Latest news for Telstra Group (OTC:TLGPY) Stock

Telstra is Australia's largest telecommunications group, with dominant market shares in voice, mobile, enterprise telecom, legacy voice, and fixed-line broadband resale. The former government monopoly, privatized in 1997, provides its services via its infrastructure assets such as a fixed-line network (data centers, exchanges, poles, ducts, pits and pipes, fiber network), a mobile network, and mobile towers. Its customers span retail, corporate, government, wholesale, and overseas segments. Telstra also provides the government-owned, last-mile fixed-line National Broadband Network with long-term access to its infrastructure, in return for recurring payments. Telstra also operates a leading telecom business in Papua New Guinea and surrounding South-Pacific countries.

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Shares of Sonoco Products Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SON#NYSE">SON</a>) have climbed more than 6% over <a href="https://www.benzinga.com/quote/SON">the past five trading sessions</a>.
The company has been focusing on portfolio rationalization and improving its mix, according to Truist Securities.
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6166acad80db050001b8165f/michael-roxland">Analyst Michael Roxland</a> initiated coverage of Sonoco Products with a Buy rating and a price target of $63.
The Five Below Thesis: The company is evaluating the sale of its Thermoformed and Flexible Packaging (TFP) business and diverting its ThermoSafe businesses, Roxland said in the initiation note.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
Sonoco Products has also increased its exposure to consumer-related businesses, "which have better growth and margin dynamics," and reducing its exposure to cyclical segments, he added.
The company has created a new core platform, called Metal Packaging, and is in the process of acquiring Eviosys, "the leading European producer of food cans," the analyst stated.
"This portfolio and mix enhancement could result in a multiple rerate depending on growth and execution," he further wrote.
"Historically, SON has maintained a strong balance sheet and pursued disciplined capital allocation &#8211; increasing dividend, M&amp;A, and opportunistic share repurchases," Roxland added.
SON Price Action: Shares of Sonoco Products were down 0.07% to $51.92 at the time of publication on Tuesday.
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Sonoco Targets Growth With Consumer Focus, European Expansion

Citigroup analyst Scott Gruber maintains Ovintiv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OVV#NYSE">OVV</a>) with a Buy and lowers the price target from $55 to $54.

Price Target

Citigroup Maintains Buy on Ovintiv, Lowers Price Target to $54

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MoffettNathanson analyst Michael Morton maintains Etsy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>) with a Neutral and raises the price target from $60 to $61.

ETSY

MoffettNathanson Maintains Neutral on Etsy, Raises Price Target to $61

<a href="https://www.nna-leb.gov.lb/en/justice-law/742082/beirut-southern-suburbs-encircled-by-intense-fire" title="https://www.nna-leb.gov.lb/en/justice-law/742082/beirut-southern-suburbs-encircled-by-intense-fire">https://www.nna-leb.gov.lb/en/justice-law/742082/beirut-southern-suburbs-encircled-by-intense-fire</a>

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iShares MSCI Israel Capped Investable Market Index Fund

"... Airstrikes Have Unleashed A Fire Belt Around Beirut's Southern Suburbs, Targeting Areas Including Burj Al-barajneh, Haret Hreik, And Hadath." - Lebanon's National News Agency

The U.S. cannabis industry continues its impressive growth, generating over $32 billion in annual retail sales as of 2024, according to data from LeafLink. This marks a 10.8% year-over-year increase, with $2.8 billion in sales recorded in October 2024 alone. From its humble beginnings, cannabis now operates in 41 states, with over 80% of Americans having access to it. 
Despite challenges like price declines, margin pressures and operational inefficiencies, the industry is on track to reach $55 billion by 2030, driven by regional growth and federal policy changes.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h2 class="wp-block-heading">Key Growth Drivers </h2>
Near-term growth will be fueled by rapid licensing and retail expansion in emerging markets such as New York, New Jersey and Ohio. Over the next 2-3 years, 5,000 non-MSO retailers are projected to open in key states, increasing store counts by 70%.
Federal policy reform, notably the potential reclassification of cannabis to Schedule III in 2025, could relieve the current 280E tax burden and inject $2-3 billion annually into the industry, boosting profitability.
Read Also: <a href="https://www.benzinga.com/government/regulations/24/11/42068539/billion-dollar-strike-farm-bill-amendment-could-change-the-hemp-industry">Billion-Dollar Strike: Farm Bill Amendment Could Change The Hemp Industry</a>
<h2 class="wp-block-heading">State-Specific Insights: Strong Performers and Untapped Potential</h2>
The cannabis market shows significant variance across states.
<h3 class="wp-block-heading">Top Performers</h3>
<ul>
<li>Alaska leads in sales per resident, driven by tourism, followed by Michigan and Nevada, with the latter benefiting from <a href="https://www.benzinga.com/24/11/42148169/formula-1-drivers-react-to-cannabis-smell-at-las-vegas-grand-prix-everyone-would-test-positive">Las Vegas tourism</a>, achieving the highest sales per dispensary.</li>
</ul>
<h3 class="wp-block-heading">Room For Growth</h3>
<ul>
<li>California leads in overall sales but lags in per capita sales. <a href="https://www.benzinga.com/topic/illinois-cannabis">Illinois</a> and <a href="https://www.benzinga.com/topic/florida-cannabis">Florida</a> show strong sales but lower per capita, signaling opportunities for deeper market penetration. Florida is poised for growth once recreational cannabis is legalized.</li>
</ul>
<h3 class="wp-block-heading">Emerging Markets</h3>
<ul>
<li><a href="https://www.benzinga.com/topic/new-york-cannabis">New York</a> and <a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio</a> show lower sales per resident but have large population bases and expanding retail infrastructures, making them prime candidates for long-term growth.</li>
<li>Cannabis companies operating in New York include Curaleaf Holdings, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Ayr Wellness Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AYRWF#OTC">AYRWF</a>), Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>), Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), Verano Holdings Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), and Ascend Wellness Holdings (CSE:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#CSE">AAWH</a>, OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWHF#OTC">AAWHF</a>). In Ohio, key players include Vext Science (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VEXTF#OTC">VEXTF</a>), The Green Organic Dutchman (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TGODF#OTC">TGODF</a>), Cresco Labs Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>), and Harvest Health &amp; Recreation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HRVSF#OTC">HRVSF</a>), which is now part of Trulieve.</li>
</ul>
Read Also:<a href="https://www.benzinga.com/24/11/42130001/green-wednesdays-biggest-weed-buyers-the-surprising-archetypes-driving-sales"> Green Wednesday&#8217;s Biggest Weed Buyers: The Surprising Archetypes Driving Sales</a>
<h2 class="wp-block-heading">Strategic Opportunities</h2>
Wholesale cannabis sales are projected to reach $11.7 billion in 2024, an 11% increase from 2023. However, monthly fluctuations require strategic planning for both sellers and buyers. In October 2024, wholesale sales dipped 2% from the previous month but rose 9.6% year-over-year.
<h3 class="wp-block-heading">Seller Impact</h3>
<ul>
<li>Sellers in <a href="https://www.benzinga.com/topic/massachusetts-cannabis">Massachusetts</a>, <a href="https://www.benzinga.com/topic/michigan-cannabis">Michigan</a>, and Illinois see robust demand, while those in Maryland and Michigan face pricing pressure, with Maryland&#8217;s prices falling 23.2% and Michigan&#8217;s dropping 14.1%.</li>
</ul>
<h3 class="wp-block-heading">Buyer Impact</h3>
<ul>
<li>Buyers can capitalize on price dips, particularly as some states, such as<a href="https://www.benzinga.com/topic/arkansas-cannabis"> Arkansas</a> and Washington, saw price increases of 20.7% and 17.9%, respectively, while<a href="https://www.benzinga.com/topic/maryland-cannabis"> Maryland</a> and <a href="https://www.benzinga.com/topic/arizona-cannabis">Arizona</a> saw declines.</li>
</ul>
<h3 class="wp-block-heading">Pricing&nbsp;</h3>
<ul>
<li>In October 2024, the average flower price was $1,065 per pound, down $100 from the summer peak of $1,152. The price drop reflects typical seasonal oversupply from outdoor harvests in states like Michigan and Arizona. At the same time, reduced cultivation in mature markets like <a href="https://www.benzinga.com/topic/california-cannabis">California</a>, Oregon, and <a href="https://www.benzinga.com/topic/colorado-cannabis">Colorado</a> should help stabilize prices.</li>
</ul>
<ul>
<li>Maryland experienced a 23.2% price drop, while Arkansas saw a 20.7% price increase year-over-year. States like California and Arizona, facing oversupply issues, may see stabilization as cultivation is reduced.</li>
</ul>
Read Also:<a href="https://www.benzinga.com/general/market-summary/24/11/42086135/pre-rolls-the-avocado-toast-of-cannabis-why-millennials-are-spending-100m-a-month"> Pre-Rolls, The Avocado Toast Of Cannabis: Why Millennials Are Spending +$100M A Month</a>
<h2 class="wp-block-heading">Emerging Hotspots</h2>
Markets like<a href="https://www.benzinga.com/topic/missouri-cannabis"> Missouri</a> and Maryland are showing strong growth. Missouri generated $6.5 million in sales per dispensary in 2024, while Maryland reached $11.6 million per retail license. Arkansas, with its limited number of permits, is generating $7.6 million per license, signaling robust demand in a limited-license environment.
By contrast, Oklahoma has the lowest sales per license, at just $0.4 million, due to oversaturation with over 1,800 licenses, presenting opportunities for consolidation or increased operational efficiency.
<h3 class="wp-block-heading">Long-Term Outlook: A $55 Billion Industry by 2030</h3>
The U.S. cannabis industry is projected to reach $55 billion by 2030, driven by retail expansion in states like New York, <a href="https://www.benzinga.com/topic/new-jersey-cannabis">New Jersey</a>, and Ohio, as well as continued growth in mature markets like Illinois and Florida.&nbsp;
Read Next: <a href="https://www.benzinga.com/general/market-summary/24/11/42049450/can-trumps-return-save-the-cannabis-sector-debt-mounts-as-giants-face-post-election-reckoning">Can Trump&#8217;s Return Save The Cannabis Sector? Debt Mounts As Giants Face Post-Election Reckoning</a>
Source Acknowledgment: This article is based on insights from <a href="https://www.leaflink.com/">LeafLink&#8217;s Fall 2024 U.S. Cannabis Industry Report </a>and other relevant industry data. All projections and trends discussed are sourced directly from the report, which includes sales figures, state-specific insights, pricing trends, and wholesale dynamics for the cannabis sector.
Disclaimer: The projections and data shared in this article are based on the most current information available as of the Fall 2024 report. Results may vary, and the cannabis industry is subject to ongoing regulatory changes, market fluctuations, and shifts in federal policy.

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Federal Policy Could Add $3 Billion To Cannabis Industry: On Track To Reach $55 Billion By 2030

Before Mark Cuban became a <a href="https://www.benzinga.com/startups/24/11/41869153/mark-cuban-reveals-regrettable-shark-tank-deal-that-drives-him-crazy-was-a-chocolate-covered-pretzel-company-who-offered-free-shipping">billionaire and household name</a>, he was just another broke 20-something sharing a $600-a-month apartment with five guys. And not in the cute sitcom way – this was more "brown shag carpet and sleeping bags" than "Friends."
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In 2018, The Dallas Morning News republished a 2011 article detailing his arrival in the city decades prior. According to the news outlet, it was a reminder that Cuban was just like most people in their 20s … broke and searching for their path in life.&nbsp;
According to the article, in 1982, Cuban arrived in Dallas with almost nothing but a rusting <a href="https://www.benzinga.com/personal-finance/24/08/40442345/mark-cuban-says-he-drove-cars-that-cost-200-with-holes-in-the-floorboard-and-lived-off-mac-and-c">Fiat X1/9 leaking oil and hope</a>. His car had a hole in the floorboard and he had about as much money as you'd find under a couch cushion. But hey, he had spirit – and a sleeping bag, which turned out to be essential.
His first stop was a $600-a-month apartment at The Hill, a subdivision of Dallas' sprawling Village Apartments. To this day, the Village is known as a hub for young adults, but back then, it was a mecca for broke 20-somethings living on cheap beer, instant noodles and ambition.
Trending: This Jeff Bezos-backed startup will allow you to <a href="https://www.benzinga.com/money/bezos-landlord-100-dollars">become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.</a>
The apartment Cuban moved into – affectionately dubbed "The Hotel" – was home to five other guys. They were all scraping by, working odd jobs and cramming into the space to split the rent six ways.&nbsp;
Cuban and roommate Mark Wisely had no bedrooms to call their own. They slept in sleeping bags on the living room floor, surrounded by the scent of Miller Lite, Budweiser and whatever else spilled during last night's party. "If you didn't have a buzz when you went to bed, you had one when you woke up," Wisely quipped.
While the apartment was technically "nice" at move-in, it didn't stay that way for long. "By the time we got done with it, it wasn't," recalled Greg Schipper, one of the six roommates. Forget closet space. Cuban stacked his clothes in a corner, where they remained perpetually wrinkled. Clean? Maybe. Dirty? Definitely.
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If the living conditions were questionable, the towel situation was even worse. Cuban had exactly two towels, both frayed to the point of comedy. His glasses were held together by athletic tape. "Tape worked. Besides, nobody saw me wear them outside the hotel," Cuban said. His roommate even said they once ended up in the toilet, which they discovered after a party.&nbsp;
Cuban wasn't exactly living the highlife. His first job in Dallas was bartending at a place called Elan. It didn't pay much but came with happy hour snacks – key for stretching his meager budget. He supplemented his income by selling software at a store called Your Business Software. Not that he knew much about computers when he started, but learning on the fly would become one of his trademarks.
Of course, not everything went smoothly. Cuban was fired from that job after closing a software deal instead of opening the store as his boss had demanded. That Thursday, he was fired, but Friday, he was riding to Galveston in a friend's car, writing the early plans for his first company, MicroSolutions.
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Even back then, Cuban's entrepreneurial streak was hard to miss. In college, he made money by teaching disco lessons and <a href="https://www.benzinga.com/startups/24/10/41359639/it-was-amazing-says-mark-cuban-of-his-80s-ponzi-scheme-that-got-him-through-college-made-sure-his-fr">running chain letters</a>. In Dallas, he and his roommates threw massive parties, at one point packing 2,000 people into a warehouse. Cuban's cut was $5,000 – small change compared to what he'd go on to earn, but a big deal at the time.
By 1990, MicroSolutions sold for $6 million. A few years later, Cuban struck gold again with Broadcast.com, which Yahoo acquired for $5.9 billion in 1999. But in 1982, he was just a scrappy 20-something trying to make rent and avoid sleeping on the literal floor.
As Cuban put it in the article, "I had nothing. So I had nothing to lose." That mindset turned out to be the <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">foundation for everything</a> that followed – though thankfully, he's long since upgraded his towels.
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Personal Finance

Mark Cuban Shared $600 A Month Dallas Apartment With 5 Guys And Slept On The Living Room Floor – 'I Had Nothing. So I Had Nothing To Lose'

In the current market session, American Express Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) stock price is at $303.27, after a 0.64% decrease. However, over the past month, the company's stock went up by 12.03%, and in the past year, by 80.94%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is not performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2024/1732635909_0.png" alt="Past Year Chart" />

<h3>Evaluating American Express P/E in Comparison to Its Peers</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
American Express has a lower P/E than the aggregate P/E of 36.34 of the Consumer Finance industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1732635909_1.png" alt="Guage" />

In summary, while the price-to-earnings ratio is a valuable tool for investors to evaluate a company's market performance, it should be used with caution. A low P/E ratio can be an indication of undervaluation, but it can also suggest weak growth prospects or financial instability. Moreover, the P/E ratio is just one of many metrics that investors should consider when making investment decisions, and it should be evaluated alongside other financial ratios, industry trends, and qualitative factors. By taking a comprehensive approach to analyzing a company's financial health, investors can make well-informed decisions that are more likely to lead to successful outcomes.

Intraday Update

P/E Ratio Insights for American Express

Citigroup analyst Scott Gruber maintains Occidental Petroleum (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) with a Neutral and lowers the price target from $57 to $56.

Citigroup Maintains Neutral on Occidental Petroleum, Lowers Price Target to $56

Rumors

BIGC

Watching BigCommerce Holdings; Hearing Zacks Under $10 Newsletter Picks Stock

Citigroup analyst Scott Gruber maintains EOG Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>) with a Neutral and raises the price target from $127 to $134.

Citigroup Maintains Neutral on EOG Resources, Raises Price Target to $134

Palladyne Shares Halted On Circuit Breaker To The Upside, Stock Now Up 40.6%

Citigroup analyst Scott Gruber maintains Devon Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) with a Buy and lowers the price target from $55 to $48.

Citigroup Maintains Buy on Devon Energy, Lowers Price Target to $48

MoffettNathanson analyst Michael Morton maintains Shopify (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) with a Neutral and raises the price target from $86 to $99.

SHOP

MoffettNathanson Maintains Neutral on Shopify, Raises Price Target to $99

Market Summary

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Citigroup analyst Scott Gruber maintains Coterra Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTRA#NYSE">CTRA</a>) with a Buy and raises the price target from $28 to $32.

CTRA

Citigroup Maintains Buy on Coterra Energy, Raises Price Target to $32

<a href="https://medium.com/@mingchikuo/vishay-the-hidden-key-winner-in-nvidias-ai-servers-and-rtx-50-series-supply-chain-vishay-3-0-526aec187854">https://medium.com/@mingchikuo/vishay-the-hidden-key-winner-in-nvidias-ai-servers-and-rtx-50-series-supply-chain-vishay-3-0-526aec187854</a>
<ol>
<li>While the tech industry focuses on Nvidia's AI server and RTX 50 series supply chain, my latest research reveals Vishay as the hidden key winner.</li>
<li>Vishay has secured better-than-expected orders for Nvidia's Blackwell AI servers (GB200 series and DGX/HGX B200) and RTX 50 series graphics cards. The component orders include MOSFET/DrMOS (VRPower), vPolyTan (Polymer Tantalum, such as T55), Current Shunt Resistors, Transient Voltage Suppressors (TVS), and Schottky Barrier Diodes (SBD), etc.</li>
<li>Among the components above, MOSFET and vPolyTan deserve special attention.</li>
<li>For GB200 NVL72/36's 8kW 54V-to-12V power supply, Nvidia has switched to a Renesas (controller) and Vishay (MOSFET) combination, replacing power management modules from Flextronics and Delta. Notably, Vishay has replaced Infineon as the current MOSFET supplier.</li>
<li>For DGX/HGX's 2kW 54V-to-12V power supply, Nvidia now uses ADI (controller) and Vishay (MOSFET), replacing MPS and Delta's power management modules.</li>
<li>The GB200 NVLink Switch's 2kW 54V-to-12V power supply also uses the Renesas (controller) and Vishay (MOSFET) combination.</li>
<li>For Nvidia's upcoming RTX 50 series graphics cards planned for 2025, Vishay has been selected as a new DrMOS supplier, with mass production starting in 1Q25.</li>
<li>Based on the above 4, 5, 6, and 7, Vishay's current MOSFET production capacity in 2025 is fully loaded, and it is expected to contribute approximately 20–30% of revenue, with a higher-than-average gross profit margin.</li>
<li>GB200 heavily utilizes Vishay's vPolyTan (polymer tantalum capacitors, primarily T55). Vishay's vPolyTan is already facing supply shortages for 2025 and is expected to contribute a high single-digit percentage of revenue with significantly above-average gross margins.</li>
<li>Vishay 3.0 stands to capitalize on robust demand for Nvidia's AI servers and the new RTX 50 series, with meaningful results anticipated in 2025. The company is also well-positioned to benefit from the automotive sector's rebound and the burgeoning IoT market. Looking ahead, Vishay's growth trajectory appears strong, driven by the ongoing success of its Vishay 3.0 strategy implementation.</li>
</ol>

NVDA

Analyst-Ming Chi Kuo Says "Vishay: The Hidden Key Winner in Nvidia's AI Servers and RTX 50 Series Supply Chain; Vishay 3.0 Strategy Shows Promise and Drives Robust Growth From 2025 Onward" - Medium

Buybacks

CLST

Catalyst Bancorp Approves Fifth Share Repurchase Program To Purchase Up To 215,000 Shares

French telecom company Orange announced its partnership with OpenAI, backed by Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), <a href="https://www.benzinga.com/topic/facebook">Facebook&#8217;s parent company</a>. 
This collaboration aims to create custom artificial intelligence (AI) models tailored to understand African regional languages better, starting with West Africa. These AI systems will be built upon open-source models, Whisper and Llama, to address the challenges of less represented languages in mainstream AI solutions.
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The project highlights the difficulties major AI firms face when their systems rely predominantly on U.S.-based data, which limits their ability to interpret languages and contexts from regions like Africa, the Middle East, and Europe. Orange plans to fine-tune these models by integrating language-specific data, improving their capacity to recognize and process regional dialects, CNBC <a target="_blank" href="https://www.cnbc.com/2024/11/26/orange-partners-with-openai-meta-on-custom-african-language-ai-models.html" rel="noreferrer noopener">reports</a>.
Orange&#8217;s initiative will begin by including two West African languages, Wolof and Pulaar, spoken by approximately 16 million and 6 million people, respectively. These languages are commonly used in Senegal, The Gambia, and Mauritania. The AI models will initially roll out in early 2025, with plans to cover all 18 West African nations in future expansions. Orange will also make these models available for non-commercial uses, including public health and education.
The initiative aligns with the growing global emphasis on &#8220;sovereign AI,&#8221; which focuses on creating regionally controlled AI systems to safeguard local languages, cultures, and data. Orange is also working on hosting OpenAI models in European data centers to ensure localized data processing and early access to advanced AI models. These efforts will help Orange develop innovative applications like AI-powered voice systems for customer service.
Nvidia chief Jensen Huang expressed <a target="_blank" href="https://www.benzinga.com/news/24/10/41220759/nvidia-ceo-jensen-huang-once-spoke-about-the-importance-of-every-country-needing-a-sovereign-ai-but" rel="noreferrer noopener">solidarity with sovereign AI</a>, which he deems critical for countries to leverage their strengths. He is backing it with a $110 million fund for startups.
International Business Machines Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) chief&nbsp;Arvind Krishna&nbsp;and Nvidia CFO&nbsp;Colette Kressexpressed similar opinions.
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Starlink is falling short of promises made to investors eight years ago — by about $10.6 billion in annual revenue.



The satellite internet division of spacecraft manufacturer SpaceX is operating in a world that is more complex than what founder Elon Musk might have envisioned almost <a href="https://www.benzinga.com/topic/starlink">a decade ago</a>.



According to internal documents <a href="https://www.wsj.com/tech/spacexs-starlink-demonstrates-its-power-but-still-needs-growth-9906c5b0?mod=hp_lead_pos6">reviewed</a> by the WSJ, Starlink made $1.4 billion in revenue for 2022. Yet in 2015, a presentation used to attract investors to SpaceX said its satellite division would be making $12 billion in revenue and $7 billion in operating profit by the same year.



Space X is privately held, which makes its financial records difficult to access, as opposed to Elon Musk's publicly listed electric vehicle manufacturer Tesla. With <a href="https://www.benzinga.com/news/23/06/32996062/elon-musks-spacex-reportedly-eyeing-150b-valuation-by-selling-insider-shares">a recent valuation of $150 billion</a>, investors looking at sectors like telecommunications and space exploration are closely monitoring SpaceX <a href="https://www.benzinga.com/news/23/04/31881845/is-starlink-going-public-rumors-swirl-as-elon-musks-spacex-unit-eyes-profitability">with expectations of it going public</a>. Musk said in 2021 that Starlink alone will IPO once cash flow becomes reasonably predictable.



Starlink&#8217;s Financial Picture: The company is still operating at a loss. In 2022 SpaceX lost $559 million <a href="https://www.benzinga.com/news/23/08/33910424/elon-musks-secretive-spacex-valuation-at-par-with-intel-disney-reports-narrower-fy22-loss">against total revenue of $4.6 billion</a>. It recently became known that <a href="https://www.benzinga.com/news/23/09/34259128/elon-musk-secured-1b-loan-from-spacex-in-same-month-of-twitter-acquisition-report">Musk took a $1-billion loan from SpaceX</a> to finance his purchase of Twitter, later rebranded to X. 



Starlink had about 1 million active subscribers globally at the end of 2022. For context, AT&amp;T (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) had over 70 million postpaid mobile internet subscribers in the U.S alone during the first quarter of 2023.



While the reasons behind the lag in reaching expected margins are plentiful, most are related to difficulties finding a solid client base and issues maintaining steady sources of operating capital.



Starlink&#8217;s Worldwide Plans: he idea of providing "high-speed, low-latency broadband internet in remote and rural locations across the globe" can be very attractive as a sales pitch, but most internet users are not in need of the service. 



Starlink internet is available in 60 countries, including all of North America, most of Europe, Australia and Japan and a handful of countries in South America, Africa and Asia. <a href="https://www.benzinga.com/news/23/04/31881845/is-starlink-going-public-rumors-swirl-as-elon-musks-spacex-unit-eyes-profitability">India is expected to come online soon</a>.



The paradox that Starlink faces is that the majority of people living in those countries reside in urban areas where access to high speed internet always comes cheaper than the basic fee of $120 for the Starship Residential plan, or higher fees for corporate plans.



While Starlink has explored multiple client opportunities across remote-access industries, like off-shore oil rigs and international shipping, the company is still pursuing end consumers by striking deals <a href="https://www.benzinga.com/news/22/08/28643154/musks-spacex-collaborates-with-t-mobile-to-put-an-end-to-cell-phone-dead-zones">with third-party distributors like T-Mobile</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and offering its standard kit at chain retailers like Home Depot (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>).



While the company's mission is to provide internet to the most remote areas of the world, that may not be as profitable as a business strategy. Musk was praised when the company <a href="https://www.benzinga.com/news/22/12/30155685/ukraine-minister-praises-elon-musks-quick-reaction-says-spacex-will-deliver-10-000-starlink-antennas">made Starlink available in remote frontlines of war-torn Ukraine</a>, though he later <a href="https://www.benzinga.com/news/23/09/34382074/elon-musk-faces-ukraines-ire-for-starlink-ban-amid-counteroffensive-russia-commends-his-action">pulled back some of the aid provided</a>. This week, Musk spoke about <a href="https://www.benzinga.com/news/23/09/34508047/elon-musk-shares-reasons-for-not-helping-ukraine-in-surprise-attack-they-were-asking-us-to-take-part">his services being used in war efforts</a>.



Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) could soon become a competitor for Starlink. The internet and e-commerce giant<a href="https://www.benzinga.com/news/23/07/33324060/amazons-project-kuiper-rivalry-with-spacexs-starlink-intensifies-with-120m-investment-in-kennedy-spa"> is planning a network of 3,236 low-Earth satellites</a> providing internet access via its Project Kuiper.



SpaceX is the major satellite launcher in the U.S., providing launch services through its rockets to companies competing with Starlink. Several competitors providing satellite constellations for internet access are publicly traded. These include Viasat Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSAT#NASDAQ">VSAT</a>), Telesat (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSAT#NASDAQ">TSAT</a>), Geospace Technologies Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEOS#NASDAQ">GEOS</a>) and Telstra Group Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TLGPY#OTC">TLGPY</a>).



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