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Temu's $55 Billion Plunge, Defense Industry Windfall and the Nvidia Killer
Anna Eisenberg
August 26, 2024
Anna's Daybreak News
Tuesday, 5:21 AM
August 27, 2024
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Temu's $55 Billion Plunge
PDD Holdings, owner of the popular fast fashion e-commerce platform Temu, lost $55 billion (30%) in market value in one day.
Temu's revenue was $13.6 billion— falling short of the expected $14 billion. Competition is heating up, with Amazon planning to launch a low-price storefront and rivals like Shein and TikTok Shop gaining ground.
While Temu attracts buyers through low prices, its product quality and shipping methods face criticism.
US lawmakers are pushing for new legislation that could raise costs for Temu, particularly regarding shipping practices that currently bypass import taxes.
Source: Read More
PDD Holdings, owner of the popular fast fashion e-commerce platform Temu, lost $55 billion (30%) in market value in one day.
Temu's revenue was $13.6 billion— falling short of the expected $14 billion. Competition is heating up, with Amazon planning to launch a low-price storefront and rivals like Shein and TikTok Shop gaining ground.
While Temu attracts buyers through low prices, its product quality and shipping methods face criticism.
US lawmakers are pushing for new legislation that could raise costs for Temu, particularly regarding shipping practices that currently bypass import taxes.
Source: Read More
Defense Giants Set for Record Profits
The top 15 defense contractors are expected to generate $52 billion in free cash flow by 2026—nearly double their 2021 levels. Lockheed Martin and RTX are projected to bring in $26 billion by then.
US aid bills have funneled nearly $13 billion to America’s top five defense firms. European companies like BAE Systems and Rheinmetall are projecting 40% increase in cash flow.
This boom is fueled by increased military budgets following Russia’s invasion of Ukraine and tensions in Asia and the Middle East.
Source: Read More
The top 15 defense contractors are expected to generate $52 billion in free cash flow by 2026—nearly double their 2021 levels. Lockheed Martin and RTX are projected to bring in $26 billion by then.
US aid bills have funneled nearly $13 billion to America’s top five defense firms. European companies like BAE Systems and Rheinmetall are projecting 40% increase in cash flow.
This boom is fueled by increased military budgets following Russia’s invasion of Ukraine and tensions in Asia and the Middle East.
Source: Read More
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Uber's $300M Fine
Uber was fined €290 million ($324 million) by the Dutch Data Protection Authority for violating EU data protection laws.
Uber sent sensitive information, including identification documents and medical data, without adequate security measures.
The case originated from a complaint lodged by a French human rights group on behalf of over 170 drivers.
Despite the ruling, an Uber spokesperson claimed the decision is flawed and expressed confidence in overturning the fine through an appeal process.
Source: Read More
Uber was fined €290 million ($324 million) by the Dutch Data Protection Authority for violating EU data protection laws.
Uber sent sensitive information, including identification documents and medical data, without adequate security measures.
The case originated from a complaint lodged by a French human rights group on behalf of over 170 drivers.
Despite the ruling, an Uber spokesperson claimed the decision is flawed and expressed confidence in overturning the fine through an appeal process.
Source: Read More
Is Etched the Nvidia Killer?
Etched created Sohu chips that outperform Nvidia's GPUs. Just eight Sohu chips can replace 160 Nvidia GPUs
Etched focuses solely on transformer AI models. This specialization gives Sohu an edge in efficiency. They secured $120 million in funding to start Sohu production by 2028.
In 2022, the AI chip market was $16 billion. This year it is expected to be $50 billion and by 2030 the forecast is above $200 billion.
Currently, Nvidia dominates this market, holding about 90% of the share. Their recent Blackwell GPU packs 208 billion transistors.
Source: Read More
Etched created Sohu chips that outperform Nvidia's GPUs. Just eight Sohu chips can replace 160 Nvidia GPUs
Etched focuses solely on transformer AI models. This specialization gives Sohu an edge in efficiency. They secured $120 million in funding to start Sohu production by 2028.
In 2022, the AI chip market was $16 billion. This year it is expected to be $50 billion and by 2030 the forecast is above $200 billion.
Currently, Nvidia dominates this market, holding about 90% of the share. Their recent Blackwell GPU packs 208 billion transistors.
Source: Read More
“It seems that it is the most unsuccessful people who give the most advice”
Baked with love,
Anna Eisenberg ❤️
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