‘The punch bowl has been aggressively spiked’: $1 billion asset manager sounds the alarm after Tesla’s 300% stock rally

Tesla’s stock soaring 300% in six months shows markets are messed up, VGI Partners says. “When a market cap of that size can go hyperbolic in a short period of time for no real reason, it is certainly symptomatic of an environment that is not normal.” However, the asset manager hasn’t shorted Tesla stock because of its huge potential customer base and its “billionaire genius” CEO, Elon Musk. VGI hasn’t bought shares either as the electric carmaker faces intense competition and an uncertain future. Visit Business Insider’s homepage for more stories. Tesla’s stock has skyrocketed more than 300% in six months, boosting the electric carmaker’s market capitalization to about $160… Read More

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‘The punch bowl has been aggressively spiked’: $1 billion asset manager sounds the alarm after Tesla’s 300% stock rally

Tesla’s stock soaring 300% in six months shows markets are messed up, VGI Partners says. “When a market cap of that size can go hyperbolic in a short period of time for no real reason, it is certainly symptomatic of an environment that is not normal.” However, the asset manager hasn’t shorted Tesla stock because of its huge potential customer base and its “billionaire genius” CEO, Elon Musk. VGI hasn’t bought shares either as the electric carmaker faces intense competition and an uncertain future. Visit Business Insider’s homepage for more stories. Tesla’s stock has skyrocketed more than 300% in six months, boosting the electric carmaker’s market capitalization to about $160… Read More

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Prince William and Kate Middleton may have already found a new couple to replace Prince Harry and Meghan Markle in the ‘Fab Four’

The Duke and Duchess of Cambridge have plans to appear alongside Prince Charles and Camilla in their first appearance together since “Megxit.” Prince William, Kate Middleton, and the Duke and Duchess of Cornwall rarely carry out engagements together — and it’s “unusual” for royals to do so, according to royal correspondent Chris Ship. Middleton and William were previously more likely to be seen with Prince Harry and Meghan Markle, as they had several joint projects together with the Royal Foundation. Visit Insider’s homepage for more stories. This could be the start of the new “Fab Four.” Prince William and Kate Middleton are set to make a rare joint appearance with… Read More

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A cruise ship carrying more than 3,700 is stuck in a Japanese port. 10 people on board just got tested positive for coronavirus.

Ten people a Japanese cruise ship that has been quarantined near Tokyo since Monday have tested positive for the Wuhan coronavirus. Medics started screening all 3,711 onboard on Tuesday. Nobody can leave the ship for the next 14 days. The ten infected people, who are all over 50 years old, were taken into isolation at a nearby hospital on the Japanese mainland. They include two Australians, three Japanese, three Hong Kong citizens, one American, and one Filipino. The Diamond Princess was quarantined because a passenger who disembarked in Hong Kong on January 25 tested positive for the virus on January 31. Visit Business Insider’s homepage for more stories. Ten passengers… Read More

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An Instagrammer tried to make a viral video by joking he might have coronavirus on a plane. Instead he forced an emergency landing and got arrested.

A YouTuber forced a plane to turn around and fly back to the airport after he joked that he could have the deadly coronavirus. James Potok said he stood up on the WestJet plane and announced that he had been to “the capital of the coronavirus” and “I’m not feeling too well.” The plane turned around about two hours into the flight, and Potok was examined for symptoms before he was arrested and charged. Potok said he had hoped to get a viral video, but that he now thinks “what I did was wrong” and said he “ruined the flight” for the 243 people on board. More than 20,000 people… Read More

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Ex-investors in Apple’s $200 million AI acquisition remain quiet over its rumoured military drone contracts

After acquiring AI startup Xnor.ai, Apple reportedly scrapped its involvement in the US military’s controversial Project Maven, a US Department of Defence program that Google stopped working on last year. Business Insider asked former investors, including the Allen Institute for AI and Autotech Ventures, if they were aware of Xnor.ai’s rumoured military contracts. Reports suggest Maven would give the US military the ability to track and spy on targets without any human involvement. Google announced it would leave Project Maven in June 2018 in response to employee protests over the company’s entry into “the business of war.” The contract officially ended in March. Click here for more BI Prime stories.… Read More

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The Iowa caucus debacle shows why tech and voting don’t mix

Local resident Wallace Mazon holds a sign outside the Iowa Democratic Party headquarters February 4, 2020 in Des Moines, Iowa. | Photo by Alex Wong/Getty Images Heading into 2020 election, our minds — my mind — have often been focused on the election of 2016. How will Russia attempt to interfere? What role will misinformation play in the outcome? Will tech platforms play a deciding role? The problem with fighting the last war, of course, is that the next war always plays out differently. You plan for threats that may no longer exist, or have transformed into something you won’t recognize. Meanwhile, new disasters lurk outside your field of view.… Read More

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Two Viacom alums are combining with an award-winning creative agency to challenge Madison Avenue and are already pulling in $100 million in revenue

Marketing and data strategy firm Schireson Associates has acquired independent creative agency Stun Creative and brand strategy firm Blackbird to form a new marketing company named Known. Known is led by former Viacom execs Kern Schireson and Ross Martin and co-founders of Los Angeles-based creative shop Stun. It’s pitching market research, data science, strategy and creative for advertisers. The company says it’s pulling in revenue of more than $100 million from clients like Google, Microsoft, and Universal Music Group, but it faces plenty of competition. Click here for more BI Prime stories. There’s a new marketing company on the block — and it claims it can give big holding companies… Read More

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Your Philips Hue light bulbs can still be hacked — and until recently, your network

Four years ago, security researchers showed how a flying drone could hack an entire room full of Philips Hue smart light bulbs from outside a building, by setting off a virus-like chain reaction that jumped from bulb to bulb. Today, we’re learning that vulnerability never got fully fixed — and now, researchers have figured out a way to exploit that very same issue to potentially infiltrate your home or corporate network, unless you install a patch. That’s the word from cybersecurity research firm Check Point Software, and the good news is you should already be safe from the worst part of the hack. If the Philips Hue Hub that controls… Read More

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Elon Musk polled his Twitter followers about opening a Tesla Gigafactory in Texas, and the response was resounding (TSLA)

Tesla CEO Elon Musk polled his Twitter followers on Tuesday night about whether he should open a new Gigafactory in Texas. Musk gave followers two options – “Hell yeah” and “Nope” — with 79.3% opting for “Hell yeah” six hours into the poll’s opening. Tesla recently opened a Gigafactory in Shanghai, to add to its preexisting Gigafactories in Buffalo, New York, and Storey County, Nevada; and an upcoming Gigafactory in Grünheide, near Berlin, Germany. Tesla’s stock has doubled so far in 2020, hitting a record $939 per share Tuesday as a seemingly irrepressible sense of optimism engulfed the company. Visit Business Insider’s homepage for more stories. Tesla CEO Elon Musk… Read More

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