Businesses

Samsung Galaxy Z Trifold Will Cost $2,900 in the US 63

Samsung said today that its Galaxy Z TriFold, the first tri-fold smartphone to ship in the U.S., will be available starting January 30 at a price point of $2,899 -- substantially more expensive than any other phone on the U.S. market, including Samsung's own $2,000 Galaxy Z Fold 7 and a fully loaded 2TB iPhone 17 Pro Max.

The company will only sell the device through its website and Samsung Experience Stores; mobile carrier partners including Verizon, T-Mobile, and AT&T won't be offering it directly. The TriFold unfolds into a 10-inch tablet, measures 3.9mm at its thinnest point, and is rated for 200,000 folds over its lifetime. Samsung launched the TriFold in South Korea on December 12 at 3.59 million won, about $2,450 at the time. Early reviews have praised the expansive inner screen for video but noted the 309-gram weight, thick folded dimensions, and half-baked software as significant drawbacks.
AI

Microsoft's Latest AI Chip Claims Performance Edge Over Amazon and Google (geekwire.com) 18

An anonymous reader quotes a report from GeekWire: Microsoft on Monday announced Maia 200, the second generation of its custom AI chip, claiming it's the most powerful first-party silicon from any major cloud provider. The company says Maia 200 delivers three times the performance of Amazon's latest Trainium chip on certain benchmarks, and exceeds Google's most recent tensor processing unit (TPU) on others. The chip is already running workloads at Microsoft's data center near Des Moines, Iowa. Microsoft says Maia 200 is powering OpenAI's GPT-5.2 models, Microsoft 365 Copilot, and internal projects from its Superintelligence team. A second deployment at a data center near Phoenix is planned next.

It's part of the larger trend among cloud giants to build their own custom silicon for AI rather than rely solely on Nvidia. [...] The company says Maia 200 offers 30% better performance-per-dollar than its current hardware. Maia 200 also builds on the first-generation chip with a more specific focus on inference, the process of running AI models after they've been trained. [...] Microsoft is also opening the door to outside developers. The company announced a software development kit that will let AI startups and researchers optimize their models for Maia 200. Developers and academics can sign up for an early preview starting today.

United States

New California Law Means Big Changes For Photos of Homes in Real Estate Listings (sfchronicle.com) 38

California house hunters now have legal protection against the kind of real estate photo trickery that has long plagued the home-buying process, as a new state law requiring disclosure of digitally altered listing images took effect on January 1.

Assembly Bill 723 mandates that real estate agents and brokers include a "reasonably conspicuous" statement whenever photos have been altered using editing software or AI to add, remove, or change elements like furniture, appliances, flooring, views or landscaping. Agents must also provide access to the original, unaltered image through a QR code, link, or placement next to the altered photo.

The law does not cover wide-angle lenses -- a perennial complaint among buyers who find rooms smaller than they appeared -- nor does it apply to routine adjustments like cropping, color correction or exposure. California is the first state to require such disclosures, though Wisconsin passed a similar law in December that takes effect next year.
GNU is Not Unix

Richard Stallman Was Asked: Is Software Piracy Wrong? (slashdot.org) 205

Friday 72-year-old Richard Stallman made a two-hour-and-20-minutes appearance at the Georgia Institute of Technology, talking about everything from AI and connected cars to smartphones, age verfication laws, and his favorite Linux distro. But early on, Stallman also told the audience how "I despise DRM...I don't want any copy of anything with DRM. Whatever it is, I never want it so badly that I would bow down to DRM." (So he doesn't use Spotify or Netflix...)

This led to an interesting moment when someone asked him later if we have an ethical obligation to avoid piracy.. First Stallman swapped in his preferred phrase, "forbidden sharing"...

"I won't use the word piracy to refer to sharing. Sharing is good and it should be lawful. Those laws are wrong. Copyright as it is now is an injustice."

Stallman said "I don't hesitate to share copies of anything," but added that "I don't have copies of non-free software, because I'm disgusted by it." After a pause, he added this. "Just because there is a law to to give some people unjust power, that doesn't mean breaking that law becomes wrong....

"Dividing people by forbidding them to help each other is nasty."

And later Stallman was asked how he watches movies, if he's opposed to DRM-heavy sites like Netflix, and the DRM in Blu-ray discs? "The only way I can see a movie is if I get a file — you know, like an MP4 file or MKV file. And I would get that, I suppose, by copying from somebody else."

"Sharing is good. Stopping people from sharing is evil."
KDE

KDE's 'Plasma Login Manager' Stops Supporting FreeBSD - Because Systemd (itsfoss.com) 107

KDE's "Plasma Login Manager" is apparently dropping support for FreeBSD, the Unix-like operating system, reports the blog It's FOSS. They cite a recently-accepted merge request from a KDE engineer to drop the code supporting FreeBSD, since the login manager relies on systemd/logind: systemd and logind look like hard dependencies of the login manager, which means the software is built to work exclusively with these components and cannot function without them... logind is a component of systemd that is responsible for user session management...

This doesn't mean that KDE has abandoned the operating system altogether. FreeBSD users can still run the KDE Plasma desktop environment and continue using SDDM, the current login manager that works just fine on such systems.

The article argues FreeBSD users "won't really care much for missing out on this as they have plenty of login manager options available."
Printer

Washington State May Mandate 'Firearm Blueprint Detection Algorithms' For 3D Printers (adafruit.com) 123

Adafruit managing director Phillip Torrone (also long-time Slashdot reader ptorrone ) writes: Washington State lawmakers are proposing bills (HB 2320 and HB 2321) that would require 3D printers and CNC machines to block certain designs using software-based "firearms blueprint detection algorithms." In practice, this means scanning every print file, comparing it against a government-maintained database, and preventing "skilled users" from bypassing the system.

Supporters frame this as a response to untraceable "ghost guns," but even federal prosecutors admit the tools involved are ordinary manufacturing equipment. Critics warn the language is overbroad, technically unworkable, hostile to open source, and likely to push printing toward cloud-locked, subscription-based systems—while doing little to stop criminals.

GNU is Not Unix

Richard Stallman Critiques AI, Connected Cars, Smartphones, and DRM (youtube.com) 77

Richard Stallman spoke Friday at Atlanta's Georgia Institute of Technology, continuing his activism for free software while also addressing today's new technologies.

Speaking about AI, Stallman warned that "nowadays, people often use the term artificial intelligence for things that aren't intelligent at all..." He makes a point of calling large language models "generators" because "They generate text and they don't understand really what that text means." (And they also make mistakes "without batting a virtual eyelash. So you can't trust anything that they generate.") Stallman says "Every time you call them AI, you are endorsing the claim that they are intelligent and they're not. So let's let's refuse to do that."

"So I've come up with the term Pretend Intelligence. We could call it PI. And if we start saying this more often, we might help overcome this marketing hype campaign that wants people to trust those systems, and trust their lives and all their activities to the control of those systems and the big companies that develop and control them."

"By the way, as far as I can tell, none of them is free software."

When it comes to today's cars, Stallman says they contain "malicious functionalities... Cars should not be connected. They should not upload anything." (He adds that "I am hoping to find a skilled mechanic to work with me in a project to make disconnected cars.")

And later Stallman calls the smartphone "an Orwellian tracking and surveillance device," saying he refuses to own one. (An advantage of free software is that it allows the removal of malicious functionalities.)

Stallman spoke for about 53 minutes — but then answered questions for nearly 90 minutes longer. Here's some of the highlights...
Cellphones

The Android 'NexPhone': Linux on Demand, Dual-Boots Into Windows 11 - and Transforms Into a Workstation (itsfoss.com) 51

The "NexDock" (from Nex Computer) already turns your phone into a laptop workstation. Purism chose it as the docking station for their Librem 5 phones.

But now Nex is offering its own smartphone "that runs Android 16, launches Debian, and dual-boots into Windows 11," according to the blog It's FOSS: Fourteen years after the first concept video was teased, the NexPhone is here, powered by a Qualcomm QCM6490, which, the keen-eyed among you will remember from the now-discontinued Fairphone 5.

By 2026 standards, it's dated hardware, but Nex Computer doesn't seem to be overselling it, as they expect the NexPhone to be a secondary or backup phone, not a flagship contender. The phone includes an Adreno 643 GPU, 12GB of RAM, and 256GB of internal storage that can be expanded up to 512GB via a microSD card.

In terms of software, the NexPhone boots into NexOS, a bloatware-free and minimal Android 16 system, with Debian running as an app with GPU acceleration, and Windows 11 being the dual-boot option that requires a restart to access. ["And because the default Windows interface isn't designed for a handheld screen, we built our own Mobile UI from the ground up to make Windows far easier to navigate on a phone," notes a blog post from Nex founder/CEO Emre Kosmaz].

And, before I forget, you can plug the NexPhone into a USB-C or HDMI display, add a keyboard and mouse to transform it into a desktop workstation.

There's a camera plus "a comprehensive suite of sensors," according to the article, "that includes a fingerprint scanner, accelerometer, magnetometer, gyroscope, ambient light sensor, and proximity sensor....

"NexPhone is slated for a Q3 2026 release (July-September)..."

Back in 2012, explains Nex founder/CEO Emre Kosmaz, "most investors weren't excited about funding new hardware. One VC even told us, 'I don't understand why anyone buys anything other than Apple'..." Over the last decade, we kept building and shipping — six generations of NexDock — helping customers turn phones into laptop-like setups (display + keyboard + trackpad). And now the industry is catching up faster than ever. With Android 16, desktop-style experiences are becoming more native and more mainstream. That momentum is exactly why NexPhone makes sense today...

Thank you for being part of this journey. With your support, I hope NexPhone can help move us toward a world where phones truly replace laptops and PCs — more often, more naturally, and for more people.

Microsoft

Microsoft 365 Endured 9+ Hours of Outages Thursday (crn.com) 36

Early Friday "there were nearly 113 incidents of people reporting issues with Microsoft 365 as of 1:05 a.m. ET," reports Reuters. But that's down "from over 15,890 reports at its peak a day earlier, according to Downdetector." Reuters points out the outage affected antivirus software Microsoft Defender and data governance software Microsoft Purview, while CRN notes it also impacted "a number of Microsoft 365 services" including Outlook and Exchange online: During the outage, Outlook users received a "451 4.3.2 temporary server issue" error message when attempting to send or receive email. Users did not have the ability to send and receive email through Exchange Online, including notification emails from Microsoft Viva Engage, according to the vendor. Other issues that cropped up include an inability to send and receive subscription email through [analytics platform] Microsoft Fabric, collect message traces, search within SharePoint online and Microsoft OneDrive and create chats, meetings, teams, channels or add members in Microsoft Teams...

As with past cloud outages with other vendors, even after Microsoft fixed the issues, recovery efforts by its users to return to a normal state took additional time... Microsoft confirmed in a post on X [Thursday] at 4:14 p.m. ET that it "restored the affected infrastructure to a (healthy) state" but "further load balancing is required to mitigate impact...." The company reported "residual imbalances across the environment" at 7:02 p.m., "restored access to the affected services" and stable mail flow at 12:33 a.m. Jan. 23. At that time, Microsoft still saw a "small number of remaining affected services" without full service stability. The company declared impact from the event "resolved" at 1:29 p.m. Eastern. Microsoft sent out another X post at 8:20 a.m. asking users experiencing residual issues to try "clearing local DNS caches or temporarily lowering DNS TTL values may help ensure a quicker remediation...."

Microsoft said in an admin center update that [Thursday's] outage was "caused by elevated service load resulting from reduced capacity during maintenance for a subset of North America hosted infrastructure." Furthermore, Microsoft noted that during "ongoing efforts to rebalance traffic" it introduced a "targeted load balancing configuration change intended to expedite the recovery process, which incidentally introduced additional traffic imbalances associated with persistent impact for a portion of the affected infrastructure." US itek's David Stinner said it appears that Microsoft did not have enough capacity on its backup system while doing maintenance on its main system. "It looks like the backup system was overloaded, and it brought the system down while they were still doing maintenance on the main system," he said. "That is why it took so many hours to get back up and running. If your primary system is down for maintenance and your backup system fails due to capacity issues, then it is going to take a while to get your primary system back up and running."

"This was not Microsoft's first outage of 2026," the article notes, "with the vendor handling access issues with Teams, Outlook and other M365 services on Wednesday, a Copilot issue on Jan. 15 plus an Azure outage earlier in the month..."
AI

AI Luminaries Clash At Davos Over How Close Human-Level Intelligence Really Is (yahoo.com) 105

An anonymous reader shared this report from Fortune The large language models (LLMs) that have captivated the world are not a path to human-level intelligence, two AI experts asserted in separate remarks at Davos. Demis Hassabis, the Nobel Prize-winning CEO of Google DeepMind, and the executive who leads the development of Google's Gemini models, said today's AI systems, as impressive as they are, are "nowhere near" human-level artificial general intelligence, or AGI. [Though the artilcle notes that later Hassabis predicted there was a 50% chance AGI might be achieved within the decade.] Yann LeCun — an AI pioneer who won a Turing Award, computer science's most prestigious prize, for his work on neural networks — went further, saying that the LLMs that underpin all of the leading AI models will never be able to achieve humanlike intelligence and that a completely different approach is needed... ["The reason ... LLMs have been so successful is because language is easy," LeCun said later.]

Their views differ starkly from the position asserted by top executives of Google's leading AI rivals, OpenAI and Anthropic, who assert that their AI models are about to rival human intelligence. Dario Amodei, the CEO of Anthropic, told an audience at Davos that AI models would replace the work of all software developers within a year and would reach "Nobel-level" scientific research in multiple fields within two years. He said 50% of white-collar jobs would disappear within five years. OpenAI CEO Sam Altman (who was not at Davos this year) has said we are already beginning to slip past human-level AGI toward "superintelligence," or AI that would be smarter than all humans combined...

The debate over AGI may be somewhat academic for many business leaders. The more pressing question, says Cognizant CEO Ravi Kumar, is whether companies can capture the enormous value that AI already offers. According to Cognizant research released ahead of Davos, current AI technology could unlock approximately $4.5 trillion in U.S. labor productivity — if businesses can implement it effectively.

AI

US Insurer 'Lemonade' Cuts Rates 50% for Drivers Using Tesla's 'Full Self-Driving' Software (reuters.com) 118

An anonymous reader shared this report from Reuters: U.S. insurer Lemonade said on Wednesday it would offer a 50% rate cut for drivers of Tesla electric vehicles when the automaker's Full Self-Driving (FSD) driver assistance software is steering because it had data showing it reduced accidents. Lemonade's move is an endorsement of Tesla CEO Elon Musk's claims that the company's vehicle technology is safer than human drivers, despite concerns flagged by regulators and safety experts.

As part of a collaboration, Tesla is giving Lemonade access to vehicle telemetry data that will be used to distinguish between miles driven by FSD — which requires a human driver's supervision — and human driving, the New York-based insurer said. The price cut is for Lemonade's pay-per-mile insurance. "We're looking at this in extremely high resolution, where we see every minute, every second that you drive your car, your Tesla," Lemonade co-founder Shai Wininger told Reuters. "We get millions of signals emitted by that car into our systems. And based on that, we're pricing your rate."

Wininger said data provided by Tesla combined with Lemonade's own insurance data showed that the use of FSD made driving about two times safer for the average driver. He did not provide details on the data Tesla shared but said no payments were involved in the deal between Lemonade and the EV maker for the data and the new offering... Wininger said the company would reduce rates further as Tesla releases FSD software updates that improve safety. "Traditional insurers treat a Tesla like any other car, and AI like any other driver," Wininger said. "But a driver who can see 360 degrees, never gets drowsy, and reacts in milliseconds isn't like any other driver."

Crime

Justice Department Opens Criminal Probe Into Silicon Valley Spy Allegations (yahoo.com) 3

The U.S. Department of Justice has opened a criminal investigation into Deel over allegations that it recruited a spy inside rival Rippling, according to documents seen by The Wall Street Journal. From the report: An Ireland-based Rippling employee, Keith O'Brien, alleged in an affidavit filed in April that Deel Chief Executive Alex Bouaziz recruited him and gave him instructions for what information to take from Rippling. O'Brien alleged that other executives were involved in the spying plot, including Bouaziz's father, who is Deel's executive chairman and chief strategy officer.

A spokeswoman for Deel said the company isn't aware of a criminal investigation but is willing to cooperate with authorities. The company has previously said: "We deny all legal wrongdoing and look forward to asserting our counterclaims." Unsealed court documents allege that an entity tied to Deel transferred $6,000 to an account owned by the wife of Chief Operating Officer Dan Westgarth, and that the same amount was forwarded from the account to O'Brien seconds later.

Privacy

TikTok Is Now Collecting Even More Data About Its Users (wired.com) 41

An anonymous reader quotes a report from Wired: When TikTok users in the U.S. opened the app today, they were greeted with a pop-up asking them to agree to the social media platform's new terms of service and privacy policy before they could resume scrolling. These changes are part of TikTok's transition to new ownership. In order to continue operating in the U.S., TikTok was compelled by the U.S. government to transition from Chinese control to a new, American-majority corporate entity. Called TikTok USDS Joint Venture LLC, the new entity is made up of a group of investors that includes the software company Oracle. It's easy to tap "agree" and keep on scrolling through videos on TikTok, so users might not fully understand the extent of changes they are agreeing to with this pop-up.

Now that it's under U.S.-based ownership, TikTok potentially collects more detailed information about its users, including precise location data. Here are the three biggest changes to TikTok's privacy policy that users should know about. TikTok's change in location tracking is one of the most notable updates in this new privacy policy. Before this update, the app did not collect the precise, GPS-derived location data of U.S. users. Now, if you give TikTok permission to use your phone's location services, then the app may collect granular information about your exact whereabouts. Similar kinds of precise location data is also tracked by other social media apps, like Instagram and X.

[...] Rather than an adjustment, TikTok's policy on AI interactions adds a new topic to the privacy policy document. Now, users' interactions with any of TikTok's AI tools explicitly fall under data that the service may collect and store. This includes any prompts as well as the AI-generated outputs. The metadata attached to your interactions with AI tools may also be automatically logged. [...] This change to TikTok's privacy policy may not be as immediately noticeable to users, but it will likely have an impact on the types of ads you see outside of TikTok. So, rather than just using your collected data to target you while using the app, TikTok may now further leverage that info to serve you more relevant ads wherever you go online. As part of this advertising change, TikTok also now explicitly mentions publishers as one kind of partner the platform works with to get new data.

Businesses

'Almost Everyone' Laid Off at Vimeo Following Bending Spoons Buyout 33

Vimeo is laying off employees around the world just months after Italian software company Bending Spoons completed its $1.38 billion acquisition of the video hosting platform. Dave Brown, Vimeo's former brand VP, described the cuts on LinkedIn as affecting "a large portion of the company." One video engineer claimed "almost everyone" was laid off, "including the entire video team," and another software engineer said he lost his job alongside "a gigantic amount of the company."

This marks Vimeo's second round of layoffs in less than six months. The company cut 10% of its workforce in September, just one week before Bending Spoons announced its acquisition plans. Bending Spoons has a history of post-acquisition layoffs at companies including WeTransfer, Filmic, and Evernote.
Social Networks

TikTok Finalizes Deal To Form New American Entity (npr.org) 18

An anonymous reader quotes a report from NPR: TikTok has finalized a deal to create a new American entity, avoiding the looming threat of a ban in the United States that has been in discussion for years. The social video platform company signed agreements with major investors including Oracle, Silver Lake and MGX to form the new TikTok U.S. joint venture. The new version will operate under "defined safeguards that protect national security through comprehensive data protections, algorithm security, content moderation and software assurances for U.S. users," the company said in a statement Thursday. American TikTok users can continue using the same app. [...] Adam Presser, who previously worked as TikTok's head of operations and trust and safety, will lead the new venture as its CEO. He will work alongside a seven-member, majority-American board of directors that includes TikTok's CEO Shou Chew.

[...] In addition to an emphasis on data protection, with U.S. user data being stored locally in a system run by Oracle, the joint venture will also focus on TikTok's algorithm. The content recommendation formula, which feeds users specific videos tailored to their preferences and interests, will be retrained, tested and updated on U.S. user data, the company said in its announcement. The algorithm has been a central issue in the security debate over TikTok. China previously maintained the algorithm must remain under Chinese control by law. But the U.S. regulation passed with bipartisan support said any divestment of TikTok must mean the platform cuts ties -- specifically the algorithm -- with ByteDance. Under the terms of this deal, ByteDance would license the algorithm to the U.S. entity for retraining.

The law prohibits "any cooperation with respect to the operation of a content recommendation algorithm" between ByteDance and a new potential American ownership group, so it is unclear how ByteDance's continued involvement in this arrangement will play out. Oracle, Silver Lake and the Emirati investment firm MGX are the three managing investors, who each hold a 15% share. Other investors include the investment firm of Michael Dell, the billionaire founder of Dell Technologies. ByteDance retains 19.9% of the joint venture.

EU

EU Parliament Calls For Detachment From US Tech Giants (heise.de) 102

The European Parliament is calling on the European Commission to reduce dependence on U.S. tech giants by prioritizing EU-based cloud, AI, and open-source infrastructure. The report frames "European Tech First," public procurement reform, and Public Money, Public Code as necessary self-defense against growing U.S. control over critical digital infrastructure. Heise reports: In terms of content, the report focuses on a strategic reorientation of public procurement and infrastructure. The compromise line adopted stipulates that member states can favor European tech providers in strategic sectors to systematically strengthen the technological capacity of the Community. The Greens even called for a stricter regulation here, where the use of products "Made in EU" should become the rule and exceptions would have to be explicitly justified. They also pushed for a definition for cloud infrastructure that provides for full EU jurisdiction without dependencies on third countries.

With the decision, the MEPs want to lay the foundation for a European digital public infrastructure based on open standards and interoperability. The principle of Public Money, Public Code is anchored as a strategic foundation to reduce dependence on individual providers. Software specifically developed for administration with tax money should therefore be made available to everyone under free licenses. For financing, the Parliament relies on the expansion of public-private investments. A "European Sovereign Tech Fund" endowed with ten billion euros was discussed beforehand, for example, to specifically build strategic infrastructures that the market does not provide on its own. The shadow rapporteur for the Greens, Alexandra Geese, sees Europe ready to take control of its digital future with the vote. As long as European data is held by US providers subject to laws such as the Cloud Act, security in Europe is not guaranteed.

NASA

NASA Eyes Popular PC Hardware Performance Tool for Its Flight Simulators (tomshardware.com) 5

NASA Langley has initiated the U.S. government software approval process to install CapFrameX, a benchmarking tool popular among PC gaming enthusiasts, on its cockpit simulators used to train test pilots. The space agency reached out to CapFrameX, not the other way around, according to an X post from the company.

NASA builds custom flight simulators from scratch for experimental aircraft like the X-59, a supersonic jet designed to produce a quiet thump rather than the traditional sonic boom. The agency's simulator teams replicate every switch, dial and knob to match the actual cockpit layout, helping pilots build muscle memory before flying the real thing.
Software

Workday CEO Calls Narrative That AI is Killing Software 'Overblown' (cnbc.com) 17

Workday CEO Carl Eschenbach on Thursday tried to ease worries that AI is destroying software business models. From a report: "It's an overblown narrative, and it's not true," he told CNBC's "Squawk Box" from the World Economic Forum in Davos, Switzerland, calling AI a tailwind and "absolutely not a headwind" for the company.

Software stocks have sold off in recent months on concerns that new AI tools will upend the sector and displace longstanding and recurring businesses that once fueled big profits. Workday shares lost 17% last year and have sunk another 15% since the start of 2026.

Businesses

Autodesk To Cut 1,000 Jobs (yahoo.com) 20

Autodesk said today it plans to cut approximately 1,000 jobs, or roughly 7% of its workforce, as part of what the company described as the final phase of a global restructuring effort aimed at strengthening its sales and marketing operations.

The maker of AutoCAD and other digital design software said a significant portion of the cuts will fall within customer-facing sales functions.
Software

'No Reasons To Own': Software Stocks Sink on Fear of New AI Tool (bloomberg.com) 40

The new year was supposed to bring opportunities for beaten-down software stocks. Instead, the group is off to its worst start in years. From a report: The release of a new artificial intelligence tool from startup Anthropic on Jan. 12 rekindled fears about disruption that weighed on software makers in 2025.

TurboTax owner Intuit tumbled 16% last week, its worst since 2022, while Adobe and Salesforce, which makes customer relationship management software, both sank more than 11%. All told, a group of software-as-a-service stocks tracked by Morgan Stanley is down 15% so far this year, following a drop of 11% in 2025. It's the worst start to a year since 2022, according to data compiled by Bloomberg.

While unproven, the tool represents just the type of capabilities that investors have been fearing, and reinforces bearish positions that are looking increasingly entrenched, according to Jordan Klein, a tech-sector specialist at Mizuho Securities. "Many buysiders see no reasons to own software no matter how cheap or beaten down the stocks get," Klein wrote in a Jan. 14 note to clients. "They assume zero catalysts for a re-rate exist right now," he said, referring to the potential for higher valuation multiples.

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