Category: 3. Business

  • SEC Agrees to Ease Long-Standing Research Analyst Restrictions on Major Banks | Insights

    SEC Agrees to Ease Long-Standing Research Analyst Restrictions on Major Banks | Insights

    On December 5, 2025, the Securities and Exchange Commission (the “SEC”) agreed to modify certain long-standing restrictions placed on major investment banks as part of a court settlement (commonly referred to as the “global research settlement”) in the early 2000s. The restrictions, which were designed to address alleged conflicts of interest between the firms’ equity research and investment banking arms, included a communications firewall between the two arms.

    The SEC’s action was in response to motions filed by several of the major banks party to the global research settlement requesting that they be released from certain of the restrictions under the global research settlement. In their motions, the banks argued that those restrictions were no longer necessary because comprehensive, industry wide regulation—principally Rule 2241 of the rules of the Financial Industry Regulatory Authority, which was adopted in 2015—now addresses the very conflicts of interest those restrictions were designed to manage, noting that the global research settlement itself anticipated this outcome by presuming modification once such rules were adopted. The banks further argued that, after a decade of effective enforcement of FINRA Rule 2241, maintaining a parallel, settlement specific regime for only the banks party to the global research settlement creates a fractured framework that imposes unnecessary burdens and costs without corresponding investor protection benefits.

    The global research settlement imposes several prescriptive restrictions that FINRA Rule 2241 does not, most notably a blanket ban on direct communications between investment bankers and research analysts except for narrowly enumerated exceptions. For example, the banks noted that the following actions, which would not pose any relevant conflict of interest under FINRA Rule 2241, are barred under the global research settlement: (1) bankers asking analysts for purely ministerial information (such as dial in details for a public research call); (2) bankers passively (i.e., in “listen only” mode) attending a research analyst call with company management; and (3) bankers facilitating or even alerting an analyst to an investor’s or corporate client’s request for an introduction or discussion. The banks further noted that while the global research settlement mandates communication rules that often require legal/compliance chaperoning, FINRA Rule 2241 uses a principles based “information barriers and policies/procedures” approach that allows benign interactions so long as conflicts are effectively managed.

    In a statement hailing the SEC’s consent to the modification, SEC Commissioner Mark Uyeda noted that “the [SEC] took an important step toward eliminating outdated and costly requirements on firms and improving the availability of equity research in our markets by agreement to amend the [global research settlement].”

    The proposed modifications remain subject to court approval.

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  • Biocon Biologics’ Ratings Unaffected by Buyout of Minorities – Fitch Ratings

    1. Biocon Biologics’ Ratings Unaffected by Buyout of Minorities  Fitch Ratings
    2. Indian Tycoon Kiran Mazumdar-Shaw’s Biocon Buyout Deal Values Biologics Unit At $5.5 Billion  Forbes
    3. Cyril Amarchand Mangaldas advises Serum Institute on sale of stake held in Biocon Biologics and subscription of shares in Biocon Limited, through share swap  SCC Online
    4. Biocon-BBL Integration: Can It Unmask The Biosimilars Arm’s Intrinsic Worth?  Citeline News & Insights
    5. Biocon Limited to integrate Biocon Biologics  The Pharma Letter

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  • Anglo American and Teck Resources shareholders back “merger of equals”

    (Alliance News) – Anglo American PLC on Tuesday welcomed news that shareholders in Teck Resources Ltd have approved the “proposed merger of equals” between the two firms at a special meeting.

    Shareholders in Vancouver, Canada-based Teck Resources overwhelmingly voted to approve the special resolution backing the merger with London-based miner Anglo American.

    Teck said 99.7% of the votes cast by class A common shareholders at the meeting were in favour of the resolution and 89.7% of votes cast by class B subordinate voting shareholders were in favour of the resolution.

    The resolution required the approval of at least two-thirds of class A shareholders and two-thirds of class B subordinate voting shareholders.

    “This resoundingly positive vote marks an important milestone in creating Anglo Teck – a global leader in critical minerals headquartered in Canada,” said Jonathan Price, president and chief executive Teck.

    “Anglo Teck will be positioned to deliver long-term value through a world-class copper growth portfolio, operational and functional synergies, and a stronger platform to meet growing demand for critical minerals essential to global economic growth and the energy transition,” he added.

    Anglo American said it was pleased Teck shareholders had approved the “merger of equals”.

    Anglo American Chief Executive Duncan Wanblad said: “We are extremely pleased to have received such strong support both from shareholders and stakeholders alike. Today marks a major milestone towards forming Anglo Teck – a global critical minerals champion, headquartered in Canada, and a top five global copper producer.”

    “Bringing together the best of both companies, Anglo Teck is set up to deliver outstanding value for shareholders of both companies – in the near term through a unique combination of industrial and other synergies, and in the longer term by applying proven capabilities to exceptional growth optionality, offering investors more than 70% exposure to copper,” he added.

    Shareholders in Anglo American had earlier supported the deal, passing both motions required to approve the transaction. Around 99% of Anglo investors backed the proposal.

    Under the planned deal, Anglo will own just over 62% of the combined group, with Teck shareholders owning the rest. The enlarged group’s headquarters will be in Vancouver, but its primary listing will remain in London.

    The merger remains subject to customary closing conditions, including approval under the Investment Canada Act and applicable competition and regulatory approvals in various jurisdictions globally and final approval by the Supreme Court of British Columbia.

    Shares in Anglo American closed down 0.5% at 2,916.00 pence each in London on Tuesday. Teck Resources ended up 0.9% at CAD61.95 in Toronto.

    By Jeremy Cutler, Alliance News reporter

    Comments and questions to newsroom@alliancenews.com

    Copyright 2025 Alliance News Ltd. All Rights Reserved.

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  • Resurrecting an MIT “learning by doing” tradition: NEET scholars install solar-powered charging station | MIT News

    Resurrecting an MIT “learning by doing” tradition: NEET scholars install solar-powered charging station | MIT News

    Students enrolled in MIT’s New Engineering Education Transformation (NEET) program recently collaborated across academic disciplines to design and construct a solar-powered charging station. Positioned in a quiet campus courtyard, the station provides the MIT community with climate-friendly power for phones, laptops, and tablets.

    Its installation marked the “first time a cross-departmental team of undergraduates designed, created, and installed on campus a green technology artifact for the public good, as part of a class they took for credit,” says Amitava “Babi” Mitra, NEET founding executive director.

    The project was very on-brand for the NEET program, which centers interdisciplinary, cross-departmental, and project-centric scholarship with experiential learning at its core. Launched in 2017 as an effort to reimagine undergraduate engineering education at MIT, NEET seeks to empower students to tackle complex societal challenges that straddle disciplines.

    The solar-powered charging station project class is an integral part of NEET’s decarbonization-focused Climate and Sustainability Systems (CSS) “thread,” one of four pathways of study offered by the program. The class, 22.03/3.0061 (Introduction to Design Thinking and Rapid Prototyping), teaches the design and fabrication techniques used to create the station, such as laser cutting, 3D printing, computer-aided design (CAD), electronics prototyping, microcontroller programming, and composites manufacturing.

    The project team included students majoring in chemical engineering, materials science and engineering, mechanical engineering, and nuclear science and engineering.

    “What I really liked about this project was, at the beginning, it was really about ideation, about design, about brainstorming in ways that I haven’t seen before,” says NEET CSS student Aaron De Leon, a nuclear science and engineering major focused on clean energy development. 

    During these brainstorming sessions, the team considered how their subjective design choices for the charging station would shape user experience, something De Leon, who enrolled in the class as a sophomore, says is often overlooked in engineering classes.

    The team’s forest-inspired station design — complete with “tree trunks,” oyster mushroom-shaped desk space, and four solar panels curved to mimic the undulation of the forest canopy — was intended to evoke a sense of organic connectivity. The tree trunks were crafted from novel flax fiber-based composite layups the team developed through experiments designed to identify more sustainable alternatives to traditional composites.

    The group also discussed how a dearth of device charging options made it difficult for students to work outside, according to NEET CSS student Celestina Pint, who enrolled in the class as a sophomore. The desk space was added to help MIT students work comfortably outdoors while also charging their devices with renewable energy.

    Pint joined NEET because she wanted to “keep an open approach to climate and sustainability,” as opposed to relying on her materials science and engineering major alone, she says. “I like the interdisciplinary aspect.”

    The project class presented abundant interdisciplinary learning opportunities that couldn’t be replicated in a purely theory-based curriculum, says Nathan Melenbrink, NEET lecturer, who teaches the project class and is the lead instructor for the NEET CSS thread.

    For example, the team got a crash course in navigating real-world bureaucracy when they discovered that the installation of their charging station had to be approved by more than a dozen entities, including campus police, MIT’s insurance provider, and the campus facilities department.

    The team also gained valuable experience with troubleshooting unanticipated design implementation challenges during the project’s fabrication phase.

    “Adjustments had to be made,” Pint says. Once the station was installed, “it was interesting to see what was the same and what was different” from the team’s initial design.

    This underscores a unique value of the project, according to NEET CSS student Tyler Ea, a fifth-year mechanical engineering major who joined the project team last year and is now a teaching assistant for the class.

    Students “are able to take ownership of something physical, like a physical embodiment of their ideas, and something that they can point towards and say, ‘here’s something that I thought about, and this is how I went about building it, and then here’s the final result,’” he says.

    While students only become eligible to join NEET in their second year, first-year students interested in the program were also able to learn from the solar-powered charging station project in the first-year discovery class SP.248 (The NEET Experience). After learning fundamental concepts in systems engineering, the class analyzed the station and suggested changes they thought would improve its design.

    Melenbrink says student-built campus installations were once a hallmark of MIT’s academic culture, and he sees the NEET CSS solar-powered charging station project as an opportunity to help revive this tradition.

    “What I hear from the old guard is that there was always somebody … lugging some giant, odd-looking prototype of something across campus,” Melenbrink says.

    More collaborative, hands-on, student-led climate projects would also help the Institute meet its commitment to become a leading source of meaningful climate solutions, according to Elsa Olivetti, the Jerry McAfee (1940) Professor of Materials Science and Engineering and strategic advisor to the MIT Climate and Sustainability Consortium (MCSC).

    “This local renewable energy project demonstrates that our campus community can learn through solution development,” she says. “Students don’t have to wait until they graduate or enter the job market to make a contribution.”

    Students enrolled in this year’s Introduction to Design Thinking and Rapid Prototyping class will fabricate and install a new solar-powered charging station with a unique design. De Leon says he appreciates the latitude NEET students have to make the project their own.

    “There was never the case of a professor saying, ‘We need to do it this way,’” he says. “I really liked that ability to learn as many things as you wanted to, and also have the autonomy to make your own design decisions along the way.”

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  • Constellation Announces Private Exchange Offers and Consent Solicitations for Calpine Corporation Notes

    Constellation Announces Private Exchange Offers and Consent Solicitations for Calpine Corporation Notes

    (1)      Principal amount of Constellation Notes issued in exchange for each $1,000 principal amount of Calpine Notes validly tendered and accepted for exchange.

    (2)      Per $1,000 principal amount of the applicable series of Calpine Notes validly tendered by the Early Tender Deadline and not validly withdrawn by the Withdrawal Deadline and accepted for exchange, the Cash Consideration (as defined below) will be an amount equal to the product of $1.00 (with respect to the Existing Unsecured 2029 Notes), $1.00 (with respect to the Existing Unsecured 2031 Notes) and $2.50 (with respect to the Existing Secured 2031 Notes), in each case multiplied by a fraction, the numerator of which is the aggregate principal amount of the applicable series of Calpine Notes outstanding as of the Early Tender Deadline and the denominator of which is the aggregate principal amount of the applicable series of Calpine Notes validly tendered by the Early Tender Deadline and not validly withdrawn by the Withdrawal Deadline. As a result, the Cash Consideration (as defined below) for each series of Calpine Notes will range from $1.00 per $1,000 principal amount with respect to the Existing Unsecured 2029 Notes, $1.00 per $1,000 principal amount with respect to the Existing Unsecured 2031 Notes or $2.50 per $1,000 principal amount with respect to the Existing Secured 2031 Notes (in each case, if all eligible noteholders of each such series of Calpine Notes tender), respectively, to approximately $2.00 per $1,000 principal amount with respect to the Existing Unsecured 2029 Notes, $2.00 per $1,000 principal amount with respect to the Existing Unsecured 2031 Notes or $5.00 per $1,000 principal amount with respect to the Existing Secured 2031 Notes, respectively (in each case, if eligible noteholders of a simple majority of the aggregate principal amount of such series of the Calpine Notes tender).

    (3)      Exchange Consideration does not include, and eligible noteholders tendering after the Early Tender Deadline will not be eligible to receive, any Cash Consideration (as defined below). In addition, Exchange Consideration involves the issuance of $970 principal amount of Constellation Notes, as opposed to $1,000 principal amount of Constellation Notes, for each $1,000 principal amount of Calpine Notes validly tendered after the Early Tender Deadline and accepted for exchange.

     

    Indicative Timetable for the Exchange Offer and Consent Solicitation

    Commencement Date

    December 9, 2025

    Withdrawal Deadline

    5:00 p.m., New York City time, on December 22, 2025, unless extended or earlier terminated by Constellation.

    Early Tender Deadline

    5:00 p.m., New York City time, on December 22, 2025, unless extended or earlier terminated by Constellation.

    Expiration Date

    5:00 p.m., New York City time, on January 8, 2026, unless extended or earlier terminated by Constellation.

    Settlement Date

    Promptly after the Expiration Date, subject to the satisfaction or waiver of certain conditions as described in the Offering Memorandum. Expected to occur on or about the third business day after the Expiration Date, but subject to change.

     

    The Exchange Offers and Consent Solicitations will expire at 5:00 p.m., New York City time, on January 8, 2026, unless such date is extended or earlier terminated (such date and time, as they may be extended, the “Expiration Date”). Tenders of Calpine Notes may be validly withdrawn and consents revoked at any time prior to 5:00 p.m., New York City time, on December 22, 2025 (such date and time, as they may be extended, the “Withdrawal Deadline”), but tenders and consents not so validly withdrawn will be irrevocable after the Withdrawal Deadline, except in certain limited circumstances where additional withdrawal rights are required by law. Constellation reserves the right to terminate, withdraw, amend or extend the Exchange Offers and Consent Solicitations in its sole discretion, subject to the terms and conditions set forth in the Offering Memorandum.

    Subject to the terms and conditions set forth in the Offering Memorandum, for each $1,000 principal amount of Calpine Notes validly tendered in the Exchange Offer by 5:00 p.m., New York City time, on December 22, 2025 (such date and time, as they may be extended, the “Early Tender Deadline”), and not validly withdrawn by the Withdrawal Deadline, each eligible holder of Calpine Notes will be eligible to receive Constellation Notes in an equal principal amount as the tendered Calpine Notes accepted for exchange and a cash payment of an amount equal to the product of $1.00 (with respect to the Existing Unsecured 2029 Notes), $1.00 (with respect to the Existing Unsecured 2031 Notes) and $2.50 (with respect to the Existing Secured 2031 Notes), in each case multiplied by a fraction, the numerator of which is the aggregate principal amount of the applicable series of Calpine Notes outstanding as of the Early Tender Deadline and the denominator of which is the aggregate principal amount of the applicable series of Calpine Notes validly tendered by the Early Tender Deadline and not validly withdrawn by the Withdrawal Deadline (the “Cash Consideration” and, together with such amount of Constellation Notes, the “Total Exchange Consideration”). As a result, the Cash Consideration for each series of Calpine Notes will range from $1.00 per $1,000 principal amount with respect to the Existing Unsecured 2029 Notes, $1.00 per $1,000 principal amount with respect to the Existing Unsecured 2031 Notes or $2.50 per $1,000 principal amount with respect to the Existing Secured 2031 Notes (in each case, if all eligible noteholders of each such series of the Calpine Notes tender), respectively, to approximately $2.00 per $1,000 principal amount with respect to the Existing Unsecured 2029 Notes, $2.00 per $1,000 principal amount with respect to the Existing Unsecured 2031 Notes or $2.50 per $1,000 principal amount with respect to the Existing Secured 2031 Notes, respectively (in each case, if eligible noteholders of a simple majority of the aggregate principal amount of such series of the Calpine Notes tender).

    Eligible holders who validly tender their Calpine Notes after the Early Tender Deadline but on or prior to the Expiration Date will be eligible to receive $970 principal amount of the Calpine Notes per $1,000 principal amount of Calpine Notes validly tendered but no Cash Consideration (the “Exchange Consideration”).

    The Constellation Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. No tender of Calpine Notes will be accepted if it would result in the issuance of less than $2,000 principal amount of the Calpine Notes. If the principal amount of Constellation Notes validly tendered after the Early Tender Deadline that would otherwise be required to be delivered in exchange for a tender of Calpine Notes would not equal $2,000 or an integral multiple of $1,000 in excess thereof, then the principal amount of such Constellation Notes will be rounded down to $2,000 or the nearest integral multiple of $1,000 in excess thereof, and Constellation will pay cash (in lieu of such Constellation Notes not delivered) equal to the remaining portion of the Exchange Consideration for such Calpine Notes plus accrued and unpaid interest with respect to that portion to, but not including, the Settlement Date.

    Constellation’s obligation to accept and exchange the Calpine Notes validly tendered pursuant to the Exchange Offers is subject to certain conditions as set forth in the Offering Memorandum. The Exchange Offers and Consent Solicitations are not conditioned upon any minimum aggregate principal amount of Calpine Notes being validly tendered for exchange, but are conditioned upon, among others, the receipt of the requisite consents to adopt the proposed amendments to the Calpine Indentures and the consummation of the previously announced merger transaction contemplated by that certain Agreement and Plan of Merger, dated as of January 10, 2025, by and among Constellation Energy Corporation and Calpine (the “Merger Agreement”). Other than the consummation of the merger transaction contemplated by the Merger Agreement (without which the Exchange Offers will not be consummated, neither the Exchange Consideration nor the Total Exchange Consideration will be paid, nor will the amendments contemplated by the Consent Solicitations become effective), Constellation may generally waive any condition with respect to the Exchange Offers and Consent Solicitations, in its sole discretion, at any time.

    The Exchange Offers are being made only to holders of Calpine Notes who satisfy the eligibility conditions described under “Disclaimer” below. Holders of Calpine Notes who desire a copy of the eligibility letter should contact D.F. King & Co., Inc., the information agent and exchange agent for the Exchange Offers and Consent Solicitations, at (866) 796-3441 or via e-mail at CEG@dfking.com. Banks and brokers should call (212) 448-4476. Eligible holders may go to www.dfking.com/CEG to confirm their eligibility.  D.F. King & Co., Inc. will also provide copies of the Offering Memorandum to eligible holders of Calpine Notes.

    Holders of Calpine Notes are advised to check with any bank, securities broker or other intermediary through which they hold Calpine Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in, the Exchange Offers and Consent Solicitations before the deadlines specified herein and in the Offering Memorandum. The deadlines set by each clearing system for the submission and withdrawal of exchange instructions will also be earlier than the relevant deadlines specified herein and in the Offering Memorandum.


    Disclaimer

    This press release is issued pursuant to Rule 135c under the Securities Act of 1933, as amended (the “Securities Act”). This press release is neither an offer to sell nor the solicitation of an offer to buy the Constellation Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. The Exchange Offers have not been and will not be registered under the Securities Act, or the securities laws of any other jurisdiction, and, accordingly, the Constellation Notes will be subject to transfer restrictions unless and until the Constellation Notes are registered or exchanged for registered notes. The Constellation Notes will be issued in reliance upon exemptions from, or in transactions not subject to, registration under the Securities Act. The Exchange Offers are being made only to, and the Constellation Notes will be offered for exchange only to, holders of Calpine Notes who are (i) reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, and (ii) outside the United States, persons who are not, and who are not acting for the account or benefit of, “U.S. persons” (as defined in Rule 902 under the Securities Act) in compliance with Regulation S under the Securities Act. The Constellation Notes will not be offered or sold in the United States or to U.S. persons (as defined in Rule 902 under the Securities Act) unless the transaction is registered under the Securities Act, an exemption from the registration requirements of the Securities Act is available or the transaction is not subject to registration under the Securities Act.

    The Exchange Offers and Consent Solicitations are being made only pursuant to the Offering Memorandum. The Offering Memorandum and other documents relating to the Exchange Offers and Consent Solicitations will be distributed only to holders of Calpine Notes who confirm that they are within the categories of eligible participants in the Exchange Offers. None of Constellation, the dealer managers and solicitation agents, the exchange agent, the information agent, the trustees for the Constellation Notes or the Calpine Notes, their respective affiliates, or any other person is making any recommendation as to whether holders should tender their Calpine Notes in the Exchange Offer or consent to the proposed amendments in the Consent Solicitation.

    This press release, the Offering Memorandum and any other offering material relating to the Exchange Offers are not being made, and have not been approved, by an authorized person for the purposes of Section 21 of the Financial Services and Markets Act 2000. Accordingly, this press release, the Offering Memorandum and any other offering material relating to the Exchange Offers are only being distributed to and are only directed at: (i) persons who are outside the United Kingdom, (ii) persons in the United Kingdom who have professional experience in matters relating to investments who fall within the definition of investment professionals as defined within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”) or (iii) high net worth entities and other persons who fall within Article 49(2)(a) to (d) of the Order (all such persons together being referred to for purposes of this paragraph as “relevant persons”). The Constellation Notes will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on the Offering Memorandum or any of its contents and may not participate in the Exchange Offers.

    The complete terms and conditions of the Exchange Offers and Consent Solicitations are set forth in the Offering Memorandum. The Exchange Offers are only being made pursuant to the Offering Memorandum. The Exchange Offers are not being made to holders of Calpine Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. Neither the Securities and Exchange Commission nor any other regulatory body has registered, recommended or approved of the Constellation Notes or passed upon the accuracy or adequacy of the Offering Memorandum.

     

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  • Marvell Launches Strategic Initiative to Accelerate AEC Ecosystem and Hyperscaler Adoption

    Marvell Launches Strategic Initiative to Accelerate AEC Ecosystem and Hyperscaler Adoption





    New “Golden Cable” Initiative Accelerates Time-to-market for Next-generation, High-performance AEC Deployments

    SANTA CLARA, Calif.–(BUSINESS WIRE)–
    Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today introduced its Golden Cable initiative, a strategic program designed to accelerate and broaden the active electrical cable (AEC) ecosystem and enable faster time-to-market for hyperscaler AI deployments. The program delivers a complete offering with industry-leading software, validated reference designs and comprehensive support, empowering ecosystem partners to quickly design and deploy AEC solutions that meet hyperscaler requirements.

    The Golden Cable initiative launches at a pivotal time as hyperscalers re-architect and scale networks to handle massive new AI workloads quickly and reliably. With rack densities and bandwidth demands surging, short-reach copper connections powered by AECs are critical for maintaining performance while delivering lower cost and power compared to alternative solutions. However, the integration of AECs requires precise engineering and advanced software to achieve the levels of performance, reliability and predictability hyperscalers demand.

    The Golden Cable initiative provides a validated cable architecture tested across leading platforms, advanced firmware and calibration data for simplified integration and interoperability, and an open approach that enables partners to scale production rapidly while maintaining design flexibility. It also supports product differentiation by allowing customers to incorporate their own IP for custom features such as cable gauges, bend radius and reach.

    “As AI infrastructure scales at an unprecedented pace, the need for open, high-performance AEC interconnect solutions has never been more critical,” said Xi Wang, senior vice president and general manager of the Connectivity Business Unit at Marvell. “The Golden Cable initiative empowers ecosystem partners to quickly innovate, iterate and differentiate, delivering validated architectures, advanced firmware and design flexibility that will shape the next generation of hyperscaler AI deployments.”

    “Marvell is helping the industry expedite both design and manufacturing, enabling faster time-to-market and higher reliability for our AEC offerings,” said Joseph Wang, CTO at Foxconn Interconnect Technology. “Through the Golden Cable initiative, we completed our first design in just two months. By working with Marvell on validated architectures, advanced firmware and an open design approach, we can help customers quickly accelerate to 1.6T connectivity while efficiently scaling AI data center infrastructure.”

    “Current and future AI architectures increasingly prioritize high-density compute scaling, which drives substantial demand for in-rack and short-reach inter-rack connectivity,” said Vito Chen, GM of the Electrical Connectivity Product Line at Luxshare Technology Co., Ltd. “Thanks to the Marvell Golden Cable initiative together with Luxshare Tech’s Optamax® high-performance bulk cable, end customers can accelerate the deployment and adoption of AEC technology, ultimately enhancing the competitiveness of their AI models.”

    “AECs are emerging as one of the fastest-growing segments in scale-up and scale-out interconnects, especially for the short- to mid-range connections (2-9 meters) inside and between racks,” said Alan Weckel, co-founder and technology analyst at 650 Group. “The AEC market is projected to grow from $644 million in 2025 to $1.4 billion by 2029, driven by the shift to 1.6T networking and the expansion of AI clusters, and Marvell is providing some of the core technology that will support this growth.”

    About Marvell

    To deliver the data infrastructure technology that connects the world, we’re building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world’s leading technology companies for over 30 years, we move, store, process and secure the world’s data with semiconductor solutions designed for our customers’ current needs and future ambitions. Through a process of deep collaboration and transparency, we’re ultimately changing the way tomorrow’s enterprise, cloud and carrier architectures transform—for the better.

    Marvell and the M logo are trademarks of Marvell or its affiliates. Please visit www.marvell.com for a complete list of Marvell trademarks. Other names and brands may be claimed as the property of others.

    This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events, results or achievements. Actual events, results or achievements may differ materially from those contemplated in this press release. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, including those described in the “Risk Factors” section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and no person assumes any obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

    Media Contact:

    George Millington

    pr@marvell.com

    Source: Marvell Technology, Inc.

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  • Stocks remain on hold ahead of Fed meeting with a few interesting sector rotations

    Stocks remain on hold ahead of Fed meeting with a few interesting sector rotations

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  • Bringing the heat to Oxford Street with PUMA

    Bringing the heat to Oxford Street with PUMA

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  • CFTC Obtains Over $2M Restitution for Victims of Precious Metals, Foreign Currency Pool Fraud

    CFTC Obtains Over $2M Restitution for Victims of Precious Metals, Foreign Currency Pool Fraud

     — The Commodity Futures Trading Commission announced today the U.S. District Court for the District of Oregon entered a consent order against Robert L. Adams and SimTradePro Incorporated, both of Oregon, for fraud involving multiple commodity pools. 

    The order requires the defendants to pay $2,072,986 in restitution to defrauded victims. It also permanently bans them from trading and registering with the CFTC and prohibits further violations of the Commodity Exchange Act and CFTC regulations, as charged. 

    The consent order resolves a CFTC enforcement action filed Sept. 30, 2024 [See CFTC Press Release No. 8993-24].

    According to the court’s findings, Adams and SimTradePro fraudulently solicited and accepted more than $2.3 million from at least 100 customers, many of whom were planning for retirement, to trade leveraged foreign currency exchange and leveraged gold and silver contracts in the defendants’ commodity pools. The defendants misrepresented the amount of fees charged, falsely claiming to only be paid if their customers made money, and hid trading losses. The court also found that SimTradePro unlawfully acted as a commodity pool operator and commodity trading advisor.

    In a related criminal action involving the same misconduct, Adams was sentenced Aug. 12 to 2.5 years in prison and ordered to pay restitution. United States v. Adams (No. 6:23-cr-00211-MC D. Or.).

    The CFTC cautions that orders requiring repayment of funds to victims may not always result in the recovery of any money because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable. 

    The CFTC thanks the United Kingdom Financial Conduct Authority for its assistance. The Division of Enforcement also appreciates the support of the Oregon Division of Financial Regulation, the Australian Securities and Investments Commission, and the Central Bank of Ireland.

    CFTC Division of Enforcement staff responsible for this action are Harry E. Wedewer, Mary Lutz, Patrick Marquardt, Chris Giglio, Lenel Hickson, and Chuck Marvine. 
     

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  • ‘Customers don’t care about AI’ — they want to boost cash flow and make ends meet, Intuit CEO says

    ‘Customers don’t care about AI’ — they want to boost cash flow and make ends meet, Intuit CEO says

    While Wall Street and Silicon Valley are obsessed with artificial intelligence, many businesses don’t have the luxury to fixate on AI because they’re too busy trying to grind out more revenue.

    At the Fortune Brainstorm AI conference in San Francisco on Monday, Intuit CEO Sasan Goodzari acknowledged the day-to-day priorities of users of his company’s products, such as QuickBooks, TurboTax, Mailchimp and Credit Karma.

    “I remind ourselves at the company all the time: customers don’t care about AI,” he told Fortune’s Andrew Nusca. “Everybody talks about AI, but the reality is a consumer is looking to increase their cash flow. A consumer is looking to power their prosperity to make ends meet. A business is trying to get more customers. They’re trying to manage their customers, sell them more services.”

    Of course, AI still powers Intuit’s platforms, which help companies and entrepreneurs digest data that’s often stovepiped across dozens of separate applications they juggle. So Intuit declared years ago that it would focus on delivering “done-for-you experiences,” Goodzari said.

    On the enterprise side, it means helping businesses manage sales leads, cash flow, accounting, or taxes. On the consumer side, it entails helping users build credit and wealth. Expertise from a real person, or human intelligence (HI), is an essential component as well.

    “Customers don’t care about AI,” Goodzari added. “What they care about is ‘Help me grow my business, help me prosper.’ And we have found the only way to do that is to combine technology automating everything for them with human intelligence on our platform that can actually give you the human touch and the advice. And we believe that will be the case for decades to come. But the role of the HI, the human, will change.”

    For example, an Intuit AI agent can hand off tasks to humans by helping them follow up with business clients who have overdue invoices or identify which ones typically pay on time.

    Ashok Srivastava, Intuit’s chief AI officer, noted that the AI agents on average save customers 12 hours per month on routine tasks. In addition, users get paid five days sooner and are 10% more likely to be paid in full.

    “As a person who’s run small businesses in the past, I can tell you numbers like that are very meaningful,” he said. “Twelve more hours means 12 more hours that I can spend building my products, understanding my customers.”

    Read more from Fortune Brainstorm AI:

    Cursor developed an internal AI help desk that handles 80% of its employees’ support tickets, says the $29 billion startup’s CEO

    OpenAI COO Brad Lightcap says ‘code red’ will force the company to focus, as the ChatGPT maker ramps up enterprise push

    Amazon robotaxi service Zoox to start charging for rides in 2026, with ‘laser focus’ on transporting people, not deliveries, says cofounder

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