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The European Commission Has Approved AstraZeneca's Voydeya (Danicopan) As An Add-on To Ravulizumab Or Eculizumab For Paroxysmal Nocturnal Hemoglobinuria Patients Who Have Residual Hemolytic Anemia

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) has opened up the Quest operating system that powers its <a href="https://www.benzinga.com/topic/meta-quest">mixed reality devices</a> to third-party hardware manufacturers, taking a leaf out of Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google playbook.
What Happened: Meta will collaborate with other hardware manufacturers to help them power their mixed reality headsets with its Quest operating system. This move is the result of Meta's investments in mixed reality, starting with Oculus in 2014 for $2 billion.
The company is collaborating with leading global technology firms to create a new ecosystem of mixed-reality devices. This will provide developers with a broader range of hardware to run their apps, similar to the PC and smartphone markets.
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The new hardware ecosystem will be powered by Meta Horizon OS, the mixed-reality operating system that drives the Meta Quest headsets. This OS combines core technologies that power today&#8217;s mixed reality experiences with features that prioritize social presence.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38330972/metas-ai-assistant-now-integrates-real-time-google-search-bing-results-expert-calls-it-the-smart">Meta&#8217;s AI Assistant Now Integrates Real-Time Google Search, Bing Results: Expert Calls It &#8216;The Smart Route'</a>
Meta will also leverage its partnership with Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), to help manufacturers hop onto the Quest platform.
Meta is also making it easier for developers to reach their audiences by removing barriers between the Meta Horizon Store and App Lab, a platform that allows any developer who meets basic technical and content requirements to release software.
Why It Matters: Meta's decision to open up the Quest operating system adopts the strategy that Google used with Android. Smartphone makers like Samsung Electronics Co Ltd., Xiaomi, OnePlus, and others use Android, while Google does most of its core development.
Earlier, Meta also <a href="https://www.benzinga.com/news/24/04/38358203/mark-zuckerberg-wont-just-open-source-instagrams-code-but-would-he-do-it-for-a-10b-ai-model-he-says">open-sourced</a> its latest AI model, Llama 3, while CEO Mark Zuckerberg underscored the company's philosophy on open-sourcing technology.
Broadly, it follows the same path as Google took with Android – it standardizes the ecosystem, and several players, including Google itself, benefit from the economies of scale it results in.
Meta also recently <a href="https://www.benzinga.com/general/gaming/24/04/38364762/microsoft-meta-reveal-limited-edition-meta-quest-vr-headset-with-game-pass-bundle">collaborated with Microsoft</a> to produce a limited edition Meta Quest VR headset inspired by Xbox. It also <a href="https://www.benzinga.com/general/gaming/24/04/38342816/meta-quest-2-price-permanently-cut-in-half-concerns-linger-about-long-term-support">permanently slashed the price</a> of its Meta Quest 2 virtual reality headset to $199.
Price Action: Meta's stock closed 0.14% up at $481.73 on Monday, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38357333/elon-musk-reacts-to-tucker-carlson-saying-theres-ton-of-evidence-that-aliens-live-among-us-with-6000?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tucker Carlson Saying There&#8217;s &#8216;Ton Of Evidence&#8217; That Aliens Live Among Us</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Meta Platforms

Tech

GOOG

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QCOM

Meta Takes A Leaf Out Of Google's Playbook, Aims To Make Quest OS The Android Of Mixed Reality

Earnings

NJDCY

Nidec Q4 EPS ¥(35.66) Up From ¥(102.89) YoY, Sales ¥593.51B Up From ¥543.08B YoY

Policy analyst Ed Mills from Raymond James anticipates that the popular social media platform TikTok may cease operations in the U.S. next year.
What Happened: On Monday, Mills expressed his views on the future of TikTok in the U.S. during CNBC&#8217;s &#8220;Last Call.&#8221;
He stated, "Once this was added on to the bills last week, this [became] inevitable," ahead of the Senate vote on the TikTok crackdown bill. 
Mills explained that the bill aims to prevent TikTok from seeking a favorable judge, instead placing the case in the DC Circuit Court of Appeal, a court likely to side with Congress and the President. This would allow the forced divestiture to proceed.
"In my opinion, come next year TikTok as we know it will not operate here in the U.S,&#8221; Mills added.
His comments come in the wake of the U.S. House of Representatives passing a bill that could significantly impact TikTok&#8217;s future in the U.S. The legislation proposes that TikTok must be sold within a year or face a ban from U.S. app stores.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"Once this was added on to the bills last week, this [became] inevitable," says <a href="https://twitter.com/RaymondJames?ref_src=twsrc%5Etfw">@RaymondJames</a> policy analyst Ed Mills ahead of the Senate vote on the TikTok crackdown bill. "In my opinion, come next year TikTok as we know it will not operate here in the U.S.&quot; <a href="https://t.co/OyHmGjPgMK">pic.twitter.com/OyHmGjPgMK</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1782558046289268920?ref_src=twsrc%5Etfw">April 22, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/04/38346954/trump-in-hot-seat-in-hush-money-case-prosecutors-seek-deep-dive-into-ex-presidents-alleged-misconduc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump In Hot Seat In Hush-Money Case, Prosecutors Seek Deep Dive Into Ex-President&#8217;s Alleged Misconduct And Manipulation</a>
Why It Matters: The bill<a href="https://www.benzinga.com/news/24/04/38348328/tiktok-sale-or-ban-social-media-giants-future-hangs-in-balance-as-house-passes-controversial-bill">, part of a larger package </a>aimed at providing aid and bolstering national security measures in support of Ukraine, Israel, and Taiwan, has sparked controversy. <a href="https://www.benzinga.com/news/24/04/38353060/us-tiktok-ban-bill-would-trample-on-free-speech-rights-of-170m-americans-says-social-media-giant">TikTok has voiced concerns</a> about the potential infringement on the free speech rights of American users. The social media giant, owned by Chinese company ByteDance, has been given a year to sell its stake or face the ban.
Notable figures such as <a href="https://www.benzinga.com/news/24/04/38368326/edward-snowden-joins-elon-musk-in-opposing-tiktok-ban-censors-speech-police-book-burners">Edward Snowden and Elon Musk</a> have also expressed their opposition to the proposed TikTok ban. Snowden, a former computer security consultant for the National Security Agency, supported Musk&#8217;s stance, stating that censors, speech police, and book burners were symbols of an un-free society.
Read Next: <a href="https://www.benzinga.com/news/24/04/38348277/trump-vs-biden-nationwide-poll-shows-key-issue-decidedly-tilts-equation-in-favor-of-one-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump vs. Biden: Nationwide Poll Shows Key Issue Decidedly Tilts Equation In Favor Of One Candidate</a>
Photo by XanderSt on Shutterstock
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Social Media

Politics

Analyst Predicts TikTok Shutdown In US By Next Year Ahead Of Senate Vote: 'Will Not Operate Here...'

Macro Economic Events

Econ #s

Economics

Eurozone Services Purchasing Managers Index Preliminary For April 52.9 Vs. 51.8 Est.; 51.5 Prior

HCOB Eurozone Composite Purchasing Managers Index Preliminary For April 51.4 Vs. 50.8 Est.; 50.3 Prior

Eurozone Manufacturing Purchasing Managers Index Preliminary For April 45.6 Vs. 46.5 Est.; 46.1 Prior

Phoenix Motor Partners With Cennatic For Commercial EV Battery Solutions

Cohen &amp; Steers, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNS#NYSE">CNS</a>) has offered and sold 1,007,057 shares of its common stock (the &quot;Shares&quot;) through its &quot;at-the-market&quot; equity offering program (the &quot;ATM Program&quot;). The Shares were offered and sold through BofA Securities, as sales agent, at an average price per share of $69.60. The expected net proceeds to Cohen &amp; Steers, after deducting commissions and estimated offering expenses, are approximately $68.4 million.

Reported Earlier, Cohen & Steers Raises $70M In Gross Proceeds From At-The-Market Equity Offering

A popular asset allocation strategy promoted by hedge funds, including&nbsp;Bridgewater Associates&#8216;&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/ray-dalio" rel="noreferrer noopener">Ray Dalio</a>, is reportedly facing investor redemptions after underperforming promises.
What Happened:&nbsp;Bridgewater and other hedge funds promised superior returns with their &#8220;risk-parity portfolios,&#8221; but after half a decade of subpar performance, investors are pulling their money out, Bloomberg&nbsp;<a target="_blank" href="https://news.bloomberglaw.com/capital-markets/ray-dalios-famous-trade-is-sputtering-and-investors-are-bailing" rel="noreferrer noopener">reported</a>.&nbsp;
Large investors, including public pension funds in New Mexico, Oregon, and Ohio, have withdrawn their investments, leading to a $70 billion decline in these funds from their peak three years ago. This comes despite reassurances from hedge funds that things could improve in the next decade.
Risk parity was successful only during the Great Financial Crisis of 2008-09 and &#8220;that was really its heyday,&#8221; said Eileen Neill, as per the report, whose firm advises New Mexico&#8217;s $17 billion worth of public employee pension.
Since 2019, risk-parity funds have consistently underperformed the standard 60/40 global stock-bond mix, according to a broad industry index, as per the report. This lackluster performance has led to a significant investor exodus, with Verus estimates compiled from eVestment data showing a drop in risk-parity fund assets from a peak of $160 billion in 2021 to roughly $90 billion by the end of 2023.
What Is Risk-Parity?&nbsp;A&nbsp;<a target="_blank" href="https://www.benzinga.com/news/22/09/29068486/2022-made-sure-even-risk-parity-strategies-dont-work-this-etf-lost-over-28-this-year" rel="noreferrer noopener">risk-parity portfolio</a>, according to a University of Massachusetts Amherst paper, &#8220;defines a well-diversified portfolio as one where all asset classes have the same marginal contribution to the total risk of the portfolio.&#8221; This approach prioritizes risk management over chasing high returns and involves portfolio rebalancing and leverage.
Unlike traditional 60/40 stock-to-bond portfolios, risk-parity focuses on risk distribution rather than dollar amounts invested in each asset class.
The risk-parity portfolio was first launched in 1996 to manage Dalio&#8217;s trust assets, as per Bloomberg, and was lauded as a way to &#8220;use deep economic research to craft the best possible portfolio, instead of trying to call the next big thing.&#8221;
Instead of taking on high risk in a bid to chase superior returns, the approach propounded diversification across an array of assets such as commodities and bonds, with each as an equal driver of the portfolio&#8217;s volatility.
See Also:<a target="_blank" href="https://www.benzinga.com/yield-investments" rel="noreferrer noopener">&nbsp;Best High-Yield Investments To Earn</a>
Defenders Of The Strategy:&nbsp;Proponents of the strategy argue that exiting now, with stocks at record highs, is a &#8220;classic investor error.&#8221; Bridgewater claims its &#8220;All Weather&#8221; fund that targets 10% volatility may be underperforming currently, but believes risk-parity remains superior for long-term investing, especially with potential stagnation in stock gains.
The &#8220;All Weather&#8221; iteration fell 22% in 2022, with&nbsp;Michael Markov&nbsp;of Markov Processes<a target="_blank" href="https://www.benzinga.com/news/22/09/29068486/2022-made-sure-even-risk-parity-strategies-dont-work-this-etf-lost-over-28-this-year" rel="noreferrer noopener">&nbsp;blaming the underperformance</a>&nbsp;on it being less reactive to short-term market swings and correlation changes.
Risk-parity funds also face stiff competition from private credit funds and top hedge funds with consistent returns. 
Michael Shackelford, chief investment officer at the Public Employees Retirement Association of New Mexico, reportedly said, &#8220;If I'm going to have 6% or 8% of my portfolio in something else, I'd rather that something else be a bucket of really good performing hedge funds.&#8221;
Investors should focus on future performance, argued&nbsp;Jordan Brooks&nbsp;of&nbsp;AQR Capital Management, whose firm manages $13.7 billion in risk-parity investments. &#8220;It's investors' job at the end of the day not to look backward but forward to what's the best portfolio to navigate the next decade,&#8221; he said.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that mirrors the S&amp;P 500 Index, ended Monday&#8217;s session up 0.92% at $499.72, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro</a> data. The RPAR Risk Parity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RPAR#NYSE">RPAR</a>) closed the previous session 0.16% lower at $18.63 and is down over 5% over the past year.
Read Next: <a href="https://www.benzinga.com/news/24/01/36647975/2024-win-for-president-joe-biden-or-donald-trump-would-be-threatening-for-markets-ray-dalio-says">2024 Win For President Joe Biden Or Donald Trump Would Be &#8216;Threatening&#8217; For Markets, Ray Dalio Says</a>

Hedge Funds

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RPAR

Ray Dalio's Way Loses Shine As Investors Yank Out Billions From Risk-Parity Funds After Disappointing Returns: But Is It A 'Classic Investment Error?'

Germany Services Purchasing Managers Index Preliminary For April 53.3 Vs. 50.6 Est.; 50.1 Prior

Germany Manufacturing Purchasing Managers Index Preliminary For April 42.2 Vs. 42.8 Est.; 41.9 Prior

Sasol's Nine Months Ended March 31, 2024 Mining Productivity +4% YoY, Gas Production +8% YoY, SO Production Volumes +3% YoY, And Total Chemicals Sales Volumes + 4% YoY

Honda Motor Europe Renews And Expands IT Partnership with Kyndryl Via Multiyear Managed Infrastructure Services Agreement

France Services Purchasing Managers Index Preliminary For April 50.5 Vs. 48.9 Est.; 48.3 Prior

France Manufacturing Purchasing Managers Index Preliminary For April 44.9 Vs. 46.9 Est.; 46.2 Prior

<a href="https://www.globenewswire.com/Tracker?data=DoqkUAnQT0K36GETdoDpEZBf9Fti-plTY2wG7QpNG3Fa51vlPx8BDWho7hFh8ZIILi7jfJ_qdDmugGk4v9tyq3aE1vJzhj4NyR_SFo1avkBqXA-4yyh7rM54vHz4wxFBH_EDY9-ch3EFWiyoQbYcYA==">nCino, Inc.</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNO#NASDAQ">NCNO</a>), a pioneer in cloud banking for the global financial services industry, today announced that <a href="https://www.globenewswire.com/Tracker?data=fhG6E4csOlrOzGLDpxrfG0wHTVpSrUbb4Kk9mPiLc75ukgPgpacC80kGp4O-rTLEO-HjqqoJT7xLcfibKcPjoQ==">Together</a>, one of the UK's leading property lenders, has selected <a href="https://www.globenewswire.com/Tracker?data=DoqkUAnQT0K36GETdoDpESS0YzZmGD_x43n1I63tr5Rn-umHBrUc1Ri2uCb3oGDfzrGnhYYzlUUBt7RPKw48rMlnSoqB7eFhriJdQg7EFeGDHjioSY7Z2NwdFWm9wDJ9LgW94m775I5_NrDxFdHiB9DgQjnHwYVMmcS8szaqEyTq0fx70N9hbR9oZpd7xmsV40oX0TvrBzrUhrgNu2SSiA==">nCino's Cloud Banking Platform</a> to revolutionise and future-proof its business.

NCNO

UK Property Lender Together Tapped nCino to Revolutionise its Lending Business

Teledyne e2v, a Teledyne Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDY#NYSE">TDY</a>) company and global innovator of imaging solutions, is pleased to announce a new technology and design collaboration with <a href="https://www.airy3d.com/">Airy3D</a> (Montreal, Canada), a leading 3D vision solution provider. The first result of this partnership is the co-engineering of the recently announced <a href="https://imaging.teledyne-e2v.com/products/2d-cmos-image-sensors/topaz5d/">Topaz5D</a>&#x2122;, a low-cost, low power, passive, 2 megapixel global shutter sensor which produces 2D images and 3D depth maps. &nbsp;

Teledyne e2v and Airy3D Collaborate to Deliver Affordable 3D Vision Solutions

STGW

Reported Earlier, Stagwell Strengthens Asia Pacific Presence, Adds Indonesia's Leverate Group To Global Affiliate Program

Grupo Aeroportuario Del Pacifico Q1 EPADS $2.586 Up From $2.553 YoY, Sales Ps.8.49B Up From Ps.8.34B YoY