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htm k80 Calgary Stampeders sign Paredes to extension, restructure Adams's contractJensen Huang is undoubtedly one of the most talked about figures in the world of business as of now, owing to his company Nvidia's stellar rise in terms of market capitalization, demand and popularity, all at the same time. Nvidia under the leadership of Huang has attained a peak market capitalization, and had at one point, crossed Apple's market cap. Meanwhile, Huang is facing a few problems of his own, after having landed in a major controversy surrounding tax evasion allegations against him. ET Year-end Special Reads Take That: The gamechanger weapon's India acquired in 2024 10 big-bang policy moves Modi government made in 2024 How governments tried to rein in the social media beast Is Nvidia CEO evading taxes? Reports suggest that Huang has been evading nearly $8 billion in taxes using various legal tax strategies, which has now triggered a major controversy about how the ultra-rich abuse their legal expertise in evading the taxes they are supposed to pay to the government, while the middle-class bear the brunt of it all. How much has Huang saved by alleged tax evasion? From federal estate to gift taxes, Huang saved billions by using some major tricks and loopholes up his sleeve in order to not pay $8 billion, says an NYT report. A major amount of evasion also happened through an irrevocable trust Huang and his wife set up back in the year 2012, as per NYT, where they transferred Nvidia shares worth $7 million, which then increased in value to nearly $3 billion. This means that this massive surge cannot be traced back to Huang or his family members. There are other leading examples of how Huang, over the last few years using similar tips and tricks, that are like case studies for the world to see. FAQs: Has Nvidia seen profits this year? Yes, Nvidia has been profitable through the year, and its stock has surged by a whopping 193% in the year 2024 itself. 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Yes, after Nvidia's decision of introducing AI-reliant GPUs, it's stock has shot through the roof, and is now growing at a phenomenal pace. (You can now subscribe to our Economic Times WhatsApp channel )

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FBI Director Christopher Wray told bureau workers Wednesday he plans to resign at the end of President Joe Biden's term in January, an announcement that came a week and a half after President-elect Donald Trump said he would nominate loyalist Kash Patel for the job. Wray said at a town hall meeting that he would be stepping down “after weeks of careful thought,” roughly three years short of the completion of a 10-year term during which he tried to keep the FBI out of politics even as the bureau found itself entangled in a string of explosive investigations, including two that led to separate indictments of Trump last year. Wray’s intended resignation was not unexpected considering that Trump had settled on Patel to be director and had repeatedly aired his ire at Wray, including in a television interview broadcast Sunday. But his departure is nonetheless a reflection of how Trump's norm-breaking style has reshaped Washington, with the president-elect yet again flouting tradition by moving to replace an FBI director before his term was up and Wray — by resigning before he could be fired — opting to avert a collision with the incoming Trump administration that he said would have plunged the FBI into political fighting. “My goal is to keep the focus on our mission — the indispensable work you’re doing on behalf of the American people every day,” Wray told agency employees. "In my view, this is the best way to avoid dragging the bureau deeper into the fray, while reinforcing the values and principles that are so important to how we do our work.” The resignation would clear the way for Patel's ascension, assuming he is confirmed by the Senate. A White House staffer during Trump's first term, Patel has insisted that the federal government should be rid of “conspirators” against Trump. The comments have stirred alarm that he could seek to use the FBI for retribution against perceived enemies despite longstanding guardrails meant to ensure investigations have a proper basis. Kash Patel, former chief of staff to Acting Secretary of Defense Christopher Miller, speaks at a rally in Minden, Nev., Oct. 8, 2022. (José Luis Villegas/AP Photo) It's extremely rare for FBI directors to be ousted from their jobs before the completion of their 10-year terms, a length meant to insulate the agency from the political influence of changing administrations. But Trump has done it twice, placing Wray in the job in 2017 after firing Director James Comey amid an investigation into ties between Russia and the Republican president’s campaign. Despite having appointed Wray, Trump had telegraphed his anger with the FBI director on multiple occasions. Trump said in the recent interview with NBC’s “Meet the Press” that “I can’t say I’m thrilled with him. He invaded my home,” a reference to the FBI search of his Florida property, Mar-a-Lago, two years ago for classified documents from Trump’s first term as president. That search, and the recovery of boxes of sensitive government records, paved the way for one of two federal indictments against Trump. The case, and another one charging him with plotting to overturn the 2020 election, have both been dismissed. Trump applauded the resignation news on social media, calling it “a great day for America as it will end the Weaponization of what has become known as the United States Department of Injustice.” and complaining anew about the Mar-a-Lago search. Attorney General Merrick Garland, meanwhile, praised Wray for having “served our country honorably and with integrity for decades.” He said: “Under Director Wray’s principled leadership, the FBI has worked to fulfill the Justice Department’s mission to keep our country safe, protect civil rights, and uphold the rule of law.” Natalie Bara, the president of the FBI Agents Association. said in a statement Wray had led the FBI “through challenging times with a steady focus on doing the work that keeps our country safe. ” Throughout his seven years on the job, Wray brought a workmanlike approach to the job, repeatedly preaching a “keep calm and tackle hard” mantra to bureau personnel despite a steady drumbeat of attacks from Trump and his supporters. In fact, Wray was quick to distance himself and his leadership team from the FBI’s Russia investigation that was well underway when he took office. On the same day of a harshly critical inspector general report on that inquiry, Wray announced more than 40 corrective actions to the FBI’s process for applying for warrants for secret national security surveillance. He said mistakes made during the Russia inquiry were unacceptable and he helped tighten controls for investigations into candidates for federal office. FBI officials actively trumpeted those changes to make clear that Wray’s leadership had ushered in a different era at the bureau. Even then, though, Wray’s criticism of the investigation was occasionally measured — he did not agree, for instance, with Trump’s characterization of it as a “witch hunt” — and there were other instances, particularly in response to specific questions, when he memorably broke with the White House. In 2020, he said that there was “no indication” that Ukraine had interfered in the 2016 election, countering a frequent talking point at the time from Trump. When the Trump White House blessed the declassification of materials related to the surveillance of a former Trump campaign aide, Wray made known his displeasure. Wray also angered Trump for saying that antifa was a movement and an ideology but not an organization. Trump had said he would like to designate the group as a terrorist organization. Then came the FBI's Mar-a-Lago search, which officials defended as necessary given the boxes of documents that were being concealed at the Palm Beach property and the evidence of obstruction that the Justice Department said had been gathered. Trump railed against the FBI over that action and has kept up his criticism ever since, including after Wray said at a congressional hearing last summer that there was “some question about whether or not it’s a bullet or shrapnel” that struck Trump's ear during an assassination attempt in Pennsylvania in July. The FBI later stated unequivocally that it was indeed a bullet. Before being named FBI director, Wray worked at a prestigious law firm, King & Spalding, where he represented former Gov. Chris Christie, R-N.J., during the “Bridgegate” affair. He also led the Justice Department’s criminal division for a period during President George W. Bush’s administration.The arrival of artificial intelligence (AI) into the mainstream has supercharged shares of semiconductor giant Advanced Micro Devices ( AMD 0.63% ) . Last December, the stock was at a 52-week low of $116.37, but in 2024, it topped $227.30. Since reaching that record high in March, AMD's share price has pulled back, and the stock was down about 6% in 2024 through Nov. 18. Given that price decline, does this mean the fervor over AI is done? Or is the stock's drop a signal that now is the time to buy? Let's examine the company in detail to help you decide. AMD's success with AI AMD was once known primarily as a purveyor of semiconductors for the video game industry. Now, the chipmaker is transforming into an AI juggernaut under the leadership of CEO Lisa Su. Su's 10th anniversary as CEO is this year, and she sees great potential for the company: "Looking out over the next several years, we see significant growth opportunities across our data center, client, and embedded businesses driven by the nearly insatiable demand for more compute." AMD's performance supports her point. Customers operating data centers, which house cloud computing servers for AI, began adopting the company's chips over the past year, and its sales to this market have exploded. In its fiscal third quarter, ended Sept. 28, data center segment revenue rose 122% year over year to a record $3.5 billion. This division accounted for over half the company's total third-quarter sales of $6.8 billion, helping AMD achieve 18% year-over-year growth. The company's data center customers include tech luminaries such as Microsoft , Meta Platforms , and Uber . Just Meta itself purchased 1.5 million units of AMD's EPYC computer processor for its cloud servers. Rising demand for AMD's AI solutions The company's third-quarter data center success is a substantial change from 2023, when sales represented $1.6 billion of its $5.8 billion in total third-quarter revenue. The ability to quickly seize the sudden surge in demand for AI-related semiconductor products illustrates that its evolution into an AI powerhouse is working. The customer demand for chips to power AI not only remains high, but year-over-year sales growth is also accelerating, which indicates the company is successfully capturing an increasing share of this AI demand. Quarter Data Center Revenue YOY Change Q3 2024 $3.5 billion 122% Q2 2024 $2.8 billion 115% Q1 2024 $2.3 billion 80% Q4 2023 $2.3 billion 38% Data source: AMD. YOY = year over year. AI chip demand isn't coming just from data centers. The client segment, which represents products sold to the personal device market (including semiconductors for laptops), is also seeing strong sales growth. In the third quarter, the client segment's revenue reached $1.9 billion, a 30% year-over-year increase. Together, the data center and client divisions accounted for 80% of third-quarter revenue. Management expects this AI demand will drive even greater growth in its fiscal fourth quarter, estimating quarterly revenue to reach about $7.5 billion, an impressive 22% year-over-year increase from $6.2 billion. AMD's AI transformation As CEO Lisa Su indicated, this AI demand is expected to last years, which is why her company is doubling down on its acquisitions. It bought Silo AI in August to help customers integrate AMD hardware into their AI tech, and plans to acquire ZT Systems, an expert at implementing AI-related infrastructure. Thanks to its strong top-line performance, the bottom line is growing as well. Third-quarter net income was up 158% year over year to $771 million. This raised diluted earnings per share (EPS) to $0.47, a 161% jump from the prior year. With AI demand showing no sign of slowing down, and considering AMD's growing strength in capturing its share of this market, the company is a great long-term investment . The question is whether now is the time to buy. One factor to consider is the company's forward price-to-earnings ratio (P/E ratio) , which is a way to assess the relative value of a stock by telling you how much investors are willing to pay for every dollar of earnings. AMD stock is trading around 42 times forward earnings at the time of this writing. That's a decline from the valuations it was commanding earlier in the year -- valuations that were so elevated, they were higher than the forward P/E for AI darling Nvidia . Data by YCharts . AMD stock fell recently after management announced job cuts in areas it is de-emphasizing to shift resources toward its AI-related businesses. With its price drop, the forward P/E is now below Nvidia's. You could wait for shares to drop further, but the stock's current valuation is more reasonable now, and that means it's a good time to consider buying shares in AMD.