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☆ Micron's growth prospect is really driven by the AI demand: CIO
▼ + stars: | 2024-09-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMicron's growth prospect is really driven by the AI demand: CIOEric Ross from Cascend Securities says the future growth of AI will be lumpy rather than stable as only a handful of companies are able to make the hefty investment in AI.

Persons: Eric Ross Organizations: Cascend Securities

☆ Domino's Pizza is not growing as much as it claims, investor says in new lawsuit
▼ + stars: | 2024-09-26 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +4 min

Read previewAn investor has filed a class action lawsuit against Domino's Pizza, claiming the restaurant chain "overstated" its business and financial prospects. AdvertisementSpecifically, the company's annual global net store growth. The complaint says Domino's hosted its 2023 Investor Day that December, during which it discussed the long-term guidance for the annual global net store growth between 2024 and 2028. The class action lawsuit against Domino's Pizza Inc. is about its annual global net store growth. Despite investor concerns over its global net store growth, revenues at Domino's has grown.

Persons: —, Pizza, Bernstein Lierbhard, Russel J, Weiner, Sandeep Reddy, Justin Sullivan, Domino's, Matt Cardy, Stringer Organizations: Service, Pizza Enterprises, Business, Domino's, BI, Domino's Pizza Enterprises, Domino's Pizza, U.S, Company Locations: Michigan, Domino's

☆ BofA Securities: Iron ore prices to drop next year as oversupply continues
▼ + stars: | 2024-09-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA Securities: Iron ore prices to drop next year as oversupply continuesMatty Zhao of BofA Securities expects the impact of stimulus on China's property sector will be short-lived, and that steel demand will decline again, leading to iron ore prices dropping to $90 in 2025.

Persons: oversupply, Matty Zhao Organizations: BofA Securities, Securities

☆ Mark Zuckerberg seems to have stuck the landing at Meta Connect
▼ + stars: | 2024-09-26 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

Mark Zuckerberg's Meta Connect keynote impressed Wall Street, boosting Meta's stock on Wednesday. Zuckerberg unveiled new Meta Quest headsets, AI features, and Orion holographic glasses. AdvertisementMeta CEO Mark Zuckerberg needed less than an hour to wow Wall Street. He took the stage at Meta Connect in a T-shirt dedicated to himself and delivered a keynote that Wall Street seems to be responding well to. Zuckerberg introduced a new lineup of Meta Quest headsets, some impressive AI features coming to the company's smart glasses, and gave the public a glimpse of the highly anticipated Orion holographic glasses.

Persons: Mark Zuckerberg's, Wall, Zuckerberg, —, Mark Zuckerberg, Dan Ives Organizations: Mark Zuckerberg's Meta, Service, Meta, Wedbush Securities, Business

Li-Chen Miller, the vice president of product in charge of Ray-Ban Meta glasses, told CNBC that when she travels, she uses the glasses to take photos of her hotel room door, and later, she asks Meta AI to recall the number. AI that speaksZuckerberg also introduced improvements to its Meta AI chatbot that will allow people to interact with it using their voice instead of written text. Users will now be able to have natural voice conversations with Meta AI, which is accessed through Meta apps like Messenger and Instagram. Users will be able to perform actions using their voice, such as telling Meta AI to take a photo by talking to their smartphone. The new Siri-like Meta AI voice feature will be available over the next month for U.S., Canadian, Australian and New Zealand users of WhatsApp, Instagram, Facebook and Messenger.

Persons: Meta, “ I’ve, ” Zuckerberg, Mark Zuckerberg, Apple hasn’t, Zuckerberg, won’t, EssilorLuxottica, Ban, Ray, Chen Miller, Judi Dench, John Cena, Keegan, Michael Key, Kristen Bell, Siri, OpenAI, ChatGPT Organizations: Labs, Meta, Apple, VR, Amazon Music, Amazon, Quest Pro, Orion, Facebook, CNBC, IDC Locations: Menlo Park , California, Oculus, New Zealand

The death of an American woman in an assisted suicide capsule has led to criminal proceedings being launched against several people in Switzerland. A spokesperson for the U.S. Embassy in Bern said, “We are aware of reports of the death of a U.S. citizen in Switzerland. The device is the brainchild of Philip Nitschke, an Australian physician famous for his work on assisted suicide since the 1990s. While euthanasia remains illegal, assisted suicide, as long as done without a selfish motive, is allowed under Swiss law which has led to the opening of several assisted suicide clinics in the country. In 2022, French-Swiss filmmaker Jean-Luc Godard died at his home in Switzerland after an assisted suicide.

Persons: “, Carl Sagan, Philip Nitschke, Nitschke, Jean, Luc Godard Organizations: Midwest, Schaffhausen Police, Police, NBC News, U.S, Embassy, Prevention Locations: American, Switzerland, Canton, Schaffhausen, Bern, French, Swiss

☆ Watch CNBC's full interview with Slow Ventures' Sam Lessin and Rosenblatt's Barton Crockett on Meta
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Slow Ventures' Sam Lessin and Rosenblatt's Barton Crockett on MetaSam Lessin, Slow Ventures co-founder, and Barton Crockett, senior internet analyst at Rosenblatt Securities, join 'The Exchange' to discuss Meta as the social media giant's annual developer conference Connect kicks off on Wednesday.

Persons: Sam Lessin, Rosenblatt's Barton Crockett, Barton Crockett Organizations: Slow Ventures, Rosenblatt Securities, Meta

In addition to the Quest 3S, Meta on Wednesday also showcased its latest prototype of augmented-reality smart glasses and announced a flurry of new features for its Meta AI chatbot. What it doesMetaA Meta representative said the "S" in Quest 3S stands for "start" — as in getting started with VR. Orion is Meta's first "fully-functioning" prototype AR glasses, Zuckerberg said, and the device is tethered wirelessly to a small "puck." The Orion glasses are an improvement on Project Nazare, prototype smart glasses that Zuckerberg announced in 2021, when the company changed its name from Facebook. As part of Wednesday's event, Meta announced new Meta AI features for its Ray-Ban smart glasses.

Persons: Mark Zuckerberg, David Paul Morris, Meta, Apple hasn't, Zuckerberg, Meta's, Cristiano Amon, Nurphoto, EssilorLuxottica, Ban, Ray, Chen Miller, Judi Dench, John Cena, Keegan, Michael Key, Kristen Bell, Siri, OpenAI, ChatGPT Organizations: Meta, Inc, Chase Center, Bloomberg, Getty, Labs, Apple, VR, Amazon Music, Amazon, Quest Pro, Orion, Facebook, Qualcomm, Samsung, Google, Nurphoto, CNBC, IDC, Wednesday Locations: San Francisco , California, Menlo Park , California, Oculus, New Zealand

☆ SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits
▼ + stars: | 2024-09-25 | by ( Kristian Burt | In | ) www.cnbc.com time to read: +2 min

The Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients' predesignated investment limits over a two-year period. The SEC said Merrill connected its clients to Harvest while it knew that investors' accounts were exceeding the set exposure levels under Harvest's management. Both Merrill and Harvest received larger management fees while investors were exposed to greater financial risks, the SEC said. Both companies were found to neglect policies and procedures that could have been adopted to alert investors of exposure exceeding the designated limits. "Today's action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients' financial exposure grew well beyond predetermined limits."

Persons: Merrill Lynch, Merrill, Harvest, Mark Cave Organizations: The Securities, Exchange Commission, Bank of America, SEC Locations: New York

☆ Mark Zuckerberg is a 'long-term thinker,' says Slow Ventures’ Sam Lessin
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMark Zuckerberg is a 'long-term thinker,' says Slow Ventures’ Sam LessinSam Lessin, Slow Ventures co-founder, and Barton Crockett, senior internet analyst at Rosenblatt Securities, join 'The Exchange' to discuss Meta as the social media giant's annual developer conference Connect kicks off on Wednesday.

Persons: Mark Zuckerberg, Sam Lessin Sam Lessin, Barton Crockett Organizations: Slow Ventures, Rosenblatt Securities, Meta

☆ I live in Australia, and my partner lives in the US. Long distance is hard — especially when I was detained and deported at the border.
▼ + stars: | 2024-09-25 | by ( Ree Winter | ) www.businessinsider.com time to read: +4 min

Read previewI met my partner in New Orleans right before COVID changed everything, and I never thought our relationship would involve dealing with international borders and visa rules. Spending my 50th birthday alone in Australia after getting deported was devastating. Related storiesWhen I finally returned to the US with the correct visa, I thought the worst was behind me. AdvertisementLiving between two countries comes with its own set of challenges, and the trauma of being deported has only made it harder. Rene and I have had to learn to cope with constant travel, time apart, and the fear of facing immigration again.

Persons: —, COVID, Rene, weren't, wouldn't, hasn't, We've Organizations: Service, Mardi, Business Locations: New Orleans, Australia, Honolulu

☆ Australian, New Zealand dollars scale new highs on China boost
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: +3 min

An Australian one-hundred dollar banknote, top, and a New Zealand one-hundred dollar banknote are arranged for a photograph in Hong Kong, China, on Thursday, March 13, 2014. The Australian and New Zealand dollars scaled multi-month peaks on Wednesday while sterling hit its highest in more than two years against a weaker dollar, as China's aggressive stimulus package provided the latest shot in the arm for risk appetite. Data on Tuesday showed U.S. consumer confidence unexpectedly fell in September, amid mounting worries over the health of the labor market. Against a basket of currencies, the dollar last stood at 100.28, languishing near a more than one-year low of 100.21. The dollar index had fallen more than 0.5% in the previous session, its largest one-day percentage fall in a month.

Persons: Sterling, Carol Kong, Wells Organizations: New, Bank of, Federal Reserve, Commonwealth Bank of Australia, greenback, Markets Locations: Australian, New Zealand, Hong Kong, China, Bank of England, U.S, Wells Fargo

☆ Britain's Rightmove rejects $8.1 bln sweetened bid from Australia's REA Group
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: 1 min

The Rightmove Plc app on an App Store page on a smartphone arranged in London, UK, on Monday, Sept. 2, 2024. British real estate portal Rightmove on Wednesday rejected a sweetened $8.1 billion takeover proposal from Australian property listing firm REA Group, saying the bid undervalued the company. "The board considered the increased proposal... and concluded that the increased proposal continues to be unattractive and materially undervalues the company and its future prospects," Rightmove said in a statement. The most recent proposal from REA Group, which is 62% owned by Rupert Murdoch's News Corp, consists of 341 pence in cash and 0.0422 new REA shares, giving Rightmove an implied value of 770 pence per share. The latest bid came after an initial offer of 705 pence per share, or 5.6 billion pounds, and the second one of 749 pence per share, were rejected by Rightmove.

Persons: REA, Rightmove Organizations: REA Group, Rupert Murdoch's News Corp, REA Locations: London, British

Though mortgage rates are expected to continue trending down, it's unclear how much further they might drop. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-Year Mortgage Rates TodayAverage 30-year mortgage rates are hovering around 5.80% today, according to Zillow data. 15-Year Mortgage Rates TodayAverage 15-year mortgage rates are right around 5%, according to Zillow data. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.

Persons: you'll, they've, Freddie Mac, it's, They'll Organizations: Federal Reserve, Zillow, Fed Locations: U.S, Chevron

☆ I swore off long-distance relationships. I then fell for a man who lived on a different continent.
▼ + stars: | 2024-09-25 | by ( Hannah Wilkinson | ) www.businessinsider.com time to read: +5 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAfter witnessing friends endure the rigmarole of long-distance relationships, I could see why almost half of them end in breakups. I was about to announce that I had quit my job and booked a one-way ticket to see him. AdvertisementAfter six months Down Under, I found myself in one of the longest long-distance relationships geographically possible. But as a poster girl for long-distance relationships, I can attest that skipping shortcuts to finding a soulmate and leaning fully into vulnerability has given me my dream life and man.

Persons: —, couldn't, I'd, blanco, Weeks, I've Organizations: Service, Business, Gipsy, Thames, London Locations: London Heathrow, Sydney, Australia, Soho , London, Waterloo

☆ Ex-NYC Covid czar fired after he admits attending banned 'private gatherings' during height of pandemic
▼ + stars: | 2024-09-24 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

The pharmaceutical executive who was once New York City’s Covid czar was fired Monday, days after he admitted participating in “private gatherings” that were prohibited during the height of the pandemic, a federal filing shows. Varma was the company’s executive vice president and chief medical officer, the filing says. Varma acknowledged the prohibited gatherings after a conservative podcaster posted video last week of what appeared to be hidden camera recordings that showed Varma describing them. Varma's spokesman previously said that he was a part-time City Hall consultant at the time and that all participants were vaccinated. “I served in City Hall between April 2020 — May 2021,” Varma said in the statement.

Persons: New York City’s, Jay Varma, Varma, Bill de Blasio’s, Irving, podcaster, “, ”, ” Varma Organizations: SIGA Technologies, Securities and Exchange Commission, Brooklyn Nets, Covid Locations: New York, New York City, City Hall

☆ Will Caroline Ellison get jail time for her role in the $11 billion FTX fraud scheme? Here's what the judge must weigh.
▼ + stars: | 2024-09-24 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +9 min

Read previewOn Tuesday, a judge will decide what sentence to give Caroline Ellison, who pleaded guilty to conspiring with Sam Bankman-Fried in an $11 billion fraud scheme. Ellison's sentencing sets up a high-stakes balancing test. She still participated in a massive fraud scheme, after all, the value of which he put at $11 billion. Ellison was the SBF trial's star witnessEllison pleaded guilty to fraud and money laundering for her role in the FTX scandal. Because the Bankman-Fried case went to trial, Kaplan has a lot of information at his disposal when deciding Ellison's sentence.

Persons: —, Caroline Ellison, Sam Bankman, Lewis Kaplan, Bankman, Fried, Ellison, Kaplan, FTX, cooperators, Sarah Krissoff, Cozen O'Connor, Joshua Naftalis, That's, Naftalis, Fried JANE ROSENBERG, John J, Ray III, Ryan Salame, Salame's, Gary Wang, Nishad Singh, Ellison's, Krissoff Organizations: Service, Business, Alameda Research, LLP, Prosecutors, Fried JANE ROSENBERG Prosecutors, Securities Exchange Commission, Commodity Futures Trading Commission, Government, MIT, Bankman Locations: Bankman, Manhattan, Alameda, New York, Brooklyn

☆ Aussie dollar near 2024 high before RBA; yen drifts as Ueda awaited
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: +3 min

The Australian dollar hovered close to its highest level of the year on Tuesday, with the central bank set to hold policy steady later and traders focused on any hints of potential near-term easing. The Australian dollar hovered close to its highest level of the year on Tuesday, with the central bank set to hold policy steady later and traders focused on any hints of potential near-term easing. The yen edged up to 143.45 per dollar, but remained close to the center of its September range of 147.20 to 139.58, a more than one-year peak reached on Sept. 16. The yen has retreated amid waning bets for aggressive tightening by the BOJ, particularly after governor Ueda struck a cautious tone of Friday, saying the central bank would spend some time monitoring global growth risks. The BoE kept rates unchanged last Thursday, with its governor saying the central bank had to be "careful not to cut too fast or by too much".

Persons: Kazuo Ueda, —, Pan Gongsheng, Ueda, Sterling, BoE Organizations: U.S, Bank of Japan, Bank of England, Federal Reserve, European Central Bank, Reuters, Commonwealth Bank of Australia, People's Bank of China, P Global Locations: China

☆ BofA on China's stimulus announcement: It is a whole package, but not a big bazooka
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBofA on China's stimulus announcement: It is a whole package, but not a big bazookaWinnie Wu from BofA Securities says big cap beta names will do well in this risk-on environment, but for the rally to sustain, more needs to be done, especially in terms of fiscal stimulus and structure reform.

Persons: Winnie Wu Organizations: BofA Securities

☆ Australia's central bank keeps rates on hold, stays hawkish
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: +2 min

Reserve Bank of Australia (RBA) at the central bank's building in Sydney, Australia on May 2, 2022. The hawkish stance sent the Australian dollar 0.4% higher to $0.6864, the highest this year, and markets pared the chance of a December rate cut to 59% from 64% before the decision. Markets had wagered heavily on a steady outcome given underlying inflation remained sticky and the labor market held up surprisingly well. Governor Michele Bullock has used every opportunity recently to stress that the central bank does not expect a near-term rate cut. The RBA already trails other central bank in cutting rates, and the political pressure is ramping up for an easing.

Persons: Michele Bullock Organizations: Bank of Australia, Federal Reserve, Reserve Bank of Australia, Wednesday, Greens, Monday Locations: Sydney, Australia, Australia's

☆ Mysterious magma in extinct volcanoes may be filled with elements needed to power the future
▼ + stars: | 2024-09-24 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

Rare earth elements, such as lanthanum, neodymium and terbium, are critical for helping the world break its long, destructive relationship with planet-heating fossil fuels. These materials — so-called rare earths — are not actually that rare but can be challenging to extract as they are often found in low concentrations. They wanted to understand whether this was “a geological accident, or is there something inherent about those iron-rich volcanoes that makes them rich in rare earth elements?” Anenburg told CNN. Pilot Knob National Wildlife Refuge in Missouri, a former iron-ore mine, could also hold rare earth elements. Some experts have suggested there should be more of a focus on recycling rare earth elements rather than mining.

Persons: ”, Michael Anenburg, Anenburg, Jamie Kidston, Lingli Zhou Organizations: CNN, Australian National University, University of, Chinese Academy of Sciences, ANU, Companies, Vrije Universiteit Amsterdam, Wildlife Locations: China, Kiruna, Arctic Sweden, United States, Chile, Australia, Vrije, “, Missouri

☆ Deutsche Bank: Australian economy now has weaker link to China compared to before
▼ + stars: | 2024-09-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeutsche Bank: Australian economy now has weaker link to China compared to beforePhilip O'Donaghoe of Deutsche Bank thinks Australia's economy is now less driven by developments in China's growth cycle than it did 10 or 15 years ago. He adds that he's more watchful of domestic policy as it relates to the labor market, household spending, and business investments.

Persons: Philip O'Donaghoe Organizations: Deutsche Bank :, Deutsche Bank Locations: China

Now that the Fed has cut rates, mortgage rates have generally held steady. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. Current 30-Year Mortgage RatesAverage 30-year mortgage rates have been holding steady at around 5.70%, according to Zillow data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. Now that the Fed has cut rates, mortgage rates may not drop further for the rest of the month.

Persons: you'll, Freddie Mac, it's, they've Organizations: Federal, Zillow, Fed Locations: Chevron

☆ Investors bought the rate cut: Equity flows were highest in nearly 2 years last week
▼ + stars: | 2024-09-24 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Investors bought into the interest rate cut. Equity inflows last week were the largest they had been in roughly two years, according to Jill Carey Hall, equity and quant strategist at Bank of America Securities. The Wall Street bank reported its clients snapped up $6.9 billion worth in stocks, the highest level going back to October 2022. XLU YTD mountain Utilities Utilities were the big winner here. On the other hand, investors dumped financials, real estate and energy stocks last week.

Persons: Jill Carey Organizations: Bank of America Securities, Traders, Federal, Dow Jones Industrial, Utilities Utilities, Bank of, Tech Locations: Bank

☆ Caroline Ellison could face no jail time for role in FTX collapse
▼ + stars: | 2024-09-24 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Caroline Ellison, former chief executive officer of Alameda Research LLC, center, arrives at court in New York, US, on Tuesday, Oct. 10, 2023. Caroline Ellison was the star witness in the criminal case against disgraced FTX founder Sam Bankman-Fried. Bankman-Fried and Ellison are both, in the eyes of the U.S. judicial system, guilty of the same crimes. Two counts of wire fraud, two counts of conspiracy to commit wire fraud, one count of conspiracy to commit securities fraud, one count of conspiracy to commit commodities fraud, and one count of conspiracy to commit money laundering. Unlike Bankman-Fried, Ellison agreed to a plea deal in December 2022.

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison Organizations: Alameda Research, CNBC Locations: New York

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