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South Carolina primary tests Biden support with Black voters
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks at South Carolina’s First in the Nation Dinner at the State Fairgrounds in Columbia, South Carolina, U.S., January 27, 2024. REUTERS/Tom Brenner/File Photo
By Trevor Hunnicutt, Jarrett Renshaw and Liliana Salgado
COLUMBIA, South Carolina (Reuters) – U.S. President Joe Biden’s re-election bid goes before voters for the first time on Saturday, when Democrats hold their inaugural 2024 primary in South Carolina.
Biden, 81, an unpopular incumbent who faces little competition for his party’s nomination in the run-up to the Nov. 5 U.S. election, is hoping for an overwhelming victory with the heavily Black electorate in South Carolina to quiet doubts about his age and concerns about high consumer costs and security along the U.S.-Mexican border.
Democratic officials interviewed by Reuters expect somewhere between 100,000 and 200,000 total primary votes, after a county-by-county tour of the state aimed at exciting voters and multiple events featuring Biden or Vice President Kamala Harris.
“Who sits in the White House, it matters, and in this election we each – each one of us – we face a question: ‘What kind of country do we want to live in?'” Harris said on Friday in Orangeburg, South Carolina. “President Biden and I are counting on you.”
Former President Donald Trump, 77, is the frontrunner for the Republican nomination to challenge Biden in the general election.
South Carolina has not backed a Democrat for president in the general election since 1976. But because Black people make up more than half of the Democratic electorate in this southern state, it is an important test of Biden’s appeal with a voting base that supports Democrats nine-to-one in presidential races.
Primary results are expected after 7 p.m. Eastern time (0000 GMT Sunday).
Some South Carolina voters said Biden’s re-election bid left something to be desired.
“Sometimes I wonder, is his presence enough because you don’t see him a lot, you don’t hear him a lot,” said Martin Orr, 52, a school administrator from McConnells, South Carolina, speaking about Biden, whom he plans to support in the election. “Is it quiet because of his age or his physical condition, or what’s going on? I think that’s what a lot of people are concerned about right now.”
ECHOES OF 2020
Although there are dozens of primary contests ahead, Biden has already moved into general-election mode, attacking Trump in a series of speeches. Trump is heavily favored to win his party’s nomination after triumphing in Iowa and New Hampshire, the first two contests in the state-by-state battle. South Carolina plays host to the next major Republican presidential nominating battle as well, on Feb. 24.
Biden reordered the Democratic calendar to put South Carolina as the first nominating contest, ahead of Iowa and New Hampshire, in a move that simultaneously increased the voice of Black voters and all but shut out any potential competition for the nomination.
A dominant win in the South Carolina primary rescued Biden’s broke and flailing campaign four years ago, powering him to an eventual general election victory against Trump.
“Black voters turned out in very large numbers and voted in favor of Joe Biden,” said Kirk Randazzo, chair of the political science department at the University of South Carolina in Columbia. “There’s less enthusiasm for him and his policies among minority voters, in particular among Black men. And it’s unclear whether they’re going to turn out to vote or simply stay home.”
In 2020, Biden garnered 49% of the 539,263 votes cast in South Carolina’s seven-person Democratic primary race. Democrats in the state expect him to capture a larger share of a smaller electorate this time against U.S. Representative Dean Phillips and best-selling self-help book author Marianne Williamson.
In New Hampshire, where Biden was not on the ballot last month, he captured 64% of the primary vote thanks to a write-in campaign.
In a recent speech to state Democrats, Phillips said he expects 95% of the state will go for Biden in the primary. But Phillips said he still has a role to play.
“If you want to have a first-in-the-nation primary, you need at least two candidates on the ballot, and I’m happy to be that other guy,” Phillips said.
By Sheila Dang
(Reuters) – The Paris Olympics will be a showcase of generative AI for American viewers but European audiences won’t see a similar approach, a contrast that reflects how global media companies are deliberating over the use of the technology.
Comcast (NASDAQ:)’s NBCUniversal is diving into AI for its U.S. broadcast of the Games, including re-creating the voice of a legendary sportscaster, while Warner Bros. Discovery (NASDAQ:)’s sports division in Europe said the tech is still too nascent for roles such as sports commentating.
Warner Bros. Discovery, which will stream the Games on its Max and discovery+ streaming platforms across Europe, received demos from tech companies to translate speech into other languages but the demos have lacked the emotion that comes with heart-racing sports moments, said Scott Young, senior vice president at Warner Bros. Discovery Sports Europe.
“In every part of their (demos), it feels like yes, you’ve translated the words correctly, but you haven’t translated or narrated the feeling,” he said.
For instance, when Italian sprinter Marcell Jacobs stunned the world by winning gold in the men’s 100 metres in Tokyo, Italian commentators screamed their reactions, showing the genuine moment of “experts sitting side-by-side, really living out that story,” Young said. “It is very hard to automatically generate that.”
Meanwhile, U.S. audiences will experience AI when they watch the Games on NBC or streaming service Peacock due to a new partnership between NBCUniversal, Google (NASDAQ:) and Team USA.
AI-enhanced Google Map images of the Olympic venues will help viewers get a feel of Paris and NBC’s hosts will demonstrate how Google AI search can answer questions about the competitions.
NBCUniversal will also use generative AI to create personalised daily briefings of the Olympic events, which will be narrated by an AI re-creation of sports commentator Al Michaels’ voice.
Almost seven million different variations of the daily recaps could be created over the course of the Paris Olympics, NBCUniversal said.
The media company has the largest Olympics broadcast rights deal in the world and paid $7.65 billion to air the Games through 2032.
The Olympic Broadcasting Services, which produces neutral coverage that can be used by media companies around the world, is also embracing AI to assist with quickly cutting vast amounts of footage into brief highlights, but previously told Reuters it remained wary of the risks of deepfakes and “tampering with reality.”
Given how quickly AI capabilities are advancing, it may not be long until European sports fans see more of the technology.
“We’re probably just one Summer Games away from where the real impact will be for us,” Young said.
The next Summer Games are the 2028 Los Angeles Olympics.
On Friday, TD Cowen increased its stock price target for Ultra Clean (NASDAQ: UCTT) shares to $60 from the previous $55 while maintaining a Buy rating on the stock. The firm’s decision came after Ultra Clean reported a stronger-than-expected performance for the June 2024 quarter, which was primarily driven by robust spending on semiconductor processing equipment (SPE) in China, increased demand for high bandwidth memory (HBM), and advanced packaging equipment.
The company’s results for the past quarter outperformed expectations, bolstered by the aforementioned factors. In particular, domestic China SPE spending played a significant role, along with the demand for deposition and etching processes required for HBM manufacturing. Moreover, equipment sales for advanced packaging contributed to the company’s successful quarter.
Looking ahead, Ultra Clean’s guidance for the September 2024 quarter suggests a continuation of these trends. The company anticipates maintaining the momentum with similar driving forces contributing to its performance. Furthermore, growth is expected to extend through the fourth quarter of 2024 and into the calendar year 2025.
The analyst from TD Cowen expressed confidence in the company’s future, stating, “UCTT reported a June ’24 quarter beat attributed to strong domestic China SPE spending, high bandwidth memory (HBM) driving dep/etch demand, and equipment for adv. pkg. The Sept ’24 quarter guide sees much of the same before expected growth through C4Q24/CY25. Reiterate Buy; Price Target goes to $60.”
Ultra Clean’s revised price target and sustained Buy rating reflect the firm’s positive outlook on the company’s performance and growth prospects in the upcoming periods.
In other recent news, Ultra Clean Technology (UCT) reported robust financial performance for Q2 2024, with both revenue and earnings surpassing expectations. UCT’s Q2 revenue reached $516.1 million, a significant increase attributed to strong demand in the domestic China market and AI application suppliers. The company also received the Outstanding Partner Award from Piotech China, which further validates its industry standing.
In terms of future expectations, UCT anticipates Q3 revenue to be between $490 million and $540 million, with EPS ranging from $0.22 to $0.42. CEO Jim Scholhamer predicts sustained high business levels in China throughout the year, and marketing expert Cheryl Knepfler expects solid performance in the litho market moving forward.
These recent developments highlight UCT’s strategic initiatives and its readiness to capitalize on favorable industry trends in the high-tech manufacturing and services landscape.
InvestingPro Insights
Ultra Clean’s recent performance and the optimistic outlook from TD Cowen have been echoed in some of the real-time metrics from InvestingPro. The company’s market capitalization stands at $2.31 billion, and despite a challenging revenue decline of 20.71% over the last twelve months as of Q1 2024, there’s a silver lining with a quarterly revenue growth of 10.25% in Q1 2024. This suggests a potential turnaround or stabilization in the company’s financial performance.
InvestingPro Tips indicate that Ultra Clean is expected to see net income growth this year, which aligns with the positive momentum suggested by TD Cowen. Moreover, the company has sufficient liquid assets to cover short-term obligations, which is a reassuring sign for investors concerned about financial stability. For those looking to delve deeper into Ultra Clean’s financials and future prospects, InvestingPro offers a wealth of additional tips – 11 more to be precise, accessible through the dedicated company page.
Investors interested in Ultra Clean may also take note of the company’s price relative to its adjusted earnings, with a P/E ratio of -68.57, indicating that the market has expectations of future earnings recovery. With the next earnings date set for October 23, 2024, and a fair value estimate by analysts at $55, slightly above the InvestingPro Fair Value of $50.63, there seems to be a consensus on the stock’s potential upside. For those seeking to leverage these insights, don’t forget to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
By David Lawder and Marcela Ayres
RIO DE JANEIRO (Reuters) – The U.S. and Brazilian governments announced a climate partnership agenda on Friday, seeking to deepen ties on an issue they seen as key but treated as secondary by opposition in both countries.
Speaking on the sidelines of a G20 finance leaders meeting in Rio de Janeiro, U.S. Treasury Secretary Janet Yellen said that “advancing work on climate and on nature and biodiversity can bring benefits not only to both of our economies but also to the region and to the global economy.”
“We want to be more close,” said Brazil’s Finance Minister Fernando Haddad, adding he expected these guidelines to turn into concrete actions very quickly.
The joint work between the U.S. and Brazil, the two largest economies in the Western Hemisphere, will focus on four key areas, including efforts to facilitate countries’ ease of access to multilateral climate fund resources, a priority for Brazil during its G20 presidency this year.
Yellen also mentioned as pillars of this agenda the aim to bolster clean energy supply chains and efforts to improve the integrity and effectiveness of voluntary carbon markets.
Efforts to mobilize finance and develop innovative solutions to conserve and restore nature and biodiversity, including through multilateral development banks, are also on the agenda.
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