Tech
GameStop Boosts Profits in after-hours Trading, Despite the risk of Mood swings.
(VOR News) – The share price of the meme stock behemoth GameStop (NYSE: GME) had a big boost, which resulted in the continuation of the gains that were registered earlier in the week.
Gains in broader markets are reflecting an optimistic sentiment for risk assets, which includes bitcoin, despite the fact that recent political events, such as the attempted assassination of presidential candidate Donald Trump on Saturday, have resulted in the occurrence of such events.
following reaching a high of $29.96 following the closing bell of the New York Stock Exchange, the stock is currently trading at roughly $29.60. This is the current price of the stock.
Statistical analysis reveals GameStop that this is the case.
In most cases, trading for GameStop GME and other stocks that are listed on the New York Stock Exchange (NYSE) takes place via electronic communication networks after the market has closed. Trading is able to take place outside of the normal market hours as a result of these platforms.
This followed the stock’s climb on Monday, which was the highest point it has achieved in a month, as well as a 13% advance over the course of the previous thirty days. The increase in the stock’s price occurred on Monday.
GameStop, which is frequently referred to as the “meme stock,” gained a significant amount of attention at the beginning of 2021 when retail investors on the Reddit group r/WallStreetBets started purchasing shares in massive quantities. As a consequence, this led to one of the most consequential short squeezes in the entire history of the market.
The initial excitement had diminished by the beginning of February of that year; nonetheless, GameStop has continued to capture the interest of investors, particularly when it began taking steps to diversify its business. This is particularly true after the company began to take steps to diversify its business.
The recent news made by GameStop that they will be offering a reward of $25,000 for a rare Lionel Messi sticker from the 2024 Panini Copa America collection has garnered some attention with its announcement. This statement is illustrative of the company’s mission to expand outside the traditional video gaming market it has been operating in.
This may be playing into the hands of risk on traders who are anticipating that the Federal Reserve of the United States will begin cutting interest rates as soon as September, according to the CME FedWatch Tool. Traders are assuming that the Federal Reserve will implement this change.
There is a significant possibility that additional liquidity would be introduced into markets as a result of reduction, particularly in the case of small-cap public stocks.
The Russell 2000 Index, which is a measurement of the performance of two thousand small-cap companies in the United States, has witnessed a twelve percent increase over the course of the last five trading days.
This change occurred during the GameStop period of the last five trading days.
The importance of interest rates lies in the fact that they have an impact not only on the price of borrowing money but also on the profits made from investments. There is a positive feedback loop between the Federal Reserve’s decision to cut interest rates and the increased affordability of borrowing money, which in turn supports both consumption and investment.
A bigger quantity of money is invested in a range of assets, including stocks and cryptocurrency, which leads to an increase in the market’s liquidity. This is the result of the aforementioned phenomenon.
Recent market action, including that of GameStop and small-cap stocks, is consistent with broader market trends. This can be observed by the fact that important U.S. indices have ended at record highs, which is evidence of the consistency of the market.
This week, the value of the Dow Jones Industrial Average has increased by 2%, reaching a closing price of 40,954.48, indicating that the value has increased. The numbers from the market indicate that the S&P 500 has also grown by 0.69%, reaching a high of 5,667.20, while the Nasdaq Composite has increased by 0.21%, reaching 18,510.86 altogether. Both of these figures are for the same period of time.
SOURCE: CN
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Tech
Pavel Durov Arrested in Paris Over Allegations Of Facilitating Illicit Activity On Telegram
Pavel Durov, the enigmatic founder and CEO of the messaging app Telegram, has found himself at the center of a significant legal controversy.
Over the weekend, Durov was arrested in Paris under allegations that his platform is being used for various illicit activities, including drug trafficking and the distribution of child sexual abuse images.
His arrest has sparked widespread debate about the responsibilities of tech entrepreneurs and the challenges of content moderation in a world increasingly reliant on digital communication.
Background on Pavel Durov
Pavel Durov, born in Russia, is a multifaceted individual with a global footprint. He spent much of his childhood in Italy and holds citizenship in several countries, including France, Russia, St. Kitts and Nevis, and the United Arab Emirates.
Durov’s arrest occurred at Paris-Le Bourget Airport, where he was taken into custody on Saturday after arriving from Azerbaijan.
After four days of intense questioning, Durov was released on Wednesday upon paying 5 million euros in bail. He has been ordered to report to a police station twice a week as the investigation continues, according to the Paris prosecutor’s office.
Telegram: The Platform at the Center of Controversy
Telegram, launched in 2013 by Durov and his brother Nikolai, is a messaging app that has become a significant player in the digital communication landscape.
The app allows for a wide range of interactions, including one-on-one conversations, group chats, and large channels where users can broadcast messages to vast audiences.
Telegram’s group chats can accommodate up to 200,000 participants, a stark contrast to WhatsApp’s limit of 1,024.
A key feature of Telegram is its offering of end-to-end encryption, but this feature is not enabled by default and does not apply to group chats. This has led to concerns about the platform’s security and its potential use for spreading misinformation and facilitating illicit activities.
Experts like John Scott-Railton from the University of Toronto’s Citizenlab have pointed out that while Telegram’s “secret chat” feature is end-to-end encrypted, most interactions on the platform are not, leaving them potentially accessible to Telegram itself.
Telegram claims over 950 million active users worldwide, with significant usage in France, including among some government officials.
However, the app has also been identified by French investigators as a tool used by Islamic extremists and drug traffickers, adding to the scrutiny it faces.
The Charges Against Durov
Durov’s arrest has led to preliminary charges from French authorities. He is accused of complicity in managing an online platform that allegedly facilitates illicit transactions by an organized group.
This charge carries a potential prison sentence of up to 10 years and a fine of 500,000 euros. The allegations center around the use of Telegram for illegal activities, including the distribution of child sexual abuse material and drug trafficking.
Moreover, Durov is accused of refusing to cooperate with law enforcement by withholding information and documents when legally required.
Under French law, preliminary charges indicate that magistrates have substantial reasons to believe a crime has been committed, allowing for further investigation while the accused remains under legal constraints.
Responses to the Arrest
The arrest of Pavel Durov has elicited varied reactions globally. While there has been no immediate comment from Durov or Telegram regarding the charges, the situation has drawn significant attention in Russia.
Kremlin spokesman Dmitry Peskov stated that the details of Durov’s arrest remain unclear and urged caution in drawing conclusions until the charges are formally announced.
Interestingly, some Russian officials have expressed outrage at Durov’s detention, calling it politically motivated and a demonstration of the West’s double standards on freedom of speech.
This is particularly notable given that Russian authorities themselves attempted to block Telegram in 2018, a ban that was eventually lifted in 2020 after failed enforcement.
Elon Musk, the billionaire owner of X (formerly Twitter), also weighed in on the situation, voicing support for Durov and posting “#freePavel” on social media.
Telegram, in a statement following the arrest, emphasized that it abides by EU laws and that its content moderation practices are “within industry standards and constantly improving.”
Content Moderation on Telegram
Telegram’s approach to content moderation has long been a point of contention, particularly among Western governments.
Critics argue that Telegram’s lax policies and minimal enforcement make it a haven for illegal activities, ranging from money laundering and drug trafficking to the dissemination of child exploitation material.
Unlike other messaging platforms such as WhatsApp, which submitted over 1.3 million CyberTipline reports in 2023, Telegram has been described as “unresponsive” to law enforcement by experts like David Thiel from Stanford University.
Telegram’s non-compliance with certain national regulations has also led to legal actions in various countries.
In 2022, Germany fined Telegram over 5 million euros for failing to establish a lawful reporting mechanism for illegal content and failing to appoint a legal entity to handle official communications within the country.
Similarly, Brazil temporarily suspended Telegram for not cooperating in a police inquiry related to neo-Nazi activities.
Pavel Durov’s arrest has brought to light the ongoing challenges of regulating digital platforms in an era where online communication is both ubiquitous and, at times, perilous.
As the investigation into Durov and Telegram continues, the case raises critical questions about the balance between privacy, freedom of speech, and the responsibilities of tech companies in preventing the misuse of their platforms for criminal activities.
The outcome of this legal battle could have far-reaching implications for how digital platforms are governed in the future.
Tech
Introducing iPhone 16 Pro’s Gold Titanium Color just revealed before Apple Event
Apple usually offers one more color in addition to the subdued combination of metallic, black, and white hues in its ‘Pro’ iPhone line. In prior years, that was “Deep Purple” for the iPhone 15 Pro and “Blue Titanium” for its predecessor.
This has given rise to considerable conjecture about the soon-to-be iPhone 16 Pro’s colour. Up until recently, it was thought that Apple would introduce a rose gold hue, but as of now, everyone appears to agree that the corporation is really preparing to introduce a deeper shade of gold called “Desert Titanium.”
Leaks differ on how valuable they believe this to be. In a post on X, Majin Bu called this a “relatively discreet and deep” sort of “dark gold,” while an image from Sonny Dickson revealed a tone that was practically caramel.
Through an unidentified source, 9to5Mac has now tried to provide a conclusive response. The website notes that the leaker is the same individual who accurately leaked the precise shade of the Natural Grey iPhone 15 Pro ahead of time, however, no explanation of the leaker’s credentials is given. So, it’s probably trustworthy.
This is the color that the website is almost certain will be:
Though I myself like the deeper brown appearance (having loved a Microsoft Zune long after support ended), it seems lighter than Dickson’s picture and, by being a little more subdued, avoids the “beige” issue.
In fact, 9to5Mac points out that the colourway and the previously revealed Kim Kardashian Beats Studio Pro have some similarities. Naturally, Apple acquired Beats a little more than a decade ago.
The case cutout that is located above and to the left of the sleep/wake button in the picture above is the last item worth mentioning. That’s probably a space for the capture button, which is positioned on all four iPhone 16 versions to provide simple access to the camera for fast video recording.
The whole palette of 16 colors for the iPhone will be revealed shortly. Invites to Apple’s September 9 “Glowtime” event at its Cupertino headquarters have already been handed out. Rumour has it that new phones will be shown with the AirPods 4, Apple Watch Series 10, and maybe even the iPad Mini 7.
Regarding the iPhone 16 Pro, we anticipate somewhat bigger phones; the smaller model will carry over the 5x optical zoom from the supersize Pro Max edition from the previous year, along with a significant power increase from the A18 processor and a new emphasis on artificial intelligence via Apple Intelligence.
Source: Tomsguide
Tech
OpenAI’s ChatGPT Surges to 200 Million Weekly Users
OpenAI’s ChatGPT has reached a huge milestone, with more than 200 million weekly active users. This is a doubling of user involvement since the previous autumn, demonstrating the platform’s growing influence and appeal in the AI field.
ChatGPT, which was launched in 2022, has swiftly established itself as a critical tool for generating human-like responses to user queries, cementing its position as a conversational AI technology leader.
OpenAI’s ChatGPT-4o Mini: Affordable AI for a Larger Market
In response to rising demand, OpenAI has introduced GPT-4o Mini, a more affordable version of its AI model. This new model is intended to be less energy-intensive and more cost-effective, increasing the accessibility of AI technology.
The release of GPT-4o Mini in July resulted in a considerable increase in the use of OpenAI’s automated Application Programming Interface (API), demonstrating the company’s dedication to making advanced AI technologies accessible to a wider audience.
Fortune 500 adoption: 92% of major companies now use OpenAI products.
OpenAI’s reach extends beyond individual users, as 92% of Fortune 500 organisations now use its products into their operations. This widespread usage demonstrates the importance and applicability of OpenAI’s technology in improving business processes and generating innovation across a variety of industries.
Recent Deals with the US Government: OpenAI and Anthropic Collaborate on AI Safety.
OpenAI, along with AI firm Anthropic, has signed new agreements with the US government to conduct research, testing, and assessment on its AI models. These agreements, announced by the United States Artificial Intelligence Safety Institute, demonstrate the government’s commitment to ensuring the safe and successful deployment of artificial intelligence technologies.
Apple, Nvidia, and Microsoft are eyeing a $100 billion valuation for OpenAI.
The buzz surrounding OpenAI continues to grow, with stories indicating that tech titans Apple and Nvidia are in talks to invest in the business. This possible fundraising round, which could value OpenAI at more than $100 billion, demonstrates the company’s great interest and confidence in its future prospects.
Microsoft, a long-time supporter of OpenAI, is also likely to participate in this latest round of funding, further consolidating the company’s position in the AI business.
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