Asset Scramble: Body & Mind Secures $2.3M To Drive Cannabis Growth In Illinois And New Jersey
Body and Mind Inc. BAMM, BMMJ, a multi-state cannabis company, announced a new credit facility with Bengal Catalyst Fund, LP, securing up to $2.3 million to support its U.S. expansion efforts. The financing aims to help Body and Mind build out key dispensary projects in Illinois and New Jersey, while also allowing the company to focus on optimizing its asset base and enhancing shareholder value.
“The credit facility agreement gives the company flexibility to accomplish its near-term objectives of rationalizing its asset base and protecting shareholder value, which includes supporting the development of its in-process dispensary projects in Illinois and New Jersey,” stated Michael Mills, CEO of Body and Mind. “Additionally, when we sold our Ohio dispensary, we negotiated a US$2.5 million contingent payment should a second retail license be awarded and subsequently opened.”
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Credit Facility Terms
The new credit facility from Bengal Catalyst Fund carries an 18% annual interest rate and is available for up to one year with a maturity date of two years from the first draw. Body and Mind has also amended its existing convertible debentures with Bengal and related funds, adjusting the interest rate to 15%, paid half in cash and half in kind.
Previously unsecured, these debentures are now secured alongside the new credit facility, giving Bengal priority on any repayment.
Read Also: Body and Mind Narrows Loss By 30% YoY In Q3, Doubles Down On Streamlining Operations
Regulatory And Financial Context
As a related party transaction under Multilateral Instrument 61-101, the company secured exemptions from formal valuation and minority approval. Body and Mind’s independent board members unanimously supported the transaction, deeming it essential for the company’s financial position and future growth strategy in the competitive U.S. cannabis market.
Read Next: New Laws Could Unleash $1.7B Demand For Cannabis Loans, This Real Estate Stock Is Set To Capitalize
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NBA Legend Shaq Says 'I Spent A Million Dollars In 30 Minutes' On A Major Spending Spree – Then A Bank Manager Hit Him With A Dose Of Reality
Shaquille O’Neal is known for his dominance on the basketball court, his larger-than-life personality and his knack for making headlines. But early in his career, Shaq was making waves for a different reason – his ability to blow through cash at an alarming rate. Shaq once spent $1 million in just 30 minutes, which led to a much-needed wake-up call from his bank manager.
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Shaq had just signed a deal with a trading card company and received a check for $1 million. So, naturally, he did what any young star would do – he treated himself to something flashy. The story was detailed in a 2023 Sportskeeda article:
“I spent a million dollars in 30 minutes. I get a check for a million dollars from my trading card company. Always wanted a black-on-black Mercedes-Benz. So, I go get it. $150 [thousand] minus a million, I still got $850 [thousand] left, I’m still good. I get home, my father said, ‘That’s nice. Where’s mine at?’ Me and him we get in the car, go get the exact same car for him. We get home, my mom’s a little jealous. So, we got three Benzes.”
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Sounds like a dream, right? But Shaq wasn’t done yet. He bought jewelry, custom-made suits and more. In just 30 minutes, his million dollars had all but disappeared. And that’s when reality set in.
The next day, Shaq received a call from his bank manager that would change his entire outlook on money. As Shaq recalled, the manager said:
“Shaq, you know, when they’re done playing, it’s a large percentage that have nothing. I’ve been following your career, you’re a bright young star. I don’t want you to be like that. You need to learn how to take care and manage your money.”
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That was when Shaq realized he wasn’t as “good” as he thought. Sure, he’d just spent a million dollars, but there wasn’t much left after taxes, agent fees and everything else. He was already in the red.
Dow Jones Futures Rise, Oil Dives; Tesla, Nvidia In Buy Zones With Huge Earnings Due
Dow Jones futures rose modestly Sunday night, along with S&P 500 futures and Nasdaq futures. Crude oil plunged after Israel’s “precise” airstrikes on Iran.
Apple (AAPL), Microsoft (MSFT), Google-parent Alphabet (GOOGL), Amazon.com (AMZN) and Meta Platforms (META) all report this coming week, with enormous implications for the tech sector and broader market.
Big economic reports also are on tap, including the October jobs report. Election Day and the next Federal Reserve meeting soon follow.
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S&P 500 Giants Report Earnings. Will Megacap Results Sustain The Tech Rally?
Boeing (BA), seeking cash amid a punishing strike, plans to raise more than $15 billion as soon as Monday, Bloomberg reported Sunday night, citing sources. The Dow giant recently filed to sell up to $25 billion in shares and debt.
The stock market was mixed last week, but the Nasdaq hit a record high. A number of stocks flashed buy signals Friday, including Tesla (TSLA), Nvidia (NVDA) and AI chip IPO Astera Labs (ALAB).
Nvidia and Meta stock are on IBD Leaderboard and the IBD 50. Nvidia stock is on SwingTrader. Microsoft stock is on IBD Long-Term Leaders.
Dow Jones Futures Today
Dow Jones futures rose 0.4% vs. fair value. S&P 500 futures climbed 0.5% and Nasdaq 100 futures advanced 0.6%.
The 10-year Treasury yield rose a few basis points to 4.27%.
Crude oil futures dived more than 4% amid hopes that Mideast violence won’t escalate. Israel launched “precise strikes on military targets in Iran” on Saturday, in response to an Iranian missile attack earlier this month, but didn’t target oil and nuclear facilities. State-run Iranian media downplayed the long-awaited attack.
Japan’s ruling Liberal Democratic Party and coalition partner lost their majority in the lower house of parliament in Sunday’s elections. The LDP is still likely to end up forging a new, broader coalition. The Japanese yen weakened vs. the dollar.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze leading stocks and the market on IBD Live
Stock Market Rally
The stock market rally showed mixed weekly action, with Tesla, Nvidia and some other megacaps masking weak breadth.
The Dow Jones Industrial Average fell 2.7% in last week’s stock market trading. The S&P 500 index lost nearly 1%. The Nasdaq composite climbed 0.2%. The small-cap Russell 2000 gave up 3%.
The Dow Jones and Russell 2000 are below their 21-day lines, with the latter closing just below its 10-week line. The S&P 500 is above its 21-day line and not far from all-time bests. The Nasdaq hit a record high Friday, though it came off intraday highs.
In addition to Tesla, Nvidia and Astera Labs, many other names cleared buy points Friday. Western Digital (WDC), ResMed (RMD), Deckers Outdoor (DECK) and L3Harris Technology (LHX) did so on earnings.
The 10-year Treasury yield jumped 16 basis points to 4.23%. In the coming week, investors will get a slew of economic data, including the first read on Q3 GDP and the October jobs report. That will presage the Fed meeting on Nov. 6-7.
U.S. crude oil futures jumped 4.5% to $71.78 a barrel last week.
ETFs
Among growth ETFs, the Innovator IBD 50 ETF (FFTY) fell 2.1% last week. The iShares Expanded Tech-Software Sector ETF (IGV) edged down 0.1%, with Microsoft a huge IGV component. The VanEck Vectors Semiconductor ETF (SMH) edged up 0.6%. Nvidia stock is by far the biggest SMH holding.
Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) retreated 0.75% last week and ARK Genomics ETF (ARKG) sold off 6.05%. Tesla stock is a major holding across Ark Invest. Cathie Wood also has built up a big Nvidia stake and also owns some BYD stock.
SPDR S&P Metals & Mining ETF (XME) tumbled 4% last week. SPDR S&P Homebuilders ETF (XHB) plunged 7.15%. The Energy Select SPDR ETF (XLE) fell 0.6% and the Health Care Select Sector SPDR Fund (XLV) lost 2.95%. The Industrial Select Sector SPDR Fund (XLI) gave up 2.8%.
The Financial Select SPDR ETF (XLF) sank 2%.
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Tech Titans On Tap
Google reports Tuesday night, with Microsoft and Meta Platforms Wednesday. Apple and Amazon will follow Thursday night. Arguably all are near or flirting with various buy points or aggressive entries, but the looming earnings make that highly risky.
Just these five companies boast a combined market valuation of more than $12 trillion, so their direct stock reactions will have a significant impact on the major indexes. Meanwhile, Microsoft, Google, Amazon and Meta will have a huge influence on the entire artificial intelligence sector with their comments on AI monetization and capital spending plans. Apple results will be key for iPhone chipmakers and other suppliers. Online advertising, e-commerce and more also will key off these tech titans.
The ripple effects will be important for the likes of Nvidia, Broadcom (AVGO), Taiwan Semiconductor Manufacturing (TSM), Arista Networks (ANET), Qualcomm (QCOM) and many more. Just Nvidia, Broadcom and Taiwan Semi boast well over $5 trillion in combined market cap.
Tesla Stock
Tesla stock skyrocketed 22% last week to 269.19, clearing a 264.86 buy point from a cup-with-handle pattern, according to MarketSurge. That’s also a 13-month closing high. However, TSLA stock is extended 16.8% above its 50-day line.
Tesla earnings unexpectedly rose as gross margins rebounded. Elon Musk predicted higher deliveries in 2024 and a 20%-30% jump in 2025, along with several other bullish comments.
Meanwhile, Tesla archrival BYD (BYDDF) climbed 2% to 37.60 for the week, rising within a buy zone. BYD will report third-quarter earnings on Oct. 30. Along with its China peers, it’ll release October sales figures on Nov. 1-2.
Tesla Breaks Out Powerfully; BYD In Buy Zone With Q3 Earnings Due
Nvidia Stock
BofA Securities analyst Vivek Arya pounded the table for Nvidia and other chip stocks on Friday, citing a “generational capex cycle in generative AI infrastructure.”
Nvidia stock rose 2.6% to 141.54 for the week, clearing a 140.76 consolidation buy point and hitting a record high. It’s the fifth straight weekly gain for NVDA. Shares are now 13.8% above the 50-day line.
Meanwhile, recent IPO and AI chipmaker Astera Labs jumped 8.7% to 72.67, clearing a 70.74 buy point from a deep cup-with-handle base. Doubling since early September, ALAB stock is 42.2% above its 50-day line. Astera Labs reports Q3 results on Nov. 4.
But, once again, Microsoft, Meta, Google and Amazon comments on AI and capital spending plans will be huge for AI hardware plays such as Nvidia and Astera Labs.
Five Stocks Near Buy Points Fueled By Earnings
What To Do Now
The stock market rally had a mixed week but many growth stocks fared well.
Investors could have taken advantage of some opportunities, but also could have offset that by cutting laggards or trimming positions around earnings.
The coming wave of earnings reports — which extend far beyond Apple, Meta, Microsoft, Amazon and Google — could be a catalyst for big market gains, losses or whipsaw action. Key economic reports also are on tap, with the Nov. 5 Election Day and Nov. 6-7 Fed meeting on the horizon.
And, as Israeli airstrikes vs. Iran showed, geopolitical events and other unscheduled news is always a possibility.
So you have to have your game plan ready for your current holdings. You do want to keep updating your watchlists, so you can spot promising setups as well as get a bead on sector trends.
Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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2 High-Yield Dividend Stocks That Are Screaming Buys Right Now
Generous dividend yields can be dangerous. Double-digit dividend yields often show a company is in deep trouble, where a stalwart series of boosted payouts couldn’t drive stock prices higher. At the same time, cash-machine businesses can power their payouts from excessive cash flows, resulting in a strong yield that can last for many years.
Fortunately, a couple of perfectly healthy high-yield dividend stocks are on fire sale right now. Read on to see how International Business Machines (NYSE: IBM) and Darden Restaurants (NYSE: DRI) would fit in an income-oriented stock portfolio today.
The average American savings account offers an annual percentage yield of roughly 0.5%. The S&P 500 (SNPINDEX: ^GSPC) market index has seen an average dividend yield of 1.6% over the last 5 years and currently stands at just 1.3%.
With dividend yields of 3.5% for Darden shares and 3.1% for IBM’s stock, these cash-sharing veterans are on a different level. Among these popular wealth-storage options, only the individual stocks can outrun the government’s long-term inflation target of approximately 2% per year.
These two household names don’t have much in common at first glance. Big Blue is a legend of the computing sector, setting up a promising artificial intelligence (AI) business just in time for a massive AI boom. Darden manages full-service restaurant chains, such as Olive Garden, Bahama Breeze, and Longhorn Steakhouse. The company is expanding its international business while remodeling many domestic locations. Apples, meet oranges.
But they actually have a lot in common where it matters the most. The two businesses are growing their sales and collecting robust cash profits. They also have a commitment to sharing their cash flows with investors in the form of strong and growing dividends.
IBM generated $12.4 billion of free cash flows over the last four quarters. It funneled 49% of that surplus cash into dividend checks. Darden used 64% of its $992 million free cash flow for the same purpose. Both dividend policies are fully funded by current cash profits, and they have room to grow without causing a financial crisis.
Finally, Darden and IBM are firmly established leaders in their respective industries, with convincing growth plans for the foreseeable future. Yet, their stocks look quite affordable next to market-darling rivals. Buying the stocks right now will lock in those juicy dividend yields and provide plenty of opportunity to enjoy price gains in the long run.
Bill Gates Is Pouring Billions Into Nuclear Power. Is This the Best Nuclear Stock to Buy Now?
All of a sudden, nuclear energy is trendy.
In the last month, three big tech companies, Microsoft, Alphabet, and Amazon, have all signed deals for nuclear energy. That’s not a coincidence. The AI race is forcing the tech giants to reckon with how to power the massive data centers they’re building to run AI applications like ChatGPT.
In fact, the biggest constraint in AI may not be the technology itself, but a source of cheap and available energy, and that’s why the world’s most valuable companies are turning to nuclear, a seemingly forgotten source of energy.
Among the backers of this re-emerging technology is Bill Gates, the Microsoft co-founder who has become an investor and philanthropist in a wide range of areas. Gates has invested more than $1 billion in TerraPower, a privately held start-up that is building small nuclear reactors. The billionaire sees nuclear energy as necessary for bridging the gap in renewable energy and told The New York Times, “If you care about climate, there are many, many locations around the world where nuclear has got to work.” He also said he’s not involved in TerraPower to make money, but “because we need to build a lot of these reactors.”
Since TerraPower is privately held, you can’t invest in it, but there’s a similar stock that you can buy. That’s NuScale Power (NYSE: SMR), and the stock is up more than 400% this year as it’s riding the wave of enthusiasm for nuclear power.
NuScale was founded in 2007 and is focused on developing small, modular reactors. Its core technology, the NuScale Power Module (NPM) can generate 77 megawatts-electrical (MWe).
It’s developing the VOYGR power plant that can include as many as 12 NPMs. NuScale’s technology offers an advantage over renewable alternatives like wind and solar because it generates an equivalent amount of power in a much smaller space, making a more efficient use of land.
NuScale is also the only small modular reactor (SMR) company to have received a standard design approval (SDA) from the U.S. Nuclear Regulatory Commission.
NuScale also benefits from a close relationship with Fluor, a top engineering, procurement, and construction company that is the majority shareholder in NuScale Power.
The company has yet to generate any material revenue today as it has not yet sold any NPMs, though it’s made some negligible service revenue. NuScale faced a setback in 2023 when it canceled a project in Idaho that was expected to build momentum for new nuclear projects. The project was plagued by cost overruns and a lack of sufficient electricity buyers to make the project viable.
AILE INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC Announces that iLearningEngines, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
NEW YORK, Oct. 27, 2024 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against iLearningEngines, Inc. (“iLearningEngines” or “the Company”) AILE and certain of its officers.
Class Definition
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired iLearningEngines securities between April 22, 2024, and August 28, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/AILE.
Case Details
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company’s “Technology Partner” was an undisclosed related party; (2) that the Company used its undisclosed related party Technology Partner to report “largely fake” revenue and expenses; (3) that, as a result of the foregoing, the Company significantly overstated its revenue; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/AILE or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in iLearningEngines you have until December 6, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | info@bgandg.com
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
S&P 500 Giant Leads 5 Stocks Near Buy Points
Earnings season is in full swing, and a number of stocks are making strong moves as quarterly results roll in. Financial giant JPMorgan Chase (JPM) is testing a buy point near record highs after clearing estimates last week.
AI-related play Amphenol (APH) is also hovering near an entry, along with alloy maker Carpenter Technology (CRS). ResMed broke out following its Thursday night results. On Holding rallied Friday on the back of a strong beat from competitor Deckers Outdoor (DECK).
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S&P 500 Giants Report Earnings. Will Megacap Results Sustain The Tech Rally?
On Holding
Hoka maker Deckers Outdoor (DECK) led a sprint for footwear stocks on Friday after a strong Q2 2025 beat.
Rival On Holding (ONON) leapt 6.45% after the report, rebounding decisively above its 50-day moving average and break a short downtrend.
SwingTrader added ONON shares with a 3/4 position on Friday at a 50.65 entry.
On hasn’t released a date for its Q3 results yet. But FactSet analysts expect flat earnings per share vs. a year earlier on nearly 32% revenue growth to $711 million.
ONON stock has rallied 88% so far this year. Shares are approaching their record high of 55.87 from November 2021.
Amphenol
Amphenol, a manufacturer of cables, sensors, circuits and connectors for data centers, delivered a record beat-and-raise Q3 report on Wednesday and noted a boost in sales from an increase in artificial intelligence applications.
Baird in a research note on Thursday said Amphenol’s AI and non-AI applications drove excellent IT data-communications growth. But the company’s AI-related strength is really driving accelerating business momentum.
Amphenol earnings and revenue growth accelerated over the last four quarters, to a 28% gain and a 26% increase, respectively.
APH stock is hovering below a 70.48 buy point for a 17-week consolidation. Shares tested the entry on Wednesday before easing.
Amphenol stock rose 2.9% to 69.42 for the week. is up 40% this year and trading around record highs.
ResMed
CPAP producer ResMed broke out on its Q3 earnings Friday, shrugging off concerns that popular weight-loss drugs would hamper demand for its sleep apnea machines.
Adjusted earnings increased 34% to $2.20 per share, clearing expectations for $2.05 per share. Sales rose 11% to $1.22 billion to beat estimates for $1.19 billion.
The results marked four consecutive quarters of accelerating earnings growth.
RMD stock spiked 7.1 Friday to bound above its 50-day line and just clear a 255.18 flat base buy point.
The current buy zone, which stretches 5% beyond the buy point, extends to 267.93.
ResMed stock is up 49% this year.
JPMorgan Chase
JPM stock is trading right below a 225.48 buy point for a cup base — also its record high — after JPMorgan Chase cleared Q3 estimates on Oct. 11.
The Dow Jones bank reported earnings of $4.37 per share on $42.7 billion in revenue, while FactSet expected $3.99 per share on $41.43 billion.
The S&P 500 giant tested the buy point a few times since earnings but hasn’t been able to score a decisive breakout.
JPM stock dipped below its 10-day line on Friday but is holding above its other key moving averages.
JPMorgan has advanced more than 30% in 2024.
Carpenter Technology
Carpenter Technology on Wednesday topped Q2 2025 earnings estimates and CEO Tony Thene said it was the most profitable first quarter in company history. Adjusted earnings for the Philadelphia-based alloy maker nearly doubled to $1.73 per share, outpacing FactSet expectations for $1.58 per share. However, revenue only rose 10% to $718 million, while analysts expected $743 million.
Carpenter said it expects 2025 operating income to be at the high end of its previous guidance for $460 million to $500 million, but that was short of analyst estimates for $502 million.
The company guided Q2 operating income between $116 and $123 million, with the midpoint above analyst forecasts for $117 million.
CRS stock briefly undercut its 50-day line and a 148.98 buy point Thursday after its sales and guidance miss, but pared losses significantly. Carpenter edged higher on Friday, just below its 21-day line. The stock is technically back in a buy zone for its Sept. 18 breakout.
But investors perhaps should focus on an emerging consolidation, which could turn into a flat base after another week. Use Wednesday’s high of 161.70 as an early entry.
Carpenter Technology shares rocketed more than 119% this year and hit an all-time high of 166.51 on Sept. 26.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
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The Nasdaq Is At Highs. These 5 Earnings Could Change Everything.
AI Demand Fuels Record Profits, Chip Controversies, And Tech Giants Redefine AI Landscape: This Week In The World Of Artificial Intelligence
The week was buzzing with significant developments in the tech world, with artificial intelligence (AI) at the center of it all. From record-breaking profits driven by AI demand to potential violations of export rules, the tech industry kept us on our toes. Here’s a quick roundup of the top stories that shaped the weekend.
Nvidia Supplier SK Hynix Hits Record Profits
SK Hynix HXSCF, a key supplier to Nvidia Corp. NVDA, reported a record-breaking quarterly profit, fueled by the rising demand for artificial intelligence technology. The South Korean semiconductor company posted a 7% revenue increase from the previous quarter, marking its highest-ever quarterly revenue.
TSMC’s Chip Found in Huawei’s AI Product
Taiwan Semiconductor Manufacturing Company TSM alerted the U.S. Commerce Department after a tech research firm discovered one of its chips in a Huawei product. The product in question is Huawei’s Ascend 910B, considered the most advanced AI chip from a Chinese company.
Chinese AI Firms Defy US Chip Sanctions
Despite U.S. chip sanctions, Chinese AI firms, including Alibaba Group Holding Ltd. BABA and ByteDance Ltd., are making strides in reducing AI costs. These companies are focusing on smaller data sets, hiring cheaper engineering talent, and optimizing hardware.
Apple Intelligence Set to Revolutionize Products
Apple Inc.’s AAPL CEO Tim Cook has high expectations for Apple Intelligence, believing it will make their products ‘profoundly different’. Cook anticipates that the release of Apple Intelligence will be one of the biggest technology releases in Apple’s history.
Nvidia’s New AI Model Outperforms Competitors
Nvidia Corp. introduced a new AI model, Llama-3.1-Nemotron-70B-Instruct, that has reportedly outperformed its competitors in benchmark tests. The model, built on Meta Platforms Inc.’s META Llama 3.1 framework, has shown remarkable efficiency and performance.
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This story was generated using Benzinga Neuro and edited by Rounak Jain
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