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Games and movies on Google Play Store apps can now be viewed in three dimensions via a new Android mobile device from augmented reality glasses maker Xreal, the Alibaba-backed startup said Tuesday.
“We’re hoping this one can finally became the hero product that people gonna really like,” Chi Xu, founder and CEO of Xreal, told CNBC in an interview.
The Beam Pro comes with two cameras that can capture pictures and videos for three-dimensional viewing in AR glasses.

Xreal, an augmented reality glasses maker, has launched a connected Beam Pro mobile device that allows users to capture spatial video and 3D images.

BEIJING — Games and movies on Google Play Store apps can now be viewed in three dimensions via a new Android mobile device from augmented reality glasses maker Xreal, the Alibaba-backed startup said Tuesday.
The Beam Pro, the company’s latest product, is a smartphone-like device that can be used with AR glasses as a virtual mouse, and links the headset to Google Play Store apps including those for gaming, movie streaming and social media.

Augmented reality imposes digital images over the real world, giving someone wearing AR glasses the impression of being in a 3D virtual space.
Xreal’s latest product launch is an indication of how Alphabet is keeping afoot in the headset space after retiring Google Glass, even as Apple launched its widely anticipated VR offering this year.
Apple’s Vision Pro allows users to see apps and a digitally captured version of the real world using what the company calls spatial computing technology.
Xreal sells a range of AR glasses, some as light as 72 grams (2.5 ounces), that can display the screen of a connected laptop, smartphone or gaming console. The Beam Pro, which connects to the glasses via a cord, is set to begin U.S. deliveries by August and has a starting price of $199.
“We’re hoping this one can finally became the hero product that people gonna really like,” Chi Xu, founder and CEO of Xreal, told CNBC in an interview.

“I think this actually [is] gonna be the new category standard,” he said, adding some smartphone makers might “actually want to go this route.”
Xu said part of the challenge for wider AR glasses adoption has been the lack of content, and the inability to incorporate user-generated images.
That’s starting to change this year. The Beam Pro has two cameras that can capture pictures and videos for three-dimensional viewing in AR glasses, similar to Apple Vision Pro’s advertised ability to capture “3D spatial photos and videos.”
Xreal said the Beam Pro uses Nvidia CloudXR technology for image rendering and Qualcomm’s Snapdragon spatial computing platform. The startup said it is also collaborating with Amazon Web Services to explore ways for improving the product’s processing power and functions.
According to IDC Research, Xreal had the largest market share in global AR headsets in 2023.
“Companies such as XREAL and Rokid demonstrated that there is an audience for AR glasses to consume gaming and multimedia content without spending thousands of dollars, and this will no doubt attract the attention of other companies seeking to do the same,” Ramon T. Llamas, research director with IDC’s Augmented Reality/Virtual Reality team, said in a report in April.
A pair of Xreal AR glasses costs around $200 to $400, depending on the model and sales promotion.
That means a set of Xreal AR glasses and Beam Pro costs significantly less than $1,000. Apple charges $3,500 for its Vision Pro.

Different glasses by user

Xu said Xreal has sold “really close to 400,000” AR glasses since the company launched in 2017. He said average weekly usage is about 4 hours, with the top 15% exceeding 10 hours a week.
The company said in January it had shipped 350,000 AR glasses. Around the same time, Xreal said it received a $60 million injection that valued the startup at more than $1 billion.

I think this one [is going to] bring the cloud gaming to the next level.

founder and CEO, Xreal

Xu said he expects tech glasses will evolve in three directions at the same time, ranging from a heavier and pricier virtual reality headset to a light-weight frame that can be worn all the time.
“Unfortunately, we won’t see the kind of iPhone moment where everybody is converging to just one point,” he said, noting the variety of headset experiences. “I believe different people find different kind of flavor and combination there. But all of them haven’t taken off yet.”
It’s unclear how many Vision Pros Apple has sold since it launched in the U.S. earlier this year. The headset is due to launch outside the U.S. on June 28, beginning in mainland China, Hong Kong, Japan and Singapore.
The Beam Pro launched in China in late May. As of June 12, it had reached just under 5,000 orders, Xu said, adding he hoped that by the end of a mid-June promotional period, orders would reach about 10,000.

Cloud gaming potential

By late August or early September, Xu expects the Xreal Beam Pro will be able to use 5G cellular networks in addition to Wifi.
Xu said 5G support creates new opportunities for the development of cloud gaming, and that Xreal is already in talks with major global cloud gaming companies.
“I think this one [is going to] bring the cloud gaming to the next level because, honestly, if you only play cloud gaming on a cell phone, the size of the screen didn’t make that much sense, but [when] you can put AR glasses there, you have a massive screen,” Xu said.
Cloud gaming relies on remote servers and an internet connection to offer people a smooth gaming experience with just a small file download.
As for non-gaming applications, Xu said Xreal’s strategy is to build on people’s existing technological habits using smartphones and changing that slowly into a 3D space.
“We’re not trying to change people’s way of using technology dramatically, right?” he said. “We’re trying to take small steps and make that faster.” More

The meme stock closed lower by about 12%, as GameStop’s rescheduled shareholder event wrapped up with no detailed remarks about the company’s strategies.
No shareholders got to ask their questions during the meeting, which lasted about 30 minutes.
In brief introductory remarks, CEO Ryan Cohen reiterated the company’s plans to focus on cutting costs and boosting profits and intimated that more store closures could be on the horizon.

Traders work at the post where GameStop is traded on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 12, 2024. 
Brendan McDermid | Reuters

GameStop shares slid on Monday after the company’s highly anticipated annual meeting failed to offer any concrete updates on the video game retailer’s future plans.
The meme stock ended the session lower by 12.1%, as the company’s rescheduled shareholder event wrapped up with no detailed remarks about its strategies. No shareholders got to ask their questions during the meeting, which lasted about 30 minutes. Shares were down as much as 17% at $23.79.

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In brief introductory remarks, CEO Ryan Cohen reiterated the company’s plans to focus on cutting costs and boosting profits and intimated that more store closures could be on the horizon.
“Revenues without profits and prospects of future cash flows are of no value to shareholders. This means a smaller network of stores with an expanded assortment of higher value items that fit into our trade-in model,” he said.
Cohen didn’t provide more specifics on the company’s future growth strategies. He spoke about the importance of having a “strong balance sheet” and called it a “strategic advantage” — especially in times of economic uncertainty. As of May 4, GameStop had about $1 billion in cash and cash equivalents on its balance sheet.
“While the future is always uncertain, the last decade’s monetary and fiscal policies both within the U.S. and globally are historic anomalies. Exiting from an ultra-low interest rate environment is likely to have unforeseen reverberating effects across the economy, as seen with inflation hitting 40-year highs in 2022,” Cohen said.
“Under the current interest rates, an investment made in today’s economic climate must bear a higher return threshold,” he added. “As my father always said, actions speak louder than words. We are focused on building shareholder value over the long term. We are not here to make promises or hype things up, we’re here to work.”

The event was disrupted by computer problems and postponed on Thursday as servers crashed due to overwhelming interest in the stream.
GameStop came into the limelight again as Reddit ringleader Roaring Kitty, whose legal name is Keith Gill, stirred up another trading frenzy. Gill gained notoriety in the online trading realm in 2021 for touting his large positions in GameStop, both in common shares and risky options. Since coming back on the scene, his position has topped 9 million shares in GameStop after exiting a gigantic call option position before expiration.
The stock has gained seven out of the past eight weeks after more than doubling in May. Year to date, it’s up about 44%.
GameStop is still struggling with a transition to online gaming and away from brick-and-mortar video game purchases, with investors banking on Cohen to eventually reinvent the company.
The retailer recently raised more than $2 billion in an at-the-market equity sale as the video game company took advantage of the revived meme rally. GameStop said it intends to use the money for general corporate purposes, which may include acquisitions and investments. More

Activist Starboard Value has a $500 million stake in software maker Autodesk and is weighing legal action over the company’s delayed disclosure of an internal investigation into accounting malfeasance.
Autodesk moved its chief financial officer to a new role after an internal probe found that executives reversed a shift in billing structure to inflate the company’s free cash flow and operating margin numbers.
Those two metrics determine executive pay and measure company success.
Starboard is concerned that Autodesk delayed disclosing an internal probe until shortly after the nominating deadline for the company’s board, which would potentially limit a shareholder’s ability to nominate its own candidates in a contested fight.

Jeffrey Smith, CEO and chief investment officer at Starboard Value LP.
David Paul Morris | Bloomberg | Getty Images

Starboard Value, the activist fund run by Jeff Smith, has taken a sizable stake in graphics design firm Autodesk and has spoken with the company’s board in recent weeks over several serious concerns involving its disclosures around an internal investigation that led to the ouster of its chief financial officer.
Starboard’s stake is valued at roughly $500 million, according to people familiar with the matter. The activist, which has a long track record of investing in the technology sector, is particularly concerned about the timing of Autodesk’s disclosure of an internal investigation. That investigation revealed that executives misled investors about the company’s free cash flow metrics and operating margins, according to the people, who requested anonymity to discuss confidential information freely.

After the probe results came out, Autodesk’s then-CFO Deborah Clifford was ousted from her role and moved to a different executive role within Autodesk. The probe found that executives manipulated reporting tied to the company’s contract billing structure, as Autodesk shifted back to upfront payments from annualized payments, to improve those metrics.
Autodesk first disclosed in April that it had begun an internal investigation into disclosure issues around those metrics, almost a month after first beginning the investigation and informing the Securities and Exchange Commission about the probe into its financial reports. Autodesk shares slid 20% over the next few weeks. The company’s market cap now sits slightly below $50 billion.
The delayed disclosure came a little more than a week after the deadline to nominate directors closed. The tight window and timing of the disclosure raised significant concerns inside Starboard, the people said, that Autodesk’s board deliberately chose not to inform shareholders ahead of its annual meeting. Such a delay would potentially limit a shareholder’s ability to nominate its own candidates in a contested fight.
Starboard is weighing legal action in the Delaware Court of Chancery to compel the reopening of Autodesk’s nominating window and the delay of Autodesk’s annual meeting, the people said. Autodesk’s shareholder meeting is currently scheduled for July 16.
The activist also believes that the company can drive actual margin improvement and improve investor communications to help bolster Autodesk’s stock, the people said.

Starboard has built stakes in other major technology companies, including Marc Benioff’s Salesforce and Splunk, which was sold to Cisco in 2023 for $28 billion.
News of Starboard’s stake and plans was reported earlier by The Wall Street Journal.
Autodesk has faced activist scrutiny before. In 2016, it settled with two activist investors at Sachem Head Capital Management and Eminence Capital to stave off a proxy contest.
Autodesk disclosed earlier this year that it is facing probes from the Justice Department and SEC.
An Autodesk spokesperson said the company welcomed “constructive input” from shareholders.
“We are confident in our strategic direction, significant margin opportunity, and our corporate governance,” the spokesperson said.

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Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, on May 4, 2024.

Berkshire Hathaway, an early investor in BYD thanks to the late Charlie Munger, continued to trim its massive stake in China’s biggest electric vehicle maker.
Warren Buffett’s conglomerate has sold an additional 1.3 million Hong Kong-listed shares of BYD for $39.8 million, according to a filing to the Hong Kong Stock Exchange. The sale reduced Berkshire’s holding to 6.9%, from 7%.

The conglomerate first bought about 225 million shares of Shenzhen-based BYD in 2008 for about $230 million. The bet turned out to be extremely lucrative as the EV market saw explosive growth in China and elsewhere.

Arrows pointing outwards

Berkshire had offloaded half its holding through sales in 2022 and 2023 after BYD skyrocketed nearly 600% to a record high in April 2022 from the start of 2008.
Hong Kong’s rules only require a filing when a stake percentage crosses a whole number, so if Berkshire’s stake falls below 6%, there will be another filing.
Munger’s influence
Founded by Wang Chuanfu, BYD started making batteries for mobile phones back in the 1990s. By 2003, the company had pivoted to autos and has since become the top car brand in China, as well as a major producer of EV batteries.
In the fourth quarter of 2023, BYD dethroned Tesla as the world’s top EV maker, selling more battery-powered vehicles than its U.S. rival.
Buffett said in 2010 that Munger, the late vice chairman of Berkshire, “deserves 100 percent of the credit for BYD.” Munger was introduced to BYD by his friend Li Lu, founder of Seattle-based asset manager Himalaya Capital.

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Is a fresh housing boom under way? In April a house-price index for the world, excluding China, rose by more than 3% year on year (see chart 1). American house prices are 6.5% higher than a year ago, Australian ones are up by 5% and Portuguese ones are soaring. In other countries, the market looks surprisingly strong given years of high interest rates (see chart 2).Chart: The Economist More

Investors worried about concentration risk in the market may want to consider value-oriented investments.
Avantis Investors chief investment strategist Phil McInnis suggests taking a more diversified approach than simply looking at index funds such as the S&P 500. He thinks his firm’s exchange-traded fund strategy can provide better returns in the long run, emphasizing companies with low valuations and strong balance sheets.

“We’re going to be less concentrated,” he told CNBC’s “ETF Edge” this week. “So we are kind of making a lot of smaller bets on these lower valuation, better profitability [companies] paying off through time.”
Avantis’ U.S. Large Cap Value ETF (AVLV) tracks the Russell 1000 Value index, but with a caveat — the fund managers screen stocks using a profitability overlay.
“As we’re sifting through and identifying those companies that are trading at more attractive prices, we’re doing so while looking at the profits,” McInnis said. “That goes beyond the typical kind of passive instruments that are out there that are making a definition of value versus growth on a single variable or a whole compendium of variables.”
After Apple and Meta, the Large Cap Value fund’s next-largest holdings are JPMorgan, Costco and Exxon Mobil, according to FactSet. Financial services and retail are the top sector weightings, each comprising roughly 15% of the portfolio, with energy coming in third at nearly 12%.
“Starting at the company level and the sectors being a byproduct, we do have caps with the sectors to make sure that those bets aren’t too big, that we aren’t too concentrated in an individual sector,” McInnis added.

Avantis’ Large Cap Value ETF is up 7.7% in 2024, as of Friday’s market close. The Russell 1000 Value index gained 4.5% during the same period.
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CleverCards, a Dublin-based digital payments firm, has raised 8 million euros ($8.6 million) of funding from investors including Pluxee, an employee vouchers and benefits platform.
Founded in 2019, CleverCards uses a digital platform linked to configurable expense cards to give companies control over how their employees use their corporate payment cards.
It allows businesses to deliver prepaid cards that can be configured to only be used by certain members of staff, and block certain transactions if they’re viewed as inappropriate.

Miragec | Moment | Getty Images

A startup that uses technology to stop employees from abusing corporate expenses just raised 8 million euros ($8.6 million) of funding from investors, defying a slump in investment for the financial technology industry.
CleverCards, a Dublin-based firm, uses a digital platform linked to configurable expense cards to give companies control over how their employees use their corporate payment cards.

According to a 2016 global survey of CFOs by human resources firm Robert Half, employees have made several improper expense report requests including a doggie day spa, taxidermy services, dance classes, a side of beef and even a welder.
These requests, though odd, reflect a tough reality for many companies when it comes to corporate expenses: sometimes they can’t trust an employees’ judgment.
CleverCards CEO Kealan Lennon says his platform aims to tackle exactly that.

Rather than handing employees corporate credit cards they can go out and use for purchases anywhere in the world, CleverCards allows businesses to deliver prepaid cards that can be configured to only be used by certain members of staff and block certain transactions if they’re viewed as inappropriate.
“Businesses want to make sure the right employee is the one that gets the card, and that it’s only used for certain purposes,” Lennon told CNBC in an interview.

“It’s finance control,” he added. “The idea of a configurable payments platform hadn’t been done before. And by doing it digitally, that allowed customers come along and say, I want to be able to do this with the press of a button.”

CleverCards told CNBC exclusively Friday that it raised new funds in an investment round led by strategic investor Pluxee. The fresh investment takes the total money raised by CleverCards to date to over 28 million euros.
Pluxee is an employee vouchers and benefits platform that spun off from French food catering firm Sodexo earlier this year.
It is listed on the Euronext stock exchange in France with a valuation of 4 billion euros.

Taking business from Adyen, Stripe

Founded in 2019, CleverCards has signed up over 10,000 businesses as customers. It counts the likes of eBay, PaddyPower, Betfair, Accenture, Microsoft and Apple as clients.
Besides these businesses, CleverCard also works with public sector organizations.
In 2022, CleverCards partnered with the U.K. government to help release social welfare payments to people on smart meters who usually pay their bills through direct debit, but have been forced to seek additional financial help due to rising fuel prices. The cards could only be used to pay bills on select utility companies’ websites.

CleverCards deployed artificial intelligence to conduct identity verification checks on recipients, helping to avoid fraud, according to Lennon.
Lennon said that CleverCards’ funding round stood out in what has been a brutal market for dealmaking and fundraising in fintech.
“It is a tough environment,” he said. “In the current market logjam, it has been pretty impressive now to raise money because nobody’s raising capital.”
He said CleverCards is increasingly snatching business away from the likes of payment tech giants Adyen and Stripe.

“It’s been remarkable in that, as a smaller company, right, we were looking at the Stripes and Adyens and powering ahead,” he said, adding that, now, “we’ve won business against them.”
CleverCards will use the fresh funds to expand its business, scale its products and explore broader opportunities, it said.
In addition to the fundraise, CleverCards appointed five new non-executive directors to its board with experience in payments technology.
They include industry veterans Patrick Waldron, Donal Daly, Marc Frappier, Garry Lyons and Viktoria Otero del Val. More

Keith Gill, aka Roaring Kitty, hosting a YouTube livestream on June 7th, 2024.
Source: Roaring Kitty | YouTube

Meme stock champion Keith Gill, known as “Roaring Kitty” online, seemed to increase his ownership in GameStop’s common stock and appears to be holding more than 9 million shares.
Gill posted a new screenshot of his E-Trade portfolio on Reddit’s Superstonk forum after the bell Thursday, showing that he is now holding 9.001 million GameStop shares and over $6 million in cash. On June 2, the first day he started disclosing his position in 2024’s meme stock frenzy, his portfolio had 5 million shares as well as 120,000 call options against GameStop.

Call options give the holder the right, but not the obligation, to buy shares at a specified price by a certain expiration date.
It’s hard to decipher what Gill did exactly to get to this position. He could have dumped all of 120,000 call contracts and used the proceeds to buy the additional shares, or he could have sold a portion of the massive options position and exercised the rest early.

Arrows pointing outwards

There was a huge spike in trading volume Wednesday afternoon of GameStop calls contracts with a strike price of $20 and an expiration date of June 21, the same ones Gill owned. The phenomenon, along with sliding prices in GameStop shares and call options, led many to believe Gill had started offloading.
Many had speculated that Gill wouldn’t have held onto those calls to expiration. For Gill to exercise all of his calls, he would have needed to have $240 million to take custody of the stock — 12 million shares bought at $20 apiece — way more than he had shown publicly in his E-Trade account.
The total value of Gill’s portfolio, including cash, reached more than $268 million as of Thursday evening, up from $210 million on June 2.

GameStop shares surged more than 14% Thursday.
The video game retailer’s annual shareholder meeting was disrupted by computer problems Thursday, as servers crashed under overwhelming interest in the stream.
GameStop recently raised more than $2 billion in an equity sale as the company took advantage of the revived meme rally. GameStop said it intends to use the money for general corporate purposes, which may include acquisitions and investments. More