Tech
Coronavirus Leaves 3M Scrambling To Cover A Face Mask Shortage
The United States industrial giant is the maker of Post-It notes, Scotch Tape, and one of the most desperately needed medical supplies in the world right now: N95 facial masks.
The $32 billion Minnesota conglomerate 3M is one of the world’s largest manufacturers of N95 filtering face masks, which have been in high demand in the U.S. and around the world since the coronavirus outbreak.
N95 respirators are so named because they are capable of filtering out 95% of large and small particles, including certain types of bacteria.
They are considered essential equipment in occupations ranging from construction to medicine.
And in early 2020 health officials worried there were not nearly enough of them. In early March, officials from the U.S. Department of Health and Human Services said the country had only about 35 million of the 3.5 billion N95 respirators needed in the event of a full-blown pandemic.
3M doubled global production to 1.1 billion per year from about 400 million per year, and the company said in late March it plans to double production again to 2 billion within 12 months.
The explosion of face mask demand could provide a small boost for 3M, which reported sales of about $32 billion in 2019. The company does not break down the actual size of its face mask business, but some Wall Street analysts estimate 3M sold anywhere from $100 million to $325 million in face masks prior to the outbreak of the disease. The outbreak could add another $300 million in sales, said one analyst.
This would be only a tiny portion of 3M’s overall business, but the importance of the product still has focused a tremendous amount of attention on the company.
Shares of 3M, which are valued at about $78 billion, have fallen more than 22% since the start of the year.
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Coronavirus Leaves 3M Scrambling To Cover A Face Mask Shortage
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There’s a new challenger to Nvidia that says its chip can run AI inference at ten times the speed of a standalone GPU. The new chip from D-Matrix is called Corsair, and it’s now in volume production with commitments from hyperscalers, neoclouds and frontier AI labs. In an exclusive interview with CNBC, CEO Sid Shath explains how Corsair bypasses the DRAM shortage by relying on SRAM directly on the chip, and how that tight integration means Corsair can transfer data using five times less energy. It’s a novel approach to memory that’s led to huge gains for other chip startups in recent months. Cerebras’ blockbuster $95 billion IPO in May landed it among tech’s largest ever debuts, and Groq received $20 billion from Nvidia in the AI giant’s largest purchase ever in December. Now CNBC asks whether D-Matrix could be next.
Reporter: Katie Tarasov
Edited by: Darren Teeter
Senior Director of Video: Jeniece Pettitt
Additional Footage: Getty Images, D-Matrix, Nvidia, Microsoft, Cerebras, Groq
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This Nvidia Challenger Says Its AI Chip Is 10x Faster Than A GPU
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Logitech has been a stealth way to play the rise in eSports, but after a tepid response to the tech player’s earnings, Jim Cramer checked if it’s time to hit pause or a chance to get in the game.
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Logitech International CEO: Global Phenomenon | Mad Money | CNBC
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Peter Bauer, Mimecast CEO & founder, talks about security precautions employees and employers can take to help prevent cyber attacks inside organizations.
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How To Identify Cyber Impersonators: Mimecast CEO Peter Bauer | CNBC
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Venture capital is buying its way into the AI transformation that enterprise software hasn’t delivered. Instead of selling AI tools to companies, venture firms are buying legacy companies outright and rebuilding them around AI from the inside. The bet puts VCs on offense and leaves traditional private equity, which spent the last cycle buying enterprise software at peak prices, on defense.
The strategy is known in Silicon Valley as the AI rollup. Over the past six months it has crossed into public markets twice: General Catalyst and Trian’s $7.6 billion take-private of Janus Henderson (JHG) in December, and Long Lake Management’s $6.3 billion agreement in May to take American Express Global Business Travel (GBTG) private at a 65 percent premium. CNBC’s Deirdre Bosa has the story.
Chapters:
0:00 – 0:55 Introduction
0:56 – 4:31 The AI rollup
4:32 – 5:34 Where private equity got it wrong
5:35 – 7:20 A risky bet
Anchor and Columnist: Deirdre Bosa
Produced by: Jasmine Wu
Edited by: Andrew Evers
Senior Director of Video: Jeniece Pettitt
Animation: Emily Park
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AI Rollup: Silicon Valley’s New Buyout Playbook Is Hitting Wall Street
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For two years, companies bought AI one way: pick the most powerful model and run everything through it. That era is ending.
A new discipline called model routing is taking hold, sending hard tasks to expensive frontier models and easy ones to cheaper, faster alternatives. It can cut AI bills dramatically. But it also means OpenAI and Anthropic stop getting paid for every task, which complicates the IPO story both are built on.
Deirdre Bosa talks to Scott Wu, co-founder and CEO of Cognition (maker of the coding agent Devin), about his new engineering value guarantee, why Devin routes across models automatically, and what it actually takes to measure AI’s return. Then Cisco President and Chief Product Officer Jeetu Patel on the cost shock hitting the enterprise, why his own company blew through its AI budget, and whether the frontier labs can hold their pricing power.
Anchor and columnist: Deirdre Bosa
Produced by: Jasmine Wu
Editing by: Erin Black
Technical Associate: Sami Savona
Senior Director of Video: Jeniece Pettitt
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Why The Fix For AI’s Spending Problem Is Not Good For OpenAI And Anthropic
Why The Fix For AI’s Spending Problem Is Not Good For OpenAI And Anthropic
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