Ryde Group Ltd. (AMEX:RYDE) shares are trading higher on Thursday after the company disclosed the renewal of its full ride-hail and carpool service operator licenses for three years in Singapore.
As Singapore’s transportation landscape evolves, Ryde uses technology and AI-driven algorithms to enhance the commuting experience.
Subashini Thanakodi, Associate Director of Operations, said, “We are deeply honored to have achieved this milestone, which reflects Ryde’s commitment to creating sustainable and inclusive mobility solutions for everyone.”
Since 2014, Ryde has focused on empowering driver-partners and improving commuter experiences.
Its 0% commission policy, 7 driver commitments, and 1-day leave scheme ensure higher earnings and better work-life balance for drivers.
For riders, Ryde offers an enhanced app with AI-driven recommendations, faster ride-matching, and seamless booking.
The Ryde+ subscription provides savings, quicker bookings, and exclusive perks, strengthening rider loyalty and affordability.
Last month, Ryde extended its partnership with Singlife, by signing an MOU to implement a Work Injury Compensation Act Protection Plan for platform workers, effective January 1, 2025, building on the RydeSafe initiative for riders.
Price Action: RYDE shares are up 24% at $0.3845 at the last check Thursday.
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Nano Labs Ltd (NASDAQ:NA) shares are trading lower on Thursday. Today, the company unveiled FPU3.0, its latest ASIC architecture aimed at enhancing AI inference and blockchain performance.
The FPU series is Nano Labs’ proprietary ASIC chip architecture tailored for high-bandwidth High Throughput Computing applications.
FPU3.0, utilizing advanced 3D DRAM stacking, achieves a fivefold increase in power efficiency compared to its predecessor, FPU2.0, setting a benchmark for energy-efficient, high-performance ASICs.
The FPU3.0 architecture features stacked 3D memory with a theoretical bandwidth of 24TB/s and an enhanced Smart-NOC on-chip network.
This modular design allows for rapid product updates by modifying the FPU core IP while reusing or upgrading other components, enabling the seamless introduction of new features.
This network accommodates diverse compute cores and traffic types, including large and small cores, full-crossbar, and feed-through traffic.
The Nano FPU architecture consists of four key components: the Smart Network-on-Chip, a high-bandwidth memory controller, chip-to-chip interconnect IOs, and the FPU core.
These chips deliver superior computational efficiency and lower power consumption compared to general-purpose CPUs and GP-GPUs, making them ideal for AI inference, edge AI computing, 5G data transmission processing, and network acceleration.
Price Action: NA shares are down 15.8% at $7.57 at the last check Thursday.
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Mullen Automotive, Inc. (NASDAQ:MULN) disclosed a Class 3 EV truck purchase order from Westland Floral.
The order includes two Mullen THREE trucks, upfitted by Phenix Truck Bodies in California and facilitated by Pritchard, with California HVIP incentives approved.
The Mullen THREE offers a 38-foot turning diameter, excellent visibility for city streets, and a versatile chassis supporting upfits up to 14 feet long with a payload capacity exceeding 5,800 pounds.
Ben Hartford, EV sales manager for Pritchard Commercial said, “Westland Floral’s decision to incorporate the Mullen THREE into their fleet demonstrates the growing recognition of EVs as a cost-effective and sustainable solution.”
“By utilizing California’s HVIP incentives, they are not only reducing their operational costs but also making a meaningful commitment to environmental sustainability.”
David Michery, CEO and chairman of Mullen Automotive, added, “It’s also great that Westland was able to take advantage of the California HVIP incentive, which is an incredible program and incentive offered to fleets in California.”
Last week, the company announced a commercial vehicle sales update. Since September 30, Mullen said it has sold 100 Class 1 and Class 3 electric cargo vans and trucks, generating $5.5 million in total sales.
Mullen’s commercial EV lineup includes the Mullen ONE, a Class 1 EV cargo van, and the Mullen THREE, a Class 3 EV cab chassis truck, both of which meet the requirements of U.S. Federal Motor Vehicle Safety Standards and environmental regulations.
Price Action: MULN shares are down 0.93% at $1.06 at the last check Thursday.
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Chinese electric vehicle stocks, including NIO Inc (NYSE:NIO), Li Auto Inc (NASDAQ:LI), XPeng Inc (NYSE:XPEV), and ZEEKR Intelligent Technology Holding (NYSE:ZK), are trading upwards Thursday amid reports indicating that EV sales will likely surpass traditional cars in China for the first time in 2025 beating Europe, the U.S. and Japan.
China will likely sell over 12 million cars in 2025 versus 5.9 million in 2022, the Financial Times cites estimates from investment banks and research groups estimates.
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Meanwhile, sales of traditional cars will likely decline to below 11 million in 2025 from 14.8 million in 2022, Sri Lanka Guardian cites the FT.
China’s EV sales trajectory bears testimony to its progress in domestic technology and ability to secure a global supply chain for lithium and cobalt. Additionally, the scale of China’s manufacturing abilities has rendered EVs a more affordable option for consumers, Sri Lanka Guardian cites Robert Liew of Wood Mackenzie. He expects China to accomplish its target of EVs accounting for 50% of car sales by 2035, ten years ahead of schedule.
Per the FT report, Industry forecasts indicate that Chinese factories producing traditional engine cars will face an almost nonexistent domestic market within a decade as rising protectionism and uncertainty over government subsidies challenge Western carmakers.
Yuqian Ding of HSBC told the FT that China’s EV juggernaut is indomitable despite a slowdown in growth from a very high base due to oversupply, competition, and a price war.
Earlier this week, reports indicated China ramping up stimulus to shield from potential U.S. tariffs. The country is eying 3 trillion yuan ($411 billion) in special treasury bonds in 2025, compared to 2024’s 1 trillion yuan, to drive consumption through subsidy programs, equipment upgrades, and investments in advanced sectors.
Price Actions: At the last check on Thursday, NIO is up 2.06% at $4.715. LI is up 3.86%, XPEV is up 3.12%, and ZK is up 8.48%.
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Billionaire Dan S. Loeb is the founder of Third Point and is renowned for his bold activist strategies that challenge the status quo and drive transformation in global companies.
In the fourth quarter of 2024, renowned hedge fund manager Loeb significantly increased stakes in several companies, including more than doubling Third Point’s holdings in Intercontinental Exchange Inc. (NYSE:ICE) and CRH PLC (NYSE:CRH), according to quarterly 13F filings.
ICE: Intercontinental Exchange operates exchanges, including the New York Stock Exchange, and clearing houses that enable investment, capital raising, and risk management across various asset classes.
Loeb added 1.08 million shares in the third quarter at an average price of $148.77, bringing the total to 2.08 million shares.
This represents a 108.5% increase in share count from Q2, with a total portfolio value of $334.93 million.
Third Point revealed its stake in a 13F filing in November. The stock has declined about 5.7% in the last month.
Meanwhile, the capital market sector, as measured by the SPDR S&P Capital Markets ETF (NYSE:KCE), has declined roughly by 4.29% in the last month.
In the third quarter, the company’s adjusted EPS of $1.55 was in line with the consensus expectations, while sales of $2.349 billion were slightly below the $2.354 billion estimate.
CRH: The company provides building materials solutions and has leadership positions in both North America and Europe.
Loeb added 1.40 million shares at an average price of $83.86 in the third quarter, raising the total count to 2.05 million shares.
This marks a 215.38% increase in share count, with a total value of $190.12 million.
CRH shares have dipped around 7.8% compared to First Trust RBA American Industrial Renaissance ETF‘s (NASDAQ:AIRR) decline of 7.9% in the past month.
The company’s third-quarter results missed analyst consensus, with adjusted EPS of $1.97 coming below the consensus of $2.09 and sales of $10.515 billion falling short of the street view of $10.56 billion.
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WiMi Hologram Cloud Inc. (NASDAQ:WIMI) shares are trading higher on Thursday.
The firm has announced the development of a Quantum Technology-Based Random Access Memory Architecture, known as QRAM.
QRAM combines quantum logic gates such as the CNOT gate, V gate, and V+ gate to perform logical operations like AND, OR, NOT, and NOR within quantum systems, harnessing quantum properties like superposition and entanglement for enhanced computational efficiency.
Unlike traditional RAM, which operates sequentially, QRAM leverages quantum superposition to enable parallel data access, significantly speeding up operations.
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Quantum entanglement further improves efficiency by allowing multiple qubits to be correlated without direct communication, resulting in faster data transfer and processing. This design dramatically enhances computational performance, especially for large-scale tasks like molecular simulations and complex optimizations.
WiMi’s QRAM architecture also integrates a quantum error correction mechanism, which ensures that qubit states remain stable and accurate during data read and write operations. This feature is crucial for maintaining reliability in quantum computing systems, where external disturbances can easily cause errors.
The QRAM system is highly compatible with quantum processing units, enabling smooth data transmission between memory and processors, which optimizes overall computational efficiency. With its ability to handle large datasets, QRAM is poised to advance quantum machine learning and quantum encryption applications, providing faster training and secure data transmission.
WiMi’s development of QRAM marks a significant step forward in quantum technology, setting the stage for a future where quantum computers play a crucial role in solving complex real-world problems.
Price Action: WIMI shares are trading higher by 13.3% to $1.27 at last check Thursday.
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Coeptis Therapeutics Holdings, Inc. (NASDAQ:COEP) shares traded higher on Thursday after the company announced the completion of its acquisition of the NexGenAI Affiliates Network platform and the launch of Coeptis Technologies.
This new division is designed to diversify the company’s growth potential, specifically in highly regulated industries like biotech, pharmaceuticals, and multi-level marketing.
The NexGenAI Affiliates Network platform, developed by NexGenAI Solutions Group, is an AI-powered marketing software and robotic process automation (RPA) solution.
This tool helps marketers process large volumes of data, optimize campaigns, improve customer engagement, and streamline operations—key factors for success in the competitive and regulated sectors Coeptis serves.
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Dave Mehalick, President and CEO of Coeptis, highlighted that integrating these AI-driven tools will be crucial for optimizing marketing strategies and driving measurable results in industries where competition and regulatory challenges are intense.
Anshuman Dash, Lead Advisor behind the NexGenAI platform, emphasized that this acquisition aligns with Coeptis’ mission to revolutionize marketing and operational efficiency in the biopharmaceutical sector.
By leveraging advanced AI and RPA technologies, Coeptis aims to enhance its service offerings and provide innovative solutions to overcome marketing challenges in the biotech, pharma, and MLM sectors, setting the stage for future growth.
Price Action: COEP shares are trading higher by 45.8% to $0.2070 at last check Thursday.
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SMX (Security Matters) (NASDAQ:SMX) shares are surging after the company unveiled a groundbreaking integration of its technology to mark and protect NFC and RFID chips.
This innovation aims to reduce risks of counterfeiting, tampering, and supply chain vulnerabilities.
The company has embedded its unique markers into the coating of standard NFC and RFID chips, enabling precise authentication and verification throughout their lifecycle.
The proprietary coating not only works with off-the-shelf chips but also enhances durability, performance, and resilience to environmental stressors, potentially extending the lifespan and reliability of the chips.
Additionally, the coating can store data and withstand high temperatures (up to 150°C), providing extra protection against the elements.
SMX envisions its technology benefiting the growing market for wearable and flexible electronics, including smartwatches, fitness trackers, and medical devices, where secure, lightweight, and durable components are essential.
The technology is also well-suited for use in fashion, sports, and activewear, where components need to endure tough conditions like washing, flexing, and exposure to sweat and corrosion.
This month, SMX and Ybyra Capital formed a partnership. This deal positions Brazil to fully leverage its vast resources while implementing advanced technology for supply chain traceability, accountability, and sustainability, showcasing the country’s commitment to leading global change.
Price Action: SMX shares are up 31.5% at $0.2867 at the last check Thursday.
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Meta Platforms, Inc (NASDAQ:META) has reportedly agreed to pay $1 million and implement significant reforms in its advertising system in Israel following a settlement filed in the District Labor Court.
The settlement addresses allegations of discriminatory job advertising practices on its platform, which allowed employers to restrict job ads based on age and gender, Globes reports.
The case began in September 2021 when Ya’ala Lev, a 54-year-old marketing professional, discovered she was excluded from many job ads on Facebook.
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An investigation revealed that Facebook’s campaign management system enabled employers to narrowly target candidates by age, gender, and location, leaving entire groups, particularly those over 40, unseen by these ads.
High-profile employers, including Israel Electric Corporation and the Bank of Israel, were found using the platform exclusively to target younger candidates. The Equal Employment Opportunity Commission intervened, citing the matter as critical to employment equality with significant societal implications.
Under the settlement, Meta will pay $1 million to the Israeli Ministry of Justice’s class actions fund and enforce critical changes to its advertising system in Israel, per the report. Advertisers in the country must reconfirm their adherence to anti-discrimination policies. Additionally, Meta will publish guidelines in Hebrew detailing how to post inclusive job ads and emphasizing the legal obligation to ensure equal access for all candidates.
Meta held $70.9 billion in cash and equivalents as of September 30, 2024.
The Facebook parent remains embroiled in several antitrust lawsuits for allegedly exploiting its influence to stifle competition. In November, the European Commission fined the company $841 million for linking its classified ads service, Facebook Marketplace, with its social media network, Facebook.
In March, European consumer organizations called out Meta for its surveillance-based advertising system, violating user privacy and data protection laws.
Price Action: META stock is down 0.91% at $602.25 at last check Thursday.
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On Thursday, SEALSQ Corp (NASDAQ:LAES) announced the launch of SEALQUANTUM.com Lab, a research hub designed to help businesses transition to quantum-safe encryption.
This initiative addresses the growing cybersecurity challenges posed by emerging quantum technologies, as traditional encryption methods become increasingly vulnerable to quantum computing advances.
The SEALQUANTUM.com Lab aims to equip industries with the tools, knowledge, and resources needed to adopt secure communication practices in a quantum-dominated future.
The lab supports the research and development of quantum-resistant technologies, leveraging quantum mechanical and photonic processes to ensure industries stay ahead in a rapidly evolving technological landscape.
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Carlos Moreira, CEO of SEALSQ, emphasized the lab’s role in future-proofing client security.
The lab offers businesses access to quantum cryptography expertise, actionable tools, and resources.
Additionally, the lab fosters partnerships with top universities, such as École de Mines in France, to accelerate advancements in quantum-safe cryptography.
The SEALQUANTUM.com Lab is part of SEALSQ’s broader portfolio of quantum-safe innovations, including Post-Quantum Cryptographic algorithms and Post Quantum Chips.
These solutions, developed with leading institutions, are aimed at sectors like IoT, healthcare, logistics, and government, ensuring secure transitions to a post-quantum era.
According to Benzinga Pro, LAES stock has gained over 508% in the past year.
Price Action: LAES shares are trading higher by 24.2% to $6.80 at last check Thursday.
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On Thursday, KULR Technology Group, Inc (NYSE:KULR) announced that it has completed the purchase of 217.18 Bitcoin (CRYPTO: BTC) for approximately $21 million, at an average price of $96,556.53 per BTC.
The purchase follows the company’s announcement on December 4 of its Bitcoin Treasury strategy, which announced allocating up to 90% of its surplus cash to BTC.
The $21 million BTC purchased since the announcement is the first of ongoing purchases the company intends to make going forward.
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KULR Technology Group selected Coinbase’s (NASDAQ:COIN) Prime platform to provide custody, USDC, and self-custodial wallet services for its BTC.
On December 19, KULR Technology Group regained compliance with NYSE American’s stockholder equity norms. The company had been cited for non-compliance with specific equity standards outlined in a December 20, 2023, letter from NYSE American.
This compliance milestone has boosted investor confidence, driving KULR’s stock up more than 90% over the past five trading sessions.
Benchmark analyst Michael Legg upgraded KULR Technology Group from a Speculative Buy rating to a Buy rating and raised the price target from $1 to $5.
Price Action: KULR stock is up 26.60% at $4.33 at the last check on Thursday.
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The Global Engagement Center (GEC), a U.S. State Department unit established in 2016 to counter foreign disinformation, has shut down after Congress failed to extend its funding.
“The Global Engagement Center closed on December 23, 2024,” it said on its website.
The closure comes amid growing concerns over disinformation campaigns from adversaries like Russia and China, mainly as they target global narratives and U.S. interests, reports Al Jazeera.
The GEC, with a budget of $61 million and a staff of about 120, was responsible for tracking and responding to foreign propaganda.
Its closure marks the first time in eight years that the State Department will lack a dedicated office to address disinformation from global rivals, Al Jazeera adds.
The decision to terminate the GEC follows persistent criticism from Republican lawmakers who accused the center of censorship and surveillance of Americans.
The center also faced attacks from high-profile figures such as Elon Musk, who labeled it for media manipulation and the “worst offender in US government censorship.”
Despite these criticisms, GEC leaders defended their work, emphasizing its importance in combating foreign propaganda.
The GEC’s closure leaves a significant gap in U.S. efforts to counter misinformation campaigns, particularly those from Russia regarding the war in Ukraine and China’s global disinformation initiatives.
In response, the State Department has said it is consulting with Congress on potential next steps.
Meanwhile, the GEC’s shutdown follows the stripping of a funding extension from the final version of the bipartisan federal spending bill passed by Congress last week, Al Jazeera further adds.
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SciSparc Ltd. (NASDAQ:SPRC) shares are rocketing on Thursday after it disclosed that AutoMax Motors Ltd., an Israeli automotive importer and distributor with which it has a merger agreement, has received its $13 million first delivery of JAC vehicles from Anhui Jianghuai Automobile Group Co., Ltd. (JAC Motors).
This marks a key milestone in AutoMax’s direct import and distribution operations initiated earlier this year under agreements with JAC Motors.
With regulatory approvals in place, AutoMax is set to begin marketing and sales activities for JAC Motors vehicles across Israel.
SciSparc has provided financial support to AutoMax, enabling the resources necessary to facilitate the JAC Motors transaction.
As part of its growth strategy, SciSparc entered into a merger agreement with AutoMax in April 2024.
If completed, this merger would expand SciSparc into the automotive sector, subject to shareholder approval and other closing conditions.
This month, SciSparc disclosed an amendment to its non-binding letter of intent (LOI) regarding the spin-off of its advanced clinical-stage pharmaceutical portfolio and equity stake in SciSparc Nutraceuticals Inc.
Price Action: SPRC shares are trading higher by 256% at $0.7874 premarket at the last check Thursday.
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Major U.S. banks, including JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC), and Citigroup (NYSE:C), filed a lawsuit against the Federal Reserve on Tuesday, challenging the transparency of its annual stress test procedures.
Leading banking and business organizations, including the Bank Policy Institute (BPI), American Bankers Association (ABA), U.S. Chamber of Commerce, Ohio Bankers League, and Ohio Chamber of Commerce, joined the lawsuit against the Federal Reserve. These tests, which assess banks’ resilience during economic crises, are a cornerstone of financial risk management. However, the plaintiffs argue that the current system violates federal law by excluding required public input.
The litigation addresses long-standing concerns about the opacity of the Federal Reserve’s stress testing procedures, which the plaintiffs claim lead to excessive and volatile capital requirements. These charges, they say, hinder banks’ ability to lend, support households and businesses, and contribute to economic growth. While acknowledging the importance of stress testing, the groups emphasize the need for reforms to create a fairer and more predictable regulatory environment.
Greg Baer, CEO of the BPI, stated that the current regime results in inaccurate and excessive capital charges, which reduce lending and stifle economic growth.
Rob Nichols, CEO of the ABA, criticized the stress tests for shielding critical supervisory models from public scrutiny.
Michael Adelman, CEO of the Ohio Bankers League, stressed that the lawsuit is about enforcing compliance with federal laws.
Tom Quaadman of the U.S. Chamber of Commerce highlighted the detrimental effects of the current system on small businesses, which rely on bank lending for growth.
The lawsuit follows the Fed’s recent announcement to overhaul its stress test regime and seek public input on proposed changes in early 2025, the Wall Street Journal reports.
The lawsuit highlights the economic implications of unexpected capital burdens, stating they could impose “billions of dollars” in costs and negatively impact the broader economy.
The banks also noted that a statute of limitations on stress-test rule changes will expire in February, prompting their decision to file the suit now.
The latest test assessed how banks would manage a 40% decline in commercial real estate prices and a 36% drop in house prices.
The Federal Reserve evaluates these results to determine the total capital banks need to absorb potential losses, the Financial Times reports.
Since the 2008 financial crisis, banks have faced increased regulatory scrutiny, including stringent capital requirements.
Executives like Jamie Dimon of JPMorgan Chase and Brian Moynihan of Bank of America have criticized these rules for driving financial activities into less transparent markets.
The Federal Reserve’s Vice Chair for Supervision, Michael Barr, had proposed raising capital requirements for large banks but delayed those plans following industry opposition.
Six leading U.S. banks, including JPMorgan Chase, Bank of America, Wells Fargo & Company (NYSE:WFC), and Citigroup repurchased over $14 billion in shares in the first quarter.
In June, Bank of America analyst Ebrahim H. Poonawala criticized the Federal Reserve’s stress test process, highlighting its “inherent opacity.” These evaluations, which assess banks’ resilience under severe economic scenarios, revealed varying impacts on capital requirements. Poonawala noted that while banks demonstrated adequate buffers, the tests showed higher-than-expected losses.
In June, JPMorgan analyst Vivek Juneja analyzed the Federal Reserve’s annual stress test results, highlighting larger-than-expected increases in stress capital buffers for major banks. He noted that the elevated capital requirements could delay or reduce long-term capital return strategies for these institutions.
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TScan Therapeutics, Inc. (NASDAQ:TCRX) shares are trading higher in the premarket session on Thursday.
The firm announced a significant financing deal, entering into a securities purchase agreement with Lynx1 Capital Management LP and an investment fund advised by Lynx1.
Under the agreement, TScan will sell approximately $30 million in pre-funded warrants, which are exercisable for up to 7.50 million shares of its voting common stock.
According to Benzinga Pro, TCRX stock has lost over 51% in the past year.
Each warrant will be priced at $4.00, with an exercise price of $0.0001 per share.
This deal represents a 37% premium over TScan’s last closing price and a 34% premium compared to its 10-day volume-weighted average closing price. The financing is expected to close by December 27, 2024, pending customary closing conditions.
Gavin MacBeath, Ph.D., CEO of TScan Therapeutics, expressed appreciation for Lynx1’s continued support, highlighting the investment as a testament to their commitment to TScan’s mission of delivering life-changing TCR-T cell therapies for cancer patients.
Jason A. Amello, CFO of TScan, added that the additional $30 million in gross proceeds will extend the company’s cash runway, now expected to fund operations into the first quarter of 2027, up from the previous expectation of the fourth quarter of 2026.
This funding comes after TScan filed a registration statement with the SEC in November 2022, which was declared effective in May 2023.
Price Action: TCRX shares are trading higher by 16.8% to $3.40 premarket at last check Thursday.
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