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Trump Media payday: What Truth Social executives got paid in stock and compensation 2024-04-08 22:41:00+00:00 - In this article DJT Follow your favorite stocks CREATE FREE ACCOUNT Dado Ruvic | Reuters The merger that led to Trump Media shares becoming publicly traded is also paying off for top executives and other insiders at the company, which owns the Truth Social app regularly used by former President Donald Trump. Corporate filings from Trump Media — which reported a net loss of $58 million last year on revenue of just $4.1 million — detail the salaries, retention bonuses, and stock allocations for CEO Devin Nunes and other executives. Trump himself is by far the biggest shareholder, with 78.75 million shares that give him a stake of nearly 58% of the social media company's common stock. The number of people financially rewarded in the early stages of the company is limited. Besides the former president, it includes the chief financial officer, chief operating officer, and several people close to Trump. Trump Media began trading on the Nasdaq under the ticker DJT — the former president's initials — on March 26, following its merger with a shell company, Digital World Acquisition Corp. Trump could receive another 36 million in so-called earnout shares over the next three years, provided that Trump Media's stock stays above certain benchmarks. Those thresholds for the share price are well below where Trump Media stock was trading on Monday, when it closed at $37.17, down more than 8%. "It sounds like more of a contract that you give to an executive than to a controlling shareholder," said Kevin Murphy, a professor at the University of Southern California's business and law schools, in an interview. "The former president is not an executive of the company," Murphy noted. Murphy was also struck by details revealed in a 10-K filing with the Securities and Exchange Commission. The filing disclosed that Trump Media awarded company stock to Nunes, chief financial officer Phillip Juhan, and chief operating officer Andrew Northwall. The filing says that Trump Media issued promissory notes, a type of legally binding IOUs, to the executives, at some point when it was still a privately held company. The total value of the notes issued was $6.25 million, broken up into $1.15 million for Nunes, $4.9 million for Juhan and $200,000 for Northwall. watch now After the merger with DWAC, the $6.25 million that the company owed the three men was "automatically converted ... into 625,000 shares of Company common stock." Nunes got 115,000 shares, Juhan received 490,000 shares and Northwall got 20,000 shares, the SEC filing said. Murphy said the allocation appears to reflect the opening $10 per share price of Digital World Acquisition Corp. on Oct. 1, 2021, the first day that DWAC was publicly traded. At the time, DWAC was merely one of hundreds of empty special purpose acquisition companies, commonly known as SPACs, designed to go public, then seek a merger partner and take that partner public. Multiplying each man's share allocation by the par value for every new SPAC, $10, adds up to the face value of the promissory notes Trump Media had given them. "I haven't seen it before," Murphy said, referring to the method of using promissory notes that convert to stock to give shares to executives. "I don't know why they structured it this way." "We don't even know why these promissory notes were issued," he said, noting that the rationale for the notes was not disclosed in the company's SEC filing. The three top executives, like Trump himself, are currently barred from selling any of their common stock in Trump Media for the next six months. CNBC asked a spokeswoman for Trump Media why promissory notes were used to grant stock to the executives. CNBC also asked the spokeswoman about other details in the 10-K filing, such as why Trump himself was given the opportunity to be awarded significantly more shares if the price benchmarks are met. The spokeswoman did not answer these questions. Instead, she replied: "Although we've only been a public company for about a week, we've already come to expect this buffet of false insinuations and outright lies from the politicized shills at CNBC." While Trump Media's share price soared to nearly $80 right after the stock began public trading, it closed at $37.17 per share on Monday. Murphy is among those who believe Trump Media's stock remains overvalued, given its meager revenue and relatively low numbers of Truth Social users compared to other, much bigger social media companies. But Murphy is not alone. Despite the fact that Trump Media stock is, by far, the most expensive U.S. stock to sell short, there was strong demand for the relatively few shares remaining available to borrow as part of a short sale, according to the financial data marketplace platform S3 Partners. "What I'm hearing on the Street is that if [an amount] of stock becomes available, shorts are taking it down," Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners told CNBC last week. The number of shares that the trio of executives received is fewer than the number of restricted stock units they were supposed to have gotten under their original employment agreements with Trump Media. Those would have allocated 145,000 RSUs for Nunes, 520,000 RSUs for Juhan and 50,000 RSUs for Northwall, according to the filing. However, after they each received a promissory note from the company, the original RSU grants were eliminated in subsequent employment agreements. Murphy noted that in both scenarios, Juhan received much more stock than Nunes, his nominal boss, was granted. "I don't understand why he gets so much more than the CEO," Murphy said of Juhan. CNBC posed this question to Trump Media's spokeswoman, but she did not answer it. Rep. Devin Nunes, R-Calif., is seen in the U.S. Capitol on Thursday, December 9, 2021. Tom Williams | CQ-Roll Call, Inc. | Getty Images Under new employment deals, each of the three executives will receive a $600,000 "retention bonus" payable within the next three weeks. Each "will be eligible to receive discretionary equity awards pursuant to the Equity Incentive Plan," the filing said. The filing also noted that Trump Media now, "intends on negotiating new employment agreements with Messrs. Nunes, Juhan and Northwall." Nunes, a 50-year-old former Republican congressman from California, also received a salary of $750,000 in both 2023 and 2022, according to SEC filings. In January, Nunes got a raise, lifting his annual base salary to $1 million, according to the filing. Nunes' employment agreement also makes him eligible to participate in the company's "annual bonus plan, if any," the filing noted. Any bonus would be subject to vesting and other terms determined by the board of directors of Trump Media, which as of late 2023 had just 36 employees. Juhan, the 49-year-old CFO who previously held that same position at a fitness club company, had a base salary entering 2024 was $350,000 after starting at $300,000 nearly three years ago. But he is set to get a $15,000 raise as a result of the merger. Northwall, who previously was chief architect at the social networking site Parler, had an annual salary of $365,000, and as of March 26 held 20,000 shares of company stock. Murphy said the men's salaries do not appear excessive, and that it makes sense to pay them "relatively low salaries" while giving them stock to incentivize them to keep the share price high by building out Trump Media's business. Bonus time Kash Patel, a member of Trump Media's board who previously served in various posts in the Trump administration, last year received a total of $130,000 from the company pursuant to a consulting agreement it signed with his firm, Trishul LLC, in June 2022, the filing said. Patel holds no shares in the company, according to the filing. Dan Scavino, a former Trump Media director, was paid $240,000 last year by the company pursuant to a consulting agreement with a company owned by him, Hudson Digital, according to the filing, which says that agreement began in August 2021. The filing also says that Scavino, who previously served as director of social media in the Trump White House, received a promissory note in the amount of $2.2 million from Trump Media when the company was still privately held. The filing does not say if the note is convertible into stock for Scavino, or why it was issued to him. Scavino also "will receive a retention bonus in the amount of $600,000, payable in a lump sum within 30 days after the Closing Date" of the merger, the filing says. Former Chief of Staff to the Department of Defense Kash Patel speaks during a campaign rally at Minden-Tahoe Airport on October 08, 2022 in Minden, Nevada. Justin Sullivan | Getty Images In addition to the trio of Nunes, Juhan and Northwall, who are identified as so-called named executive officers in the filing, Trump Media plans to give retention bonuses totaling $1.24 million to other executives, the filing said. The filing does not identify by name or number those other executives who will receive retention bonuses, nor does it say how much each executive would receive. However, the filing does identify several key employees who hold executive positions at Trump Media: Sandro De Moraes, the chief product officer; Vladimir Novachki, the chief technology officer; and Scott Glabe, who is general counsel. Novachki has 45,000 shares of company stock, while Glabe has 20,000 shares, according to the filing. De Moraes has just 45 shares, which she purchased on the open market, the filing says. Trump Media board member Eric Swider, who served as CEO of Digital World Acquisition Corp. until last month, beneficially owns 153,153 shares according to the filing. However, a footnote in the filing says that more than 143,000 of those shares were issued to the corporate entity Renatus LLC. Swider is the managing partner of Renatus, which is why he may be deemed to share voting and disposition power over its shares. But he "expressly disclaims beneficial ownership of the shares held by Renatus," the footnote says, noting that Swider also owns the remaining 10,110 shares. Legal battles Besides Trump, the biggest shareholders in Trump Media are two corporate entities. ARC Global Investments II LLC held nearly 9.55 million shares, or a 6.9% stake, as of the 10-K filing on April 1. United Atlantic Ventures reported owning 7.525 million shares, representing a 5.5% stake in the business. Both entities are currently being sued by Trump Media. ARC Global was DWAC's sponsor. United Atlantic Ventures is a partnership of Andy Litinsky and Wes Moss, who initially pitched Trump the idea of creating Trump Media in February 2021, after the former president was banned from Twitter and Facebook following the deadly Jan. 6 Capitol riot. Both Litinsky and Moss were contestants on Trump's NBC hit reality show "The Apprentice." On Thursday, Patrick Orlando, a managing member of ARC Global, reported in an SEC filing that the entity owned 13.3 million shares of Trump Media, representing a 9.8% stake in the company. Orlando is the former CEO and chairman of the board of DWAC. He and his lawyers did not immediately respond to questions from CNBC about the increase in the shares. The Trump Media spokeswoman likewise did not reply to questions about it. Donald Trump attends the "Celebrity Apprentice" red carpet event at Trump Tower in New York City on Jan. 5, 2015. Mike Pont | FilmMagic | Getty Images

Governor Polis Calls For Federal Cannabis Rescheduling, Launches New State Business Program 2024-04-08 22:39:00+00:00 - Loading... Loading... Governor Jared Polis (D and the Cannabis Business Office of the Colorado Office of Economic Development & International Trade recently unveiled a new initiative to improve opportunities for local social equity cannabis businesses. The program, Access to Experts, is designed to provide these businesses with expert advice in areas such as social media marketing, financial management and regulatory compliance, all at no cost to the business owners. Polis praised Colorado's leadership in fostering the growth of the cannabis industry from the ground up. He emphasized the significance of the Access to Experts program as a means to alleviate financial burdens and support business expansion. To participate, businesses must hold a social equity license and submit a project proposal. Selected businesses will receive up to $5,000 in funding from the Cannabis Business Office to cover project expenses. Polis Calls For Federal Cannabis Rescheduling In a keynote address at a National Cannabis Industry Association (NCIA) event in Denver on Thursday, Polis advocated for federal action on cannabis legislation, specifically calling for the reclassification of cannabis, reported Marijuana Moment. "It’s long past time that the federal government reclassifies it. Is there more that they can do after that? Of course. But let’s begin with the reclassification that will make our communities safer, expanding freedoms for people, reduce costs and taxes on cannabis businesses,” Polis said. This demand highlights a critical step towards harmonizing state and federal policies on cannabis, leading to broader reforms that will benefit both consumers and businesses within the industry. There is sure to be more discussion on this hot topic of cannabis reform at the upcoming Benzinga Cannabis Capital Conference in Hollywood, Florida, April 16-17. Stay with us at the Diplomat Beach Resort and rub shoulders with entrepreneurs, both large and small and network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!

Google makes it easier to find your missing Android device 2024-04-08 22:25:00+00:00 - Gadgets and apps that can help find lost items Google is making it easier for people to find their misplaced devices, including Android phones. The Alphabet-owned search giant on Monday released a new version of its "Find My Device" feature that integrates a new, crowdsourced network of over 1 billion Android devices, according to Google. It's Google's equivalent of Apple's popular "Find My" feature that lets users locate registered devices including laptops, phones and earbuds. The new service will hit phones in the U.S. and Canada first and eventually be available worldwide. For Android users, this means owners will be able to locate their devices even when they are offline. "Find My Device" can now ring a device or show its location on a map — previously, it had to be connected to the internet, Google said in a blog post. Pixel 8 and 8 Pro mobile phone users will be able to find their devices even if they are turned off or their battery is dead. And starting in May, everyday items like keys and wallets made findable by location tracker tags from Chipolo and Pebblebee will join the network. The new Find My Device works with devices running Android 9+. Google said the network "is secure by default and private by design. Multi-layered protections built into the Find My Device network help keep you safe and your personal information private, while keeping you in control of the devices connected to the Find My Device network." Google said the new feature will also eventually be compatible with headphones from JBL, Sony and other brands.

Here's why you might spend more with mobile payment services like Apple Pay 2024-04-08 22:03:00+00:00 - Consumer savings expert offers tips on how to save and spend responsibly | On Your Side Consumer savings expert offers tips on how to save and spend responsibly | On Your Side 03:46 Do you use Apple Pay or another mobile payment service to make purchases? If so, you could be spending more than if you relied on a physical credit card or cash. Services like Google Pay and China-based Alipay that let you pay by hovering your phone over a terminal and clicking a button can lead to consumers spending more money than they otherwise would, largely driven by how easy the systems make it to buy things, new research shows. The ease and convenience of tapping to pay leads consumers to spend more compared to when they paid by credit card, according to the study, which was led by Yuqian Zu, assistant professor at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. Studying payment activities from a leading bank in Asia before and after the launch of Alipay, the largest mobile payment platform, researchers found that the mobile payment service led to greater spending. How much more do people spend with their phones? Consumers both spent more money and made more purchases when tapping to pay. The researchers found that customers charged 9.4% more on average to their credit cards both online and in person after they started making mobile payments. They also made more purchases. Mobile phone payments are convenient in more way than one. First, transactions are quicker, taking an average of 29 seconds, versus 40 seconds when paying with a physical credit or debit card, according to the study. "This swift transaction speed contributes significantly to the overall convenience experienced by users," Zu told CBS MoneyWatch. Second, mobile payments mean consumers don't need to carry wallets or purses. Many people believe this makes commercial activities more secure. "This aspect alone can enhance the perceived security of payments for consumers," Zu said. "You don't need to present a card with numbers. And also by eliminating the need for a physical card, mobile payment systems streamline the transaction process and provides a sense of ease and security for users." While the study doesn't examine the issue, Zu also thinks the ease of mobile payments can lead to consumers racking up more debt. "I personally think this could be a factor that contributes because people are spending more," she said. Zu isn't suggesting we turn our off our phones or delete payment apps to avoid overspending. But she thinks it's important that consumers be aware of the potential behavioral changes that mobile payment services may facilitate, including a tendency to spend with less restraint. "The findings are very important for the general population to know about — that with convenience, it's possible you may spend more," she said. That includes impulsive spending at checkout registers and online, where consumers can securely store their credit card information. "Because of the convenience, you don't even notice you bought things," she said. Just keeping this in mind can help consumers "better manage their financial resources and reduce impulsive expenditures."

I tried to snap a photo of the 'Devil comet' during the solar eclipse. Here's what happened. 2024-04-08 21:35:37+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 The weeks leading up to Monday's total solar eclipse became even more exciting when astronomers announced that comet 12P/Pons-Brooks, also known as the "Devil comet," might be visible during totality. This massive comet is the size of Mount Everest, burns bright green, and gets its name for the horn-like shape of its coma. So, of course, I wanted to see it. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Not only that — I wanted to try to get a picture of it. But I knew photographing a comet would be no easy feat. They're unpredictable, moving objects that can either be stunningly visible or near impossible to spot. I turned to a professional astrophotographer for help. Advertisement Advice from a comet photographer Dan Bartlett has taken hundreds of photos of comets. To create his striking images, he uses high-tech equipment, including huge telescopes with sky-tracking scopes, and advanced photo-processing software. This is one of Bartlett's most recent photos of 12P/Pons-Brooks, taken using a telescope and a sky tracking scope. Dan Bartlett Even with his professional skills and equipment, photographing comets can be difficult. Bartlett said he encounters "every challenge you could imagine," from his scope not working to not being able to get the comet in focus. Related stories As for me, I'm an amateur with only a standard DSLR, a tripod, and my iPhone. But if the weather was clear and the comet was visible, I'd still have a chance of getting the shot, Bartlett said, as long as I paid attention to three things: Advertisement Knowing where to look. A comet is hard to photograph if you don't know where it is. ISO rating. Bartlett suggested I set my ISO around 1,000 - 1,600. Choose the right exposure. When photographing comets, your exposure should be short enough that the comet isn't blurry, but the right setting depends on the speed of the comet and the focal length of the camera. Where it all went wrong Even in the darkness of totality, I wasn't able to spot the "Devil comet" with my naked eye or my camera. Advertisement If I'd had a telescope or binoculars, I might have been able to use them to locate the comet on the horizon, and then direct my camera's zoom lens toward it. But instead, I shot vaguely in the direction of where I thought the comet might be, and only captured darkness. Plus, I was amazed by how quickly totality whizzed by. During this window, I was also trying to snap photos of the sun's corona, which left me only about one minute to search for the comet and adjust my camera settings before the sun began to emerge from the moon's shadow. All in all, I learned that photographing a comet with a standard DSLR is tricky. Ideally, you should use a telescope with a sky tracking scope to help pinpoint its position and zoom in on its features. And in general, I wouldn't recommend trying to snap a picture of a comet during a total solar eclipse. The fleeting minutes of darkness afforded by totality make it challenging to locate the comet, adjust your settings, and frame the shot before the sun reappears.

IRS adds ‘important update’ for free Direct File pilot as federal tax deadline approaches 2024-04-08 21:32:00+00:00 - With one week until the April 15 federal tax deadline, the IRS has released an "important update" for Direct File, the agency's free tax filing program. Since March 12, the pilot program has been fully open for certain filers in 12 states, and Direct File now allows users to import key details needed to verify returns before filing. When e-filing your taxes, you validate your return before filing by inputting the previous year's adjusted gross income or the prior year's temporary pin. Tax software typically adds this info for returning customers, but first-time users must add it manually. This key step has been the main issue preventing Direct File returns from being successfully filed, according to a Treasury official. But as of Monday, Direct File users can now import these verification details from the IRS, which could minimize the common error. Taxpayers can only access details from their own IRS account, which has identity verification, a Treasury official said. More from Personal Finance: IRS free tax filing program launches in 12 pilot states 19 million people may qualify for free tax prep through the IRS How to pick the best free tax filing option this season "This important update will allow Direct File users to take advantage of information the IRS already has to simplify the filing process even further," said Bridget Roberts, who leads Direct File at the IRS. Direct File will remain open for rejected returns until April 20, a Treasury official said.

NATO helicopters are shooting down and eliminating enemy drones in a rarer kind of Red Sea battle 2024-04-08 21:30:50+00:00 - Houthi attack drones have mostly been intercepted by US and allied warships in the Red Sea. Air-to-air combat has been much less common, but last month, a French helicopter shot down a drone. A former US naval aviator said the engagement is not necessarily surprising. 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 The Houthis have launched a lot of deadly threats into the Red Sea, many of which have been shot down by US and allied warships operating in the region's dangerous waters. One recent interception, however, was credited to a French helicopter crew, which blasted a Houthi attack drone out of the sky in air-to-air combat. Helicopter-versus-drone fights aren't the norm in this conflict. Victories like these can be more difficult to achieve, given that they require hitting a moving target from another moving target in the air, but they aren't all that surprising because helicopters are capable assets and the crews likely would have trained for such scenarios in advance, a former US naval aviator told Business Insider. Helicopters are 'pretty good' on defense On March 20, a French frigate detected a Houthi drone while the ship was protecting a merchant vessel in the southern Red Sea as part of the European Union's security mission Operation Aspides. Advertisement A helicopter embarked onboard the warship was then deployed to locate the drone, which was deemed a threat, and destroy it. France didn't say exactly how the aircraft engaged the drone, but it was effectively eliminated. "These actions directly contribute to maritime security," the French defense ministry said of the incident in an update on its operations around the world. Two NH 90 "Caiman" helicopter fly during the military maneuver "Orion", over the camp of Sissonne, northeastern France, on May 2, 2023. FRANCOIS NASCIMBENI/AFP via Getty Images France also did not say what type of helicopter engaged the Houthi drone, but both of the French warships that have been in the Red Sea both carry NH90 aircraft, which can be equipped with air-to-surface missiles and machine guns. Because the drone was traveling in the air, the crew likely used the guns to take it down. Nearly all of the drones and missiles launched by the Houthis since November, when the Iran-backed rebels began consistently attacking international shipping lanes off the coast of Yemen, have been shot down by US Navy warships or fighter jets, or coalition vessels like those party to Operation Aspides. Advertisement Helicopter engagements are rarer occurrences, and have only happened a handful of times. But Brynn Tannehill, who flew the SH-60 Seahawk, a multi-mission helicoptered used by the Navy that's based on the UH-60 Black Hawk, said France's success "is not particularly surprising." "Helicopters can provide a relatively stable platform — they're relatively maneuverable," Tannehill, now a US Army Black Hawk aviator and a defense analyst, said. "The biggest thing against them is that they're slow, so against a faster target, they're going to be useless." Related stories After the Sept. 11, 2001 terror attacks, while in the Navy, Tannehill said she practiced simulated intercepts of small aircraft — something that would move at a speed similar to that of a one-way attack drone — and boats that a bad actor could theoretically pack with explosives. US Navy Sikorsky SH-60 Seahawk with the Helicopter Maritime Strike Squadron Five-One (HSM-51) flies near Naval Air Facility in Kanagawa. Damon Coulter/SOPA Images/LightRocket via Getty Images The goal was to essentially figure out whether a SH-6o could maneuver into position, put a gunner in the door, and eliminate such threats with a .50 caliber machine gun, she said. The simulations demonstrated that helicopters were, indeed, very effective. Advertisement "What they found was that helicopters are pretty good at shooting down non-maneuvering, slow targets out the door," Tannehill said. "And because you're shooting sideways out of them, the debris doesn't even come back at you." These training simulations have ultimately been brought to life during the ongoing conflict between the Houthis and the US and its allies. On December 31, four Houthi small boats attacked a container ship, prompting its crew to issue a distress call. Helicopters from the USS Dwight D. Eisenhower and USS Gravely — an American aircraft carrier and a destroyer, respectfully, that are deployed to the region — responded to the call. When the responding Navy helicopters arrived on the scene, the Houthis opened fired on the American aircraft, which then returned fire in self-defense, sinking three of the four Houthi small boats and killing everyone on board, US Central Command said in a statement at the time. The fourth boat managed to flee the area. Advertisement Pilots are 'well-trained' And the US hasn't been the only naval force to destroy Houthi threats in the Red Sea with embarked helicopters. A day after the French engagement, on March 21, a helicopter attached to the German frigate Hessen destroyed a Houthi surface drone that was identified as a threat to civilian ships. A Germany Navy Sea Lynx helicopter flies over the corvette Oldenburg in the Baltic Sea on June 05, 2023 near Rostock, Germany. Sean Gallup/Getty Images A spokesman for the German Bundeswehr Joint Forces Operations Command told BI that the aircraft involved was a Sea Lynx, which is armed with torpedoes and a machine gun. It was not clear how, exactly, the helicopter engaged the surface drone, but guns are likely. Tannehill said that these kinds of engagements require a considerable amount of training and knowledge of both the aircraft and its weapons systems, and also coordination with other allied ships operating in the area. "You've got to be competent with your systems, you've got to be quick with them, you've got to be knowledgeable about them," she said. "The pilot's got to be good at communicating with the rest of the crew and making sure that you're setting up for shot after shot after shot." Advertisement There are limitations, however, as for how fast the helicopter can travel, when the doors can open, and when the gunners can open fire. The pilots also have to make sure they're operating at a safe distance such that a drone that gets hit and explodes doesn't send shrapnel flying into the aircraft. "The pilots are well-trained," Tannehill said, adding: "This is something that you probably would've practiced with the task force beforehand to make sure that when it does happen, that everybody knows what they're supposed to do and gets it done — including permission to fire in an amount of time that allows you to do it before the target presents a real threat to somebody. "

Apple wants to make more smart home devices — which may not be dumb 2024-04-08 21:24:51+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Apple isn't going to make a supercar, after all. Its Vision Pro headset is a cool curiosity searching for a killer app. And you already have an iPhone. So what's the next would-be-mind-blowing product for Tim Cook? Well, home robots, maybe. But those aren't coming out anytime soon. In the meantime we may see something decidedly less ambitious out of Apple: New iPads. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. But not just any new iPads, reports Bloomberg's Mark Gurman. These iPads would be cheaper than a regular iPad, and instead of doing lots of stuff, these would do… not that much. Gurman writes: Advertisement One piece of the strategy is a lightweight smart display — something akin to a low-end iPad. Such a device could be shuttled from room to room as needed and hooked into charging hubs stationed around the house. Apple has started small-scale test production of the screens for this product, but hasn't made a decision on whether to move forward. Gurman, who's very deeply sourced at Apple, says the new, cheapish iPads could be part of a renewed "smart home" push, along with a new Apple TV box that would have a built-in camera for FaceTime chats. But I was a little confused about Gurman's report. Cheap iPads already exist, right? You can get one from Apple for $349. What would be new here? And what would you do with one that you wouldn't do with the iPhone and/or iPad you already own? Related stories So I asked him, via email. He was kind enough to respond: Advertisement "[It] would be similar to the Google Pixel tablet with the dock. The idea would be that it's a home iPad dedicated for things you do at home, like controlling your smart home controls, FaceTime, video watching etc. I think you're right it wouldn't do much different than [a] phone or existing iPad. But it would probably be cheaper than a normal iPad. It would be like a more portable Facebook portal. I'm not certain they'll end up launching it. No final decision yet." Thank you, Mark! And as far as Apple's potential new line of iPads... I dunno. On the one hand: I own a bunch of devices that can do all of these things. So do my parents, who I imagine might be the target audience for these. And while I've never heard of the Google Pixel, I had heard of the Facebook Portal, and... Facebook doesn't sell those anymore. On the other hand: My colleague Katie Notopoulos loved the Facebook Portal. And I think more people might have been into a cheap, mostly dedicated video-chatting device if it 1) didn't require them to use Facebook Messenger, and 2) didn't have anything to do with Facebook. I can easily imagine one sitting in my parent's kitchen, honestly. Maybe they'd watch videos with it, too. Advertisement The smart home stuff? Not so much. The only time I ever think about smart homes is when I visit someone who has a smart home and 1) they are always a guy and 2) I think the only time they actually use their smart home features is when someone comes over to visit and they want to show it off. (Also I assume people who are buying $200 Nanoleaf Shapes Hexagons don't need a dedicated device to control them because they're already hardcore Apple people who are constantly whipping out their phone to change their Nanoleaf Shapes Hexagons colors or whatever.) But you never know: I spent decades not wearing a watch, and now if I forget to put on my Apple Watch before I leave the house I get anxious about losing my steps for the day. So let's wait and see if Apple actually brings these things to market.

Trump Media stock erases all gains since it began trading as DJT as shares fall another 11% Monday 2024-04-08 21:22:00+00:00 - Shares of Trump Media have erased all their gains since they began trading under the ticker DJT last month. As of Monday afternoon, the stock was priced at about $36 — down from a high of $66 seen March 27. But experts say it's hard to draw any firm conclusions about what the stock price's movement means. That's because so many available shares — about 12%, one of the highest ratios of any active stock listing — reflect traders' bets that the stock will fall, said Ihor Dusaniwsky, managing director at S3 Partners, a data and predictive analytics company. This is called short-selling. Right now, much of the trading activity surrounding the stock reflects investors’ attempts to position bets around whether it will continue to fall, Dusaniwsky said in an email. While some traders are looking to make even more gains from continued price declines, others may be looking to “squeeze” the short positions by betting that something will cause the share price to rise. “This seems more like the gunfight at the OK Corral, with both sides waiting for the other to act first,” Dusaniwsky said. As the stock’s price has rocked back-and-forth, former President Donald Trump, who owns a majority of the company’s shares, has seen his net worth move in tandem, falling from a high of about $5.2 billion down to about $2.9 billion. But those figures are largely immaterial for Trump, since he is contractually barred from selling or even borrowing against his shares for six months. In a post on Truth Social earlier this month, Trump called the company's business "very solid" and said criticisms of its ability to reach a wide audience were "lies." But according to company filings, Trump Media lost $58.2 million last year and did not report any user metrics. Meanwhile, the company’s auditor issued a “going concern” notice for the business, saying it was not confident it would be able to stay afloat. That auditor, BF Borgers CPA PC, has itself been the subject of recent reports about its effectiveness. For instance, it is banned in Canada. In a news release last week, CEO Devin Nunes, a former U.S. congressman, said he was confident about the future of the business. “We are excited to be operating as a public company and to have secured access to capital markets," Nunes said in a statement. "Closing out the 2023 financials related to the merger, Truth Social today has no debt and over $200 million in the bank, opening numerous possibilities for expanding and enhancing our platform." "We intend to take full advantage of these opportunities to make Truth Social the quintessential free-speech platform for the American people,” Nunes said.

Good News For Gamers: Xbox's Sarah Bond Commits To Game Preservation, Creates 'Dedicated Team' For Future-Proofing Classics - Microsoft (NASDAQ:MSFT) 2024-04-08 21:18:00+00:00 - Loading... Loading... Sarah Bond, recently appointed as Xbox president, spearheads a reorganization within Microsoft Corp‘s MSFT gaming division to set the stage for future endeavors. According to Windows Central, citing internal emails, Bond rallied her team with a message underlining the strides made in the past six months and the promising avenues ahead. “We are moving full speed ahead on our next-generation hardware, focused on delivering the biggest technological leap ever in a generation,” she said. See Also: Microsoft Gaming CEO Phil Spencer Reflects: ‘I Don’t Want This Industry To Be A Place Where People Can’t, With Confidence, Build A Career’ Addressing concerns about game preservation, Bond unveiled the establishment of a team tasked with future-proofing the current Xbox game library against hardware transitions. “We have formed a new team dedicated to game preservation, important to all of us at Xbox and the industry itself,” Bond said. “We are building on our strong history of delivering backwards compatibility to our players, and we remain committed to bringing forward the amazing library of Xbox games for future generations of players to enjoy.” Despite challenges in the gaming industry, including the dominance of titles like Fortnite and the shrinking console market, Bond remarked on Xbox’s continued growth. “At a time when the gaming industry’s growth is flattening, ours continues,” Xbox president said, three months after Microsoft decided to lay off nearly two thousand employees from its Xbox and Activision Blizzard divisions. Moreover, Sarah elaborated on Microsoft’s ongoing efforts to incorporate Activision-Blizzard games and Battle.net into Xbox Game Pass and PC Game Pass: “We are integrating Activision Blizzard King titles into our services — we launched Diablo IV into Game Pass, and Xbox has quickly become the #1 platform for D4 players.” Also, she highlighted other upcoming titles for Xbox, remarking, “We are integrating with Battle.net, all while launching CoD: Warzone Mobile and preparing for the upcoming Hellblade II, Avowed, and Indiana Jones and the Great Circle.” Read Next: Microsoft Reportedly Working On Bringing AI Chatbot To Xbox To Enhance Gaming Experience Image created with photos from Shutterstock and LinkedIn.

Biden announces new plan to cancel student loans for 30m borrowers 2024-04-08 20:58:00+00:00 - Joe Biden announced plans to cancel student loans for 30 million borrowers on Monday, the administration’s latest push on addressing student debt before the presidential election. The plan primarily targets borrowers who have accrued a high level of interest on their debt and those who have been in repayment for at least 20 years. Borrowers who face extreme economic hardship could also see some relief. The White House said that parts of the plan could begin to take effect in the early fall, at the earliest. In addition to a waiting period to receive public comment, the administration is expecting legal challenges from Republicans that could stall the plan from going into effect. Biden touted the new plan in a speech Monday afternoon in Madison, Wisconsin, where he said “too many people feel the strain and stress” of student loans. “Today, too many Americans, especially young people, are saddled with unsustainable debts in exchange for a college degree,” Biden said. “It’s a drag on our local economy. “Now, thanks to what we’re doing, that debt is no longer holding you back. The bulk of borrowers impacted by the plan will be those who owe more than their original balance because of accumulated interest. Borrowers who make under $120,000 a year, or married borrowers who make under $240,000, will automatically receive cancellation for the amount their balance has grown because of interest, up to $20,000. This cancellation will be automatic, and the administration estimates it will impact more than 25 million borrowers. The plan also targets borrowers who have held their debt for nearly 20 years. Borrowers who started repayment on their undergraduate debt on or before 1 July 2005 or their graduate school debt on or before 1 July 2000 will see the rest of their loans forgiven. The White House estimates about 2.5 million borrowers would be affected by this. Borrowers who are facing economic hardship and are at high risk of defaulting on their loans because of economic hardship in their daily lives, for example having medical debt or child care costs, may see their debt automatically cancelled under the plan. The administration is also trying to automatically enroll borrowers who are qualified for various forgiveness programs, including the Save plan and the Public Service Loan Forgiveness plan, but have not signed up for them. The White House estimates 2 million borrowers who could see their loans forgiven have not signed up for the programs. If the plan is executed, it would bring the total number of borrowers who have seen debt relief under Biden to 30 million. Though he had promised to cancel student debt during his 2020 presidential campaign, Biden has been fighting an uphill battle to try to address student debt after the supreme court last year blocked his big plan to cancel some debt for at least 43 million borrowers, including $20,000 in cancellation for some borrowers. After the supreme court’s decision, the White House’s student debt strategy has been to specifically target groups of borrowers for relief, especially those who have held debt for multiple decades and students who attended predatory for-profit schools. The White House also launched the Save (Saving on A Valuable Education) plan, a revamped income-driven repayment plan that allows borrowers to be on track for forgiveness if they pay a set portion of their income every month. Biden on Wednesday noted that “tens of millions of people’s debt was literally about to get cancelled”. “Then some of my Republican friends, elected officials and special interests sued us, and the supreme court blocked us. But that didn’t stop us,” he said. “I mean it sincerely, we continue to find alternatives past student debt repayments that are not challengeable.”

I've worked at Costco for 18 years. Here are 10 of the best things I'm seeing on shelves this month. 2024-04-08 20:57:45+00:00 - I've worked at Costco for 18 years, so I know which items are worth buying at the store each month. The new Kirkland Signature morning buns make a great sweet breakfast or dessert. The Ninja Creami Deluxe is perfect for summer and can make treats like ice cream and frozen yogurt. 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 From fresh-baked goods to limited-edition clothing items, Costco offers plenty of enticing merchandise to hold its place as a leading retailer in customer satisfaction. As a longtime Costco employee , I'm always on the lookout for the best-value items at the wholesale retailer. Here are 10 things I recommend checking out at Costco this April. Prices may vary by location.

Anthony Insolia, Who Led the Expansion of Newsday, Dies at 98 2024-04-08 20:56:18+00:00 - Anthony Insolia, a down-to-earth former editor of Newsday who presided over that Long Island newspaper’s expansion and several big investigative projects, died on Saturday in Philadelphia. He was 98. His death, in a hospice, was confirmed by his stepdaughter, Robin Ireland. Mr. Insolia was the editor of Newsday from late 1977 until his retirement 10 years later, a period when the newspaper, a tabloid owned then by the Times Mirror Co., won seven Pulitzer Prizes, expanded its foreign reporting staff to multiple far-flung bureaus and solidified its reputation for hard-hitting, streetwise journalism close to home. But it was an undertaking a year before he took charge of Newsday that was among his most significant journalistic accomplishments: what came to be known as the Arizona Project, a pioneering effort in collaborative journalism across many news organizations.

The best photos of the 2024 solar eclipse 2024-04-08 20:54:43+00:00 - Parts of the US, Mexico, and Canada experienced a total solar eclipse on Monday. Photos show large crowds gathered to witness the rare astronomical event. The sun's corona, or outermost atmosphere, was visible during totality. 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 The total solar eclipse on April 8, 2024, was visible from many parts of North America, with a path of totality in the US that stretched from Texas to Vermont. People across the US gathered to witness the eclipse, employing eclipse glasses and even colanders to catch a glimpse of the rare astronomical event. Here are the best photos of the 2024 total solar eclipse.

Eco-friendly startups are turning to treeless toilet paper 2024-04-08 20:42:00+00:00 - Toilet paper wipes out thousands of acres of Canadian forest each year, and demand for it is growing. So too is the demand for a more sustainable alternative, and the competition is on a roll. Toilet paper is most often made of wood pulp, which, in the U.S., is generally sourced from Canada. Some of the most popular toilet paper brands score an F on sustainability from the National Resources Defense Council because they are made almost entirely from forest fiber. New products from Whole Foods, Green Forest, Who Gives a Crap and a startup called Reel Paper, are transforming an industry that is ripe for disruption. Reel Paper uses bamboo instead of wood pulp. Bamboo is a grass, not a tree "It is one of the fastest growing plants in the world. When you cut it down, it regenerates from the same root structure, and you can harvest that every three years, so we've found it's the best sustainable resource to create high-quality paper good items," said Reel Paper CEO David VanHimbergen. He added bamboo's longer fibers make it ideal for balancing softness and strength. "It's a small change that, as people can transition to something more sustainable, can have a meaningful impact because of the frequency of usage," he added. Consumer demand for environmentally cleaner products is rising fast. That has investors more interested in some of these startups and their potential payoff. "There are some major companies playing, from Kimberly Clark to P&G, and others. Certainly, when we invest, we say, hey, is this a business that one of those players one day may want to buy?" said Andrew Bluestein, co-founder and managing partner of Bluestein Ventures, an investor in Reel Paper. In addition to Bluestein, Reel Paper is backed by Squared Circles, Montage Ventures, Great Oaks Venture Capital, Trousdale Ventures, and Mandell Ventures. It has raised $14 million in funding. Reel Paper currently ships its bamboo to the U.S. from China, burning fossil fuels in the process, so the company purchases carbon offsets. VanHimbergen says bamboo farms are now being developed out of degraded sugar plantations in Central America. The hope is they'll soon get it from a closer source. One of the biggest competitors to the sustainable toilet paper market is the growing market for bidets. Some argue that bidets use more water, and can therefore be less eco-friendly in drought-stricken areas. But toilet paper is also made with water, far more than is used in a bidet. The answer seems to be that if you live in an area where water is plentiful, a bidet is best. If you live in a drought-stricken area, a sustainable toilet tissue is a better option.

Jim Jordan shows how Trump would pressure private companies to do his bidding 2024-04-08 20:36:42+00:00 - Rep. Jim Jordan is showing Americans how Donald Trump would pressure private businesses, especially in news and social media, to do his bidding if he wins a second term. As chair of the House Oversight Committee, the Ohio Republican is attempting to coerce news outlets, social media platforms, and advertisers into submitting to conservative demands — offering a blueprint for an even more aggressive push for control by an empowered Trump. In his most recent attack, Jordan has gone on the offense against CBS News, the kind of mainstream media organization that Trump loves to accuse of treating him unfairly simply by doing basic journalism. Jordan has done so by seizing on CBS News' decision to lay off reporter Catherine Herridge in February, scheduling a hearing for next week. A former Fox News reporter, Herridge was among the reporters who promoted debunked claims about President Joe Biden’s alleged involvement in a foreign influence scheme, being especially credulous about a politically motivated report from Senate Republicans and earning praise from Trump for it. Naturally, conservatives see nefarious motives, with Jordan framing the end of her employment as a suppression of “free speech” and claiming that CBS “seized” her files. The organization denied the seizure claims, saying it delivered her personal belongings to her home and kept her files in her office untouched. "We have respected her request to not go through the files, and out of our concern for confidential sources, the office she occupied has remained secure since her departure,” read a statement from CBS to TVNewser. A representative from the union SAG-AFTRA later monitored the return of her reporting notes. Jordan is giving Herridge a chance to speak at the hearing while also demanding information from CBS about who decided to let her go and whether anyone went through her files after she left. Herridge has so far not commented publicly other than sharing a statement from a veterans' group praising her past journalism on social media and another from SAG-AFTRA about her files. Hundreds of journalists have been laid off in recent months as the news industry continues to be roiled by changing market conditions. Some were, no doubt, working on important investigations into all kinds of powerful interests at the time. But Jordan's decision to highlight Herridge is not an attempt to support journalism but to undermine it, framing this one particular reporter as the target of some broad but unnamed media conspiracy against conservatives. It fits a pattern with Jordan's other recent efforts. Late last month, we saw him put pressure on major advertising companies that have tried to prevent ads from being placed alongside content or on platforms known for spreading misinformation. In Jordan’s letter to these ad companies’ railing against their anti-disinformation stance, he suggests they’ve been deliberately trying to “demonetize” conservatives in defiance of antitrust laws. And he’s also targeted social media platforms for moderating hate speech and disinformation, alleging this, too, is part of some conspiracy against Republicans. This is what it looks like for the federal government to actually target private industries. And if all this sounds disturbing to you (which it should), keep in mind that this is what Jordan is doing when he has little power. If Trump is re-elected and Republicans retake the Senate, Jordan will have a lot of powerful allies in these schemes to try to influence the news and social media that Americans consume.

Trump Media & Technology Group shares continue to fade 2024-04-08 20:31:00+00:00 - What to know about Trump Media's stock market debut What to know about Trump Media's Nasdaq debut What to know about Trump Media's Nasdaq debut Trump Media & Technology Group shares continued to spiral Monday, putting the company's stock on track close at its lowest level since listing on the Nasdaq exchange in late March. In late-day trading the stock was down $4.15, or more than 10%, to $36.44. The company, whose largest shareholder is former President Donald Trump and which trades under the ticker symbol "DJT," surged to a high of $79.38 after its market debut on March 26, valuing it at more than $9 billion. Since that peak the stock has fallen 54%, with Trump Media's market capitalization dropping to less than $5 billion. Trump Media, whose main asset is the social media service Truth Social, generated $4.1 million in revenue in 2023. The company disclosed mounting losses in a regulatory filing earlier this month, while noting its accountant had warned of "substantial doubt about its ability to continue as a growing concern." Trump Media has mostly captured the attention of supporters of the former president, as well as retail investors who wanted to cash in on the mania, rather than big institutional and professional investors. "DJT has all the makings of a meme stock, given the Trump news factor," noted Ben Emons, senior portfolio manager and head of fixed income at NewEdge Wealth, in a research note in late March. In an April 5 statement to CBS MoneyWatch, a Trump Media spokesperson said the company foresees "numerous possibilities for expanding and enhancing" Truth Social. The company has no debt and over $200 million cash, she said.

Trump says abortion rights are a state issue. Don’t fall for it. 2024-04-08 20:28:31+00:00 - Last week, when Donald Trump started teasing a big abortion announcement, it felt similar to what he used to do with the famous “infrastructure week” — but about women’s bodies. For any of us who’ve even remotely followed Trump’s many different stances on abortion, trust me when I say none of us were holding our breath. Perhaps Trump knows abortion is not shaping up to be the winning ticket Republicans thought it would be. The former president, whose Supreme Court nominations while in office inarguably enabled Roe to be struck down and women’s reproductive rights rolled back, has been wildly inconsistent when it comes to taking a stand on the actual issue of abortion rights. His latest comments over the weekend, in which he suggested that abortion is a state’s rights issue, indicate that perhaps Trump knows abortion is not shaping up to be the winning ticket Republicans thought it would be. For one, his statements contradict earlier lines from Trump, when he at times indicated that he would support a national abortion ban. Fresh off Democrat Marilyn Lands flipping an Alabama state house seat running on abortion and IVF, Trump seems to have realized that overturning Roe might not actually help him get re-elected. On Monday morning, after an “Apprentice”-style build up, Trump released his Truth Social video, in which he stated abortion issues should be left up to the states. Yes, the guy who installed three anti-choice justices, the guy who said “there has to be some form of punishment” for women who get illegal abortions” — that guy now says abortion should be left up to the states. Trump added in his video that he is “strongly in favor of exceptions for rape, incest and life of the mother,” and that “many states will be different, many will have a different number of weeks, or some will have more conservative than others, and that’s what they will be.” It’s clear that in his consistently unreliable stance on abortion rights, Trump is once again trying to use headlines to spin himself as a more favorable general election candidate. And it worked, for the most part, with the major news outlets repeating Trump’s line credulously, most without the caveat that he was the person who set in motion removing abortion as a federal right in the first place. Media critic Oliver Willis made a salient point here about Trump using mainstream media headlines to launder his destructively disparate abortion rights claims: “Laid bare here is the media’s habit of cleaning up for Trump, presenting an image of a malevolent force in America that bares [sic] little resemblance to the man and the movement behind him. Trump is no idle observer of the strife now occurring in America under Republican efforts to restrict abortion. He is the architect.” And if one were to go deeper into what Trump actually said, it doesn’t quite match the headlines either, a point Semafor Washington editor Jordan Weissman explains well, pointing out that "Trump actually doesn’t say what these headlines are repeating." But beyond that, and beyond the evasive and deceptively moderate language, we know Trump’s allies are working behind the scenes trying to ban abortion and regulate IVF. One of the major Trump supporting think tanks, the Heritage Foundation, is working on both a national abortion ban and federal regulation for IVF. In Trump’s Truth Social video, he also said he supports IVF and complimented Alabama for quickly creating a law that allowed Alabama’s IVF clinics to reopen. But what he neglected to mention is that Alabama law also doubled down on the idea of embryonic personhood; it just indemnified state fertility clinics, so that if a practitioner “killed” an embryo they wouldn’t face prosecution. According to The Associated Press, “The new law, which took effect immediately, shields providers from prosecution and civil lawsuits ‘for the damage to or death of an embryo’ during IVF services.” In the October 2016 presidential debates, Trump said, “Well, if we put another two or perhaps three justices on, that’s really what’s going to be — that will happen, And that’ll happen automatically, in my opinion, because I am putting pro-life justices on the court.” Now that it’s unpopular, it seems Trump wants voters to forget about all of that. And by repeating and amplifying the line that he wants to kick abortion back to the states, the media risks repeating the same practices that played a part in him getting elected in 2016. The lesson remains: Judge Donald Trump by what he does, not by what he says.

Analyst forecasts a surprising source of revenue upside for chipmaker Nvidia 2024-04-08 20:26:00+00:00 - Sales of Nvidia 's revamped "made for China" artificial intelligence chip may exceed downbeat expectations, according to new Wall Street research — a potentially meaningful development for the top-performing Club stock. Demand for one of Nvidia's China-specific H20 chips is "much higher than anticipated" and could generate between $9 billion and $12 billion in incremental revenues this year, analysts at KeyBanc Capital Markets said in a note to clients on Sunday. Nvidia's companywide sales for the 12 months ended in January 2025 are currently projected to be nearly $111 billion, according to consensus estimates compiled by FactSet. That implies more than 80% growth from its prior fiscal year . "We know the China business has fallen off a cliff, so any good news there is a positive surprise," the Club's director of portfolio analysis, Jeff Marks, said Monday in reaction to the KeyBanc note. Still, we're not banking on a pickup in China anytime soon, and the company may not need it just yet considering how strong demand for its chips is elsewhere in the world. Other Wall Street analysts in recent weeks offered different views on the state of Nvidia's China-specific AI chips. For example, Wolfe Research said the H20 "has yet to gain significant traction" with customers, in a note to clients dated March 22. Shares of Nvidia were lower by about 0.9% Monday, to roughly $872 each. Year to date, the stock is up nearly 76%, the most of any Club holding. Nvidia has been sampling AI chips designed to comply with U.S. government export restrictions to Chinese customers since last fall. But questions had swirled about whether those customers wanted the processors due to their lower computational power compared with top-end chips made available to American tech giants like Microsoft , Amazon and Meta Platforms . In January, The Wall Street Journal, citing people familiar with the matter, reported that Alibaba and Tencent told Nvidia they intended to order fewer of its throttled-back chips than previously planned. Those original plans were set before the U.S. government in October implemented more strict rules on AI technology exports, which rendered Nvidia's first made-for-China AI chip too powerful. Nvidia went back to the drawing board and developed a revised suite of products, including the H20, that meet Washington's current performance requirements for AI chips and therefore can be shipped without securing a U.S. government license. The Biden administration has said its limits on AI technology exports to China – first enacted in 2022 then toughened in October – are necessary for national security purposes. NVDA 1Y mountain Nvidia's stock performance over the past 12 months. Nvidia has seen its business boom and its stock price soar since late 2022 when the launch of ChatGPT sparked a wave of investment in AI technology. Nvidia is by far the leading maker of AI chips, and fervent demand for its processors in the U.S. and other countries has allowed the company to shake off the recent hit to its China business and grow its total sales at an impressive clip. Nvidia's long-term opportunity in the world's second-largest economy remains uncertain, though, because additional geopolitical obstacles could arise and competition from Chinese companies such as Huawei could grow more pronounced in the coming years. Fostering a domestic chip industry has been a key priority for Chinese President Xi Jinping. Chinese customers historically contributed between 20% and 25% of Nvidia's data center business, the company has said. But in the three months that ended in January, that dropped to a mid-single-digit percentage of Nvidia's $18.4 billion data center revenue due to the latest export controls taking effect, management said on its February earnings call . Nvidia said it expected China's contribution to data center sales to be in a similar range in the current quarter, which ends in a few weeks. "After that, hopefully, we can go compete for our business and do our best. And we'll see how it turns out," CEO Jensen Huang said at the time. Based on its quarterly supply chain checks, KeyBanc said it may turn out better than expected due to a "significant increase" in demand for the H20. The firm previously estimated orders for the chips to be between 150,000 and 200,000 in 2024. Now, KeyBanc revised its forecast higher to between 600,000 and 800,000, analysts said, leading to the projections for $9 billion to $12 billion in additional revenues this year. On Sunday, KeyBanc raised its price target on Nvidia to $1,200 per share from $1,100, citing what it sees as stronger-than-expected H20 demand and robust interest for Nvidia's recently announced GB200 server systems. The product, which uses the Blackwell architecture and incorporates multiple kinds of processors for AI computing, was unveiled at Nvidia's anticipated GTC conference last month. In explaining its price-target bump, KeyBanc also pointed to Nvidia's plans around production capacity with its chipmaking partner, Taiwan Semiconductor Manufacturing Company, as a sign AI-linked revenues will grow again next year. (Jim Cramer's Charitable Trust is long NVDA, MSFT, AMZN and META. See here for a full list of the stocks.) 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. Visitors at the Nvidia stand at the 2022 Apsara Conference in Hangzhou, China, Nov 3, 2022. Nvidia Stock Soar | Future Publishing | Getty Images

Uber Eats is joining the ranks of apps that want to be just like TikTok 2024-04-08 20:17:10+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 Short-form video content à la TikTok is taking over social media apps. And soon, you'll even find it on Uber Eats. The food delivery platform is launching a new feature that will allow app users to scroll through a feed of food videos from nearby restaurants, Uber Eats confirmed to Business Insider. TechCrunch first reported the new feature on Monday in an exclusive interview with Uber Eats' Senior Director of Product, Awaneesh Verma. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Advertisement The video snippets, which merchants will have the option to provide to Uber Eats, will appear in a feed on the app's home screen as well as in carousels throughout the app, Uber Eats said. Related stories "This new short-form video feed, designed to help showcase dishes from top merchants, allows top merchants to attract new consumers and tell a visual story of their meals, which currently isn't available on other delivery platforms," a spokesperson for Uber Eats told Business Insider. And just like on TikTok, a hungry user will be able to swipe through a series of vertical clips showing a variety of dishes being prepared at restaurants handpicked by the Uber Eats team. If the user likes what they see, they can order that dish, or similar dishes, directly from the video screen. "The early data shows people are much more confident trying new dishes and trying things that they otherwise wouldn't have," Verma told TechCrunch. "Even little things like being able to see texture, and the details of what a portion size looks like, or what's in a dish, has been really inspiring for our users." Advertisement And because the videos aren't advertisements, Uber Eats won't charge restaurants to display them in the app, the company said. The new feature is currently only being tested in New York, San Francisco, and Toronto, but the company plans to eventually roll it out to more cities, the spokesperson told BI. Uber Eats is just the latest company to get in on the short-form video content craze, following the success of TikTok. Instagram first launched Reels in 2020, a move that was widely seen as a way to keep up with its top competitor, TikTok. And in the years since, Meta has made a number of changes to both Facebook and Instagram to make the apps function a bit more like TikTok. Advertisement In the wake of TikTok's success, YouTube also created its own TikTok clone, called YouTube Shorts, which at the beginning of 2023 surpassed 50 billion daily views.