Google Layoffs, Fitbit Leadership Departs.
Lebron James deal, South Korea Dog ban, Mark Zuckerberg Delicious Project
Google has announced a major restructuring of its Devices & Services teams, impacting its Pixel, Nest, and Fitbit hardware divisions. Fitbit co-founders James Park and Eric Friedman are leaving the company as part of this reorganization. The departure of Park, who played a key role in introducing the Pixel Watch line, comes just over four years after Google acquired Fitbit for $2.1 billion in 2021.
The changes involve a shift from distinct, independent teams for each division to a functional organization model. In this new model, there will be a consolidated team responsible for hardware engineering across Pixel, Nest, and Fitbit.
US Inflation Accelerates in December
Consumer prices in the United States increased by 0.3% month-over-month exceeding the 0.2% seen in November. On an annual basis, prices rose by 3.4%, exceeding the previous month's 3.1%.
Analysts had expected a more modest rise of 3.2%. When excluding the volatile food and energy categories, the "core" inflation rate slightly dipped from 4.0% to 3.9% annually. On a monthly basis, core inflation remained steady at 0.3%. While inflation has eased from its 9% peak in 2022, it remains above the Fed's target rate of 2%.
Lucid Motors Faces Challenges
Lucid Motors reported Q4 2023 production and delivery figures, revealing a lower-than-expected performance that led to a 7% drop in its stock price.
In the last quarter of 2023, Lucid produced 2,391 vehicles but delivered only 1,734,
For the full year 2023, Lucid built 8,428 vehicles but delivered only 6,001. These numbers are marginally better than the previous year, where 7,180 cars were produced and 4,369 delivered.
That is way less than Tesla who produced 1,845,985 EVs in 2023.
Lebron James 🤝 Fanatics
LeBron James has recently inked a multiyear deal with Fanatics, concluding a 20-year partnership with Upper Deck in the trading card industry. Fanatics, through its trading card and memorabilia division, Fanatics Collectibles, is set to release a new collection featuring signed cards by LeBron, with the first set available from January 19.
The inaugural collection will include a distinctive card featuring LeBron James in his high school uniform alongside his son, Bronny James, donning his University of Southern California uniform. The financial terms of the deal remain undisclosed, but industry experts estimate its value to be over $5 million annually.
James signed his initial contract with Upper Deck in 2003, which was considered one of the largest deals in trading card and memorabilia history worth $1 million per year. In 2021, Lebraon ended his nearly 18-year partnership with Coca-Cola to sign an endorsement deal with rival Pepsi.
Fanatics secured a deal with the NBA in 2021 to become the league's exclusive basketball trading card producer starting in 2026 replacing Panini.
Human-Like Android NEO.
Norwegian robotics company 1X has successfully raised $100 million in Series B funding to accelerate the production of its humanoid robots. This funding round, led by EQT Ventures, follows a Series A round in March 2023 backed by OpenAI and Tiger Global, bringing 1X's total funding to $125 million in less than a year.
This significant capital injection aims to facilitate the introduction of their second-generation android, NEO, into the consumer market. NEO is designed as a bipedal humanoid capable of performing a variety of everyday tasks in consumers' homes. The company's existing robot, EVE, has been deployed for industrial purposes, such as moving equipment and fulfilling orders.
The AI and robotics space has seen heightened competition, with major players like Tesla, Apptronik, and Figure making significant strides.
Things to know:
Florida has taken the lead in Affordable Care Act (ACA) sign-ups, commonly known as Obamacare exceeding 4 million enrollments for the 2024 coverage year. More than 20 million individuals from the US have enrolled in health insurance plans through the federal exchange since the open enrollment period began on November 1. Florida's enrollment increased by about 25% compared to the previous year. The open enrollment period in Florida ends on January 16.
South Korea's parliament voted 208-0 in favor of a new law to ban the production and sale of dog meat for human consumption. The legislation is set to take effect in 2027 after a three-year transition period. The practice of consuming dog meat, particularly in dishes like "boshintang" or dog meat stew, has been a centuries-old tradition, but public sentiment has shifted over the years as younger generations, in particular, are distancing themselves from this tradition. The ban focuses on the dog meat trade, imposing penalties for those involved, including up to three years in prison.
Maersk, a major shipping company, has informed clients that vessels carrying freight from Oceania (Australia and New Zealand) will no longer traverse the Panama Canal due to ongoing low water levels caused by a severe drought. The shipping giant plans to use a "land bridge," utilizing rail transport across Panama to service client containers. The drought adds to global shipping disruptions, with Maersk and other firms rerouting vessels due to risks in the Red Sea. The Panama Canal remains a critical trade route, handling 40% of all U.S. container traffic, which amounts to approximately $270 billion in cargo annually. While the Panama Canal Authority has increased daily transit slots to 24 this month, the reduction from the typical 36 daily transits poses challenges for shipping companies.
Mark Zuckerberg, is swapping his tech ventures for a more down-to-earth project on his $100 million estate in Hawaii. Zuckerberg has taken up the age-old practice of raising cattle, revealing his latest endeavor on Instagram. These are not typical livestock; they are beer-drinking, macadamia-eating cows, with the aim of producing "some of the highest quality beef in the world." “Each cow eats 5,000-10,000 pounds of food each year, so that's a lot of acres of macadamia trees. My daughters help plant the mac trees and take care of our different animals. Of all my projects, this is the most delicious.” Zuck stated.
Circle, the issuer of the USDC stablecoin, has confidentially filed paperwork with the SEC for an IPO. The company's earlier SPAC deal, valued at $9 billion in 2022, fell through due to delays in completing the SEC's qualification. USDC, the second-largest stablecoin, has a market cap of around $25 billion.