Stock Markets
Nobel prize in physics goes to machine learning pioneers Hopfield and Hinton
By Niklas Pollard, Johan Ahlander
STOCKHOLM (Reuters) -U.S. scientist John Hopfield and British-Canadian Geoffrey Hinton won the 2024 Nobel Prize in Physics on Tuesday for discoveries and inventions in machine learning that paved the way for the artificial intelligence boom.
Heralded for its revolutionary potential in areas ranging from cutting-edge scientific discovery to more efficient admin, the emerging technology on which the duo worked has also raised fears humankind may soon be outsmarted and outcompeted by its own creation.
Hinton has been widely credited as a godfather of AI and made headlines when he quit his job at Google (NASDAQ:) last year to be able to more easily speak about the dangers of the technology he had pioneered.
“We have no experience of what it’s like to have things smarter than us,” Hinton said over the phone to the Nobel press conference, speaking from a hotel in California.
“It’s going to be wonderful in many respects, in areas like healthcare,” Hinton said. “But we also have to worry about a number of possible bad consequences. Particularly the threat of these things getting out of control.”
Hopfield, 91, a professor emeritus at Princeton University, created an associative memory that can store and reconstruct images and other types of patterns in data, said the Royal Swedish Academy of Sciences, which awards the prize.
“This year’s two Nobel Laureates in physics have used tools from physics to develop methods that are the foundation of today’s powerful machine learning,” the academy said in a statement.
“Machine learning based on artificial neural networks is currently revolutionising science, engineering and daily life.”
The award comes with a prize sum of 11 million Swedish crowns ($1.1 million) which is shared by the two winners.
British-born Hinton, 76, now professor emeritus at the University of Toronto, invented a method that can autonomously find properties in data and carry out tasks such as identifying specific elements in pictures, the academy said.
Though he quit Google in 2023 after realising computers could become smarter than people far sooner than he and other experts had expected, Hinton said the company itself acted very responsibly.
Hinton also said he regretted some of his research, but that he acted on the information he had at the time.
“In the same circumstances I would do the same again,” he told the Nobel press conference. “But I am worried that the overall consequence of this might be systems more intelligent than us that eventually take control.”
‘MIND FROM MACHINE’
Asked about the concerns surrounding machine learning and other forms of artificial intelligence, Ellen Moons, chair of the Nobel Committee for Physics, said: “While machine learning has enormous benefits, its rapid development has also raised concerns about our future.
“Collectively, humans carry the responsibility for using this new technology in a safe and ethical way, for the greatest benefit of humankind.”
Hopfield, whose parents were both physicists, said in a video posted online by the Franklin Institute when he won the 2019 Benjamin Franklin Medal in Physics that he had never considered being anything but a scientist or engineer.
“They were the ones that understood the world,” he said. “What fascinates me most is still this question of how mind comes from machine.”
Widely considered the most prestigious award for physicists across the world, the prize was created, along with awards for achievements in science, literature and peace, in the will of Alfred Nobel.
The prizes have been awarded with a few interruptions since 1901, though the Nobel economics honour is a later addition in memory of the Swedish businessman and philanthropist, who had made a fortune from his invention of dynamite.
Outside the sometimes controversial choices for peace and literature, physics often makes the biggest splash among the prizes, with the list of past winners featuring scientific superstars such as Albert Einstein, Niels Bohr and Enrico Fermi.
Last year’s physics prize was awarded to Pierre Agostini, Ferenc Krausz and Anne L’Huillier for their work in creating ultra-short pulses of light that can give a snapshot of changes within atoms, potentially improving the detection of diseases.
Physics is the second Nobel to be awarded this week, after U.S. scientists Victor Ambros and Gary Ruvkun won the medicine prize for their discovery of microRNA and its role in gene regulation, shedding light on how cells specialise.
($1 = 10.3407 Swedish crowns)
In a challenging market environment, Allbirds Inc. (NASDAQ:) stock has recorded a new 52-week low, dipping to $7.65. The eco-friendly footwear company has faced significant headwinds over the past year, reflected in a substantial 1-year change with a decline of -55.8%. Investors have shown concern as the brand navigates through a competitive retail landscape and supply chain issues, which have pressured the stock to its current low. The company’s efforts to rebound will be closely watched by market participants looking for signs of a turnaround or further indications of industry-wide pressures.
In other recent news, Allbirds disclosed its Q3 2024 financial results, reporting a net revenue of $43 million. This figure reflects a downturn due to reduced unit sales and transitions to a distributor model in certain regions. Despite these challenges, the company managed to increase its gross margin to 44.4%, attributed to lower freight costs and improved inventory management.
The company also launched two new products, the Tree Glider and Lounger Lift, which have been positively received by consumers. Allbirds revised its full-year revenue guidance to between $187 million and $193 million and anticipates an adjusted EBITDA loss of $75 million to $71 million.
Additionally, Allbirds has signed two new international distributor agreements, expanding its reach in Latin America and Europe from mid-2025. The company’s management, led by CEO Joe Vernachio and CFO Annie Mitchell, remains optimistic about future growth, driven by forthcoming product launches and strategic marketing efforts.
InvestingPro Insights
Allbirds Inc. (BIRD) continues to face significant challenges, as reflected in its recent stock performance and financial metrics. According to InvestingPro data, the company’s revenue growth has declined by 22.67% over the last twelve months as of Q3 2024, with a quarterly revenue decline of 24.89% in Q3 2024. This aligns with the InvestingPro Tip that analysts anticipate sales decline in the current year.
The company’s financial health is also concerning, with an operating income margin of -48.08% for the same period. An InvestingPro Tip highlights that Allbirds is quickly burning through cash, which is particularly worrisome given the current market conditions.
Despite these challenges, InvestingPro Tips indicate that Allbirds holds more cash than debt on its balance sheet and its liquid assets exceed short-term obligations. This could provide some financial flexibility as the company navigates its turnaround efforts.
For investors seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for Allbirds, providing a deeper understanding of the company’s financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Quipt Home Medical (TASE:) Corp. (QIPT) stock has reached a new 52-week low, trading at $2.55. This latest price point marks a significant downturn for the company, which has experienced a 46.87% decline over the past year. Investors are closely monitoring the home medical equipment provider as it navigates through a challenging period marked by this notable decrease in stock value. The 52-week low serves as a critical indicator for the market, reflecting investor sentiment and potential shifts in the company’s financial health and operational performance.
In other recent news, Quipt Home Medical Corp has been making notable strides despite facing several challenges. The company’s third fiscal quarter report revealed a steady increase in revenue, reaching $64 million, a 6.1% rise from the previous year. The customer base also expanded by 9%, serving 153,223 unique patients, and adjusted EBITDA grew by 2.7% to $14.2 million.
Benchmark revised its stock price target for Quipt Home Medical, reducing it to $7 from the previous $9, but maintained a Buy rating for the stock. This adjustment was influenced by several factors including the expiration of Medicare’s 75/25 rate relief, a diminished Managed Care contract, and the repercussions of the Change Healthcare (NASDAQ:) cyberattack. However, the firm predicts that Quipt could achieve an 8%-10% organic growth rate by the second quarter of fiscal year 2025.
In the face of these challenges, Quipt Home Medical has reported a 9% increase in resupply revenue for sleep therapy and supplies, which accounts for half of the company’s revenues. The company’s management has also indicated an active mergers and acquisitions pipeline, which could provide further growth opportunities. These are the recent developments that investors should keep an eye on.
InvestingPro Insights
Despite Quipt Home Medical Corp. (QIPT) hitting a new 52-week low, InvestingPro data reveals some interesting insights that may provide context for investors. The company’s revenue growth remains strong, with a 29.31% increase over the last twelve months as of Q3 2024, reaching $244.23 million. This growth suggests that QIPT continues to expand its market presence in the home medical equipment sector.
However, profitability remains a concern. InvestingPro Tips highlight that QIPT has not been profitable over the last twelve months, with a negative P/E ratio of -24.61. On a more positive note, analysts predict that the company will become profitable this year, which could potentially reverse the stock’s downward trend.
The current market valuation implies a strong free cash flow yield, according to another InvestingPro Tip. This could indicate that the stock may be undervalued at its current price, especially considering that it’s trading near its 52-week low. Investors looking for a deeper analysis can find 7 additional InvestingPro Tips for QIPT, offering a more comprehensive view of the company’s financial situation and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
By Andrea Shalal
WASHINGTON (Reuters) – U.S. Muslim leaders who supported Republican Donald Trump to protest against the Biden administration’s support for Israel’s war on Gaza and attacks on Lebanon have been deeply disappointed by his Cabinet picks, they tell Reuters.
“Trump won because of us and we’re not happy with his Secretary of State pick and others,” said Rabiul Chowdhury, a Philadelphia investor who chaired the Abandon Harris campaign in Pennsylvania and co-founded Muslims for Trump. Muslim support for Trump helped him win Michigan and may have factored into other swing state wins, strategists believe.
Trump picked Republican senator Marco Rubio, a staunch supporter of Israel for Secretary of State. Rubio said earlier this year he would not call for a ceasefire in Gaza, and that he believed Israel should destroy “every element” of Hamas. “These people are vicious animals,” he added.
Trump also nominated Mike Huckabee, a former Arkansas governor and staunch pro-Israel conservative who backs Israeli occupation of the West Bank and has called a two state solution in Palestine “unworkable”, as the next ambassador to Israel.
He has picked Republican Representative Elise Stefanik, who called the UN a “cesspool of antisemitism” for its condemnation of deaths in Gaza, to serve as U.S. ambassador to the United Nations.
Rexhinaldo Nazarko, executive director of the American Muslim Engagement and Empowerment Network (AMEEN), said Muslim voters had hoped Trump would choose Cabinet officials who work toward peace, and there was no sign of that.
“We are very disappointed,” he said. “It seems like this administration has been packed entirely with neoconservatives and extremely pro-Israel, pro-war people, which is a failure on the on the side of President Trump, to the pro-peace and anti-war movement.”
Nazarko said the community would continue pressing to make its voices heard after rallying votes to help Trump win. “At least we’re on the map.”
Hassan Abdel Salam, a former professor at the University of Minnesota, Twin Cities and co-founder of the Abandon Harris campaign, which endorsed Green Party candidate Jill Stein, said Trump’s staffing plans were not surprising, but had proven even more extreme that he had feared.
“It’s like he’s going on Zionist overdrive,” he said. “We were always extremely skeptical…Obviously we’re still waiting to see where the administration will go, but it does look like our community has been played.”
The Trump campaign did not immediately respond to an email seeking comment.
Several Muslim and Arab supporters of Trump said they hoped Richard Grenell, Trump’s former acting director of national intelligence, would play a key role after he led months of outreach to Muslim and Arab American communities, and was even introduced as a potential next secretary of state at events.
Another key Trump ally, Massad Boulos, the Lebanese father-in-law of Trump’s daughter Tiffany, met repeatedly with Arab American and Muslim leaders.
Both promised Arab American and Muslim voters that Trump was a candidate for peace who would act swiftly to end the wars in the Middle East and beyond. Neither was immediately reachable.
Trump made several visits to cities with large Arab American and Muslim populations, include a stop in Dearborn, a majority Arab city, where he said he loved Muslims, and Pittsburgh, where he called Muslims for Trump “a beautiful movement. They want peace. They want stability.”
Rola Makki, the Lebanese American, Muslim vice chair for outreach of the Michigan Republican Party, shrugged off the criticism.
“I don’t think everyone’s going to be happy with every appointment Trump makes, but the outcome is what matters,” she said. “I do know that Trump wants peace, and what people need to realize is that there’s 50,000 dead Palestinians and 3,000 dead Lebanese, and that’s happened during the current administration.”
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