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LOS ANGELES — In announcing that he was pardoning his son Hunter in two federal cases, President Joe Biden said the criminal charges “came about only after several of my political opponents in Congress instigated them to attack me and oppose my election.” The president’s claim that the cases were politically motivated — which his son’s camp has long asserted — has been met with skepticism from some corners. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
AMESBURY, Mass. , Dec. 2, 2024 /PRNewswire/ -- Provident Bancorp, Inc. (the "Company") (Nasdaq:PVBC), the holding company for BankProv (the "Bank"), today announced that its Board of Directors has adopted a new stock repurchase program. Under the repurchase program, the Company may repurchase up to 883,366 shares of its common stock, or approximately five percent of the current outstanding shares. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Novanta to Present at the CJS Securities 25th Annual New Ideas for the New Year Investor Conference on Tuesday, January 14, 2025
Cape commissioners want answers on mystery drones flying over New JerseyIn an unexpected twist, Broadcom’s stock catapulted by 35% over two days, leaving investors buzzing despite a lukewarm fourth-quarter performance. The company fell slightly short of revenue projections and offered a first-quarter forecast that barely nudged past expectations. Yet, what captivated the market was Broadcom’s bold claim about the untapped potential in its AI segments: custom silicon and networking. Broadcom painted a dreamy picture for shareholders, anticipating a significant addressable market for these segments by 2027. This vision sent the stock soaring, reminiscent of Nvidia’s explosive growth, but differences remain stark. Unlike Nvidia, which generates 80% of its revenue from AI, Broadcom’s AI contribution is just 25%, leaving some skeptical about its juggernaut status. Complicating matters is Broadcom’s heavy reliance on the Chinese market, which accounts for over 30% of its revenue—double Nvidia’s exposure. Potential tariffs affecting key customers, such as Apple, could threaten this revenue stream, casting doubt on Broadcom’s AI growth aspirations. Despite missing revenue targets and uninspiring Q1 guidance, Broadcom remains optimistic. The company forecasts a potential serviceable market ranging from $60 billion to $90 billion by 2027 across its AI ventures. However, this optimism is shadowed by significant challenges, including fierce competition from Nvidia’s advanced AI systems set to disrupt the market in 2025. As Broadcom navigates these challenges, the semiconductor titan’s future hinges on its ability to capture a significant share of this burgeoning AI market while contending with formidable competitors and market uncertainties. Why Broadcom’s AI Ambitions Could Reshape the Semiconductor Industry In recent market activities, Broadcom has stunned investors with a dramatic 35% surge in stock value over two days. This surprising growth came despite the company missing revenue targets for its fourth quarter and presenting modest guidance for the upcoming first quarter. The excitement surrounding Broadcom’s prospects is largely tied to its bold expansion into the artificial intelligence (AI) sector—particularly in custom silicon and networking. The Untapped Potential of AI in Broadcom’s Portfolio Broadcom has unveiled an ambitious vision for its future, revealing aspirations to develop a substantial addressable market in its AI segments by the year 2027. With projections of a serviceable market ranging from $60 billion to $90 billion, Broadcom’s ambition is noteworthy. The company’s strategic focus, however, contrasts sharply with that of Nvidia, a major player relying heavily on AI, accounting for 80% of its revenue, whereas AI constitutes only 25% of Broadcom’s revenues. Challenges in the Chinese Market Complicating Broadcom’s promising outlook is its dependence on the Chinese market, which represents over 30% of its revenue—twice that of Nvidia’s exposure. This heavy reliance on China introduces significant risk, especially with potential tariffs affecting essential customers like Apple. These geopolitical challenges could impede Broadcom’s path to fulfilling its AI growth strategies. Competitive Pressure from Industry Giants Intensifying the challenge is the formidable competition presented by Nvidia, whose advanced AI systems are expected to significantly disrupt the market as early as 2025. Broadcom must vie for market share against these advanced systems, raising questions about its current technological capabilities and research and development strategies. A Look Towards the Future Broadcom’s future success in the AI sphere will depend on its strategic moves to navigate market complexities and its ability to innovate beyond the shadow of competitors. If Broadcom can effectively address competition and geopolitical risks, its AI segments could potentially reshape the semiconductor industry. For more information, visit Broadcom to explore their innovative technologies and market strategies shaping the future of AI and semiconductors.
WASHINGTON — Congress returned Monday with a full plate for December’s legislative session, as well as plenty of announced nominees to begin vetting for the incoming Trump administration. Leading the list from President-elect Donald Trump’s Thanksgiving week announcements was the choice of Kash Patel for FBI director, once there’s a vacancy. Patel would replace the Trump-nominated and Senate-confirmed Christopher Wray, whose term does not end until 2027 and who would need to resign or be fired for a vacancy to exist. Former Florida Attorney General Pam Bondi, whom Trump has picked to be the nation’s attorney general, is scheduled to be on Capitol Hill this week to meet with senators. Other Trump nominees-in-waiting, including former Fox News anchor Pete Hegseth, the Defense secretary designee; and Rep. Elise Stefanik, R-N.Y., Trump’s pick for ambassador to the United Nations, have already started making the rounds. One of the more interesting debates to watch may be over the the case of Charles Kushner, the father of Trump son-in-law Jared Kushner. Trump pardoned the elder Kushner in his first term and announced him last week as his choice for ambassador to France. In addition to tax evasion-related crimes, Charles Kushner pleaded guilty to a charge of witness tampering in 2005. While the pardon may have ended the legal consequences, reviewing that record could be on the agenda of the Senate Foreign Relations Committee. House members and senators will also be taking interest in Sunday’s announcement that President Joe Biden was granting a full pardon to his son Hunter Biden. Sign up to get our free daily email of the biggest stories! The younger Biden was convicted on federal gun charges and pleaded guilty on federal tax evasion charges. The president had stated in June that he would not pardon his son, but in a reversal Sunday evening, said he had determined that Republican lawmakers had helped conjure up unfair charges. More immediately, lawmakers have three weeks to fund the government and to try to keep the streak alive of clearing the annual defense authorization bill. Given Trump’s influence within the House Republican Conference, much will depend on how much he decides he wants to start with a clean slate in 2025. Senate Democrats are continuing to use their remaining time in the majority to confirm nominees whose terms in office will extend beyond Biden’s administration, both for federal judgeships and key administrative boards and commissions. “Confirming the [National Labor Relations Board] nominees is one of our highest priorities, and we’re going to do everything we can do to get it done by the end of the year,” Senate Majority Leader Charles E. Schumer, D-N.Y., said on social media before Thanksgiving. In a late-night deal before the Thanksgiving recess, Democrats and Republicans agreed on the process to confirm Biden’s district court nominees, while setting aside four circuit court nominees whom a Schumer spokesperson said lacked the requisite 50 votes needed for confirmation anyway. That sets the stage for at least seven confirmation votes on judicial nominees as early as this week, with an additional six in the queue that were reported out of the Judiciary Committee just before the break.