MicroStrategy Reports $1 Billion Loss, CEO Steps Down To Focus On Bitcoin

MicroStrategy co-founder Michael Saylor gave up his chief executive officer title and said he’ll focus more on Bitcoin after the enterprise-software maker reported a loss of more than $1 billion related to the second-quarter plunge in the price of the cryptocurrency. Bloomberg reports: Saylor, who founded the Tysons Corner, Virginia-based company in 1989, will continue to serve as executive chairman as retains its Bitcoin buying strategy. MicroStrategy President Phong Le will take on the chief executive role. The company also filed with the Securities and Exchange Commission to register 450,000 shares. MicroStrategy took a $917.8 million impairment charge related to the decline in the value of the Bitcoin it holds. Bitcoin tumbled 59% in the quarter, and traded about 45% lower than the price at the end of the year-earlier period.

Revenue dropped to $122.1 million. Analysts polled by Bloomberg expected revenue of $123.25 million in the second quarter. Net quarterly loss of $1.062 billion compared with a loss of $299.3 million in the same quarter of last year. The quarterly loss is almost exactly twice the company’s revenue in the last 12 months. As of June 30, the carrying value of the company’s 129,699 Bitcoins was $1.988 billion, the company said, reflecting the cumulative impairment loss of $1.989 billion. The cumulative amount is now more than Bitcoin on the company’s balance sheet. “MicroStrategy’s original strategy and consulting business needs full-time attention,” said Henry Elder, head of decentralized finance at Wave Financial. “Now Michael can focus on what he does best, promoting Bitcoin. And the company can focus on making more money to buy more Bitcoin. They are basically doubling down.”

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US Authorities Threaten Alibaba With NYSE Delisting

Chinese tech giant Alibaba is the latest company to run afoul of the US Securities and Exchange Commission, which has threatened delisting from US stock exchanges. The Register reports: Alibaba’s addition to the SEC’s list of nearly 300 companies — mostly from China — means that US officials were unable to complete an audit of the company’s finances. The 2020 Holding Foreign Companies Accountable Act (HFCAA) gives the SEC the authority to delist companies if it is suspected that financial audits may not be accurate. The news hit Alibaba stock hard on Friday, causing it to drop from $100.52 to $89.37 through the day. In a statement sent to the SEC on Monday, Alibaba said it would “strive to maintain its listing status,” and that it would continue to monitor market developments and comply with applicable laws and regulations.

Addition to the SEC’s HFCAA list doesn’t mean that Alibaba will immediately be removed from the New York Stock Exchange (NYSE). Instead, the notice marks the company’s first “non-inspection” year; Alibaba is only actually in danger of delisting if it hands in two more consecutive annual reports that run afoul of the HFCAA. The report that landed the company under scrutiny covered Alibaba’s fiscal year ending on March 31, 2022. Companies on the provisional HFCAA list have 15 business days to dispute addition to the list. Along with Alibaba’s inclusion last week, pet company Boqii, Cheetah Mobile, ecommerce platform MOGU, manufacturing business Highway Holdings and logistics company Novagant Corp — all from China or Hong Kong — were added.

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Intel To Introduce Wi-Fi 7 In 2024 As Apple Plans Imminent Move To Wi-Fi 6E

According to a new report from ETNews, Intel is planning to install its next-generation Wi-Fi 7 (802.11be) technology in devices by 2024 as Apple transitions its devices to Wi-Fi 6E. MacRumors reports: Wi-Fi 7 is the successor to Wi-Fi 6E (802.11ax), bringing two times faster data processing speeds of 5.8 Gbps and more stable 6 GHz bandwidth stability, as well as support for up to 36 Gbps when working with data. Intel plans to expand its Wi-Fi 7 development efforts ahead of its introduction to the market in 2024 and intends to apply its technology predominantly in laptops before expanding to other devices. “We are currently developing Intel’s Wi-Fi ‘802.11be’ in order to obtain the ‘Wi-Fi Alliance’ certification, and it will be installed in PC products such as laptops by 2024. We expect it to appear in major markets in 2025,” Eric McLaughlin, vice president of Intel’s wireless solutions division, said at a recent press conference in Asia.

Meanwhile, Apple is on the cusp of transitioning its devices to Wi-Fi 6E. While it was heavily rumored to debut with the iPhone 13 lineup last year, Apple has yet to release any devices with support for Wi-Fi 6E. That is expected to change this year starting with the iPhone 14. Apple’s long-rumored mixed-reality headset is also expected to feature Wi-Fi 6E. Apple analyst Ming-Chi Kuo said that head-mounted display devices in 2022, 2023, and 2024 will offer Wi-Fi 6/6E, Wi-Fi 6E/7, and Wi-Fi 7, respectively, but it is unclear if this information was related to Apple’s product roadmap specifically. “Wi-Fi 6E offers the features and capabilities of Wi-Fi 6, including higher performance, lower latency, and faster data rates, extended into the 6 GHz band for processing speeds of 2.4 Gbps,” notes MacRumors. “The additional spectrum provides more airspace beyond existing 2.4GHz and 5GHz Wi-Fi, resulting in increased bandwidth and less interference.”

Other tech giants like Qualcomm, Broadcom, and MediaTek are also planning to release Wi-Fi 7-based products in the next few years.

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What 21 Billion Facebook Friendships Say About the Economic Ladder In the US

Meta publicly released information on 21 billion Facebook friendships as part of a research project looking at economic inequality in the United States, the company announced today. Along with new insights into the intersection of money and friendships in America, the partnership between Meta and the researchers gives us another look at who Facebook is willing to share data with — and why. The Verge reports: The research team wanted to understand why people in some places in the US were more likely to move between economic brackets than in others. Using the information from Meta, along with other data, a research team built a dataset for a pair of studies on economic mobility, published Monday in the journal Nature. One study found that people who grow up in areas where there are more friendships between high- and low-income people are more likely to move out of poverty and up the economic ladder. “Growing up in a community connected across class lines improves kids’ outcomes and gives them a better shot at rising out of poverty,” Raj Chetty, a Harvard economist and lead researcher on the study, told The New York Times.

Many places, though, don’t allow for much interaction between high- and low-income people, the second of the two studies found. And even when a neighborhood does allow for that kind of interaction, people are still more likely to befriend people in similar economic brackets. […] [T]he full dataset, which covers 21 billion Facebook friendships, is available through Facebook’s Data for Good program. People can search the public-facing website and see the economic connectedness of various communities, including their own. Researchers can download the data for additional studies. […] The new studies offer valuable insight into economic mobility in the US, and the data could help researchers understand how people in the US build relationships.

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MIT Engineers Develop Stickers That Can See Inside the Body

Live and high-resolution images of a patient’s internal organs are already possible with ultrasound imaging technology. But currently the technology “requires bulky and specialized equipment available only in hospitals and doctor’s offices,” explains an annoncement from MIT.

Now a new design by MIT engineers “might make the technology as wearable and accessible as buying Band-Aids at the pharmacy.”
In a paper appearing today in Science, the engineers present the design for a new ultrasound sticker — a stamp-sized device that sticks to skin and can provide continuous ultrasound imaging of internal organs for 48 hours.

The researchers applied the stickers to volunteers and showed the devices produced live, high-resolution images of major blood vessels and deeper organs such as the heart, lungs, and stomach. The stickers maintained a strong adhesion and captured changes in underlying organs as volunteers performed various activities, including sitting, standing, jogging, and biking….
From the stickers’ images, the team was able to observe the changing diameter of major blood vessels when seated versus standing. The stickers also captured details of deeper organs, such as how the heart changes shape as it exerts during exercise. The researchers were also able to watch the stomach distend, then shrink back as volunteers drank then later passed juice out of their system. And as some volunteers lifted weights, the team could detect bright patterns in underlying muscles, signaling temporary microdamage.

“With imaging, we might be able to capture the moment in a workout before overuse, and stop before muscles become sore,” says Chen. “We do not know when that moment might be yet, but now we can provide imaging data that experts can interpret.”

They’re already envisioning other possibilities:
If the devices can be made to operate wirelessly — a goal the team is currently working toward — the ultrasound stickers could be made into wearable imaging products that patients could take home from a doctor’s office or even buy at a pharmacy. “We envision a few patches adhered to different locations on the body, and the patches would communicate with your cellphone, where AI algorithms would analyze the images on demand,” says the study’s senior author, Xuanhe Zhao, professor of mechanical engineering and civil and environmental engineering at MIT.

“We believe we’ve opened a new era of wearable imaging: With a few patches on your body, you could see your internal organs.”

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