Shares of Nvidia fell Monday after China said it is investigating the high-flying U.S. microchip company over suspected violations of Chinese anti-monopoly laws. In a brief news release with few details, Chinese regulators appear to be focusing on Nvidia's $6.9 billion acquisition of network and data transmission company Mellanox in 2019. Nvidia shares about 3% Monday. They are still up 179% so far this year. Considered a bellwether for artificial intelligence demand, Nvidia has led the AI sector to become one of the stock market’s biggest companies , as tech giants spend heavily on the company’s chips and data centers needed to train and operate their AI systems. Nvidia's shares have surged this year along with the California company's revenue and profit due to AI demand. According to data firm FactSet, about 16% of Nvidia's revenue comes from China, second only to its U.S.-generated revenue. A spokesperson for the company based in Santa Clara, California, said in an emailed statement that Nvidia is “happy to answer any questions regulators may have about our business.” In its most recent earnings release, Nvidia posted revenue of $35.08 billion, up 94% from $18.12 billion a year ago. Nvidia earned $19.31 billion in the quarter, more than double the $9.24 billion it posted in last year’s third quarter. The earnings release did not break out revenue from China. The company's market value rocketed to $3.5 trillion recently, passing Microsoft and briefly overtaking Apple as the world's most valuable company. China’s antitrust investigation follows a report this summer by technology news site The Information that the U.S. Justice Department was investigating complaints from rivals that Nvidia was abusing its market dominance in the chip sector. The allegations reported include Nvidia threatening to punish those who buy products from both itself and its competitors at the same time. David Bieri, an international finance expert at Virginia Tech, said that China’s investigation is “not about what Nvidia is doing in China, per se” but rather a signal to the incoming Trump administration. China, Bieri said, is looking to set the tone of future relations. The Chinese government, he said, is telling the U.S. “don’t mess with us, because all of your darling corporations that your version of capitalism needs to prosper have entanglements” with China. Nvidia will have to revise its strategy in China or come up with provisions in their budgets for the type of uncertainty business with China will bring, Bieri said. “I don’t think this is something that they can shake off,” he said. “I also have a tremendous amount of faith in the brilliance of the management strategy of a corporation like Nvidia to not only pay attention to credit risk, market risk and operational risk, but also to political risk.” Nvidia’s invention of graphics processor chips, or GPUs, in 1999 helped spark the growth of the PC gaming market and redefined computer graphics. Last month, it replaced Intel on the Dow Jones Industrial Average, ending the pioneering semiconductor company's 25-year run on the index. Unlike Intel, Nvidia designs but doesn’t manufacture its own chips, relying heavily on Taiwan Semiconductor Manufacturing Co., an Intel rival. Associated Press Technology Writer Sarah Parvini in Los Angeles contributed to this report.Squid Game Season 3: Release timeline for the final chapter, what to expect & more
Membership of Britain's upstart anti-immigration Reform UK party has overtaken that of the centre-right Conservative Party for the first time, the party said Thursday, as Tories disputed the numbers. Party leader and Brexit figurehead Nigel Farage hailed the figure as a "historic moment". Immigration was a major issue at the ballot box at the UK's July general election which saw the Conservatives ousted after 14 years in power. The digital counter on the Reform website showed a membership tally ticking past the 131,680 figure declared by the main opposition Conservatives during its leadership election earlier this year. "The youngest political party in British politics has just overtaken the oldest political party in the world," wrote Farage on X. "Reform UK are now the real opposition." Party chairman Zia Yusuf said the milestone showed the long "stranglehold on the centre-right of British politics by the Tories has finally been broken". The last declared Conservative Party tally was the lowest on record and a drop on 2022, when there were around 172,000 members. New Conservative Party leader Kemi Badenoch, however, questioned the figures, accusing Farage of "fakery". She said Reform's counter was "coded to tick up automatically". Farage responded by saying he would "gladly invite" a firm to "audit our membership numbers" if the Tories did the same. Reform won five seats in the 650-seat UK parliament in July, though it received roughly 14 percent of total votes cast. Reform maximised the damage to the Conservatives by splitting the right-wing vote and picking up former Tory supporters in key constituencies. The Labour Party won by a landslide although Prime Minister Keir Starmer has had a bumpy first five months in power. An Ipsos opinion poll this month found that 53 percent of Britons said they were "disappointed" in what the Labour government had achieved so far. British politics has been dominated by the two main parties -- Labour and the Conservatives -- for decades but commentators have warned that major parties have seen irreversible downturns in their popularity in the past. In the years after World War I, a divided Liberal Party found itself supplanted by the Labour Party as the main opposition. The party of 19th-century political giant William Gladstone and World War I leader David Lloyd George never again regained its status as a party of government. Farage, a supporter of US President-elect Donald Trump, said earlier this month that he was in talks with tech billionaire Elon Musk about donating to his hard-right party. har/js
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WASHINGTON — Linda McMahon once claimed an unearned education degree from East Carolina University. Now the New Bern native is nominated to lead President-elect Donald Trump’s Department of Education. Trump announced Tuesday that McMahon, best known as a founder of World Wrestling Entertainment, is nominated to be the next education secretary. She is his first nominee to have served in his previous administration. “It is my great honor to announce that Linda McMahon, former Administrator of the Small Business Administration, will be the United States Secretary of Education,” Trump wrote in a news release. McMahon now must wait for the Senate to confirm her nomination. North Carolina roots McMahon grew up in New Bern. Her parents worked 30 minutes away at Marine Corps Air Station Cherry Point, and she attended the nearby Havelock High School. It was during high school that she met her now-estranged husband and business partner, Vince McMahon. Together they attended East Carolina University where, in 1969, she earned a degree in French. After college, they moved away from the Tar Heel State. But in 2010, McMahon’s ties to North Carolina would be noted in a story by the Hartford Courant , which reported that she received a position on the Connecticut Board of Education after wrongfully claiming to then-Gov. M. Jodi Rell that she graduated from ECU with an education degree. In response to the allegations, McMahon told the Courant, “she first thought she had been right, because she did a semester of student-teaching, and after state testing, emerged with the certificate to teach — although she never did,” the Courant reported. Education background Her college degree was one of several misleading statements the newspaper reported McMahon had made on her application. McMahon’s opponents had argued her connection to WWE, and its violent, sexual and vulgar content, sent the wrong kind of message. They also criticized her lack of experience in education, though supporters saw that as a win. She still faces that criticism as Trump’s nominee. McMahon’s resume also includes serving on the board of trustees for Sacred Heart University in Connecticut. Despite the opposition, and news of her misidentified degree breaking in the Stamford Advocate a month before her confirmation hearing, the Connecticut legislature approved Rell’s nomination of McMahon. She would serve on the board for around a year. McMahon took to social media Thursday following the news that Rell died suddenly at 78. “Her dedication and approach to public service is the gold standard to which we all should aspire to,” McMahon wrote. “I was honored to have her appoint me to serve on the CT State Board of Education and so enjoyed working with her.” When McMahon resigned from Connecticut’s board in 2010, she told the Courant it didn’t have to do with their pending story. She said it was instead because of the board’s rules wouldn’t allow her to raise money for her Senate campaign while serving. She would go on to lose two separate Senate campaigns. Political work But McMahon never walked away from politics. She became a major donor and fundraiser for Republicans. During Trump’s 2024 campaign, she donated more than $20 million to the former and future president, NBC News reported. McMahon supported Trump from the beginning of his political career and it paid off for her when he nominated her to lead the Small Business Administration. After three years, McMahon resigned to lead America First Action, a Trump super-PAC. She chairs the America First Policy Institute board. Trump’s news release about her most recent nomination credits her for working on parents’ rights and universal school choice policy at the institute. She also serves as co-chair of Trump’s transition team. Education’s future McMahon is one of several of Trump’s nominees who could face a tough nomination process. For McMahon, she’s accused of allowing one of her employees to use his position to sexually abuse five teenagers 15 and under The accusation is part of a lawsuit filed anonymously by former teenage employees. If McMahon clears the Senate nomination, she faces a different hurdle. It’s unclear how long her position might even exist. And once again, that might be left up to Congress to decide. One of Trump’s constant campaign promises was to shutter the Department of Education. However, that’s a promise Trump can’t keep without congressional approval. And Trump could face backlash, even from within his own party, since schools rely on federal funding. Trump also promised to cut funding to schools that teach topics like critical race theory or anything he believes is too sexually or racially inappropriate. Critics of his plans include Katie Paris, the founder of Red Wine & Blue, a group of 600,000 women that says it’s working to defeat extremism. “McMahon is entirely unqualified to be Secretary of Education,” Paris said in a written statement. “She has no background in public schools. She lied about having an education degree when she was nominated for the Connecticut State Board of Education. Trump picked her simply because she will follow through on Project 2025’s promise to dismantle the Department of Education.” Trump, in his statement announcing the nomination, said McMahon “will use her decades of Leadership experience, and deep understanding of both Education and Business, to empower the next Generation of American Students and Workers, and make America Number One in Education in the World. “We will send Education BACK TO THE STATES, and Linda will spearhead that effort.” ©2024 McClatchy Washington Bureau. Visit at mcclatchydc.com . Distributed by Tribune Content Agency, LLC.(The Center Square) – The latest federal numbers show the U.S. deficit is soaring as President Joe Biden heads out of office. The U.S. Congressional Budget Office released its monthly budget review on Monday, which showed that in the first two months of this fiscal year, the federal government has run up a deficit of $622 billion. “That amount is $242 billion more than the deficit recorded during the same period last fiscal year,” CBO said in its report . That figure means the deficit is nearly 40% higher than this time last year. “The most alarming turkey in November was the federal government’s inability to live within its means,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement. “We are only two months into the fiscal year, and we have already borrowed a staggering $622 billion, with $365 billion in the month of November alone." Deficits never surpassed one trillion dollars before the COVID-19 pandemic. Since then, they remain well above one trillion and for this next fiscal year are well beyond the pace to surpass $1 trillion. The deficit last fiscal year was about $1.8 trillion. Billionaire Elon Musk, now an advisor to President-elect Donald Trump, lamented the debt, which is about $36 trillion, on X Monday. “If we don’t fix the deficit, everything will suffer, including essential spending like DoD, Medicare & Social Security,” Musk said. “It’s not optional.” CBO did explain that some of the increase is from accounting changes. From CBO: The change in the deficit was influenced by the timing of outlays and revenues alike. Outlays in October 2023 were reduced by shifts in the timing of certain federal payments that otherwise would have been due on October 1, 2023, which fell on a Sunday. (Those payments were made in September 2023.) Outlays in November 2024 were boosted by the shift to that month of payments due December 1, 2024, a Saturday. If not for those shifts, the deficit thus far in fiscal year 2025 would have been $541 billion, or $88 billion more than the shortfall at this point last year, and outlays would have been $38 billion more.”
( MENAFN - ForPressRelease) Revolutionary electric vehicles and serial hybrids EXLANTIX will be presented at the dealership center AVTODOM Varshavka in early 2025. EXLANTIX offers innovative solutions in the field of premium cars. All elements of the car design, advanced technological solutions and increased attention of engineers to safety are aimed at achieving maximum comfort for the driver and passengers. The four-door EXLANTIX ES coupe is equipped with an intelligent air suspension IAS and shock absorbers with CDC technology. This provides an ideal balance of control and comfort. The adaptive suspension system can be adjusted to the needs of the driver. It becomes soft for a smooth ride, or hard when it necessary by pressing just one button on the steering wheel. The interior design combines elegant simplicity with innovative solutions. An almost completely transparent roof opens up a panoramic view. A stylish floating center console is equipped with a cooled ultra-fast wireless charger for gadgets. Its power is 50 watts. An audio system with 23 speakers and a standard subwoofer provides unrivaled sound in the cabin. AVTODOM Varshavka is a modern dealership. It offers a full range of services: a spacious showroom, a service center, a lounge area, a children's room, a cafe and a parking lot with a convenient entrance. The location is located at Varshavskoe shosse, 91A. It has a twenty-year history. At the same time, the dealership center presents a comfortable and modern space. It is decorated according to modern standards of premium brands. Subdued colors and light accents create a calm, relaxing atmosphere in the spacious showroom. The official opening of the center is scheduled for 2025. It will be possible to be acquainted with the EXLANTIX brand cars in AVTODOM Varshavka already in the first quarter of 2025. "We are pleased to present the new EXLANTIX brand in our dealership. We invite all connoisseurs of modern technologies and premium comfort to be acquainted with the new products. We are confident that EXLANTIX brand cars will impress our customers with their innovative approach and high level of performance", - Alexey Shakhovtsev, Director of the AVTODOM South division, commented. Company :-AVTODOM User :- Anna Utkina Email :... Phone :-9163533764 MENAFN24122024003198003206ID1109028205 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
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It has taken new Michigan coach Dusty May just nine games to guide the Wolverines into the Top 25. May and the Wolverines enter the poll at No. 14 and strive to continue their strong start when they face Arkansas in the Jimmy V Classic on Tuesday night in New York. Michigan (8-1) has reeled off seven straight wins to crack the rankings for the first time in nearly 25 months. "All this stuff doesn't matter to me," May said of the rankings. "It does change the complexion of what we think about and things like that. Overall, I like where we are. We have guys who work well together and they put in the time." The Wolverines look to remain hot against the Razorbacks (7-2). John Calipari's first Arkansas squad has won its past two games. Calipari spent the previous 15 seasons as coach of Kentucky and claims he's excited to be in Arkansas. "I'm not bitter about anything. I'm not," Calipari said. "This is the first page of the first chapter of a new book. The timing for me and my career and my life, this is perfect. And I appreciate the fans and everybody giving me the opportunity to do that." The Razorbacks will be searching for their initial milestone victory under Calipari during their first visit to Madison Square Garden since 1997. Their losses this season are to then-No. 8 Baylor and Illinois on neutral courts. Calipari grabbed several players out of the transfer portal in the offseason, including guard Johnell Davis, one of the stars of the Florida Atlantic team that reached the 2023 Final Four. That squad was coached by May. One of the other Florida Atlantic starters was center Vladislav Goldin, who followed May to Michigan after the coach was hired in the offseason. Goldin has strung together three straight solid games, including a season-best 24 points in a 67-64 road win over then-No. 11 Wisconsin on Dec. 3. He followed that up with 20 points and a season-high 11 rebounds in Saturday's 85-83 home win over Iowa. "He's just been a guy that you can see when he's really locked in and focused there's a different level of play," said May, "and I think now he's finding that level of play." Goldin is part of a balanced attack. Roddy Gayle Jr. averages a team-best 12.2 points per game, followed by Tre Donaldson and Danny Wolf at 12.1 and Goldin at 12.0. Wolf averages a team-best 10 rebounds per game. Arkansas is coming off a 75-60 home victory over UTSA on Saturday. Adou Thiero excelled by matching his career high of 26 points to go with 10 rebounds. Thiero scored 17 points in the second half when the Razorbacks overcame a five-point halftime deficit to outscore the Roadrunners by 20. "We've been seeing that the whole summer," Arkansas forward Trevon Brazile said of Thiero's strong play. "Him dominating. Dominating in practice and (Calipari) pushing him. This is just a reflection of the work he's done this summer and him trusting the coaches." Thiero leads the Razorbacks with averages of 18.6 points and 6.1 rebounds. Boogie Fland is averaging 15 points and Zvonimir Ivisic is scoring 12 per game. Davis (9.3) started slow with just two double-digit outings in the first seven games before averaging 12.5 over the last two games. Michigan holds a 4-3 edge in the all-time series. The Wolverines recorded an 80-67 home victory on Dec. 8, 2012 in the most recent meeting. --Field Level Media