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Chipmaker Nvidia will release a quarterly report Wednesday that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum. Nvidia became the first publicly traded company to surpass a market value of $4 trillion last month, and its stock price has gained another 13% since then to create an additional $500 billion in shareholder wealth. The latest financial results are due on Wednesday afternoon. They have become a key AI barometer during the past two years because Nvidia makes most of the chips that power the technology in vast data centers at the center of the boom. This summer’s run-up has continued Nvidia’s jaw-dropping rise from early 2023, when the company’s market value was hovering around $400 billion. That was shortly after OpenAI’s late 2022 release of its ChatGPT chatbot triggered the biggest craze in technology since Apple released the first iPhone in 2007. While the technology industry has been the biggest beneficiary of the AI frenzy, it’s also been a boon for the overall stock market. The benchmark S&P 500 has gained 68% since the end of 2022, with AI fervor fueling much of the investor optimism. But even amid the general euphoria, there recently have been murmurs about whether AI mania will prove to be an echo of the late 1990s dot-com boom that culminated in an excruciating stock market meltdown in 2000 that eventually drove the U.S. economy and plunged Silicon Valley into a funk that lasted several years before the tech industry began to thrive again. Investors were recently spooked by a combination of an MIT report that said 95% of AI pilots fail and comments from OpenAI CEO Sam Altman floating the idea that the artificial intelligence market is in a bubble. And by some metrics, the stock prices of tech companies at the AI are looking frothy. For instance, Nvidia is trading at about 40 times its future earnings, roughly double the rate that investors traditionally believe is a reasonable level. Meanwhile, the market value of Microsoft, another AI leader, is hovering just below $4 trillion, while the values of other fellow pacesetters Amazon, Facebook parent Meta Platforms and Google parent Alphabet currently range from $1.9 trillion to $2.5 trillion. Nvidia is expected to post another quarter of robust growth for the May-July period of its fiscal year. Analysts surveyed by FactSet research predict Nvidia will earn $1.01 per share, excluding certain items unrelated to its ongoing business, which would be a 49% increase from the same time last year. The analysts anticipated Nvidia’s revenue would rise 53% from a year ago to about $46 billion. Those gains reflect the financial tsunami flooding the AI market as the biggest players spend heavily to build and expand data centers needed to power the technology. Microsoft, Amazon, Alphabet and Meta are collectively budgeting more than $325 billion for investments in AI this year. With its dominant position in the AI chip market, Nvidia is reaping the benefits of that intense demand. Even so, the trajectory of Nvidia’s growth has been tapering off. If analyst projections pan out, Nvidia’s revenue growth for its latest quarter will be significantly lower than the 122% increase it posted during the same period last year. And Nvidia has also been losing business because of President Donald Trump‘s trade war with China. Following a ban on its AI chip sales in China, which resulted in a $4.5 billion blow to its finances during its fiscal first quarter, Nvidia estimated that the restrictions would cost it about approximately $8 billion in sales in this during the past quarter. Trump took the China handcuffs off of Nvidia earlier this month in return for a 15% cut of the company’s sales in that country a compromise CEO Jensen Huang is expected to discuss with analysts while he shares his perspective on the state of the AI market on a call with investors. Michael Liedtke, AP technology writer
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E-Commerce
Timed with back-to-school season, Instagram has launched a new feature just for students. The social media platform announced “Schools” on Tuesday, August 26. Students should now see an option to Add your school directly on their profile if they so wish. After verifying their enrollment through the student verification platform UniDays, they will then have the option to add their school or college name as a badge on their profile. Students can choose whether the badge is visible to their fellow schoolmates or all followers, or opt out of the feature altogether. Once confirmed, they can browse a directory of their fellow students, filtered by year, or browse the entire student body. [Image: Instagram] As Instagram noted, the verification process is necessary to maintain a safe environment for active students to connect with other active students. At UniDays, we’re committed to creating safer, more rewarding digital experiences for the next generation. We do this by making verification and digital identity a foundation, not a barrier, for young people, UniDays CEO Jon Hawley said in a statement. We’re proud to partner with Instagram to champion digital trust and online safety. This new feature, underpinned by our world-leading verification technology, enables students to build more authentic, meaningful, and secure connections online. [Image: Instagram] The launch comes a week after TikTok rolled out a feature, also with UniDays, called Campus Verification. This lets users add their school to their profile and connect with other students on campus. Sound familiar? It also comes over a decade after Facebook launched as an online directory for Harvard students to connect with one another. As journalist Taylor Lorenz wrote on X: Get in, folks; were doing 2005 Facebook again. Instagram was spotted developing the college-based feature last year. It comes at a time when young people are prioritizing IRL experiences amid app fatigue and reports of loneliness. Social media platforms have taken note and are rolling out a wave of new features to attempt to facilitate connection. Through Schools, Instagram aims to make it easier for students to connect and build community at this formative time in their liveswhether thats seeking out a study buddy, linking up with new friends, or stalking a crush you crossed paths with in the hall.
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E-Commerce
Charlotte-based pet food brand Viva Raw has voluntarily recalled two lots of raw pet food due to a risk of contamination with Salmonella and Listeria monocytogenes. Animals that eat the contaminated products can become ill, and pet owners who handle contaminated pet products are also at risk. The Food and Drug Administration (FDA) published a notice of voluntary recall on Monday. According to the notice, the North Carolina Department of Agriculture identified the potential contamination during routine testing. Samples tested positive for Salmonella and Listeria monocytogenes. To date, no illnesses in dogs, cats, or humans have been reported. Which products are affected? Viva Raw recalled the following products: Viva Ground Beef for Dogs (Lot 21495) Viva Beef & Turkey for Puppies (Lot 21495) Viva Ground Chicken for Dogs (Lot 21975) Viva Chunked Chicken for Dogs (Lot 21975) Viva Chicken for Cats (Lot 21975) Viva Pure Chicken (Lot 21975) Only products from these lots are at risk of contamination, according to the company. You can find full product images on the FDA website. Per the FDA, the products were distributed between July 2 and August 21, directly to consumers nationwide and also to a “small number of select retailers” in the following states: Arizona California Florida Illinois Kansas New York South Carolina The products come as frozen 1-pound bricks in clear vacuum packaging. Each product has a lot number printed on the packaging. According to an FAQ page published by Viva Raw, customers who received affected products were emailed direct notices. Although the brand is largely direct to consumer (DTC), its products are also available at a number of retail outlets around the country, according to Viva’s store locator. Fast Company reached out to Viva Raw for more details about which retailers might have carried the impacted product. What should I do if I have this pet food? If you have these products, dispose of them. You should also wash and sanitize pet food bowls, cups, and storage containers, as well as wash your hands after handling the recalled products. For refunds, or if you have additional questions about the recall, you can contact Viva Raw by email at info@vivarawpets.com or by phone at 919-371-8882 between 9 a.m. and 5 p.m. ET, Monday to Friday. People and pets can become sick Dogs and cats can become infected after eating products contaminated with salmonella and listeria. Pet owners can also become infected by an animal that shows no symptoms. People who havent washed their hands thoroughly after coming into contact with surfaces that have been exposed to these pet food products are especially at risk. Young people, pregnant women, older adults, and people with weakened immune systems are most vulnerable to infection. According to the Mayo Clinic, people infected with salmonella or listeria may experience the following symptoms: nausea vomiting diarrhea abdominal cramping fever If you have symptoms lasting more than a few days or have a high fever, bloody stools, or other complications after coming into contact with the affected products, consult a medical provider. While rare, salmonella and listeria can cause more serious health ailments, including: arterial infections endocarditis arthritis muscle pain eye irritation urinary tract symptoms The FDA notice notes that pets infected with salmonella or listeria may become lethargic and exhibit symptoms such as diarrhea, bloody diarrhea, fever, and vomiting. Some pets may experience only decreased appetite, fever, and abdominal pain. However, healthy pets can be carriers and infect humans and other animals. If your pet has consumed the recalled products and has symptoms, contact your veterinarian.
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E-Commerce
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