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Elon Musk and OpenAI CEO Sam Altman, once allies, no longer see eye to eye. Here's why. 2024-03-06 15:18:00+00:00 - Elon Musk sues OpenAI Elon Musk sues OpenAI 04:52 The relationship between Elon Musk and OpenAI has taken an increasingly acrimonious — and public — turn, with the one-time allies lobbing allegations at each other as they battle over the future of artificial intelligence. For many observers, it may seem a surprising twist in a relationship that stems from at least 2015, when Musk helped found OpenAI on the premise that it would use its generative AI technology to benefit the public. But that relationship blew up publicly last week when Musk filed a lawsuit against OpenAI and two of its executives, CEO Sam Altman and President Greg Brockman, accusing them of violating those founding principles by putting profits over humanity. Now, OpenAI is offering its retort, saying in a blog post on Tuesday that it intends to move to dismiss all of Musk's claims. But the post got more personal, releasing a batch of emails from Musk that show he initially wanted to subsume OpenAI into Tesla, his electric vehicle company, and had pushed for a for-profit business. OpenAI was founded as a nonprofit, but now operates in a hybrid structure it calls a "capped profit" business. When Musk didn't get his way, the Tesla CEO left the AI business, vowing to start his own company, OpenAI claimed. "We're sad that it's come to this with someone whom we've deeply admired — someone who inspired us to aim higher, then told us we would fail, started a competitor, and then sued us when we started making meaningful progress towards OpenAI's mission without him," OpenAI said in the blog post, which was co-written by executives including Altman and Brockman. Musk, meanwhile, posted memes to his social media service X on Wednesday, including one featuring Altman, that labeled OpenAI as "ClosedAI" — a reference to OpenAI's transformation from being an open-source, nonprofit company to a closed-source, for-profit company controlled by Microsoft. "OpenAI, Inc. has been transformed into a closed-source de facto subsidiary of the largest technology company in the world: Microsoft," the lawsuit states. "Its technology, including GPT-4, is closed-source primarily to serve the proprietary commercial interests of Microsoft." In many ways, the hostile relationship between Musk and OpenAI is a tale as old as capitalism: Founders of a company start off with shared goals but soon discover they don't see eye-to-eye, leading to a split and bitter legal claims. But there's more to the issue than a dispute over their business vision; the fight underscores questions about the development of AI, and who stands to benefit from its emergence. "Beyond the legal battle, this situation illuminates the broader conversation about the future of AI — how it should be developed, who should have access to these powerful technologies, and how they can be used in ways that benefit humanity as a whole, rather than serving narrow commercial interests," noted Tim E. Bates, an AI expert and former CTO of Lenovo, in an email. The AI boom The battle is occurring at a time when demand for AI is exploding, with Google and Microsoft seeking to dominate the new technology. The market for generative AI products could grow $1.3 trillion in the next decade, up from $40 billion in 2022, according to Bloomberg Intelligence. OpenAI has developed commercial ties with Microsoft, which has invested billions in the company and integrated its groundbreaking GPT-4 tech into its software programs. Microsoft has also developed an AI app called Copilot that's geared to helping consumers automate various tasks. Those commercial ties are at the heart of Musk's lawsuit against OpenAI, with the tech billionaire claiming that the relationship represents "a stark betrayal of the founding agreement" to help humanity. Even so, Musk has his own AI developments in the works at Tesla, illustrating that he's not entirely against the commercialization of AI, at least when it benefits him and his shareholders. In January, he demanded 25% voting control of the EV company before expanding its AI developments. Currently, Musk is the largest individual shareholder of Tesla, with about 13% of outstanding shares, according to FactSet. Tesla's AI initiatives, including self-driving cars, are one reason investors are bullish on the company, noted Wedbush Securities analyst Dan Ives in a January research note. "The outcome of [Musk's lawsuit against OpenAI] could set a precedent for how AI organizations balance the dual objectives of innovation and accessibility," Bates said of Musk's lawsuit. If he succeeds, more AI companies could adopt more open-source models in which newly developed technology is free and available to the public, but if OpenAI wins the battle, it could lead to more commercialization of AI, Bates noted.

Biden says Medicare should negotiate prices for at least 50 drugs each year, up from a target of 20 2024-03-06 15:00:00+00:00 - US President Joe Biden speaks during an event at the National Institutes of Health (NIH) in Bethesda, Maryland, US, on Thursday, Dec. 14 2023. President Joe Biden on Wednesday said the federal Medicare program should negotiate prices for at least 50 prescription drugs each year, up from the current target of 20 medicines. That's one of several new health-care policy proposals that Biden will outline during his State of the Union address on Thursday, according to a fact sheet released by the White House on Wednesday. Many of those efforts aim to expand parts of the Inflation Reduction Act that are geared toward making medicines more affordable for seniors and could take a bite out of the pharmaceutical industry's profits. "Medicare should not be limited to negotiating just 20 drugs per year. Instead, the President is proposing that Medicare be able to negotiate prices for the major drugs that seniors rely on, like those used for treating heart disease, cancer, and diabetes," the fact sheet read. Biden has made lowering U.S. drug prices a key pillar of his health-care agenda and reelection platform for 2024. But the fate of his new proposals will sit in the hands of a divided Congress, making it highly uncertain if they will pass into law. The president's call to raise the number of drugs eligible for negotiations with Medicare will likely face the fiercest blowback from the pharmaceutical industry. The Biden administration is already in a bitter legal fight with several drugmakers over the talks. The administration clinched early wins in two separate cases over the matter this year, but the industry is aiming to escalate the issue to the Supreme Court. The Centers for Medicare and Medicaid Services kicked off the negotiation process last fall when it unveiled the first 10 drugs that are subject to price talks with Medicare. The negotiations for those medications end this fall, with new prices going into effect in 2026. After the initial round of talks, Medicare can negotiate prices for another 15 drugs that will go into effect in 2027 and an additional 15 beyond that to take effect in 2028. Under the current structure, the number rises to 20 negotiated medications a year starting in 2029. Last year, Biden indicated that he wanted more drugs to be subject to negotiations. Wednesday is the first time his administration has specified a higher target number. The change will "not only save taxpayers billions of dollars, but more importantly, it will save lives and give seniors critical breathing room that they need," said Neera Tanden, who serves as the president's domestic policy advisor, during a call with reporters on Wednesday. The president's budget cuts federal spending by $200 billion, the White House fact sheet noted. That could increase the number of drugs that Medicare could select for negotiation and bring more medicines to the negotiation process sooner. The White House did not disclose whether the number of drugs should gradually rise to 50 after several years, or if that new number would apply starting in 2029. A senior administration official told reporters on Wednesday that the president looks forward to working with Congress on the details of the proposal. "We have built a system that we are confident is working and will deliver lower prices for the American people, and we believe we can scale that up," the administration official said. Among the other policy proposals are measures to cap Medicare copayments at $2 for common generic drugs and to extend the $2,000 cap on out-of-pocket drug costs beyond Medicare to all private plans. Biden also wants to expand another provision of the Inflation Reduction Act that requires drugmakers to pay rebates to Medicare when their drug prices rise faster than inflation. The president wants that policy to apply to commercial drugs, not just medicines sold to Medicare.

Elon Musk's pick for district attorney of Texas' Travis County lost on Tuesday 2024-03-06 14:40:00+00:00 - Elon Musk's pick to be district attorney of Texas' Travis County lost on Tuesday, hours after the Tesla CEO sent a companywide email urging employees to follow his lead. Jeremy Sylestine, a Democratic challenger to the incumbent José Garza, was defeated early on Super Tuesday, with Garza winning by over 30 points. Musk appears to have deleted his post on social media site X endorsing Sylestine. Sylestine ran on a platform to prosecute more cases, invest in public safety initiatives and rely on more jury trials. Musk, who relocated from California to Texas several years ago and subsequently moved Tesla's headquarters from Silicon Valley to Austin, has been increasingly vocal about politics and reportedly met with former President Donald Trump in Florida over the weekend. Texas is also home to a major SpaceX facility and The Boring Company, two of Musk's other companies. Musk wrote Wednesday on X that he will "not directly donate money" to either candidate for president in 2024, but he and his companies have contributed to political action committees and campaign committees in the past, according to records posted on OpenSecrets.org. Here's what Musk wrote to employees on Tuesday in an email that was obtained by CNBC. From: Elon Musk To: All Date: March 5, 2024 This mainly applies if you live in the greater Austin area, but, if you do, please vote today for a new district attorney who will actually prosecute crime. High time for change throughout the world! Musk included a link to his since-deleted post on X, which said, "Sorry to bother everyone with this note as it applies to people in the greater Austin area, but please go to the polls and vote for a new District Attorney!" Musk then sent a second companywide email, which read, "Worth noting that Jeremy Sylestine is a moderate Democrat, not a Republican. He is running against a far left incumbent in the primary." Bloomberg was first to report on Musk's emails. Sylestine didn't immediately respond to CNBC's request for comment. Tesla operates its largest U.S. vehicle assembly plant in Travis County, home to Austin. While Musk has presented himself as an independent voter who previously supported presidential candidates including his friend Ye, formerly known as Kanye West, and Andrew Yang, his public political commentary has been moving rightward for years. In a stream of posts on X on Tuesday, he accused President Joe Biden of "treason," without providing evidence. Musk supported Texas Republican Mayra Flores in her congressional race in 2022. He's now backing Marty O'Donnell, a composer of music for popular video games, who's running as a Republican for Congress in Nevada. "I hope more people like Marty run for office," Musk wrote on X on Tuesday, recirculating a post from O'Donnell. WATCH: OpenAI fires back at Elon Musk

Don't be enticed by the gold rally, expert says: Investors 'buy gold and hope it doesn't go up' 2024-03-06 14:28:00+00:00 - One helpful way to think about the recent gold rally: it's a case of schadenfreude. The yellow metal does well when other assets — and the world — are in trouble. As a result, prospective buyers should proceed with caution, experts say. Be prepared to root against your investment, said William Bernstein, author of "The Four Pillars of Investing." "You buy gold and hope it doesn't go up," he said. Earlier this week, the gold contract for April gained $30.60, or 1.46%, to settle at $2,126.30 per ounce, the highest level dating back to the contract's creation in 1974. On Wednesday, the metal was trading at $2,158.40. The safe-haven asset has risen for two consecutive months amid ongoing wars in Ukraine and Gaza, the upcoming presidential election, and uncertainty around interest rates and inflation. Russian President Vladimir Putin recently warned of nuclear conflict and "the destruction of civilization" if other countries sent group troops into Ukraine. Meanwhile, experts are concerned that Donald Trump would try to pull the U.S. out of NATO if he was reelected, which could raise security risks across the world. Among the other previous good times for gold: The Great Recession and the start of the Covid outbreak. More from Personal Finance: Many think pensions key to achieving American Dream How to avoid unexpected fees with payment apps 'Ghosting' gets more common in the job market Some Wall Street experts forecast the current rally to continue, anticipating the metal's value to rise to $2,300 or higher over the next 12 to 16 months. Should investors take part in the doomsday holding? Here's what financial experts said.

The average tax refund is over $1,700—how Americans plan to spend it 2024-03-06 14:17:00+00:00 - The 2024 tax season is in full swing, with some Americans already seeing refund checks hit their mailboxes or bank accounts directly. As of mid-February, over 25.5 million taxpayers had submitted returns, with the average refund coming to $1,741, according to the Internal Revenue Service. In total, 67% of taxpayers say they expect a refund this year, a recent Bankrate survey found. So what do Americans plan to do with that money? Nearly 30% of taxpayers receiving refunds plan to put theirs into savings, Bankrate found. Here are the other ways taxpayers plan to use their refunds: Saving and paying down debt are the top responses across generations, except for Gen Z, which plans to prioritize investing over paying down debt, Bankrate found. And about 20% of taxpayers plan to use the cash for fun expenses like vacations, home improvements and retail splurges. There's some debate around whether it's actually a good thing to receive a tax refund versus adjusting your withholdings and receiving larger paychecks throughout the year. But as long as your taxes get paid, it's up to you which strategy works best for your situation. Similarly, if you do receive a tax refund, it's up to you to decide the best way to use it, from covering day-to-day expenses to saving for a future goal. The best way to use your tax refund

CrowdStrikes’s Stock Price Will Hit $500 Soon 2024-03-06 14:15:00+00:00 - Key Points CrowdStrike had another beat-and-raise quarter, sending shares to another all-time high. Analysts are lifting their price targets and leading the market higher. The technical outlook suggests a $200 to 200% gain over the next few quarters and years. 5 stocks we like better than CrowdStrike The price action in CrowdStrike NASDAQ: CRWD stock is up 25% following the Q4 release and 2024 guidance, but the rally is not over yet. The results and outlook confirm the company’s momentum is solid, and analysts have underestimated its strength. The takeaway is that analysts are raising their price targets and leading the market higher. The first dozen analyst revisions to hit the wires following the release have the stock trading in the range of $400 to $450, another 25% upside at the high end. Assuming this company continues to build on its successes, and there is no reason to think otherwise, CRWD’s price target will likely continue to move higher this year and the $500 level reached before the year is through. Get CrowdStrike alerts: Sign Up CrowdStrike Is A Cyber Security Platform of Choice Because of its utility, CrowdStrike has emerged as a cyber security leader among top-performing cyber security stocks. The company’s one-platform approach makes it simpler for businesses to use and scale, as seen in the results. The company’s Q4 growth slowed as expected, but the $845.6 million is up 32.6% YOY and nearly 100 basis points better than expected, compounded by strong guidance. The top-line strength is subscription growth and penetration, with subscriptions up 33% and ARR up 34%. ARR is solidly up on a 27% increase in net-new ARR supported by penetration. Penetration of services is seen in adoption rates, with clients using five or more modules up 64%, six or more up 43%, and seven or more up 27%. Margin is also a bright spot in the report, with gross margin up 300 bps GAAP and adjusted. The combination of top-line strength and wider margin led to the 4th consecutive quarter of record net income, adjusted net income up 104%, and record operating and free cash flow. The free cash flow is up 31% YOY and has substantially improved shareholder equity. As good as the results are, the guidance has the market up 25%. The company guided Q1 and FY 2024 in a range above the consensus, and the forecast may be cautious. The company announced a definitive agreement to acquire Flow Security and is expected to close on the deal this month. Flow Security is the only provider of runtime security for the cloud, a critical aspect of cloud-based cyber security. Valuation Not a Concern for CrowdStrike Shareholders CrowdStrike is among the most highly-valued cyber security stocks, and its valuation is only getting richer. The post-release pot has it trading near 95X its 2024 guidance and heading higher because the outlook for long-term growth is improving. The valuation falls to only 75X for next year and will halve in 2026, assuming the growth trajectory does not change. Because the company consistently outperforms, the guidance and analysts' forecasts are likely too light. Insiders are selling shares, but don’t read too much into it. The company leans heavily on share-based compensation, and insiders are taking profits as the stock price soars. Insiders still own more than 5% of the company, and institutional holdings are also ample. Institutions, including funds and private capital, have bought this stock on balance for five consecutive quarters and hold about 65% of the shares. The largest shareholders are Vanguard at over 10%, followed by iShares and Invesco. The Technical Outlook: CrowdStrike is on Fire The price action in CRWD stock is on fire and could rise substantially over the next few quarters and years. The technical outlook alone suggests a potential move of $200 or 200% based on the magnitude of the pattern preceding the Q4 release. In this scenario, the stock could move above $500 soon and sustain upward movement into the $800 to $900 range. Before you consider CrowdStrike, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and CrowdStrike wasn't on the list. While CrowdStrike currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Higher Highs are Fast Approaching for AMD Stock 2024-03-06 14:10:00+00:00 - Key Points AMD shines amidst the AI revolution, with recent volume and price surges highlighting its resilience and potential. Despite recent hurdles, the stock has displayed relative strength, suggesting potential for higher highs. Analysts maintained bullish ratings on AMD despite the consensus price target forecasting a downside, reflecting confidence in the company's long-term growth prospects despite short-term market fluctuations. 5 stocks we like better than Advanced Micro Devices While Advanced Micro Devices NASDAQ: AMD might not always steal the spotlight like its competitor Nvidia NASDAQ: NVDA, investors in this global semiconductor powerhouse have plenty to cheer about. The company continues to dazzle, particularly in the wake of the AI revolution, with surging demand driving impressive gains, especially seen with a recent breakout in both volume and price. Despite recent challenges and a negative catalyst, shares of Advanced Micro Devices have remained resilient, reflecting the broader strength of the semiconductor sector. Get Advanced Micro Devices alerts: Sign Up With the recent explosive breakout and, even more recently, a negative headline, shares of AMD continue to outperform the overall market and display impressive relative strength and resilience. So it’s certainly worth taking a closer look at AMD to see whether or not higher highs might be on the horizon. A Snapshot of AMD and Recent Developments Advanced Micro Devices is a well-established semiconductor company headquartered in Santa Clara, California, founded in 1969. It plays a crucial role in various sectors of the global economy. The company operates in two segments: computing and graphics and enterprise, embedded, and semi-custom. Its product portfolio includes microprocessors, chipsets, GPUs, data center solutions, and gaming console technology, making it one of the most versatile semiconductor companies in the market today. Despite facing regulatory hurdles, the company remains on a trajectory of remarkable growth. The company's stock has surged 39% year-to-date and over 150% over the past year, reflecting investors' confidence in its ability to navigate challenges and capitalize on emerging opportunities, especially those presented by the surging demand due to AI. Recent negative news regarding AMD's tailored AI chip for the Chinese market highlights the complexities of operating in a dynamic global environment while also showcasing the company and its stocks’ resilience to shrug off such news and continue its upward trajectory. AMD’s Recent Earnings and Analysts’ Ratings In its latest earnings report on January 30th, 2024, AMD showcased resilience, slightly surpassing analysts' expectations with an EPS of $0.77. Quarterly revenue stood at $6.17 billion, marking a 10.2% increase from the previous year. With a price-to-earnings ratio of 392.2 and a forward P/E of 37.17, while AMD demonstrates robust financial fundamentals, it is most definitely not a value play but rather an aggressive growth name. Forecasts indicate a promising 58.05% growth in earnings for the coming year, reflecting the company's continued momentum. AMD maintains a Moderate Buy rating based on 27 analyst ratings, underpinned by bullish sentiment despite a nuanced outlook. While the consensus price target forecasts a potential downside of almost 11%, recent analyst actions suggest a more optimistic view. Barclays, for instance, boosted its target from $200 to $235, signaling confidence in AMD's long-term prospects. Similarly, Cantor Fitzgerald reiterated its overweight rating, reaffirming the positive sentiment surrounding the stock. Higher Highs Approaching for AMD The stock recently broke out of a prolonged consolidation phase on a higher timeframe, signaling potential for further upside. Despite market fluctuations and a steep selloff on Tuesday, AMD remained above $200, maintaining its gains post-breakout and flexing its resilience. Crucially, sustaining levels above previous resistance points, such as $185, underscores AMD's strength. Monitoring broader sector trends will be essential to gauge AMD's relative performance amidst market volatility. Despite regulatory challenges and market uncertainties, AMD stands tall, driven by the unstoppable momentum of the AI revolution. Investors can find solace in the company's robust financial performance, bolstered by bullish analyst sentiment and promising growth prospects. As AMD continues to ride the AI wave, navigating challenges with resilience, it remains poised for further success in the fast-evolving semiconductor landscape. Before you consider Advanced Micro Devices, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Advanced Micro Devices wasn't on the list. While Advanced Micro Devices currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Supreme Court will hear Trump presidential immunity argument April 25 2024-03-06 13:43:00+00:00 - Republican presidential candidate and former President Donald Trump speaks in the library at Mar-a-Lago in Palm Beach, Florida, on March 4, 2024. The Supreme Court will hear oral arguments on April 25 on whether former President Donald Trump is immune from criminal charges in his federal election interference case. The criminal case being prosecuted by special counsel Jack Smith is on pause while the high court considers Trump's claim that an ex-president cannot face charges for official acts performed while in office. It could take months for the justices to issue an opinion. If they rule that the election case can go forward, Trump could be on trial shortly before the November presidential election. Two lower courts have already rejected Trump's presidential immunity argument. Smith had urged the Supreme Court not to further delay the election case by weighing in on the immunity claim. Smith alleges Trump illegally conspired to overturn President Joe Biden's 2020 victory in a variety of ways, culminating in an effort to stop Congress from counting legitimate electoral votes on Jan. 6, 2021. Trump has pleaded not guilty to the charges. Don't miss these stories from CNBC PRO:

Democrat Dean Phillips drops out of 2024 presidential race 2024-03-06 13:30:00+00:00 - Democratic presidential candidate Rep. Dean Phillips speaks to the media as he arrives at Londonderry High School during the U.S. presidential primary election, in Londonderry, New Hampshire, on Jan. 23, 2024. Rep. Dean Phillips, D-Minn., has dropped out of the 2024 presidential race and endorsed President Joe Biden. "Americans were demanding an alternative, and democracy demands options. But it is clear that alternative is not me," Phillips wrote on social media platform X on Wednesday. "And it is clear that Joe Biden is OUR candidate and OUR opportunity to demonstrate what type of country America is and intends to be." Phillips' exit from the Democratic field came hours after GOP candidate Nikki Haley announced her own decision to suspend her presidential bid, effectively cementing the widely predicted November rematch between President Joe Biden and twice-impeached former President Donald Trump. Phillips' announcement whittles down an already uncompetitive Democratic primary. On Super Tuesday, Biden racked up wins in state after state, though he lost the U.S. territory of American Samoa to little-known Democrat Jason Palmer. Biden's campaign has been in general election mode for weeks, kicking into high gear after the president swept New Hampshire and South Carolina. Phillips hinted at an announcement on Super Tuesday, cryptically noting that he would be "making decisions over the coming days." "As the only candidate not losing to Donald Trump in any poll, I'm grateful for the beautifully orchestrated outpouring of wishes to end my mission to ensure his defeat," Phillips wrote in an X post on Super Tuesday. "I'm touched by the thoughtfulness, and will be making decisions over the coming days about how we can best fulfill that objective." Phillips previously pledged to stick out the campaign through the Democratic National Convention. As funds ran low, the campaign had to pare down operations to keep afloat, cancelling scheduled events and laying off staff in February. "I found it almost impossible to raise enough to do this campaign the way I want," Phillips said in a social media post on Feb. 16. With most of the financing from his own pocket, Phillips, 55, launched his long-shot presidential bid in October and ran as a younger alternative to Biden, who is 81 years old. Beyond Phillips' age, however, the third-term congressman and former Talenti gelato CEO failed to distinguish himself from the incumbent president. In Congress, he voted in lockstep with Biden's agenda, and he did not otherwise express major policy differences with Biden. In January, Phillips said that if he were elected president, his Cabinet might include Tesla founder Elon Musk and hedge fund billionaire Bill Ackman. Another potential challenger to Biden, Sen. Joe Manchin, D-W.Va., formally announced on Feb. 16 that he would not run for president after a monthslong flirtation with a third-party bid. With the Democratic nomination firmly in his grasp, the president has already turned to the general election, which appears likely to be a rematch between Biden and Trump. Though Biden's age was not enough to singlehandedly keep Phillips' campaign afloat, it is still a top vulnerability as the general election nears. Recent February polls found that concerns about Biden's age and mental acuity were still top issues for respondents, even as his marks improve on other major voter priorities such as the economy. Questions about the president's age and mental acuity have grown, especially since the Feb. 8 release of a Department of Justice report by special counsel Robert Hur. The report examined Biden's handling of classified documents, and cleared the president of criminal liability for documents that had not been properly stored. But what captured the public's attention was Hur's description of Biden as a "sympathetic, well-meaning, elderly man with a poor memory." "My memory is fine," a visibly angry Biden said at a press conference hours after the Hur report was released. "I'm an elderly man, and I know what the hell I'm doing." Don't miss these stories from CNBC PRO:

Bargain Alert: Alphabet Stock Won’t Be This Cheap For Long 2024-03-06 13:26:00+00:00 - Key Points Alphabet shares have been trading down for more than a month. The divergence is notable, considering how well tech stocks have been performing. Don’t expect the discount to last much longer however, there’s too much upside potential in the long-run. 5 stocks we like better than Alphabet While it managed to tag a fresh all-time high in January, shares of Alphabet Inc NASDAQ: GOOGL have been trading softly in the weeks since. It’s a usual divergence from the broader market, given how much Alphabet’s performance usually counts for in the broader trend. For context, the benchmark S&P 500 index has been setting fresh highs effectively every week since the middle of January and tagged a fresh high in yesterday’s session. But Alphabet, on the other hand, saw its shares fall to a fresh low yesterday, as they are now down almost 15% since January. This has them trading back at last summer’s levels, effectively undoing all the upward momentum from the final months of last year that marked the turning point for almost every other stock. Get Alphabet alerts: Sign Up Stuttering Growth Trends for Alphabet So, what’s been going on with Alphabet, and what kind of opportunity could this be creating for those of us on the sidelines? The trouble started in late January, when the tech giant’s earnings managed to top expectations for its headline numbers but missed the mark with its ad-sales growth. Any sign of a growth slowdown appearing on the horizon, with inflation continuing to cool and expectations rising for a cut to interest rates, will not be forgiven easily. It was at least understandable in 2022 and 2023 when rates were soaring, and growth rates everywhere were falling, but with the opposite now the case, it’s easy to see why investors were spooked. Matters weren’t helped by the company’s fumbling of their Gemini AI image generator last week, which prompted some of the louder bears to even call for a change in leadership to steady the ship. With other tech giants like NVIDIA Corp NASDAQ: NVDA grabbing investor attention for all the right reasons, it’s understandable that they’d be frustrated. Considering The Long Opportunity However, it’s starting to look like the selloff has become overdone, which will be music to the ears of those of our readers who love a good bargain. Consider this: in the immediate aftermath of Alphabet’s earnings, no less than 13 analysts reiterated their Buy rating on the stock, with several going so far as to boost their price target. Even the handful that lowered their price target remained bullish, and such has been the drop in Alphabet shares that they’re now trading well even these. Susquehanna, for example, reiterated the bullish stance on Alphabet shares and upped their price target to $170, something Wolfe Research did too, albeit with a boosted price target of $180. From where Alphabet shares closed on Monday, that’s pointing to an immediate upside of at least 30%, not bad for a stock with a $1.5 market cap. Indeed, the fact that shares have continued to sink is strange and is unlikely to remain the case for long. With the stock’s relative strength index (RSI) already in the low 30s, Alphabet shares are within another down day or two of becoming extremely oversold. The divergence also improves the company’s valuation, at least relative to its peers in the tech industry. Compared to the likes of Apple Inc NASDAQ: AAPL and Meta Inc NASDAQ: META, who have price-to-earnings (PE) ratios of 26 and 34 respectively, Alphabet’s 24 bolsters the argument that it’s quite cheap right now. It feels even better when you consider the fact that NVIDIA’s PE ratio is currently 71. Alphabet shares were trading softly again to start Tuesday’s session, so it will be interesting to see where they start to find some support. Investors considering taking advantage of this opportunity should watch for some consolidation around the $125-130 mark, assuming shares trade down there. Assuming the rest of the market maintains its momentum in the meantime, as soon as the Alphabet bears run out of steam we should be looking at a quick catch up play. Before you consider Alphabet, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alphabet wasn't on the list. While Alphabet currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

American Express card data exposed in third-party breach 2024-03-06 13:09:00+00:00 - Michigan AG Nessel offers tips to avoid identity theft Michigan AG Nessel offers tips to avoid identity theft 02:51 American Express Co. has told an undisclosed number of cardholders that their account information may have been breached in a recent hacking of a merchant processor. Current and previously issued American Express Card account numbers, expiration dates and customer names may have been compromised, AmEx stated in a notice filed last week with Massachusetts regulators. "A third party service provider engaged by numerous merchants experienced unauthorized access to its system," Anneke Covell, AmEx's vice president, U.S. & AENB privacy, stated in the notice. "American Express owned or controlled systems were not compromised by this incident." AmEx said it's actively monitoring the potentially impacted accounts for fraud, and stressed customers are not liable for fraudulent charges. The New York-based financial services company urged customers to review their accounts for fraudulent activity, sign up to get instant notifications of potential suspicious activity and to make sure their contact information is current. There are different circumstances under which financial institutions may report incidents, according to AmEx, which cited a blog post on the Massachusetts state website. "For example, a financial institution may report an incident that occurred at a retailer where the consumer used their bank-issued card," the company said. In responding to a request for further comment, AmEx declined to disclose the number of those potentially impact nor the geographical reach of the breach. "The incident that you are inquiring about occurred at a merchant processor and was not an attack on American Express or an American Express service provider, as some media outlets have erroneously reported. Because customer data was impacted, American Express provided notice of the incidents to Massachusetts agencies and impacted customers who reside in Massachusetts," a spokesperson stated in an email. "We have sophisticated monitoring systems and internal safeguards in place to help detect fraudulent and suspicious activity. If we see there is unusual activity that may be fraud, we will take protective actions," the spokesperson noted. Customers who notice any suspicious activity on their account can call: 1-855-693-2213.

Fed Chair Jerome Powell wants more proof inflation is falling before cutting interest rates 2024-03-06 10:39:00+00:00 - Federal Reserve Chair Jerome Powell said the central bank will cut its benchmark interest rate this year — but not yet. In comments before a House panel on Wednesday that echoed his previous outlook, Powell noted that U.S. prices are falling for both goods and services. Inflation "has eased notably over the past year," although it remains above the Fed's 2% annual target, he said. On the first of his two days of semi-annual testimony to Congress, Powell also suggested that the Fed faces two roughly equal risks: Cutting rates too soon — which could "result in a reversal of progress" in reducing inflation — or cutting them "too late or too little," which could weaken the economy and hiring. The effort to balance those two risks marks a shift from early last year, when the Fed was still rapidly raising its benchmark rate to combat high inflation. The financial markets are consumed with divining the timing of the Fed's first cut to its benchmark rate, which stands at a 23-year high of about 5.4%. A rate reduction would likely lead, over time, to lower rates for mortgages, auto loans, credit cards and many business loans. Most analysts and investors expect a first rate cut in June, though May remains possible. Fed officials, after their meeting in December, projected that they would cut rates three times this year. In his remarks Wednesday, Powell underscored that the Fed's policymakers believe they are done raising rates, which are likely high enough to restrain the economy and inflation. However, he offered no hints on the potential timing of rate cuts. Wall Street traders put the likelihood of a rate cut in June at 69%, according to futures prices, up slightly from about 64% a week ago. "The waiting game continues," Ian Shepherdson, chief economist with Pantheon Macroeconomics, said in a research note on Powell's testimony. "Everything else in the written testimony is boilerplate about progress on inflation over the past year and the strength of the labor market, though Mr. Powell does allow himself a note of self-congratulation — and a subtle jab at Larry Summers and others who argued that the Fed would have to kill the labor market in order to bring inflation down." Powell's testimony before the House Financial Services Committee coincides with intensified efforts by the Biden administration to stem public frustration with inflation, which erupted three years ago and which has left average prices well above their level in 2019. President Joe Biden's bid for re-election will pivot in no small part on voter perceptions of his handling of inflation and the overall economy. Overall inflation has steadily cooled, having measured at just 2.4% in January compared with a year earlier, according to the Fed's preferred gauge, down from a peak of 9.1% in 2022. Yet recent economic data have complicated the picture and clouded the outlook for rate cuts. Some analysts see the hotter-than-expected January numbers as a mere blip. "We still believe that the stronger rise in core consumer prices in January will prove to be noise rather than a genuine turning point," Andrew Hunter, deputy chief U.S. economist with Capital Economics, said in a report. "The upshot is that we still see the first rate cut coming in June and scope for rates to then be lowered a bit more quickly than markets are pricing in," he added.

Oscar Mayer to launch first vegan hot dog later this year 2024-03-06 10:37:00+00:00 - Plant-based meat probably won't be served on the Frankmobile — the hog dog-shaped vehicle previously known as the Oscar Mayer Wienermobile — but the iconic brand is launching a meatless option, the Kraft Heinz Not Company announced on Wednesday. Set to launch later this year, the products are the result of a partnership between Kraft Heinz Co. and NoCo Inc., a startup backed by the wealthiest person on the planet, Jeff Bezos. Formed in 2022, the Kraft Heinz Not Company said its NotHogDogs and NotSausages pack the savory and smokey experience that the brand has offered for more than 140 years. "We know people are hungry for plant-based meat options from brands they know and trust. In launching the joint venture's first product in the plant-based meat category, we saw an opportunity to satisfy these consumer cravings, leveraging NotCo's revolutionary AI technology and the power, equity and legacy of the Oscar Mayer brand," Lucho Lopez-May, CEO, The Kraft Heinz Not Company. The development comes after Impossible Foods' announcement in December that they would add a plant-based hot dog to its offerings. Taste is the biggest reason why Americans don't continue to eat faux meat after giving it a trial run, according to the findings of a 2023 survey by the Good Food Institute and Morning Consult.

Stock market today: Nasdaq leads stock slide, bitcoin tumbles after new record 2024-03-06 05:44:00+00:00 - US stocks closed in a sea of red on Tuesday, pulling further away from record highs as uncertainty over interest rate cuts and a shakeup in "Magnificent Seven" stocks brought a note of wariness to the market. Contracts on the tech-heavy Nasdaq Composite (^IXIC) led the day's declines, sinking about 1.7% as a retreat in Apple (AAPL) and Tesla (TSLA) continued to drag on stocks more widely. Both the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) closed down more than 1%. Apple came under pressure after a report that iPhone sales fell 24% in China, adding to Monday's loss in the wake of a $2 billion EU antitrust fine. Tesla continued to slump as a shutdown at its Berlin Gigafactory added to concerns over a shipment slump and a Chinese price war. Bitcoin (BTC-USD) reached a fresh all-time high, briefly surpassing its previous record of $68,789 from November 2021. However, the cryptocurrency experienced a sizable drop shortly after, plummeting 10% to trade just around $62,000 a coin. The debate now is whether the tech gains behind the recent record-setting stock rally have reached their peak, as downbeat news saps the "FOMO" — fear of missing out — seen as keeping investors engaged. At the same time, faith in coming easing by the Federal Reserve took a knock after comments by policymaker Raphael Bostic. The Atlanta Fed president said he sees just one rate cut this year, penciled in for the third quarter. Investors are now even more focused on Fed Chair Jerome Powell's testimony to Congress on Wednesday. His words will be closely watched for any change in the mantra that policymakers need to be convinced inflation is conquered before any move. In corporates, Target (TGT) earnings beat Wall Street forecasts, helping shares pop more than 10%.

Bitcoin Tumbles 10% After Hitting Record High; Triggers $1B Crypto Liquidations 2024-03-06 05:03:00+00:00 - Bitcoin hit a fresh all-time high of $69,200 on Tuesday, then tumbled to as low as $59,700 in a violent sell-off. The correction triggered cascading liquidations, flushing out over $1 billion worth of leveraged derivatives positions across all digital assets, CoinGlass data shows. Bitcoin {{BTC}} plunged more than 10% from its new all-time high on Tuesday as heavy selling on crypto exchanges capped the price surge beyond $69,000, sending the price below $60,000 at one point. BTC rose to $69,200 earlier during the day, but the order book on crypto exchange Binance showed large sell orders clustered at higher price levels, with over 300 BTC, worth about $20 million, to be sold at $69,000 and more than 500 BTC for sale at $70,000. Binance BTC/USDT order book (Binance) The selling pressure posed a significant barrier to bitcoin's price, sending the crypto lower. After the CoinDesk Bitcoin Index (XBX) briefly notched an all-time high of $69,208 at 15:04 UTC, BTC tumbled more than $1,000 in a minute. The sell-off then accelerated in waves, with the price first dropping below $65,000, then sinking further to as low as $59,700, CoinDesk Bitcoin Index data shows. At press time, BTC had bounced back to $62,800. Read more: Bitcoin Hit a Record High. Here's What Might Happen Next The pullback sent BTC down 7% over the past 24 hours, underperforming the broad-market CoinDesk 20 Index's ( CD20 ) 3% decline, which held up better due to the relative strong performance of ether {{ETH}} and solana {{SOL}}. Other altcoin majors such as Cardano's {{ADA}}, dogecoin {{DOGE}} and shiba inu {{SHIB}} lost about 10%-12%. Crypto liquidations soar The wild price action triggered a severe leverage wipeout, liquidating over $1.1 billion worth of derivatives trading positions across all digital assets through the past 24 hours, CoinGlass data shows. Some $870 million of the liquidated positions were longs, or bets on rising asset prices, according to CoinGlass. Crypto liquidations across all digital assets (CoinGlass) Liquidations happen when an exchange closes a leveraged trading position due to a partial or total loss of the trader’s initial money down or "margin" if the trader fails to have enough funds to cover the position's losses. When asset prices nosedive, the dynamic can kickstart a cascade of liquidations, exacerbating losses and price declines. Major liquidation events often mark a local top or bottom for the asset's price. Story continues Tuesday's action even surpassed last August's $1 billion leverage flush, when bitcoin suddenly dropped below $25,000 from $28,000. The move marked roughly a local low in prices, though it was several weeks before bitcoin actually began moving again to the upside. Will Clemente, co-founder of Reflexivity Research, noted that Tuesday's events reminded him of bitcoin's action around Thanksgiving 2020. At that time, bulls had their eye on an imminent takeout of the $20,000 level, but bitcoin hit $19,500 and cratered, falling in a very short period to roughly $16,000. "Any dips are for shaking out over leveraged apes and buying at this point," Clemente said in an X post. This move reminds me of the -15% leverage wipeout we had after testing ATHs for the first time in 2020 that Portnoy called “Thanksgiving Day Massacre”. Any dips are for shaking out over leveraged apes and buying at this point. Not doing anything, just sitting on my hands. — Will (@WClementeIII) March 5, 2024 UPDATE (March 5, 19:45 UTC): Updates headline, prices as bitcoin sell-off accelerated. Adds liquidation data. UPDATE (March 5, 20:55 UTC): Adds historical context and analyst comment.

Bitcoin Supply Squeeze? ARK Invest's Cathie Wood Predicts $1M+ Bitcoin Price 2024-03-06 04:06:00+00:00 - While many have made claims on where they see Bitcoin going in the future, very few are as notable as the predictions made by Ark Invest CEO Cathie Wood. Her base case for 2030 is a Bitcoin price of $600,000, almost 10 times that of the current price. In her bull case, she sees Bitcoin reaching $1.5 million by 2030. If Bitcoin were to reach a $1.5 million price level, the market cap would be more than $30 trillion. Her initial bull case prediction was $1 million, but she upped it to $1.5 million after the approval of the Bitcoin spot ETFs, among other factors. Specifically Wood pointed to more long-term and institutional holders, more holders in general, a rising hash rate and the ETFs. Don't Miss: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today . Bitcoin has jumped nearly 50% already this year – how much would you need to get started today? ARK and 21Shares launched one of the ETFs (ARKB). The ETF has the third lowest expense ratio out of the active spot ETFs and has garnered net assets of over $2 billion in less than 2 months. The ETF has largely been a success, attracting huge inflows and performing well against the market, up nearly 60% in the past month alone. ETFs as a whole have also changed the dynamics of Bitcoin supply. Before, a handful of institutions were involved in Bitcoin, and prices were a bit more skewed towards retail trader sentiment. However, with new buying activity, some predict a supply squeeze could be on the horizon. Inflows to the ETFs hit an all-time high last week, seeing nearly $680 million of inflows in one day. This means that the funds are buying more Bitcoin every day, which is eating away at the liquidity provided by sellers. Additionally, the ETFs have seen net inflows of several billion dollars since they began trading. The trend has been one of continuous buying. If this trend of daily buying were to continue, the entire liquid supply of Bitcoin (~1.3 million BTC) would be under ETF management by September 2024. Story continues — Trending: Large boom in cryptocurrency and metaverse interest as BTC skyrockets — has Apple Vision Pro increased the demand for virtual real estate? — While this is extremely unlikely to happen as more traders would take profit if the price of Bitcoin continues to go higher and ETF inflows are likely to slow down, it still shows how close the market is to reaching the capacity of liquid sellers in the order books. A better idea to consider is thinking about the point at which traders will begin to sell. While some believe that the current ATH of around $69,000 could serve as a point of resistance and take-profit level, others are looking at high prices, such as $100,000. Few are venturing even higher, such as Wood. The price of Bitcoin is determined by the laws of supply and demand. It will be interesting to see how the new demand brought by the ETFs will impact the supply of sellers in the coming months and years. Read Next: "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Bitcoin Supply Squeeze? ARK Invest's Cathie Wood Predicts $1M+ Bitcoin Price originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Gold rallies amid a 'perfect storm,' expectation Fed will cut rates 2024-03-06 02:07:00+00:00 - Gold hit new highs on Tuesday as investors continue to bet that major central banks will start cutting interest rates this year. On Tuesday morning gold futures (GC=F) reached a high of $2,150.50 after April contracts settled at a record $2,126.30 per ounce in the prior session. Tuesday's intraday spot gold touched a record of $2,141.79 per ounce before paring back gains. The precious metal is considered a safe haven during times of geopolitical tensions and when interest rates decrease. While the timing of the first Fed rate cut is uncertain, investors expect the Federal Reserve to begin cutting rates in June, while Europe is also expected to do the same this year. "We've got a perfect storm brewing in the gold market," Phillip Streible, chief market strategist at Blue Line Futures, told Yahoo Finance on Tuesday, noting prices have risen by about $150 since mid-February. The possibility of more regional bank turmoil following New York Community Bankcorp's woes has also helped lift prices in the past several sessions amid expectations that Fed officials will swoop in to save the sector, says Streible. "If you do have some kind of bank failure, some kind of regional bank risk, you’re going to see it pull forward those [rate] cut expectations by the Fed, and they’ll end up making those cuts a little bit sooner," he said. One potential wrench that could delay a further rally would be if Friday's jobs report comes in hotter than expected, making a case for Fed officials to push back expected rate cuts. Bullion's price increases have been disconnected from recent outflows seen in gold-related ETFs. Strategists believe investors have been rotating money into bitcoin ETFs as the token has roared toward new highs. “We’re seeing that rotation out of gold and into bitcoin, which is attracting about $1 billion per week in the ETF inflows,” said Streible. Central banks have been buying up gold at historic levels, helping drive up demand over the past couple of years. Adjusted for inflation, gold hit a record in 1980 when it hit $850 per ounce, which would equal almost $3,200 in today's dollars. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.

Market prophet Gary Shilling warns stocks could crash 30% — and says the odds are 'very much in favor of a recession' 2024-03-06 01:48:00+00:00 - Market prophet Gary Shilling warns stocks could crash 30% — and says the odds are 'very much in favor of a recession' Gary Shilling. Bloomberg Stocks may crash 30% and a recession could hit within months, Gary Shilling said. The star forecaster said stocks are super pricey and flagged several signs of economic strain. Shilling predicted the housing market would rebound in time, and dismissed de-dollarization fears. A legendary market prophet has warned that overpriced stocks may come crashing down, and a recession might strike within months. "Stocks are very, very expensive now" relative to both corporate earnings and rival assets like Treasury bonds, Gary Shilling recently told the Retirement Lifestyle Advocates radio show. "If we wake up one of these days and find that a major company has gotten into trouble, and that triggers a huge sell-off in stocks, I wouldn't be at all surprised," he added. Shilling was Merrill Lynch's first chief economist and launched his own economic consultancy and investment-advisory firm in 1978. The president of A. Gary Shilling & Co. is known for making several prescient market calls over the past four decades. The star forecaster noted the Shiller price-earnings ratio for the S&P 500 is about 45% higher than the long-term average, indicating stocks are historically overvalued. He also cautioned that a handful of stocks make up a big chunk of the stock market's current value. Shilling described that kind of concentration as "always dangerous" because it suggested investors "really don't like the rest of the stock market and therefore the bulk of the economy." "This has been a wildly speculative kind of market," Shilling said, comparing the run-up in the "Magnificent Seven" tech stocks to the "Nifty Fifty" bubble in the early 1970s that centered on names like Winnebago and Polaroid. Shilling warned the S&P 500 could tumble by 20% to 30%, although the decline "could even be bigger than that." He recently told Business Insider the benchmark index could plummet below 3,500 points — a 32% plunge from its current level of about 5,100 points. Story continues The veteran economist issued a similar warning in his "Insight" newsletter for March. "Rampant speculation seems destined for a big downfall," he wrote, singling out bitcoin as a "purely speculative vehicle." Cracks in the economy Shilling reeled off a bunch of red flags that suggest a recession is looming. He pointed to the prolonged decline in the Leading Economic Index, pressure on housing starts, waning consumer demand and confidence, small businesses scaling back their hiring plans, a softening labor market, and the Federal Reserve raising interest rates from almost zero in early 2022 to more than 5% by last summer. Looking at the past seven recessions, Shilling emphasized that they struck an average of 26 months after the Fed began raising rates. It's been about two years since the first rate increase in this cycle, suggesting "the economy is due for a downturn," he said. "The odds are very much in favor of a recession," he added, noting there's only been one soft landing since World War II. Even so, Shilling predicted it would take time for the economy to capitulate. Companies have held off on firing workers after facing labor shortages in recent years, and consumers have kept spending by tapping their pandemic savings and racking up record amounts of credit-card debt, he said. Homes and dollars Shilling also shared his outlook for the frozen US housing market, the national debt, and the dollar, predicting a "considerable revival" in housing activity over the next three or four years as mortgage rates drop. He also flagged the risk of a future "debt bomb," as spiraling federal borrowing leads to the government spending more and more of its budget just paying the interest it owes. As for the greenback, Shilling said he wasn't worried about "de-dollarization" or the end of dollar dominance in currency markets. "There's really no other option than the dollar," he said. "It's the cleanest sock in the laundry. It's the tallest midget. It's the slowest falling rock. Whatever it is, it's the best of the lot." It's worth pointing out that Shilling has been sounding the alarm on stocks and the economy for a long time, yet both have defied his bleak predictions and performed surprisingly well. But in light of his long-term track record and decades of experience, plenty of investors remain happy to hear him out. Read the original article on Business Insider

Spotify CEO Daniel Ek takes aim at Apple in video message following $1.84 billion court victory: ‘They want to close down the internet and make it theirs’ 2024-03-06 01:00:00+00:00 - Daniel Ek may have emerged triumphant from his five-year long battle with Apple, but you wouldn’t notice it from the Spotify founder’s grim demeanor. On Monday, the EU Commission fined Apple $1.84 billion for abusing its dominance in music streaming apps. If the tech giant’s recent anti-competitive behavior was anything to go by, however, Ek believes the world’s second most valuable company has little intention of giving up its walled garden: the iOS ecosystem with its flagship App Store that has minted billions in annual profits. “The internet is at risk,” Ek said in a video statement he posted on Monday, sounding like someone who had lost his case, not won it. “Apple has decided that they want to close down the internet and make it theirs.” The @EU_Commission finally ruled against Apple today. A lot of you have been asking for my take on what this means and what will – and won’t – change. I made a video with my thoughts including why this is a good first step, but also why there’s still more to be done. pic.twitter.com/pdICn2Jq6S — Daniel Ek (@eldsjal) March 4, 2024 The Spotify CEO predicted Apple would either ignore the ruling, much like it has in similar cases in Japan, South Korea and the Netherlands, or comply in letter but not in spirit. That's because Apple knows that most of the people accessing the internet are doing so through apps downloaded to smartphones, a revenue opportunity it does not want to pass up. (Apple does not publish data on its share of App Store turnover, just aggregated figures paid to developers.) “Even though today may seem like a great win, it might actually just be a very small step in the right direction,” Ek said. Fortune has contacted Apple for a response to the Spotify chief's comments. Story continues Ek's video message comes after EU Vice President Margrethe Vestager said Apple’s refusal to inform consumers of cheaper options amounted to anti-steering provisions that violated European antitrust law. “Apple’s conduct, which lasted for almost 10 years, may have led many iOS users to pay significantly higher prices for music streaming subscriptions, because of the high commission fee imposed by Apple on developers and passed on to consumers,” the Commission said. EU failed to prove harm, Apple counters Apple shot back on Monday by arguing Brussels levied the fine despite a “failure to uncover any credible evidence of consumer harm.” Ek’s company in reality was the true dominant player, according to Apple, controlling over half the European streaming market. This position it enjoys largely thanks to the App Store, Apple said, since its share is higher on iOS than on Android. For that benefit, the Swedish company pays Apple nothing. Instead, Spotify lobbied heavily against it, meeting more than 65 times with the Commission during the investigation in the hopes of utilizing Apple’s proprietary tools, technologies and distribution system at no added cost. “Free isn’t enough for Spotify,” Apple responded. “They also want to rewrite the rules of the App Store—in a way that advantages them even more.” This story was originally featured on Fortune.com

Commercial air tours over New Mexico’s Bandelier National Monument will soon be prohibited 2024-03-05 21:33:30+00:00 - LOS ALAMOS, N.M. (AP) — Commercial air tours over New Mexico’s Bandelier National Monument and within a half-mile outside its park boundary will soon be prohibited, officials said Tuesday. The National Park Service and Federal Aviation Administration finalized an air tour management plan for the 50-square-mile (130-kilometer) monument near Los Alamos. The plan will go into effect within 180 days. Park officials said the move was made to protect natural and cultural resources, sacred tribal places and wilderness. The monument is said to have one of the largest concentrations of Ancestral Pueblo archaeological sites in the Southwest. “Prohibiting commercial air tours protects the cultural and spiritual significance of these lands to tribes and ensures the park experience desired by visitors,” Park Superintendent Patrick Suddath said in a statement. Bandelier was designated as a national monument in 1916 by then-President Woodrow Wilson. It was named for Swiss-American anthropologist Adolph Bandelier.