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March 2025

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GOP senator says Dr Oz ignored his questions on transgender issues, abortion

3 Mins Read

Sen. Josh Hawley, R-Mo., has lingering questions about President Donald Trump’s Centers for Medicare & Medicaid Services (CMS) nominee, Dr. Mehmet Oz, and his past stances on transgender treatments for minors and abortion, and he says the nominee hasn’t answered his inquiries. 

The Missouri Republican told Fox News Digital in an interview that he remains concerned by Oz’s past of ‘promoting transgender surgeries for minors, promoting transgender hormone treatments and puberty blockers for minors.’

He submitted a number of questions to Oz on the subjects earlier in the month, but Hawley said Oz never answered. ‘He hasn’t. Which I think is strange,’ he said. 

‘I’m hoping that he’s changed his views,’ Hawley added. ‘I’d like to hear from him that he is in total alignment with President Trump, who has been tremendously strong on this.’

In a statement to Fox News Digital, White House spokesman Kush Desai said, ‘Every member of the Trump administration is working from the same playbook, President Trump’s playbook, to restore commonsense policies and put an end to left-wing ideological nonsense afflicting our government.’

‘We look forward to the Senate’s swift confirmation of Dr. Oz so he can join the rest of our all-star team at HHS working to Make America Healthy Again by restoring common sense, transparency, and confidence in our healthcare apparatus.’

As Hawley noted, Oz has used his television show to platform people who supported and promoted transgender treatments, particularly for minors. 

Oz hosted two transgender children on his show in 2010 in a segment titled, ‘Transgender Kids: Too Young to Decide?’ 

Josie, 8, and the child’s mother, Vanessia, claimed that Josie’s life improved once the male-born child began embracing a feminine lifestyle. Isaac, who was 15, and the minor’s parents, Arturo and Monica, revealed that they decided to let their female-born teenager begin taking puberty blockers and have the teenager’s breasts removed in a double mastectomy. 

The segment was touted as ‘groundbreaking’ by LGBTQ activist group GLAAD, which told supporters to thank Oz. 

The television doctor has also had a history of supporting abortion. 

In a 2019 interview on popular radio show ‘The Breakfast Club,’ Oz said he was concerned by state laws aimed at restricting or limiting abortion, saying it’s ‘a hard issue for everybody.’

And while on ‘a personal level,’ he didn’t like abortion, he also believed he should not ‘interfere with everyone else’s stuff.’ 

‘Because it’s hard enough to get into life as it is,’ he added. 

When Oz ran for Senate in Pennsylvania as a Republican in 2022, he still opposed government jurisdiction on the subject of abortion. 

‘I don’t want the federal government involved with that at all,’ he said during a debate with now-Sen. John Fetterman, D-Pa. ‘I want women, doctors, local political leaders, letting the democracy that’s always allowed our nation to thrive, to put the best ideas forward, so states can decide for themselves.’

Asked whether he would vote to confirm Oz even without answers to his questions, Hawley wouldn’t say. ‘I just have to believe that he will respond here.’

This post appeared first on FOX NEWS

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In Stocks

BYD targets doubling overseas sales in 2025 to 800,000 amid global expansion

3 Mins Read

Chinese electric vehicle giant BYD is aiming to more than double its overseas sales to over 800,000 units in 2025 as it continues its aggressive international expansion, its chairman told analysts on an earnings call on Tuesday, Reuters reported.

The company, which sold 417,204 units outside China in 2024, sees strong potential in Britain, Latin America, and Southeast Asia, where it expects market share to grow significantly.

Chairman Wang Chuanfu told analysts on an earnings call that BYD will navigate tariff challenges by assembling cars locally while still relying on China for key components.

The move comes as several governments impose or consider tariffs on Chinese-made vehicles.

Britain, in particular, presents a promising opportunity for BYD, as Wang described the market as “very open” to competitive Chinese products.

The company also expects to benefit from growing acceptance of Chinese brands in Latin America and Southeast Asia, where demand for affordable electric vehicles is increasing.

BYD plans local assembly to counter tariff barriers

With protectionist measures increasing in key markets, BYD is adopting a strategy of local vehicle assembly while sourcing components from China.

This approach allows the company to maintain its cost advantages while ensuring compliance with local trade policies.

Wang did not disclose specific countries where this approach would be implemented but emphasized that BYD would continue expanding its production footprint.

Currently, the company is constructing factories in Brazil, Thailand, Hungary, and Turkey, reinforcing its commitment to global manufacturing.

However, BYD’s expansion in Brazil, its largest market outside China, has not been without controversy.

In 2023, the company faced allegations of labor abuses, which briefly overshadowed its progress in the region.

Despite this setback, BYD remains committed to strengthening its presence in Latin America, a region where it sees long-term growth potential.

North America remains off the table

BYD has no immediate plans to enter the US and Canadian markets due to ongoing geopolitical tensions and high tariffs.

Both countries have maintained duties of up to 100% on Chinese electric vehicles, effectively blocking access for Chinese automakers.

While competitors like Tesla have expanded their operations in China, BYD is taking a different approach, focusing on markets that offer fewer regulatory hurdles.

Europe, Australia, and emerging economies remain key targets for expansion, as the company seeks to diversify revenue streams amid intense competition in China’s EV sector.

Profitability ambitions and smart driving expansion

Wang expressed confidence that BYD’s profitability per vehicle would surpass that of Toyota once it reaches a comparable sales scale.

Toyota, the world’s top automaker by volume, sold 10.8 million vehicles in 2024, while BYD sold 4.27 million.

In addition to increasing production capacity, BYD is investing heavily in software and semiconductor development.

The company plans to expand its intelligent driving technology workforce from 5,000 to 8,000 people, though no specific timeline was provided.

BYD also intends to introduce its smart driving features to global markets by 2026 or 2027.

As part of this initiative, the company plans to send more employees overseas to support its international expansion strategy.

The post BYD targets doubling overseas sales in 2025 to 800,000 amid global expansion appeared first on Invezz

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In World news

Terms of Reference for Enviromental Study Provided for Mannar Heavy Mineral Project

3 Mins Read

Titanium Sands Limited (“TSL”) is pleased to announce the progression of the approval processes for its Mannar Heavy Mineral Project in Sri Lanka, following the release by the CEA of the Terms of Reference for the Mannar Island Environmental Impact Assessment (EIA).

  • Central Environment Authority (CEA) has provided the Terms of Reference (ToR) for the environmental assessment of the Mannar Heavy Mineral Project following site visits and input from 35 regulatory bodies and government departments
  • The ToR contains the requirements for the environmental studies for an Environmental Impact Assessment (EIA)
  • On completion of the EIA, the Geological Survey and Mines Bureau (GSMB) will then be in a position to issue an Industrial Mining License (IML) for the Project
  • The ToR outlines environmental, heritage, social and economic requirements necessary for GSMB approval of the IML
  • TSL is focused on delivering economic benefits to the people of Mannar, through job creation and generational wealth, while preserving cultural heritage and protecting the environment

The release of the ToR on 20 March 2025 followed a series of CEA meetings and presentations, culminating in the Scoping Presentation on 22 August 2024 and the Scoping Site Visit on 19 February 2025 by stakeholders in the Project. Submissions made by stakeholders at both the scoping meetings have been included in the ToR which forms the basis of the requirements of the EIA.

TSL’s Managing Director, Dr James Searle said“the release of the ToR is a significant step forward in the regulatory approvals process for this Project. The Project will deliver a high-grade mineral sands operation that will create significant employment opportunities and become a source of wealth for local communities, as well as a significant boost in revenues to the Government of Sri Lanka.

TSL is focused on delivering a low impact environmentally friendly project, with the highest levels of social awareness and inclusion. As heavy minerals have been mined for decades on the Sri Lankan mainland, TSL looks forward to building on the size and quality of the industry making a significant impact to the economic benefits of Sri Lanka”.

Next Steps

ToR

The ToR has been prepared on input from 35 departments and regulatory bodies within Sri Lanka’s Government. TSL’s EIA consultants will be required to address the following as outlined in the ToR:

  • Overview of the proposed project and reasonable alternatives
  • Report on existing environment and surrounds
  • Report on anticipated environmental impacts
  • Prepare an Environmental Management Plan (EMP) and monitoring program
  • Assess all aspects of nature and wildlife restrictions
  • Host community consultation and engagement.

The ToR also requires a report on any areas beyond the project site where there is potential for environmental impacts.

Environmental Impact Assessment

The EIA process will commence immediately. The EIA consultants will now be in a position to prepare a draft EIA to address the requirements of the ToR. The EIA will address baseline and impact assessments, mitigation measures and proposed strategies and management plans culminating in an efficient and environmentally successful project. The final EIA submission for GSMB review and approval is expected mid 2025, with support from government agencies and community groups.

As part of the EIA process, community consultation and comment will be undertaken with Mannar communities ensuring any other issues or concerns are addressed in the EIA.

Recent meetings with all of CEA, GSMB and Board of Investment (BoI) in Sri Lanka have led to the understanding that on completion of the EIA, formal IML approval would be granted in a timely manner.

Click here for the full ASX Release

This post appeared first on investingnews.com

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In Stocks

DRI Stock Breakout Confirmed: Here’s What You Need to Know Now!

5 Mins Read

Markets surged out of the gate Monday morning, with all three major U.S. indexes notching early gains. But after a bruising two-week rout on Wall Street, the question facing investors is whether stocks can sustain the rebound.

If Monday’s bounce is driven more by short-term bargain hunting than long-term conviction, then certain scans, like StockCharts’ Strong Uptrends to New Highs can help cut through the noise — flagging the outliers breaking key levels and showing enough momentum to possibly hold the upward move.

How I Scanned the Market at the Open

First stop: A high-level sweep of the S&P 500 using MarketCarpets to catch the early movers. From there, I drilled down into the sectors to see where real strength, or weakness, was taking shape.

FIGURE 1. MARKETCARPETS S&P 500 AND SECTOR VIEW. The S&P 500 view gives you a sea of green, but zooming into sectors, Consumer Discretionary (XLY) stands out above the rest.

Consumer Discretionary is outpacing all sectors, a signal worth noting. Instead of looking for leadership, I considered stocks hitting new highs, and then checking to see if any Discretionary names stand out from the pack.

So, next, I ran a Strong Uptrends To New Highs scan (you can find it in your scan library).

FIGURE 2, IMAGE OF THE SCAN AS IT APPEARS IN THE LIBRARY: This is one among numerous bullish scans you can run in StockCharts.

Only four stocks came up as a result. The most recognizable figure is Darden Restaurants, Inc. (DRI).

Darden Restaurants Stock: A Tasting Menu of Profits or Bloat

Even if you’re unfamiliar with the stock, you know Darden. Here’s a short list: Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris Steak House, Cheddar’s Scratch Kitchen, Chuy’s, Bahama Breeze, and a few more. Sound familiar?

DRI jumped after reporting strong fiscal Q3 results, with sales and EPS rising. The company also raised its full-year outlook and declared a $1.40 dividend; analysts also gave it an upgrade.

On the technical side of things, DRI also showed up on several other scan engines which appeared in the StockCharts Symbol Summary:

  • Moved Above Upper Bollinger Band
  • Moved Above Upper Price Channel
  • P&F Double Top Breakout
  • Moved Above Upper Keltner Channel
  • New 52-week Highs
  • P&F Spread Triple Top Breakout

Let’s take a look at DRI’s relative performance against its sector (XLY) and the S&P 500 using PerfCharts.

FIGURE 3. PERFCHARTS OF DRI, XLY, AND $SPX.  DRI’s outperformance is very recent, according to this chart.

This chart tells an interesting story. DRI has been the laggard for most of the last 12 months, though it began picking up steam as XLY began outpacing the S&P 500. As tariff fears brought XLY valuations down toward S&P levels, DRI maintained its valuations, and after a two-week dip, shot higher.

Let’s take a longer-term look using a weekly chart.

FIGURE 4. WEEKLY CHART OF DRI. The dotted line shows this week’s breakout to all-time highs.

So, what does this chart tell us relative to the PerfCharts above? First, while DRI has been underperforming XLY and the S&P over the last year (and longer than that if you extend the PerfCharts analysis period), the stock has been chugging along on a slow and steady, albeit volatile, uptrend, staying well above its 200-period simple moving average (SMA).

The StockCharts Technical Rank (SCTR) line shows you that DRI has had periods fluctuating from technical strength to weakness. I consider the 70-line signal, more or less, to be the strength threshold, and right now, the stock is at 92, an extremely bullish level. The question now is whether it can maintain its trajectory and if so, might there be an entry point for those who are bullish on the stock?

For that, let’s shift over to a daily chart.

FIGURE 5. DAILY CHART OF DRI. Watch the momentum and volume.

DRI has been marching steadily upward since the middle of last summer, with its recent push to all-time highs fueled by strong fundamentals. However, in terms of momentum and volume, the Money Flow Index (MFI), which is a volume-driven RSI of sorts, has been declining during DRI’s rise, signaling the potential for a pullback.

Whether DRI can sustain its current momentum remains to be seen. In the meantime, the Ichimoku Cloud can help anticipate and gauge any potential pullback, with a broad support zone forming below. The first key level to watch is $192, while $180 marks a critical support line — a close below that could open the door to further downside.

At the Close

This scan-driven approach began with a broad market view and drilled down to individual stocks that made new highs while others merely rebounded. DRI emerged as a standout: a fundamentally strong name hitting new highs while much of the market remains in recovery mode. Whether it continues to climb or pulls back toward support, tools like the Ichimoku Cloud and volume-based indicators can help you manage the risk and prepare for entry.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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In World news

Beijing residents shaken in their beds by 4.5 magnitude quake

3 Mins Read

A light earthquake rattled Beijing overnight, waking residents and sending students rushing from their dorms as videos of shaking living rooms went viral on Chinese social media on Wednesday.

The 4.5-magnitude quake struck a suburb of the nearby port city of Tianjin at 01:21 a.m. local time at a depth of 10 kilometers (6.2 miles), according to the United States Geological Survey (USGS).

The China Earthquake Networks Center measured the quake at a magnitude of 4.2 and a depth of 20 kilometers (12.4 miles), placing the epicenter in Yongqing county in neighboring Hebei province.

The epicenter was only 13 kilometers from Beijing at the closest point, the Beijing Earthquake Agency said, with tremors felt strongly in some areas of the Chinese capital.

“It did not cause any structural damage to buildings in the city and will not impact the normal functioning of daily life or production,” the agency said in an statement. The quake would not influence seismic activity in the city, it added.

Beijing, a metropolis of 22 million people, has periodically been affected by tremors from earthquakes nearby. The Beijing plain is a seismically active area and home to more than a dozen seismic fault lines, including one that runs from the city’s Shunyi district in the northeast through downtown.

But for many residents, tremors strong enough to wake them in the middle of the night were a novel experience.

The quake was among the top trending topics on Chinese social media platforms on Wednesday, with many Beijingers posting videos of swaying ceiling lights and sharing their experiences of waking up to their bedrooms quivering.

Social media videos uploaded by Beijing residents show bedrooms and ceiling lights shaking and students gathering outside their dorms.
Weibo

“I made a quick judgment and decided not to run – because I didn’t feel any tremors, and my phone showed that both the magnitude of the epicenter and the level expected to reach Beijing were low,” she said.

Chirimiri Li, a university student in the capital, took no chances after being woken by a loud ring on her roommate’s cellphone. She said she initially thought the alarm was set for the wrong time and was about to ask her roommate to turn it off.

“That’s when I realized the slight shaking I had felt earlier wasn’t from staying up too late – it was actually an earthquake,” Li said.

“I immediately woke up the rest of our dorm and told everyone there was an earthquake. When we opened the door, we saw people already running outside, so we figured it’s better to be safe than sorry and ran out too. By then, the shaking had already stopped.”

The students stayed in an open area for about half an hour before the crowd gradually started to head back.

“I was a bit scared when I first told everyone about the earthquake, but once we all decided to run out together, we calmed down,” Li said, adding that the only other quake she remembered in Beijing was back when she was in kindergarten.

On Chinese social media, some noted that most users who shared their experiences of running outside were students.

“Nothing happened in my residential complex,” one comment said.

“Office workers have already become lazy and numb — wearing eye masks and earplugs to sleep, completely unaware of anything going on,” said another.

A 4.5-magnitude quake struck Yangliuqing, a suburb of the port city of Tianjin at 01:21 a.m. local time Wednesday, according to the United States Geological Survey (USGS).
This post appeared first on cnn.com

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In Business

23andMe files for bankruptcy as co-founder Anne Wojcicki resigns as CEO

3 Mins Read

Embattled genetic testing company 23andMe, once valued at $6 billion, filed for Chapter 11 bankruptcy protection in Missouri federal court on Sunday night.

The company’s CEO, Anne Wojcicki, has resigned from her role as chief executive effective immediately, though she will remain a member of the board. Joseph Selsavage, 23andMe’s chief financial and accounting officer, will serve as interim CEO, according to a filing with the U.S. Securities and Exchange Commission.

“We have had many successes but I equally take accountability for the challenges we have today,” Wojcicki wrote in a post on X early Monday morning. “There is no doubt that the challenges faced by 23andMe through an evolving business model have been real, but my belief in the company and its future is unwavering.”

23andMe declined to comment further on the filing.

Anne Wojcicki speaks at the South by Southwest festival in 2023. Jordan Vonderhaar / Bloomberg via Getty Images file

The former billionaire co-founded 23andMe in 2006, and the company rocketed into the mainstream because of its at-home DNA testing kits that gave customers insight into their family histories and genetic profiles. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company, which valued the company at around $3.5 billion at the time.

23andMe’s stock has mostly been in free fall in recent years as the company struggled to generate recurring revenue and stand up viable research and therapeutics businesses. As of Monday morning, the company has a market capitalization of around $25 million.

23andMe in Mountain View, Calif.Smith Collection / Getty Images

Last March, 23andMe’s independent directors formed a special committee to evaluate the company’s potential paths forward. Wojcicki submitted multiple proposals to take the company private, but all were rejected. The special committee “unanimously determined to reject” Wojcicki’s most recent proposal earlier this month.

If 23andMe’s plan to sell its assets through a Chapter 11 plan is approved by the court, the company will “actively solicit qualified bids” over a 45-day process. Wojcicki plans to pursue the company as an independent bidder, she said in her post on Monday.

23andMe has between $100 million and $500 million in estimated assets, as well as between $100 million and $500 million in estimated liabilities, according to the bankruptcy filing.

Beyond its financial woes, privacy concerns around 23andMe’s genetic database have swirled in recent years. In October 2023, hackers accessed the information of nearly 7 million customers. 

California Attorney General Rob Bonta on Friday issued a consumer alert urging residents to consider deleting their genetic data from 23andMe’s website.

23andMe said there will be no changes to the way that it stores, protects or manages customer data through the sale process, and it will continue operating business as usual.

“As I think about the future, I will continue to tirelessly advocate for customers to have choice and transparency with respect to their personal data, regardless of platform,” Wojcicki said.

This post appeared first on NBC NEWS

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In Politics

Trump’s pick to lead NIH, Dr. Jay Bhattacharya, confirmed by Senate in party-line vote

3 Mins Read

The full Senate voted Tuesday evening to confirm President Donald Trump’s pick to lead the National Institutes of Health (NIH), Dr. Jay Bhattacharya.

The party-line vote followed approval from the Senate Committee on Health, Education, Labor and Pensions, which also voted along party lines to advance Bhattacharya, leading to today’s full Senate vote.  

A physician, Stanford professor of medicine and senior fellow at the university’s Institute for Economic Policy Research, Bhattacharya was a leading voice during the COVID-19 pandemic against lockdown measures and vaccine mandates. 

He was one of the co-authors of the Great Barrington Declaration, a document published in October 2020 by a group of scientists advocating against widespread COVID lockdowns and promoting the efficacy of natural immunity for low-risk individuals as opposed to vaccination.

Bhattacharya was probed by the Senate HELP Committee earlier this month over various issues related to his potential role as NIH director. However, for much of the hearing, he was forced to defend the president’s decision to cut certain research funds at NIH, including a 15% cap on indirect research costs, also known as facilities and administrative costs, dispersed by the NIH.

Bhattacharya would not explicitly say he disagreed with the cuts, or that, if confirmed, he would step in to stop them. Rather, he said he would ‘follow the law,’ while also investigating the effect of the cuts and ensuring every NIH researcher doing work that advances the health outcomes of Americans has the resources necessary.

‘I think transparency regarding indirect costs is absolutely worthwhile. It’s something that universities can fix by working together to make sure that where that money goes is made clear,’ Bhattacharya said of the indirect costs going to universities, hospitals and research clinics from the NIH. 

In addition to addressing questions about the Trump cuts, Bhattacharya also laid out what he called a new, decentralized vision for future research at NIH that he said will be aimed at embracing dissenting ideas and transparency, while focusing on research topics that have the best chance at directly benefiting health outcomes of Americans. Bhattacharya added that he wants to rid the agency’s research portfolio of other ‘frivolous’ efforts that he says do little to directly benefit health outcomes.

‘I think fundamentally what matters is do scientists have an idea that advances the scientific field they’re in?’ Bhattacharya said last week during his confirmation testimony. ‘Do they have an idea that ends up addressing the health needs of Americans?’

Prior to his confirmation, Bhattacharya, alongside several other scientists, including Trump’s pick to head the Food and Drug Administration, Dr. Marty Makary, launched a new research journal focused on spurring scientific discourse and combating ‘gatekeeping’ in the medical research community. The journal, the Journal of the Academy of Public Health (JAPH), aims to spur scientific discourse by publishing peer reviews of prominent studies from other journals that do not make their peer reviews publicly available.

This post appeared first on FOX NEWS

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In Stocks

DP Trading Room: Tariffs Narrowing, Sparks Market Rally

3 Mins Read

Over the weekend it was announced that tariffs will be narrowing and possibly not as widespread as initially thought. Negotiations are continuing in the background and this seems to be allaying market participants’ fears. The market rallied strongly on the news.

Carl and Erin gave you their opinions of whether this rally has staying power. Carl began the program with a look at the current DP Signal Tables. Biases remain very negative but as we often say things get as bad as they’re going to get before they start turning it around.

After looking at the tables, Carl analyzed the market in general and then covered Gold, the Dollar, Yields, Bitcoin and more. Get a sense of market conditions with a review of this section.

The Magnificent Seven were next up on the agenda. Carl reviewed both the daily and weekly charts seeing many new rallies kicking in. Their improvements bode well for the market in general.

Erin took the reins and gave us a complete overview of sector rotation. She took a deep dive in the aggressive sectors with an under the hood view of Consumer Discretionary (XLY), Communication Services (XLC) and Technology (XLK).

Erin concluded the program by looking at viewer symbol requests that included SOFI, RIVN, F and SMCI.

01:18 DP Signal Tables

03:42 Market Overview

13:24 Magnificent Seven

22:05 Sector Rotation

28:31 Symbol Requests

Join us LIVE in the trading at Noon ET on Mondays by registering once here: https://us06web.zoom.us/webinar/register/WN_D6iAp-C1S6SebVpQIYcC6g

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In World news

A court orders the dissolution of the Unification Church in Japan

2 Mins Read

A court ordered the dissolution of the Unification Church in Japan, upholding a government request for a revocation spurred by the investigation into the 2022 assassination of former Prime Minister Shinzo Abe.

The Tokyo District Court’s revocation of the church’s legal status means it will lose its tax-exempt privilege and must liquidate its assets. However, the church can still appeal the decision to higher courts.

The order follows a request by Japan’s Education Ministry in 2023 to dissolve the influential South Korea-based sect, citing manipulative fundraising and recruitment tactics that sowed fear among followers and harmed their families.

The Japanese branch of the church had criticized the request as a serious threat to religious freedom and the human rights of its followers.

The investigation into the 2022 assassination of Abe revealed decades of cozy ties between the South Korea-based church and Japan’s governing Liberal Democratic Party. The church obtained legal status as a religious organization in Japan in 1968 amid an anti-communist movement supported by Abe’s grandfather, former Prime Minister Nobusuke Kishi.

The man accused of killing Abe resented the church and blamed it for his family’s financial troubles.

The church, which officially calls itself the Family Federation for World Peace and Unification, is the first religious group to face a revocation order under Japan’s civil code. Two earlier case involved criminal charges – the Aum Shinrikyo doomsday cult, which carried out a sarin nerve gas attack on the Tokyo subway system, and Myokakuji group, whose executives were convicted of fraud.

Japan has in place hurdles for restraining religious activities due to lessons from the prewar and wartime oppression of freedom of religion and thought.

This post appeared first on cnn.com

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Nvidia CEO says he was wrong about timeline for quantum, surprised his comments hurt stocks

4 Mins Read

Nvidia CEO Jensen Huang on Thursday walked back comments he made in January, when he cast doubt on whether useful quantum computers would hit the market in the next 15 years.

At Nvidia’s “Quantum Day” event, part of the company’s annual GTC Conference, Huang admitted that his comments came out wrong.

“This is the first event in history where a company CEO invites all of the guests to explain why he was wrong,” Huang said.

In January, Huang sent quantum computing stocks reeling when he said 15 years was “on the early side” in considering how long it would be before the technology would be useful. He said at the time that 20 years was a timeframe that “a whole bunch of us would believe.”

In his opening comments on Thursday, Huang drew comparisons between pre-revenue quantum companies and Nvidia’s early days. He said it took over 20 years for Nvidia to build out its software and hardware business.

He also expressed surprise that his comments were able to move markets, and joked he didn’t know that certain quantum computing companies were publicly traded.

“How could a quantum computer company be public?” Huang said.

The event included panels with representatives from 12 quantum companies and startups. It represents a truce of sorts between Nvidia, which makes more traditional computers, and the quantum computing industry. Several quantum execs fired back at Nvidia after Huang’s earlier comments.

A third panel included representatives from Microsoft and Amazon Web Services, which are also investing in quantum technology and are among Nvidia’s most important customers.

Nvidia has another reason to embrace quantum. As quantum computers are being built, much of the research on them is done through simulators on powerful computers, like those that Nvidia sells.

It’s also possible that a quantum computer would require a traditional computer to operate it. Nvidia is working to provide the technology and software to integrate graphics processing units (GPUs) and quantum chips.

“Of course, quantum computing has the potential and all of our hopes that it will deliver extraordinary impact,” Huang said on Thursday. “But the technology is insanely complicated.”

Nvidia said this week that it will build a research center in Boston to allow quantum companies to collaborate with researchers at Harvard and the Massachusetts Institute of Technology. The center will include several racks of the company’s Blackwell AI servers.

Quantum computing has been a dream of physicists and mathematicians since the 1980s, when California Institute of Technology professor Richard Feynman first proposed the idea behind a quantum computer.

While classical computers use bits that are either 0 or 1, the bits inside a quantum computer — qubits — end up being on or off based on probability. Experts predict that the technology will be able to solve problems with massive amounts of possible solutions, such as deciphering codes, routing deliveries or simulating chemistry or weather.

No quantum computer has yet beat a computer at solving a real, useful problem. But Google claimed late last year that it discovered a way to do error correction.

One question at the panel centered around whether quantum computing might one day threaten companies like Nvidia that make computers based on transistors.

“A long time ago, somebody asked me, ‘So what’s accelerated computing good for?’” Huang said at the panel. Accelerated computing is a phrase he uses to refer to the kind of GPU computers that Nvidia makes.

“I said, a long time ago, because I was wrong, this is going to replace computers,” he said. “This is going to be the way computing is done, and and everything, everything is going to be better. And it turned out I was wrong.”

This post appeared first on NBC NEWS

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