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2025-01-13
This year was brutal for a number of well-known companies and their bottom lines. As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks. At least 19 companies have cut a combined 14,000 jobs because of bankruptcies, according to Challenger, Gray & Christmas, an outplacement services firm. Notably, retail closures have picked up this year because the sector’s sugar high of 2021 and 2022 — when consumers were buying new furniture, televisions and clothing — has ended. There have been more than 7,100 store closures through the end of November, according to research firm CoreSight — a jump of 69% compared to the same time a year ago. Of course, filing for bankruptcy doesn’t necessarily mean a business is going bust. Companies tend to use the Chapter 11 process to wind down some operations, tackle mounting debt and save on costs by closing locations. Here are some of the most notable bankruptcies of 2024, listed alphabetically: Big Lots Big Lots filed for bankruptcy in September, after previously warning that it had “substantial doubt” about its survival. The discount retailer recently announced that its deal to sell itself to a private equity firm had fallen through and it will soon close its remaining 963 locations. Bowflex Perhaps best known for its late-night informercials, the at-home gym equipment maker filed for bankruptcy in March . It emerged from Chapter 11 a few months later, signing a deal with a Taiwan-based company to “acquire substantially all of the assets” for $37.5 million in cash. Express The once-trendy mall staple filed for bankruptcy in April after consistently struggling with continued missteps over its merchandise mix that failed to get shoppers excited. As a result, nearly 100 locations closed and the company, which also owns the Bonobos brand, sold itself to a consortium led by WHP Global in June. Joann The 81-year-old fabric and craft retailer filed for bankruptcy in March, falling victim to customers cutting back on spending, including on fabric, arts and supplies materials. Joann’s stock was delisted from the Nasdaq and the company became privately owned, slashing its debt and keeping all 850 stores open. LL Flooring The home retailer formerly known as Lumber Liquidators filed for bankruptcy in August. The retailer was hammered by budget-conscious customers tightening their wallets on pricey remodels and a slowing home sales market. After initially announcing the complete closure of its 94 stores, a private equity firm bought and saved the company. Party City The four-decade-old retailer filed for bankruptcy in December, marking its second time in less than two years. As a result, Party City will close its roughly 700 locations early next year. The New Jersey-based company faced inflationary pressures on product costs, which reduced consumer spending, according to CEO Barry Litwin, as well as $800 million in outstanding debt. Red Lobster The restaurant chain that brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world filed for bankruptcy in May . Years of underinvestment in its marketing, food quality, service and restaurant upgrades hurt the chain’s ability to compete with growing fast-casual and quick-service chains. After closing more than 100 locations, Red Lobster emerged from bankruptcy in September thanks to a new owner and leadership that’s already changing the menu . Spirit Airlines The yellow-hued budget carrier landed in bankruptcy in November because of mounting losses, unaffordable debt, increased competition and the inability to merge with other airlines. Spirit said that because of its bankruptcy and negotiations with existing creditors, it will be able to emerge early next year with reduced debt and increased financial flexibility. Stoli Stoli Group USA, the owner of the namesake vodka, filed for bankruptcy in December. A number of things went wrong for the unit, including a slowing demand for spirits, a major cyberattack that snarled its operations and several years of fighting Russia in court. TGI Fridays The American casual dining chain known for its “flair” filed for Chapter 11 in November after years of dealing with a shrinking footprint and a decline in customers. TGI Fridays said in a statement that fallout from the Covid-19 pandemic was the “primary driver of our financial challenges” and that it will use the process to “explore strategic alternatives in order to ensure the long-term viability of the brand.” True Value The 75-year-old hardware store brand filed for bankruptcy in October and ended its legacy by substantially selling its operations to a rival. In court filings, True Value said it faces a significant cash crunch as the housing market has stalled and consumers have become far more picky about discretionary purchases like hardware. (True Value stores are still open because they are not part of the bankruptcy proceedings). Tupperware The kitchen brand, known for its plastic food storage containers, filed for bankruptcy in September after years of falling popularity and financial troubles. In late November, Tupperware’s brand name and intellectual property were bought by a private equity firm that aims to keep the company operational.fishing tackle shop near me



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PARIS (AP) — Howling winds couldn’t stop Notre Dame Cathedral ’s heart from beating again. With three resounding knocks on its doors by Paris Archbishop Laurent Ulrich, wielding a specially designed crosier carved from fire-scorched beams, the monument roared back to life Saturday evening. For the first time since a devastating blaze nearly destroyed it in 2019, the towering Gothic masterpiece reopened for worship, its rebirth marked by song, prayer, and awe beneath its soaring arches. The ceremony, initially planned to begin on the forecourt, was moved entirely inside due to unusually fierce December winds sweeping across the Île de la Cité, flanked by the River Seine. Yet the occasion lost none of its splendor. Inside the luminous nave, choirs sang psalms, and the cathedral’s mighty organ, silent for nearly five years, thundered to life in a triumphant interplay of melodies. The restoration, a spectacular achievement in just five years for a structure that took nearly two centuries to build, is seen as a moment of triumph for French President Emmanuel Macron, who championed the ambitious timeline — and a welcome respite from his domestic political woes . The evening’s celebration, attended by 1,500 dignitaries, including President-elect Donald Trump, US first lady Jill Biden, Britain’s Prince William, and Ukrainian President Volodymyr Zelenskyy, underscored Notre Dame’s enduring role as both a spiritual and cultural beacon. Observers see the event as Macron's, and his intention to pivot it into a fully fledged diplomatic gathering, while highlighting France’s ability to unite on the global stage despite internal political crises. As the cathedral’s largest bell, the 13-ton Emmanuel — which was not named after the French leader — tolled into the Paris night, signaling the start of the ceremony, the crowd inside Notre Dame fell into an expectant hush. Emmanuel, a legacy of King Louis XIV, had rung through centuries of French history, and its peal now resonated as a call to witness another epochal moment. Outside the cathedral’s monumental doors, Ulrich raised his fire-scarred crosier. “Brothers and sisters, let us enter now into Notre Dame,” he declared. “It is she who accompanies us on our path to peace.” With the congregation of over 2,500 people watching in silence, Ulrich struck the floodlit doors, the base of his crosier reverberating against the wood. Inside, the choir answered with soaring hymns, their voices filling the nave. Illuminations on the cathedral facade heightened the drama. On the final strike, the heavy doors swung open, revealing the glowing interior of restored blond Lutetian limestone. Adding to the ceremony’s visual splendor, Ulrich and the clergy wore vibrant liturgical garments designed by French fashion designer Jean-Charles de Castelbajac. Known for his signature pop-art aesthetic, Castelbajac created 2,000 colorful pieces for 700 celebrants, blending modern elements with medieval touches. Flooded with light and song, the cathedral came alive in a moment of breathtaking spectacle. What had been a silent, soot-blackened ruin five years ago now blazed with renewed vitality, marking the culmination of a nearly $1 billion global effort to resurrect it. Speaking inside the cathedral, Macron expressed “gratitude” Saturday to those who saved, helped, and rebuilt Notre Dame, his voice reverberating through the nave. “I stand before you ... to express the gratitude of the French nation,” he said, before voices flooded the space with song, harmonies not heard in over five years. “Tonight, the bells of Notre Dame are ringing again. And in a moment, the organ will awaken,” sending the “music of hope” cascading through the luminous interior to Parisians, France, and the world beyond, he said. The celebration is expected to give a much-needed boost to the embattled French leader, whose prime minister was ousted this week , plunging the nation’s politics into more turmoil. Macron has called Notre Dame’s reopening “a jolt of hope.” Observers say he hoped the occasion would briefly silence his critics and showcase France’s unity and resilience under his leadership — a rare moment of grace in a presidency now facing a grave crisis. Inside Notre Dame, 42,000 square meters of stonework—equivalent to six soccer pitches—gleamed anew, revealing intricate carvings and luminous limestone. Above, 2,000 oak beams, nicknamed “the forest,” restored the cathedral’s iconic spire and roof. The great organ, dormant for over five years, roared back to life like a slumbering giant. With its 7,952 pipes—ranging from pen-sized to torso-wide—and a renovated console featuring five keyboards, 115 stops, and 30 foot pedals, it responded to Archbishop Laurent Ulrich’s command: “Wake up, organ, sacred instrument.” The first low rumble grew into a triumphant symphony as four organists pulled out the stops, weaving improvised responses to the archbishop’s invocations. Eight times, Ulrich addressed the organ; eight times, its voice filled the nave with breathtaking sound. Guests marveled at the spectacle, many capturing the moment on their phones. “It’s a sense of perfection,” said François Le Page of the Notre Dame Foundation, who last saw the cathedral cloaked in scaffolding in 2021. “It was somber then. Now, it’s night and day.” The Rev. Andriy Morkvas, a Ukrainian priest who leads the Volodymyr Le Grand church in Paris, reflected on his first visit to Notre Dame in over a decade. “I didn’t recognize it,” he said. “God is very powerful; He can change things.” He expressed hope that the cathedral’s revival could inspire peace in his homeland, drawing strength from the presence of Ukraine’s president. “I think that will have a big impact,” he said. “I hope Notre Dame and Mary will help us resolve this conflict.” The reopening of Notre Dame comes at a time of profound global unrest, with wars raging in Ukraine and the Middle East. For Catholics, Notre Dame’s rector said the cathedral “carries the enveloping presence of the Virgin Mary, a maternal and embracing presence.′′ “It is a magnificent symbol of unity,” Olivier Ribadeau Dumas said. “Notre Dame is not just a French monument — it is a magnificent sign of hope.” The international range of dignitaries coming to Paris underline the cathedral’s significance as a symbol of shared heritage and peace. Canadian visitor Noelle Alexandria, who had traveled to Paris for the reopening, was struck by the cathedral’s ability to inspire. “She’s been nearly ruined before, but she always comes back,” Alexandria said. “Not many of us could say the same after such tragedy, but Notre Dame can.” Guests entered through Notre Dame’s iconic western façade, whose arched portals adorned with biblical carvings were once a visual guide for medieval believers. Above the central Portal of the Last Judgment, the Archangel Michael is depicted weighing souls, as demons attempt to tip the scales. These stone figures, designed to inspire both awe and fear, set the stage for a ceremony steeped in history. Inside, the hum of hundreds of guests awaiting the service filled the cathedral with human sounds once more — a stark contrast to the construction din that echoed there for years. Tuners restoring the great organ often worked through the night to find the silence needed to perfect its 7,952 pipes, ranging from pen-sized to torso-wide. Notre Dame echoed to the sound of a sustained standing ovation after the showing of a short movie that documented the gargantuan rebuilding effort. Outside, the word “MERCI” — thank you — was projected against the cathedral’s iconic western facade. The movie showed the terrible wounds left by the inferno — the gaping holes torn into its vaulted ceilings and the burned roof. But that was followed by images of all types of artisans, many using traditional handicraft techniques, who collectively restored Notre Dame to look better now than ever. "We went from night to light," said one of the workers in the movie. Security will be high through the weekend, echoing measures taken during the Paris Olympics earlier this year. The Île de la Cité — the small island in the River Seine that is home to Notre Dame and the historic heart of Paris— is closed to tourists and non-residents. Police vans and barriers blocked cobblestoned streets in a large perimeter around the island, while soldiers in thick body armor and sniffer dogs patrolled embankments. A special security detail is following Trump. Public viewing areas along the Seine’s southern bank will accommodate 40,000 spectators, who can follow the celebrations on large screens. For many, Notre Dame’s rebirth is not just a French achievement but a global one — after the reopening, the cathedral is set to welcome 15 million visitors annually, up from 12 million before the fire. Sylvie Corbet, Yesica Brumec, Marine Lesprit and Mark Carlson in Paris contributed. Associated Press religion coverage receives support through The AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.

MONTEVIDEO, Uruguay (AP) — Uruguayans on Sunday voted in the second round of the country's presidential election , with the conservative governing party and a left-leaning coalition locked in a close runoff following level-headed campaigns widely seen as emblematic of the country's strong democracy. As polls closed Sunday evening, turnout stood at 89.4% — around the same as during the first round last month in which the two moderate coalitions both failed to win an outright majority. Voting in Uruguay is compulsory. Depending on how tight the vote turns out to be, electoral officials may not call the race for days — as happened in the contentious 2019 runoff that brought center-right President Luis Lacalle Pou to office and ended 15 years of rule by Uruguay’s left-leaning Broad Front by a razor-thin margin. Álvaro Delgado, the incumbent party’s candidate who won nearly 27% in the first round of voting on Oct. 27, has campaigned under the slogan “re-elect a good government." Other conservative parties that make up the government coalition — in particular, the Colorado Party that came in third place last month — notched 20% of the vote collectively, enough to give Delgado an edge over his challenger. Yamandú Orsi from the Broad Front, who took 44% of the vote in the general election, is promising to forge a “new left” in Uruguay that draws on the memory of stability and economic growth under his Broad Front coalition, which presided over pioneering social reforms that won widespread international acclaim from 2005-2020, including the legalization of abortion, same-sex marriage and sale of marijuana . With inflation easing and the economy expected to expand by some 3.2% this year, according to the International Monetary Fund, surveys show that Uruguayans remain largely satisfied with the administration of Lacalle Pou, who constitutionally cannot run for a second consecutive term. But persistent complaints about sluggish growth, stagnant wages and an upsurge in violent crime could just as easily add the small South American nation to a long list of places this year where frustrated voters have punished incumbents in elections around the world. With most polls showing a virtual tie between Delgado and Orsi, analysts say the vote may hinge on a small group of undecided voters — roughly 10% of registered voters in the nation of 3.4 million people. “Neither candidate convinced me and I feel that there are many in my same situation,” said Vanesa Gelezoglo, 31, in the capital, Montevideo, adding she would make up her mind at “the last minute.” Analysts say the candidates’ lackluster campaigns and broad consensus on key issues have generated extraordinary indecision and apathy in an election dominated by discussions about social spending and concerns over income inequality but largely free of the anti-establishment rage that has vaulted populist outsiders to power in neighboring Argentina and the United States. “The question of whether Frente Amplio (the Broad Front) raises taxes is not an existential question, unlike what we saw in the U.S. with Trump and Kamala framing each other as threats to democracy," said Nicolás Saldías, a Latin America and Caribbean senior analyst for the London-based Economist Intelligence Unit. “That doesn't exist in Uruguay.” Both candidates are also appealing to voter angst over the current government's struggle to stem the rise in violent crime that has shaken a nation long regarded as one of the region’s safest, with Delgado promising tough-on-crime policies and Orsi advocating a more community-oriented approach. Delgado, 55, a rural veterinarian with a long career in the National Party, served most recently as Secretary of the Presidency for Lacalle Pou and promises to pursue his predecessor’s pro-business policies. He would continue pushing for a trade deal with China that has raised hackles in Mercosur, an alliance of South American countries promoting regional commerce. "We have to give the government coalition a chance to consolidate its proposals,” said Ramiro Pérez, a street vendor voting for Delgado on Sunday. Orsi, 57, a former history teacher and two-time mayor from a working-class background, is widely seen as the political heir to former President José “Pepe” Mujica , an ex-Marxist guerilla who became a global icon for helping transform Uruguay into one of the region's most socially liberal and environmentally sustainable nations. “He's my candidate, not only for my sake but also for my children's,” Yeny Varone, a nurse at a polling station, said of Orsi. “In the future they'll have better working conditions, health and salaries.” Mujica, now 89 and recovering from esophageal cancer , turned up at his local polling station before balloting even began, praising Orsi's humility and Uruguay’s famous stability. “This is no small feat,” he said of Uruguay's “citizenry that respects formal institutions.” Orsi planned no dramatic changes, and, despite his call for a revitalized left-wing, his platform continues the Broad Front's traditional mix of market-friendly policies and welfare programs. He proposes tax incentives to lure investment and social security reforms that would lower the retirement age but fall short of a radical overhaul sought by Uruguay's unions. The contentious plebiscite on whether to boost pension payouts failed to pass in October, with Uruguayans rejecting generous pensions in favor of fiscal constraint. Both candidates pledged full cooperation with each other if elected. “I want (Orsi) to know that my idea is to form a government of national unity,” Delgado told reporters after casting his vote in the capital's upscale Pocitos neighborhood. He said that if he won, he and Orsi would chat on Monday over some yerba mate, the traditional herbal drink beloved by Uruguayans. Orsi described Sunday's democratic exercise as “an incredible experience" as he voted in Canelones, the sprawling town of beaches and cattle ranches just north of Montevideo where he served as mayor for a decade. “The essence of politics is agreements,” he said. “You never end up completely satisfied.” Associated Press writer Isabel DeBre in Villa Tunari, Bolivia, contributed to this report.Trump lawyers ask NYC judge to toss Stormy Daniels hush money case

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Article content The Alberta government plans to increase the auto insurance premium cap on good drivers from the current 3.7 per cent to 7.5 per cent in the new year as part of a new privately delivered auto insurance system that aims to limit legal action in certain instances. The reforms are said to help with affordability by providing services faster to Albertans while still penalizing bad drivers. Once fully implemented, the province estimates drivers will save up to $400 per year. “Albertans have been clear they need an auto insurance system that provides better, faster care and is more affordable,” said Premier Danielle Smith in a Thursday news release. “When it’s implemented, our new privately delivered, care-centred insurance system will put the focus on Albertans’ recovery, providing more effective support and will deliver lower rates.” A “good driver” is defined in Alberta as someone who does not have any at-fault claims in the past six years, a Criminal Code traffic conviction in the past four years, and a major traffic conviction in the past three years. The province said the increase to the premium cap is due to high legal costs, increasing vehicle damage repair costs, and natural disaster costs. The 7.5 per cent increase will include 2.5 per cent for catastrophic losses such as the Jasper wildfire and the Calgary hail storm. That increase will be re-evaluated for 2026. In 2023, the average auto insurance premium in Alberta was $1,670 — the second highest in Canada behind Ontario which saw an average of $1,800. Alberta NDP Leader Naheed Nenshi said the new auto insurance system will be “worse” than what is currently in place right now. “This government talks a game on affordability, while Alberta becomes harder and harder and harder to live in and more and more unaffordable,” Nenshi said. He said Alberta has the highest insurance premiums in Canada, in some cases, double, triple, quadruple, what motorists are paying in British Columbia or Saskatchewan. New auto insurance system will be a “care-first model” In January 2027, the province plans to fully implement its new privately operated auto insurance system which will be a “care-first model.” Officials said the new system is not a no-fault system but rather a no-sue system where bad drivers will be held accountable through higher premiums. The new system would remove the need to sue and, in most circumstances, motorists will not be able to sue at-fault drivers. Under the new system, all injured parties who were involved in auto accidents, including those at fault, cyclists and pedestrians will have access to the necessary medical and rehabilitation benefits they need. The new model will also feature improvements to income replacement benefits up to a gross income threshold of $120,000 payable up to the age of 65. In the current system, Alberta offers disability support benefits of $600 per week which is payable for a maximum of two years after a collision. A one-time permanent impairment benefit will also be available for those who are injured either catastrophically or non-catastrophically. The amount ranges depending on the severity. Litigation available in some cases Court access will still be available in limited circumstances. People injured in collisions will be able to sue at-fault drivers for pain and suffering damages where the at-fault driver is convicted of Criminal Code offences and select major offences under Alberta’s Traffic Safety Act. The changes mirror Saskatchewan’s insurance model which has similar clauses. Those who have to pay out of pocket beyond what the listed maximums are will also be able to sue the at-fault driver for those expenses. However, the province said since the benefits under the policy are substantial, they anticipate the volume of those claims will be low. The province plans to establish an independent dispute resolution body to allow those who were injured in a collision to appeal the decisions of insurers. More to come. ctran@postmedia.com X: @kccindytran

Britons are rolling back the years to celebrate Christmas with nostalgic gifts and retro food this year according to shopping figures. Traditional wooden toys are proving more popular than electrical ones for pre-school gifts this year at John Lewis with BRIO, Le Toy Van and Melissa & Doug the store’s bestsellers. The department store told the Daily Express sales of dolls and doll houses are also up 23 percent year on year, while toys from classic brands Barbie and Polly Pocket are outperforming last Christmas. A John Lewis spokesperson said: “There’s a real flavour of nostalgia this year.” While the last decade has seen sales of Christmas pudding plummeting in favour of chocolate bombs and other more modern sponges, the figgy pudding has had a revival. Tesco reported a 20 percent increase in sales in the last week of November compared to the same time in 2023. Research by Sainsbury's also found 38 percent of those surveyed want to see sherry trifle, prawn cocktail and Christmas pudding on the dinner table this year. However, turkey may be on the way out for some families with Tesco expecting some shoppers to serve up duck, beef, salmon or a vegetarian pastry instead. Sainsbury's found 17 percent of millennials were planning a barbecue over the festive season and the supermarket saw sales of its Taste the Difference burgers increase 74 percent last year compared to 2022. Tesco is also predicting a 15 percent rise in no/low alcohol beer, while no and low spirit sales have already surged 20 percent and booze-free wine is up 10 percent compared to 2023. Tesco’s predicted alcohol-free bestsellers this Christmas are Captain Morgan rum, Whitley Neill rhubarb and ginger gin, Kylie Minogue Sparkling Blanc and a Noughty sparkling chardonnay. When it comes to gifts for adults in the family, John Lewis has seen wearable tech sales soar 140 percent compared to the same time last year. Garmin smartwatches and Oura rings have proved most popular as Britons increasingly look to monitor their health. Sales of navy knitwear have tripled this year, while coats in brown - the colour of the season - have increased by 90 percent year on year. The average UK household is expected to spend an extra £719 at Christmas, according to consumer researcher NimbleFins. It analysed retail spending data from the Office for National Statistics over the last 30 years to forecast a £10 increase year-on-year - but a much lower amount compared to the 2020 peak when families spent an average of £915. In a bid to save money, many Britons are entertaining at home this year according to buy now, pay later provider Klarna. Figures from its price comparison service, shared with the Daily Express, showed clicks on kitchen accessories have risen 163 percent this year, while bakeware soared 228 percent and party supplies are up 53 percent. The cost of living is also having an impact on the way people shop, according to Tillie Peel, founder of The Pop-Up Club. She runs events across UK high streets to offer artists, designers and sustainable small businesses affordable retail spaces and invigorate town centres. Ms Peel says previous years have seen customers spending steadily through the year but in 2024 people have saved their purchases until Christmas. She said: "We have noticed people are buying less, but more thoughtfully and mindfully and the trend is very much geared towards ‘less is more’." Accountant David Kindness said: "A lot of this behaviour reflects a delicate balancing act — people want to make the holidays special without overstretching their finances. Younger generations are especially savvy, taking full advantage of Black Friday sales to snag deals on big-ticket items. "British consumers are finding ways to keep holiday traditions alive while navigating a challenging economic landscape. It’s a testament to their resilience and adaptability." For those who still haven't finished their Christmas shopping, they might want to avoid chocolate, jewellery and books, which have risen in price by 9.8%, 4.4% and 3.2% respectively, according to NimbleFins’ analysis of ONS figures. Those looking for a good value gift could look at mobile phone equipment which has dropped in price by 7% this year. Glassware, crystal-ware, ceramic ware and chinaware, which had risen 13% in 2023, have since dropped 6.5% in 2024. NimbleFins co-founder and CEO Erin Yurday said: "Swapping chocolate for games or hobby entertainment might be more cost-effective for stocking fillers or children, while those looking at bigger items might want to avoid jewellery and look at mobile phone or electrical equipment instead."SANTA CLARA, Calif. — Building the current crop of artificial intelligence chatbots has relied on specialized computer chips pioneered by Nvidia, which dominates the market and made itself the poster child of the AI boom. But the same qualities that make those graphics processor chips, or GPUs, so effective at creating powerful AI systems from scratch make them less efficient at putting AI products to work. That’s opened up the AI chip industry to rivals who think they can compete with Nvidia in selling so-called AI inference chips that are more attuned to the day-to-day running of AI tools and designed to reduce some of the huge computing costs of generative AI. “These companies are seeing opportunity for that kind of specialized hardware,” said Jacob Feldgoise, an analyst at Georgetown University’s Center for Security and Emerging Technology. “The broader the adoption of these models, the more compute will be needed for inference and the more demand there will be for inference chips.” It takes a lot of computing power to make an AI chatbot. It starts with a process called training or pretraining — the “P” in ChatGPT — that involves AI systems “learning” from the patterns of huge troves of data. GPUs are good at doing that work because they can run many calculations at a time on a network of devices in communication with each other. However, once trained, a generative AI tool still needs chips to do the work — such as when you ask a chatbot to compose a document or generate an image. That’s where inferencing comes in. A trained AI model must take in new information and make inferences from what it already knows to produce a response. GPUs can do that work, too. But it can be a bit like using a sledgehammer to crack a nut. “With training, you’re doing a lot heavier, a lot more work. With inferencing, that’s a lighter weight,” said Forrester analyst Alvin Nguyen. That’s led startups like Cerebras, Groq and d-Matrix as well as Nvidia’s traditional chipmaking rivals — such as AMD and Intel — to pitch more inference-friendly chips as Nvidia focuses on meeting the huge demand from bigger tech companies for its higher-end hardware. D-Matrix was founded in 2019 — a bit late to the AI chip game, as CEO Sid Sheth explained during a recent interview at the company’s headquarters in Santa Clara, California, the same Silicon Valley city that’s also home to AMD, Intel and Nvidia. “There were already 100-plus companies. So when we went out there, the first reaction we got was ‘you’re too late,’” he said. The pandemic’s arrival six months later didn’t help as the tech industry pivoted to focus on software to serve remote work. Now, however, Sheth sees a big market in AI inferencing, comparing that later stage of machine learning to how human beings apply the knowledge they acquired in school. “We spent the first 20 years of our lives going to school, educating ourselves. That’s training, right?” he said. “And then the next 40 years of your life, you kind of go out there and apply that knowledge — and then you get rewarded for being efficient.” The product, called Corsair, consists of two chips with four chiplets each, made by Taiwan Semiconductor Manufacturing Co. — the same manufacturer of most of Nvidia’s chips — and packaged together in a way that helps to keep them cool. The chips are designed in Santa Clara, assembled in Taiwan and then tested back in California. Testing is a long process and can take six months — if anything is off, it can be sent back to Taiwan. D-Matrix workers were doing final testing on the chips during a recent visit to a laboratory with blue metal desks covered with cables, motherboards and computers, with a cold server room next door. While tech giants like Amazon, Google, Meta and Microsoft have been gobbling up the supply of costly GPUs in a race to outdo each other in AI development, makers of AI inference chips are aiming for a broader clientele. Forrester’s Nguyen said that could include Fortune 500 companies that want to make use of new generative AI technology without having to build their own AI infrastructure. Sheth said he expects a strong interest in AI video generation. “The dream of AI for a lot of these enterprise companies is you can use your own enterprise data,” Nguyen said. “Buying (AI inference chips) should be cheaper than buying the ultimate GPUs from Nvidia and others. But I think there’s going to be a learning curve in terms of integrating it.” Feldgoise said that, unlike training-focused chips, AI inference work prioritizes how fast a person will get a chatbot’s response. He said another whole set of companies is developing AI hardware for inference that can run not just in big data centers but locally on desktop computers, laptops and phones. Better-designed chips could bring down the huge costs of running AI to businesses. That could also affect the environmental and energy costs for everyone else. Sheth says the big concern right now is, “are we going to burn the planet down in our quest for what people call AGI — human-like intelligence?” It’s still fuzzy when AI might get to the point of artificial general intelligence — predictions range from a few years to decades. But, Sheth notes, only a handful of tech giants are on that quest. “But then what about the rest?” he said. “They cannot be put on the same path.” Get local news delivered to your inbox!From a long-term perspective: 12 stocks from different sectors which fit the bill on a more important, but less used ratio

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