Cyngn Inc. (CYN) has been chosen by John Deere to supply its DriveMod Tuggers for industrial automation at its operation in Dubuque, Iowa. The collaboration marks a significant milestone for Cyngn, reinforcing the validation of its AI-powered autonomous vehicles and data solutions. CEO Lior Tal expressed excitement about the partnership with Deere, a renowned innovator in the industry.
The University of Maine (UMaine) has unveiled the world’s largest 3D printer, capable of printing objects four times larger than its predecessor. This innovative technology opens up new possibilities for constructing affordable housing and addressing homelessness in the region.
Using bio-based materials, the printer extrudes thermoplastic polymers to create sustainable and recyclable structures. Aiming to meet the growing demand for housing, UMaine envisions developing entire neighborhoods through 3D printing technology.
With its massive scale and capabilities, the printer has the potential to transform the construction industry and reduce the need for manual labor. By leveraging advanced sensors, high-performance computing, and artificial intelligence, the printer integrates collaborative robotics operations at an unprecedented scale.
Personal information potentially covering a large portion of the US population may have been compromised in a cyberattack on Change Healthcare, acquired by UnitedHealth Group. While medical histories and doctor charts appear secure, the company is investigating and expects notification of affected individuals to take months. Some protected health information was briefly posted online on the dark web, and UnitedHealth is monitoring the situation. Free credit monitoring and identity theft protection are available to those impacted, and federal investigators are examining the breach. UnitedHealth has faced financial losses due to the attack and is working to restore disrupted services.
Tesla has announced layoffs of 2,688 employees at its Texas factory in Austin. The layoffs are part of a larger round of job cuts that will affect over 10% of the company’s workforce globally. The layoffs in Texas are scheduled to begin on June 14th and will include both hourly and salaried employees. Tesla has cited falling sales and intense price competition as reasons for the layoffs.
MSCI’s stock price experienced a significant drop of 13.2% in late morning trading on Tuesday following the release of its first-quarter 2024 financial results. The company’s profitability was impacted by higher expenses, which overshadowed higher-than-expected adjusted EPS. Operating revenue slightly missed analyst estimates, while total operating expenses surged by 22.7% year-over-year. Despite these challenges, MSCI reported growth in its total run rate and recurring subscription run rate. The company also reaffirmed its outlook for fiscal year 2024.
Super Micro Computer (SMCI) experienced a significant rebound on Tuesday, reversing a two-day sell-off that had reduced its valuation by over 20%. The AI server company’s shares surged by more than 7% during late morning trading, becoming the top gainer in the S&P 500. This rise came after Super Micro Computer’s announcement on Friday that it would release its fiscal third-quarter results on April 30. In previous quarters, the company has provided pre-announced results, including an 11-day advance notice of its earnings call in January. Analysts generally predict a quarterly revenue of $3.92 billion and an earnings per share of $5.72. Last week, Loop Capital set a $1,500 price target for the stock, emphasizing the company’s dominance in generative AI servers and its growing advantage over competitors. The rebound in AI stocks, including Super Micro Computer, comes after a challenging Friday trading session. Fears surrounding Super Micro Computer and AI drove down semiconductor stocks.
Shares of Maplebear (CART), known as Instacart, experienced a significant decline on Tuesday due to Amazon’s announcement of a comparable grocery delivery service for Prime members. Amazon’s subscription plan offers unlimited delivery in over 3,500 locations across the U.S. for orders exceeding $35 from Whole Foods, Amazon Fresh, and various local retailers. Instacart+ membership currently stands at $9.99 per month or $99 per year, providing unlimited free delivery on orders of $35 or more. Amazon’s competitive pricing and additional perks, such as free one-hour delivery windows and priority access to Recurring Reservations, have raised concerns among Instacart investors.
With water bills rising in England and Wales, it’s crucial to implement money-saving hacks. A simple switch to a £25 dual flush toilet system can potentially save up to £500 annually. Dual flush systems conserve water by using less than half the water compared to the large flush. By choosing the correct flush for the task, you can reduce water usage by 50-60% each time you use the toilet. Installing a dual flush is easy and cost-effective, empowering homeowners to upgrade their bathrooms without professional assistance. Remember to check for leaks as a faulty system can lead to higher costs.
SunPower Corporation (SPWR) has disclosed misstatements in its audited financial statements, leading to a multiyear low in its stock price. The company plans to restate nearly two years of results, primarily due to incorrect capitalization of deferred costs and misclassification of sales commissions. The revisions are expected to reduce 2022 and 2023 income from continuing operations by $15 million to $25 million. SunPower also raised concerns about its ability to continue as a going concern, potentially impacting its loan agreements.
The Kansas City Chiefs have secured the long-term services of head coach Andy Reid, team president Mark Donovan, and general manager Brett Veach through multi-year contract extensions. Reid’s deal reportedly extends to 2029, making him the highest-paid coach in the NFL. Veach’s contract also runs through the end of the decade. These moves demonstrate the Chiefs’ commitment to continuity and their quest for a three-peat Super Bowl victory.
