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Billionaire investor, entrepreneur and NBA team owner Mark Cuban announced that the 16th season of "Shark Tank" will be his last.
With a new shark set to join the cast alongside Cuban in the 16th season, could the show be testing his replacement?
What Happened: Cuban has been a staple on "Shark Tank" since the third season and has invested over $20 million in companies over the numerous seasons of the award-winning investing show.
With Cuban's decision to leave, questions remain on how the show that airs on Walt Disney Co unit ABC will handle future seasons.
On Wednesday, the company announced that Kind Snacks founder Daniel Lubetzky will be joining the show as the first new regular investor in more than a decade, as reported by Variety.
Lubetzky has previously been a guest shark on the show with appearances in Seasons 11 through 15. The billionaire has invested in companies such as Yellow Leaf Hammocks, FitFighter, Toast-It and HummViewer while on the show.
With Lubetzky as part of the regular list of panelists, it adds a billionaire who Forbes estimates his wealth at $2.3 billion. Cuban has a net worth of $5.7 billion according to Forbes.
Lubetzky sold Kind Snacks to Mars in 2020. He now runs the investment company Camino Partners.
"It's an honor to be part of a production that continues to educate, entertain and unite Americans behind the spirit of building together," Lubetzky said.
Lubetzky said he is looking forward to "partnering with entrepreneurs from all walks of life" who are pursuing the American dream.
Did You Know?
What's Next: Lubetzky is set to join the Season 16 panel, which will include the regular rotation of sharks Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John and Kevin O'Leary. The season will be Cuban's last.
The show, which is produced by Amazon.com Inc -owned MGM Television in association with Sony Group Corp unit Sony Pictures Television doesn't show plans of slowing down despite Cuban leaving.
According to the New York Times, Lubetzky signed a multi-season deal, which likely indicates the producers' confidence in the billionaire having a big part in the show in a post-Cuban world.
"Shark Tank" executive director Clay Newbill said Lubetzky is not a direct replacement for Cuban though.
"Personally, I don't think that you can replace Mark Cuban. He's a force on the show," Newbill said.
Four new guest sharks are also being added for Season 16, including venture capitalist Rashaun Williams and Raising Cane's CEO Todd Graves.
Season 16 is set to premiere on ABC on Oct. 18.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Amazon.com, Inc. has raised the pay for hourly workers at its U.S. fulfillment centers and transportation operations, the retail giant announced on Wednesday.
“Earlier today, I visited one of our sites near Salt Lake City to share some news with our teammates there—that we're making a significant new investment in pay and benefits for the hourly front-line employees across our fulfillment and transportation network,” Udit Madan, vice president of Amazon Worldwide Operations, wrote in the company’s newsletter.
He said Amazon’s front-line team will receive an hourly pay raise of $1.50 starting this month to bring the average base wage to $22 per hour. This will bring average total compensation, which includes benefits, to $29 per hour, he said.
“This is an increase of $3,000 a year on average for full-time employees who work a 40-hour week,” he wrote.
Read Also: What’s Going On With Amazon Stock?
“And as one of the largest private employers in the country (we now have more than 800,000 people in these roles across the U.S.), this pay increase equals a total investment of more than $2.2 billion in our team.”
Amazon’s benefits include pre-paid college tuition, flexible working hours, a Prime membership, health insurance from the first day on the job and dental coverage.
“As I told the team this morning, this is just one way to say thank you for all they do,” Madan wrote.
Apple Inc. , Microsoft Corporation and Google, which is owned by Alphabet Inc. offer six-figure salaries for managers and engineers.
Just over a year ago, the United Parcel Service, Inc. and the Teamsters Union ratified a five-year contract that ensures $170,000 per year for drivers over the next five years.
Price Action: Amazon gained 0.1% to $187.11 at the time of publication Wednesday.
Exchange-traded funds that hold the stock also trended upward.
Read Next:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Thursday, Amazon.com, Inc shared plans to boost the average total compensation for fulfillment and transportation employees in the U.S. to over $29 per hour ahead of the Prime Big Deal Days.
The hike marks an average increase of $3,000 annually for full-time employees who work a 40-hour week as the big holiday season kicks in. The appraisal equals a total investment of over $2.2 billion.
Last week, Amazon raised delivery driver pay to $22 per hour and invested $2 billion following regulatory scrutiny and unionization efforts. The e-commerce retailer had drawn intense regulatory scrutiny over worker safety and pay at its warehouses.
In 2023, Amazon’s U.S. sales reached $12.4 billion on Cyber Monday, marking a 9.6% annual growth and quashing the estimate of $12 billion. The total online sales for Cyber Week reached $38 billion, surpassing the $37.2 billion estimate.
Reports indicated Amazon hired 150,000 full-time, seasonal, and part-time workers for the holiday season in 2022 and 2021. It employed over 110,000 seasonal workers in India ahead of the festive season, the Times of India reports.
Earlier this week, Walmart Inc Sam’s Club shared plans to raise the pay for almost 100,000 frontline associates to over $19 per hour with the potential to earn thousands of dollars annually in bonuses based on years of service.
The retailers’ pay boosts reflect the workers’ importance in tapping the busy holiday season demand. Target Corp is looking to hire 100,000 despite a weaker forecast for holiday season sales.
Price Action: AMZN stock is up 0.03% to $186.93 at the last check on Wednesday.
Photo courtesy of Amazon
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Technology and innovation are the backbone of the global economy and the U.S. stock market. While there are times when commodity stocks, old economy companies, and value-oriented stocks can outperform, history teaches us that the most robust gains come from disruptive companies within the technology sector. For example, Meta Platforms (META) unique social media platforms caught fire in the 2000s and led to breathtaking profits for investors. Though Alphabet (GOOGL) was not first in the search engine arena, the company mastered search and later video with its YouTube platform. Jeff Bezos proved that e-commerce could be scaled through Amazon (AMZN).
It would take years for me to list even a portion of America’s success stories. The good news for investors who missed these moves is that the wheels of America’s top tech innovators are constantly turning. As investors, our job is to identify megatrends, uncover the top innovators, and ride the trends as long as possible. Below are my top two megatrends to watch over the next decade:
Space Stocks
Technological advancements (such as rocket reusability), efficiency gains, and the evolution of public-private partnerships are rapidly transforming the space industry from pipedream to reality. Though getting to this level has been a long and frustrating road, the “final frontier” promises fruitful rewards for successful space companies. McKinsey estimates that “the global space economy will be worth $1.8 trillion by 2035, up from $630 billion in 2023.”
Space Industry: Satellites and Defense
While accessibility to space has increased dramatically, profitability is still mainly prevalent in two areas: satellites and defense.
· Satellites: Intuitive Machines (LUNR) rocketed more than 50% today after NASA awarded the company a deal valued up to $4.82 billion to provide satellites to NASA’s Artemis program. Meanwhile, AST SpaceMobile (ASTS), a company building a space-based cellular broadband network, is up nearly 500% year-to-date.
· Defense: U.S. defense spending jumped from $320 billion in 2000 to over $800 billion in 2024.The trend of higher defense spending is highly unlikely to subside, especially as the world’s superpowers jockey for dominance in space. As a result, defense contractors like Lockheed Martin (LMT) should continue to benefit.
AI Stocks
Artificial intelligence has been discussed by technologists for decades. However, like the space industry, until recently, the AI industry was a pipedream. However, monumental breakthroughs in the semiconductor industry, mainly from Nvidia (NVDA), have led to new possibilities and a burgeoning mega trend. Below are three AI areas to watch:
· Chatbots: OpenAI made headlines recently as news fundraising talks could value the ChatGPT operator at a mind-boggling $150 billion. Though OpenAI and its largest investor Microsoft (MSFT), have to make strides in profitability, investors should not ignore the area industry that brought industry that brought AI to the public conscience.
· Data Center & Utilities: Large, energy-sucking data centers are required to build AI models that run large language models (LLMs). Names like Vertiv (VRT), which is a leader in AI infrastructure, and utilities likeVistra (VST) are “picks and shovels” to the upcoming AI gold rush.
· Robotaxis and Robots: Autonomous driving has already proven safer than today’s distracted human drivers. Tesla (TSLA) and other autonomous vehicle makers will make the roads safer and generate revenue by cutting out the need for human drivers in ridesharing services like Uber (UBER). Meanwhile, Tesla’s visionary CEO Elon Musk promises to unveil the Tesla Bot” robot in the coming years (the robot is already completing tasks for Tesla). With labor costs increasing, robots could be a way for companies to cut costs.
Bottom Line
Technological advances are at the heart of the most significant stock market advances. As the wheels of innovation continue to turn, investors should focus their research on burgeoning megatrends in AI and space over the next decade.
Zacks Investment Research
Nvidia Corp is considering acquiring the OctoAI startup for $165 million to boost its software and cloud computing services.
According to the Information, which cites shareholders’ messages, the startup sells software designed to enhance the efficiency of artificial intelligence models.
OctoAI raised $132 million from investors, including Tiger Global, which was valued at $900 million in 2021.
In March, OctoAI tapped Nvidia to usher in optimized generative AI models for enterprises.
OctoAI integrated NVIDIA NIM (which refers to inference microservices for accelerating the deployment of foundation models on any cloud or data center) into its generative AI platform to serve customer use cases, including language and image generation. Additionally, developers could experiment with inference-optimized models.
Nvidia is up 163% in the last 12 months, as its Graphics Processing Units (GPUs) remain indispensable to Big Techs like Microsoft Corp , Amazon.Com Inc , Google parent Alphabet Inc’s dream of accomplishing its AI ambitions.
Nvidia chief Jensen Huang voiced his conviction in the AI frenzy, expecting hyper-scale customers to produce $5 in rental revenue for every $1 spent on Nvidia’s infrastructure.
Some significant hyper-scaler collaborations by Nvidia include Amazon and Oracle Corp , which BofA Securities analyst Justin Post expects will unlock significant cloud opportunities.
Price Action: NVDA stock is up 1.02% to $116.77 at the last check on Wednesday.
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Consumer stocks rose Wednesday afternoon with the Consumer Staples Select Sector SPDR Fund (XLP) up 0.1% and the Consumer Discretionary Select Sector SPDR Fund (XLY) increasing 0.2%.
In corporate news, General Mills' fiscal Q3 results declined less than market expectations, while the Cheerios maker reiterated its full-year outlook. The shares rose 1.3%.
Rogers Communications agreed to buy BCE's 37.5% stake in Maple Leaf Sports & Entertainment for $4.7 billion Canadian dollars ($3.48 billion). Rogers shares fell 1.6% and BCE gained 2.9%.
Amazon.com is boosting hourly wages for warehouse workers by at least $1.50 as part of a $2.2 billion package for total pay increases. The stock eased 0.1%.
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