Tag: trillion
US Credit Card Debt Hits $1.13 Trillion as High Prices Persist – CNET
Meta says new study shows the metaverse could boost the global economy by $3.6 trillion per year and yes it probably is worth noting Meta paid for the research
In One Chart: What ‘unprecedented’ volatility in the $24 trillion Treasury bond market looks like
Market Extra: Assets in money-market funds touch new $5.2 trillion record, ICI says
Apple’s Market Valuation Drops Below $2 Trillion as Stock Price Continues to Fall
While the stock market has experienced a broader downturn, the Financial Times today reported that Apple has fared better than some of its peers, losing 27% of its value in the past 12 months, versus a 33% loss for the tech-heavy Nasdaq Composite as a whole. Apple has reported 14 consecutive quarters of growth, but the company is estimated to report around a 1% drop in revenue in the fourth quarter of 2022.
Apple’s manufacturing partner Foxconn has faced iPhone production constraints due to COVID-19-related workplace protests and labor shortages over the past few months, leading to shipping delays for the iPhone 14 Pro and iPhone 14 Pro Max. However, Foxconn said that its main iPhone factory in Zhengzhou, China was operating at 90% of its peak capacity as of December 30, indicating that the situation is improving.
Nikkei Asia on Monday reported that Apple notified several suppliers to build fewer components for AirPods, the Apple Watch, and MacBooks in the first quarter of 2023 due to weakening demand. Shipments of all of those products and the iPhone are set to decline on a year-over-year basis in 2023, according to research this week from Jeff Pu, an analyst at Hong Kong investment firm Haitong International Securities.
Apple briefly became a $3 trillion company in January 2022 after the COVID-19 pandemic fueled strong demand for its products in 2020 and 2021. Apple products were in high demand as more people worked, learned, and connected with others from home.
AAPL was trading at around $124.26 as of writing.
This article, “Apple’s Market Valuation Drops Below $2 Trillion as Stock Price Continues to Fall” first appeared on MacRumors.com
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Congress attempts to ban TikTok on government devices as part of $1.7 trillion spending bill
After obtaining Senate approval last week, the No TikTok on Government Devices Act could become law thanks to the $1.7 trillion spending bill federal lawmakers unveiled early Tuesday morning. In addition to allocating more funding for Ukraine and earmarking $40 billion for natural disaster recovery efforts across the US, the sprawling 4,155-page bill includes provisions that would prohibit the use of TikTok on government-owned phones and other devices.
While some Republican lawmakers are pushing for a country-wide ban on TikTok, the spending bill stops short of prohibiting all government use of TikTok. If passed, the legislation would order the General Services Administration and Office of Management and Budget to create guidelines for staff at executive agencies to remove TikTok from government-owned devices by mid-February. The draft legislation allows congressional staff and elected officials to continue using the app. It also carves out some exceptions for law enforcement agents and officials.
The ban on TikTok on government devices has ended up in the omnibus.
This was a Josh Hawley bill. Pelosi pushed for it in the omni pic.twitter.com/gpBZ8zFC7Y
— Jake Sherman (@JakeSherman) December 20, 2022
“We’re disappointed that Congress has moved to ban TikTok on government devices — a political gesture that will do nothing to advance national security interests — rather than encouraging the Administration to conclude its national security review,” TikTok spokesperson Brooke Oberwetter told Engadget.
“The agreement under review by [The Committee on Foreign Investment in the United States] will meaningfully address any security concerns that have been raised at both the federal and state level. These plans have been developed under the oversight of our country’s top national security agencies — plans that we are well underway in implementing — to further secure our platform in the United States, and we will continue to brief lawmakers on them.”
The proposed ban comes after at least 11 states, including Georgia and South Dakota, prohibited TikTok on government-owned devices. Political concerns over TikTok hit a high earlier this month after FBI Director Chris Wray said China could use the app to collect user data. TikTok has tried to address those concerns. As of June, the app began routing all domestic traffic through Oracle servers in the US. At the same time, TikTok and parent company ByteDance pledged to delete US user data from their own data servers in the US and Singapore.
Market Extra: Stocks could face another explosion of volatility Friday as $4 trillion of options expire in ‘quadruple witching’
Poor Software Costs the US 2.4 Trillion
The report highlights several key areas of CPSQ growth, including:
Cybercrime losses due to a rising number of software vulnerabilities. Losses rose 64% from 2020 to 2021 and are on track for a further 42% increase from 2021 to 2022. The quantity and cost of cybercrime incidents have been on the rise for over a decade, and now account for a sum equivalent to the world’s third-largest economy after the U.S. and China.
Software supply chain problems with underlying third-party components are up significantly. This year’s report shows that the number of failures due to weaknesses in open-source software components accelerated by an alarming 650% from 2020 to 2021.
Technical debt has become the largest obstacle to making changes in existing code bases. Technical debt refers to software development rework costs from the accumulation of deficiencies leaving data and systems potentially vulnerable. This year’s report illustrates that deficiencies aren’t being resolved, leading technical debt to increase to approximately $1.52 trillion.
Read more of this story at Slashdot.