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☆ Houthi attacks on ships are giving the rebels and Iran intel on how to hunt down and strike naval targets, war experts say
▼ + stars: | 2024-02-23 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

The Houthis have spent the past few months lobbing missiles and drones at ships off Yemen's coast. War experts say these attacks are giving Iran and the rebels, Tehran's proxies, valuable data. War experts say the rebels and Iran, their main backer, have been learning key information from the ongoing attacks in the Red Sea and Gulf of Aden. US Central CommandThe Houthi rebels boast a sizable arsenal of one-way attack drones, anti-ship cruise missiles, and anti-ship ballistic missiles, the latter of which had never been used in combat until recently. Earlier this week, for example, a Houthi anti-ship ballistic missile hit a bulk carrier, forcing its crew to issue a distress call and abandon the vessel.

Persons: —, Khaled Abdullah, John Kirby, Marlin Luanda, Sabrina Singh, Kirby Organizations: Navy, Service, US Navy, Institute for, American Enterprise Institute, US Central Command, International Institute for Strategic Studies, REUTERS, National Security, Marshall, Central Command, Pentagon Locations: Iran, Yemen, Gulf of Aden, resupplied, Tehran, Sanaa, Bermuda, Gulf, Aden

☆ AI boom drove Nvidia profits up 580% last year
▼ + stars: | 2024-02-21 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

That result helped bring the company’s full-year profits up more than 580% from the year earlier. Nvidia also posted fourth quarter revenue gains of 265% year-over-year, also exceeding analyst projections, as the company continues to ride the wave of massive AI investment. And US restrictions introduced last year on exports of advanced AI chips to China, which affected products like Nvidia’s H800 and A800 chips, threaten to choke off access to a massive and fast-growing market. Still, others on Wall Street believe the company still has plenty of room to run. “The outlook for Nvidia is positive as AI chip competition from Intel, AMD, Meta and Microsoft could be months away while demand for Nvidia chips is only surging,” Insider Intelligence senior analyst Gadjo Sevilla said in a note earlier this week.

Persons: Jensen Huang, Dan Morgan, Goldman Sachs, Nvidia’s, China “, ” Morgan, Gadjo Sevilla Organizations: New, New York CNN, Nvidia, Wall Street, IBM, Microsoft, Synovus Trust Company, Google, Cisco, Intel, AMD, Meta, ”, Intelligence Locations: New York, China

☆ Intel CEO discusses Microsoft partnership for AI chips
▼ + stars: | 2024-02-21 | 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 EmailIntel CEO discusses Microsoft partnership for AI chipsIntel CEO Pat Gelsinger joins 'The Exchange' to discuss Intel's partnership with Microsoft for AI chips, the timeline for building a new factory in Ohio, and more.

Persons: Pat Gelsinger Organizations: Intel, Microsoft Locations: Ohio

☆ Premarket stocks: Is Nvidia too big to fail?
▼ + stars: | 2024-02-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors expect Nvidia to report earnings of $4.59 a share and $20.378 billion in revenue, up from just $6.05 billion a year before. Too big to fail: For the time being, Nvidia is the “most sophisticated and deployed” chipmaker in the world, and its output is one of national importance, said Newman. Capital One wants to be the biggest credit card company in America. If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.

Persons: “, ”, Daniel Newman, Newman, Jensen Huang, ” What’s, Sam Altman, Pat Gelsinger, Elisabeth Buchwald, Biden, Richard Fairbank, Fairbank, Samantha Delouya, Dow, Dow hasn’t Organizations: CNN Business, Bell, New York CNN, Nvidia, Wall, Microsoft, Apple, Investors, Intel, AMD, Discover Financial Services, Capital, Discover, Mastercard, Consumer Financial, Bureau, Walgreens, Dow Jones, Alliance, Dow Jones Industrial, Dow Jones Indices, Dow, Tesla Locations: New York, California, United States, China, Dubai, America

☆ Watch CNBC’s full interview with Intel CEO Pat Gelsinger
▼ + stars: | 2024-02-21 | 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 Intel CEO Pat GelsingerIntel CEO Pat Gelsinger joins 'The Exchange' to discuss whether Intel will receive Chips Act funding, the company's plans for growth, and more.

Persons: Pat, Pat Gelsinger Organizations: Intel

"I'm thinking about marketing myself as a TikTok Shop creator," Jayy told BI in July. Outside its in-house team, TikTok also deputizes official third-party TikTok Shop agency partners to work with creators and merchants on e-commerce strategies. And the company offers advice to all affiliate creators on its website via its TikTok Shop Academy. Someone who is not popular or famous going on TikTok Shop and offering products, or someone who is very popular and famous now getting products?" "I think the shortest path to more volume through TikTok Shop is really that second group."

Persons: D'Amelio, TikTok, Remy Beaumont, it's, Joy Mangano, Beaumont, playbook, Rick Watson, Sharon Jayy, Jayy, Watson Organizations: Business, Shop, Z Media, intel, Training, RMW Commerce Consulting, TikTok Shop, Shop Academy Locations: London, China, Douyin, TikTok's Culver

☆ Jim Cramer says buy Capital One stock after blockbuster deal for Discover
▼ + stars: | 2024-02-20 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +1 min

Walmart : The largest U.S. retailer reported a strong holiday quarter Tuesday, with sales rising 6% in three months ended Jan. 31. The decline comes after Walmart announced a deal to acquire TV maker Vizio for $2.3 billion. "I would point out, just so people know," that Walmart says the deal is slightly dilutive to near-term earnings per share, "which surprised me," Jim said. Capital One : The company on Monday announced an all-stock deal , valued at $35.3 billion, to acquire credit card rival Discover Financial Services . "Buried within Discover is a payments system that may be unrivaled, that [Capital One CEO] Richard Fairbank can put to work," Jim said, reiterating his call to buy Capital One stock into Tuesday's weakness.

Persons: Wall, Jim Cramer, Jim, Doug McMillon, Richard Fairbank Organizations: Walmart, Intel, Science, AMD, Discover Financial Services, Capital Locations: U.S, California

☆ It's not just Sam Altman trying to throw money at the AI chip shortage
▼ + stars: | 2024-02-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

The race is on to address the AI chip shortage. SoftBank's Masayoshi Son is the latest tech leader who plans to invest heavily in chip production. Chips are needed to train the complex models that underpin AI — but there's not enough to go around. SoftBank CEO Masayoshi Son is the latest tech leader to raise funds to tackle the chip shortage. So too are more speculative ambitions being pursued by both Altman and Son, such as the development of artificial general intelligence.

Persons: —, Sam Altman, it's, Masayoshi Son, Altman, Son, Ethan Mollick, ” There's, That's, Mark Zuckerberg, ” Mark Zuckerberg, JOSH EDELSON, Son’s Organizations: Service, Tech, Journal, Izanagi, Bloomberg, Kyodo, Stills, Nvidia, Samsung, Intel, ARM Locations: Tokyo

☆ Stocks making the biggest moves premarket: Home Depot, Walmart, Intel, Arm Holdings and more
▼ + stars: | 2024-02-20 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Rosenblatt's price target is now the highest forecast for the stock on Wall Street. Caterpillar — Shares pulled back 2% following a downgrade to in line from Evercore ISI, which noted concern over a longer-than-expected outlook for earnings growth. Analyst Brian Mullan hiked his price target on US Foods to $59 from $45, or roughly 19% upside from Friday's closing price of $49.58. Capital One stock pulled back more than 4%. Arm Holdings — Stock in the chipmaker slid about 4% as investors pulled back bets on the stock after its massive rally .

Persons: Rosenblatt, FactSet, Piper Sandler, Brian Mullan, Biden, — CNBC's Pia Singh, Sarah Min, Michelle Fox, Jesse Pound Organizations: Walmart, LSEG, Revenue, Caterpillar —, ISI, Foods, Intel —, Bloomberg, Discover Financial, Capital, Arm

☆ Hedge funds took profits in these popular technology stocks during the fourth quarter
▼ + stars: | 2024-02-19 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Hedge funds appeared to take profits in a host of winning " Magnificent Seven " stocks during the fourth quarter at the end of a blowout year for the septet. Still, Nvidia shares rallied 14% in the fourth quarter, extending a 3% gain in the September quarter. Nor was Nvidia the only semiconductor maker that hedge funds cut back on in the fourth quarter. Reducing exposure to the rest of Magnificent Seven Hedge funds also took profits in a handful of other popular Magnificent Seven stocks that helped power 2023's AI-fueled market rally. Beyond the most prominent companies, hedge funds also made key reductions in other popular technology and semiconductor bets last quarter.

Persons: Dan Sundheim zeroed, Stanley Druckenmiller, David Tepper's, Phillippe Laffont's Coatue, Global's Chase Coleman, Jensen Huang, chipmaker, Tepper, Ole Andreas Halvorsen, Druckenmiller, Baupost Group's Seth Klarman, Coatue's Laffont, Point's Dan Loeb, Berkshire Hathaway, Value's Jeffrey Smith, Marc Benioff, Appaloosa's Tepper, Michael Burry, Druckenmiller amped, Point's Loeb, Coatue, Laffont, Tiger Global's Coleman, —, Alex Harring, Yun Li Organizations: Appaloosa Management, D1, Technology, Wall, Nvidia, Management, Devices, Intel, Qualcomm, Taiwan Semiconductor, Viking, Arm Holdings, VanEck Semiconductor, Google, Microsoft, Duquesne, Viking Global, Corvex Management, Sundheim's D1 Capital, Baidu, Arista Networks, Scion, Oracle, Amazon, Tiger Global, Apple, Taiwan, Broadcom Locations: TSM, Meta, Berkshire, Salesforce, Chinese, China

☆ These options plays can help investors profit from a pullback in stocks, Goldman says
▼ + stars: | 2024-02-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Those options could be relatively cheap right now for some of the more vulnerable stocks, according to Goldman. "During normal market environments, the options market prices options efficiently based on trailing realized volatility. Our long-term studies have shown that Free Cash Flow is the most important fundamental metric to watch when estimating downside asymmetry," Marshall said in the note. To identify put option candidates, Goldman found stocks trading above the firm's price targets and low or negative free cash flow. That company reported a net loss of $116.6 million in 2023 , with free cash flow of just $7.9 million.

Persons: John Marshall, Goldman Sachs, Goldman, Marshall, — CNBC's Michael Bloom Organizations: Southwest Airlines, LUV, Tech, Intel, Southwest

☆ The American who bought a home in Italy and found ‘big surprises’ inside
▼ + stars: | 2024-02-16 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +8 min

CNN —Buyers from all over the world are snapping up charming old houses in isolated villages in Italy. Chicago-based saxophonist Joshua Shapiro, 48, embarked on the quest for la dolce vita as the first step toward a change of life. Many empty homes featured on the local website where owners meet buyers are sold or rented with furniture, but what eventually ends up being left inside is usually negotiated between parties. Courtesy Joshua ShapiroThere was also a bizarre encounter when he first went to take a peek inside the house he had just bought. Accompanied by Castellano, the deputy mayor, Shapiro says he was surprised to find it had tenants inside – a group of elderly nuns.

Persons: we’ll, Stanley Tucci, Joshua Shapiro, “, ” Shapiro, ”, Shapiro, MC Newman Shapiro, Latronico, he’d, –, – it’s, Vincenzo Castellano, – Shapiro, Castellano, Latronico’s Organizations: CNN, intel Locations: Italy, . Chicago, United States, Latronico, Basilicata, Europe, Florence, Rome, Bari, –, American, Chicago

☆ The White House says it's tracking a new Russian space weapon that violates a nuclear arms treaty
▼ + stars: | 2024-02-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

The White House has confirmed that Russia is building a new weapon to be put in space. The weapon is thought to be nuclear-related, with the White House saying it would violate the Outer Space Treaty. AdvertisementThe White House confirmed on Thursday that it is monitoring Russia's development of a new weapon to be stationed in space. But the spokesperson also said the weapon would violate the Outer Space Treaty of 1967, of which Russia is still a participant. The treaty specifically bans the stationing of weapons of mass destruction in space, including nuclear arms.

Persons: it's, —, It's, John Kirby, Kirby, we've, hasn't, Mike Turner, Hakeem Jeffries, Jake Sullivan, MANDEL NGAN, Jim Himes Organizations: Service, White House, The New York Times, CNN, Center for Strategic, International Studies, US, Intelligence, GOP House, intel, National Security, Getty, Democratic, House Intelligence Locations: Russia, Ukraine, Hill, Washington ,, AFP, Jim Himes of Connecticut

☆ Exclusive: Russia attempting to develop nuclear space weapon to destroy satellites with massive energy wave, sources familiar with intel say
▼ + stars: | 2024-02-16 | by ( Katie Bo Lillis | Jim Sciutto | Kristin Fisher | ) edition.cnn.com time to read: +6 min

The weapon is still under development and is not yet in orbit, Biden administration officials have emphasized publicly. But Russia has recently made progress in its efforts to develop a nuclear EMP — a related but far more alarming technology. This would almost certainly be “a last-ditch weapon” for Russia, the US official and other sources said — because it would do the same damage to whatever Russian satellites were also in the area. According to those sources, the intelligence community is now scrambling to figure out how to preserve its access. Russia has withdrawn from several arms control treaties in recent years, leaving the post-Cold War arms control architecture all but gutted.

Persons: Mike Turner of, Joe Biden, Turner, Biden, ”, John Kirby, “, ” Kirby Organizations: CNN, Republican, House Intelligence, The Defense Department, National Security, National Intelligence, Defense Department, National Security Council, Pentagon, Capitol, Biden Locations: Russia, –, Mike Turner of Ohio, Washington, Russian, Earth, America, Ukraine, Moscow

☆ Sea drones are being used to smash Russia's navy, and now they're being used to attack a US aircraft carrier too
▼ + stars: | 2024-02-15 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Multiple sea drones have been launched at the USS Dwight D. Eisenhower in the last weeks. The use of cheap sea drones has been pioneered, to considerable success, by Ukraine. The aircraft carrier USS Dwight D. Eisenhower (CVN 69) transits the Atlantic Ocean during Carrier Air Wing (CVW) 7's fly-off. AdvertisementUS forces have encountered Houthi sea drones amid commercial shipping on at least three occasions, specialist outlet the Maritime Executive reported. The emergent technology of sea drones has been largely pioneered — with considerable success — by Ukraine against Russia's Black Sea Fleet.

Persons: Dwight D, Eisenhower, —, Houthis, Marc Miguez, Ryan, Basil Germond, Miguez, Jake Epstein Organizations: Service, Associated Press, US, intel, Carrier Air Wing, US Navy, Maritime Executive, Russia's, Defense Intelligence, Lancaster University, AP, Saudi, Carrier Strike Group Locations: Ukraine, Red, Russian

☆ Stocks making the biggest moves premarket: Deere, Cisco, Arm, Super Micro and more
▼ + stars: | 2024-02-15 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Twilio -- Shares dropped nearly 11% after the consumer engagement company issued lower-than-expected revenue guidance for the current quarter. Twilio also reporter total active consumers for the fourth-quarter that were below Wall Street estimates. Tripadvisor -- Shares climbed nearly 5% after the online booking company beat Wall Street estimates on the top and bottom line in the fourth-quarter. JFrog -- Stock in the software development company climbed more than 19% after fourth-quarter results surpassed Wall Street estimates. Shake Shack -- Shares of the restaurant stock climbed nearly 17% after the firm beat Wall Street estimates on the top and bottom line.

Persons: Twilio, Bitcoin, Tripadvisor, JFrog, FactSet, Shack, John C, bitcoin, — CNBC's Hakyung Kim, Sarah Min, Pia Singh Organizations: Cisco —, Cisco, JPMorgan, Wall, LSEG, Deere, Bank of America, Nvidia, AMD, Intel, Marathon Digital Holdings, Arm Holdings, Holdings

☆ ASML and more: BofA just got more bullish on these 3 chip stocks, says AI spending is heating up
▼ + stars: | 2024-02-15 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

European semiconductor equipment stocks are likely to outperform as spending on artificial intelligence chips rises over the next decade, according to Bank of America. The continent's chip stocks produce the high-tech machines needed to manufacture the latest generation of chips. ASML ASML , the dominant supplier of lithography equipment used to manufacture advanced logic and memory chips, remains Bank of America's "top pick in EU Semicaps." The bank forecasts strong demand from leading chipmakers using ASML 's extreme ultraviolet lithography machines required to produce next-generation AI accelerators and high bandwidth memory modules. The investment bank said ASM 's exposure to new transistor architectures called "gate-all-around" appears to be critical for improving AI chip performance.

Persons: Didier Scemama Organizations: Bank of America, AMD, Nvidia, EU, America's, Analysts, ASM International Bank of America, ASM International, ASM, BE Semiconductor Industries, HB, Intel, Micron Locations: Europe

The rebels have said they will continue firing on commercial and military vessels transiting the region until Israel ceases its military operations inside Gaza. The Eisenhower has been on patrol here since Nov. 4, and its accompanying ships have been on location for even longer, since October. The carriers’ F/A-18 fighter jets are also frequently launched to take out missile sites they detect before munitions are fired. “That’s one of the most scary scenarios, to have a bomb-laden, unmanned surface vessel that can go in pretty fast speeds. That pace has meant the ships have spent four months at a constant combat pace with no days off with a port call.

Persons: DWIGHT D, EISENHOWER, — Sailors, Dwight D, Eisenhower, ”, Marc Miguez, ” Miguez, Mason, Carney, Marvin Scott, Miguez, “, you’re, Christopher “ Chowdah, Hill, ” Hill, “ It’s, Joselyn Martinez, ” Martinez, ” ___ Copp, Armangue Organizations: —, Saudi, U.S, Navy, intel, Carrier, Al, U.S . Navy, Associated Press, Eisenhower, Washington , D.C Locations: Iranian, Ahli, Gaza, Israel, Red, Bab, Gulf of Aden, Washington ,

☆ Move over Nvidia. There's a new hot AI play that has soared 960% in the past year
▼ + stars: | 2024-02-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

One high-flying artificial intelligence stock has soared 960% over the past year and may soon become as familiar Nvidia, the dominant, better-known and far larger maker of AI processors. Recent stock performance notwithstanding, Nvidia, the leading provider of high-end graphics processing units (GPUs) with 80% of the global market, dwarfs Super Micro. SMCI 1Y mountain Super Micro Computer shares over the last year Super Micro popped 13% during Thursday's session, approaching $1,000 per share. Super Micro's already attracted the attention of the investing community, nearly doubling since reporting strong earnings at the end of January. Bhattacharya added that Super Micro's ability to build "server technology from the ground up" gives it a strategic boost.

Persons: Ruplu Bhattacharya, Bhattacharya, referrring, Michael Bloom Organizations: Nvidia, Bank of America, San, Calif, Computer, Devices, Intel, Bank Locations: San Jose

☆ US lawmakers were just briefed on intel that Russia is trying to put a nuclear weapon in space: reports
▼ + stars: | 2024-02-15 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

US lawmakers were given intel on a new nuclear space weapon Russia is building, multiple outlets reported. AdvertisementUS leaders in Congress were briefed on Wednesday about new intelligence that Moscow is making progress on a nuclear weapon in space that can attack satellites, multiple media outlets reported. In a regular press briefing on Wednesday, National Security Adviser Jake Sullivan declined to share details about the "national security threat" but acknowledged that Biden officials are meeting to discuss it with lawmakers. It's not immediately clear if the Russian space weapon in question is nuclear-powered or uses nuclear arms. However, Moscow has been pulling out of other nuclear weapon treaties in recent years, raising fears that the world could enter another Cold War-like environment.

Persons: Mike Turner, —, Biden declassify, Mike Johnson, Johnson, Joe Biden, Jim Himes, Himes, Mike, Jake Sullivan, Turner, Sullivan, It's Organizations: intel, CNN, Service, ABC News, New York Times, ABC, Intelligence, Administration, Times, Capitol, Democratic, National, Biden, Center for Strategic & International Studies Locations: Russia, Capitol HIll, Moscow, Jim Himes of Connecticut, Ukraine

☆ Red states are big winners of Biden’s landmark laws
▼ + stars: | 2024-02-14 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

Fitch defined red states as those that voted for former President Donald Trump in 2020 by more than three percentage points. “The reality is manufacturing was migrating to those states even before the CHIPS Act and the IRA. Relative to the size of their state economies, Arizona, Idaho and West Virginia are the biggest winners from the IRA and CHIPS Act investments, according to Fitch. New York leads blue state winnersNone of this is to say blue states aren’t benefiting from the IRA and the CHIPS Act. Micron cited the tax credits in the CHIPS Act as well as incentives provided by New York state aimed at luring semiconductor companies.

Persons: Joe Biden, Biden, Fitch, Donald Trump, Olu Sonola, Sonola, ‘, ” Natalie Quillian, “, ”, Lauren Boebert, Quillian Organizations: New, New York CNN, Redwood Materials, Redwood, America’s, IRA, Republican, CNN, Fitch, Trump, Micron, White House, White, Lonestar, Samsung, Intel, IBM, Central, “, CS, Colorado Republican Locations: New York, South Carolina, Arizona, Georgia, Nevada , North Carolina , Michigan, Pennsylvania, Wisconsin, Idaho, Boise, America, Texas, Taylor , Texas, Austin, Russia, Canada, Arizona , Idaho, West Virginia, Chandler , Arizona, “ Arizona, . New York, Hudson Valley, Central New York, “ New York, Colorado, Pueblo , Colorado

CNN —House Intelligence Committee Chair Mike Turner has made intelligence around a “serious national security threat” available to all members of Congress to review. Two sources familiar with the matter and a US official tell CNN the threat is related to Russia. “That’s been on the books. He declined to elaborate on the nature of the threat. “I’m not in a position to say anything further from this podium at this time,” he said.

Persons: Mike Turner, Turner, ” Turner, Joe Biden, declassify, Jake Sullivan, “, ” Sullivan, “ That’s, “ I’m, ”, Biden Organizations: CNN — House, CNN, House Intelligence, ” National Locations: Russia, United States

☆ David Tepper's Appaloosa cut exposure to several semiconductor stocks, but bought into one well-known ETF
▼ + stars: | 2024-02-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

David Tepper's Appaloosa Management trimmed positions in multiple semiconductor stocks during the fourth quarter, while buying into a closely-watched technology exchange-traded fund. Tepper cut back exposure to Advanced Micro Devices , Intel , Lam Research , Micron , Nvidia and Taiwan Semiconductor in the latest quarter, regulatory fillings show. Taiwan Semiconductor saw the largest sale on a percentage basis, with the Carolina Panthers football team owner approximately halving his stake. Elsewhere in technology, Tepper built an initial stake in Oracle , while adding to Microsoft and Amazon . Microsoft and Amazon are now the second and third largest positions.

Persons: David Tepper's, Tepper, ARKK, Cathy Wood's Organizations: Devices, Intel, Lam Research, Micron, Nvidia, Taiwan Semiconductor, VanEck Semiconductor, Carolina Panthers football, Qualcomm, AMD, Pittsburgh, Innovation, Oracle, Microsoft, Amazon . Holdings, Meta, United Parcel Service, HCA Healthcare, General Motors, FMC, Pitt, Carnegie Mellon, Arista Networks, PDD Holdings, Uber Locations: Lam, Caesars, Alibaba

☆ How satellite connectivity startup Skylo hooked backers such as Intel, BMW and Samsung to raise $37 million
▼ + stars: | 2024-02-13 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

Silicon Valley space startup Skylo Technologies landed funding from the corporate venture arms of Intel, BMW and Samsung, as the company aims to bridge the gap between satellite and terrestrial communications. Skylo raised $37 million through an equity round, the company told CNBC, that was led by Intel Capital and Innovation Endeavors and joined by BMW i Ventures, Next47, Samsung Catalyst Fund and Seraphim Space. We just don't want extra hardware, because that adds complexity," Skylo CEO Parth Trivedi told CNBC. That way, Trivedi sees Skylo operating as a "roaming partner" to existing cellular networks, effectively rubber-stamping and linking devices made by other connectivity players. "You're going to find that this approach is very, very scalable, because the carriers don't have to change behavior, the users don't have to change behavior, the satellite operators don't have to change behavior, and regulators don't have to change behavior," Trivedi said.

Persons: Skylo, Parth Trivedi, Trivedi, Dave Johnson, They've, Johnson Organizations: Technologies, Intel, BMW, Samsung, CNBC, Intel Capital, Innovation, BMW i Ventures, Next47, Samsung Catalyst Fund, SoftBank, Qualcomm, MediaTek, Sony Locations: Mountain View , California

Systems that let drivers take their eyes off the road and fully autonomous systems are coming in about two years. Shashua talked with The Associated Press about the next steps toward autonomous vehicles. A: When you talk about autonomous vehicles, what immediately comes in mind is Waymo, Cruise, robotaxis. Q: When do you see a lot of fully autonomous vehicles on the roads? The second story of an eyes-off system on highways is already in the works.

Persons: robotaxis, Amnon Shashua, Shashua, It’s, Uber, Mobileye Organizations: DETROIT, —, General Motors, Intel, Systems, Associated Press, Cruise, Volkswagen Locations: Arizona, San Francisco, Israeli, Los Angeles, China, Europe, U.S

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