More than half of young drivers admit to illegal phone use - RAC surveyBy JUAN A. LOZANO, Associated Press HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. “It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Here’s what to know about the history of Enron and the purported effort to bring it back. Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company’s collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector. Twenty-four Enron executives , including former CEO Jeffrey Skilling , were eventually convicted for their roles in the fraud. Enron founder Ken Lay’s convictions were vacated after he died of heart disease following his 2006 trial. On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?” Related Articles Enron’s new website features a company store, where various items featuring the brand’s tilted “E” logo are for sale, including a $118 hoodie. In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that “We’ll have more to share soon.” Signs point to the comeback being a joke. In the “terms of use and conditions of sale” on the company’s website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.” Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government. Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.” “If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said. Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.” “Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said. Follow Juan A. Lozano on X at https://x.com/juanlozano70Republicans in the North Carolina House pushed through a measure restricting the powers of the incoming governor and other Democrats, overriding outgoing Democratic Gov. Roy Cooper’s veto. The bill passed with 72 members voting for the override and 46 against. Three House Republicans who opposed the measure last month over its limited disaster relief funding in response to Hurricane Helene, which caused massive flooding in their western North Carolina districts earlier this year, voted with their party. The vote comes after Republicans lost their supermajority in last month’s elections, making this their last chance to limit the power of newly elected Democratic leaders before the next legislative session in January. The state Senate voted to override the governor’s veto last week. Republicans emphasized the disaster relief provisions of the bill, but the majority of the legislation deals with changes to the authority of elected officials in the state. Under the bill, the incoming Democratic governor, Josh Stein , would be stripped of appointments to key state boards and control of the State Board of Elections will be transferred to the state auditor, a Republican. The legislation also shifts power away from the incoming lieutenant governor, attorney general and superintendent of public instruction, all Democrats. During Wednesday’s debate over the veto override, Republican state Rep. Destin Hall argued the legislation had become a “political football.” “The reality is, in this state, the Constitution gives this body the ability to make certain decisions, and the folks elected this body – just as they did the governor or governor-elect Stein coming in – and that’s what we’ve done in this bill,” Hall said. In his veto message last month, Cooper called the bill a “sham” that “shuffles money from one fund to another.” Billed as disaster relief funding following massive flooding in western North Carolina caused by Hurricane Helene earlier this year, the legislation transfers $227 million from a state savings fund to a Helene fund. The funds cannot be spent until appropriated by the legislature. Democrats from hard hit western North Carolina called on the legislature to do more to provide aid, and criticized the lack of appropriated funding in the legislation. “This bill just doesn’t meet the moment, and it doesn’t meet North Carolina’s values,” said Democratic state Rep. Eric Ager, who represents Asheville’s Buncombe County. “This bill just seems to do something to help, it doesn’t actually do it.” Republican state Rep. Mark Pless, one of the Republicans who initially voted against the bill, said he supported the veto override after receiving reassurances that disaster relief for Helene victims would be a top priority when the legislature meets next year. “I have discussed the needs with numerous elected leaders,” Pless said in a statement to CNN. “I am convinced there is a path forward and money will be available.” Stein, the governor-elect, blasted the legislation as a “power grab” during a briefing with reporters last week. “It’s petty and wrong-headed, it’s contrary to what the voters of North Carolina have just done in this election and who they elected,” Stein said. After the veto override passed, North Carolina Democratic Party chair Anderson Clayton said in a statement that Republicans had “put their desire to strip political power away from recently elected Democrats ahead of the aid and relief their communities need.” Democrats have also balked at the effort to strip power from incoming statewide Democratic officials, particularly transferring control of the State Board of Elections. “It is just purely a partisan move, overturning decades of tradition in North Carolina that has worked well,” said Democratic state Sen. Julie Mayfield. “It has worked well under Republican governors. It has worked well under Democratic governors. They just don’t like it.” Republicans have argued the power shifting provisions were meant to increase bipartisanship. Matt Mercer, the communications director of the North Carolina Republican Party, framed the election provisions as a response to a governor who has “had this thumb on the scale” with appointments to election boards. “I think this is the legislature asserting that they still have power, too,” Mercer said. “ This is just a way that we can continue to have a balanced government in North Carolina.” The new law marks the latest chapter in the Republican-led legislature’s efforts to reshape the balance of power, particularly when it comes to control over elections. In 2016, outgoing Republican Gov. Pat McCrory signed legislation that gave the legislature more influence over election board appointments. Cooper sued, and the state Supreme Court ruled in his favor . Voters rejected a 2018 proposed constitutional amendment backed by Republicans in the General Assembly to allow House and Senate leaders to appoint all members of the State Election Board. Earlier this year state court judges blocked another effort by the legislature to strip the governor of his ability to appoint election board members. This story has been updated with additional details.
Logility Adds New AI Capabilities to Supply Chain Management Offering
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Futuristic central processor unit. Powerful Quantum CPU on PCB motherboard with data transfers. For a while now, there’s been a lot of talk about export controls in the semiconductor industry – but now it seems like the single largest U.S. tech company by market cap, Nvidia, is likely to end up on the Biden administration’s naughty list, just in time for Christmas. This month, the industry is seeing a flurry of reports about enhanced regulatory controls of U.S. chipmakers selling products to China – with Nvidia mentioned by name. Specifically, the Biden administration has asked Nvidia to look into how its chips ended up in China, despite specific laws preventing such sales. In reaction to the U.S. Department of Commerce communications, Nvidia reportedly reaffirmed its commitment to export controls, and criticized a “gray market” (some would call it black) where third-party resellers can get around those rules. The company is also allegedly increasing its lobbying presence in Washington, and hiring people from the federal government, in what some say as an effort to anticipate a new regulatory environment. Forget Chrome—Google Starts Tracking All Your Devices In 8 Weeks Bitcoin Suddenly Surges Back To $100,000 On Huge $20 Trillion Price Prediction FBI Warns Gmail, Outlook, Apple Mail Users—Check 3 Things To Stop Attacks Cracking Down on International Chip Sales For a while, it was no secret that companies like Nvidia and AMD had numerous ways to make end runs around these regulations from the U.S. government. “Joe Biden's final move to stop China from racing ahead of the US in AI may be too little too late,” wrote Ashley Belanger at Ars Tecnica Dec. 2 , presumably in reference to the prior inability of the government to rein in thse kinds of sales. One example is where the companies will manufacture slightly different technology so that the chips comply with export controls. Making a lower capacity chip can allow the company to get a greenlight to ship that technology to China. Or they can simply sell to third parties and places like Singapore and Malaysia, who will then resale to the Chinese. A brand-new Biden administration change is attempting to close that particular loophole, according to Wall Street Journal reports – an executive order that is allegedly pending in the White House would limit sales of chips anywhere in the world, to stem efforts to smuggle or resell to China on the gray market. Insiders contend that U.S. chip makers are doing all they can to prevent this executive order from coming out, as explained by articles like this one from the NYT. Other Concerns In addition, the U.S. government is also wondering why American ship technology is ending up in Russian military equipment involved in the war in Ukraine. But back to Nvidia: a new antitrust investigation has chipped away at the company’s stock value, although that ticker rests at a healthy $131 and change as of press time. Meanwhile, the Chinese are announcing banning certain raw material exports to the U.S. of rare earth metals gallium and germanium. In terms of trying to enforce U.S. chip export controls, that sort of activity might be described as the biggest most intense game of Whack-a-Mole ever. Certain types of black markets are almost impossible to control, and it’s unlikely that one country, especially the U.S. where cash is king, is going to be able to gatekeep all of its private sector sales effectively. Take a look at this excerpt from a piece by Barath Harithas and Andreas Schumacher at the Center for Strategic and International Studies , where the entire essay goes over the thorny and Byzantine history of U.S. export controls over the last three years or so: “While a piece of semiconductor manufacturing equipment cannot be exported to China from U.S. factories, the same equipment produced in an overseas facility can legally be sold to an advanced logic fab in China, provided no U.S. persons are involved in its manufacturing, sale, installation, or servicing, even if the customer is on the U.S. entity list. This effectively created a backdoor in the control regime. To address this, the United States introduced a Foreign Direct Product Rule (FDPR) for semiconductor manufacturing equipment (SME). The FDPR subjects products made abroad to U.S. export restrictions if produced using U.S.-origin technology, software, or equipment. This move aims to prevent companies from circumventing restrictions by relocating production or relying on foreign facilities to supply restricted technologies to entity-listed Chinese firms.” But one thing is for sure – people with skin in the game are paying attention. They want to understand how trade control activity between the U.S. and China is going to affect the next generation of data centers and LLM applications that are having a huge impact on our businesses and our lives. In short, the technology race is heating up – and semiconductor technology is in the limelight. Keep an eye out here as I continue to look at the trends shaping the market, the geopolitical forces behind those trends, and what all of the players are doing as we get to the end of a banner year for technology.NEW YORK CITY—Former U.S. Rep. Anthony Weiner (D-N.Y.) has filed to launch a candidacy for a seat on the New York City Council next year, to make a potential political comeback following a series of scandals over sexting and a criminal conviction for obscene online contact with a minor. Weiner, 60, told the Associated Press that he is “still exploring” whether to run. District 2 encompasses a broad swath of some of Lower Manhattan’s most iconic neighborhoods, such as Gramercy, the Lower East Side, Greenwich Village, the East Village, Flatiron, Union Square, and Murray Hill. Carlina Rivera, a progressive Democrat with a focus on abortion access and transgender rights, currently represents the district on the City Council. After numerous investigations into sexual improprieties and a criminal conviction that sent him to prison for 21 months, Weiner has tried, so far without success, to make a political comeback. Weiner launched a run for mayor of New York in 2013 and failed to get past fifth place in the primaries. He had previously run for the same office, without success, in 2005. In 2011, Weiner engaged in sexting with social media users, causing a scandal that led to his announcement on June 16, 2011, that he would resign from the U.S. House of Representatives. Not long after his entry into the 2013 mayoral race, reports emerged that Weiner had used an alias to send sexually explicit photos to a 22-year-old woman. Another scandal erupted in August 2016 around reports that Weiner had sent a woman an image of himself lying in bed with his son. His then-wife Huma Abedin, a longtime close aide to former Secretary of State and two-time presidential candidate Hillary Clinton, filed for divorce in 2017. The two later agreed to negotiate their separation privately. In September 2016, allegations that Weiner had sent obscene content to a 15-year-old girl in North Carolina prompted officials to seize Weiner’s laptop. After a discovery of certain emails on the laptop, then-FBI Director James Comey reopened an investigation into then-presidential candidate Hillary Clinton’s improper use of a private email server for sensitive official matters. Prior to the reopening of the investigation, many polls had heavily favored Clinton. To this day, many people, including Clinton herself, believe that Weiner’s improprieties helped hand Donald Trump the presidency in November 2016. In 2017, Weiner received a 21-month prison sentence after pleading guilty to having sent obscene content to a 15-year-old girl in North Carolina. He served his sentence and was released from prison in 2019, and ordered to register as a sex offender.President-elect Donald Trump’s lawyers formally asked a judge Monday to throw out his hush money criminal conviction, arguing continuing the case would present unconstitutional “disruptions to the institution of the Presidency.“ File video above: Former President Donald Trump found guilty in hush money trial In a filing made public Tuesday, Trump’s lawyers told Manhattan Judge Juan M. Merchan that dismissal is warranted because of the “overwhelming national mandate granted to him by the American people on November 5, 2024.” “Wrongly continuing proceedings in this failed lawfare case disrupts President Trump’s transition efforts,” the attorneys continued, before citing the “overwhelming national mandate granted to him by the American people on November 5, 2024.” They also cited President Joe Biden’s recent pardon of his son, Hunter Biden, who had been convicted of tax and gun charges. “President Biden asserted that his son was ‘selectively, and unfairly, prosecuted,’ and ‘treated differently,’" Trump’s legal team wrote. The Manhattan district attorney, they claimed, had engaged in the type of political theater "that President Biden condemned.” Prosecutors will have until Dec. 9 to respond. They have said they will fight any efforts to dismiss the case but have indicated a willingness to delay the sentencing until after Trump’s second term ends in 2029. In their filing Monday, Trump's attorneys dismissed the idea of holding off sentencing until Trump is out of office as a “ridiculous suggestion.” Following Trump’s election victory last month, Merchan halted proceedings and indefinitely postponed his sentencing , previously scheduled for late November, to allow the defense and prosecution to weigh in on the future of the case. He also delayed a decision on Trump’s prior bid to dismiss the case on immunity grounds. Trump has been fighting for months to reverse his conviction on 34 counts of falsifying business records to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier. He says they did not and denies any wrongdoing. Taking a swipe at Bragg and New York City, as Trump often did throughout the trial, the filing argues that dismissal would also benefit the public by giving him and “the numerous prosecutors assigned to this case a renewed opportunity to put an end to deteriorating conditions in the City and to protect its residents from violent crime.” Clearing Trump, the lawyers added, would also allow him to “to devote all of his energy to protecting the Nation.” The defense filing was signed by Trump lawyers Todd Blanche and Emil Bove, who represented Trump during the trial and have since been selected by the president-elect to fill senior roles at the Justice Department. A dismissal would erase Trump’s historic conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. Trump takes office Jan. 20 . Merchan hasn’t set a timetable for a decision. A dismissal would erase Trump’s historic conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. Merchan could also decide to uphold the verdict and proceed to sentencing, delay the case until Trump leaves office, wait until a federal appeals court rules on Trump’s parallel effort to get the case moved out of state court or choose some other option. Prosecutors had cast the payout as part of a Trump-driven effort to keep voters from hearing salacious stories about him. Trump’s then-lawyer Michael Cohen paid Daniels. Trump later reimbursed him, and Trump’s company logged the reimbursements as legal expenses — concealing what they really were, prosecutors alleged. Trump has pledged to appeal the verdict if the case is not dismissed. He and his lawyers said the payments to Cohen were properly categorized as legal expenses for legal work. A month after the verdict, the Supreme Court ruled that ex-presidents can’t be prosecuted for official acts — things they did in the course of running the country — and that prosecutors can’t cite those actions to bolster a case centered on purely personal, unofficial conduct. Trump’s lawyers cited the ruling to argue that the hush money jury got some improper evidence, such as Trump’s presidential financial disclosure form, testimony from some White House aides and social media posts made during his first term. Prosecutors disagreed and said the evidence in question was only “a sliver” of their case. If the verdict stands and the case proceeds to sentencing, Trump’s punishments would range from a fine to probation to up to four years in prison — but it’s unlikely he’d spend any time behind bars for a first-time conviction involving charges in the lowest tier of felonies. Because it is a state case, Trump would not be able to pardon himself once he returns to office. Presidential pardons apply only to federal crimes.
World Cup selection drives US sevens star Maher's move to BristolArtificial General Intelligence is the one everybody’s scared of. This is the “human” level of AI, or better, according to some. Hype and hope are spending far too much time being seen on the same page . They’re not even in the same book yet. The current state of testing of OpenAI’s o3 model has definitely got the chickens cackling. Testing outcomes were a mix of fab and fail. The definitive description of the outcomes is in this article in New Scientist , which you do need to read. Every article on AI should come with a chaperone and a guy with a red flag walking about 20 paces in front, warning of its approach. The sheer opacity of this information normally doesn’t help. “Tests were done. The AI passed or failed the tests, ...etc.” is the usual format. This uninformative blurriness is due to both sheer volume of data and the turgidity of wading through it. Fortunately, New Scientist has condensed a lot of info into something actually readable. Please do read it, because it clarifies a lot of issues . OK, so briefly, this is what’s happened: OpenAI’s o3 did pretty well and outperformed its predecessors. It did very well on the benchmark test for AGI, a thing called ARC or Abstract and Reasoning Corpus (ARC). ...But it’s still not AGI. It didn’t meet multiple criteria. It failed some tests and didn’t achieve cost parameters to many people’s liking. This is where things get picky, with good reason. The easiest example is to compare a chess computer to AGI expectations. Chess computers use “brute force”, processing millions of possible moves and choosing the best. Ironically, that is exactly what people expect all AI in games to do, but that doesn’t even approach AGI ARC requirements. AI is supposed to reason its way through challenges. Another problem as I see it is the inbuilt cost paradigm. Brute force is inefficient, costly and not as good in performance terms. (It’s pretty ancient and outmoded tech in processing terms, too.) It’s reasonable enough to set a value for computing tasks, so you have a functional metric. That can hardly be the whole story, though. If you set $20 for the cost of a task, how do you value the outcome? In real terms, any range of tasks will have different values for outcomes. You spend $20 for a $20 task outcome, OK. But, and it’s a big but – You spend the same $20 for a $200,000 task outcome, are you measuring cost efficiency or not using this metric? You can see why people might get interested. You must value the outcomes directly, not just “pass or fail”. Otherwise, you don’t even have a cost benefit analysis. Meanwhile, it’s very debatable how much these core valuations are getting through to the market. This level of hype is too dangerous. Everybody who actually works in the AI sector is wary of the hype. Current market-level AI is nowhere near the o3 level, and o3 is nowhere near the AGI ARC level. The market obviously doesn’t care. That’s not stopping vast amounts of dollars jumping in with or without any understanding at all of the absolute basics. It’s not stopping people replacing staff with AI . Even if you just mindlessly assume these very early-stage AIs are capable of doing these jobs, whose money and credibility is at risk? Irresponsibility is such fun, isn’t it? The risk levels are incredible. The other critical point here is this: The market will have to apply something very like ARC standards or probably better to AGI when it does arrive. These standards will need to be universal. ARC could well be the ancestral “does this thing work or not” test vehicle for future AI. The sales guys have been doing their jobs too well. Now is the time for the hardheads and tech heads to make a difference. The market has been far too accepting of AI as an idea. Even the simple reality that people will have to work with perhaps millions of AIs, specialist AIs, and “niche” AIs isn’t getting much attention. How will AGI fit into a shifting sands museum of old practices, technologies, and human perceptions? Probably very badly. The wheel was invented when there were no carts, horse attachments, or even clear ideas of what a wheel was. See any possible wheel-like problems with AGI? AGI needs to be idiot-proof. It must be manageable. Editor-at-Large based in Sydney, Australia.American rugby sevens star Ilona Maher will join 15-a-side club Bristol in January in a bid to play in next year's women's Rugby World Cup, the English club announced on Monday. Maher, 28, helped the USA to a bronze medal at this summer's Olympic Games in Paris and is the sport's most popular player on social media.
Mother says she loves new grandchild more than her kidsMarvell Technology, Inc. Reports Third Quarter of Fiscal Year 2025 Financial ResultsAI has been a boon for marketing, but the dark side of using algorithms to sell products and brands is little studied
Amazon is doubling its investment in Anthropic to $8 billion in a deepened collaboration on artificial intelligence, the companies said Friday. The e-commerce and technology behemoth will remain a minority investor in Anthropic, having pumped an initial $4 billion into the artificial intelligence developer late last year and becoming its primary cloud computing provider.Pittsburgh Steelers outside linebacker T.J. Watt, place kicker Chris Boswell and special teams ace Miles Killebrew are leading their respective positions in the AFC Pro Bowl vote , which opened up last Monday. The Steelers have the fifth-most votes as a team overall and the third-most in the AFC. Steelers All-Pro outside linebacker T.J. Watt had a huge strip sack on Cincinnati Bengals quarterback Joe Burrow in Sunday’s 44-38 win. He now has a league-best five forced fumbles. Out of Watt’s five forced fumbles, three were strip sacks. He also tied James Harrison for second place in franchise history with 32 strip sacks. Greg Lloyd has the record with 33. In addition to his five forced fumbles, Watt enters Week 14 with 43 tackles (31 solos), 9.5 sacks, 16 tackles for loss, 23 quarterback hits and two fumble recoveries. He is currently the odds-on favorite at -200 to win NFL Defensive Player of the Year, according to Sports Betting Dime. Boswell was named AFC Special Teams Player of the Week twice this season (Week 1 and Week 11). He was also named AFC Special Teams Player of the Month in September and October. He’s well on his way to being a first-team All-Pro. “I love Boz, and I’m tired of him getting player of the week,” joked Steelers head coach Mike Tomlin after Boswell went 6 of 6 in the Steelers’ 18-16 win over the Baltimore Ravens in Week 11. “He’ll probably get player of the week again this week. He is deserving of it, but it reminds us of our warts. It reminds us of the work that we need to do. But no doubt I’m thankful that he’s on our team.” Killebrew, who earned first-team All-Pro honors on special teams last year, was named a special team captain for a third straight year in 2024. Compared to last year, he hasn’t made as many splash plays, but he’s still one of the best special teams players in the league. “It’s an honor. There’s no other way to describe it,” Killebrew said of being a captain, via Steelers.com. “Definitely something I don’t take for granted. To be voted for by my peers here in the locker room means a lot. I take great responsibility for it moving forward. I’ve got to be a huge support for my guys on team as well. “When coach said my name, it felt just as exciting as the first time. I was completely thrilled and humbled. It’s definitely a moment for me to step up and be what my teammates need me to be, which is someone who holds the standard.” For the second consecutive year, the NFL will return to Orlando for the Pro Bowl Games. This article first appeared on Steelers Now and was syndicated with permission.Texans trying to get 'locked in' with Jags up next
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WASHINGTON (AP) — FBI Director Christopher Wray told bureau workers Wednesday that 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 as well as inquiries into Biden and his son. “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 intended resignation was not unexpected considering that Trump had settled on Patel to be director and had repeatedly aired his ire at Wray, whom he appointed during his first term. 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 well before his term was up and Wray resigning to avert a collision with the incoming administration. “It should go without saying, but I’ll say it anyway — this is not easy for me," Wray said. “I love this place, I love our mission, and I love our people — but my focus is, and always has been, on us and doing what’s right for the FBI.” Wray received a standing ovation following his remarks before a standing-room-only crowd at FBI headquarters and some in the audience cried, according to an FBI official who was not authorized to discuss the private gathering by name and spoke on condition of anonymity to The Associated Press. Trump applauded the 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 saying that Patel's confirmation will begin “the process of Making the FBI Great Again.” If confirmed by the Senate, Patel would herald a radical leadership transformation at the nation's premier federal law enforcement agency. He has advocated shutting down the FBI's Washington headquarters and called for ridding the federal government of “conspirators," raising alarms that he might seek to wield the FBI's significant investigative powers as an instrument of retribution against Trump's perceived enemies. Patel said in a statement Wednesday that he was looking forward to "a smooth transition. I will be ready to serve the American people on day one.” 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 throughout the years, including as recently as the past week. In an interview with NBC’s “Meet the Press” that aired Sunday, Trump said, “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 by the Justice Department special counsel that brought them in light of Trump's November victory. Attorney General Merrick Garland 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 that 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, the self-professed "low-key, understated" 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. He also sought to avoid public conflict when possible with the Trump White House, distancing himself and his leadership team from the FBI's Russia investigation over errors that took place before he took office and announcing dozens of corrective actions meant to prevent the recurrence of the surveillance abuses that plagued the inquiry. But there were other instances when he memorably broke from Trump — he did not agree, for instance, with Trump’s characterization of the Russia investigation as a “witch hunt." He made known his displeasure when the White House blessed the declassification of materials related to the surveillance of a former Trump campaign aide and contradicted a Trump talking point by stating that Ukraine had not interfered in the 2016 election. He repeatedly sought to keep the focus on the FBI's day-to-day work, using the bulk of his resignation announcement to praise the bureau's efforts in countering everything from violent crime and cyberattacks to Chinese espionage and terrorism. Yet as he leaves office at a time of heightened threats , much of the public focus has been on the politically sensitive investigations of his tenure. Besides the inquiries into Trump, the FBI in recent years also investigated Biden's handling of classified information as well as Biden's son Hunter for tax and gun violations. Hunter Biden was pardoned by his father last week. A particular flashpoint came in August 2022, when FBI agents searched Mar-a-Lago — an action 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 search and has kept up his criticism ever since. Trump was angered by Wray's comment at a congressional hearing 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 New Jersey Gov. Chris Christie during the “Bridgegate” scandal. He also led the Justice Department’s criminal division for a period during President George W. Bush’s administration.Amazon invests another $4 bn in AI firm Anthropic
Q3 Net Revenue: $1.516 billion , grew by 7% year-on-year Q3 Gross Margin: 23.0% GAAP gross margin; 60.5% non-GAAP gross margin Q3 Diluted income (loss) per share: $(0.78) GAAP diluted loss per share; $0.43 non-GAAP diluted income per share SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. MRVL , a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook Net revenue is expected to be $1.800 billion +/- 5%. GAAP gross margin is expected to be approximately 50%. Non-GAAP gross margin is expected to be approximately 60%. GAAP operating expenses are expected to be approximately $710 million . Non-GAAP operating expenses are expected to be approximately $480 million . Basic weighted-average shares outstanding are expected to be 867 million. Diluted weighted-average shares outstanding are expected to be 877 million. GAAP diluted net income per share is expected to be $0.16 +/- $0.05 per share. Non-GAAP diluted net income per share is expected to be $0.59 +/- $0.05 per share. GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Management's evaluation of Marvell's operating performance; Management's establishment of internal operating budgets; Management's performance comparisons with internal forecasts and targeted business models; and Management's determination of the achievement and measurement of certain types of compensation including Marvell's annual incentive plan and certain performance-based equity awards (adjustments may vary from award to award). Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates. Marvell Technology, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 $ 3,949.9 $ 4,081.2 Cost of goods sold 1,166.7 685.3 867.4 2,485.1 2,451.7 Gross profit 349.4 587.6 551.2 1,464.8 1,629.5 Operating expenses: Research and development 488.6 486.7 481.1 1,451.4 1,436.6 Selling, general and administrative 205.3 197.3 213.0 602.5 622.0 Restructuring related charges 358.3 4.0 3.4 366.4 105.3 Total operating expenses 1,052.2 688.0 697.5 2,420.3 2,163.9 Operating loss (702.8) (100.4) (146.3) (955.5) (534.4) Interest expense (47.2) (48.4) (52.6) (144.4) (159.1) Interest income and other, net (0.5) 2.6 11.4 5.4 22.1 Interest and other loss, net (47.7) (45.8) (41.2) (139.0) (137.0) Loss before income taxes (750.5) (146.2) (187.5) (1,094.5) (671.4) Provision (benefit) for income taxes (74.2) 47.1 (23.2) (9.3) (130.7) Net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Net loss per share — basic $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Net loss per share — diluted $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Weighted-average shares: Basic 865.7 865.7 862.6 865.5 860.1 Diluted 865.7 865.7 862.6 865.5 860.1 Marvell Technology, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In millions) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 868.1 $ 950.8 Accounts receivable, net 997.9 1,121.6 Inventories 859.4 864.4 Prepaid expenses and other current assets 91.4 125.9 Total current assets 2,816.8 3,062.7 Property and equipment, net 781.9 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 2,957.7 4,004.1 Deferred tax assets 406.5 311.9 Other non-current assets 1,165.8 1,506.9 Total assets $ 19,715.6 $ 21,228.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 538.1 $ 411.3 Accrued liabilities 825.2 1,032.9 Accrued employee compensation 270.9 262.7 Short-term debt 129.4 107.3 Total current liabilities 1,763.6 1,814.2 Long-term debt 3,965.5 4,058.6 Other non-current liabilities 613.6 524.3 Total liabilities 6,342.7 6,397.1 Stockholders' equity: Common stock 1.7 1.7 Additional paid-in capital 14,629.0 14,845.3 Accumulated other comprehensive income (loss) (0.3) 1.1 Accumulated deficit (1,257.5) (16.7) Total stockholders' equity 13,372.9 14,831.4 Total liabilities and stockholders' equity $ 19,715.6 $ 21,228.5 Marvell Technology, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Cash flows from operating activities: Net loss $ (676.3) $ (164.3) $ (1,085.2) $ (540.7) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 76.6 72.1 225.5 226.0 Stock-based compensation 158.4 158.5 449.8 454.5 Amortization of acquired intangible assets 264.9 269.8 805.5 811.6 Restructuring related impairment charges 521.8 0.8 524.1 32.2 Deferred income taxes (47.9) (57.0) (106.2) (283.7) Other expense, net 9.0 18.2 42.1 39.9 Changes in assets and liabilities: Accounts receivable 62.2 (5.5) 123.7 (22.4) Prepaid expenses and other assets (45.5) 53.7 176.2 14.4 Inventories (108.2) 70.6 (60.2) 123.1 Accounts payable 75.0 (0.7) 109.8 (87.5) Accrued employee compensation 71.1 59.7 11.9 0.7 Accrued liabilities and other non-current liabilities 175.2 27.1 (49.8) 55.8 Net cash provided by operating activities 536.3 503.0 1,167.2 823.9 Cash flows from investing activities: Purchases of technology licenses (0.5) (0.3) (6.2) (3.3) Purchases of property and equipment (75.0) (54.4) (214.7) (265.3) Acquisitions, net of cash acquired — — (10.4) (5.5) Other, net — 0.1 0.9 (0.2) Net cash used in investing activities (75.5) (54.6) (230.4) (274.3) Cash flows from financing activities: Repurchases of common stock (200.0) (50.0) (525.0) (50.0) Proceeds from employee stock plans 0.8 0.7 52.4 61.1 Tax withholding paid on behalf of employees for net share settlement (58.6) (44.9) (190.3) (168.7) Dividend payments to stockholders (51.9) (51.8) (155.6) (154.9) Payments on technology license obligations (58.9) (31.6) (124.4) (110.2) Proceeds from borrowings — 1,045.3 — 1,295.3 Principal payments of debt (32.8) (1,006.9) (76.6) (1,600.6) Other, net — (7.0) — (7.0) Net cash used in financing activities (401.4) (146.2) (1,019.5) (735.0) Net increase (decrease) in cash and cash equivalents 59.4 302.2 (82.7) (185.4) Cash and cash equivalents at beginning of period 808.7 423.4 950.8 911.0 Cash and cash equivalents at end of period $ 868.1 $ 725.6 $ 868.1 $ 725.6 Marvell Technology, Inc. Reconciliations from GAAP to Non-GAAP (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 GAAP gross profit $ 349.4 $ 587.6 $ 551.2 $ 1,464.8 $ 1,629.5 Special items: Stock-based compensation 16.3 11.2 15.7 37.2 38.7 Amortization of acquired intangible assets 180.4 191.3 184.3 552.2 553.8 Restructuring related charges (a) 356.8 — — 356.8 — Other cost of goods sold (b) 14.2 (2.6) 108.0 17.6 237.8 Total special items 567.7 199.9 308.0 963.8 830.3 Non-GAAP gross profit $ 917.1 $ 787.5 $ 859.2 $ 2,428.6 $ 2,459.8 GAAP gross margin 23.0 % 46.2 % 38.9 % 37.1 % 39.9 % Stock-based compensation 1.1 % 0.9 % 1.1 % 0.9 % 0.9 % Amortization of acquired intangible assets 11.9 % 15.0 % 13.0 % 14.0 % 13.6 % Restructuring related charges (a) 23.5 % — % — % 9.0 % — % Other cost of goods sold (b) 1.0 % (0.2) % 7.6 % 0.5 % 5.9 % Non-GAAP gross margin 60.5 % 61.9 % 60.6 % 61.5 % 60.3 % Total GAAP operating expenses $ 1,052.2 $ 688.0 $ 697.5 $ 2,420.3 $ 2,163.9 Special items: Stock-based compensation (142.1) (143.7) (142.8) (412.6) (415.8) Amortization of acquired intangible assets (84.5) (84.4) (85.5) (253.3) (257.8) Restructuring related charges (a) (358.3) (4.0) (3.4) (366.4) (105.3) Other (c) (0.4) (0.1) (28.7) (11.5) (41.3) Total special items (585.3) (232.2) (260.4) (1,043.8) (820.2) Total non-GAAP operating expenses $ 466.9 $ 455.8 $ 437.1 $ 1,376.5 $ 1,343.7 GAAP operating margin (46.4) % (7.9) % (10.3) % (24.2) % (13.1) % Stock-based compensation 10.5 % 12.2 % 11.2 % 11.4 % 11.1 % Amortization of acquired intangible assets 17.5 % 21.7 % 19.0 % 20.4 % 19.9 % Restructuring related charges (a) 47.2 % 0.3 % 0.2 % 18.3 % 2.6 % Other cost of goods sold (b) 0.9 % (0.2) % 7.6 % 0.4 % 5.8 % Other (c) — % — % 2.1 % 0.3 % 1.0 % Non-GAAP operating margin 29.7 % 26.1 % 29.8 % 26.6 % 27.3 % GAAP interest and other loss, net $ (47.7) $ (45.8) $ (41.2) $ (139.0) $ (137.0) Special items: Other (c) (1.4) 0.3 (4.2) (3.5) (12.6) Total special items (1.4) 0.3 (4.2) (3.5) (12.6) Total non-GAAP interest and other loss, net $ (49.1) $ (45.5) $ (45.4) $ (142.5) $ (149.6) GAAP net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Special items: Stock-based compensation 158.4 154.9 158.5 449.8 454.5 Amortization of acquired intangible assets 264.9 275.7 269.8 805.5 811.6 Restructuring related charges (a) 715.1 4.0 3.4 723.2 105.3 Other cost of goods sold (b) 14.2 (2.6) 108.0 17.6 237.8 Other (c) (1.0) 0.4 24.5 8.0 28.7 Pre-tax total special items 1,151.6 432.4 564.2 2,004.1 1,637.9 Other income tax effects and adjustments (d) (102.3) 27.1 (45.8) (73.0) (188.7) Non-GAAP net income $ 373.0 $ 266.2 $ 354.1 $ 845.9 $ 908.5 GAAP weighted-average shares — basic 865.7 865.7 862.6 865.5 860.1 GAAP weighted-average shares — diluted 865.7 865.7 862.6 865.5 860.1 Non-GAAP weighted-average shares — diluted (e) 875.5 875.7 872.2 875.8 867.6 GAAP diluted net loss per share $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Non-GAAP diluted net income per share $ 0.43 $ 0.30 $ 0.41 $ 0.97 $ 1.05 (a) Restructuring and other related items include asset impairment charges, recognition of future contractual obligations, employee severance costs, facilities related charges, and other. (b) Other cost of goods sold includes charges for an intellectual property licensing claim, product claim related matters that were fully resolved in the fourth quarter of fiscal 2024, and acquisition integration related inventory costs. (c) Other costs in operating expenses and interest and other loss, net include gain or loss on investments and asset acquisition related costs. (d) Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 7.0% for the three and nine months ended November 2, 2024 and three months ended August 3, 2024. Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 6% for the three and nine months ended October 28, 2023. (e) Non-GAAP diluted weighted-average shares differs from GAAP diluted weighted-average shares due to the non-GAAP net income reported. Marvell Technology, Inc. Outlook for the Fourth Quarter of Fiscal Year 2025 Reconciliations from GAAP to Non-GAAP (Unaudited) (In millions, except per share amounts) Outlook for Three Months Ended February 1, 2025 GAAP net revenue $1,800 +/- 5% Special items: — Non-GAAP net revenue $1,800 +/- 5% GAAP gross margin ~ 50% Special items: Stock-based compensation 0.7 % Amortization of acquired intangible assets 9.3 % Non-GAAP gross margin ~ 60% Total GAAP operating expenses ~ $710 Special items: Stock-based compensation 142 Amortization of acquired intangible assets 78 Restructuring related charges and other 10 Total non-GAAP operating expenses ~ $480 GAAP diluted net income per share $0.16 +/- $0.05 Special items: Stock-based compensation 0.18 Amortization of acquired intangible assets 0.28 Restructuring related charges and other 0.01 Other income tax effects and adjustments (0.04) Non-GAAP diluted net income per share $0.59 +/- $0.05 Quarterly Revenue Trend (Unaudited) Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) enterprise networking, (iii) carrier infrastructure, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below: End market Customer products and applications Data center • Cloud and on-premise Artificial intelligence (AI) systems • Cloud and on-premise ethernet switching • Cloud and on-premise network-attached storage (NAS) • Cloud and on-premise AI servers • Cloud and on-premise general-purpose servers • Cloud and on-premise storage area networks • Cloud and on-premise storage systems • Data center interconnect (DCI) Enterprise networking • Campus and small medium enterprise routers • Campus and small medium enterprise ethernet switches • Campus and small medium enterprise wireless access points (WAPs) • Network appliances (firewalls, and load balancers) • Workstations Carrier infrastructure • Broadband access systems • Ethernet switches • Optical transport systems • Routers • Wireless radio access network (RAN) systems Consumer • Broadband gateways and routers • Gaming consoles • Home data storage • Home wireless access points (WAPs) • Personal Computers (PCs) • Printers • Set-top boxes Automotive/industrial • Advanced driver-assistance systems (ADAS) • Autonomous vehicles (AV) • In-vehicle networking • Industrial ethernet switches • United States military and government solutions • Video surveillance Quarterly Revenue Trend (Unaudited) (Continued) Three Months Ended % Change Revenue by End Market (In millions) November 2, 2024 August 3, 2024 October 28, 2023 YoY QoQ Data center $ 1,101.1 $ 880.9 $ 555.8 98 % 25 % Enterprise networking 150.9 151.0 271.1 (44) % — % Carrier infrastructure 84.7 75.9 316.5 (73) % 12 % Consumer 96.5 88.9 168.7 (43) % 9 % Automotive/industrial 82.9 76.2 106.5 (22) % 9 % Total Net Revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 7 % 19 % Three Months Ended Revenue by End Market % of Total November 2, 2024 August 3, 2024 October 28, 2023 Data center 73 % 69 % 39 % Enterprise networking 10 % 12 % 19 % Carrier infrastructure 6 % 6 % 22 % Consumer 6 % 7 % 12 % Automotive/industrial 5 % 6 % 8 % Total Net Revenue 100 % 100 % 100 % For further information, contact: Ashish Saran Senior Vice President, Investor Relations 408-222-0777 ir@marvell.com View original content to download multimedia: https://www.prnewswire.com/news-releases/marvell-technology-inc-reports-third-quarter-of-fiscal-year-2025-financial-results-302321507.html SOURCE Marvell © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Law enforcement officials arrested a Manhattan man Tuesday and seized approximately 12 kilos of fentanyl during an afternoon raid at an apartment in the Belmont neighborhood of the Bronx, according to the New York division of the Drug Enforcement Administration. The bust, which took place at 2:15 p.m., followed a five-month investigation into drug trafficking in the area. DEA agents initially recovered four kilos of fentanyl during an undercover operation before discovering an additional eight kilos hidden inside a first-floor apartment at 780 Garden St. The suspect, 66-year-old Xiex Cruz, was taken into custody. Authorities allege Cruz used the first-floor apartment as a “drug dungeon” to stash and distribute narcotics. The location raised additional concerns as the stash house was situated just 30 feet from a day care center operating on the first floor and directly below another day care on the third floor. Officials emphasized that there is no evidence either facility was involved in the operation. The bust comes just over a year since four toddlers were poisoned— one fatally —at Divino Nino Day Care Center in the Bronx where dealers were stashing and trafficking fentanyl. Frank Tarentino, the DEA Special Agent in Charge, who oversaw Tuesday’s raid, said that the Bronx is a hotspot for drug operations in the city. “The Bronx is ground zero for the five boroughs in terms of how drug trafficking organizations are involved in moving their illicit trade,” Tarentino said. “The Bronx is geographically located in a place in New York City which affords drug trafficking organizations easy access in and out because of the interstate, because of the Cross Bronx Expressway and because of the George Washington Bridge from New Jersey.” Even in low doses, fentanyl, a schedule II synthetic opioid about 100 times stronger than morphine, can be fatal, especially to children, according to the DEA . The close proximity of the two day care facilities to the stash house underscores the threat to the Bronx community. Tarentino said that citizens should remain on high alert. “There are bad actors and people who intend to do harm out there,” he said. “Whether it’s pushing this very deadly and highly addicting drug like fentanyl, they’re using all different types of methods to move their poison, whether it’s social media applications, the internet or on our city streets. “We just have to be mindful.” Nine law enforcement officers on the scene were treated for symptoms consistent with exposure to the drug – one of them was transported to the hospital and later released. Tarentino said that all have since recovered and were able to resume their law enforcement duties. Bronx Borough President Vanessa L. Gibson released a statement Wednesday calling for additional measures to prevent fentanyl distribution and deaths. “Fentanyl is a silent killer, and its presence in our community is a stark and urgent warning,” Gibson said. “It highlights the immediate danger that fentanyl and other dangerous opioids present to the health and safety of our residents, particularly our most vulnerable children and families. It is critical that we intensify our efforts to combat this epidemic through prevention, education, and expanding access to naloxone.” The office of the Special Narcotics Prosecutor for the City of New York told the Bronx Times that they expect the suspect to be arraigned in Manhattan Wednesday night.Qatar Classic Cars Contest concludes
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