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GRAND FORKS — Capt. Jason Freedman of the Madison, Wisconsin, Police Department has accepted the head position at the Grand Forks Police Department. Freedman will begin as police chief on Jan. 27, the city announced Friday afternoon. ADVERTISEMENT “After a long and thorough process reviewing a great crop of internal and external candidates for this position, I am very confident in selecting Captain Freedman,” Mayor Brandon Bochenski said in a statement. “His policing experience and personal values will ensure that Grand Forks continues to be a safe community devoted to law and order.” Freedman's law enforcement career spans 27 years. In addition to his role as captain, he is the Madison Police Department SWAT commander. He is also a former narcotics task force member and a peer support commander, working with officers on things like morale and physical and mental fitness, Bochenski told the Herald. Freedman has a master's degree in public administration and a bachelor's degree in history, political science and international relations, the release said. “It is an absolute honor and privilege to be named the next police chief for the city of Grand Forks.” Freedman said in a statement. “My family and I look forward to being a part of the Grand Forks community and Police Department.” There are a number of impressive qualities Freedman brings to the table, Bochenski said — his decades of experience and presence as a leader among them. "He values law and order," Bochenski said. "He understands you can't police your way out of everything, but you've got to build relationships." The mayor also noted that Freedman's narcotics task force experience also made him a standout. ADVERTISEMENT "I think when you're talking about morale issues that are facing the police department and communities with drug-related things — specifically opioids — I think he's a guy that's going to be well suited for that," Bochenski said. Freedman was the only non-local chief contender in a pool of five candidates. The candidates were interviewed all day Monday and into Tuesday, after which scores were taken by an interview panel consisting of Tangee Bouvette, city HR director; Todd Feland, city administrator; Tony Hodny, chair of the Grand Forks-East Grand Forks Chamber of Commerce; Todd Forkel, CEO of Altru Health System; and Grand Forks Fire Chief Gary Lorenz. Bochenski made the ultimate hiring decision. Freedman will take over for former Chief Mark Nelson, who retired from the Grand Forks Police Department in September.None

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Every time generative artificial intelligence drafts an e-mail or conjures up an image, the planet pays for it. Making two images can consume as much energy as charging a smartphone; a single exchange with ChatGPT can heat up a server so much that it requires a bottle's worth of water to cool. At scale, these costs soar. By 2027, the global AI sector could annually consume as much electricity as the Netherlands, according to one recent estimate . And a new study in Nature Computational Science identifies another concern : AI's outsize contribution to the world's mounting heap of electronic waste. The study found that generative AI applications alone could add 1.2 million to five million metric tons of this hazardous trash to the planet by 2030, depending on how quickly the industry grows. Such a contribution would add to the tens of millions of tons of electronic products the globe discards annually. Cell phones, microwave ovens, computers and other ubiquitous digital products often contain mercury, lead or other toxins. When improperly discarded, they can contaminate air, water and soil. The United Nations found that in 2022 about 78 percent of the world's e-waste wound up in landfills or at unofficial recycling sites, where laborers risk their health to scavenge rare metals. The worldwide AI boom rapidly churns through physical data storage devices, plus the graphics processing units and other high-performance components needed to process thousands of simultaneous calculations. This hardware lasts anywhere from two to five years — but it's often replaced as soon as newer versions become available. Asaf Tzachor, a sustainability researcher at Israel's Reichman University, who co-authored the new study, says its findings emphasize the need to monitor and reduce this technology's environmental impacts. To calculate just how much generative AI contributes to this problem, Tzachor and his colleagues examined the type and volume of hardware used to run large language models, the length of time that these components last and the growth rate of the generative AI sector. The researchers caution that their prediction is a gross estimate that could change based on a few additional factors. More people might adopt generative AI than the authors' models anticipate, for example. Hardware design innovations, meanwhile, could reduce e-waste in a given AI system — but other technological advances can make systems cheaper and more accessible to the public, increasing the number in use. Related: New memory chip controlled by light and magnets could one day make AI computing less power-hungry This study's biggest value comes from its attention to AI's broad environmental impacts, says Shaolei Ren, a researcher at the University of California, Riverside, who studies responsible AI and was not involved in the new research. "We might want these [generative AI] companies to slow down a bit," he says. Few countries mandate the proper disposal of e-waste, and those that do often fail to enforce their existing laws on it. Twenty-five U.S. states have e-waste management policies, but there is no federal law that requires electronics recycling. In February Democratic Senator Ed Markey of Massachusetts introduced a bill that would require federal agencies to study and develop standards for AI's environmental impacts, including e-waste. But that bill, the Artificial Intelligence Environmental Impacts Act of 2024 (which has not passed the Senate), would not force AI developers to cooperate with its voluntary reporting system. Some companies, however, claim to be taking independent action. Microsoft and Google have pledged to reach net zero waste and net zero emissions respectively by 2030; this would likely involve reducing or recycling AI-related e-waste. Sign up for the Live Science daily newsletter now Get the world’s most fascinating discoveries delivered straight to your inbox. — Scientists design new 'AGI benchmark' that indicates whether any future AI model could cause 'catastrophic harm' — Large language models not fit for real-world use, scientists warn — even slight changes cause their world models to collapse — AI 'can stunt the skills necessary for independent self-creation': Relying on algorithms could reshape your entire identity without you realizing Companies that use AI have numerous options to limit e-waste. It's possible to squeeze more life out of servers, for instance, through regular maintenance and updates or by shifting worn-out devices to less-intensive applications. Refurbishing and reusing obsolete hardware components can also cut waste by 42 percent, Tzachor and his co-authors note in the new study. And more efficient chip and algorithm design could reduce generative AI's demand for hardware and electricity. Combining all these strategies would reduce e-waste by 86 percent, the study authors estimate. There's another wrinkle as well: AI products tend to be trickier to recycle than standard electronics because the former often contain a lot of sensitive customer data, says Kees Baldé, an e-waste researcher at the United Nations Institute for Training and Research, who wasn't involved with the new study. But big tech companies can afford to both erase that data and properly dispose of their electronics, he points out. "Yes, it costs something," he says of broader e-waste recycling, "but the gains for society are much larger." This article was first published at Scientific American . © ScientificAmerican.com . All rights reserved. Follow on TikTok and Instagram , X and Facebook .F1 at Sphere: Epic Strip walk, hit-making rockers, pressed burgers

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High Chief Francis Nwobi, CEO/MD of Fontana Group of Companies, led the Nwobi Political Dynasty on a courtesy visit to the Governor of Enugu State, His Excellency Peter Mbah. The delegation also included Hon. Barrister Prince Smart I. Nwobi, President General of the Nigerian Union South Africa (NUSA), and Apostle Mike Ugwu (JP), the Ezeonodugo na Nsukka, PG, Enugu-SA, SADIC Africa. The purpose of the visit was to officially inform Governor Mbah of Prince Nwobi’s recent election as NUSA President and to explore potential areas of collaboration between NUSA and the Enugu State government. The delegation was warmly received by the Chief of Staff to the Governor, Mr. Victor Udeh, who represented His Excellency during the meeting. Mr. Udeh emphasized the administration’s commitment to engaging with the Nigerian diaspora and fostering partnerships that align with Governor Mbah’s business- and project-oriented vision. He highlighted the mutual benefits such collaborations can bring to the state’s development. During the visit, the delegation extended an invitation to Governor Mbah to attend a coronation ceremony slated for January 1, 2025. The event was presented as an opportunity to strengthen ties between the Enugu State government and the Nigerian diaspora in South Africa, fostering further collaboration and investment opportunities. High Chief Francis Nwobi reiterated the Nwobi Political Dynasty’s dedication to building strategic relationships with key stakeholders in Enugu State to promote sustainable growth and development. Apostle Mike Ugwu (JP) also praised the governor’s leadership and assured him of the diaspora community’s support in realizing the administration’s transformative vision for the state. This engagement highlights the shared commitment between NUSA, the Nwobi Political Dynasty, and the Enugu State government to foster development, attract investments, and create opportunities for citizens. Governor Mbah’s administration remains focused on policies that enhance infrastructure, economic progress, and diaspora relations. As the January 2025 coronation ceremony approaches, this partnership is expected to yield significant benefits, strengthening bonds between the state government and the global Nigerian community.

NEWS : The Consumer Financial Protection Bureau has taken numerous year-end actions that will benefit consumers in the coming year. WHAT THIS MEANS TO YOU : More money in your pocket, more protection from fraud and scams. Consumers may not realize that when they get a break in their favor, the Consumer Financial Protection Bureau is behind it. The CFPB was created in 2011, in the wake of the Great Recession, by the Dodd-Frank Wall Street Reform and Consumer Protection Act. It’s an independent federal agency that exists to make sure consumers are treated fairly, enforcing consumer financial laws and reviewing business practices to make sure they’re on the level and not ripping people off. It has a toll-free hotline and website for consumer complaints and two years ago set up an easy petition process to make it easier for organizations and consumers to petition the government for change (your right under the First Amendment). The CFPB has ended 2024 with a bang, taking action on several issues that will put money in consumer pockets, as well as finding new ways to keep consumers from getting ripped off or scammed. Enjoy it while you can – the Trump administration and Republican lawmakers in Washington, D.C., have promised they will curtail the agency’s powers. One of the new administration’s main focuses is to remove regulations and rules for big business, which means consumer wallets will take a beating. That’s a column for next month, though. Today, as 2024 comes to an end, let’s celebrate some of the gifts that the CFPB has given American’s working folks. The CFPB earlier this month announced that it is closing the loophole that allows large banks to charge excessive overdraft fees for account holders, which the agency considers junk fees. Overdraft fees, or NSF (non-sufficient funds) fees, cost American consumers billions a year, and have the most negative impact on low-income and marginalized consumers, who can least afford to lose their bank account or pay the cascading effect of fee upon fee. My first-ever It’s Your Money column, in December 2021 addressed overdraft fees and noted that some banks during the pandemic had quietly lowered or eliminated them. The new rules apply to the biggest banks – those with $10 billion in assets or more. When the agency first started looking at closing the overdraft loophole, it found that Wells Fargo and JPMorgan Chase accounted for more than $1 billion overdraft revenue reported by banks, one third of what was reported overall. The CFPB has gone after large banks, and continues to, to get them to return illegal overdraft fees to consumers. The agency reported in its December news release that it brought a $95 million enforcement action against Navy Federal Credit Union for illegal surprise overdraft fees. It also took action against Wells Fargo, Regions Bank, and Atlantic Union for illegal overdraft fees – $205 million, $141 million, and $5 million in unlawful fees respectively, the agency said. Banks claim that overdraft fees are the product of a practice that helps customers – the bank allows a payment that would normally be returned to go through. The fee, often $35 or more, is just the cost of doing business. When the bank covers your overdraft, technically its making a loan to you. So, overdraft protection is a very high-interest loan. Most consumers cover the overdraft in three days or less, but still pay that “high interest.” The whole overdraft fee thing started decades ago when people paid their bills using paper checks, which they mailed. Sometimes the checks would take weeks or more to clear the consumer’s bank account, and by then the money may no longer be there to cover it. Those fees didn’t account for much profit for banks back in the 1960s, when the Truth in Lending Law was drafted, so banks successfully lobbied for a loophole that exempted the fees from the rules other financial fees came under. So, unlike loans, the lenders weren’t required to disclose the fee to customers. Now, 50-plus years later, NSF fees are big money for banks. Most banks don’t give an account-holder the choice of overdraft protection (I’m old enough to remember when many did, and charged a fee for it). Once people started using debit cards, financial institutions “began raising fees and using the exemption to churn high volumes of overdraft loans on debit card transactions,” the CFPB said. Enrollment became automatic – it just happened without the customers realizing it. When the CFPB proposed the rule in 2023, it estimated 23 million households pay overdraft fees annually. Since the agency announced its initiative to curb junk fees, it said, many banks have started to reduce or eliminate them. Consumers have saved $6 billion annually because of that, the agency said. “However, even with these changes, consumers still paid more than $5.8 billion in 2023 in reported overdraft and NSF fees.” The new rule, which is scheduled to go into effect Oct. 1 (giving banks 10 months to figure out a plan or the new administration a chance to scuttle it) allows lenders to choose an option: Cap overdraft fees $5, which is the estimated amount most banks can cover costs associated with administering a courtesy overdraft program. Cap the fee at an amount that covers costs and losses “for banks that wish to offer overdraft as a convenient service rather than as a profit center,” the CFPB said. Disclose the terms of their overdraft loan just like other loans. If the lender wants to have a profit-making overdraft service, it must comply with standard requirements governing other loans, like credit cards. Customers must have a choice on whether to open the overdraft credit line, and the bank must provide account-opening disclosures that would allow comparison shopping, send periodic statements, and give the account-holder a choice of whether to pay automatically or manually. The CFPB is part of the White House Competition Council, a group of independent federal agencies and cabinet departments established by President Joe Biden’s 2021 Executive Order on Promoting Competition in the American Economy. The council includes the Federal Trade Commission and U.S. Department of Transportation, which also have taken action on junk fees. The overdraft fee action is part of the CFPB’s effort, as a member of that council, to tackle junk fees in general. Earlier this month, the CFPB returned $1.8 billion to 4.3 million Americans who were ripped off by “credit repair” businesses that charged illegal advance fees or used deceptive bait-and-switch advertising. Companies that engaged in these illegal practices included Lexington Law and CreditRepair.com. The refund constituted the largest-ever distribution from the CFPB’s victims relief fund, which is funded by civil penalties paid by companies that violate consumer protection laws, the agency said. A court ruled in August 2023 that the credit repair conglomerate violated the Telemarketing Sales Rule’s advance fee prohibition, which requires credit repair companies that engage in telemarketing to not collect fees until they provide documentation showing they have achieved the promised results, at least six months after the results were achieved. Following the court’s ruling on the suit, which was filed by the CFPB, the companies filed for Chapter 11 bankruptcy protection, shutting down 80% of their business operations, including their telemarketing call centers, the CFPB said. By the way, here’s tip if you’re looking for help repairing your credit or getting out from under credit debt: Find a nonprofit consumer credit agency. You can find one on the National Federation for Credit Counseling website. One big clue that an agency is a nonprofit is that it will have .org at the end of it’s url, not .com. If you opt for a for-profit debt settlement company, similar to the ones the CFPB came down on, keep an eye on fees, tax implications and the hit that your credit score will take. It’s a good idea to research for-profit debt settlement online before taking that leap. Digital non-bank payment apps like Venmo, Zelle, and GooglePay, have become incredibly popular. It may surprise you to learn that there is very little regulation, and that means a big opening to set you up to be scammed, among other things. The CFPB estimates that the most widely used apps process more than 13 billion consumer payments a year – this includes Apple, Google, Amazon, PayPal, Block, Venmo, and Zelle, among others. In late November, the agency finalized a rule to supervise the largest nonbank companies that offer digital funds transfer and payment wallet apps. The rule means that companies that handle more than 50 million transactions a year must follow the same federal law that applies to large banks, credit unions, and other financial institutions. The rule gives the CFPB authority to enforce financial law with these companies, particularly in these major areas: Privacy and Surveillance . Federal law allows consumers to opt out of certain data collection and sharing practices, and also prohibits misrepresentations about data protection practices. These large companies, which collect vast quantities of data about an individual’s transactions, should provide that option. Errors and Fraud. Consumers have the right, under federal law, to dispute transactions that are incorrect or fraudulent, and financial institutions must investigated such complaints. The agency said that’s particularly concerned “about how digital payment apps can be used to defraud older adults and active duty servicemembers.” It said that the payment apps should manage these issues on their own instead of designing their systems, which many do, to shift disputes to banks, credit unions, and credit card companies. Debanking. Consumers rely on payment apps and “can face serious harms when they lose access to their app without notice or when their ability to make or receive payments is disrupted.” Consumers have reported concerns to the CFPB about disruptions to their lives because of account closures or freezes. The agency’s supervision unit has also created a supervision technology program that assesses, among other things, technology and technology controls and its impact on compliance with federal consumer financial law. You’ve heard that your data is out there. That it’s sold. That bad people may use it for bad purposes. But like many people you may think, “Meh. Me? It just doesn’t seem like something to worry about.” Well, lucky for those who feel that way, the CFPB is still looking out for you. The agency proposed a rule in early December to rein in data brokers that sell sensitive personal and financial information that can be used to target and defraud consumers. The proposed rule would limit the sale of identifiers like Social Security numbers and phone numbers, and would make sure that financial data, like income, is only shared for legitimate purposes (facilitating a mortgage approval, for instance), and not sold to scammers targeting people who are in financial distress. The rule would clarify that when data brokers sell sensitive consumer information they are acting as a consumer reporting agency under the Fair Credit Reporting Act, “which requires them to comply with accuracy requirements, provide consumers access to their information, and maintain safeguards against misuse,” the agency said. The FCRA was enacted in 1970 “to, among other things, strictly limit the use of personal data by a growing data surveillance industry,” the CFPB pointed out in its news release about the proposed rule. It would ensure that the FCRA’s privacy protections protect consumers from technology that wasn’t even dreamed up when that law was enacted. The CFPB developed the proposed rule after “extensive market monitoring that revealed widespread evasion of consumer protections” by data brokers. The brokers claim they aren’t subject to FCRA requirements “even while selling the very types of sensitive personal and financial information Congress intended the law to protect,” the agency said. Data brokers “collect and sell detailed information about Americans’ personal lives and financial circumstances to anyone willing to pay,” the agency said in a news release. The proposal would address “critical threats” data-selling agencies pose, including: National security and surveillance risks . “Countries of concern,” like China and Russia, can buy detailed personal information about military service members, veterans, government employees, and other Americans for pennies per person, the CFPB said. “This enables the creation of detailed dossiers for potential espionage, surveillance, or blackmail operations, allowing relatively small investments to be leveraged into mass surveillance operations.” Criminal exploitation. Identity thieves and scammers buy financial profiles to target vulnerable consumers, particularly seniors and people who are in financial distress. The information is used to run fraud schemes and steal retirement savings, “often targeting Americans who can least afford the losses.” Violence, stalking, and personal safety threats to law enforcement personnel and domestic violence survivors: Dangerous people who target judges, law enforcement officers, government employees, domestic abuse survivors, or individuals in an unpopular profession can use contact information to stalk, threaten and harm. Perpetrators can buy current contact information in order to do that. To address these risks, under the rule: Any company that sells data about income or financial tier, credit history, credit score, or debt payments would be considered a consumer reporting agency required to comply with the FCRA, regardless of how the information is used. When consumer reporting agencies collect information like names, addresses, or ages for credit reports, any sale of that information would be covered by the FCRA’s protections. Companies relying on consumers’ consent to obtain or share a consumer’s credit report would need separate, explicit authorization to do so from the consumer, rather than burying permissions in fine print. “These changes would significantly limit the ability of data brokers to sell sensitive contact information that could be used to target, harass, or dox individuals seeking privacy protection, including domestic violence survivors,” the agency said. The proposed rule would preserve pathways created by the FCRA for government agencies to access consumer report information for legitimate law enforcement, counterterrorism, and counterintelligence purposes, it said. The proposed rule is part of a broader government-wide initiative to protect Americans’ sensitive personal data, complementing recent Executive Orders and actions by other federal agencies, CFPB said. In October, the Department of Justice proposed a rule to prevent access to Americans’ sensitive personal data by Russia, Iran, China, and other countries of concern. The rule hasn’t gone into effect yet – it goes through a public comment period, which ends in March, then is reviewed by several panels and agencies, before it becomes final, likely a year or so from now. It would likely be enacted in 2026. That means it’s still up to you to protect your data as best as you can. The CFPB earlier this month launched rulemaking to address the harmful effects of inaccurate credit reporting that negatively affects survivors of domestic, elder and other financial abuse. “People trapped by domestic abuse must often sign documents under the threat of violence, ruining their financial lives and making it even more difficult to escape,” CFPB Director Rohit Chopra said in a news release. “Expanding identity theft protections could help survivors rebuild their financial lives and would ensure that our credit reporting system is not used as a tool for domestic and elder abuse.” I wrote in April 2022 about financial abuse as a major, but unrecognized, factor in domestic abuse. The CFPB is on board, too. “Abusers often use coerced debt as a tool of control, forcing their partner or other family members to take out credit cards or loans through threats, physical violence, or manipulation,” the release said. “They may secretly open accounts in survivors’ names, force them to sign financial documents, or run up charges on existing accounts.” This type of financial abuse “creates substantial, long-lasting harm for survivors,” the agency said. Nearly three-quarters of domestic violence survivors report staying in abusive relationships longer in part because of coerced debt. “The impact falls particularly hard on women of color, who face higher rates of financial abuse resulting in nearly double the average debt burden,” the CFPB said. Once the debt is removed from survivors’ credit reports, credit scores for one-third improve by 20 points or more, enough to qualify for better rates on loans, the agency said. The agency seeks public comment on: The prevalence and extent of harm to people with coerced debt, including through the credit reporting system. Evidence regarding the relevance of coerced debt to a survivor’s credit risk. Barriers to accessing existing protection under federal or state law for survivors of economic abuse. Challenges resulting from coerced debt facing specific populations including survivors of intimate partner violence and gender-based violence, older Americans, and children in foster care. Potential documentation or self-attestation requirements for showing that a person’s debt was coerced. The rulemaking was in response to a petition submitted by the National Consumer Law Center and the Center for Survivor Agency and Justice. The agency established a petition process in 2022 “to help Americans exercise the constitutional rights to petition the government,” it said. “The new protocols ensure that there is an easy and transparent way to request action.” The deadline for submitting comments on the advance notice is March 7. It’s not the first time the agency has tackled abuse and its relation to credit. In 2022, the CFPB finalized a rule that prohibits credit bureaus from providing reports that contain negative information about human trafficking survivors when the information resulted from the trafficking. The CFPB is also working on identifying potential violations of these rules, it said. We’ll keep you updated on what goes on with these new rules and proposed ones. Banks and other financial institutions have fought hard against the agency’s junk fee rules and the Trump administration has promised “significant changes” to curtail the CFPB’s power. The Washington Post reported in November that Trump’s transition team is looking for candidates to lead the agency – likely pro-business and banking ones – and would also scale back its oversight. The agency is funded by the Federal Reserve, unlike most federal agencies, which are funded by Congress. It was done this way in order to keep its rule-making and enforcement independent of the political process. The law governing the CFPB sets a cap for its budget, which is adjusted for cost of living. The U.S. Supreme Court in May voted 7-2 that the funding method is constitutional after two trade associations representing payday (high-interest) lenders challenged it. In June, after the Supreme Court ruling, a group of Republican senators introduced the Consumer Financial Protection Bureau Accountability Act, which would shift funding the agency to Congress. That bill didn’t pass, but is likely to come up again now that the Senate will and House will both have a Republican majority. The Trump administration and congressional Republicans campaigned on promises to reduce regulations on business. They are under increasing pressure from banks and other money-driven businesses and institutions to roll back rules that keep them from making higher profits, and have indicated they support that, too. You can reach Maureen Milliken at mmilliken@manchesterinklink.com We don’t spam! You're on the list! Check your inbox or spam folder to confirm your subscription.Littler, who won the Grand Slam of Darts last week, hit checkouts of 170, 164 and 136 as he threatened to overturn an early deficit, but Humphries held his nerve to win the last three legs. “I’m really, really proud of that one to be honest,” Humphries told Sky Sports. FOR THE SECOND TIME 🏆🏆 Luke Humphries retains his 2024 Ladbrokes Players Championship Finals title, beating Luke Littler 11-7 in the final. pic.twitter.com/QUhxvSbGeu — PDC Darts (@OfficialPDC) November 24, 2024 “I didn’t feel myself this week playing-wise, I felt like I was a dart behind in a lot of the scenarios but there’s something that Luke does to you. He really drives me, makes me want to be a better player and I enjoy playing him. “He let me in really early in that first session to go 4-1 up, I never looked back and I’m proud that I didn’t take my foot off the gas. These big games are what I live for. “Luke is a special talent and he was right – I said to him I’ve got to get these (titles) early before he wins them all. “I’d love to be up here and hitting 105 averages like Luke is all the time but he’s a different calibre, he’s probably the best player in the world right now but there’s something about me that never gives up. “This is a great way to go into the worlds.” HUMPHRIES GOES BACK-TO-BACK! 🏆 Luke Humphries retains his Players Championship Finals title! Cool Hand puts on an absolute clinic to defeat Luke Littler 11-7 in an epic final! 📺 https://t.co/AmuG0PMn18 #PCF2024 | Final pic.twitter.com/nZDWPUVjWE — PDC Darts (@OfficialPDC) November 24, 2024 Littler, who lost the world championship final to Humphries last year, said: “It was tough, missed a few doubles and if you don’t take chances early on, it’s a lot to come back. “I hit the 170 and the 164 but just didn’t have enough in the end. “It’s been a good past two weeks. I just can’t wait to go home, chill out, obviously practice at home for the worlds. That’s it now, leading up to the big one.”Q3 Net Revenue: $1.516 billion , grew by 7% year-on-year Q3 Gross Margin: 23.0% GAAP gross margin; 60.5% non-GAAP gross margin Q3 Diluted income (loss) per share: $(0.78) GAAP diluted loss per share; $0.43 non-GAAP diluted income per share SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL ), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook Net revenue is expected to be $1.800 billion +/- 5%. GAAP gross margin is expected to be approximately 50%. Non-GAAP gross margin is expected to be approximately 60%. GAAP operating expenses are expected to be approximately $710 million . Non-GAAP operating expenses are expected to be approximately $480 million . Basic weighted-average shares outstanding are expected to be 867 million. Diluted weighted-average shares outstanding are expected to be 877 million. GAAP diluted net income per share is expected to be $0.16 +/- $0.05 per share. Non-GAAP diluted net income per share is expected to be $0.59 +/- $0.05 per share. GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Management's evaluation of Marvell's operating performance; Management's establishment of internal operating budgets; Management's performance comparisons with internal forecasts and targeted business models; and Management's determination of the achievement and measurement of certain types of compensation including Marvell's annual incentive plan and certain performance-based equity awards (adjustments may vary from award to award). Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates. Quarterly Revenue Trend (Unaudited) Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) enterprise networking, (iii) carrier infrastructure, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below: For further information, contact: Ashish Saran Senior Vice President, Investor Relations 408-222-0777 [email protected] SOURCE Marvell