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CBS News
28 minutes ago
- CBS News
SMART expanding as North Bay transit agency sees ridership increase
As Bay Area public transit struggles to deal with shrinking commuter demand, one agency is about to expand its service. It's the result of a study showing that people prefer to take a train rather than a bus, and it's creating an opportunity to reorganize how people use transit up and down the Highway 101 corridor. All roads in the North Bay lead to San Rafael, at least for most of the public transit providers. The San Rafael Transit Center is one of the busiest in the Bay Area, second only to the Salesforce Center in San Francisco. The hub is the meeting point for Marin Transit, Golden Gate Transit and the SMART commuter train line. "It's already very important and will continue to be important," said Paulo Cosulich Schwartz, spokesperson for Golden Gate Transit. "And we're actually undertaking a project to redesign and relocate the San Rafael Transit Center to accommodate a growth in transit service." That growth may be a case of addition by subtraction. A recent study shows that transit in the North Bay has a lot of duplication of service. For example, Golden Gate Transit has buses going clear up to Santa Rosa, the same service area as SMART. It also has stops in the same urban areas as Marin Transit. So, a new plan has been developed called "MASCOTS," short for Marin-Sonoma Coordinated Transit Service, that will, hopefully, cut out the redundancy. "MASCOTS really refocuses Golden Gate on the regional trips," said Marin Transit Planning Director, Cathleen Sullivan. "So, Golden Gate will have fewer stops and really focus on express service and getting people between major transit hubs in Marin County, into San Francisco and into the East Bay. And Marin Transit will really refocus OUR resources on making sure the local stops are covered." "One of the most interesting findings of the study," said Cosulich Schwartz. "Is that 70 percent of Marin/Sonoma travel to San Francisco originates from San Rafael or south." So, Golden Gate will focus on that area, limiting its service only up to Novato, requiring travelers to use SMART from any place farther north. It's only happening because SMART, after some initial bumps along the way, has proven itself to be a fairly popular transit option. "We're seeing that in our ridership numbers right now. SMART is experiencing record ridership. People have embraced that this as a very reliable way to get around. It's economical, it's a green alternative. It's just an easy service to use," said communications manager Julia Gonzalez. "We too, here at SMART, have tried to stay agile in response to changed commute patterns, where people are maybe commuting to work part of the week. Maybe doing a two-three split, three days at home and two days in the office. We've tried to stay agile by creating monthly passes that take into account that you're not traveling, necessarily, five days a week." Because of MASCOTS, SMART will see an increase in service of nearly 20 percent and will begin hiring new people to begin training almost immediately. The hope is that the coordinated effort will not only provide a less confusing system for riders but also save some much-needed money for the operators. "It's not just happening here in the Bay Area," said Metropolitan Transportation Commission spokesperson John Goodwin. "This is happening in metro areas all over the country, that the old model for operating transit, the different business models, are under a great deal of pressure. Transit agencies all over the region are re-examining decades-long service plans because the travel patterns have changed in a big way all over the Bay Area. And at the same time, transit agencies are strapped for operating cash, so they need to operate more efficiently." Except for the planning process, the new program shouldn't cost anything. In fact, it should save money. And the cost of expanding SMART is expected to be covered by the increase in ridership, after the MASCOTS plan goes into effect, sometime in April. In the meantime, a series of community meetings are being planned with the first on Tuesday, July 22, at 5:00 pm at the Marin City Library.
Business Insider
38 minutes ago
- Business Insider
OpenAI Partners with the UK Government to Advance AI Development
ChatGPT-maker OpenAI and the UK government have teamed up to work on AI security research and explore investments in British AI infrastructure, including data centers. The move is expected to help OpenAI grow its presence in Europe and influence how governments use and control advanced AI. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Key Terms of the Deal As part of this agreement, OpenAI will expand its London office, its first international location established two years ago. This expansion will involve growing its local research and engineering teams. Further, OpenAI will share technical details with the UK's AI Safety Institute. This will help the government better understand what AI can do and what risks it might pose. The deal also aims to explore how AI can be used in areas like justice, defense, security, and education in the UK. All uses will follow strict UK rules and will aim to improve public services and make them more efficient. The initiative aligns with the UK government's plan to invest £1 billion in computing infrastructure for AI development to increase public compute capacity twentyfold over the next five years. This includes the creation of AI Growth Zones, regional hubs designed to attract billions in private investment and create high-paying tech jobs. JPMorgan Initiates Coverage on OpenAI JPMorgan (JPM) recently initiated coverage on private companies, including OpenAI. The firm said OpenAI has grown from a small research lab into a major industry player and the third most valuable private company globally. The firm believes ChatGPT's strong brand and early lead could help OpenAI tap into a $700 billion market by 2030. The firm noted that while OpenAI remains the best-capitalized private AI startup, profitability is not expected until 2029, leaving investors to weigh growth against long-term sustainability. Further, JPM believes that OpenAI must expand revenue sources quickly to justify its steep valuation, currently 27x projected 2025 revenue, above the industry average.
Business Insider
38 minutes ago
- Business Insider
Tesla (TSLA) Gets Bullish Forecast from Deutsche Bank Ahead of Q2 Earnings
Electric vehicle (EV) maker Tesla (TSLA) has received a bullish note regarding the second half of 2025 from Deutsche Bank analyst Edison Yu. He believes that Tesla could launch its most-anticipated low-cost EV in Q4. Yu refers to this EV as the 'Model Q,' while several others have nicknamed it 'Model 2.' Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Yu maintains a Buy rating on TSLA stock and a price target of $345, implying 4.7% upside potential from current levels. Tesla's Q2 Results Are Expected to Shine Tesla is scheduled to report its second-quarter fiscal 2025 results after the market closes on July 23. The Street expects Tesla to report adjusted earnings per share (EPS) of $0.40 on sales of $22.42 billion. For Q2, Yu now expects sales of $22.2 billion, slightly below consensus estimates. Additionally, Yu projects that automotive gross margins will improve to 14% in Q2, excluding credits, up from 12.5% in Q1. For fiscal 2025, he has raised his automotive gross margin projections to 13.8%. For reference, Tesla reported adjusted EPS of $0.52 on sales of $25.50 billion in Q2FY24. The downward trend in expectations reflects growing concerns about Tesla's declining EV sales and intense competition from domestic players in China. Tesla has missed earnings expectations in six out of the last eight quarters. Yu Is Optimistic About Tesla's Affordable EVs CEO Elon Musk has been touting the development of a low-cost EV for years, with several analysts expecting it to be launched in the first half of 2025. However, Yu believes that Tesla could roll out the affordable EV soon, potentially boosting deliveries in Q4 of this year. For the full year 2025, Yu expects total Tesla deliveries to reach 1.58 million units, down nearly 12% year-over-year and below the consensus estimate of 1.62 million units. Currently, Yu includes only 25,000 units of the yet-to-be-launched Model Q series in the total delivery forecast, calling this estimate the 'key swing factor' for Q4. Yu is also optimistic about the launch of Tesla's new six-seater EV, the Model Y Long, this fall in China. The Model Y L reportedly has a six-inch longer wheelbase, allowing for larger three-row passenger seating with six seats. In December last year, after meeting with Tesla's top executives, Yu predicted that Tesla would launch Model Q in the first half of 2025. He also cited the price of the affordable EV as less than $30,000, positioning it to compete effectively with lower-priced EVs from Volkswagen (VOW3) and BYD (BYDDF). Tesla's H2 Marked by Robotaxi and Robotics Advances Tesla's Q2 deliveries of 384,000 units exceeded Deutsche Bank's internal delivery forecast, backed by solid performance in the U.S. and international markets, even as China lagged. However, Yu believes that looking ahead, Tesla's robotaxi and robot businesses will be key value drivers for the company. Tesla launched its autonomous robotaxi service in Austin, Texas, on June 22, and has already started expanding service areas in the region. Yu expects Tesla to deploy a fleet of 1,000 robotaxis in the next six to nine months, with services expanding to San Francisco, Phoenix, and Miami. Is TSLA stock a Buy, Hold, or Sell? On TipRanks, TSLA stock has a Moderate Buy consensus rating based on 13 Buys, 13 Holds, and eight Sell ratings. Also, the average Tesla price target of $298.93 implies 9.3% downside potential from current levels. Year-to-date, TSLA stock has lost 18.4%.
