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From fake social security calls to scammers impersonating Apple or Amazon, anyone with a cellphone or landline is no stranger to robocalls.

For decades, robocall scammers have graced phones and voicemails across the nation. Between June 2020 and 2021 these scams affected more than 59 million people who lost a combined $29.8 billion, according to phone number identification app Trucaller. Some robocallers look to sell legal products like a car warranty or new roof through illegal means, while others will steal your social security number or credit card.

In an effort to curb this longstanding problem, the Federal Communications Commission is requiring voice service providers to implement caller ID authentication standards via a set of industry rules known as STIR/SHAKEN. The FCC required large carriers like AT&T, Verizon and T-Mobile to implement the standards by June 30, though smaller carriers, with under 100,000 customers, have an extension.

Simultaneously, voice service providers must submit a plan highlighting their robocall mitigation efforts in a recently launched database. If the plan isn’t in the database beginning Sept. 28, carriers will have to stop accepting calls from those providers.

STIR/SHAKEN is a good start to ending this ever-evolving issue of robocalls, and, while the updates will slow scammers down, experts say they won’t disappear.

“It’s a game of Whac-A-Mole,” said Paul Schmitt, a research computer scientist at the University of Southern California’s Information Sciences Institute. “Robocallers will find other ways to do what they want to do.”

What is STIR/SHAKEN?

STIR/SHAKEN refers to the set of industry rules requiring voice providers to authenticate that the call people receive is from the number displayed.

Attestation is the framework used for determining the legitimacy of the caller. It acts as a virtual signature indicating how confident a provider is that a caller is allowed to use a specific phone number. It’s broken down into three levels based on how much information the providers know about the caller, with the lowest level meaning the provider can verify where the call came from, but not the caller ID.

STIR/SHAKEN puts pressure on domestic carriers to increase their protected technology, create a database and will likely push illegal domestic robocalls out of the country, said Scott White, director of George Washington University’s cybersecurity program and cyber academy.

While it makes it harder to spoof or use false caller ID information to scam you, it’s not foolproof. The technology verifies that the original number is what shows up for the consumer, but scammers can falsify the number from the get-go. The system does not work on landlines.

When signing a call, some providers use the highest attestation without proper due diligence, said Josh Bercu, vice president of policy and advocacy at USTelecom, a trade group representing telecom companies. If the industry gets evidence of that, the provider could lose their ability to sign or attest.

“The industry hates these calls,” said Bercu. “We want to protect our subscribers, we’re doing everything we can and the impact is starting to really show itself.”

Fighting evolving robocalls

While STIR/SHAKEN can help crack down at home, the FCC has little jurisdiction abroad where many calls originate. The agency can work with international partners to catch scammers, but some countries won’t cooperate. Robocalls reel in billions of dollars in profits every year and many have found ways to use artificial intelligence or data to create targeted lists for scamming.

Some overseas scammers will purchase a block of numbers to make calls and disappear. Domestic scammers may use recent changes as an opportunity to move operations abroad where there’s less oversight, White added. Gateway carriers serve as the main form of entry into the U.S. for foreign calls but many operate outside the U.S.

The biggest issue is that robocalls are evolving faster than legislation can keep up, said White.

Next steps to ending robocalls

Robocalls are decreasing. In August, Americans received roughly 4.1 billion robocalls, down 4.4% from July, which decreased 4.8% from June, according to data from YouMail, a company that creates robocall blocking software.

YouMail is one of several third-party companies like Truecaller, RoboKiller and Hiya that offer spam-blocking software. YouMail’s CEO Alex Quilici, said the company can match audio to find repeat offenders, but only when they leave a voicemail.

Large telecom companies offer customers their own robocall blocking apps, with features like caller ID identification, personal blocklists and a number change. Some of these features cost customers an additional fee depending on their plan and provider.

A Verizon spokesperson said the company recently launched a social media campaign with a tech influencer to help consumers spot robocalls. Efforts to mitigate robocalls have led to 500 million fewer calls per month, they added. An AT&T spokesperson said the company labels 1 billion robocalls a month. T-Mobile verifies more than 300 million calls every weekday, a spokesperson said.

Bercu, the USTelecom VP, is working with both providers and the government on tracing back suspicious calls to shut down scammers. Another step is getting other countries to sign onto STIR/SHAKEN, said Eric Burger, a research professor of computer science at Georgetown University.

Despite concerns about its effectiveness, STIR/SHAKEN is not worthless legislation, said White. The process can help companies and the government do better analytics and gather information to use for the next attack.

“The people complained, and the government responded,” he said. “That’s what you want to see in a democracy.”

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Former Tesla SVP Drew Baglino is selling $181.5 million worth of stock, SEC filing says

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Former Tesla SVP Drew Baglino is selling 1.5 million worth of stock, SEC filing says

In an aerial view, brand new Tesla cars sit parked in a lot at the Tesla Fremont Factory on April 24, 2024 in Fremont, California.

Justin Sullivan | Getty Images

Former Tesla executive Drew Baglino, who announced his resignation earlier this month, sold shares in the electric vehicle company worth around $181.5 million, according to a filing on Thursday with the SEC.

Baglino, who joined Tesla in 2006, is selling about 1.14 million of his shares, the filing said, listing an “approximate date of sale” of April 25, and describing it as an exercise of stock options.

Tesla announced on April 15 that it’s laying off 10% of its global workforce, following a drop in first-quarter deliveries and a steep slide in the stock price. That day, Baglino and fellow company veteran Rohan Patel said they were leaving the company.

Baglino announced his departure in a statement posted to X.

“I made the difficult decision to move on from Tesla after 18 years yesterday,” he wrote. “I am so thankful to have worked with and learned from the countless incredibly talented people at Tesla over the years.”

Baglino began as an engineer and climbed the ranks, most recently serving as senior vice president of powertrain and energy engineering, a job he’d held since 2016. Reporting directly to Musk, Baglino was seen as the unofficial chief of operations by many colleagues.

Prior to the latest sale, Baglino had unloaded about $4 million worth of shares in two transactions this year — one in late February and the other in early April, filings show. In each case, he sold 10,500 shares, exercising stock options in both.

During earnings calls and other major company events, including a presentation of Tesla’s “Master Plan part 3” in the spring of 2023, Baglino had become a familiar voice and face to shareholders, often discussing mining, battery manufacturing and performance.

Baglino didn’t respond to requests for comment. Tesla also didn’t provide a comment.

Baglino’s resigned as Tesla appeared to embark on a major strategic shift.

Musk said on the company’s earnings call this week that while Tesla still intends to produce affordable, new model electric cars in 2025, investors should focus more on Tesla’s “autonomy roadmap.” Tesla said it plans to unveil a robotaxi, or CyberCab, design on Aug. 8.

Musk also touted Tesla’s investments in AI infrastructure and the company’s potential to finally deliver self-driving vehicle technology, robotaxis, a driverless ride-hailing service, and a “sentient” humanoid robot. He even told doubters to stay away from the stock.

“If somebody doesn’t believe Tesla’s going to solve autonomy, I think they should not be an investor in the company,” Musk said on the call.

Tesla’s share price, which was down about 40% for the year prior to the earnings report, jumped 18% in the two trading days after Musk’s commentary, closing on Thursday at $170.18.

Tesla skepticism remains centered on potential new models, says Bernstein's Toni Sacconaghi

Bernstein analyst Toni Sacconaghi is among the skeptics. In an interview with CNBC’s “Squawk on the Street,” Sacconaghi questioned whether the affordable EVs Musk promised will “really be new models, or tweaks on existing models.” He also said that competitors, notably Waymo, already have robotaxi services on the road, while Tesla is still grappling with autonomous vehicle research and development.

Tesla reported a 9% drop in first-quarter revenue, its steepest year-over-year decline since 2012, due to declining demand and increased global competition. The company also reported a 55% drop in net income in the quarter.

While Musk said he expects the second quarter to be better than the first, the company hasn’t issued guidance for the year.

At the end of the earnings call, Martin Viecha, Tesla’s vice president of investor relations, announced that he, too, was resigning.

WATCH: Tesla and Musk fans have an optimistic outlook

Tesla and Elon Musk fans have an optimistic outlook for company's future, says WSJ's Tim Higgins

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Alphabet tempers fears that it’s falling behind in AI with blowout first-quarter results

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Alphabet tempers fears that it's falling behind in AI with blowout first-quarter results

Alphabet went into its earnings report on Thursday facing concerns about the growth of its core Google ads business and the company’s ability to generate profits from its hefty investments in artificial intelligence.

For the time being at least, the company put Wall Street’s fears to rest.

Alphabet topped analysts’ estimates, reporting revenue growth of 15% for the quarter, the fastest rate of expansion since early 2022. Ad sales at YouTube jumped 20%, also beating expectations.

Questions have been swirling about the future of Google’s online ads, because the biggest revenue driver remains search, which is under pressure as new generative AI services like OpenAI’s ChatGPT offer consumers new ways to access information.

“We’re very pleased with momentum of our ads businesses,” Alphabet finance chief Ruth Porat said on Thursday’s earnings call after the report. “Search had broad-based growth.”

Alphabet shares jumped 12% in extended trading, pushing the company’s market cap past $2 trillion. Prior to the report, the stock was up 12% for the year, ahead of the Nasdaq Composite but trailing some mega-cap peers like Meta, Nvidia and Amazon.

First-quarter results showed the core advertising business is reaccelerating after a difficult 2022 and 2023, when brands reeled in spending to contend with rising interest rates and inflationary concerns. Growth is spread across the digital ad market, with Meta reporting 27% growth for the first quarter, the fastest since 2021, and Snap reporting growth of 21%, a level not seen since early 2022.

Alphabet has been on a cost-cutting spree since last year in anticipation of slower ad growth and increased spending on AI, where competition has grown rapidly in the last year. The company has also experienced a series of apparent missteps tied to the rushed launch of various AI products.

There were other reasons for skepticism ahead of Alphabet’s earnings report.

Investors turned on Meta after its first-quarter report on Wednesday, sending the stock down as much as 19% in extended trading. CEO Mark Zuckerberg opened the investor call saying he planned to spend billions of dollars investing in areas like artificial intelligence and the metaverse, even though Meta counts on advertising for 98% of its revenue.

Like Meta, Alphabet is pouring money into AI. But its investments are turning into sales.

Revenue in Google Cloud, which houses much of the company’s AI technology, jumped 28% from a year earlier to $9.57 billion, sailing past estimates. Operating income more than quadrupled to $900 million, showing that Google is finally generating substantial profits after pouring money into the business for years to keep up with Amazon Web Services and Microsoft Azure.

Last month, Alphabet announced a suite of products, including Vertex AI, a no-code console for enterprise companies to build their own AI agents.

“There were a lot of questions last year and, you know, we always felt confident and comfortable that we would be able to improve the user experience,” CEO Sundar Pichai said on Thursday’s earnings call.

Pichai said he’s seen “early confirmation” that the company can use AI to expand search’s capabilities, citing rollouts in the U.S. and the U.K. He said the company can both manage spending and monetize AI tools at the same time in the coming quarters.

To show how confident the company is in its financial position, Alphabet announced its first-ever quarterly dividend of 20 cents per share and a plan to repurchase an additional $70 billion in stock.

With first-quarter results in the rearview mirror, Alphabet now has to keep up with heightened expectations, which will only increase as competitors roll out more generative AI products. The company also only has a couple more quarters in which growth will be comparable to some of its weakest results on record.

“We’re in a new cost reality,” Prabhakar Raghavan, a senior vice president who oversees search, said at a recent all-hands meeting, urging employees to work more efficiently.

With generative AI, the company is “spending a ton more on machines,” Raghavan added, saying organic growth is slowing and the number of new devices coming into the world “is not what it used to be.”

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Alphabet soars 10% on strong earnings, first-ever dividend, $70 billion buyback

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Alphabet soars 10% on strong earnings, first-ever dividend,  billion buyback

Alphabet CEO Sundar Pichai during the Google I/O developers conference in Mountain View, California, on May 10, 2023.

David Paul Morris | Bloomberg | Getty Images

Alphabet shares shot up 10% Friday morning after the company posted better-than-expected first-quarter results and greenlit its first-ever dividend and a $70 billion buyback.

The company on Thursday reported revenue of $80.54 billion, a 15% increase from a year earlier and the fastest growth rate since early 2022, surpassing the $78.59 billion in sales expected by analysts polled by LSEG. Earnings of $1.89 per share eclipsed the $1.51 in earnings per share expected by Wall Street.

Alphabet announced that its board authorized a dividend of 20 cents per share to be paid on June 17 to all shareholders of record as of June 10, and said it intends to pay future quarterly cash dividends. The company said the board also approved the repurchase of an additional $70 billion in stock.

The company exceeded analysts’ expectations for YouTube advertising revenue and Google Cloud revenue.

Barclays analysts maintained an overweight rating on Alphabet stock and lifted their price target to $200 from $173, lauding the company’s balancing of investment with efficiency and capital returns.

“Google is in the sweet spot of accelerating growth, expanding margins while shipping product faster, and returning capital — basically proving the naysayers wrong,” they wrote in a Thursday note. “The momentum should stay strong for a while here.”

Analysts at Oppenheimer keyed in on Alphabet’s accelerating advertising business despite its substantial spending on artificial intelligence, raising their price target to $205 from $185 and reiterating an outperform rating.

Morgan Stanley analysts, retaining their overweight rating of Alphabet, hiked their price target to $195 from $165, citing the company’s core growth durability and “early success durably reengineering the cost base.”

Among other price target boosts for the stock following Alphabet’s earnings, JPMorgan increased its price target to $200 from $165, while Evercore ISI upped its target to $200 from $160.

— CNBC’s Michael Bloom contributed to this report.

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