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Conservative Brazilians laud Elon Musk at rally in support of ex-president Bolsonaro 2024-04-21 20:43:58+00:00 - RIO DE JANEIRO (AP) — Conservative Brazilians heaped praise Sunday on Elon Musk at a rally in support of far-right former President Jair Bolsonaro, whose legal troubles are mounting in tandem with the billionaire entrepreneur’s feud with the South American nation’s Supreme Court. “Brazil Thanks Elon Musk,” read one giant sign in English at the rally alongside Copacabana beach in the seaside city of Rio de Janeiro. Thousands of die-hard supporters of Bolsonaro attended. Musk, a self-declared free speech absolutist, is a target in an ongoing investigation over the dissemination of fake news by supporters of Bolsonaro. Musk said the social platform X wouldn’t comply with a high court justice’s order to remove certain accounts accused of spreading disinformation. Musk, the CEO of Tesla and SpaceX who took over Twitter — now X — in late 2022, accused Justice Alexandre de Moraes of suppressing free speech and violating Brazil’s constitution. He noted on X that users could seek to bypass any shutdown of the social media platform by using VPNs, or virtual private networks. That prompted de Moraes to include Musk in an ongoing investigation into so-called digital militias and open a new investigation into obstruction, incitement and criminal conspiracy. Several speakers lauded Musk at Sunday’s rally. “What you see here are people who love liberty, who will not give up and will not kneel down to dictators, people who are willing to give their lives for freedom,” said Gustavo Gayer, a pro-Bolsonaro congressman. For his part, the former president lauded Musk for demonstrating “courage” in the face of what he called censorship by de Moraes. “He is the man who really preserves true freedom for all of us,” said Bolsonaro, who is himself under investigation for a plethora of crimes ranging from aiding an effort to overturn the 2022 election results and plotting a coup against his leftist successor, Luiz Inacio Lula da Silva. Brazil is an important market for social media companies. About 40 million Brazilians, or about 18% of the population, access X at least once per month, according to the market research group Emarketer.
Trump wins voters on inflation as Biden zeroes in on tariffs, jobs: NBC News poll 2024-04-21 20:29:00+00:00 - More voters trust Donald Trump than President Joe Biden to deal with inflation and the cost of living, their top concerns for the U.S., according to the latest NBC News poll. The poll of 1,000 registered voters nationwide found that 52% of respondents said Trump would better handle inflation and the cost of living, while 30% said the same of Biden. The survey was taken from April 12 to 16, several days after the release of another hotter-than-expected inflation report, indicating consumer prices gradually ticking back up. Trump attacked Biden's economic policies immediately following the release of the data. As consumer prices heat up again, the Biden administration has kept its message on inflation the same and turned more of its attention to other aspects of the economy: jobs, tariffs and taxes. Biden's heavy focus on those issues was evident as he made the rounds in the key battleground state of Pennsylvania last week. During a Wednesday speech in Pittsburgh, Biden announced that he would support tripling tariffs on Chinese steel and aluminum imports, escalating his growing economic hawkishness toward China. And a day before in Scranton, Pennsylvania, Biden focused on the tax code and jobs: "There are only two presidents on record in all of American history that left office with fewer jobs than when they entered office: Herbert Hoover and, yes, Donald 'Herbert Hoover' Trump." These speeches come after months of Biden hammering the argument that businesses are to blame for stubborn high prices and sticky inflation, accusing companies of price gouging and "shrinkflation," the practice of selling less quantity of goods for the same price. However, as consumer prices wobble, Biden's recent remarks indicate an effort to bring other economic issues and data to the forefront of voters' minds. For example, while Trump lambasts Biden's economy, the president has doubled down on the claim that the U.S. "has the best economy in the world." In fact, the U.S. does lead developed economies on topline metrics like gross domestic product and unemployment. But voters are not so easily distracted from their feelings about inflation and the cost of living. Only 11% of respondents named "jobs and the economy" as the most critical issues facing the country heading into the November election. Meanwhile, 23% of respondents, the largest share, said inflation and the cost of living were their number one issues — both of which a majority said Trump would manage better. Overall, the NBC poll found that Biden appears to be catching up to Trump's lead, echoing a similar result from a New York Times/Siena College poll earlier this month. The NBC survey found that Trump led Biden by two points in a head-to-head matchup, which was lower than his five-point lead in January. The poll has a margin of error of +/- 3.10%. But voters' rosy memory of the Trump economy has been a consistent thread in early polling and continues to weigh on Biden's momentum. Despite Biden's efforts to refocus the conversation on other economic issues, inflation appears to remain an unavoidable barrier to winning over the public's trust.
Tens of thousands of Colombians protest against the leftist president’s reform agenda 2024-04-21 19:52:47+00:00 - The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.
Zelenskyy says Americans 'aren't funding' war in Ukraine; they are 'protecting democracy' 2024-04-21 19:42:58+00:00 - Ukraine's Zelenskyy said Americans are not 'funding war' but 'protecting democracy' with their aid. Zelenskyy said Ukrainians are fighting so that the US and others don't have to. Once passed by the Senate and signed by Biden, ammo and weapons could reach Ukraine in days. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Americans may be fatigued by the war in Ukraine, but Ukrainian President Volodymyr Zelenskyy reminded them on Sunday that at least they don't have to fight in it. The Ukrainian president's comments came Sunday morning on "Meet the Press" on NBC News, just one day after the House of Representatives approved a long-awaited aid package for Ukraine. Zelenskyy spoke with NBC's Kristen Welker. He said the United States is "protecting democracy" in Europe. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Courtroom Appearances By These Two Members Of Donald Trump's Family Could Help Him In Hush-Money Trial, Say Experts 2024-04-21 18:13:00+00:00 - Loading... Loading... As former President Donald Trump faces a hush-money trial, legal experts suggest that the presence of his wife, former First Lady Melania Trump, and daughter, Ivanka Trump, could significantly influence the jury's perception. While it's common for family members to skip the jury selection phase, experts believe Melania Trump's attendance, once the trial progresses, could cast Donald Trump in a more favorable light, especially given the allegations against him, according to Business Insider. Melania Trump's support in the courtroom could send a strong message, potentially aligning with Donald Trump's defense strategy by portraying him as a supported and wholesome family man. This aspect is essential in a case where prosecutors will most likely use terms like "porn actress" and "extra-marital affair." The Manhattan district attorney's office has accused Donald Trump of falsifying business records to conceal a $130,000 payment to adult film star Stormy Daniels, aimed at silencing her over an alleged sexual encounter with him in 2006. Experts argue that the absence or presence of Donald Trump's family, especially Melania Trump, could amplify jurors' existing perceptions of the case. "There's no question that Melania is the most important family member to be there," criminal defense attorney and former prosecutor for the Manhattan district attorney's office Mark Bederow told Business Insider. Also Read: Judge Calls Out Ivanka Trump In New York Civil Fraud Case, Says Her Memory Recall Was 'Suspect' Bederow also said that Melania Trump's courtroom support could be "potentially very powerful" given the sensual nature of the hush-money case against Trump. If jurors are inclined to view the case unfavorably towards Trump, they might question why his family isn't showing support in court. Ivanka Trump's presence at her father's criminal trial could also have a significant impact. Still, as Bederow mentioned, the attendance of his sons, Eric Trump and Donald Trump Jr., is unlikely to matter much. "Let's be honest, if Donald Jr. and Eric Trump showed up, is that going to make it any better? No. Probably, if anything, it potentially makes it worse," Bederow told Business Insider. "But it's a different story with Melania and Ivanka." Loading... Loading... This dynamic underscores the importance of family support in court, a factor well understood by defense attorneys aware of its influence on jurors' perceptions. However, Melania Trump has not attended Trump's previous Manhattan trials, including three he lost with significant financial judgments against him. Legal experts suggest that while Melania Trump's presence could be pivotal, the nature of this particular case might diminish the need for overt family support, given Trump's high-profile status and the public's familiarity with him. Now Read: Former Obama Official Predicts Major Rift Between Trump And Ivanka: 'How Long Is It Going To Take Donald Trump To Attack His Daughter?' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Rep. Marjorie Taylor Greene says Speaker Mike Johnson should resign as Democrats signal potential support 2024-04-21 17:57:00+00:00 - Rep. Marjorie Taylor Greene maintained Sunday that she plans to follow through with an effort to oust House Speaker Mike Johnson if he doesn’t resign after the House passed a $95 billion package that includes foreign aid for Ukraine. “Mike Johnson’s leadership is over. He needs to do the right thing to resign and allow us to move forward in a controlled process,” Greene, R-Ga., said in an interview on Fox News’ "Sunday Morning Futures." “If he doesn’t do so, he will be vacated.” Asked whether she plans to move forward with her motion to vacate Johnson’s speakership, she said, “It’s coming regardless of what Mike Johnson decides to do." Reached for comment about the House's changing posture toward a motion to vacate, office directed NBC News to recent remarks from Johnson, R-La., which included his saying Saturday that he doesn't walk around the Capitol "being worried about a motion to vacate." "I have to do my job. We did. I’ve done here what I believe to be the right thing, and that is to allow the House to work its will," he told reporters Saturday. "And as I’ve said, you do the right thing and you let the chips fall where they may, and I’ll continue to do that.” Johnson faces backlash from hard-right members of his party after he joined Democrats on Saturday to pass a critical foreign aid package that included $60.8 billion of aid for Ukraine. Republican Reps. Paul Gosar of Arizona and Thomas Massie of Kentucky have signed on to the motion to vacate, which Greene authored but hasn't yet brought to the floor as a privileged resolution. If the motion is brought to the floor, the three Republican votes supporting it could be enough for passage if they are joined by all Democrats in the chamber. But some House Democrats have signaled that they plan to vote to save Johnson. Rep. Jared Moskowitz, D-Fla., a moderate who is on the Foreign Affairs Committee, blasted Greene’s effort to oust Johnson on Sunday when he was asked about her criticism of the foreign aid package. “What Marjorie Taylor Greene and what Thomas Massie and what Paul Gosar are trying to accomplish by removing the speaker of the House in this very moment after Oct. 7 would only embolden China, it would only embolden Russia, [and] it would only embolden Iran,” Moskowitz said on "Fox News Sunday." Rep. Ro Khanna, D-Calif., a progressive who is a member of the Armed Services Committee, said Sunday he would protect Johnson’s job if members of his far-right flank go through with their threat to oust him. “I’m a progressive Democrat, and I think you would have a few progressive Democrats doing that. And I disagree with Speaker Johnson on many issues, and I’ve been very critical of him, but he did the right thing here,” Khanna said in an interview on ABC News’ “This Week,” referring to Johnson’s bringing the foreign aid package to the floor. “And he deserves to keep his job till the end of this term.” The shift from Democrats is noteworthy given their lockstep support of the motion to vacate that led to the ouster of Speaker Kevin McCarthy, R-Calif., in October, which ultimately resulted in Johnson’s getting the gavel. Members tried to remove speakers in previous congressional terms, but no motion ever reached the floor for a vote.
China's scenarios for invading Taiwan could be altered following Iran's failed attack on Israel, report says 2024-04-21 17:11:53+00:00 - China is likely analyzing Iran's failed attack on Israel to prepare for a possible invasion of Taiwan. Experts believe China will focus on how Israel and its allies thwarted the attack, a report said. Tensions between China and Taiwan have heightened in recent years. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement China will analyze the failed Iranian drone and missile attack on Israel in order to better prepare for an invasion of Taiwan, experts believe. Iran launched more than 300 drones and missiles in a direct attack on Israel last week, but Israel and its allies were able to shoot down most of the munitions. Rupert Hammond-Chambers, the president of the US-Taiwan Business Council, told The Telegraph that China would likely look at the incident to work out how it could get past the technology and the alliance that foiled the attack. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Thames Water-linked firm paid £14m in dividends despite concerns over group 2024-04-21 17:05:00+00:00 - A development company that sells off land no longer needed by Thames Water has paid out a £14m dividend despite warnings that it could become engulfed by the water group’s financial woes. Accounts filed at Companies House show Kennet Properties paid out a £14.5m dividend in the year to 31 March 2023 despite the difficulties faced by the wider group, which is facing going into administration. The water group, which has an £18bn debt burden, is fighting for survival amid a standoff with the industry watchdog, Ofwat, and the government. The Guardian revealed on Thursday that ministers were considering a nationalisation plan that would add most of its £15.6bn debt to the public purse. Thames, which has faced a public outcry over sewage dumping, needs to invest in its leaky infrastructure but hopes to raise consumer bills significantly to pay for it. Kennet takes on land no longer needed by Britain’s biggest water company before developing it and selling it on, typically for housing or commercial premises. It also received income for the use of sewer networks by third parties for fibre-optic cabling. Within Thames Water’s complex corporate structure, Kennet sits outside the ringfenced operating company, which is regulated by Ofwat. Its immediate parent is Thames Water Limited, and it is ultimately controlled by the group’s struggling parent, Kemble Water. Kemble warned this month that it would not be able to pay back a £190m loan due at the end of April, after shareholders said last month that Thames was “uninvestable” due to Ofwat’s stringent approach. Kemble later missed an interest payment and it is feared that the company could collapse. Thames has said this would not affect its 16 million customers. Both Thames Water and a group of lenders to Kemble have hired their own law firms as they prepare for a potential battle over a restructuring and any resulting losses for investors, the Daily Telegraph reported on Saturday. In the accounts, Kennet noted that if Kemble defaults, debt holders may “enact their right to enforce their pledge over the shares” in its parent, “resulting in a potential change in ownership of the company”. Jonathan Mogg, a Kennet director, said: “In the event of a change of ownership, the directors are unaware of the future intentions of the new owners. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern. “However, with regard to the cashflow forecast, and after considering its current cash balance and other assets … the directors have a reasonable expectation that Kennet will continue operating for at least 12 months.” Mogg said that Kennet had sought legal advice and that it was not reliant on other companies in the group to continue trading. Auditors at PwC – which has issued warnings about the future of Kemble – signed off the accounts. Kennet said it had £1.2m in cash and that, in a worst-case scenario, it could use this cash, sell parcels of land for development at auction or not renew an agreement, introduced last year and due to end in June, whereby a third party company collects income for the use of the sewer network. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The accounts, filed more than 12 months after the end of Kennet’s financial year, showed that the company made a £1.15m pre-tax profit for the year to 31 March 2023, up from £374,000 a year earlier. Revenues rose to £1.6m in 2023 – up from £1m in 2022 – comprised of £735,000 from property sales and £858,000 from sewer network income. The Guardian revealed last year that Ofwat was investigating a separate internal dividend payment of £37.5m, made by Thames Water’s operating company to Kemble last year. Kemble relies on payments from group companies to service its debts, and Thames has not paid out a dividend to its external shareholders since 2017. Sources close to Kemble said the Kennet dividend had ultimately been paid to another group company, the floating solar project developer Trinzic Energy. Kennet said that it expected to continue focusing on selling off land for residential and commercial use and also “explore commercial options” for the use of sewer networks by third parties for further fibre-optic cabling. Kemble and Thames Water declined to comment.
Nowhere for the water to go: Dubai flooding shows the world is failing a big climate change drainage test 2024-04-21 17:04:00+00:00 - Traffic diverts away from a flooded street in Sharjah on April 20, 2024, after the heaviest rainfall on record in the UAE. The Dubai flooding last week illustrated how urban engineering is failing a major climate change test. In a world marked by the increasing possibility of extreme weather events, no matter how big and modern expanding urban environments around the globe get, they don't have enough places for all the water to go when there's too much of it. The United Arab Emirates' city and others like it built on previously uninhabitable areas reflect 20th century urban development ideas that result in the blocking of natural water absorption systems. Add increased populations, bringing with them more waste — and more need for landfills and other waste disposal methods — and the drainage challenge will continue to bedevil major global cities like Dubai facing more frequent, massive rainfalls. Last Tuesday, the UAE received more than 10 inches of rainfall in some places, and roughly half of that level in Dubai, amounts equal to annual rainfall averages in the UAE. More frequent rain in recent years in the UAE is expected to get even worse in the years ahead, in particular, intense daily rainfall accumulations. Claims were made last week that experiments the UAE has been conducting with cloud seeding contributed to the rainfall, but the government told CNBC that was inaccurate, and other experts have dismissed those claims. What's known is that Dubai was built on sand, a natural environment which lets water seep into the soil very easily. But by pouring massive amounts of concrete on top of Dubai's natural terrain, the developers effectively blocked the soil from absorbing water. Last week's rainfall was the largest amount of precipitation recorded since the country began keeping tabs in 1949. "We have natural drain places that bring water directly to the aquifers and then inside our water stocks," said architect Ana Arsky, CEO of environmental startup 4 Habitos Para Mudar o Mundo, one of several climate experts interviewed by CNBC about Dubai at last week's Web Summit Rio. "When we pave, it's not there anymore." The rapid rise of populations tied to global urbanization trends adds to waste, and while trash isn't visible on Dubai's streets, it has to go somewhere, often ending up in less than ideal locations. Plastic products don't absorb water well, and when they end up in landfills around the world, massive piles of trash contribute to a global backup of natural drainage systems.
Mary Trump mocks her uncle for appearing to fall sleep in hush money court 2024-04-21 17:00:39+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Donald Trump's estranged niece, Mary Trump, swiped the former president after it was reported he fell asleep in court, saying she's concerned narcolepsy runs in the family. According to a The New York Times report Monday, the Republican presidential candidate "appeared to nod off a few times. His mouth going slack and his head drooping onto his chest" during the first day of his New York hush money trial. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Speaking on her uncle's apparent drowsiness on SiriusXM on Wednesday, Mary Trump joked, "I'm a little worried that narcolepsy runs in the family." Narcolepsy is a condition where the brain struggles to control sleep-wake cycles, leading sufferers to feel drowsy throughout much of the day. Advertisement Mary Trump said she believes "we can't underestimate the extent of the depth of the narcissistic injury he's suffering" as a result of the hush money trial, which enters its second week on Monday. Related stories President Joe Biden's campaign moved quickly to exploit the reports of Trump dozing off, dubbing the former president "Sleepy Don." Trump had as long insulted Biden as "Sleepy Joe." He was also taunted on social media with hashtags including #DonSnorleone. "It's a moment that, unconsciously, he's probably been dreading for the last five and a half decades," Mary Trump said of the trial in New York. Advertisement "Part of him was probably always terrified that it was going to come, but also, he probably never believed it would because he always gets away with everything. And here we are. And trust me, he understands how serious this is," she said. Mary Trump has been a longtime and fervent critic of her renowned relative. In a Business Insider interview in 2021, she said, "He is a fascist. But he probably doesn't know what fascist means." The jury for Trump's hush money trial was selected this week, with opening remarks expected on Monday. The former president faces allegations he falsified 34 business records to cover up a $130,000 hush-money payment to porn star Stormy Daniels days before the 2016 election. Donald Trump at the defense table in his Manhattan hush money trial with attorney Emil Bove. Reuters/Jane Rosenberg On Saturday, Trump took to social media to express his anger against the judge and the circumstances of the trial. Advertisement
As most AI execs scramble for more data, Mark Zuckerberg says there's actually something more 'valuable' 2024-04-21 16:53:43+00:00 - Meta CEO Mark Zuckerberg weighed in on the AI data race in a new interview. As the AI arms race heats up, many tech companies are scrambling for new data sources. But Zuckerberg says 'feedback loops' will be more important for training AI models than data. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Meta CEO Mark Zuckerberg has a hot take on Big Tech's race for AI training data: It's not about the data. "The thing that I think is going to be more valuable is the feedback loops rather than any kind of upfront corpus," Zuckerberg said in an interview with the Command Line , a tech industry newsletter. Feedback loops are used to retrain and improve AI models over time based on their previous outputs. These algorithms let AI models know when they make an error, for example, and provide them with data to adjust their future performance. "Having a lot of people use it and then seeing how people use it and being able to improve from there is actually going to be a more differentiating thing over time," he said. Related stories Sourcing new data for their insatiable AI models to consume —which theoretically will make them smarter — is now an obsession for companies racing to dominate AI. Advertisement Companies like OpenAI, Google, Amazon, Meta, and others have considered some wild solutions . Meta, for instance, was so desperate for data at one point that it considered buying the publishing company Simon & Schuster and even weighed risking copyright lawsuits for more material, The New York Times reported. Another solution to the problem of limited data is just creating new data, something Big Tech calls "synthetic data." Synthetic data is artificially generated and designed to mimic data generated by real-world events. Zuckerberg's into it. "I think there's going to be a lot in synthetic data, where you are having the models trying to churn on different problems and see which paths end up working, and then use that to reinforce," he said. Anthropic, the maker of chatbot Claude, has also fed internally generated data into its models . And ChatGPT maker OpenAI is considering it, although CEO Sam Altman said at a conference last May that the key is having a model "smart enough to make good synthetic data." Advertisement And while Zuckerberg sees feedback loops as the key to building powerful AI models, there are also risks in relying on them. They could reinforce some of their mistakes, limitations, and biases if they're not trained on "good data" to begin with.
‘Civil War’ continues box-office campaign at No. 1 2024-04-21 16:52:33+00:00 - NEW YORK (AP) — “Civil War,” Alex Garland’s ominous American dystopia, remained the top film in theaters in its second week of release, according to studio estimates Sunday. The A24 election-year gamble, the indie studio’s biggest budgeted film yet, took in $11.1 million in ticket sales at 3,929 theaters over the weekend. The $50 million film, set in a near-future U.S. in which Texas and California have joined in rebellion against a fascist president, has grossed $44.9 million in two weeks. Its provocative premise – and A24’s marketing, which included images of U.S. cities ravaged by war – helped keep “Civil War” top of mind for moviegoers. But it was a painfully slow weekend in theaters – the kind sure to add to concern over what’s thus far been a down year for Hollywood at the box office. Year-to-date ticket sales are down almost 20% compared to last year, according to Comscore. Going into the weekend, Universal Pictures’ “Abigail,” a critically acclaimed R-rated horror film about the daughter of Dracula, had been expected to lead ticket sales. It came in second with $10.2 million in 3,384 theaters. That was still a fair result for a film that cost a modest $28 million to make. “Abigail,” which remakes the 1936 monster film “Dracula’s Daughter,” is about a 12-year-old girl taken by kidnappers who soon realize they’ve made a poor choice of hostage. It’s directed by the duo Matt Bettinelli-Olpin and Tyler Gillett whose production company goes by the name Radio Silence. More concerning was the overall tepid response for a handful of new wide releases – and the likelihood that there will be more similar weekends throughout 2024. Last year’s actors and writers’ strikes, which had a prolonged effect on the movie pipeline, exacerbated holes in Hollywood’s release schedule. Horror films, in recent years among the most reliable cash cows in theaters, also haven’t thus far been doing the automatic business they previous did. According to David A. Gross, who runs the consulting firm Franchise Entertainment Research, horror releases accounted for $2 billion in worldwide sales in 2023. Guy Ritchie’s “The Ministry of Ungentlemanly Warfare” debuted with $9 million in 2,845 theaters. In the based-on-a-true-story Lionsgate release, which reportedly cost $60 million to produce, Henry Cavill leads a World War II mission off the coast of West Africa. Though Ritchie has been behind numerous box-office hits, including the live-action “Aladdin” and a pair of Sherlock Holmes films, his recent movies have struggled to find big audiences. The Lionsgate spy comedy “Operation Fortune: Ruse de Guerre” grossed $48 million against a $50 million budget, while MGM’s “The Covenant,” also released last year, made $21 million while costing $55 million to make. A bright sign for “The Ministry of Ungentlemanly Warfare”: audiences liked it. The film earned an A-minus CinemaScore. The anime “Spy x Family Code: White,” from Sony’s Crunchyroll, also struggled to stand out with audiences. Though the adaptation of the Tatsuya Endo manga TV series “Spy x Family” has already been a hit with international moviegoers, it debuted below expectations with $4.9 million in 2,009 U.S. theaters. The mightiest film globally, though, continues to be “Godzilla x Kong: The New Empire.” The Warner Bros. monster movie has for the past month led worldwide ticket sales. It added another $9.5 million domestically and $21.6 million internationally to bring its four-week global total to $485.2 million. Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore. Final domestic figures will be released Monday. 1. “Civil War,” $11.1 million. 2. “Abigail,” $10.2 million. 3. “Godzilla x Kong: The New Empire,” $9.5 million. 4. “The Ministry of Ungentlemanly Warfare,” $9 million. 5. “Spy x Family Code: White,” $4.9 million. 6. “Kung Fu Panda 4,” $4.6 million. 7. “Ghostbusters: Frozen Empire,” $4.4 million. 8. “Dune: Part Two,” $2.9 million. 9. “Monkey Man,” $2.2 million. 10. “The First Omen,” $1.7 million.
Donald Trump's PAC Doesn't Have Much More Cash Left In Its Tank To Cover His Legal Bills 2024-04-21 16:50:00+00:00 - Loading... Loading... The Save America PAC, closely associated with former President Donald Trump, is facing financial strain after disbursing nearly $3.7 million in legal fees just in March. This expenditure is part of a larger trend — the PAC has spent over $59.5 million on legal consultations since the beginning of 2023. The substantial outflow of funds towards legal defenses, highlighted by over $1.1 million directed to law firms involved in Trump's New York hush money trial, underscores the financial toll of ongoing legal challenges on Trump's political machine. Referring to its latest filings with the Federal Election Commission, Politico reported on the expenditures and new legal debts incurred. Despite the heavy legal spending, which rivals the monthly expenses of Trump's campaign committee, Save America maintained a positive balance in March, thanks to a $5 million refund from Make America Great Again Inc., a super PAC supporting Trump. Also Read: Trump In Hot Seat In Hush-Money Case, Prosecutors Seek Deep Dive Into Ex-President's Alleged Misconduct And Manipulation This financial interplay between the PACs has been a lifeline for Save America, facilitating its role in covering legal expenses linked to Trump and his allies. However, the sustainability of this funding model is in question as MAGA Inc. is capped at transferring only $2.75 million more to Save America. This limitation, coupled with the Save America PAC's dwindling cash reserve of just over $4 million, poses challenges to its ability to continue as the main conduit for Trump's legal funding. Amidst these financial constraints, the Republican National Committee (RNC) reported its most successful fundraising month in March, bringing in $20 million. Despite this, the RNC's expenditures left it with a cash reserve significantly less than that of the Democratic National Committee. Additionally, MAGA Inc. saw a robust influx of funds, with significant donations from high-profile GOP supporters. However, most of these funds are earmarked and cannot be directed to Save America. Now Read: Donald Trump's Debt Spiral: Ex-President Now Owes $1 Million More In Interest Related To NY Fraud Case This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Cramer: The 'proximate cause' of Super Micro's 23% drop Friday? Go back to March 8 2024-04-21 16:25:00+00:00 - At law school, we learned about "proximate cause," one of the few valuable concepts you can take from three years of drudgery. It's about who and what caused the injury and who pays for it. The current stock market lends itself to proximate causes, as in, "We have to find a cause for the pronounced downturn that could lead tech, and more specifically, Super Micro , down the rabbit hole." If you can figure out the proximate cause of a 23% decline in the heretofore best-performing stock in the S & P 500 this year, you might be able to come to grips with what's happening in the market underneath. Of course, the difference between this collapse, which doesn't seem over, and real life? There is no insurance, the bedrock payer when you figure out who's at fault in the market. Or is there? Let me explain. On Friday, Super Micro, a server and data storage company, committed the mortal sin of announcing when it was going to report quarterly earnings — on April 30. Nowhere in the press release for this vital cog in the generative artificial intelligence boom was there a preannouncement of its latest results, the lack of which became the rallying call to knock a stock to $713 from $877 during the session. Let's not forget the stock dropped another 3% in after-hours trading. But was that the proximate cause? Super Micro shares had already fallen from a peak of $1,229 on March 8, so you can't pin the tail on skipping the preannouncement. No, the real proximate cause, the one that's really at fault, was the February unemployment report, which came out on March 8. It's a day that should live in tech infamy, the day Nvidia rallied 5% to its peak only to fall 5% into the close — one of the worst reversals I have ever seen. Nvidia shares opened at $951, climbed to a yearly high of $974, and closed at $875. It hasn't traded higher since. At the time, many thought the proximate cause of Nvidia's pirouette was the performance of two chipmaker peers. Marvell Technology missed its revenue numbers and fell far short of its projections for AI equipment. That seemed pretty benign. But not when combined with news from Club stock Broadcom , which provided an outlook that didn't include a revenue raise. Given that Broadcom and Marvell are key cogs in getting AI to customers and they compete against each other, the only logical conclusion was that generative AI might be slowing. Both stocks tumbled hard. Marvell CEO Matt Murphy talked about how AI equipment was pretty strong but not strong enough to offset the decline in classic tech infrastructure including cell phones. When your company is thought to be earning 40 cents and it comes in at 23 cents, it's disturbing and it turned out to be a metaphor for all of AI. Surely those two updates couldn't be the proximate cause of the peak of Nvidia, right? Correct, because that day was also the day the non-farm payroll report came in hot and right after Federal Reserve Chairman Jay Powell signaled he was ready to cut interest rates. Given that employment came in red hot with 303,000 jobs, about 100,000 more than expected, with strong wage growth, we recognized that Powell was dead wrong in his forecast. Yep, that was the day that things started unraveling in the big picture. That was the day it all started, the great exodus from the leaders. That was the day when Nvidia reached its apex and so did the whole cohort. It was the unemployment number that was the real proximate cause because that was the day that the big rate cut theory was dashed. That was the day that caused the peak in tech and started the big switch to the sidelines of the hot money that had set the fire under those stocks that had been leading the market. Did the peak in tech coincide with the employment number or was the employment number the proximate cause of what has happened since? In my studies of the market, I have come to believe that there are only 12 important indicators a year, the 12 employment numbers. Sure, this Fed has made it known that it cares about the price deflator, the one we get this Friday, and about the consumer price index. That's all well and good, but it's the bond market that sets the rules and the bond market lives and dies by employment data. I don't care about what Jay Powell thinks matters, or what the other Fed officials blather about and which we cover as if each one is a god who sits around and spitballs ideas with Zeus. I know one thing: If unemployment doesn't go above 4% then nothing matters. We aren't going to get job growth without some inflation. That's wishful thinking. Sure, sub rosa you can get it with however many immigrants come in. But the reported numbers don't include the immigrants and we don't know how many have work permits because the Biden administration won't tell us. All we know is the apples-to-apples number and that was the day when the market figured out that there could not be as many rate cuts this year as previously thought. Those employment figures told you everything you need to know about Powell's grand mistake. That number dashed the dot plots. It set us up for a fall but many didn't expect that the fall would be in generative AI and not the typical losers, the industrials. They powered on. Here's what happened that fateful day: We knew there would be no recession and if there was no recession, we didn't need easing from the Fed. We also didn't need to be in the super growth stocks that were turning into just high growth stocks. That's because high growth compares just aren't as exciting as homebuilder compares or the compares of decyclicalized companies like Caterpillar which reports this week. Decyclicalized is a term, by the way, that Caterpillar CEO Jim Umpleby gave me to explain why CAT would surprise the analysts. He said it when CAT shares were at $208, they now trade at roughly $354. Now there's a good call. Since March 8, this market has been notably wretched. Amazon , Microsoft , and Meta Platforms are the only standouts. The Nasdaq has been particularly bad. What could turn things around? If March 8 is right, you would need both upside surprises and only weaker employment. You see, a lack of upside surprises in the hottest tech cohort and strong employment are the proximate causes of what's happened. The collapse of Super Micro's stock is just part of an ongoing move that has only accelerated since that peak day. Right now the money coming out of this market is departing ferociously to the sidelines. We have had the largest two-week outflow since 2022. Some went to pay taxes — the bills were anomalously large this year. But I think lots of investors had no idea what Super Micro did or was and are still mystified by Nvidia, mystified enough to hit the exit when they saw the slide without really thinking about anything other than the pain they were experiencing. When Jeff Marks and I talk this week about what we see happening in the future, we will delve into this past and how it all happened so quickly. Fortunately, there's some money left for stocks. It didn't all go from tech to the sidelines. Our miserable scaling out of tech on the way up has given us a chance to re-apply, so to speak, and it worked both relatively and absolutely except in Apple and Nvidia, which we trimmed to right-size our positions. The discipline of rules about concentration trumps even own-don't-trade dictums. Apple, as we know, has been relegated to the near-disaster category. It's a stock that is headed to $160, not a new forecast. Nvidia? I thought it could stabilize in this area, but it's going to be a battle just like it was last year from July until the end of the year. What matters is that fated March 8 day, the combination of a too-strong economy that obviated cuts and a set of key AI plays missing their numbers. The money right now has gravitated to higher-for-longer rate plays. That includes two of the best in Wells Fargo and Morgan Stanley , as well as industrials that can stay up when there is no need for Fed help. It also includes consumer packaged goods companies that put through price increases and haven't had to cut prices to the consumer: Think General Mills and Procter & Gamble . That's why it was so stupid that P & G fell initially on Friday after reporting solid earnings. I will tell you what can get us out of this mix when we get together on Wednesday at noon ET for the April Monthly Meeting. But now at least you know how we got into this mess and that holds the key to how we can get out of it — both for an oversold bounce for tech and then perhaps another decline before we get something sustainable going to the upside. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. The logos of Super Micro Computer are pictured at one of the world's largest computer and technology trade shows in Taipei, Taiwan, on May 30, 2023. Ann Wang | Reuters
Top 10 U.S. cities for eco-conscious living—they're almost all on the West Coast 2024-04-21 15:56:00+00:00 - In honor of Earth Month, realtyhop ranked the greenest U.S. cities for homebuyers. The report evaluated each city based on the following criteria: Sustainability Policy and infrastructure Energy Environment Affordability Overall, the study found that the majority of the greenest cities are on the West Coast — five are in California alone. California is one of the states tackling climate change head-on by passing laws that will require companies to publicly report their greenhouse gas emissions and climate-related financial risks. One of the laws California Governor Gavin Newsom signed will require large businesses with more than $1 billion in annual revenue that operate in California to provide detailed disclosure of their greenhouse gas emissions, according to CNBC. Portland, Oregon is the greenest city in America With a total score of 62.34, Portland, Oregon took the No. 1 spot on Realtyhop's list of greenest U.S. cities. It ranked No. 10 for sustainability, No. 14 for policy and infrastructure and took higher spots at No. 4 in the energy category, second place for environment, and No. 4 in affordability. Portland ranked as the greenest city for homebuyers in the U.S., according to realtyhop. Jordan Siemens | Getty Images Portland is actively working on achieving a net-zero carbon emissions goal by 2050 and uses wind and other forms of renewable energy to help keep the city running. Over one-third of Portland's 2,500 miles of sewer pipes are more than 80 years old, so the city uses green infrastructure to protect the aging sewer system, according to Portland's Environmental Services. The city uses green streets, eco-roofs, trees and more to manage the stormwater. Portland also has a relatively affordable housing market compared to other major cities in the area with the average home value at $539,524, up 0.9% over the past year, according to Zillow. Top 10 greenest cities in America Portland, Ore. Washington, D.C. San Francisco, Calif. Seattle, Wash. Oakland, Calif. Spokane, Wash. New York, N.Y. Sacramento, Calif. San Diego, Calif. San Jose, Calif. The second-greenest city on the list is Washington, D.C. The report ranked the nation's capital highest for the environment, in the top three for sustainability, and in the top five for energy, with a total score of 60.25. Washington D.C., ranked as the No. 2 greenest place for U.S. homebuyers, according to realtyhop. Kanzilyou | Istock | Getty Images
Cannabis Investors Share 'Chips Make Chunks' Wisdom For Business Expansion At Benzinga Conference 2024-04-21 15:49:00+00:00 - Loading... Loading... How do you scale a cannabis business? What strategies should companies employ? These pivotal questions set the stage at the recent Benzinga Cannabis Capital Conference in Florida, where industry leaders gathered to share their insights amid the sector's dynamic challenges. Moderated by Barbara Webb, a tax partner at MGO, the panel featured John Levine CEO of MariMed MRMD, Seth Yakatan, co-founder of investment firm Katan Associates and Alex Gray, co-founder and CSO of Good Day Farm. Strategic Expansion And Capital Challenges John Levine discussed MariMed’s targeted growth strategy, emphasizing the importance of strategic expansion through vertical integration across several states, in addition to the active pursuit of mergers and acquisitions. "Our focus is to continue our strategic plan of expanding in each of the states that we're in till we're fully vertical in each of those states, maxing out the number of licenses in each of them," Levine said. This ambitious expansion strategy is critical in a competitive landscape where scale can significantly impact market presence and operational efficiencies. The conversation turned toward the hurdles of raising capital in a sector that, despite its growth, remains financially intricate due to regulatory constraints. Focusing On Core Strengths Seth Yakatan offered a contrasting perspective, emphasizing the significance of concentrating on a few core areas that promise substantial cash flow rather than diluting efforts across too broad an array. Yakatan’s advice to businesses is about mastering select areas of operation, "For me, scale is figuring out the 1 or 2 things as a company that you do well that generates cash flow for you...the mistake is people have tried to do 7 or 8 things at the same time and grow on a massive scale." This strategy marks a shift from previous industry tendencies towards rapid, broad-scale expansion. By focusing on core strengths, businesses can avoid the inefficiencies and diluted efforts that often accompany overextension. Yakatan's insights highlighted a more sustainable path to growth in the cannabis industry, where a focused approach can lead to better profitability and long-term success. Loading... Loading... Efficiency And Cost Reduction Alex Gray spoke on behalf of Good Day Farm, emphasizing scaling earnings through efficiency and cost-cutting measures across the business. The approach of "chips make chunks" involves scrutinizing all aspects of operations to improve margins and operational efficiency, which is crucial for sustainable growth. Supply Chain And Market Adaptation The panelists agreed that scaling in the cannabis industry faces unique challenges, notably supply chain complexities and market-specific regulations. The necessity of adapting product offerings and packaging to comply with diverse state regulations underscores the intricacies of scaling in this sector. The discussion also highlighted the variance in scaling strategies between larger companies and small to medium enterprises (SMEs). While larger entities might focus on strategic acquisitions and extensive capital investments, SMEs often prioritize operational efficiencies and niche market penetration to grow. Investor Perspectives Changing investor attitudes towards scaling in the cannabis industry were discussed, with a notable shift towards valuing sustainable growth and operational efficiency over rapid expansion. The conversation underscored the importance of cash flow, strategic capital allocation, and the adaptability of business models to the unique demands of the cannabis market. Photo: AI-Generated Image.
Bitcoin miners upgrade power centers and get into AI to brace for slashed revenue post halving 2024-04-21 15:47:00+00:00 - watch now AUSTIN, TEXAS — Adam Sullivan left investment banking to mine bitcoin at an awkward time. It was May 2023, bitcoin was trading at around $21,000, U.S. regulators were in the thick of cracking down on the sector writ large, and Core Scientific , the company he had agreed to take over, was battling angry lenders in a Texas bankruptcy court over tens of millions of dollars in outstanding debt. But Sullivan knew that, with a lifeline, he could get the business to a much better place. That's because the halving was on the way, and with it would likely come a big rally in bitcoin. Late Friday night, the bitcoin code automatically cut new issuance of the world's largest cryptocurrency in half. It happens roughly every four years, and in addition to helping to stave off inflation, it historically precedes a major run-up in the price of bitcoin. The technical event is relatively simple: Bitcoin miners get paid in bitcoin to validate transactions, and after 210,000 blocks of transactions are computed and added to the main chain, the reward given to the miners securing bitcoin is 'halved.' There are more than a dozen publicly traded miners on the network and thousands of smaller, private ones around the globe, constantly racing to process transactions and get paid in new bitcoin. Because the event leads to a cut to rewards paid to miners directly, they'll be the first ones to feel the impact of the halving. Zoom In Icon Arrows pointing outwards The price of bitcoin has touched new all-time highs after each "halving" event. CNBC Typically, when the halving cuts supply, it's led to huge rallies for bitcoin. In fact, the previous (and only) three halvings in the chain's history have come before every bull run, in which the coin has touched new all-time highs and a surge of investors have entered the market for the first time. That rapid price increase has helped many miners stave off the worst since it tends to offset the impact of having the block prize cut in half. "As a company that was already in the process of scaling our infrastructure during the previous halving, we know the toll that halvings can take on a company if it is not adequately prepared," Core's Sullivan told CNBC. The aggregate market cap of the 14 U.S.-listed bitcoin miners tracked by JPMorgan analysts, which accounts for around 21% of the global Bitcoin network, declined 28% over the first half of April to $14.2 billion, reaching year-to-date lows. Bitdeer was the best-performing stock over the period, down around 20%, versus Stronghold Digital , which was 46% lower. Some have billed the 2024 bitcoin halving as a seminal moment for the mining sector. Depending on how much prep work miners have done, it could easily make or break them. "Being prepared for a halving means evaluating all of your power strategies, all of your software capabilities, all of your operations," continued Sullivan. Others are less concerned given recent price moves in bitcoin. In a research note from Needham on Apr. 16, analysts said they expect the halving to only have a modest impact to miners' estimated EBITDA margins, despite the 50% reduction in revenue, since the price of bitcoin has been trading in the range of $60,000 to $70,000. "We expect geopolitical tensions and interest rate policy to be the biggest near-term drivers of crypto price action," Needham analysts wrote, adding that at a bitcoin price above $60,000, the halving is "derisked for nearly all public miners." The bank did, however, single out their preference for low-cost bitcoin producers like Riot Platforms , Bitdeer, and Cipher Mining . Meanwhile, if bitcoin prices fall, Needham says the most outsized native impact will be felt by higher cost producers that are also levered to higher bitcoin prices via large treasury holdings. Analysts from JPMorgan echoed a similar sentiment, writing in an Apr. 16 research note that they think "recent weakness offers an attractive entry point" for investors and that they are "especially bullish" on Riot, which they believe offers attractive relative valuations. Power supply for Whinstone's bitcoin mine in Rockdale, Texas. Years spent bracing for the halving Miners have had years to prepare for the halving, including seeking lower power costs and upgrading their fleets to more efficient machines. "Bitcoin's halving happens like clockwork every four years," said Haris Basit, chief strategy officer of Bitdeer Technologies Group. "It's a known variable that is a benchmark for us to remain focused on operational excellence." To that end, the Singapore-headquartered mining firm has invested in new data centers, but its core strategy has been to increase vertical integration through research and development. 25% of its staff is focused on R&D efforts, which Basit says have "led to new innovations and revenue pathways, such as our recently announced 4nm mining rigs and AI Cloud offerings." Analysts at Cantor Fitzgerald recently named Bitdeer as having one of the industry's lowest "all-in" cost-per-coin. Greg Beard, the CEO and Chairman of Stronghold Digital Mining, tells CNBC that miners whose only lever is more efficient machines will be at a disadvantage. "Miners who own their low-cost power are better positioned," said Beard. "Operational costs will be lower, allowing them to be more flexible with their capital." Core's Sullivan agrees, noting that bitcoin mining data centers in the future will work hand-in-glove with power generators and grid operators to serve as a virtual battery for grid operators – allowing them to increase base load, curtail bitcoin data centers when they need to, and avoid peak generation loads, which he says are dirty and expensive. "We own and operate our infrastructure, giving us greater control over operational and strategic decisions, such as the potential to expand into high-performance computing hosting," said Sullivan. Core Scientific, which launched in 2017 and now manages seven mining sites in five U.S. states, also owns the full technology stack. The company has been looking to diversify its revenue streams beyond purely bitcoin. Sullivan says that existing data centers offer reconfiguration opportunities to accommodate new types of high-value compute. "Certain data centers are located in close proximity to major metropolitan areas, making them candidates for low-latency, high-value compute applications," said Core's CEO. Bitdeer's bitcoin mine in Rockdale, Texas. Riot Platforms CEO Jason Les told CNBC that preparation for the halving came down to the company's long-standing focus on achieving a low cost of power, strong balance sheet, and significant scale of operations. Les says that's what has positioned the firm to both withstand the halving with positive margins and be well positioned for upside on the other side of it. "Our new Corsicana Facility was energized just this week, and we will be significantly scaling up our hash rate with next-generation equipment at that new site over the remainder of the year," said Les. "As a result, we are positioned to mine more bitcoin per day at the end of the year than we do today, despite the halving." Marathon Digital , which has seen its stock rise more than 70% in the last year, took a different approach to scaling the business than its rivals. CEO Fred Thiel tells CNBC that the company grew quickly using an asset-light approach, where Capex was spent on mining rigs rather than infrastructure. "In December, we owned less than 5% of the sites where we were hosting our miners," said Thiel. "Today we now own 53% of our total 1.1 gigawatts of capacity, having purchased it at less than the build and replacement cost." Owning sites lowers Marathon's cost to mine by up to 20% on a marginal cost basis. Thiel also noted that by the end of 2024, Marathon expects to further improve efficiency by 10% to 15% as they deploy the next generation rigs across their new sites. That boost to efficiency isn't just about new gear, however. The firm is deploying its own custom firmware, which allows it to operate even more efficiently. Marathon, along with other mining firms, has begun diversifying its business model into ancillary operations beyond purely bitcoin mining, as well. Thiel says the company recently launched an energy harvesting division, where they are compensated for converting stranded methane and bio-mass into energy, which they then sell heat back into an industrial or commercial process. The service essentially subsidizes and lowers Marathon's cost to mine significantly. The company expects this new business line to generate a significant portion of its revenues by the halving in 2028. watch now Diversifying revenue The April 2024 bitcoin halving looks a lot different than the three that came before it. For years, increased competition resulting from new miners coming online has been cutting into profits, because more miners means more people are sharing the same pool of rewards. In a research note from JPMorgan on Apr. 16, analysts note that the network hashrate, a proxy for industry competition and mining difficulty, was up 4% in April from the month before. Stronghold's Beard says the halving is a headwind dwarfed by the global hashrate increasing nearly five-fold from the last one in May 2020. "Mining is a tough industry especially because there are a lot of nation states that have extra power power and they're dedicating it to mining," said Nic Carter of Castle Island Ventures. "It's a free market, anybody can enter into it as long as they have the basics." U.S. spot bitcoin exchange-traded funds have also significantly shifted the pricing dynamics. In years past, the price of bitcoin didn't surge until after the halving. But in the wake of record flows into these spot bitcoin funds, the world's largest cryptocurrency touched a fresh all-time-high above $73,000 in March. "The recently approved bitcoin ETFs have proven to be huge pipelines of capital into bitcoin and that universe of ETFs continues to grow with the recent approvals in Hong Kong as well," said Riot's Les. "We think the price action we've seen in bitcoin year-to-date reflect that and has us very optimistic on what bitcoin mining economics can look like in the months and years post-halving." watch now Blackrock's ETF reached $17 billion in net assets within a few months of launching. Beard of Stronghold tells CNBC that if Blackrock added even just a billion dollars more of bitcoin in April to its ETF, it would single handedly create demand for more coins than the mining industry will supply post halving. What is also different this time around is that the block reward is no longer the primary form of miner revenue. Recent programming innovations in bitcoin have given way to a burgeoning ecosystem of projects building on top of bitcoin's blockchain, which has translated to greater transaction fee revenue for miners. There is a limit to how large the blocks can go but the value of those blocks is about to increase significantly, according to Bill Barhydt, who is the CEO and founder of Abra. From Barhydt's vantage point, he supports miners with a mix of services, including their auto liquidations, so he has access to a lot of macro data across the sector. "The math is simple," begins Barhydt. "Bitcoin blocks are fixed in size and the demand for data within those blocks is going to increase significantly for several reasons, including more retail wallet holders moving their bitcoin into and out of storage, new uses cases like Ordinals (NFTs for bitcoin) and DeFi on bitcoin, institutional settlement requirements for exchange traded products in the U.S., Hong Kong, Europe, etc., lightning settlement transactions, and more." At the current rate of adoption, Barhydt believes that transaction fees in this cycle would likely peak within 24 months at 10 times their cost during the previous cycle peak, due to a combination of a higher price for bitcoin itself, combined with higher demand for the space inside each block. Castle Island's Carter isn't so sure that fee-based revenue can completely make up for lost income post-halving. "It's not entirely clear that fees are fully offsetting the lost revenue, and in fact, I don't expect that to happen" said Carter. Fees tend to be really cyclical. They rise sharply during periods of congestion, and they fall back to near zero during other normal periods. Carter cautions that miners will see spikes in fees, but there is not yet an enduring, strong, and robust fee market most of the time. watch now Swapping ASICs for AI In the last year, there has been a surge in demand for AI compute and infrastructure that can support the massive workloads required to power these novel machine learning applications. In a new report, digital asset fund manager CoinShares says it expects to see more miners shift toward artificial intelligence in energy-secure locations because of the potential for higher revenues. Already, mining firms like BitDigital, Hive, Hut 8, Terawfulf, and Core Scientific all have either current AI operations or AI growth plans. "This trend suggests that bitcoin mining may increasingly move to stranded energy sites while investment in AI grows at more stable locations," write analysts at CoinShares. But pivoting from bitcoin mining to AI isn't as simple as re-purposing existing infrastructure and machines. The data center requirements are different, as are the data network needs. "AI presents several challenges, notably the need for distinct and considerably more costly infrastructure, which establishes barriers to entry for smaller, less capitalized entities," continues the report. "Additionally, the necessity for a different skill set among employees leads to increased costs as companies hire more AI-skilled talent." The rigs used to mine bitcoin are called ASICs, short for Application-Specific Integrated Circuits. The "Specific" in that acronym means that it can't be used to do other things, like supporting the underlying infrastructure for AI. "If you're a bitcoin miner, your machines can't be repurposed," explains Carter. "You have to buy net new machines in order to do it and the data center requirements are different for AI versus bitcoin mining." Sullivan says that Core Scientific, which has been mining a mix of digital assets since 2017, began to diversify into other services in 2019. "The company has owned and hosted Nvidia DGX systems and GPUs for AI computing, having built and deployed a specialized facility specifically for high-value compute applications at our Dalton, Georgia data center campus," he said. Core Scientific has also partnered with CoreWeave, a cloud provider which provides infrastructure for use cases like machine learning. Sullivan says the combined capabilities will support both AI and High Performance Compute workloads, resulting in an estimated revenue of $100 million, though he says the total potential revenue is much higher given their significant infrastructure footprint that can be fitted to host some of the most advanced GPU compute coming to market. "Bitcoin mining is an early example of high-value compute, attracting significant capital and a number of companies scaling their operations to support the Bitcoin network," said Sullivan. But Sullivan thinks few operators will be able to make the transition to AI. Sullivan continued, "Bitcoin mining sites can only be repurposed if they meet the attributes that are required for HPC. Many existing sites across North America do not meet these needs."
North Carolina medical marijuana sales begin at Cherokee store 2024-04-21 15:39:07+00:00 - CHEROKEE, N.C. (AP) — Medical marijuana can now be legally purchased in North Carolina with the Eastern Band of Cherokee Indians opening its long-planned dispensary this weekend on tribal land. Hundreds of people, many with approved medical patient cards to purchase items, celebrated the historic opening of the Great Smoky Cannabis Co. on Saturday within the Eastern Band land known as the Qualla Boundary, the Asheville Citizen-Times reported. Saturday was April 20, which is also known as “420 Day,” or an annual day for the celebration of marijuana. The ceremony marks the latest liberalization of marijuana rules by the tribe, which in 2021 decriminalized possession of small amounts of marijuana within its 89 square miles (231 square kilometers) of land in the Blue Ridge Mountains. The tribe also formed a medical marijuana system that included a tribe-created business to grow cannabis and sell it, reaping financial rewards for the tribal members and assisting those with medical conditions. “This project will change the trajectory of their lives forever,” Forrest Parker, general manager for Qualla Enterprises, the tribal company that manages the dispensary, said during the opening ceremony. “It will be a conduit to generations of social, economic and spiritual growth, unlike anything that’s ever been witnessed.” The Eastern Band, with about 14,000 members, can pass rules permitting cannabis as a sovereign nation and federally recognized tribe. Marijuana use remains illegal in the rest of North Carolina. Still, Republican U.S. Sens. Thom Tillis and Ted Budd have raised concerns with federal and state law enforcement about whether drug laws will continue to be carried out in light of the dispensary. A statewide medical marijuana bill has been considered in recent years by the North Carolina General Assembly. Adults at least 21 years of age with a tribe medical cannabis patient card or an out-of-state approved medical marijuana card can purchase items at Great Smoky Cannabis Co. The scope of marijuana sales could become much greater. A majority of Eastern Band voters backed in a referendum last September the adult, recreational use of marijuana on tribal land. The question also asked whether voters supported the tribal council to develop legislation to regulate such a market. The Charlotte Observer reported that an adult use ordinance could be finalized in June, citing council member Boyd Owle. “Let’s get it right before we put it out there. But we’re on the right track,” Owle said after a council work session on the ordinance earlier this month. The dispensary could generate over $200 million in gross sales revenues in its first year if limited to medical patients, compared with $385 million if the product is available to all adult users, according to figures from Qualla Enterprises released before last year’s adult-use referendum. Saturday’s ceremony featured tribal translator Myrtle Driver Johnson purchasing the first medical marijuana in a transaction made in English and Cherokee. She said that she had named and translated the different strains of cannabis into Cherokee.
Marjorie Taylor Greene Takes Step Back In Effort To Remove Speaker Mike Johnson But Blasts Him As 'A Lame Duck' 2024-04-21 15:27:00+00:00 - Loading... Loading... Rep. Marjorie Taylor Greene has opted to take a different approach regarding the leadership future of Speaker Mike Johnson. On Saturday, Greene told reporters that she would consult with her fellow House Republicans to hear from their constituents before deciding whether to proceed with a vote to remove him, noted CNBC. This disclosure followed the House's passage of several key bills during an uncommon Saturday session. The bills addressed in this session included aid for Taiwan, Ukraine, and Israel, as well as a provision that could result in a TikTok ban under certain conditions related to its parent company, ByteDance, a Chinese company. Also Read: Marjorie Taylor Greene Isn't Backing Down On Criticism Of House Speaker Despite Donald Trump's Efforts To Quell Rift: 'I'm Not Full Of Sh*t Just Like Mike Johnson Is' Greene has not yet acted on a motion she introduced in March to force Johnson's removal from the speaker's office. “I do not support Mike Johnson, he’s already a lame duck,” Greene told reporters. Meanwhile, the passage of the aid bill for Ukraine on Saturday prompted some House members to cheer and wave Ukrainian flags, an act that Greene and Johnson both viewed critically. “We should only wave one flag on the House floor, and I think we know which flag that is,” Johnson said. As these bills move to the Senate under Majority Leader Chuck Schumer (D-NY), anticipation grows regarding their potential passage into law. Schumer has suggested that the Senate might consider them as early as Tuesday, marking a pivotal phase in their legislative process that ultimately hinges on President Joe Biden's approval. Now Read: Former Congressman Slams Marjorie Taylor Greene's Stance On Ukraine: 'Moscow Marjorie Has Reached A New Low' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
This is the best U.S. city for remote workers—it has a population of 68,000 2024-04-21 14:56:00+00:00 - In the best U.S. city for remote work, the median household income is $71,000; rent is about $1,400 a month; homes are valued at about $412,000; and 58% of residents are college grads. Welcome to Portland, Maine. Population: 68,424. The waterfront town is the highest-ranked U.S. city for remote workers according to a new analysis from Remote.com, a global HR platform for distributed teams. The ranking considers the top 100 cities around the world based on factors including quality of life, safety, internet infrastructure and travel, as well as current economic factors, such as inflation and whether it offers financial incentives to newcomers. While most top cities are spread across Europe and Asia, Portland is the only U.S. city to crack the top 10. Here are the 10 highest-ranked U.S. cities for remote work, according to Remote.com: Portland, Maine (No. 7 overall) Honolulu, Hawaii (No. 19 overall) Des Moines, Iowa (No. 20 overall) New York, New York (No. 21 overall) Concord, New Hampshire (No. 23 overall) Minneapolis, Minnesota (No. 26 overall) Hamilton, Ohio (No. 27 overall) Topeka, Kansas (No. 29 overall) Louisville, Kentucky (No. 30 overall) Montpelier, Vermont (No. 32 overall) "Portland's distinction as the top U.S. city for remote work in our report is a testament to the city's robust infrastructure, welcoming community, and the overall quality of life that it offers to remote workers," says Job van der Voort, co-founder and CEO of Remote.com. Housing is relatively affordable compared to many parts of the country, he says, and as for economic incentives, the state's student loan repayment program gives eligible residents up to $2,500 in refundable tax credits per year for making college debt payments, up to $25,000 total. And while Maine has traditionally lacked racial diversity, its growing immigrant population is changing its communities and economy, which could indicate its openness to new residents.