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In 2023, Texas led the nation in solar installations on its power grid, surpassing California for its second consecutive year. Explosive power demand poses a challenge to the Biden administration's goal of converting the U.S. power grid to 100% clean electricity by 2035. Nextracker is a leading U.S. solar firm, building systems that allow panels to track to the position of the sun, improving the efficiency of solar power plants. Shugar pointed to the massive number of renewable projects in the U.S. seeking connection to the power grid. But as energy demand increases, the value of each additional hour should rise, eventually making longer duration batteries more cost effective, he said.
Persons: Brandon Bell, Andrés Gluski, Joseph Rand, We've, Kelley, Wells, Goldman Sachs, Biden, Ryan Sweezey, Wood Mackenzie, Richard Kinder, Kinder Morgan, Kinder, Amin Nasser, Nasser, Shugar, Lawrence, Lazard, Nextracker's Shugar, Lawrence Berkeley, Amol Phadke, Rand, Sweezey, Reid Ramdathsingh, Ramdathsingh, Fluence, John Zahurancik, Zahurancik, it's, Zahuranick Organizations: Getty, Renewables, Energy Information Administration, Department of Energy, Big Tech, Microsoft, AES Corporation, Google, AES, Meta, UBS, Solar, Lawrence Berkeley National Laboratory, U.S, Tech, North America, DOE, CNBC, University of California Berkeley's Goldman School of Public, Goldman School, Lawrence, Rystad Energy, Siemens Locations: Ector County , Texas, Texas, California, United States, U.S, Wells Fargo, Saudi, Houston, Lawrence Berkeley, Fluence's Americas
Xreal, an augmented reality glasses maker, has launched a connected Beam Pro mobile device that allows users to capture spatial video and 3D images. Xreal said the Beam Pro uses Nvidia CloudXR technology for image rendering and Qualcomm 's Snapdragon spatial computing platform. A pair of Xreal AR glasses costs around $200 to $400, depending on the model and sales promotion. That means a set of Xreal AR glasses and Beam Pro costs significantly less than $1,000. The Beam Pro launched in China in late May.
Persons: Apple, Chi Xu, Xu, Xreal, Rokid, Ramon, Xreal Xu Organizations: BEIJING — Games, Google, Apple, CNBC, Apple Vision, Beam, Nvidia, Qualcomm, Amazon Web Services, IDC Research, Vision, The Locations: BEIJING, U.S, China, Hong Kong, Japan, Singapore
AI skills could rival job experience in hiring decisions — and not just in techClose to 70% of leaders say they won't hire someone without AI skills and would rather hire a less experienced candidate with AI skills than a more experienced person without them, according to the report, which surveyed more than 30,000 people in 31 countries. Some companies including Google and Amazon have announced investments in teaching their workforce AI skills, but such initiatives aren't the norm: Only 25% of companies are planning to offer training on generative AI tools like ChatGPT and Microsoft Copilot, Microsoft and LinkedIn found. There are dozens of free online courses people can use to learn AI skills offered by companies like IBM and Google and Ivy League institutions like Harvard University and the University of Pennsylvania. "Less than two years after generative AI burst onto the scene, we're seeing this technology being woven into the fabric of work across a wide range of industries," Stallbaumer says. Generative AI tools in particular have seen a surge in workplace adoption, with usage doubling in the last six months, Microsoft and LinkedIn report.
Persons: Raman, it's, Colette Stallbaumer, Stallbaumer, It's Organizations: , Microsoft, LinkedIn, CNBC, Google, IBM, Ivy League, Harvard University, University of Pennsylvania
Henrik Fisker stands with the Fisker Ocean electric vehicle after its unveiling at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA in Manhattan Beach, California. The new filing comes after the Fisker company failed to secure an investment from a big automaker to keep afloat. The automaker, unlike most of its peers, contracted a third-party manufacturer to build the Fisker Ocean crossover. Déjà vuFor Henrik Fisker, a renowned automotive designer credited with designing the BMW Z8 and Aston Martin DB9, it's déjà vu. His first namesake company – Fisker Automotive – filed for bankruptcy protection in 2013, shortly after he left the company.
Persons: Henrik Fisker, Patrick T, Fallon, Fisker, Nikola, Faraday, It's, Henrik Fisker's, Tesla, Sam Abuelsamid, Magna, Abuelsamid, Geeta Gupta, Gupta, Stephanie Valdez Streaty, Aston Martin, Organizations: Manhattan, Los Angeles Auto, AFP, Getty, Lordstown Motors, Guidehouse, Software, U.S, Canadian, Apple, Adobe, SAP America, Manpower, Systems, CNBC, Cox Automotive, Fisker, Inc, BMW Z8, Aston, Aston Martin DB9, China's Wanxiang Locations: Manhattan Beach , California, EVs, U.S, North America, Europe
The result of the vote means that Thailand will become only the third place in Asia to allow for marriage equality after Taiwan legalized same-sex marriage in 2019 and Nepal in 2023. Mark Phillips/CNNPrevious attempts to legalize marriage equality over the past decade had stalled. Nonetheless Thailand’s Prime Minister Srettha Thavisin, of the Pheu Thai Party, had also promised to bring the marriage equality bill to parliament. Japan is the only Group of Seven (G7) country that has not recognized either same-sex civil unions or same-sex marriage, despite recent high court decisions that ruled not allowing same-sex marriage is unconstitutional. South Korea does not legally recognize same-sex marriage but in February 2023, a South Korean court ruled in favor of a same-sex couple seeking equal health benefits.
Persons: , Panyaphon Phiphatkhunarnon, Thailand –, ” Panyaphon, Watit, ” Pokpong, Pokpong, Mark Phillips, Pita Limjaroenrat, Srettha Thavisin, Srettha, , Peerapon Boonyakiat, Xi Jinping Organizations: CNN, Love Foundation, Pokpong, , Party, Thailand’s, Pheu Thai Party, Bangkok Pride Locations: Thailand, Southeast Asia, Asia, Taiwan, Nepal, Bangkok, Sukhumvit, Myanmar, Brunei, Indonesia, Aceh, Malaysia, Singapore, Japan, China, Beijing, South Korea, Korea
Electric SUV maker Fisker files for bankruptcy
  + stars: | 2024-06-18 | by ( Olesya Dmitracova | ) edition.cnn.com   time to read: +3 min
London CNN —Fisker, a US electric vehicle startup, said Tuesday it had filed for bankruptcy. Fisker added then that it was in discussions with an existing investor about possibly putting more money into the company. Its sole product is the Fisker Ocean electric SUV. The Ocean was also the subject of a review that month by American YouTuber Marques Brownlee titled, “This is the Worst Car I’ve Ever Reviewed.”“Do not buy this version of the Fisker Ocean,” reads the video’s description. Fisker filed for bankruptcy Monday, choosing the common Chapter 11 route, which allows companies to try to resolve their financial problems through reorganization.
Persons: London CNN —, Fisker, American YouTuber Marques Brownlee, , Henrik Fisker, BYD, Tesla Organizations: London CNN, Automotive News, Hyundai, Kia, Ford, General Motors, International Energy Agency Locations: American, EVs, United States, Europe,
Over the past few years, the country has attracted billions of dollars in data center investments, including from tech giants like Google , Nvidia and Microsoft . Data center capacity is typically measured by the amount of electricity it consumes. Until then, Japan followed by Singapore currently lead the region in terms of live data center capacity. The index did not provide a detailed breakdown of data center capacity in China. Kenanga Investment Bank Research estimates that potential electricity demand from data centers in Malaysia will hit a total maximum demand of 5 GW by 2035.
Persons: James Murphy, APAC, Murphy, Byte's Murphy, it's Organizations: Luza, Getty, Malaysia, Google, Nvidia, Microsoft, DC, Authorities, Kenanga Investment Bank Research, Tenaga Nasional Berhad Locations: Southeast Asia, Johor Bahru, Singapore, Asia, Malaysia, Japan, India, China, Hong Kong, Malaysian
As stock markets press against all-time highs driven by the potential of artificial intelligence, the question of how to invest $100,000 has become more urgent than ever. "But perhaps relative to the global equity universe, we would probably have a bit more outside of the United States." Echoing that view, Matthews says he sees opportunities in equity markets, particularly in small- and mid-cap stocks in the United Kingdom and Europe. "We have been adding to this area in the U.K. through Chelverton United Kingdom Equity Growth Fund ." Looking ahead, Flax acknowledges the potential impact of political risks like upcoming elections in the United Kingdom and the United States.
Persons: Richard Flax, Moneyfarm, Robert Matthews, WH, they've, Matthews, Flax, Organizations: CNBC Pro, WH Ireland, CNBC, Chelverton United Kingdom Equity Growth, Health, AstraZeneca, HICL Infrastructure PLC Locations: United States, United Kingdom, Europe, London, U.S
Broadcom's rise in 2024 is cause for the chipmaker to replace Tesla in the "Magnificent Seven," according to Interactive Brokers Chief Strategist Steve Sosnick. "Broadcom captures the whole zeitgeist of the moment right now," Sosnick told CNBC's " Squawk on the Street " on Monday. "It's an AI stock much more so. Even though Tesla might be one in the future, Broadcom is one now." AVGO TSLA YTD mountain Broadcom and Tesla stock year to date Sosnick's comments come as Tesla struggles in 2024.
Persons: Steve Sosnick, Sosnick, CNBC's, Tesla, FOMO, Hock Tan Organizations: Tesla, Interactive Brokers, Broadcom, Technology, Nasdaq
The firm raised its year-end S&P 500 target to 6,000 and said the index could hit 7,000 by 2025. Evercore strategist and managing director Julian Emanuel increased his year-end S&P 500 price target to a new high on Wall Street at 6,000 in a note on Sunday. Emanuel forecasts S&P 500 EPS growth of 8% and 5% in 2024 and 2025, respectively. The S&P 500 trading at 6,000 would imply a 25x trailing 12-month price-to-earnings multiple based on Emanuel's EPS estimate of $238 per share. AdvertisementIf the high valuation multiples persist, the S&P 500 could rise 31% to 7,000 by the end of 2025.
Persons: , Julian Emanuel, Emanuel, it's, Tom Lee Organizations: ISI, Service
White Castle is just one in a long line of restaurant chains toying with drive-thrus powered by voice-recognition AI. Chains such as Taco Bell, McDonald's, and Checkers & Rally's have all tested or introduced voice AI drive-thrus. AdvertisementBut voice AI drive-thrus are far from achieving widespread adoption. Last year, restaurant-tech company Presto Automations revealed in an SEC filing that over 70% of its voice AI orders required assistance from off-site human workers. AdvertisementIf customers don't want to order using the voice AI system, they can ask to speak to a human, he said.
Persons: , Julia, Julia isn't, Taco Bell, McDonald's, Jamie Richardson, White, Richardson, Ben Bellettini, SoundHound's, SoundHound, SoundHound doesn't, fryer Organizations: Service, Business, SEC, IBM Locations: White, St Louis, Cincinnati, Indiana, Merrillville
I'll review a way to play increased electricity use as electric vehicle adoption progresses around the country. Eversource Energy (ES) , a public utility holding company, operates in the electric distribution, electric transmission, natural gas distribution, and water distribution segments. It is involved in transmitting and distributing electricity, solar power facilities, and natural gas distribution. Eversource Energy was incorporated in 1927 and is headquartered in Springfield, Massachusetts. ES 1Y mountain Eversource Energy, 1-year The stock hasn't traded particularly well recently, but that may present an opportunity.
Persons: I've Organizations: California Air Resources Board, Nvidia, Eversource Energy, Utilities, Energy Locations: California, United States, Los Angeles, Connecticut , Massachusetts, New Hampshire, Springfield , Massachusetts
My dad raised me in the Bronx as a single parent in the 90's. I was born partially blind and with cerebral palsy. Courtesy of the authorAgainst professional advice and threats of losing parental custody during an ongoing court battle against my mother, Dad took me out of the children's hospital. He died and I was adoptedUnfortunately, my father lost custody of me and two years later he died. Also, seeing first-hand how much my dad fought for me made an imprint on her.
Persons: he'd, John, Dad, we'd, She'd, Father's, I've Organizations: Service, Angels Catholic Locations: Bronx, Manhattan, Valhalla
The long-awaited bitcoin exchange traded funds launched in January, and financial advisors are on their way – though gradually – toward adopting them, according to BlackRock's Samara Cohen. The iShares Bitcoin Trust (IBIT) was among the funds to debut earlier this year. Responses ranged from bitcoin's notorious price volatility to the flagship cryptocurrency being too nascent to have established a significant track record. "I would call them wary … that's their job," Cohen said of the skeptical financial advisors. "This is an asset class that has had 90% price volatility at times in history, and their job is really to construct portfolios and do the risk analysis and due diligence.
Persons: BlackRock's Samara Cohen, Cohen, Organizations: Crypto, CNBC, Council Locations: Coinbase State, New York City
Software stocks have been slammed this year after a long period of strong performance. Meanwhile, hardware stocks are reaping the benefits of the AI boom as their profits soar. AdvertisementYear-to-date, hardware tech stocks are outperforming software tech stocks by a whopping 30 percentage points. AdvertisementThis dynamic means that hardware stocks will continue to outperform software stocks through 2025, according to Mortonson. "The moats that some of the software companies, not all but some, have around their businesses are not going to be quite as high.
Persons: Ted Mortonson, , Baird, Mortonson, It's, Larry Tentarelli, Chip, Steve Eisman, Eisman Organizations: Service, Software, NYSE Arca, Dow Jones US Software, Nvidia, AMD, Micro Computer, Broadcom, Dell, Chip Daily, CNBC Locations: Salesforce, Snowflake
Varonis Systems is poised to make a comeback in the latter part of 2024 as data security demand picks up, according to JPMorgan. Analyst Brian Essex upgraded the stock to overweight from neutral and set a December 2025 price target of $54, up from $50. Shares have dropped 6.7% this year as data security stocks saw a broader decline, creating a compelling buying opportunity for investors heading into the second half of the year, the analyst wrote in a Friday note. According to Essex, data security demand is rising as ransomware attacks are expected to increase, with a breach likely to happen every two seconds in 2031. "Although elevated levels of demand are driving growing levels of competition across the data security space, we view Varonis as one of the best positioned to capitalize on data security demand with a Best of Breed Data Security platform," the analyst added.
Persons: Brian Essex, Essex, Varonis, FactSet Organizations: JPMorgan, Data Security, 4Q, Cybersecurity Ventures, Companies, Breed Data Locations: Thursday's, Essex
Investors may want to be careful when buying tech stocks, as some names in the sector have become overvalued after their recent gains. Additionally, the CNBC Magnificent 7 Index has seen gains nearly twice that of the XLK and Nasdaq year to date, rising about 35%. CNBC Pro screened FactSet data for stocks in the XLK whose forward price-earnings ratio is above the S & P 500's. The stock trades at a forward P/E of 23.4, which is nearly double its five-year average P/E of 12.6. The megacap tech stock's forward P/E of 32.8 is 13.1% above its five-year average.
Persons: Jefferies, Oppenheimer Organizations: Nasdaq, CNBC, Barclays, Broadcom, JPMorgan, Citi, UBS, Microsoft
But the next bottleneck in AI infrastructure — and one to invest in — is networking, according to tech analysts. An increase in investment in generative AI model training and inference will drive the AI networking spending growth of 34% over the next five years, said the firm. "Networking creates a performance bottleneck for generative AI model development," Morningstar's analysts said. "Well-positioned networking firms are a great second derivative play to invest in generative AI," they added. Stocks to play the trend Marvell Technology is Morningstar's top pick to play the generative AI networking trend, with the firm saying it is "attractively undervalued" currently and giving investors an "immediately opportunity" to tap rising generative AI networking investment.
Persons: There's, Clare Pleydell, William D, Kerwin, Brian Colello, Morningstar, Bouverie Organizations: Nvidia, Microsoft, Networking, Morningstar, Liontrust Asset Management, CNBC, That's, Marvell, Arista Networks, Broadcom, Arista, Meta
OPEC+ members recently announced plans to bring 2.5 million bpd back to the market from October through September 2025. If the group follows through with its announced plan, the oil market will see a surplus of 2.6 million bpd or more. Deutsche Bank analyst Michael Hsueh said the OPEC+ production plan will cast a bearish shadow over the next two years . It is "inconceivable that the market could absorb anything close" to 2.5 million bpd, Hsueh said. The International Energy Agency warned Wednesday the world will be awash in oil by 2030, with production capacity outpacing demand projections by eight million bpd.
Persons: Brent, Michael Hsueh, Hsueh, Fatih Birol Organizations: Citi, Brent, Deutsche Bank, United Arab Emirates, TD Securities, International Energy Agency Locations: OPEC, North America, Brazil, Guyana, U.S
Broadcom surged more than 12% to a record high Thursday following an excellent fiscal second-quarter earnings report on Wednesday night . The other part of Broadcom's AI business is selling products like Ethernet switches that help stitch together servers inside data centers. AVGO 1Y mountain Broadcom's stock performance over the past 12 months. Tan said on the call Wednesday that customer — aka Apple — is all of Broadcom's wireless business. Wall Street estimates for Broadcom's wireless business will need to rise to reflect the increased iPhone demand we expect to see.
Persons: , Hock Tan, Tan, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Broadcom, Nvidia, Apple, Apple Intelligence, America, VMWare, CNBC, Getty Locations: San Jose , California
The head of OPEC said Thursday the world will need to invest in fossil fuels for decades to come in order to prevent an energy shortage, dismissing predictions that oil demand will peak in the near future. The OPEC chief called for "continued oil industry investment, today, tomorrow, and many decades into the future given the products derived from crude oil are essential for our daily lives." Oil supply capacity will rise to 114 million per day by 2030, 8 million barrels more than global demand, according to the IEA. Deutsche Bank and Citi, however, see OPEC coming under pressure in the coming years. Citi analysts see a substantial oil surplus in 2025 as production keeps growing in North America, Brazil and Guyana, while demand slows due to energy efficiency improvements and electric vehicle adoption.
Persons: Haitham Al Ghais, Al Ghais, Fatih Birol, OPEC's Al Ghais, Helima, Croft, I'm, Robert McNally, McNally, EVs, Michael Hsueh Organizations: OPEC, International Energy Agency, IEA, IEA ., RBC Capital Markets, Rapidan Energy, Deutsche Bank, Citi, Brent Locations: China, India, North America, Europe, Northeast Asia, Asia, U.S, OPEC, Brazil, Guyana
Executives and investors at the Money20/20 event in Amsterdam last week told CNBC that valuations have corrected from unsustainable highs from the industry's heyday in 2020 and 2021. Iana Dimitrova, CEO of embedded finance startup OpenPayd, told CNBC in an interview at the firm's booth that the market has "recalibrated." "Value is now ascribed to businesses that manage to prove there is a solid use case, solid business model," Dimitrova told CNBC. In 2021, global fintech funding reached an all-time peak of $238.9 billion, according to KPMG. Nanu added that the trend mimics the "craziness" fintech saw in terms of frothy valuations in 2020 and 2021.
Persons: Long, Dimitrova, Horacio Villalobos, Revolut, Prajit Nanu, fintech, Nanu, OpenPayd's Dimitrova, OpenPayd, Crypto, Andrea Pirlo, Fintech execs, they're, James Black, IVP, We've, Black, Charles McManus, Chris Ratcliffe Organizations: Bloomberg, Getty, AMSTERDAM, CNBC, RAI, KPMG, Companies, U.S ., ClearBank, Global Summit Locations: Amsterdam, Lisbon, Portugal, fintech, Italian, stablecoins
Less than four hours after Trump's roundtable wrapped, the former president took to social media to extol the virtues of the bitcoin mining business. "Bitcoin mining may be our last line of defense against a CBDC," Trump posted shortly before midnight on Tuesday. "That's where you've got all these ancillary jobs; it's not just the bitcoin mining directly," said Cook. Enter bitcoin miners. Adding bitcoin miners to the portfolio of energy buyers has helped to improve the core economics of renewable power production.
Persons: Donald Trump, Eva Marie Uzcategui, , New York —, Jason Les, Bitcoin, Bill Hagerty, David Bailey, Trump, Bailey, Sen, Elizabeth Warren, Les, Warren, Geoff Kendrick, bitcoin, Matthew Schultz, Jayson Browder, Brian Hughes, Biden, Harris, Andreessen Horowitz, Ron Conway, Fred Wilson, Cameron, Tyler Winklevoss, Schultz, Browder, CleanSpark, Coke, Chris Cook, Cook, There's, Amanda Fabiano, Fabiano, Marathon's Browder, We've, Exacore's Cook, you've, it's, Digital's Browder Organizations: U.S, Mar, Lago, Trump, Riot, Marathon Digital Holdings, Arkon Energy, Cholla Energy, Exacore, CNBC, Senate's Banking, Finance, China, BTC Inc, Radical Communist, Democratic, Trump —, solana, Internal Revenue Service, Libertarian National Convention, Standard Chartered, Circuits, Government Affairs, Federal Reserve, Biden, U.S . Treasury Department, Republican, NASDAQ, Fabiano Consulting Locations: Lago, West Palm Beach , Florida, New York, Palm Beach , Florida, bitcoin, China, Russia, U.S, America, Washington, San Francisco, Beijing, Marathon, United States, West Texas
Geologist M. King Hubbert developed the "peak oil" theory in the 1950s. He famously projected that U.S. oil production would peak between 1965 and 1970, which seemed accurate as U.S. oil production did peak around 1970. Hubbert's prediction about the U.S. oil production peak was largely accurate for conventional oil production. Still, global oil production has not followed Hubbert's anticipated timeline due to discoveries, technological advancements, and new extraction techniques. Hydraulic fracturing (fracking) and deep-water drilling have significantly increased oil production beyond what was initially thought possible.
Persons: M, King Hubbert, Hubbert, Hubbert's, I've, Ford Organizations: Federal Electric Vehicle, ICE, GM, Ford, Trade Locations: United States, California
Whether to become a mother, and how to go about it, can be one of the most consequential decisions a woman can make. Women today contend with personal, professional, biological and financial pressures that may constrain their choices. If you’re a mom or want to become one, Times Opinion wants to hear about your path to parenthood. How did you arrive at the decision to become a mother? Whether through childbirth, surrogacy, adoption or helping to raise a partner’s child, what has your path to starting a family looked like?
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