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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉NYSE has major glitch
👉 INTEL new chip
👉Epoch Times CFO arrested
NYSE: Technical Glitch
On Monday, a technical glitch made Berkshire Hathaway's A-class shares appear nearly 100% down on the NYSE. Trading was halted for these shares, Barrick Gold and Nuscale Power. The issue was fixed by 11:45 a.m. ET and trading resumed.
Source: Yahoo
The problem was caused by incorrect Consolidated Tape Association (CTA) price bands, likely due to a new software update. This affected 40 stocks, including Chipotle and Bank of Montreal. The CTA will revert to the old software on Tuesday. The NYSE canceled erroneous trades for several stocks, including Berkshire's A-shares. This incident shows that even significant exchanges can have technical issues.
🎯 GRIT TAKE: This incident serves as a stark…upgrade to VIP now to read the full GRIT Take!
INTEL: New Data Center Chips
On Tuesday, Intel announced new AI chips for data centers, aiming to compete with Nvidia and AMD. According to CEO Pat Gelsinger at the Computex tech conference in Taiwan, the new Xeon 6 processor offers better performance and power efficiency for high-intensity workloads.
Source: CNN
This comes shortly after Nvidia and AMD launched their new AI chips. Intel also highlighted that its Gaudi 2 and Gaudi 3 AI accelerators are priced lower than rival chips. Intel is working to catch up to Nvidia and AMD, which have dominated the AI chip market. While Intel designs and manufactures its chips, it has faced struggles, recording a $7 billion operating loss in 2023. Funding from the CHIPS and Science Act could help Intel improve its manufacturing and research capabilities.
ARRESTED: Bill Guan
Weidong “Bill” Guan, The Epoch Times' CFO, was arrested and charged with leading a $67 million money laundering scheme involving cryptocurrency, prepaid debit cards, and fraudulently obtained unemployment benefits. This scheme allegedly boosted The Epoch Times’ revenue significantly.
Source: MSN
Guan, 61, pleaded not guilty to conspiracy to commit money laundering and two counts of bank fraud. He was released on a $3 million bond with travel restrictions. Prosecutors claim the scheme involved buying crime proceeds at discounted rates and transferring them to accounts linked to The Epoch Times. The charges could lead to up to 30 years in prison for each bank fraud count and 20 years for the conspiracy charge.
Chart of the Day
📊S&P 500
Source: Carbon Finance
GRIT Meme of the Day 😂
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Source: @wallstreetoasis
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