CrowdStrike Stock Tanks 15%, Set For Worst Day Since 2022

Shares of cybersecurity company CrowdStrike Holdings dropped 15% on Friday after the company’s software update resulted in what may turn out to be the largest IT outage ever. CrowdStrike stock “is on pace for its steepest daily loss since November 2022 and its $290 low share price is the lowest intraday mark since April 25,” reports Forbes. “CrowdStrike is on track for the third-worst day in its five-year history as a publicly traded company.” From the report: Microsoft, which was swept up in the outage as the downed systems are those running CrowdStrike’s cybersecurity applications and Microsoft’s Windows software, also slumped, with its shares down about 1% to the $3.2 trillion behemoth’s lowest share price since June 11. CrowdStrike competitor Palo Alto Networks enjoyed a 4% rally Friday, while the tech-heavy Nasdaq Composite stock index gained about 0.2%, held up by the likes of Microsoft rival Apple’s 1% stock gain and a 1% rise for shares of Alphabet, which is reportedly in talks to buy cybersecurity firm Wiz for $23 billion.

The CrowdStrike selloff is “an overreaction to a temporary setback,” Rosenblatt analyst Catharine Trebnick wrote in a note to clients Friday. It’s a “compelling buying opportunity” as it “creates a window for investors to buy into a high-quality, growth-oriented cybersecurity company at a discounted valuation,” Trebnick continued. To her point, CrowdStrike stock’s relative valuation, according to its price-to-earnings ratio (P/E), which compares its market value to its projected profits over the next four quarters, fell Friday to its lowest number since April. Still, CrowdStrike’s P/E of about 70 is very high for a company of its size, meaning investors will need to express significant confidence in the business’ ability to grow earnings, a challenge if Friday’s incident were to impact CrowdStrike’s client base.

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Apple Vision Pro’s Content Drought Improves With New 3D Videos

More than a dozen new Immersive Videos are coming to Vision Pro, with the first, titled Boundless, launching last night. “The announcement follows a long, slow period for new Vision Pro-specific video content from Apple,” writes Ars Technica’s Samuel Axon. “The headset launched in early February with a handful of Immersive Video episodes ranging from five to 15 minutes each. Since then, only three new videos have been added.” From the report: Tonight’s Boundless episode will allow viewers to see what it’s like to ride in a hot air balloon over sweeping vistas. Another episode titled “Arctic Surfing” will arrive this fall, Apple says. Sometime next month, Apple will publish the second episode of its real wildlife documentary, simply titled Wild Life. The episode will focus on elephants in Kenya’s Sheldrick Wildlife Trust. Another episode is in the works, too. “Later this year,” Apple writes in its newsroom post, “viewers will brave the deep with a bold group of divers in the Bahamas, who come face-to-face with apex predators and discover creatures much more complex than often portrayed.”

In September, we’ll see the debut of a new Immersive Video series titled Elevated. Apple describes it as an “aerial travel series” in which viewers will fly over places of interest. The first episode will take viewers to Hawaii, while another planned for later this year will go to New England. Apple is additionally partnering with Red Bull for a look at surfing called Red Bull: Big-Wave Surfing. In addition to those documentary episodes, there will be three short films by year’s end. One will be a musical experience featuring The Weeknd, and another will take basketball fans inside the 2024 NBA All-Star Weekend. There will also be Submerged, the first narrative fictional Immersive Video on the platform. It’s an action short film depicting struggles on a submarine during World War II.

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The Data That Powers AI Is Disappearing Fast

An anonymous reader quotes a report from the New York Times: For years, the people building powerful artificial intelligence systems have used enormous troves of text, images and videos pulled from the internet to train their models. Now, that data is drying up. Over the past year, many of the most important web sources used for training A.I. models have restricted the use of their data, according to a study published this week by the Data Provenance Initiative, an M.I.T.-led research group. The study, which looked at 14,000 web domains that are included in three commonly used A.I. training data sets, discovered an “emerging crisis in consent,” as publishers and online platforms have taken steps to prevent their data from being harvested.

The researchers estimate that in the three data sets — called C4, RefinedWeb and Dolma — 5 percent of all data, and 25 percent of data from the highest-quality sources, has been restricted. Those restrictions are set up through the Robots Exclusion Protocol, a decades-old method for website owners to prevent automated bots from crawling their pages using a file called robots.txt. The study also found that as much as 45 percent of the data in one set, C4, had been restricted by websites’ terms of service. “We’re seeing a rapid decline in consent to use data across the web that will have ramifications not just for A.I. companies, but for researchers, academics and noncommercial entities,” said Shayne Longpre, the study’s lead author, in an interview.

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FBI Used New Cellebrite Software To Crack Trump Shooter’s Phone

The FBI was given access to unreleased technology to access the phone of the man identified as the shooter of former President Donald Trump, Bloomberg reported late Thursday, citing people familiar with the investigation. From the report: As the FBI struggled to gain access on Sunday morning to the phone, they appealed directly to Cellebrite, a digital intelligence company founded in Israel that supplies technology to several US federal agencies, according to the people, who requested anonymity to speak freely about the case.

FBI agents wanted to pull data from the device to help decipher his motives for the shooting at a rally in Bethel Park, Pennsylvania, where Trump suffered an injured ear and a spectator was killed. Authorities have identified the deceased shooter as Thomas Matthew Crooks. The local FBI bureau in Pittsburgh held a license for Cellebrite software, which lets law enforcement identify or bypass a phone’s passcode. But it didn’t work with Crooks’ device, according to the people, who said the deceased shooter owned a newer Samsung model that runs Android’s operating system. The agents called Cellebrite’s federal team, which liaises with law enforcement and government agencies, according to the people. Within hours, Cellebrite transferred to the FBI in Quantico, Virginia, additional technical support and new software that was still being developed. The details about the unsuccessful initial attempt to access the phone, and the unreleased software, haven’t been previously reported.

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Founder of Fandango Dies After Plunge From Manhattan Hotel

J. Michael Cline, the co-founder of Fandango, died from suicide this week after falling from the twentieth floor of a Manhattan hotel. The New York Times reports: Mr. Cline, who was 64, co-founded Fandango in 2000 and left the company in 2011, according to his LinkedIn profile. The company — familiar to many from its splashy logo, an orange “F” in the shape of a ticket stub — was later acquired by Comcast and is currently owned by NBCUniversal and Warner Bros. For years, the company dominated movie-ticket sales, handling ticketing for several major theater chains and making money by charging a processing fee for online ticket sales and by selling advertising on its site.

At the time of its launch, Mr. Cline offered a pithy explanation for the company’s name: “A Fandango is fast and fun,” he told Variety. “Fandango is the perfect match to a service designed to make going to the movies easier and more enjoyable than ever before.” Art Levitt, the co-founder and former chief operating officer and president of Fandango, remembered Mr. Cline as brilliant, creative and loyal, sticking it out even in “tough” times. TechCrunch provides additional information about Mr. Cline: He left the company in 2011, roughly four years after the company was acquired by Comcast. Some early investors in the online ticketing service were General Atlantic and TCV. Cline was also managing partner of Accretive, a venture capital firm he founded in 1999. He built startups throughout his career, including R1 RCM, Accumen, Accolade, Everspring, Dresr and Insureon. Starting in 2018, Cline served as the executive chairman at the venture firm Juxtapose, which invests in technology businesses. During his time there, Cline enjoyed investing in healthcare companies, according to his staff page. Some of Juxtapose’s portfolio companies include Tend, Nectar and Great Jones.

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