Technology

MGM Resorts says cyberattack could have material effect on company

Published

2 years ago

September 13, 2023

admin

The Park MGM hotel and casino in Las Vegas, July 28, 2023.

Bridget Bennett | Bloomberg | Getty Images

MGM Resorts on Wednesday said that a cyber incident that has significantly disrupted properties across the United States for the past three days represents a material risk to the company.

At the same time, the major credit rating agency Moody’s warned that the cyberattack could negatively affect MGM’s credit rating, saying the attack highlighted “key risks” within the company.

The company’s corporate email, restaurant reservation and hotel booking systems remain offline as a result of the attack, as do digital room keys. MGM on Wednesday filed a 8-K report with the Securities and Exchange Commission noting that on Tuesday the company issued a press release “regarding a cybersecurity issue involving the Company.”

8-Ks as a rule are filed when publicly traded companies want to notify the SEC of an event that can have a material effect on the firm. An MGM spokesperson confirmed the company views the incident as material. The spokesperson declined to comment on the Moody’s warning.

MGM’s share price has declined more than 6% since Monday, the day it first acknowledged the outages, compared to a modest gain in the S&P 500 during the same period.

The FBI told CNBC on Monday it is monitoring the “ongoing” situation. The SEC’s new cyber disclosure rules will not go into effect until the end of the year, so MGM is not yet obligated to provide more information to the SEC than they already have.

On social media, patrons have expressed frustration with the scope and duration of the outage, with some describing how hotel key cards aren’t working. Others expressed concerns about the security of their personal data. In 2020, MGM acknowledged that it had lost the personal information of more than 10 million customers in a hack. The data resurfaced on a hacking forum that same year.

MGM is communicating with the press through noncorporate, commercially available email addresses. Other than a brief update Tuesday confirming that the company had brought its gaming floors back online, MGM has provided little further information.

The SEC did not immediately respond to CNBC’s request for comment.

–CNBC’s Dan Mangan contributed to this report.

Technology

Intel stock holds 10% rise after analyst predicts major Apple deal

Published

2 hours ago

December 1, 2025

admin

Intel stock holds 10% rise after analyst predicts major Apple deal

Intel stock held a sharp hike in pretrading on Monday, after the stock surged on Friday when an analyst predicted the chip giant was nearing a deal to supply Apple in 2027.

Shares in Intel rose 10% on Friday after TF International Securities analyst Ming-Chi Kuo posted on X that he expected Intel to begin shipping its lowest-end M processor to Apple as early as second or third quarter 2027.

He said that his latest industry surveys indicate that “visibility on Intel becoming an advanced-node supplier to Apple has recently improved significantly.”

Intel stock fell 0.59% as of 6.26am ET on Monday in early pretrading.

Kuo added that the timeline of the partnership is contingent on the development process after Intel releases its process design kit — the blueprint from which Apple’s engineers can build the chips — which is expected early 2026.

Former Intel CEO Pat Gelsinger on Google AI chips: Competition is good for all

Apple’s silicon chips for its iPhone, iPad and Mac products are currently supplied by TSMC.

In his post, Kuo played down the potential Intel-Apple partnership’s impact on the Taiwanese chip maker, saying that Apple is expected to remain “highly dependent” on the company’s advanced nodes for the “foreseeable future.”

“In absolute terms, order volumes for the lowest-end M processor are relatively small and virtually no material impact on TSMC’s fundamentals or its technology leadership over the next several years.”

Kuo added a deal with Intel would signal strong support from Apple for the Trump administration’s push for its homegrown companies to manufacture in the U.S.

Neither Intel nor Apple immediately responded to a request for comment from CNBC.

‘If Intel pulls it off, there is potential to win higher volume and value business from Apple’

Intel’s stock has seen a resurgence over the past 12 months after years of decline. Share price fell as low as $17.66 in April, before recovering over the past few months.

“Apple is a potential major reference customer whose presence validates Intel’s high-performance foundry offering,” Paul Markham, investment director at GAM Global Equities, told CNBC.

“If Intel pulls it off, there is potential to win higher volume and value business from Apple, for example CPU production for the iPhone, and win business from other large chip designers.”

Intel has had an up and down relationship with Apple since it first announced the chip giant’s processors would power some products in 2005. The iPhone maker transitioned away from the company’s processors at the start of the 2020s.

Last week Intel was on the subject of a lawsuit filed by TSMC, in which it alleged one of its former senior vice president had leaked “confidential information” to the company. Intel did not immediately respond to CNBC’s request for comment at the time.

Technology

How black boxes became key to solving airplane crashes

Published

23 hours ago

November 30, 2025

admin

How black boxes became key to solving airplane crashes

After the search for survivors and recovery of victims in tragic aviation accidents — like that of a UPS cargo plane shortly after takeoff from Louisville Muhammad Ali International Airport in Kentucky last month — comes the search for flight data and a cockpit voice recorder often called the “black box.”

Every commercial plane has them. Aerospace giants GE Aerospace and Honeywell are among a few companies that design them to be nearly indestructible so they can help investigators understand the cause of a crash.

“They’re very crucial because it’s one of the few sources of information that tells us what happened leading up to the accident,” said Chris Babcock, branch chief of the vehicle recorder division at the National Transportation Safety Board. “We can get a lot of information from parts and from the airplane.”

Commercial aircraft have become very complex. A Boeing 787 Dreamliner records thousands of different pieces of information. In the case of the Air India crash in June, data revealed both engine fuel switches were put into a cutoff position within one second of each other. A voice recording from inside the cockpit captured the pilots discussing the cutoffs.

“All of those parameters today can have a very huge impact on the investigation,” said former NTSB member John Goglia. “It’s our goal to to provide information back to our investigators who are on scene as quick as we can to help move the investigation forward.”

This crucial data can also help prevent future accidents. A crash can cost airlines or plane manufacturers hundreds of millions of dollars and leave victims’ families with a lifetime of grief.

But in some circumstances black boxes were destroyed or never found. Experts say further developments such as cockpit video recorders and real-time data streaming are needed.

“The technology is there. Crash worthy cockpit video recorders are already being installed in a lot of helicopters and other types of airplanes, but they’re not required,” said Jeff Guzzetti, aviation analyst and former accident investigator for the Federal Aviation Administration and NTSB. “There’s privacy and cost issues involving cockpit video recorders but the NTSB has been recommending that the FAA require them for years now.”

Watch the video to learn more.

— CNBC’s Leslie Josephs contributed to this report.