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☆ Chipotle Mexican Grill is about to report earnings. Here's what to expect
▼ + stars: | 2024-10-29 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

A customer holds a bag of food outside of a Chipotle restaurant in New York on Jan. 12, 2024. Chipotle Mexican Grill is set to report its third-quarter earnings after the bell on Tuesday. Despite the unexpected executive shuffle, Wall Street is confident Chipotle can maintain its winning streak — at least in the near term. Analysts expect the company will report same-store sales growth of 6.3%, according to StreetAccount estimates. For the full year, Chipotle is projecting same-store sales will grow by a mid- to high-single-digit percentage.

Persons: LSEG, Brian Niccol, Scott Boatwright, Chipotle, Niccol Locations: New York

☆ CNBC Daily Open: Stocks are entering the hottest period of the year
▼ + stars: | 2024-10-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Trump accuses Taiwan of stealing businessFormer U.S. President Donald Trump accused Taiwan of stealing the country's chip business, he said on "The Joe Rogan Experience" podcast. Bernstein analyst Stacy Rasgon told CNBC the idea of Taiwan stealing the U.S.'s chip industry is "ridiculous." [PRO] Tech might be in trouble, chart showsThe bursting of the 2000 dot-com bubble was one of the worst moments ever for tech stocks.

Persons: Thomas Schäfer, Trump, Donald Trump, Joe Rogan, Bernstein, Stacy Rasgon Organizations: CNBC, Big Tech, Philips, Volkswagen, U.S, New York Stock Exchange, bourse, Intercontinental Exchange, Tech, Wolfe Research Locations: New York City, China, Germany, Taiwan

☆ Microsoft just ramped up its cloud rivalry with Google by accusing it of 'shadow campaigns'
▼ + stars: | 2024-10-29 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

Microsoft leads Google in cloud market share, while Amazon Web Services is at the top. AdvertisementMicrosoft publicly accused Google of running "shadow campaigns" to undermine its business and influence cloud regulation in Europe, in an escalation of the tech giants' rivalry. A Google spokesperson told Business Insider the company had been "very public" about concerns with Microsoft's cloud licensing. In the second quarter, Google Cloud generated $10.35 billion in revenue, while Microsoft's Azure, included as part of the company's Intelligent Cloud group, reported $28.5 billion in revenue. AdvertisementIn 2023, Google Cloud generated $33.7 billion in sales, while Microsoft's Intelligent Cloud group reported $96.8 billion in sales.

Persons: —, Rima Alaily, Alaily, Nicky Stewart, Stewart Organizations: Microsoft, Google, Amazon, Service, Cloud Coalition, Open Cloud Coalition, European Commission, Big Tech, Amazon Web Services, Department of Justice, Games Locations: Europe

☆ AMD shares fall as forecast fails to impress despite strong AI growth
▼ + stars: | 2024-10-29 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

AMD shares are up about 20% so far in 2024, although rivals such as Nvidia and Broadcom have had much greater gains during the same period, driven by the increasing demand for AI chips. AMD is the second-largest vendor of data center graphics processing units, or GPUs, which are used to train and deploy large generative AI models. AMD's AI chips are reported in its data center segment, which more than doubled on an annual basis to $3.5 billion in total sales. Overall data center revenue was up 122% year over year. AMD's gross margin expanded to 54%, which the company said was because of higher data center revenue.

Persons: Lisa Su, Su Organizations: Devices, AMD, Nvidia, Broadcom, Microsoft, Windows, Sony PlayStation

☆ AMD's post-earnings slide is a buying opportunity. Here's why
▼ + stars: | 2024-10-29 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Bottom line The main part of our AMD thesis — fast-growing sales of its MI300 AI chips — is still on track, so we view the post-earnings pullback as a buying opportunity. Given how integral these AI chips are to AMD's growth, we were pleased management on Tuesday night raised its full-year sales projections to exceeding $5 billion. Another factor: AMD's chips passed some performance milestones with customers, Su said. We believe Su's AI roadmap — outlined at its AI event earlier this month — will lead to significant sales growth in 2025 and thereafter. Quarterly commentary Sales in AMD's all-important data-center segment came in $3.55 billion, exceeding estimates and more than doubling year over year.

Persons: We're, Lisa Su, Su, couldn't pare, Jim Cramer, —, Jim Cramer's, Jim Organizations: AMD, Nvidia, Intel, Club, Broadcom, ZT Systems, CNBC, Dell Technologies, Microsoft, Meta, Revenue, Visitors, Congress, Nurphoto, Getty Locations: AMD's, —, Shanghai, China

☆ Over 90% of AWS's biggest data center customers are now using its homegrown Graviton chips, executive says
▼ + stars: | 2024-10-29 | by ( Eugene Kim | ) www.businessinsider.com time to read: +4 min

AWS's Graviton CPU chips are used by over 90% of its 1,000 largest data center customers. AWS's custom silicon strategy includes AI chips like Inferentia and Trainium. AdvertisementIn 2018, Amazon Web Services launched Graviton, its own line of homegrown central processing unit chips for data center servers. Big enterprises, such as Epic Games, Databricks, and Pinterest, are all major Graviton customers, he said. "We will absolutely continue to drive innovation in custom silicon as we have been doing for the past 10-plus years."

Persons: —, Rahul Kulkarni, Kulkarni, Graviton, James Hamilton, Bernstein, AWS's Kulkarni, Jassy Organizations: Service, Amazon Web Services, Intel, AMD, Epic, Annapurna Labs, Bernstein Research, AWS Locations: Israel

☆ Eli Lilly shares could be set for a big move if the Zepbound maker adds to its winning streak
▼ + stars: | 2024-10-29 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +6 min

Revenue from obesity treatment Zepbound is forecast to climb to $1.73 billion from $1.24 billion quarter over quarter. For the year, analysts expect Mounjaro sales to reach $4.58 billion, while Zepbound revenue is seen rising to $5.88 billion. The consensus view for combined sales of both drugs now stands at $30.19 billion, according to FactSet. Other key announcements A clinical trial is in progress that pits Zepbound against Novo Nordisk's Wegovy in obesity treatment. Beyond obesity, Lilly has begun treating patients with Kisunla, its Alzheimer's disease treatment.

Persons: Eli Lilly, Lilly, Seamus Fernandez, Morgan Stanley, Terence Flynn, David Risinger, Morgan Stanley's Flynn, Mounjaro, Cantor, Louise Chen, —, Fred Imbert Organizations: Investment, Food, Leerink, Novo Nordisk's, FDA, Kisunla Locations: U.S

☆ Reddit shares soar 22% on earnings beat and better-than-expected forecast
▼ + stars: | 2024-10-29 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Reddit shares jumped 22% in extended trading Tuesday, topping $100 for the first time, after the social media company reported third-quarter results that topped analyst estimates and issued an optimistic forecast for the current period. Adjusted earnings for the fourth quarter will be in the range of $110 million to $125 million, higher than the $85.2 million average estimate. Average revenue per user was $3.58 for the third quarter, which beat analyst estimates of $3.24. "It was another strong quarter for Reddit and our communities as we achieved important milestones, including new levels of user traffic, revenue growth, and profitability," Reddit CEO Steve Huffman said in a statement. The company said global logged-out users grew 70% from a year earlier to 53.1 million, while global logged-in users increased 27% to 44.1 million.

Persons: Steve Huffman, Reddit, Huffman, Cramer Organizations: New York Stock Exchange, Google, CNBC Locations: New York City

☆ S&P 500 futures tick higher as Alphabet shares jump on earnings beat: Live updates
▼ + stars: | 2024-10-29 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Futures tied to the broad market index added nearly 0.2%, while Nasdaq 100 futures inched up by 0.1%. Alphabet kicked off a major week for megacap tech earnings. The Google parent exceeded analysts' expectations as the company saw strong quarterly revenue growth from its cloud business, leading shares up 5% after market close. In anticipation of the Big Tech earnings releases, investors drove the Nasdaq Composite to a fresh record during Tuesday's trading session. "We are closely monitoring tech earnings releases to ensure businesses investment in artificial intelligence and other productivity enhancing tools remains robust to support strong future earnings growth."

Persons: Dow, It's, Rob Haworth, Haworth Organizations: New York Stock Exchange, Nasdaq, Dow, Google, AMD, Tech, Meta, Microsoft, Apple, Big Tech, NASDAQ, U.S, Bank Asset Management

☆ Ford cuts profit forecast as high costs and low volumes hit hard
▼ + stars: | 2024-10-29 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

The guidance stems from high costs and low volumes of Ford Pro and Ford Blue models. Ford aims to compete with Chinese EV makers by reducing costs and innovating designs. It said the guidance was hurt by costs and low volumes of its most profitable cars, Ford Pro and Ford Blue, due to supplier and hurricane-related disruptions. He said that finding new designs for components or using new suppliers will be key to reducing EV costs. Chinese EV makers have been on a roll this year.

Persons: Ford, —, Jim Farley, Farley, I've, Stellantis, Tesla Organizations: Ford Pro, Ford, Service, Companies, EV, European Union, Motors, Chrysler Locations: Russia, Shanghai, Chicago, China

☆ Trump Media shares halted for volatility as DJT rally accelerates
▼ + stars: | 2024-10-29 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Nearly 16 million DJT shares changed hands in the first 10 minutes of the trading day. Trading was halted a second time at 9:42 a.m., with shares up nearly 9%. The company, which trades as DJT on the Nasdaq, was halted for five minutes at 9:36 a.m. Trading of Trump Media shares was halted for volatility multiple times Tuesday morning as the company majority-owned by Donald Trump ricocheted in early trading. Just over a month later, Trump Media shares were trading at more than four times that price.

Persons: Donald Trump ricocheted, Kamala Harris, Harris, Critics Organizations: Nasdaq, Trump Media, Republican, Trump, Forbes, Democratic, Madison Locations: New York City

☆ CNBC Daily Open: Stocks are approaching the hottest period of the year
▼ + stars: | 2024-10-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Oil slump boosts marketsAll major U.S. indexes rose Monday on soft oil prices while investors awaited Big Tech earnings. Japan's Nikkei 225 extended gains to a second day, up 0.7% as the country's jobless rate for September dropped to 2.4% from 2.5% the previous month. [PRO] How to trade Japan's electionAfter Japan voted on Monday, the Nikkei 225 rose on the results.

Persons: Irene, Shigeru Ishiba Organizations: CNBC, Big Tech, Japan's Nikkei, Liberal Democratic Party, Nasdaq, CR Beverage, HSBC, Japan, Nikkei Locations: Lower Manhattan , New York, Asia, Pacific, Japan, U.S, Hong Kong, IPOs

☆ McDonald's reverses U.S. same-store sales declines in the third quarter, but E. coli fallout looms
▼ + stars: | 2024-10-29 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

McDonald's on Tuesday reported quarterly earnings and revenue that beat analysts' expectations as its U.S. restaurants reversed last quarter's same-store sales decline. It's the second straight quarter that the company's same-store sales have fallen. U.S. same-store sales rose 0.3%, reversing last quarter's same-store sales declines but still slightly weaker than the 0.5% increase predicted by StreetAccount estimates. The company's two international divisions both reported steeper declines in same-store sales compared with the prior quarter. The international developmental licensed markets division reported same-store sales declines of 3.5%, driven by weak demand in the Middle East and China.

Persons: McDonald's, Ian Borden, Chris Kempczinski, Kempczinski Organizations: Health, LSEG Locations: France, Germany, Australia, East, China

☆ Snap shares jump 10% on profit beat, stock buyback
▼ + stars: | 2024-10-29 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

The head of Snapchat operator Snap, Evan Spiegel, presents the new generation of Spectacles in Los Angeles on Sept. 17, 2024. Snap said its adjusted earnings for the fourth quarter will be between $210 million and $260 million. Shortly after Snap announced the new Spectacles, Meta CEO Mark Zuckerberg revealed his company's experimental AR glasses called Orion. In a letter to investors, Snap discussed the importance developers play for the company's Spectacles and AR initiatives. Prior to the after-hours pop, Snap shares were down 36% for the year compared to the Nasdaq's 25% gain.

Persons: Evan Spiegel, Mark Zuckerberg, Snap Organizations: LSEG Revenue, LSEG Global, Global, StreetAccount, Snap Locations: Los Angeles

☆ Alphabet's two pillars of growth stand tall in the latest quarter. But we're not ready to act
▼ + stars: | 2024-10-29 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

However, on "Mad Money" following the release, Jim said Alphabet delivered an "unambiguously great quarter." Alphabet Why we own it : Alphabet's Google Search is an invaluable tool for advertisers. Revenue for the Google Search, YouTube ads, and Google Network line items totaled $65.85 billion. That was up more than 10% from the year-ago quarter, though it was a slower growth rate than in the second quarter. The company exited the quarter with $93.23 billion in cash, cash equivalents, and marketable securities on its balance sheet.

Persons: It's, Jim Cramer, Jim, it's, Sundar Pichai, We're, Waymo, Anat Ashkenazi, Pichai, Jim Cramer's, Justin Sullivan Organizations: Google, U.S, European, Justice Department, Big Tech, Nvidia, YouTube, Microsoft, Revenue, Google Services, Walmart, Dallas Fort, CNBC Locations: U.S, Dallas, Dallas Fort Worth, Mountain View , California

☆ Big Tech earnings drop this week. Here's what Wall Street is watching.
▼ + stars: | 2024-10-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Big Tech earnings start today, with roughly $12 trillion in market cap reporting over three days. Mark Zuckerberg hasn't shied away from saying his company will keep spending big on AI, and the market hasn't minded. Judging by Meta Connect 2024 and its CTO's comments , the tech giant wants to own the market for AI-powered wearables.

Persons: —, We'll, Insider's Kelly Cloonan, We're, Mark Zuckerberg hasn't, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Business, Service, Traders, Big Tech, Google, Nvidia, Meta, Microsoft, AWS, Apple, Apple Intelligence Locations: China, New York, London

☆ Alibaba and more: Fund manager gets bullish on 3 China tech stocks — expecting one to double
▼ + stars: | 2024-10-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Hsu, founder and chairman of Rayliant Global Advisors, told CNBC's Pro Talks that Alibaba , JD.com , and Pinduoduo are among his top picks. If signs of consumption growth return to China, he suggested the stock could climb to $200 per share or double from current levels. BABA 1Y line Hsu said he views JD.com similarly to Alibaba, with his preference between the two mainly driven by valuation metrics. PDD Pinduoduo underperformed the broader Chinese stock market this year and has fallen by 14% so far this year. Baidu Not all Chinese technology stocks are equally attractive.

Persons: Jason Hsu, Hsu, CNBC's, BABA, CNBC's Tanvir Gill, JD.com, They've, —, Evelyn Cheng Organizations: Rayliant Global Advisors, Baidu, Alibaba's, Wall Street, China Equity ETF, Google Locations: China, Beijing, Alibaba's New York

☆ Citi calls these smaller stocks buys that are expected to rally from here
▼ + stars: | 2024-10-29 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Citi forecasts an expected total return of 33% for the name. Earlier this month, JPMorgan raised its price target on the name to $195, which corresponds to a potential upside of 41% from Monday's close. Citi also highlighted Ally Financial as a stock to buy, and the firm sees an expected total return of 48% for the name. Shane's $40 price target is nearly 14% higher than where shares of Ally closed on Monday. Wlodarczak's $170 price target implies a potential upside of 46% for the stock.

Persons: Russell, Scott Chronert, Said, Matthew Boss, Hollister, Richard Shane, Shane's, Jeffrey Wlodarczak Organizations: Citi, megacap, Federal Reserve, Citi U.S, Abercrombie, Fitch, JPMorgan, Entertainment, Research Locations: Monday's

☆ Stocks making the biggest moves midday: VF Corporation, Pfizer, F5, JetBlue and more
▼ + stars: | 2024-10-29 | by ( Brian Evans | ) www.cnbc.com time to read: +5 min

Check out the companies making headlines in midday trading: VF Corporation — Shares jumped more than 22%. VF Corporation posted adjusted earnings of 60 cents per share on revenue of $2.76 billion. That is above the 37 cents per share in earnings and $2.71 billion in revenue that analysts surveyed by LSEG were expecting. The firm also upped the midpoint of its non-GAAP earnings per share forecast for the full year. F5 posted adjusted earnings of $3.67 per share and revenue of $747 million in the fiscal fourth quarter.

Persons: LSEG, Jim Conroy, Trex, FactSet, Xerox, Horton, Corning, — CNBC's Pia Singh, Michelle Fox, Samantha Subin, Sean Conlon, Alex Harring Organizations: —, Cadence, BP — U.S, BP, Pfizer, JetBlue Airways —, JetBlue, LSEG, Xerox, FactSet, PayPal, Caribbean, Ford Locations: Corning

Chipotle reported adjusted earnings of 27 cents per share, exceeding expectations of 25 cents a share from analysts polled by LSEG. Alphabet posted earnings of $2.12 per share on revenue of $88.27 billion, while analysts polled by LSEG expected earnings of $1.85 per share on $86.30 billion in revenue. Visa — The global payments company beat earnings and revenue expectations for the fiscal fourth quarter, driving shares up about 1.5%. First Solar also missed Wall Street's expectations in the third quarter, posting earnings of $2.91 per share on revenue of $888 million. Analysts sought $3.14 per share in earnings and revenue of $1.08 billion, per LSEG.

Persons: Chipotle, LSEG, Qorvo, Reddit Organizations: LSEG . Revenue, Google, Visa, AMD

☆ Alphabet to report Q3 earnings after the bell
▼ + stars: | 2024-10-29 | by ( Jennifer Elias | ) www.cnbc.com time to read: +3 min

Google parent Alphabet is set to report its third-quarter earnings Tuesday after the market closes. During the quarter, the company also faced the advancement of several antitrust lawsuits related to its search and ads business. That would include Google's search position agreements with Apple's iPhone as well as Samsung devices. With the slow-moving legal process, the company is still likely years away from being forced to make any changes to businesses. In August, the company announced its new Android software update and its latest line of Pixel smartphones that utilize Google's Gemini AI assistant.

Persons: Sundar Pichai, Emily Chang, StreetAccount, Prabhakar Raghavan, Nick Fox, Demis Organizations: APEC, Summit, Moscone Center West, Google, TAC, DOJ, Samsung, Gemini Locations: San Francisco, U.S

☆ Rocket builder Firefly’s new CEO is working ‘maniacally’ to scale launches, spacecraft and moon missions
▼ + stars: | 2024-10-29 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +9 min

He sees gaps in the launch market for Firefly's Alpha and coming MLV rockets, which slot into the middle of the small-to-heavy class of vehicles. Firefly has three main product lines: its rockets, Alpha and MLV; space tugs, called Elytra, and lunar landers, known as Blue Ghost. More rocketsThe company's fifth Alpha launch lifts off from Vandenberg Space Force Base in California in July 2024. A rendering of the MLV rocket. Firefly AerospaceKim sees Firefly as having a key advantage — "an engine that works" — in its Reaver engines that power the Alpha rockets.

Persons: Jason Kim, Firefly Aerospace Jason Kim, he's, Elon Musk's, ULA, Jeff Bezos, Kim, he'd, I'm, … I'm, what's, Firefly's, Trevor Mahlmann, Northrop, Aerospace Kim, Miranda, We've, MLV, Firefly's Alpha, Lockheed Martin, Simone Biles, we're Organizations: Firefly Aerospace, Aerospace, Boeing, Elon, Elon Musk's SpaceX, Firefly's Alpha, CNBC, Firefly, Alpha, California's Vandenberg Space Force Base, Industrial Partners, Vandenberg Space Force, SpaceX, Lockheed, Payload Services, NASA, Blue Locations: U.S, Austin , Texas, California's, California, Northrop's, Briggs , Texas

☆ Buy this advertising tech stock poised to rally more than 25%, Wells Fargo says
▼ + stars: | 2024-10-29 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

It's time for investors to consider scooping up shares of The Trade Desk as it captures more advertising spending, according to Wells Fargo. Analyst Alec Brondolo initiated coverage of the advertising technology stock with an overweight rating, saying that new partnerships should boost estimates. He also placed a $150 price target on Trade Desk, which implies upside of 26%. "We forecast a meaningful benefit from unlocking Roku/Netflix inventory in 2025 /2026, leaving our revenue estimates 6% / 8% ahead of consensus, respectively," he wrote. The Trade Desk should also benefit from ads on Prime Video, a move Brondolo thinks is stimulating growth in the connected TV industry.

Persons: Alec Brondolo Organizations: Netflix, Prime, CTV Locations: Wells Fargo

☆ Stocks making the biggest moves premarket: VF Corp, McDonald's, Pfizer, PayPal and more
▼ + stars: | 2024-10-29 | by ( Sean Conlon | ) www.cnbc.com time to read: +6 min

For the fiscal second quarter, the company posted adjusted earnings of 60 cents per share on $2.76 billion in revenue. Cadence Design Systems – The stock jumped more than 5% after the electronic design company's third-quarter earnings beat Wall Street estimates. JetBlue's third quarter results did beat analyst estimates on the top and bottom lines. PayPal – Shares fell 3% after PayPal posted third-quarter revenue that missed expectations. Crocs – Shares tumbled around 12% despite the company's third-quarter earnings beating estimates.

Persons: Ford, Trex, FactSet, Jim Conroy, John Hazen, Conroy, Crypto, Stocks, Horton, PayPal –, StreetAccount, Crocs, Lisa Kailai Han, Samantha Subin, Jesse Pound, Sarah Min, Pia Singh, Tanaya Macheel, Michelle Fox Theobald Organizations: Corporation, Ford Motors, Cadence, Systems, BP –, Pfizer, Revenue, Ross Stores, JetBlue –, JetBlue, LSEG, Mizuho, PayPal, FactSet, Xerox

☆ Mark Cuban hates golf—but still offered this golf company $1 million on 'Shark Tank'
▼ + stars: | 2024-10-29 | by ( Alex Koller | ) www.cnbc.com time to read: +1 min

Mark Cuban says he hates golf. On Friday's episode of ABC's "Shark Tank," he offered $1 million to a company selling portable golf courses anyway. The San Francisco-based company BucketGolf, run by brother-and-sister duo Tyler and Jenny Simmons, sells a game that resembles golf, with foldable buckets as holes that can be placed wherever the players choose. The company was on track to bring in more than $12 million in 2024 sales at the time of the episode's taping, said Tyler Simmons, the company's CEO and founder — up from $5.9 million in 2023 and $2.5 million in 2022. BucketGolf could also benefit from a Shark's mentorship on matters of logistics, Tyler Simmons said: "We have yet to make it through a busy season without running out of some of our best products."

Persons: Mark Cuban, Tyler, Jenny Simmons, Tyler Simmons, —, BucketGolf Locations: San Francisco, BucketGolf

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