Welcome, let me start by saying that thank you for joining us today for another episode of the nonprofit show today as a masterclass with Julia Patrick CEO of the American nonprofit Academy.  And again, we are so extremely grateful to have our presenting sponsors join us today and each and every day. If you have not checked these companies out you will want to do that, although I like to remind you, don't do it now, but you will have about 29 minutes and you can do it in 29 minutes. So, smart. So thank you to our presenting sponsors that keep us moving along in this constant change that we are living in. So, again, please do make sure that you look into these companies because they can help you move your mission driven goals forward. Just as today's masterclass can do for those of you that have joined us and maybe you are a raving fan and you come back and listen to a lot of our episodes you will know that Julia and I on occasion, do you take some of the episodes and really share and deliver our area of expertise and that's exactly what Julia Patrick CEO of the American nonprofit Academy is doing with us today so thank you Julia. This is when I like to say we want to like unzip your brain and just juggle it all out because we really need what's up there and your many years of experience in the sector so thank you for for sharing your expertise with us. Thank you. You know it's a lot of fun. I want to say thank you for letting me have the second annual post Thanksgiving, ask an answered some of our segment with my daughter on Friday, which was really a lot of fun so I hope you all were able to show to share in that, because it was a really great opportunity to get that perspective you know Jared and I are 20 years apart from Jared to Kamlee that's another 20 years. And so it was really interesting to get some perspectives on that so, but I'm back to talk about media, how to finish strong for the year and this is super, super critical. Jared, what's the percentage of revenue that gets raised. So 30% at the end of q for, but now we're coming up honestly on the final month. So December and that percent in December is 13%. What is fundraising dollars coming in, and that 13% is of your operating budget. So nationally and statistically 30% of your operating dollars are raised in the fourth quarter of every year, and 13% is actually raised in the final month. So this is why I asked you that question, because if you understand that for your nonprofit. This needs to be one of your goals, why are we trying to attract attention. Why are we trying to get the media to pay attention to us, our donors are potential our funders. This is why we need to understand what our year and goals are for those of you across this country, who might have a state tax credit situation going on. I know that in our state we have, we have three now right. I think there's five, but I know, but the big ones are really those three three so we have nonprofit 501 C three we have education, and we then we have the foster care adoption segment. This is a huge opportunity because this is when people are thinking about these things on top of everything else. So understanding your goals tip number one, you got to take a deep breath got to talk to the other people in your organization, breathe, breathe out. Okay, now that makes me fall asleep. I was one deep breath. Pardon me, you know it's really important because that will frame all of the rest of your decisions. So then tip number two. Who are you a yammer into right knowing that audience right. Yeah, knowing the audience and you know Jared I think that's one of the things that we see that a lot from the viewers. There's a lot of questions as well as the guests that come on the nonprofit show. You know who are you trying to talk to.   Right. And this is a big issue and we forget that. I know what I hear often Julia and I'd love for you to share with us how we might be able to just segment this differently is we often take what we think is the easy road and we talk to the masses right we create our narrative our language for everyone. You know, we put everyone in the Coliseum and that's who we're talking to, but that's not what tip number two really is asking us to do. No, and so let's drill down a little bit if you're just trying to look at the media. This is a really important thing because you know during the holidays the media and especially these holidays. The media is deluged with super negative business, and that they have to cover. And if you think about a lot of media outlets, especially which talk about broadcast media. You know there's always a reason why they end their their 30 minute episode with the squirrel water scheme right. They got to end with something happy and fun and not just like a complete negative experience so that it leads you into that evening programming. Long story short, our nonprofits can be doing that. We can be talking about the great things that we're doing that dovetails to our media outlets. So for example, maybe you have a media outlet that's made a commitment to a certain supporting a certain type of philanthropy, maybe it's women and children, maybe it's the homeless situations within your community. Who knows but you can tag what your mission vision and values are to media outlets. It's not that hard, you can do it. And so that's why it's really important to understand who you're talking to. And then from there, you can share that same work to these other segments just exactly like you talked about Jared. But I think sometimes we forget it's okay to let a few things go in terms of telling the whole story to everybody in favor of narrow casting narrow casting, and that is a good thing. So tomorrow is giving Tuesday, and that is a national philanthropic day across clearly our nation. And so looking at our messaging for that Julia, I'm wondering if this is an opportunity to utilize you know your tips for today I think you have five tips when it comes to your storytelling.  So I would say you thought about this in June. Yes, right now it's too late. And there's another concept I want you to remember this, this word evergreen. When you create pieces for media to use yourself to reuse and repost which we'll talk about. You want it to be something that you can use again and a lot of times I'll talk about this in terms of just the weather. So doing something that is like super. Let's say everybody's dressed in coats and jackets and scarves that footage, those pictures, those messages whether they be online with it. I'm broadcasting media print media. Those aren't going to translate and they're not going to get used but if you can do things that are a little bit more evergreen meaning you can't really tell what season it is or when these images were taken. And they will get reused. Yeah. Okay, so for those of you. This is a great episode to prepare you for next giving Tuesday. I think so but now let's talk before we move on to tip number three. You know, you can do this as a follow up, giving Tuesday is a bigger deal in some communities, other over others, and it's also a bigger deal within the nine main sectors that we have within the nonprofit and it's not all the same. True. Yeah, that you know that's true and again some states have their own giving day. And so this is applicable for that as well. I love the evergreen tip that is something that is really, you know, important because we're all of course, you know, masters of our want to be masters of how we manage our finances. We want to create an evergreen product, you know that has content that will be usable in other seasons and times throughout the year that makes it that makes it, you know, way more valuable and reusable which I know we're going to talk about soon. Let's dive into how might we target our storytelling so there's a lot I'm sure that our organizations want to say and have to say, but how might we think about this when we need to target what we want to say. So, this is one of those things that I want you to maybe rethink about what targeting means. A lot of times we're like, we want to target within our demographics, our sectors of donors investors, policymakers community leaders, all of those things. I'm just saying what happens if you retarget the story to what it is it's going on. So for example, rather than we need money we need money we need money you can say, yeah, we need investment because we're going to build this new building and when we build this new building we're going to be able to take care of all these service sectors. And when we build this building, we're going to put money back out into our own community and we're going to actually be part of the economic engine of our community. And when we build this building, we're going to actually create a better environment and raise the values in our neighborhood I mean you can see where I'm going. When we target the storytelling, I think it's much more impactful. We have 1.8 million nonprofits in this nation, all telling their stories. That's a lot of noise. That's a lot of noise. So now target down, I think it's more intelligent. Now I have a curveball, you know we do the store I guess so it's only fair that I get to do it to you Julia. Okay, but I'm curious and I don't mean to take this as a Debbie down there. I know but let's let's say it's the summer and in the summer that's typically when we see drownings increase right so again negative and I apologize. Is this an opportunity if we offer, you know, swim lessons or we offer fencing or we offer, you know, water advocacy. Is this an opportunity to pitch the media knowing that the summer season is coming increase of water activity is that a target. Look, listen to what you just said, you're offering a solution. Yes. Right. So you've identified the problem, which is tragic and for those of us that live in the West, it is a real present danger. The main thing of it is is that you just offered solutions. And that is the magic of what the nonprofit sector can do. And the media loves that the media loves that that's a really positive thing so absolutely because it goes beyond just, you know, woe is me we need the kiss or cry we need money. It is it, it actually dovetails to that concept Jared that we talk a lot about. And that is donor investment. That person that says yeah I'm going to write that checker I'm going to give that credit card, because I know I'm helping to become a part of a solution. And that's magical. That is magical. And there's so many other opportunities and scenarios that tie into that example. So, to your point, Jared, I think it's really important to to analyze what your social impacts are. You know how does your community in benefit by your engagement so it's, it's about hiring people paying taxes it's about paying rent it's about, you know, serving a mission and a problem finding solutions undoubtedly, but we do a lot of other things. We build community build we build leadership we train I mean, there are many many things that we discount I think in our sector, and we don't promote right and nonprofits that exists those 1.8 that you you mentioned earlier. The reason for these organizations is to help provide a solution to the community problem right and so this is exactly why knowing how to tell our stories knowing how to pitch them to the media, knowing how to share. To provide these solutions to the greater audience and the constituents within our community. So that's, I am learning again I knew I would because this is this is your glory like when I think of genius zones you are such a genius and nerd a total nerd when it comes to this. You've alluded before and you said we're going to talk about this later but when it comes to reposting right so we have perhaps evergreen media evergreen content. How do we really benefit and stretch these this opportunity. You know, I'm fond of saying never cook one meal for once right. Right, you know if you're going to cook something to make sure a part of it or somehow can be repurposed. I mean that's how I've kept my marriage intact for 4243 years. I've fooled him into thinking that every meal is a new meal right, or at least he tells me that. I hope he's not watching. Look, because we're having turkey soup tonight for dinner. Something else. Hey, listen, this is the same concept, you're going to go to all this work your team's going to go to all this work and all the strategy, you need to have other places where this material can live. It means your website, reposting to social media, putting it in your newsletter and you might have more than one newsletter you might have an internal newsletter for your team. You might have a newsletter for your donors, you might have a newsletter for your community of stakeholders and policy decision makers right. There are many many ways that you can be taking this information. And let me tell you snail mail is not dead. And so, if you're doing things, communicate that. And this is a big deal to talk about where you've been engaged by the media where you've shown up. Not everybody's going to be able to watch one of the main media outlets, right. And so, at the same time, so stories or girl are going to get missed. It's your opportunity to reshare that. And now the beautiful aspect of relinking things. If you happen to be a CNN hero, or get posted on on that, that amazing philanthropic media sensation that CNN has created. Take that information and send links so everybody can see it.  And that's not the case. That's the beauty of this, but it takes work and it takes some some gumption on the part of our nonprofits. Well, question for you. How do you recommend that we create an inventory of these stories is do you have, you know, I don't know I'm thinking of an Excel file or something because year after year when we're talking about reposting and repurposing. Sure, we might be able to go back to last year's story and change it a bit so that it's relevant and updated as statistics. What do you recommend we use to hold on to this content by way of inventory. So it was very good question your media inventory should always be in the nonprofit sector, transparently living on a media page within your website. And so that it's always there. And this is really important because this gets used by prospective donors, employees, investors and policymakers, they want to go back and see what you're doing and what's happened. And this is the place. And so absolutely, all of these things should live on your news page. Yeah, I mean if you have an ability on a team like a mark on team to actually work up an Excel spreadsheet where you can talk about this. That's great for your own internal reporting, especially if you're trying to grow your mark on team. So go back out to your to your management and say we need more money because this is what we're doing we need to expand our team. Yeah, that's going to help. But the reality is that can be cumbersome for some organizations. At the first point, if you have a news page and news feed kind of situation. That's where these things should live. Absolutely. You can put blog posts and stuff. Be that often. I rarely see media pages on websites for nonprofits. So it's interesting you mentioned that but that's, again, a big takeaway. You know, Jared, I'll tell you, I have seen more media stories get generated from media pages, because what happens is a reporter or producer who's trying to do everything. And I always give this horrible example, they're going from a semi truck that tipped over on the freeway and released, you know, 10,000 chickens onto the highway. They're coming to you, and then they're going to a beauty pageant afterwards right. I mean they're having to go to everything in between. Right. So the more that you can spoon feed your information to the media, the better. It's about control. It's about accuracy. You are going to have a better outcome. And we have, we've talked about this we have other episodes on this we even have, I think courses on the American nonprofit Academy website about this but yeah spoon feeding and getting that. And that information gathered for them is a big win for everyone media page. It's easy to. Yeah, I would think so and I'm also recalling who's joining us this week and McCauley shares a lot about using those backlinks. This is a great opportunity for that media page or your blog to utilize these backlinks. Google really likes that the SEO really likes that so that's, that's a wonderful tip. Now I hope we can spend the remaining of our time on this big, like, elusive concept that again I shared. This is something I am not familiar doing, and how do we pitch to the media. We really have to pick up this old school phone is that what you're telling us to do. The uninitiated, the left, what you know I saw this picture I'm like, what's the difference between the left and the right. Hello, they're kind of the same thing but the one on the right is a smart, much smarter situation. So if you joined us for the chat chat I talked about my child with first week of kindergarten. And the other who was sharing a big event, pinned a note onto my child's little jumper to pitch me basically to say, will you cover my event, which was really not a good thing and it just totally got my panties in the wad and it got my panties in the wad, but I'm just going to tell you that, you know, go back to that reference of the semi truck following up, you know, tipping over on the freeway and the chickens running all over everywhere. What a visual by the way. Yeah, but I mean this is true you're competing with that. And so picking up the phone and talking to a reporter who you've seen that covers a certain topic that dovetails to yours, or that you follow them on an assignment editor, that's the word we use in broadcast and print media assignment editor, or somebody that you know and this is one of those tricks. This might be something that a board member can help you with. So if you have members who know media outlet owners who are engaged in media. Maybe they're not in the media but they have those contacts that have been built up over the years. This is where you need to work it. And I'm not saying that you cause, you know, a lot of stress for yourself, but you make a list, and you make a call, and you're like hey I think I've got a good story. I've been coming out and sharing this. Can we get on one of your morning shows can we get on a news program can we get in a feature on your website can we get a feature in your newspaper can we get a pictorial in your magazine there are a lot of different ways to go about this. You know, there used to be a day when I was working for a Chamber of Commerce, a media, gosh, it was like a directory. I feel like the individuals were constantly changing like it was a revolving door as that assignment editor so you might have talked to you know Tom Smith, and then two weeks later you're talking to someone else and you know how do we keep up with our media contacts. Even if we, you know, build a relationship but then that individual leaves or is reassigned. How do we really engage with the media and develop these relationships. There are many many communities across the country and especially when you talk about like a top tier city, or even a top 25 in population size, you will find that there are subscription services that are in essence like a directory, and those are online they should be in print but they they're mostly online. The quickest, easiest and most surefire thing is to go to these media outlets individual websites before you pick up the phone, and just to double check. Right. I mean these people should be on your media list that you're sending things out to which we've talked to, we've talked about this before.  That's saying just send an email. Yeah, you can do that. I mean you can tweet out something directly DM somebody directly. Absolutely you can do that. Especially you have if you have breaking news that might be an information that dovetails to a certain thing that's going on in your community. That's responsible, a responsible way to manage a situation. But when you're trying to pitch a feel good story, or human interest story. These are these are the tools, pick up the phone, you will be amazed at how few of your compadres do this in the sector and so you will rise to the top. And if the story doesn't work for them now, I bet it will in the near future. That's right. Now do you focus on one channel or station like let's let's say one me station, or do you pitch all of them if you have that availability. I know so this is the thing. If you have something that is broad based where it's, let's say you have a ribbon cutting to a new building. And it's, it's, it's a community thing and the mayor is going to be there in the city council or the city council or whatever. That is generally shown across different media outlets.  That is really going to be best suited for one outlet. And the reason why I talk about that Jared is that you don't want to anger the other outlets and say wow you stole the story, the overpitch the story. So you have to be a little judicious about this right. Yeah, that's, that's good to know so instead of putting the spider web out to everyone you want to, you want to target the story to your specific audience. Funny how that works. We hear that before. Well, again, I love it when we can dedicate these episodes every now and then we do have a master class so today was one delivered by Julia Patrick so grateful Julia.  I'm so grateful to have your expertise with us today. And of course I was along for the ride grateful to be here. I missed you on Friday but I know that you and Kamali had a wonderful episode so thank you for that. Thank you to our presenting sponsored sponsors excuse me, we are just, you know, continuously delighted to have their investment, not only in the nonprofit show in these episodes but truly in our sectors across the nation. They are here to help you move your mission driven goals forward so whatever that problem is in your community, they are here to help you solve it. Now's the time to check them out if you have not checked them out yet. Please do that and Julia, thank you it's always great to to learn from you and now is such a great time for us to know how to tell our story at the end of the year but truthfully this knowledge in and of itself is ever green. Yes, it really is.  One of the things is that you can see it should become a habit. It should become a part of your performance where, where you know, and you're always thinking, would this make a good story, and who would it be a good story for right. You know, it's not just the media but it's decision makers, it's investors, it's donors, it's other clients, it's people you can collaborate with. These are the things we need to be, you know, talking about. And I think as we end up a lot of times, we are reticent to tell our stories. We don't do a good job about shouting from the rooftop all the amazing things that we do. Don't be humble. Now's the time to share. It's always the time to share because again, the nonprofit sector is providing solutions to the community problem. Julia, thanks again and thanks to all of you that joined us today. Make sure that you join us tomorrow. I also mentioned and McCully will be back on again this week. And then I have a master class this week as well. So we are, we are sharing our decades of expertise, but please do join us again tomorrow and until then we always hope that you will stay well, so you can do well. Thanks, Julia.


The study examines predictors of belief in COVID-19 misinformation across five national samples from the UK, Ireland, USA, Spain and Mexico, finding that while public belief in misinformation is not common, substantial proportion views it as highly reliable. Increased susceptibility to misinformation negatively affects self-reported compliance with public health guidance about COVID-19, as well as willingness to get vaccinated against the virus and recommend it to vulnerable friends and family. Higher trust in scientists and having higher numeracy skills were associated with lower susceptibility to coronavirus-related misinformation, suggesting that interventions aimed at improving critical thinking and trust in science may be a promising avenue for future research. This article was authored by John Rosenbeek, Claudia Arschneider, Sarah Dryhurst and others.


that is, what are the properties of the indirect utility function? As we generally know that mostly we derive certain decisions or draw certain conclusions related to any type of the topic and this conclusion that we mostly infer from various mathematical derivations for this we have to assume certain parameters for that function and for this there should be certain properties so if we draw some conclusions from the indirect utility function how it will behave and what will be its impact then it is necessary that some assumptions or properties that we have fixed will be fulfilled so to have our general conclusions of some of the indirect utility functions properties that we should have which we have the first property that is the continuous function and no illusion or what we say the money illusion it means that the indirect utility function that is the homogeneous in the form of the amount of the or any type of the degree of the M or the money income and if there will be increase in income and direct utility function will be increasing and for the prices indirect utility function will have the decreasing response and it must have a quasi-concave function and then the rise identity now we will discuss all these properties one by one so our first property that is called the continuous it means that the utility that the consumer is going to express it must be in the form of the a continuous function that there should not be any type of the stoppage or the gap means consumer will perform the any change in the utility if there will be any change in the price or if there will be any change in the income then the consumer will exhibit his preference on a continuous form of the utility function and on that utility function he is having any adjustment process moving from one part to the other it means that property of the continuity it ensures the movement or the response of the consumer to the changes in the income or to the changes in the price now coming to the other property we see that there is the no money illusion what we mean no money illusion it means mostly when we take the utility function of the consumer we take that utility is the function of the price and the money income or the income provided to the consumer here to prove this money illusion we have added this parameter or the coefficient to all our these variables so if we take that what will be the change in the optimal level of the utility due to change in the money income then we by taking the first order derivative we see that the change in the utility through the change in the commodity x quantity and how the change in this money income has caused me in the change in the purchasing power has caused the change in the optimal level of the x so plus this will be continue for this amount of good and for this amount of good if it will be multiple good case then we can continue this in the form of x y z and like this or x 1 x 2 and x 3 so it means that this will be the total change in the expenditure of the consumer incurred for the purchase of the commodity x and this will be the change in the expenditure incurred by the consumer on the commodity y multiplied by the lambda and when we come up with like this this part and this through the property of adding up it comes to all this price x n multiplied by their amount of x n divided by m this comes to total expenditure equal to the m so we come up with the lambda it means whatever level of k we are going to add here it means if we add by the 2 or we add by the 3 or we add by the 4 so whatever there will be the amount that will be cancelled out by the change in their money income or adjustment so now the next property third that increasing in the income and decreasing in the price form we are going to describe this in the form of a combined factor as we know that mostly in the form of the utility there is a normal behavior that whenever the income will increase consumer will shift its budget line to the right side and when the budget line will shift it provide the opportunity to the consumer to acquire higher level of the utility function so that the consumer will purchase more of all the goods that he was having in his previous budget bond but at the same time if there will be any change in the prices consumer will respond in the form of the opposite means if prices will increase then consumer will reduce its utility if prices will decrease consumer will respond through the increase in its other form so there will be the response in negative in response to the prices because the consumer has to adjust accordingly now the next property that the indirect utility function expresses that is it is quasi convex in the its formation as we see that the utility function they will be mostly in the form that they will having this shape provided that the consumer will be able to have the adjustment of all the bundles on the same level that is the property of continuity and if it is like this if there will not be this type of the shape it will not be possible for the consumer to have the tangency with its available budget line so to have the tangency condition fulfillment we have to ensure that the indirect utility function they must be shown in the form of the quasi convex form so this tangency point we can have with the amount of the m or the expenditure like this and as consumer increases the utility of the consumption of the commodity so in the similar manner respective expenditure incurred on that utility will be increasing so as the utility in the form of direct marshalian functionality increases in the similar manner the expenditure incurred on that attained utility it will increase on the right side form the sixth part is or the property that is called the rise identity so when we say the rise identity it means the consumers marshalian demand function for any good it is none other that it is the ratio of the partial derivative of the indirect utility function of the consumer so when we say that this is the optimal part of the consumer utility and when we through envelope theorem we measure the change in this so the change in the utility due to change in the price then we come up with this form and it say that it is none than other the change in the expenditure through the change in the price so according to this we come up with the part that is called the amount of the lambda and lambda is none than other that is the one unit change in the price of a commodity how it will have the effect on the change in the expenditure incurred on that commodity so it provides the consumer a tool to compare various commodities or we can say the law of EQ marginal utility through this property


Personal Finance PowerPoint Presentation, reverse stock split. Prepare to get financially fit by practicing personal finance. Most of this information is from Investopedia, reverse stock split, which you can find online. Take a look at the references, resources, continue your research from there. This by Akalash Ganti updated July 11th, 2022. In prior presentations, we've been taking a look at investment goals, investment strategies, investment tools, keeping in mind the two major categories of investments. Fixed income, typically bonds, equities, typically stocks. We're looking at the stock side of things here. Quick recap of what stocks are. Remember that corporations are a separate legal entity. Stock representing ownership in the corporation, each stock representing an equal type of ownership investment for each individual stock, making them easier to trade and value than the corporation may go public, meaning it can be traded on a public exchange, making it easier for investors to be investing in a corporation. So typically when we're talking about valuing stocks, we're usually talking about publicly traded corporations. Keeping that in mind, we're now looking at what is a reverse stock split. So a reverse stock split is a type of corporate action that consolidates the number of existing shares of stock into fewer higher priced shares. So this is a little bit less common or a lot less common to do in action than a stock split, meaning a stock split is usually taking the number of shares that are outstanding and splitting them, oftentimes doubling them, but we could use other ratios as well. A reverse stock split is reversing that process, having fewer shares outstanding. So the general idea just to recap this, remember that stocks represent ownership in the company. If we think about the balance sheet of a company, we have assets, liabilities, equity, assets minus liabilities, what the company has minus what they owe to a third party represents the equity interest, kind of like the book value, which you would think then the stock price would be based upon, to some degree, the value of the company. And we can think about that valuation and being represented in the different or the multiple shares that are outstanding. So if you were to then double the number of shares that are outstanding, this would be a stock split as opposed to a reverse stock split, that would mean that you would have twice as many shares outstanding, but they would still be representing the same valuation to the company because there had not been any underlying change to the company value. In other words, in that instance, the company didn't issue new stocks and therefore didn't get cash increasing the equity in the company. And that a stock split, they just have the same balance sheet with twice as many stocks. So therefore you would think that you would have twice as many stocks out there, but they would be worth half as much. A reverse stock split is basically the opposite. So now once again, you're not doing anything on the balance sheet side of things. You're just gonna say that each stock is now worth some multiple less than it was before so that now you have the same valuation on the company, but there's less stocks representing that value of the company. Okay, so let's go into more detail. A reverse stock split divides the existing total quantity of shares by a number such as five or 10, which would then be called a one for five or one for 10 reverse split respectively. A reverse stock split is also known as stock consolidation, stock merge or share rollback. And is the opposite of a stock split where a share is divided split into multiple parts. Understanding reverse stock split, depending on market developments and situations, companies can take several actions at the corporate level that may impact their capital structure. One of these is a reverse stock split whereby existing shares of a corporate stock are effectively merged to create a smaller number of proportionately more valuable shares. So meaning there were more shares out there of a lower value. You're gonna basically make lesser shares out there, not changing the underlying value of the company. Therefore, you would expect those lesser shares to be of higher value on the market, although it could be a negative indicator on the market as well and could affect the price. So since companies don't create any value by decreasing the number of shares, the price per share increases proportionately. So per share price bumping is the primary reason why companies opt for reverse splits and the associated ratio may range from one for two, two as high as one for 100. In other words, when you look at a stock split, a normal kind of stock split, oftentimes that happens when the stock price is getting too high outside the range to the company saying, hey, let's do a stock split so that we get the range into the ballpark that might drive more people to want those particular stocks because it's in the range they're used to, for example, if the price becomes too low, possibly even to the point where they're gonna get kicked off of the exchange, which would be bad, then you might do the reverse stock split in essence trying to increase the price of the individual stocks to somewhere that would be appropriate, either for just the perception of the stock itself or possibly to get it above a threshold level to not be in danger of being kicked off the exchange. So reverse stock splits do not impact a corporation's value, although they are usually a result of its stock having shed substantial value. So normally you don't plan for a reverse stock split. I mean, you would like the company to be going up in value and then have to deal with the question as to whether you wanna do a normal stock split. You don't want the price going down and then have to choose whether or not you have to do a reverse stock split. So it's usually a negative indicator to the market if you're in that position. So the negative connotation associated with such an act is often self-defeating as the stock is subject to renewed selling pressure. So advantages and disadvantages of reverse stock split, there are several reasons why a company may decide to reduce its number of outstanding shares in the market, some of which are advantageous, advantages, prevent major exchange removal. So a share price may have tumbled to a record low levels which might make it vulnerable to further market pressure and other outward developments such as failure to fulfill the exchange listing requirements. In other words, to be on the exchange, there's requirements such as keeping your stock price of above a certain level. So if you're in danger of going below that, then that's not good. You might be kicked off the exchange and not have access to the capital that would typically be there if you're on exchange. So an exchange generally specifies a minimum bid price for a stock to be listed. If the stock falls below this bid price and remains lower than that threshold level over a certain period, it risks being delisted from the exchange. For example, NASDAQ may delist a stock that is consistently trading below $1 per share. Removal from a national level exchange relegates the company's shares to penny stock status, forcing them to list on the pink sheets. So they're not on the exchange, they're on the pink sheets. And so there's a lot less kind of regulatory scrutiny there. So it's not as, so people investing there then are gonna need to do a lot more kind of their homework and so on. Whereas if they're on the exchange, people typically have more trust in the companies on the exchanges because they have to jump through the regulatory hoops and whatnot at there.  So what's placed on these alternative marketplaces, the low value stocks, the shares become harder to buy and sell. So if they can't buy and sell the shares then the company has less capacity to generate capital money in essence to grow. So attractive bid investors. So companies also maintain higher share price through reverse stock splits because many institutional investors and mutual funds have policies against taking positions in a stock price is below a minimum level. In other words, even if it's not so low they're gonna get kicked off the exchange, they're trying to make the big institutional investors happy. So if the big institutional investors like some minimum level of price for their own policies then you're trying to make them happy because that's where the capital is. So even if a company remains free of delisting risk by exchange it's failure to qualify for purchase by such a large size investors Mars is trading liquidity and reputation satisfy regulators. In different jurisdictions across the globe a company's regulation depends upon the number of shareholders among other factors. So how many, the number of shareholders you wanna comply with the regulatory factors so that you have the capacity to do business and or be on exchanges whatever the regulatory rules are allowing you to comply with or do. So by reducing the number of shares companies at times aim to lower the number of shareholders to come under the purview of their preferred regulator or preferred set of laws. Companies that want to go private may also attempt to reduce the number of shareholders through such measures. So if they're on a public exchange and they're saying, hey, look, we don't want to be a public company we would like to take it back to a private company possibly because at that point you don't have to deal with so much of the regulatory burdens and so on. And in some cases it might be more beneficial than you might choose a strategy in order to do so. Boost spin-off prices. Companies planning to create and float a spin-off an independent company structured through the sale or distribution of new shares of an existing business or division of a parent company might also use reverse splits to gain attractive prices. So in other words, you might have a large business a long time ago or not too long ago but there was a trend to try to conglomerate everything because the thought was that everything was like a business of scale or an economy of scale bigger was better was the idea. And so you saw these companies and they also thought that management of any good management can manage anything. So they tried to pull all these different things together and then later on it kind of people kind of realized that, well, that doesn't work for everything not everything is an economy of scale. So maybe it would be better for certain companies that are big conglomerates, for example, to spin-off things that aren't in their specialty area. And so then you've got this spin-off meaning you want to make another company that's gonna specialize in this one particular area and so you might use strategies to do that. For example, if shares of a company planning to spin are trading at lower levels, it may be difficult for it to price its spin-off company shares at a higher price. So the issue could potentially be remedied by reverse splitting the shares and increasing how much each of their shares trades for. Disadvantages, generally a reverse stock split is not perceived positively by market participants. So clearly when you see a reverse stock split that's like, well, that's going the opposite way of what people would like to see. What they'd like to see is a nice upward trend. Price is going up and then they had to do a stock split because the price got too high. So unless there's some kind of strategic plan like a spin-off or some other strategy that they're trying to do, it's gonna generally have a negative impact on the perception because it's signaling some kind of problem if there's no reason for it. And that problem would be, well, the price seems to be getting too low. Maybe they're worrying about not complying with some kind of regulation or being kipped off the exchange or not being able to trade with the big players in the market, which is a bad sign. So it indicates that the stock price has gone to the bottom and that the company management is attempting to inflate the prices artificially without any real business proposition. Additionally, the liquidity of the stock may also take a toll with the number of shares getting reduced in the open market. Example of a reverse stock split, say a pharmaceutical company has 10 million outstanding shares in the market which are trading for $5 per share at the share price is lower, the company management may wish to artificially inflate the per share price. So they say $5 is getting pretty low. We wanna make it higher. So how are we gonna get higher? Well, we need less shares out there to make each share more. So they decide to go for a one for five reverse stock split which essentially means merging five existing shares into one new share. Once the corporate action exercise is over, the company will have 2 million new shares, 5 million divided by five, which each share now costs $25 each rather than the $5 each. So now they got more shares out there, the share price at the 25, which is kind of more of what they're thinking is that sweet spot, whereas the $5 per shares looking a little low. So again, that $25 does look better clearly, but the fact that they did a reverse stock split is a bad signal. So that's kind of the idea. So the proportionate change in share price also supports the fact that the company has not created any real value simply by performing the reverse stock split, meaning they didn't change the balance sheet at all. There's no underlying valuation that changed. They just changed the number of stocks that are out there. In other words, assets minus liabilities equals equity still the same. So it's overall value represented by market capitalization before and after the corporate action should remain the same. The previous market cap is the earlier number of total shares times the earlier price per share, which is 50 million. So five times 10 million. The market cap following the stock merger is the new number of total shares times the new price per share, which is also 50 million, which is 25 times 2 million. So real world example, in 2002, the largest telecommunications company in the United States, AT&T with the ticker sign T, performed a one for five reverse stock split in conjunction with plans of spinning off its cable TV division and merging it with Comcast Corp CMCSA. So they kind of have a strategic plan.  So they have a strategy in place. So the corporation, the corporate action was planned as AT&T feared that the spin off could lead to a significant decline in its share price and could impact liquidity, business and its ability to raise capital. Other regular instances of reverse stock splits include many small, often non profitable companies involved in research and development. That's the R&D, which do not have any profit making or marketable product or service. In such cases, companies undergo this corporate action simply to maintain their listing on a premier stock exchange. Why would a company undergo a reverse stock split? Reverse splits are usually done when the share price falls too low, putting it at risk for delisting from an exchange for not meeting certain minimum price requirements. Having a higher share price can also attract certain investors who would not consider penny stocks for their portfolios. What happens if I own shares that undergo a reverse stock split? With a reverse stock split, shareholders of record will see the number of shares they own be reduced, but also see the price of each share increase in a comparable manner. For instance, in a one for 10, one colon 10 reverse stock split, if you own 1,000 shares that were trading at $5 just before the split, you would then own 100 shares at $50 each. So in other words, if I'm the owner of the shares, the idea would be that I'm not changing the value of my ownership. It's just now that I have more shares which have been adjusted upward in terms of the amount per share. So then your broker would handle this automatically so there's nothing you would need to do. So in your end, if you were holding the shares, this would be decided by the company, brokered handling the transaction. You don't need to do anything. A reverse split will not affect your taxes. In other words, it's not a taxable event. Taxable event usually happens when you sell the stock realizing some kind of gain or loss and no action has taken in terms of selling it. So a reverse split, good or bad? Is it good or bad? Many times, reverse splits are viewed negatively as they signal that a company's share price has declined significantly, possibly putting it at risk of being delisted. So as a market signal, it's gonna be perceived oftentimes as not good. The higher price shares following the split may also be less attractive to certain retail investors who prefer stocks with lower sticker prices. Why does the ETN I own have so many reverse splits? Some exchange traded products like exchange traded notes, those of the ETNs naturally decay in value over time and must undergo reverse splits regularly. But these products are not intended to be held for longer than a few hours or days. So it's kind of a specialized area here. This is because ETNs are technically debt instruments that hold derivatives on products like commodities or validity linked instruments and not the actual underlying assets.


Hello, everyone. Today we're going to talk about loading your push-ups, so lots of different ways you can do this. First one I'm going to show you is if you have a plate that you can put on your back. My plate here is not very heavy, but the same principles apply. I like to start on my hands and knees here, and that's how I put the plate on my back just like that. When I'm done, I can just sit down like this. But two hands, put the plate back here, make sure it's not going to slide, and then set up, and then down and up. Okay, so plate loaded. First variation. Let's put this over here. Second variation, if you have bands, which I don't have any lying around that I know of, you can put them in your hands and drape them around your back. So it's literally the band stretches as you push up and forces you back down into the ground. That one's a little bit different because it's much harder at the top than it is at the bottom, so you don't get a uniform loading. If general push-ups are just pretty, pretty easy, you might not like that variation as much because you really won't get a whole lot of extra loading at the bottom, and you're still probably looking for a training effect there. So you can combine the plate and the band, if that's the case. Those two. Third one, you can just elevate your feet. So this shifts the training load off the chest and arms and more onto the shoulders by inverting the body, but you put more of the body weight on the arms. It gets really hard if you can't, if you have like dumbbells that you can hold on to or handles you can hold on to that elevate you because then your head doesn't stop you. I would caution you, make sure you're not just losing your head position. Hopefully you could hear that. Losing your head position to get the extra depth there. You don't want to compromise your position, you just want to increase the load, right? So everything should look pretty similar, you're just at a different angle. Plate loading, band loading, feet elevation, those are big ones. Fourth one, if you're lucky and you're in some power lifting gym, you probably already know this and you probably don't need this video, but you can put a chain around your back, a really, really heavy chain that could pull a boat maybe. Those are a great way to load. I would say one word of caution is that they tend to be really, really loud and they're right there by your ears. Two ways to do that. You, I guess three ways kind of, you can put it over your hips like this, just draping down to the ground. My favorite way is to make a little X across your back.  And then the other way that looks really cool, you put them all around your neck and then they're all up there by your arms.   But those are three different ways. My favorite is the X because the load is a little bit more uniform, but it's not right next to your ears. But sometimes you run out of room and they start to slide when you stack them on each other and you need to put them somewhere else. So plate, band, feet, elevation, chains, fifth one is a weight vest. So a weight vest is kind of like the, in theory, it's the ideal way. You can, I mean, you can get some pretty heavy weight vests, strap them on. The problem is they're generally designed for you to be vertical and upright, not bent over horizontally. And so the straps don't hold it in very tight and sometimes they just hang down and unload on the ground, which is a little weird. It's fine. It's just a little weird. And sometimes they just come undone. If it's an old weight vest, it might not be able to hang. But you got tons of different options there. Easiest or most common way, I guess, is probably to load the plate. Second most common is the band. Different is, it's still easy is the feet elevation because now I'm shifting more of the weight onto my shoulders. But my favorites, if you're in a well equipped gym or really well equipped gym, is putting some of those chains on you or putting a nice weight vest on you or, you know, combining all of these things together, depending on how many reps you're doing and how strong you are. So there are some thoughts on loading your push-ups.


This is brutal battle beer break and for the first time for this we will be trying something from spring house brewing Spring house brewing is out of Conestoga, Pennsylvania, which is close to Lancaster for anyone who's familiar with that geography Spring house. I don't think I've had anything by them that I've disliked Everything's ranged from solid to really good. So very excited about this one. This one is called Simcoe must be destroyed It is a double IPA and it does not have any sort of a BV or anything on it. So I like the label. I think they do pretty fun cartoonish labels typically you can see Mr. Simcoe hop breathing fire and destroying cities. What else would some co-ops do? Imperial IPA obviously one of my favorite styles, so I'm very excited to get into this one Labels are cool, but at the end of the day What's your beer like? You know what I mean? So let's see Very well filtered tons of big bubbles in that nice pretty present head to it very orangy in color Okay, it's got a very Fresh citrus smell to it Kind of jumps up your nose with Little grape fruitiness There's a little bit of like a bubblegum aspect. Also a little bit of a caramely note from the malts as well But very citrusy Grapefruit some orange Little bubblegum like I was saying Smells really good. It smells very very strong like it's gonna actually be Very present in the mouth feel and a little bit of viscous It's like very meaty in the nose But it doesn't smell like actual meat, obviously Meaty citrus you could say Okay, um I'm getting a little bit of a spice type characteristic to it You know some people say sometimes from hoppy beers They get a little bit of like an onion-y aspect like chive type thing I get a little bit of that and just kind of a little bit of like a earthy Hop presence spicy hop presence I do get the citrus as well It's definitely tasting The mouth feel is more present like I thought it was going to and the taste is very deep as well in that sense It's it's very much like biting into Some citrus like grapefruit, but not a whole lot of tartar sweetness to it Just a little bit of the flavor and you're getting a lot of rind So there's a decent amount of bitterness on it. I'm wondering what the ABB is on this Because I'm gonna guess it's somewhere In the eight and a half range somewhere in there Pretty bitter on the end and the bitterness is continuing to build not my favorite of their offerings By any means, but it is good and I will certainly continue to drink this It's going down actually a lot easier than you would expect an imperial IPA to do even though it is pretty Pretty substantial in the mouth feel so that's a plus for it making it pretty sessionable as far as an imperial IPA goes I was looking for a little more of that citrusy note I was getting in the nose maybe more of kind of like the caramely aspect from that backup scent from the malts Getting in the slice bit of both of those things But not as much as I was getting in the nose and I wanted more of solid beer though decent beer I'm gonna drink this bottle no problem. So If you like what you heard you can go out and try and get spring house Although you probably have to be in Pennsylvania or be in a neighboring state where you can, you know Travel into Pennsylvania with no problem because I know their distribution is not all that far at the moment But anyway, thank you very much spring house for making nice beers and thank you everyone for checking this episode out Stay tuned for the next one and until then go get yourself an awesome beer to try


Piglycoprotein, PGP, is a membrane transporter that limits cellular uptake and distribution of xenobiotics and toxic substances, impedes drug absorption, permeability, and retention, and is overexpressed in cancer cells, leading to resistance to chemotherapeutic agents. Strategies are being developed to overcome PGP-needed drug transport for successful drug delivery and targeting.


From around the globe, it's theCUBE with digital coverage of Exascale Day, made possible by Hewlett Packard Enterprise. Welcome everyone to theCUBE's celebration of Exascale Day, Shaheen Khan is here. He's the founding partner and analyst at Orion X and among other things, he's the co-host of Radio Free HPC. Shaheen, welcome, thanks for coming on. Thanks for being here, Dave. Great to be here, how are you? Doing well, thanks. Crazy with doing these COVID remote interviews. I wish we were face-to-face at a super computer show, but hey, this is working, we can still have great conversations. And I love talking to analysts like you because you bring an independent perspective, you have a very wide observation space. So like many analysts, you probably have sort of a mental model or a market model that you look at. So maybe talk about your work, how you look at the market and we can get into some of the megatrends that you see. Very well, very well. Let me just quickly set the scene. We fundamentally track the megatrends of the information age. And of course, because we are in the information age, digital transformation falls out of that. And the megatrends that drive that in our mind is IoT because that's the fountain of data, 5G because that's how it's going to get communicated, AI and HPC because that's how we're going to make sense of it, blockchain and cryptocurrencies because that's how it's going to get transacted and that's how value is going to get transferred from a place to a place. And then finally, quantum computing because that exemplifies how things are going to get accelerated. So let me ask you, so I spent a lot of time at IDC and I had the pleasure of the high performance computing group reported into me. I wasn't an HPC analyst, but over time you listen to those guys you're learning. And as I recall, HPC was everywhere and it sounds like we're still seeing that trend. Whether it was the internet itself, with certainly big data coming into play, defense obviously, but is your background more HPC or sort of these other technologies that you're talking about? It sounds like you're a high performance computing expert market watcher and then you see it permeating into all these trends. Is that a fair statement? That's a fair statement. I did grow up in HPC. My first job out of school was working for an IBM Fellow doing parallel processing in the old days and it went from there. I worked for Cray Research. I worked for floating point systems. So I grew up in HPC, but then over time we had experiences outside of HPC. So for a number of years, I had to go do commercial enterprise computing and learn about transaction processing and business intelligence and data warehousing and things like that, and then e-commerce and then web technology. So over time it's sort of expanded, but HPC is like a bug. You get it and you can't get rid of because it's just so inspiring. So supercomputing has always been my home, so to say. Well, and so the reason I ask is I wanted to touch on a little history of the industry is there was kind of a renaissance many, many years ago and you had all these startups. You had Kendall Square Research, Danny Hillis, Thicking Machines. You had Convex trying to make mini supercomputers and it was just this tons of money flowing in and then things kind of consolidated a little bit and things got very, very specialized and then with the big data craze, we've seen HPC really at the heart of all that. So what's your take on the ebb and flow of the HPC business and how it's evolved? Well, HPC was always trying to make sense of the world, was trying to make sense of nature and of course, as much as we do know about nature, there's a lot we don't know about nature and problems in nature are, you can classify those problems into basically linear and non-linear problems. The linear ones are easy, they've already been solved. The non-linear ones, some of them are easy, many of them are hard. The non-linear, hard, chaotic, all of those problems are the ones that you really need to solve the closer you get. So HPC was basically marching along trying to solve these things. It had a whole process with the scientific method going way back to Galileo, the experimentation that was part of it and then between theory, you got to look at the experiment and the data, you kind of theorize things and then you experimented to prove the theories and then simulation and using the computers to validate some things eventually became a third pillar of science and you had theory, experiment and simulation. So all of that was going on until the rest of the world thanks to digitization started needing some of those same techniques. Why? Because you've got too much data, simply. There's too much data to ship to the cloud, there's too much data to make sense of without math and science. So now enterprise computing problems are starting to look like scientific problems. Enterprise data centers are starting to look like national lab data centers and there is that sort of a convergence that has been taking place gradually really over the past three, four decades and it's starting to look really real now. Interesting. I want to ask you about, I always like to talk to analysts about competition, the competitive landscape. Is the competition in HPC, is it between vendors or countries? Well, this is a very interesting thing you're saying because our other thesis is that we are moving a little bit beyond geopolitics to technopolitics and there are now imperatives at the political level that are driving some of these decisions. Obviously, 5G is very visible as a piece of technology that is now in the middle of political discussions. COVID-19, as you mentioned, itself is a challenge that is a global challenge that needs to be solved at that level. AI, who has access to how much data and what sort of algorithms? And it turns out as we all know that for AI you need a lot more data than you thought you do. So suddenly data superiority is more important perhaps than even it can lead to information superiority. So yeah, that's really all happening. But the actors of course continue to be the vendors that are the embodiment of the algorithms and the data and the systems and infrastructure that feed the applications, so to say. So let's get into some of these mega trends and maybe I'll ask you some Colombo questions and we can geek out a little bit. Let's start with AI. Again, it was one of this, when I started in the industry, it was AI, expert systems, it was all the rage and then we should have had this long AI winter even though the technology never went away. But there were at least two things that happened. You had all this data and then the cost of computing declines came down so rapidly over the years. So now AI's back, we're seeing all kinds of applications getting infused into virtually every part of our lives. People trying to advertise to us, et cetera. So talk about the intersection of AI and HPC. What are you seeing there? Yeah, definitely. Like you said, AI has a long history. I mean, it came out of MIT Media Lab and the AI lab that they had back then. And it was really, as you mentioned, all focused on expert systems. It was about logical processing. It was a lot of if, then, else. And then it morphed into search. How do I search for the right answer? Needle in the haystack. But then at some point it became computational. Neural nets are not a new idea. I remember we had a researcher in our lab who was doing neural networks years ago and he was just saying how he was running out of computational power and we were wondering, what's taking all this difficult time? And it turns out that it is computational. So when deep neural nets showed up about a decade ago or more, it finally started working and it was a confluence of a few things. The algorithms were there, the data sets were there and the technology was there in the form of GPUs and accelerators that finally made this tractable. So you really could say, as in I do say, that AI was kind of languishing for decades before HPC technologies reignited it. And when you look at deep learning, which is really the only part of AI that has been prominent and has made all this stuff work, it's all HPC, it's all matrix algebra, it's all signal processing. The algorithms are computational. The infrastructure is similar to HPC. The skill set that you need is the skill set of HPC. I see a lot of interest in HPC talent right now in part motivated by AI. Awesome, thank you. And then I wanna talk about blockchain and I can't talk about blockchain without talking about crypto. You've written about that. I think obviously supercomputers play a role. I think you had written that 50 of the top crypto supercomputers actually reside in China. A lot of times the vendor community doesn't like to talk about crypto because that's all the fraud and everything else, but it's one of the more interesting use cases that is actually the primary use case for blockchain. Even though blockchain has so much other potential, but what do you see in blockchain, the potential of that technology, and maybe we can work in a little crypto talk as well? Yeah, I think one simple way to think of blockchain is in terms of so-called permissioned and permissionless. The permissioned blockchains are when everybody kinda knows everybody and you don't really get to participate without people knowing who you are and as a result have some basis to trust your behavior and your transactions. So things are a lot calmer. It's a lot easier. You don't really need all the supercomputing activity. Whereas for AI, the assertion was that intelligence is computable and with some of these extra scale technologies we're trying to, we're getting to that point. For permissionless blockchain, the assertion is that trust is computable and it turns out for trust to be computable, it's really computational intensive because you wanna provide an incentive base such that good actors are rewarded and bad actors are punished and it is worth their while to actually put all that effort towards good behavior. And that's really what you see embodied in like a Bitcoin system where the chain has been safe over the many years. It's been no attacks, no breaches. People have lost money because they forgot their password or some other custody of the accounts have not been trustable, but the chain itself has managed to produce that. So that's an example of computational intensity yielding trust. So that suddenly becomes really interesting. Intelligence, trust, what else is computable that we could do if we had enough power? Well, that's really interesting the way you described it. Essentially the confluence of cryptographics, software engineering and game theory really where the bad actors are incentive to mine Bitcoin versus rip people off. That's right, that's right. Because their ROI is better. So, okay, so make the connection. I mean, you sort of did, but I wanna better understand the connection between supercomputing and HPC and blockchain. We know we get crypto for sure. I can mine a Bitcoin, which gets harder and harder and harder. And you mentioned there's other things that we can potentially compute beyond trust. What else, what are you thinking there? Well, I think that the next big thing that we are really seeing is in communication. And it turns out, as I was saying earlier that these highly computationally intensive algorithms and models show up in all sorts of places. Like in 5G communication, there's something called a MIMO, multi in, multi out. And to optimally manage that traffic such that you know exactly what beam it's going to and what antenna it's coming from, that turns out to be a non-trivial partial differential equation. So next thing you know, you've got HPC in there as I didn't expect it. Because there is so much data to be sent, you really have to do some data reduction and data processing almost at the point of inception, if not at the point of aggregation. So that has led to edge computing and edge data centers. And that too is now people want some level of computational capability at that place. Like you're building a microcontroller which traditionally would just be a, you know, small low power, low cost thing. And people want vector instructions there. People want matrix algebra there because it makes sense to process the data before you have to ship it. So HPC is cropping up really everywhere. And then finally when you're trying to accelerate things that obviously GPUs have been a great example of that. Mix signal technologies are coming to do analog and digital at the same time. Quantum technologies are coming. So you could do the usual analysts two by two where you have analog, digital, classical, quantum, and then see what lies where. All of that is coming and all of that is essentially resting on HPC. That's interesting. I didn't realize that HPC had that position in 5G with multi in, multi out. That's a great example. And then IOT, I want to ask you about that because there's a lot of discussion about real time inferencing, AI inferencing at the edge and you're seeing sort of new computing architectures potentially emerging. Nvidia, the acquisition of ARM, perhaps a more efficient way, maybe a lower cost way of doing specialized computing at the edge. But it sounds like you're envisioning actually super computing at the edge. Now, of course, we've talked to Dr. Mark Fernandez about space-born computers. That's the ultimate edge. The nanosatellites. Yeah, you have supercomputers hanging in the ceiling of an international space station. But how far away are we from this sort of edge? Maybe not space is an extreme example, but you think factories and windmills and all kinds of edge examples where super computing is playing a local role. Well, I think initially you're going to see it on base stations, antenna towers, where you're aggregating data from a large number of endpoints and sensors that are gathering the data, maybe do some level of local processing and then ship it to the local antenna because it's no more than 100 meters away, sort of a thing. But there is enough there that that thing can now do the processing and do some level of learning and decide what data to ship back to the cloud and what data to get rid of and what data to just hold or... Now those edge data centers sitting on top of an antenna, they could have a half a dozen GPUs in them. They're pretty powerful things. They could have one, they could have two, but it could be depending on what you do. A good case study there is like surveillance cameras. You don't really need to ship every image back to the cloud. And if you ever need it, the guy who needs it is going to be on the scene, not back at the cloud. So there is really no sense in sending it, not certainly not every frame. So maybe you can do some processing and send an image every five seconds or every 10 seconds. And that way you can have a record of it, but you've reduced your bandwidth by orders of magnitude. So things like that are happening and to make sense of all of that is to recognize when things changed, did somebody come into the scene or is it just, you know, they became night? So that's sort of a decision can now be automated and fundamentally what is making it happen, it may not be super computing, exascale class, but it's definitely HPC. It's definitely numerically oriented technologies. Shane, what do you see happening in chip architectures because you see, you know, the classical Intel, they're trying to put as much function on the real estate as possible. We've seen the emergence of alternative processors, particularly GPUs, but even FPGAs, I mentioned the ARM acquisition. So you're seeing these alternative processors really gain momentum and you're seeing data processing units emerge and kind of an interesting trends going on there. What do you see and what's the relationship to HPC? Well, I think a few things are going on there. Of course, one is essentially the end of Moore's law where you cannot make the cycle time be any faster. So you have to do architectural adjustments. And then if you have a killer app that lends itself to large volume, you can build silicon that is especially good for that. Now, graphics and gaming was an example of that. And people said, oh my God, I've got all these cores in there. Why can't I use it for computation? So everybody got busy making it 64-bit capable and some RAS capability. And then people say, oh, I can use that for AI. And now you move it to AI and say, well, I don't really need 64, but maybe I can do it in 32 or 16. So now you do it for that. And then tensor cores come about. And so there's that sort of a progression of architecture, trumping basically cycle time. That's one thing. The second thing is scale out and decentralization and distributed computing. And that means that the intercommunication and intracommunication among all these nodes now becomes an issue, big enough issue that maybe it makes sense to go do a DPU. Maybe it makes sense to go do some level of edge data centers like we were talking about. And then the third thing really is that in many of these cases, you have data streaming. What is really coming from IoT, especially an edge, is that data is streaming. And when data is streaming, suddenly new architectures like FPGAs become really interesting and hold promise. So I do see FPGAs becoming more prominent just for that reason. But then finally you gotta program all of these things. And that's really a difficulty because what happens now is that you need to get three different ecosystems together. Mobile programming, embedded programming, and cloud programming. And those are really three different developer types. You can hire somebody who's good at all three. I mean, maybe you can, but not many. So all of that is challenges that are driving this industry. You kind of referred to this distributed network and a lot of people, they'll refer to this. The next generation cloud is this hyper-distributed system. When you include the edge and multiple clouds, et cetera, space. Maybe that's too extreme. But to your point, at least I inferred, there's an issue of latency. There's the speed of light. So what is the implication then for HPC? Does that mean I have to have all the data in one place? Can I move the compute to the data architecturally? What are you seeing there? Well, you fundamentally want to optimize when to move data and when to move compute, right? So is it better to move data to compute or is it better to bring compute to data? And under what conditions? And the answer is going to be different for different use cases. It's like, really, is it worth my while to make the trip, get my processing done, and then come back? Or should I just develop processing capability right here? Moving data is really expensive. And relatively speaking, it has become even more expensive. While the price of everything has dropped down, its price has dropped less than like processing. So it is now starting to make sense to do a lot of local processing because processing is cheap and moving data is expensive. DP is an example of that. We call this in-situ processing. Like, let's not move data if you don't have to, except that we live in the age of big data. So data is huge and wants to be moved. And that optimization, I think, is part of what you're referring to. Yeah, so a couple of examples might be autonomous vehicles. You're going to have to make decisions in real time. You can't send data back to the cloud. Flip side of that is when you talk about space-born computers, you're collecting all this data. You can, at some point, maybe it's a year or two after it's lived out its purpose, you ship that data back and a bunch of disk drives or flash drives and then load it up into some kind of HPC system and then have at it and then do more modeling and learn from that data corpus. I mean, those are... Right, exactly, exactly. I mean, driverless vehicles is a great example because it is obviously coming fast and furious, no pun intended. And also, it dovetails nicely with the smart city, which dovetails nicely with IoT because it is in an urban area. Mostly, you can afford to have a lot of antennas so you can give it the 5G density that you want and it requires the latencies. There's a notion of how about if my fleet could communicate with each other? What if the car in front of me could let me know what it sees, that sort of a thing? So, vehicle fleets is going to be an opportunity. All of that can bring all of what we talked about to one place. Well, that's interesting. Okay, so, yeah, the fleet's talking to each other. So, kind of a Byzantine fault tolerance, that problem that we always talked about. Right, exactly, yes. That's kind of cool. I want to sort of close on quantum. It's hard to get your head around sometimes when you see the demonstrations of quantum. It's not a one or it's a zero, it can be both. And you go, what? How can that be? So, and of course, it's not stable. Looks like it's quite a ways off, but the potential is enormous. It's, of course, it's scary because we think all of our passwords are already not secure and every password we know is going to get broken. But give us the quantum 101 and then let's talk about what the implications are. All right, very well. So, first off, we don't need to worry about our passwords quite yet. That's still ways off. It is true that an algorithm came up that showed how quantum computers can factorize numbers relatively fast. And prime factorization is at the core of a lot of cryptology algorithms. So if you can factorize, if you get number 21 and you say, well, that's three times seven and those three and seven are prime numbers, that's an example of a problem that has been solved with quantum computing. But if you have an actual number with like 2,000 digits in it, that's really harder to do. It's impossible to do for existing computers and even for quantum computers ways off. However, so as you mentioned, qubits can be somewhere between zero and one and you're trying to create qubits. Now, there are many different ways of building qubits. You can do trapped ions, trapped atoms, photons, sometimes with super cool, sometimes not super cool, but fundamentally you're trying to get these quantum level elements or particles into a superimposed entanglement state. And there are different ways of doing that, which is why quantum computers out there are pursuing a lot of different ways. The whole, somebody said it's really nice that quantum computing is simultaneously overhyped and underestimated. And that is true because there's a lot of effort that is like ways off. On the other hand, it is so exciting that you don't wanna miss out if it's going to get somewhere. So it is rapidly progressing and it has now morphed into three different segments, quantum computing, quantum communication and quantum sensing. Quantum sensing is when you can measure really precise minute things because when you perturb them, the quantum effects can allow you to measure them. Quantum communication is working its way, especially in financial services, initially with quantum key distribution, where the key to your cryptography is sent in a quantum way and the data is sent a traditional way. There are efforts to do quantum internet where you actually have a quantum photon going down the fiber optic lines and Brookhaven National Labs just now demonstrated a couple of weeks ago, going pretty much across the Long Island at like 87 miles or something. So it's really coming and fundamentally it's going to be brand new algorithms. So these examples that you're giving, these are all in the lab, right? They're lab projects or they actually... Some of them are in the lab projects, some of them are out there. Of course, even traditional Wi-Fi has benefited from quantum computing or quantum analysis and algorithms. But some of them are real, like quantum key distribution, if you're a bank in New York City, you very well could go to a company and buy quantum key distribution services and ship it across the waters to New Jersey. And that is happening right now. Some researchers in China and Austria showed a quantum connection from like somewhere in China to Vienna, even that as far away as that. When you then put the satellite and the nanosatellites and the bent pipe networks that are being talked about out there, that brings another flavor to it. So yeah, some of it is like real, some of it is still kind of in the lab. How about I said I would end the quantum. I just, I want to ask you, you mentioned earlier the sort of the geopolitical battles that are going on. Who are the ones to watch? And who are the horses on the track? Obviously the United States, China, Japan still pretty prominent. How's that shaping up in your view? Well, without a doubt, it's the U.S. is to lose because it's got the density and the breadth and depth of all the technologies across the board. On the other hand, information age is a revolution. Information revolution is non-trivial. And when revolutions happen, unpredictable things happen. So you got to get it right. And one of the things that these technologies enforce, one of these revolutions enforce is not just kind of technological and social and governance, but also culture.  So you do that two, three years in a row. A culture has now been enforced on you because that's how it needs. And then when you go to industrialization, you realize that, gosh, I need these factories and then I need workers. And then the next thing you know, you got nine to five jobs and you didn't have that before. You didn't have a command and control system. You had it in military, but not in business. And some of those cultural shifts take place and change. So I think the winner is going to be whoever shows the most agility in terms of cultural norms and governance and pursuit of actual knowledge and not being distracted by what you think, but what actually happens. And gosh, I think these exascale technologies can make the difference. Shaheen Khan, great guests. Thank you so much for joining us and to celebrate the exascale day, which is on 10, 18. And so really appreciate your insights. Likewise, thank you so much. All right, thank you for watching. Keep it right there. We'll be back with our next guest right here in theCUBE. We're celebrating exascale day, right back.