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Technology is changing the New York Auto Show, but it shouldn’t change you

There are more ways to experience cars beyond the walls of the Javits Center, you just need to look.

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Last week, I fulfilled a bucket list item that I had since I was a kid: cover an auto show car reveal in-person.

It was exciting to attend my hometown auto show in a way that I haven’t done before. I wish to do it again, but I felt something different when I walked onto the show floor at the Javits Center.

The show is a much different show than from what I remember.

Related: Rivian borrows a page from Tesla's playbook with its latest update

The 2024 New York International Auto Show (NYIAS) in New York, US, on Thursday, March 28, 2024. 

Bloomberg/Getty Images

There were cars, but lots fewer than before. Everything seemed spaced out, as if the cars on the floor were holding onto two parking spots instead of one to make it look like it is taking up more space. 

As I walked across the show floor during the first press day, I noticed that while there were cars, there weren’t many brands actually exhibiting at the show, reduced to an amount that seemed like there wasn't that much diversity and variety.

That morning, I attended Hyundai’s keynote for the updated Tucson crossover SUV and Santa Cruz light pickup. In the audience were some of the autoworkers who worked on the assembly line of the Tucson and Santa Cruz in Montgomery, Alabama.

Hyundai's booth at the 2024 New York International Auto Show, shortly before their presentation. Underneath the wraps are the updated Santa Cruz light pickup and Tucson crossover SUV.

James Ochoa

The automaker did not fly out just their employees; they brought out whole families including the children, to attend the show as special guests and shake hands with executives from Hyundai's North American and South Korean offices.

As I observed the children who sat next to their parents in the front row of the reveal, I thought to myself; 'man, they flew all the way out here. They get some days off from school, and it is probably their first time in a big city like New York. But, they don't know how the auto show used to be.'

Not to portray myself as someone that much older or wiser, but when I was their age, the New York International Auto Show was a completely different animal from the show that is today.

TheStreet writer James Ochoa, age 17, excited to see a Porsche 911R on a school trip to the 2016 New York International Auto Show.

James Ochoa

Forgive me for romanticizing it, but the auto show was a place of wonder, a place for discovery. It was a no-holds-barred and no judgement environment for those in the market for a car or just browsing around to see what's new and what's cool. 

It was also a place where the proletariat could experience what the bourgeoisie drive and vice versa without judgement.

Every year, right around Easter, my dad could plop down in the drivers seat of a Ford Mustang GT and fantasize about rolling into his office parking garage, or long drives with my mom. It was also an appropriate place where my sister could [jokingly] beg my parents for a Lexus or Mercedes. 

TheStreet writer James Ochoa, age 11 behind the wheel of a Mercedes-Benz G-Wagon at the 2010 New York International Auto Show.

James Ochoa

The auto show allowed me to see all those cool, expensive cars that celebrities showed off on MTV Cribs, or the sports cars that I only got to experience through a Playstation 2 controller playing Gran Turismo 4.

During these two weeks around Easter, budding and passionate enthusiasts are meant to gather and experience a diverse cornucopia of the automotive world, as well as share their excitement and criticism in an open environment.

But as time goes on, people change and the world changes around them.

'We are not cavemen, we have technology'

Steve Jobs demonstrates the iPad as he speaks during an Apple Special Event at Yerba Buena Center for the Arts on January 27, 2010 in San Francisco, California. 

Justin Sullivan/Getty Images

If there is one person that I can solely 'blame' for all of this, it would be the late Apple founder and former CEO Steve Jobs. Don’t get me wrong, I love Apple’s suite of electronics, but there was a formula that he perfected.

If there is one thing that he and his successor Tim Cook are really good at, it’s making the layman excited about electronics. They sold customers on the latest and greatest gadgets, even if the only thing that actually changed on the damn iPhone was a new color or the 3.5mm headphone jack moving from the top of the phone to the bottom (or completely removing the headphone jack altogether).

How did they turn the public into Apple fans? Keynotes.

Members of the media inspect the new Apple Vision Pro headset during the Apple Worldwide Developers Conference on June 05, 2023 in Cupertino, California. Apple CEO Tim Cook kicked off the annual WWDC22 developer conference with the announcement of the new Apple Vision Pro mixed reality headset. 

Justin Sullivan/Getty Images

It’s a perfect formula. Apple announces that they will have an “event,” and will generate buzz by keeping what is being revealed a secret. People on tech blogs will then start talking about whether it’s a new iPod, iPhone, iPad, only to be revealed at a presentation that is live-streamed to the masses.

The best thing about it? Whether the presentation takes place in a packed theatre or in front of a camera in a studio, it will be picked up by the world’s press, whether they cover tech or not.

And it works. 

Believe me, I am a sucker too. — Sent from my iPhone

The new MG3 electric model car is presented at the booth of MG Motor company owned by Chinese state-owned carmaker SAIC on February 26, 2024 during a press day ahead of the Geneva International Motor Show in Geneva. 

FABRICE COFFRINI/Getty Images

Car companies picked up on this trend too, live-streaming various reveals and events from all over the world to computer, smartphone and TV screens everywhere.

Currently, Toyota is making a huge buzz on car blogs because it is teasing the next-generation of one of its most popular SUVs: the 4Runner. At the time of this writing, they have just revealed a date of April 9 for its reveal event.

But there is one problem with that formula: it has the ability to eliminate a physical presence for the reveal.

Companies do not need to spend money to actually be anywhere. After the COVID-19 pandemic, we saw companies become more inclined to use digital means and save some money, rather than to drag everyone to one room where they can get their germs all up in each other.

Though WWDC takes place at Apple Park, Apple events these days are pre-recorded. Nintendo Direct doesn’t take place at E3 anymore, nor did Dodge’s announcement of the new electric Charger Daytona take place at an actual auto show. Make matters worse, E3 does not exist anymore, and Stellantis does not participate in any auto shows anymore.

The show floor at the 2024 New York International Auto Show (NYIAS) in New York, US, on Thursday, March 28, 2024. 

Bloomberg/Getty Images

Actually, when you look at the map of this year's New York International Auto Show, a lot of brands that showed off their extensive lineup at previous auto shows are no longer there anymore.

BMW, Mercedes-Benz, Jaguar, Land Rover, Mazda, Dodge, Maserati, and Mini are just some of the brands that are missing at this year’s auto show.

With all the brands that used to participate, the main halls of the Javits Center used to resemble a packed parking lot during the auto show. Today, it feels like a sparsely packed showroom, where the square footage is occupied by more dead space than actual cars.

But times change.

A reflection and a solution

Signage at the Javits Convention Center during the 2024 New York International Auto Show (NYIAS) in New York, US, on Thursday, March 28, 2024. 

Bloomberg/Getty Images

The New York International Auto Show and other auto shows around the world are evolving into something that may have them playing a different role in the future. But at the same time, as technology evolves, “virtual experiences,” online keynotes and product announcements do not match having the car in front of you in the flesh — even behind a shin-height barrier of plexiglass.

Car manufacturers are even turning to the metaverse to launch their cars. In October 2023, BMW announced a new model through Fortnite. Yes, the video game Fortnite. Additionally, Hyundai has launched what it calls "immersive content" through the video game Roblox. 

But technology is not all that bad, it can help you become a more involved car enthusiast. Despite what experts and politicians have said about the inherent dangers of social media, it has helped me become closer to my local car community.

BMW enthusiasts inspect the front facia of a vintage BMW M3 (E30) at a Cars and Coffee event in Fort Lee, N.J.

James Ochoa

View the 6 images of this gallery on the original article

I know that some of you are reading this are asking ‘where can I go to see some cool cars besides the auto show?’

My answer: get closer to your local car community and attend any and every local car show, car meet, and cars and coffee that you can.

Announcements for car shows, car meets and events, as well as pages for local car clubs for any brand, classic or modern, are all for the discovery on Instagram and other social media platforms.

A simple search of "car club" or "cars and coffee" and wherever state, big city or local area you live in on Instagram or Facebook is a great start to get your feet wet. Additionally, websites like Hemmings provide listings for events in your local area.

Events like these allow you to get a pulse of how owners feel about their cars and even get closer to some cars that you may only be able to see in the flesh at the big auto show in the city without actually having to go to the city.

Some shows around where I live are also attended by local vehicle dealers — the first time I ever sat in a Hyundai Ioniq 5 was at a Hyundai dealer’s booth at a car show put on by a local high school.

More automotive stories:

My favorite kind of event is Cars and Coffee, they usually take place in parking lots, or on closed streets adjacent to coffee shops on the weekends and are attended by an eclectic variety of modern and classic cars. New and old Porsches, Ferraris, Lamborghinis, classic BMWs, old 60's and 70's muscle cars and multi-million dollar collectible hypercars are just some of the cool rides that I have seen at various Cars and Coffee events without being held back by a plexiglass barrier.

Point is, there is much more to car events than auto shows like the New York International. Though the forces that be might change the auto show for better or worse because of the advent of new technology, technology can help you expand your horizons.

With spring coming up, it means one thing to car enthusiasts like me: it is car show season.

If something doesn't scratch your itch, you just need to look beyond what you already know.

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Can language models read the genome? This one decoded mRNA to make better vaccines.

The same class of artificial intelligence that made headlines coding software and passing the bar exam has learned to read a different kind of text —…

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The same class of artificial intelligence that made headlines coding software and passing the bar exam has learned to read a different kind of text — the genetic code.

Credit: Photo by Sameer A. Khan/Fotobuddy

The same class of artificial intelligence that made headlines coding software and passing the bar exam has learned to read a different kind of text — the genetic code.

That code contains instructions for all of life’s functions and follows rules not unlike those that govern human languages. Each sequence in a genome adheres to an intricate grammar and syntax, the structures that give rise to meaning. Just as changing a few words can radically alter the impact of a sentence, small variations in a biological sequence can make a huge difference in the forms that sequence encodes.

Now Princeton University researchers led by machine learning expert Mengdi Wang are using language models to home in on partial genome sequences and optimize those sequences to study biology and improve medicine. And they are already underway.

In a paper published April 5 in the journal Nature Machine Intelligence, the authors detail a language model that used its powers of semantic representation to design a more effective mRNA vaccine such as those used to protect against COVID-19.

Found in Translation

Scientists have a simple way to summarize the flow of genetic information. They call it the central dogma of biology. Information moves from DNA to RNA to proteins. Proteins create the structures and functions of living cells.

Messenger RNA, or mRNA, converts the information into proteins in that final step, called translation. But mRNA is interesting. Only part of it holds the code for the protein. The rest is not translated but controls vital aspects of the translation process.

Governing the efficiency of protein production is a key mechanism by which mRNA vaccines work. The researchers focused their language model there, on the untranslated region, to see how they could optimize efficiency and improve vaccines.

After training the model on a small variety of species, the researchers generated hundreds of new optimized sequences and validated those results through lab experiments. The best sequences outperformed several leading benchmarks for vaccine development, including a 33% increase in the overall efficiency of protein production.

Increasing protein production efficiency by even a small amount provides a major boost for emerging therapeutics, according to the researchers. Beyond COVID-19, mRNA vaccines promise to protect against many infectious diseases and cancers.

Wang, a professor of electrical and computer engineering and the principal investigator in this study, said the model’s success also pointed to a more fundamental possibility. Trained on mRNA from a handful of species, it was able to decode nucleotide sequences and reveal something new about gene regulation. Scientists believe gene regulation, one of life’s most basic functions, holds the key to unlocking the origins of disease and disorder. Language models like this one could provide a new way to probe.

Wang’s collaborators include researchers from the biotech firm RVAC Medicines as well as the Stanford University School of Medicine.

The Language of Disease

The new model differs in degree, not kind, from the large language models that power today’s AI chat bots. Instead of being trained on billions of pages of text from the internet, their model was trained on a few hundred thousand sequences. The model also was trained to incorporate additional knowledge about the production of proteins, including structural and energy-related information.

The research team used the trained model to create a library of 211 new sequences. Each was optimized for a desired function, primarily an increase in the efficiency of translation. Those proteins, like the spike protein targeted by COVID-19 vaccines, drive the immune response to infectious disease.

Previous studies have created language models to decode various biological sequences, including proteins and DNA, but this was the first language model to focus on the untranslated region of mRNA. In addition to a boost in overall efficiency, it was also able to predict how well a sequence would perform at a variety of related tasks.

Wang said the real challenge in creating this language model was in understanding the full context of the available data. Training a model requires not only the raw data with all its features but also the downstream consequences of those features. If a program is designed to filter spam from email, each email it trains on would be labeled “spam” or “not spam.” Along the way, the model develops semantic representations that allow it to determine what sequences of words indicate a “spam” label. Therein lies the meaning.

Wang said looking at one narrow dataset and developing a model around it was not enough to be useful for life scientists. She needed to do something new. Because this model was working at the leading edge of biological understanding, the data she found was all over the place.

“Part of my dataset comes from a study where there are measures for efficiency,” Wang said. “Another part of my dataset comes from another study [that] measured expression levels. We also collected unannotated data from multiple resources.” Organizing those parts into one coherent and robust whole — a multifaceted dataset that she could use to train a sophisticated language model — was a massive challenge.

“Training a model is not only about putting together all those sequences, but also putting together sequences with the labels that have been collected so far. This had never been done before.”

The paper, “A 5′ UTR Language Model for Decoding Untranslated Regions of mRNA and Function Predictions,” was published in Nature Machine Learning. Additional authors include Dan Yu, Yupeng Li, Yue Shen and Jason Zhang, from RVAC Medicines; Le Cong from Stanford; and Yanyi Chu and Kaixuan Huang from Princeton.


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The labor report gives the Fed a clear pathway to land the plane

Friday’s jobs report beat estimates, but the internals show the labor market is softening, as the Federal Reserve wants.

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Today’s jobs report beat estimates, but the internals show the labor market is softening, as the Federal Reserve wants. The data shows that wage growth is cooling down and the job opening quits rate is below pre-COVID-19 levels. This bodes well for those hoping to see a soft landing, and for those hoping for lower mortgage rates.

The 10-year yield has had a wild ride today, but now is an excellent time to look at my macro take on the labor market and explain what the Fed is looking for with the jobs data. The Fed recently said that the labor market getting weaker would force them to act more dovish on rate cuts, and that seeing vigorous job creation wasn’t a big concern. So, let’s look at where we are today with all the labor data and why mortgage rates are still high while the labor market is getting softer.

Since 2022, I haven’t believed the Fed would pivot until the labor market breaks. I believe too many people put too much weight on the inflation growth rate slowing as the primary driver for lower mortgage rates. Instead, I have focused on jobless claims data. My target has always been the same: jobless claims breaking above 323,000 on the four-week moving average is recessionary. We are far from that, and as you can see below, the growth rate of inflation has fallen, but bond yields and mortgage rates are still elevated because the labor market hasn’t broken yet.

Below, CPI inflation’s growth rate is at 3.2%, while the 10-year yield is at 3.36%. I know it’s wild to think, but we had lower rates with hotter inflation data.



The one data line that has been improving, which Chairmen Powell mentioned at the last press meeting, is jobless claims, which have been falling for months. If this data line ran above 300,000, we would have a different mortgage rate discussion today. Remember, the labor market is getting softer, but it’s not breaking. Once it breaks, that will force the Fed to move,and bond yields will have already gone lower.

How did we get here with the labor market? Here’s my explanation, which all started during COVID-19.

1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.

2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose all the way to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.

Currently, the job openings, quit percentage, and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was. The employment cost index has slowed recently as well. Today’s jobs report showed slower wage growth than earlier in the cycle. 

3. I wrote that we should get back all the jobs lost to COVID-19 by September 2022. This would be a speedy labor market recovery at the time, and it happened on schedule, too.

4. This is the key one right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which is in line with the job growth rate in February 2020. Today, we are at 158,133,000.This is important because job growth should be cooling down now. We are more in line with where the labor market should be when the average is 140,000 to 165,000 monthly. So, for now, the fact that we aren’t trending between 140,000-165,000 means we still have a bit more recovery kick left before we get down to those levels.

From BLS: Total nonfarm payroll employment rose by 303,000 in March, and the unemployment rate changed little at 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, government, and construction.

Here are the jobs that were created and lost in the previous month:

In this jobs report, the unemployment rate for education levels looks like this:

  • Less than a high school diploma: 4.9%
  • High school graduate and no college: 4.1%
  • Some college or associate degree: 3.4%
  • Bachelor’s degree or higher: 2.1%

A positive trend for the Fed with a softer labor market is that wage growth is cooling down. The Fed can live with 3% wage growth and 1% productivity growth, and now that wage growth is slowly moving under 4%, they will feel more like pilots who can land the plane.

Productivity data has indeed been more robust recently. Still, the Fed doesn’t believe in the more robust productivity numbers, so wage growth closer to 3%- 3.5% is more in their comfort zone.

On a side note, a positive story in housing this year is that the mortgage spreads are improving, and we haven’t had a stress market event like last year to push them higher. This is a huge plus because if the spreads can get back to normal with lower yields, we have a sub-6% mortgage rate market and we can certainly work with that.

All in all, the labor report is showing the same trend I have been seeing for some time now: the labor market is getting softer, but we are still creating more jobs than I was expecting at this point of the cycle. If we are still growing jobs over 165K once we break over 159,000,000 then my forecast model was incorrect, and the labor dynamics are more robust than I anticipated, so less than 1,000,000 jobs left before we cross that bridge.

However, after considering all the drama we had to deal with this week, we came out okay on this jobs report. It does provide a path for the Federal Reserve to see the softer wage growth data and land the plane.

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Catalent had several suitors, including another of its business partners, before Novo won out

In 2022, about nine months before Novo Holdings first reached out to Catalent about a potential deal, the contract manufacturer was in talks with another…

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In 2022, about nine months before Novo Holdings first reached out to Catalent about a potential deal, the contract manufacturer was in talks with another company with which it had an “existing commercial relationship,” according to a securities filing with background on the $16.5 billion transaction.

And the mysterious “Party A” wasn’t the only business partner that took a look, according to the SEC filing. In addition to Party A, a “Party B” — another “existing commercial relationship” of Catalent’s — took a look as well (though never bid).

While it’s not clear whether unnamed Parties A and B were drugmakers like Novo, or other types of companies, there were multiple other potential buyers listed in the filing who all took a look at Catalent during the many months of negotiating and shopping before the ultimate sale to Novo.

Catalent and Novo declined to comment on the identity of Party A.

Many of those talks came in the middle of a well-chronicled and particularly tumultuous time for Catalent, after it disclosed operational missteps at multiple facilities, financial issues and made leadership changes.

Kasim Kutay

And Novo’s final offer didn’t come easily. It took Catalent CEO Alessandro Maselli and his board about four months to convince Novo Holdings CEO Kasim Kutay to go from a “mid to high $50s” per-share range to the final, signed deal of $63.50 per share.

In Wednesday’s filing, Catalent also disclosed that Novo refiled the merger documents with the FTC’s antitrust unit to give the regulator more time to review the deal, which the companies continue to expect will close by the end of this year. In response to an Endpoints News inquiry on Friday morning, spokespeople for Novo and Catalent declined to comment on the timing of the deal close beyond the filing.

Shooting for $100 a share (and missing)

Catalent almost got far more than the $16.5 billion in cash it would eventually sign for. In December of 2022, with the stock trading in the 40s, Party A made an offer of $75 a share, then on Jan. 20 upped it to $87 a share.

Shortly after, on Feb. 4, 2023, Bloomberg News reported that life sciences company Danaher was exploring a potential takeover of Catalent, sending the stock up. Catalent told Party A it wanted at least $100 per share “in light of Catalent’s then-existing opportunities and unique position in its industry.”

It’s not clear if Party A was Danaher, and Danaher didn’t immediately respond to a request for comment on Friday.

A month later, Catalent’s finance chief informed the board about operational issues at its Baltimore and Bloomington, IN, sites. Party A was kept abreast, and on April 3, it informed Catalent it had a “lack of confidence in Catalent’s 2023 fiscal year forecasts for the remainder of the year.”

Catalent was also facing a steep decline in revenue from making Covid-19 products as the pandemic subsided. On April 14, it announced its CFO would depart, and it warned of the impairments to production. Its stock plummeted 25%.

Later that summer, Catalent forged an agreement with activist investor Elliott Investment Management. The move led to the addition of four new independent directors to Catalent’s board.

It wasn’t until late September that Novo Holdings came into the picture and informed Catalent it was interested in a potential deal.

What unfolded was months of discussions to hammer out a higher price, adjust the size of the termination fee and iron out other parts of the deal structure.

During that time, Maselli also attempted to drum up interest from other potential buyers. He called the CEOs of Party A and undisclosed Party F.

Catalent was met with a stinging reply by its first suitor: “Party A would require that Catalent demonstrate additional periods of recovery and stability before it would consider possibly engaging.” Party F, meanwhile, didn’t want to acquire the whole business.

Eventually, Maselli would get Novo’s Kutay to increase the drugmaker’s “best and final” offer of $62.50 on Dec. 19 to $63.50 on Feb. 4. The companies disclosed the deal the next day.

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