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Monthly Archives: January 2024
Putin Further Eases Citizenship Process for Foreigners in Russian Army – The Moscow Times
Posted: January 5, 2024 at 6:33 pm
President Vladimir Putin has signed a decree simplifying the process of obtaining Russian citizenship for foreigners who join the Russian army, according to a document published by the government Thursday.
Foreign citizens who signed a [one-year] contract with the Russian Armed Forces or military formations or who are undergoing military service during the special military operation [in Ukraine] are eligible for the simplified citizenship procedure, Putins decree states.
The spouses, children and parents of foreigners serving in the Russian army will also be able to receive fast-track citizenship, according to the decree.
Russian authorities have one month to consider the soldiers and their families citizenship applications, the document states.
Thursdays decree, which comes into force on the day of its publication, replacesprevious decrees Putin issued after declaring a partial mobilization of reservists in September 2022.
His latest edict drops the requirement for foreigners to serve in the military for at least six months before applying for citizenship, as well as shortens the application procedure from three months to just one.
Russias simplified citizenship process appears targeted toward citizens of poorer ex-Soviet countries who live and work in Russia.
The Central Asian countries of Uzbekistan, Tajikistan, Kyrgyzstan and Kazakhstan have all urged their citizens not to join foreign armies after Russia invaded Ukraine.
Last year saw widespread and regular reports of police in cities across Russia rounding up migrant workers who recently received Russian citizenship but failed to complete their compulsory military registration.
Some of the migrants have been handed military summons on the spot, while others are forcibly taken to military enlistment offices, according to the reports.
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Ukraine updates: Putin vows to ‘never back down’ DW 12/31/2023 – DW (English)
Posted: at 6:33 pm
The latest bout ofRussian and Ukrainian strikes and their toll on the civilian population took center stage at an emergency meeting of theUN Security Council late on Saturday.
Russia had called for the emergency meeting following reported attacks on Belogorod in which 21 people were killed.The emergency session was held less than 24 hours after the Council convened a meeting on Ukraine following large-scale attacks by Russia against Ukrainian towns and cities.
"We unequivocally condemn all attacks on cities, towns and villages, in Ukraine and in the Russian Federation,"said Khaled Khiari, assistant secretary-general in the UN Department of Political and Peacebuilding Affairs (UN DPPA)
"Attacks against civilians and civilian infrastructure violate international humanitarian law, are unacceptable and must end now," he added.
Moscow accused Ukraine of using controversial cluster bombs in strikes that killed at least 21 people and wounded dozens more.
Russia said the attack would "not go unpunished."
At the Security Council meeting, Russian diplomat Vasily Nebenzya accused Ukraine of targeting a sports center, an ice rink and a university.
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The Belgorod attack came a day after Ukraine said a barrage of Russian missile strikes on several cities killed at least 40 people.
"The Security Council convened yesterday and is meeting again today, and you should be ready to meet tomorrow, the day after tomorrow every day that the Russian war against Ukraine lasts," Ukraine's representative Serhii Dvornyksaid, according to the UN News Service.
"Because as long as this war, unleashed by the Kremlin dictator, endures, the toll of death and suffering will continue to grow," he added.
According to the UN News Service, French Ambassador Nicolas de Riviere saidif Russian troops were not on Ukrainian soil, "we wouldn'be here this afternoon."
mfi/lo (AFP, AP, dpa, Reuters)
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Ukraine updates: Putin vows to 'never back down' DW 12/31/2023 - DW (English)
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‘Putin is an animal; he will devour you and your democracy’ Zelenskyy – Yahoo News
Posted: at 6:33 pm
If the West leaves Ukraine without support and allows Russia to win, the war will spread to NATO and EU countries, Ukrainian President Volodymyr Zelenskyy said in an interview with The Economist on Jan. 1.
By giving us money or weapons, you are supporting yourselves, Zelenskyy said. You are saving your children, not ours. Putin senses weakness, like an animal, because he is an animal. He smells blood, he feels his strength. And he will eat you for dinner with all your EU, NATO, freedom, and democracy.
Read also: Russian diplomat says Finland will be first to suffer during NATO escalation
Thats why European countries should lobby for U.S. aid to Ukraine. The intelligence services of several European countries have begun to explore the possibility of an attack on their territory by Russia, and it's not just about the former Soviet republics (Baltic states ed.), according to Zelenskyy.
Read also: Ukraine to produce a million drones in 2024 Zelenskyy
Russia might try to attack Europe at the end of 2024 or early 2025, reported Bild on Dec. 23.
Germany might one day be forced to wage a defensive war against Russia, stated Carsten Breuer, the Bundeswehr Inspector General on Dec. 9.
Russia will attack NATO countries if it captures Ukraine, U.S. President Joe Biden said on Dec. 6.
Russia is rejuvenating its forces and capabilities and preparing for a possible confrontation with NATO, stated Lieutenant General Jrgen-Joachim von Sandrart, Commander of the NATO Multinational Corps Northeast on Dec. 5.
Russia is replenishing its strategic stockpile of missiles, carriers of nuclear weapons, to threaten NATO, said Ukrainian Air Force spokesperson Yuriy Ihnat on dec. 4.
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Putin Praises Army in Scaled-Back New Year’s Eve Address – The Moscow Times
Posted: at 6:33 pm
President Vladimir Putin praised the Russian army in his New Year's Eve address Sunday, calling for "unity" in a subdued speech that did not explicitly mention the war in Ukraine.
In stark contrast to last year's address, when the Russian leader was flanked by soldiers in uniform, Putin stood in front of the traditional backdrop of the Kremlin and declared that 2024 would be the "year of the family."
"We have repeatedly proven that we can solve the most difficult problems and will never back down because there is no force that can separate us," Putin said in the address, aired on state TV as regions in Russia's Far East greeted the New Year several hours ahead of Moscow.
Putin made no mention of the attack against the city of Belgorod on Saturday, in which officials said Ukrainian shelling killed at least 24 people and injured dozens more, but he did commend Russian soldiers fighting in Ukraine during the holiday.
"To all those who are serving on the front line in the fight for truth and justice," Putin said, "you are our heroes. Our hearts are with you. We are proud of you, we admire your courage."
"We are united in our thoughts, in toil and in battle," he continued, adding that Russians understood their country was passing through what he called a significant "historical stage."
"We will ensure the confident development of the Fatherland, the well-being of our citizens, and we will become even stronger," Putin said toward the end of his address.
The televised New Year's Eve speech, which continues a tradition started by Soviet leader Leonid Brezhnev, is a key part of holiday celebrations in Russia and is watched by millions.
The address is aired just before midnight in each of Russia's 11 timezones and is usually a summary of events from the past year, as well as wishes for the year ahead.
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Vladimir Putin offers citizenship to foreigners who fight for Russia – IndiaTimes
Posted: at 6:33 pm
President Vladimir Putin has issued a decree allowing foreign nationals who have fought for Russia in Ukraine to obtain Russian citizenship for themselves and their families. Under the new order, individuals who have signed contracts during what Moscow refers to as its "special military operation" in Ukraine can apply for Russian passports for themselves, their spouses, children, and parents. It is a requirement for them to provide documents proving their commitment to a minimum one-year service. This includes individuals who have signed contracts with the regular armed forces or other "military formations," which may include groups like the Wagner mercenary organization. Initial fast-track citizenship policy In September 2022, following the announcement of a partial mobilization to draft 300,000 reservists for the conflict in Ukraine, Putin first permitted fast-track citizenship for foreigners who signed contracts with the Russian military. Under this policy, immigrants who committed to at least a year of service and participated in active hostilities for a minimum of six months could apply for citizenship without proving their proficiency in Russian or a five-year residency in Russia under a permit. This opportunity was also extended to their spouses and children, with authorities required to make decisions on such applications within three months, as per a presidential decree at the time. Further simplification in 2023 In May 2023, another decree by Putin further simplified the citizenship process. The requirement for six months of active hostilities was eliminated, allowing anyone who signed a year-long contract during the Kremlin's special military operation in Ukraine, along with their families, to apply through the fast-track procedure. Latest decree for quicker citizenship The decree signed on Thursday further accelerates the citizenship process, reducing the decision-making period on applications to just one month, down from three. The Kremlin has not immediately commented on the rationale behind this change. Reports of police raids targeting migrants Concurrent with these decrees, there have been regular media reports of police raids in Russian cities focusing on migrants. According to these reports, individuals detained in such raids are frequently coerced or pressured into signing military contracts. Novaya Gazeta, an independent newspaper, reported a significant raid on New Year's Eve in St. Petersburg, where over 3,000 migrants were detained. An anonymous police source indicated that the objective of the raid was to recruit men for the army. The aim of this measure seems to be to provide additional incentives for foreigners with military experience to join the Russian ranks. Official data regarding the number of foreigners fighting on Russia's side in Ukraine is not publicly available. However, previous reports from Reuters have highlighted cases of Cubans who enlisted in the military in exchange for bonuses equivalent to over 100 times the average monthly salary in Cuba, as well as three Africans recruited by Wagner, two of whom were killed in action. According to a declassified US intelligence report, Russia has suffered a significant toll in the Ukraine war, with approximately 315,000 dead and wounded troops. This accounts for nearly 90% of the personnel it had at the beginning of the conflict, as shared by a source familiar with the intelligence. In September 2022, Russia initiated its first mobilization since World War Two, drafting an additional 300,000 men. There have been speculations that Russia may repeat this move, possibly after the upcoming presidential election in March, where Putin is expected to secure another six-year term. However, the Kremlin has repeatedly stated that no further mobilization is necessary due to the hundreds of thousands of men who voluntarily signed contracts last year to become professional soldiers. Both Russia and Ukraine have not disclosed the full extent of their losses during the 22-month war. Ukrainian President Volodymyr Zelenskyy recently stated that his military has proposed mobilizing an additional 450,000-500,000 individuals. The Kyiv parliament has started reviewing a controversial draft legislation that aims to tighten and expand mobilization rules. (with inputs from agencies)
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China’s Xi Jinping and Putin salivating at a Trump 2024 winthe kinship with dictators has Valley voters concerned – Northeast Valley News
Posted: at 6:33 pm
The evidence that former president, Donald Trump took in at least $7.8 million from foreign entities while in office is the kind of misdeeds that the GOP cannot find on President Biden.
Donald J. Trump through his businesses reportedly received at least $7.8 million from more than 20 foreign governments during his presidency, according to new documents released by House Democrats on Thursday that show how much he received from overseas transactions while he was in the White Housemost of it came from China.
In addition to the millions Trump received while in office, the former president,DonaldTrump reportedly asked Chinese President Xi Jinping to help him win the 2020 electionaccording to an account of life inside the Trump administration by former Trump national security adviser John Bolton.
At the same meeting, Xi also defended Chinas construction of camps housing as many as 1million Uighur Muslims in Xinjiang and Trump signaled his approval. According to our interpreter, Bolton writes, Trump said that Xi should go ahead with building the camps, which Trump thought was exactly the right thing to do.
Democratic Representative, Jake Auchincloss, sits on the U.S. House Select Committee on China and recently said that both Russias Vladimir Putin and Chinas Xi Jinping are both hoping that former President Donald Trump will be in the White House in 2024.
Let me be crystal clear here:Xi Jinping and Vladimir Putin are salivating at the prospect of President Trump re-entering the White House in 2025, Auchincloss said at Semafors World Economy Summit on Wednesday.
January 6, 2021, was Xi Jinpings best day in office because when the United States degrades its own democracy on the world stage for people all over to witness, it undermines the power of our example, Auchincloss said.
Republicans have moved closer and closer to publicly and unapologetically cozying up to authoritarian governments, perhaps more than ever before in U.S. history.
And even though America has seen its share of elected leaders that have spoken out in the same manner as authoritarian rule in other countries (think Sen. Joseph McCarthy and his U.S. communism witch hunts)no one stands out in American GOP political history quite like Sen. Robert A. Taftdubbed, Mr. Republican and whose defense of the pure principled conservatism is still seen as the GOP iconic and unfortunately, shining example, for many of the Trump faithful.
These ideologies have chillingly gained momentum.
In 1940 Taft wrote,There is a good deal more danger of the infiltration of totalitarian ideas from the New Deal circle in Washington than there will ever be from any activities of . . . theNazi bund.
This quote is Taft actually comparing one of our nations highest ideals for working Americans, the New Deal which set into motion programs, public work projects, financial reforms and regulations of protections enacted by President Franklin D. Roosevelt between 1933 and 1939as more dangerous than the infiltration of Nazi Americans in the U.S.
TheNazi Bund was a German-American Nazi organizationestablished in 1936. Its main goal was to promote a favorable view of Nazi Germany.
Today we are seeing and hearing chants and public displays of a return to that kind of thinking and the antisemitic rhetoric is ripe among GOP MAGA candidates that were mostly defeated in the mid-terms but are making a slow but steady comeback as the nation nears 2024.
One member of the Arizona Jewish community described the growth of antisemitism and speeches flowing with hate-filled rhetoric from many of the GOP Arizona midterm candidates as a tidal wave of antisemitism.
The 64-year-old business owner and contributor to Northeast Valley News said that he is deeply troubled by growing antisemitismbut worse, the apparent acceptance of it on the part of many GOP political candidates and even some elected officials. Its difficult to know how to respond to someone so legitimately frightened by the kind of antisemitic rhetoric and communication associated with some GOP candidates in Arizona.
The longtime member of Arizonas Jewish community chose to remain anonymous out of fear of retaliation and threats but told Northeast Valley News that he is concerned with the rampant and growing language of antisemitism.
They have endorsed antisemitic candidates in other states, posed with and attended rallies of white nationalists, some of them are funded by conspiracy theorists or are supported by Nazi sympathizers why are these candidates even allowed on the Az. ballot?
The business owner recently changed his party affiliation back to what it was when he was much younger after almost two decades as a registered Republican he said he wanted to drop any affiliation with the GOP.
While he has maintained a popular and successful small business for more than 21 years in Phoenixhe declined to go on the record with Northeast Valley News over fear of retaliation and threats.
Several other Valley respondents told Northeast Valley News that they fear for American democracy if Donald Trump is elected.
Loraine Hull, a retired teacher and resident of Gilbert spoke of a growing unease at the popularity of living in an isolationist country ruled by a dictator who may never leave office again.
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Does Video Show Conor McGregor Being Told Not To Put Arm Around Putin? – Snopes.com
Posted: at 6:33 pm
Claim:
A video authentically shows UFC fighter Conor McGregor putting his arm around Russian President Vladimir Putin for a photo-op before removing it after someone in Putin's entourage tells him not to.
On Jan 2, 2024, the X account Historic Vids posted a video purporting to show UFC fighter Conor McGregor being "given a warning for putting his arm over Vladimir Putin" during a photo op:
Some users of Community Notes, a fact-checking initiative on X, suggested the video is misleading or manipulated because the order of events has been reversed something that occurred with another video of Putin.
However, while the McGregor video is edited slightly to make it shorter, the events depicted occur in the order in which they should, and the cuts that were made do not strip it of any meaningful context, as shown by the full, unedited version:
While the interpretation that McGregor was "warned" is somewhat subjective, McGregor does remove his arm from Putin's shoulder after a member of Putin's entourage signals to him, and newspaper reports suggest that, indeed, he was asked to remove his arm.
The meeting occurred at the 2018 World Cup at Putin's invitation, as reported by the BBC:
Conor McGregor has caused controversy by calling Russian president Vladimir Putin "one of the greatest leaders of our time".
The MMA fighter posted a photo to Instagram of himself with Mr Putin at the World Cup final in Moscow.
Some fans weren't happy with the 30-year-old's choice to accept the Russian leader's invitation to the match in Moscow.
Because the video authentically portrays this meeting and documents an apparent request for McGregor to remove his arm, this claim is True.
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Editorial: 7 tech giants’ success is impressive and worrisome – Chicago Tribune
Posted: at 6:32 pm
Anyone invested broadly in the U.S. stock market this past year can give thanks for the Super Seven. These seven world-beating technology stocks have been on a tear, accounting for much of the markets run to near-record territory.
The S&P 500, which tracks 500 of the biggest stocks, was up 24% for 2023. The Super Seven, on the other hand, far outpaced those gains, with chipmaker Nvidia, electric vehicle-maker Tesla and Facebook parent Meta each more than doubling in value during the year. Amazon, Microsoft and Google parent Alphabet also rose by more than twice as much as the index.
Apple, the relative laggard of the group, still rose nearly 50%, and remained the worlds most valuable company, with a market capitalization of $3 trillion. Altogether, the Super Seven were valued at more than $12 trillion at year-end. Thats a 12 followed by 12 zeros.
So far, 2024 hasnt been as kind, as profit-taking by investors has put a modest dent in those 2023 gains. Still, it would be a big surprise to see these stocks suffer a significant market downdraft this year.
The incredible dominance of these giant tech companies gives us pause but also reason for optimism about this showy display of American innovation and business smarts.
On the downside, concentrating so much value in just seven stocks is a ticket to volatility. Many U.S. stocks did not perform especially well last year, even as the Super Seven lifted the overall U.S. market to impressive levels. A sharp decline in those seven high-flyers could sink things in future years.
Moreover, concerns about excess market power and anti-competitive behavior have dogged the Super Seven, most notably Alphabet, which is embroiled in a showdown with federal trustbusters.
At a trial last fall in Washington, the Justice Department and dozens of states accused the company of using its money and influence to unfairly make Google the worlds default search engine, freezing out smaller competitors. Closing arguments are scheduled for May, and the judge who will decide the case could conceivably order the company to spin off its Chrome browser and Android operating system. Alphabets characteristically immodest defense is that its product is so much better than anyone elses that of course everybody wants it.
Separate legal cases in the U.S. and Europe accuse Alphabet of using its market power to monopolize online advertising. And earlier in December, after a monthlong antitrust trial involving Epic Games, maker of the hit video game Fortnite, a jury took just three hours to find Google at fault for anticompetitive behavior in its app store. The company has vowed to appeal.
In surveys, American consumers say the tech giants have far too much power, putting smaller businesses and consumers at an unfair disadvantage. Many employees at the Super Seven answer those surveys the same way, saying their employers are too powerful. That widely held opinion cuts across party lines. Theres bipartisan support for reining in the power of tech giants and holding them accountable.
Yet even as Europe makes progress on updating its rules and enforcing reasonable standards of conduct, the U.S. is left to litigate one case at a time, as a dysfunctional Congress fails to pass up-to-date legislation.
At the same time that we worry about the anti-competitive potential of Big Tech, we cant help but marvel at its incredible success.
The lofty stock valuations arent an obvious case of speculative fever, as with the dot-com bust almost a quarter-century ago. These companies are on a roll, minting money; their futures might be bumpy, but they look bright.
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Read the latest editorials and commentary curated by the Tribune Opinion team.
Importantly, U.S. tech companies have a strong record of investing in themselves, and the Super Seven are leaders in that area. They plow immense piles of cash into capital expenditures and research and development on everything from virtual reality systems to self-driving cars, cloud computing and artificial intelligence computing. Each company has a different niche, and Nvidia, the most recent to join this elite group, is the markets hottest play in the potentially transformative AI sector.
One of the beauties of technology-research investments is that they typically lead to lower prices for consumers. The computing power available at a piddly cost to everyday people today would have been unfathomable a few decades ago.
Another beneficial side effect of these businesses is their contribution to national security. Staying on the cutting edge of AI, chip design and cybersecurity is critical to Americas national interest. Theres no way any government could gather the smartest minds as effectively as the Super Seven, which provide lucrative employment opportunities for the best and brightest from across the globe. The result is a brain drain from elsewhere that stands to benefit the U.S.
Over the years, the stock market always had safe bets that seemed like sure things until, eventually, they petered out. The 30 stocks that make up the Dow Jones Industrial Average have had to be changed regularly, with dozens of comings and goings over the indexs century-plus history.
Theres no sure thing in the stock market, and that truism applies to the Super Seven of today. Enjoy their impressive run while it lasts, but watch closely to ensure their success doesnt come at the expense of free markets and fair competition.
Join the discussion on Twitter @chitribopinions and on Facebook.
Submit a letter, of no more than 400 words, to the editor here or email letters@chicagotribune.com.
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K-Digital Wave: Korean Startups and Tech Giants Ready to Amaze at CES 2024 – koreatechdesk
Posted: at 6:32 pm
As CES 2024, the most powerful tech event in the world gears up to unfold its tech extravaganza in Las Vegas from January 9-12, the spotlight is set to shine brightly on Korean companies, startups, and innovators. This year, over 550 Korean entities, ranging from global tech giants to Korean startups, are ready to unveil their cutting-edge technologies, cementing South Koreas position as a powerhouse of innovation in the global tech landscape.
CES 2024 will be hosted at Las Vegas Convention Center bringing together 4000+ exhibitors, including global brands and startups, industry professionals, media and government leaders.
Incheon Startup Parks Show of Innovation
Incheon Free Economic Zone Authority (IFEZ) has proudly announced that nine domestic startups nurtured by Incheon Startup Park clinched a remarkable total of 11 CES Innovation Awards. Established in 2003, IFEZ actively supports overseas expansion for local companies, with Incheon Startup Park acting as a launchpad for early-stage startups. Branded as Koreas first Korean Silicon Valley, it facilitates validation, investment, and entry into the global market.
These startups, supported by Incheon Startup Park, cover diverse sectors, including financial technologies, cybersecurity, vehicle tech, advanced mobility, and robotics. Notable mentions include Lordsystem, Microsystems, BANF, Gole Robotics, K-Rangers, Safeware, Sheco, TheLittleCat, and Verses, each recognized for their groundbreaking contributions to their respective fields. IFEZ startups can be found at Incheon/IFEZ Promotion Hall Booth No.9037, LVCC North Hall at CES 2024.
Semiconductors & AI Chip Technologies
South Koreas fabless chipmakers and semiconductor IP companies are set to make waves at CES 2024. DeepX, specializing in AI accelerator chips for neural processing units (NPUs), stands out as a star performer. Winning the CES Innovation Award in three categoriescomputer hardware, embedded technology, and roboticsDeepX leads the charge in the competitive AI semiconductor field. Their AI algorithm technology for edge AI applications and power-efficient NPUs promises real-time applications in smart cameras, mobility solutions, robots, and smart appliances.
Panmnesia, a fabless semiconductor company excelling in Compute Express Link (CXL) technology, is set to showcase its CXL-Enabled AI Accelerator at CES 2024. This innovative technology, capable of sharing memory across multiple hosts without coherency concerns, represents the pinnacle of chip memory architecture.
Chips & Media, a semiconductor IP company founded in 2003, is focusing on on-device AI with its NPUs. They plan to introduce their new NPU design asset, CMNP, at CES, underscoring the significance of NPUs in enabling AI functionalities without reliance on cloud servers.
Content Creation Solution & Batteries for Future
RebuilderAI, a 3D technology startup, has earned the CES Innovation Award in the Mobile Devices & Apps category for its mobile-based 3D content creating solution, VRIN 3D. This innovation allows users to quickly create 3D content by capturing surrounding objects and spaces on their smartphones. RebuilderAIs technology, to be showcased at Booth #61504 (Eureka Park), is recognized for its growth potential and backed by major investments.
LiBEST Inc., a South Korean lithium-ion battery startup, is unveiling an advanced form of flexible batteries at CES 2024. With a focus on applications for AR glasses and head-mounted displays (HMDs), LiBESTs multi-structured flexible batteries showcase innovation in design and functionality. The companys commitment to safety and energy density has earned it recognition at previous CES events. This year LiBEST Inc. will be found at Booth #23227 (LVCC Central Hall).
Korean Tech Giants to Step Up
Korean tech giants are also gearing up to make a splash at CES 2024. Samsung Electronics, the worlds largest mobile phone and memory chipmaker, will present its vision for AI technologies, emphasizing connectivity in the age of AI. LG Electronics, expanding its business portfolio, will introduce new AI-powered technologies, including the Smart Home AI Agent and a concept car unveiling its next-generation mobility vision.
SK Group, Hyundai Motor, and Kia are joining forces to showcase net-zero technologies, electric vehicle batteries, urban air mobility, and more in a thematic pavilion. Hyundai Motor Groups Hyundai and Kia will share their future blueprints for hydrogen energy ecosystems, software, and AI.
CES 2024 is shaping up to be a showcase of Korean ingenuity, with startups, semiconductor companies, and tech giants alike poised to display their innovations on the global stage. From AI chips to 3D content creation, flexible batteries, and beyond, South Koreas tech prowess is set to captivate audiences and contribute significantly to the ongoing global dialogue on emerging technologies. As CES unfolds, the world eagerly awaits the unveiling of these groundbreaking Korean technologies, propelling the nation further into the forefront of global innovation.
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Tech giants see 350 bn early year downturn, reversing 2023 rally – Euronews
Posted: at 6:32 pm
Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla see net 350 bn early year downturn, reversing 2023 rally, according to Bloomberg Magnificent 7 Total Return Index
The year has begun with a decline in trading for the so-called 'Magnificent Seven' of leading technology groups - Apple, Amazon, Alphabet, Microsoft, Meta, Nvidia and Tesla.
Apple's shares are leading the downturn, having fallen by 4.6% and contributing significantly to the general slump that resulted in total loss of 350 bn in market value to the seven companies, according to a Bloomberg tracking index.
We dont know if last years rally has fully ended, but it is completely normal to expect markets will pull back after a rally like we saw, said Steve Sosnick, chief strategist at Interactive Brokers Group, as reported by Bloomberg.
Without the year-end factors that turbocharged the rally, I think were seeing the party winding down.
Apple's stocks dropped following a downgrade by Barclays Plc analysts who predict weaker iPhone demand.
Meanwhile, Tesla experienced an 8.8% decline over four days, its longest streak of losses in more than four weeks. Despite surpassing delivery expectations for electric vehicles in the fourth quarter, Tesla lost its leading position in electric car sales to China's BYD Co.
According to Bloomberg, it's too soon to say the tech surge is over. In 2023, most gains made up for earlier losses, and companies like Amazon, Alphabet, Meta, and Tesla are still below their peak values, hinting at further growth potential.
However, the major tech companies also have a challenging task in 2024. They must keep delivering strong and profitable technology, Sosnick noted.
In December everyone bought the sizzle, he said. Now we have to see if the steak is any good.
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Tech giants see 350 bn early year downturn, reversing 2023 rally - Euronews
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