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niceprintphoto Tech investors are facing a new form of disruption. This investment cohort has historically paid little attention to macroeconomics, as ever-improving product features and innovative growth strategies have driven investment returns in high tech far more than things like aggregate growth and inflation. But artificial intelligence -- and its enormous capital requirements -- are ripping up this script. The proposed spending on AI infrastructure by established tech companies in the coming years is eye-watering. In 2025 alone, big tech firms including Amazon, Microsoft, Alphabet, Meta and Apple are projected to spend over US$200 billion on capex -- almost double what they shelled out in 2021, the year before the generative AI chatbot ChatGPT debuted. The increase in capex is almost entirely due to efforts to build out generative AI capabilities. This highlights the key difference between the AI investment surge and the high-tech boom of the prior two decades: investment today is focused more on hardware than software -- and hardware is obviously more capital-intensive. If the economy slows and business prospects for these tech companies deteriorate, their executives will likely think twice about these ambitious -- and entirely discretionary -- spending plans. This complicates investors' calculations of the likely returns that can be expected from this nascent technology. In the first two decades of this century, software engineers disrupted one industry after another with business models that were nimble, scalable, and had low fixed costs. A small group of whip-smart entrepreneurs bootstrapped their start-ups, found quick success with early prototypes, and then made a series of strategic pivots. Think Amazon, Netflix, and many social media companies. Fast forward to the age of generative AI, and the storyline has changed dramatically. The new business model typically revolves around very smart, complex and expensive machines that require a tremendous amount of energy to run and often take a long time to build. For example, the Taiwanese semiconductor giant TSMC's Arizona foundry cost US$40 billion, and commercial production won't commence until 2025, four years after construction began. Importantly, investment in AI is typically expected to take years to pay back. In the meantime, many factors could negatively impact the value of AI infrastructure, including concerns related to business confidence and cost inflation, as well as regulatory hurdles and geopolitical tensions that influence where companies can do business. This means tech investors can no longer easily ignore top-down concerns. AI start-ups, unlike their counterparts in software, are also often very capital intensive, making them highly sensitive to market conditions and access to funding. Most of these young companies rely on private capital, which many venture capitalists have been eager to supply in recent years. Investments in AI and machine learning, a related field, accounted for nearly half of all VC funding in the United States in the first half of 2024. And these investments have often been enormous. In October, OpenAI raised $6.6 billion in equity capital from eight investors and another $4 billion in debt financing from nine lenders. The average size of these checks is over half a billion dollars. Checks of this size can be written at a time when the S&P 500 is hitting new record highs, the US economy is growing above trend, and inflation is heading downward. But what happens when the economy inevitably softens and public stock prices dip? Or what if the cost of capital in the US remains elevated? AI start-ups may then find it more challenging to fund their ambitious visions, which could, in turn, stall the pace of growth and innovation in the broad AI ecosystem. This, of course, could reduce demand for the AI infrastructure that big tech companies have invested hundreds of billions of dollars in. Hardware businesses also exhibit more cyclical characteristics than software. That's because they can't rely on continuous adjustments to meet shifts in customer demand, given the substantial inputs and manpower needed to create new products. Consider that $3.5 trillion-plus chipmaker Nvidia has now adopted a "one-year rhythm" for new products, doubling the speed from its previous product release cadence. This means these companies are subject to traditional inventory cycles: when demand exceeds current supply, inventory is drawn down, and prices rise, and vice versa. Hardware businesses, unlike nimble software companies, will thus struggle to scale their capacity up or down at short notice. So both the volumes and prices of hardware will typically fluctuate, subject to economic conditions. It's notable that semiconductor sales have been positively correlated with manufacturing PMIs for decades. This relationship started breaking down in 2022 as AI euphoria really took off. If historical patterns hold, this could mean the boom in global semiconductor sales is overdue for a correction. That's just one example of why tech investors may need to become as macro-aware as the rest of the investment community. Reuters Taosha Wang is a portfolio manager at Fidelity International.None

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Rejuvel Bio-Sciences ( OTCMKTS:NUUU – Get Free Report ) and Vestis ( NYSE:VSTS – Get Free Report ) are both consumer staples companies, but which is the better business? We will contrast the two companies based on the strength of their dividends, valuation, analyst recommendations, institutional ownership, risk, profitability and earnings. Analyst Ratings This is a summary of current ratings for Rejuvel Bio-Sciences and Vestis, as reported by MarketBeat.com. Vestis has a consensus price target of $17.43, indicating a potential upside of 8.77%. Given Vestis’ stronger consensus rating and higher possible upside, analysts plainly believe Vestis is more favorable than Rejuvel Bio-Sciences. Institutional & Insider Ownership Profitability This table compares Rejuvel Bio-Sciences and Vestis’ net margins, return on equity and return on assets. Valuation and Earnings This table compares Rejuvel Bio-Sciences and Vestis”s gross revenue, earnings per share (EPS) and valuation. Vestis has higher revenue and earnings than Rejuvel Bio-Sciences. Summary Vestis beats Rejuvel Bio-Sciences on 8 of the 8 factors compared between the two stocks. About Rejuvel Bio-Sciences ( Get Free Report ) Rejuvel Bio-Sciences, Inc., a development stage company, produces, distributes, markets, and sells skin care products worldwide. The company primarily offers skin cream under the Rejuvel brand. It also intends to develop, build, and sell environmental management solutions that use electron particle accelerator technology for the treatment of drinking water, municipal and industrial wastewater, sludge, and produced water from oil and gas fracturing activities. The company was formerly known as Technology Applications International Corporation and changed its name to Rejuvel Bio-Sciences, Inc. in June 2015. Rejuvel Bio-Sciences, Inc. was founded in 2009 and is headquartered in Miami, Florida. About Vestis ( Get Free Report ) Vestis Corporation provides uniform rentals and workplace supplies in the United States and Canada. Its products include uniform options, such as shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments, and flame-resistant garments, as well as shoes and accessories; and workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels, and linens. The company serves manufacturing, hospitality, retail, food processing, food service, pharmaceuticals, healthcare, automotive, and cleanroom industries. Vestis Corporation was founded in 1936 and is headquartered in Roswell, Georgia. Receive News & Ratings for Rejuvel Bio-Sciences Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rejuvel Bio-Sciences and related companies with MarketBeat.com's FREE daily email newsletter .US stocks surge to records on tech gains, Fed rate cut hopesMark Gastineau, exastro de los Jets de Nueva York, confrontó a Brett Favre el año pasado en una exposición de reliquias deportivas y acusó al mariscal de campo miembro del Salón de la Fama de dejarse caer deliberadamente en una captura que rompió un récord. La discusión acalorada se muestra en el documental de ESPN 30 por 30 “The New York Sack Exchange”, que se estrena el viernes. Este documental retrata a los integrantes del temible cuarteto de la línea defensiva de los Jets en la década de 1980, que incluía a Gastineau, al miembro del Salón de la Fama Joe Klecko, a Marty Lyons y al fallecido Abdul Salaam. Gastineau estableció un récord de la NFL con 22 capturas en 1984, pero el miembro del Salón de la Fama Michael Strahan rompió la marca en 2002, cuando capturó a Favre durante un duelo entre los Giants y los Packers. Fue una jugada controvertida en la que muchos han acusado a Favre de sufrir la captura a propósito para que Strahan pudiera establecer el récord de una sola temporada con 22 1/2. El documental muestra a Gastineau, quien se aproxima a Favre durante un evento en Chicago. Los dos se dan la mano, y Favre comenta que posiblemente se han conocido anteriormente. RELATED COVERAGE Juan Soto recibe suite de lujo y hasta 4 entradas premium en contrato de 765 millones con los Mets Jónsdóttir anota 4 y Wolfsburgo asegura cuartos al aplastar 6-1 a Roma en Liga de Campeonas Tyson Fury promete menos payasadas y más golpes a Usyk en la revancha por el título de los pesados Luego Gastineau le dice al exmariscal de campo: “Sí, claro, cuando te caíste por él. Voy a recuperar mi captura. Voy a recuperar mi captura, amigo”. Favre intenta tomar la situación a la ligera, al decir en broma: Gastineau “probablemente me lastimaría”. El otrora rey de las capturas responde: “Bueno, no me importa. Me lastimaste. ¡Me lastimaste! ¿Me oyes? Realmente me lastimaste. Realmente me lastimaste, Brett”. La situación se calmó rápidamente cuando Favre fue escoltado para salir del área. En una entrevista mostrada en el documental, Gastineau reitera lo que le dijo a Favre en persona. “Cualquiera te dirá que Brett Favre se dejó caer”, dijo. Después de que el clip se volvió viral en las redes sociales el martes, Favre publicó un hilo en X para aclarar la situación sobre el video que mostraba “un pequeño altercado” entre él y Gastineau. “Salí de una carrera pensando que estaría completamente solo, vi a Strahan allí y me agaché”, dijo Favre. “El partido había terminado. No había necesidad de hacer algo espectacular. Probablemente no fue la mejor captura o derribo para pérdida de yardas que haya logrado Michael”. Favre se cayó, Strahan consiguió la captura y estableció el récord de la NFL, que en 2021 fue igualado por T.J. Watt de Pittsburgh. “En un partido o situación diferente, habría hecho un mayor esfuerzo para evitar la captura”, dijo Favre sobre el encuentro final de la temporada regular, ganado 34-25 por Green Bay. “Pero en ningún momento pensé en lastimar a Gastineau. Quizás cruzó por mi mente ayudar a Strahan. No lo pensé bien. Eso no era mi fuerte en ese momento”. Gastineau, quien fue uno de los primeros reyes de las capturas de la liga y una de las personalidades más reconocidas, no está en el Salón de la Fama. “Ahora veo cómo ser el Rey de las Capturas elevaría su valor en las exhibiciones de tarjetas, fortalecería sus argumentos para el Salón de la Fama, aumentaría su demanda como orador público”, escribió Favre. “No tenía forma de saber eso entonces. Ahora me doy cuenta de las posibles implicaciones financieras porque el fútbol americano va mucho más orientado a los negocios que cuando Mark y yo jugábamos. “No hubo malicia de mi parte”. Favre agregó que entiende la frustración de Gastineau pero dijo: “No soy su enemigo”. Lamenta que el incidente fuera filmado y revelado al público. “Fue un momento privado de frustración entre dos viejos guerreros del fútbol”, dijo Favre, quien agregó que tiene “un gran respeto” por Gastineau y espera que algún día se una a él en el Salón de la Fama del Fútbol Americano. “Mark definitivamente dejó una marca indeleble en este deporte”, escribió Favre. “Espero que esta controversia llame la atención sobre cuán grande fue Mark Gastineau. Pertenece en Canton. Feliz Navidad a todos”. ___ Esta historia fue traducida del inglés por un editor de AP con la ayuda de una herramienta de inteligencia artificial generativa.

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People donated $30K to Luigi Mangione's defense as experts warn donors to be carefulPep Guardiola said Manchester City had to break the habit of losing after snapping a seven-game winless streak by beating Nottingham Forest 3-0 on Wednesday. The English champions' barren run included six defeats, the worst run of Guardiola's managerial career. However, victory came at a cost as defenders Nathan Ake and Manuel Akanji had to be replaced due to injuries. "We needed it. The club, the players needed to win – but it is just one game," said Guardiola. "The problems continue with Manu and Nathan." "In general, the most important thing was to break this routine of not winning games and finally we won," he added."But we have to continue." Injury woes have been at the heart of City's struggles in recent months with Ballon d'Or winner Rodri out for the season due to a serious knee problem. Kevin De Bruyne's return to the starting line-up for the first time in nearly three months showed what City have been missing as he helped restore order for Guardiola's men. The Belgian teed up Bernardo Silva for an early opener and then fired home himself to double City's lead. Jeremy Doku rounded off the scoring in the second half as the home side did not suffer a repeat of last week's collapse from 3-0 up to draw 3-3 against Feyenoord in the Champions League. Guardiola dismissed suggestions before the game that there had been a rift with De Bruyne, as he has been carefully managed back from injury problems. "Last season he out injured for many months, and this season as well – I'm so happy he's back," added Guardiola. "He fought a lot," he went on to say. "In respect to his physicality and minutes against Feyenoord was not good, and that's why I decided not to play against Liverpool for the rhythm they play." Neither Akanji or Ake are expected to be fit to face Crystal Palace on Saturday, but Phil Foden could return after missing the Forest match due to bronchitis. (AFP)