BAE SYSTEMS’ COMPUTER CHIP PLANT THE FIRST TO GET FUNDING FROM CHIPS LAW
CNBC recently reported that the Biden administration would provide $35 million to BAE Systems to increase production at a New Hampshire factory making computer chips for military aircraft, including F-15 and F-35 jets.
This is the first allocation of incentives from last year’s bipartisan CHIPS and Science Act, which provides more than $52 billion to boost the development and manufacturing of semiconductors in the United States.
CNBC also reported that government officials said the investment in the BAE Systems’ facility will ultimately save money for taxpayers. The money being paid out as the company hits benchmarks will help quadruple the plant’s production capacity, helping to halve the price of making the chips and leading to net savings for the federal agencies buying the chips. White House national security adviser Jake Sullivan said NATO allies and partners in Asia also will benefit from the increased capacity. But he stressed that an expanded manufacturing base was essential to protect the U.S.
5 S&P 500 COMPANIES LOST $207B IN STOCK VALUE IN 2023
According to Stocklytics.com, the five worst-performing S&P 500 stocks in 2023 were Enphase Energy, FMC Corporation, Moderna, Dollar General and Pfizer, which lost $207 billion all together in stock value.
The biggest winners on the S&P 500 list were Nvidia, AMD, Tesla and Amazon, but close to 180 companies lost hundreds of billions of dollars in stock values during 2023.
According to YCharts data, Enphase Energy and FMC Corporation took the biggest hit, losing 50% of their stock values in 2023.
In December 2022, the market cap of Enphase Energy stood at $36 billion. However, by the end of the year, half of that value fell to $18 billion on December 31.
FMC Corporation lost nearly $8 billion in stock value over the 12 months, with the combined value of its stocks falling to $7.8 billion on the last day of 2023.
The YCharts data shows Moderna lost $31 billion, or 45% of its stock value last year, falling from $69 billion to $37.9 billion. Pfizer also incurred losses, with $125 billion, or 43% of its stock value in 2023. On December 31, its market cap stood at $162.5 billion, down from $287 billion in December 2022.
Dollar General also ranked among the worst S&P 500 performers, with a 45% market cap drop last year. Statistics show the company lost more than $25 billion in stock value in 2023.
The five worst-performing stocks reflect how well the respective industries performed last year. For example, Pfizer and Moderna collectively lost more than $150 billion in stock value, while the S&P 500 health care sector index stagnated at 0.3% in 2023.
According to MarketWatch data, the utilities sector index saw the biggest drop, falling by 10.2% last year, marking a second consecutive year of decline. The energy sector index was down by 4.8% in 2023, after plunging by 59% in 2022. The consumer staples sector index followed with a 2.2% decline.
However, information technology, communication services and consumer discretionary sectors had the best-performing indexes, surging by 56.4%, 54.4% and 41%, respectively.
CONNECTION LAUNCHES HELIX CENTER
Connection (NASDAQ: CNXN), an information technology solutions provider, has launched the Helix Center for Applied AI and Robotics. Helix brings together industry-leading experts, resources and support designed to help organizations reap the benefits of AI and automation.
According to Connection President and CEO Tim McGrath, the Helix Center will offer the support businesses need to “unravel the complexity and confusion around AI, and properly identify, understand and access its true potential for their unique environments and business needs.”
At the head of the new center is Jamal Khan, Connection’s chief growth and innovation officer, who says the center’s mission is to create exceptional AI value outcomes for customers, with a focus on innovation and delivering “cutting-edge” AI solutions to the market.
To learn more about the Helix Center for Applied AI and Robotics, visit www.connection.com/helix.
