Tesla’s shares surged on Monday 29th April 2024, marking their best performance since March 2021, following the company’s achievement in advancing its driver-assistance technology in China.
The stock closed 15% higher, buoyed by investor enthusiasm over Tesla CEO Elon Musk’s visit to China.
On Sunday 28th April 2024, Tesla announced that Chinese authorities had lifted restrictions on its vehicles after they met the nation’s data security standards.
This development has heightened anticipation for the imminent availability of Tesla’s Full Self-Driving (FSD) software in China, the world’s biggest market for electric vehicles.
Tesla share price closed at 194.05 after enjoying a 15% climb
Tesla share price closed at 194.05 after enjoying a 15% climb
Chinese automotive giant BYD has experienced a decline in profits amid a slowdown in electric vehicle (EV) demand and a price war in the largest car market globally.
The company reported earnings of $630 million (£502 million) for the first quarter, a drop of over 47% from the previous quarter.
Competing with Elon Musk’sTesla for the title of the world’s top EV seller, BYD recently fell behind as Tesla regained the lead earlier this month.
In the first quarter, BYD’s sales of battery-only vehicles fell to just over 300,000, a decrease from the last quarter of 2023’s record high of 526,000 units.
Intel shares fall after company provides weak forecast for earnings, but disappoints with sales.
The stock fell 8% in extended trading.
Monthly stock price chart for Intel Corp. March to April 2024
Monthly stock price chart for Intel Corp. March to April 2024
Intel actual versus consensus expectations for the quarter ended in March 2024:
Earnings per share: 18 cents vs. 14 cents expected
Revenue: $12.72 billion vs. $12.78 billion expected
For the second quarter, Intel anticipates earnings of 10 cents per share with a projected revenue of $13 billion. This projection is in contrast to analysts’ expectations, which predict earnings of 25 cents per share on sales amounting to $13.57 billion.
In the first quarter, Intel disclosed a net loss of $400 million, equivalent to 9 cents per share, as opposed to the previous year’s net loss of $2.8 billion, 66 cents per share.
Revenue was $12.7 billion versus $11.7 billion a year ago, a 9% year-over-year increase.
Private equity firm Thoma Bravo has agreed to acquire Darktrace in a $5.32 billion (£4.25 billion) cash acquisition.
This translates to roughly $7.75 (£6.20) per share, which is a 44% premium over the company’s average share price as calculated over the last three months.
Darktrace, headquartered in Cambridge, focuses on cybersecurity, employing self-learning AI to counteract and automate reactions to cyber threats via its Darktrace ActiveAI Security Platform. The company caters to approximately 9,400 clients globally.
Thoma Bravo’s acquisition of Darktrace adds to its cybersecurity portfolio, which is currently estimated at around $45 billion in value.
The loss of Darktrace from the London Stock Exchange (LSE) was described as ‘disappointing news.’ There have been calls for greater pro-business reforms to help maintain London’s attractiveness for technology companies.
Darktrace was established in 2013 by Invoke Capital, an investment firm led by Autonomy’s founder Mike Lynch. He now holds a 3.9% stake in Darktrace, positioning him to gain just over $200 million from its sale. His wife holds an additional 2.9%.
Concurrently, Lynch is entangled in a fraud trial in San Francisco. He is reportedly facing accusations of being the ‘driving force’ behind significant fraud at Autonomy.
Autonomy was the software company he co-founded and eventually sold to Hewlett-Packard for $11 billion (£8.6bn) in 2011.
The acquisition represents a significant development in the cybersecurity industry.
Microsoft’s Q3 results surpassed estimates for both revenue and earnings.
But the revenue forecast for Q4 was less than anticipated, with the company reportedly projecting $64 billion, which is below the consensus of $64.5 billion – (only just).
Revenue: $61.86 vs. $60.80 billion expected
Earnings per share: $2.94 vs. $2.82 expected
Additionally, Microsoft is reportedly boosting its capital expenditures to acquire Nvidia graphics processing units, which are essential for training and operating artificial intelligence (AI) models.
AI startup Synthesia on Thursday 25th April 2024 announced its ‘Expressive Avatars’. These are AI-generated digital avatars that can express human emotions including happiness, sadness, and frustration.
Synthesia, supported by the tech giant Nvidia, reportedly secured an investment of $90 million in 2023, reaching a valuation close to $1 billion.
This video was created using the Synthesia platform, it took just two minutes to create.
Powering artificial intelligence (AI) models takes a substantial toll on our planet’s energy resources.
Delving deeper into AI, it becomes crucial to comprehend the environmental impact of this technological revolution.
Current trends
A new peer-reviewed study featured in ‘Joule‘ highlights the significant energy requirements of AI. The research, carried out by Alex de Vries, a data scientist at the Dutch central bank, provides a quantification of the energy usage linked to the trends in AI capacity and adoption.
The energy appetite of AI
The AI industry is experiencing rapid growth as major technology companies incorporate AI-driven services into their platforms. These applications require significantly more power than traditional ones, resulting in online interactions that are more energy-intensive.
Projected impact
Continuing on the present course, NVIDIA could be dispatching 1.5 million AI server units each year by 2027. If these servers were to run at maximum capacity, they would consume a minimum of 85.4 terawatt-hours of electricity annually. For comparison, this amount of energy surpasses the yearly consumption of numerous small nations.
Comparisons
By 2027, it is projected that global AI-related electricity consumption may rise by 85 to 134 terawatt-hours (TWh) annually. This estimate is on par with the yearly electricity requirements of nations such as the Netherlands, Argentina, and Sweden.
Why sustainability matters
While AI heralds significant breakthroughs, its sustainability is a crucial risk factor to consider. Picture Google’s search engine evolving into a ChatGPT-style chatbot, managing nine billion interactions daily. This would cause energy demands to soar, matching the consumption of a nation like Ireland. Although this scenario isn’t immediately likely due to logistical limitations, it highlights the resource-intensive nature of generative AI applications.
As we explore the AI domain, sustainability should not be neglected. Discussing AI’s risks, such as errors and biases, should also include its environmental impact. Innovation must be balanced with responsible energy use for a sustainable future.
Conclusion
In essence, AI’s demand for power is substantial, and the challenge is to leverage its capabilities while reducing its environmental impact. We must proceed with caution to ensure our technological advances do not compromise the health of our planet.
Voyager 1, launched in September 1977, holds the distinction of being the furthest human-made object from Earth.
It embarked on an incredible journey, venturing beyond the boundaries of our solar system and into interstellar space.
Here’s the latest update on this iconic spacecraft
Communication
On 14th November 2023, Voyager 1 experienced an unexpected glitch, rendering its binary communication code with NASA’s flight team incomprehensible.
However, after several months of indecipherable signals, Voyager 1 has resumed clear communication with Earth. On 20th April2024, the spacecraft reported back to its NASA team, detailing its health status for the first time in five months.
Although it is not yet transmitting scientific data, Voyager 1 is providing valuable information regarding the health and functionality of its onboard engineering systems.
Historic
Thirty-five years post-launch, Voyager 1 marked a milestone as the first human-made object to exit the solar system and enter interstellar space.
Six years thereafter, in 2018, Voyager 2 emulated its predecessor, venturing beyond the sun’s dominion. Together, these spacecraft stand as humanity’s lone envoys in the cosmic expanse, bearing our scientific endeavours and inquisitive spirit.
Technical repair
In March, the team operating NASA’s Voyager 1 sent a command to the spacecraft, which triggered its flight data subsystem (FDS) to transmit a complete memory readout to Earth.
The analysis of the memory dump reportedly indicated that the malfunction was due to a piece of corrupted code on a single chip, accounting for approximately 3% of the FDS’s memory.
While it’s not possible to physically repair or replace the chip, the team is adeptly shifting the problematic code within the FDS’s memory. This process apparently involves dividing the code into segments and reallocating them to different storage areas, with the goal of maintaining the smooth operation of Voyager 1’s systems.
Clever
Ultimately, Voyager 1’s recent successful communication serves as a remarkable example of human creativity and determination in space exploration. Even from its extraordinary distance from Earth, the venerable spacecraft continues to provide important updates on its status and insights into the unknowns of interstellar space.
15 billion miles and counting
Voyager 1 is approximately 15 billion miles from home. It takes about 1 day for information to travel from Voyager to Earth. Voyager 1 is travelling at an estimated speed of:38026
Bitcoin halving is a significant event in the cryptocurrency world
What is Bitcoin Halving?
Bitcoin halving, which happens roughly every four years, cuts the rate of new Bitcoin creation by half. This event is tied to the method of recording and generating Bitcoins. Transactions are logged on a blockchain, a ledger accessible to all.
Miners compile transactions into blocks and connect them by resolving cryptographic challenges, earning new bitcoins as their reward.
Satoshi Nakamoto, the enigmatic creator of Bitcoin, designed the cryptocurrency to have a maximum circulation of 21 million coins. To ensure this, the Bitcoin protocol halves the reward given to miners every 210,000 blocks, an event that occurs approximately every four years.
The Latest Halving
The latest Bitcoin halving took place in the early hours of Saturday 20th April 2024, reducing the reward for adding a new block of transactions to the blockchain from 6.25 Bitcoins to 3.125. Bitcoin’s halving will persist until the total supply approaches the 21 million cap, anticipated around the year 2140.
Impact on Bitcoin Price
The halving of Bitcoin reduces the number of new coins entering circulation, which, in theory, could drive up the price if demand remains constant.
According to economic principles, a stable demand coupled with a reduced supply should lead to a price increase.
Analysis of the three previous halvings (in 2012, 2016, and 2020) indicates an average price surge of 16% in the 60 days post-halving.
Typically, investors see the highest price increase approximately 500 days following a halving event.
Despite a recent drop from its peak, Bitcoin holds a high-level interest for crypto investors, even with its volatile behaviour. It has posted a 40% increase in 2024 compared to the same period last year.
In summary, the halving of Bitcoin reduces the availability of new coins, which could lead to an increase in value. However, the complete effects may only become apparent gradually over time.
UK police have dismantled a gang that provided a technology service enabling criminals to use fraudulent text messages to defraud victims
Britain’s Metropolitan Police announced on Thursday 18th April 2024 that the ‘LabHost‘ website had been utilised by 2,000 criminals to pilfer personal details from users.
The police have reportedly identified approximately 70,000 UK individuals whose details were compromised via LabHost’s websites. The websites of LabHost have been disrupted and now displays a notice indicating that the services have been seized by law enforcement.
They have arrested 37 people worldwide and are contacting victims affected by the scam.
Phishing scam
Officers say younger people who grew up with the internet were the most likely to fall for the ‘phishing’ scam.
What is ‘phishing’
‘Phishing’ is a type of social engineering attack where perpetrators trick individuals into disclosing sensitive information or downloading malware. This often entails the use of deceptive emails or messages that mimic reputable entities, luring users to input their login details on counterfeit websites.
The technology enabled scammers without technical expertise to inundate victims with deceptive messages aimed at eliciting online payments.
Authorities focused on the gang’s website, LabHost, which facilitated the despatch of these messages and steered victims towards counterfeit websites. These sites mimicked authentic online payment or shopping platforms.
ID theft
This operation allowed the perpetrators to pilfer personal identity details, including 480,000 card numbers and 64,000 PIN codes. It was referred to as ‘fullz data‘ in criminal circles, according to the police.
The exact amount of money stolen remains unknown. However, detectives estimate that the LabHost site generated close to £1 million ($1.25 million) in profits.
Meta’s complimentary artificial intelligence (AI) assistant, known as Meta AI, is being introduced across its social media platforms, including WhatsApp, Instagram, Facebook, and Messenger.
The assistant is reportedly designed to respond to queries, craft animations, and produce ‘high-quality’ images, according to Meta CEO Mark Zuckerberg in a recent video posting.
Zuckerberg also noted that the company has integrated ‘real-time knowledge’ from Google and Microsoft’s Bing to enhance the assistant’s responses.
The development of MetaAI is based on the company’s most advanced large language model, Meta Llama 3, which was unveiled on the same day – Thursday 18th April 2024.
The statement that a single speck of dust is halfway between the size of an atom and the entire planet Earth is a fascinating way to think about scale, and it’s based on a logarithmic, not linear, scale.
On a linear scale, the size of a dust speck is nowhere near the midpoint between an atom and Earth. However, if we consider a logarithmic scale, which compares things in terms of orders of magnitude rather than absolute size, the idea becomes more meaningful.
Midpoint equals 30g
The mass of a carbon atom is approximately 1.67377×10 to the power of −24 kilograms.
The mass of Earth is about 5.9736×10 to the power of 24 kilograms.
On a logarithmic scale, the midpoint of these two masses would be around 10 to the power of −1.5, which is roughly 30 grams.
While 30 grams is heavier than what we’d typically consider a speck of dust, it’s not too far off when we’re looking at the vast difference in scale between an atom and the Earth.
So, proportionally speaking, a speck of dust’s mass is closer to the midpoint on a logarithmic scale, even though it’s not exactly halfway.
It’s a way to visualize and understand the immense range of scales in our universe, from the very small to the very large. It’s not meant to be a precise measurement but rather an illustration of the concept of scale.
Net revenue: 592.64 billion New Taiwan dollars ($18.87 billion), vs. NT$582.94 billion
Net income: NT$225.49 billion, vs. NT$213.59 billion
TSMC announced that its net revenue has increased by 16.5% from the previous year to NT$592.64 billion, and its net income has risen by 8.9% to NT$225.49 billion. The company has forecasted its revenue for the first quarter to be in the range of $18 billion to $18.8 billion.
As the world’s largest producer of advanced processors, TSMC serves high-profile clients including Nvidia and Apple.
Nvidia, manufacturer of one of the most advanced graphics processing units (GPUs), has significantly benefited from the artificial intelligence (AI) surge due to the high demand for its microchips.
The company’s shares have fallen 10% from their recent all-time high, which was over $950. On Tuesday, 9th April 2024, the stock closed at $853.54, but it saw a slight recovery on Wednesday 10th April 2024, to $870.39.
Nvidia Corporation share price off recent all time high
Nvidia Corporation share price off recent all time high
On Tuesday, 9th April 2024, Intel, a competitor in the chipmaking industry, introduced a new AI chip named Gaudi 3. This chip is designed to drive large language models and stands as a contender against Nvidia’s most sophisticated chips.
U.S. inflation data coming in higher than expected along with a climb in treasuries has led to doubts of a Fed rate cut anytime soon.
These concerns combined together, pushed Nvidia and some other tech stocks lower.
The recent surge of interest in artificial intelligence (AI) has ignited a significant rally in technology stocks.
Firms engaged in AI development, such as semiconductor producers crucial to AI technology and cloud service providers offering the necessary computing infrastructure, have experienced significant returns.
The stock market is abuzz with excitement over artificial intelligence (AI). With technology stocks on the rise, some investors are questioning whether this signifies an AI bubble that could eventually pop.
The AI Rally Early Winners
In recent months, a select group of large U.S. companies has spearheaded advancements. These pioneers include semiconductor manufacturers critical for AI technology and cloud service providers equipped to commercialise it. The financial returns have been remarkable.
Not Your Typical Bubble
Despite the rally, experts argue that we’re not in a traditional bubble.
Market Concentration: The market rally has shown a high level of concentration. A mere 15 companies have contributed to more than 90% of the returns in the S&P 500 Index from January to June. Given that these frontrunners are predominantly large corporations, the equity market has experienced an exceptional concentration of returns.
Valuations and Balance Sheets: Contrary to previous bubbles, such as the internet bubble of 2000, the valuations of today’s leading technology stocks are not overly inflated. These firms have strong balance sheets and deliver significant returns on investment. It’s probable that we are still in the initial phases of a new technological cycle, which may result in continued superior performance.
U.S. vs European Tech: Valuations in the U.S. technology sector have garnered an unusual premium compared to European tech companies. This highlights the significance of the AI narrative, considering that the majority of leading AI companies are based in the U.S.
Future Growth Assumptions: Investors seem to expect much higher future growth for these tech giants, despite rising rates.
The AI Bubble Debate
Although tech stock valuations are high compared to historical standards, this doesn’t automatically indicate a bubble. The present price-to-earnings (P/E) ratio for the U.S. tech sector is indeed high, but context is key. The top seven US companies at the forefront of the generative AI industry have an average P/E ratio of 25.
Conclusion
The AI market has not reached bubble status as of now, but careful monitoring is essential. Staying vigilant about valuations, market dominance, and growth projections is important as we venture through this dynamic technological terrain, distinguishing genuine potential from mere speculation.
AI is here to stay, and this is just the beginning of a new ever powerful revolution.
Artificial intelligence (AI) is not only a powerful tool for solving problems but is also a source of creativity and innovation.
Generative AI is a type of AI that can create new and realistic content, such as images, text, music, software, and product designs, by learning from existing data and generating novel outputs that reflect the characteristics of the training data but do not repeat it.
Gen AI uses various techniques, such as deep neural networks, transformers, and generative adversarial networks, to model the complex patterns and structure of the input data and produce diverse and high-quality outputs. Generative AI can also respond to natural language prompts, allowing users to interact with the system and specify their desired outcomes.
Generative AI has many potential applications across different domains and industries.
Software development
GAI (Generative AI) can help developers write code faster and easier by generating suggestions, corrections, or completions based on the context and the user’s intent. For example, Copilot is a generative AI system that can assist developers with coding tasks by learning from billions of lines of code.
Healthcare
Generative AI can help researchers discover new drugs, treatments, or vaccines by generating novel molecules, proteins, or antibodies that have the desired properties and functions. For example, Insilico Medicine is a company that uses generative AI to design new drugs for aging and age-related diseases.
Entertainment
Generative AI can help artists, musicians, writers, or filmmakers create original and engaging content by generating images, sounds, text, or video that match their style and preferences. For example, Stable Diffusion is a generative AI system that can create realistic and diverse images from text descriptions.
Customer service
Generative AI can help businesses provide better and more personalised service to their customers by generating natural and human-like responses, recommendations, or solutions based on the customer’s needs and preferences. For example, ChatGPT is a generative AI chatbot that can have very human-seeming interactions with users.
Unlocking potential or unleashing the ‘genie’?
Generative AI is a new frontier of creativity and innovation that can unlock new possibilities and opportunities for humans and machines.
Unlocking potential or unleashing the ‘genie’?
However, generative AI also poses some challenges and risks, such as ethical, legal, social, and security issues, that need to be addressed and regulated. Therefore, it is important to develop and use generative AI responsibly and ethically, with respect for human values and dignity.
The CEO of Tesla, Elon Musk recently made an announcement regarding the company’s robotaxi.
According to his social media post on X, Tesla will unveil its robotaxi product on 8th August 2024. This project has been a topic of discussion for several years and could potentially represent a significant new business venture for Tesla.
The robotaxi initiative aims to allow Tesla vehicles to use self-driving technology for autonomous ride-hailing services, picking up passengers without human intervention.
Previous predictions
Elon Musk has made bold predictions regarding the timeline for robotaxis. In 2019, he anticipated having over a million robotaxis in operation by 2020. Currently, Tesla’s advanced driver-assistance systems, such as Autopilot and the premium Full Self-Driving option, still necessitate human oversight.
Nonetheless, amidst the competitive landscape of autonomous vehicles, Tesla remains steadfast in its pursuit of a fully autonomous future.
Tesla One year Chart
Tesla one year chart
Mass production?
Musk stated that a robotaxi model lacking a steering wheel or pedals is expected to enter mass production by 2024. The aim is to make the cost of a journey in the Tesla robotaxi lower than that of a public bus or underground train ticket.
Samsung Electronics anticipates its profits for the first quarter of 2024 to surge more than tenfold compared to the previous year.
This projection is due to the recovery in chip prices following a post-pandemic decline and a surge in demand for artificial intelligence (AI) related products.
As the world’s leading manufacturer of memory microchips, smartphones, and televisions, the South Korea-based Samsung reportedly plans to publish a comprehensive financial report on 30th April 2024.
Projected profit
The tech giant has projected that its operating profit for the January-March 2024 quarter soared to 6.6 trillion won ($4.9bn; £3.9bn), marking a 931% increase from the same period in 2023, surpassing analysts’ forecasts of approximately 5.7 trillion won.
Rebound in microchip prices
A rebound in global semiconductor prices, following a significant downturn the previous year, is expected to bolster its earnings. Over the past year, global memory microchip prices have reportedly increased by about 20%. The semiconductor division of Samsung typically generates the most revenue for the company.
The demand for semiconductors is projected to stay robust throughout the year, fueled by the expansion in AI technologies. Furthermore, the earthquake that struck Taiwan on 3rd April 2024 could potentially constrict the worldwide chip supply, possibly enabling Samsung to further elevate its prices.
Taiwan a key player
Taiwan houses several key chipmakers, including TSMC, which supplies Apple and Nvidia. Despite TSMC reporting minimal impact on its production from the earthquake, it did experience some operational disruptions.
Additionally, Samsung is poised to benefit from the sales of its newly launched flagship Galaxy S24 smartphones, introduced in January.
Reports indicate that Apple is delving into AI-powered robotics, aiming to innovate within the home robotics sector. A Bloomberg article reveals that the tech titan is exploring two fascinating initiatives.
Mobile Robot
Apple is reportedly exploring the development of a robot that can accompany its owner. Envision a congenial AI companion that travels with you.
Robotic Display
The project aims to develop a robotic mechanism capable of moving displays. Despite being periodically removed and reinstated on Apple’s roadmap; it is still in the preliminary research stage.
The projects are spearheaded by Matt Costello, Apple’s VP of Hardware Engineering, and Brian Lynch, the Senior Director of Home Hardware Engineering. Moreover, Apple’s AI team is developing algorithms to enable robots to navigate homes, potentially linking to the mobile robot initiative.
Apple’s foray into AI-driven home robots comes after shelving its electric vehicle project, marking an intriguing development. The company is exploring the integration of AI into AirPods and the possibility of creating smart glasses. Despite not launching generative AI tools as swiftly as some rivals, Apple is set to introduce some later this year.
In the realm of robotics, Apple enters a field with established entities like Amazon, Roomba, and Unitree, which have already introduced home robotics products.
Therefore, it’s worth watching for upcoming Apple AI products in the future!
Intel’s stock dropped by 4% during extended trading on Tuesday 2nd April 2024, following the disclosure of long-anticipated financial details for its semiconductor manufacturing division, often referred to as the foundry business, in a filing with the SEC.
The company reportedly disclosed that its foundry business incurred an operating loss of $7 billion in 2023, against sales of $18.9 billion. This represents a greater loss compared to the $5.2 billion operating loss reported by Intel for its foundry business in 2022, which had sales of $27.5 billion.
This is the first time that Intel has disclosed revenue totals for its foundry business separately. Historically, Intel has both designed its own chips as well as its own manufacturing and reported microchip sales to investors.
Other American semiconductor companies such as Nvidia and AMD design their microchips but send them off to Asian factories such as Taiwan’s TSMC for manufacturing.
NVIDIA reportedly introduced about twenty or so new AI-driven tools tailored for healthcare at its 2024 GTC AI conference, securing partnerships with Johnson & Johnson and GE Healthcare for surgical and medical imaging applications.
For the AI chip pioneer, venturing into healthcare represents a decade-long development effort with substantial revenue possibilities.
The adoption of AI in drug discovery and research, a process that traditionally takes up to 12 years and costs billions, is accelerating rapidly.
The opportunities will be far reaching.
Nvidia one year chart
Dramatic price movement for Nvidia over a one-year period
The EV named ‘Seagull’ sub $10,000 price tag. This vehicle will likely take-off!
Global automakers are becoming increasingly concerned that Chinese competitors, such as the Warren Buffett-endorsed BYD, might saturate their EV market with cheaper EVs, potentially undermining local production and reducing vehicle prices.
Concerns have been raised that this could damage national automotive industries, and balance sheets. However, it would undoubtedly benefit consumers by providing more affordable entry-level electric vehicles.
The BYD Seagull, an all-electric hatchback manufactured in China, is priced at only 69800 yuan (under $10,000) and is said to be profitable for the rapidly growing Chinese automaker.
There’s fear among global automakers that BYD and other Chinese rivals could flood their markets, undercutting domestic production and vehicle prices.
The Chinese are coming to a town near you – it’s just business.
Cold welding is a fascinating phenomenon that allows metals to bond in space
Cold Welding: In the vacuum of space, two metal pieces can fuse without heat or flame when they come into contact. This occurs because:
Metallic Bonds: Metals consist of positively charged ions immersed in a sea of free-moving electrons, which are essential for bonding atoms within the metal.
Oxide Layer: On Earth, metals typically develop an oxide layer on their surfaces due to exposure to air, preventing them from bonding directly.
In Space: Without oxygen in space to create an oxide layer, touching metal pieces can merge through their metallic bonds, forming one solid piece.
Practical Implications
In practice, such occurrences are rare on Earth due to irregularities and the presence of a protective oxide layer.
Even in space, this oxide layer persists unless it is intentionally removed. If it were to be polished away, the metals could indeed weld together.
Designers of satellites and spacecraft must take this into account when selecting metal components for space missions.
Designers of satellites and spacecraft must consider this when selecting metal parts for space missions.
Although it’s not as straightforward as magnets sticking together, cold welding in space is truly possible!
A serious problem or a technical glitch? I call it the donut theory – where everything is perceived as good until… but it isn’t – when you can’t even buy a donut!
Recent issues highlight a growing problem
Due to a payment acceptance issue, the bakery chain Greggs has closed some of its outlets. Patrons encountered certain branches that were either shut or only accepted cash.
This incident comes after card payment systems failed at Sainsbury’s and Tesco on Saturday 16th March 2024, and at McDonald’s on Friday 15th March 2024, and at many other outlets over recent months. Instore shopping and home deliveries were all affected.
Failures
The recent system failures experienced by major UK retailers like Sainsbury’s, Tesco, and even McDonald’s have indeed raised concerns. While these incidents may seem isolated, they highlight broader issues related to technology infrastructure, reliance on digital systems, and the impact of such failures on businesses and consumers.
Potential implications and issues with system failures. We are so dependent on the ‘system’.
Dependency on Technology
Modern businesses heavily rely on technology for operations, from inventory management to payment processing. When systems fail, it disrupts daily operations, affecting customer satisfaction and revenue.
The recent incidents underscore the need for robust backup systems, redundancy, and thorough testing of software updates.
Customer Experience and Trust
System outages can frustrate customers who rely on these services. Delays in grocery deliveries or inability to pay via contactless methods can lead to dissatisfaction.
Trust in a brand can erode if such incidents occur frequently. Customers may seek alternatives or lose confidence in the retailer’s ability to provide reliable services.
Financial Impact
System failures can result in financial losses due to missed sales, refunds, and operational disruptions.
Companies invest significant resources in maintaining and upgrading their technology infrastructure. Failures can be costly both in terms of immediate losses and long-term reputation damage.
Cybersecurity Concerns
System glitches may raise questions about cybersecurity. While not all incidents are related to security breaches, any disruption can make consumers wary.
Retailers must continuously assess and enhance their security measures to protect customer data and prevent unauthorized access.
Supply Chain Vulnerabilities
Supermarkets are part of complex supply chains. System failures can impact suppliers, logistics, and distribution networks.
Ensuring resilience across the entire supply chain is crucial to prevent cascading effects.
Regulatory Compliance
Retailers must comply with regulations related to data protection, payment processing, and consumer rights. System failures could lead to legal and regulatory challenges.
Recent Cyberattacks and System Failures in the UK
Cyberattacks will all have malicious intent, such as accessing, changing, or destroying sensitive information; extorting money from users via ransomware; or interrupting normal business processes.
The digital age has brought unprecedented convenience and efficiency to our lives. However, it has also introduced new challenges, particularly in the realm of cybersecurity and system reliability. In the UK, several high-profile incidents have underscored these challenges. Here are ten recent serious cyberattacks and system failures that have occurred since 2022.
System Failures
NHS IT Failures: In December 2023, the Health Services Safety Investigations Body (HSSIB) reported that IT failures in the NHS have resulted in patient harm and even deaths. Urgent action is needed to address these issues.
Failing IT Infrastructure in the NHS: A report highlighted that the failing IT infrastructure is undermining safe healthcare in the NHS.
Failed Government IT Project: A failed government IT project to upgrade NHS computer systems in England ended up becoming one of the ‘worst and most expensive contracting fiascos’ in public sector history.
Abandoned NHS Patient Record System: In September 2013, an NHS patient record system, which would have been the world’s largest non-military IT system, was abandoned. The failed centralised e-record system cost the taxpayer over £10 billion.
Cyberattacks
Ransomware Attack on NHS: A ransomware attack on a software supplier hit the NHS across the UK, and there were fears that patient data may have been the target.
Ransomware Attack on Greater Manchester Police: The Greater Manchester police force fell victim to a ransomware hack, exposing details of officers’ name badges such as ranks, photos, and serial numbers.
Ransomware Attack on Royal Mail: The Royal Mail was affected by a ransomware attack.
Ransomware Attack on Capita: Outsourcing firm Capita was hit by a ransomware attack.
Ransomware Attack on Barts Health NHS Trust: The Barts Health NHS trust was affected by a ransomware attack.
Ransomware Attack on Redcar and Cleveland Council: In 2020, Redcar and Cleveland council fell victim to a ransomware attack and was locked out of its systems for almost three weeks.
Cyber-Attack on UK VoIP Providers: An ‘unprecedented’ and coordinated cyber-attack struck multiple UK-based providers of voice over internet protocol (VoIP) services.
Hackney Borough Council Cyber-Attack: Hackney Borough Council was hit by a cyber-attack which led to significant disruption to services and IT systems.
Exchange Email Hack: In March 2021, hundreds of UK companies were compromised as part of a global campaign linked to Chinese hackers.
Hacking of 23andMe Profiles: In December 2023, there was a hack of 6.9 million profiles at genetic test firm 23andMe.
Booking.com Customer Hacking: In November 2023, hackers increased attacks on Booking.com customers
And there have been many more. Whatever the reason; system failures or cyberattacks – the UK needs to seriously update and improve its resources and defences or suffer the serious consequences.
These incidents serve as a stark reminder of the importance of robust cybersecurity measures and reliable IT systems. As we continue to rely more heavily on digital systems, it is crucial that we learn from these incidents and take the necessary steps to prevent similar occurrences in the future.
Conclusion
In summary, while individual incidents may not indicate a systemic crisis, they serve as reminders for businesses and local authorities to invest in robust technology, disaster recovery plans, and proactive risk management. As technology continues to evolve, addressing these challenges becomes even more critical.
The U.S. has reportedly initiated a significant lawsuit against Apple, alleging that the technology giant has monopolised the smartphone market and stifled competition.
The Justice Department claims that Apple has misused its dominance over the iPhone App Store to ‘lock in’ customers and developers. The company is also accused of taking unlawful measures to obstruct applications perceived as competitive threats and to degrade the appeal of competing products.
Apple has pledged to ‘vigorously’ contest the lawsuit and refutes the allegations.
A slowdown in iPhone sales in China, the reported dumping of an EV project, no iPhone AI interface to speak of and now a U.S. lawsuit to defend. Is Apple’s ‘crown of dominance‘ slipping ever-so-slightly?
Bitcoin extended its slide on Tuesday 19th March 2024, dropping more than $10,000 from its all-time high last week.
The cryptocurrency went below $63000. Last week it climbed to a record $73679.
The move helped drag other cryptocurrencies lower. Ether lost more than 5% and was recently trading at $3,287.58 after topping $4,000 last week for – a drop some analysts predicted following the network’s *Dencun upgrade. The token tied to Solana fell 8%, Dogecoin lost 7% and XRP slipped 2%.
*Dencun introduces a scaling technology called proto-danksharding. This feature aims to drastically reduce transaction fees on Layer 2 (L2) rollups like Pontem’s SuperLumio, Optimism, and Arbitrum. By efficiently managing large data chunks, *proto-danksharding streamlines transaction processing, particularly for L2 solutions.
*Proto-Danksharding, also known as EIP-4844, is an intermediate step toward achieving a truly scalable Ethereum blockchain. Proto-Danksharding aims to make transactions on Layer 2 as cheap as possible for users and ultimately scale Ethereum to handle over 100,000 transactions per second. It serves as a precursor to full Danksharding.
In summary, Proto-Danksharding paves the way for more efficient and cost-effective Layer 2 solutions, enhancing Ethereum’s scalability and usability.
Bitcoin volatile pullback – profit taking
Bitcoin’s decline started last week when traders began to capitalize on profits following its approximately 70% surge from the beginning of the year to its peak last Wednesday. Data from CryptoQuant indicates a significant increase in investors liquidating their Bitcoin holdings for profit on 12th March 2024.
CoinMarketCap chart demonstrating Bitcoin volatility over 7-day period dropping below $63000
CoinMarketCap chart demonstrating Bitcoin volatility over 7-day perioddropping below $63000
Moreover, the act of securing profits resulted in a surge of long position liquidations for leveraged Bitcoin investments. Centralised exchanges witnessed approximately $122 million in long position liquidations on Monday, as per analysis from Bitcoin exchanges.
The previous week saw nearly $372 million worth of long liquidations over the span of three days.
Bitcoin ETFs
The introduction of spot Bitcoin ETFs in the U.S. earlier this year has significantly contributed to the rally of Bitcoin. This surge began even before the ETFs were officially launched, spurred by the anticipation of their regulatory approval. Concurrently, growing interest from investors and a higher demand for Bitcoin have led to increased leverage and amplified volatility.
Investors and analysts caution that traders ought to proceed with care in March due to the anticipated volatile price movements and a surge in trading volumes, which could result in a deviation from Bitcoin’s sustained upward trend.
Tread with extreme care – or DON’T TREAD AT ALL! Bitcoin is an extremely volatile asset and too unpredictable to trade for my liking.
