FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, plans to report its second-quarter 2024 financial results on Wednesday, August 7, 2024 before market open. Management will present the results during a conference call and webcast at 9:00 a.m. ET.
The call will be available by live audio cast along with the news release and online presentation slides at https://investor.conduent.com.
The conference call will also be available by calling 877-407-4019 toll free. If requested, the conference ID is 13747159.
The international dial-in is +1 201-689-8337. The international conference ID is also 13747159.
A recording of the conference call will be available by calling 877-660-6853 three hours after the conference call concludes. The access ID for the recording is 13747159.
The call recording will be available until August 21, 2024.
We look forward to your participation.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Trademarks Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Spanning 241 miles, the turnpike now features open-road E-ZPass® tolling lanes and a gated exit system using Automated Toll Payment Machines
The modernization is the largest construction project in Ohio Turnpike history since the toll road was completed in 1955
FLORHAM PARK, N.J.– Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated (Nasdaq: CNDT), today announced the completion of a modernized toll collection infrastructure for the Ohio Turnpike. Conduent upgraded 216 lanes on the 241-mile-long turnpike to include self-service and collector-operated toll plazas, as well as open-road, automated tolling options for vehicles using E-ZPass® transponders.
The new system, managed by the Ohio Turnpike and Infrastructure Commission (OTIC), will help increase traffic flow and vehicle throughput, while providing for operational efficiencies – all leading to more convenience and an improved experience for motorists. According to OTIC, the modernization is the largest construction project in Ohio Turnpike history since the toll road was completed in 1955.
“The Conduent team has shown great partnership, professionalism and expertise throughout our implementation and go-live of the modernized toll collection system on the Ohio Turnpike,” said Ferzan M. Ahmed, P.E., Executive Director at OTIC. “Working closely with our staff, Conduent has implemented Ohio’s first open road tolling system that will help increase traffic flow and provide operational efficiencies.”
As a key part of the implementation, Conduent installed and will maintain state-of-the-art, open-road tolling lanes for E-ZPass customers, and separate lanes with Automated Toll Payment Machines that accept coins, cash, and credit or debit cards. The machines will be equipped in the future to enable contactless payments using smartphones and digital wallets. The open-road tolling solution, meanwhile, incorporates LiDAR (Light Detection and Ranging)-based scanners with proven performance and accuracy. Automated License Plate Recognition technology will also be used to account for vehicles driving through E-ZPass lanes without a transponder.
“Since 2020, our team has partnered with OTIC to make this new tolling infrastructure a reality, and we are proud to complete such an important project on one of the longest-running toll roads in the country,” said Adam Appleby, Group President, Public Sector Solutions. “Today’s announcement reinforces our leadership in providing tolling solutions that bring lasting value for agencies and the customers who experience the true benefits of modern mobility.”
This Ohio project follows another recently announced implementation, in which Conduent launched an Express Lanes tolling system for the Virginia Department of Transportation (VDOT). That system enables flexible, dynamic pricing and license plate image reviews, helping to improve the flow of traffic and relieve congestion for VDOT.
Conduent Transportation is a leading provider of streamlined, high-volume mobility services and solutions, spanning road usage charging and advanced transit systems, that enhance the services provided by transportation agencies to benefit the citizens who use them. For over 50 years, the company has helped clients advance transportation solutions in more than 20 countries.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Pioneering Bitcoin ATM Provider Continues Market Dominance and Accelerated Growth with the Largest Installed Fleet in Its History
ATLANTA, July 22, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today proudly announced that it has achieved and exceeded its ambitious goal of deploying over 8,000 Bitcoin ATMs five months ahead of schedule, with 8,180 kiosks. This milestone reinforces Bitcoin Depot’s abiding market dominance and showcases its rapid growth trajectory. The achievement solidifies the Company’s previously announced achievement of signing 8,000 locations and its year-end objective of having the largest installed fleet of BTMs in the Company’s history.
“Surpassing our deployment goal well ahead of schedule is a testament to the relentless dedication of our team and our strategic initiatives aimed at expanding Bitcoin’s accessibility,” said Bitcoin Depot CEO Brandon Mintz. “Building on the momentum we’ve already cultivated in the first half of 2024; we have no intention of slowing down as we gear up to provide even more customers with seamless access to the digital financial ecosystem. “
Bitcoin Depot’s aggressive expansion strategy has been a key driver of this achievement. In the first half of 2024, the Company not only secured contracts to exceed over 8,000 kiosk locations but also enhanced its operational footprint significantly.
Highlights of the company’s achievements year-to-date include:
Announced retail partnership announcements with leading national and regional convenience store brands, increasing accessibility and brand reach.
Expanded its BTM fleet by over 900 kiosks to support 2024 growth initiatives.
Advanced its profit-sharing program through kiosks sales and investments from Sopris Capital.
Adopted a Bitcoin treasury strategy to further align with its commitment to the digital financial ecosystem.
Bitcoin Depot’s ATMs offer a straightforward, quick, and convenient method for converting cash into Bitcoin. This empowers users to participate in the digital financial ecosystem, facilitating payments, transfers, remittances, online purchases, and investments.
Since becoming the largest BTM operator in North America in early 2022, Bitcoin Depot has maintained its market-leading position. Despite market volatility, the Company made history in 2023 by becoming the first BTM operator to go public on a major U.S. stock exchange. The Company and its leadership have earned recognition for their exceptional growth, including accolades from Forbes 30 Under 30, Deloitte’s 2023 Technology Fast 500, and the 2023 Inc. 5000.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 7,400 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com.
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Christina Lockwood, Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
In a significant move that could reshape the landscape of healthcare technology, Augmedix, Inc. (Nasdaq: AUGX) has announced its acquisition by Commure, Inc. The all-cash transaction, valued at approximately $139 million, marks a pivotal moment in the evolution of ambient AI and medical documentation solutions.
Announced on July 19, 2024, the deal will see Augmedix stockholders receive $2.35 per share, representing a substantial premium of 169% over the company’s recent trading history. This acquisition not only provides a windfall for Augmedix investors but also signals a strong vote of confidence in the company’s innovative approach to reducing administrative burdens in healthcare.
Augmedix, a pioneer in ambient AI medical documentation, has made significant strides in liberating clinicians from time-consuming paperwork. By leveraging artificial intelligence to transform natural conversations into organized medical notes and structured data, Augmedix has been at the forefront of enhancing clinical efficiency and decision support.
Commure, the acquiring company, is no stranger to healthcare innovation. As a leading provider of technology solutions to healthcare systems, Commure has been working to streamline operations and improve patient care across hundreds of care sites. The merger with Augmedix aligns perfectly with Commure’s mission to make health the focus of healthcare by eliminating distractions and keeping providers connected to their patients.
Manny Krakaris, CEO of Augmedix, expressed enthusiasm about the deal, stating, “This proposed transaction with Commure provides certainty and a premium value for our stockholders, representing a transformative next step in Augmedix’s mission.” He emphasized the potential for scaling ambient documentation solutions and accelerating the development of innovative features and AI capabilities.
Tanay Tandon, CEO of Commure, shared a similar sentiment, highlighting the strategic importance of the acquisition. “We’re taking a huge step forward in building the health AI operating system of the future,” Tandon remarked, underlining the goal of consolidating various point solutions into a single, integrated platform for healthcare providers and operations teams.
The transaction is expected to close in late Q3 or early Q4 of 2024, subject to approval by Augmedix stockholders and other customary closing conditions. Upon completion, Augmedix will transition from a publicly-traded company to a wholly-owned subsidiary of Commure, operating as a private entity.
This merger comes at a critical time in healthcare, as the industry grapples with burnout among medical professionals and the need for more efficient, patient-focused care. By combining Augmedix’s expertise in ambient AI documentation with Commure’s broad reach and resources, the newly formed entity aims to address these challenges head-on.
The deal also reflects the growing importance of AI in healthcare. As language models and AI technologies continue to advance, their potential to transform medical practice becomes increasingly clear. This acquisition positions the combined company at the forefront of this transformation, with the potential to set new standards in healthcare IT and clinical workflow optimization.
For the healthcare community, this merger promises a future where technology works seamlessly in the background, allowing medical professionals to focus more on patient care and less on administrative tasks. It also signals a trend towards consolidation in the healthcare tech sector, as companies seek to create more comprehensive, integrated solutions.
As the healthcare industry watches this deal unfold, many will be eager to see how the combined strengths of Augmedix and Commure will translate into practical improvements for clinicians, patients, and health systems alike. With the backing of Commure’s resources and the innovative spirit of Augmedix, the future of AI-driven healthcare solutions looks brighter than ever.
In an unprecedented technological catastrophe, a botched software update from cybersecurity firm CrowdStrike Holdings Inc. triggered a worldwide crash of Microsoft Windows computer systems on July 19, 2024. This event, described by experts as “the largest IT outage in history,” sent shockwaves through global markets and exposed the vulnerabilities of our increasingly interconnected digital infrastructure.
The outage’s impact was swift and far-reaching. Airlines grounded flights, banks reverted to backup systems, and healthcare providers struggled to access critical patient data. Emergency services, including 911 call centers, faced disruptions, highlighting the potential life-threatening consequences of such failures. The incident served as a stark reminder of how deeply technology is woven into the fabric of modern society and commerce.
As news of the outage spread, financial markets responded with notable volatility. CrowdStrike, the company at the center of the crisis, saw its shares plummet by as much as 20% in early trading before recovering slightly to close down 11%. This sharp decline wiped approximately $7.4 billion off the company’s market value, underscoring the severe financial consequences of technological mishaps.
The broader tech sector also felt the tremors. The Nasdaq Composite, home to many of the world’s largest technology companies, declined 0.5% as investors reassessed the risks associated with the sector. Meanwhile, the Dow Jones Industrial Average and S&P 500 also fell, by 0.9% and 0.5% respectively, reflecting wider market concerns about the potential economic impact of such large-scale disruptions.
Interestingly, the outage may have accelerated an ongoing trend of investor rotation out of large-cap tech stocks and into small-cap companies. This shift is partly driven by expectations of future interest rate cuts, which are typically more beneficial to smaller firms.
The CrowdStrike incident has brought several critical issues to the forefront, which are likely to shape market dynamics and corporate strategies in the coming years. The outage underscores the critical importance of robust cybersecurity measures. Companies that can demonstrate superior security protocols and resilience against such incidents may see increased investor interest.
The over-reliance on a handful of software vendors has been exposed as a significant risk. Businesses and investors alike may push for greater diversification in IT infrastructure to mitigate the impact of future outages. The scale of the disruption could prompt increased regulatory oversight of critical IT infrastructure. Companies in the tech sector may face new compliance requirements, potentially impacting their cost structures and profitability.
The incident highlights the need for comprehensive cyber insurance and risk management strategies. This could boost demand for specialized insurance products and risk consulting services. Organizations may increase investments in backup systems and redundancy measures, benefiting companies that provide these solutions.
The concurrent issues with Microsoft’s Azure cloud service may prompt a reevaluation of cloud dependency, potentially leading to a more distributed approach to cloud computing. The outage may accelerate interest in emerging technologies like blockchain and decentralized systems that promise greater resilience against single points of failure.
As markets digest the full implications of this event, it’s clear that the ripple effects will be felt for some time. Investors are likely to place greater emphasis on operational resilience and technological robustness in their valuation models. Companies that can demonstrate these qualities may command a premium, while those perceived as vulnerable could face valuation pressures.
Moreover, the incident serves as a wake-up call for policymakers and business leaders alike. It highlights the urgent need for comprehensive strategies to manage and mitigate the risks associated with our increasing reliance on digital systems.
In conclusion, while the immediate market impact of the CrowdStrike outage was significant, the long-term implications could be even more profound. As our world becomes increasingly digitized, ensuring the stability and security of our technological infrastructure is not just a matter of convenience—it’s a critical economic and social imperative. The markets of the future will undoubtedly reflect this new reality, with a heightened focus on technological resilience and security shaping investment decisions and corporate strategies for years to come.
In a striking shift that’s reshaping the tech industry, bitcoin miners are rapidly pivoting their operations to serve the burgeoning artificial intelligence (AI) sector. This transition, driven by dwindling profitability in cryptocurrency mining and an insatiable demand for AI computing power, presents intriguing opportunities for small cap investors eyeing the next big tech wave.
The epicenter of this transformation is taking shape in Abilene, Texas, where Houston-based Lancium and Denver-based Crusoe Energy Systems recently announced a multibillion-dollar project to construct a 200-megawatt data center. This facility, designed specifically to meet the unique needs of AI companies, represents the first phase of an ambitious 1.2-gigawatt build-out. Upon completion, it’s poised to become one of the world’s largest AI data center campuses, signaling the scale of investment flowing into AI infrastructure.
This pivot isn’t isolated to Abilene. Across the United States, bitcoin miners are repurposing their extensive data centers, fiber connections, and power access to serve the compute-intensive needs of AI operations. The timing couldn’t be more opportune, as the recent bitcoin halving event has squeezed profit margins in the mining sector, prompting operators to explore new revenue streams.
The financial markets have taken notice. The combined market capitalization of 14 major U.S.-listed bitcoin miners hit a record $22.8 billion in mid-June 2023, adding $4.4 billion in just two weeks. This surge reflects investor optimism about the miners’ strategic pivot to AI.
Hut 8, another player in this space, raised $150 million in debt to expand its data center portfolio for AI applications. The company has already secured commercial agreements under a GPU-as-a-service model, including revenue-sharing arrangements with customers.
The pivot to AI is not just about repurposing hardware; it’s also driving innovation in energy management. Lancium, for example, has developed patented technology that allows for flexible energy consumption, helping to balance power grids reliant on volatile renewable sources. This capability is crucial as the AI sector’s energy appetite grows. The Electric Power Research Institute projects that data centers could consume up to 9% of the U.S.’s total electricity by 2030, up from about 4% in 2023.
For small cap investors, this industry-wide pivot presents a unique opportunity. Companies that successfully transition from bitcoin mining to AI infrastructure stand to benefit from the explosive growth in AI demand. However, it’s crucial to note that this shift comes with its own set of challenges, including high capital requirements for upgrading infrastructure and the need to develop new expertise in AI-specific technologies.
As the AI boom continues to reshape the tech landscape, savvy investors should keep a close eye on former bitcoin mining companies that are successfully pivoting to AI. These nimble players, with their existing infrastructure and growing AI capabilities, may well become the backbone of the AI revolution, offering potentially lucrative opportunities in the small cap space.
Three-phased project begins with implementation of contactless open payment system in advance of the 2024 Olympic Summer Games
GUILHERAND-GRANGES, France & FLORHAM PARK, N.J. — Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated (Nasdaq: CNDT), today announced that Saint-Étienne Métropole (SEM), the public transportation authority for the city of Saint-Étienne and its surrounding metropolitan area in east-central France, has selected Conduent for a three-phase transformation of its STAS bus and tram network. SEM serves a population of more than 400,000.
In phase one, Conduent implemented an open payment system that allows passengers, on all of the network’s lines, to pay using validators installed on buses and trams. Payments can be made with contactless EMV (Europay, Mastercard and Visa) debit and credit cards, and NFC-enabled digital wallets such as Apple Pay, Google Pay and Samsung Pay. More than 300 validators were installed in this first phase, with one on each bus and at least two on each tram, in time for Saint-Étienne to play its role as a host city for the Summer Olympic Games.
In phase two, during 2025, Conduent will complete the implementation of its ATLAS ® Ops back-office system as well as associated equipment, thus renewing the network’s entire ticketing system. This phase will include the start of interoperability with the contactless cards used for the regional Oùra system. Regional interoperability will then be enhanced in early 2026 during a third phase, which will enable the use of regional 2D barcode tickets via a mobile application.
“As a host city for the upcoming 2024 Olympic Summer Games in France, we are anticipating a significant increase in the use of our transportation network. SEM is looking ahead at the opportunity and wants to ensure that riders, whether they are residents of Saint-Étienne Métropole or visitors, can easily and quickly utilize our transit network,” said Luc François, Vice President of Transport and Mobility at SEM. “This is just the first phase of a significant upgrade, to be implemented by Conduent, that will modernize our network, as well as make it a more efficient and accessible public transportation system.”
Upon completion of all three phases, SEM will have the following new equipment across its network:
1,100 validators on board buses and trams
68 ticket vending machines
75 point of sale terminals in retailers
26 point of sale terminals in transport operator ticket offices
55 inspection terminals
“Conduent is honored that Saint-Étienne Métropole has selected us for this project,” said Jean Charles Zaia, President, Transit Solutions at Conduent. “When complete, the transformation of Saint-Étienne’s bus and tram network will enhance the customer experience and provide a network that is more customer-friendly, easily accessible and modern.”
Following Rennes, Marseille and Grenoble, Saint-Étienne is the latest French metropolitan area to implement a Conduent contactless open payment system on its public transport network. Conduent’s open payment solutions are also deployed in Pays Basque, France, as well as in Mexico, the United States, Belgium, Australia and Italy.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Trademarks Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
In a significant market shift, tech and chip stocks experienced a sharp decline today, with industry giants like Nvidia, ASML, and Taiwan Semiconductor Manufacturing Company (TSM) leading the downturn. This sudden plunge comes amidst a perfect storm of geopolitical tensions, potential regulatory changes, and a broader rotation out of tech stocks.
The semiconductor industry, which has been riding high on the artificial intelligence (AI) boom, found itself at the center of multiple concerns. One of the primary factors contributing to the sell-off is the potential for tighter restrictions on exports of semiconductor technology to China. Bloomberg reported that the Biden administration is considering implementing more severe curbs on foreign-manufactured products that use even the smallest amount of American technology. This move could significantly impact U.S.-based companies’ ability to sell to China, a crucial market for many chip manufacturers.
ASML, the Netherlands-based chip equipment maker, saw its stock plummet by as much as 11%, marking the steepest decline among its peers. The company’s third-quarter guidance, which fell short of analyst expectations, added to the pressure on its stock. Despite beating second-quarter expectations, ASML’s revenue forecast for the current quarter and its projected gross margin range disappointed investors.
Nvidia, a darling of the AI boom, wasn’t spared from the sell-off. The company’s stock dropped more than 5% as investors recalibrated their expectations in light of potential export restrictions. Nvidia has already seen its sales to China decrease as a percentage of total data center revenue, from 19% in fiscal year 2023 to 14% in fiscal year 2024.
Adding fuel to the fire were comments from former U.S. President Donald Trump, who suggested that Taiwan should pay the United States for protection against potential Chinese aggression. Trump’s remarks, published in a Bloomberg Businessweek interview, sent shockwaves through the industry, particularly affecting TSM, which saw its shares fall more than 7%. Taiwan is a crucial hub for semiconductor manufacturing, with approximately 92% of the world’s most advanced chipmaking capacity.
The broader tech sector also felt the impact of this semiconductor slump. The tech-heavy Nasdaq 100 index was down more than 2%, underperforming the small-cap Russell 2000 index. This shift reflects a recent rotation out of big-cap tech names into small-cap stocks, a trend that began last week following the latest inflation data.
However, not all chip-related stocks suffered. U.S.-based companies like Intel and GlobalFoundries saw their shares rise, as they are perceived as potential beneficiaries of the Biden administration’s push to onshore chip production to the United States.
The semiconductor industry’s volatility highlights its sensitivity to geopolitical factors and regulatory changes. As the U.S. and China continue their technological rivalry, and as governments worldwide recognize the strategic importance of chip manufacturing, the sector may face ongoing uncertainty.
Investors and industry watchers are now closely monitoring how these developments will impact the long-term prospects of chip companies and the tech sector as a whole. The potential implementation of stricter export controls could reshape global supply chains and force companies to rethink their international strategies.
As the dust settles on this tumultuous trading day, it’s clear that the semiconductor industry stands at a crossroads. The interplay of technological advancement, geopolitical tensions, and regulatory pressures will likely continue to shape the sector’s trajectory in the coming months and years. For investors, navigating this landscape will require a keen understanding of both technological trends and geopolitical dynamics.
Underscores the Attractiveness of the Company’s Bold North American Expansion Strategy
ATLANTA, July 16, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced sale of 200 additional BTM kiosks to Sopris Capital (“Sopris”), a 20-year-old multi-strategy investment firm as part of the Company’s profit-sharing program.
Bitcoin Depot launched the program in 2023 to provide additional deployment opportunities to qualified partners as part of its North American expansion strategy. Today’s news follows the March announcement, where Sopris joined Bitcoin Depot’s profit-sharing program with the purchase of 50 kiosks. This program allows Sopris to leverage Bitcoin Depot`s operating expertise and receive a passive income stream from its Bitcoin ATMs.
“Our decision to purchase additional kiosks underscores the attractiveness of this investment opportunity, and the confidence we have in Bitcoin Depot’s strategy and growth potential,” said Andrew Paul, Founder and CEO of Sopris Capital. “As an owner of 250 kiosks and one of the Company’s independent shareholders, we believe Bitcoin Depot presents multiple ways to drive high returns on our capital.”
Bitcoin Depot’s profit-sharing program provides a comprehensive investment package, including kiosk use, operating software, shipping, installation, and ongoing support. It also offers a passive income stream with monthly profit splits, providing a direct financial benefit to the partner. By partnering with Bitcoin Depot, companies can leverage the Company’s expertise in BTM operations and its integration with BitAccess software, the leading software suite for Bitcoin ATM operations.
“We are thrilled to deepen our partnership with Sopris Capital,” said Bitcoin Depot CEO Brandon Mintz. “We believe their various investments in our platform and common shares over the past four months underscores their confidence in our strategy and growth potential.”
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader digital financial system, including using their Bitcoin for purposes of making payments, transfers, remittances, online purchases, and investments. To learn more about Bitcoin Depot’s profit share program, visit: https://bitcoindepot.com/profit-sharing-program/.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 7,400 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com.
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Conduent will replace the state’s legacy system with an advanced solution for managing child support cases, to include enhanced features for parents
New contract builds upon Conduent’s ongoing work with Wisconsin’s state child support program, helping children and families in need
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced its selection by the Wisconsin Department of Children and Families (DCF) to design, develop and implement a modernized child support system. The new system, called THRIVE, will transform child support service delivery for children and families across the state while providing enhanced features for parents.
DCF’s modernization project will integrate national best practices utilizing the latest technology and automation, plus data analytics, to meet the ongoing needs of the child support program, while ensuring flexibility for future system enhancements. Conduent will replace Wisconsin’s legacy system with an advanced solution that combines reliable, certified programming with a modern architecture and offers new self-service features for parents, including an online customer portal and a mobile app.
The new contract builds upon Conduent’s 25-year relationship with Wisconsin, providing State Disbursement Unit services to help ensure that collected funds are delivered to families in need.
“The Wisconsin Bureau of Child Support has a successful and long-standing partnership with Conduent,” said Phyllis Fuller, Director of DCF’s Bureau of Child Support. “I appreciate the opportunity to work with Conduent in developing a new case and financial management system for serving the families of Wisconsin.”
“We’re grateful for the opportunity to serve Wisconsin, supporting DCF as it facilitates the modernization of the state’s child support program,” said Kim Newsom Bridges, Senior Director, Child Support Solutions at Conduent. “We applaud DCF for taking the steps necessary to better serve constituents, and we appreciate the trust placed in Conduent to help the department achieve its vision in the years to come.”
The planned modernization for Wisconsin follows Conduent’s success in developing and deploying two federally certified, statewide child support system projects, supporting Delaware and South Carolina . In 2023, Conduent also announced the implementation of an advanced cloud-based system for New Hampshire’s Department of Health and Human Services.
Conduent is a trusted operations partner to child support agencies across the country, helping them improve technology and services for children and families. The company has processed approximately $126 billion in child support payments in the last 10 years.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
The Global Recessed Light Market is a Multi-Billion Unit Market
As SKYX Continues to Grow its Market Penetration it Expects its Recessed Light to Significantly Contribute to Growth
SKYX’s New Plug & Play Recessed Light Global Patents include the U.S., China, Canada, Hong-Kong and Mexico
MIAMI, July 11, 2024 (GLOBE NEWSWIRE) — SKYX (NASDAQ: SKYX) (d/b/a “SKYX Technologies”), a highly disruptive smart platform technology company with over 94 issued and pending patents in the U.S. and globally, and which owns over 60 lighting and home décor websites with a mission to make homes and buildings become smart, safe, and advanced as the new standard announced today that it will start production of its new global patented advanced, smart, plug & play recessed light.
The global recessed light market is a multi-billion-unit market. SKYX’s new Plug & Play recessed light global patents include the U.S., China, Canada, Hong-Kong and Mexico.
As billions of recessed lights are installed globally with hazardous electrical wires, SKYX’s recessed light solution enables an advanced, simple Plug & Play installation that saves time, cost and lives.
SKYX’s Plug & Play recessed lights can be controlled through SKYX’s App, Voice Control and Phone and works with Apple’s Siri, Amazon Alexa, Google Home and Samsung.
SKYX’s Total Addressable Market (TAM) of over $500 billion with its robust versatile U.S. and global patent portfolio creates tremendous company value and brings the company’s patent portfolio to a total of over 94 issued and pending patents, 36 of which are issued patents covering SKYX’s advanced Plug and Play and smart home platform technologies for safety, smart home, AI, electrical, lighting and ceiling fan industries.
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said, “We are happy to announce that we will start production of our new patented and advanced, smart, plug and play recessed lights. Our global robust intellectual property portfolio in the critical areas of our advanced safe, smart homes and sensor technologies, position SKYX as a leading technology provider of advanced smart home platform solutions for the smart home, AI, electrical, lighting and ceiling fan industries.”
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 94 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Company builds on 38-year history of providing innovative Medicaid management solutions to Montana Department of Public Health and Human Services
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced a three-year Pharmacy Benefit Management (PBM) contract renewal with the Montana Department of Public Health and Human Services (MDPHHS). The renewal builds on Conduent’s nearly 38-year relationship with the MDPHHS of providing advanced Medicaid management solutions to further the agency’s mission to deliver healthcare services that help improve and protect the health and safety of Montanans.
As part of the Conduent Medicaid Suite (CMdS), the pharmacy module helps MDPHHS reduce costs and streamline operations within its PBM model with advanced applications for point of sale, prior authorization, rebate, data analytics, consumer relationship management and prospective and retrospective drug review functions. Conduent will also continue to provide medical authorization, precertification, payment method development and inpatient call center services.
The company’s comprehensive PBM system was among the first to be certified in the state of Montana and the first instance of an individual Medicaid management module to earn federal certification.
“Our successful, long-term relationship with Montana reflects our commitment to providing effective solutions and on-going innovations that enable the Montana Department of Public Health and Human Services to continue to manage pharmacy benefits with transparency and cost-effectiveness,” said Lydie Quebe, General Manager, Government Healthcare Solutions at Conduent.
In addition to supporting pharmacy benefit management and claims processing, Conduent provides a range of government solutions including Medicaid enrollment and eligibility support, critical payment disbursement solutions, and child support solutions. The company supports approximately 41 million residents across various government health programs. Visit Conduent Government Healthcare Solutions to learn more.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 59,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Trademarks Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
As Tesla continues to dominate headlines with its electric vehicles and ambitious plans for autonomous driving, a less-discussed segment of the company is quietly becoming a potential game-changer. Tesla’s energy business, particularly its energy storage division, is showing signs of becoming a major contributor to the company’s bottom line and future growth prospects.
In a recent production and delivery report, Tesla revealed that it had deployed a record-breaking 9.4 GWh (gigawatt hours) of battery energy storage in the second quarter of 2024. This figure represents more than double the amount deployed in the first quarter, signaling explosive growth in this sector.
Tesla’s energy storage solutions range from residential Powerwall units to utility-scale Megapack installations. A single Powerwall can store enough energy to power a small home for a day, while a Megapack installation boasts the capacity to provide electricity to 3,600 homes for an hour. This scalability allows Tesla to cater to a wide range of customers, from individual homeowners to large utility companies and municipalities.
The financial performance of Tesla’s energy business is equally impressive. In the first quarter of 2024, the segment generated $1.6 billion in revenue and $403 million in gross profit. What’s particularly noteworthy is the gross margin of 24.6%, significantly higher than Tesla’s overall gross margin of 17.4% for the same period. This robust profitability comes at a crucial time for Tesla, as its automotive business faces margin pressure due to recent price cuts aimed at stimulating demand.
Wall Street is taking notice of this shift. Adam Jonas, an analyst at Morgan Stanley, dubbed the Q2 energy deployment figures a “show stealer” and valued Tesla Energy at $36 per Tesla share, or approximately $130 billion. This valuation suggests that the energy business could be a substantial component of Tesla’s market capitalization in the future.
The growth potential for Tesla’s energy storage business is closely tied to broader technological and infrastructure trends. The increasing adoption of artificial intelligence and the subsequent need for more data centers are expected to drive a “multigenerational increase in energy demand,” according to Jonas. This surge in electricity needs, coupled with the ongoing transition to renewable energy sources, positions Tesla’s energy storage solutions as a critical component of future power grids.
Moreover, the Inflation Reduction Act in the United States is likely to accelerate investments in grid infrastructure, potentially creating more opportunities for Tesla’s energy products. As utilities and businesses look to modernize and stabilize the power grid, Tesla’s Megapack installations could play a crucial role in load balancing and ensuring reliable power supply.
While much of the investor focus has been on Tesla’s automotive innovations, including the anticipated launch of a lower-priced electric vehicle and the reveal of its robotaxi concept, the energy business could provide a significant upside surprise in upcoming earnings reports. This diversification of revenue streams may also help to stabilize Tesla’s financial performance, reducing its reliance on the cyclical automotive market.
It’s worth noting that Tesla’s energy business isn’t limited to storage solutions. The company also produces solar roof tiles and conventional solar panels, although these products have received less attention in recent years. As the energy storage business continues to grow, it may create synergies with Tesla’s solar products, offering customers comprehensive energy solutions.
As we approach Tesla’s Q2 earnings report in July 2024, investors and analysts will be keenly watching the performance of the energy storage segment. If the strong deployment figures translate into substantial revenue and profit growth, it could mark a turning point in how the market perceives Tesla – not just as an automaker, but as a diversified energy and technology company.
In conclusion, Tesla’s energy storage business is emerging as a powerful growth driver for the company. With its impressive profit margins, scalable solutions, and alignment with global energy trends, this segment could play a crucial role in Tesla’s future success and valuation. As the world continues its transition to sustainable energy, Tesla appears well-positioned to capitalize on the growing demand for advanced energy storage solutions.
