Unified Data Archives
Learn more about this developing story below.
https://www.tahawultech.com/industry/u-s-senate-votes-on-state-level-ai-regulation/
#USSentate #AIRegulation #tahawultech
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
Fed's expansive experiment in strategy to get a reboot at Jackson Hole
The U.S. Federal Reserve's pivot toward the labor market in 2020 will get a reboot on Friday when Fed Chair Jerome Powell is expected to release a new framework for the central bank that accounts for a half-decade in which inflation surged, jobs were plentiful, and uncertainty became the watchword. The new document may not completely discard the language rolled out when the Fed, in the midst of the pandemic and a burgeoning social justice movement, pledged not to short-circuit labor market gains on the mere threat of inflation in hopes of achieving "broad-based and inclusive" levels of employment. But Powell has flagged that a recalibration is coming, potentially emphasizing stable inflation as a foundation for the best labor market results, and relegating some ideas to times when the economy is abnormally weak or inflation is abnormally low, as occurred in the decade before the pandemic. In those years, as the Fed organized a nationwide series of community listening tours, staffers would ask about inflation and "people would look at us like we had two heads. It was not the topic" when employment and growth concerns were more paramount, said Duke University professor Ellen Meade, who helped organize the 2020 framework review as a top Fed adviser. "The world looks very different today." Powell has already acknowledged that the language adopted in 2020 had been overtaken by the surge of inflation during the COVID-19 pandemic and was likely on its way out. He is expected to detail the new strategy document when he addresses an annual Fed research conference on Friday. Minutes of the Fed's July 29-30 meeting released on Wednesday said the committee was close to finalizing changes to its statement of principles and reiterated that it "would be designed to be robust across a wide range of economic conditions." The current approach has been criticized for introducing complexities that may have slowed the Fed's response to emerging inflation in 2021 and proved irrelevant to how the economy evolved during the pandemic. Much of what was introduced in 2020, especially a controversial promise to allow periods of high inflation to offset low ones so it averages 2% over time, grew out of the Fed's experience trying to lift interest rates from near-zero where they had been mired after the 2007-to-2009 recession. That approach may remain appropriate during prolonged economic weakness, said former Fed Vice Chair Richard Clarida, who helped oversee the last framework revisions. But the approach for normal times may revert to the more straightforward inflation-targeting the Fed previously used. "A verbatim reading of the 2020 statement holds up pretty well operating in the environment the Fed had been operating in for a dozen years. Inflation below target. Secular stagnation," said Clarida, now global economic adviser for Pimco. But "2025 is not 2020. We have policy space." The Fed's current benchmark rate is set between 4.25% and 4.50%, but had been a full percentage point higher last year, a level more in line with prior decades. From around March 2008 to September 2022 it was never above 2.5%. RETHINKING TRADEOFFS The challenge for Powell and the Fed now will be to avoid the appearance of giving up on the labor market in favor of an inflation-first approach. The job market recovered slowly from the 2007-to-2009 crisis, but the unemployment rate eventually fell well below the level Fed officials regard as consistent with stable inflation. Yet inflation remained tame, sparking a small revolution in thinking. Rather than seeing an inevitable tradeoff between inflation and jobs, policymakers decided they no longer needed to view a low unemployment rate as a sign of inflation to come. Job gains could continue until there were more obvious signs of rising prices. As the pandemic threw millions out of work, Powell at the Jackson Hole forum in 2020 spoke about the Fed's "appreciation for the benefits of a strong labor market, particularly for many in low- and moderate-income communities," and described a new strategy that "reflects our view that a robust job market can be sustained without causing an outbreak of inflation." The approach added to an emerging Republican critique of a "woke" Fed that downgraded price control to address income inequality. But it also was true to what the data suggested in the 2010s, and again more recently when the unemployment rate fell to very low levels even as inflation declined, defying many mainstream economists' predictions that high unemployment would be needed to lower inflation from its peak in 2022. Though the Fed's two congressionally mandated goals of stable inflation and maximum employment are considered equally important, Powell has begun using a formulation in which stable inflation is described as necessary for the job market to reach its potential - an approach that would let the Fed justify steps to fight inflation as still consistent with its employment goals. "Without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans," Powell said at the press conference following the Fed's July meeting. Meade said that harkens back to an approach former Fed Chair Alan Greenspan used to try to balance the two sometimes conflicting priorities, even if the understanding of how low unemployment does or does not influence inflation has changed. "You achieve price stability and that lays the groundwork for maximum employment...I do think Powell found his way back to that framing," Meade said. "You have to get to price stability first and that is in the front part of their brains." (Reporting by Howard Schneider; Editing by Dan Burns and Andrea Ricci)
Zawya
2 hours ago
- Zawya
Wall St futures slip ahead of Walmart's results, Fed meet
U.S. stock index futures slipped on Thursday, as investors stepped to the sidelines and awaited an earnings report from big-box retailer Walmart and clues on the Federal Reserve's next policy move from a three-day conference in Jackson Hole. A sharp decline in technology stocks such as Nvidia, AMD, Palantir and Meta earlier this week signaled investor fears that the stocks, which have soared since April lows, are now overvalued, while Washington's growing interference in the sector has also raised alarms. The selloff could also be a result of investors paring back their stock exposure during a traditionally rocky period for equities, according to the Stock Trader's Almanac. "Equities could be more at risk of volatility amid this week's selloff in AI-related stocks on the back of renewed doubts about AI valuations," said Raffi Boyadjian, lead market analyst at brokerage XM. "Although dip buyers have stepped in to stabilize the market, it's too early to rule out a further slump in mega-cap tech stocks." In premarket trading, Nvidia, Advanced Micro Devices and Palantir were marginally up, while Meta was flat. The market focus is now on Walmart's results, expected before the bell. Its shares were down 1.3%. Investors expect the major retailer to strike a cautious tone on customer demand as the labor market cools and inflation ticks up. Reports from other retailers such as Target and Home Depot earlier this week painted a mixed picture, and now investors are trying to gauge how U.S. tariffs would impact holiday sales later this year. At 05:43 a.m. ET, Dow E-minis were down 110 points, or 0.24%, S&P 500 E-minis were down 6.25 points, or 0.10% and Nasdaq 100 E-minis were down 5.25 points, or 0.02% The Fed's annual symposium is expected to kick off on Thursday, with Powell scheduled to speak on Friday at 10 a.m. ET. Traders are looking for any commentary from Chair Jerome Powell that would signal an interest rate cut in September following recent job market weakness. Minutes from the central bank's July meeting showed on Wednesday that policymakers had struck a cautious tone and expect the current interest rates to be not far above the neutral level - where economic activity is neither stimulated nor constrained. That led traders to pare back odds of a 25-basis-point interest rate cut in September to 79% from 99.9% last week, according to data compiled by LSEG. A weekly report on jobless claims, a private report on business activity and remarks from Atlanta Fed President Raphael Bostic, are also expected on Thursday. Among other market movers, Coty slumped 22% after the beauty products maker forecast a drop in current-quarter sales on weak U.S. spending. CoreWeave rose 1.7% after trading firm Jane Street Group reported it has a 5.4% passive stake in the Nvidia-backed company. (Reporting by Johann M Cherian; Editing by Shinjini Ganguli)
Zawya
2 hours ago
- Zawya
Lilly reports second-quarter 2025 financial results and raises guidance
Increased the midpoint of our 2025 full-year revenue guidance by $1.5 billion to be in the range of $60 billion to $62 billion; reported EPS guidance raised to be in the range of $20.85 to $22.10 and non-GAAP EPS guidance raised to be in the range $21.75 to $23.00. Pipeline progress included positive results in orforglipron for obesity, Mounjaro SURPASS CVOT for type 2 diabetes and heart disease, and Jaypirca H2H vs Imbruvica in CLL/SLL. Q2 2025 EPS increased 92% to $6.29 on a reported basis and increased 61% to $6.31 on a non-GAAP basis, both inclusive of $0.14 of acquired IPR&D charges. Business development activity included the completed acquisitions of SiteOne Therapeutics, Inc. and Verve Therapeutics, Inc. INDIANAPOLIS /PRNewswire/ --Eli Lilly and Company (NYSE: LLY) today announced its financial results for the second quarter of 2025. "Lilly delivered another quarter of strong performance, achieving 38% year-over-year revenue growth driven by robust sales of Zepbound and Mounjaro and sustained momentum across our key medicines," said David A. Ricks, Lilly chair and CEO. "Our pipeline continued to advance, highlighted by positive study results in oncology and cardiometabolic health—including Mounjaro's demonstrated cardio-protective effects in patients with type 2 diabetes and heart disease and strong data for our oral incretin, orforglipron, in obesity. We also expanded manufacturing capacity to meet increasing demand and invested in key R&D initiatives to support our long-term growth." A discussion of the non-GAAP financial measures is included below under "Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited)." Second-Quarter Reported Results In Q2 2025, worldwide revenue was $15.56 billion, an increase of 38% compared with Q2 2024, driven by a 42% increase in volume, partially offset by a 6% decrease due to lower realized prices. Key Products1 revenue grew to $10.40 billion in Q2 2025, led by Zepbound and Mounjaro. Revenue in the U.S. increased 38% to $10.81 billion, driven by a 46% increase in volume, partially offset by an 8% decrease due to lower realized prices. The increase in U.S. volume and decline in realized prices was driven by Zepbound and Mounjaro. Revenue outside the U.S. increased 37% to $4.74 billion, driven by a 35% increase in volume and to a lesser extent a 3% favorable impact on foreign exchange rates, partially offset by a 1% decrease due to lower realized prices. The volume increase outside the U.S. was driven primarily by Mounjaro. Gross margin increased 44% to $13.11 billion in Q2 2025. Gross margin as a percent of revenue was 84.3%, an increase of 3.5 percentage points. The increase in gross margin percent was primarily driven by improved cost of production and favorable product mix, partially offset by lower realized prices. In Q2 2025, research and development expenses increased 23% to $3.34 billion, or 21.4% of revenue, driven by continued investments in the company's early and late-stage portfolio. Marketing, selling and administrative expenses increased 30% to $2.75 billion in Q2 2025, primarily driven by promotional efforts supporting ongoing and future launches. There were no asset impairment, restructuring and other special charges in Q2 2025. In Q2 2024, there was a charge of $435.0 million, which related to litigation. The effective tax rate was 16.5% in Q2 2025 compared with 15.6% in Q2 2024. The lower tax rate in Q2 2024 reflects the favorable tax impact of asset impairment, restructuring and other special charges in Q2 2024. In Q2 2025, net income and earnings per share (EPS) were $5.66 billion and $6.29, respectively, compared with net income of $2.97 billion and EPS of $3.28 in Q2 2024. EPS in Q2 2025 and Q2 2024 both included acquired IPR&D charges of $0.14. Second-Quarter Non-GAAP Measures On a non-GAAP basis, Q2 2025 gross margin increased 43% to $13.23 billion. Gross margin as a percent of revenue was 85.0%, an increase of 3.0 percentage points. The increase in gross margin percent was primarily driven by improved cost of production and favorable product mix, partially offset by lower realized prices. On a non-GAAP basis, Q2 2025 net income and EPS were $5.68 billion and $6.31, respectively, compared with net income of $3.54 billion and EPS of $3.92 in Q2 2024. Non-GAAP EPS in Q2 2025 and Q2 2024 both included acquired IPR&D charges of $0.14. For further detail on non-GAAP measures, see the reconciliation below as well as the "Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited)" table later in this press release. Selected Revenue Highlights Mounjaro For Q2 2025, worldwide Mounjaro revenue increased 68% to $5.20 billion. U.S. revenue was $3.30 billion, an increase of 37%, reflecting strong demand, partially offset by lower realized prices. Revenue outside the U.S. increased to $1.90 billion compared with $677.2 million in Q2 2024, primarily driven by volume growth, including entry into new markets. Zepbound For Q2 2025, U.S. Zepbound revenue increased 172% to $3.38 billion, compared with $1.24 billion in Q2 2024, primarily driven by increased demand, partially offset by lower realized prices. Verzenio For Q2 2025, worldwide Verzenio revenue increased 12% to $1.49 billion. U.S. revenue was $929.0 million, an increase of 8%, driven by increased volume. Revenue outside the U.S. was $560.3 million, an increase of 19%, primarily driven by volume growth. Lilly shared numerous updates recently on key regulatory, clinical, business development and other events, including: For information on important public announcements, visit the news section of Lilly's website. 2025 Financial Guidance Full year guidance increased to the range of $60.0 billion to $62.0 billion, primarily driven by strong underlying business performance across the portfolio and foreign exchange rates. The performance margin2 is now expected to be in the range of 42.0% and 43.5% on a reported basis and 43.0% and 44.5% on a non-GAAP basis. Both ratios reflecting the increase in revenue guidance. Other income (expense) on a reported basis is now expected to be expense in the range of $750 million to $650 million due to a decrease in net losses on investments in equity securities and is still expected to be expense in the range of $700 million to $600 million on a non-GAAP basis. The 2025 estimated effective tax rate increased from approximately 17% on a reported basis to 19% which reflects an anticipated third quarter charge as a result of recently enacted U.S. tax legislation. The non-GAAP estimated tax rate is still expected to be approximately 17%. Based on these changes, EPS guidance increased to the range of $20.85 to $22.10 on a reported basis and $21.75 to $23.00 on a non-GAAP basis. The company's updated 2025 financial guidance reflects adjustments shown in the reconciliation table below. Webcast of Conference Call As previously announced, investors and the general public can access a live webcast of the Q2 2025 financial results conference call through a link on Lilly's website at The conference call will begin at 8:30 a.m. Eastern time today and will be available for replay via the website. Non-GAAP Financial Measures Certain financial information is presented on both a reported and a non-GAAP basis. Some numbers in this press release may not add due to rounding. Reported results were prepared in accordance with U.S. generally accepted accounting principles (GAAP) and include all revenue and expenses recognized during the periods. Non-GAAP measures reflect adjustments for the items described in the reconciliation tables later in the release. Related materials provide certain GAAP and non-GAAP figures excluding the impact of foreign exchange rates. Lilly recalculates current period figures on a constant currency basis by keeping constant the exchange rates from the base period. The company's 2025 financial guidance is provided on both a reported and a non-GAAP basis. The non-GAAP measures are presented to provide About Lilly Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for nearly 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit and or follow us on Facebook, Instagram and LinkedIn. P-LLY
