China Races to Front in EV Output --- Country's carmakers are envy of the world through production speed, tech offerings

"China is speeding ahead in the electric-vehicle race. Riding the nation's EV boom, upstart automakers have eclipsed foreign rivals to develop cars faster, push the boundaries of smart tech and swamp consumers with choice.

Chinese automakers are around 30% quicker in development than legacy manufacturers, industry executives say, largely because they have upended global practices built around decades of making complex combustion-engine cars. They work on many stages of development at once. They are willing to substitute traditional suppliers for smaller, faster ones. They run more virtual tests instead of time-consuming mechanical ones. And they are redefining when a car is ready to sell on the market.

Foreign carmakers openly admit they are chasing the game, increasingly wary of Chinese rivals they once considered also-rans. China's prowess, combined with its global ambitions, is also stoking fears it could flood the world with cheap cars as demand for EVs slows.

NIO, one of China's leading, though cash-burning, electric-vehicle startups, takes less than 36 months from the start of a project to delivery to customers, compared with roughly four years for many traditional carmakers. One reason: It puts out cars with latent technology such as a spare chip that allows it to frequently add new features through software updates.

"The faster you can introduce a new technology to the market, provided that it's a reliable technology, then the chance for you to gain market share will be much bigger," said Mark Zhou, the head of NIO's product committee.

Zeekr, an EV venture from decades-old auto giant Geely, can develop vehicles from scratch in as fast as 24 months. It rapidly releases different models ranging from SUVs, multipurpose vehicles, and hatchbacks that all share manufacturing and digital architecture with other Geely brands such as Polestar and Smart.

Backed by generous government stimulus policies, China now sells the most EVs in the world. Its carmakers are heavily customer-focused, emphasizing software and digital technology, from driver-assistance functions to in-car entertainment.

The slowdown in demand for EVs -- even in China -- is spurring Chinese carmakers to constantly update and release new models. Cars launched last year contributed to 90% of China's passenger-car sales growth, according to the country's passenger-car association.

Because Chinese buyers tend to prefer new or recently released cars, the cars have a short shelf life. Domestic EV makers offer models for sale for an average of 1.3 years before they are updated or refreshed, compared with 4.2 years for foreign brands, according to an analysis by consulting firm AlixPartners.

In a reversal of industry convention, many global carmakers are now looking to learn from Chinese rivals. Tesla's Elon Musk and Ford chief executive Jim Farley have both said their biggest future threats will be Chinese. Volkswagen and Nissan are adopting some Chinese ways to be speedier.

Global automakers risk falling behind in the technology if they scale back investments as Chinese rivals ramp up. Apple has scrapped its EV project and Musk said that Tesla will ship its updated Roadster starting next year, after years of delay. 

The share of EVs among global car sales is expected to reach as high as 40% by 2027 despite the recent slowdown.

Volkswagen is now partnering with Chinese companies as it looks to speed up its processes. Its China business head noted it took the company nearly four years to get a new product to the market, compared with little more than 2 1/2 years for local manufacturers.

Global carmakers including Ford and Nissan are now moving to use their China factories to make cars for export around the world. China surpassed Japan as the world's top auto exporter last year.

Concerns about China-made cars are increasing. On Thursday, the Biden administration said it would investigate foreign car technologies, citing potential national security risks from China. The European Union is conducting an antisubsidy probe into China's EV makers.

Not all of the ways China is moving ahead are innovations. Automakers in the country are adopting and pushing forward ideas from Tesla, such as focusing on upgrading car features through software updates. Tesla has been ousted as the world's top EV seller by China's BYD.

China's EV boom is so recent that it remains to be seen whether there are any trade-offs between faster development and vehicle safety and quality. Chinese carmakers insist they make no compromises, but some in the industry say their focus is on seeking growth first, whereas legacy carmakers foster a robust system around meeting safety and quality standards.

As Chinese carmakers have moved to produce software-driven smart EVs, many development steps are taken in parallel, executives say. Traditionally, making gas-powered cars was a linear process -- from design to engineering to manufacturing, each step had to be completed and validated before the next.

Chinese EV companies heavily use simulation software to create virtual prototypes and run tests in more iterations and in faster time. Virtual parts and mock-ups can be worked on between teams and 3-D printed prototypes allow engineers to go through loops of trial and error much quicker, executives at Zeekr and NIO said.

There is no need to wait for hardware parts to be completed to develop assisted driving and powertrain control software, said Zhu Ling, a vice president of Zeekr.

JiYue, an EV brand created by Geely and Chinese tech giant Baidu, can finish product design in six months, said CEO Joe Xia. He visits the design studio almost every week, bringing employees from sales, marketing, manufacturing, product development and software. Any design feature changes can be understood by all so they can make relevant changes, he said.

German and Japanese carmakers have well-defined standards and guidelines for every step in car manufacturing and development, but these are barriers to moving quickly, said Christoph Weber, the China general manager for AutoForm, a Swiss company that makes simulation software for car manufacturing.

NIO, the EV maker that was once dubbed China's Tesla killer, has changed when a car is deemed ready for market. It classifies its releases as "minimum viable products." That means they have more advanced chips, cameras or sensors than its software can support at the time. Engineers continue to develop tech and later send over-the-air updates to drivers that exploit unused capabilities.

NIO's ES7 SUV carried four Nvidia Orin chips when it was released in June 2022, but only three were in use. The fourth chip was activated last year to boost computing speed, so a traffic light signal appears on the car screen with a real-time countdown. Another update means the car sends a notification when a traffic signal turns green. NIO's next update will allow the vehicle to automatically start or stop the car depending on the traffic signal.

"If the minimum viable product will allow us to take the lead over other competitors, that's attractive enough for our users," Zhou said.

NIO is churning out new models even as its losses mount and the company laid off 10% of its staff late last year.

Global carmakers typically won't approve new suppliers without a lengthy vetting process, industry executives say. Chinese ones will rope suppliers in early when conceiving a car to avoid back and forth later.

In the case of BYD, delivery time from a Japanese mold supplier has been cut to around six months from at least a year since it bought the company more than a decade ago. BYD did so by involving experts from the supplier to advise on molding from the early stage and set its design earlier in the development process.

When Zeekr was designing the Zeekr X, a premium hatchback crossover with an in-car fridge to keep drinks cool, it first sourced the appliance from a well-known manufacturer. But the supplier's quote was too expensive and delivery would be too slow, said Zhu. The company picked a smaller manufacturer that specializes in outdoor fridges and was able to deliver within a year instead of two.

"In the age of EVs, whether your car is launched six months earlier or later, the market condition is totally different," Zhu said.

China's carmakers are increasingly standardizing their models to cut time. Beyond traditional mechanical platforms, they standardize everything from important software to the digital vehicle operating systems that executives liken to the nerve center of smartcars.

EV startup XPeng last year introduced the SEPA2.0, which combines features including the operating system, driver-assistance software and battery pack design for use across all models. XPeng says it shortens research-and-development cycles by around 20%.

Figuring out software on cars and making them gel well with hardware is one area where traditional carmakers such as Volkswagen and Toyota have struggled.

XPeng's approach is in part possible because the carmaker develops software in-house alongside vehicle hardware, said Brian Gu, the carmaker's co-president. For global carmakers, the software-development job was traditionally done by external suppliers. Volkswagen last year obtained a stake in XPeng to partner in vehicle development and technology.

Many Chinese EV makers operate more like startups than legacy automakers. They have a smaller number of employees who say they tend to work longer hours. Executives are more willing to override standard processes to push new products to the market sooner, experts in the industry say, even if it could be harder to fence in risks and costs when things go wrong.

At NIO, the next model's design emerges from various pitches sent in by its car designers based in Munich and in China. CEO William Li attends weekly design meetings with the help of identical clay mock-ups in both countries and calls the shots on the final design for all future models. This is different from many Western carmakers, where design options are sent through different departments for review, a much lengthier process, said NIO's design chief Kris Tomasson, who previously worked with Ford and BMW." [1]

1. China Races to Front in EV Output --- Country's carmakers are envy of the world through production speed, tech offerings. Cheng, Selina.  Wall Street Journal, Eastern edition; New York, N.Y.. 04 Mar 2024: B.1.

Priemonės, užtikrinančios klinikinių tyrimų patikimumą

   „Nesutinku, kad mediciną kankina nepatikimi klinikiniai tyrimai, ir ypač prieštarauju jūsų cituojamam požiūriui: „Jei ieškosite visų atsitiktinių imčių tyrimų šia tema, maždaug trečdalis tyrimų bus sufabrikuoti“ (Nature 619, 454– 458; 2023). Ši nuomonė nėra pagrįsta nepriklausomai patikrintais duomenimis, todėl manau, kad šis pranešimas kelia sensacingą ir galimai įžeidžiantį medicinos autorius.

     Klaidos, atliekant bandymus, gali turėti daug priežasčių, išskyrus aplaidumą ar sukčiavimą. Visi tokie atvejai turėtų būti kruopščiai išnagrinėti, o atsakingas (-i) autorius (-ai) oficialiai nubaustas (-i) įrodyto pažeidimo atvejais. Straipsniai, jų pateikti duomenys ir autoriai nuo pat pradžių neturėtų būti laikomi nepatikimais.

     Klinikiniai tyrimai, kuriais siekiama pateikti reglamentą, turi atitikti Tarptautinės žmonėms skirtų vaistų techninių reikalavimų derinimo tarybos (ICH; žr. go.nature.com/3vkms) gaires, ypač E6 (dėl geros klinikinės praktikos) ir E8 ( dėl bendrųjų klinikinių tyrimų planavimo svarstymų). 

 Tie bandymai turėtų atitikti griežtus etikos ir mokslo standartus. Jie turėtų apimti kokybės kontrolę ir kokybės užtikrinimą, pagrįstą stebimais duomenimis ir audituotais procesais. Tai sukuria patikrinamą informacijos seką. Leidėjai turėtų reikalauti, kad autoriai pareikštų, kad buvo laikomasi ICH gairių, ir turėtų prašyti daugiau informacijos, jei kyla abejonių.“ [1]

 

1. Nature 621, 42 (2023). By Eduardo F. Motti

Measures to ensure clinical trials are trustworthy

 

"I disagree that medicine is plagued by untrustworthy clinical trials, and particularly object to the view that you quote: “If you search for all randomized trials on a topic, about a third of the trials will be fabricated” (Nature 619, 454–458; 2023). That opinion is not backed by independently verified data, so I find this reporting sensationalistic and potentially offensive to medical authors.

 

Errors in trials can have many causes apart from negligence or fraud. All such cases should be investigated meticulously, and the responsible author(s) formally punished in cases of proven wrongdoing. Articles, their reported data and the authors should not be considered as untrustworthy from the outset.

 

Clinical trials aimed at regulatory submission must comply with guidelines from the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH; see go.nature.com/3vkms), in particular sections E6 (on good clinical practices) and E8 (on general considerations for clinical-trial design). Those trials should meet strict ethical and scientific standards. They should incorporate quality control and quality assurance based on monitored data and audited processes. This generates a verifiable trail of information. Publishers should require authors to declare that ICH guidelines have been followed and should request more information in cases of doubt." [1]

 

1. Nature 621, 42 (2023). By Eduardo F. Motti

Is Your 401(k) Destroying Capitalism? --- Target-date funds and other passive investments attract the ire of fund managers like David Einhorn

"A respected Wall Street strategist was lambasted when he wrote in 2016 that index funds are "worse than Marxism."

No, Lenin won't be plundering your 401(k), but serious people are again pointing to what they say are the hazards of retirement funds on autopilot -- for America's savers and maybe even for markets themselves. The reason people such as hedge-fund manager David Einhorn are sounding the alarm isn't just the relentless rise of the AI-inspired "Magnificent Seven," collectively more valuable than any foreign stock market, but the huge sums being plowed into stocks and bonds with regard only to price, not value.

Is it just sour grapes? Einhorn, whose hedge fund, Greenlight Capital, struggled for years before a recent rebound, didn't comment, but it is in his financial interest to blame outside forces for poor performance. Even the vast majority of active mutual funds struggle to beat an index despite being cheaper than hedge funds.

The low cost and simplicity of passive investments have obvious consumer appeal. That also has made them enormous. Michael Green, chief strategist at Simplify Asset Management, points to Labor Department rule changes that have put the growth of mostly passively invested target-date funds held in 401(k) plans on steroids over the past 16 years. Those funds alone, just part of the passive-investing universe, are already far larger than all hedge funds combined.

Market leader Vanguard Group, with $1.3 trillion in target retirement funds under management as of January, says three-quarters of large plans it administers automatically enroll employees, with 99% of them defaulting into a "balanced investment strategy" and 98% choosing a target-date fund by default.

Younger employees are more likely to have most of their nest eggs in target-date funds. Their funds, targeting retirement in 2060 or 2065, hold the most stocks -- more than 90% of assets. A glide path to buying less-volatile bonds, and funds' automatic rebalancing, are considered a prudent way to smooth out market bumps and maximize returns.

Another characteristic of target-date funds that some see as a plus and that critics consider ominous is that owners rarely touch them and managers are slow to tweak portfolios, even when they arguably should. 

For example, when the pandemic panic made stocks cheaper on reliable long-term measures than they had been in years, yet bond yields fell to levels almost guaranteed to lose money after inflation, hardly any retirement savers at Vanguard or Fidelity made a change, according to those companies. They aren't doing it today either when bonds look tempting and a handful of richly valued tech stocks are pushing markets higher.

In part because they are so big and managers so bureaucratic, tinkering with target-date funds' allocations happens slowly.

The asset mix goes through a series of committees, according to Roger Aliaga-Diaz, Vanguard's global head of portfolio construction. And while he says Vanguard's own internal models show that stocks are about 30% overvalued at the moment, he says a measure called dispersion shows that individual stocks aren't more out of whack than they have been historically.

Failing to react to market gyrations is generally a good thing for investors. When it is easy to make changes, such as in an actively managed, taxable brokerage account, they tend to be greedy when they should be fearful, and vice versa. 

Academic evidence shows that frequent trading sharply reduces potential wealth over the long term.

The core theory behind passive investing is that other people have already done a decent job of finding out what things should be worth, so an index fund can hitch a free-ride on an efficient market. 

Simplify Asset's Green counters that there is just so much money being blindly invested in already overhyped stocks today, and not enough financial incentive to call the market's bluff on their valuations, that this no longer holds true.

"In order for the wisdom of crowds to work, everyone has to have the same vote," he says.

Einhorn's recent charge that markets are "fundamentally broken" would ring truer if highly valued companies were issuing stock today, starving others of needed capital. Meta, Microsoft, Apple and Google parent Alphabet are instead buying back their shares.

It seems more likely that active management is broken -- or more handicapped than usual.

But if Green and Einhorn are right, then today's famine for investing based on value will become tomorrow's feast. The rub is that, while a patient individual investor could buy out-of-favor value stocks today and eventually beat the market, pros not named Warren Buffett rarely have that luxury.

Fickle investors are giving their money to winners who have no qualms riding AI mania, or are defecting to index funds that do so by default. Being early is the same as being wrong in money management.

But if critics are right, then investors whose 401(k) balances are rising on the back of concentrated portfolios -- particularly younger ones -- could take a disproportionate hit as more baby boomers retire and sell in the same proportion that they are buying today.

And, as in 2022, bonds might not provide a good cushion. "Sequence of return risk" is seen as a pitfall of using bonds as a shock absorber for a target-date portfolio, according to Mike Dever, chief executive of Brandywine Asset Management. Instead of that imperfect hedge, he touts methods of directly protecting all-stock portfolios against losses using derivatives that could leave retirees with more money in the long run.

While his math is intriguing, such solutions can't be scaled up to protect trillions of dollars in assets from disappointing returns. It also wouldn't help if millions of Americans pre-emptively shifted their holdings to actively managed funds. They would hurt the growth of their nest eggs through higher expenses, and many active managers mimic big index funds anyway in order to keep up. 

An exodus from funds overly dependent on megacap tech stocks might itself spark a bear market.

In that way, at least, index funds resemble socialism -- they are so big that we are all in this together." [1]

1. Is Your 401(k) Destroying Capitalism? --- Target-date funds and other passive investments attract the ire of fund managers like David Einhorn. Jakab, Spencer.  Wall Street Journal, Eastern edition; New York, N.Y.. 05 Mar 2024: B.10.

Ar jūsų pensijinis fondas 401(k) griauna kapitalizmą? --- Tikslinės datos fondai ir kitos pasyvios investicijos pritraukia tokių fondų valdytojų, kaip David Einhorn, pyktį

„Gerbiamas Volstryto strategas apgailėstavo, kai 2016 m. parašė, kad indeksų fondai yra „blogesni už marksizmą“.

 

     Ne, Leninas negrobs jūsų 401(k), bet rimti žmonės vėl atkreipia dėmesį į, jų teigimu, pensijų fondų autopiloto pavojų – Amerikos taupantiems ir galbūt net pačioms rinkoms. Priežastis, kodėl žmonės, tokie, kaip rizikos draudimo fondų valdytojas Davidas Einhornas, skambina pavojaus varpais, yra ne tik nenumaldomas dirbtinio intelekto įkvėpto „Magnificent Seven“, kartu vertingesnio už bet kurią užsienio akcijų rinką, augimas, bet ir didžiulės sumos, nukreipiamos į akcijas ir obligacijos, kai atsižvelgiama tik į kainą, o ne į vertę.

 

     Ar tai tik rūgščios vynuogės? Einhornas, kurio rizikos draudimo fondas „Greenlight Capital“ daugelį metų vargo prieš neseniai atkovotą atmušimą, nekomentavo, tačiau jo finansinis interesas yra kaltinti pašalines jėgas dėl prastų rezultatų. Net dauguma aktyvių investicinių fondų sunkiai stengiasi įveikti indeksą, nepaisant to, kad jie yra pigesni, nei rizikos draudimo fondai.

 

     Pasyvių investicijų maža kaina ir paprastumas yra akivaizdus patrauklumas tarp vartotojų. Tai taip pat padarė juos didžiulius. Michaelas Greenas, „Simplify Asset Management“ vyriausiasis strategas, atkreipia dėmesį į Darbo departamento taisyklių pakeitimus, dėl kurių per pastaruosius 16 metų išaugo daugiausia pasyviai investuotų tikslinių datų lėšos, įtrauktos į 401 (k) planus. Vien tik tie fondai, tik dalis pasyvaus investavimo visatos, jau yra daug didesni, nei visi rizikos draudimo fondai, kartu paėmus.

 

     Rinkos lyderė Vanguard Group, turinti 1,3 trilijono dolerių tikslinių pensijų fondų sausio mėn., teigia, kad trys ketvirtadaliai didelių planų, kuriuos ji administruoja, automatiškai įtraukia darbuotojus, 99 % jų nesilaiko "subalansuotos investavimo strategijos", o 98 % pasirenka tikslinės datos fondą pagal nutylėjimą.

 

     Labiau tikėtina, kad jaunesni darbuotojai daugumą jų lizdo kiaušinių turės tiksliniuose fonduose. Jų fondai, skirti išeiti į pensiją 2060 arba 2065 m., turi daugiausiai akcijų – daugiau, nei 90 % turto. Paprastas būdas pirkti mažiau nepastovias obligacijas ir automatinis fondų perbalansavimas yra laikomas protingu būdu išlyginti rinkos nelygumus ir padidinti grąžą.

 

     Kita tikslinės datos fondų savybė, kurią kai kurie laiko pliusu ir kurią kritikai laiko grėsminga, yra ta, kad savininkai retai juos liečia, o valdytojai lėtai keičia portfelius, net kai, be abejo, turėtų.

 

     Pavyzdžiui, kai pandemijos metu akcijos labiau atpigo, taikant patikimas ilgalaikes priemones, nei buvo daugelį metų, tačiau obligacijų pajamingumas nukrito iki lygio, kuris beveik garantuotai praras pinigus po infliacijos, vargu ar kokie nors pensijoms kaupiantys Vanguard ar Fidelity pakeitė toms įmonėms. Jie to nedaro ir šiandien, kai obligacijos atrodo viliojančiai, o keletas brangiai vertinamų technologijų akcijų stumia rinkas aukščiau.

 

     Iš dalies dėl to, kad jie yra tokie dideli, o valdytojai tokie biurokratiški, suplanuoti lėšų paskirstymą pagal tikslinę datą sekasi lėtai.

 

     Pasak Roger Aliaga-Diaz, „Vanguard“ pasaulinio portfelio kūrimo vadovo, turto derinys vyksta per keletą komitetų. Ir nors jis sako, kad paties Vanguard vidiniai modeliai rodo, kad akcijos šiuo metu yra pervertintos maždaug 30 proc., jis sako, kad matas, vadinamas sklaida, rodo, kad atskiros akcijos nėra labiau išmuštos aukštyn, nei buvo istoriškai.

 

     Nesugebėjimas reaguoti į rinkos bangavimą paprastai yra geras dalykas investuotojams. Kai lengva atlikti pakeitimus, pavyzdžiui, aktyviai valdomoje, apmokestinamoje tarpininkavimo sąskaitoje, jie linkę būti godūs, kai turėtų bijoti, ir atvirkščiai.

 

     Akademiniai įrodymai demonstruoja, kad dažna prekyba ilgainiui smarkiai sumažina potencialų turtą.

 

     Pagrindinė pasyvaus investavimo teorija yra ta, kad kiti žmonės jau atliko padorų darbą, kad išsiaiškintų, kokie daiktai turėtų būti verti, taigi indekso fondas gali nemokamai pasinaudoti efektyvia rinka.

 

     „ Simplify Asset's Green“ atsako, kad šiandien aklai investuojama į jau per daug išpūstas akcijas ir nėra pakankamai finansinių paskatų iššaukti rinkos blefą dėl jų vertinimų, kad tai nebegalioja.

 

     „Kad minios išmintis veiktų, visi turi turėti vienodą balsą“, – sako jis.

 

     Neseniai Einhorno kaltinimas, kad rinkos yra „iš esmės suardytos“, būtų labiau teisingas, jei labai vertinamos įmonės šiandien išleistų akcijas, priversdamos badauti kitas be reikalingo kapitalo. Vietoj to „Meta“, „Microsoft“, „Apple“ ir „Google“ pagrindinė „Alphabet“ perka savo akcijas.

 

     Labiau tikėtina, kad aktyvus valdymas yra pažeistas arba labiau neįgalus, nei įprastai.

 

     Bet jei Greenas ir Einhornas teisūs, tai šiandieninis badas dėl investicijų, pagrįstų verte, taps rytojaus švente. Nors kantrus individualus investuotojas šiandien gali nusipirkti nepalankios vertės akcijas ir galiausiai nugalėti rinką, profesionalai, kurių vardas nėra Warrenas Buffettas, retai turi tokią prabangą.

 

     Nepastovūs investuotojai skiria savo pinigus laimėtojams, kurie neabejoja, kad puola dirbtinio intelekto manija arba pereina prie indekso fondų, kurie tai daro pagal nutylėjimą. Būti anksti yra tas pats, kas neteisingai valdyti pinigus.

 

     Tačiau jei kritikai teisūs, investuotojai, kurių 401 (k) likučiai auga dėl koncentruotų portfelių, ypač jaunesnių, gali patirti neproporcingą smūgį, nes vis daugiau kūdikių bumo išeis į pensiją ir parduoda tokia pačia proporcija, kokia perka šiandien.

 

     Ir, kaip ir 2022 m., obligacijos gali nesuteikti geros pagalvės. Pasak Mike'o Deverio, „Brandywine Asset Management“ generalinio direktoriaus, „grąžos rizikos seka“ yra laikoma spąstais, naudojant obligacijas kaip tikslinės datos portfelio amortizatorių. Vietoj to netobulo apsidraudimo jis naudojasi metodais, kaip tiesiogiai apsaugoti visų akcijų portfelius nuo nuostolių naudojant išvestines priemones, kurios ilgainiui gali palikti pensininkams daugiau pinigų.

 

     Nors jo matematika intriguoja, tokių sprendimų negalima padidinti, kad apsaugotų trilijonus dolerių vertės turto nuo nuviliančios grąžos. Taip pat nepadėtų, jei milijonai amerikiečių prevenciškai perkeltų savo akcijas į aktyviai valdomus fondus. Dėl didesnių išlaidų jie pakenktų savo lizdo kiaušinių augimui, o daugelis aktyvių valdytojų vis tiek imituoja didelius indekso fondus, kad neatsiliktų.

 

     Pabėgimas iš fondų, pernelyg priklausomų nuo aukštos kapitalizacijos technologijų akcijų, pats gali sukelti meškų rinką.

 

     Tuo bent jau indeksų fondai primena socializmą – jie tokie dideli, kad mes visi čia kartu.“ [1]

 

1. Is Your 401(k) Destroying Capitalism? --- Target-date funds and other passive investments attract the ire of fund managers like David Einhorn. Jakab, Spencer.  Wall Street Journal, Eastern edition; New York, N.Y.. 05 Mar 2024: B.10.