Latest news with #Sacks
Fast Company
5 days ago
- Business
- Fast Company
Rite Aid's Thrifty ice cream brand gets sold to a business entity linked to Monster Energy executives
Rite Aid has selected a successful bidder for its Thrifty Payless subsidiary, which includes the beloved Thrifty ice cream brand, according to a bankruptcy court filing on Thursday. The buyer was identified as Hilrod Holdings, a limited partnership linked to Hilton Schlosberg and Rodney Sacks, top executives at the energy drink company Monster Beverage Corporation. Hilrod is seeking to pay $19.2 million for Thrifty's assets, the filing revealed. The partnership is mostly known for its real estate investments Thrifty ice cream is available at scoop counters located inside many Rite Aid locations in addition to being sold by third-party retailers. It was not immediately clear what Hilrod plans to do with Thrifty should the sale be approved by the court. A hearing on the matter is scheduled for June 30. Fast Company reached out to a lawyer for Hilrod Holdings, and representatives for Monster Beverage and Rite Aid for comment. We will update this story if we hear back. Schlosberg and Sacks had until recently been co-CEOs of Monster Beverage. A filing with the Securities and Exchange Commission (SEC) revealed that Sacks planned to retire this month, while Schlosberg would continue to lead the company. Thrifty Ice Cream caught up in Rite Aid's bankruptcy The fate of Thrifty ice cream has been uncertain since Rite Aid announced in early May that it would see Chapter 11 bankruptcy protection for a second time. The embattled pharmacy chain is winding down its operations, closing or selling its physical stores, and has sold off most of its prescription files to competitors, including CVS and Walgreens. The Thrifty brand stretches back decades in Los Angeles, where it was sold at soda fountain counters inside the Thrifty Drug Store chain. It became part of Rite Aid through Rite Aid's purchase of Thrifty Payless in 1996.
Time of India
19-06-2025
- Business
- Time of India
David Sacks 'warns' US, says DeepSeek 'proof' China can advance AI chips despite restrictions
David Sacks David Sacks , the White House's AI and crypto czar, has warned that the United States' overly strict chip export rules could weaken its long-term tech dominance, potentially boosting Chinese rivals. He pointed to January's " DeepSeek moment " where the launch of the AI model revealed China was perhaps only "three to six months behind" in AI capabilities, a much smaller gap than previously believed. In a Bloomberg Television interview (via Business Insider), Sacks emphasised that China is rapidly closing the AI gap, urging the US to rethink its chip export controls if it intends to maintain its leading edge. He pointed to a "DeepSeek moment" in January, where the launch of the Chinese AI model revealed China was perhaps only "three to six months behind" in AI capabilities, a much smaller gap than previously believed. Sacks says Chinese companies moving fast in AI chip-making Despite current "supply-constrained" conditions for chip production in China, Sacks predicts this will change quickly. While he estimates China might be one and a half to two years behind the US in chip design, companies like Huawei are "moving fast" to catch up. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cặp EUR/USD: Đà Tăng? IC Markets Undo "Even before they fully caught up, I think you will see them exporting their chips for the global market," Sacks cautioned. He warned that if the US becomes "overly restrictive in terms of US sales to the world," it risks a future where "Huawei is everywhere." Sacks' concerns echo sentiments from other prominent tech leaders. At the Computex Taipei tech conference in May, Nvidia CEO Jensen Huang stated that US chip export rules were a "failure" because they spurred Chinese tech development. Huang noted that Nvidia's market share in China has plummeted from 95% four years ago to 50%, attributing this decline directly to the export controls. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
19-06-2025
- Business
- Yahoo
David Sacks says overly strict US export controls may backfire because China's AI models are just 'months behind'
David Sacks says overly strict chip export rules may weaken US tech dominance in the long run. He said DeepSeek demonstrated China's ability to advance despite export controls. US chip export rules could end up helping Chinese companies like Huawei gain ground globally, he said. China is closing the AI gap fast, and the US must rethink its chip export controls if it wants to stay ahead, said David Sacks, the White House's AI and crypto czar. In a Bloomberg Television interview published on Wednesday, Sacks said that the US should be mindful of the speed at which Chinese companies are catching up in the AI race despite the chip export rules in place. Even though China is "supply-constrained" on the number of chips it can produce, Sacks said he expects that to change quickly. "Back in January, we had this DeepSeek moment where, before DeepSeek, people thought that Chinese AI models were years behind. And then DeepSeek launched, we realized that maybe they're more like three to six months behind," Sacks said. Sacks added that he thinks China might be one and a half to two years behind the US in chip design, but companies like Huawei are "moving fast" to catch up. "Even before they fully caught up, I think you will see them exporting their chips for the global market," he said, adding that this could cause the US to lose its edge. "If we're overly restrictive in terms of US sales to the world, I think there'll be a time where we're kind of kicking ourselves when, all of a sudden, Huawei is everywhere," he said. "We'll be saying, well, wait, when we had this whole market to ourselves, why didn't we take advantage of the opportunity and lock in the American tech stock?" Other tech leaders have similarly highlighted concerns with US export controls, which often hit their businesses' bottom lines. During the Computex Taipei tech conference in May, Nvidia's Jensen Huang slammed US chip export rules because they encouraged Chinese tech development. "The export control gave them the spirit, the energy, and the government support to accelerate their development. So I think, all in all, the export control is a failure," Huang said. He added that Nvidia's market share in China has decreased to 50%, down from 95% four years ago. Bernstein analysts said in an April note that banning Nvidia chips is unlikely to stop China's AI progress, as Chinese firms are turning to domestic alternatives like Huawei. "In the longer run, expect Huawei to keep closing the gap in performance and Chinese foundational models making up for compute deficiency with Deepseek-like innovation," the analysts wrote. A representative for Sacks did not immediately respond to a request for comment sent by Business Insider outside regular hours. Read the original article on Business Insider
Bloomberg
18-06-2025
- Business
- Bloomberg
Stablecoin Bill Will Boost Dollar Demand: Sacks
David Sacks, White House AI and Crypto Czar and a partner at Craft Ventures, discusses the passage of the Genius Act in the Senate and how stablecoin legislation could help banks, consumers, and the US dollar. Sacks speaks exclusively with Caroline Hyde and Ed Ludlow on 'Bloomberg Tech.' (Source: Bloomberg)
Bloomberg
18-06-2025
- Business
- Bloomberg
Trump Adviser David Sacks Says China Adept at Evading Chip Curbs
White House crypto and artificial intelligence czar David Sacks warned that China has grown adept at evading US export controls and is at most two years behind American semiconductor design capabilities. In a Bloomberg Television interview on Wednesday, Sacks said the US should be concerned that Huawei Technologies Co. is moving fast to catch up to its rivals outside China. He said that DeepSeek's breakthrough AI model earlier this year demonstrated how China could still advance even with export controls in place.
