoin trust to a spot bitcoin ETF. Also, the VanEck Bitcoin Trust ETF (HODL) named Coinbase as its backup custodian in its prospectus.
"We've always said that ETFs would be a win-win for Coinbase, and we're starting to see that play out on our platform," Coinbase Chief Executive Brian Armstrong said on the company's fourth-quarter earnings call in February. He noted that Coinbase custody accounted for 90% of the $36 billion in bitcoin ETF assets at the time.
"We're earning revenue, not just on custody but also on trading and financing. We've already seen great demand as bitcoin is now the second-largest ETF commodity in the U.S., surpassing silver," Armstrong went on to say.
Meanwhile, spot bitcoin ETF assets under management have ballooned to around $53 billion as of April 24, according to data from The Block.
Coinbase recorded $19.7 million in custodial fee revenue for its fourth-quarter ending in December, prior to the ETF launches. FactSet analysts predict the company's custodial fee revenue will increase to $31 million in the first quarter and grow to $52 million in the fourth quarter this year.
Coinbase Earnings Turn Positive
Even though bitcoin's recent drivers haven't shown up in results yet, Coinbase has steadily reported improving financials.
With its fourth-quarter results, Coinbase reported diluted earnings of $1.04 per share, turning positive for the first time since the fourth quarter of 2021. Losses had narrowed during the three quarters leading up to the Q4 report.
Total revenue spiked 51% to $953.8 million, marking the exchange's second consecutive increase after six straight quarters of double-digit declines.
Consumer transaction revenue leapt nearly 60% year over year to $492.5 million and improved from $274.5 million during the third quarter. Institutional transaction revenue increased 173% to $36.7 million, also climbing from $14.1 million last quarter.
Total subscription and services revenue climbed nearly 33% to $375.4 million.
Outlook For Coinbase Stock
Meanwhile, all signs are pointing to a strong first quarter for Coinbase.
Transaction revenue is already accelerating. Coinbase recorded $320 million in transaction revenue through Feb. 13, which is about halfway through the quarter, Chief Financial Officer Alesia Haas said during the February earnings call. The company generated a total of $374.7 million during the first quarter of 2023.
Coinbase predicted subscription and services revenue will range from $410 million to $480 million, compared with $361.7 million for the year-ago period.
Analysts polled by FactSet predict Coinbase will report earnings of $1.05 per share, swinging from a loss of 34 cents per share the year prior. They see revenue jumping 71% to $1.32 billion.
Price-Target Hikes For Coinbase Stock
A number of firms hiked their price targets on Coinbase stock this month, generally based on the booming crypto adoption and heightened activity after the spot bitcoin ETF approvals.
Oppenheimer predicts Coinbase's first-quarter trading volume could increase as much as 107% year over year to $300 billion, one report said. The brokerage is cautious about some near-term volatility but is bullish on long-term blockchain technology adoption, from which Coinbase should benefit.
Oppenheimer hoisted its price target on Coinbase stock to 276 from 200 and maintained an outperform rating on shares.
In its note to clients, Piper Sandler agreed that the new bitcoin ETFs seemed to help drive retail traders back into the market. That should fuel strong first-quarter results for U.S. crypto exchanges and brokers, a report said. Piper Sandler lifted its price target on Coinbase to 245 from 225 but kept a neutral rating on the stock.
Compass Point said in a note that it expects Coinbase to report revenue and adjusted earnings "considerably" above estimates, a report said. That's based on significant volume growth in March and during the first quarter. Compass Point raised its price target by $90 to 325 and maintained a buy rating on Coinbase stock.
Long-Term Challenges
Meanwhile, Mizuho expects Coinbase could top first-quarter revenue estimates by 40%, it was recently reported. Mizuho based that on an influx of retail investors and strong spot cryptocurrency volumes. The firm recently lifted its price target on Coinbase stock to 145 from 84. It maintained an underperform rating on the shares.
Long-term fundamental concerns remain, such as pressure on retail fee rates, Mizuho said. There's also a heavy reliance on lower-quality and cyclical revenue streams like altcoins, staking and interest income, the brokerage said.
Meanwhile, another report said Bernstein has hiked its Coinbase price target to 200 from 80. The brokerage kept a market perform rating on the stock.
"It is simply hard not to be bullish on Coinbase in the very near-term given the high beta to crypto asset prices, especially bitcoin," Bernstein wrote in a note. The firm warned that it believes Coinbase is a "net loser" in the medium term due to ETF approvals potentially pulling some business from Coinbase.
But Coinbase CEO Armstrong is more optimistic about the impact spot bitcoin ETFs have on crypto markets as a whole.
"We want fees to come down and make it lower friction for people to get into crypto through all kinds of different vehicles. ETFs are a massive way to get more capital to come in," Armstrong said during the company's February earnings call. "We're seeing elevated engagement and net inflows on both retail and institutional Q1 to date. So in my view, the ETFs are just a totally positive thing."
Coinbase Stock After The Halving
COIN stock has retreated about 23% from its March 25 peak of 283.48. That marked its highest level since December 2021.
Shares attempted a rebound above their 50-day line on Tuesday but that failed to develop. Coinbase climbed about 3% during the week after falling 14% last week prior to the halving.
COIN stock has a 97 Composite Rating out of a best-possible 99. The Composite Rating combines various technical indicators into one score.
The stock's relative strength line has fallen from its late-March highs but Coinbase is still outperforming the broader market with a perfect 99 Relative Strength Rating.
https://www.investors.com/research/the-new-america/coinbase-coin-stock-spot-bitcoin-etfs-crypto-interest/?src=A00220
Apple’s forthcoming on-device model is the future of AI
Friday, April 26, 2024 1:10 pm
1 Comment
Apple has revealed some of its plans for the on-device AI that will run on future iPhones, iPads, and other devices and it looks like the future of AI.
Charlie Sorrel for Lifewire:
We’re used to AI that runs on massive server farms, sucking in ten times the electricity of regular cloud servers, and of course, enjoying all the usual privacy risks associated with cloud computing…
“AI models on devices are typically smaller than those in the cloud. Their reduced size requires fewer calculations, faster responses, and less energy consumed in response to user queries. Moreover, queries and their responses do not leave the device, enhancing user privacy. And AI models on devices avoid data movement and communication with cloud and data center servers, which should improve performance and reduce energy use. Taken together, AI on devices could transform user experiences with consumer electronics,” Professor Benjamin Lee, computer scientist at the University of Pennsylvania, told Lifewire via email.
The crucial part here is that training the model takes an insane amount of computing power, but once that model is made, it can be used on regular computers. And if you shrink the model, it might not be as capable, but it can run on smaller computers, and require less power.
This brings us back to Apple’s models, called OpenELM, which are designed to run on iPhones. The entirety of a model can contain trillions of parameters, but Apple provides several smaller options, with 270 million, 45 million, 1.1 billion, and 3 billion parameters. The more parameters, the better the model is at doing the AI thing.
So why is this important? Because it lets Apple run AI on devices that have relatively limited computing power and very limited batteries. By optimizing for specific purposes, models can be much smaller and more efficient. And Apple can design its models to run on the AI hardware it has had in Macs and iPhones for years—the Neural Engine.
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MacDailyNews Take: The New York Times last October reported that A.I. could soon need as much electricity as an entire country, so, barring fusion power plants, Apple’s forthcoming on-device model is clearly the future of AI.
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https://macdailynews.com/2024/04/26/apples-forthcoming-on-device-model-is-the-future-of-ai/
“JANCTION” THE LAYER 2 FOR DECENTRALIZED AI
JANCTION Follow 8 min read
·10 hours ago
includes: Jasmy & JANCTION
Brief Introduction of Jasmy
>Japanese No.1 project founded by the president of Sony corporation.
>IoT & DID Platformer using a consortium chain for secure transactions and KYC.
>A peak FDV is about $150B, Market CAP is $1B, listed on Binance and Coinbase.
>Products (Commercial base) : Decentralized Database (Personal Data Locker) (https://www.jasmy.co.jp/pdl/overview/) & Blockchain PC (https://www.jasmy.co.jp/jasmy_secure_pc/)
>Utility : Remote call center (Transcosmos, biggest one in Japan), Carbon credit exchange (Government & University) and Ride Share (Toyota group Maas company).
>Community:It has a strong community in the US, UK, Europe, Turkey, APAC (Singapore, Hong Kong, etc.), Japan, and the rest of the world. It is characterized by a very active as well as large number of people, thanks to the use of the ambassador system and the active implementation of the AMA.
How could Jasmy be so successful?
It has 3 key strengths: high development capacity suited to corporate demand, patents backed by regulations, and a community built from the ground up.
All of Jasmy’s achievements are applied to JANCTION.As the Jasmy ecosystem expands, the depth and number of JANCTION data services will increase.
SDKs and APIs are already operational to allow seamless entry of Web2 companies into Web3 through Jasmy.
By deploying accurate data input through blockchain PCs, utilizing data through distributed databases, and exchanging value for data provision through Wallets, we will keep to build the necessary environment.
Future outlook
Jasmy has already partnered with many Web2 companies, jointly developed products, and implemented application operations on a commercial level. Our patented technology and innovative initiatives have led to a number of partnerships with unparalleled large companies, and potential business expansion is constantly taking place behind the scenes.
While making the most of this background, over the past year that JANCTION has existed, we have attracted a number of high-profile companies in our industry and global marketplace.
Our major milestone is to connect with the GPU resources of idle gaming terminals, but before doing so, we have been able to collaborate with data centers with excess resources and eSports facilities with a large number of gaming PCs.Additionally, we are working to secure the supply of large data center resources.
And, we are already developing partnerships with companies, including the provision of databases for development projects of generative AI products, highly value-added gaming platforms, and the construction of databases for fan communities.
https://medium.com/[@ userid=2]-for-decentralized-ai-7fdba2555b66
https://www.reddit.com/r/JasmyToken/
How crypto helps Americans keep their share of the pie
Tldr: Frustration over fees and delays are the top reasons why nearly 9 in 10 Americans want an updated financial system. People and businesses lose tens of billions of dollars in transaction fees and countless hours in delays to the current system that they wouldn’t with crypto. Just in time for the NBA Finals, a new Coinbase ad campaign uses pizza to explain how crypto is helping to update the system so it’s cheaper and faster.
By Coinbase Company, April 24, 2024, 3 min read time
https://www.coinbase.com/blog/how-crypto-helps-americans-keep-their-share-of-the-pie?__cf_chl_rt_tk=BgrCBxaQ92nBwh1jsvLRxXtvf4a5tCqO23o7MoTUgi8-1714070797-0.0.1.1-1727
Jim Cramer is bullish on Apple’s Vision Pro; sees potential enterprise boon
Thursday, April 25, 2024 12:02 pm
No Comments
CNBC’s Jim Cramer on Wednesday told investors he’s confident in the success of the Apple Vision Pro and sees uses for the spatial computer outside the consumer space. He suggested the Vision Pro could be an enterprise boon.
Julie Coleman for CNBC:
He said there are real signs of weakness — or “brown shoots” — in the economy, pointing to poor earnings from some transportation companies. But Cramer argued that recent reported weakness about the prosperity of the Vision Pro does not hold weight.
“Talk about a faux brown shoot, that’s outrageous. What a straw man,” Cramer said. “If Apple can sell 400,000 units of a $3,500 product that’s just now having software written for it, then I think they’re doing great.”
Cramer also suggested that Apple could pivot and market the Vision Pro as an enterprise product.
“The construction of factories is the largest business in the world,” he said. “If you could cut waste and test out potential changes on the Vision Pro before you put them in reality — and that’s what’s known as a digital twin — then I say that $3,500 price tag is way too cheap.”
MacDailyNews Note: Here’s the video:
https://macdailynews.com/2024/04/25/jim-cramer-is-bullish-on-apples-vision-pro-sees-potential-enterprise-boon/
Coinbase Announces Date of First Quarter 2024 Financial Results
April 18 2024 - 4:05PM
Business Wire
Coinbase Global, Inc. (the “Company” or “Coinbase”) announced today that it will publish its first quarter 2024 shareholder letter, including financial results, on its Investor Relations website at investor.coinbase.com on Thursday, May 2, 2024, after market close. The Company will hold a question and answer session to discuss its financial results at 2:30 p.m. PT that same day.
Starting on April 25 at 9:00 a.m. PT, all shareholders will be able to submit and upvote questions for Coinbase management by visiting here. This Q&A platform will remain open until 24 hours before the earnings call. Shareholders can email support@saytechnologies.com for any support inquiries.
To register for the webcast, please use this link. A live webcast of the call will be available on the Investor Relations website at investor.coinbase.com. Following the call, a replay of the call, as well as a transcript, will be available on the same website.
Disclosure Information
Coinbase uses the investor.coinbase.com and blog.coinbase.com websites, as well as press releases, public conference calls, public webcasts, our X feed (@coinbase), our Facebook page, our LinkedIn page, our YouTube channel, and Brian Armstrong’s X feed (@brian_armstrong) as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240418898747/en/
Press:
press@coinbase.com
Investor Relations:
investor@coinbase.com
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93682346/coinbase-announces-date-of-first-quarter-2024-fina
Apple to invest over $250 million to grow its Singapore campus
Thursday, April 18, 2024 9:40 am
2 Comments
Apple on Wednesday announced new expansion in Singapore, with plans to invest over $250 million to grow its campus in Ang Mo Kio. The new expansion is the latest milestone in Apple’s over four decades of work fostering job creation and deep connections with the local community, and will provide space for growth and new roles in AI and other key functions.
Apple opened its first facility in Singapore in 1981 with 72 employees focused on Apple II, and has since grown to include a team of more than 3,600 that contributes to every part of the company. Today, Singapore serves as a central operations centre for Apple in the region, and is a hub for critical roles in software, hardware, services, and support. The country is also home to three vibrant Apple Store locations.
“Singapore is truly a one-of-a-kind place, and we are proud of the connection we’ve built with this dynamic community of creators, learners, and dreamers,” said Tim Cook, Apple’s CEO, in a statement. “With our growing campus, Apple is writing a new chapter in our history here. Our Singapore teams have played an important role in enriching the lives of our customers — and we can’t wait for many more decades of innovation to come.”
Across Singapore, Apple supports more than 60,000 jobs through direct employment, its supply chain, and the iOS app economy. The company also works with educational institutions, businesses, and organizations using technology and innovation to build a brighter world.
Like all Apple facilities, the expanded campus will run on 100 percent renewable energy. Once complete, the office aims to attain LEED Gold certification. Apple has been carbon neutral for its corporate operations since 2020 and has run all of its facilities using 100 percent renewable energy since 2018.
With a commitment to securing a greener future for all, Apple first contracted for clean energy solutions in Singapore in 2015 with solar panels on 800 rooftops, which helped Apple become the first company in the country to be powered by 100 percent renewable energy.
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MacDailyNews Note: According to Apple, construction is slated to begin later this year to expand Apple’s campus in the Ang Mo Kio district. Two buildings acquired in 2022, located adjacent to the company’s existing offices, will undergo a major upgrade, bringing three unique spaces together to improve collaboration for Apple’s growing teams in Singapore. The addition follows Apple’s investment in upgrading facilities and state-of-the-art labs over the last 10 years, including growing space in its hardware technologies center by 50% since 2019.
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https://macdailynews.com/2024/04/18/apple-to-invest-over-250-million-to-grow-its-singapore-campus/
Apple to Invest $250 Million in Singapore Expansion, Oracle Commits $8 Billion to Japan Infrastructure, and More News
April 18 2024 - 7:11AM
IH Market News
Apple (NASDAQ:AAPL) – Apple plans to invest over $250 million to expand its operations in Ang Mo Kio, Singapore, with two buildings acquired in 2022 undergoing a major upgrade. CEO Tim Cook emphasized the importance of connecting with the local community.
Oracle (NYSE:ORCL) – Oracle announced on Wednesday an investment of more than $8 billion over the next 10 years to meet the growing demand for cloud computing and AI infrastructure in Japan. This investment aims to expand Oracle Cloud Infrastructure (OCI) presence across the country and support local engineering teams.
Microsoft (NASDAQ:MSFT) – EU antitrust regulators have concluded that Microsoft’s $13 billion investment in OpenAI does not constitute an acquisition, avoiding a formal investigation. Microsoft still faces scrutiny in other regions, seeking partnerships to avoid investigations.
Alphabet (NASDAQ:GOOGL) – Google is reducing its workforce, without specifying the exact number, as part of its cost containment strategy. Some affected employees may apply for new internal positions.
Meta Platforms (NASDAQ:META) – The European Data Protection Board has suggested that major online platforms, including Meta Platforms, offer users a free option without targeted advertising. This follows requests for analysis of consent or payment models by national privacy regulators.
Walt Disney (NYSE:DIS) – Employees at Walt Disney’s theme parks in California, including those dressed as Goofy and Elsa, have made progress in unionization. Most of the 1,700 workers at the Disneyland Resort seek to join the Actors’ Equity Association, seeking better conditions, including costume replacements and contractual negotiations.
Amazon (NASDAQ:AMZN) – Amazon announced on Wednesday plans to expand its cashier-less shopping technology to more third-party stores this year, reducing its reliance on its own technology. The “Just Walk Out” system is already used by about 140 stores and will more than double.
MercadoLibre (NASDAQ:MELI) – The Latin American e-commerce giant plans to expand its team by 30% in 2024, adding approximately 18,000 new employees. This increase will bring the total number of employees to about 76,000, excluding temporary and outsourced workers.
Morgan Stanley (NYSE:MS) – Morgan Stanley recommends buying eBay (NASDAQ:EBAY) and short selling Etsy (NASDAQ:ETSY) in the US e-commerce market. eBay was upgraded to overweight, with a target price of $62, while Etsy was downgraded to underweight, with a target price of $55. Analysts see eBay benefiting from innovation and artificial intelligence, while they are pessimistic about Etsy’s growth trajectory.
Tapestry (NYSE:TPR), Capri (NYSE:CPRI) – The US FTC is preparing to block Tapestry, owner of Coach, from acquiring Capri, which owns Michael Kors, in a deal worth $8.5 billion. Regulatory approvals were granted by the EU and Japan. The FTC will discuss the case, while investors assess possible cuts in fees.
Micron Technology (NASDAQ:MU) – Micron Technology, a memory chip manufacturer, is expected to receive over $6 billion in grants from the US Department of Commerce to fund domestic chip factory projects. The award, which has yet to be finalized, could be announced as early as next week.
Salesforce (NYSE:CRM), Informatica (NYSE:INFA) – Gaurav Dhillon, co-founder of Informatica, criticizes the potential partnership with Salesforce, calling it a setback for CRM. He predicts difficulties for customers due to overlapping integration products and sees Salesforce losing momentum, only seeking to increase revenues. The merger, according to Dhillon, would be a validation for SnapLogic.
Zuora (NYSE:ZUO) – Zuora is considering options, including a potential sale. The software company for managing subscription-based billing is attracting interest from private equity and software companies.
Cadence Design Systems (NASDAQ:CDNS) – Cadence Design Systems presented on Wednesday the latest version of its custom chip-based supercomputer, designed to accelerate the creation of other chips and corresponding software. Companies like Nvidia (NASDAQ:NVDA) and Apple (NASDAQ:AAPL) use Cadence’s software to design complex chips, speeding up the design process.
Tesla (NASDAQ:TSLA) – Under the leadership of Elon Musk, Tesla seeks to reactivate its controversial $56 billion salary package. The company uses a legal loophole to submit the proposal to shareholders, challenging a previous court decision. Experts debate whether this will open more litigation or if shareholders will retroactively accept the payment. Additionally, Elon Musk provoked uncertainty among investors with cryptic posts following Reuters’ news about the abandonment of the “$25 million Model 2.” Musk’s silence generates unrest, while investors seek clear answers about Tesla’s future. In other news, Tesla dismissed 300 temporary workers in Germany as their contracts expired, part of its global workforce reduction strategy by 10%. The company claims most were transferred to new jobs. Tesla will also lay off 285 employees in Buffalo, New York.
Rivian (NASDAQ:RIVN) – Rivian announced on Wednesday a cut of approximately 1% of its workforce, marking its second round of layoffs this year amid a slowdown in demand for electric vehicles. The company is seeking to reduce costs to achieve a positive gross margin by the end of the year.
Ford Motor (NYSE:F) – Ford is recalling 456,565 compact SUVs and trucks in the US due to weak battery issues, reported by NHTSA on Wednesday. The recall covers Bronco Sport (2022-2024) models and Maverick (2022-2023) trucks. Dealers will recalibrate the control modules free of charge to correct the problem.
Boeing (NYSE:BA) – Two Senate hearings in the US explored Boeing’s safety culture and manufacturing quality after the 737 MAX 9 incident. Concerns arose about the company’s response to whistleblower reports and records related to aircraft issues. Regulators and employees testified about safety concerns. Additionally, the US Department of Transportation is being investigated by the Office of the Inspector General regarding the Federal Aviation Administration’s supervision of Boeing aircraft. Secretary of Transportation Pete Buttigieg highlighted the importance of the audit amid growing concerns.
Mobileye (NASDAQ:MBLY) – Mobileye secured orders to provide 46 million of its EyeQ6 Lite chips in the coming years as automakers seek to make cars safer and easier to drive. The system, sold worldwide, includes features such as reading traffic signs.
EVe Mobility Acquisition (NYSE:EVE) – Eve, a manufacturer of electric aircraft, signed a letter of intent with Japanese AirX to sell up to 50 eVTOLs. The deal includes a firm order for 10 units and an agreement for another 40. Financial terms were not disclosed. Embraer (NYSE:ERJ), the parent company of Eve, plans operations by 2026.
United Airlines (NASDAQ:UAL) – United Airlines will receive financial compensation from Boeing (NYSE:BA) due to the grounding of the 737 MAX 9 aircraft, causing a $200 million impact in the first quarter. Boeing will pay through credits for future purchases, following the incident which also affected other airlines, including Alaska Airlines (NYSE:ALK).
Alaska Airlines (NYSE:ALK) – A problem with Alaska Airlines’ weight and balance calculation system caused the suspension of all flights on Wednesday morning. The FAA lifted the ground stop after the issue was resolved in about an hour, with residual delays throughout the day.
Ryanair (NASDAQ:RYAAY) – Ryanair expects Boeing (NYSE:BA) to deliver 40 new jets by mid-July, announced CEO Michael O’Leary. The plan includes receiving 35 aircraft by the end of June and five more in the first weeks of July, keeping to the revised schedule.
Ibotta – Ibotta, backed by Walmart (NYSE:WMT), is set to raise $577.3 million in its IPO, valued at $2.67 billion. Ibotta will sell 6.6 million shares at $88 each, exceeding the initial price range.
TotalEnergies (NYSE:TTE) – Investors urge TotalEnergies to separate the roles of CEO and chairman to accelerate the transition to renewable energies. The proposal, supported by 19 international investors, seeks an open dialogue on climate issues. The company will decide on the resolution on April 25.
Unilever (NYSE:UL) – Unilever Plc is recalling, as a precaution, some Magnum almond ice cream sticks in the UK and Ireland due to the possibility of containing plastic and metal. The company identified the affected batches and no other country or product is involved.
America Movil (NYSE:AMX) – America Movil announced investments in 5G across all its markets, following its capital expenditure plan of $7.1 billion for this year, after cutting expenses in February. Despite a 55% drop in quarterly profit, results in key markets helped exceed expectations.
Trump Media & Technology Group (NASDAQ:DJT) – Trump Media & Technology Group saw a 1.5% increase before the market opened. On Wednesday, shares of the company owning the Truth Social platform rose 16%, marking its best single-day performance since March 26, following a nearly 30% drop in the previous two sessions.
PowerSchool Holdings (NYSE:PWSC) – PowerSchool shares experienced their biggest drop in eight months, after Spruce Point Capital Management LLC expressed skepticism, predicting a significant fall in share prices. The educational technology company closed Wednesday with a 9.8% loss, extending the year’s cumulative decline to nearly 25%.
Duolingo (NASDAQ:DUOL), Cable One (NYSE:CABO) – Duolingo’s share value increased 6.55% before the market opened, following the announcement of its inclusion in the S&P MidCap 400 on April 22. Duolingo, a language learning provider, will replace Cable One, which is being moved to the S&P SmallCap 600.
UBS Group AG (NYSE:UBS) – Following the acquisition of Credit Suisse, UBS plans another round of job cuts that will affect over a hundred positions in the global investment bank. The cuts are expected to occur in the coming weeks, mainly in wealth management and markets units.
Goldman Sachs (NYSE:GS) – South African investors are delaying major initiatives pending next month’s election, according to Goldman Sachs. The bank expects a recovery in foreign interest, driven by interest rate cuts and energy improvements.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93679101/apple-to-invest-250-million-in-singapore-expansio
Coinbase Derivatives has successfully launched Bitcoin Cash and Litecoin futures contracts as it gears up to launch Dogecoin futures later this month
Tl;dr
* Coinbase Derivatives has become the first CFTC-regulated exchange to offer margined Bitcoin
Cash and Litecoin futures contracts, which launched earlier this month and are performing well.
* Bitcoin Cash and Litecoin contracts launched on April 1, with Dogecoin futures launching later this
month.
* These contracts will be available for trading via our broker and FCM partners.
By Boris Ilyevsky Company, April 11, 2024, 3 min read time
https://www.coinbase.com/blog/coinbase-derivatives-has-successfully-launched-bitcoin-cash-and-litecoin?__cf_chl_rt_tk=Log6RqCy17taMQrOKd3JsLODjxDh4IVyNVuVUxVEvVI-1713211066-0.0.1.1-1791
Apple is nearing production of powerful AI-focused M4 chips for Mac
Monday, April 15, 2024 11:29 am
4 Comments
Apple is nearing production of M4 chips and is planning to release its first Macs with the components later this year, Mark Gurman reports for Bloomberg News.
Mark Gurman for Bloomberg News:
The big focus will be supporting on-device artificial intelligence, which requires a hefty amount of processing power.
The company is planning three main variations of the M4: a base chip dubbed Donan; higher-end versions codenamed Brava that will replace the M3 Pro and M3 Max; and an M4 Ultra dubbed Hidra. At the end of last year, Apple released a regular M3, M3 Pro and M3 Max, but an M3 Ultra hasn’t come to market. (Apple could choose to wait until the M4 line for a new Ultra, but it’s worth noting that an M3 variation does exist internally.)
Here are the Mac models Apple is working on and when it expects to introduce them (as always, release plans could shift):
1. A low-end 14-inch MacBook Pro with the M4, coming around the end of 2024.
2. A 24-inch iMac with the M4, also expected around the end of the year.
3. New 14-inch and 16-inch high-end MacBook Pros with M4 Pro/Max chips, due between the end of 2024 and early 2025.
4. A Mac mini in both M4 and M4 Pro configurations, coming between the end of 2024 and early 2025.
5. New 13-inch and 15-inch MacBook Airs, slated for around spring 2025.
6. A Mac Studio with a high-end M4 chip, coming around the middle of 2025.
7. A Mac Pro with an M4 Ultra chip, due in the second half of 2025.
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
MacDailyNews Take: Those new MacBook Pros can hopefully debut before this Christmas because they’ll be big sellers!
https://macdailynews.com/2024/04/15/apple-is-nearing-production-of-powerful-ai-focused-m4-chips-for-mac/
Samsung Surpasses Apple in Q1 Smartphone Market; Salesforce in Talks to Acquire Informatica, and More News
April 15 2024 - 7:06AM
IH Market News
Apple (NASDAQ:AAPL) – In the first quarter of 2024, Apple’s smartphone shipments fell by 10%, challenged by Android competitors. Samsung led with a 20.8% market share, reversing Apple’s position. Apple sold 50.1 million iPhones, down by 5.3 million from the previous year. Sales in China declined by 2.1%. Recently, the stock market reacted to the lack of vision for future growth from Apple. This year, the stocks have been punished, but a revamp of its Mac computer line focusing on artificial intelligence resulted in a 4.3% increase in its shares and added $112 billion to its market value. Apple’s ability to fulfill its growth promises will be crucial to sustain this recovery. Investors are closely watching the integration of AI into its products, especially in the iPhone. Additionally, on Friday, Apple refuted claims by Epic Games of violating a court order on the App Store. Apple argues that Epic is seeking profit by trying to control Apple’s business operations. Moreover, Apple’s CEO, Tim Cook, will announce an increase in investments in Vietnam during his visit to Hanoi. The company plans to increase spending on suppliers and support local initiatives for drinking water in schools.
Salesforce (NYSE:CRM), Informatica Inc (NYSE:INFA) – Salesforce is negotiating to acquire Informatica, a data management services developer, in a potential deal below Informatica’s market price of $38.48 per share. Informatica is majorly controlled by Permira and CPPIB. The transaction would be Salesforce’s biggest deal since acquiring Slack in 2020.
Microsoft (NASDAQ:MSFT) – Microsoft faces challenges with its own cybersecurity protection. Recent hacks have exposed vulnerabilities in its infrastructure, leading to criticism and a commitment to reform. The company is prioritizing measures such as quick vulnerability patches and multi-factor authentication, but critics question its motivation and effectiveness.
Rubrik – The cloud and data security startup Rubrik, backed by Microsoft, plans to raise up to $713 million in an initial public offering. The company intends to sell 23 million shares priced between $28 and $31 each.
Meta Platforms (NASDAQ:META) – Since Meta blocked news links in Canada last August, Jeff Ballingall, a right-wing meme producer, noted an increase in clicks on his Canada Proud page on Facebook. The block has led to profound changes in how Canadians interact with political information.
Alphabet (NASDAQ:GOOGL) – Alphabet, the parent company of Google, will temporarily remove news links in California for some users while it studies proposed legislation that would require payment for content. The test aims to explore the impact of the legislation, which Google considers uncertain and detrimental to the local news industry.
Amazon (NASDAQ:AMZN) – A former Amazon software engineer was sentenced to three years in prison for hacking decentralized finance platforms and stealing millions in cryptocurrencies. Shakeeb Ahmed, 34, exploited flaws in smart contracts to profit fraudulently before being sentenced by Judge Victor Marrero.
Intel (NASDAQ:INTC) – US Republican lawmakers criticized the Biden administration after sanctioned Chinese company Huawei launched a laptop with an Intel AI chip. Despite the 2019 sanctions for violations related to Iran, Intel provided the chip under a special license expiring this year.
Tesla (NASDAQ:TSLA) – Tesla is exploring locations for showrooms in New Delhi and Mumbai ahead of its sales launch in India later this year. The company plans to start with showrooms and service centers in each city, seeking to expand into new markets while facing challenges in the US and China. In the US and Canada, Tesla reduced the prices of its Full Self-Driving (FSD) subscriptions last Friday to boost adoption, now costing $99 per month in the US and C$99 ($71.88) in Canada.
Nio (NYSE:NIO) – The founder of Nio, a Chinese electric vehicle manufacturer, defended the opening of automotive markets to fair and free competition in a speech in the US, citing Tesla’s success in China. He highlighted competition as a growth driver and criticized protectionist policies. The tension between China and the West over exports of Chinese EVs was also addressed.
CarMax (NYSE:KMX) – CarMax launched a $1.25 billion bond sale shortly after falling short of analysts’ fourth-quarter earnings forecasts. The potential offering, structured by Mitsubishi UFJ Financial Group, could reach $1.6 billion.
Spirit AeroSystems (NYSE:SPR), Boeing (NYSE:BA) – Spirit AeroSystems, a major supplier to Boeing, is reducing overtime and hiring due to a production drop of the 737 MAX jet. The production has been affected by intensified regulatory checks and a slowdown on the assembly line in Seattle, resulting in deliveries halved in March.
US Steel (NYSE:X) – US Steel, an American company, approved with 98% of votes a $14.9 billion acquisition proposal by Japan’s Nippon Steel. The offer of $55 per share faces growing political opposition in the US and regulatory concerns, even after Nippon promised to maintain jobs and honor existing agreements.
BP Plc (NYSE:BP) – The state-owned oil company of the United Arab Emirates considered acquiring BP, but preliminary discussions did not progress. BP, valued at $110.3 billion, faces challenges including reducing fossil fuel production and shifting to renewable energies. The Abu Dhabi National Oil Company (ADNOC) is seeking to expand internationally.
Paramount Global (NASDAQ:PARA) – The hedge fund Barington Capital pressured Paramount Global to end its exclusive talks with Skydance Media. Barington, holding 325,000 shares of Paramount, argued that exploring other bidders would benefit all shareholders, concerned about a deal favoring controlling shareholder Shari Redstone.
Roku (NASDAQ:ROKU) – Roku revealed a second cyberattack affecting 576,000 accounts, adding to the 15,000 previously affected. No sensitive information was compromised. The company identified unauthorized purchases in fewer than 400 cases and implemented two-factor authentication to bolster security.
Kraft Heinz (NASDAQ:KHC) – Kraft Heinz revived the Barbie fever with the launch of “Barbiecue,” a partnership with Mattel (NASDAQ:MAT). The pink condiment, labeled as “Heinz Vegan Mayo with barbecue sauce,” evokes a backyard barbecue. The product will be available in the UK and Spain, with plans for global expansion.
McDonald’s (NYSE:MCD) – The wage increase for fast-food workers in California led McDonald’s to reintroduce bagel sandwiches and invest $15 million in local advertising to boost sales. Franchisees, concerned about costs, received support from the company to face the new wage legislation.
United Natural Foods (NYSE:UNFI) – JPMorgan Chase is exploring refinancing the outstanding debt of United Natural Foods, aiming for a loan of at least $600 million to replace the current maturity in October of the next year.
Grifols (NASDAQ:GRFS) – The Spanish pharmaceutical company Grifols plans to add independent administrators to its audit and compensation committees to strengthen its governance, after a drop in share price. Denying accusations of overstating profits, the company aims to simplify its market communication and meet its debt payments by 2025.
Medical Properties Trust (NYSE:MPW) – Shares of Medical Properties Trust surged over 15% before market opening on Monday, following the sale of hospital properties in Utah for $886 million. MPT will retain a 25% stake in the venture. The transactions generated $1.1 billion, aiming to reduce debts and for corporate purposes.
JPMorgan Chase (NYSE:JPM) – Vedanta Ltd. (NYSE:VEDL) hired JPMorgan Chase & Co. to facilitate raising 300 million dollars (25 billion rupees) through rupee-denominated bonds, targeting global private credit investors. The funds would support its commercial operations, with an estimated maturity of three to five years.
BlackRock (NYSE:BLK) – BlackRock reached a record $10.5 trillion in assets in the first quarter, with a 36% increase in profit, boosted by rising global stock markets. This uplift in the markets improved its advisory and investment management fees, as announced by the world’s largest asset manager.
UBS Group AG (NYSE:UBS) – The stricter capital requirements proposed by the Swiss government will affect UBS’s growth capacity, according to Finance Minister Karin Keller-Sutter. The Swiss bank will need to hold more capital if the regulatory package, aimed at preventing collapses like that of Credit Suisse, is implemented.
New York Community Bancorp (NYSE:NYCB) – NYCB appointed Craig Gifford as the new CFO, succeeding John Pinto, in an attempt to rebuild investor confidence following financial troubles. Other appointments include Bao Nguyen as general counsel. Shares have fallen 72% this year, but the bank raised $1 billion from investors, including Steven Mnuchin.
Coinbase Global (NASDAQ:COIN) – On Friday, Coinbase requested two courts for permission to appeal part of its ongoing case with the US Securities and Exchange Commission (SEC), seeking to accelerate the trial over whether digital assets are considered investment contracts.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93656662/samsung-surpasses-apple-in-q1-smartphone-market-s
Coinbase to Launch PEPE Futures, Uniswap Grapples with SEC, and Latest Crypto News
April 11 2024 - 3:14PM
IH Market News
Bitcoin holds price above $70,000 despite US inflation instability
Bitcoin (COIN:BTCUSD) records a modest decrease of 0.43% at the time of writing, yet remains resilient above the $70,000 mark amid volatility triggered by a US inflation report for March that exceeded expectations. Despite the initial market reaction, the cryptocurrency displayed stability compared to other assets, which experienced greater drops, highlighting the crypto market’s sensitivity to global economic movements. Analysts point to the consistent demand for Bitcoin, considering it a safe-haven asset in times of financial uncertainty.
Coinbase boosts PEPE with futures and potential spot listing
The meme coin Pepe (COIN:PEPEUSD) gained attention with the announcement by Coinbase International Exchange (NASDAQ:COIN) that a perpetual futures market for the token will soon open. This move, scheduled for April 18 at 9:30 AM UTC, spurred PEPE’s value, raising expectations for a future direct listing. Following the reveal, PEPE rose 10%, though it later receded, maintaining a 3.1% gain over 24 hours.
Kraken to cease Monero operations in Ireland and Belgium
Kraken announced it will discontinue activities involving the privacy-focused cryptocurrency, Monero (COIN:XMRUSD), for its users in Ireland and Belgium starting June 10. From May 10, the platform will halt XMR trades and deposits, and users must close their margin positions by this date to prevent automatic liquidations. After June 10, any remaining XMR balance will be converted to Bitcoin. This move follows similar actions by other exchanges like Binance and OKX, occurring in a context of stricter EU regulations against money laundering, which include restrictions on privacy coins.
Uniswap faces SEC action and a drop in UNI token value
Uniswap (COIN:UNIUSD), the decentralized cryptocurrency exchange platform, was notified by the US SEC about potential legal actions. Following the announcement, its token’s value plummeted by up to 18%, though at the time of writing the token is down -9.9% over the last 24 hours. Hayden Adams, CEO of Uniswap, expressed frustration and determination in facing the charges, which include operating as an unregistered broker and exchange. The nature of the UNI token in the SEC’s accusations remains unclear.
Chainlink launches “Transporter,” a tool for inter-blockchain transfers
Chainlink introduced “Transporter,” its new blockchain bridge, enabling secure transfers of crypto assets and data across various networks. Aimed at both regular users and institutions, the Transporter promises to be an economical solution for large-value movements. Initially, it will support networks like Arbitrum and Ethereum, aiming to set a new standard for blockchain interoperability.
EMURGO and Huawei Cloud boost Cardano with new partnership
EMURGO, a foundational entity of the Cardano network (COIN:ADAUSD), joins forces with Huawei Cloud to enhance and expand Cardano’s blockchain capabilities, utilizing Huawei’s cloud infrastructure. Announced on April 11, 2024, this agreement aims to accelerate the adoption of Web3 technology by integrating a Cardano Validator Node into Huawei’s extensive cloud infrastructure to optimize performance and interoperability in Asia.
Circle introduces instant BUIDL-USDC exchange via smart contract
Circle (COIN:USDCUSD) announced a smart contract innovation for BlackRock’s BUIDL fund (NYSE:BLK), allowing investors to directly convert their shares into USDC. This mechanism provides an efficient and transparent exit from the digital fund at any time, highlighting the agility and security of traditional financial asset tokenization.
SHIB partners with CDSA to innovate in blockchain for media
SHIB, the ecosystem behind the Shiba Inu cryptocurrency (COIN:SHIBUSD), announced a partnership with the Content Distribution and Security Association (CDSA) to develop blockchain solutions for the media and entertainment sector. This collaboration aims to enhance content security and distribution, with the CDSA, a global nonprofit entity, providing a stage for SHIB to introduce blockchain and AI innovations in the industry.
Polkadot considers promotion at Paris Olympics with electric bikes
The Polkadot (COIN:DOTUSD) governance forum is evaluating a $160,000 project to promote the network through a fleet of branded electric bikes during the Paris Olympics. The proposal by Oribiky aims to place 100 Polkadot-branded bikes at key locations, complemented by a mobile app for bike rentals and cryptocurrency payments. Despite the innovation, the community initially showed resistance, with a majority of votes against the initiative so far.
JPMorgan assesses low probability of Ether ETF approval in May
JPMorgan (NYSE:JPM) highlights that due to SEC investigations into entities associated with the Ethereum Foundation (COIN:ETHUSD), an Ether ETF’s approval next month is unlikely. Despite the recent authorization of bitcoin ETFs, the bank foresees ongoing regulatory challenges for ether, with possible litigation against the SEC after May, though it anticipates eventual victory against the regulatory agency. The setup of Ether options for the end of May reflects skepticism, anticipating sharp price fluctuations. The uncertainty translates to expectations of high market volatility, especially around the $3,600 mark.
Grayscale ETF records lowest outflow since launch
On Wednesday, Grayscale’s Bitcoin ETF (AMEX:GBTC) achieved a positive milestone with the lowest fund outflow recorded, about $18 million, since its inception in January. This improvement follows Grayscale CEO Michael Sonnenshein’s prediction of an outflow balance, indicating overcoming the sales associated with crypto firm bankruptcies like FTX. The notable decrease in outflows suggests a relief in Bitcoin selling pressure, countering expectations of a continuous withdrawal trend.
Bitcoin mining difficulty reaches new record ahead of halving
Bitcoin’s mining difficulty increased by 3.9% to a historical peak, gearing up for the halving expected on April 20. This rise occurred in the most recent adjustment, indicating a strengthening in hash rate by miners before the block reward is halved. With the halving imminent, the mining community is ramping up efforts, reflected in the continuous growth of Bitcoin’s difficulty and hash rate since the year’s start, despite the prospect of lower block rewards.
Bitfinex launches unprecedented tokenized debt offering in El Salvador for hotel
Bitfinex Securities announces El Salvador’s first tokenized debt offering to fund a Hampton by Hilton hotel at the country’s airport, aiming to raise $6.25 million. With a minimum investment of $1,000 and a 10% rate over five years, the project promises to create thousands of jobs and boost the local economy, marking a significant advance in the tokenization of Salvadoran digital assets.
London mayoral candidate plans universal cryptocurrency for residents
Brian Rose, a candidate for London’s mayor, proposes distributing £100 in a new cryptographic token to every Londoner, funded by a tax on financial institutions’ profits. The token, provisionally named LONDRES, would be accepted for payments in the transport network and other municipal fees, aiming to integrate cryptocurrency into the city’s daily life and promote financial education among citizens.
South Africa begins issuing licenses to cryptocurrency companies
South Africa’s financial regulatory body granted the country’s first cryptocurrency licenses, with Luno and Zignaly among the first recipients. Luno received recognition as a financial service provider under the FAIS Act of 2002, while Zignaly was approved as a Category 2 – Discretionary Financial Services Provider. This initiative marks a significant step towards regulating the crypto sector in South Africa, promising compliance and security for users and paving the way for more companies in the industry.
Uplink raises $10 million for decentralized internet expansion
Uplink, committed to democratizing internet access, raised $10 million in investments led by Framework Ventures. Operating as a Decentralized Physical Infrastructure Network (DePIN), Uplink aims to reshape global connectivity by encouraging collective contributions to its infrastructure through token rewards. The DePIN sector, potentially worth $3.5 trillion by 2028, promotes the intersection of blockchain technology and physical systems, driving a new era of internet accessibility.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93639581/coinbase-to-launch-pepe-futures-uniswap-grapples
Investors have historically underestimated Apple’s gross margins – BofA
Thursday, April 11, 2024 12:33 pm
1 Comment
“Investors have historically underestimated Apple’s gross margins and it appears that it is happening again,” BofA Securities analyst Wamsi Mohan writes in a note to clients.
Emily Bary for MarketWatch:
Investors have found plenty of reasons to sour on Apple Inc. shares this year, sending them down more than 12% over the course of 2024 to date even as the S&P 500 SPX has advanced 8%.
But what if Wall Street is missing the point on Apple — again? That’s an issue BofA Securities analyst Wamsi Mohan explored in his latest note to clients as he looked at how investors have gotten things wrong on Apple shares in the past.
The company’s long-term margin potential remains compelling, according to Mohan, and if you go back a few years, you can see Wall Street’s tendency to lowball its projections there. For example, in 2018, the consensus view forecast was for 39% gross margins for fiscal 2023, but Apple recorded 44% for that period.
Now, looking forward, he thinks the company could drive about 180 basis points of gross-margin upside on the product side of the business, as well as 150 basis points of upside in services over the coming years.
“Consumers are opting for more higher-end devices (higher price), but we also expect Apple to raise pricing of individual hardware devices over time, which can be accretive to gross margin,” Mohan wrote.
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.
MacDailyNews Note: Mohan maintains a “Buy” rating and $225 price target on Apple shares.
https://macdailynews.com/2024/04/11/investors-have-historically-underestimated-apples-gross-margins-bofa/#google_vignette
Hedge Funds show interest in Apple as valuation moderates – JPMorgan
Thursday, April 11, 2024 11:44 am
No Comments
JPMorgan Chase & Co. analysts say that Apple is drawing interest from hedge fund investors as a slump in its shares reduces the stock’s valuation premium amid hopes for AI-linked upgrades to its iPhones and other devices.
Subrat Patnaik for Bloomberg News:
The technology giant’s shares have fallen 13% this year, badly trailing the broader market. The company is grappling with weak sales in China and a Justice Department suit accusing Apple of violating antitrust laws, taking aim at its lucrative services business.
Apple is seen as trailing peers when it comes to artificial-intelligence offerings and the company has been looking for partners like Google to add AI features to its iPhones. This prospect is also boosting sentiment as there’s growing appetite for AI-led iPhone enhancements, according to JPMorgan.
“Hedge fund investors are increasingly warming up to the opportunity of the AI upgrade cycle,” although questions remain around whether that will kick in with iPhones to be introduced later this year or in 2025, analysts led by Samik Chatterjee wrote in a research note Thursday.
MacDailyNews Take: The potential for an iPhone 16 super cycle depends on how well Apple marketing sells its GenAI bandaid (licensing from Google, Baidu, etc.) as it works (for years, likely) to catch up with its own generative AI solution.
https://macdailynews.com/2024/04/11/hedge-funds-show-interest-in-apple-as-valuation-moderates-jpmorgan/
Apple Watch chief Kevin Lynch moved into company’s AI group
Monday, April 8, 2024 8:55 am
6 Comments
Apple has recently moved Apple Watch project head Kevin Lynch into, and nearly atop, the company’s AI group.
Mark Gurman for Bloomberg News:
One of the “palace intrigue” stories that got overshadowed by the Apple car cancellation is the shifting role of Kevin Lynch, who oversaw the project during the last few years.
For about a decade, Lynch reported to Apple Chief Operating Officer Jeff Williams. In addition to handling the car duties, he has run software engineering for the Apple Watch under Williams.
In a curious shift, Lynch has now begun to report to John Giannandrea, Apple’s AI chief. Lynch and Williams continue to oversee the Apple Watch, which raises the question: Why was the move necessary?
People close to the matter believe Lynch’s move is meant to bring order to an area that has befuddled Apple: AI.
With AI, it’s no secret Apple has been struggling to create large language models and other tools that can compete with the industry’s best. If Giannandrea ultimately ends up leaving the company, Lynch — who has been due for a promotion to the senior vice president level — could be primed to take his place.
MacDailyNews Take: Is some accountability for Apple’s current deer-in-the-headlights “we’ll have to license it from Google” situation actually incoming?
Apple pays and has been paying John Giannandrea, Senior Vice President of Machine Learning and AI Strategy, millions upon millions of dollars for years. WTF of any import does he really do? WTF of any import has he really delivered? Have you used Siri lately? Yup, it’s still a steaming pile of dogshit.
Where’s Apple’s generative AI, John? “Too hard; too late; look for partners; gimme my paycheck and stock options.” AAPL shareholders need to start asking real questions of these executives, especially those who are supposed in charge of Apple’s “AI Strategy,” when the company clearly has none. How about some accountability for once? – MacDailyNews, March 18, 2024
The consequences of Apple leaderships’ lack of vision will affect the company for years.
Generative AI chatbots require large, dedicated data centers which will take Apple time (years) to build out, if they are planning on owning this technology instead of just farming it out. – MacDailyNews, March 26, 2024
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https://macdailynews.com/2024/04/08/apple-watch-chief-kevin-lynch-moved-into-companys-ai-group/
Crypto: Cardano Implements Critical Updates, dYdX Faces Disruption, and More
April 08 2024 - 02:05PM
IH Market News
Coinbase’s Base reaches $4 billion in TVL and leads in L2 growth
Base, Coinbase Global’s (NASDAQ:COIN) Ethereum Layer-2 project, has reached a total locked value of $4.15 billion, surpassing the growth of other L2s like Arbitrum. Without a native token, Base captures 10% of the total TVL of $41.03 billion in scaling projects, with a 14% increase in just one week. Recently, it has become a hub for meme coins and serious projects, including the Web3 gaming platform, Iskra, standing out in the crypto industry.
Challenges and opportunities of the Lightning Network in the current scenario
Despite expanding access in Asia and on Coinbase globally, Bitcoin’s Lightning Network faces criticisms regarding its effectiveness. This Layer 2 protocol, created to improve Bitcoin’s scalability, has been seen as revolutionary since its inception in 2016. However, claims of fundamental flaws are gaining traction, including the departure of key developers. Despite this, there’s no complete abandonment, evidenced by recent significant investments and partnerships. First, Neutronpay, a company dedicated to strengthening the Lightning Network’s infrastructure, secured $1.5 million in venture capital funding. This investment specifically aims to enhance the network’s viability and accessibility in Southeast Asia. The second initiative is Coinbase’s (NASDAQ:COIN) partnership with Lightspark to launch the Lightning Network on the Coinbase platform.
Cardano prepares for significant updates with Chang and Ouroboros Leios
Charles Hoskinson, co-founder of Cardano (COIN:ADAUSD), expresses his excitement for two critical updates: the Chang hard fork and the Ouroboros Leios consensus mechanism, aimed at enhancing the network in response to community demands. The Chang hard fork is a step towards more community governance, granting more voting power to ADA holders, while Ouroboros Leios focuses on optimizing transaction efficiency and scalability. These advancements reinforce Hoskinson’s vision for Cardano, aiming for a more democratic, efficient, and competitive network in the blockchain ecosystem.
dYdX experiences an outage after a protocol update
The dYdX, a decentralized derivatives exchange protocol, faced an outage following a scheduled update, halting block production since the early hours of the morning. This is the first significant setback since the launch of its fourth version and the independent Cosmos blockchain. The team is working to resolve the issue, with the network’s validators scheduled to discuss a solution. The incident did not negatively impact the value of the dYdX token (COIN:DYDXUSD), which observed an increase of over 3.5% in the last 24 hours. Recently, the dYdX community agreed to stake 20 million dYdX tokens, valued at $60 million, with the Cosmos provider Stride to enhance security and promote diversity among its members. The initiative, which received 91% favorable votes, will allow participants to receive rewards in USDC, reinvested in more dYdX tokens. Stride reduced its fees to encourage the proposal, aiming to increase the security and decentralization of the dYdX network.
Bitcoin and U.S. crypto stocks kick off the week on a high note
Bitcoin (COIN:BTCUSD) and U.S. cryptocurrency stocks have had a promising start to the week, with Bitcoin hitting $72,000, a peak since March, boosted by 3.6% over the last 24 hours in anticipation of the upcoming halving. Other cryptocurrencies like Ethereum (COIN:ETHUSD), Ripple (COIN:XRPUSD), Dogecoin (COIN:DOGEUSD), and Cardano (COIN:ADAUSD) also saw gains of 5.88%, 4.05%, 2.18%, and 3.63% respectively, while the meme coin Pepe (COIN:PEPEUSD) surged by 12.4%.
MicroStrategy could profit from Bitcoin’s next halving
Brokerage Benchmark highlighted in a report that MicroStrategy (NASDAQ:MSTR) is well-positioned to benefit from the upcoming Bitcoin halving on April 20, an event that will halve mining rewards, potentially increasing the cryptocurrency’s value. The company, which adopts a strategy of accumulating Bitcoin, could see its value rise significantly, similar to what occurred after previous halvings. Benchmark raised MicroStrategy’s price target from $990 to $1,875, forecasting an optimistic scenario for the company and Bitcoin while maintaining a buy recommendation.
TokenFi proposes exclusive benefits for TOKEN holders
The TokenFi (COIN:TOKENUSD) team is proposing the “TOKEN Supercharge Program” to enrich the TOKEN holders’ experience, offering them priority access to new token issuances on the platform. If accepted, the proposal will allow qualified participants to acquire up to four times the standard amount of tokens, prioritizing those who own or stake TOKEN. The initiative requires users to have at least $1,000 in TOKEN to enjoy early access, with tiered benefits for larger investments, while non-participants will face restrictions.
Chainalysis hires former IRS director to bolster the fight against financial crimes
Chainalysis, a blockchain analysis specialist, has recruited James Lee, a former director of criminal investigations at the IRS, as the new global head of capability building. Lee will contribute his extensive experience to strengthen financial crime fighting initiatives, collaborating with authorities and institutions worldwide to enhance the use of Chainalysis tools.
Binance executive refutes allegations in Nigeria
Tigran Gambaryan, a Binance executive, was detained in Nigeria on charges of money laundering and tax evasion, along with colleague Nadeem Anjarwalla. In a recent hearing, Gambaryan pleaded not guilty before the high court. While awaiting trial, bail may be requested until April 18. The detention comes amid Nigerian government allegations of Binance facilitating illegal transactions, despite the company’s denials.
Bitget launches a program to train future Web3 leaders in Europe
Bitget announced the “Bitget COO Apprentice,” an innovative program in Europe aimed at young Web3 enthusiasts, offering an immersive experience alongside the company’s leadership to enhance skills and knowledge in the sector. Part of the Blockchain4Youth initiative, the program aims to equip participants with a deep understanding of Web3, under the mentorship of experienced executives, including an educational trip to Dubai for the highlights.
Pump.fun boosts the memecoin market with innovation and profit
Pump.fun, an innovative memecoin platform, recorded $528,000 in fees in a single day last Sunday. Launched for Solana tokens (COIN:SOLUSD) in January and expanding to Ethereum Layer 2 Blast in February, the platform simplifies the creation and trading of new tokens, enabling fair and secure launches without initial liquidity. Through a unique bonding curve method, Pump.fun democratizes token trading, avoiding fraudulent practices and reducing the costs and complexities associated with traditional launches.
HashKey Group launches a global exchange with ambitious plans
After obtaining a license in Bermuda, HashKey Group, focused on digital assets in Asia, introduced HashKey Global, a digital trading platform. According to COO Livio Weng, the goal is to become one of the leading licensed exchange conglomerates within five years, surpassing current regulated ones. Already considered a unicorn, HashKey aims to expand after nearly reaching $100 million in funds, starting with spot trading of 21 assets and futures soon.
1inch launches a Web3 debit card with Mastercard support
The 1inch Network (COIN:1INCHUSD), in collaboration with Baanx (COIN:BXXUSD) and Mastercard (NYSE:MA), announced the launch of a Web3 debit card, enabling users to make purchases and ATM withdrawals using cryptocurrencies converted into fiat currency. This card aims to bridge the crypto and traditional worlds, allowing cryptographic transactions at over 160 million locations globally, expanding the accessibility and use of digital assets in daily life.
Lumoz raises funds for blockchain infrastructure expansion
Lumoz, formerly known as Opside, a platform that facilitates the launch of zk-rollups for developers, has just completed a pre-Series A funding round, reaching a valuation of $120 million. The round saw participation from major investors such as OKX Ventures and Polygon co-founder Sandeep Nailwal, totaling $6 million. Lumoz aims to provide an effective blockchain scaling infrastructure, enabling the facilitated development of zk-rollups, a vital technology for blockchain scalability and efficiency.
Polychain Capital boosts Ritual with funding for decentralized AI
Polychain Capital, a blockchain investor, made a significant contribution to Ritual, an artificial intelligence initiative that raised $25 million to decentralize AI systems. The round, initially led by Archetype, aims to counteract the dominance of major tech companies in AI, promoting a more open and collaborative approach. The exact amount invested by Polychain was not disclosed but contributes to the effort to resist censorship and collaborative innovation in the AI economy.
Advancement of Chinese asset managers with Bitcoin ETFs in Hong Kong
Two Chinese asset management giants, Harvest Fund and Southern Fund, based in Hong Kong and each managing over $200 billion, applied for authorization to introduce spot Bitcoin ETFs in the city. These developments follow Hong Kong’s willingness to accept applications for crypto ETFs, marking a significant step for local investors’ access to Bitcoin.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93620212/crypto-cardano-implements-critical-updates-dydx
Hara Looking Cool Today on Stage at the R3al World Web3 Conference in Hong Kong!🇭🇰
https://www.reddit.com/r/JasmyToken/comments/1byshax/hara_looking_cool_today_on_stage_at_the_r3al/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
JANCTION@JanctionMGT
Our CEO @HARA_JasmyCFO appearance on stage! He looks cool today!
Our CEO @HARA_JasmyCFO appearance on stage!
— JANCTION (@JanctionMGT) April 8, 2024
He looks cool today!#Web3Festival #JANCTIONinHONGKONG
@HARA_JasmyCFO pic.twitter.com/yT7z1E22nA
Tesla enlists Apple to prove driver in deadly crash was playing a game on his iPhone
Friday, April 5, 2024 10:58 am
4 Comments
Tesla is relying on technical support from Apple as it seeks to prove that a Model X driver who worked for Apple was playing a video game on his iPhone when he crashed and subsequently died.
Rachel Graf for Bloomberg News:
Lawyers for the family of Walter Huang, an engineer who was killed on his commute to work, say his former employer is “secretly” maneuvering to support Tesla’s attempt to blame distracted driving for the wreck. A National Transportation Safety Board investigation had failed to reach a definitive conclusion about what Huang was doing in the final seconds before impact.
Based on forensic examinations of Huang’s iPhone, Tesla has said he was playing Sega’s Total War: Three Kingdoms at the time of the crash, though the Huang family’s attorneys say Tesla can’t prove that just because the app was open on his screen.
The two sides are sparring over whether Tesla can call an Apple engineering manager as a witness for a two-month trial set to start next week in state court in San Jose.
Tesla obtained a sworn statement from an Apple engineering manager, James Harding, who analyzed unencrypted telemetry data on Huang’s phone and said it “suggests possible user interaction, which might be a screen touch or button press.”
The Huang family’s lawyers have countered in a court filing that Tesla purposefully hid its questioning of Harding from them until after pretrial fact-finding deadlines. They are now trying to force Apple to provide more information, and the iPhone maker is pushing back, saying that it shouldn’t have to hand over confidential material.
MacDailyNews Take: As per Tesla support:
The currently enabled Autopilot, Enhanced Autopilot and Full Self-Driving features require active driver supervision and do not make the vehicle autonomous… While using Autopilot, it is your responsibility to stay alert, keep your hands on the steering wheel at all times and maintain control of your vehicle… Before enabling Autopilot, the driver first needs to agree to “keep your hands on the steering wheel at all times” and to always “maintain control and responsibility for your vehicle.” Subsequently, every time the driver engages Autopilot, they are shown a visual reminder to “keep your hands on the wheel.”
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https://macdailynews.com/2024/04/05/tesla-enlists-apple-to-prove-driver-in-deadly-crash-was-playing-a-game-on-his-iphone/#google_vignette
Apple CEO Cook sells 196,410 AAPL shares at $169.33
Thursday, April 4, 2024 4:04 pm
10 Comments
According to a recent SEC filing, Apple CEO Tim Cook sold 196,410 shares of Apple (AAPL) on April 2, 2024 at the share price of $169.33, resulting in a total sale of $33,253,045.30.
GuruFocus Research:
Following this transaction, Timothy Cook’s total sales over the past year amount to 436,979 shares, with no recorded purchases in the same period.
The insider transaction history for Apple Inc indicates a trend of insider sells, with 17 recorded over the past year and no insider buys in the same timeframe. On the valuation front, Apple Inc’s shares were trading at $169.33 on the day of the insider’s recent sell, giving the company a market capitalization of approximately $2,619,869.53 billion. The price-earnings ratio stands at 26.43, which is above both the industry median of 23.7 and the company’s historical median price-earnings ratio.
MacDailyNews Note: Cook’s Form 4 SEC filing is here.
Apple Senior VPs Deirdre O’Brien, Jeff Williams, Katherine Adams, and Luca Maestri each also sold 113,309 shares apiece on April 3rd.
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https://macdailynews.com/2024/04/04/apple-ceo-cook-sells-196410-aapl-shares-at-169-33/
BTC and ETH Suffer Sharp Decline on Tuesday; Key Crypto Market Events in April, and More News
April 02 2024 - 03:02PM
IH Market News
Key events in the crypto market in April
April promises to be a milestone for the cryptocurrency sector, bringing impactful events. We’ll see everything from the reduction in mining rewards for Bitcoin (COIN:BTCUSD) and Bitcoin Cash (COIN:BCHUSD), which affects coin supply and spurs speculative interest, to significant regulatory matters. The legal battle between the SEC and Coinbase, along with the pending judgment for Binance’s founder, Changpeng Zhao, might set new standards for crypto regulation. Moreover, the anticipated launch of the EigenLayer mainnet could revolutionize Ethereum’s security and efficiency. Economic indicators like the US CPI for March are also expected to illuminate economic trends influencing the crypto market. Therefore, this month is pivotal for understanding the sector’s evolution and its interplay with the broader economic and regulatory landscape.
Bitcoin experiences a decline with the strengthening dollar and rise in Treasury yields
Bitcoin (COIN:BTCUSD) has seen a decline of more than 6% in the last 24 hours, marking a total drop of about 7% in two days, affected by the strengthening dollar and the rise in US Treasury yields. Over the past 12 months, the digital asset has accumulated a gain of 130%. The leading cryptocurrency has moved away from its historical peak of March 14 by 11%, while Ether (COIN:ETHUSD) also followed the downward trend. This trend occurs at a time of strong economic data in the US and market readjustments regarding Fed policy.
Challenges and expectations of Bitcoin’s halving
Scheduled for this month, the next Bitcoin halving (COIN:BTCUSD) will decrease the block reward from 6.25 to 3.125 BTC, marking a critical moment for the sector. This adjustment in cryptocurrency issuance aims to strengthen its scarcity and potentially its value, but also poses challenges to mining operations, influencing profitability and network security. The industry anticipates this event with expectations of significant changes in mining dynamics and the Bitcoin ecosystem as a whole.
Arkon Energy invests in advanced mining with 27,700 new machines from Bitmain
Arkon Energy, a prominent figure in Bitcoin mining, has announced the acquisition of 27,700 state-of-the-art mining machines from Bitmain, including the T21 and S21 models, with deliveries starting from June 2024. The company, which is expanding from hosting to self-mining, expects to significantly increase its operational efficiency, especially after the next halving, aiming to become one of the most efficient miners in the market.
March records record revenue for Bitcoin miners
In March, Bitcoin miners achieved historic revenue, exceeding $2 billion between block rewards and fees, surpassing the previous peak of $1.74 billion in May 2021. Approximately $85 million came from transaction fees, while the bulk, $1.93 billion, originated from block rewards. This success is attributed to intense activity on the network and the increase in bitcoin value.
Explosive growth of Bitcoin ETFs in March
In March, spot Bitcoin ETFs saw their trading volume jump to $111 million, nearly triple the $42.2 billion from February, marking a growing interest in these financial instruments. Following a month full of trading since its launch on January 11, this increase highlights the attraction to these new cryptocurrency-based products. ETFs issued by Grayscale (AMEX:GBTC), BlackRock (NASDAQ:IBIT), and Fidelity (AMEX:FBTC) dominate the scene, with Grayscale’s GBTC ETF observing a significant decline from 619,000 BTC to 333,619 BTC. The funds from BlackRock and Fidelity, in turn, reached approximately $18 billion and $10 billion in assets under management, respectively, solidifying the relevance and growth potential of Bitcoin ETFs.
Growth and risks of restaking on Ethereum according to Coinbase
Coinbase Global (NASDAQ:COIN) highlights in a report restaking as an emerging pillar in decentralized finance (DeFi) on Ethereum (COIN:ETHUSD), foreseeing its crucial role in the ecosystem’s infrastructure. Despite its promise, the report points to potential financial and security risks. The EigenLayer protocol, essential for restaking, is praised for its ability to generate Ether rewards for validators, but concerns revolve around the risks associated with liquid restaking tokens (LRTs) and restaking strategies. Coinbase cautions on the importance of risk-adjusted rewards, emphasizing that restaking drives innovation but requires caution.
MakerDAO considers significant investment in USDe; Aavechan suggests removing DAI as collateral on Aave
MakerDAO (COIN:DAIUSD) is considering allocating 600 million DAI to support USDe through Morpho Labs, signaling confidence in Ethena’s synthetic dollar. The decision coincides with the launch of Ethena Labs’ ENA token. Analyses indicate demand for USDe pools within the MakerDAO ecosystem, highlighting the potential for yield and the attraction of ENA tokens. The strategy aims for benefits such as lower liquidity risk and reinforcement of Ethena’s insurance fund.
Marc Zeller, leader of Aavechan, proposes to the Aave DAO to remove DAI from its loan collaterals due to MakerDAO’s decision to invest 600 million DAI in USDe and sUSDe via Morpho Labs. This proposal aims to protect Aave (COIN:AAVEUSD) from potential risks associated with future decisions by MakerDAO and Ethena’s performance, especially considering the significant DAI allocation that could affect its stability and security as collateral.
Telegram boosts advertising economy with TON blockchain
Telegram has increased the adoption of its blockchain technology, TON, by initiating payments in toncoin (COIN:TONCOINUSD) for ads and crypto remunerations for content creators, expanding activity on The Open Network (TON Blockchain). With the new functionality, a record 156,000 TON wallets were activated, indicating significant progress for the advertising economy on the platform. This movement suggests initial success in Telegram’s cryptographic implementation, promising a circular and innovative ecosystem in digital advertising.
Tron’s defense questions SEC’s jurisdiction in court case
The TRON Foundation (COIN:TRXUSD) and its founder, Justin Sun, urged a NY court to dismiss an SEC lawsuit, arguing the SEC lacks jurisdiction over international defendants. They contend that the SEC cannot apply US securities laws to predominantly overseas activities. The case, initiated by the SEC in March 2023, involves allegations of fraud and market manipulation. The defendants argue that the claims are baseless and criticize the SEC’s attempt to globally regulate the digital asset market without clear congressional authorization.
The US government moves $2 billion in Bitcoin to Coinbase
The US government transferred about 30,175 BTC, valued at approximately $2 billion, to a wallet associated with Coinbase (NASDAQ:COIN), sparking discussion in the crypto sector. The operation, highlighted by detective ZachXBT, included a preliminary test, indicating caution. The action occurred during a Bitcoin dip, which later slightly recovered, raising questions about the government’s future plans for these assets.
Binance establishes first board of directors
In response to regulatory violations in the US, Binance formed its first board of directors, led by former ambassador Gabriel Abed, to reshape its governance. Including internal members and two externals, this step aims to enhance compliance and corporate structure after a $4.3 billion court settlement with US authorities, signaling a significant change in direction for the largest cryptocurrency exchange.
Crypto.com starts operations in South Korea
Crypto.com announced the start of its retail trading services in South Korea on April 29, taking over from the closing exchange OK-BIT. Entering the South Korean market, known for its strict regulation, marks a significant step for Crypto.com, which will offer cryptocurrency and NFT trading, excluding institutional clients. The company seeks local banking partnerships to expand its services, following anti-money laundering and market manipulation requirements.
Singapore tightens regulations for the cryptocurrency sector
Singapore is tightening rules for cryptocurrency companies and digital tokens, with the Monetary Authority of Singapore expanding the sector’s regulation starting April 4. The new guidelines include increased control over digital asset custody, remittances, and international transfers, aiming for greater security and transparency. Affected companies will have specific deadlines to comply with the new requirements, aiming for consumer protection and financial stability.
Avail and dWallet join forces for programmable Bitcoin on rollups
Avail, a blockchain designed to integrate Web3 and enhance data accessibility, has partnered with dWallet Network to enable programmable Bitcoin use in its ecosystem. Anurag Arjun, co-founder of Polygon (COIN:MATICUSD), established Avail as an independent entity, aiming to launch its mainnet by the end of 2024. This innovative collaboration allows for the programmable management of BTC on Avail’s rollups, offering a more secure and efficient method that preserves user ownership without the need for risky bridge solutions. This advancement aims to unify the Web3 experience, addressing fragmentation and promoting a multi-chain rather than cross-chain approach.
Tether supports innovation with donation to BTCPay Server
The stablecoin issuer Tether (COIN:USDTUSD) contributed $100,000 to the BTCPay Server Foundation, reaffirming its support for the Free Software and Open Source movement. This donation highlights Tether’s commitment to driving the development of innovative digital payment solutions. BTCPay Server, an open-source payment processing platform, is crucial for adoption and customization by global merchants, promoting the democratization of access to digital financial technologies.
FixedFloat and Tether respond to suspicious activities
FixedFloat, a decentralized exchange based on Ethereum, faced suspicious withdrawals totaling $2.8 million, detected by Cyvers. In response, Tether froze about $400,000 in USDT in ten addresses linked to the incident, as reported by Peckshield. The assets were moved through a DEX before being transferred, resulting in the pausing of FixedFloat’s hot wallet operations and the site being put into maintenance mode.
Republic acquires GoldenChain from GoldenTree
Asset manager GoldenTree divested its digital asset division, GoldenChain, to Republic, a strategic move aimed at strengthening Republic’s presence in the digital space. Joe Naggar, former partner at GoldenTree, will lead as CEO and CIO at the new Republic Digital wing. The deal seeks synergies between the companies’ expertise to foster innovations in digital assets, marking GoldenTree’s exit from this sector while maintaining investments in the new venture.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/93592847/btc-and-eth-suffer-sharp-decline-on-tuesday-key-c
Taiwan earthquake to hit some chip output, cause Asia supply chain disruptions
Wednesday, April 3, 2024 8:53 am
3 Comments
Taiwan’s biggest earthquake since 1999 is likely to cause some disruption across Asia’s semiconductor supply chain, analysts say, after chipmakers from major Apple supplier TSMC to UMC halted some operations to inspect facilities.
The powerful 7.5-magnitude earthquake struck Taiwan’s eastern coast near Hualien County on Wednesday morning, killing at least nine people and injuring at least 800.
Liam Mo and Brenda Goh for Reuters:
The island plays an outsized role in the global semiconductor supply chain as it is home to the world’s largest chipmaker Taiwan Semiconductor Manufacturing Co (TSMC) which supplies chips to the likes of Apple and Nvidia and smaller chipmakers including UMC, Vanguard International Semiconductor, and Powerchip Semiconductor Manufacturing.
While most of their facilities are not close to the earthquake’s epicenter, many of these firms said they had evacuated some of their manufacturing plants and shut down some facilities for inspections.
TSMC, whose facilities in Hsinchu, Tainan and Taichung have experienced varying degrees of disruptions, may have to delay some shipments and increase wafer input to compensate for this, consultancy Isaiah Research said in a note.
TSMC’s Tainan operations for advanced process nodes, such as 4/5nm and 3nm, were temporarily suspended, they said. In addition, the extreme ultraviolet (EUV) lithography equipment crucial for these advanced nodes was halted at the site for a period of 8-to-15 hours.
Barclays analysts said some highly sophisticated semiconductor fabs need to operate seamlessly 24/7 in a vacuum state for several weeks and the halts would disrupt the process, pushing up pricing pressure in the sector.
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MacDailyNews Take: Sounds like Taiwan’s chip industry will right itself relatively quickly, but, unfortunately, expect the death and injury toll to rise as at least 26 buildings have collapsed.
https://macdailynews.com/2024/04/03/taiwan-earthquake-to-hit-some-chip-output-cause-asia-supply-chain-disruptions/#google_vignette
Apple’s high-yield savings APY decreases from 4.5% to 4.4% on April 3rd
Monday, April 1, 2024 7:08 pm
1 Comment
Apple Card customers taking advantage of the high-yield Apple Savings account will see their APY decrease for the first time from 4.5% to 4.4% on April 3rd. The savings account originally offered a 4.15% APY and it was raised to 4.5% earlier this year; it features no fees and no minimum balance requirements
Joe Rossignol for MacRumors:
Starting on April 3, the Apple Card savings account’s annual percentage yield (APY) will be lowered to 4.4%, according to data on Apple’s backend discovered by MacRumors contributor Aaron Perris.
4.4% will still be a competitive rate compared to many other popular high-yield savings accounts, which typically offer rates between 4.25% and 5.25%.
When the Apple Card’s savings account first became available, it offered an APY of 4.15%. The rate then increased three times, first to 4.25%, then to 4.35%, and finally to 4.5%. The drop to 4.4% will be the first time the rate has gone down.
The account allows Apple Card holders to earn interest on their Daily Cash cashback balance, and on funds deposited via a linked bank account or an Apple Cash balance. The maximum balance allowed is now $1,000,000, up from a previous limit of $250,000.
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MacDailyNews Nate: To open a high-yield Savings account in Apple’s Wallet app, tap on your Apple Card, tap on the circle with three dots at the upper right of the screen, tap Daily Cash, and select Set Up Savings.
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https://macdailynews.com/2024/04/01/apples-high-yield-savings-apy-decreases-from-4-5-to-4-4-on-april-3rd/#google_vignette
Apple, other major tech firms again lose lawsuit challenging US patent-review policy
Monday, April 1, 2024 4:13 pm
No Comments
Apple and other major tech companies have failed to convince a California federal court that the U.S. Patent and Trademark Office unlawfully implemented a rule that reduced the number of patent-validity reviews the office considers.
Blake Brittain for Reuters:
U.S. District Judge Edward Davila in San Jose said late Sunday that the USPTO was not required to hold a notice-and-comment period before creating the rule, rejecting a lawsuit from Apple, Google, Intel, Cisco, and Edwards Lifesciences or a second time.
The USPTO’s Patent Trial and Appeal Board conducts inter partes reviews (IPR), in which it reconsiders the validity of patents by request. The process is often used by big tech companies that are frequently targeted with patent lawsuits to contest patents they are accused of infringing.
An internal rule gave the agency’s judges greater discretion to deny IPR petitions. Tech companies sued the USPTO in the California federal court in 2020, arguing the rule undermined the role IPR plays in “protecting a strong patent system” and violated federal law.
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MacDailyNews Note: The case is Apple Inc v. Vidal, U.S. District Court for the Northern District of California, No. 5:20-cv-06128.
https://macdailynews.com/2024/04/01/apple-other-major-tech-firms-again-lose-lawsuit-challenging-us-patent-review-policy/
thank you! I have read their white paper back when i first invested in Jasmy a couple years ago, but didn't remember any price predictions of their token. I will go back and re-read for this or at least to again see their plans for capitalizing on their PDL...i remember when they hit over $ 4 a token
just on speculation of what they hoped to accomplish and the many successful Sony executives involved, so I don't doubt that this can again go over several dollars! Especially, with Japan opening up right of VC's to purchase crypto and the companies that Jasmy has been rumored to do business with, imho. The tax reduction legislation in Japan that you mention, would also help in my opinion! In addition to their corporate website, i also like to follow a few people that appear very knowledgeable on Reddit, which i have shared some of their opinions on this message board. If you have any links to the Twitter, etc...discussion of Jasmy, please share it here! I agree with and appreciate you sharing your investment strategy and reasoning. It is just our opinion and should not be taken as investment advice...Thanks again!
The future of AI-Driven Content at Coinbase: Expanding Horizons and Enhancing User Experience
Tl;dr: Coinbase aims to be at the forefront of integrating AI into its operations to enhance efficiency and user engagement. Last year marked a significant milestone with the initial rollout of 1,000 AI-generated crypto descriptions, crafted using our in-house Large Language Model (LLM) service. This achievement underscores our commitment to tailoring advanced LLM technology to meet the unique needs of Coinbase teams and customers.
By Victoria Jia, Jitin Dodd, Alex Luckerman, Yifan Xu, Galina Alperovich, Varsha Mahadevan, Dave Wasmer
Engineering, March 29, 2024
https://www.coinbase.com/blog/the-future-of-ai-driven-content-at-coinbase-expanding-horizons-and-enhancing?__cf_chl_rt_tk=8IwxzmQiYPW0C.8HBvVqbvt5iWtGaP_Uoh_SNSkm77M-1712003416-0.0.1.1-1791
Stock market’s ‘Magnificent Seven’ is really now the Fab Four as Apple, Alphabet, and Tesla sputter
Monday, April 1, 2024 9:40 am
2 Comments
Even as the stock market is heads higher, the “Magnificent Seven” trade is beginning to fizzle, with Apple, Alphabet, and Tesla sputtering through the first quarter of 2024.
Hardika Singh for The Wall Street Journal:
The S&P 500 climbed 10% in the first quarter, its best start to a year since 2019, even though two of its biggest constituents suffered double-digit declines. Apple shares fell 11% in the first three months of the year, while Tesla dropped almost 30%. Alphabet shares sputtered for much of the period before making a run in the past three weeks and ending up 8%.
The other four big tech stocks in the group known as the Magnificent Seven — Nvidia, Meta Platforms, Microsoft, Amazon.com — continued their meteoric run and outpaced the broader market. Some market strategists have dubbed them the new Fab Four.
Nvidia continues to be a stock-market star. The graphics-chip maker has indicated demand for the computing power that underlies AI remains astronomical. Its shares have jumped more than 80% to start the year, after more than tripling in 2023.
Meta shares, meanwhile, have soared partly thanks to Meta’s investments in artificial intelligence that have made targeted ads smarter. The social-media company recently said it would pay its first shareholder dividend. Microsoft stole the crown of biggest U.S. company from Apple earlier this year, with a valuation that topped $3 trillion, and Amazon has sharply improved its profitability.
[Apple] is facing another weak iPhone demand cycle, and investors are worried that Apple is behind in the current wave of excitement around AI.
Bespoke Investment Group data show Apple shares underperformed the S&P 500 over the 200 days through Tuesday by the widest margin since October 2013.
MacDailyNews Take: As we just wrote:
Apple was caught flat-footed, due to a lack of vision on the part of leadership. They were, uh, focused elsewhere. Apple’s traditional data center network is not fit for generative AI. It will take years and billions of dollars to catch up just to where GenAI leaders (OpenAI, Microsoft, Alphabet, etc.) are today.
So, the only solution is to partner with a Google for the real GenAI stuff while pretending (marketing) really hard that some on-device AI Apple has whipped up in a few months is “insanely great Apple innovation” that’s at the heart of Apple’s 2024’s AI announcements when it’s really just an adjunct. Apple will tout their homegrown on-device AI and act like it’s powering everything when, in reality, it’s Google (or whichever is licensed) that’s powering most of it. Watch Apple make a big show of its on-device AI at WWDC and run many ads touting it from June onwards.
Apple hopes to buy time for the data center buildouts and investments that will be required for them to someday own their own AI technology and not have to license it from the likes of Google.
This is what happens after a decade plus with a caretaker CEO at the helm after he hits the last page of his iteration playbook, yet attempts to stay in the game for too long.
See also:
• Work on Apple Vision Pro began under Steve Jobs – August 23, 2023
• Contrary to popular belief, Steve Jobs knew about Apple Watch – February 13, 2023
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https://macdailynews.com/2024/04/01/stock-markets-magnificent-seven-is-really-now-the-fab-four-as-apple-alphabet-and-tesla-sputter/#google_vignette
Loop Capital slashes Apple price target to $170 on weak iPhone sales
Monday, April 1, 2024 2:09 pm
1 Comment
Citing reduced iPhone orders amid demand weakness, especially in China, a Wall Street investment firm on Monday slashed its price target on Apple stock.
Patrick Seitz for Investor’s Business Daily:
Loop Capital analyst Ananda Baruah reiterated his hold rating on Apple stock and cut his price target to 170 from 185.
“We now project Apple overall revenue and EPS (earnings per share) to decline year over year in calendar 2024 for the first time since 2016,” Baruah said in a client note.
Consensus estimates for Apple’s March-quarter results are at “some risk,” while Street estimates for Apple’s June quarter are facing a “material risk,” he said…
In a separate report Monday, Loop Capital analyst John Donovan said his firm’s supply chain checks in Asia indicate that Apple has “sharply” cut its iPhone builds.
Apple cut its iPhone orders forecast for 2024 to 199 million units, down 7% to 8% from previous targets, Donovan said..
MacDailyNews Note: So far this year, Apple stock has fallen more than 11%.
https://macdailynews.com/2024/04/01/loop-capital-slashes-apple-price-target-to-170-on-weak-iphone-sales/
Several senators overseeing anti-Apple regulations controversially hold shares
William Gallagher | Apr 01, 2024
Several members of Congress overseeing Big Tech issues are accused of owning significant quantities of Apple stock, which could present conflicts of interest.
As Big Tech firms, most especially including Apple, come under increasing scrutiny from governments worldwide, Senator John Ossoff (D-Ga) is accused of effectively being in collusion with Apple because he may own stocks in the company. The New York Post makes vague claims that unspecified "watchdogs" are concerned over conflicts of interest, but the publication appears to be the accuser.
It's hard to be certain whether the accusation comes from The New York Post itself, or whether there are any actual "watchdogs" accusing Ossoff and other members of Congress. That's because the publication's article is hyperbolic and so bordering on hysterical that it's difficult to find the facts for all the noise.
Nonetheless, the publication's position is that Senator Ossoff, who has campaigned against congressional stock trading, is among the almost one in five in the Senate "who own or likely own" Apple stock. That phrasing is not entirely as woolly as it sounds, because the publication is counting senators who, like Ossoff, have put their stocks into a blind trust.
"You can't put Apple stock in a blind trust and pretend you don't have Apple stock," Richard Painter, former White House chief ethics lawyer under President George W. Bush, told The New York Post. "This blind trust business, it doesn't work unless you actually sell the underlying assets."
Reportedly, at least 14 other members of Congress have stocks in Apple. Those include Democratic Senators John Hickenlooper, Thomas Carper, Jacky Rosen, Ron Wyden and Sheldon Whitehouse, as well as Senator Ossoff.
They also include Republican senators Kate Britt, Tommy Tuberville, John Boozman, Susan Collins, Markwayne Mullin, Tim Scott, Bill Hagerty and Shelley Moore Capito.
But speaking specifically about Senator Ossoff, Painter said that he had demonstrated "really bad judgement" by not selling his Apple stake upon taking office. It seems like general rule should apply to anybody taking office — which is what the blind trust regulation that Ossoff is championing will at least partially address.
Ossoff is said by the publication to have owned between $1 million and $5 million in Apple stocks before setting up a blind trust in 2021. In this case, the imprecision in the details appears to be down to the publication, with other sources say Apple represented half of Ossoff's net work before taking office.
Senator Ossoff is obviously not part of the Department of Justice's antitrust case against Apple. He is, though, a majority member of the Senate Judiciary Subcommittee On Privacy, Technology, and the Law.
In that capacity, he voted in favor of advancing legislation through the pair of bills, the American Innovation and Choice Online Act (AICOA) and the Open App Markets Act. Neither bill made it through to law, allegedly following lobbying by firms including Apple.
The two bills both concentrated on anti-steering regulations, which would prevent firms from giving preferential promotion to their own services. The AICOA bill would also have at least encouraged Apple to allow sideloading and third-party app stores.
Both of the bills were delayed being put forward, for lack of sufficient support, which ultimately ultimately defeated them, too. Very similar legislation has subsequently been passed into law in the European Union, though.
The New York Post says that while Ossoff publicly backed both bills, in private he raised concerns about them. Specifically, he questioned the bills' impact on user security and data privacy, just as Apple has done.
"Having to deal with a senator who regularly repeated Apple talking points — as if it wasn't obvious they were Apple talking points — was bad enough," a unnamed source told the publication. "But it was even worse that in all likelihood he owned millions of dollars in Apple stock as he was doing it."
A spokesperson for Senator Ossoff told The New York Post that this criticism was "laughable." The spokesperson declined to comment on whether the senator's blind trust still included Apple shares.
https://appleinsider.com/articles/24/04/01/several-senators-overseeing-anti-apple-regulations-controversially-hold-shares?utm_medium=rss
Mikesmith3,
where do you see token price projections of $17 for jasmy? i have read the Jasmy press releases at their corporate site and tried to find it on reddit...
Can Jasmy ecology be helped grow and promoted by Jasmy Grant serving geeks and targeting at their ideas?
by News BTC April 12, 2023 in Reading Time: 5 mins read
Where are the billions of potential users in the encryption industry? Except for the third world countries short of financial tools, like Africa and Latin America, having missed the Web2 wave yet now actively accepting Web3, Japan with a large population base is usually overlooked.
In fact, since the new Japanese government took office in 2021, the new Prime Minister Fumio Kishida has elevated Web3 as a national strategy to spare national efforts to promote it.
Jasmy as the “national blockchain project” in Japan has become the most popular and concerned concept project in the Japanese market and the hidden possibilities gradually emerge in 2023.
Jasmy: Japan’s National Blockchain Project
Jasmy is a real “encryption veteran” with broad market, though not well known in the field.
Founded in Tokyo, Japan in 2016 by Kazumasa Sato, a former Sony employee, Jasmy has always focused on developing and providing data security and services sharing in the metaverse and Internet of Things (IoT) era, with the vision of helping users to own their data and monetize it at will.
With Jasmy technology, metaverse applications built on the Internet can exchange data directly between themselves, while generating decentralized storage solutions suitable for themselves.
Making Web3 a national strategy since 2022, The Japanese government, has repeatedly highlighted that the metaverse and NFT will boost Japan’s economic growth through measures, such as approving a series of reform policies on Web3 and establishing specially a post of Web3 minister to promote NFT and DAO.
That’s why the importance and popularity of Jasmy has been rising since last year and the implications are self-explanatory.
Meanwhile, the AI boom sweeping the world since 2023 has made popular a large number of so-called “AI concept” projects. In the previous roadmap for 2023, Jasmy has already take the lead to plan to develop an AI engine and to steadily step into the AI era as of 2023...
https://www.newsbtc.com/press-releases/can-jasmy-ecology-be-helped-grow-and-promoted-by-jamsy-grant-serving-geeks-and-targeting-at-their-ideas/
Apple turns to longtime Steve Jobs disciple Phil Schiller to defend its ‘walled garden’
Wednesday, March 27, 2024 9:33 am
7 Comments
Apple Fellow Phil Schiller, Apple’s former chief marketing officer and longtime Steve Jobs acolyte has emerged as one of the most ardent public defender of the company’s “Walled Garden” ecosystem.
Aaron Tilley for The Wall Street Journal:
[Apple’s ecosystem is] a vision of electronic devices that work seamlessly together and protect user security and privacy.
Once seen as a virtue, Apple’s vision has increasingly come under attack, from regulators in the Justice Department, the European Union and other jurisdictions as well as from rivals…
In legal filings, public announcements and courtrooms, Apple has made it clear that it isn’t going to go down without a fight, and more often than not, Schiller has been the one to deliver the message.
“I have no qualms in saying that our goal is going to always be to make the App Store the safest, best place for users to get apps,” Schiller recently told Fast Company. “I think users — and the whole developer ecosystem — have benefited from that work that we’ve done together with them. And we’re going to keep doing that.”
Although Schiller retired from his role as chief of marketing in 2020, he continues as an “Apple Fellow,” a transition that led some Apple watchers to wonder whether he was close to retirement. Instead, he has become the public face of Apple’s efforts to defend itself…
People close to Schiller describe his three main hobbies as cars, Boston sports teams and Apple, where he is still known to work nearly 80 hours a week, respond to emails almost immediately and answer phone calls at any time.
“Of the people still at Apple, he is one of the few that still carry the torch of Steve Jobs’s vision,” said Tim Bajarin, a longtime Apple analyst who has known Schiller since his return to the company.
MacDailyNews Take: Kudos to those left at Apple who carry the torch of Steve Jobs’ vision!
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https://macdailynews.com/2024/03/27/apple-turns-to-longtime-steve-jobs-disciple-phil-schiller-to-defend-its-walled-garden/
Jasmy Co., Ltd. and Panasonic Advanced Technology Co., Ltd. begin collaboration to create a Web3-based platform that connects information produced by people and information produced by things.
~ Toward providing an open platform that connects people and things (IoT) ~
Jasmy Co., Ltd.
March 26, 2024 15:00
Jasmy Co., Ltd. (Headquarters: Minato-ku, Tokyo, President and CEO: Kazumasa Sato, hereinafter referred to as Jasmy) and Panasonic Advanced Technology Co., Ltd. (Headquarters: Kadoma City, Osaka Prefecture, President and Representative Director: Yusuke Mizuno, hereinafter referred to as Panasonic Advanced Technology), We are pleased to announce that we have begun collaboration in February 2024 to develop a platform that combines information generated by individuals with information generated by things and enables highly secure processing.
The Jasmy platform, including the online storage-type personal information management and usage system "Jasmy Personal Data Locker (PDL)" provided by Jasmy, and Panasonic Advanced Technology's extensive IoT know-how and experience, as well as high technological development capabilities. Through the synergy effect, we will promote the development of a platform that applies blockchain technology and IoT.
This platform incorporates agile development methods into Web3 technology and develops with an emphasis on speed. We will publish it as an open platform and aim to attract a wide range of users and use it in a wide range of fields. By using this platform, it becomes possible to develop services with high compatibility and versatility, making it possible to significantly increase the efficiency of application and service development.
Specific details of the collaboration will be announced in due course.
* Background of the collaboration
Until now, various types of information held by individuals have been held and used by IT companies via Internet services. PDL is a platform that not only stores data safely, but also allows users, who own the data, to provide and share data while maintaining security. Furthermore, the number of devices connected to the Internet is increasing at an accelerating pace, and the functions of each device are evolving in a wide range of ways. The data generated by these various devices is large and diverse. Furthermore, not only high-speed data processing and security are required, but response speed with real-time considerations is also becoming an important condition.
Furthermore, by combining ``information generated by people'' and ``information generated by things,'' we will expand the relationship between ``people and people,'' ``people and things,'' and ``things and things,'' not just through the distribution of data, but also through authority. There is a need for a perspective that builds mutual relationships with high trust through transfer and delegation. Furthermore, in order to accelerate the development of various services, there is a growing need for a platform that can be widely used by providing a development environment package (SDK) for developers in addition to providing the platform. This will create a user-oriented data utilization environment and create new value that has not been possible before, and will serve as the foundation for spreading the ``democratization of data'' around the world.
The two companies share this understanding and have come to this agreement to collaborate with the aim of combining their respective strengths and experience to quickly create a platform that will be widely used.
¦About Panasonic Advanced Technology Co., Ltd.
Panasonic Advanced Technology Co., Ltd. is an affiliated company of Panasonic Holdings Co., Ltd., and is a company whose main business is software/system development.
We are promoting innovation in the field of mobility, including the development of in-vehicle ECUs with the highest automotive safety standards, self-driving systems for construction machinery, and the development of goods transportation robots that support daily logistics. We have also commercialized solution packages such as the proprietary software package ``@mobi'' for autonomous mobile robots and the wireless emergency stop device ``@seguro wes'' that complies with functional safety standards.
In addition to mobility technology, we are also working on technology development and business development in the fields of IoT solutions, housing, medical care, and security, and aim to use our solid technological capabilities to create a future social infrastructure centered on security and safety. .
Panasonic Advanced Technology Co., Ltd. homepage: https://adtsd.jpn.panasonic.com/
¦About Jasmy Co., Ltd.
Jasmy Co., Ltd. is a company that develops and provides IoT platforms. When all things are connected to the internet, the "clothing, food, shelter, and movement" that are closely connected to people's lives will change dramatically. Jasmy's mission is to create and provide a platform that allows anyone to use things easily, safely, and with peace of mind. Nowadays, important data generated from our daily lives tends to be monopolized by a limited number of companies. One of the objectives of the Jasmy Platform is to restore data sovereignty to the original owner and allow individual data to be used safely and securely. For this reason, Jasmy will combine IoT with blockchain technology and create a platform that can be widely used across industries and industries based on unprecedented ideas.
Jasmy's team is comprised of members with diverse and rich experience in electronics, mechanics, communications, devices, system integrators, designers, etc., and we provide the optimal IoT platform for each customer around the world.
Jasmy Co., Ltd. homepage: https://www.jasmy.co.jp/
*The company names, product names, and service names mentioned in this press release are trademarks or registered trademarks of our company, each company, or each organization.
https://prtimes.jp/main/html/rd/p/000000065.000025296.html
Jasmy Co., Ltd. and Panasonic Advanced Technology Co., Ltd. begin collaboration to create a Web3-based platform that connects information produced by people and information produced by things ~
Toward providing an open platform that connects people and things (IoT) ~
2024-03-26
https://www.jasmy.co.jp/
What is crypto good for, anyway?
By Brian Armstrong / Company, March 19, 2024
Pundits frequently state that crypto doesn't have any real utility, beyond speculation and illicit activity. Yet over 50 million Americans and 400 million people globally have purchased crypto, and the best data we have from third parties says illicit activity accounts for less than 0.5% of transaction volume. So what exactly are all these people doing with it?
It's true that many are initially attracted to cryptocurrencies as an investment, and speculation has caused many to rush in. But what is the underlying idea that is driving the interest?
In the early 1970s the US (like many countries before) removed any link between the dollar and a hard commodity like gold. For over 50 years, a familiar pattern that we’ve seen throughout history has played out in the US: the government spends more than it earns because it can print money for “free”, and years or decades later, people pay the price through high inflation and stagnation.
The average person may not understand the nuances of quantitative easing and federal budget deficits, but they do notice rising prices of gas, food, and education, and they increasingly have a sense that something is amiss in our economy. In fact, 87% of Americans feel the current financial system needs an update. More than half of younger Americans use the system just sometimes or not at all.
This brings us to the first, and arguably most important, use case for cryptocurrency, which is that a cryptocurrency like bitcoin, is a return to sound money. Like gold, bitcoin is not a national currency backed by a single government. Inflation is a regressive tax in America and abroad, harming the poorest people in society the most. Bitcoin is hard money with a fixed supply, and is a solution to this problem. If inventing digitally native sound money were the only utility of crypto, it would still be a world changing technology, but that is just the start.
For the last 5+ years, the crypto industry has been hard at work building the infrastructure to update our financial system and expand the utility of crypto. The use cases are no longer future promises; they are here today. Here are a few of the most popular examples:
* Digitizing the dollar. Despite high demand for the dollar in many regions around the world, many can't open USD bank accounts, until the adoption of dollar backed "stablecoins", which now exceeds $100 billion. A digital dollar, like USDC, is essential for our global competition with China, which began investing in a digital Yuan in 2019.
* Fast, cheap, global payments. Merchants still lose about 2% on every credit card transaction, wire transfers cost $30, and many transactions in the U.S. still take days to clear. As blockchains have scaled using "Layer 2" solutions, you can now send USDC in one second, anywhere in the world, for about one cent. Dollar backed stablecoins transactions are approaching $9 trillion in annual volume (more than Mastercard, American Express, and Discover combined).
* A Business Model For Creatives. NFTs have reached over $62 billion in all time sales, and are allowing artists to have direct relationships with their fans, cutting out expensive middlemen. Whether for music, games, visual art, or video, crypto helps establish digital provenance to ensure artists get paid.
* Decentralized social media. While still early, decentralized social (or DeSo) ensures you own our own data, instead of it being controlled by big tech, and you can never be censored. Each post is digitally signed, proving who the original author is, to help combat fake content made possible with AI. Anyone can build a front end interface, using the same shared data set of all social media posts.
Crypto isn’t just a new asset class – it’s the future of money. Today’s system is clogged with middlemen, high fees, delays, and other inefficiencies that make the system hard to access and unfair.
The future of money is more open, free, efficient, and it’s powered by crypto. Crypto is the most important technology we have to update our global financial system, and it can move America forward. In fact, it's critical to ensuring the dollar's future status as a reserve currency, and America's status as a technology and financial hub.
Embracing crypto, and creating clear regulatory rules for crypto is the most patriotic thing Americans can do. If you're a crypto holder in the U.S., consider joining StandWithCrypto.org to help ensure pro-crypto candidates get elected in upcoming elections. If you're a policymaker, help drive regulatory clarity in the U.S. which protects consumers and fosters innovation. You can support bipartisan legislation like the Clarity for Payment Stablecoins Act, the Financial Innovation and Technology for the 21st Century Act, and the Responsible Financial Innovation Act. Crypto needs fit-for-purpose rules, and the time to act is now.
https://www.coinbase.com/blog/what-is-crypto-good-for-anyway?__cf_chl_rt_tk=UhAoD.2EYYmov4Pn.l5OjuYGs5pw4LmZR3tWpw0SCTI-1711478745-0.0.1.1-1663
Apple CEO Cook to dine with Xi Jinping in China this week
Monday, March 25, 2024 3:50 pm
2 Comments
CEOs of 100 or so multinational giants such as Apple CEO Tim Cook, who has plans to dine with Chinese Communist Party leader Xi Jinping this week, gathered for the two-day China Development Forum.
Chan Ka Sing for Reuters:
Apple CEO Tim Cook said last week that no supply chain is as critical to the $2.7 trillion company as China’s. Sure, the iPhone maker is shifting some of its manufacturing contracts elsewhere, but more than 75% of its 200 major suppliers still maintain production in the country.
Chinese leaders, meanwhile, seem keen to engage directly with the West’s business elite. The Wall Street Journal reported that Cook, HSBC’s Noel Quinn and others are due to dine with Xi Jinping this week, months after China’s leader broke bread with corporate titans on a visit to San Francisco.
More hazards are appearing on the dance floor, though. Washington has for several years been spearheading a campaign to exclude Chinese technology firms like Huawei and SMIC from global networks, and to prevent the country getting hold of the most advanced semiconductors. Beijing wants to delete U.S. products from its turf, too; the Financial Times reported on Sunday, for instance, that AMD and Intel microprocessors are now being phased out from government computers and servers.
The procurement guidance also seeks to sideline Microsoft’s Windows operating system and foreign-made database software in favour of domestic options, according to the article.
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MacDailyNews Take: The tension in the Chinese tightrope Cook walks continually ratchets up.
https://macdailynews.com/2024/03/25/apple-ceo-cook-to-dine-with-xi-jinping-in-china-this-week/
Apple’s Worldwide Developers Conference returns June 10, 2024
March 26 2024 - 01:00PM
Business Wire
Entire conference available online for all developers, with a special event at Apple Park on June 10
Apple® today announced it will host its annual Worldwide Developers Conference (WWDC) online from June 10 through 14, 2024. Developers and students will have the opportunity to celebrate in person at a special event at Apple Park on opening day.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240326289414/en/
Free for all developers, WWDC24 will spotlight the latest iOS, iPadOS®, macOS®, watchOS®, tvOS®, and visionOS™ advancements. As part of Apple’s ongoing commitment to helping developers elevate their apps and games, the event will also provide them with unique access to Apple experts, as well as insight into new tools, frameworks, and features.
“We’re so excited to connect with developers from around the world for an extraordinary week of technology and community at WWDC24,” said Susan Prescott, Apple’s vice president of Worldwide Developer Relations. “WWDC is all about sharing new ideas and providing our amazing developers with innovative tools and resources to help them make something even more wonderful.”
Developers and students will be able to discover the latest Apple software and technologies by tuning into the keynote, and they can experience WWDC24 throughout the week on the Apple Developer app, website, and YouTube. This year’s conference will include video sessions and opportunities to engage with Apple designers and engineers and connect with the worldwide developer community.
WWDC24 will include an in-person experience on June 10 that will provide developers the opportunity to watch the keynote at Apple Park, meet with Apple team members, and take part in special activities. Space will be limited, and details on how to apply to attend can be found on the Apple Developer site and app.
Apple is proud to support the next generation of developers through the Swift Student Challenge, one of many Apple programs that seek to uplift the next generation of developers, creators, and entrepreneurs. On March 28, this year’s applicants will be notified of their status, and winners will be eligible to apply for the in-person experience at Apple Park. Fifty Distinguished Winners, who are recognized for outstanding submissions, will be invited to Cupertino for a three-day experience.
Apple will share additional conference information in advance of WWDC24 through the Apple Developer app and on the Apple Developer website.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.
© 2024 Apple Inc. All rights reserved. Apple, the Apple logo, iPadOS, macOS, watchOS, tvOS, and visionOS are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240326289414/en/
Apple Media Helpline
media.help@apple.com
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/93552743/apple-s-worldwide-developers-conference-returns-j
U.S. DOJ sues Apple for allegedly ‘monopolizing smartphone markets’
Thursday, March 21, 2024 12:23 pm
36 Comments
The U.S. Justice Department (DOJ), joined by 16 other state and district attorneys general, on Thursday filed a civil antitrust lawsuit against Apple for monopolization or attempted monopolization of smartphone markets in violation of Section 2 of the Sherman Act.
U.S. Justice Department:
The complaint, filed in the U.S. District Court for the District of New Jersey, alleges that Apple illegally maintains a monopoly over smartphones by selectively imposing contractual restrictions on, and withholding critical access points from, developers. Apple undermines apps, products, and services that would otherwise make users less reliant on the iPhone, promote interoperability, and lower costs for consumers and developers. Apple exercises its monopoly power to extract more money from consumers, developers, content creators, artists, publishers, small businesses, and merchants, among others. Through this monopolization lawsuit, the Justice Department and state Attorneys General are seeking relief to restore competition to these vital markets on behalf of the American public.
“Consumers should not have to pay higher prices because companies violate the antitrust laws,” said Attorney General Merrick B. Garland. “We allege that Apple has maintained monopoly power in the smartphone market, not simply by staying ahead of the competition on the merits, but by violating federal antitrust law. If left unchallenged, Apple will only continue to strengthen its smartphone monopoly. The Justice Department will vigorously enforce antitrust laws that protect consumers from higher prices and fewer choices. That is the Justice Department’s legal obligation and what the American people expect and deserve.”
“No matter how powerful, no matter how prominent, no matter how popular — no company is above the law,” said Deputy Attorney General Lisa Monaco. “Through today’s action, we reaffirm our unwavering commitment to that principle.”
“When corporations engage in anticompetitive conduct, the American people and our economy suffer,” said Acting Associate Attorney General Benjamin C. Mizer. “Today’s action against Apple sends a strong signal to those seeking to box out competitors and stifle innovation — that the Justice Department is committed to using every tool available to advance economic justice and root out anticompetitive practices, wherever they arise.”
“For years, Apple responded to competitive threats by imposing a series of “Whac-A-Mole” contractual rules and restrictions that have allowed Apple to extract higher prices from consumers, impose higher fees on developers and creators, and to throttle competitive alternatives from rival technologies,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “Today’s lawsuit seeks to hold Apple accountable and ensure it cannot deploy the same, unlawful playbook in other vital markets.”
As alleged in the complaint, Apple has monopoly power in the smartphone and performance smartphones markets, and it uses its control over the iPhone to engage in a broad, sustained, and illegal course of conduct. This anticompetitive behavior is designed to maintain Apple’s monopoly power while extracting as much revenue as possible. The complaint alleges that Apple’s anticompetitive course of conduct has taken several forms, many of which continue to evolve today, including:
• Blocking Innovative Super Apps. Apple has disrupted the growth of apps with broad functionality that would make it easier for consumers to switch between competing smartphone platforms.
• Suppressing Mobile Cloud Streaming Services. Apple has blocked the development of cloud-streaming apps and services that would allow consumers to enjoy high-quality video games and other cloud-based applications without having to pay for expensive smartphone hardware.
• Excluding Cross-Platform Messaging Apps. Apple has made the quality of cross-platform messaging worse, less innovative, and less secure for users so that its customers have to keep buying iPhones.
• Diminishing the Functionality of Non-Apple Smartwatches. Apple has limited the functionality of third-party smartwatches so that users who purchase the Apple Watch face substantial out-of-pocket costs if they do not keep buying iPhones.
• Limiting Third Party Digital Wallets. Apple has prevented third-party apps from offering tap-to-pay functionality, inhibiting the creation of cross-platform third-party digital wallets.
The complaint also alleges that Apple’s conduct extends beyond these examples, affecting web browsers, video communication, news subscriptions, entertainment, automotive services, advertising, location services, and more. Apple has every incentive to extend and expand its course of conduct to acquire and maintain power over next-frontier devices and technologies.
For over a century, the Department has enforced the antitrust laws against illegal monopolies, deploying the Sherman Act to unfetter markets and restore competition. As alleged in the complaint, the Department is seeking equitable relief on behalf of the American public to redress Apple’s long-running, pervasive anticompetitive conduct.
Apple Inc. is a publicly traded company incorporated in California and headquartered in Cupertino, California. In fiscal year 2023, Apple generated annual net revenues of $383 billion and net income of $97 billion. Apple’s net income exceeds any other company in the Fortune 500 and the gross domestic products of more than 100 countries.
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MacDailyNews Take: Apple’s iPhone currently holds U.S. market share of 60.77%. Not a monopoly. iPhone currently holds worldwide market share of 24.70%. Again, not a monopoly. “Attempted monopolization” is not illegal; it’s the goal of every for-profit business.
MacDailyNews Note: In a statement to the media, Apple said the lawsuit is “wrong on the facts and the law,” and the company vowed to “vigorously defend” itself:
At Apple, we innovate every day to make technology people love—designing products that work seamlessly together, protect people’s privacy and security, and create a magical experience for our users. This lawsuit threatens who we are and the principles that set Apple products apart in fiercely competitive markets. If successful, it would hinder our ability to create the kind of technology people expect from Apple — where hardware, software, and services intersect. It would also set a dangerous precedent, empowering government to take a heavy hand in designing people’s technology. We believe this lawsuit is wrong on the facts and the law, and we will vigorously defend against it.
https://macdailynews.com/2024/03/21/u-s-doj-sues-apple-for-allegedly-monopolizing-smartphone-markets/