Multiple attackers killed 12 people and wounded at least nine in a late-night mass shooting in Johannesburg, police said Wednesday, the latest in such attacks that have shaken the South African city. Police said they believe more than 10 suspects were driven in a minibus to an informal settlement in the Cleveland suburb of Johannesburg late on Tuesday night and once there, opened fire on people. S...
Multiple attackers killed 12 people and wounded at least nine in a late-night mass shooting in Johannesburg, police said Wednesday, the latest in such attacks that have shaken the South African city. Police said they believe more than 10 suspects were driven in a minibus to an informal settlement in the Cleveland suburb of Johannesburg late on Tuesday night and once there, opened fire on people. South Africa has seen several high-profile mass shootings recently, including two in December that...
The artificial intelligence (AI) boom is top of mind for everyone who invests in stocks. Skyrocketing share prices for semiconductor stocks and other companies that are profiting from the build-out of AI data centers have become a huge part of the U.S. stock market. But many investors are feeling doubtful and anxious along with the exuberance of this bull market. Are AI stocks too richly valued? W...
The artificial intelligence (AI) boom is top of mind for everyone who invests in stocks. Skyrocketing share prices for semiconductor stocks and other companies that are profiting from the build-out of AI data centers have become a huge part of the U.S. stock market. But many investors are feeling doubtful and anxious along with the exuberance of this bull market. Are AI stocks too richly valued? What if corporate spending on AI capital expenditures slows? What if AI technology doesn't deliver the hoped-for gains in productivity? What if AI is a bubble that bursts? Image source: Getty Images. Continue reading
Companies often use boilerplate language in their regulatory filings before an initial public offering (IPO). SpaceX's statement in its original S-1 filing that it "may issue additional shares for a variety of corporate purposes" didn't raise any eyebrows. However, it's important to pay attention to subsequent revisions to the original filing. SpaceX's amended IPO filing contains a 13-word warning...
Companies often use boilerplate language in their regulatory filings before an initial public offering (IPO). SpaceX's statement in its original S-1 filing that it "may issue additional shares for a variety of corporate purposes" didn't raise any eyebrows. However, it's important to pay attention to subsequent revisions to the original filing. SpaceX's amended IPO filing contains a 13-word warning that every investor needs to read before buying a single share. Image source: Getty Images. Continue reading
Klaus Vedfelt/DigitalVision via Getty Images Hugo Scott-Gall: Last time you were on the show, we discussed intangible and weightless assets. Today, I suspect our conversation is going to be heavier. Would you agree? Jay Kannan: The contrast is stark. In 2021, at the peak of COVID-driven business models, everything was about software, SaaS, work from home, and e-commerce. Even our own discussion wa...
Klaus Vedfelt/DigitalVision via Getty Images Hugo Scott-Gall: Last time you were on the show, we discussed intangible and weightless assets. Today, I suspect our conversation is going to be heavier. Would you agree? Jay Kannan: The contrast is stark. In 2021, at the peak of COVID-driven business models, everything was about software, SaaS, work from home, and e-commerce. Even our own discussion was centered around connected commerce. But today, technology carries a lot more weight. The same dollar of tech revenue now pulls in more physical, capital expenditure (capex)-heavy infrastructure than it ever has before. Hugo Scott-Gall: We also discussed the future and what you thought was on the horizon. What did you get right, and what did you get wrong? Jay Kannan: Let’s start with what panned out. First, digital adoption, and the virality of it, both at the consumer and enterprise level. It was structural, not just a COVID pull-forward. Second, the long growth runway for the cloud, as data infrastructure continued migrating from the backroom server rack to the cloud. But there were other things I underestimated: the speed at which compute became a binding constraint; AI, which is now central to every tech discussion and investing framework today; and the physicality of technology. The conversation is now about power, substrate, packaging, and the infrastructure behind it all. Hugo Scott-Gall: Where do you see growth over the next few years? Jay Kannan: The cloud has come back to Earth. In 2021, the metrics that defined growth were subscriptions, ad impressions, and active users. Today, the most important metric in my mind is tokens. At its core, a token is a unit of cognitive work. But tokens aren’t replacing attention; they’re replacing intelligence and thinking, which is an entirely different category, with different total addressable market (TAM) ceilings, different winners and losers, and a different revenue pool. I think that even the most aggressive TAM estimate ...