Nvidia’s good report did not impress investors. The Bank of Japan intends to keep raising rates

By JustMarkets

At Wednesday’s close, the Dow Jones (US30) was down 0.39%, while the S&P 500 (US500) decreased by 0.60%. The NASDAQ Technology Index (US100) closed negative 1.12%. The US stocks fell on Wednesday as investors awaited Nvidia’s much-anticipated earnings report. All sectors were down, with the tech sector declining as Nvidia shares fell 2.6% in the main session. After the close of trading, Nvidia reported earnings that beat expectations and contained a positive outlook for the current quarter but failed to impress investors, causing the stock price to fall 7% after the bell.

Swap prices reflect the consensus for the Central Bank to cut rates by around 100bps in the three remaining decisions this year. Nevertheless, signs of resilience in US growth, most recently evidenced by a surge in durable goods orders, have raised doubts about the extent of overall rate cuts in the coming easing cycle.

Equity markets in Europe were mostly up yesterday. Germany’s DAX (DE40) rose by 0.54%, France’s CAC 40 (FR40) closed 0.16% higher, Spain’s IBEX 35 (ES35) added 0.05%, and the UK’s FTSE 100 (UK100) fell 0.02%.

The ECB left rates unchanged at its last meeting but opened the door for a possible rate cut at its next meeting in September. Since then, data has generally been cooler than expected, leading markets to suggest up to three rate cuts before the end of the year. With the ECB only scheduled to meet three more times, this means a rate cut at each meeting.

WTI crude oil prices fell 1.3% to $74.5 a barrel on Wednesday, extending a 2.4% drop from the previous session, impacted by a smaller-than-expected decline in US crude inventories and ongoing demand concerns in China. Major banks revised their price estimates downward, citing economic concerns in key markets like China and a shift to electric vehicles reducing fuel consumption. In Europe, diesel demand is projected to fall below pre-pandemic levels due to a downturn in production and changes in vehicle fleets. These negative factors are putting downward pressure on prices. The latest EIA report showed a modest 0.846 million barrel decline in US crude oil inventories last week, falling short of the expected 3 million barrel decline.

Asian markets traded flat yesterday. Japan’s Nikkei 225 (JP225) added 0.22%, China’s FTSE China A50 (CHA50) was down 1.04%, Hong Kong’s Hang Seng (HK50) lost 1.02%, and Australia’s ASX 200 (AU200) closed at its opening price.

Deputy Governor Ryozo Himino said the Bank of Japan will raise interest rates as long as inflation moves in line with the bank’s prognoses, signaling the Central Bank’s unchanged stance despite the turmoil in financial markets earlier this month.

S&P 500 (US500) 5,592.20 −33.60 (−0.60%)

Dow Jones (US30) 41,091.42 −159.08 (−0.39%)

DAX (DE40) 18,782.29 +100.48 (+0.54%)

FTSE 100 (UK100) 8,343.85 −1.61 (−0.019%)

USD Index 101.11 +0.56 (+0.55%)

Important events today:
  • – US FOMC Member Bostic Speaks at 01:00 (GMT+3);
  • – German Consumer Price Index (m/m) at 15:00 (GMT+3);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
  • – US GDP (q/q) at 15:30 (GMT+3);
  • – US Pending Home Sales (m/m) at 17:00 (GMT+3);
  • – US Natural Gas Storage (w/w) at 17:30 (GMT+3);
  • – Switzerland SNB Chairman Jordan Speaks at 19:00 (GMT+3);
  • – US FOMC Member Bostic Speaks at 22:30 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

EUR/USD Stabilises Ahead of Core PCE Inflation Report

By RoboForex Analytical Department

The EUR/USD pair is holding steady at around 1.1134 as markets consolidate USD positions during a lull in significant news. Investors are now keenly awaiting the release of the Core PCE inflation data, a critical metric that the Federal Reserve uses to gauge inflationary pressures and shape its interest rate policy.

The anticipation surrounding this week’s Core PCE release is particularly high due to the lack of impactful data from both the US and the eurozone earlier in the week. While significant shifts in expectations regarding the Fed’s monetary policy trajectory are unlikely, the upcoming report will still be crucial for fine-tuning investor forecasts.

The market has currently primarily priced in a rate cut by the Fed at its September meeting, with the baseline expectation being a 25 basis point reduction. However, a 34.5% probability of a more aggressive cut of 50 basis points remains. This possibility is bolstered by recent comments from Fed Chair Jerome Powell indicating that the timing for a rate adjustment is appropriate now, echoing sentiments within the monetary policy community.

EUR/USD technical analysis

On the H4 chart of EUR/USD, the pair is forming a structure indicating an initial decline towards 1.1090. Following this decline, a corrective movement to 1.1150 is anticipated. Once this correction concludes, a further decline to 1.1030 is expected, potentially continuing to 1.0960. This bearish outlook is supported by the MACD indicator, with its signal line positioned above zero but trending sharply downwards.

On the H1 chart, EUR/USD has already declined to 1.1104. A corrective phase towards 1.1150 may follow, testing it from below before resuming the downward trajectory towards 1.1090. The Stochastic oscillator, currently above 80, suggests an impending drop to 20, reinforcing the likelihood of continued downward movement.

 

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

What is mental imagery? Brain researchers explain the pictures in your mind and why they’re useful

By Lynne Gauthier, UMass Lowell and Jiabin Shen, UMass Lowell 

Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to [email protected].


Why are some people able to visualize scenarios in their minds, with colors and details, and some people are not? – Luiza, age 14, Goiânia, Brazil


Imagine you are in a soccer match, and it’s tied. Each team will begin taking penalty kicks. The crowd is roaring, and whether or not your team wins the game depends on your ability to hit the shot. As you imagine this scene, are you able to picture the scenario with colors and details?

Scientists are hard at work trying to understand why some people can visualize these kinds of scenarios more easily than others can. Even the same person can be better or worse at picturing things in their mind at different times.

As neuroscientists in the fields of physical therapy and psychology, we think about the ways people use mental imagery. Here is what researchers do know so far.

The brain and mental imagery

Mental imagery is the ability to visualize things and scenarios in your mind, without actual physical input.

For example, when you think about your best friends, you may automatically picture their faces in your head without actually seeing them in front of you. When you daydream about an upcoming vacation, you may see yourself on the sunny beach.

People who dream about taking a penalty kick could visualize themselves like they are watching a video of it in their mind. They may even experience the smell of the turf or hear the sounds that fans would make.

Scientists believe your primary visual cortex, located in the back of your brain, is involved in internal visualization. This is the same part of the brain that processes visual information from the eyes and that lets you see the world around you.

An image of a brain. The primary and secondary visual cortices in the back of the brain are highlighted.
The visual cortex influences both visual and mental imagery.
Coxer via Wikimedia Commons

Another brain region, located in the very front of the brain, also contributes to mental imagery. This structure, called the prefrontal cortex, is in charge of executive functions – a group of high-level mental skills that allow you to concentrate, plan, organize and reason.

A diagram of the human brain with the prefrontal cortex highlighted at the front.
The prefrontal cortex controls executive functions.
The National Institute of Mental Health via Wikimedia Commons

Scientists have found such skills to be, at least to some extent, related to one’s mental imagery ability. If someone is good at holding and manipulating large amounts of information in mind, this person can play with things like numbers or images in their mind on the go.

Experiencing and remembering

Most of the same brain areas are active both while you’re actually experiencing an event and also when you’re visualizing it from a memory in your head. For example, when you behold the beauty of the Grand Canyon, your brain creates a memory of the image. But that memory is not simply stored in a single place in the brain. It’s created when thousands of brain cells across different parts of the brain fire together. Later, when a sound, smell or image triggers the memory, this network of brain cells fires together again, and you may picture the Grand Canyon in your head as clearly as if it were in front of you.

Benefits of mental imagery

The ability to mentally visualize can be helpful.

Notice the look of concentration on a gymnast’s face before competition. The athlete is likely visualizing themselves executing a perfect rings routine in their mind. This visualization activates the same brain regions as when they physically perform on the rings, building their confidence and priming their brain for better success.

Athletes can use visualization to help them acquire skills more quickly and with less wear and tear on their bodies. Engineers and mechanics can use visualization to help them fix or design things.

Mental visualization can also help people relearn how to move their bodies after a brain injury. However, with additional practice, those who do not use visualization will eventually catch up.

Nature-nurture interactions

All is not lost if you have difficulty visualizing. It is possible that the ability to visualize in your mind is a combined effect of both how your individual brain works and your life experiences.

For example, taxi drivers in London need to navigate very complicated streets and, scientists found, experience changes to their brain structures over the course of their careers. In particular, they develop larger hippocampuses, a brain structure related to memory. Scientists believe that the training the taxi drivers went through – having to visualize a map of complex streets across London in daily driving – made them better at mental imagery via changes in their hippocampus.

And watching someone else do a physical action activates the same brain areas as creating your own internal mental imagery. If you want to be able to do something, watching a video of someone else doing it can be just as helpful as visualizing yourself doing it in your head. So even if you struggle with mental visualization, there are still ways to reap its benefits.


Hello, curious kids! Do you have a question you’d like an expert to answer? Ask an adult to send your question to [email protected]. Please tell us your name, age and the city where you live.

And since curiosity has no age limit – adults, let us know what you’re wondering, too. We won’t be able to answer every question, but we will do our best.The Conversation

About the Authors:

Lynne Gauthier, Associate Professor of Physical Therapy and Kinesiology, UMass Lowell and Jiabin Shen, Assistant Professor of Psychology, UMass Lowell

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Australia’s inflation is falling at a slower pace than RBA expected. ECB may cut rates at the next two meetings

By JustMarkets

At Tuesday’s close, the Dow Jones (US30) Index was up 0.02%, while the S&P 500 (US500) Index was up 0.16%. The NASDAQ Technology Index (US100) closed positive 0.16%.

The Fed will almost certainly cut rates on September 18, which Powell signaled in Jackson Hole and which other officials have since effectively confirmed. The only questions now are whether the easing cycle will start at 25- or 50-basis points and how much policy easing will occur in the coming months. At Jackson Hole, Powell made essentially two turns. The first, as expected, was his clear signal of an imminent rate cut. The second, perhaps less expected, was his equally clear emphasis that unemployment, not inflation, is now the number one determinant of upcoming policy decisions.

Equity markets in Europe were mostly up yesterday. Germany’s DAX (DE40) rose by 0.35%, France’s CAC 40 (FR40) closed down 0.32%, Spain’s IBEX 35 (ES35) added 0.55%, and the UK’s FTSE 100 (UK100) gained 0.21%. Germany’s DAX Index held early gains and closed 0.3% higher at 18,682 on Tuesday, resuming its strong momentum and recovering from a slight dip in the previous session. This was despite the GfK Consumer Confidence Index unexpectedly falling to its lowest level since May, underscoring the weak sentiment in the German economy after yesterday’s poor Ifo results.

The European Central Bank may gradually cut interest rates if inflation continues to fall, but more data is needed to decide on a September cut, Dutch policymaker Klaas Knot said Tuesday. With just two weeks to go until the ECB’s next meeting, a growing number of policymakers favor another rate cut in September, and many say the real debate is over whether another cut in October should follow the move.

Libya has announced a complete shutdown of its oil fields amid political conflict and ongoing regional tensions. The cessation of production and exports from Libya, one of the largest oil producers, has heightened fears of tightening global supply. Potentially, this could provide fuel for higher oil prices. WTI crude prices rose to $76 a barrel on Wednesday after losing more than 2% in the previous session, led by a decline in US oil inventories. API data showed a 3.4 million barrel decline in inventories for the week ended August 23, beating market expectations for a 3.0 million barrel decline.

Asian markets traded flat yesterday. Japan’s Nikkei 225 (JP225) added 0.47%, China’s FTSE China A50 (CHA50) was down 0.03%, Hong Kong’s Hang Seng (HK50) was up 0.43%, and Australia’s ASX 200 (AU200) was negative 0.16%.

The Australian dollar climbed above $0.68, hitting its highest level this year, as better-than-expected inflation data for the month reinforced hawkish sentiment towards the Reserve Bank of Australia’s (RBA) monetary policy. The data showed Australia’s monthly Consumer Price Index came in at 3.5% for the year, slowing from June’s 3.8% rise but above estimates of 3.4%. Minutes from the RBA’s last meeting showed that policymakers considered raising interest rates to curb inflation but ultimately decided to stay on hold. RBA head Michele Bullock also recently said that despite signs of weakening inflation, it was “premature” to consider cutting rates.

S&P 500 (US500) 5,625.80 +8.96 (+0.16%)

Dow Jones (US30) 41,250.50 +9.98 (+0.024%)

DAX (DE40) 18,681.81 +64.79 (+0.35%)

FTSE 100 (UK100) 8,345.46 +17.68 (+0.21%)

USD Index 100.76 +0.20 (+0.20%)

Important events today:
  • – Australia Consumer Price Index (m/m) at 04:30 (GMT+3);
  • – German GfK German Consumer Climate (m/m) at 09:00 (GMT+3);
  • – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

NZD/USD Reaches Annual High Amid USD Weakness

By RoboForex Analytical Department

The NZD/USD pair has climbed to the highest level since 15 January 2024, continuing its trajectory within an ascending channel towards a target of 0.6233. The New Zealand dollar’s growth is primarily fuelled by the weakening US dollar, mirroring trends observed with other currencies such as the AUD and CAD.

Investor sentiment is buoyed by the anticipation that the US Federal Reserve will begin easing monetary policy at its September meeting. Debates about whether the rate cut will be 25 or 50 basis points are ongoing. The decision is seen as imminent given the current inflationary environment in the US and the need to support the employment market.

Conversely, the Reserve Bank of New Zealand (RBNZ) has already taken proactive steps by lowering its interest rate earlier this month. The RBNZ has also signalled a potential reduction in lending costs by up to 75 basis points by year-end, marking a fairly aggressive stance on rates. This transparent approach to monetary policy is helping to shape market expectations and bolster the NZD.

Technical analysis of NZD/USD

On the H4 chart, NZD/USD has completed a growth wave to 0.6250 and is now forming the initial decline phase towards 0.6128. After reaching this target, a corrective movement to 0.6191 might occur, testing it from below before initiating a further decline to 0.6065 and possibly extending to 0.6000. The MACD indicator, positioned above zero but trending downwards, supports this bearish outlook.

On the H1 chart, the pair is currently developing a decline structure towards 0.6222. Following this, a brief uptick to 0.6238 is expected, potentially leading to a consolidation around this level. A downward exit from this consolidation could signal the continuation of the downward trend towards 0.6128. This scenario is corroborated by the Stochastic oscillator, with its signal line below 50 and aiming towards 20, indicating a likely continuation of the downward movement.

 

Disclaimer

Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

China’s Naval Expansion: Why Defense Stocks Like NOC & LMT Are Poised for Growth

By The Ino.com Team

In the first half of 2024, China’s shipbuilding industry secured nearly 75% of new global orders, demonstrating the nation’s expanding manufacturing power. Ship completions surged by 18.4% year-over-year to 25.02 million deadweight tons (dwt), which represents 55% of the global total during this period. Moreover, the industry’s order backlogs increased by 38.6% to 171.55 million dwt. China’s dominance is no fluke, the country leads in 14 out of 18 major ship types for new orders.

But what’s driving this rapid ascent? It’s a mix of cutting-edge technology, surging global demand, and the unmatched efficiency of Chinese shipyards. By adopting advanced construction techniques and digital tools, China has managed to build ships faster and better, which has translated into booming profits. In fact, the industry’s profits for the first five months of 2024 came in at 16 billion yuan ($2.24 billion), up 187.5% year-over-year.

China’s defense industry is rapidly advancing, producing increasingly larger and more capable warships at an impressive pace. For instance, the construction of the Yulan-class landing helicopter assault (LHA) ship, also known as the Type 076, at the Changxing Island Shipbuilding Base. This vessel is set to be a game-changer, poised to become the largest amphibious assault ship in the world.

Satellite images from July 4 show the vessel’s flight deck spans over 13,500 square meters, which is nearly the size of three American football fields. That’s significantly larger than the U.S. America-class LHAs and Japan’s Izumo-class carriers and much bigger than its Chinese predecessor, the Type 075.

The Type 076 isn’t just about size; it’s about capability. With room for dozens of aircraft, drones, and amphibious landing craft, plus accommodations for over 1,000 marines, this ship is set to revolutionize the People’s Liberation Army’s (PLA) power projection. Its expansive flight deck and roomy internal hangar will offer enhanced capacity and flexibility, making it a formidable addition to China’s naval arsenal.

Images also reveal that the drydock where the new 076 class is being constructed opened only in October as part of a new port expansion. This rapid production is giving Beijing a significant edge, with the potential to outpace its rivals like the United States.

Since 2019, China has launched four Type 075 vessels, with two now combat-ready and four more on order. Although the U.S. Navy leads in total warship tonnage, China has surpassed the U.S. in the number of warships over 1,000 tons, and in combat logistics and support vessels.

The real worry for U.S. officials is China’s shipbuilding capacity. According to U.S. Naval Intelligence, China’s shipbuilding capacity is now 632 times greater than the U.S., supported by a vast network of efficient shipyards.

In the past decade, China has launched 23 destroyers and eight guided-missile cruisers, while the U.S. has launched only 11 destroyers and none of the cruisers. This booming production capability, backed by a robust civilian shipbuilding industry, is raising serious concerns in Washington.

As nations respond to China’s expanding naval prowess, there is likely to be increased demand for advanced defense technologies and military solutions. This heightened demand could drive growth in defense stocks, reflecting the broader trends in global military strategy and procurement.

Therefore, investors and defense analysts are turning their attention to how companies like Lockheed Martin Corporation (LMT) and Northrop Grumman Corporation (NOC) are positioned to capitalize on these developments. With that in mind, let’s dig deeper into the fundamental strength of the featured stocks in detail.

Lockheed Martin Corporation (LMT)

Security and aerospace company LMT focuses on research, design, development, manufacture, integration, and sustainment of advanced technology systems, products, and services. It operates through four segments: Aeronautics; Missiles and Fire Control; Rotary and Mission Systems; and Space.

LMT’s net sales increased 8.6% year-over-year to $18.12 billion in the fiscal 2024 second quarter (ended June 30). Its consolidated operating profit grew marginally from the year-ago value to $2.04 billion, while its non-GAAP net earnings amounted to $1.64 billion in the same period. Also, the company’s EPS came in at $6.65, up 3.3% year-over-year.

While analysts predict a slight 4.6% drop in EPS for the year ending December 2024, its revenue is expected to grow by 5.5% year-over-year to $71.25 billion. For fiscal 2025, forecasts suggest revenue and EPS will hit $74.16 billion and $28.01, respectively.

Regarding rewarding shareholders, Lockheed Martin offers a stable dividend with a four-year average yield of 2.66% and a payout ratio of 44.3%. LMT’s current annual dividend of $12.60 translates to a 2.26% yield at the prevailing share price. Moreover, the company has increased its dividend payouts at a CAGR of 6.9% over the past three years.

In terms of price performance, the stock has gained nearly 30% over the past six months. As defense budgets rise globally, driven by geopolitical tensions, Lockheed Martin is well-positioned to benefit and deliver stable returns to your portfolio.

Northrop Grumman Corporation (NOC)

NOC operates as a global aerospace and defense technology company through four segments: Aeronautics Systems; Defense Systems; Mission Systems; and Space Systems. The company leads in satellite manufacturing and space technology, contributing to missions like NASA’s Artemis program.

Recently, the company declared a quarterly dividend of $2.06 per share on the common stock, in consistent with its 10% increase announced on May 14. This dividend is payable to its shareholders on September 18, 2024. With a forward annual dividend of $8.24 per share and a yield of 1.62%, Northrop not only rewards shareholders but also boasts 21 years of consecutive dividend growth.

Financially, NOC is on a solid footing. In the second quarter (ended June 30, 2024), its total sales increased 6.7% year-over-year to $10.22 billion, while its total operating income rose 12.7% from the year-ago value to $1.09 billion. Net earnings for the quarter came in at $940 million and $6.36 per share, reflecting an increase of 15.8% and 19.1% from the same period last year, respectively. Also, its free cash flow improved by 79.7% from the prior-year quarter to $1.10 billion.

Street expects NOC’s revenue to increase 5.2% year-over-year in the current year (ending December 2024) to $41.34 billion, while its EPS is expected to grow by 8.2% from the prior year to $25.20 in the same period. For the fiscal year 2025, its revenue and EPS are expected to reach $42.92 billion and $27.69, registering an increase of 3.8% and 9.8%, respectively.

Moreover, NOC’s shares have gained more than 16% over the past month and nearly 9% year-to-date, making it a compelling option in a rapidly evolving defense landscape.

By Ino.com – See our Trader Blog, INO TV Free & Market Analysis Alerts

Source: China’s Naval Expansion: Why Defense Stocks Like NOC & LMT Are Poised for Growth

From thoughts to words: How AI deciphers neural signals to help a man with ALS speak

By Nicholas Card, University of California, Davis 

Brain-computer interfaces are a groundbreaking technology that can help paralyzed people regain functions they’ve lost, like moving a hand. These devices record signals from the brain and decipher the user’s intended action, bypassing damaged or degraded nerves that would normally transmit those brain signals to control muscles.

Since 2006, demonstrations of brain-computer interfaces in humans have primarily focused on restoring arm and hand movements by enabling people to control computer cursors or robotic arms. Recently, researchers have begun developing speech brain-computer interfaces to restore communication for people who cannot speak.

As the user attempts to talk, these brain-computer interfaces record the person’s unique brain signals associated with attempted muscle movements for speaking and then translate them into words. These words can then be displayed as text on a screen or spoken aloud using text-to-speech software.

I’m a reseacher in the Neuroprosthetics Lab at the University of California, Davis, which is part of the BrainGate2 clinical trial. My colleagues and I recently demonstrated a speech brain-computer interface that deciphers the attempted speech of a man with ALS, or amyotrophic lateral sclerosis, also known as Lou Gehrig’s disease. The interface converts neural signals into text with over 97% accuracy. Key to our system is a set of artificial intelligence language models – artificial neural networks that help interpret natural ones.

Casey Harrell, who has ALS, works with a brain-computer interface to turn his thoughts into words.
Nicholas Card

Recording brain signals

The first step in our speech brain-computer interface is recording brain signals. There are several sources of brain signals, some of which require surgery to record. Surgically implanted recording devices can capture high-quality brain signals because they are placed closer to neurons, resulting in stronger signals with less interference. These neural recording devices include grids of electrodes placed on the brain’s surface or electrodes implanted directly into brain tissue.

In our study, we used electrode arrays surgically placed in the speech motor cortex, the part of the brain that controls muscles related to speech, of the participant, Casey Harrell. We recorded neural activity from 256 electrodes as Harrell attempted to speak.

A small square device with an array of spikes on the bottom and a bundle of wires on the top
An array of 64 electrodes that embed into brain tissue records neural signals.
UC Davis Health

Decoding brain signals

The next challenge is relating the complex brain signals to the words the user is trying to say.

One approach is to map neural activity patterns directly to spoken words. This method requires recording brain signals corresponding to each word multiple times to identify the average relationship between neural activity and specific words. While this strategy works well for small vocabularies, as demonstrated in a 2021 study with a 50-word vocabulary, it becomes impractical for larger ones. Imagine asking the brain-computer interface user to try to say every word in the dictionary multiple times – it could take months, and it still wouldn’t work for new words.

Instead, we use an alternative strategy: mapping brain signals to phonemes, the basic units of sound that make up words. In English, there are 39 phonemes, including ch, er, oo, pl and sh, that can be combined to form any word. We can measure the neural activity associated with every phoneme multiple times just by asking the participant to read a few sentences aloud. By accurately mapping neural activity to phonemes, we can assemble them into any English word, even ones the system wasn’t explicitly trained with.

To map brain signals to phonemes, we use advanced machine learning models. These models are particularly well-suited for this task due to their ability to find patterns in large amounts of complex data that would be impossible for humans to discern. Think of these models as super-smart listeners that can pick out important information from noisy brain signals, much like you might focus on a conversation in a crowded room. Using these models, we were able to decipher phoneme sequences during attempted speech with over 90% accuracy.

The brain-computer interface uses a clone of Casey Harrell’s voice to read aloud the text it deciphers from his neural activity.

From phonemes to words

Once we have the deciphered phoneme sequences, we need to convert them into words and sentences. This is challenging, especially if the deciphered phoneme sequence isn’t perfectly accurate. To solve this puzzle, we use two complementary types of machine learning language models.

The first is n-gram language models, which predict which word is most likely to follow a set of n words. We trained a 5-gram, or five-word, language model on millions of sentences to predict the likelihood of a word based on the previous four words, capturing local context and common phrases. For example, after “I am very good,” it might suggest “today” as more likely than “potato”. Using this model, we convert our phoneme sequences into the 100 most likely word sequences, each with an associated probability.

The second is large language models, which power AI chatbots and also predict which words most likely follow others. We use large language models to refine our choices. These models, trained on vast amounts of diverse text, have a broader understanding of language structure and meaning. They help us determine which of our 100 candidate sentences makes the most sense in a wider context.

By carefully balancing probabilities from the n-gram model, the large language model and our initial phoneme predictions, we can make a highly educated guess about what the brain-computer interface user is trying to say. This multistep process allows us to handle the uncertainties in phoneme decoding and produce coherent, contextually appropriate sentences.

Diagram showing a man, his brain, wires and a computer screen
How the UC Davis speech brain-computer interface deciphers neural activity and turns them into words.
UC Davis Health

Real-world benefits

In practice, this speech decoding strategy has been remarkably successful. We’ve enabled Casey Harrell, a man with ALS, to “speak” with over 97% accuracy using just his thoughts. This breakthrough allows him to easily converse with his family and friends for the first time in years, all in the comfort of his own home.

Speech brain-computer interfaces represent a significant step forward in restoring communication. As we continue to refine these devices, they hold the promise of giving a voice to those who have lost the ability to speak, reconnecting them with their loved ones and the world around them.

However, challenges remain, such as making the technology more accessible, portable and durable over years of use. Despite these hurdles, speech brain-computer interfaces are a powerful example of how science and technology can come together to solve complex problems and dramatically improve people’s lives.The Conversation

About the Author:

Nicholas Card, Postdoctoral Fellow of Neuroscience and Neuroengineering, University of California, Davis

This article is republished from The Conversation under a Creative Commons license. Read the original article.

A third of the world’s population lacks internet connectivity − airborne communications stations could change that

By Mohamed-Slim Alouini, King Abdullah University of Science and Technology and Mariette DiChristina, Boston University 

About one-third of the global population, around 3 billion people, don’t have access to the internet or have poor connections because of infrastructure limitations, economic disparities and geographic isolation.

Today’s satellites and ground-based networks leave communications gaps where, because of geography, setting up traditional ground-based communications equipment would be too expensive.

High-altitude platform stations – telecommunications equipment positioned high in the air, on uncrewed balloons, airships, gliders and airplanes – could increase social and economic equality by filling internet connectivity gaps in ground and satellite coverage. This could allow more people to participate fully in the digital age.

One of us, Mohamed-Slim Alouini, is an electrical engineer who contributed to an experiment that showed it is possible to provide high data rates and ubiquitous 5G coverage from the stratosphere. The stratosphere is the second lowest layer of the atmosphere, ranging from 4 to 30 miles above the Earth. Commercial planes usually fly in the lower part of the stratosphere. The experiment measured signals between platform stations and users on the ground in three scenarios: a person staying in one place, a person driving a car and a person operating a boat.

My colleagues measured how strong the signal is in relation to interference and background noise levels. This is one of the measures of network reliability. The results showed that the platform stations can support high-data-rate applications such as streaming 4K resolution videos and can cover 15 to 20 times the area of standard terrestrial towers.

Early attempts by Facebook and Google to commercially deploy platform stations were unsuccessful. But recent investments, technological improvements and interest from traditional aviation companies and specialized aerospace startups may change the equation.

The goal is global connectivity, a cause that brought the platform stations idea recognition in the World Economic Forum’s 2024 Top 10 Emerging Technologies report. The international industry initiative HAPS Alliance, which includes academic partners, is also pushing toward that goal.

An experimental aircraft like this solar-powered airship could someday play a role in providing internet access to rural areas or disaster zones.
Thales Alenia Space via Wikimedia Commons, CC BY-SA

Fast, cost effective, flexible

Platform stations would be faster, more cost effective and more flexible than satellite-based systems.

Because they keep communications equipment closer to Earth than satellites, the stations could offer stronger, higher-capacity signals. This would enable real-time communications speedy enough to communicate with standard smartphones, high-resolution capabilities for imaging tasks and greater sensitivity for sensing applications. They transmit data via free-space optics, or light beams, and large-scale antenna array systems, which can send large amounts of data quickly.

Satellites can be vulnerable to eavesdropping or jamming when their orbits bring them over adversarial countries. But platform stations remain within the airspace of a single country, which reduces that risk.

High-altitude platform stations are also easier to put in place than satellites, which have high launch and maintenance costs. And the regulatory requirements and compliance procedures required to secure spots in the stratosphere are likely to be simpler than the complex international laws governing satellite orbits. Platform stations are also easier to upgrade, so improvements could be deployed more quickly.

Platform stations are also potentially less polluting than satellite mega-constellations because satellites burn up upon reentry and can release harmful metals into the atmosphere, while platform stations can be powered by clean energy sources such as solar and green hydrogen.

The key challenges to practical platform stations are increasing the amount of time they can stay aloft to months at a time, boosting green onboard power and improving reliability – especially during automated takeoff and landing through the lower turbulent layers of the atmosphere.

Diagram showing a rural area with a river running through it and airships providing communications lines. Circular insets show a mobile user, internet of things devices and satellite.
A network of interconnected high-altitude platform stations could connect mobile users and Internet of Things devices in rural areas.

Beyond satellites

Platform stations could play a critical role in emergency and humanitarian situations by supporting relief efforts when ground-based networks are damaged or inoperative.

The stations could also connect Internet of Things (IoT) devices and sensors in remote settings to better monitor the environment and manage resources.

In agriculture, the stations could use imaging and sensing technologies to help farmers monitor crop health, soil conditions and water resources.

Their capability for high-resolution imaging could also support navigation and mapping activities crucial for cartography, urban planning and disaster response.

The stations could also do double duty by carrying instruments for atmospheric monitoring, climate studies and remote sensing of Earth’s surface features, vegetation and oceans.

From balloons to airplanes

Platform stations could be based on different types of aircraft.

Balloons offer stable, long-duration operation at high altitudes and can be tethered or free-floating. Airships, also known as dirigibles or blimps, use lighter-than-air gases and are larger and more maneuverable than balloons. They’re especially well suited for surveillance, communications and research.

Gliders and powered aircraft can be controlled more precisely than balloons, which are sensitive to variations in wind speed. In addition, powered aircraft, which include drones and fixed-wing airplanes, can provide electricity to communication equipment, sensors and cameras.

Next-generation power

Platform stations could make use of diverse power sources, including increasingly lightweight and efficient solar cells, high-energy-density batteries, green hydrogen internal combustion engines, green hydrogen fuel cells, which are now at the testing stage, and eventually, laser beam powering from ground- or space-based solar stations.

The evolution of lightweight aircraft designs coupled with advancements in high-efficiency motors and propellers enable planes to fly longer and carry heavier payloads. These cutting-edge lightweight planes could lead to platform stations capable of maneuvering in the stratosphere for extended periods.

Meanwhile, improvements in stratospheric weather models and atmospheric models make it easier to predict and simulate the conditions under which the platform stations would operate.

Bridging the global digital divide

Commerical deployment of platform stations, at least for post-disaster or emergency situations, could be in place by the end of the decade. For instance, a consortium in Japan, a country with remote mountainous and island communities, has earmarked US$100 million for solar-powered, high-altitude platform stations.

Platform stations could bridge the digital divide by increasing access to critical services such as education and health care, providing new economic opportunities and improving emergency response and environmental monitoring. As advances in technology continue to drive their evolution, platform stations are set to play a crucial role in a more inclusive and resilient digital future.The Conversation

About the Authors:

Mohamed-Slim Alouini, Distinguished Professor of Electrical and Computer Engineering, King Abdullah University of Science and Technology and Mariette DiChristina, Dean and Professor of the Practice in Journalism, College of Communication, Boston University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Major New Upleg Starting in Copper?

Source: Clive Maund (8/27/24)

Technical Analyst Clive Maund shares an update where he explains why now is a great time to buy all things copper.

Copper looks ready for its next big runup, which could be massive. It has been performing very well indeed technically, as we can see on its latest 6-month chart below.

We turned bullish on it a little early a few weeks back at the time when it was at the Left Shoulder low of what has turned out to be a fine small Head-and-Shoulders bottom — after such a heavy correction, it was entitled to spend some time forming an intermediate reversal pattern.

That it has done, and as we can see on the chart, it is now complete — and according to Bloomberg yesterday morning, copper is now starting to break out, both from the H&S bottom and from the corrective downtrend, which at this point are coincident.

THIS THEREFORE IS A GOOD POINT TO BUY COPPER AND ALL THINGS COPPER.

 

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  2. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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Clivemaund.com Disclosures

The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks cannot be construed as a recommendation or solicitation to buy and sell securities.

Oil prices jumped amid increased geopolitical risk in the Middle East. Investors focus on the Australian inflation data

By JustMarkets

At Monday’s close, the Dow Jones (US30) Index was up 0.16%, while the S&P 500 (US500) Index was down 0.32%. The NASDAQ Technology Index (US100) closed negative 0.85%.

On Monday, San Francisco Fed Chair Mary Daly said that “the time to adjust policy is now.” Richmond FRB President Barkin said he still sees upside risks to inflation, although he supports “lower” interest rates as the labor market cools. Markets rate the odds of a 25bp rate cut at the September 17–18 FOMC meeting at 100% and a 50bp rate cut at 36%.

Equity markets in Europe were mostly down yesterday. Germany’s DAX (DE40) fell 0.08%, France’s CAC 40 (FR40) closed up 0.18%, Spain’s IBEX 35 (ES35) fell 0.11%, and the UK’s FTSE 100 (UK100) was not trading on Monday. European stocks closed subdued on Monday, weakly holding on to the previous week’s highs, as markets continued to assess the extent to which consolidated expectations of an imminent rate cut by the Federal Reserve will affect European borrowing costs. Ifo’s German business climate indicator fell for the fourth straight time in August, matching market expectations and adding to concerns after preliminary estimates of the economy contracting in the second quarter and reflecting further pessimism among German consumers.

WTI crude oil prices rose more than 3% on Monday, surpassing the $77 a barrel mark, marking the third straight session of gains on concerns about supply risk amid escalating tensions in the Middle East. Over the weekend, intense rocket exchanges between Israel and Hezbollah heightened fears that the wider regional conflict will affect oil supplies. In addition, market sentiment was boosted by expectations of looser monetary policy after Federal Reserve Chairman Jerome Powell hinted at a possible interest rate cut, driven by concerns about the labor market and progress toward the 2% inflation target.

Asian markets were predominantly up yesterday. Japan’s Nikkei 225 (JP225) was down 0.66%, China’s FTSE China A50 (CHA50) added 0.07%, Hong Kong’s Hang Seng (HK50) gained 1.06%, and Australia’s ASX 200 (AU200) was positive 0.76%.

Australia’s consumer inflation report will be released as early as tomorrow. Inflation is expected to fall from 3.8% to 3.4% y/y. Reserve Bank of Australia (RBA) policymakers want to see further declines before abandoning the hawkish bias. Any signs of easing inflationary pressures could have a negative impact on the Australian dollar (AUD), which rose to the highest levels in more than a year amid the RBA’s hawkish stance. RBA chief Michele Bullock recently said that despite signs of weakening inflation, it is “premature” to consider cutting interest rates. Therefore, if consumer prices for July turn out to be worse than expected, it will only strengthen the opinion of policymakers and further support the Australian currency.

S&P 500 (US500) 5,616.84 −17.77 (−0.32%)

Dow Jones (US30) 41,240.52 +65.44 (+0.16%)

DAX (DE40) 18,617.02 −16.08 (−0.086%)

FTSE 100 (UK100) 8,327.78 0 (0%)

USD Index 100.86 +0.14 (+0.14%)

Important events today:
  • – German GDP (q/q) at 09:00 (GMT+3);
  • – US CB Consumer Confidence (m/m) at 17:00 (GMT+3).

By JustMarkets

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.