Tag Archives: drop

UK Tesla Car Sales Drop Over One-Third Despite Musk’s Resurgence

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In the UK, sales of new Tesla cars experienced a significant surge of over one-third last month, although electric vehicle manufacturers faced tough competition from China’s BYD and other rivals amidst a political backlash against Tesla’s billionaire CEO, Elon Musk.

In May, Tesla sold 2,016 vehicles in the UK, a decline from 3,125 in the previous May, reflecting a 36% decrease based on data from the Association of Auto Manufacturers and Traders (SMMT).

Conversely, BYD, the Chinese automaker, saw a remarkable 407% increase in UK sales, rising from 596 units last May to 3,025 this year. BYD offers both hybrid and fully electric vehicles and first surpassed Tesla in sales back in January.

So far this year, Tesla has sold 15,002 cars in the UK, which represents a 7.8% decline compared to 16,272 in the same timeframe last year.

This year, Tesla’s sales have decreased in several of its major markets, with political protests impacting some of its showrooms, along with stiff competition from rivals such as BYD.

Overall new car sales in the UK rose by 1.6% last month, totaling 150,070 units. According to SMMT, this marked the best performance since 2021, although it remained 18.3% lower than pre-COVID levels in 2019, with growth seen in just the second month of this year’s upward trend.

Corporate fleets and businesses drove demand, accounting for nearly two-thirds of vehicle registrations, while interest from private buyers dropped by 2.3% for the second consecutive month. While gasoline and diesel vehicle registrations declined significantly—12.5% and 15.5% respectively—the demand for the latest electric models soared, capturing a total market share of 47.3%.

Sales of hybrid-electric vehicles rose by 6.8% to 20,351 units, and plug-in hybrid EVs surged nearly 51% to 17,898. Furthermore, registrations for battery electric vehicles increased by over 25%, now representing 21.8% of the market as carmakers vie for consumer interest.

Colin Walker, the transport director for the nonprofit Energy and Climate Intelligence Force, is involved in the UK’s Zero Emission Vehicle (ZEV) initiative—a series of government regulations aimed at boosting the number of EVs on the roads. He emphasized, “continue doing that, increasing competition between manufacturers, declining prices, increasing sales.”

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In terms of EV sales this year, Tesla is reportedly losing its top position to Volkswagen, which has seen a 201% increase in EV sales, according to an analysis by Thinktank New Automotive. Other automakers such as Ford, Renault, and Peugeot are also witnessing substantial growth as they transition to electric vehicles. BYD, the only Chinese maker in the top 10, recorded a 261% increase.

Source: www.theguardian.com

Peer Review of the Egg Drop Experiment: A Critical Analysis

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Feedback is your go-to source for the latest news in science and technology from New Scientist. If you have intriguing items to share, please reach out to Feedback@newscientist.com.

Egg vs. Grind

Feedback takes us back to the early days of the 2020 lockdown, when we found ourselves learning alongside our children. This involved engaging in various science-related activities, including setting up experiments for “mini beasts,” which provided a diversion from the complexities of life. Thankfully, we avoided the mishaps of the egg drop experiment.

This hands-on activity challenges kids to create devices that protect eggs from breaking when dropped from a height onto a hard surface. Feedback humorously envisions using a cocktail umbrella as a makeshift parachute to soften the landing. However, there are more serious approaches to this experiment.

A study published in Communication Physics on May 8th highlights the peer-reviewed work of physicist Carmela Padavik Callaghan, who addresses the classic egg drop experiment.

The researchers challenge the common belief that eggs are strongest when dropped vertically from their edge. Traditional wisdom has suggested that the shell’s rigidity in this position reduces breakage. However, after conducting “hundreds of experiments” alongside “static and dynamic simulations,” they found that dropping eggs vertically increases the likelihood of breakage. Instead, they recommend dropping them horizontally for better results.

They note: “By orienting the eggs along the equator, there is a slight benefit, as they can survive a fall from about 0.3 mm above the vertical drop without cracking.”

For readers contemplating an egg toss at a celebrity, this research offers practical guidance for ensuring a successful impact!

Alien Mathematics

What exactly are Unidentified Aerial Phenomena (UAP), previously known as UFOs? According to research by Karim Daghbouche of the German nonprofit Gridsat Stiftung, reverse engineering these phenomena is incredibly complex.

If an unidentified flying object is under scrutiny, reverse engineering its operation could unveil its mechanics. However, Daghbouche highlights the significant challenges, as data collection difficulties and “unknown physics” complicate the process of understanding unconventional propulsion systems.

The mathematical hurdles are formidable, with “NP Complete” signifying a specific type of intricate problem. It may even escalate to Pspace-hard or an entscheidungsproblem, the latter being virtually unsolvable for those unfamiliar with advanced mathematics.

News editor Jacob Aron calls it “incredible,” and Feedback concurs. If potential explanations range from extraterrestrial technology to time travelers and dimensions, narrowing down a single answer becomes problematic.

This might illustrate the notion of “no kidding, Sherlock,” as scientific inquiries often culminate in seemingly obvious conclusions. Yet, if NP is complete, does that really signify a non-solution?

Alternatively, we could ponder a human-centric interpretation of UAPs, attributing them to “honest mistakes.” In that framework, NP would no longer be incomplete, and the situation could become far more manageable.

Feedback was surprised by the concluding remarks in the paper’s summary, which stated that “UAP is deemed UAP because it behaves like modern smartphones in the hands of Neanderthals.”

Feedback believes Neanderthals could likely figure out how to use an iPhone. Thus, more nuanced interpretations of UAPs could emerge.

I’ve Squared

In our mathematical mindset, Brendan Ash notes that we are in a “squared year”: 2025 is 45². The next one won’t come until 2116.

This got Brendan reminiscing about a curious incident from a few years ago during a lengthy road trip. He and his son had fun looking up famous individuals who were born one year and passed the next. Not many fit that description, but Russian neurologist Ivan Pavlov (famous for his dog and bell experiments) was “born in 43 squared” [1849] and died at 44 squared [1936].

A darker thought struck Brendan— “I was also intrigued that Pope Francis was born in 44 squared and quickly predicted his death in 2025.”

For those of us who make such throwaway jokes, there exists a peculiar psychological torment in having such ideas materialize. “My predictions are now fulfilled. I cannot fathom how sinful I should feel,” Brendan reflects.

Have you shared your feedback?

You can send your stories to feedback@newscientist.com. Don’t forget to include your home address. Previous feedback can also be found on our website.

Source: www.newscientist.com

Drop Duhi Review: A Challenging Block Drop Puzzle Experience

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the indie video game landscape is currently shaped by two standout genres: rogue-like games and deck builders. The former invites players into action-adventure gameplay, exploring procedurally generated terrains teeming with enemies, leveling up, and meeting their demise. The latter lets players construct decks of collectible cards (think Pokémon or Magic: The Gathering, but in digital form) and engage in battles. Titles that ingeniously merge these two elements, like Balatro or Slay the Spire, often achieve significant crossover success. In a saturated market, developers are now seeking fresh genres that blend into this dynamic gaming concoction.

Enter Drop Duchy—a game that daringly combines rogue deck builders with… Tetris. Yes, the action unfolds on a playfield where different-shaped objects descend from the top of the screen. Here, each falling piece represents a type of landscape or building, and players endeavor not only to complete unbroken lines but also to generate resources for these structures. For instance, placing a farm next to grassy plain blocks will yield wheat, while situating a wooden fortress near a forest will provide farmland and swordsmen. Upon completing a line, instead of disappearing, the resources you’re collecting multiply. Why accumulate soldiers, you ask? Alongside constructing your military base, you must also make room for randomly generated enemy bases. At the end of each round, when all blocks are positioned, a battle sequence commences where your troops engage the enemy.




Drop the Tetris… Duke in a whole new way. Photo: Arcade Crew

The deck-building aspect is perhaps the most innovative. Each random block that falls into the play area corresponds to the cards you have in your deck. As you advance, you can add new cards to enhance your tactical options. You might start with farms, lumber (transforming forests into farmland), and watchtowers (producing archers), but as you progress through the acts, you’ll unlock additional cards and enhancements through battles culminating in boss encounters. Each boss battle presents unique challenges and themes; for example, the boss in Act 1 is a wall that restricts the play area, constraining construction into a tight spot, while the final challenge of Act 2 involves a keep.

It may sound complex, and it is somewhat. However, credit where it’s due: developer Sleepy Mill Studio has designed the game with intuitive learning, enhanced by effective tutorial levels and numerous on-screen tips. Like many rogue-lite games, a progression tree exists, allowing you to unlock more powerful card types and mechanics that persist through future playthroughs. This way, you can steadily refine your strategy, learning from the inevitable mistakes along the way.

What’s particularly fascinating about this game is the way it forces you to think of Tetris in an entirely new light. You aren’t merely placing blocks to clear lines; you must also consider how each piece interacts with nearby units and devise strategies to hinder your opponents’ resource collection. It’s effectively a multidimensional challenge, cleverly disguised as a simple puzzle game.

Yet, this constant strain on your cognitive abilities can sometimes feel overwhelming. The initial hours can be seemingly pointless due to boss encounters, especially if you find yourself unlucky with the random card draws at the start of each battle.

https://www.youtube-nocookie.com/embed/BSeCdQJpjVY?wmode=opaque&feature=oembed" title="Drop Duchy | Gameplay Overview" height="480" width="854" allowfullscreen="

Nevertheless, the charming pastel visuals, calming music, and ever-expanding resources keep players engaged. Much like Balatro, it often feels as if you understand only about 20% of the game at first, resulting in you throwing down pieces and hoping for a fortunate outcome. However, as you persist, a deeper strategy unfolds to bolster your army while limiting your opponents.

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Drop Duchy is a fascinating experiment in game design, and with every new feature, I find myself curious about how the team manages all the moving parts. The appeal of the deck builder genre is evident; they’re addictive, challenging, and systematically engaging, each contributing their unique twist to the overarching dynamics of gameplay. For Drop Duchy, the quirks indeed justify the entry price.

Drop Duchy is currently priced at £12.99

Source: www.theguardian.com

European sales of Tesla drop by almost 45% amid controversy over Trump administration and masks

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Sales of a new Tesla car in Europe plummeted last month since Elon Musk’s involvement in Trump’s administration, indicating potential buyer backlash towards his controversial behavior.

The electric car manufacturer sold just under 16,000 vehicles in Europe last month, a 44% decrease across 25 countries including the EU, the UK, Norway, and Switzerland.

Tesla’s market share dropped to 9.6%, its lowest in five years. January also saw a 45% decline in sales compared to 2024.

Although the UK reported a 21% increase in new Tesla vehicle registrations in February, Tesla’s overall sales in Europe are struggling due to Musk’s political involvement and the Model Y overhaul.

Analysts are monitoring Musk’s impact on Tesla amidst concerns of consumer backlash and competition within the EV market. Brands like Tesla, with limited model lineups, are vulnerable during model transitions.

Other automakers like Volkswagen, BMW, and Mini have seen sales growth in Europe, outpacing Tesla in February.

BYD, a Chinese-owned company, has reported significant sales increases, overshadowing Tesla in revenue and sales figures.

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BYD has emerged as a strong competitor to Tesla, exceeding them in revenue and sales volume, especially with their line of hybrid cars.

Polestar, owned by Geely, Volvo’s parent company, has also shown growth in vehicle sales in the European market.

BYD’s market value has surged, positioning them as a key player in the electric vehicle industry alongside Tesla and other major automakers.

Despite these challenges, Tesla’s shares rose 6% on Monday, showing resilience in the market amid increasing competition and regulatory changes.

Overall car sales in European markets saw a slight drop, while BEV registrations rose significantly, indicating a shift towards electric vehicles in the region.

Source: www.theguardian.com

First Data Drop from Euclidean Space Telescope Reveals 26 Million Galaxies

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Galactic sea photographed by the Euclidean Space Telescope

ESA/Euclid/Euclid Consortium/NASA, J.-C. Image processing by Cuillandre, E. Bertin, G. Anselmi

The extraordinary image from the Euclidean Space Telescope has acquired 26 million galaxies.

Euclid was launched by the European Space Agency (ESA) in July 2023, and in November of that year it sent its first image back. The six-year mission will image about a third of the sky and build the most detailed 3D map of Cosmos ever created. Once completed, this investigation will help to lighten how dark matter and dark energy behave on a cosmic scale.

ESA is currently being released The first large data on this missionstarts with three “deep fields.” This is an area where the telescope becomes a more detailed peer than the rest of the study area. These three spots represent 63 squares of sky, which corresponds to an area where the full moon is covered 300 times. Over the next few years, Euclide will pass these regions 30-52 times to build more detailed images.

It'll be Percival The University of Waterloo in Canada says that current batches of images are less than 50% of what gather on missions, but there is already plenty of researchers to collaborate. “There's so much you can do about many individual galaxies and their properties because it's not something that's done in space-based research with nearby infrared light or optics like this,” he says. “It's not exactly the same quality as HST [the Hubble Space Telescope]but it's so close that it doesn't just point to individual objects and shoot. We are conducting an investigation. ”

Researchers have already used Euclidean data to find hundreds of powerful gravity lenses. These phenomena are formed when the gravity of an object in the foreground distorts light from a distant galaxy, creating an arc shape or a complete ring. Previously, scientists had to hunt these individually, point them to the HST, and collect more images. Currently, astronomers can search for survey data from Euclidean and find more at once. This helps to gather insights into the evolution of galaxies and the universe.

Using AI models, researchers were able to find and catalog 500 galaxies with powerful gravity lenses with this first data alone, doubling the total seen to date. “The statistics are incredible,” Percival says. “Euclidean ultimately gets this amount of data 200 times.”

The data released so far represents only one week of images from Euclidean, but up to 35 terabytes. This is equivalent to 200 days of high quality video streaming. The next batch of data is expected to be released later next year, and will be a year's worth of images covering 2,000 square degrees and over 2,000 terabytes of storage space.

It can take over 100 years to view each galaxy manually, so AI is used to dramatically speed up the process, he says. Mike Walmsley At the University of Toronto. “We can ask new questions in weeks, not years, but in weeks,” he says.

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Source: www.newscientist.com

Global ransomware payments expected to drop by one-third following crackdown on cybercrime.

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Ransomware payments have dropped by over one-third compared to last year, totaling $813 million, as victims are now refusing to pay cybercriminals and law enforcement. The trend has been cracked.

This decline in cyber attacks involves computers or data being blocked with a demand for money to release it, despite notable cases in 2024 in the UK and the US, including the well-known donut company Krispy Kreme and NHS Trust.

Last year’s ransomware payments have decreased from the recorded $1.250 million in 2023, with a research company analyzing payment data and stating that payments dropped significantly in the second half of the year due to actions taken and the resistance to paying cyber criminals.

The total for 2024 was lower than the $1.1 billion recorded in 2020 and 2019, coming in at $999 million. In ransomware attacks, criminals gain access to the victim’s IT system, steal data, encrypt it, and demand a ransom payment in bitcoin to decrypt the files and return the data.

Jacqueline Burns Koven, head of cyber threat intelligence at Chain Dissolving, noted that the decrease in ransomware payments signifies a shift in the ransomware landscape. She mentioned the effectiveness of measures, improvement in international cooperation, and the impact on attackers and victims.

However, Burns Koven cautioned that the downward trend in payments is fragile, and ransomware attacks continue to be prevalent.

Further evidence shows that victims refusing to comply with attackers’ demands lead to an increase in ransomware attacks demands by cyber gangs, exceeding actual payments by 53%.

During the same period, the number of ransom-related “on-chain” payments (terms in the blockchain recording encryption transactions) decreased, indicating less compliance from victims.

One expert mentioned an international operation that successfully took down the Lockbit ransomware gang in February, as well as the disappearance of another cyber criminal group called Blackcat/Alphv.

Lizzy Cookson from a Ransomware-compatible company stated that the current ransomware atmosphere is influenced by newcomers focusing on smaller markets with modest ransom demands.

In the UK, there’s consideration to ban schools, NHS, and local councils from paying ransomware demands. Private companies would need to report payments to the government, which could potentially block them. Reporting ransomware attacks may also become mandatory if legal changes are implemented.

Source: www.theguardian.com

Investors spooked as China’s AI chatbot Deepseek causes global technology stock drop on the stock market

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Global tech stocks took a hit on Monday as investors reacted to the emergence of a Chinese chatbot competitor, Deepseek, on Openai’s ChatGpt. This raised concerns about the long-term sustainability of the artificial intelligence boom in the US.

The NASDAQ index in New York, heavily weighted towards tech, dropped as investors processed the news about Deepseek’s latest AI model development.

Companies like Nvidia, valued at over $400 billion, saw significant losses in their market capitalization as shares plummeted. Other tech giants like Alphabet and Meta also experienced declines.

Deepseek’s AI assistant topped the charts on the Apple App Store in the US and UK, surpassing Openai’s ChatGpt.

Stocks of other US-based AI companies like Tesla, Meta, and Amazon also saw declines in early trading.

Deepseek’s claims about developing advanced AI models using fewer chips than competitors have raised doubts around the massive AI investments made by US companies in recent years.

The company utilized lower-powered chips from Nvidia to create its model, highlighting the potential limitations of US technology export bans on China.

Venture capitalist Marc Andreessen likened Deepseek’s achievement to a “Sputnik moment” in the AI industry, signaling a notable disruption.

Deepseek’s R1 model outperforms other leading models in various benchmarks, challenging the dominance of tech giants like Google and Meta.

Founded by entrepreneur Liang Wenfeng, Deepseek focuses on research rather than commercial products, aiming to make AI accessible and affordable to all.

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Deepseek’s disruptive approach to AI has led to questions about the necessity of heavy investments in AI infrastructure and the supremacy of US tech companies in the field.

The pan-European Stoxx 600 and Asian tech stocks also took a hit, reflecting the global impact of Deepseek’s advancements.

Experts in the field acknowledge the significance of Deepseek’s breakthrough, highlighting the potential for innovation without the need for massive resources.

Source: www.theguardian.com

Facebook requests U.S. Supreme Court to drop fraud lawsuit regarding Cambridge Analytica scandal

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The U.S. Supreme Court discussed Meta’s Facebook’s attempt to dismiss a federal securities fraud lawsuit brought by shareholders. The lawsuit accuses the social media platform of deceiving users about its misuse of user data.

The Supreme Court heard arguments in Facebook’s appeal against a lower court’s decision allowing a 2018 class action lawsuit by Amalgamated Bank to move forward. The lawsuit aims to recover lost value of investors’ Facebook stock. Another lawsuit filed this month involves Nvidia, where litigants accuse the company of securities fraud, potentially making accountability more challenging.

The key issue is whether Facebook broke the law by not disclosing previous data breaches in its risk disclosures, portraying the risks as hypothetical.

Facebook argued in its brief to the Supreme Court that reasonable investors would see risk disclosures as forward-looking statements, eliminating the need to disclose previous risks that materialized.

Justice Elena Kagan and Justice Samuel Alito raised questions during the hearing, asserting that risk assessment is always forward-looking.

The plaintiffs accused Facebook of violating the Securities Exchange Act by misleading investors about a 2015 data breach involving Cambridge Analytica. The case was initially dismissed, but the U.S. 9th Circuit Court of Appeals reinstated it.

The Cambridge Analytica scandal led to various investigations and legal actions against Facebook. The Supreme Court is expected to reach a decision by June.

Despite the conservative majority on the Supreme Court, there are differing views on how investors interpret forward-looking risk disclosures.

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Facebook’s stock price dropped after reports in 2018 regarding the misuse of user data by Cambridge Analytica in connection with President Donald Trump’s 2016 campaign.

Source: www.theguardian.com

The Mechanisms of Anticipating the Beat Drop in Your Brain

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We are able to enjoy music because of our ability to recognize musical boundaries.

NDAB Creativity/Shutterstock

We may finally understand how the brain processes beat drops: People use two distinct brain networks to predict and identify the transitions between musical segments.

Musical boundaries – the moments when one part of a composition ends and another begins – are important to enjoying music, especially in the Western musical tradition. Without them, he says, your favorite hits can sound like a monotonous, random stream of notes, “like reading a text without punctuation.” Ibarra Burnat Perez At the University of Jyväskylä, Finland.

To understand how the brain processes musical boundaries, she and her colleagues analyzed brain activity while listening to 36 adults listen to instrumental pieces from three different genres: Adios Nonino Astor Piazzolla, an American progressive metal band Stream of consciousness Dream Theater and Russian Ballet Classics of Spring Festival Works by Igor Stravinsky. All of the listeners had attended school in Finland, and half of them considered themselves semi-professional or professional musicians.

The researchers found that just before musical boundaries, a brain network they call the early auditory network activates in anticipation of the end of a musical phrase. This network primarily involves auditory regions located in the posterior, or back, outer region of the brain called the cortex.

Another network becomes active during and after musical transitions. This network, called the border-transition network, is characterized by increased activity in auditory areas toward the middle and anterior, or front, parts of the cortex. Perez says that this change in brain activity between the two regions is similar to how the brain understands the difference between sentences in a language.

During and after the musical boundary, several brain regions, including the right ventrolateral prefrontal cortex, which is involved in complex cognitive tasks and decision-making, deactivate, suggesting that the brain redirects attention and resources to integrating new musical information as a new segment begins, Perez says.

Musicians and non-musicians also used these two brain networks differently. For example, musicians relied on brain regions important for higher-order auditory processing and integration, which may reflect a more specialized approach to understanding musical boundaries, Perez says. Non-musicians, on the other hand, showed greater connectivity across broader brain regions, indicating a more general approach.

In addition to shedding light on how the brain processes music, Perez says, these findings could also help develop music therapy for people who have difficulty comprehending language. For example, incorporating elements of musical boundaries into speech transitions (such as matching syllables to a melody) might make sentences easier to understand, she says.

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Source: www.newscientist.com

Roaring Kitty reemerges as GameStop shares drop without a clear game plan

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“Can you hear me now?” Keith Gill began the broadcast. “I kind of forgot how to do it.”

In 2021, an influencer known as Roaring Kitty led a retail investor movement that sparked an extraordinary surge in shares of the embattled video game chain GameStop, convulsing Wall Street, and Mr. Gill became an internet star and testified before Congress about his bullish stance on the stock.

And then he disappeared. For years after the stock market turmoil began, Gill remained silent online, even as a Hollywood movie was made about his battle with the financial establishment.

Last month, a series of cryptic social media posts suggested Roaring Kitty had woken up from a three-year slumber, reigniting a volatile rally in GameStop shares. But they raised more questions than they answered.

Hundreds of thousands of viewers were waiting when Gill reappeared on YouTube today, but those tuning in hoping for an explanation were in for a frustrating 50 minutes.

The first time GameStop's stock price surged in 2021 was Loss-making companiesThree years later, the company is still unprofitable and struggling to find its place in the modern gaming industry.

Its latest earnings report, released just before Roaring Kitty was released, revealed a steep decline in sales since the start of the year. GameStop also Confirmed Plan The company plans to take advantage of the recent surge in its share price by selling up to an additional 75 million shares.

“We will not be holding a conference call today,” GameStop said in a brief press release, without explaining any reasons for the poor performance. The company's shares fell by about 25 cents and trading was halted multiple times.

Retailers weren't ready for the market, but one enthusiastic follower was happy to oblige. Gill reappeared with his arm in a sling, his head bandaged, his face in a bandage, and sunglasses. With the sound of life support machines ringing in the background, he pretended to be dead.

Keith Gill Livestream on June 7, 2024. Photo: YouTube

“Yeah, that was close,” he laughed, thanking the audience for bringing him back to life, even as the stock price of GameStop Corp. showed up in the background and looked far from healthy.

Gill was keen to dispel the rumours: “This is me, by the way,” he said, stressing that he controls his own dealings and social media accounts and does not work with anyone else.

So why the return?

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Despite speculation that he might offer new information to explain his confidence in the fading retailer, Gill clarified that he had “no concrete plans,” instead rambling on about movie memes, playing with a Magic 8 Ball and thanking his followers for their well wishes ahead of his birthday.

“It's been a few years now. How are you all?” he said. “I'm so glad to be back.”

Gill reiterated his long-held belief that GameStop's management would one day reinvigorate the chain in some way, but this is hardly a new revelation. Gill hastened to add that while it's not a guarantee, Ryan Cohen, the billionaire entrepreneur who heads the company, “seems to be doing the right thing.”

“In this case, absence of evidence is not evidence of absence,” he argued about GameStop's recovery, but the company's shares continued to fall when it became clear that his livestreams would not be covering any significant news.

“I haven't said anything right,” he continued. The stock price had fallen 40% since the start of the day. “I'm just saying something wrong. Where's the eject button?”

After a while, he found and pressed it. “A toast to everyone,” Gil said, taking a swig of his beer, and finished. “We'll see what happens next.”

Source: www.theguardian.com

Investors React to Plans for Increased Spending on AI, Leading to $190 Billion Drop in Meta’s Value

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Meta’s stock price tumbled 15% on Wall Street Thursday in response to commitments to ramp up spending on artificial intelligence, resulting in approximately $190 billion being wiped off the market value of the Facebook and Instagram parent company.

During a conference call on Wednesday, Mark Zuckerberg, Meta’s CEO, emphasized the necessity of increasing spending on AI technology in order to generate “significant revenue” from the company’s new AI products. “There is a need for an increase,” he stated.

The stock price of Meta had previously benefited from stringent cost-cutting measures in 2023, which Zuckerberg referred to as “the year of efficiency.” However, investors were spooked when Meta raised the upper limit of its capital spending guidance from $37 billion to $40 billion on Wednesday.

Meta recently launched Llama 3, the latest iteration of its AI model and image generator, which can update images in real-time while users input prompts. This update also sees the expansion of Meta AI, the company’s AI-powered assistant, to more than 10 markets outside the US, including Australia, Canada, Singapore, Nigeria, and Pakistan. Chris Cox, Meta’s chief product officer, mentioned that the company is still working on implementing this in Europe.

The decline in stock price comes after Meta Inc. experienced a record increase in market value in February, adding $196 billion to its market capitalization following the announcement of its first dividend, which was, at the time, the largest single-day gain in Wall Street history. However, Nvidia, a prominent supplier of chips for AI models, later surpassed this record with a $277 billion profit.

Source: www.theguardian.com

Report: Expectations for $2.5 billion drop in ad sales for Elon Musk’s X

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< p > Ad sales for Elon Musk’s social media platform X in 2023 are expected to fall to about $2.5 billion. Bloomberg News reported Tuesday. Several companies, including Comcast and Walt Disney, stopped advertising on the platform after Musk last month agreed to a post on X (formerly Twitter) that claimed Jews were inciting hatred against white people. There was a pause. Joe Benarroch, head of business operations at Company X, told Reuters: “This report does not reflect the full scope of our business as sources relied upon by Bloomberg do not provide accurate and comprehensive details. “It gives an incomplete view.” Last month, Musk agreed with a post by X that claimed Jews were inciting hatred against white people. Getty Images for The New York Times < / p >
< p > As a publicly traded company, X’s revenue from advertising services in the last four quarters totaled $4.7 billion for the second half of 2021 and the first half of 2022, according to LSEG data. The company generated more than $600 million in advertising revenue in each of the first three quarters of 2023 and expects similar results this quarter, the report added, citing people familiar with the matter. Since Musk’s acquisition in October 2022, U.S. monthly ad revenue has fallen by at least 55% year over year every month, according to third-party data provided to Reuters in October. The company generated just over $600 million in ad revenue in each of the first three quarters of 2023, according to Bloomberg. zumapress.com < / p >
< p > Advertising sales account for 70% to 75% of X’s total revenue. Management had targeted $3 billion in revenue from advertising and subscription fees in 2023, but the company is far from reaching that number, according to the report. Musk also said in July that Twitter’s cash flow remains negative due to a nearly 50% drop in advertising revenue and high debt. < / p >

Source: nypost.com

Q3 Sees Another Drop in VC Funding for Foodtech Startups as Deals Decrease

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Venture capital investment in the food technology sector fell for the eighth consecutive quarter in Q3 2023, with 205 deals reported reaching $2 billion in value. New PitchBook Report.

This is a 13.9% decrease compared to the previous quarter, when 268 investments were made worth $2.2 billion. And compared to the previous year, it was down more than 71%. At PitchBook, we consider “food tech” to be a field that includes alternative proteins, bioengineered foods, discovery and reviews, e-commerce, food production, restaurant and retail technology.

“It’s a little disappointing to see deal activity continue to be weak,” report author Alex Frederick, senior analyst for emerging technologies at PitchBook, told TechCrunch. “But the market is still developing.”

He believes one of the bright spots in the third quarter was Instacart’s IPO, and says there was excitement in that regard, especially since it did so well. But Frederick also said he hasn’t yet seen many other tech startups retreat.

He added: “The IPO window remains closed and venture activity will continue to be challenged.”

Investor opinion

Meir Rabkin, founder and managing partner of climate technology venture firm Blue Vision Capital, said in an interview that climate technology as a whole has been “very resilient” over the past two years. He notes that this resilience is about corporate valuations, and that the contraction felt in other sectors was not as widespread in climate technology.

Rabkin said investing in food tech is “a bit of a tough space” for a variety of reasons, including relatively high capital expenditures and time-consuming research and development.

“That being said, there’s a lot of disruption and innovation that needs to go on there,” Rabkin said. “It’s a very exciting space to be in.”

But Christina Rohr, managing director of food and agriculture investments at impact investment firm S2G Ventures, says capital constraints aren’t all bad.

She found that when the availability of capital decreased, companies’ business models became more resilient because founders considered more capital-efficient methods. She is also considering different types of collaborations, including licensing her models.

Lohr isn’t surprised that venture capital is lagging in food technology, as companies focus on achieving scalability and positive unit economics.

“We are in an environment that is influenced by commodity prices and supply chain costs,” Lohr said. “Given all of this, to be scalable, costs must be comparable to existing technology and products. With these large rounds coming together, investors are looking at technological milestones and , we look at the combined ability to achieve these milestones in a manner that has positive unit economics.”

Plant-based is not growing as fast

Meanwhile, the alternative protein sector saw $724.2 million invested in 46 deals in the third quarter. The report says venture capital funding for plant-based foods is “down significantly from its peak in Q3 2021,” but deal activity remains strong, with further increases for the second consecutive quarter. That’s what it means.

Despite the rise in plant-based investment deals, Pitchbook’s Frederick said the sector is “struggling” when it comes to meat substitutes, citing shrinking grocery store shelf allocations. Ta.

The reasons for this are primarily price and taste perception, and because these products are processed foods, it is difficult to get new customers to try these premium products, Frederick said.

“It’s hard to get it and keep it on the shelf,” he said. “Achieving results is critical for these companies.Currently, consumer packaged goods across the board are under significant challenge from rising prices.Consumers seek lower-cost alternatives. The trend is for plant-based beef companies to sell at a 2% price premium over conventional meat.”

Notable deals in alternative proteins in the third quarter include that of Meati. Series C extension is $200 millionMeatable’s $35 million round and €40 million raised is enough.

As seen on TechCrunch

Fresh capital injection puts Farmless on path to first alternative protein product

I wrote a funding update on Farmless, a company I reported on earlier this year. A Dutch startup working to develop alternative protein sources through fermentation technology has raised a further €4.8 million in seed funding. This will be applied to Farmless’ goal of discovering microorganisms that can be fermented and used in various food applications.

what else are you reading

Great deal: The Canadian Food Innovation Network has awarded Crush Dynamics approximately $2 million to develop and test new ingredients that improve food quality and reduce sugar and sodium content in foods. learn more.

Sustainable supply chain: The Clean Food Group has now received £1 million from the UK Government to fund a project to promote new low-emission food production systems. read more.

Cultured meat support: Alternative protein investor Big Idea Ventures has launched Nexture Bio, a startup that will develop scaffolding technology used to create 3D meat substitute products that more closely resemble whole cuts of meat. get the scoop.

Eye stain: The alternative seafood industry has a new advocate: the Future Ocean Foods Association, founded by Marissa Bronfman. It involves his 36 companies from 14 countries representing cultivation, plant-based and fermentation technologies. read more.

Next time I go to New York, I will: Stop by Eleven Madison Park to try The Every Company’s newly added plant-based egg alternatives to the menu. check it out.

If you have an interesting tip or information about something happening in the world of venture or food technology, please contact Christine Hall at chall.techcrunch@gmail.com or Signal at 832-862-1051. Anonymous requests will be honored.

Source: techcrunch.com