Feast your eyes on the all-new, all-electric GMC Hummer EV

GMC has a new all-electric version of its classic Hummer oversized SUV. This thing is a beast, as you might expect, with an advertised 350-mile range and a 3-second zero to 60 mph time. It’s a bit ridiculous to be honest, which is kind of what the Hummer has always been about so that makes sense.

Alongside a teaser, GMC released a number of press photos of the 1,000 HP bruiser, so take a look below. It definitely looks like a Hummer – which may or may not be your cup of tea.

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GMC reveals the Hummer EV: 1,000 HP, 350 mile range, and 0-60 in “around 3 seconds”

General Motors today revealed the GMC Hummer EV, its first electric pickup. The vehicle has a 350 range, 1,000 HP, and up to 11,500 pound feet of torque (through fuzzy math). And with a starting price of $80,000, it’s easily twice the cost of a gas-powered pickup. Yes, it sort of looks like the Tesla Cybertruck.

Several key stats stick above the rest. Three motors within two Ultium drive units power the vehicle and it appears to have the longest battery of any GM vehicle with an electric powertrain. GM says the Hummer EV can hit 60 mph in around three seconds. It also has all-wheel steering, which allows it drive diagonally in a mode called Crabwalk. There are removable roof panels, 35-inch tires, and an air suspension system that can raise the vehicle 6-inches.

Some details are still missing including the capacity of the battery, and towing capacity. For truck buyers, numbers around power and torque are secondary to what they mean in the real world. How much can the vehicle tow? How far can it go? How far can it go when pulling a trailer?

GM has plenty of time to answer those questions and more. The Hummer EV is not coming soon. GMC said the vehicle will be available for pre-ordering in 2021 and vehicles will be available for delivery in 2022.

The electric Hummer starts at $80,000. That gets buyers the Hummer EV2, a two-drive version that lacks key advertised features. For $100,000 buyers can get the Hummer EV3x which includes three motors and torque vectoring steering. For $90,000, and a release date of Spring 2023, buyers can get the EV2x which includes air ride and 4 wheel steer

The Hummer EV

The Hummer brand long stood for exessively large vehicles and this new incarnation is no different. It’s massive. While GM hasn’t revealed the full dimensions, it comes stock with 35-inch tires and is capable of 37-inch tires. That’s big.

GM built impressive technology into the Hummer EV. The Hummer EV comes with GM’s self-driving technology, Super Cruise, that allows the truck to drive partly autonomously. The battery pack is capable of connecting to an 800 volt charging system that will give the vehicle 100 miles in 10 minutes of charging. Buyers can order the Hummer EV with up to 18 cameras, including cameras that sit under the vehicle to help with ground clearance.

It seems GMC is positioning the Hummer EV as a quasi off-roader that’s part pickup and part SUV.

Inside a 13.4-inch touchscreen dominates the dashboard. The driver’s gauge cluster is digital as well with a 12.3-inch screen. Epic’s Unreal Engine powers both screens, which features class-leading animations. This technology is a huge leap forward over GM’s current infotainment system. The vehicle still has plenty of buttons, though, as functions such as climate control are separate from the screen.

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The General’s Electric Era

The Hummer EV is a big step for General Motors and signals a market shift. GM started its EV push in the ’90s with the EV1, which was revived in spirit with the Volt in 2010. GM released the small Chevy Bolt in 2017. None of these cars sold in large numbers, frankly, because they were uninspiring and, and well, cars. General Motors and others like Ford largely stopped developing cars as the market shifted to SUVs and pickups. GM is moving past the small commuter car with the Hummer EV in favor of a large pickup — a market segment GM knows well.

The Chevy Silverado joins the Ford F-150 and Ram Pickup as the top three selling vehicles in the United States. The three pickups outsold the next six vehicles combined. Trucks are a major market for American automakers, and the Hummer EV is clearly designed to test the water. With a unibody construction, it’s easy to imagine General Motors releasing an SUV version of the Hummer EV too. This would follow GM’s recent roadmap of moving away from cars and into SUVs and crossovers.

The Hummer EV’s unusual shape speaks to engineering limitations and partly explains why the GMC Hummer EV is not branded as a Chevy Silverado or GMC Serra. Much like the Tesla Cybertruck, the Hummer EV is likely based on a unibody construction similar to a passenger car. At this time, or rather when development began on the Hummer EV, it’s likely GM could not produce a unibody pickup with the same key specifications around towing, cargo capacity, and range of its Silverado pickups. An electric Silverado (or Ford F-150) must match its internal combustion counterpart on key areas — something the Hummer EV fails to do.

An electric Silverado is in the works. GM’s Mary Barra revealed the obvious during an interview in 2019. The automaker has only released one detail about the upcoming pickup: According to a financial document from July 2020, the electric pickup will have a 400 mile range.

General Motors has another electric pickup in the works through a significant investment with Nikola. On September 8, General Motors announced a $2 million investment in Michigan-based Nikola Motors. With the investment, General Motors gained access to Nikola’s EV development while also agreeing to manufacture Nikola’s Badger pickup. However, the deal is in question after fraud claims caused the company’s chairman to step down.

GM discontinued the Hummer brand during the auto crisis of 2008. It’s largely remembered for the monstrous H1 and H2 SUVs, the first being a civilian version of the military’s Humvee and the second being an over-the-top SUV. Towards the end of Hummer’s life, the company offered a pickup version of its smaller H3 model.

GMC Hummer EV vs. Tesla Cybertruck

Comparisons between the Hummer EV and Tesla Cybertrucks are inevitable. Much of the Cybertruck is still speculation and GM failed to reveal key details about the Hummer EV. Tesla unveiled the so-called super-truck eleven months ago and has been rather quiet since about the vehicle. In May, Elon Musk tweeted that the production version of the Cybertruck will likely be about the same size as the prototype.

At the time of the Cybertruck’s reveal, Tesla said it would be available starting at $39,000 for a single motor version capable of pulling 7,500 pounds and driving 250 miles on a charge. An AWD dual-motor and tri-motor version would also be available for $49,000 and $69,000, respectively. It’s unclear if those price points or specs will be true with Tesla releases the Cybertruck.

The Tesla Cybertruck and GMC Hummer EV share a lot in common, including a unibody construction that gives the vehicles their unusual look. Both the Hummer EV and Cybertruck feature unique C pillars that act as a flying buttress. These pillars add significant strength to the vehicle and compensate for the unibody design.

Generally, pickup trucks are built as two pieces: the body is placed on a frame. This is done for several reasons, but most notable here is because a frame can handle the significant twist caused by the drivetrain running from the front axle to the back. And in an EV, truck or car, there isn’t a drivetrain connecting the front and rear axels. This allows the automakers to employ a lighter unibody construction, which is often safer for the occupants. However, these bodies need to be as stiff as possible to help with towing and hauling. Honda leaned into this design with the unibody Ridgeline pickup.

Truck Buyers Have Different Expectations

The Hummer EV is a significant step for General Motors as it pushes into the electric future. Some buyers are not ready for electric vehicles, and truck buyers could be among the hardest demographic to convince.

Following the reveal of the Tesla Cybertruck in 2019, the company hooked a prototype up to the tow bar of a newer Ford F-150. The test was widely panned, as many pointed out the flaws that resulted in a Cybertruck win. Tesla was trying to demonstrate that its truck, though electric, can still do truck stuff. GMC will likely employ similar feats of strength, including commercials where gruff men proving a voiceover while the Hummer EV is towing a boat.

Truck buyers expect several things. One, the truck has to have a strong stance, which the Hummer EV has in bundles. Two, most truck buyers look at towing capacity even if they never tow anything. Towing capacity in trucks is much like horsepower in sports cars — more the better even if it’s not used. And towing capacity is only partially dictated by the powertrain’s power output. The rest comes from the design of the platform and how it can handle pulling weight. It’s unclear at this point if the Hummer EV, even with its crazy 1,000 HP, will be able to out tow a Silverado or F-150.

The Hummer falls short in several categories critical to pickup buyers: range and hauling capacity.

Pickups come with large gas tanks giving them amazing range. For instance, my 2016 Ford F-150 has a 32-gallon tank. If driven carefully, the truck can get 700 miles on one tank. When towing a trailer, the range is cut in half but exceeds 300 miles on a tank. GMC says the Hummer has a 350 range but has yet to say the range when towing a 7,000 travel trailer.

The electric pickup wars

With a release date of 2022, the Hummer EV is far from a sure bet. GM has plenty of time to rework the machine, adding or decreasing the range as technology improves before its release.

GM has competition too. The electric pickup race is just starting and Ford has the most to lose.

The Ford F-150 is the top selling vehicle in the American market, and has been for generations. The truck is the foundation of Ford’s success. In 2019 the company released a video demonstration of an early prototype electric powertrain that was able to pull (note: not tow) 1 million pounds. To help its efforts Ford invested hundreds of millions into Michigan-based Rivian, maker of an electric pickup platform. Recent reports place the viability of that partnership in question, but Ford is likely working at full tilt towards its electric pickups.

Automotive startups are also looking at building electric pickups. Rivian intends to build and sell its own pickup and SUV. Lordstown Motors, an outfit out of Lordstown, Ohio, revealed its pickup design in June and said it would retail for $52,000. And there’s more: Bollinger Motors, Workhorse, and Nikola.

Electric pickups are ripe for an electric takeover and GM just threw down a Hummer-sized hammer.

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After historic OSIRIS-REx asteroid sample collection, Lockheed Martin VP Lisa Callahan will join us at TC Sessions: Space

This December 16 and 17, we’re hosting our very first TC Sessions: Space event. It’ll be a virtual, live-streamed two-day show, including conversations with some of the best and brightest in the space industry. We’re thrilled to be hosting Lisa Callahan, Vice President and General Manager of Commercial Civil Space at Lockheed Martin, at the event, and she’ll join us to discuss her company’s history-making work in robotic space exploration – including the asteroid mining sample collection at asteroid Bennu that happened today – as well as the future of human space exploration.

Callahan’s work at Lockheed covers all the work they do to support NASA and other civil exploration efforts of space, including both robotic and human transportation and science investigations. That includes OSIRIS-REx, the asteroid study and sample return mission that earlier today made a historic descent to the surface of rocky solar system visitor Bennu, an asteroid that’s over 200 thousand miles from Earth.

OSIRIS-REx already made plenty of history, including becoming the closest orbit to an asteroid ever conducted by a spacecraft. But today it topped all of that with a ‘tap-and-go’ descent to the rocky surface, scooping samples that it will now attempt to return to Earth for direct study by scientists. That’s exactly the kind of ambitious extra-planetary robotic research that Callahan and her division at Lockheed have made possible with their work in advanced spacecraft and robotics design.

Callahan is also directly involved in NASA’s plans to return humans to the surface of the Moon – including sending a woman on a lunar landing mission for the first time ever. Lockheed Martin is the manufacturing partner for NASA’s Orion lander, which will transport the first American woman and the next American man to the Moon for their historic mission in 2024.

We’ll talk about what these achievements mean for the space industry, and the future of space exploration – and human spaceflight – in December with Callahan.

You can get Early-Bird tickets right now, and save $150 before prices go up on November 13 — and you can even get a fifth person free if you bring a group of four from your company. Special discounts for current members of the government/military/nonprofit and student tickets are also available directly on the website. And if you are an early-stage space startup looking to get exposure to decision makers, you can even exhibit for the day for just $2,000.

Is your company interested in partnering at TC Sessions: Space 2020? Click here to talk with us about available opportunities.

Netflix Slides After Results Suggest Pandemic Boom Is Waning

Netflix Slides After Results Suggest Pandemic Boom Is Waning(Bloomberg) -- Netflix Inc. tumbled in late trading after missing Wall Street’s estimates for subscribers, renewing doubts about its ability to maintain growth as pandemic lockdowns go away and competition intensifies.The world’s largest paid streaming service added just 2.2 million new subscribers in the third quarter, well short of the 3.32 million predicted by analysts, as well as the company’s own more conservative projection. Netflix also predicted that it will sign up 6 million new subscribers this period, below the 6.54 million Wall Street estimate.Netflix added 25.9 million customers in the first half of the year, its strongest start ever. Yet throughout the pandemic, the company has warned that the subscriber boom wouldn’t last -- and in fact, that its surge in new customers could suppress growth in the future.“We expected and knew there would be some level of slowdown,” Chief Financial Officer Spencer Neumann said during a video discussion after the results were released.But predicting subscriber growth in such a climate has proved trickier than ever. While Netflix’s forecasts for the second quarter proved too cautious, its outlook for the third quarter was too rosy.Many viewers -- especially in Europe and Asia -- have returned to something closer to normal day-to-day life, reducing the amount of time they can spend on Netflix binges. And pro sports have returned to Americans’ TV screens. All of that hampered subscriber gains last quarter, with growth suffering in all three regions.“It’s the sign of a maturing business,” said Jim Nail, an analyst at Forrester Research. “Infinite growth can’t go on forever.”It was Netflix’s weakest third-quarter gain since 2015, back when the company wasn’t yet operating in most of the world. In its letter to investors, management blamed a “pull forward” effect: Rapid growth in the first half of the year stole from results in more recent months. The streaming service also warned investors that it would see slower growth in the quarters ahead.Netflix shares fell as much as 7.4% to $486.50 in after-market trading. The stock had been up 62% this year through Tuesday’s close, giving the company a market value of $231.7 billion.Program PipelineNetflix has still outshined many TV networks and services, which have struggled to find new programming to air during the pandemic. The company has released a full slate of movies, TV shows and documentaries. And through nine months of 2020, the Los Gatos, California-based company has added 28.1 million paid memberships, topping all of last year.The company is on pace to add 34 million users in 2020, its strongest year of growth ever, and surpass 200 million customers in total.Movies and documentaries were a bright spot in the quarter. “The Old Guard,” an action film starring Charlize Theron, was its most-watched title in the third quarter, followed by two other features, “Project Power” and “The Kissing Booth 2.” “American Murder: The Family Next Door,” released in September, is on pace to be the service’s most-watched documentary ever.The performance of its original series was less strong, which may help explain why the company just restructured its TV division. And its most popular shows are still primarily in English, potentially limiting its overseas expansion.Netflix played down the impact of the pandemic on its pipeline of new shows. The company said it has completed 50 projects since the initial shutdown in production, and it will release more programs next year than it did in 2020.“We’re confident that we’ll have an exciting range of programming for our members, particularly relative to other entertainment service options,” the company said.Saving CashThe slowdown in production does mean Netflix will post positive annual free cash flow for the first time in years. Though the company reports a profit, it has still been burning through cash to fund its expansion into new territories and its production of new programs.While the company said free cash flow will be negative next year, it won’t need to borrow much money anymore. It now has enough cash on its balance sheet to fund its operations for more than 12 months.For years, critics have said Netflix will run out of money. That danger now appears to have passed. More and more, the company looks like a stable studio -- and increasingly, a dominant force in Hollywood.“We can safely say we can self-finance our growth without accessing capital markets,” Netflix’s Neumann said.(Updates with executive comments starting in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Shale Oil M&A Accelerates With Pioneer Strike to Buy Out Parsley

Shale Oil M&A Accelerates With Pioneer Strike to Buy Out Parsley(Bloomberg) -- The series of mergers reshaping the beleaguered U.S. shale oil industry accelerated Tuesday when Pioneer Natural Resources Co. agreed to buy Parsley Energy Inc. for $4.5 billion in stock, creating one of the largest producers in the Permian Basin.The deal came a day after ConocoPhillips announced its $9.7 billion takeover of Concho Resources Inc. and underscores the view that oil companies must be big to survive in a new, pandemic-maligned world that’s oversupplied with crude. Earlier this month Chevron Corp. completed its takeover of Noble Energy Inc., while Devon Energy agreed to merge with shale driller WPX in late September.The sector is in full-on merger mode in response to oil prices that have been stuck at around $40 a barrel in recent months after the Covid-19 pandemic hit global demand. While that’s put pressure on energy companies around the world, the pain is most severe in U.S. shale. The industry is weighed down by massive debts, the result of years of break-neck expansion that made America the largest crude producer but also disappointed investors with poor returns.Energy has slumped to less than 2% of the S&P 500 Index, down from more than 11% a decade ago, even as the wider market rose to record levels.“There’s only going to be three or four independents that are investable by shareholders” after the recent market rout, Pioneer Chief Executive Officer Scott Sheffield said on a conference call with analysts. The “real survivors” will be Pioneer-Parsley, EOG Resources Inc., ConocoPhillips, and “maybe” Hess Corp. over the long-term, he said. “The best companies have been picked off the past few weeks.” Of those companies left, there’s speculation that billionaire Harold Hamm’s Continental Resources Inc. may come to some agreement with Marathon Oil Corp., Paul Sankey, a New York-based analyst at Sankey Research said in a note. Other mid-size players that haven’t made deals this year include Diamondback Energy Inc., Cimarex Energy Co. and Ovintiv Inc.Pioneer’s purchase of Parsley will save about $325 million a year in debt repayments and cost reductions while also adding to free cash flow, the company said. But size is also key to the transaction’s success, according to Sheffield. “You’ve got to be over $10 billion market cap.”Size matters in U.S. shale because of economies of scale, lower overheads, increased bargaining power with suppliers but also, crucially, greater access to debt markets. Many companies are having to contend with falling production for the first time because they lack the financial resources to drill the new wells needed to offset rapid declines from older ones. About 35% of Pioneer’s production drops off each year without fresh drilling, while at Concho, the rate is closer to 40%.A Pioneer-Parsley combination creates one of the largest players in the prolific Permian Basin of West Texas and New Mexico, which produces more oil output than every OPEC member except Saudi Arabia. The newly enlarged Pioneer’s production in the shale formation would grow by more than 40% to the equivalent of roughly 558,000 barrels of oil a day, according to regulatory filings and data from energy analysis firm Enverus compiled by Bloomberg, rivaling only Occidental Petroleum Corp. and Chevron Corp.Shares of Parsley were down 3.4% to $10.26 at 7:04 p.m. in New York, after the close of regular trading, while Pioneer was unchanged from the close at $83.53.Initial reports of the deal talks between Pioneer and Parsley raised eyebrows among some onlookers because Pioneer CEO Sheffield is the father of Parsley chairman Bryan Sheffield. More of the family’s wealth is tied up with Parsley than Pioneer, according to data compiled by Bloomberg. The two were not involved in the negotiations, Pioneer executive Rich Dealy said on the call.The deal already appears to have strong support from two of Parsley’s top shareholders. Bryan Sheffield’s stake in Parsley is amplified by his holdings of Class B shares, which give him overall voting power of 7.8%. Quantum Energy Partners holds a further 17% of the stock and said it supports the deal.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


Netflix to test free weekend-long access in India

Netflix plans to give users in India access to its service at no charge for a weekend as part of a test to expand its reach in the country, a top company executive said Tuesday.

The American streaming giant, which reported slow users growth for the quarter that ended in September, recently stopped offering a first-month complimentary access to new users in the U.S. But the company plans to keep experimenting with new ways to lure potential customers, said Greg Peters, COO and Chief Product Officer at Netflix on the company’s earnings call.

One of those new ways is giving away access to Netflix at no charge to customers for a weekend in different markets, he said. The company has picked India as the first market where it will test this idea and “will see how that goes,” from there, he said.

“We think that giving away everyone in a country access to Netflix for free for a weekend could be a great way to expose a bunch of new people to the amazing stories that we have, the service and how it works … and hopefully get a bunch of those folks to sign up,” he said.

This won’t be the first time Netflix uses India as a test bed to explore new ideas. The company first flirted with the idea of a $2.7 mobile-only monthly plan in New Delhi before introducing it as a permanent tier in the country last year and then nearly a dozen markets. It has since tested even more pricing plans in the country.

India emerged as the largest open battleground for Silicon Valley and Chinese firms searching for their next billion users in the past decade. Amazon, Google, Apple, Spotify and several other firms offer a range of their services at a much lower price in India.

More to follow…

Daily Crunch: DOJ files antitrust suit against Google

Google faces a big antitrust suit, Amazon offers to pay customers for shopping data and we review the iPhone 12. This is your Daily Crunch for October 20, 2020.

The big story: DOJ files antitrust suit against Google

The suit accuses Google of “unlawfully maintaining monopolies in the markets for general search services, search advertising, and general search text advertising in the United States.” It’s co-signed by 11 states, all with Republican attorneys general — Texas, Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Michigan, Missouri, Montana and South Carolina.

Google called the U.S. Department of Justice’s case “deeply flawed” and offered a platform-by-platform argument that it doesn’t actually have unfair market dominance. For example, it attributed its popularity in search to a superior product, rather than anti-competitive practices.

Meanwhile, Wall Street investors don’t seem to be particularly alarmed by the suit.

The tech giants

Amazon launches a program to pay consumers for their data on non-Amazon purchases — The Amazon Shopper Panel program asks users to send in 10 receipts per month for any purchases made at non-Amazon retailers.

Snap shares explode after blowing past earnings expectations — The company delivered $679 million in reported revenue, smashing past Wall Street expectations.

Review: iPhone 12 and iPhone 12 Pro, two gems, one jewel — Both of these phones offer solid value, but two challengers wait in the wings.

Startups, funding and venture capital

Perch raises $123.5M to grow its stable of D2C brands that sell on Amazon — Perch acquires D2C businesses and products that are already selling on Amazon, then continues to operate and grow them.

Gowalla is being resurrected as an augmented reality social app — The startup was an ambitious consumer social app that excited Silicon Valley investors but ultimately floundered in its quest to take on Foursquare.

Synthetaic raises $3.5M to train AI with synthetic data — It’s already working with Save the Elephants to track animal populations, as well as with the University of Michigan to classify brain tumors.

Advice and analysis from Extra Crunch

Seven investors discuss augmented reality and VR startup opportunities in 2020 — “It’s still early, but it’s no longer too early.”

As startups accelerate in record Q3, Europe and Asia rack up huge VC results — Investment outside North America just had its best quarter in years.

Now may be the best time to become a full-stack developer — Talos Digital’s Sergio Granada has thoughts about this buzzy job title.

(Reminder: Extra Crunch is our subscription membership program, which aims to democratize information about startups. You can sign up here.)

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

Apple HomePod update brings Intercom and other new features

Apple HomePod owners, starting today, will be able to use the newly announced “Intercom” feature to send messages between their HomePod smart speakers. The feature, which arrives via a software update, brings this and several other new features to Apple’s smart speakers, including those introduced at Apple’s event last week where the company debuted its $99 HomePod mini.

Of these, Intercom is the most notable update, as it helps the HomePod catch up to rival smart speakers, like those from Apple and Google, which have offered similar broadcast messaging systems for years.

But in Apple’s case, Intercom doesn’t just send a user’s voice message — like “dinner’s ready!” or “time to go!” — across the family’s HomePod speakers. It’s also meant to work across Apple’s device ecosystem, by adding support for iPhone, iPad, Apple Watch, and even AirPods and CarPlay.

This could be a competitive advantage for HomePod, particularly because Amazon — which leads the U.S. market with its affordable Echo devices — no longer has its own smartphone business.

However, Apple says Intercom’s expanded support for other devices isn’t being rolled out today. Instead, it will arrive through further software updates later this year.

To use Intercom, HomePod owners with multiple devices can say things like:

“Hey Siri, Intercom, Has anyone seen my glasses?”

“Hey Siri, tell everyone, Dinner is ready.”

“Hey Siri, Intercom to the kitchen, Has the game started?”

And to reply, users can say something like “Hey Siri, reply, Yes.”

In addition to the new support for Intercom, the software update also introduces deeper integration with Apple Maps and iPhone, the ability to set and stop timers and alarms from any HomePod, the ability to continue listening to a podcast with multiuser support, and more.

The deeper integration means HomePod owners can now ask Siri for information about traffic conditions, as well as nearby restaurants and businesses. A Siri suggestion will then automatically appears in Maps on your iPhone so the route is available as soon as you get in the car.

HomePod owners can also now ask Siri to search the web, which then sends results to the iPhone.

Two other new features will arrive later this year, including the ability to connect one HomePod (or more) to Apple TV 4K for stereo, 5.1 and 7.1 surround, and Dolby Atmos for movies, TV, games and more.

The other upcoming feature, called Personal Update, will soon let you ask Siri “what’s my update” or “play my update,” to get all the info you need to start your day, including news, weather, calendar events, and any reminders.

AMD: Expect a “Beat and Raise” in Q3 Earnings, Says Top Analyst

AMD: Expect a “Beat and Raise” in Q3 Earnings, Says Top AnalystCOVID-19 has had ruinous consequences for many companies, but you’d be hard pressed to find any negative impact on perennial winner Advanced Micro Devices (AMD). The chip maker has swatted away the pandemic and has continued the market trouncing performance it set off on some half a decade ago.Heading into next week’s earnings (October 27, AMC), in possession of a year-to-date share gain of 78%, RBC analyst Mitch Steves pounds the table for more AMD upside.The 5-star analyst anticipates a "beat and raise” and, as such, lifts his price target from $84 to $92. This figure implies additional upside of 13% over the following months. Needless to say, Steves’ rating stays an Outperform (i.e. Buy). (To watch Steves’ track record, click here)So, what’s behind the target increase?Steves explained, “Our checks remain positive and we anticipate: 1) upside to gaming numbers due to higher than expected demand, 2) upside on PC CPUs as well given the continued strength from WFH initiatives - we also think AMD is continuing to gain share against Intel and 3) the steady share gains on the server side should continue and the firm should reach low-mid teens share (up from 10%) in the next 2-3 quarters.”Steves also addresses the recent rumored takeover of semiconductor peer Xilinx. Investors’ initial negative reaction to the estimated $30 billion deal was based on the fear the purchase amounts to a “defensive minded transaction.” Steves believes the noise surrounding the acqusition means “the focus has shifted away from AMD's current core/organic growth story.” However, the analyst expects such worries will “likely fade” so long as AMD “can produce organic results that meet/exceed expectations.”In addition to cementing AMD’s status as a large-cap semiconductor company, those in favor of the deal also highlight the acquisition’s potential to help AMD “expand into the communications sub-segment” and point to AMD's success when going head to head against Intel in the CPU segment.So, that’s RBC’s view, let’s see now what the rest of the Street has in mind for the high-flying chip maker. AMD's Moderate Buy consensus rating is based on 11 Buys, 13 Holds and 1 Sell. The $86.26 average price target suggests modest upside of 6% from current levels. (See AMD stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.