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Risk of volcano catastrophe ‘a roll of the dice’, say experts

The world is “woefully underprepared” for a massive volcanic eruption and the likely repercussions on global supply chains, climate and food, according…

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The world is “woefully underprepared” for a massive volcanic eruption and the likely repercussions on global supply chains, climate and food, according to experts from the University of Cambridge’s Centre for the Study of Existential Risk (CSER), and the University of Birmingham.

Credit: Dr Mike Cassidy

The world is “woefully underprepared” for a massive volcanic eruption and the likely repercussions on global supply chains, climate and food, according to experts from the University of Cambridge’s Centre for the Study of Existential Risk (CSER), and the University of Birmingham.

In an article published in the journal Nature, they say there is a “broad misconception” that risks of major eruptions are low, and describe current lack of governmental investment in monitoring and responding to potential volcano disasters as “reckless”. 

However, the researchers argue that steps can be taken to protect against volcanic devastation – from improved surveillance to increased public education and magma manipulation – and the resources needed to do so are long overdue.

“Data gathered from ice cores on the frequency of eruptions over deep time suggests there is a one-in-six chance of a magnitude seven explosion in the next one hundred years. That’s a roll of the dice,” said article co-author and CSER researcher Dr Lara Mani, an expert in global risk. 

“Such gigantic eruptions have caused abrupt climate change and collapse of civilisations in the distant past.”

Mani compares the risk of a giant eruption to that of a 1km-wide asteroid crashing into Earth. Such events would have similar climatic consequences, but the likelihood of a volcanic catastrophe is hundreds of times higher than the combined chances of an asteroid or comet collision.

“Hundreds of millions of dollars are pumped into asteroid threats every year, yet there is a severe lack of global financing and coordination for volcano preparedness,” Mani said. “This urgently needs to change. We are completely underestimating the risk to our societies that volcanoes pose.”

An eruption in Tonga in January was the largest ever instrumentally recorded. The researchers argue that if it had gone on longer, released more ash and gas, or occurred in an area full of critical infrastructure – such as the Mediterranean – then global shock waves could have been devastating.

“The Tonga eruption was the volcanic equivalent of an asteroid just missing the Earth, and needs to be treated as a wake-up call,” said Mani.  

The CSER experts cite recent research detecting the regularity of major eruptions by analysing traces of sulphur spikes in ancient ice samples. An eruption ten to a hundred times larger than the Tonga blast occurs once every 625 years – twice as often as had been previously thought.

“The last magnitude seven eruption was in 1815 in Indonesia,” said co-author Dr Mike Cassidy, a volcano expert and visiting CSER researcher, now based at the University of Birmingham.

“An estimated 100,000 people died locally, and global temperatures dropped by a degree on average, causing mass crop failures that led to famine, violent uprisings and epidemics in what was known as the year without summer,” he said.

“We now live in a world with eight times the population and over forty times the level of trade. Our complex global networks could make us even more vulnerable to the shocks of a major eruption.”

Financial losses from a large magnitude eruption would be in the multi-trillions, and on a comparable scale to the pandemic, say the experts.

Mani and Cassidy outline steps they say need to be taken to help forecast and manage the possibility of a planet-altering eruption, and help mitigate damage from smaller, more frequent eruptions.

These include a more accurate pinpointing of risks. We only know locations of a handful of the 97 eruptions classed as large magnitude on the “Volcano Explosivity Index” over the last 60,000 years. This means there could be dozens of dangerous volcanoes dotted the world over with the potential for extreme destruction, about which humanity has no clue.

“We may not know about even relatively recent eruptions due to a lack of research into marine and lake cores, particularly in neglected regions such as Southeast Asia,” said Cassidy. “Volcanoes can lie dormant for a long time, but still be capable of sudden and extraordinary destruction.”

Monitoring must be improved, say the CSER experts. Only 27% of eruptions since 1950 have had a seismometer anywhere near them, and only a third of that data again has been fed into the global database for “volcanic unrest”.

“Volcanologists have been calling for a dedicated volcano-monitoring satellite for over twenty years,” said Mani. “Sometimes we have to rely on the generosity of private satellite companies for rapid imagery.”

The experts also call for increased research into volcano “geoengineering”. This includes the need to study means of countering aerosols released by a massive eruption, which could lead to a “volcanic winter”. They also say that work to investigate manipulating pockets of magma beneath active volcanoes should be undertaken.

Added Mani: “Directly affecting volcanic behaviour may seem inconceivable, but so did the deflection of asteroids until the formation of the NASA Planetary Defense Coordination Office in 2016. The risks of a massive eruption that devastates global society is significant. The current underinvestment in responding to this risk is simply reckless.” 


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The metaverse is real: Zuck’s ‘incredible’ photorealistic tech wows crypto twitter

Often roasted for his metaverse tech demos, Zuckerberg appears to have blown away internet users with his latest avatar tech.
While…

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Often roasted for his metaverse tech demos, Zuckerberg appears to have blown away internet users with his latest avatar tech.

While critics have been busy writing eulogies for Meta’s metaverse dream over the last few years, Mark Zuckerberg’s latest demonstration of its photorealistic avatars shows it could be pretty far from dead after all.

Appearing on a Sept. 28 episode of the Lex Fridman podcast, Zuckerberg and the popular computer scientist engaged in a one-hour face-to-face conversation. Only, it wasn’t actually in person at all.

Instead, the entirety of Fridman and Zuckerberg’s conversation used photorealistic realistic avatars in the metaverse, facilitated through Meta’s Quest 3 headsets and noise-canceling headphones.

Observers often have fun ridiculing Meta for dumping billions of dollars into metaverse research only to seemingly produce cartoonish avatars and wonky-looking legs.

However, in this case, users on social media, including those from Crypto Twitter, seemed to be genuinely impressed by the sophistication of the technology.

“Ok the metaverse is officially real,” wrote pseudonymous account Gaut, a rare moment of seemingly genuine praise from a user typically known for his satirical and sarcastic takes on current events.

“9 minutes into Lex / Mark metaverse podcast I forgot I was watching avatars,” wrote coder Jelle Prins.

Fridman and Zuckerberg speaking as virtual avatars in the metaverse. Source: Lex Fridman Podcast.

Fridman alsoshared his impressions of the experience in real-time, noting how “close” Zuckerberg felt to him during the interview. Moments later, he explained how difficult it was to recognize that Zuckerberg’s avatar wasn’t his physical body.

“I’m already forgetting that you’re not real.”

The technology on display is the newest version of Codec Avatars. First revealed in 2019, Codec Avatars is one of Meta’s longest-running research projects which aims to create fully photorealistic real-time avatars that work by way of headsets with face tracking sensors.

Related: Meta refutes claims of copyright infringement in AI training

However, users may need to wait a few years before donning their own realistic avatars, said Zuckerberg, explaining that the tech used requires expensive machine learning software and full head scans by specialized equipment featuring more than 100 different cameras.

This would be, at the very least, three years away from being available to everyday consumers, he said.

Still, Zuckerberg noted that the company wants to reduce the barriers as much as possible, explaining that in the future, these scans may be achievable with a regular smartphone.

The most-recent demonstration comes just one day after Meta unveiled its answer to ChatGPT, revealing its newest AI assistant Meta AI, which is integrated across a range of unique chatbots, apps and even smart glasses.

AI Eye: Real uses for AI in crypto, Google’s GPT-4 rival, AI edge for bad employees

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New Tables Show Intermediate-Term Overview is Negative

We have introduced two new tables in the DecisionPoint ALERT to give an overview of trend and BIAS for the major market indexes, sectors, and industry…

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We have introduced two new tables in the DecisionPoint ALERT to give an overview of trend and BIAS for the major market indexes, sectors, and industry groups that we track. The first is our Market Scoreboard, which shows the current Intermediate-Term and Long-Term Trend Model (ITTM and LTTM) signal status. To review:

  • The IT Trend Model generates a BUY Signal when the 20-day EMA crosses up through the 50-day EMA (Silver Cross).
  • The IT Trend Model generates a NEUTRAL Signal when the 20-day EMA crosses down through the 50-day EMA (Dark Cross) above the 200-day EMA. This is a soft SELL Signal, going to cash or a hedge. It avoids being short in a bull market.
  • The IT Trend Model generates a SELL Signal when the 20-day EMA crosses down through the 50-day EMA (Dark Cross) below the 200-day EMA.
  • The LT Trend Model generates a BUY Signal when the 50-day EMA crosses up through the 200-day EMA (Golden Cross).
  • The LT Trend Model generates a SELL Signal when the 50-day EMA crosses down through the 200-day EMA (Death Cross).

The current table shows that there is considerable stress in the intermediate-term; however, the long-term is still comfortably green for market and sector indexes. But we need to remember that the market indexes are cap-weighted, which means that they can be held aloft by large-cap stocks. The 11 sectors shown are composed solely of S&P 500 components, meaning that they will reflect the strength of that index. Industry groups, however, are not doing as well because they are less protected by the large-cap umbrella.

Next, let's look at how we determine the BIAS of a given index. First, the Silver Cross Index shows the percentage of stocks in an index that have a Silver Cross (20-day EMA above the 50-day EMA), and the Golden Cross Index shows the percentage of stocks in the index that have a Golden Cross (50-day EMA above the 200-day EMA). Next, we determine BIAS based upon the relationship of the Silver Cross Index to its 10-day EMA and the relationship of the Golden Cross Index to its 20-day EMA. When they are above, the BIAS is bullish. When they are below, the BIAS is bearish. See the chart below.

The following table shows the current intermediate-term and long-term BIAS of the market, sector, and industry group indexes we follow. Note that the picture is extremely bearish, but it is a very oversold condition, which will shift toward the positive in the event of a strong rally.

Conclusion: These new tables, available daily in the DecisionPoint ALERT, provide a quick overview of market trend and BIAS. They are intended to help focus attention on areas that may be of interest. They do not give action commands, but provide information flags to prompt assessment of the relevant charts.


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Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.


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Tesla rival Polestar reveals lineup of its new electric vehicles

The Sweden-based electric vehicle maker completes key testing before launching production of its new SUV.

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Tesla's Model Y crossover, the best-selling vehicle globally, is the standard that electric vehicle makers strive to compete with. The Austin, Texas, automaker sold about 267,200 Model Y vehicles in the first three months of the year and continued leading the pack well into the second quarter.

It's no wonder that the Model Y is leading all vehicles in sales as it retails for about $39,390 after tax credits and estimated gas savings. Ford  (F) - Get Free Report hopes to compete with the Model Y about a year from now when it rolls out the new Ford Explorer SUV that is expected to start at $49,150.

Related: Honda unveils surprising electric vehicles to compete with Tesla

Plenty of competition in electric SUV space

Mercedes-Benz (MBG) however, has a Tesla rival model with its EQB all-electric compact sports utility vehicle with an estimated 245 mile range on a charge with 70.5 kWh battery capacity, 0-60 mph acceleration in 8 seconds and the lowest price of its EVs at a $52,750 manufacturers suggested retail price.

Tesla's Model X SUV has a starting price of about $88,490, while the Model X full-size SUV starts at $98,490 with a range of 348 miles. BMW's  (BMWYY) - Get Free Report xDrive50 SUV has a starting price of about $87,000, a range up to 311 miles and accelerates 0-60 miles per hour in 4.4 seconds.

Polestar  (PSNY) - Get Free Report plans to have a lineup of five EVs by 2026. The latest model that will begin production in the first quarter of 2024 is the Polestar 3 electric SUV, which is completing its development. The vehicle just finished two weeks of testing in extreme hot weather of up to 122 degrees in the desert of the United Arab Emirates to fine tune its climate system. The testing was completed in urban cities and the deserts around Dubai and Abu Dhabi.

“The Polestar 3 development and testing program is progressing well, and I expect production to start in Q1 2024. Polestar 3 is at the start of its journey and customers can now visit our retail locations around the world to see its great proportions and sit in its exclusive and innovative interior,” Polestar CEO Thomas Ingenlath said in a statement.

Polestar 3 prototype is set for production in the first quarter of 2024.

Polestar

Polestar plans 4 new electric vehicles

Polestar 3, which will compete with Tesla's Model X, Model Y, BMW's iX xDrive50 and Mercedes-Benz, has a starting manufacturer's suggested retail price of $83,000, a range up to 300 miles and a charging time of 30 minutes. The company has further plans for the Polestar 4, an SUV coupé that will launch in phases in late 2023 and 2024, as well as a Polestar 5 electric four-door GT and a Polestar 6 electric roadster that the company says "are coming soon." 

The Swedish automaker's lone all-electric model on the market today is the Polestar 2 fastback, which has a manufacturer's suggested retail price of $49,900, a range up to 320 miles and a charging time of 28 minutes. The vehicle accelerates from 0-60 miles per hour in 4.1 seconds. Polestar 2 was unveiled in 2019 and delivered in Europe in July 2020 and the U.S. in December 2020.

Polestar 1, the company's first vehicle, was a plug-in hybrid that went into production in 2019 and was discontinued in late 2021, according to the Polestar website.

The Gothenburg, Sweden, company was established in 1996 and was sold to Geely affiliate Volvo in 2015.

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