Latest news with #Rittenhouse
Yahoo
20-05-2025
- Business
- Yahoo
The Bull Case for Galaxy Digital Is AI Data Centers Not Bitcoin Mining, Research Firm Says
When Galaxy Digital (GLXY) CEO Mike Novogratz bought Argos' Helios data center in late 2022, at the depths of the post-FTX crypto winter, the company thought they were bailing out a desperate bitcoin (BTC) miner on the brink of bankruptcy. This, however, was before ChatGPT had become mainstream. Novogratz and co. had no idea that this data center would be a strategic asset as the growing Artificial Intelligence (AI) industry clamours for more data center space, thanks to the explosive growth of Large Language Models (LLMs). As analysts from Rittenhouse Research outlined in a new note, Galaxy's lucky find, which instigated the company's move out of BTC mining altogether, might now be crypto's most lucrative pivot, as they make the case that the infrastructure used to mine digital gold is better used to process AI algorithms, and firms that shift away from BTC mining towards AI infrastructure are set to be the next growth stocks. Analysts from Rittenhouse argue that AI data centers represent a significantly more lucrative business model than BTC mining because they generate stable, long-term cash flows with minimal ongoing capital expenditures, contrasting sharply with the volatility and capital intensity of bitcoin mining. BTC mining revenues inherently decline by approximately 50% every four years due to the scheduled halvinings. Effectively, the play for a miner is being a long-term bull on BTC's price and the ability for semiconductor fabs and designers to develop chips that are perpetually more efficient, and, for an investor, that's a lot of variables. In contrast, AI data centers like Galaxy's Helios facility earn consistent, high-margin revenue through long-term, triple net leases to hyperscaler tenants (a large-scale cloud computing provider), without needing continuous investment in mining equipment. 'Galaxy stumbled upon Helios by virtue of good luck,' Rittenhouse wrote in their note. While competitors such as Riot Platforms and Cipher Mining have publicly tried to "rewrite history," retroactively suggesting their business was always broader than BTC mining, analysts say, 'in reality, these miners had zero intentions to do anything besides mine BTC until ChatGPT was launched.' Galaxy's transition reflects a broader trend as BTC miners attempt to pivot toward AI and cloud computing. Yet, analysts underscore Galaxy's significant advantage, stemming from its superior balance sheet ($1.8 billion of net cash and investments), successful execution record, and credibility established through the CoreWeave lease. While some have raised concerns over CoreWeave's creditworthiness, causing Galaxy's shares to trade at a significant discount, Rittenhouse analysts say these fears are significantly overblown, highlighting CoreWeave's exceptional revenue stability from long-term contracts accounting for 96% of its revenues and its strong institutional backing. The analysts emphasize that CoreWeave's debt is carefully structured through delayed draw term loans, utilized specifically to finance infrastructure directly linked to secured customer agreements, dramatically reducing default risk. Rittenhouse also notes that Galaxy has gone fully in on AI, and now doesn't have any exposure to mining. "Galaxy has completely exited all bitcoin mining activities to focus solely on its AI data center ambitions, which sends a positive signal to potential hyperscaler tenants," analysts wrote. As Rittenhouse writes, Cipher Mining's CEO Tyler Page recently acknowledged the uphill battle miners face when approaching major AI customers. "It's not lost on us that if we're talking to a counterparty with a $1 trillion market cap... One drawback for bitcoin miners is that major counterparties say, 'wow, that's a big obligation for you guys to backstop for such an important investment for us,'" Page said on the company's Q1 2025 earnings call. Galaxy doesn't have that problem. With this Helios deal in place and Novogratz's company totally out of mining, Galaxy's accidental pivot might just turn out to be crypto's best strategic move in years – if Rittenhouse's thesis is correct.
Yahoo
16-04-2025
- Politics
- Yahoo
Tega Cay council member censured over controversial social media post
A Tega Cay city council member voted in favor of his own censure for comments he made on social media. According to the Charlotte Observer, Scott Shirley made a post about Kyle Rittenhouse. ALSO READ: Kyle Rittenhouse trial: Jury finds not guilty on all counts Rittenhouse was acquitted after shooting and killing two people during a Black Lives Matter protest in Wisconsin in 2020. While the details of the post aren't clear, Shirley said he was advocating for the use of constitutional rights to protect private property. He said he was in no way advocating violence but understands how his post could be misconstrued. VIDEO: Rittenhouse seeks return of gun used during Kenosha protest
Politico
28-02-2025
- Politics
- Politico
Will Rick Zbur stand his ground?
Presented by SAFETY ON: The backlash has been swift for Assemblymember Rick Chavez Zbur and his proposal to make California an anti-stand-your-ground state. The Los Angeles Democrat is continuing to play defense on his less-than-week-old bill to narrow the definition of 'justifiable homicide' by requiring deescalation when possible. He's already promising amendments that make it clear the legislation won't have an effect on Californians' ability to protect themselves in their own homes. 'We're looking forward to working with law enforcement to modify the bill so that it's clear that this is about making sure that everyone in our communities are safe,' Zbur told Playbook. The online brouhaha that followed Zbur's bill introduction shows the continuing pitfalls of pushing left-leaning criminal justice policy in an environment primed to generate conservative outrage — even in deep-blue California. Opponents quickly seized on the proposal's language — which would make killing someone illegal if a person uses more force than necessary to defend themselves or chooses not to disengage or deescalate a violent situation when they can — calling it a 'criminal-first bill.' The assemblymember tried to clarify things on social media, saying the bill is aimed at people like Kyle Rittenhouse, who fatally shot two people during a Wisconsin protest in 2020 and was acquitted of all charges in the incident, turning him into something of a far-right hero. But that only drew more vitriol from Rittenhouse and his supporters, extracting a promise from him to testify against Zbur's bill. 'I'll see you in California,' Rittenhouse said in an X post. Bill supporters argue the legislation is necessary to close legal loopholes as California potentially sees more guns in public after a 2022 Supreme Court decision that blew a hole in the state's concealed carry law. Everytown for Gun Safety, the bill's sponsor, says the bill will create 'guardrails' that will help gun owners understand the rules of engagement in a new era of concealed carry rules. The organization is against 'stand your ground' laws, such as Florida's policy, which says residents have 'no duty to retreat' from threats. Florida gained national attention for its rules in 2012 after George Zimmerman fatally shot Trayvon Martin, an unarmed Black 17-year-old walking in his neighborhood. Everytown says Zbur's bill would bring California in line with a group of other states — including New York, New Jersey and Massachusetts — that require deescalation . 'This bill simply updates state law to make clear that if a person can safely walk away from a conflict, they must do so instead of escalating to using deadly force,' said Nick Suplina, Everytown's senior vice president for law and policy, in a statement to Playbook. 'It doesn't change the long-standing 'Castle Doctrine,' which provides extra self-defense protections in a person's home.' The debate over Zbur's bill will eventually play out in the Assembly Public Safety Committee, which new Chair Nick Schultz is already anticipating. Though it's too early for the bill to be assigned to a committee, Schultz said Zbur reached out to him after the online rhetoric over the bill began heating up. Zbur wanted to make it clear he's 'working proactively to address those concerns,' Schultz said. 'I think that some of the commentary that we saw really strikes at the heart of that uncertainty of how is this bill — if approved, if it's passed through and signed by the governor — how would it be changing existing legal standards?' Schultz said. 'So I think there are some legitimate questions, and we're going to try to work with them to address those.' IT'S THURSDAY AFTERNOON. This is California Playbook PM, a POLITICO newsletter that serves as an afternoon temperature check on California politics and a look at what our policy reporters are watching. Got tips or suggestions? Shoot an email to lholden@ WHAT YOU NEED TO KNOW TODAY FIRING SQUAD: Los Angeles Mayor Karen Bass may have hoped her removal of the city's fire chief, Kristin Crowley, would be forgotten after a few news cycles. But no such luck — Crowley notified the city council Thursday afternoon that she intends to appeal her firing. 'Former Chief Crowley has the right to appeal her dismissal,' responded Zach Seidl, a spokesperson for Bass. The council could overturn the mayor's decision by a two-thirds vote, but it's a tall order for the ex-chief to find 10 members who would defy the mayor. So far, two councilmembers — Traci Park, who represents the fire-devastated Pacific Palisades, and Monica Rodriguez — have publicly called for Crowley's firing to be reversed. Four members appeared alongside Bass when she announced her decision and a fifth, Councilmember Bob Blumenfield, told the Los Angeles Times that the mayor had 'the right to hire and fire whom she wishes.' Whether or not Crowley's appeal is successful, today's move all but guarantees a fresh round of fireworks at City Hall. — Melanie Mason IN OTHER NEWS... LAWYERS TO THE RESCUE: Blue-state attorneys general see themselves as 'the last backstop' protecting Americans from President Donald Trump's policies, our Rachel Bluth and Melanie Mason report today. Proactive coordination has helped the 23 Democratic leaders this time around, as they execute a plan they developed a year before Trump started his second term. Their multi-state lawsuits have temporarily stopped the president from revoking birthright citizenship, freezing federal funding and cutting off money for medical research. This week, they filed their sixth amicus brief in an action against the Trump administration, with the Democratic AGs signing on to argue the importance of the Affordable Care Act. The U.S. Department of Justice declined a request for comment on that suit, or others it is defending. 'Right now in the United States, the Democratic AGs are the only group of people who are united and working to prevent some of these unconstitutional actions from continuing,' Hawaii attorney general Anne Lopez boasted in an interview. SAFEGUARDING FUNDS: A California bill would prevent schools from losing federal funding due to fears of federal immigration raids, our Eric He reports today for POLITICO Pro subscribers. The majority of funding to school districts is largely tied to attendance, which has dropped in some areas since the Trump administration allowed immigration enforcement officials to enter schools. 'Immigration enforcement is no excuse to defund our schools,' Assemblymember Jasmeet Bains, the bill's author, told POLITICO. 'We should not be asking our kids to pay the price for congressional failure to address the border.' Katie Lagomarsino, a budget analyst with the Department of Finance, told lawmakers at a hearing today that the department is 'hearing, anecdotally, that families are fearful of sending their children to school in light of deportation threats being made at the federal level, thus resulting in lower attendance.' MEA CULPA: Yesterday's edition of California Playbook PM misspelled Erik Menendez's name. We regret the error, and we've updated the online version of the newsletter. WHAT WE'RE READING TODAY — California Democrat Kevin Mullin was in a Bay Area Hospital recovering from medical complications after a routine knee surgery the morning before he appeared in Washington, D.C. to vote against the Republican budget resolution. (San Francisco Chronicle) — LA 2028 Olympic organizers say they are on track to secure $2 billion in corporate sponsorships by the end of the year. (Los Angeles Times) — Tesla lobbyists are having trouble with once-friendly lawmakers from blue states since Elon Musk's arrival in Washington. (POLITICO) AROUND THE STATE — The Port of San Diego, which relies heavily on grant funding, has removed most references to diversity, equity and inclusion from its website. (San Diego Union-Tribune) — A third Napa Valley tasting room has closed this month, as the industry deals with a historic downturn caused by high interest rates, wine and grape oversupplies and a decline in tasting room visitation. (San Francisco Chronicle) — Sacramento County law enforcement officials say that Prop 36 implementation has been successful so far, with 129 people charged with theft offenses and more than 50 charged with drug possession. (Sacramento Bee) — compiled by Nicole Norman
Yahoo
27-02-2025
- Politics
- Yahoo
Kyle Rittenhouse speaks to small Memphis crowd year after being booed off U of M stage
Kyle Rittenhouse took the stage at the University of Memphis again Wednesday, almost a year after he was jeered and booed off stage. But unlike in 2024, his speech was sparsely attended, had a smaller protest crowd and ended without fireworks. He began his speech a little after 7:15 p.m. and said Memphis had "matured a little," before calling out a few familiar faces in the crowd of a few dozen. Outside, protesters gathered chanting "killer on campus" and holding signs about Rittenhouse. The overall scene was tamer than a year ago. The event, hosted by Turning Point USA's Memphis chapter, featured Rittenhouse speaking to a small collection of students and community members. His speech was about the Second Amendment and his experience during his first-degree intentional homicide trial. Jay Opp, a student from the U of M, left the event early after asking a question. Opp said he expressed concern over TPUSA only allowing a few people into the also said the event felt 'controlled' this year compared to last year, and said it seemed to be a way to show Memphians agreeing with him. Rittenhouse gave a recount of the night he shot three people, two fatally, in his own words. Roughly 40 people were in the auditorium, and some rows were completely empty. Last year, Rittenhouse was accompanied by his service dog but he was without Milo this time around. Rittenhouse was able to get through his speech without any interruptions, the audience sat completely silent with some recording on their phone. After he finished his speech, Rittenhouse allowed some questions from the audience, similar to what occurred last year at the event. Rittenhouse ignored some inquiries and only answered questions related to his experience the night of the shooting. Other attendees who pressed him about gun rights, specifically Rittenhouse's statements regarding high-crime cities having lax gun registration, he either argued or dismissed. Moses Davis, a junior at U of M, had an amicable exchange with Rittenhouse. While the two disagreed on multiple fronts, Rittenhouse joked that the two should become penpals or follow each other on Instagram. Protesters were present, but the event was more controlled than Rittenhouse's event the year prior. Rittenhouse rose to prominence in conservative circles after fatally shooting two protestors and injuring a third in Kenosha, Wisconsin during the Black Lives Matter protests in 2020. He had traveled from his home in Illinois with an AR-15 purchased by a friend because he was too young to legally buy or own one. He said he was there to protect businesses and serve as a medic. Rittenhouse was ultimately charged with five felonies, including two counts of first-degree intentional homicide, but claimed self-defense and was acquitted by a jury. Wednesday was not the first time Rittenhouse has been to the U of M campus. He previously spoke on campus at a similar event in March 2024 and drew a protest of about 200 people. Those people gathered with signs that read "Put Rittenhouse behind bars not a podium," "Murderers don't belong here," "Face of a Weenie" and "No one should be open to: Racism, Christo-Fascism, Murderous Little Shits." Rittenhouse left the stage early after an audience member asked if he believed some statements toward Black people were racist. He did not answer the question, and people shouted "deflection." He left the stage shortly after. Lucas Finton covers crime, policing, jails, the courts and criminal justice policy for The Commercial Appeal. He can be reached by phone or email: (901)208-3922 and and followed on X @LucasFinton. Brooke Muckerman is a politics and education reporter for The Commercial Appeal. She can be reached at and 901-484-6225. This article originally appeared on Memphis Commercial Appeal: Kyle Rittenhouse in Memphis: What happened at Univeristy of Memphis speech
Yahoo
27-02-2025
- Politics
- Yahoo
Kyle Rittenhouse returns to speak at university where angry mob led to canceled speech
Nearly a year after his speech was disrupted by an angry mob of student protesters, Kyle Rittenhouse will return to the University of Memphis on Wednesday evening to talk about the Second Amendment and his controversial 2021 trial. The University of Memphis chapter of Turning Point USA re-invited Rittenhouse to speak after the university and Rittenhouse's lawyers worked out a deal to ensure an adequate security presence this time, Alliance Defending Freedom (ADF) attorney Mathew Hoffmann told Fox News Digital. "The bottom line is universities cannot allow hostile students and other people to shut down speakers that they don't like," Hoffmann said. "That's enshrined in Tennessee law and the First Amendment. The mob forced him to cut his speech short, and he left not being able to communicate his message." Protesters Disrupt Kyle Rittenhouse Tpusa Event At The University Of Memphis: 'No Justice, No Peace' Intervening on Rittenhouse's and TPUSA's behalf, ADF sent a demand letter in October asking the university to reschedule the event and "reimburse TPUSA an unconstitutional security fee it was forced to pay after the event was shut down." The university did reschedule it, but did not refund the $1,600 fee "for security that stood idly by and allowed the mob to shut down the event." "They did change their security fee assessment system. The university has committed in advance of the event to give a short statement about promoting respectful dialogue and how disruption will not be tolerated," Hoffmann said. Read On The Fox News App Rittenhouse was acquitted during a high-profile case in 2021 of five charges after fatally shooting two people and injuring a third during unrest in Kenosha on Aug. 25, 2020. His defense attorneys argued he acted in self-defense after being attacked. The decedents, Joseph Rosenbaum, 36, and Anthony Huber, 26, both had criminal records, including allegations of domestic abuse, child molestation and disorderly conduct. Rittenhouse Found Not Guilty On All Counts The University of Memphis did not respond to Fox News Digital's request for comment by time of article source: Kyle Rittenhouse returns to speak at university where angry mob led to canceled speech
