Thursday, 27 October 2022

Jim Cramer Starts To Cry After META Meltdown

Cramer has been pushing Meta Platforms Inc (Facebook) for most of the year while other investors were expressing grave doubts. Today the stock imploded, as of this writing losing a quarter of its value. A little over a year ago it was trading at $379.

Source: Bazinga

Jim Cramer has been a buyer of Meta Platforms Inc shares since the stock fell below $200 earlier this year. With the stock trading around $100 following weak earnings results, the "Mad Money" host is jumping ship, citing poor management.

"I made a mistake here. I was wrong. I trusted this management team. That was ill-advised," Cramer said Thursday on CNBC's "Squawk On The Street."

Cramer has been pounding the table on Meta's valuation for the majority of the year, while several analysts backed off as the company shifted its focus to the metaverse. He even called a bottom in the name with the stock trading at around $190 per share.
...
Cramer noted he was wrong to trust Meta's management team instead of himself and seemed shocked at the company's lack of discipline.

"For that I regret. I've been in this business for 40 years, I did a bad job. I am not proud," Cramer said.

"I come out here and I try to help people every day. And I failed to help people, and I own that."

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Physical ‘copies’ of the new Call of Duty are just empty discs

Cartridges and discs used to be how you got the latest games, but that’s been changing as downloads have become more convenient and reliable. But some people prefer the sure thing: a physical copy, so they can play offline or with a bad connection. To them, Activision says “qq”: the Call of Duty: Modern Warfare II disc is basically just a link to a 150-gigabyte download.

Now, to be fair, games that size don’t fit neatly on even high capacity Blu-ray discs, which for distribution purposes max out at around 50 gigs. Not that we haven’t seen multi-disc games before (I never finished Final Fantasy VIII because the final disc was scratched… someday, Edea), but clearly Activision decided it wasn’t worth the bother in this case.

That’s something of a shame, because there are people all over the world who, for one reason or another, would prefer a physical copy of the game. There’s the ever-present fear that one’s digital access might disappear for whatever reason, or perhaps one has a spotty connection — a common issue in the military, I understand. Even those with decent internet might find themselves uncomfortably close to transfer caps if they start their month with a 150-gig spree (even more once Warzone gets added).

It’s been getting tougher for people making that choice — still a perfectly valid one for TV and movies, if you’re willing to wait a bit, by the way — but generally they have been able to get a working, if not fully updated and optimized version of the game that just works when you put the disc in.

That’s not the case with CoD:MWII, as discovered by players who pre-ordered the game and received the disc slightly early. Far from having the full game on it, the disc is almost completely empty.

This 72-megabyte app is basically just an authenticator and shell that initiates the enormous download process. I’d be willing to bet that most of those 72 megabytes are 4K video files of logos.

There’s even a pre-order steelbook bonus (that’s a metal case for the disc and anything else it comes with). Players may be disappointed to find that this fancy reinforced packaging protects nothing of value.

Obviously there is great waste entailed in the production of perhaps millions of discs (though the numbers are likely much lower than they used to) for no reason. But waste is endemic in consumerism. The bait and switch of it is the galling thing — that Activision is taking the worst of both worlds.

There’s literally no point in even providing a physical version of the software if none of the reasons for doing so are fulfilled by it. It’s the equivalent of the next season of Stranger Things coming on a disc that just loads up Netflix and starts streaming. Why bother?

It’s worth asking whether Activision could have built a version of the game that fit on a disc at all. Considering how proudly they’ve been advertising the realism of the graphics, probably not. A single 4K texture unit, say for a building front or character model, may be scores of megabytes, and any AAA game will have countless such textures. Meanwhile the audio and video assets also have to fit on there, and they can only be compressed so far before they degrade.

Chances are the team thought that while a functional disc version would be theoretically possible, it would not be an adequate representation of the game they’d worked so hard on. One sympathizes: imagine spending all that time doing high-resolution photogrammetry of an Amsterdam street only to have it look like a level from Quake.

Would the outcry if they announced no physical edition at all be worse than them shipping a fake one? Hard to say. At least the former takes “courage,” as Apple would no doubt put it, while the latter is just misleading and wasteful. We may be entering an era where digital delivery is the standard, but there are good and bad ways of doing it. This was a bad way.

Physical ‘copies’ of the new Call of Duty are just empty discs by Devin Coldewey originally published on TechCrunch



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Yikes: Stand Back, Tuckems Is Projecting At An IMAX-Level

Fox News host Tucker Carlson suggested that Democrats want voters to vote for the party instead of the candidate. And that's hilarious since he specifically brought up John Fetterman, whose opponent, Dr. Oz, is a political newbie and an overprivileged, self-entitled windbag. And we get it, Tucker Swanson McNear Carlson; You're just like Oz. It sure sounds like Tuck is dipping in projection, as he implies that Democrats are putting party over country.

"It's not about the person. It's about the party," Tucker insisted. "It's not about the individual. It's about the group. And to prove it, they can even run mentally defective candidates who can barely speak and not only expect them to win but expect you to accept the outcome no matter how transparently absurd it is."

Tucker said that John Fetterman, not Herschel Walker, is "mentally defective." And he failed to mention Walker's very dark history, including domestic abuse, his fondness for playing Russian Roulette, the fact he has dissociative identity disorder, his newest scandal of allegations being lobbed at the Republican nominee of funding abortions, and how many children Herschel has, after all, he's hidden a couple of them.

In contrast, Fetterman had a stroke.

And then he introduced his guest, Glenn Greenwald, who I don't even want to talk about right now because he is such a ridiculous person. I could write volumes about the guy, but I'd have to get a bucket because I'll be throwing up the entire time -- while typing!

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Wednesday, 26 October 2022

Meta posts another revenue decline as investors voice metaverse concerns

Earlier this year, Meta posted its first quarterly revenue decline. Once again, Meta’s financials aren’t inspiring much faith in its investors this quarter. Meta’s revenue declined 4% year over year to hit $27.7 billion; but Meta CFO David Wehner pointed out on the earnings call today that some of this decline is owed to inflation. Meanwhile, net income was just $4.395 billion, down from $9.194 billion year over year.

This decline in income is mostly due to Meta’s huge investment in the metaverse. Reality Labs, Meta’s virtual reality division, lost $3.672 billion this quarter. The same thing happened in Q1, when CEO Mark Zuckerberg justified a $3 billion loss by saying that the 2030s will be “exciting.”

“There’s still a long road ahead to build the next computing platform. But we’re clearly doing leading work here. This is a massive undertaking and it’s often gonna take a few versions of each product before they become mainstream,” Zuckerberg said on today’s earnings call. “But I think that our work here is going to be of historic importance and create the foundation for an entirely new way that we will interact with each other and blend technology into our lives, as well as the foundation for the long term of our business.”

Meta also casually dropped the news that it will launch its next consumer-grade Quest headset next year, which is responsible for some of these costs. Meta just shipped its first high-grade Quest Pro headsets this week.

Zuckerberg also elaborated on Meta’s overall plans for the metaverse. He’s now referring to Horizon Worlds, the company’s underwhelming social VR platform, as something that Meta is “iterating on out in the open.” He also called the platform an “early product.”

“Obviously it has a long way to go before it’s going to be what we aspire for it to be,” Zuckerberg said about Horizon Worlds. “We think we’re doing some leading work there, but obviously we need to get that into the product and continue innovating on that.”

He also emphasized Meta’s commitment to developing VR and AR technology in general.

When it comes to social media, Zuckerberg shared some updated figures. He said that there are now more than 140 billion Reels plays across Facebook and Instagram, which is a 50% increase from six months ago. Across all platforms, Reels has a $3 billion annual revenue run rate. As the company has stated in past earnings calls, Meta is investing heavily in AI content discovery to compete with platforms like TikTok.

Meta also shared that hiring will significantly slow next year. The company added 3,700 net new employees in Q3, down from 5,700 net additions in Q2.

“We expect hiring to slow dramatically going forward and to hold the headcount roughly flat next year relative to current levels,” Wehner said.

Meta posts another revenue decline as investors voice metaverse concerns by Amanda Silberling originally published on TechCrunch



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Tesla said to face criminal investigation by the Department of Justice over self-driving claims

Tesla is said to be facing a criminal investigation launched by the U.S. Department of Justice facing claims made by the company regarding its “Autopilot” capabilities, Reuters reports, citing “three people familiar with the matter.” The inquiry was launched last year per the sources and was initiated following over a dozen accidents involving the active use of Tesla’s Autopilot system, some resulting in fatalities.

Tesla, and in particular CEO Elon Musk have been bold in their claims regarding Autopilot’s capabilities: The company’s so-called “Full Self-Driving” or FSD (which is not that at all, by the way, even by the admission of the company’s own materials) beta launched in October of 2020, and now has over 100,000 members enrolled from the larger global Tesla owner population, according to the most recent public numbers.

The automaker still cautions users of “Autopilot,” “Enhanced Autopilot” and “Full Self-Driving Capability” that they must remain “alert,” with their “hands on the steering wheel at all times” and that they “maintain control of [their] car.”

That said, Musk himself has suggested FSD could be “safer than a human” before the end of this year in an earrings call from January. It was a reiteration of a claim from a year prior he made on Twitter, noting that FSD would “work at a safety level well above that of the average driver this year.”

Note that just because the DoJ is investigating doesn’t mean criminal charges will necessarily result — they could opt to pursue civil action, do nothing at all or level charges.

Tesla said to face criminal investigation by the Department of Justice over self-driving claims by Darrell Etherington originally published on TechCrunch



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Mark Meadows Ordered To Testify In Georgia

A South Carolina judge ordered Trump's former Chief of Staff Mark Meadows to honor the Georgia grand jury's subpoena and testify into the investigation of election interference in the 2020 election.

Georgia is taking their investigation of former president Trump in his sycophants trying to force Georgia state officials to reverse the fair election results and instead crown Trump the victor very seriously.

Since Meadows is not a resident of Georgia, the state appealed to a judge in South Carolina to force his testimony.

Meadows is a key witness to the alleged malfeasance where he was present during the infamous phone call between Trump and Brad Raffensperger.

Trump and his allies continually scream about transparency and honesty but when they are asked to testify under oath they run for the hills and cower.

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Amazon resumes donations to some 2020 election deniers, just in time for midterms

Amazon has quietly mothballed its pledge to stop supporting politicians who refused to certify the 2020 election. The company, like many, said it would suspend donations to those who participated in “the unacceptable attempt to undermine a legitimate democratic process.” 21 months later, however, it has changed its tune — just in time for midterms.

Amazon donated a total of $17,500 last month to nine Representatives who fell under its previous ban, as reported by Judd Legum, who has held the feet of many such companies with adjustable scruples to the fire. A list of those who said they would do one thing, then did another, can be found here; CNN has a more comprehensive, but less up-to-date list of companies and their claims.

Among the tech companies (according to Legum’s list) that donated to Elector certification objectors or PACs supporting them after saying they wouldn’t are AT&T (~$600,000), Intel ($98,000), Oracle ($55,000) and Verizon ($183,000). Amazon’s contribution may seem rather small compared to theirs, but of course they’re probably just getting started.

The funny thing about this is their explanation, from a statement:

… [The suspension] was not intended to be permanent. It’s been more than 21 months since that suspension and, like a number of companies, we’ve resumed giving to some members.

As any child could point out to them, it isn’t much of a punishment for them to withhold funds from politicians “indefinitely” only to provide them just in time for the midterms. That’s where the money 21 months ago would have gone anyway.

Certainly most of the democracy underminers Amazon previously deplored still receive no money from the company that we know of, and although we must not let the perfect be the enemy of the good, we can’t just let this about-face go totally unquestioned. After all, the ones the company did decide to boost haven’t vocally recanted their positions. Amazon did not explain whether or how it reached out to the 147 Republican lawmakers it temporarily banned. Were the (apparently confidential) answers of these nine Reps the only ones that showed sufficient remorse? One would think the reversal of such a strongly argued position would merit some kind of real explanation.

I asked Amazon why these members in particular received clemency but the company did not provide a relevant response, only rephrasing part of its statement that it gives to politicians that “agree” with them. I invited more detailed comment.

One can imagine reevaluating these suspensions after a midterm election — after all, that’s the perfect way for any politician to publicly show their support for the democratic process. If, after that, Amazon and others said they were resuming or reevaluating donations, it might invite some grumbling but ultimately it’s a rational approach.

Amazon resumes donations to some 2020 election deniers, just in time for midterms by Devin Coldewey originally published on TechCrunch



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