The South Korean military is considering banning iPhones in military buildings due to security concerns. The ban could impact nearly 500,000 military personnel and has been discussed at meetings by the Army, Navy, and Air Force headquarters. The issue arises from Apple’s strict privacy controls, which prevent third-party apps from restricting an iPhone’s inherent functions like the microphone. This clashes with the military’s National Defense Mobile Security app requirements.
Indian equities closed higher on Tuesday, fueled by gains in real estate, technology, and consumer durables sectors. The Nifty 50 index rose by 0.14%, while the BSE Sensex 30 index gained 0.12%. Bharti Airtel emerged as a major gainer, rising by 3.89% on both the NSE and BSE Sensex 30. However, Sun Pharmaceutical Industries suffered losses, declining by 3.48% and 3.56% on the BSE and NSE, respectively.
Calix’s recent earnings report and guidance have raised concerns among investors. Despite a strong balance sheet with no debt and 14% of its market cap in cash, the company faces challenges including uncertainty in customer funding, reduced lead times, and shifting investment priorities. Its revenue growth rates are expected to decline significantly, with best-case scenarios indicating negative 20% y/y growth in Q2 2024. Valued at approximately 40x forward EPS, Calix is considered overpriced given its revenue growth outlook. Additionally, management’s previous share repurchase strategy, which involved buying shares at higher prices, has left shareholders frustrated. Overall, Calix is deemed a sell due to its expensive valuation and weak revenue growth prospects.
Despite criticizing the H-1B visa program in the past, Donald Trump’s social media company, Truth Social, applied for an H-1B visa to hire foreign workers. The application, which was made in June 2022, was approved by federal immigration authorities but was ultimately terminated by the company in November 2022. This revelation is in stark contrast to Trump’s previous statements about the H-1B visa program, which he has called ‘very bad’ and ‘unfair’ for US workers.
Ten Chinese entities have obtained advanced Nvidia chips, despite the US ban on such technology. The chips were integrated into servers manufactured by Super Micro, Dell, and Gigabyte Technology.
Bitcoin’s highly anticipated halving event, which cuts block rewards by 50%, has passed without triggering significant price surges. The event, which occurs approximately every four years, reduces the flow of new coins into the crypto economy, aiming to increase scarcity and boost value. However, Bitcoin has risen only modestly in the past week, remaining below $70,000, while Ether (ETH) has seen a similar rise. Despite the lack of immediate price gains, the halving event underscores Bitcoin’s limited supply and potential long-term value.
Tech giants brace for earnings reports while grappling with internal turmoil, layoffs, and AI scrutiny. Google’s finance restructuring and employee protests coincide with a market downturn, raising investor concerns. Tesla faces declining sales and layoffs, while Meta’s AI rollout faces scrutiny. Alphabet consolidates AI teams and grapples with employee discontent, and Microsoft’s OpenAI partnership prompts EU antitrust scrutiny.
Cadence Design Systems’ shares plunged in extended trading after the company issued a weak outlook for its fiscal second quarter. Sales are projected between $1.03B and $1.05B, falling short of analysts’ estimates of $1.11B. Adjusted earnings are expected in the range of $1.20 to $1.24 per share, significantly below analysts’ expectations of $1.43 per share. Despite this, Cadence raised its full-year outlook with sales anticipated between $4.56B and $4.62B, an increase from its previous forecast. Adjusted earnings are also expected to be higher, ranging between $5.88 and $5.98 per share. Notably, Cadence’s revenue slipped 1% in the first quarter, but its adjusted earnings per share came in above analysts’ estimates.
CoStar Group, an online real estate marketplace provider, has entered into an agreement to acquire Matterport, a virtual tour software firm, for $1.6 billion. Under the terms of the deal, CoStar will pay $5.50 per Matterport share, with stockholders receiving $2.75 in cash and $2.75 in CoStar Group shares for each share they hold.
A recent report suggests that the upcoming iPhone 16 series may feature capacitive buttons instead of the traditional physical buttons. This change could eliminate moving parts and lead to a more seamless user experience. However, some details in the report raise questions about the timeline and accuracy of the information.
