Rivian employees stand beside the new all-electric pickup truck by Rivian, the R1T, as it sits at one of its facilities on November 09, 2021 in the Brooklyn borough of New York City.
Spencer Platt | Getty Images
Rivian shares continued to rally less than a week after the company went public in one of the biggest IPOs of the year. The stock was up more than 10% after markets opened before settling up around 6%.
It’s a sign that investors are still bullish on the Tesla rival backed by Amazon and Ford.
Amazon has already ordered 100,000 Rivian vehicles to be delivered by 2030 and plans to have 10,000 Rivian vehicles delivering packages as early as next year.
Rivian already beat Tesla, GM and Ford with the first fully electric pickup, the R1T, on the market. In July, Reuters reported that Rivian was planning to invest $5 billion in a second assembly plant. Rivian said its current Illinois factory can produce up to 150,000 vehicles a year.
Demand for electric vehicles continues to rise as more consumers look to adopt the technology. The latest infrastructure package signed by President Joe Biden on Monday outlines billions of dollars delegated to building out a network of EV charging infrastructure.
Changpeng Zhao, founder and CEO of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris on June 16, 2022.
Benoit Tessier | Reuters
U.S. prosecutors are seeking an above-guidance sentence of 36 months for the former CEO of cryptocurrency exchange Binance on charges of enabling money laundering, according to a sentencing memorandum out late Tuesday.
The memorandum, which was filed with the court for the western district of Washington, states that Zhao should serve a higher sentence that suggested under advisory guidelines to “reflect the gravity of his crimes.”
Under advisory guidelines, Zhao’s sentencing would come in at a range of 12 to 18 months in prison.
“A custodial sentence of 36 months—twice the high end of the Guidelines range—would reflect the seriousness of the offense, promote respect for law, afford adequate deterrence, and be sufficient but not greater than necessary to achieve the goals of sentencing,” U.S. prosecutors said.
Zhao is accused of wilfully failing to implement an effective anti-money laundering program as required by the Bank Secrecy Act, and of effectively allowing Binance to process transactions involving proceeds of unlawful activity, including transactions between Americans and individuals in sanctions jurisdictions.
The U.S., which separately accuses Binance and Zhao of violating the U.S. Bank Secrecy Act and sanctions on Iran, ordered Binance to pay $4.3 billion in fines and forfeiture. Zhao agreed to pay a $50 million fine.
Zhao stepped down as Binance’s CEO in November last year after reaching this plea and was replaced by the former Abu Dhabi markets regulator’s chief, Richard Teng.
Zhao was not immediately available for comment when contacted via social media platform X. Binance has yet to return a request for comment when contacted by CNBC.
‘Unprecedented scale’ of financial crime
Prosecutors say that Zhao violated U.S. law on an “unprecedented scale,” and that he had a “deliberate disregard” for Binance’s legal responsibilities.
In the memorandum of Tuesday, prosecutors said that, under Zhao’s control, Binance operated on a “Wild West” model.
“Zhao bet that he would not get caught, and that if he did, the consequences would not be as serious as the crime,” the memorandum stated.
“But Zhao was caught, and now the Court will decide what price Zhao should pay for his crimes.”
Zhao’s official sentencing is expected to take place on April 30.
Amazon is opening cloud regions in Southeast Asia because customers want their data stored securely in their own countries, Amazon Chief Technology Officer Werner Vogels said in an exclusive interview.
“The reason for this is that many of our customers have been asking for that. They really wanted something local such that they can meet, for example, local data storage requirements, or protection of personal identifiable information,” Vogels told CNBC’s JP Ong.
Amazon’s cloud computing division, Amazon Web Services, was the world’s largest cloud service provider in the fourth quarter, accounting for 31% of total cloud spending, according to a Feb. 26 report from Canalys.
An AWS region is a physical location where data centers are clustered. Within each AWS region are a minimum of three separate availability zones. Each zone has its own power, cooling and physical security and is connected through redundant, ultra-low-latency networks.
“And it’s not just startups that are looking for that. Big enterprises and government agencies as well. You can imagine government agencies want to go through a digital transformation as well,” Vogels said.
“And for them, it’s important to have these kinds of technologies on the ground, in [the] country to make sure that they can serve their customers best or their citizens best,” said Vogels.
“This new AWS Region will also enable customers with data residency preferences to store data securely in Malaysia, help customers to achieve even lower latency, and serve demand for cloud services across Southeast Asia,” the statement said.
AWS already operates multiple regions across North America, South America, Europe, China, Asia Pacific, South Africa and the Middle East.
“And especially, of course, the security capabilities that AWS has, that allows us to protect these customers. Security, will be, and is forever, our number one priority. [It] is our number one investment area,” said Vogels.
“And to be able to keep customers safe in our compute regions, [it] is of great attraction to companies here in the region and also governments.”
Larry Ellison, co-founder and chairman of Oracle, speaks during the Oracle OpenWorld 2017 conference in San Francisco on Oct. 3, 2017.
David Paul Morris | Bloomberg | Getty Images
Oracle Chairman Larry Ellison said Tuesday that the company is moving its world headquarters to Nashville, Tennessee, to be closer to a major health-care epicenter.
In a wide-ranging conversation with Bill Frist, a former U.S. Senate Majority Leader, Ellison said Oracle is moving a “huge campus” to Nashville, “which will ultimately be our world headquarters.” He said Nashville is an established health center and a “fabulous place to live,” one that Oracle employees are excited about.
“It’s the center of the industry we’re most concerned about, which is the health-care industry,” Ellison said.
The announcement was seemingly spur-of-the-moment. “I shouldn’t have said that,” Ellison told Frist, a longtime health-care industry veteran who represented Tennessee in the Senate. The pair spoke during a fireside chat at the Oracle Health Summit in Nashville.
Shares of Oracle were mostly flat in extended trading Tuesday.
Oracle moved its headquarters from Silicon Valley to Austin, Texas, in 2020. The company has been making a major push into health care in recent years, most notably with its $28 billion acquisition of the medical records software giant Cerner. Ellison said Tuesday that Oracle is relatively new to the health-care sector, but he believes the company has a “moral obligation” to solve problems facing the industry.
Nashville has been a major player in the health-care scene for decades, and the city is now home to a vibrant network of health systems, startups and investment firms. The city’s reputation as a health-care hub was catalyzed when HCA Healthcare, one of the first for-profit hospital companies in the U.S., was founded there in 1968.
HCA helped attract troves of health-care professionals to Nashville, and other organizations quickly followed suit. Oracle has been developing its new $1.2 billion campus in the city for about three years, according to The Tennessean.
“Our people love it here, and we think it’s the center of our future,” Ellison said.
Oracle did not immediately respond to CNBC’s request for comment.