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Westend61/Getty ImagesPreviously, I discussed how Google's decision to merge ChromeOS and Android marks a critical moment for the company. While this merger is a positive step forward, it raises an important question: Can Android truly evolve into a desktop-class operating system for touchscreen laptops? Google faces challenges and opportunities as it reimagines Android for larger devices and productivity-focused workflows.Android compatibility is already integrated into most Arm and x86 Chromebooks. However, the quality of this experience varies significantly among different devices and applications. Some Android apps run seamlessly on Chromebooks, providing smooth functionality that feels native to a laptop. In contrast, other apps suffer from performance issues or compatibility quirks, such as unoptimized scaling, touch input problems, or limited support for keyboard and trackpad use.Also:The best Black Friday deals live nowFor Android to succeed as a laptop operating system, Google must address these inconsistencies directly.The challenge: Android's history with larger screensSince its debut on tablets in 2010, Android has struggled to adapt to larger screens. Developers, incentivized by the massive smartphone market, often neglected tablets, leaving users with apps that felt like stretched-out versions of their phone counterparts. While Google has improved developer tools in recent years, the Play Store still has a limited selection of apps optimized for tablets or Chromebooks compared to Apple's robust iPad ecosystem.This issue is compounded by OEM customization, where manufacturers implement their own skins, pre-installed apps, and design tweaks on Android devices. Samsung's One UI, for instance, offers features and designs that deviate significantly from stock Android, creating inconsistent experiences across devices. While these modifications can add value, they also exacerbate fragmentation, which ZDNET's Adrian Kingsley-Hughes famously called Android's "Toxic Hellstew" a decade ago.Since then, Google has made strides to streamline updates and reduce fragmentation through initiatives like Project Treble, a framework designed to simplify Android's update process by separating the OS from OEM customizations. While Treble has improved the situation since its introduction seven years ago, it hasn't been a silver bullet -- OEMs still play a significant role in the update pipeline, and delays remain common. This inconsistency undermines user trust and complicates Google's efforts to unify Android across devices.What Google needs to do1. Refactor Android for larger screensHaving used Android devices extensively across form factors -- from phones to tablets to Chromebooks -- I've always found its interface serviceable, but never truly optimized for larger screens. While Android can do a lot, its current implementation falls short of competing with MacOS, Windows, or iPadOS when offering a cohesive, productivity-focused experience. The interface requires a major overhaul if Google is serious about Android as a desktop-class operating system.Also: How to run Android apps on LinuxWindow management: This is one of the first things that needs to change. On a laptop, users expect the ability to open multiple apps in resizable, draggable windows with an intuitive taskbar to keep everything organized. Android's split-screen functionality, while functional on phones and tablets, feels clunky and rigid on Chromebooks. It lacks the fluidity of MacOS or Windows, where multitasking is second nature.Navigation:Android's gestures are designed primarily for touchscreens, but a laptop requires more flexibility. A seamless experience across touch, trackpad, keyboard, and stylus inputs is critical, yet Android struggles to integrate these tools naturally. For instance, switching between apps with a trackpad often feels like a workaround rather than a built-in feature.Multi-display support:Plugging in an external monitor often reveals how unprepared Android is for multitasking on larger setups. Without proper scaling and flexible window arrangements, the experience feels more like a hack than a polished solution. In this area, Google could take notes from MacOS, which makes managing multiple displays feel effortless.Quick settings and notifications: These features, which have always been designed for mobile devices, need to be rethought entirely for laptops. Imagine an interface similar to MacOS's Control Center that offers quick access to essential settings without cluttering the screen. Android's current implementation is functional but doesn't feel tailored for a productivity environment.2. Redesign multitasking: Android's Achilles' heelMultitasking has always been one of Android's weakest points on larger screens. As someone who relies heavily on multitasking to juggle work apps, video calls, and research tools, I've found Android frustratingly rigid. The split-screen functionality locks you into fixed arrangements, making it difficult to work efficiently.Also: The best iPads: Expert tested and reviewedFor Android to thrive on laptops, it needs true flexibility in app arrangement. Imagine dragging and dropping app windows anywhere on the screen, resizing them freely to fit your workflow. Persistent app states are also critical -- users shouldn't have to reopen their apps and set up their workspace every time they reboot. Borrowing ideas from MacOS's Mission Control or Windows' Task View, Android could also introduce virtual desktops to help users separate workflows into dedicated spaces.3. Build a thriving app ecosystemOf course, none of this matters if Android apps don't evolve to match the demands of laptops and tablets. A robust app ecosystem is the backbone of any operating system, and while Android has a massive library of apps, they're overwhelmingly optimized for phones. These apps often feel like scaled-up versions of their mobile counterparts on larger screens.Google has the tools to fix this. Enhancing developer resources like Jetpack Compose and Android Studio could make creating adaptive apps easier and more intuitive. Developers need ready-made templates and better simulation tools to test their apps across a variety of screen sizes and input methods.Also:The best Android tablets: Expert tested and reviewedBut tools alone won't solve the problem. Google must incentivize developers with real rewards -- monetary grants, reduced Play Store fees, or even special promotional features for apps that meet optimization standards. Imagine a Play Store badge for "Best on Tablets" apps prominently displayed to attract downloads. Additionally, Google could provide developers with detailed performance metrics, offering insights into how their apps perform on Chromebooks and tablets and helping them identify areas for improvement.4. Improve performance: The non-negotiable foundationPerformance is another area where Android needs to improve. Running Android apps on Chromebooks often feels inconsistent -- some apps run flawlessly, while others struggle with lag or compatibility issues. For a laptop experience, this simply isn't acceptable.One solution is to ensure native app support for both ARM and x86 architectures, eliminating the need for emulation. Native performance guarantees smoother multitasking, faster load times, and a more reliable experience overall. Additionally, Google must introduce laptop-specific APIs that take advantage of hardware features like styluses, high-precision trackpads, and multi-touch displays. Hardware acceleration, especially for windowed apps, would further enhance responsiveness and make Android a more viable competitor to MacOS and Windows.5. Leverage Gemini AI: The future of productivityThe functional areas mentioned above are opportunities for Google to catch up to MacOS, iPadOS, and Windows. However, one area where Android could surpass its competitors is in artificial intelligence, particularly with Google's Gemini AI, which has significant potential. Although Gemini is still a relatively new technology, it is clear how it could turn Android laptops into powerful productivity tools.Also: What is Gemini? Everything you should know about Google's new AI modelImagine smart multitasking assistance that learns your habits and suggests app pairings for split-screen setups. For example, if you regularly take notes during video calls, Gemini could automatically open your preferred video conferencing app alongside your note-taking app. Context-aware workflows could adapt settings or recommend apps based on your current task, such as suggesting photo editing tools when you're importing images.Gemini's AI could also revolutionize content creation by adding features like auto-summarization in Google Docs, intelligent formatting suggestions, or real-time collaboration tools. For users who prefer hands-free interaction, AI-driven gestures and voice commands could make navigating apps or presenting slides more intuitive.Perhaps most exciting is Gemini's potential for system optimization. By monitoring resource usage, it could recommend ways to improve battery life, allocate processing power more effectively, or even predict performance bottlenecks before they occur.Why now is the time for Google to actAs Apple and Microsoft refine their ecosystems, Google risks falling further behind. The merger of ChromeOS and Android represents a chance to rethink Android's role in the computing landscape. By addressing its long-standing challenges -- including fragmentation and app ecosystem gaps -- Google could position Android as a true alternative to MacOS, iPadOS, and Windows.Also: The best laptops: Expert tested and reviewedThe future of hybrid computing depends on how well Google tackles these challenges. Will Android rise to meet the demands of modern laptops, or will it remain confined to the sidelines of innovation? Google's next steps could redefine the industry -- or cement its place as a mobile-first platform struggling to scale.Google

Nvidias stock broke to all-time highs recently, trading at $148 in early November and $147 yesterday. The stock has left many investors wondering what comes next after the unrelenting, historic surge that began seven quarters ago.To help my readers determine where Nvidias stock will go next, Ive been fastidious in my analysis about the companys outsized AI potential since 2018, tracking Big Tech capex as a proxy for AI demand since 2022, discussing the anomalous earnings and revenue revisions throughout 2023 and 2024, and reporting on never-before published data on supply chain checks as recent as two months ago.CEO of Nvidia, Jensen Huang, waves during the launch of the supercomputer Gefion at Vilhelm ... [+] Lauritzen Terminal in Kastrup, Denmark, on October 23, 2024. The new AI supercomputer has been established in collaboration with EIFO and NVIDIA and is operated by the Danish Center for AI Innovation (DCAI). The computer is aimed 'at breakthroughs in quantum computing, clean energy, biotechnology and other areas serving Danish society and the world', according to Nvidia. (Photo by Mads Claus Rasmussen / Ritzau Scanpix / AFP) / Denmark OUT (Photo by MADS CLAUS RASMUSSEN/Ritzau Scanpix/AFP via Getty Images)Ritzau Scanpix/AFP via Getty ImagesThe thoroughness is needed, however, as rumors from the media and short sellers alike run amuck. Rest assured, as 2025 approaches, supply chain data is giving bullish signals that the new generation of GPUs shipping in full volume by mid-2025 (and beginning to ship in the January quarter) will far exceed the GPU sales we saw in 2023 and 2024 combined.Regarding my firms confidence in tracking supply chain data, when The Information stated Nvidia was experiencing a material delay on the next generation of GPUs, going so far as to state that Taiwan Semiconductor had machines sitting idle, I quickly refuted the report based on supply chain data my firm had been tracking. Those data points continue to indicate Blackwell is ramping. Here is what I stated:As of now, theres a disconnect between next fiscal years revenue estimates of $167 billion and the $210 billion in GB200s alone expected to ship next year. Perhaps analysts are waiting for signals the supply chain can produce these outsized orders. So far, so good with the signals we see from TSMC and SMCIs most recent earnings reports. Foxconn commentary helps, as well.MORE FOR YOUFast forward two months, and next years fiscal estimates stand at $185 billion up from $167 billion; showing no material impact from the delay (quite the opposite). Our firm was also able to use that same supply chain data to buy Nvidia in July/August, for an average cost basis of $109. The I/O Funds first trade was at $3.15, but we actively track the stock and publish our real-time trade alerts for anyone who feels they missed out on the AI juggernaut.$5B+ in Blackwell Revenue for Q4The first item that will determine the strength of the upcoming earnings report from Nvidia has nothing to do with the Q3 results. Rather, what the market will want to know is how much Blackwell revenue is expected in the January quarter. Morgan Stanley has estimates placed at $5 to $6 billion, with this number hitting a ceiling due to supply constraints; however, Piper Sandler sees Blackwell revenue potentially higher, at $5 billion up to $8 billion.The bigger picture is that Blackwell will ramp by an order of magnitude, eventually exceeding Hoppers revenue. To quantify this, Hopper has delivered approximately $125 billion in data center revenue since Q1 2023, based on estimates from Trend Force placing Hopper at generating 90% of data center revenue in 2024. Blackwell, on the other hand, is expected to deliver up to $210 billion next year alone, based on estimates for up to 60,000 to 70,000 GB200 NVL72 servers priced up to $3 million each.Given the company is lapping tough comparables, the growth rate will slow considerably even if Blackwell does ramp from $6 billion per quarter to $60 billion per quarter by late-2026 (Hopper is in its seventh quarter and Blackwell will be in its seventh quarter by late 2026). This is because excellence begets excellence, and thus, Nvidia is competing with itself with each new generation of GPUs. For example, with Hopper, the company reported peak quarterly growth of 262% and 265% earlier this year, yet is expected to slow to the mid-40% for growth as we close out 2025.Nvidia has multiple levers it can pull and outside forces at play that will help it maintain this 40%+ growth rate. This includes a 1-year product road map, Big Techs large appetite for AI spending, and long-term AI GPU market growth from Enterprises and the Consumer, plus a commanding market share position.By coming to market with upgraded, more powerful GPUs on a now-annual cadence, with Blackwell Ultra, Rubin and Rubin Ultra soon to come, Nvidia will continue to be the largest beneficiary of Big Techs AI capex to an unprecedented degree as the company continually raises the bar on performance and TCO upgrades with each new generation.Additionally, Nvidia has a software moat with CUDA and the cash to reserve chip capacity in bulk at the fab level to maintain an 80% to 85% share of what executives foresee as a $500 billion AI accelerator market by 2028. I first covered these points in my free newsletter when I published: Heres Why Nvidia Stock Will Reach $10 Trillion Market Cap by 2030.Of these points, one of the most visible is that Nvidia continues to pry away tens of billions in cash and now hundreds of billions - from the worlds leading tech companies.Big Tech Capex to Surpass a Quarter TrillionAll roads lead to Nvidia, and its no secret that Big Tech and others are competing to purchase Nvidias supply constrained GPUs. Our firm began tracking Big Tech capex as a proxy for Nvidia demand in 2022, and tracking it on a quarterly basis starting in early 2023 to help gauge AI demand, I continue to track Big Tech capex quarterly closely for our readers.Our recent checks published in the analysis AI Spending to Exceed a Quarter Trillion Next Year reveal that AI spending continues to accelerate, with Alphabet, Amazon, Microsoft, and Meta on track to increase their spend by ~$90 billion YoY in 2024. This does not include xAI, CoreWeave, Oracle and dozens of others who are also spending multiple billions on Nvidias GPUs, as well.To better understand the trajectory of AI spending, lets take a step back to 2023, where the rapid ascent of ChatGPT at the beginning of the year set the stage for AI to step into the spotlight.In the first half of 2023, Big Tech spent ~$74 billion on capex. Through Q3, that sum had moved up to ~$109 billion.In the first half of 2024, Big Tech spent nearly $104 billion, a 47% YoY increase. Through Q3, that sum had surged to $170 billion, up 56% YoY.Big Tech could spend another $70 billion in Q4, based on guidance and comments from executives, who overwhelmingly discussed the need for more AI infrastructure, putting full year capex at ~$240 billion, or nearly 15% higher than the level they were tracking at the start of the year.Big Techs Q4 capex could hit $70B, driven by AI infrastructure demandpushing 2024s total to ... [+] ~$240B, up 15% from early-year estimates!I/O FundFor 2025, Big Tech has already signaled a willingness to spend substantially more on AI. There is clear ROI for Amazon, Google and Microsoft as they rush to meet the elevated demand that continues to outpace AI capacity in their cloud infrastructures. More broadly, Big Tech and large enterprises are racing to further develop and broaden AI services and models. UBS projects Big Tech will spend ~10% more YoY, placing AI-driven capex at $267 billion; however, if 2024 is any sign, this estimate is too low. This all fits in with longer-term projections from Bank of America that sees a cumulative $700 billion spent on AI through 2026.Nvidia Has Over 2X Better Margins Compared to Most Mag 7 StocksAs we go through a lull between the Hopper generation being in its seventh quarter, and Blackwell not yet shipping in volume, our firm will be buying the dips on Nvidia for many reasons one of them being its the market leader on margins. By having a near monopoly on GPUs, Nvidia has incredibly strong pricing power.The GPUs coming in 2025, called Blackwell, are set to intensify this pricing power with DGX B200 systems reportedly going for up to a 40%+ premium to the previous DGX H100 systems, at $500,000 per server versus the low $300,000s per server, respectively.While GB200 prices are estimated at $60,000 to $70,000 for a single chip, the NVL36 and NVL72 configurations carry much higher price tags and thus, higher average prices per GB200. For example, the NVL36 is expected to cost ~$1.8 million, and for 18 GB200s (36 B200 GPUs), that comes out to $100,000 per GB200 and additional components. For the NVL72, it works out to ~$83,333 per GB200 and additional components.While there were concerns about Nvidias margins given that management guided for a sequential contraction in gross margins in Q3, the sheer pricing power of Blackwell will ultimately be a non-issue next year.Nvidias operating margin of 62% exceeds second place Microsoft by 17.5 points and third place Meta by 21.9 points; Nvidia is more than double the rest of the Mag 7 including Apple and Alphabet. This is because Hoppers pricing power versus the Ampere generation: Nvidias Compute and Networking operating margin expanded from 28.5% in Q3 FY23 when Hopper reached full production to 71.3% in the most recent quarter even as revenue grew 7x during that seven-quarter period.Nvidia leads the MAG 7 with a 62% operating margin, driven by Hoppers pricing powermore than ... [+] double Apple, Alphabet, and others in the group!YChartsNvidia is expected to report roughly 50 bps to 100 bps margin contraction this quarter compared to last quarter, and will see roughly 200 bps to 300 bps margin contraction from its peak growth quarters earlier this year. As stated, the pricing power I foresee from Blackwell will keep the margins strong well into 2025, therefore, any concerns over margins this quarter will be a moot point by next year.The strong margins combined with the expected growth in AI accelerators has caused some analysts to increase earnings per share substantially as of late. Bank of America increased its EPS estimates for next calendar year from $3.90 to $4.47 and for calendar year 2026 from $4.72 to $5.67.In February, I wrote an analysis describing how Nvidias valuation was eerily low despite 420% rally since 2023 to help our readers prepare for a higher return in the coming months, which detailed the importance of these revisions.Ultimately, these revisions make the stock cheaper as it leads to more room in the bottom-line valuation. Despite being fairly straight forward, the velocity of the revisions is the single most important point that short sellers and Nvidia critics cannot seem to understand.Q3 Earnings Details:Of all the quarters since Nvidias Hopper release, this is the quarter most likely to be lackluster. This is because the impact of Hopper and the H200s are well-known and the Blackwell generation wont be shipping in volume until Q1 and ramping further into Q2.I am looking forward to the fiscal year guide in the February call, and am even more excited about the May earnings call when Blackwells impact will be better understood.Nvidias Q3 FY2025 Revenue:Nvidia is expected to report revenue of $32.9 billion for growth of 81.8% at the midpoint. Analyst expectations are higher than management guidance of $32.5 billion at the midpoint, for growth of 79.4%. This is a deceleration from last quarters 122.4% growth, and peak growth of 262% and 265% in the April and January 2024 quarters.As pointed out on EPS, another area where Nvidia is unique is the sheer amount of analyst revisions on the stock. It not only speaks to Nvidias dominance in the AI data center to continually surprise the Street, but also to the challenge that analysts face in terms of predicting Nvidias persistent revenue surge.For example, this year alone, analysts originally expected Nvidia to report 33.4% revenue growth and this quarter is now expected to be 81.8% growth, for revisions that total 48.4 points in about six months time (more than double the original growth expectations).This quarter, there is a wide range of expectations with UBS believing Nvidia will beat by as much as $2 billion, for revenue of $34.5 billion to $35 billion for Q3. Piper Sandler foresees a beat of $1.3 billion for Q3, and a beat of $1.5 billion for Q4.Its been quite clear for the past two years that analysts do not know how to gauge the growth coming from this company. In 2025, Blackwell is likely to wildly exceed analyst estimates again.EPS:This quarter, analysts are expecting EPS of $0.74 compared to EPS of $0.67 last quarter. For nearly two years, the company has beaten EPS estimates by 10% or more, yet in the last quarter, the beat was more muted at 5.7%.On the topic of Nvidia having 2X better margins than most of the Mag 7, here is a glimpse of how Nvidia compares on EPS with a 35%+ growth rate compared to the Mag 7 reporting half this growth rate through 2026:Nvidia: 35.5% 2Y revenue CAGR, 35.1% EPS CAGRApple: 7.1% revenue CAGR, 14.4% EPS CAGRMicrosoft: 14.2% revenue CAGR; 14.9% EPS CAGRAmazon: 10.7% revenue CAGR; 22.3% EPS CAGRMeta: 13.5% revenue CAGR; 12.5% EPS CAGRSupply Constraints:This quarter, Nvidias CFO Colette Kress, will not offer a full year guide yet have to address the elephant in the room supply constraints.The fab that makes Nvidias chips, Taiwan Semiconductor (TSMC), is working overtime to boost capacity to meet demand. TSMCs monthly CoWoS capacity was estimated at ~15,000/month at the end of 2023, and was originally expected to triple to ~45,000 to 50,000/month by the end of 2024 in order to meet such high demand from Nvidia, AMD and other advanced node clients. Now, capacity is expected to rise ~300% to 60,000/month.TSMC remains committed to significantly boosting CoWoS capacity over the next few years in order to accommodate these accelerated AI GPU timelines from both Nvidia and AMD, with multiple different product lines expected to come to market over the next couple of years. By year-end 2025, CoWoS capacity is estimated to be 80,000 to 90,000/month, per Morgan Stanley, with Nvidia reportedly already reserving half of this capacity.By the end of 2026, CoWoS capacity is estimated to expand to as much as 140,000 to 150,000/month, representing 10x growth in capacity from the end of 2023.Source: Beth_Kindig xAIFoxconn and Quanta are also both signaling strong demand for Blackwell come 2025. Foxconn has said that they see crazy demand for Blackwell servers, and forecast AI servers to make up half of their overall server business in 2025. Foxconn has said that initial shipments are on time for Q4 before ramping much faster in Q1, with Quanta saying the same, that initial shipments are on schedule and will ramp in Q1.Quanta sees triple-digit AI server growth through next year on the back of strong demand, with Deputy Spokesperson Carol Hsu saying that recent capex guidance from top US hyperscalers also confirmed their aggressive spending on AI in 2025, all from a high base in 2024.Nvidias China Exposure is LowNvidia is the subject of some of the most severe export restrictions from the US due to its integral role in advancing AI computing. Subsequently, the companys China exposure is among the lowest in the semiconductor sector, leaving it less exposed should we see heightened geopolitical tensions especially tariffs.Nvidias China revenue was 9.6% in Q1 and 12.2% in Q2, down from the low-20% range in the same quarters in fiscal 2024. For all of FY 2024, Nvidias China revenue was 16.9%, down from 21.5% the year prior. Other semi peers are much more heavily exposed to China: Broadcoms China exposure was 32.2% in FY 2023, Intels exposure was above 27%, and Qualcomm and Marvell both had more than 40% of revenue stem from China in FY 2024.Semiconductor Peers are Quite WeakAlthough Nvidias fundamentals are a perfect 10, the stock is contending with weak peers, as evidenced by major semiconductor ETFs, SOXX and SMH, not making new highs with the S&P 500.Retail investors often find out the hard way, even the most perfect stock must contend with market forces beyond its control. This is the primary reason Nvidias stock may pullback as Nvidia is holding up the semiconductor market, which has grown unusually weak in the past few weeks. SOXX is 20% of its all-time highs and SMH is 14% of its all-time highs despite the S&P 500 making new highs. In a 1-hour webinar for I/O Fund Members last quarter, I discussed why this is an issue for AI investors and what Id like to see before I resume buying Nvidia.Conclusion:My firm has become well-known for calling Nvidia an AI stock in 2018, and later stating Nvidia would Surpass Apple, and finally that Nvidia will reach a $10 trillion market cap by 2030. Yet, perhaps lesser-known is that I nailed the October 2022 bottom by stating Nvidia was Ready to Rumble on H100 GPUs along with a real-time trade alert for $10.80 on October 13th 2022 a mere 25 months ago.Here is what I stated at the exact moment Nvidias stock bottomed in October after selling off 60% following the August earnings report:Today, Nvidias AI products serve nearly every enterprise companys artificial intelligence and machine learning ambitions. The company has an impressive launch schedule starting in October for two flagship products the RTX 40 Series and the H100 GPU. The timing of these releases is no coincidence as its a rapid two months following the crypto/gaming revenue miss. Suffice to say, Nvidias management team is prepared to rumble - putting its very best release in gaming and its most powerful AI chip to-date up against the crypto mining selloff. If history is any indication, the turnaround will only be a matter of time.The upcoming earnings report has a few similarities to October of 2022, which is that we are toward the end of a product cycle and the CFO cannot offer fiscal year guidance. Despite the H100s ramping and Nvidia having visibility into that ramp, the CFO was tight-lipped two years ago stating: Our Data Center yes, we do expect it to grow. It may grow about what we just saw between Q1 and Q2. Well continue to look at it. Therefore, I am not expecting much from the CFO on Blackwell in this report, but that lack of detail will be a distant memory this time next year.Make no mistake, Nvidia is the best stock of the decade and we are only four years in. The big picture is that Nvidia's trajectory will continue due to two words: pricing power. Our firm has an aggressive buy plan at key levels should the stock pullback, and we have a backup plan should the stock overcome the peer pressure we are seeing from SMH and meaningfully breakout.The keyword is buy but the skillset is patience. My firm has blended cutting-edge analysis alongside careful, patient buys for returns of 3280% since our first tranche. Most importantly, the I/O Fund continues to offer buy zones for those whod like to participate.The I/O Fund first called out Nvidias AI opportunity in November 2018 with our first trade alert at $3.15 for returns of 3280%. We also provided 9 buy alerts from 2021 2022 to buy NVDA stock below $20. The I/O Fund has been closely analyzing lesser-known stocks in AI plus crypto with real-time trade alerts and webinars. For a limited time, get up to $250 off with one of our biggest sales of the year starting Nov 28th. 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Key takeawaysA US District judge rejected Krakens bid to appeal a court order allowing an SEC lawsuit to proceed.Crypto exchange Kraken had sought permission to appeal the courts rejection of its motion to dismiss the SEC case.Judge William Orrick says an appeal would delay resolution, noting that the SECs allegations against Kraken are convincing.Judge Rejects Krakens Appeal MoveJudge William Orrick of a California district court rejected Krakens motion to appeal his judgment in its case with the US SEC.In an order, Judge Orrick dismissed the crypto exchanges motion for interlocutory appeal. He stated that the SEC adequately alleged that crypto assets traded on the exchange were investment contracts subject to US securities laws.The SEC sued the crypto exchange Kraken in November 2023. The regulator alleged that the crypto trading platform failed to register as an exchange, dealer, broker, and clearing agency. The SEC also alleged that most crypto assets offered on the platform qualify as investment contracts.Meanwhile, Kraken filed a motion to dismiss these claims, which the district court denied in August. In September, Kraken filed a motion seeking permission to appeal the August court order rejecting its motion to dismiss the lawsuit.It said there was substantial ground for deferring opinions on securities laws, which a higher court could answer, possibly ending the lawsuit early.Furthermore, Kraken said it needed to know whether an investment contract without a contract or post-sale obligations violates securities laws. It also raised questions about whether an investment in an enterprise was necessary in Howey.Judge Says SECs Securities Violation Claims Against Kraken Are PlausibleHowever, Judge Orrick disagreed with these reasons. According to the judge, Kraken failed to cite a case since the inception of the Howey test where a court determined that investment contracts needed post-sale obligations or contractual formalities.The judge also noted that many courts have addressed the issues and disagreed with Krakens viewpoint.Orrick noted the SEC convincingly alleged that crypto traded on Kraken constitutes investment contracts. However, only discovery will determine whether the sales on Kraken indeed met the Howey prongs. Therefore, he ordered that the litigation continue.The judge wrote: Fundamentally, I do not believe that certification will materially advance the ultimate termination of the litigation. While the SEC has plausibly alleged its theory of securities violations against Kraken, only discovery will establish whether the sales, trades, and exchanges on Kraken truly met all the Howey elements.This ruling comes after an earlier SEC motion requesting that the court dismiss Krakens fair notice defense and two other key arguments. The commission argued that existing laws have defined securities contracts, which constitute enough fair notice for the crypto exchange.The SEC claimed that Kraken would pursue burdensome and irrelevant discovery claiming they relate to its due process defense. Meanwhile, Kraken has yet to respond to requests for comments regarding the latest development.Add Techreport to Your Google News Feed Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now! Subscribe now Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy. View all articles by Rida Fatima Our editorial processThe Tech Reporteditorial policyis centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written byreal authors.

Key takeawaysGemini crypto exchange, founded by the Winklevoss twins, secures VASP license to operate in France.The exchange acknowledges France as formidable with proactive engagement and support for the digital asset sector.The expansion marks part of the companys vision of fostering its presence in Europe.Gemini Expands To France, Leverages The Countrys Thriving Crypto MarketProminent US-based crypto exchange Gemini has launched its operations in France. This comes after securing a Virtual Asset Service Provider (VASP) license in the country earlier this year.The launch is part of Geminis vision to broaden its presence in the European market. It will allow French users to access the Gemini platform and easily buy, sell, trade, deposit, and store over 70 crypto assets via web and mobile applications.Geminis French customers will enjoy various payment options, including local bank transfers, supported debit cards, fiats such as GBP and EUR, and Apple Pay.Additionally, French advanced traders can now leverage Geminis ActiveTrader to engage in more than 80 trading pairs. Geminis OTC desk and eOTC trading system are also available for institutional investors for large-volume transactions with intense liquidity.Meanwhile, Gemini aims to explore the great possibilities of Frances thriving crypto market through this expansion. Notably, the move to France conforms with the exchanges strategic growth plans in the European markets.According to Geminis 2024 Global State of Crypto Report, the exchange highlighted Frances proactive engagement toward crypto assets. Moreover, the country has laid out a favorable regulatory environment for the crypto industry, attracting many crypto entities.The report indicated that France ranked among the top pro-crypto countries in its survey in Europe. The countrys share of crypto owners rose to 18%, indicating a 2% increase since 2022.Also, the number of people in France with regulatory concerns regarding the crypto industry dropped to 32% from 37% in 2022 during the peak of the bear market.In a statement, the CEO of Gemini UK and Europe, Gillian Lynch, expressed excitement about the companys achievement. She noted that expanding to France will help Geminis mission of making crypto accessible to many.Lynch also praised Frances regulatory framework for the industry.The CEO stated: Geminis research into the French market shows its growing interest in digital assets, and a robust regulatory framework presents a unique opportunity to introduce our platform to the trading community and extend our presence in the European market over the coming months.Gemini Continues With Strategic Moves To Broaden Its Userbase GloballyWinklevoss twins Cameron and Tyler founded the Gemini crypto exchange in 2014. Though headquartered in New York, US, the company now operates in more than 70 countries across the world.The crypto exchange has its European headquarters in Dublin. Gemini is the first crypto-related firm to complete a Virtual Asset Service Provider (VASP) registration with the Central Bank of Ireland.In May this year, the exchange disclosed the return of $2.18 billion in crypto assets to users of its Earn Crypto Lending Program. Notably, the product shut down in November 2022 due to crypto market contagion.Add Techreport to Your Google News Feed Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now! Subscribe now Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy. View all articles by Rida Fatima Our editorial processThe Tech Reporteditorial policyis centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written byreal authors.

The International Space Station (ISS) was repositioned on Tuesday, November 19, to move it well out of the way of approaching space debris, NASA reported.Station operators fired the thrusters on the docked Progress 89 spacecraft for just over five minutes to raise the orbit of the ISS in a maneuver that provided an extra margin of distance from a piece of orbital debris, whichcame from a defunct defense meteorological satellite that broke up in 2015.Recommended VideosWithout the maneuver, ballistics officials estimated that the fragment could have come within around 2.5 miles of the station, NASA said, adding that the procedure, known as the Pre-determined Debris Avoidance Maneuver (PDAM), had no effect on ISS activities and will not affect Thursdays scheduled launch of the Progress 90 cargo craft from the Baikonur Cosmodrome in Kazakhstan.RelatedThe ISS, which orbits at around 250 miles above Earth, occasionally has its orbit adjusted to move it clear of approaching space debris, as a direct impact could be catastrophic for the facility and the astronauts on board.Occasionally, the space junk which can include spent rocket parts, defunct satellites, and smaller fragments that have resulted in previous collisions is deemed such a threat that those aboard the ISS have been ordered to seek temporary shelter in their docked spacecraft in case the station is badly damaged and the crew needs to return to Earth.Up until the summer 2023, the station had performed a total of 37 avoidance maneuvers since it went into operation in 2000.The issue of space debris is becoming increasingly serious as more and more satellites are launched to low-Earth orbit. To counter the threat posed by the debris, those operating in space have been working to improve tracking capabilities, while a number of private firms are developing systems to clear low-Earth orbit of the problematic junk.Editors Recommendations

Wild mushrooms, roasted onions and a quick, silky sauce give these comforting cutlets the chef treatment.

gotta catch 'em all Niantic uses Pokmon Go player data to build AI navigation system Visual scans of the world have helped Niantic build what it calls a "Large Geospatial Model." Benj Edwards Nov 19, 2024 3:34 pm | 10 Story textSizeSmallStandardLargeWidth *StandardWideLinksStandardOrange* Subscribers only Learn moreLast week, Niantic announced plans to create an AI model for navigating the physical world using scans collected from players of its mobile games, such as Pokmon Go, and from users of its Scaniverse app, reports 404 Media.All AI models require training data. So far, companies have collected data from websites, YouTube videos, books, audio sources, and more, but this is perhaps the first we've heard of AI training data collected through a mobile gaming app."Over the past five years, Niantic has focused on building our Visual Positioning System (VPS), which uses a single image from a phone to determine its position and orientation using a 3D map built from people scanning interesting locations in our games and Scaniverse," wrote Niantic in a company blog post.The company calls its creation a "Large Geospatial Model" (LGM), drawing parallels to large language models (LLMs) like the kind that power ChatGPT. Where language models process text, Niantic's model will process physical spaces using geolocated images collected through its apps.The scale of Niantic's data collection reveals the company's sizable presence in the AR space. The model draws from over 10 million scanned locations worldwide, with users capturing roughly 1 million new scans weekly through Pokmon Go and Scaniverse. These scans come from a pedestrian perspective, capturing areas inaccessible to cars and street-view cameras.First-person scansThe company reports it has trained more than 50 million neural networks, each one representing a specific location or viewing angle. These networks compress thousands of mapping images into digital representations of physical spaces. Together, they contain over 150 trillion parametersadjustable values that help the networks recognize and understand locations. Multiple networks can contribute to mapping a single location, and Niantic plans to combine its knowledge into one comprehensive model that can understand any location, even from unfamiliar angles."Imagine yourself standing behind a church," Niantic wrote in its blog post. "The closest local model has seen only the front entrance of that church, and thus, it will not be able to tell you where you are. But on a global scale, we have seen thousands of churches captured by local models worldwide. No church is the same, but many share common characteristics. An LGM accesses that distributed knowledge."The technology builds on Niantic's existing Lightship Visual Positioning System, which lets players place virtual items in real-world locations with centimeter-level precision. A recent Pokmon Go feature called Pokmon Playgrounds demonstrates this capability, allowing users to leave Pokmon at specific spots for others to find.Niantic suggests the technology could support augmented reality products, robotics, and autonomous systems, with additional applications in spatial planning, logistics, and remote collaboration.Did Niantic's millions of players have any idea their scans would be fed into an AI system? Judging from this Reddit thread reacting to the 404 Media article, it seems that many are not surprised. "Definitely wasn't unwittingly," wrote one Redditor. "Most of us knew their business model didn't revolve around supporting the actual players."No doubt the process was covered by Pokmon Go's data collection terms of service, but the larger reaction to this news will likely be a developing story over time.Benj EdwardsSenior AI ReporterBenj EdwardsSenior AI Reporter Benj Edwards is Ars Technica's Senior AI Reporter and founder of the site's dedicated AI beat in 2022. He's also a widely-cited tech historian. In his free time, he writes and records music, collects vintage computers, and enjoys nature. He lives in Raleigh, NC. 10 Comments Prev story

slow down Automatic braking systems save lives. Now theyll need to work at 62 mph. Regulators have ordered an expansion of the tech, but the auto industry says the upgrade wont be easy. Aarian Marshall, WIRED.com Nov 19, 2024 2:45 pm | 82 At a test site, the driverless, electrically powered Cube minibus drives toward a man looking at his smartphone. (The minibus stopped.) Credit: Christophe Gateau/picture alliance via Getty Images At a test site, the driverless, electrically powered Cube minibus drives toward a man looking at his smartphone. (The minibus stopped.) Credit: Christophe Gateau/picture alliance via Getty Images Story textSizeSmallStandardLargeWidth *StandardWideLinksStandardOrange* Subscribers only Learn moreThe world is full of feel-bad news. Heres something to feel good about: Automatic emergency braking is one of the great car safety-tech success stories.Auto-braking systems, called AEB for short, use sensors including cameras, radar, and lidar to sense when a crash is about to happen and warn driversthen automatically apply the brakes if drivers dont respond. Its a handy thing to have in those vital few moments before your car careens into the back of another. One industry group estimates that US automakers' move to install AEB on most carssomething they did voluntarily, in cooperation with road safety advocateswill prevent 42,000 crashes and 20,000 injuries by 2025. A new report from AAA finds these emergency braking systems are getting even betterand challenges automakers to perfect them at even higher speeds.AAA researchers tested three model year 2018 and 2017 vehicles versus three model year 2024 vehicles, and found the AEB systems in the newer cars were twice as likely as the old systems to avoid collisions at speeds up to 35 miles per hour. In fact, the new systems avoided all of the tested collisions at speeds between 12 and 35 mph. The majority of the newer cars avoided hitting a non-moving target at 45 mph, too.The systems are headed the right way, says Greg Brannon, the director of automotive research at AAA.Now new regulations will require AEB systems to get even more intelligent. Earlier this year, the US National Highway Traffic Safety Administration, which crafts the countrys road safety rules, announced that by 2029, it will require all cars to be able to stop and avoid contact with any vehicle in front of them at even faster speeds: 62 mph. The Feds will also require automakers to build AEB systems that can detect pedestrians in the daytime and at night. And automakers will have to build tech that applies brakes automatically at speeds up to 45 mph when it senses an imminent collision with a person, and 90 mph when it senses one with a car.The rule will require automakers to build systems that can operate at highway speeds. As a result, it should do more good; according to the NHTSA, if manufacturers deploy auto-braking systems that work at higher speeds, it would save at least 360 lives each year and prevent 24,000 injuries.But no story can be all good news. Auto industry officials argue that meeting that 2029 target will be really very hard. Thats practically impossible with available technology, John Bozzella, the president and CEO of the auto industry lobbying group the Alliance for Automotive Innovation, wrote earlier this year in a letter to Congress. The government estimated that installing more advanced AEB systems on its cars would cost an additional $350 per vehicle. The auto lobbying group estimates prices could range up to $4,200 per car instead, and it has filed a petition to request changes to the final federal rules.In response to WIREDs questions, a spokesperson for NHTSA said that more advanced AEB systems will significantly reduce injury or property damage and the associated costs from these crashes. The spokesperson said the agency is working expeditiously to reply to the groups petition.Auto safety experts say that if automakers (and the suppliers who build their technology) pull off more advanced automatic emergency braking, theyll have to walk a tightrope: developing tech that avoids crashes without ballooning costs. Theyll also have to avoid false positives or phantom braking, which incorrectly identify nonhazards as hazards and throw on the brakes for no apparent reason. These can frustrate and annoy driversand at higher speeds, give them serious cases of whiplash.That is a really big concern: That as you increase the number of situations in which the system has to operate, you have more of these false warnings, says David Kidd, a senior research scientist at the Insurance Institute for Highway Safety (IIHS), an insurance-industry-funded scientific and educational organization.Otherwise, drivers will get mad. The mainstream manufacturers have to be a little careful because they dont want to create customer dissatisfaction by making the system too twitchy, says Brannon, at AAA. Tesla drivers, for example, have proven very tolerant of beta testing and quirks. Your average driver, maybe less so.Based on its own research, IIHS has pushed automakers to install AEB systems able to operate at faster speeds on their cars. Kidd says IIHS research suggests there have been no systemic, industry-wide issues with safety and automatic emergency braking. Fewer and fewer drivers seem to be turning off their AEB systems out of annoyance. (The new rules make it so drivers cant turn them off.) But US regulators have investigated a handful of automakers, including General Motors and Honda, for automatic emergency braking issues that have reportedly injured more than 100 people, though automakers have reportedly fixed the issue.New complexitiesGetting cars to fast-brake at even higher speeds will require a series of tech advances, experts say. AEB works by bringing in data from sensors. That information is then turned over to automakers custom-tuned classification systems, which are trained to recognize certain situations and road usersthats a stopped car in the middle of the road up ahead or theres a person walking across the road up thereand intervene.So to get AEB to work in higher-speed situations, the tech will have to see further down the road. Most of todays new cars come loaded up with sensors, including cameras and radar, which can collect vital data. But the auto industry trade group argues that the Feds have underestimated the amount of new hardwareincluding, possibly, more expensive lidar unitsthat will have to be added to cars.Brake-makers will have to tinker with components to allow quicker stops, which will require the pressurized fluid that moves through a brakes hydraulic lines to go even faster. Allowing cars to detect hazards at further distances could require different types of hardware, including sometimes-expensive sensors. Some vehicles might just need a software update, and some might not have the right sensor suite, says Bhavana Chakraborty, an engineering director at Bosch, an automotive supplier that builds safety systems. Those without the right hardware will need updates across the board, she says, to get to the levels of safety demanded by the federal government.Bosch and other suppliers advise automakers how to use the systems they build, but manufacturers are ultimately in charge of the other AEB secret sauce: algorithms. Each automaker tunes its safety system, using its own calculations to determine how and when its vehicles will automatically avoid collisions.Whats nextEven the US Feds 2029 rules dont fulfill all road safety advocates dreams. The regulations dont require safety systems to recognize bicyclists, though some automakers are already building that into theirs voluntarily. And unlike European vehicles, US AEB systems wont undergo tests that determine how well they work when theyre turning. The European New Car Assessment Program started testing AEB for turning effectiveness last year, and has for several years required automakers to build systems that totally avoid crashes at higher speeds. Some automakers are already building systems that pass these tests, says Kidd, the IIHS scientista good sign that theyll be able to pull it off on US roads too.I dont think theres any doubt that these will make the roads safer, Kidd says. A good news story after all.This story originally appeared on wired.com.Aarian Marshall, WIRED.com Wired.com is your essential daily guide to what's next, delivering the most original and complete take you'll find anywhere on innovation's impact on technology, science, business and culture. 82 Comments

Heart cockles come in many colours and host photosynthetic algae inside their shellsDakota McCoyA heart-shaped mollusc has evolved tiny windows that work like fibre-optic cables, the first known example in nature.Heart cockles (Corculum cardissa) are bivalve molluscs a bit like clams that have a symbiotic relationship with photosynthetic algae that live inside them. The algae have a safe home, get light to photosynthesise and provide nutrients for their hosts. AdvertisementUnlike other bivalves, heart cockles dont open their shells up wide, yet they somehow funnel light to their interior even while staying shut.Now, Dakota McCoy at the University of Chicago and her colleagues have found that there are transparent calcium carbonate crystal structures in the heart cockle shells that function like fibre-optic bundles, letting light inside to bathe the algae. If you dont have to open and can just have a transparent window, thats a very safe way to irradiate your algae, says McCoy.The researchers examined fragments of different heart cockle shells and the transparent structures within them, as well as the intensity and colour of light that gets through. They found that the windows were made from long, thin fibres of a mineral called aragonite a form of calcium carbonate which lets twice as much of the photosynthetically useful light through as it does harmful ultraviolet light. We put on sunblock because UV causes mutations and cancer. The heart cockles are using these windows as a sunblock, says McCoy. The latest science news delivered to your inbox, every day.Sign up to newsletterHeart cockle shells illuminated from within to show the transparent windows in their shells, which can be little triangles (left) or stripes (right)Dakota McCoyWhile the aragonite threads look similar to manufactured fibre optics, they lack a protective, insulating sheath, called cladding, yet transmit light just as effectively. This could serve as an inspiration for cladding-free fibre-optic cables, which would be cheaper to manufacture.The natural, UV-blocking properties of the shells could also be used to help protect corals, which, like the cockles, host photosynthetic algae inside them, but are more susceptible to environmental stresses like light and heat, says McCoy.Journal referenceNature Communications DOI: 10.1038/s41467-024-53110-xTopics: