Most tech CEOs say the same thing when someone asks about AI and jobs: productivity will go up, new roles will be created, society always adapts. Dara Khosrowshahi, CEO of Uber (NYSE:UBER), isn't doing that. In a recent interview on The Diary of a CEO (1), when host Steven Bartlett raised the dissonance between what tech leaders say publicly about AI and what they admit behind closed doors, the Ub...
Most tech CEOs say the same thing when someone asks about AI and jobs: productivity will go up, new roles will be created, society always adapts. Dara Khosrowshahi, CEO of Uber (NYSE:UBER), isn't doing that. In a recent interview on The Diary of a CEO (1), when host Steven Bartlett raised the dissonance between what tech leaders say publicly about AI and what they admit behind closed doors, the Uber chief executive didn't push back. He agreed and went further. Must Read Khosrowshahi said he's heard private conversations among executives about the "sheer amount of disruption" they expect from AI, then watched those same people appear on CNBC or at Davos and tell audiences everything would work out fine. "I understand the incentive," Khosrowshahi said, noting that being too candid about job displacement could spook investors and fundraising. Khosrowshahi didn't soften his own numbers. He estimated that AI will be able to replace the work that 70 to 80% of humans do, with intellectual jobs falling within 10 years and physical roles like driving, logistics and robotics within 15 to 20. He's not speaking hypothetically about his own workforce, either. Uber has 9.5 million drivers and couriers on its platform, the largest flexible labor network in the world. Khosrowshahi acknowledged that the majority of those trips will eventually be fulfilled by autonomous vehicles and when asked what those 9 million people do next, said: "I don't know." AI layoffs are already here in 2026 The early data is already stacking up. Block CEO Jack Dorsey cut roughly 4,000 jobs in February — nearly 40% of his company's workforce — in one of the largest AI-attributed layoffs in tech history (2). Dorsey didn't dress it up: AI tools, he said, have "fundamentally changed what it means to build and run a company." He's far from alone. Atlassian slashed 1,600 roles citing the "AI era" (3). Meta is reportedly planning cuts of up to 20%, potentially more than 15,000 workers, partly to offset massive ...
Key Points Micron has emerged as a category leader of high-bandwidth memory solutions for artificial intelligence (AI) hyperscalers. The company's revenue and earnings growth are explosive, and secular tailwinds suggest the company's outlook remains strong. Micron stock could be headed for even further gains as its valuation multiples reach more premium price levels. 10 stocks we like better than ...
Key Points Micron has emerged as a category leader of high-bandwidth memory solutions for artificial intelligence (AI) hyperscalers. The company's revenue and earnings growth are explosive, and secular tailwinds suggest the company's outlook remains strong. Micron stock could be headed for even further gains as its valuation multiples reach more premium price levels. 10 stocks we like better than Micron Technology › Over the last year, Micron Technology(NASDAQ: MU) has emerged as one of the most compelling stories in the artificial intelligence (AI) semiconductor landscape. Following its 162% surge in just the last six months, Micron shares now hover around $440. The question smart investors are asking is whether this rise is a byproduct of a temporary boom or the beginning of a structural growth rally. Over the next three years, I'm forecasting Micron stock to soar even higher. Read on to find out why. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » What is driving Micron stock higher? AI hyperscalers are deploying millions of clusters of graphics processing units (GPUs) across their data centers. These structures consume high-bandwidth memory (HBM) for training and inference of generative AI models. Micron's recent ascent is fueled by explosive demand for these high-performance memory solutions -- supported by the $700 billion AI infrastructure buildout. The company's HBM3E and upcoming HBM4 products are already sold out for 2026 -- allowing the company to command premium pricing and widen the profit margins across its DRAM and NAND chip suites. As big tech continues allocating infrastructure budgets toward additional capacity solutions across memory and storage, Micron remains in a position to accelerate both revenue and earnings over the coming years. Does the AI memory supercycle have multiye...
Israel said rocket fire from Lebanon killed one person on Sunday as Hezbollah said it attacked soldiers in northern Israel, the first fatality there in fire from Lebanon since the latest war erupted. Israeli Defence Minister Israel Katz said on Sunday that the army had been ordered to destroy more bridges over Lebanon’s Litani River that are allegedly being used by Hezbollah in the country’s south...
Israel said rocket fire from Lebanon killed one person on Sunday as Hezbollah said it attacked soldiers in northern Israel, the first fatality there in fire from Lebanon since the latest war erupted. Israeli Defence Minister Israel Katz said on Sunday that the army had been ordered to destroy more bridges over Lebanon’s Litani River that are allegedly being used by Hezbollah in the country’s south and to step up the demolition of houses. Lebanon was pulled into the Middle East war when Hezbollah began firing rockets into Israel on March 2 to avenge the killing of Iran’s supreme leader Ali Khamenei in Israeli-US attacks. Advertisement Israel has sent troops into Lebanon and carried out extensive air strikes in the country, while Hezbollah continues to fire rocket barrages across the border. Israel’s ZAKA 360 emergency response unit said a person was pronounced dead after a strike on their vehicle “carried out by a rocket fired from Lebanon”. Advertisement Local firefighters said flames had engulfed two vehicles after a “direct hit” in the northern Israeli kibbutz community of Misgav Am.
In this article @CL.1 @LCO.1 Follow your favorite stocks CREATE FREE ACCOUNT In an aerial view, Marathon Petroleum Corp's Los Angeles Refinery, one of the largest oil refineries in the North America, operates as gas prices rocket upward due to worldwide oil supply disruptions caused by the U.S. and Israeli attack on Iran, on March 10, 2026 in Carson, California. David McNew | Getty Images Oil pric...
In this article @CL.1 @LCO.1 Follow your favorite stocks CREATE FREE ACCOUNT In an aerial view, Marathon Petroleum Corp's Los Angeles Refinery, one of the largest oil refineries in the North America, operates as gas prices rocket upward due to worldwide oil supply disruptions caused by the U.S. and Israeli attack on Iran, on March 10, 2026 in Carson, California. David McNew | Getty Images Oil prices look set to rise further on Monday, having closed before the weekend at their highest in nearly four years, after U.S. and Iranian threats to target energy facilities, analysts said on Sunday. U.S. President Donald Trump on Saturday threatened to "obliterate" Iran's power plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours, a significant escalation barely a day after he talked about "winding down" the war, now in its fourth week. Iran warned on Sunday it would attack U.S.-linked infrastructure, including energy and desalination facilities in the Gulf, if Trump carried out his threat. On Friday, international benchmark Brent crude futures for May settled up 3.26% at $112.19 a barrel, the highest since July 2022. U.S. crude oil gained 2.27%, or $2.18, to settle at $98.32 per barrel. "President Trump's threat has now placed a 48-hour ticking time bomb of elevated uncertainty over markets," said IG market analyst Tony Sycamore. If the ultimatum is not walked back, oil prices will spike on Monday, he said. "It clearly means more escalation, which means higher oil prices. Some are incorrectly thinking, however, that Iran may cave," said Amrita Sen, founder of Energy Aspects. "Trump is trying to show he can out-escalate and that way ends in scorched earth for Gulf infrastructure." Iran has attacked ports and refineries in Saudi Arabia, Kuwait, Bahrain, the UAE and Qatar in retaliation for attacks on its infrastructure. The closure of Hormuz resulted in a loss of a full four days of global supply — or some 440 million barrels — during the 22 days o...
Over the last year, Micron Technology (MU 4.89%) has emerged as one of the most compelling stories in the artificial intelligence (AI) semiconductor landscape. Following its 162% surge in just the last six months, Micron shares now hover around $440. The question smart investors are asking is whether this rise is a byproduct of a temporary boom or the beginning of a structural growth rally. Over t...
Over the last year, Micron Technology (MU 4.89%) has emerged as one of the most compelling stories in the artificial intelligence (AI) semiconductor landscape. Following its 162% surge in just the last six months, Micron shares now hover around $440. The question smart investors are asking is whether this rise is a byproduct of a temporary boom or the beginning of a structural growth rally. Over the next three years, I'm forecasting Micron stock to soar even higher. Read on to find out why. What is driving Micron stock higher? AI hyperscalers are deploying millions of clusters of graphics processing units (GPUs) across their data centers. These structures consume high-bandwidth memory (HBM) for training and inference of generative AI models. Micron's recent ascent is fueled by explosive demand for these high-performance memory solutions -- supported by the $700 billion AI infrastructure buildout. The company's HBM3E and upcoming HBM4 products are already sold out for 2026 -- allowing the company to command premium pricing and widen the profit margins across its DRAM and NAND chip suites. As big tech continues allocating infrastructure budgets toward additional capacity solutions across memory and storage, Micron remains in a position to accelerate both revenue and earnings over the coming years. Expand NASDAQ : MU Micron Technology Today's Change ( -4.89 %) $ -21.74 Current Price $ 422.53 Key Data Points Market Cap $476B Day's Range $ 415.38 - $ 449.05 52wk Range $ 61.54 - $ 471.34 Volume 2.3M Avg Vol 36M Gross Margin 58.54 % Dividend Yield 0.11 % Does the AI memory supercycle have multiyear momentum? In the past, memory cycles have been highly cyclical as they relied heavily on device upgrades from consumers and enterprises. Today's AI revolution is changing this narrative, though. Trends in digitization, 5G networks, and cloud storage were not as robust during prior memory cycles. But with the introduction of next-generation services across robotics, agentic AI, a...
Given its current growth trajectory, future revenue estimates, and market position, there are several factors that could be seen as positive for the company's outlook. The company holds a leading position in the market for AI-specific processors. Research indicates its share of this market is expected to grow substantially by next year. This established position allows Broadcom to supply processor...
Given its current growth trajectory, future revenue estimates, and market position, there are several factors that could be seen as positive for the company's outlook. The company holds a leading position in the market for AI-specific processors. Research indicates its share of this market is expected to grow substantially by next year. This established position allows Broadcom to supply processors to multiple major technology firms that have announced large capital expenditure plans focused on artificial intelligence for this year. Company management anticipates that AI-related revenue will continue to grow in the current quarter. Furthermore, the firm has provided an estimate for its total chip revenue for the year 2027. External analysis suggests Broadcom's projection for its AI sales doubling by that year may be a cautious forecast. Broadcom (AVGO) designs specialized integrated circuits for use in AI data centers. A surge in spending on AI computing infrastructure has accelerated the company's sales and earnings performance. In its first fiscal quarter, which concluded on February 1, Broadcom's revenue attributed to AI more than doubled. Non-GAAP earnings per share for the period also saw a significant increase. According to a report from Yahoo Finance, the artificial intelligence market remains in a formative stage, leading to a range of predictions about its future. Within this landscape, certain companies are emerging as potential beneficiaries of current trends. This report provides a comprehensive view of the global electronic chip industry, tracking demand, supply, and trade flows across the worldwide value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply. Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between e...
Navitas Semiconductor (NASDAQ: NVTS) is making a high-stakes pivot toward AI data centers, a move that could reshape its future. I break down the emotional conflict behind the story: shrinking mobile exposure, rising AI hopes, and why this transition could either become a breakout moment or a brutal test of execution. Stock prices used were the market prices of March 13, 2026. The video was publis...
Navitas Semiconductor (NASDAQ: NVTS) is making a high-stakes pivot toward AI data centers, a move that could reshape its future. I break down the emotional conflict behind the story: shrinking mobile exposure, rising AI hopes, and why this transition could either become a breakout moment or a brutal test of execution. Stock prices used were the market prices of March 13, 2026. The video was published on March 21, 2026. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Should you buy stock in Navitas Semiconductor right now? Before you buy stock in Navitas Semiconductor, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Navitas Semiconductor wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $495,179!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,058,743!* Now, it’s worth noting Stock Advisor’s total average return is 898% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of March 22, 2026. Rick Orford has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that support...
Key Points Investors are clearly getting more nervous about the sustainability of generative AI spending in the economy. Micron is facing unusual volatility, but its low valuation makes it stand out. 10 stocks we like better than Micron Technology › The 47-year-old computer memory giant Micron Technologies (NASDAQ: MU) isn't typically the place to look for explosive growth and volatility in the te...
Key Points Investors are clearly getting more nervous about the sustainability of generative AI spending in the economy. Micron is facing unusual volatility, but its low valuation makes it stand out. 10 stocks we like better than Micron Technology › The 47-year-old computer memory giant Micron Technologies (NASDAQ: MU) isn't typically the place to look for explosive growth and volatility in the technology industry. But generative artificial intelligence (AI) changes everything. Hype surrounding the new opportunity has sent the company's shares up by 141% year to date and down 10% since last week, as investors rush to take profits from a sectorwide boom many feel has gone too far, too fast. Let's explore what the next three years might have in store for the stock. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Nvidia's earnings sent a chill through the industry Leading artificial intelligence chipmaker Nvidia released its third-quarter earnings on Nov. 19. As usual, results were a slam-dunk success, with revenue jumping 62% year over year to a record of $57 billion because of demand for its cutting-edge graphics processing units (GPUs) used for running and training AI algorithms. But despite the objectively stellar results, the news sent Nvidia stock down sharply, while also hurting other industry players like Micron, which lost roughly a tenth of its value in just two days. On the surface, it might be surprising to see tech stocks dropping on good news. But the reaction highlights how nervous the market is becoming about the levels of AI spending in the economy. Data center companies continue to pour money into hardware, but the expenditure is not leading to profits on the consumer-facing side of the opportunity. For example, OpenAI creator ChatGPT is believed to have lost an eye-popping $11.5 billion in the last quarter alone. And the pain is also increasingly being felt in the ...
Key Points Micron has emerged as a category leader of high-bandwidth memory solutions for artificial intelligence (AI) hyperscalers. The company's revenue and earnings growth are explosive, and secular tailwinds suggest the company's outlook remains strong. Micron stock could be headed for even further gains as its valuation multiples reach more premium price levels. 10 stocks we like better than ...
Key Points Micron has emerged as a category leader of high-bandwidth memory solutions for artificial intelligence (AI) hyperscalers. The company's revenue and earnings growth are explosive, and secular tailwinds suggest the company's outlook remains strong. Micron stock could be headed for even further gains as its valuation multiples reach more premium price levels. 10 stocks we like better than Micron Technology › Over the last year, Micron Technology (NASDAQ: MU) has emerged as one of the most compelling stories in the artificial intelligence (AI) semiconductor landscape. Following its 162% surge in just the last six months, Micron shares now hover around $440. The question smart investors are asking is whether this rise is a byproduct of a temporary boom or the beginning of a structural growth rally. Over the next three years, I'm forecasting Micron stock to soar even higher. Read on to find out why. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Micron headquarters with sign out front. Image source: Micron Technology. What is driving Micron stock higher? AI hyperscalers are deploying millions of clusters of graphics processing units (GPUs) across their data centers. These structures consume high-bandwidth memory (HBM) for training and inference of generative AI models. Micron's recent ascent is fueled by explosive demand for these high-performance memory solutions -- supported by the $700 billion AI infrastructure buildout. The company's HBM3E and upcoming HBM4 products are already sold out for 2026 -- allowing the company to command premium pricing and widen the profit margins across its DRAM and NAND chip suites. As big tech continues allocating infrastructure budgets toward additional capacity solutions across memory and storage, Micron remains in a position to accelerate both revenue and...
Pima County Sheriff Chris Nanos, who has been leading the investigation with the help of the FBI, has said the authorities believe the 84-year-old was specifically targeted, but they are "not 100% sure of that".
Pima County Sheriff Chris Nanos, who has been leading the investigation with the help of the FBI, has said the authorities believe the 84-year-old was specifically targeted, but they are "not 100% sure of that".
Kenneth Cheung/iStock Unreleased via Getty Images By this point, it comes as little surprise to most investors that growth stocks keep getting battered, as investors worry about the prospects of an extended war in the Middle East, high inflation that is preventing the Fed from cutting rates faster, and a shaky domestic macroeconomy. The stock market has entered into a "risk off" mode, and many of ...
Kenneth Cheung/iStock Unreleased via Getty Images By this point, it comes as little surprise to most investors that growth stocks keep getting battered, as investors worry about the prospects of an extended war in the Middle East, high inflation that is preventing the Fed from cutting rates faster, and a shaky domestic macroeconomy. The stock market has entered into a "risk off" mode, and many of last year's biggest gainers have shed much of their gains. DoorDash ( DASH ) is exactly in this bucket. The food delivery platform has lost nearly 30% of its value this year and is down more than 40% from highs notched above $275 late last year. At the same time, however, the company has delivered excellent results in a tough economy, leading us to ask, at what point does this stock become deeply oversold? Data by YCharts I last wrote a buy article on DoorDash in November, when the stock was trading slightly above $200 per share. At the time, I had touted the company's acceleration in order growth rates even as many companies in the restaurant sector had showcased weakening same-restaurant sales. In the company's recently released Q4 earnings, that acceleration has only continued, increasing my confidence in the company's execution amid a choppy macro. The compression in valuation multiples alongside this year's declines is just an added plus on top. With all of these factors in mind, I'm reiterating my buy rating on DoorDash. As a reminder for investors who are newer to DoorDash, here is what I view to be the long-term bull case drivers for this company: DoorDash is achieving substantial growth acceleration at scale. Marketplace GOV, which is the total sum of all orders placed on the DoorDash platform, crossed the $100 billion mark in 2025. DoorDash's scale even slightly tops its next-largest rival, Uber Eats ( UBER ), and yet the company is still achieving meaningful acceleration. Deliveroo is opening up Europe for DoorDash. In October, the company closed its acquisition ...
Andrii Dodonov/iStock via Getty Images Introduction A few months ago, I discussed the preferred shares of Pearl Diver Credit Company ( PDCC ). In my conclusion, I argued I'd probably want to avoid the common stock, but I thought the preferred shares offered an excellent risk/reward ratio, as there is a mandatory call, and the required 200% net asset coverage, of course, is also an interesting feat...
Andrii Dodonov/iStock via Getty Images Introduction A few months ago, I discussed the preferred shares of Pearl Diver Credit Company ( PDCC ). In my conclusion, I argued I'd probably want to avoid the common stock, but I thought the preferred shares offered an excellent risk/reward ratio, as there is a mandatory call, and the required 200% net asset coverage, of course, is also an interesting feature. Now that the worries about the private credit market are accelerating, I wanted to have another look at the company and its preferred stock to see if the risk/reward ratio is still favorable. Data by YCharts The preferred shares enjoy a good position in the capital stack PDCC is a CEF focusing on CLO equity . One of the issues that likely has an impact on the appeal of PDCC is, of course, the exposure to software, as that accounts for 8.2% of the exposure . Top 10 industry exposure - PDCC While the fear that AI may disrupt the software sector is a real risk, PDCC's exposure to the sector appears to be manageable. This year will be an interesting year, as about a quarter of the CLO investments will see a reinvestment end date distribution for the CLO equity. CLO distribution charts - PDCC This will be important for PDCC as it will provide details on default rates and how wide open the financing window is for the respective borrowers. As you can see below, the fair value of the investments stood at approximately $140M at the end of 2025, which already includes almost $30M in revaluation losses. Assets and liabilities table - PDCC I'm of course interested in seeing the net investment income to determine how well the preferred dividends are covered. As you can see below, the CEF reported a total investment income of $22.8M, and recorded $9.9M in expenses for a total net investment income of $12.9M. Investment income table - PDCC Keep in mind that because the preferred stock has a mandatory call date, the preferred dividends are included in the 'interest expenses.' There's ...
If you wanted proof that the U.S. stock market is resilient, look no further than what's transpired this year. Investors have shown extreme concern about artificial intelligence's (AI's) impact on the economy, a weakening labor market, slowing growth, and the ongoing conflict in Iran, which has pushed oil above $100 per barrel and made investors start to worry about possible stagflation. Yet, as o...
If you wanted proof that the U.S. stock market is resilient, look no further than what's transpired this year. Investors have shown extreme concern about artificial intelligence's (AI's) impact on the economy, a weakening labor market, slowing growth, and the ongoing conflict in Iran, which has pushed oil above $100 per barrel and made investors start to worry about possible stagflation. Yet, as of this writing, the broader benchmark S&P 500 Index is down a measley 2% this year (as of March 17 close). That's despite major sell-offs in stock markets across Japan, Saudi Arabia, and South Korea, among others. Can anything stop the S&P 500? What is keeping this market so resilient Investors must always remember that the markets are unemotional, and money has no loyalty or moral compass. It often goes to the place where it can generate the best returns. That said, I think most are fairly surprised by the S&P 500's resilience. After all, oil prices have skyrocketed, and Iran has closed the Strait of Hormuz to certain ships, through which one-fifth of the world's oil supply flows daily. Other tankers are simply avoiding the passage. There have also been reports of critical oil infrastructure being damaged in the Middle East, exacerbating concerns. Higher oil prices are likely to drive inflation higher, especially if the conflict in Iran is prolonged. Furthermore, recent data indicate the labor market may be weakening in the U.S., stoking stagflation fears. So, how has the U.S. market remained so resilient? Well, the market does not yet seem to believe that the conflict will be a prolonged affair that leads to boots on the ground. If the conflict is somewhat settled over the next few weeks, elevated oil prices could come back down. Furthermore, the conflict has led to a resurgence in the U.S. dollar, as investors have once again flocked to the world's reserve currency as a safe haven. The dollar had been weakening, as President Donald Trump's tariffs had led to a significan...
Key Points Investors have largely treated the conflict in Iran as if it will be short-lived. Oil has surged above $100 per barrel, leading to inflation concerns. But there are still a few things going right in the market despite the volatility. 10 stocks we like better than S&P 500 Index › If you wanted proof that the U.S. stock market is resilient, look no further than what's transpired this year...
Key Points Investors have largely treated the conflict in Iran as if it will be short-lived. Oil has surged above $100 per barrel, leading to inflation concerns. But there are still a few things going right in the market despite the volatility. 10 stocks we like better than S&P 500 Index › If you wanted proof that the U.S. stock market is resilient, look no further than what's transpired this year. Investors have shown extreme concern about artificial intelligence's (AI's) impact on the economy, a weakening labor market, slowing growth, and the ongoing conflict in Iran, which has pushed oil above $100 per barrel and made investors start to worry about possible stagflation. Yet, as of this writing, the broader benchmark S&P 500 Index is down a measley 2% this year (as of March 17 close). That's despite major sell-offs in stock markets across Japan, Saudi Arabia, and South Korea, among others. Can anything stop the S&P 500? Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » What is keeping this market so resilient Investors must always remember that the markets are unemotional, and money has no loyalty or moral compass. It often goes to the place where it can generate the best returns. That said, I think most are fairly surprised by the S&P 500's resilience. After all, oil prices have skyrocketed, and Iran has closed the Strait of Hormuz to certain ships, through which one-fifth of the world's oil supply flows daily. Other tankers are simply avoiding the passage. There have also been reports of critical oil infrastructure being damaged in the Middle East, exacerbating concerns. Higher oil prices are likely to drive inflation higher, especially if the conflict in Iran is prolonged. Furthermore, recent data indicate the labor market may be weakening in the U.S., stoking stagflation fears. So, how has the...