(AUSTRALIA DOES DEAL WITH AMAZON TO MOVE TOP-SECRET INTELLIGENCE TO THE CLOUD)
July 5, 2024
Hello everyone,
Hope you all had a great July 4th.
We have the Jobs Report today. Slowing payroll gains are expected.
Data is showing a slowing economy. It takes some time before the high interest rates are felt throughout the economy. Talk of interest rate cuts is now back on the table in the second half of the year. The earliest possible time is probably September.
By the end of this decade, a “top-secret” cloud service will be built for Australia’s intelligence agencies to share information with one another, as part of a $2bn deal with US technology giant Amazon.
The investment is expected to generate about 2,000 jobs and ensure Australia “maintains” pace with the world’s leading defense forces while it increases its interoperability with US agencies.
Three data centers will be built in Australia to house the country’s most secretive and valuable intelligence, the locations of which will remain secret.
The Australian Signals Directorate’s director general, Rachel Noble, said partnering with a private company meant intelligence agencies would have access to “the best staff the private sector has to offer in terms of technology capabilities, services, and tools”.
The developments in artificial technology will be able to help collect and sift through massive amounts of data. The cloud would also support the country’s “Redspice” intelligence program, which aims to counter the growing risk of cyber-attacks.
Noble also argues that “modern defense forces and …modern conflict is more reliant upon information technology, upon computing infrastructure than ever before.”
PORTFOLIO UPDATE
If you own any of the following, I suggest you:
Exit out of:
Ovid Therapeutics (OVID) $0.7517
Biomea Fusion (BMEA) $4.35
Rocket Pharmaceuticals (RCKT) $20.03
Big Pharma is dominating at the present time.
Take some profits on
CrowdStrike (CRWD) $387.18 as at close 07/03/24
I recommended (CRWD) on January 6 this year when the stock was trading at $280.
Long term this is a great stock.
In the short term, you may want to pyramid out a % of your holdings.
Lock in some profits.
You could consider between 5%-20%.
NEWS UPDATES
UK Elections - a landslide victory to the Labour Party. Keir Starmer is the new leader of Britain.
QI CORNER
The UK is expected to lose 9,500 millionaires this year, only second to China with 15,200. This is an interesting and telling reversal in fortune, since historically, the UK has drawn wealth from Europe, Africa, Asia, and the Middle East. If this trend continues over the next two decades, what could be the long-term consequences?
Cheers,
Jacquie