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Kam Ghaffarian, co-founder and chairman of Axiom Space Inc., speaks during an interview at the company's headquarters in Houston, Texas, U.S., on Friday, Jan. 14, 2022. IBX's Kam Ghaffarian wants to go even further: the stars. Ghaffarian has been instrumental in ushering in the new space economy, having co-founded and invested in a cadre of commercial space ventures. Unlike other high-profile billionaires building commercial space companies, Ghaffarian made his fortune through the space industry, and rather than focusing on access to space, he's leveraging those falling costs to build out infrastructure and business activities in space. Ghaffarian believes the space economy will be worth trillions of dollars — and sooner than many realize.
Persons: Kam Ghaffarian, Jeff Bezos, Richard Branson, Elon Musk, IBX's Kam Ghaffarian, CNBC's Morgan Brennan, Ghaffarian, Odysseus, he's, We've, Jeff, Bezos, we've, Morgan Brennan, it's Organizations: Space, International, Elon, Technologies, NASA, KBR, SpaceX Locations: Houston , Texas, U.S, Colorado Springs, Iran
Vcg | Visual China Group | Getty ImagesBEIJING — China's latest policy to boost demand will soon have a greater effect on growth, a top official at the economic planning agency told reporters Thursday. "We believe this work will achieve bigger and bigger results," he said in Mandarin, translated by CNBC. He noted that equipment upgrades account for 9% to 10% of total GDP. 'Strong' central government fiscal supportIn terms of fiscal funding for those upgrades, Zhao said the central government would provide "strong support." Part of the equipment upgrade and consumer trade-in policy also focuses on improving standards for the kinds of products that can be used.
Persons: That's, Zhao Chenxin, Goldman Sachs, Morgan Stanley, Zhao, Bruce Pang, Fu Jinling, Fu, Francoise Huang, We're, JLL's Pang, Shan Zhongde Organizations: Visual China, Getty, BEIJING, National Development, Reform Commission, CNBC, Analysts, People's Bank of, Allianz Trade, Ministry of Industry, Information Technology, Ministry of Housing, Ministry of Commerce, State Administration, Market, China's Ministry of Commerce, Industry, Global Locations: Qingzhou, Weifang City, Shandong Province, China, oversupply, Beijing, JLL, People's Bank of China
For example, we now have a higher interest rate environment that will add more pressure on deposit costs. There is anticipation of more builds for reserves, particularly for commercial real estate, but also possibly for credit cards. The commercial real estate problem is the main issue. "Anything that's levered like commercial real estate, it's a different world," Tom Michaud, CEO of Keefe, Bruyette & Woods, said in a recent interview on FactSet. "I expect more commercial real estate losses in every category, the question is whether it is going to be cataclysmic or is it going to be manageable."
Persons: Financials, Banks, Morgan Stanley, Wells, Wells Fargo, it's, Tom Michaud, Keefe, Woods Organizations: UBS, Credit Suisse, Bank of America, JPMorgan, Federal Reserve, First Republic, Regional Bank ETF, Bank, Allstate, Travelers Locations: Wells Fargo, Treasurys, Hartford
OpenAI and Meta are close to unveiling AI models that can reason and plan, the FT reported. AdvertisementOpenAI and Meta are reportedly preparing to release more advanced AI models that would be able to help problem-solve and take on more complex tasks. Representatives for Meta and OpenAI did not immediately respond to a request for comment from Business Insider, made outside normal working hours. Getting AI models to reason and plan is an important step toward achieving artificial general intelligence (AGI), which both Meta and OpenAI have claimed to be aiming for. Elon Musk, a longtime AI skeptic, recently estimated that AI would outsmart humans within two years.
Persons: , Brad Lightcap, Joelle Pineau, OpenAI, John Carmack, Bengio, Geoffrey Hinton, Elon Musk, Musk Organizations: Meta, Service, Financial Times, Business
CNBC's Jim Cramer questioned whether the hotter-than-expected consumer price index data accurately represents the state of inflation, saying Wall Street's wave of Wednesday selling could have been a mistake. "These headline CPI numbers do not reflect reality as I see it." The Bureau of Labor Statistics CPI is a key inflation metric — a broad measure of the cost of goods and services across the economy. Cramer first pointed to the 0.9% month-over-month increase in the price of meat, poultry, fish and eggs, with the latter alone climbing 4.6%. "I'm not talking about the absolute numbers, I'm talking about the trendlines, because the trendlines suggest that selling in response to this report may have been and could be a mistake."
Persons: CNBC's Jim Cramer, Dow Jones, Cramer Organizations: Labor Statistics CPI, Cal, Maine Foods, U.S Locations: Texas
US President Joe Biden speaks about student loan relief at Madison College in Madison, Wisconsin, on April 8, 2024. Andrew Caballero-reynolds | AFP | Getty ImagesThe Biden administration is moving ahead quickly with its new student loan forgiveness plan, with hopes of starting to wipe out people's debts as soon as this fall. Student loan forgiveness falls into that category, he said. Almost half of voters in a recent survey, or 48%, said canceling student loan debt is an important issue to them in the 2024 presidential and congressional elections. Issues like student loan forgiveness, which present a sharp contrast between Democrats and Republicans, are more likely to impact the election.
Persons: Joe Biden, Andrew Caballero, reynolds, Biden, Mark Kantrowitz, Kantrowitz, Gen, Donald Trump, Michael M, George W, Bush, Trump, Mark Organizations: Madison College, AFP, Getty, Republicans, Republican, Santiago, Public, Supreme Locations: Madison , Wisconsin, New York City
Ramakrishnan shares his perspectives on the realities of aging, death and immortality. Nobel Prize-winning molecular biologist Venki Ramakrishnan offers his perspective on aging, death and immortality. But biologists don’t believe that aging and death are programmed in the sense that a fertilized egg is programmed to develop into a human being. Larger animals tend to live longer. CNN: What are the societal costs of the quest to cheat aging and death, particularly inequities?
Persons: Harper Collins, Nobel, Venki Ramakrishnan, Venki, they’ve, Jeanne Calment, Dolly, I’m, it’s, Don’t, Steven Johnson, we’re, we’d, It’s, Jessica DuLong, Organizations: CNN, Aging Locations: French, Brooklyn , New York
How India is challenging China as Asia's tech powerhouse
  + stars: | 2024-04-05 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +30 min
New Delhi has sought to woo foreign tech companies and has been increasingly successful, with giants like Apple increasing their presence in the country. Tom Chitty: For years China has been Asia's tech powerhouse where the world's electronics and some of the biggest companies on the planet are located. And I think India is in the very early stages, to put it quite bluntly, of trying to do that. Tom Chitty: India have got an election this year as well, which is going to be interesting to see what happens there. You know, India has aligned itself slightly more to the countries that are currently a bit more anti-China, shall we say?
Persons: Tom Chitty, Arjun Kharpal, It's, Let's, I'm, Arjun, You'll, We're, we've, what's, gunning, Narendra Modi, it's, Tom, Modi, Trump, Apple, COVID, there's, Taiwan's, that's, Karen Tso, China's, Tim Cook, Raghuram Rajan, We've, feasibly, India's, let's, he's, you've, we'll, I've, We'll Organizations: Apple, CNBC, China, India's, Foxconn, Micron, Tata Electronics, Taiwan's Powerchip Semiconductor Manufacturing Corp, Reserve Bank of India, CCP, Samsung, Bain, India, London Locations: China, Tencent, Asia, India, Delhi, Washington, Beijing, American, COVID, U.S, Brazil, Vietnam, Indonesia, Thailand, Taiwan, South Korea, Bangalore, Goa, Kolkata, Mumbai, Europe, Silicon, New York, Germany
After three hours of meetings on Friday, Treasury Secretary Janet L. Yellen and Vice Premier He Lifeng of China sat down for a working dinner at the White Swan Hotel in Guangzhou, China. The evening activity was intended to give the pair, the top economic officials from the United States and China, an opportunity to go beyond talking points and build trust. The message represented a challenging test of economic diplomacy for Ms. Yellen. She wants China to dial back its industrial policy just as the United States is ramping up its own with trillions of dollars of subsidies for domestic clean energy industries. The new push against China’s exports threatens to inflame trade tensions between the world’s largest economies just as they have been working to stabilize relations.
Persons: Janet L, Yellen, Biden Organizations: Hotel Locations: China, Guangzhou, United States
Did One Guy Just Stop a Huge Cyberattack?
  + stars: | 2024-04-03 | by ( Kevin Roose | ) www.nytimes.com   time to read: +1 min
The internet, as anyone who works deep in its trenches will tell you, is not a smooth, well-oiled machine. It’s a messy patchwork that has been assembled over decades, and is held together with the digital equivalent of Scotch tape and bubble gum. Last week, one of those programmers may have saved the internet from huge trouble. Recently, while doing some routine maintenance, Mr. Freund inadvertently found a backdoor hidden in a piece of software that is part of the Linux operating system. The backdoor was a possible prelude to a major cyberattack that experts say could have caused enormous damage, if it had succeeded.
Persons: Andres Freund, He’s, Freund Organizations: Microsoft, Linux Locations: San Francisco
UK Libor trader Hayes loses appeal against rate-rigging conviction
  + stars: | 2024-03-27 | by ( ) www.cnbc.com   time to read: +1 min
Thomas Hayes, a former trader at banks including UBS Group AG and Citigroup, on Aug 3, 2015. Tom Hayes, the first trader jailed worldwide for interest rate rigging, lost his appeal against his conviction in a London court on Wednesday. Hayes, a former star Citigroup and UBS trader, was convicted in 2015 of conspiracy to defraud by manipulating Libor, a benchmark rate once used to price trillions of financial products globally. His appeal against his conviction was heard alongside that of Carlo Palombo, a former Barclays trader convicted in 2019 of skewing Libor's euro equivalent, Euribor. Hayes and Palombo were given 14 days to apply for permission to appeal to the Supreme Court.
Persons: Thomas Hayes, Tom Hayes, Hayes, Libor, Carlo Palombo, Palombo's, David Bean, Palombo Organizations: UBS Group AG, Citigroup, UBS, Prosecutors, London, Barclays, Deutsche Bank, Supreme Locations: London, U.S
As a medical oncologist, I am heartbroken — but hardly surprised. In fact, it is part of a rising global trend in which newly diagnosed cancer patients are getting younger. The global incidence of early-onset cancer increased by 79.1% and early-onset cancer deaths rose by 27.7% from 1990 to 2019, a 2023 study in the journal BMJ Oncology found. And because early-onset cancers are often diagnosed at advanced stages, they were once thought to be biologically different and more pernicious than their older counterparts. Younger patients may be pregnant at the start of therapy or worry about the effects on fertility.
Persons: Jalal Baig, Catherine , Princess of Wales, Kimmie Ng, , haven’t, oncologist Jalal Baig, Suneel Kamath, ” Kamath Organizations: Washington Post, NBC News, Foreign, CNN, BMJ Oncology, American Medical Association, Dana, Farber Cancer Institute, Boston Globe, Cleveland Clinic Taussig Cancer Institute, for Young, Cleveland Clinic, US Preventive Services Task Force Locations: Chicago, Washington, United States, Wales
Instead a deal is now being negotiated to trim the size of the property's $240 million mortgage and potentially extend the loan at below-market interest rates in an attempt to revive the property's fortunes. The negotiations show that as hundreds of billions of dollars of commercial real estate debts come due or have already tumbled into default, deals are being arranged behind the scenes to try to stave off financial catastrophe. More borrowers and lenders have sought to buy timeThere is mounting evidence that such negotiations are taking place more widely. There have been concerns that trillions of dollars of upcoming commercial property debt maturities could inflict heavy losses that could weigh on investors and lenders across the property market and even cause systemic issues in the banking sector. The deal is part of a growing number of sales by some lenders to cut down their exposure to commercial real estate.
Persons: Realty, Michael Maturo, we'd, Maturo, Jack Terzi, Terzi, Jamie Woodwell, Stephen Buschbom, Trepp, Alan Todd, David Blumberg, Raymond Boyd, Blumberg, Robert Ivanhoe, Greenberg Traurig, Ivanhoe Organizations: New, Aareal Bank, Business, JTRE Holdings, Mortgage Bankers Association, Treasury Department, Bank of America, 601W Companies, Aon, Aon Center, Federal Reserve Locations: New York, Lower Manhattan, Manhattan, New York City, Chicago
U.S. Attorney Damian Williams said conspiracy charges against KuCoin and two executives should warn other crypto exchanges that they cannot serve U.S. customers without following U.S. laws. An indictment in Manhattan federal court said the company and its founders tried to conceal the existence of its U.S. customer base. KuCoin was also required to cease New York operations after falsely representing itself as a crypto exchange without registering as a securities and commodities broker-dealer, James said. “KuCoin grew to service over 30 million customers, despite its alleged failure to follow laws necessary to ensuring the security and stability of our world’s digital banking infrastructure,” McCormack said. Three companies doing business as KuCoin were incorporated in the Cayman Islands, the Republic of Seychelles and Singapore.
Persons: Damian Williams, KuCoin, Letitia James, James, Williams, , , Darren McCormack, “ KuCoin, ” McCormack, Johnny, Chun Gan, Ke Tang Organizations: New York, Homeland Security Investigations Locations: U.S, Manhattan, York, New York, China, Cayman Islands, Republic of Seychelles, Singapore
It seems like an issue everyone can agree on: Financial professionals should be required to handle our retirement money with the utmost care, putting investors’ interests first. The issue has re-emerged as the department prepares to release a final rule that would require more financial professionals to act as fiduciaries — that is, they’d be held to the highest standard, across the investment landscape, when providing advice on retirement money held or destined for tax-advantaged accounts, like individual retirement accounts. Most retirement plan administrators who oversee the trillions of dollars held in 401(k) plans are already held to this standard, part of a 1974 law known as ERISA, which was established to oversee private pension plans before 401(k)s existed. But it doesn’t generally apply, for example, when workers roll over their pile of money into an I.R.A. Nearly 5.7 million people rolled $620 billion into I.R.A.s in 2020, according to the latest Internal Revenue Service data.
Persons: they’d Organizations: U.S . Labor Department, Internal Revenue Service
That's what Nvidia needed semiconductor design firm Synopsys to do to make this next generation of chips. Right now, Nvidia has had not one, but two different breakthroughs: Accelerated computing at a ridiculously fast speed and generative artificial intelligence. I think Jensen regards Dell as a crucial partner when it comes to installing Nvidia's systems anywhere. Do I think Nvidia would like to do more business with Apple? I think Nvidia would like to do more business with everyone, including alleged opponent Intel .
Persons: Abraham Lincoln, David Herbert Donald, Jensen, It's, Jensen Huang, Lincoln, Leonardo da Vinci, da Vinci, he's, Blackwell, Grace Hooper Superchip, , Moby Dick –, that's, they've, Adam Selipsky, Jensen laughingly, Claude, Anthropic, Dell, Michael Dell, Jensen's, it's, dink, I'm, Johnson, J, Abbott, Reckitt Benckiser, we've, CrowdStrike, ServiceNow, Bill McDermott, Tesla, Elon Musk, Lora Kolodny, That's, Frank Slootman, Ansys, Synopsys, isn't, Sundar Pichai, Satya Nadella, Larry Ellison, Nvidia's Blackwell, Mark Zuckerberg, Jim, Tim Cook, Cook, Apple, Jim Cramer's, Jim Cramer, Josh Edelson Organizations: Lincoln, GTC, Nvidia, GTC –, CNBC, Amazon, Microsoft, Google, Dell Technologies, Club, Dell, Siemens, Rockwell Automation, Cadence Design Systems, Nvidia's, Johnson, Abbott Laboratories, GE Healthcare, cybersecurity, Palo Alto, Palo, Snowflake, AMD, Autodesk, Cadence, Computer, Oracle, Apple, Justice Department, Intel, Vision, Jim Cramer's Charitable, SAP Center, AFP, Getty Locations: U.S, Silicon Valley, Lincoln, Here's, Palo Alto, Pittsburgh, Switzerland, San Jose , California
Analysts are expecting gold prices to have even more upside from here . There is a common belief that gold prices tend to rise when interest rates fall, with bonds becoming less attractive as they no longer deliver attractive yields. Stock picks Want to play the gold theme via gold miners? Even in this environment, not all gold stocks are equal – with some big miners underperforming despite the record gold price, according to Neuhauser. A third stock he named is Canada-listed Wesdome Gold Mines , which he says fits his overall criteria for gold miners.
Persons: David Neuhauser, Neuhauser, there's, Joe Biden's, Newmont, they'll Organizations: U.S . Federal Reserve, CNBC Pro, Fed, Livermore Partners, U.S, U.S ., Stock, Barrick Gold, Mining, Mines Locations: Ukraine, Gaza, U.S, Canada, OECD
CrowdStrike CEO George Kurtz told CNBC's Jim Cramer why the cybersecurity company is partnering with Nvidia , saying his company can offer more advanced and cost-effective services by making use of the semiconductor giant's artificial intelligence technology. "We've got the data, they've got the power and the software." Kurtz compared AI to an engine and data to oil, saying his company has data "in spades," collecting trillions of data signals and threat events per day. Cyber criminals are growing more capable, Kurtz stressed, saying they've democratized attacks for the "cyber crime masses." This means unskilled attackers are now able to access and use advanced technology even if they don't understand it, he said.
Persons: George Kurtz, CNBC's Jim Cramer, Kurtz, We've, they've, Morpheus, CrowdStrike, Huang, Jensen Organizations: Nvidia
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBy 2030 AI software companies will need 'trillions of dollars' in AI chips: ARK chief futuristBrett Winton, ARK Invest chief futurist, joins 'Fast Money' to talk what's ahead for AI after another big GPU announcment from Nvidia.
Persons: Brett Winton Organizations: ARK Invest, Nvidia
How the Federal Reserve plans to proceed with interest rates will be in focus next week after some recent signs of hotter inflation muddied the outlook. In December, policymakers had penciled in at least three quarter percentage point rate cuts in 2024. On Friday, stocks were headed for a losing week even after the S & P 500, for example, notched a fresh closing record just this week. The chipmaker will be under increased scrutiny next week as CEO Jensen Huang takes the stage for the company's annual AI conference. TD Wealth's Vaidya anticipates four rate cuts coming in the third and fourth quarters, though he said that outlook will remain data dependent.
Persons: Sid Vaidya, Jensen Huang, Lorie Logan, Molly McGown, McGown, Brian Nick, Wealth's Vaidya, Nick, Mills, , Samantha Subin Organizations: Federal Reserve, Fed, Nvidia, Dallas, TD Securities, Securities, McGown, Bank of America, Housing, Micron Technology, Philadelphia Fed, PMI, PMI Manufacturing, PMI Services SA, Nike, FedEx, Darden Locations: U.S, NAHB
Dietitian Gabrielle Morse makes sure her diet takes care of her gut health. She stocks up on herbs, spices, sauces, legumes, and whole grains for easy, tasty meals. Morse also includes a variety of nuts and seeds in her diet for added nutritional benefits. Research shows that people who eat a wide range of plants have a more diverse microbiome, which is associated with better gut health. Herbs and spicesMaking sure she's enjoying her food is crucial for Morse, so she keeps her kitchen stocked with lots of herbs and spices for seasoning.
Persons: Dietitian Gabrielle Morse, Morse, , Gabrielle Morse, she's, Basil Rosemary, Curry Organizations: Service, Health Clinic, Research Locations: Chile
Those lapses are costing it more than $348 million in fines — and more could follow. On Thursday, the bank’s main federal regulator, the Office of the Comptroller of the Currency, fined the JPMorgan $250 million over the omissions. The action followed a $98.2 million penalty from the Federal Reserve on March 8. Brian Marchiony, a JPMorgan spokesman, said the bank found the problems on its own and notified regulators. JPMorgan did not expect any services to customers to be disrupted as it works to fix the problems, he said.
Persons: JPMorgan Chase, Brian Marchiony Organizations: JPMorgan, Currency, Federal Reserve Locations: trillions
When Cicadas Emerge, Things Might Get a Little Wet
  + stars: | 2024-03-11 | by ( Alla Katsnelson | ) www.nytimes.com   time to read: +1 min
This spring, when the ground temperature hits 64 degrees Fahrenheit, trillions of cicadas will dig their way up from beneath the soil across the Southern and Midwestern United States. In a rare so-called double emergence, two distinct cicada broods — one on a 13-year life cycle and the other on a 17-year one — will take to the trees to sing, eat and mate. And though we may prefer not to think about it, considering their lodgings in the branches above, the cicadas will also eliminate waste in the form of urine. Despite their size, cicadas have an impressively powerful stream, scientists reported in an article published Monday in the journal Proceedings of the National Academy of Sciences. The researchers adapted a fluid dynamics framework based on features like surface tension and the effects of gravity to map out how animals of different sizes, from mosquitoes to elephants, might pee.
Persons: Saad Bhamla Organizations: Southern, Midwestern, National Academy of Sciences, Georgia Institute of Technology Locations: Midwestern United States
So we have to talk about the drama that has been playing out in the past week between OpenAI and Elon Musk. According to OpenAI, Elon Musk wanted majority, equity, initial board control, and to be CEO of this new for-profit subsidiary. It’s basically —casey newtonIt’s like, I’m going to find a way to follow your rule, but in the worst way possible. Like, working was one I thought that, oh, I’m going to work in this all the time. kevin roose[LAUGHS]: Well, I thought, like, I’m going to take some spatial videos.
Persons: casey newton Casey, kevin roose, casey newton, Kevin, casey newton What’s, Kevin Roose, Casey Newton, OpenAI, Will, Joanna Stern, Casey, it’s, kevin roose I’m, Elon Musk, It’s, casey newton Let’s, Elon, he’s, I’ve, casey newton What’d, there’s, you’ve, we’re, GPT, Sam Altman’s, that’s, AGI, Annie “, Sam Altman, who’s, isn’t, , we’ve, ” casey newton Go, He’s, Ilya Sutskever, Greg Brockman, Ilya, casey newton Yes, Tesla, casey newton Well, they’ll, casey newton Oh, kevin roose It’s, don’t, kevin roose Will, casey newton Right, casey newton Mhm, kevin roose They’re, Microsoft’s Bing, Microsoft Bing, Bing, Apple, Europe — casey newton, Charles Duhigg, John Gruber, they’ve, casey newton It’d, — casey newton, they’re, They’ve, you’ll, Apple’s, casey newton It’s, I’ll, casey newton Sure, GDPR, you’re, kevin roose Really, let’s, kevin roose Casey, kevin roose —, Jonah Stern, casey newton Wow, Joanna, Let’s, kevin roose Joanna Stern, joanna, casey newton Hi, kevin roose Long, joanna stern, , kevin roose We’re, Kara Swisher, kevin roose Don’t, I’m, casey newton Don’t, casey newton That’s, Neil Patel, Um, kevin roose That’s, kevin roose Sure, casey newton Great, KEVIN, IV, wearables, Fitbits, kevin roose Oh, hadn’t, casey newton —, casey newton I’ve, Joe Rogan Organizations: The New York Times, Elon, Apple’s, OpenAI, Microsoft, Google, Google’s, Facebook, Tesla, Big, European Union, Digital Services, Giants, Apple, Digital Markets, EU, Bloomberg, Digital, Spotify, General, Apple Vision Pro, Street, Apple Vision, Vision, New York Times, , Housewives, Club, Ray, Tesla Chargers, Vision Pro, Apple Watch, Sony Locations: Los Angeles, Europe, what’s, Elon, OpenAI, Japan, South Korea, Turkey, United Kingdom, United States, Reddit, American, America, California, Florida, United, Mars, The
CNN —Some Chinese-made cranes used at US ports contain communications equipment with no clear purpose or record of their installation, according to a new congressional investigation that will heighten US concerns that the cranes could be used for surveillance or sabotage. It comes amid heightened US-China tensions over national security and as the Coast Guard last month ordered the ports to better secure the Chinese-made cranes. The modems were found “on more than one occasion” on the ZPMC cranes, the aide said. Chinese-made cranes account for nearly 80% of the cranes used at US ports, according to the Coast Guard. Having modems embedded in cranes’ operational systems “physically bypasses” the ports’ traditional IT security defenses, Ayala told CNN.
Persons: Mark Green, ZPMC, , Liu Pengyu, ” Liu, John Vann, ” Cary Davis, , Biden, Marco Ayala, Ayala Organizations: CNN, Homeland Security, Coast Guard, CCP, Chinese Communist Party, , House Homeland Security, , Embassy, Street Journal, Coast Guard Cyber Command, American Association of Port Authorities, U.S . Coast Guard, InfraGard National, Alliance Locations: China, Washington ,, Houston
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