Clare Pleydell-Bouverie, co-lead fund manager at Liontrust Asset Management, is eyeing up firms hovering near — but not currently a part of — the seven biggest tech firms. Pleydell-Bouverie warned keen AI investors to see that "you've got to build out this new compute infrastructure before you can monetize it." This includes silicon chips, semiconductor equipment, the likes of Applied Materials, and firms responsible for laying underground cables and networks, she said. > 24/7 San Diego news stream: Watch NBC 7 free wherever you are The AI revolution is "the biggest platform shift since electricity" and, as such, will bring investment opportunities in smaller tech firms that are climbing ever nearer to the Big Tech behemoths, according to one U.K.-based fund manager. "We're of the firm belief that the winners of this new technology cycle, that really started 18 months, two years ago with the ChatGPT moment [and the] AI revolution, these are not going to be the same winners as the last technology cycle," Clare Pleydell-Bouverie, co-lead fund manager at Liontrust Asset Management, told CNBC's Arjun Kharpal last week. "We're really focused on the opportunities sat below the Magnificent Seven," Pleydell-Bouverie said, referencing a group of Big Tech stocks comprising of Alphabet , Amazon , Apple , Meta , Microsoft , Nvidia and Tesla . Many of those tech firms she says are ripe for investment work on AI applications, which the fund manager describes as an emerging club of high-value firms, and one of a number of different layers growing within the wider AI industry. "This year we've been really focused on the AI infrastructure layer of this new technology stack," she said. Money Report European markets set to open lower as investors digest European Central Bank rate cut Europe can make up the Ukraine funding shortfall if the U.S. withdraws, analysts say Pleydell-Bouverie warned keen AI investors to see that "you've got to build out this new compute infrastructure before you can monetize it." This includes silicon chips, semiconductor equipment, the likes of Applied Materials , and firms responsible for laying underground cables and networks, she said. "So, the Broadcom 's, the Amphenol 's, the Arista 's of this world, these are all really crucial components to scale this AI infrastructure. And on top of that, you've got the model providers. For the most part, we view these players as quite commoditized ... It's a complete arms race to build these large foundation models," she said. Large foundation models refer to machine-learning models that are trained on large amounts of data. Below the AI application making "stack" are engineering firms "who bring AI to companies and customers," said Pleydell-Bouverie, adding: "The value at the moment resides still in that AI infrastructure layer, but we see that moving up the stack into next year." Nvidia 'primary beneficiary' of AI boom Pleydell-Bouverie believes Nvidia will be the key player for the AI revolution in 2025, striking comparisons with Apple 's surge as the dominant player during the smartphone transition. Understanding Nvidia's role in 2025, however, requires investors to view the Magnificent Seven firm in a different light. "The key misunderstanding about Nvidia is that it's a chip provider. Looking at the company through this framework ... looking at this company through the framework of a backward looking hyperscaler capex [capital expenditure] is fundamentally the wrong way to be looking at this company," said Pleydell-Bouverie. Apple co-founder Steve Jobs is credited with integrating a failing operating system with sleek hardware in the mid-1990s, laying down the foundations for it to eventually take advantage of the smartphone boom that would emerge at the turn of the millennium. Pleydell-Bouverie sees Nvidia accelerating similarly to Apple. "Nvidia is actually positioning itself to be the operating system for this new AI-infused software that we're going to really start to see come to market from next year," she added. Nvidia has been the primary beneficiary of the ongoing artificial intelligence boom, with its next-generation AI chip Blackwell now in focus. Shares of the company have nearly tripled so far in 2024 — up more than 180% in the year-to-date — making it one the world's most valuable companies. Also on CNBC Strategist says South Korea's value is 'compelling', maintains overweight Focus on 'AI infrastructure' layer in tech, says fund manager Buy Big Tech firms with exposure to emerging markets, says veteran investor Mark MobiusNEW YORK (AP) — The man charged with killing UnitedHealthcare CEO Brian Thompson was not a client of the medical insurer and may have targeted it because of its size and influence, a senior police official said Thursday. NYPD Chief of Detectives Joseph Kenny told NBC New York in an interview Thursday that investigators have uncovered evidence that Luigi Mangione had prior knowledge UnitedHealthcare was holding its annual investor conference in New York City. Mangione also mentioned the company in a note found in his possession when he was detained by police in Pennsylvania. “We have no indication that he was ever a client of United Healthcare, but he does make mention that it is the fifth largest corporation in America, which would make it the largest healthcare organization in America. So that’s possibly why he targeted that company,” said Kenny. UnitedHealthcare is in the top 20 largest U.S. companies by market capitalization but is not the fifth largest. It is the largest U.S. health insurer. Mangione remains jailed without bail in Pennsylvania, where he was arrested Monday after being spotted at a McDonald's in the city of Altoona, about 230 miles (about 370 kilometers) west of New York City. His lawyer there, Thomas Dickey, has said Mangione intends to plead not guilty. Dickey also said he has yet to see evidence decisively linking his client to the crime. Mangione's arrest came five days after the caught-on-camera killing of Thompson outside a Manhattan hotel. Police say the shooter waited outside the hotel, where the health insurer was holding its investor conference, early on the morning of Dec. 4. He approached Thompson from behind and shot him before fleeing on a bicycle through Central Park. Mangione is fighting attempts to extradite him back to New York so that he can face a murder charge in Thompson's killing. A hearing has been scheduled for Dec. 30. The 26-year-old, who police say was found with a “ ghost gun ” matching shell casings found at the site of the shooting, is charged in Pennsylvania with possession of an unlicensed firearm, forgery and providing false identification to police. Mangione is an Ivy League graduate from a prominent Maryland real estate family. In posts on social media, Mangione wrote about experiencing severe chronic back pain before undergoing a spinal fusion surgery in 2023. Afterward, he posted that the operation had been a success and that his pain had improved and mobility returned. He urged others to consider the same type of surgery. On Wednesday, police said investigators are looking at his writings about his health problems and his criticism of corporate America and the U.S. health care system . Kenny said in the NBC interview that Mangione's family reported him missing to San Francisco authorities in November.
Alcoa stock soars to 52-week high, hits $46.57 amid market rallySkattebo and Arizona State to the playoff after 45-19 win over Iowa State in Big 12 title game ARLINGTON, Texas (AP) — Big 12 newcomer Arizona State will represent the conference in the 12-team College Football Playoff. Cam Skattebo ran for 170 yards and two scores while adding a touchdown catch the 12th-ranked Sun Devils beat No. 16 Iowa State 45-19 in the Big 12 championship game. The Sun Devils with 34-year-old head coach Kenny Dillingham are 11-2 after being the preseason pick to finish at the bottom of their new 16-team league. They have won six games in a row. Iowa State is 10-3, already the first 10-win season in the program's 133-year history. Boise State makes the College Football Playoff as Big 12's 1st-round bye chances dim INDIANAPOLIS (AP) — The first big win in college football’s postseason goes to Boise State. The have Broncos captured the Mountain West Conference title and earned their spot in the sport’s first 12-team playoff. As for the losers, there was UNLV, which fell 21-7 to Heisman hopeful Ashton Jeanty and the Broncos in the conference title game. But more than that, it was the Big 12, which saw one path to a first-round bye in those playoffs blocked off by Jeanty and Company. Lindsey Vonn competes in a pair of downhills, another step on her comeback trail at the age of 40 COPPER MOUNTAIN, Colo. (AP) — Lindsey Vonn finished in the middle of the pack in a pair of lower-level downhill events as she competed for the first time in nearly six years. The 40-year-old Vonn is on the comeback trail after stepping away from the sport because of injuries. Vonn wasn't concerned with times and places in the races so much as getting used to the speed again and gaining the necessary points to compete on the World Cup circuit. Vonn accomplished both, finishing 24th in the first downhill race of the day and 27th in the second. She posted on social media after the FIS races she had enough points to enter World Cup events. Man City drops more points after draw with Crystal Palace and Man United loses again Manchester City’s Premier League title defense has taken another blow after a 2-2 draw with Crystal Palace. Four-time defending champion City ended a seven-game winless run on Wednesday by beating Nottingham Forest. But City has dropped more points on Saturday after the draw at Selhurst Park. It could have been worse for City after Palace led twice. Pep Guardiola’s team is fourth in the standings and eight points behind leader Liverpool. Liverpool has a game in hand after its derby with Everton was postponed due to a storm. Amber Glenn becomes first US woman in 14 years to win figure skating Grand Prix Final GRENOBLE, France (AP) — Amber Glenn has become the first American to win the women’s Grand Prix Final competition since Alissa Czisny 14 years ago. Glenn landed a triple axel on her way to a total score of 212.07 points to beat Japan's Mone Chiba and triple world champion Kaori Sakamoto. That continues a stunning breakout season at the age of 25 for Glenn. The U.S. could win two more titles later Saturday. Ilia Malinin leads the men’s event ahead of the free skate and Madison Chock and Evan Bates lead the ice dance. Norris takes pole for season-ending Abu Dhabi GP and Hamilton 18th in Mercedes farewell ABU DHABI, United Arab Emirates (AP) — Lando Norris took pole position for the last Formula 1 race of the season alongside teammate Oscar Piastri to put McLaren on the verge of a first constructors’ title in 26 years. Norris’ last lap put him .209 of a second faster than Piastri, with Ferrari’s Carlos Sainz Jr. .020 further back. Seven-time F1 champion Hamilton qualified 18th for his last race with Mercedes after a bizarre incident wrecked his final qualifying lap. A plastic pole marking the inside of a corner was knocked loose by Kevin Magnussen’s Haas and Hamilton drove over it. Big 12's Yormark brings up hard choices for fans before sparsely attended title game ARLINGTON, Texas (AP) — College football fans are facing some hard choices in the expanded playoff system with some teams set to play away from home multiple times. Big 12 Commissioner Brett Yormark raised that point before the sparsely attended title game between No. 12 Arizona State and 16th-ranked Iowa State. There were thousands of empty seats at the home of the Dallas Cowboys. Yormark says he remains committed to having a Big 12 title game. Besides the issues of fans, there have been suggestions that some leagues might be better off without title games as it relates to playoff hopes. Everton vs. Liverpool postponed because of Storm Darragh. Other Premier League games remain on LIVERPOOL, England (AP) — The Merseyside derby between Everton and Liverpool has been postponed because of Storm Darragh's dangerous winds and heavy rain on the west coast. The Met office says parts of Wales have experienced wind gusts of over 90 mph. The four other Premier League games Saturday remained on as planned. Manchester United will host Nottingham Forest at 5:30 p.m. local time at Old Trafford. The remaining games start at 3 p.m. local time. Aston Villa hosts Southampton and urged fans to use extra time to get to Villa Park in Birmingham. In London, Brentford will host Newcastle, and Crystal Palace will host Manchester City. Ashton Jeanty lets his play do the talking for CFP-bound Boise State BOISE, Idaho (AP) — After Ashton Jeanty streaked through the middle of UNLV’s defense on his way to a 75-yard touchdown run Friday night in the Mountain West Conference title game, he didn’t strike the Heisman pose. He didn’t even lobby for it after the game, instead letting his play do the talking in No. 10 Boise State's 21-7 victory over No. 19 UNLV 21-7. Jeanty added another 209 yards — his sixth game over 200 yards this season — to push his total to 2,497 — just 132 yards short of passing Barry Sanders’ FBS season rushing record. The Broncos earned a spot in the College Football Playoff with the victory. No. 24 Army wins AAC championship in first attempt as Daily runs for 4 TDs in 35-14 win over Tulane WEST POINT, N.Y. (AP) — Bryson Daily rushed for four touchdowns to tie the American Athletic Conference championship game record, and No. 24 Army completed a perfect first season in the league by beating Tulane 35-14. Kanye Udoh rushed for 158 yards, including a 72-yarder to set up a Daily TD, and a score. Daily added 126 yards on the ground for the Black Knights, who overwhelmed AAC opponents with their bruising, clock-eating rushing attack during their first around the league, then ran it to perfection in the championship game. Army moved to 11-1. Daily had runs of 5, 3, 4 and 7 yards.BLINCYTO® (BLINATUMOMAB) ADDED TO CHEMOTHERAPY SIGNIFICANTLY IMPROVES SURVIVAL IN NEWLY DIAGNOSED PEDIATRIC PATIENTS WITH B-CELL PRECURSOR ACUTE LYMPHOBLASTIC LEUKEMIA (B-ALL)
Republican California Assemblyman Bill Essayli submitted an ethics complaint letter on Dec. 12 asking the Legislature to investigate alleged standards of conduct violations related to a federal bribery plea agreement unsealed earlier this month. “Although the plea agreement does not specifically name the individual legislator, there is sufficient information contained within the record to warrant an immediate investigation by the Assembly and Senate Ethics Committees to identify the person described in the plea agreement, and to consider any and all appropriate disciplinary action.” Under the alleged scheme, a person identified in the agreement as Person 19 would be hired as a consultant and receive $40,000, and Person 20 would receive $200,000. While a contract was reportedly signed, the money was not delivered. According to the plea deal, Person 20, on two separate occasions, solicited $15,000 from Tafoya, once in 2017 and again after winning the primary in June 2018. “Starting in 2017 and ending in November 2018, Person 20 was running for State elected office. To raise campaign funds, Person 20 asked defendant on two occasions to provide him/her $15,000 in cash that Person 20 could then funnel to other individuals to make conduit contributions to his/her campaign,” the plea deal states. The city attorney allegedly paid the bribes with cash withdrawn from his bank, because he feared that the individual could remove him from his appointed position, and he believed that if elected, the person would provide him with more opportunities, according to the plea agreement. Person 20 allegedly wanted the money to fund contributions that would make it appear the individual’s campaign had support among the community. “I’m not really shocked at the allegations, I’m shocked there haven’t been more criminal investigations,” Essayli, an attorney and former federal prosecutor, told The Epoch Times on Dec. 12. “There is rampant corruption taking place in our state capital.” He said more attention should be paid to state representatives and noted a lack of oversight for cannabis permitting procedures and an abundance of cash in the industry that he alleged fueled political malfeasance at local levels. The Senate and Assembly’s Legislative Ethics Committees are tasked with considering all complaints, investigating if evidence suggests violations of conduct rules have occurred, and recommending disciplinary action, if appropriate. With the passage of Proposition 64 in 2016 legalizing recreational cannabis, businesses have competed for licensing opportunities across the state. The two men pleaded not guilty after being arrested in September 2023 and charged with one count each of bribery and conspiracy and eight counts of wire fraud.
How to watch Air Force football at Nevada on Saturday nightTUCSON, Ariz. (KGUN) — The FBI announced in a press release that a man from Tucson was arrested for producing child sexual abuse material and cyberstalking offenses in connection with online violent terror networks. Baron Martin, 20, of Tucson, Arizona, was arrested on December 11. Martin was connected to terror networks known as 764 and CVLT. The FBI alleges that 764 is a network of violent extremists who engage in criminal conduct within the United States and abroad. "Those involved with the 764 network, individually and as a network, methodically target vulnerable, underage populations across the United States and the globe by using known online social media communications platforms," the FBI said. Martin used the social media platform Discord to communicate with two female victims, a 16-year-old and a 13-year-old. He would threaten each of them until they physically hurt, cut, or mutilate themselves while recording. Martin received videos from the victims and sent them to other users. Martin also cyberstalked another 13-year-old on Discord, threatening to kill her grandmother. The FBI says that if Martin is convicted, he faces up to 30 years in prison for producing child abuse material and up to 10 years in prison for cyberstalking when the victim is a minor and no bodily injury resulted from the conduct. “The details in this case are simply horrific as the defendant allegedly coerced children to harm themselves multiple times,” said Executive Assistant Director Robert Wells of the FBI’s National Security Branch.
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Alex Ovechkin has a broken left fibula and is expected to be out four to six weeks, an injury that pauses the Washington Capitals superstar captain’s pursuit of Wayne Gretzky’s NHL career goals record. The Capitals updated Ovechkin’s status Thursday after he was evaluated by team doctors upon returning from a three-game trip. The 39-year-old broke the leg in a shin-on-shin collision Monday night with Utah's Jack McBain, and some of his closest teammates knew it was not good news even before Ovechkin was listed as week to week and placed on injured reserve. “Everyone’s bummed out,” said winger Tom Wilson, who has played with Ovechkin since 2013. “We were sitting there saying: ‘This is weird. Like, it’s unbelievable that he’s actually hurt.’ It’s one of those things where like, he’s going to miss games? I’ve been around a long time, and it’s new to me.” Ovechkin in his first 19 seasons missed 59 games — and just 35 because of injury. Durability even while throwing his body around with his physical style is a big reason he is on track to pass Gretzky’s mark of 894 goals that once looked unapproachable. “He doesn’t go out there and just coast around,” Wilson said. “He’s played 20 years every shift running over guys and skating. He’s a power forward, the best goal-scorer ever maybe, and he’s a power forward that plays the game really hard.” Ovechkin surged to the top of the league with 15 goals in his first 18 games this season. He was on pace to break the record and score No. 895 sometime in February. “You know when goal-scorers start scoring, it’s dangerous,” said defenseman John Carlson, who has been teammates with Ovechkin since 2009-10. “There was a bit of that in the downs that everyone was feeling about it too, of course. We see him coming to the rink every day, we know what’s at stake. You never want anyone to get injured, but there’s a lot to it and certainly he was playing his best hockey in years.” ___ AP NHL: https://apnews.com/hub/nhlWorld reaches $300 bn climate finance deal at COP29
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Entertainment Don't miss out on the headlines from Entertainment. Followed categories will be added to My News. Radio insiders have revealed the real reason popular radio host Mitch Churi was axed by KIIS FM. The 28-year-old, who hosts The Night Show with Mitch Churi (7-10pm weeknights around Australia on the KIIS network) and The Pick Up (3-4pm weekdays on the KIIS network) announced on air last week that he had been told he would not be returning in 2025. “I just want to say that it wasn’t my decision,” Churi said through tears on The Pick Up . “It wasn’t my call. “I really wanted to stay on this show with the two of you (co-hosts Brittany Hockley and Laura Byrne), and I wanted to stay on The Night Show and I wanted to stay at ARN and KIIS.” The announcement shocked the industry, with many considering Churi to be Australia’s most promising broadcaster. “He’s on the verge of being an absolute superstar,” former radio executive Irene Hulme said about Churi on the Game Changers Radio: Melbourne Radio Wars podcast. “Mitch is the future. A talent who could redefine breakfast radio for the next generation. A contemporary broadcaster who is creative, genuine and relentless, with a youthful sound that our industry desperately needs to remain relevant.” So why then did ARN, the company that owns KIIS FM, decide to let him go? Firstly, night shows are fairly inconsequential to radio stations in terms of ratings. They’re mostly used as breeding grounds for future breakfast hosts, which is the most lucrative slot for stations. But unfortunately for Churi, ARN signed a 10-year deal with Kyle and Jackie O in 2023 worth $200 million that will likely see their breakfast show networked Australia-wide on all KIIS stations in the coming years. Mitch and Jackie O. Mitch with Michelle Visage. “You can understand it purely from a financial perspective,” Craig Bruce, host of the Game Changers Radio: Melbourne Radio Wars podcast, said. “Let’s say Mitch is on $100,000 a year. ARN would be looking at that and going, ‘okay, we have a breakfast show for the next 10 years on the KIIS network, so that’s locked in. We have a drive show ( Will and Woody ) ... so why on earth would we spend any amount of money on a nights talent if we’re not going to get a return on that money?’” Mr Bruce, a former radio executive, said that “sadly” he would have made the same decision if he was one of the ARN bosses. “If I was in that room, I would have voted for (Churi to be axed),” he said. “I just can’t justify that wage right now on this current trajectory that we’re on, which is a network that is going to have one or two shows and that’s it.” Could Mitch and Mel replace Hughesy and co. on 2Day FM? So far Churi hasn’t revealed what he plans to do next year, but many industry insiders have said they would be shocked if he wasn’t quickly snapped up by another radio network. Game Changers co-host Irene Hulme suggested Churi would be a great candidate to replace Dave Hughes, Erin Molan and Ed Kavalee on 2Day FM breakfast in Sydney, after the trio were axed in August. “If I was SCA (Southern Cross Austereo which owns 2Day FM), I would be hiring Mitch Churi and Mel Tracina and building the next great breakfast show for Sydney,” Ms Hulme said. You can listen to the Game Changers podcast about Churi’s departure here More Coverage Couple’s personal news shocks Block co-stars Nick Bond Whatever happened to Keira Knightley? Caroline Thayer – Fox News Originally published as Brutal reason radio star Mitch Churi was sacked by KIIS FM Join the conversation Add your comment to this story To join the conversation, please log in. Don't have an account? Register Join the conversation, you are commenting as Logout More related stories New Movies Wicked co-stars’ insane pay gap revealed Ariana Grande and Cynthia Erivo have double billing for the Wicked movie – but one was paid many, many times more than the other. Read more Music ‘Disappointed’: Pink’s emotional apology video “This is an apology”: Pop superstar Pink has shared a candid new upate with fans, revealing the fallout from her gruelling world tour. Read more
George has bone bruise, to miss at least 2 games