The SEC has blocked third-party messaging apps and texts from employees' work phones, "bringing its own practices closer to the standards it's enforcing for the industry," reports Bloomberg. From the report: The SEC's decision to block disappearing-messaging apps will help improve record-keeping and address potential security vulnerabilities at the agency, which saw one of its social-media accounts compromised earlier this year. It follows about $3 billion in fines imposed on financial firms to settle allegations that they failed to keep adequate records of work-related communications on mobile devices and apps such as Signal and Meta's WhatsApp.

The scrutiny prompted Wall Street to overhaul how employees communicate on business matters using mobile phones. Meanwhile, the SEC took a hard look at policies covering its own staff's communications on agency-issued phones. The agency has restricted access to third-party messaging applications, as well as SMS (short message service) and iMessage texts "to lower risk that our systems could be compromised and to enhance recordkeeping," an SEC spokeswoman said in an emailed statement. The process of blocking the apps began in September and has continued over the past several months, she added.

An anonymous reader shared this report from the Los Angeles Times: A network of air monitors installed in Northern California has provided scientists with some of the first measurable evidence quantifying how much electric vehicles are shrinking the carbon footprint of a large urban area. Researchers from UC Berkeley set up dozens of sensors across the Bay Area to monitor planet-warming carbon dioxide, the super-abundant greenhouse gas produced when fossil fuels are burned. Between 2018 and 2022, the region's carbon emissions fell by 1.8% each year, which the Berkeley researchers concluded was almost exclusively owed to drivers switching to electric vehicles, according to a study published in the journal Environmental Science & Technology.

In that time, Californians purchased about 719,500 zero-emission or plug-in hybrid vehicles, more than triple the amount compared to the previous five years, according to the California Department of Energy. The Bay Area also had a higher rate of electric vehicle adoption than the state as a whole.

While the findings confirm the state's transition to zero-emission vehicles is substantially lowering carbon emissions, it also reveals these reductions are still not on pace to meet the state's ambitious climate goals. Emissions need to be cut by around 3.7% annually, or nearly twice the rate observed by the monitors, according to Ronald Cohen, UC Berkeley professor of chemistry. Although cars and trucks are the state's largest source of carbon emissions, it underscores the need to deploy zero-emission technology inside homes and for the power grid.

"I think what we see right now is evidence of strong success in the transportation sector," Cohen said. "We're going to need equally strong success in home and commercial heating, and in the [industrial] sources. We don't yet see significant movement in those, but policy pushing on those is not as far ahead as policy on electric vehicles." Although cities only cover roughly 3% of global surface area, they produce about 70% of carbon emissions.

Movie exhibitors still face "serious risks," the Los Angeles Times reported Tuesday: Attendance was on the decline even before the pandemic shuttered theaters, thanks to changing consumer habits and competition for people's time and money from other entertainment options. The industry has demonstrated an over-reliance on Imax-friendly studio action tent poles, when theater chains need a deep and diverse roster of movies in order to thrive... It remains to be seen whether the global box office will ever get back to the $40 billion-plus days of 2019 and earlier years. A clearer picture will emerge in 2025 when the writers' and actors' strikes are further in the past. But overall, there's a strong case that moviegoing has proved to be relatively sturdy despite persistent difficulties.
Which brings us to this year's CinemaCon convention, where multiplex operators heard from Hollywood studios teasing upcoming blockbusters like Joker: Folie à Deux, Furiosa: A Mad Max Saga, Transformers One, and Deadpool & Wolverine. Exhibitors pleaded with the major studios to release more films of varying budgets on the big screen, while studios made the case that their upcoming slates are robust enough to keep them in business... Box office revenue in the U.S. and Canada is expected to total about $8.5 billion, which is down from $9 billion in 2023 and a far cry from the pre-pandemic yearly tallies that nearly reached $12 billion... Though a fuller release schedule is expected for 2025, talk of budget cuts, greater industry consolidation and corporate mergers has forced exhibitors to prepare for the possibility of a near future with fewer studios making fewer movies....

As the domestic film business has been thrown into turmoil in recent years, Japanese cinema and faith-based content have been two of movie theaters' saving graces. Industry leaders kicked off CinemaCon on Tuesday by singing the praises of Sony-owned anime distributor Crunchyroll's hits — including the latest "Demon Slayer" installment. Mitchel Berger, senior vice president of global commerce at Crunchyroll, said Tuesday that the global anime business generated $14 billion a decade ago and is projected to generate $37 billion next year. "Anime is red hot right now," Berger said. "Fans have known about it for years, but now everyone else is catching up and recognizing that it's a cultural, economic force to be reckoned with.... " Another type of product buoying the exhibition industry right now is faith-based programming, shepherded in large part by "Sound of Freedom" distributor Angel Studios...

Theater owners urged studio executives at CinemaCon to put more films in theaters — and not just big-budget tent poles timed for summer movie season and holiday weekends... "Whenever we have a [blockbuster] film — whether it be 'Barbie' or 'Super Mario' ... records are set," added Bill Barstow, co-founder of ACX Cinemas in Nebraska. "But we just don't have enough of them."

Adobe has begun to procure videos to build its AI text-to-video generator, trying to catch up to competitors after OpenAI demonstrated a similar technology. From a report: The software company is offering its network of photographers and artists $120 to submit videos of people engaged in everyday actions such as walking or expressing emotions including joy and anger, according to documents seen by Bloomberg. The goal is to source assets for artificial intelligence training, the company wrote.

Over the past year, Adobe has focused on adding generative AI features to its portfolio of software for creative professionals, including Photoshop and Illustrator. [...] Adobe is requesting more than 100 short clips of people engaged in actions and showing emotions as well as simple anatomy shots of feet, hands or eyes. The company also wants video of people "interacting with objects" such as smartphones or fitness equipment. It cautions against providing copyrighted material, nudity or other "offensive content." Pay for the submission works out, on average, to about $2.62 per minute of submitted video, although it could be as much as about $7.25 per minute.

Sierra Space CEO Tom Vice told Yahoo Finance it plans to go public within the next 18 months at a valuation of $5.3 billion. Since being spun out of defense contractor Sierra Nevada Corporation in 2021, the company has "placed its bets on building out the growing space economy, from developing rocket propulsion technology to a commercial space station with Blue Origin." From the report: Its ambitions have fueled the development of its cargo space plane, the Dream Chaser, set to have its inaugural mission to the International Space Station (ISS) in the second half of this year. Built to land on any commercial runway, the plane will lower the barrier to entry into low-earth orbit and open up business opportunities, Vice said. "Since the 1960s, every science experiment or human being that's come back to earth from space, even today, is still landing in a capsule in the ocean," he said. "We think changing and revolutionizing the way that we bring things back from space, both humans and cargo, and landing [the spacecraft] back at a commercial runway will completely accelerate the new space economy."

"We believe that the next big breakthrough products in oncology, longevity, and industrialized components like glass will be produced in low Earth orbit," Vice said, noting that many of those opportunities are likely to come from the development of commercial space stations to replace the decades-old ISS. Sierra Space has partnered with Blue Origin to build out the Orbital Reef, a commercially owned and operated space station, though recent reports have hinted at tension between the corporate partners. "We're transitioning from decades of government-run space stations with just a handful of government-trained astronauts to the full commercialization of low Earth orbit," Vice said. "We think that's going to create, we believe, probably the most profound industrial revolution and grow that space economy well over a trillion dollars by 2040."

We're seeing a boom in journaling apps as safer, easier ways to ease us back into posting everything online. From a report: Last year, Apple released a journal app with iOS 17. Former Yahoo CEO Marissa Mayer just unveiled a photo app called Shine, which is made to share photos and memories with a select group of people. Today, Retro -- a startup that we called "the new Instagram" -- is launching a feature called Journals within the app, which lets you record both photos and notes for a select group of people.

As a lifelong journaler, it's hard to forget that I already have an intimate, safe space to record my life and share memories. It is a notebook. I don't have to worry about marketers selling my information, because it's not accessible. What if creating a safe space all of your own means just getting off the internet altogether? Most of these apps are based on the central premise that most of us would rather talk to family or close friends than with a pretty stranger shilling snack boxes. As we reported previously, Retro has a few standout features. Once you join the app, you're prompted to select a few pictures to post per week. In order to see your friends' and family's photos, you have to share photos of your own. That keeps people actively participating instead of lurking.

When Disneyland opened in 1955, its car-themed attraction Autopia "represented the future of what would become America's multilane limited-access highways," according to Wikipedia, " which were still being developed. President Eisenhower had yet to sign the Interstate Highway legislation..."

Wikipedia adds that the cars "generate a moderate level of exhaust from the Honda GX gasoline engines that propel the cars." But that may change, according to a climate-oriented newsletter from the Los Angeles Times: If anyone could get away with defending the toxic odor, it might be Bob Gurr. He designed the original Autopia cars in the mid-1950s, working closely with Walt himself. He's proud of what they built together. But today the 92-year-old Disney legend says the polluting motors need to go. "Get rid of those God-awful gasoline fumes," he told me.

Disney is finally preparing to do just that. In news shared exclusively with The Times ahead of this column's publication — after several weeks of my prodding the company for answers on the future of Autopia — Disney officials revealed that pure gasoline engines are on their way out... "As the industry moves toward alternative fuel sources, we have developed a roadmap to electrify this attraction and are evaluating technology that will enable us to convert from gas engines in the next few years," spokesperson Jessica Good said in an email. Good wouldn't confirm whether that means electric vehicles, or if hybrids are a possibility...

[Gurr] also expressed a grander vision for Tomorrowland as a hub for stories about renewable energy, public transit and other sustainable technologies that will help us create a better tomorrow... [H]ow about using the former Innoventions building, which once displayed futuristic technologies but is now closed to most guests, to showcase solar panels, lithium-ion batteries and other clean energy devices that guests might want in their homes...? Why not switch to electric cooking at the Alien Pizza Planet restaurant, and offer induction stove demos for diners? Maybe start screening some National Geographic films (Disney owns NatGeo) at the largely unused Magic Eye Theater...? Add some infotainment-style signs and voice-overs about the wonders of clean energy and public transit, and boom, you've got a Tomorrowland that should leave kids and their parents excited to help build a safer, happier, more sustainable world...

[Gurr] told me that if he could, he'd tear out everything in Tomorrowland except the Monorail and rebuild it as a version of the public transit-oriented futuristic city that Walt once planned for Florida — only with clean energy at the core of its storytelling... At the very least, he said it's time for an Autopia where guests "don't smell the fumes, don't hear that racket of the little motor going putt-putt-putt."
The newsletter agrees electric vehicles for Autopia are "the obvious starting point" for remodeling Tomorrowland with "a buzz of optimism and futuristic energy." ("Solar-panel shade structures over the line would be great too.") They even add that "it's not that it's my job to make money for Disney, but I'm sure the company could find sponsors for this vision of Tomorrowland. There are plenty of renewable energy companies, electric utilities and environmental groups eager to tout their causes and their credentials."

And it shares this observation from climate scientist and communicator Katharine Hayhoe (paraphrasing another scientist who studies climate communications): "Showing people what climate solutions look like is one of the most effective ways to get them to support action." The newsletter's conclusion? "This is where Tomorrowland could prove especially valuable in the fight to save the planet."


Some additional context... Disney's current CEO once said he was "particuarly proud" of the 270-acre, 50+-megawatt solar facility the company brought online in Orlando." And the Washington Post reports that Disney's plans to electrify Autopia "comes as the park is taking steps to decarbonize as part of an effort to reach a goal of net-zero emissions by 2030."

The use of YouTube videos to train OpenAI's text-to-video generator would be an infraction of the platform's terms of service, YouTube Chief Executive Officer Neal Mohan said. Bloomberg: In his first public remarks on the topic, Mohan said he had no firsthand knowledge of whether OpenAI had, in fact, used YouTube videos to refine its artificial intelligence-powered video creation tool, called Sora. But if that were the case, it would be a "clear violation" of YouTube's terms of use, he said.

"From a creator's perspective, when a creator uploads their hard work to our platform, they have certain expectations," Mohan said Thursday. "One of those expectations is that the terms of service is going to be abided by. It does not allow for things like transcripts or video bits to be downloaded, and that is a clear violation of our terms of service. Those are the rules of the road in terms of content on our platform."

Yahoo is acquiring Artifact, the AI news app from Instagram's co-founders that failed to make it big on its own. The Verge reports: The two sides declined to share the cost of the acquisition, but both made clear Yahoo is acquiring Artifact's tech rather than its team. Mike Krieger and Kevin Systrom, Artifact's co-founders, will be "special advisors" for Yahoo but won't be joining the company. Artifact's remaining five employees have either gotten other jobs or are planning to take some time off. The acquisition comes a bit more than a year after Artifact's launch and about three months after Systrom and Krieger announced its death. [...]

Artifact, the app, will go away once the acquisition is complete. But Artifact's underlying tech for categorizing, curating, and personalizing content will soon start to show up on Yahoo News -- and eventually on other Yahoo platforms, too. "You'll see that stuff flowing into our products in the coming months," says Downs Mulder. It sounds like there's also a good chance that Yahoo's apps might get a bit of Artifact's speed and polish over time, too. Both Systrom and Downs Mulder say the integration will take time, that you can't just drop an Artifact algorithm into Yahoo News and call it a day. But they see a possibility to get everybody into the future a little faster. Yahoo can develop a personalized content ecosystem, the "TikTok for text" that was so alluring to Artifact users. And Artifact can power a news service of the future.

Last Monday shares of Reddit's stock soared 30%, reports CNBC — and then another 8.8% on Tuesday.

But the moves happened "even after New Street Research issued a neutral rating on the company" — and by the end of the week, CNBC was reporting that "Reddit shares are plummeting..." Shares closed at $49.32, ending the week below their closing price on Reddit's first day of trading on the New York Stock Exchange [on March 21st, when they closed at $50.44 ]... Stock markets are closed on Good Friday.

Reddit shares began their downward spiral on Wednesday, when they sank about 11% to $57.75 at market close. That day, Hedgeye Risk Management described Reddit's stock as "grossly overvalued" in a report cited by Bloomberg News, adding the company was on the firm's "short bench."
The article notes Reddit's CEO sold 500,000 shares in the company — nearly 40% of his holdings — which Ben Silverman, vice president of research at Verity, told CNBC was expected — while Reddit's COO sold another 514,000 shares.

"There's always a bit of a disconnect," Silverman said in the interview, because bringing a company public "is not just to generate liquidity for the company itself so that it can expand and grow. In these situations, it often allows insiders to cash out to generate liquidity.

"And that's something investors have to consider here. If the prospects are so bright, why are insiders selling?"

"Subscribers of both Disney+ and Hulu can now access Hulu content through the Disney+ app," reports the Los Angeles Times, "as the Burbank media and entertainment giant launched its one-app integration of the two streaming services Wednesday..." The move is part of Disney's plan to increase viewer engagement and reduce churn on Disney+, which has 111.3 million subscribers globally. Disney has lost billions on its direct-to-consumer business as it tries to compete with Netflix, but the company has told investors that its streaming segment will begin to turn a profit by the end of fiscal 2024. Streaming losses have been a key component of a nasty activist shareholder campaign ahead of next week's annual meeting.

Disney+ has typically served up family-friendly content and major brands such as Pixar, Star Wars and Marvel, whereas Hulu's offering has been the streaming home of more adult-oriented programming. Disney executives described the combined app experience as the most extensive technical advancement to the Disney+ streaming platform since it launched in November 2019... The price of the bundle plan starts at $9.99 with ads... Upgrading to the bundle of Hulu on Disney+ will start at $2 more per month, Disney said.

Amazon plans to spend almost $150 billion in the coming 15 years on data centers, giving the cloud-computing giant the firepower to handle an expected explosion in demand for artificial intelligence applications and other digital services. From a report: The spending spree is a show of force as the company looks to maintain its grip on the cloud services market, where it holds about twice the share of No. 2 player Microsoft. Sales growth at Amazon Web Services slowed to a record low last year as business customers cut costs and delayed modernization projects. Now spending is starting to pick up again, and Amazon is keen to secure land and electricity for its power-hungry facilities.

"We're expanding capacity quite significantly," said Kevin Miller, an AWS vice president who oversees the company's data centers. "I think that just gives us the ability to get closer to customers." Over the past two years, according to a Bloomberg tally, Amazon has committed to spending $148 billion to build and operate data centers around the world. The company plans to expand existing server farm hubs in northern Virginia and Oregon as well as push into new precincts, including Mississippi, Saudi Arabia and Malaysia.

An anonymous reader shares a report: The number of landline users has plummeted with the rise of cellphones, and the 19th-century technology's days appear to be numbered. Providers like AT&T are looking to exit the business by transitioning customers to cellphones or home telephone service over broadband connections. But for many of the millions of people still clinging to their copper-based landline telephones, newer alternatives are either unavailable, too expensive, or are unreliable when it matters most: in an emergency.

According to the National Center for Health Statistics, only a quarter of adults in the United States still have landlines and only around 5 percent say they mostly or only rely on them. The largest group of people holding onto their landlines are 65 and older. Meanwhile, more than 70 percent of adults are using wireless phones only. The copper lines used for traditional landlines carry electricity over the wires, so as long as a phone is corded or charged it will work during a power outage. Landlines are separate from cellular and broadband networks and are not affected by their outages, making them a necessary backstop in rural areas. Many of those same areas have inadequate cellular or internet coverage.

"In three, four, maybe five years a lot of states are going to say 'Okay, it's permissible to discontinue service if you, the phone company, can demonstrate there's functional alternative service,'" says Rob Frieden, an Academy and Emeritus Professor of Telecommunications and Law at Pennsylvania State University. AT&T recently asked the California Public Utilities Commission to end its obligation to provide landline service in parts of the state. The Federal Communications Commission, which has to approve a request to end service, said it hasn't received one from AT&T.

"Dell's strict new RTO mandate excludes fully remote workers from promotion," reports Business Insider.

The site calls it "one of the most abrupt changes to remote work policies," noting that Dell "has had a hybrid working culture in place for more than a decade — long before the pandemic struck." "Dell cared about the work, not the location," a senior employee at Dell who's worked remotely for more than a decade, told Business Insider last month. "I would say 10% to 15% of every team was remote." That flexibility has enabled staff to sustain their careers in the face of major life changes, several employees told BI. It has also helped Dell to be placed on the "Best Place to Work for Disability Equality Index" since 2018. But in February Dell introduced a strict return-to-office mandate, with punitive measures for those who want to stay at home.

Under the new policy, staff were told that from May almost all will be classified as either "hybrid," or "remote." Hybrid workers will be required to come into an "approved" office at least 39 days a quarter — the equivalent of about three days a week, internal documents seen by BI show. If they want to keep working from home, staff can opt to go fully remote. But that option has a downside: fully remote workers will not be considered for promotion, or be able to change roles.
Workers have said Dell's approach might be intended to lower headcount without having to pay severance by inducing some employees to quit. But reached by Business Insider for a comment, Dell defended their approach as instead "critical to drive innovation and value differentiation."

But Professor Cary Cooper, an organizational psychologist and cofounder of the National Forum for Health and Wellbeing at work, tells the site Dell could be following a "pack mentality" among tech companies — or reacting to a sluggish world economy. "Senior execs somehow think that people in the office are more productive than at home, even though there's no evidence to back that up."

Business Insider added that Dell's approach "differs from founder and CEO Michael Dell's previous support for remote workers," who famously said "If you are counting on forced hours spent in a traditional office to create collaboration and provide a feeling of belonging within your organization, you're doing it wrong."

A Boeing quality manager for more than 30 years "learned of and exposed very serious safety problems with the Boeing 787 Dreamliner," according to his lawyers, "and was retaliated against and subjected to a hostile work environment."

After retiring in 2017 he'd filed a whistleblower retaliation case, and "was in the middle of giving deposition testimony... when he died, his lawyers, Robert Turkewitz and Brian Knowles, told NPR." "He was in very good spirits and really looking forward to putting this phase of his life behind him and moving on," the South Carolina-based attorneys said in a joint statement. "We didn't see any indication he would take his own life. No one can believe it."

Police said officers were sent to the hotel to conduct a welfare check after people were unable to contact Barnett, who had traveled to Charleston to testify in his lawsuit against Boeing. "Upon their arrival, officers discovered a male inside a vehicle suffering from a gunshot wound to the head," police said in a statement sent to NPR. "He was pronounced deceased at the scene...."

Barnett, who spent decades working for Boeing at its plants in Everett, Washington, and North Charleston, South Carolina, had repeatedly alleged that Boeing's manufacturing practices had declined — and that rather than improve them, he added, managers had pressured workers not to document potential defects and problems.

"We are saddened by Mr. Barnett's passing, and our thoughts are with his family and friends," Boeing said in a statement sent to NPR....

Barnett filed a whistleblower complaint against Boeing in early 2017; his case against the company was heading toward a trial this June, his family said. "He was looking forward to having his day in court and hoped that it would force Boeing to change its culture," the family said in a statement shared with NPR by his brother, Rodney Barnett. The family says Barnett's health declined because of the stresses of taking a stand against his longtime employer.

"He was suffering from PTSD and anxiety attacks as a result of being subjected to the hostile work environment at Boeing," they said, "which we believe led to his death."
"Two of his attorneys called on police to fully investigate how he had died," reports the BBC.

And for what it's worth, the New York Post says Barnett "made a grim prediction that he could potentially end up dead after raising safety concerns about the jetliner giant, allegedly telling a family friend: 'If anything happens, it's not suicide.'"

UPDATE: Fortune just published an article called "The last days of the Boeing whistleblower."

Thanks to Slashdot readers wgoodman and sinij for sharing the article.

A Boeing 737-800 "was discovered to be missing an external panel" on the bottom of its fuselage, reports CNN, "after it landed in Medford, Oregon, Friday afternoon after taking off from San Francisco."

They stress that it's not a 737 Max, but the previous generation of Boeing aircraft. The plane carrying 145 passengers and crew landed safely and was parked at the gate at Rogue Valley International Medford Airport when a person on the ground first noticed the panel was missing, United Airlines said in a statement. The crew of Flight 433 did not declare an emergency and there was no indication of the damage during the flight, the airline said...

United said the missing panel did not affect the flying characteristics of the airplane...

Rogue Valley International-Medford Airport Director Amber Judd indicated to the Rogue Valley Times the aircraft is not in condition to fly and "will be here for a while." Judd added it is unclear where the missing panel is.

"They don't know where they lost it," Judd told the RV Times.
"The Federal Aviation Administration said it will investigate the incident."

Yahoo Finance notes that shares of Boeing "have declined over 30% in 2024."

sixoh1 writes: On the third attempt, SpaceX's Super Heavy booster lofted the Starship vehicle to space on a sub-orbital parabolic trajectory. The test was successful for nearly all of the objectives, including payload delivery functions on Starship that will be used for Starlink deployment and in-space fuel transfers. Unfortunately the booster did not soft-land, and the Starship vehicle was destroyed during re-entry, likely due to unspecified issues with re-starting the Raptor engine and then maintaining attitude control during re-entry. You can watch Starship's third flight test here.

An article in Inc notes a "wild projection" in Reddit's SEC filing that Reddit's global market opportunity by 2027 is $1.4 trillion." Some of the numbers lead back to a single individual: Sam Altman. The co-founder and chief executive of ChatGPT-maker OpenAI owns an 8.7 percent stake in Reddit, more than its co-founder and CEO, Steve Huffman, who owns 3.3 percent... Altman, through various funds and holding companies he owns or manages, controls more than a million shares of Reddit at $60 million in aggregate purchase price — and holds more than 9 percent of voting rights...

Discussing Reddit's future, financial analyst and journalist Herb Greenberg recently told CNBC, "This is an AI play."
But the senior investing editor for Kiplinger.com argues that retail investors "may want to hold tight before rushing out to buy the Reddit IPO." While IPO stocks tend to have strong first-day showings, returns for the first year are generally weak, says the team of analysts at Trivariate Research, a market research firm based in New York. And since 2020, "the average IPO has lagged its industry average by 30% over the subsequent three years following its first closing price..."

Other commenters have noted that Reddit's allotment of shares to select Redditors could lower demand on the first day of trading, which would work against any IPO pop.
"Over the past few years, there have been a bunch of IPOs in the U.S. in which overhyped names enjoyed flashy stock-market debuts only to drop sharply soon after," notes the Street. Notable examples include Coinbase, which plummeted by almost 90% after its debut, Robinhood, still down 53% since its IPO, and Rivian, down over 91% since its debut. However, it's crucial to note that all of these IPOs occurred in 2021 amid market euphoria fueled by low interest rates, significant economic stimulus, and the lingering effects of the Covid-19 pandemic. Although the current macroeconomic landscape differs from three years ago, valuations of tech and growth stocks remain stretched.
Kiplingers.com concludes it "boils down to your own personal investing goals and risk tolerance. If you do decide to buy Reddit stock when it first begins trading, do so in a small amount that you can afford to lose."

But they also cite analysis from David Trainer, CEO of New Constructs, a research firm powered by artificial intelligence. "Reddit's IPO marks the return of the junk IPO," Trainer wrote in Forbes. "[The valuation] implies that Reddit will grow its user base to 26 times current levels, which would be nearly five times the size of [Snapchat-maker] Snap, and a highly unlikely feat. Reddit looks overvalued, and we think investors should pass on this IPO."

Trainer writes: [T]he company has never been profitable and should not be a publicly traded company... I think the company may never monetize its platform without angering its users and the entire premise of Reddit is user-generated content. This business model is inescapably built on a catch-22: make money or please users... Reddit looks overvalued, and I think investors should pass on this IPO.
Buyers and analysts told the site Marketing Brew "that they see the platform as nice-to-have, but that it is not an essential part of their media plans, like Meta or Google are." "They've always been solidly in the second or third tier of social networks," alongside Snap, Pinterest, and X, Brian Wieser, a former GroupM exec who's now author of the industry newsletter Madison and Wall, told Marketing Brew.
Yet Trainer notes that "98% of Reddit's revenue in 2023 came from third-party advertising on the site and 28% of all revenue came from ten customers," and "Reddit's cost of revenue, sales & marketing, general & administrative, and research & development costs were 117% of revenue in 2023."

Trainer concludes "Reddit is nowhere near breakeven. Reddit is an unprofitable social media company fighting for users."

Bloomberg adds that the subreddit r/WallStreetBets "has threatened to bet against the stock, with many people noting that the company still loses money two decades into its existence. (Reddit lost $90.8 million last year, down from $158.6 million the year before.)" Some have complained that the invitation to invest fails to make up for the unpaid labor they've invested making the site work... In 2021 the platform's WallStreetBets forum ignited a meme-stock frenzy, propelling skyward the stocks of nostalgic but struggling companies like GameStop Corp. and AMC Entertainment Holdings Inc. and sending shockwaves through the financial industry... When it goes public, the platform that invented meme stocks runs the risk of becoming one itself.

Reddit noted the possibility as a risk in its IPO filing. "Given the broad awareness and brand recognition of Reddit, including as a result of the popularity of r/wallstreetbets among retail investors," the company warned that its stock could "experience extreme volatility ... which could cause you to lose all or part of your investment if you are unable to sell your shares at or above the initial offering price."

Users on WallStreetBets got a kick out of the fact that the company listed the forum as a risk factor, posting about it with a sly smiling emoji...
Meanwhile, reports that marketers are infiltrating subreddits have been confirmed. Over 200 businesses have "integrated Reddit Pro into their digital strategies," reports Search Engine Land, including "well-known names such as Taco Bell, the NFL, and The Wall Street Journal...

"During the initial alpha testing phase with approximately 20 businesses, Reddit reported its Pro partners, on average, generated 11 additional posts and comments per month."

Science magazine "has confirmed that a panel of two dozen geologists has voted down a proposal to end the Holocene — our current span of geologic time, which began 11,700 years ago at the end of the last ice age — and inaugurate a new epoch, the Anthropocene.

"Starting in the 1950s, it would have marked a time when humanity's influence on the planet became overwhelming." The vote, first reported by The New York Times, is a stunning — though not unexpected — rebuke for the proposal, which has been working its way through a formal approval process for more than a decade... [S]ome felt the proposed marker of the epoch — some 10 centimeters of mud from Canada's Crawford Lake that captures the global surge in fossil fuel burning, fertilizer use, and atomic bomb fallout that began in the 1950s — isn't definitive enough. Others questioned whether it's even possible to affix one date to the start of humanity's broad planetary influence: Why not the rise of agriculture? Why not the vast changes that followed European encroachment on the New World?
Stanley Finney, a stratigrapher at California State University Long Beach and head of the International Union of Geological Sciences, said "It would have been rejected 10 years earlier if they had not avoided presenting it to the stratigraphic community for careful consideration." Finney also complains that from the start, AWG was determined to secure an "epoch" categorization, and ignored or countered proposals for a less formal Anthropocene designation.... The Anthropocene backers will now have to wait for a decade before their proposal can be considered again...

Even if it is not formally recognized by geologists, the Anthropocene is here to stay. It is used in art exhibits, journal titles, and endless books... And others have advanced the view that it can remain an informal geologic term, calling it the "Anthropocene event...."
From the New York Times: Geoscientists don't deny our era stands out within that long history. Radionuclides from nuclear tests. Plastics and industrial ash. Concrete and metal pollutants. Rapid greenhouse warming. Sharply increased species extinctions. These and other products of modern civilization are leaving unmistakable remnants in the mineral record, particularly since the mid-20th century. Still, to qualify for its own entry on the geologic time scale, the Anthropocene would have to be defined in a very particular way, one that would meet the needs of geologists and not necessarily those of the anthropologists, artists and others who are already using the term.

That's why several experts who have voiced skepticism about enshrining the Anthropocene emphasized that the vote against it shouldn't be read as a referendum among scientists on the broad state of the Earth. "This was a narrow, technical matter for geologists, for the most part," said one of those skeptics, Erle C. Ellis, an environmental scientist at the University of Maryland, Baltimore County. "This has nothing to do with the evidence that people are changing the planet," Dr. Ellis said. "The evidence just keeps growing."

Francine M.G. McCarthy, a micropaleontologist at Brock University in St. Catharines, Ontario, is the opposite of a skeptic: She helped lead some of the research to support ratifying the new epoch. "We are in the Anthropocene, irrespective of a line on the time scale," Dr. McCarthy said. "And behaving accordingly is our only path forward."
Thanks to Slashdot reader sciencehabit for sharing the news.

China is in the process of raising more than $27 billion for its largest chip fund to date, accelerating the development of cutting-edge technologies to counter a US campaign to thwart its rise. From a report: The National Integrated Circuit Industry Investment Fund is amassing a pool of capital from local governments and state enterprises for its third vehicle that should exceed the 200 billion yuan of its second fund, according to people familiar with the matter. Known as the Big Fund, the state-backed firm is expanding its remit just as the US prepares to sharply escalate technology curbs designed to curtail Chinese chip and artificial intelligence progress.

The establishment of a much larger third fund -- directly overseen by China's powerful tech ministry -- signals a resurgent effort to harness the world's largest semiconductor market after years of mixed success with central stewardship. Huawei and its partner Semiconductor Manufacturing International Corp. still had to rely on US-origin technology to build an advanced processor last year.