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Apple isn't worth its current valuation, according to Short Hills managing partner Steve Weiss. “The stock has not moved up in the fundamentals, it’s moved up because it’s safety,” Weiss said. "The stock has not moved up in the fundamentals, it's moved up because it's safety." That surge has lifted the company's valuation from $2.1 trillion to $2.9 trillion, according to data from CompaniesMarketCap. Read more: Tech stocks are outperforming their rivals by the most since the dot-com bubble
Persons: Steve Weiss, it’s, ” Weiss, , David Tepper's, CNBC's, it's, Weiss, wouldn't Organizations: Apple, Short Hills, Service, Short Hills Capital Partners, Carolina Panthers, CNBC
Magellan, which helped develop visuals of the Titanic, said it's trying to help find the lost sub. "We are ready to support, and we are fully mobilised to help," Magellan said on its site. OceanGate runs the Titan submersible to take trips to the Titanic's wreck in the Atlantic Ocean. The equipment it is trying to bring in are those that helped produce the Titanic wreck images, the Magellan's David Thompson said to CNN. "We are ready to support, and we are fully mobilised to help," Magellan said on its site.
Persons: it's, Magellan, OceanGate, James Cameron's, David Thompson Organizations: US Coast Guard, Atlantic Productions, The Coast Guard, CNN, Magellan Locations: John's, Newfoundland, Canada, Cape Cod , Massachusetts
Ark Invest's Cathie Wood built a sizable stake in Meta Platforms Monday after the innovation investor missed out on the recent rally in artificial intelligence winner Nvidia . Wood snapped up 150,459 shares of the Facebook parent for her flagship ARK Innovation ETF in the previous session. META YTD mountain Meta Platforms Meta has been a popular tech and AI play for hedge fund investors, including David Tepper, Daniel Sundheim and Philippe Laffont. Meta recently announced AI computer chips, which will power more advanced metaverse-related tasks, such as virtual reality and augmented reality, as well as generative AI. Wood revealed that her reason for dumping Nvidia was its high valuation as the stock was "priced ahead of the curve."
Persons: Wood, David Tepper, Daniel Sundheim, Philippe Laffont, Meta Organizations: Nvidia, Tesla, Taiwan Semiconductor, ARK Autonomous Technology & Robotics Locations: ARKK
While Baby Boomers and even Traditionalists (born 1928-1945) are ramping up spending, Gen X, Gen Z and Millennials are cutting back as they grapple with high housing costs and looming student debt payments. If not for the aggressive spending by Boomers, Tinsley said, overall consumer spending would have been even more negative. Bank of America spending data shows a noticeable bump in spending by households that received the cost-of-living boost. The student debt freeze, in effect since March 2020 when the Covid pandemic erupted, is expected to conclude by the end of August. For millions of Gen Z and Millennials, the return of student debt payments will mean less money for spending on restaurants and vacations.
Persons: Gen X, Gen, ” David Tinsley, Tinsley, ” Tinsley, , Biden, Organizations: New York CNN, Younger, Bank of America, Boomers, Bank of America Institute, CNN, Baby Boomers, Social, New York Federal Reserve Locations: Tinsley
One afternoon in the spring of 2017 Alex Jones furiously lunged at his video producer. According to Jacobson, Jones had to be restrained by another Infowars staffer lest he actually hurt him. Alex Jones did not respond to Insider's request for comment. Owens also said he felt guilty about his complicity in promoting the Sandy Hook conspiracy theories during his time working there. "People hearing the words Sandy Hook, they automatically think Alex Jones," she added.
Persons: Alex Jones, lunged, Robert Jacobson, Jones, Jacobson, hawking, Paul Simon, Bruce Springsteen, Alex, baselessly, David, doesn't, Sandy Hooks, Sandy Hook, Josh Owens, Owens, Marjorie Taylor Greene, John Travolta, badgering, George, we're, Jone, Nuri Vallbona, lackey, , That's, I'm, Christmas Jones, Kelly, David Duke, Duke, Infowars, He'd, David McCullough, Christopher Jordan, Jordan, they're, Megan Squire, Squire, Dave Mustain, Tim Kennedy, Donald Trump, Chris Mattei, Judge Barbara Bellis, Daria Karpova, Karpova, " Jacobson, he'll, He'll Organizations: Austin, Austin Community, Facebook, Factory, Infowars, Iron, Alamo, New York Times Magazine, REUTERS, New, Senate, Housing, Southern Poverty Law Center, San Diego, Free Speech Systems, YouTube, Sandy, Connecticut Superior, Associated Locations: Austin, Texas, USA, Infowars, Atlanta, Austin , Texas, U.S, New York City, Louisiana, Infowar, Newtown, Connecticut, New Orleans, Waterbury, Conn
His brother David turned him in after reading the terrorist's manifesto. The tip that ultimately helped the FBI find and arrest Kaczynski came from his very own brother, David. "I felt a kind of chill," David recalled at the 2007 lecture. Following the arrest, authorities found a number bombs being built in Ted's cabin, one of which was addressed, intended to be sent to his next victim." After turning his brother in, David Kaczynski became an anti-death penalty activist and was the executive director of New Yorkers Against the Death Penalty from 2001 to 2012.
Persons: Ted Kaczynski, David, , Kaczynski, David Kaczynki, Ted, David Kaczynski Organizations: Service, FBI, Cornell University, Washington Post, Cornell Daily Sun Locations: Montana, Harvard, Woodstock , New York
The infamous Unabomber Ted Kaczynski has died at age 81. "I'm confident that I'm sane," Kaczynski told Time magazine in 1999. David Kaczynski wanted his role kept confidential, but his identity quickly leaked out and Ted Kaczynski vowed never to forgive his younger sibling. Ted Kaczynski was born May 22, 1942, in Chicago, the son of second-generation Polish Catholics — a sausage-maker and a homemaker. His brother fired him and Ted Kaczynski soon returned to the wilderness to continue plotting his vengeful killing spree.
Persons: Ted Kaczynski, David, , — Theodore, Ted, Kaczynski, Kristie, David's, Linda Patrik, Daniel Boone, Edward Abbey, Henry David Thoreau, Sally Johnson, Hugh Scrutton, Thomas Mosser, Gilbert Murray, Charles Epstein, David Gelernter, Mosser, Susan, Timothy McVeigh, Patrik, Ted Kaczynski's, Susan Swanson, Chicago . Swanson, Clint Van Zandt, David Kaczynski, Swanson, Anthony Bisceglie, Ann Arbor, ___ Balsamo, Derek Rose Organizations: FBI, Service, WASHINGTON, Harvard, of Prisons, Associated Press, Washington Post, New York Times, Industrial Society, Its, American Airlines, Yale University, Oklahoma City, Bennington College, University of Michigan, University of California Locations: Montana, Butner , North Carolina, Florence , Colorado, West Coast, nation's, Lincoln , Montana, California, North Caldwell , New Jersey, Los Angeles, Chicago, America, Ann, Berkeley, Lincoln, Miami
The Crispiest Chicken Cutlets You Can’t Mess Up
  + stars: | 2023-06-05 | by ( Margaux Laskey | ) www.nytimes.com   time to read: +2 min
For something equally lovable but a bit less hands-on, try Eric Kim’s ritzy Cheddar chicken breasts. They rely on Ritz crackers and are baked in the oven, which means no Jackson Pollock oil splatters to clean up. Speaking of vegetarians: Priya Krishna calls vegetable pulao “a weeknight staple in many Desi households” because it’s wildly flexible. Not only is it less messy, but I find it’s easier to get an even thickness when the slippery meat is neatly contained. You can do this in advance, then roll or fold up the sheets — meat included — and store in the fridge until you’re ready to bread and fry.
Persons: Eric Kim’s, Jackson Pollock, there’s David, Priya Krishna, , Natasha Pickowicz, Guy Organizations: Ritz Locations: Victorian England
El Nino, a warming of water surface temperatures in the eastern and central Pacific Ocean, is expected to develop in the coming months, according to meteorologists. The onset of monsoon rains across South Asia is likely to be slightly delayed this year and El Nino could hit rice and oilseeds production. "El Nino could develop during July ... it might have an impact in the second half of the season," said O.P. "In general, a big part of the Pampean region and Northern Argentina have above-normal rains with the El Nino phenomenon." In Europe, where El Nino is not typically linked to pronounced weather patterns, major crops are in good shape after abundant spring rain, with the exception of drought-hit Spain.
Persons: El Nino, Chris Hyde, El, Phin Ziebell, Sreejith, Germán Heinzenknecht, David Tolleris, Rains, Naveen Thukral, Maximilian Heath, Mark Weinraub, Rajendra Jadhav, Gus Trompiz, Christian Schmollinger Organizations: Nino, El, National Australia Bank, India Meteorological Department, El Nino, HIT, Thomson Locations: Australia, India, Southeast Asia, Asia U.S, South America, SINGAPORE, Asia, U.S, Indonesia, Malaysia, Thailand, Pakistan, El Nino, Americas, Russia, Ukraine, New South Wales, Queensland, South Asia, ARGENTINA, United States, Argentina, Northern Argentina, China, Europe, Spain, Buenos Aires, Chicago, Mumbai, Bengaluru, Paris
The latest surge of dark fleet ships began after Russia invaded Ukraine and the West tried to limit Moscow’s oil revenue with sanctions. The ships most likely sell their Russian oil to China above a price limit set by the sanctions. “The price cap is achieving its dual goals: restricting Russia’s oil revenues while keeping Russian oil flowing, and markets stable and well-supplied,” a U.S. Treasury spokesperson told The Times. The spoofing tankers using American insurance show that the practice is not limited to Russian oil alone. The company, Gatik Ship Management, owns a fleet of 50 newly acquired tankers dedicated to the Russian oil trade, the report said.
Persons: , David Tannenbaum, it’s, Samir Madani, Daniel Tadros, Russia Lady Ella, Russia Snow, Price, Konstantin Zavrazhin, Tannenbaum, Mr, Tadros, what’s, Min Chao Choy Organizations: Cathay, Labs, Copernicus Sentinel, Maxar Technologies, The New York Times, The Times, U.S . Treasury, Times, American Club, Club’s, Alma, Cargo, Russia Cathay Phoenix, Hong, International Maritime Organization, American, , AIS, telltale, Treasury’s, Foreign, Control, Maritime, C4ADS, Gatik Ship Management Locations: Japan, Kozmino, China, U.S, Russia, Venezuela, Iran, Ukraine, , Hong Kong, Niigata, Russia Ginza, Varna, Bulgaria, Taman, Niigata Port, Siberia, Cathay Phoenix, O.F.A.C, South Korea, Washington, Ginza, Oman, India
But it's not just Nvidia the smart money is betting on to power AI growth. Dan Loeb's Third Point also purchased Alphabet in the first quarter, making it the fund's fifth-biggest holding. Shares of Alphabet have rallied almost 40% this year as investors grew optimistic about the company's AI capabilities. AI software Druckenmiller revealed recently his Microsoft stake was also a bet on AI. Another AI software maker, Palantir, lately attracted buying from Ark Invest's Cathie Wood.
Persons: it's, Stanley Druckenmiller, Dan Loeb's, Bill Ackman's, Philippe Laffont’s Coatue, Stephen Mandel’s, Druckenmiller, David Tepper, Daniel Sundheim, Meta, Laffont’s Coatue, , Samantha Subin Organizations: Nvidia, Wall Street's, Billionaire, Duquesne, Office, Google, Bill Ackman's Pershing, Capital Management, Taiwan Semiconductor, Tiger Global Management, Coatue Management, Devices, Stephen Mandel’s Lone Pine Capital, Microsoft, Meta Locations: Wall
Hedge funds piled into Nvidia in the first quarter just in time for the chipmaker's eye-popping rally following a blowout forecast. The smart money hedge funds also loaded up on other tech stocks tied to artificial intelligence, according to Goldman Sachs. The Wall Street investment bank analyzed the holdings of 740 hedge funds with $2.2 trillion of gross equity positions at the start of 2023, based on regulatory filings. Goldman then identified technology, media and telecom (TMT) stocks with the largest net changes in hedge fund popularity during the first quarter. A total of 34 hedge funds added Nvidia to their portfolio in the first quarter, according to Goldman.
Persons: Goldman Sachs, Goldman, Jensen Huang, Stanley Druckenmiller, Druckenmiller, David Tepper's Organizations: Nvidia, Wall, Billionaire, Duquesne, National Instruments, KLA Corp, Silicon Laboratories, Dynatrace
Securities filings released this week signaled that many hedge funds also appear to be catching the AI bug. Betting on AI heavyweights Alphabet popped up as one of the most common AI plays among big investors in the first quarter. Microsoft bet billions on AI capabilities, funneling another multibillion-dollar investment in January into ChatGPT maker OpenAI. Beyond Alphabet and Microsoft Outside heavyweight giants Alphabet and Microsoft, many hedge funds beefed up other AI-related holdings in the first quarter. His Nvidia bet equaled roughly $1.4 billion at the end of March.
A Franklin Templeton fund is outperforming 96% of peers with big bets on artificial intelligence. But the fund is avoiding other tech giants like Apple, Alphabet, Meta and Netflix. According to Bloomberg, Franklin Templeton's $158 million FTGF Martin Currie Global Long-Term Unconstrained Fund has outperformed 96% of peers this year. "But you have to look at it through different segments rather than invest across Big Tech." In fact, the fund is avoiding traditional tech heavyweights such as Apple, Alphabet, Meta, and Netflix.
WeWork short-sellers have made a hefty $440 million in profits over the past year. The big gains come on the back of a 96% plunge in the real-estate company's stock in the past 12 months. The abrupt departure of CEO Sandeep Mathrani has also weighed heavily on WeWork's share price. Short-sellers raked in paper profits of about $440 million for the year through Wednesday's close, S3 Partners data shows, cited by Bloomberg. The hefty gains for traders come on the back of a 96% plunge in WeWork's share prices over the past 12 months.
Big-name investors are going all-in on AI
  + stars: | 2023-05-18 | by ( George Glover | ) www.businessinsider.com   time to read: +1 min
Some of the best-known names in investing are betting big on artificial intelligence stocks. Bill Ackman recently revealed a $1 billion bet on Google parent Alphabet, while Stanley Druckenmiller pumped a combined $430 million into Microsoft and Nvidia. Tiger Global founder Chase Coleman, billionaire trader Paul Tudor Jones, and Ark Invest CIO Cathie Wood are all bullish on AI. Billionaire investors including Bill Ackman, Stanley Druckenmiller and David Tepper are betting big on firms at the forefront of the AI race - such as Microsoft, Alphabet and chipmaker Nvidia. Here's how seven top players are responding to the AI trend:
Lordhenrivoton | E+ | Getty ImagesHigh inflation 'extremely difficult' for retireesSocial Security COLAs have increased by 78% since 2000, according to The Senior Citizens League. At the same time, the cost of goods and services retirees typically buy has gone up by 141.4% over that time. Yet the current 36% loss in buying power is still one of the deepest losses recorded, according to the group. Eggs topped the list of fastest-growing costs for seniors since 2000. While higher spending may complicate the fight against higher inflation, it is delayed relief for older Americans, whose COLA was lower than price growth in 2022.
May 16 (Reuters) - WeWork Inc (WE.N) on Tuesday said that Sandeep Mathrani would step down as the workspace provider's chief executive officer, effective May 26, while Sycamore Partners named him as a director to lead its real estate activity. Mathrani was named WeWork CEO in 2020 and tasked with the company's turnaround following a botched IPO attempt and amid rising investor concerns over corporate governance standards. The company, which said Mathrani's resignation was not a result of any disagreement, named board member David Tolley as interim CEO. WeWork said lead independent director Daniel Hurwitz would serve as chairman of the board and head a special committee that will search for a permanent CEO. WeWork shares have fallen about 76% so far this year, resulting in a market capitalization of $745.42 million, according to Refinitiv data.
Jim Cramer's top things to watch in the stock market Tuesday
  + stars: | 2023-05-16 | by ( Jim Cramer | ) www.cnbc.com   time to read: +3 min
As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Lots of Club holdings, including Nvidia (NVDA) and Alphabet (GOOGL), were among the stocks traded by some of Wall Street's biggest investors and money managers in the first quarter. That firm, Jeffrey Ubben's Inclusive Capital, had owned 1.63 million Salesforce shares at the end of December, worth nearly $217 million at the time. Jeff Smith's Starboard Value also sold some Salesforce shares in Q1, leaving the firm with 2.5 million shares at the end of March. Mason Morfit's ValueAct Capital amplified its Salesforce stake in the first quarter, ending with 3.5 million shares, up from just 560,221 shares at the end of 2022. Loeb's Third Point amassed 4.75 million shares of Alphabet, worth $492.7 million at the end of the first quarter.
“He’s a very famous person, known by many overseas Chinese in the southern US,” Tang said. Reports published by Chinese-language media in Texas and China’s state media show Leung’s long-running access to senior Chinese officials. In 2014, he met with the director of Jiangsu Provincial Overseas Chinese Affairs Office during a visit to Nanjing, the provincial capital. This photo shows John Leung with Wang Hua, the former director of Jiangsu Provincial Overseas Chinese Affairs Office. It also comes as American and Chinese officials are resuming high-level engagements since a dispute over a suspected Chinese spy balloon shattered efforts to mend ties earlier this year.
Hedge fund veteran David Tepper's Appaloosa Management dramatically increased its stake in Uber last quarter, while building a small bet on Cathie Wood's flagship innovation fund, according to a new regulatory filing. Tepper boosted his Uber stake by 390%, to $190 million, at the end of March, making it his third biggest holding. The hedge fund also hiked its stake in Alphabet to more than $200 million, making the Google parent Appaloosa's top holding. Meanwhile, Appaloosa also added an $80 million stake in FedEx last quarter, making the freight carrier its ninth biggest bet at the end of March. The hedge fund took a small stake in Ark Innovation Fund ( ARKK ), worth $20 million at the end of March.
A diving boat with 26 guests on board capsized off the coast of Hurghada, Egypt, last month. One passenger told The Telegraph he knew something was wrong when he woke up to fish outside his window. Everyone on the boat survived, but guests are planning to sue the boat's owners and tour company. A tourist on a boat that sunk in Egypt last month said he knew something was wrong when he woke up to fish swimming outside his window, The Telegraph reported on Monday. "I knew something was wrong when I could see fish swimming outside my cabin room's window," Taylor told the Telegraph.
The Great C.S.A. Dilemma
  + stars: | 2023-05-11 | by ( Tanya Sichynsky | ) www.nytimes.com   time to read: +1 min
For those equally frustrated by supermarket markups and interested in supporting local farmers, a C.S.A., or community-supported agriculture program, has a lot to offer. When I recently asked for your recipe quandaries, several of you wrote in to express your admiration for your C.S.A. A bevy of beetsBorscht — served warm or chilled — is an obvious option for a reason (it’s a perfect soup). David Tanis’s even simpler soup of puréed beets garnished with tarragon and chives elegantly makes use of this sturdy root vegetable. But if you’re borscht’d out, pair roasted beets with creamy yogurt and fragrant coriander.
Democratic Rep. David Trone announced Thursday that he is jumping into Maryland’s open Senate race, and he signaled that he’s willing to spend his vast personal fortune on his campaign. During a brief interview with NBC News ahead of his announcement, he declined to say how much he is willing to spend on the Senate race. In 2016, Trone lost the Democratic primary to Rep. Jaime Raskin, who is also considered a potential Senate candidate. TIME previously reported that Trone told associates he is willing to spend $50 million of his own money on the Senate race, but Trone declined to directly answer questions about that specific figure. That’s what people are just tired of — politicians that want to be on CNN and MSNBC and talk, talk, talk but not get something accomplished.
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