By tf-lawyer.com Stellantis Recalls Over 20,000 Hybrid Vehicles
Stellantis has announced a recall of 20,755 hybrid crossover SUVs in the United States due to issues with the brake pedals on affected models. The automaker reported that certain SUVs may experience unintended disengagement of the brake pedal while in use. Globally, there have been 15 instances of this issue, which includes one accident; thankfully, no injuries have been reported. The recall affects specific 2024-2025 models of the Alfa Romeo Tonale plug-in hybrid SUV and select 2024 Dodge Hornet PHEV SUVs, both of which share the same platform. The remedy will involve strengthening the brake pedal, and the repair will be provided at no cost to customers.
China Targets Intel After Micron
The China Cybersecurity Association (CSAC) has stated that Intel products sold in China should undergo security reviews, alleging that the American chip manufacturer “continuously undermines” national security and interests. Although the CSAC is an industry organization rather than a government body, it maintains close ties with the Chinese government. The organization’s accusations against Intel could potentially trigger a security review from the Cyberspace Administration of China (CAC). This follows last year’s ban on products from Micron Technology by Beijing, after they failed a cybersecurity review, prohibiting critical infrastructure operators in China from purchasing the company’s products.
AI and Cloud Funding Surges Past $79 Billion
Venture capital firm Accel has released a report indicating that funding for artificial intelligence (AI) and cloud companies in the U.S., Europe, and Israel is on the rise, marking a turnaround after three years of declines. The total funding amount is projected to reach $79.2 billion by the end of this year, representing a 27% increase from $62.5 billion in 2023. Investments in generative AI companies are expected to account for about 40% of this figure for 2024. The total investment in generative AI for 2023 and 2024 stands at $56 billion, with approximately 80% directed towards U.S. companies, while Europe and Israel together capture the remaining 20%. Accel noted that two-thirds of the AI funding—around $37 billion—has been allocated to companies working on foundational models.
Rising Interest Rates Lead to a 17% Drop in Mortgage Applications
Last week, mortgage rates climbed for the third consecutive week, reaching their highest levels since August, leading to a significant decrease in demand from both current homeowners and prospective buyers. According to the Mortgage Bankers Association (MBA), the total volume of mortgage applications fell by 17% compared to the previous week, as the average contract rate for a qualifying 30-year fixed-rate mortgage rose from 6.36% to 6.52%. The decline in refinancing requests was particularly severe, dropping 26% from the previous week, although this remains 111% higher than the same week last year. The refinancing application rate has dipped below 50% for the first time in over a month. Purchase mortgage applications also decreased by 7%, yet they are still up by 7% compared to the same week last year.
