HOUSTON, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, LUNRW) (“Intuitive Machines” or the “Company”), a leading space exploration, infrastructure, and services company, announced today that it has commenced an underwritten public offering of $65.0 million of shares of its Class A common stock (“Class A Common Stock”) (the “Offering”). The Company and a selling stockholder intend to grant the underwriters a 30-day option to purchase up to an additional $8,872,500 and $877,500 of shares of Class A Common Stock from the Company and such selling stockholder, respectively. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. Additionally, on December 2, 2024, the Company entered into an agreement with Boryung Corporation (together with its affiliates, “Boryung”), an accredited investor, pursuant to which the Company will sell to Boryung $10.0 million of shares of Class A Common Stock in a concurrent private placement (the “Private Placement”) at a purchase price per share equal to the public offering price per share in the Offering. The offer and sale of the Company’s Class A Common Stock pursuant to the Private Placement will be made in reliance upon the exemption from registration under the Securities Act of 1933, as amended, (the “Securities Act”) provided by Section 4(a)(2) thereunder. The Private Placement is contingent upon the consummation of the Offering and the satisfaction of certain other customary closing conditions. The consummation of the Offering is not contingent on the consummation of the Private Placement. The Company intends to use the net proceeds it receives from the Offering and the Private Placement, together with its existing cash, cash equivalents and short-term investment balance, to acquire an equivalent number of newly-issued common units of Intuitive Machines, LLC (“Intuitive Machines OpCo”) from Intuitive Machines OpCo, which Intuitive Machines OpCo will in turn use for general corporate purposes, including operations, research and development and potential mergers and acquisitions. In the event the underwriters exercise their option to purchase additional shares, the Company will not receive any of the proceeds from the sale of any shares of Class A Common Stock being sold by the selling stockholder. Intuitive Machines will bear the costs associated with the sale of such shares, other than the underwriting discounts and commissions payable by the selling stockholder. BofA Securities, Cantor, Barclays and Stifel are acting as the lead joint book-running managers for the Offering. Roth Capital Partners is acting as a book-running manager for the Offering. The offer and sale of the securities pursuant to the Offering is being made pursuant to an effective shelf registration statement that was filed with the Securities and Exchange Commission (the “SEC”) and became effective on April 3, 2024. The Offering will be made only by means of a prospectus supplement and accompanying prospectus forming part of the effective registration statement relating to these securities. A copy of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained, when available, from the website of the SEC at www.sec.gov . Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained, when available, from BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com ; Cantor, 110 East 59th St., 6th Floor, New York, NY 10022, Attention: Capital Markets, or by email at prospectus@cantor.com ; Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (888) 603-5847 or by email at barclaysprospectus@broadridge.com ; or Stifel, One Montgomery Street, Suite 3700, San Francisco, California 94104, Attention: Syndicate, by telephone at (415) 364-2720 or by email at syndprospectus@stifel.com . The securities to be offered and sold in the Private Placement have not been registered under the Securities Act or any state’s securities laws. Accordingly, the securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. The prospectus supplement and the accompanying prospectus related to the Offering are not an offer to sell or a solicitation of an offer to buy any securities in connection with the Private Placement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Intuitive Machines Intuitive Machines is a diversified space exploration, infrastructure, and services company focused on fundamentally disrupting lunar access economics. In 2024, Intuitive Machines successfully landed the Company’s Nova-C class lunar lander, Odysseus, on the Moon, returning the United States to the lunar surface for the first time since 1972. The Company’s products and services are offered through its four in-space business units: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products and Infrastructure. For more information, please visit intuitivemachines.com . Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would,” “strategy,” “outlook,” the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our anticipated use of net proceeds from the Offering and the Private Placement; the terms and size of the Offering and the timing and manner of the Offering; the satisfaction of closing conditions related to the Private Placement; our expectations and plans relating to our lunar missions, including the expected timing of launch and our progress and preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; and our expectations on revenue and cash generation. These forward-looking statements reflect the Company’s predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this press release: our reliance upon the efforts of our key personnel and board of directors to be successful; our limited operating history; our failure to manage our growth effectively and failure to win new contracts; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; our reliance on a single launch service provider; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our sub-systems; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets, and unpatented know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions (including as a result of a failure to raise the “debt ceiling”) and rising inflation; our history of losses and failure to achieve profitability in the future or failure of our business to generate sufficient funds to continue operations; the cost and potential outcomes of potential future litigation; our public securities’ potential liquidity and trading; the sufficiency and anticipated use of our existing capital resources to fund our future operating expenses and capital expenditure requirements and needs for additional financing, including the Offering and the Private Placement; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC, the section titled Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the section titled Part II. Item 1A. “Risk Factors” in our most recently filed Quarterly Report on Form 10-Q, our Current Reports on Form 8-K and in our subsequent filings with the SEC, which are accessible on the SEC's website at www.sec.gov . These forward-looking statements are based on information available as of the date of this press release and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Contacts For investor inquiries: investors@intuitivemachines.com For media inquiries: press@intuitivemachines.com This press release was published by a CLEAR® Verified individual.2 roulette wheel online 。

Ruud van Nistelrooy enjoyed a dream start to his reign as Leicester manager after a 3-1 win over West Ham, whose boss Julen Lopetugui is under increasing pressure. Van Nistelrooy has replaced Steve Cooper at the King Power Stadium and saw Jamie Vardy open the scoring after just 98 seconds. Bilal El Khannouss and Patson Daka added goals after the break to ensure the Dutchman started with three points in style. Starting with a win! 🤩 Delivered by — Leicester City (@LCFC) His task is to keep the Foxes in the Premier League this season and after ending a five-game winless run they moved up to 15th, four points clear of the relegation zone. West Ham’s hierarchy will have seen what impact a managerial change can have as the jury remains out on Lopetegui, with away fans making their feelings clear by chanting “You’re getting sacked in the morning”. Niclas Fullkrug scored a consolation goal at the death but it counted for nothing and forthcoming games against Wolves, Bournemouth, Brighton and Southampton could determine the Spaniard’s future. When Van Nistelrooy went to bed last night, even he would not have dreamt of his side starting as well as they did as they went ahead with less than two minutes on the clock. One of the Dutchman’s first conversations following his appointment was to take Vardy to task for breaking his record for scoring in the most consecutive Premier League games nine years ago. And the veteran striker rolled back to the years as, living on the shoulder of the West Ham defence, he raced clear from El Khannouss’ through-ball and slotted into the corner. The linesman’s flag immediately went up but a lengthy VAR review ruled Vardy had timed his run perfectly and the goal stood. Vardy could have added a second from a similar move but this time Lukasz Fabianski denied him. The Dutchman quickly learned about the frailties of his side as West Ham created a raft of chances in search of an equaliser. Jarrod Bowen forced Mads Hermansen into a stretching save when he cut in from the right before Ings’ header crashed into the post and Max Kilman slipped at the crucial point from the rebound. Bowen, a constant threat, sent a ball across face of goal which evaded everyone before the England international was denied by a reflex save from the busy Hermansen. The Danish goalkeeper needed to be alert to tip over Mohammed Kudus’ deflected effort early in the second half before he was saved by the referee’s whistle after after his attempted punch went into his own goal, Tomas Soucek the man penalised. Leicester remained a threat on the counter-attack and that is how they doubled their lead just after the hour. Kasey McAteer was set clear down the left and his ball inside was perfect for El Khannouss to find the bottom corner from 15 yards. It was almost three as Fabianski produced an acrobatic save from Wilfred Ndidi’s header before Leicester needed a heroic piece of defending to keep their 2-0 lead intact. Crysencio Summerville bundled the ball goalwards and it was heading over the line until Conor Coady adjusted his feet and poked it clear. The Foxes, who also had a goal from substitute Bobby De Cordova-Reid chalked off by VAR, wrapped things up in the 90th minute when Daka broke clear and emphatically converted into the roof of the net. West Ham did get on the scoresheet when Fullkrug headed a corner home, but the game was already done.Have Robertinho’s Rayon proven their title credentials yet?

Olivier Le Moal Author's Note: This article is part of our monthly series that tries to discover the five best buys in the CEF arena at that point in time. Certain parts of the introduction, definitions, and sections describing selection criteria/process may have High Income DIY Portfolios: The primary goal of "High Income DIY Portfolios" Marketplace service is high income with low risk and preservation of capital. It provides DIY investors with vital information and portfolio/asset allocation strategies to help create stable, long-term passive income with sustainable yields. The portfolios are designed for Income-Investors (including retirees or near-retirees). We provide seven portfolios: 3 buy-and-hold, 3 Rotational portfolios, and 3-Bucket NPP Model Portfolio. This includes two High-Income portfolios, two DGI portfolios, and a conservative NPP strategy portfolio with low drawdowns and high growth. For more details or a two-week free trial, please click here . Financially Free Investor is a financial writer with 25 years investment experience. He focuses on investing in dividend-growing stocks with a long-term horizon. He applies a unique 3-basket investment approach that aims for 30% lower drawdowns, 6% current income, and market-beating growth on a long-term basis and he focuses on dividend-growing stocks with a long-term horizon. High Income DIY Portfolios Learn more Analyst’s Disclosure: I/we have a beneficial long position in the shares of ABT, ABBV, CI, JNJ, PFE, NVS, NVO, AZN, UNH, CL, CLX, UL, NSRGY, PG, TSN, ADM, BTI, MO, PM, KO, PEP, EXC, D, DEA, DEO, ENB, MCD, BAC, PRU, UPS, WMT, WBA, CVS, LOW, AAPL, IBM, CSCO, MSFT, INTC, T, VZ, CVX, XOM, VLO, ABB, ITW, MMM, LMT, LYB, RIO, O, NNN, WPC, ARCC, ARDC, AWF, CII, CHI, DNP, PEO, USA, UTF, UTG, RFI, RNP, RQI, EVT, EOS, FFC, GOF, HQH, TLT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Disclaimer: The information presented in this article is for informational purposes only and in no way should be construed as financial advice or recommendation to buy or sell any stock. The author is not a financial advisor. Please always do further research and do your own due diligence before making any investments. Every effort has been made to present the data/information accurately; however, the author does not claim 100% accuracy. The stock portfolios presented here are model portfolios for demonstration purposes. For the complete list of our LONG positions, please see our profile on Seeking Alpha. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Bill Ackman is happy to buy stocks when he believes they're on sale, and he holds them until their prices reflect what he believes are their true values. That could be a few months or it could be a decade. For example, Ackman established a position in Chipotle Mexican Grill more than eight years ago, and it has grown to become one of the largest positions in the portfolio of his hedge fund, Pershing Square. Over the last two quarters, Ackman has built two new significant positions for Pershing Square -- Nike ( NKE 3.06% ) and Brookfield ( BN 1.29% ) -- piling an estimated $2.2 billion into those stocks during the third quarter alone. Here's why. Nike Ackman bought about $275 million worth of Nike stock in the calendar year's second quarter, but he loaded up in the calendar year's third quarter after Nike's fiscal 2024 fourth-quarter earnings results and fiscal 2025 outlook disappointed the market back in late June 2024. Ackman added 13.2 million shares, spending over $1 billion based on its average share price during the quarter. Nike has struggled lately as it manages what share direct-to-consumer sales should be of overall sales. Cutting off wholesale distribution in favor of its own stores and website has worked in some quarters but is not working as well lately and it's forcing management to adjust. As a result, there was a near-term drop in revenue as its sales through big retail partners dried up while Nike shifted inventory to its own channels. Sales came in worse than expected and revenue fell 10% year over year in Nike's fiscal 2025 Q1. In reporting the results, management guided for a slow recovery in sales due to economic uncertainty. It's worth pointing out, however, that its gross margin improved by 1.2 percentage points in fiscal Q1 on the back of streamlined product and warehousing spending and strategic price improvements. As Nike improves its inventory management and returns to sales growth, it should see strong improvements in both gross margin and operating margin over time. Nike's price-to-sales ratio of about 2.3 is near its 10-year low. And while sales are currently moving in the wrong direction, there's good reason to believe things will turn around. Nike has one of the strongest brands in the world, China still presents a growth opportunity for its business, and it has been able to maintain its premium pricing. With earnings growth expected to rebound after this year, Nike could be a great stock to buy now and hold for several years while it works through its business model transition. Brookfield Brookfield is an investment firm that has its hands in many different businesses. It has an extremely strong track record, producing average compound annual returns of 18% for its shareholders over the last 30 years. Ackman loaded up on about $285 billion of the stock in the second quarter and added roughly $1.2 billion more in the third quarter. Thanks to strong price performance since Ackman's purchases, Brookfield is now Pershing Square's largest stock position. The company spun off its asset management business last year, but it maintains a 75% ownership stake in it. It also runs an insurance business (wealth solutions), and it owns several businesses across infrastructure, renewable energy , business services, and real estate. Brookfield expects to keep growing that portfolio over the next few years. It seeks to buy companies where it believes it can unlock additional value through operational and capital improvements. It does that by taking the cash flow from its existing operations and deploying it wherever it sees investment opportunities. Management expects its free cash flow growth over the next five years to compound at a rate of 20%-plus annually. If that prediction proves accurate, that would result in a whopping $47 billion of total free cash flow over that period, of which it plans to retain 75% ($36 billion) to allocate toward new investments. The rest, it intends to put toward share repurchases and dividends . Shares currently trade for about 15 times distributable earnings. Management thinks the stock should trade for a multiple of 23 today, which suggests that investors are getting a healthy discount on shares. What's more, it sees the growth in distributable earnings over the next five years giving the stock a fair value of $176 per share in 2029. That would amount to an average compound annual return of more than 25% over the next five years, based on the share price as of this writing. Whether Brookfield can capitalize on the investment opportunities it seeks remains to be seen. Ackman seems to believe there's a lot of growth ahead for the company, and it could produce the returns management is forecasting.NEW YORK (AP) — U.S. stocks are rising toward records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.5% and was on track to top its all-time high set a couple weeks ago. The Dow Jones Industrial Average added 81 points, or 0.2%, to its own record set the day before, while the Nasdaq composite was 0.5% higher, with less than an hour remaining in trading. Stock markets abroad were down, but mostly only modestly, after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada's main index edged down by just 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. General Motors sank 8.2%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.9%. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support to the job market . While lower interest rates can boost the overall economy and prices for investments, they can also offer more fuel for inflation. “Many” officials at the Fed's last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. Unlike tariffs in Trump's first term, his proposal from Monday night would affect products across the board. Trump’s tariff talk came almost immediately after U.S. stocks rose Monday amid excitement about his pick for Treasury secretary, Scott Bessent. The hope was the hedge-fund manager could steer Trump away from policies that balloon the U.S. government deficit, which is how much more it spends than it takes in through taxes and other revenue. The talk about tariffs overshadowed another set of mixed profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates instituted by the Fed to get inflation under control. Kohl’s tumbled 17.6% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.7% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. J.M. Smucker jumped 5.4% for one of the biggest gains in the S&P 500 after topping analysts' expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 2.8% for Amazon and 2% for Microsoft were the two strongest forces lifting the S&P 500. In the bond market, Treasury yields rose following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury climbed to 4.30% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It's since dipped back toward $91,600, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.There's a story from the earliest days of cinema that seems applicable to Sora, the text-to-video creation tool launched by OpenAI this week. And given that Sora's servers are struggling with demand , with many OpenAI subscribers still waiting to try it out, we've got time for stories. You probably know of Arrival of a Train at La Ciotat Station (1896) by the Lumiere brothers, even if you've never seen it. Like Sora, the Lumieres created very short movies that showcased the latest tech. We're talking cinematograph rather than AI rendering, and a luxurious 50 seconds of film rather than the maximum 20 seconds allowed in Sora videos. Still, it's the same principle: This was an early peek at a shockingly new form of entertainment. According to legend — a legend cemented in Martin Scorcese's charming movie about a boy in the Lumiere era, Hugo (2011) — Arrival of a Train audiences ran in terror from a steam engine that appeared to be heading straight for them. A similar sense of panic clings to Sora — specifically, panic about what AI videos might do to further crack up our "post-truth" media landscape. The average viewer is already having a hard time judging what is real and what isn't, and the problem is worse if they're depressed . We're living in a golden age of conspiracy theories. The world's richest man already shared an AI deepfake video in order to help swing an election. What happens when Sora can make any prompt look as real as something you might see on the evening news — ready-made to spread on social media? OpenAI seems to think its watermarks, both visible and invisible , would prevent any shenanigans. But having downloaded dozens of Sora videos now, I can attest that the visible watermark is tiny, illegible, and fades into the background more often than not. It would be child's play for video editing software to clip it out altogether. So a world of deliberate disinformation, either from bad political actors or influencers trying to gin up their engagement, is barreling down on us like a train. Right? Wrong. Because as the actual story of the Lumiere movie tells us, humans are actually a lot smarter about new video entertainment than we give them credit for. Here's the thing about Arrival of a Train : the legend is almost certainly wrong. We have zero first-hand evidence that audiences fled the cinema, or even flinched when they saw a train approaching in a 50-second clip. Media studies professor Martin Loiperdinger calls the panic tale " cinema's founding myth ," and notes it can be traced back to books written in the second half of the 20th century. It's possible that authors conflated it with the Lumieres' later experimental 3-D version of Arrival of a Train , which screened a handful of times in 1934 and was — like a lot of 3-D movies to come — a novelty, and a commercial failure. So no, early audiences likely did not confuse a moving image of a train with a real train. Rather, they seem to have adapted to the whole concept of movies very quickly. Contemporary accounts of the Lumiere shorts (of which there were dozens; Arrival of a Train was not seen as a stand-out) are filled with excitement at the possibilities now unlocked. "Why, if this continues," wrote one newspaper, Le Courier de Paris , in 1896, "we could almost overcome memory loss, almost put an end to separation, almost abolish death itself." (Spoiler alert: we did not, although that sounds like a great premise for a 19th century Black Mirror episode.) Another periodical, La Science Francais , enthused about the "most unbelievably wonderful sorcery" that had created the cinematograph's "hallucinatory phantasmagoria." Even today's most tech-happy AI boosters would have a hard time endorsing Sora in the same terms. Because like most AI, Sora is often "hallucinatory" — and not in a good way. As I discovered in the moments that OpenAI servers weren't slammed, almost every Sora-generated video has some detail that looks wrong to human eyes. I typed a prompt for "journalist slams desk in frustration at not being able to access AI videos," then noticed a pen that appears and disappears in the journalist's hand. The mistakes went on and on. The novelty factor diminished fast. Friends were amused and a little freaked out by the realness of the swag in "hip-hop artist models a cozy Christmas sweater" — until we spotted that the rapper's gold chain had become a gold pony tail at the back, and the reindeer on the sweater had eight legs. Sora's response to "a funeral mass with circus clowns" pretty much nailed the prompt ... except that the colorful-wigged, red-nosed figure in the casket was missing his body. That's not to say Sora won't have an immediate impact on the moving image industry. Given less outlandish prompts, it could certainly replace a lot of the generic B-roll often seen in YouTube explainers and corporate training videos. (That's assuming OpenAI isn't going to be forced to cease and desist training Sora on internet video footage without the makers' permission.) It is to say that there's a significant barrier to entry when it comes to creating videos featuring anything unusual, anything you're trying to lie about, anything that Sora hasn't been specifically trained on. Rooting out all those mistakes, to the point where we won't immediately notice, can be an exercise in frustration. And perhaps these early mistake-filled AI videos will serve as a kind of mass inoculation — a small dose of the post-truth disease, one that effectively gives our brains AI-resistant antibodies that can better prepare us for a future epidemic of visual fakes. AI video needs to board the clue train I'm certainly less impressed with AI after I prompted Sora for a new take on the Lumieres' Arrival of a Train. I asked for a video where a locomotive does actually break through the projection screen at the end, crushing the cinematograph audience. But Sora couldn't even access the original 50-second short, which is way out of copyright and widely available online (including a version already upscaled by AI ). It hallucinated a movie called "Arrival of a tal [sic] train," apparently released in the year "18965." As for breaking a literal fourth wall, forget about it: despite multiple prompt-rewording attempts, Sora simply couldn't grok what I was asking. The projection screen remained intact. Still, this version of Sora may still be a harbinger of some terrifying visual fakery to come — perhaps when more robust AI video tech falls into the hands of a future D.W. Griffith. Two decades passed between Arrival of a Train and Griffith's infamous movie The Birth of a Nation (1915) — the first real blockbuster, a landmark in the history of cinema, which also happened to be a skewed take on recent American history stuffed with racist lies. Griffith's movie, protested at the time by the NAACP, was hugely influential in perpetuating segregation and reviving the Ku Klux Klan. So yes, perhaps Sora's release is slowly nudging us further in the direction of a fragmented post-truth world. But even in an AI-dominated future, bad actors are going to have to work overtime if they want to do more damage to society than the cinematograph's most dangerous prompts.Bill Ackman is happy to buy stocks when he believes they're on sale, and he holds them until their prices reflect what he believes are their true values. That could be a few months or it could be a decade. For example, Ackman established a position in Chipotle Mexican Grill more than eight years ago, and it has grown to become one of the largest positions in the portfolio of his hedge fund, Pershing Square. Over the last two quarters, Ackman has built two new significant positions for Pershing Square -- Nike ( NKE 3.06% ) and Brookfield ( BN 1.29% ) -- piling an estimated $2.2 billion into those stocks during the third quarter alone. Here's why. Nike Ackman bought about $275 million worth of Nike stock in the calendar year's second quarter, but he loaded up in the calendar year's third quarter after Nike's fiscal 2024 fourth-quarter earnings results and fiscal 2025 outlook disappointed the market back in late June 2024. Ackman added 13.2 million shares, spending over $1 billion based on its average share price during the quarter. Nike has struggled lately as it manages what share direct-to-consumer sales should be of overall sales. Cutting off wholesale distribution in favor of its own stores and website has worked in some quarters but is not working as well lately and it's forcing management to adjust. As a result, there was a near-term drop in revenue as its sales through big retail partners dried up while Nike shifted inventory to its own channels. Sales came in worse than expected and revenue fell 10% year over year in Nike's fiscal 2025 Q1. In reporting the results, management guided for a slow recovery in sales due to economic uncertainty. It's worth pointing out, however, that its gross margin improved by 1.2 percentage points in fiscal Q1 on the back of streamlined product and warehousing spending and strategic price improvements. As Nike improves its inventory management and returns to sales growth, it should see strong improvements in both gross margin and operating margin over time. Nike's price-to-sales ratio of about 2.3 is near its 10-year low. And while sales are currently moving in the wrong direction, there's good reason to believe things will turn around. Nike has one of the strongest brands in the world, China still presents a growth opportunity for its business, and it has been able to maintain its premium pricing. With earnings growth expected to rebound after this year, Nike could be a great stock to buy now and hold for several years while it works through its business model transition. Brookfield Brookfield is an investment firm that has its hands in many different businesses. It has an extremely strong track record, producing average compound annual returns of 18% for its shareholders over the last 30 years. Ackman loaded up on about $285 billion of the stock in the second quarter and added roughly $1.2 billion more in the third quarter. Thanks to strong price performance since Ackman's purchases, Brookfield is now Pershing Square's largest stock position. The company spun off its asset management business last year, but it maintains a 75% ownership stake in it. It also runs an insurance business (wealth solutions), and it owns several businesses across infrastructure, renewable energy , business services, and real estate. Brookfield expects to keep growing that portfolio over the next few years. It seeks to buy companies where it believes it can unlock additional value through operational and capital improvements. It does that by taking the cash flow from its existing operations and deploying it wherever it sees investment opportunities. Management expects its free cash flow growth over the next five years to compound at a rate of 20%-plus annually. If that prediction proves accurate, that would result in a whopping $47 billion of total free cash flow over that period, of which it plans to retain 75% ($36 billion) to allocate toward new investments. The rest, it intends to put toward share repurchases and dividends . Shares currently trade for about 15 times distributable earnings. Management thinks the stock should trade for a multiple of 23 today, which suggests that investors are getting a healthy discount on shares. What's more, it sees the growth in distributable earnings over the next five years giving the stock a fair value of $176 per share in 2029. That would amount to an average compound annual return of more than 25% over the next five years, based on the share price as of this writing. Whether Brookfield can capitalize on the investment opportunities it seeks remains to be seen. Ackman seems to believe there's a lot of growth ahead for the company, and it could produce the returns management is forecasting.