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Quarterly Activities Report To 31 December 2022
January 29, 2023
Aims to become the top performing global minerals technology company through deployment of big data, artificial intelligence (AI)/machine learning technologies and geoscience expertise
SensOre Ltd (ASX:S3N) is pleased to present its quarterly activities report for the period ending December 2022.
Highlights
- Quarterly invoices raised increased to $1.38m in Q2 FY2023, up 82% from Q1 FY2023
- Total Contract Value (TCV) increased 34% from $1.91m to $2.56m
- Technology milestones included launch of two new products:
- Continued customer trials of the SensOre data platform received positive feedback
- Containerisation completed of Cauchy Downward Continuation geophysics tool
- Services milestones achieved:
- Delivered magmatic nickel targeting exercise for client focussed on Western Yilgarn
- Delivered prospectivity map products to WA clients
- Completed data services in multiple states, including in the Isa domain in Queensland
- Commenced multiple data and targeting services for Lithium in WA and Northern Territory
- Exploration:
- Lithium targets – Completed due diligence and data compilation at Gecko North and progressed evaluation and negotiation of additional joint ventures.
- Boodanoo – air core drilling identified new gold mineralisation in an area with no previously known gold occurrences
- Cash balance at 31 December 2022 of $2.22m.
Contracts and Financial Results
Cash receipts from customers during the quarter were $1.12m, an increase of 82% from Q1 FY2023. Billings and subsequently cash receipts vary month by month and quarter by quarter due to the anniversary dates of key contracts and the timing of services revenue in reaching project milestones. With closing trade receivables of
$0.72m at the end of the quarter, cash receipts related to this will be received next quarter. Invoices raised during the quarter were $1.38m, up 82% over the prior quarter.
Total Contract Value (TCV) increased 34% compared to Q1 FY2023, on a net basis after depletion TCV $2.56m compared to the previous quarter. TCV is the remaining value of current contracts. It depletes monthly, as the remaining term of the contract reduces. Several larger contracts were signed with clients during the December quarter for delivery in coming quarters.
Technology
SensOre’s technology applies advances in AI and machine learning to large geoscience datasets to increase discovery rates, reduce exploration costs and minimise the environmental footprint of exploration.
Customer Trials on CGI Data Platform
SensOre continued customer trials of its data platform solution for clients. Clients will benefit from the first commercial integrated solution of actual and predicted geoscience data available Australia-wide. Product rollout and the release candidate model are scheduled for deployment in Q1 CY2023.
Services
SensOre works with several exploration and mining companies to offer AI-enhanced products and services. In doing so, SensOre aims to renew exploration pipelines and optimise exploration and discovery for its clients and partners.
Click here for the full ASX Release
This article includes content from SensOre Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
S3N:AU
26 June
Central Banks Need to “Raise Their Game” as AI Gains Steam, BIS Says
Central banks must “raise their game” by enhancing artificial intelligence (AI) integration as they discharge their duties, according to a recent report published by the Bank of International Settlements (BIS).
The organization's annual report emphasizes that central banks need to proactively adapt to progressing AI technologies to effectively fulfill their mandate of maintaining price and financial stability.
According to the BIS, AI's integration into various sectors is set to influence central banks in two primary ways.
Firstly, AI will affect central banks' core responsibilities related to economic stewardship. For example, the BIS notes that AI is impacting financial systems, as well as various markets, from productivity and consumption to investment and labor; these in turn affect price and financial stability, both of which are key areas of focus for central banks.
There are also implications for inflation — firms that use AI may be able to adjust prices more quickly on the back of macro changes. "These developments are therefore of paramount concern to central banks," the BIS explains.
Secondly, the report states that AI will change how central banks operate via its impact on the financial system.
This is because financial institutions, including commercial banks, are increasingly utilizing AI tools for various functions, such as risk management, fraud detection and customer service enhancements.
"Overall, the rapid and widespread adoption of AI implies that there is an urgent need for central banks to raise their game. To address the new challenges, central banks need to upgrade their capabilities both as informed observers of the effects of technological advancements as well as users of the technology itself," explains the BIS.
BIS calls for AI collaboration among central banks
Some central banks have already begun integrating AI into their operations in the past few years.
For instance, the European Central Bank implemented the Athena project in 2023. It uses AI to assist banking supervisors in analyzing extensive documentation to detect irregularities.
Additionally, central banks are employing AI to assess climate-related financial risks. The BIS, alongside several central banks, started the experimental Gaia AI project in March to examine corporate disclosures on carbon emissions and other environmental factors, providing a clearer picture of climate-related financial risks.
While recognizing the benefits of AI, the BIS report underscores the need for central banks to remain vigilant in adopting the technology as a fundamental component in the discharge of their duties.
For instance, reliance on AI heightens concerns about cyber attacks, a top worry in the financial industry. Traditional phishing, where attackers steal login credentials by masquerading as reputable entities, is exacerbated by generative AI's ability to create more convincing phishing emails, malware and fake identities.
As such, advancements in AI also expose financial institutions to greater risks of fraud. Furthermore, they introduce new cyber risks, such as prompt injection attacks and data poisoning, which can lead to AI manipulation.
"In sum, there is an urgent need for central banks to collaborate in fostering the development of a community of practice to share knowledge, data, best practices and AI tools," the BIS report concludes.
"In the light of rapid technological change, the exchange of information on policy issues arising from the role of central banks as data producers, users and disseminators is crucial."
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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19 June
NVIDIA Becomes Most Valuable Public Company, Surpassing Microsoft and Apple
After a meteoric surge this year, NVIDIA (NASDAQ:NVDA) has overtaken tech behemoths Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) to become the world's most valuable public company.
The rise of artificial intelligence (AI) has played a major role in its rise. The company's graphics processing units (GPUs) are essential for AI systems, and demand has leaped as AI becomes a part of everyday life.
NVIDIA has continued to progress amid the AI craze. In March, the company announced the debut of Blackwell, a brand-new line of AI GPUs that promises a seismic jump in computing power compared to its predecessor.
Currently NVIDIA controls an estimated 70 to 95 percent of the market for AI chips.
According to the New York Times, NVIDIA's share price rose by 3.6 percent on Tuesday (June 18), pushing its market value to US$3.34 trillion, surpassing Microsoft and Apple, which both saw declines.
NVIDIA's big move marks one of the fastest ascents in market history. Just two years ago, the company's market value was slightly over US$400 billion. Over the past year, NVIDIA's market value has skyrocketed from US$1 trillion to more than US$3 trillion, reflecting the company's growing dominance in the AI sector.
In comparison, Apple took nearly five years to grow from a US$1 trillion valuation to US$3 trillion.
“No one else fully saw or appreciated this,” Daniel Newman, chief executive of the Futurum Group, told the New York Times. “They saw the trend, built for the trend and enabled the market. They can effectively charge whatever they want.”
NVIDIA's success has also elevated CEO Jensen Huang’s status in the tech industry. He started the company’s journey in developing chips that can render images in video games, thus making NVIDIA synonymous with the gaming industry.
The tech sector’s race to achieve a US$4 trillion market value is now centered on NVIDIA, Apple and Microsoft, with analysts predicting intense competition among these tech giants.
Microsoft has invested heavily in OpenAI, the maker of ChatGPT, and Apple recently announced a partnership with OpenAI to boost its spot in the AI race. Companies including AMD (NASDAQ:AMD) and Intel (NASDAQ:INTC) have recently gotten more involved as well, launching new AI chips at a recent Taiwan-based tech event.
NVIDIA saw revenue of US$26 billion in its latest quarter, and is projecting a US$28 billion figure for the coming period.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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14 June
Apple-OpenAI Partnership Sparks Privacy Debate with Elon Musk
Apple (NASDAQ:AAPL) was in the spotlight this week at its annual Worldwide Developers Conference (WWDC), unveiling a new artificial intelligence (AI) strategy through its partnership with OpenAI.
During a nearly two hour presentation, Apple CEO Tim Cook and other senior executives introduced Apple Intelligence, a suite of AI-powered features that will be embedded across Apple’s devices. Central to this initiative is the integration of OpenAI’s ChatGPT, which will enhance Apple's virtual assistant Siri, allowing it to perform a broader range of tasks.
“All of this goes beyond artificial intelligence; it’s personal intelligence, and it is the next big step for Apple,” Cook said.
Features include advanced voice assistance, personalized emoji creation and automated email summaries, all of which leverage OpenAI's language models. Apple has emphasized that it will focus on privacy amid these changes.
According to the company, users will be prompted before any data is sent to ChatGPT. Apple has also promised that user queries won’t be logged by OpenAI, and IP addresses will be obscured to enhance user privacy.
Craig Federighi, Apple’s senior vice president of software engineering, assured WWDC attendees that the AI models used will operate on-device where possible, minimizing data sent to external servers. Meanwhile, OpenAI CEO Sam Altman expressed enthusiasm about the collaboration, highlighting a commitment to safety and innovation.
“We’re excited to partner with Apple to bring ChatGPT to their users in a new way,” he told the Verge. “Apple shares our commitment to safety and innovation, and this partnership aligns with OpenAI’s mission to make advanced AI accessible to everyone. Together with Apple, we’re making it easier for people to benefit from what AI can offer.”
Musk takes shot at Apple, OpenAI partnership
The partnership between Apple and OpenAI has not been without controversy.
Elon Musk, founder of OpenAI rival xAI and a prominent figure in the tech industry, has publicly criticized the collaboration. He has voiced strong objections, particularly regarding data security and user privacy.
“If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies,” Musk declared on X, formerly known as Twitter. He argued that integrating OpenAI’s software poses a security risk, suggesting that Apple cannot fully protect user data once it is shared with OpenAI.
If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation.
— Elon Musk (@elonmusk) June 10, 2024
Musk recently announced a new privacy feature on X that hides users’ likes from public view.
The change, according to X’s engineering team, is designed to encourage more engagement by making users feel more secure about their activity on the platform. The hidden like count is one of many changes Musk has implemented since acquiring the platform for US$44 billion in 2022. Other changes have included the removal and subsequent partial restoration of verification badges, and adjustments to content moderation policies.
AI race ramping up as market grows
Apple’s partnership with OpenAI is perceived as a strategic move to bolster its position in the AI market, which is currently dominated by companies like Google (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT).
Apple's aggressive push into AI has already shown significant market impact. On Wednesday (June 12), Apple overtook Microsoft to become the world's most valuable company, with its market valuation reaching US$3.29 trillion.
The company's share price took off after WWDC, finishing the week 7.74 percent higher.
With its strong brand loyalty and extensive user base, Apple looks set to capture a significant share of the AI market. However, the firm's success will largely depend on its ability to balance innovation with privacy concerns.
The new AI features will be available in the upcoming iOS 18 and macOS Sequoia operating systems, set for release later this year. These updates are expected to be available on recent models of the iPhone, iPad and MacBook.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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13 June
5 Biggest Artificial Intelligence ETFs in 2024
The rise of generative AI in our daily lives has also led to a significant rise in interest in artificial intelligence and investing in AI.
While it seems like AI has exploded onto the scene in recent years, the phrase "artificial intelligence" has been around since 1955, when it was used to describe a new computer science subdiscipline.
Today, we use artificial intelligence, or AI, to mean simulated intelligence in machines. In other words, machines with AI are capable of simulating thinking like people and mimicking their actions. The ideal characteristic of AI is the ability to rationalize.
Today, the applications for AI are rapidly expanding, which seems to prove that this market isn't going away anytime soon.
Research conducted by Markets and Markets suggests the AI industry will be worth over US$1.34 trillion by 2030, increasing at a compound annual growth rate of 35.7 percent between 2024 and 2030. With that much money going into the sector, there is certainly no shortage of ways for investors to add AI investments to their portfolios.
For those looking to invest in artificial intelligence who would prefer to gain exposure to AI through the overall market rather than specific AI stocks, exchange-traded funds (ETFs) are a popular avenue. Here the Investing News Network looks at five AI ETFs to invest in, based on the largest listed on ETFdb.com. All details were current as of June 10, 2024.
According to ETFdb.com, these artificial intelligence ETFs are required to meet one of three criteria:
- Focus on stocks developing new products, services or technological improvements in AI-related research
- Have 25 percent portfolio exposure to companies that spend money on AI research and development expenses
- Choose individual securities to be included in the fund based on their use of AI methods
1. Global X Robotics & Artificial Intelligence Thematic ETF (NASDAQ:BOTZ)
AUM: US$2.77 billion
First up on this AI ETF list is Global X Robotics & Artificial Intelligence Thematic ETF offers exposure to firms involved in the global automation and robotics industries. According to ETF.com, the Global X Robotics & Artificial Intelligence Thematic ETF was launched in September 2016 and has holdings in various markets, including technology, healthcare and energy. Eligible companies must earn a significant portion of their revenue from or have a stated business purpose in the fields of robotics or AI.
The ETF currently tracks 44 holdings, including Intuitive Surgical (NASDAQ:ISRG) and NVIDIA (NASDAQ:NVDA). The fund has an expense ratio of 0.68 percent.
2. Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ)
AUM: US$1.906 billion
Established in May 2018, the Global X Artificial Intelligence & Technology ETF tracks the performance of tracks the performance of the Indxx Artificial Intelligence & Big Data Index. "AIQ is passively managed to invest in developed market companies that are involved in the use of artificial intelligence to analyze big data, whether for their own operations, as a service to other companies, or through the production of related hardware," according to ETF.com.
AIQ's 85 holdings include QUALCOMM (NASDAQ:QCOM) and Google (NASDAQ:GOOGL). It also has an expense ratio of 0.68 percent.
3. iShares Robotics and Artificial Intelligence ETF (ARCA:IRBO)
AUM: US$672 million
The iShares Robotics and Artificial Intelligence ETF launched in June 2018. It tracks an index composed of 110 developed and emerging market companies that could benefit from long-term growth in robotics technology and AI. The fund has the lowest expense ratio of the five AI funds on this list at 0.47 percent.
Some of the ETF's top holdings include MicroStrategy (NASDAQ:MSTR) and ARM Holdings (NASDAQ:ARM).
4. First Trust NASDAQ Artificial Intelligence and Robotics ETF (NASDAQ:ROBT)
AUM: US$532 million
The First Trust NASDAQ Artificial Intelligence and Robotics ETF was launched in February 2018. It follows a modified equal-weighted index of all-cap, global companies involved in AI or robotics.
ROBT currently tracks 109 companies, and two of its top holdings are AeroEnvironment (NASDAQ:AVAV) and QinetiQ Group (LSE:QQ). The fund has an expense ratio of 0.65 percent.
5. ROBO Global Artificial Intelligence ETF (ARCA:THNQ)
AUM: US$136 million
The last AI ETF on this list is ROBO Global Artificial Intelligence ETF is relatively new compared to the others — the fund launched in May 2020. The fund has an expense ratio of 0.68 percent.
It is designed The index is designed to track the performance of companies with a significant portion of their revenue derived from the business of artificial intelligence. THNQ's 60 holdings include Microsoft (NASDAQ:QCOM) and Darktrace (LSE:DARK).
This is an updated version of an article originally published by the Investing News Network in 2017.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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11 June
5 Canadian Artificial Intelligence Stocks (Updated 2024)
Artificial intelligence (AI) is taking charge as a revolutionary industry in a big way, and its momentum looks set to continue, particularly as generative AI tech has exploded in popularity.
Case in point — according to a Grand View Research report, the global AI market was worth US$196.63 billion in 2023, and is projected to grow at a compound annual growth rate of 36.6 percent through 2030 to reach US$1.81 trillion.
"The continuous research and innovation directed by the tech giants are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing," the report reads. AI applications like deep learning, robotics, neurolinguistic programming and querying methods will be at the forefront for growth.
With AI poised for significant, transformative expansion over the next several years, here's a look at five small-cap AI stocks listed on Canadian exchanges. Data was gathered on June 6, 2024, using TradingView's stock screener, and only Canadian AI stocks with market caps between C$10 million and C$100 million at that time were considered.
1. Xtract One Technologies (TSX:XTRA)
Market cap: C$95.34 million; share price: C$0.56
First on this list of Canadian AI stocks is Xtract One Technologies. Founded in 2016 with partner McMaster University, the security firm leverages AI software technology for weapons detection and patron safety solutions.
Xtract One's Multi-Sensor-Gateway portfolio, which includes SmartGateway and SafeGateway, was awarded the US Department of Homeland Security's SAFETY Act Designation as a qualified anti-terrorism technology in April.
"This award recognizes the Xtract One portfolio for its efficacy in safeguarding public spaces against advanced modern threats and enables Xtract One to bring its innovative security solutions to a larger scale," states a press release.
Shortly after, Xtract One inked security contracts with teams representing the MLB, NHL and NBA sports leagues.
2. Scope AI (CSE:SCPE)
Market cap: C$91.3 million; share price: C$2.01
Next up is Vancouver-based tech company Scope AI, which is leveraging visual recognition and neural network technology to help enterprises drive growth. The company's main technology platform is its GEM system, which stands for general enterprise machine learning, and it is targeting the advertising sector.
Scope AI's ad tech services are powered by AI automation with a focus on safety and fraud measures, cross channel integration and campaign management, bid optimization and personalization for specific user experiences.
In April, Scope announced the expansion of its development team for the platform, and said it would be working to accelerate advancements to GEM.
3. OneSoft Solutions (TSXV:OSS)
Market cap: C$85.47 million; share price: C$0.69
OneSoft Solutions is a developer of cloud-based business solutions, and its data science technology is based on the Microsoft Cloud platform. The company's subsidiary, OneBridge Solutions Canada, develops and markets new software-as-a-service solutions to assist oil and gas pipeline operators using advanced data science and machine learning.
In June, OneSoft announced that OneBridge had signed a multi-year deal with a large South American pipeline operator. It will use OneSoft’s cognitive integrity management software-as-a-service platform to manage its pipeline assets.
4. Pivotree (TSXV:PVT)
Market cap: C$36.67 million; share price: C$1.36
Pivotree is dedicated to designing, building and managing digital end-to-end solutions in the areas of commerce, data management and supply chains. It currently works with over 200 major retail and branded manufacturers worldwide.
Pivotree's SKU Build is a data service that is powered by AI and machine learning. The company says it reduces time to market and cost by 60 percent and 75 percent, respectively, compared to traditional methods.
Another of the company's machine learning-driven platforms is Pivotree Dive, which also incorporates automated intelligence to help companies optimize their master data management processes.
5. Diagnos (TSXV:ADK)
Market cap: C$36.67 million; share price: C$1.36
Last on this list of Canadian AI stocks is healthcare tech firm Diagnos, which focuses on early detection of health problems using its FLAIRE AI and Computer-assisted Retina Analysis platforms.
Diagnos is in the process of obtaining new Health Canada and US Food and Drug Administration approval on four AI analysis modules for commercialization expected during Q3 2024. The new modules are designed to help healthcare professionals identify age-related macular degeneration, diabetic retinopathy or hypertensive retinopathy.
In May, Diagnos announced the renewal of its distribution agreement with Canadian medical supplies and equipment provider Labtician. "This renewed distribution agreement comes after the final integration of DIAGNOS’ images analysis and processing algorithm for diabetic retinopathy into the Labtician platform offering a comprehensive solution for endocrinology clinics," a press release from the company explains.
This is an updated version of an article originally published by the Investing News Network in February 2018.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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10 June
Apple Leans into AI at WWDC, Will Bring ChatGPT to Devices
At its Worldwide Developers Conference (WWDC) on Monday (June 10), Apple (NASDAQ:AAPL) unveiled new features for its various operating systems, with several powered by artificial intelligence (AI).
The company announced impressive interactive features, such as spatial photos and enterprise-specific APIs for visionOS 2, along with new partnerships with Canon (TSE:7751) and Blackmagic Design for photo and video production.
Additionally, CEO Tim Cook shared that Apple Vision Pro will be rolling out in eight new countries this summer: Japan, China and Singapore on June 28, and Canada, Germany, Australia, France and the UK on July 12.
iOS 18 will bring personalization features, satellite capabilities and a redesigned Photos app to the iPhone 15 and iPhone 15 Pro. Meanwhile, watchOS 11 will introduce features that will help users optimize workouts by monitoring the impact of training loads on the body over time. It will also alert wearers of any abnormalities detected in their vital signs.
In addition to the new iPad features announced at Let Loose earlier this month, screen sharing is now available on iPadOS 18, allowing users to remotely control another iPad and add markups. Furthermore, the calculator app has been enhanced with scientific buttons and the ability to perform physics calculations. Notably, the Apple Pencil can be used to write down math problems on the calculator app, and they will be automatically solved as they are written.
Finally, the introduction of macOS Sequoia brings with it several notable features. The mirroring capability for iPhone, which is available even in standby mode, enables device integration, while automatic tiling allows efficient multi-screen display management. Additionally, the new passwords app ensures secure credential storage.
Safari received upgrades too, including up to four hours of extended battery life during streaming, surpassing Chrome. Furthermore, Apple Reader is leveraging machine learning to generate web page summaries and tables of contents.
Apple introduces Apple Intelligence AI
Apple's highly anticipated AI offerings were the highlight of the conference. Apple Intelligence was described by developers at WWDC as a personalized and secure form of AI with a unique understanding of personal context and comprehensive large language models integrated into device hardware.
A range of familiar writing tools, including rephrasing suggestions and tone adjustment, will be integrated into Notes, Mail, Safari, Pages and Keynote, leveraging personalized context to enhance writing effectiveness.
The on-device processing capabilities of the new iPhone 14 Pro, powered by Apple's A17 Pro and the family of M chips, enable it to process personal data without collecting it, enhancing privacy. Additionally, Private Cloud Compute uses extensive private servers for more complex AI features, ensuring secure and efficient computing for tough tasks.
However, it was Siri, Apple's intelligent personal assistant, that received the biggest upgrade thanks to Apple’s newly announced partnership with OpenAI to bring ChatGPT to Apple devices. This integration brings several new features to Siri, including personalized responses, conversational AI, fact checking, summarization and translation.
New features introduced at WWDC will be available on the iPhone 15 Pro and iPad, with Mac features being rolled out later on M1 models. Apple Intelligence will be available to try out in the US sometime this summer, with a beta version coming to iOS 18, iPadOS 18 and macOS Sequoia this fall.
Apple shares fall in after-hours trading
WWDC is a popular event every year, with investors and Apple fans eagerly awaiting the latest updates. Anticipation for WWDC was particularly high this year due to rumors and leaks suggesting big changes and new AI features.
However, Apple’s offerings were not enough to impress investors, with shares falling 1.57 percent on Monday to close at US$193.12. In after-hours trading, the stock very briefly reached US$203.34, but was priced at US$192.84 as of 6:30 p.m. EDT on Monday. Apple shares are up about 4 percent year-to-date.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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