UN chief urges tech sector to power data centers with renewables
WASHINGTON (Reuters) -U.N. Secretary General António Guterres on Tuesday called on tech companies to power the build out of data centers with 100% renewable energy by 2030, even as the industry turns to gas and coal-fired power plants to meet surging demand.
The secretary general made his case for why he believes energy-hungry data centers should lock in a future of clean energy, saying the transition to renewable energy is inevitable, even as some countries and companies still embrace fossil fuels.
"The future is being built in the cloud," Guterres said in a speech at the United Nations' headquarters in New York. "It must be powered by the sun, the wind, and the promise of a better world."
His appeal to technology companies comes a day before U.S. President Donald Trump unveils his administration's AI Action Plan, which is expected to contain a number of executive actions aimed at easing restrictions on land use and energy production to unleash artificial intelligence development.
Trump has declared a national energy emergency to address the vast amounts of energy needed by data centers to power AI to compete with China and enable him to ease environmental restrictions to build more power plants fueled by gas, coal and nuclear.
Top economic rivals, the U.S. and China, are locked in a technological arms race over who can dominate AI.
At the same time, Trump has issued executive orders and signed the One Big Beautiful Bill Act that curtails the use of incentives for wind and solar energy, which dominate the queue of new power generation waiting to connect to the electric grid.
Guterres also appealed to governments to ready new national climate plans to deliver the goals of the Paris climate agreement by September that will lock-in a transition away from fossil fuels.
He said this moment is an opportunity for governments to meet all new electricity demand with renewables and use water sustainably in cooling systems.
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Yahoo
9 minutes ago
- Yahoo
Why a 'garbage rally' powered by junk stocks could explain quant hedge funds' no good, very bad summer
Quant hedge funds have been losing money since the start of June. The causes are unclear, though execs, traders, and banks have pointed to a few factors. Wednesday was another rough day, as the average quant lost 0.8%, according to Goldman Sachs. As the fundamental investing world marvels at another potential bubble made up of meme stocks and retail traders, quant hedge funds are trying to solve a much more complex problem. The smartest people at the smart money firms have been on a weekslong losing streak starting at the beginning of June, with firms like Qube, Two Sigma, and Point72's Cubist suffering losses over that time. Wednesday was another rough day of trading for many funds as the average quant lost 0.8%, according to Goldman Sachs. The bank's prime brokerage unit said July was on track to be the worst month in five years and pointed to similar factors as it did earlier in the week: A momentum sell-off, crowded trades, and high volatility in certain stocks. Business Insider previously reported that quant firms have been trying to pinpoint the cause of the steady-drip losses that have eroded a hot start to the year in systematic trading. Goldman isn't the only firm that's begun to wrap its head around what's happening. Computer-run managers have come up with theses, found parallels to past markets, and are even planning for a quick rebound. A belief taking hold is that broader market calamity is unlikely to spread, as the sources of pain aren't fundamental market weakness or a lurking economic maelstrom, but rather the opposite: a surprisingly strong economy that has flooded the markets — and questionable stocks — with liquidity that happened to catch quants wrong-footed. Dark Forest Technologies founder Jacob Kline wrote in a Friday note to investors that the current scenario is "not at all like 2007," when forced deleveraging inflicted rapid losses across the systematic space. Kline, who was previously on the investment committee at Bridgewater, said this summer's swoon is a byproduct of "what we politely call a 'garbage rally.'" He theorizes that the resurgence in heavily shorted junk stocks in recent weeks has forced some smaller quant firms to sell their positions, adding to the pain for everyone still holding on. "It's a bad month but not a crisis; the drivers are atypical but not surprising," the note reads. It's not Sydney Sweeney and the memestock crowd Don't give too much credit to Sydney Sweeney and the memestock crowd. They were late to the ball game. One executive at a multimanager fund involved in quant strategies said some large funds started noticing losses before June. Weeks before Kohl's and American Eagle became retail darlings, some micro-cap stocks and thinly traded Chinese names "had been running for three weeks doing silly things." "There's no underlying malady. No COVID. No great financial crisis," the multimanager exec said. He ascribes blame largely to a broader surge in market liquidity and risk appetite, a result of positive macroeconomic developments that began burbling months ago. A "peculiar set of circumstances" preceded the quant bleeding, according to Kline. The broader stock market rally heading into June was largely driven by retail and systematic trend-following. Hedge funds had relatively low net exposure — but they had been hedging the quality stocks by shorting weak ones, which was profitable. The market reached all-time highs in June, and with prices so rich, hedge funds stopped adding to those high-quality stocks but also stopped betting against the weak ones. Removing their short positions boosted "garbage" stocks, which attracted the attention of retail traders and meme stock enthusiasts, driving those positions up further. Because quants, in simplistic terms, use their mathematical firepower to "sort good from bad," as Kline put it, this rally in low-quality companies set many of them up for pain. "Quants are generally going to be on the other side of that kind of arbitrary move," Kline said. Strategies that jump on short-term trends "may be exacerbating" the surge, said Antoine Haddad, founder of $1 billion Bainbridge Partners, a multistrategy hedge fund with quant portfolio managers. This includes "AI-driven algos too," he said. The big-picture driver of this frenzied trading is the strong macroeconomic backdrop — low inflation, muted tariff impact, lack of rate hikes from the Federal Reserve — which has attracted more money into the market. During Covid and the original memestock craze four years ago, the market was awash in liquidity, and money gravitated to odd places, including seemingly worthless stocks — not to mention NFTs, cryptocurrencies, and SPACs. What's happening in 2025 is an echo, similar but far less intense. Another wrinkle and outgrowth of the increasing liquidity and risk appetite is the thaw in equity capital markets, which "have lit up like a Christmas tree," the multimanager exec said. While capital raising was dead much of this year, companies in June began raising money again through initial public offerings, follow-on raises, and convertible bonds, all of which "accelerated towards the end of the quarter, as global issuers and investors gained confidence amid a market rebound," according to Morgan Stanley's mid-July earnings call. This allows companies, "garbage" or otherwise, to improve their prospects by injecting their coffers at attractive valuations, potentially boosting their stock price as well. While many hedge funds closely monitor such activity, it's not traditionally the bailiwick of quants. "Quants don't sit in that business and they don't see that flow," the multimanager exec said. All eyes on the industry's largest quant funds Understanding the source of the quant carnage is one question. Identifying when the pain will abate is equally important. One trader who works at one of the industry's largest quant funds told BI that the actions of the biggest firms will be the most significant factor over the next week. If these funds are forced to sell, then there could be serious pain that could impact everyone from Fidelity mutual funds to Robinhood retail traders. "Some small players don't have a choice but to capitulate," the multimanager exec said, adding that the larger firms know that if a major peer cuts its exposure, "then it becomes a bigger contagion and gets out of hand." This hasn't happened yet, and some are betting that the bigger players will just sit tight. The size of the funds, the pain tolerance of their executives, and the trust they have in their models is where the quant heavyweights have the ability to shine. They either have investor capital locked up for years or a giant horde of internal money — meaning they can withstand losses for longer, especially if they anticipate a bounceback. Dark Forest compared the situation to the end of 2023, when some smaller quants were stung by the Federal Reserve's signalling that lower rates may be coming. This increase of liquidity in the stock market caused a similar surge in stocks that quants were either short or not invested in. Those who "pulled back missed out badly," while funds that held firm saw substantial gains in the following months. "Like 2023, the losses are big enough to where they are inducing the weaker hands to delever, which is exacerbating the losses this week," the note reads. But this time around, the "strong hands" will let their models continue because "the ARKKs of the world are unlikely to keep outperforming the market by 10% a month," Kline said, referring to the innovation-focused ETF managed by Ark Investment Management. "We think strong hands should be levering up into this headwind," the note concluded. Another executive of a small quant fund said they planned to ride out the "froth in sexy sectors." "We are not going to suddenly switch our models over this," he said. "It had been a great year before the summer. Those conditions can come back." The multimanager exec believes the worst is over. It can take time for markets to recalibrate the junk stocks, but "now that everyone is writing about it, we're probably done." Read the original article on Business Insider
CBS News
11 minutes ago
- CBS News
Hops and community are on tap at West Sacramento brewery, celebrating California Craft Beer Week
Craft brewers statewide are showing off their brews to recognize California Craft Beer Week through Sunday, July 27. It's an effort to bring community and craft beer together while spotlighting California's best locally made brews. The special edition pint glass, designed by a Sacramento artist, is only $5 and supports the California Craft Brewing Association. Breweries like Jackrabbit Brewing Company are putting their best hop forward, putting a spotlight on their specialty beers and West Sacramento taproom. "You come in, have a pint of beer and get to know your neighbor," said Evey Ramos, the brewery's events coordinator. Jackrabbit's featured "Hop Stomper" beer was an instant best-seller, thanks in part to the familiar face on the can. The A's relocation to West Sacramento this season meant they met the moment by pitching an A's themed can -- with the mascot Stomper featured, it has already been a homerun. "It sold out of the taproom in a week and a half. It was crazy," said Ramos. The Hop Stomper is still sold out, but a new batch will launch in the taproom next week for purchase. With every pour, there's a purpose. The creative process starts in the brewhouse. "Tons of carbonation on this, which is what we go for," said head Brewer Mike Stone, pouring a glass directly from the tap in the cellar. The taste test is part of perfecting each brew. It comes after a lesson in Fahrenheit and fermentation. It's the science before the sip. "Our team just tweaks it one beer at a time," said Stone. The art is in creating something everyone can enjoy. "I worked corporate industry for seven years and found out I wasn't meant for a desk job and found my way into a brewery," said Stone."Watching other people enjoy something I've put a lot of time and effort into, that's the icing on the cake." Despite the dedication and drive, it's an industry in decline. In 2024, nationwide, more craft breweries closed than opened, according to the Brewers Association. In addition, last year the craft beer market also hit an all time low due to rising costs and declining sales. "I think any craft industry is difficult. You're making something with your hands, your heart, your soul and hoping people want to buy it. If you find somebody local who you love and want to support, then please, please do," said Ramos. Drinking and buying craft beer is what keeps the local taps from running dry. This Sunday, Jackrabbit Brewing is finishing off Craft Beer Week with a jazz concert fundraiser supporting local high school musicians. To purchase the West Sacramento-brewed beers, visit their website. Jackrabbit also recently launched a new venture creating custom craft beer cans for corporate of gifting needs. Customers can work with their in-house designer to create the perfect custom label.
Forbes
11 minutes ago
- Forbes
Top 10 Podcasts for Managers and Mid-Level Leaders
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The 10 Best Podcasts For Managers And Mid-Level Leaders This list was compiled based on podcast ratings on iTunes and other sites, social media presence of the podcast, expertise of the hosts, and quality and diversity of guests. Read on to find your next five-star listen. Hosted by renowned academic and storyteller Brené Brown and based on her book of the same name, Dare to Lead challenges listeners to innovate and create new approaches to leadership. Brown interviews celebrities, cultural tastemakers and thought leaders who give insights into finding your own leadership style and perfecting that approach. Some of her most popular episodes have focused on impostor syndrome, armored vs. daring leadership, creating brave spaces and defining daring leadership. Guests range from the incredibly famous, like Former President Barack Obama, to gifted communicators like author Ruchika T. Malhotra. This podcast is best for managers trying to define and hone their leadership styles. You can listen to Dare to Lead on iTunes, Amazon Music, iHeartRadio and Spotify. From Harvard Business Review, HBR IdeaCast features interviews with business leaders and managers and is hosted by HBR Executive Editor Alison Beard and Senior Editor Curt Nickisch. Each episode provides actionable tips for making day-to-day decisions easier and maximizing time. Topics range from finding ways to utilize artificial intelligence (AI) for training and project management to the wisdom of immigrant entrepreneurs. Guests include Moms Demand Action founder Shannon Watts, Harvard University President Emeritus Lawrence H. Summers and Amazon CEO Andy Jassy. This podcast is best for up-and-coming managers looking to establish their footing. You can listen to HBR IdeaCast on iTunes, YouTube, Amazon Music, iHeartRadio and Spotify. Host Adrion Porter started Gen X Amplified with Adrion Porter to give voice to the generation stuck between the Baby Boomers and Millennials. 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You can listen to Latina Leadership Podcast on iTunes, YouTube, Amazon Music, iHeartRadio and Spotify. Grab your AirPods and plug in to any one of these insightful and often uplifting podcasts for managers and mid-level leaders to help you take your career to the next level.
