It was "the furthest any Right to Repair bill for consumer electronics has come to becoming law" in America, reports the nonprofit California Public Interest Research Group.

And yet... The California Senate Appropriations committee failed to pass Sen. Susan Eggman's Right to Repair bill, SB 983, on May 19, which would have significantly expanded Californians' access to the parts, tools, and service information needed to fix consumer electronics and appliances.... The policy had broad, bipartisan support, with 75% of Californians and majorities of both parties supporting Right to Repair. The bill, which passed through the judiciary committee with only a single opposing vote, met the same fate as a similarly popular medical Right to Repair bill that Sen. Eggman introduced in 2021. Sander Kushen, CALPIRG Advocate issued the following statement in response... "SB 983 could have saved California households as much as $4.3 billion a year in reduced spending on electronics and helped Californians reduce toxic electronic waste. Instead, industry groups' heavy lobbying effort helped to kill the bill."
"Other states are pursuing similar legislation and there's also a pending federal bill," reports the San Francisco Chronicle" The right-to-repair movement is gaining steam with President Biden as a vocal advocate. In July 2021, he asked the Federal Trade Commission to draft right-to-repair rules. The FTC said it will target repairs restrictions as antitrust violations.

In recent months, major tech players have opened up limited ways to help consumers fix stuff. Apple has said it will sell manuals, parts and tools but only to owners of the iPhone 12 and 13 models. Microsoft said it's looking into repair options for its computer accessories. Google will sell replacement parts for Pixel smartphones via iFixit, a self-described "wikipedia of repair."
But they also explore why the California bill failed: The legislative bill, which would have been the first of its kind in the United States, would have required makers of electronic gear such as cell phones, game consoles, washers and dryers, computers — almost anything with a chip inside — to ease the route to fixing broken stuff by providing parts, tools and manuals at reasonable prices. Supporters pitched it as a no-brainer to save consumers money and reduce e-waste.

But the electronics industry says that it could have created a free-for-all, allowing pirates to flourish, unauthorized people to access sensitive information and trade secrets to be violated... "We're going up against the rights of some of the biggest companies in the world," said Kevin O'Reilly, a Right to Repair campaign director with U.S. Public Interest Research Group, or PIRG. He's also associated with CALPIRG. "Apple and Google and other tech giants have either lobbied against the bill or supported organizations that lobbied against the bill."

Mike Bouma (Slashdot reader #85,252) writes: AmiKit is a compilation of pre-installed and pre-configured Amiga programs running emulated on Windows, macOS, and Linux (as well as running on classic 68K Amigas expanded with a Vampire upgrade card).

Besides original Workbench (Commodore's desktop environment/graphical filemanager), AmiKit provides Directory Opus Magellan and Scalos as desktop replacements and its "Rabbit Hole" feature allows you to launch Windows, Mac or Linux applications directly from your Amiga desktop! Anti-aliased fonts, Full HD 32-bit screen modes and DualPNG Icons support is included and this package comes with exclusive versions of the Master Control Program (MCP) and MUI 5 (Magic User Interface).

The original AmigaOS (version 3.x) and Kickstart ROM (version 3.1) are required, also the recently released AmigaOS 3.2 is supported. You can also get the needed files from the Amiga Forever package(s). It even supports emulating AmigaOS 4.x (for PowerPC) easily through Flower Pot.

Here's an extensive overview video by Dan Wood. An Amiga Future review of an earlier 2017 version can be read here.
"Everything began in 1994 when my parents bought an Amiga 500 for me and my brother," explains AmiKit's developer.

"I was 14 years old..." Fast forward to 2005, the AmiKit was born — an emulated environment including more than 350 programs. It fully replaced my old Amiga and it became a legend in the community over the years.

Fast forward to 2017, a brand new AmiKit X is released, originally developed for A.L.I.C.E., followed by the XE version released in 2019, Vampire edition in 2020 and Raspberry Pi in 2021. The latest & greatest version was released in 2020.

When someone, who has never heard about Amiga before, asks me why I would want to turn current modern computer into something retro and old fashioned, my short answer is: "Simply because I love Amiga!"

"There's no guarantee that robot umpires will make their way to the majors," writes the San Francisco Chronicle. "But the system is as close as it has been now, one level below."

Here's how it looks for a minor league/Triple-A team, the Albuquerque Isotopes: Using the same computerized optical tracking technology known as Hawk-Eye that has been used for several years now in pro tennis and some other sports, MLB's new Automated ball-strike system is a rather in-depth setup. In early April, MLB set up eight high-speed cameras and hundreds of receivers around Isotopes Park that, along with the video from the cameras, add to a triangulation process that can help determine exactly where the ball crosses the strike zone — despite there being no camera directly over or behind the plate.

The MLB says it is confident a foul ball hitting one camera or a light drizzle of rain during a game won't affect the data accuracy.

"It's here," said Albuquerque Isotopes manager Warren Schaeffer. "We'll all get used to it. As long as we don't see it really messing things up, we'll adjust."
The manager also added, "I don't know what human umpires miss in a game — maybe three or four calls a game? And this system seems like it's missing three or four a game, I guess. I'm sure that they can improve it and it's always going to keep improving I guess." "The technology is there," said an MLB official who spoke to the Journal about the implementation of the automated ball-strike system... At this point, MLB is trying to get enough of a sample size to see how the game is affected and troubleshoot any unforeseen issues.
There's still an umpire behind the plate making the punching gesture for a strike — but he's just repeating whatever call the system has beamed into his ear.

The paper shares this story from a relief pitcher watching another pitcher disagree with a "called ball" early in the game, and asking the umpire whether it was in the strike zone and why it wasn't called a strike.

"And the umpire just shrugged and said, 'I don't know.'"

Would you drink a glass of Klingon Blood Wine? Or Cardassian Kanar Red Blend? Maybe you'd prefer the Andorian Blue Premium Chardonnay, or the United Federation of Planets Special Reserve Sauvignon Blanc...

Star Trek wines — a collaboration between CBS Consumer Products and Wines That Rock — has now added those four new flavors to their original two (which Ars Technica described as "far better than we expected, although very much over-priced.") So Ars hosted a wine tasting including the new wines, with their six testers joining "Q himself — aka actor John de Lancie." Also taste-testing was The Orville writer Andre Bormanis (a former science advisor for Star Trek: The Next Generation, Deep Space Nine, Voyager and Enterprise).

"Wine assessments were anonymous, in keeping with the gathering's super-casual vibe. And the wine was purchased out of pocket, not gifted for promotional purposes."

They'd tried this once before in 2019. Their three-year mission? To explore strange new wines... Next up: A Bordeaux blend from Chateau Picard (although the label claims it's a 2386 vintage to keep the conceit going): 85 percent cabernet and 15 percent merlot. As I noted [in 2019], this is a bona fide winery, with a centuries-old vineyard in the St.-Estephe region. It just so happens that Jean-Luc Picard's family has long run a fictional vineyard of the same name, albeit in the Burgundy region rather than Bordeaux — it features prominently in Picard. The real winery agreed to collaborate on a special edition of their cru bourgeois vintage for the Star Trek collection.

The Bordeaux blend also came out on top with the 2022 tasting crew, who declared it "perfectly quaffable" and "surprisingly good." The wine is light and dry, "easy on the palate," with "a clean finish," and fairly well balanced. It's almost as if Bordeaux wine makers have had centuries of experience to draw upon. This was the only bottle the tasting crew polished off completely.

Alas, the four new varieties in the Star Trek wine collection fall far, far short of their predecessors....

I will give the Star Trek Wine folks props for creative bottle design, especially the corkscrew shape of the Cardassian blend. The broad consensus was that the Klingon Blood Wine is trying to be a pinot noir and falling short; it's basically a very fruity California cabernet, with perhaps a hint of pepper. "Whoever supplied this blood ate nothing but fruit salad the week prior," one taster noted, with another simply writing, "Way too sweet." The most generous assessment was that it is "drinkable but not extraordinary...."

With the evergreen caveat that taste in wine is highly subjective, here's our recommendation. Stick with the original two bottles for your Star Trek wine, or save yourself some money and get something comparable for a fraction of the price — unless, of course, you're really keen to collect the whole set of unusual bottle designs. Or you're a Cardassian who loves really sweet wine.
Meanwhile, William Shatner himself is raising money for charity by auctioning off a bottle of "James T. Kirk" whiskey — the actual prop used on Star Trek: Picard. "The bottle does not contain real Bourbon just a colored liquid," its description notes — but the bottle has actually been autographed by 91-year-old Shatner.

Mike Bouma writes: Despite being expensive and having been sold out for quite some time at the main Amiga Dealers, two days after Linus Torvalds' release of Linux 5.18, Christian "xeno74" Zigotzky made the latest PPC kernel available for the AmigaOne X1000/X5000. Here and here are some screenshots. Linux PPC performs well on AmigaOne computers. For example, here is a 5-year-old YouTube AmigaOne X5000 demonstration video.

UnknowingFool writes: The current Linux kernel in development, 5.19, added 495,793 new lines of code for graphic driver updates. David Airlie sent in the new lines as part of Direct Rendering Manager (DRM) subsystem of Linux. The majority of additions were for AMD's RDNA and CDNA platforms but Intel also submitted changes for their DG2 graphics as well. Updates also came from Qualcomm and MediaTek for their GPU offerings.

New research explains how meteorites called aubrites may actually be shattered pieces of the planet closest to the sun from the early days of the solar system. From a report: Mercury does not make sense. It is a bizarre hunk of rock with a composition that is unlike its neighboring rocky planets. "It's way too dense," said David Rothery, a planetary scientist at the Open University in England. Most of the planet, the closest to the sun, is taken up by its core. It lacks a thick mantle like Earth has, and no one is quite sure why. One possibility is that the planet used to be much bigger -- perhaps twice its current bulk or more. Billions of years ago, this fledgling proto-Mercury, or super Mercury, could have been hit by a large object, stripping away its outer layers and leaving the remnant we see behind.

While a nice idea, there has never been direct evidence for it. But some researchers think they have found something. In work presented [PDF] at the Lunar and Planetary Science Conference in Houston in March, Camille Cartier, a planetary scientist at the University of Lorraine in France, and colleagues said pieces of this proto-Mercury may be hiding in museums and other meteorite collections. Studying them could unlock the planet's mysteries. "We don't have any samples of Mercury" at the moment, said Dr. Cartier. Gaining such specimens "would be a small revolution" in understanding the natural history of the solar system's smallest planet. According to the Meteoritical Society, nearly 70,000 meteorites have been gathered around the world from places as remote as the Sahara and Antarctica, finding their way into museums and other collections. Most are from asteroids ejected from the belt between Mars and Jupiter, while more than 500 come from the moon. More than 300 are from Mars.

UnknowingFool writes: This weekend, Miguel Ojeda, added support for a set of additional Rust patches in the kernel and separately a new version of Uutils which is the Rust version of GNU CoreUtils. These changes will go towards more inclusion of Rust into Linux. The v7 patches adds in abstractions used by Rust and the Uutils update contained fixes and addresses compatibility issues.

SlashData's "State of the Developer Nation" surveyed more than 20,000 developers in 166 countries, taken from December 2021 to February 2022, reports InfoWorld.

It found the most popular programming language is JavaScript — followed by Python (which apparently added 3.3 million new net developers in just the last six months). And Rust adoption nearly quadrupled over the last two years to 2.2 million developers.

InfoWorld summarizes other findings from the survey: Java continues to experience strong and steady growth. Nearly 5 million developers have joined the Java community since the beginning of 2021.

PHP has grown the least in the past six month, with an increase of 600,000 net new developers between Q3 2021 and Q1 2022. But PHP is the second-most-commonly used language in web applications after JavaScript.

Go and Ruby are important languages in back-end development, but Go has grown more than twice as fast in the past year. The Go community now numbers 3.3 million developers.

The Kotlin community has grown from 2.4 million developers in Q1 2021 to 5 million in Q1 2022. This is largely attributed to Google making Kotlin its preferred language for Android development.

After nearly 20 years, Hollywood Designer 6.0 is "very stable and mature", write its developers — envisioning both hobbyist and professional users (with its support for modern graphics-editing features like filter effects and vector graphics) in its massive new evolution.

Long-time Slashdot reader Mike Bouma explains: Airsoft Softwair has released Hollywood Designer 6.0, "a full-blown multimedia authoring system that runs on top of Hollywood and can be used to create all sorts of multimedia-based applications, for example presentations, slide shows, games, and applications. Thanks to Hollywood, all multimedia applications created using Hollywood Designer can be exported as stand-alone executables for the following systems: AmigaOS3, AmigaOS4, WarpOS, MorphOS, AROS, Windows, macOS, Linux, Android, and iOS."

The current version of Hollywood is v9.1 with various updated add-ons. To see earlier versions of Hollywood 9.0 & Designer 5.0 in action have a look at Kas1e's short demonstration on AmigaOS4 / AmigaOne X5000.

An anonymous reader shares a report: Total Commander has been around since the 90s, eventually expanding into Android after the platform launched over a decade ago. The app has more than 10 million downloads on the Play Store, still supporting OS versions as far back as Android 2.2. With a new update, developer Christian Ghisler has removed the ability to install APK files on Android, blaming Google Play policies in the patch notes for the app. It's a shocking twist for the service and, seemingly, a bad omen of things to come for other mobile file managers. A forum post from Ghisler sheds some more light on what's going on here, as Google sent him a notice warning of his app's removal from the Play Store within a week if the app went unmodified. The company's automated response pointed the developer to the "Device and Network Abuse" policy.

FreeBSD 13.1 has been released today. Some of the new features include UEFI boot improvements for AMD64, a wide variety of hardware driver improvements, and support for freebsd-update to allow creating automated snapshots of the boot environment to try to make operating system updates foolproof. Phoronix reports: Some of the other changes with FreeBSD 13.1 include enabling Position Independent Executable (PIE) support by default on 64-bit architectures, a new "zfskeys" service script for the automatic decryption of ZFS datasets, NVMe emulation with Bhyve hypervisor, chroot now supports unprivileged operations, various POWER and RISC-V improvements, big endian support improvements, support for the HiFive Unmatched RISC-V development board, updating against OpenZFS file-system support upstream, and many other changes throughout this BSD open-source ecosystem. Downloads and the full change-log for FreeBSD 13.1 can be found here.

ZDNet reports news from PyCon 2022 ("the first in-person meet-up for Python contributors since 2019 due to the pandemic")

"Developers revisited the idea of running Python code in the browser...." CPython developer Christian Heimes and fellow contributor Ethan Smith detailed how they enabled the CPython main branch to compile to WebAssembly. CPython, short for Core Python, is the reference implementation that other Python distributions are derived from. CPython now cross-compiles to Wasm using Emscripten, a toolchain that compiles projects written in C or C++ to Node.js or Wasm runtimes. The Python Software Foundation highlighted the work in a blog post: "Python can be run on many platforms: Linux, Windows, Apple Macs, microcomputers, and even Android devices. But it's a widely known fact that, if you want code to run in a browser, Python is simply no good — you'll just have to turn to JavaScript," it notes.

"Now, however, that may be about to change."

While the Foundation notes cross-compiling to WebAssembly is still "highly experimental" due to missing modules in the Python standard library, nonetheless, PyCon 2022 demonstrated growing community interest in making Python a better language for the browser.
The article notes additional news from Anaconda (makers of the a Python distribution for data science): the announcement of PyScript, "a system for interleaving Python in HTML (like PHP)." It allows developers to write and run Python code in HTML, and call Javascript libraries in PyScript. This system allows a website to be written entirely in Python.

PyScript is built on Pyodide, a port of CPython, or a Python distribution for the browser and Node.js that's based on WebAssembly and Emscripten.... "Pyodide makes it possible to install and run Python packages in the browser with micropip. Any pure Python package with a wheel available on PyPI is supported," the Pyodide project states. Essentially, it compiles Python code and scientific libraries to WebAssembly using Emscripten.

An anonymous reader quotes a report from KrebsOnSecurity: The U.S. Drug Enforcement Administration (DEA) says it is investigating reports that hackers gained unauthorized access to an agency portal that taps into 16 different federal law enforcement databases. KrebsOnSecurity has learned the alleged compromise is tied to a cybercrime and online harassment community that routinely impersonates police and government officials to harvest personal information on their targets. On May 8, KrebsOnSecurity received a tip that hackers obtained a username and password for an authorized user of esp.usdoj.gov, which is the Law Enforcement Inquiry and Alerts (LEIA) system managed by the DEA. According to this page at the Justice Department website, LEIA "provides federated search capabilities for both EPIC and external database repositories," including data classified as "law enforcement sensitive" and "mission sensitive" to the DEA.

A document published by the Obama administration in May 2016 (PDF) says the DEA's El Paso Intelligence Center (EPIC) systems in Texas are available for use by federal, state, local and tribal law enforcement, as well as the Department of Defense and intelligence community. EPIC and LEIA also have access to the DEA's National Seizure System (NSS), which the DEA uses to identify property thought to have been purchased with the proceeds of criminal activity (think fancy cars, boats and homes seized from drug kingpins). The screenshots shared with this author indicate the hackers could use EPIC to look up a variety of records, including those for motor vehicles, boats, firearms, aircraft, and even drones.

From the standpoint of individuals involved in filing these phony EDRs, access to databases and user accounts within the Department of Justice would be a major coup. But the data in EPIC would probably be far more valuable to organized crime rings or drug cartels, said Nicholas Weaver, a researcher for the International Computer Science Institute at University of California, Berkeley. Weaver said it's clear from the screenshots shared by the hackers that they could use their access not only to view sensitive information, but also submit false records to law enforcement and intelligence agency databases. "I don't think these [people] realize what they got, how much money the cartels would pay for access to this," Weaver said. "Especially because as a cartel you don't search for yourself you search for your enemies, so that even if it's discovered there is no loss to you of putting things ONTO the DEA's radar."

For $800 a month you could live in a tiny bunk bed-style pod with 13 other roommates in the Bay Area. From a report: Eight-month-old startup Brownstone Shared Housing has come under the spotlight this week after an Insider profile on the company revealed what it looks like inside the Palo Alto home with 14 tenants each living in a "pod." While the $800-a-month rent may seem steep for a stacked bunk bed pod, the average rental rate for a studio apartment near Stanford University, where the pod-home sits, is currently around $2,400. Co-founder Christina Lennox has lived in a pod herself for the past year. "The wood kind of allows for relaxation, rather than like going inside of this futuristic-looking plastic object," Lennox told Insider. "It has, like, definitely a different feel -- I would say that it's more calming and soothing for people."

Nvidia is publishing their Linux GPU kernel modules as open-source and will be maintaining it moving forward. Phoronix's Michael Larabel reports: To much excitement and a sign of the times, the embargo has just expired on this super-exciting milestone that many of us have been hoping to see for many years. Over the past two decades NVIDIA has offered great Linux driver support with their proprietary driver stack, but with the success of AMD's open-source driver effort going on for more than a decade, many have been calling for NVIDIA to open up their drivers. Their user-space software is remaining closed-source but as of today they have formally opened up their Linux GPU kernel modules and will be maintaining it moving forward. [...] This isn't limited to just Tegra or so but spans not only their desktop graphics but is already production-ready for data center GPU usage.

"Extreme drought has drastically reduced reservoir levels and is causing a decline in electricity production from hydropower," reports the Washington Post.

"Yet while climate change has parched the West, these same forces have greatly increased precipitation in much of the Midwest, the South and the East. There, hydropower is gaining momentum, and supporters say that in many places it is poised for a big resurgence." And the Post sees this benefiting "a growing effort to retrofit so-called nonpowered dams, or any dams created for a need other than hydropower, for electricity production..." In 2016, a U.S. Department of Energy study forecast that hydropower in the United States could expand from its current capacity of 101 gigawatts to nearly 150 gigawatts by 2050. This growth would come not from new dam construction but from upgrading existing hydroelectric resources, adding pumped storage capacity, and retrofitting nonpowered dams for hydropower.... Nonpowered dams compose the vast majority of America's dam infrastructure. They can be found across the country, come in all sizes and were built to address a wide array of needs, including flood control, navigation, water supply and recreation.

Out of the estimated 90,000 dams in the United States, about 2,200 of them generate hydroelectric power. These hydropower resources, however, account for 7 percent of national energy production and contribute 37 percent of the nation's renewable energy supply....

Solar and wind produce energy intermittently, but hydropower can operate day or night, 24/7. Some hydropower facilities can shut down or ramp up energy production very quickly, providing energy grids with stopgap flexibility during peak demand or in the case of blackouts.... The addition of hydropower to nonpowered dams can be financially attractive to developers. Typically the dam's operation is not changed, so there is usually much less opposition from communities and environmental groups than there would be to a new dam project.
The article points out that last year's U.S. infrastructure funding included money to add hydropower to "nonpowered dams."

SFGATE reports on the alarming rise of "Buy Now, Pay Later" services that are being heavily marketed by influencers and brands on TikTok and Instagram. "Gen Z, in particular, has fallen in love with the short-term loans, spending 925% more now through point-of-sale services than in January 2020," notes the report.

"But coupling nearly instantaneous loans with an influencer-addled social media culture that prioritizes exorbitant spending and normalizes debt could be further jeopardizing the financial futures of young people through just four easy payments." Here's an excerpt from the report: Financial experts who spoke with SFGATE expressed significant concerns about the way companies are targeting Gen Z consumers. "They are marketing very heavily to an audience that is younger, that might not just have as much experience on how to use credit and what credit implications are or what it means to have multiple loans at one time," Marisabel Torres, the California policy director of the Center for Responsible Lending, told SFGATE.

Few of the services do significant credit checks, which would help determine whether people will be able to repay the loans. And plenty of people are spending more than they can afford: 43% of Gen Z users have missed at least one payment, according to a survey by the polling site Piplsay. Of Gen Z consumers who used a point-of-sale loan for something they needed, 30% missed at least two payments, according to a survey by Credit Karma.

The companies are fully aware that their services encourage people to spend more. In fact, several of them market it as a benefit to stores that want to partner with them. "We do see larger cart sizes, larger purchases, relative to what they would put onto their debit cards and credit cards," Libor Michalek, the president of technology at Affirm, told SFGATE. Still, high-level staffers at Affirm and Afterpay -- both based in San Francisco -- positioned their services as more responsible, less predatory alternatives to credit cards and personal loans in interviews with SFGATE. They also emphasized the accessibility of these services, especially for younger consumers looking to bolster their credit and consumers working to restore their credit scores, despite the fact that many of the services don't report on-time payments to credit agencies. The report concludes by saying regulation is (probably) on its way. California Attorney General Rob Bonta, for example, signaled his support earlier this year for increasing regulations around point-of-sale loans. We're likely to see other states look into it in the coming months and years as well.

"While these services may be a responsible alternative to credit card debt for a good chunk of consumers, it seems increasingly likely that, without regulations, this kind of debt will burden the most financially vulnerable, just as credit cards, payday loans and layaway have in the past," reports SFGATE.

At the end of the year 2000, Noah Grey created the free and open-source blogging software Greymatter (now maintained by a community of users). Wil Wheaton's new book describes it as "the original, primordial blogging platform. Blogs look like they do... because Noah Grey did it first."

Three days ago Noah Grey created a Gofundme campaign headlined "I am losing my home in four days."

"I am deeply ashamed and afraid of having to doing this, but I have no choice." My sister and I are about to lose our house. It's being foreclosed next Tuesday (May 3rd)... unless we can pay $35,000 before then. (We could pay $23k and get to keep the house for now, but will be left to pay off the rest over an unknown amount of time....)

I don't know who among the few friends I have that will read this can contribute anything at all, and heaven knows I understand.... [T]his was sprung on us with no warning, and having the money ready to go is our only salvation....
Noah's plea was retweeted by long-time geeks who remembered his contribution, including tech entrepreneur Anil Dash as well as the founder of Harvard's Nieman Lab. And a San Antonio newspaper reported on another response from Texas: Alex Mahan, the brand director of Lockheed Martin, wrote on Twitter: "I coded my first blog in 2000 with Greymatter. If it weren't for Noah, I might not have had a career in web development. He was always helpful and patient with my beginner questions back then. Please throw down some $ if you are able."
Wil Wheaton himself apparently got involved. (Several people made donations along with the tagline #WilSentMe.)

And with an average donation size of $95.87, a total of 1,073 people ultimately donated... $102,873.

By the end of the day Friday, wearing a t-shirt that says 127.0.0.1, Noah Grey shared a tearful video on Twitter.

"This has been the craziest, most emotionally overwhelming day of — of my life.... Oh my god, thank you. It hardly even feels like enough to say the words. But thank you so much. Everybody, oh my god... It may take me time to respond to all of this, but I will — I will.... I have never felt so seen. I have never felt so — I've never felt embraced by the internet before.
"I've seen some say this feels like 'the Old Internet' in action...." Grey posted on Twitter this weekend. "But 20+ years ago I was still a struggling mentally-ill man who wanted to matter... and never dared let himself feel he *might* til now. I am shattered with gratitude."

A Bloomberg opinion columnist calls the RobinHood stock-trading app "a symbol of the 'memestock' boom that galvanized a generation of bored locked-down day traders.

"But judging by the company's latest figures, the mania is over." In the first quarter, Robinhood's monthly active users fell 10% year-on-year to 15.9 million, the lowest since the end of 2020. It's a loose metric, to be sure, covering debit-card swipes and webpage log-ins. Net funded accounts have held steady, but activity is flatlining: Transaction revenues fell by almost half, and average quarterly revenue per user slumped 61% to $53. In a post-lockdown era of rising inflation, consumers have less money and fewer hours to spare. Eyeballs and finger-swipes are not guaranteed.

This will put Robinhood's premium "tech" valuation — around seven times annual revenue, a higher multiple than Meta Platforms Inc.'s — under extra pressure. Shares of the financial-services company have already fallen 71% in six months, a drop that began well before Ukraine.

With fewer reasons to get excited about risky, hyped-up trades such as bitcoin (down 40% since October), the feedback loop of fear is spreading. Trading platform Coinbase Global Inc., which like Robinhood went public last year amid a retail-driven frenzy, is down 62%.

The average Robinhood user is 31 years old with an account balance of $240. It's a band of merry men (women are a minority on the platform) who dabble. While the company's business model differs from that of social-media and streaming apps, the reversal of fortunes looks a lot like the post-Covid "attention recession" that's also battering the likes of Netflix and Spotify Technology.
"The lost merry memestock men already appear disillusioned," the columnist argues. "What happens next, if speculative bets keep deflating, may swear them off trading for good."

But he also sees Robinhood is "talking up its appeal to paid 'Gold' customers and is launching a more diversified, bank-like suite of products. With its recent announcement of a new debit card, Robinhood no doubt aspires to become a super-app like unlisted fintech Revolut, valued at around $33 billion, according to CBInsights."