Tech

Japan’s ispace says bid to make first commercial moon landing failed

Published

1 year ago

April 26, 2023

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Japanese startup ispace inc (9348.T) said its attempt to make the first private moon landing had failed after losing contact with its Hakuto-R Mission 1 (M1) lander, concluding it had most likely crashed on the lunar surface.

“We lost communication, so we have to assume that we could not complete the landing on the lunar surface,” founder and Chief Executive Takeshi Hakamada said on a company live stream.

It was the second setback for private space development in a week after SpaceX’s Starship rocket exploded spectacularly minutes after soaring off its launch pad.

A private firm has yet to succeed with a lunar landing. Only the United States, the former Soviet Union and China have soft-landed spacecraft on the moon, with attempts in recent years by India and a private Israeli company ending in failure.

Shares in ispace, which delivers payloads such as rovers to the moon and sells related data, were untraded Wednesday morning but indicated to fall by their daily limit. The stock made its debut on the Tokyo Stock Exchange just two weeks ago and had doubled in value since then.

Japan’s top government spokesperson Hirokazu Matsuno said that while the mission went unaccomplished, the country wants ispace to “keep trying” as its efforts were significant to the development of a domestic space industry.

Japan, which has set itself a goal of sending Japanese astronauts to the moon by the late 2020s, has had some recent setbacks. The national space agency last month had to destroy its new medium-lift H3 rocket upon reaching space after its second-stage engine failed to ignite. Its solid-fuel Epsilon rocket also failed after launch in October.

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Four months after launching from Cape Canaveral, Florida, on a SpaceX rocket, the M1 lander appeared set to autonomously touch down at about 12:40 p.m. Eastern time (1640 GMT Tuesday), with an animation based on live telemetry data showing it coming as close as 90 metres (295 feet) from the lunar surface.

By the expected touchdown time, mission control had lost contact with the lander and engineers appeared anxious over the live stream as they awaited signal confirmation of its fate which never came.

“Our engineers will continue to investigate the situation,” Hakamada said. “At this moment, what I can tell you is we are very proud of the fact that we have already achieved many things during this Mission 1.”

The lander completed eight out of 10 mission objectives in space that will provide valuable data for the next landing attempt in 2024, he added.

Roughly an hour before planned touchdown, the 2.3 metre-tall M1 began its landing phase, gradually tightening its orbit around the moon from 100 km (62 miles) above the surface to roughly 25 km, travelling at nearly 6,000 km/hour (3,700 mph).

At such velocity, slowing the lander to the correct speed against the moon’s gravitational pull is like squeezing the brakes of a bicycle right at the edge of a ski-jumping slope, Chief Technology Officer Ryo Ujiie has said.

The craft was aiming for a landing site at the edge of Mare Frigoris in the moon’s northern hemisphere where it would have deployed a two-wheeled, baseball-sized rover developed by the Japan Aerospace Exploration Agency, Tomy Co Ltd (7867.T) and Sony Group Corp (6758.T). It also planned to deploy a four-wheeled rover dubbed Rashid from the United Arab Emirates.

The lander was carrying an experimental solid-state battery made by Niterra Co Ltd (5334.T) among other devices to gauge their performance on the moon.

The mission was insured by Mitsui Sumitomo Insurance Co, an MS&AD Insurance Group (8725.T) unit, and ispace said it may receive some compensation.

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Reddit shares soar as earnings show advertising, AI licensing revenue potential

Published

3 hours ago

May 8, 2024

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Reddit shares soar as earnings show advertising, AI licensing revenue potential

Reddit soared as much as 11% in early trading on Wednesday after the social media firm floored investors with strong revenue growth and improving profitability in the first earnings since its market debut.

The company surprised Wall Street late on Tuesday with a forecast that it could post an adjusted profit in the second quarter, and its revenue outlook was also far above estimates.

The projections followed better-than-expected results for the first three months of 2024, showing that Reddit’s push to grow its advertising business and content licensing deals with AI-focused companies such as Google were paying off.

“We suspected that Reddit would come out strong out of the gates, and Reddit exceeded our bullish expectations,” Bernstein analyst Mark Shmulik said in a client note.

“Reddit appears to be reaping the benefits of a strong digital ad market, buoyed by some ‘free’ IPO marketing, alongside increased traffic courtesy of their new favorite AI partner Google.”

Several analysts have said that despite being founded in 2005, Reddit was still in the early stages of the process of generating ad revenue and should benefit in the coming quarters from expanded ad targeting and measurement tools, among others.

The company’s more than 100,000 discussion forums, or subreddits, filled with user-generated content topics ranging from history to gaming have made it an attractive partner for companies looking to train their data-hungry AI models.

At least 7 analysts raised their price target on Reddit’s stock, pushing the median view to $55, according to LSEG data. The company priced its much-awaited initial public offering at $34 in March.

Reddit remains in the early days of developing its ads business, Piper Sandler analysts said, adding that a large international user opportunity remains untapped.

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Tech

Kretinsky and Layani face off in battle for distressed IT firm Atos

Published

1 day ago

May 7, 2024

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Kretinsky and Layani face off in battle for distressed IT firm Atos

Shares of Grayscale Bitcoin Trust jumped 2.4% on Monday after the exchange-traded fund (ETF) that tracks the price of bitcoin saw its first day of inflow since January.

The move marks a major milestone for GBTC, which has seen $17.46 billion in withdrawals since it converted from a trust to an easily tradable ETF in January, due to the higher fees it charges compared with rivals.

Some of the outflows were also tied to the wave of bankruptcies in the crypto industry, as companies that collapsed in the last two years pulled money out of the fund to repay their creditors.

GBTC saw inflows of $63 million on Friday, according to investment management firm Farside Investors. It currently manages $18.08 billion in assets, according to its website.

However, its position as the biggest spot bitcoin ETF by assets under management (AUM) has come under threat from BlackRock’s iShares Bitcoin Trust, which manages $16.91 billion, according to its website.

Grayscale said in March that it would seek approval from the Securities and Exchange Commission to spin off a portion of GBTC’s assets into a new, lower-fee Bitcoin Mini Trust. The company has yet to decide on the fees for the Mini Trust.

Spot bitcoin ETFs, which were approved by the SEC in January following a decade of rejection, provide investors with bitcoin exposure without the need to directly hold the cryptocurrency.

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Tech

China to build 100-mile-long hyperloop train line by 2035

Published

1 day ago

May 7, 2024

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China to build 100-mile-long hyperloop train line by 2035

China’s top engineering and rail design experts have exciting news: they’re planning to build the country’s very first hyperloop train line!

This futuristic project will connect two bustling cities, Shanghai and Hangzhou, spanning a distance of 150km (about 93 miles).

What makes this project so special? Well, it’s all about speed! The hyperloop train will travel inside a special vacuum tunnel, allowing it to reach mind-blowing speeds of up to 1,000km/h (that’s about 621mph!).

Before choosing the Shanghai-Hangzhou route, the experts carefully evaluated several options.

They considered factors like economic potential, population density, and existing transport infrastructure. In the end, they decided that connecting Shanghai and Hangzhou would bring the most benefits to the region.

This project is a big deal for China, and it’s being led by some of the country’s top engineers and scientists.

They’re excited about the potential for this hyperloop train to revolutionize transportation and boost economic growth in the area.

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