A Blog by Jonathan Low

 

May 23, 2015

The Death of the One Hit Wonder

You move me...JL

Dan Kopf reports in Price Economics:

A primary culprit for this decline is a decrease in the number of distinct songs that appear in the Hot 100 each year. Songs now stay on the chart longer, which does not allow for as many hits. Prior to 1985, no song had ever stayed on the charts for more than 50 weeks; this now happens regularly.

Can Algorithms Form Price Fixing Cartels?

You mean they're not doing so already? JL

Jill Priluck reports in the New Yorker:

The Office of Technology, Research and Investigation will explore the effect of algorithms on markets.Should that lead to even more scrutiny of algorithm-based price-fixing, the bots may find that they’re no match for human will.

Self-Driving Trucks Are Going to Hit the Economy Like a...Well, Truck

Truck driving is the most common occupation in a majority of the 50 united states. So when truck drivers are replaced by robots - or autonomously driven vehicles - it is going to have a significant economic impact.

It will not be all bad as the odds are far fewer people will be killed or injured in accidents, insurance costs will decline and transportation expenses may go down (though whether those savings will passed on to consumers is an interesting question).  What is certain is a) this is coming and b) there will be an impact. JL


Scott Santens reports in Medium:

Well over 10 million American workers and their families' incomes depend entirely or at least partially on the incomes of truck drivers. (But) robot trucks will kill far fewer people and also dont need salaries.

Why It's Time for Silicon Valley's Self-Mythologizing To End

Can we concede that maybe all the rhetoric about being smarter and harder working and just plain all around more awesome than everyone else has gotten a tad overblown? 

Sam Biddle comments in GQ:

We're forever thankful to Silicon Valley for giving us the iPhone, omnipotent search engines, and swipe-simple hookups. But now that America's most vaunted industry has also become its most self-satisfied, Silicon Valley is veering toward fall-of-Rome territory. Which is why it needs to blow up the myths about itself before it's too late

Can Netflix Make Your TV Smarter?

Why can't a TV work more like a smartphone? JL

Nicole Laporte reports in Fast Company:

"We started asking ourselves, Why can't TVs act more like smartphones?" Smartphones and tablets never turn completely off when not in use, and thus don't need to laboriously reboot when they're activated.

The Second Job You Didn't Realize You Had

All of those actions we now take every day: online checking, self-checkout at the supermarket or other retail outlets, working your weary way through phone customer service management systems, all constitute a significant commitment of time and effort.

And they are a huge financial boon to the companies that have instituted them. They are substituting your unpaid, if not always voluntary actions for those of what used to be paid employees.

These processes have become so ubiquitous that we no longer challenge them, even if they engender some resentment. The question this raises is whether, at some point, consumers will begin to wonder why they are not receiving some sort of recompense for everything they proffer to benefit others, from personal information to personal effort. And the question for the businesses who rely on this free-effort model is whether they and their investors can really continue to count on it. JL

Craig Lambert reports in Politico:

How self-checkouts, ATMs and airport check-ins are changing the economy.

May 22, 2015

It's About Your Flipflops. A Tirade

Ok, it's Memorial Day weekend in the US, the start of -s-u-m-m-e-r, an especially welcome interlude given this past winter's brutality - and longevity.

If you're at the beach, at a pool, or lounging around at home, fine. Wear 'em. But despite the expensive pedicures and the not-found-in-nature polish colors (guys too): on the subway or bus, at the airport, in nice restaurants, at graduation ceremonies, visits to the White House, memorial services: enough already. JL

Dana Stevens comments in Slate:

Extended flip-flop use seems to transport people across some sort of etiquette Rubicon where the distinction between public and private, inside and outside, shod and barefoot, breaks down entirely.

Artificial Intelligence Bots Versus Poker Playing Professionals

Earthlings are such easy prey. JL

Noah Bierman reports in the LA Times:

(It) was not programmed to play poker, per se. It was given the rules of poker. Then it spent months playing more hands against itself than humans have ever played, learning to navigate the dizzying number of game situations, a figure that exceeds the number of atoms in the universe.

Have Large Corporations Given Up on Innovating?

Make versus buy is one of the most fundamental choices an enterprise has to decide. Is it more profitable to invent something internally or buy it from an external vendor?

Increasingly, when it comes to research and development, large corporations are concluding they should buy rather than make. But the history of innovation reveals that many transformative inventions were discovered serendipitously and even inadvertently. It may be in choosing to become deployers of capital rather than creators of value, institutions are not calculating the cost of lost intelligence - and opportunities. JL

Eduardo Porter reports in the New York Times:

The stock market places a lower valuation on original research than it did three decades ago. Corporate executives, their compensation tied overwhelmingly to short-term gains in the market value of their companies, may be responding accordingly. Rather than invest in their own science, big companies more easily buy innovative start-ups.

Saudi Arabia Foresees Fossil Fuels Phase-Out

If the world's largest oil exporter and economy most dependent on fossil fuels sees the future in solar and wind, can major western energy companies be far behind? JL

Pilita Clark reports in the Financial Times:

Saudi Arabia, the world’s largest crude exporter, could phase out the use of fossil fuels by the middle of this century the kingdom’s oil minister said. The kingdom plan(s) to become a “global power in solar and wind energy” and could start exporting electricity instead of fossil fuels.

Should Workers Who Answer After-Hours Texts, Calls and Emails on Company Smartphones Be Paid for Doing So?

Almost everyone in the professional world has a smartphone - and many are issued to them by their employers.

This makes people more efficient, productive - and available. The legal question this is raising is whether the definition of compensated and overtime work should be adjusted to reflect the new reality.

Like the ownership of personal information, the ownership of time is becoming one of the looming battlegrounds of the technological workplace. Given the distributed nature of power, responsibility and opportunity, the trend would appear to favor compensation based on that distribution. JL

Lauren Weber reports the Wall Street Journal:

Now everyone has a smartphone and a lot of those employers at least tacitly suggest you be available 24/7, so courts are more willing to see that as company policy. Judges appear to be taking seriously allegations of uncompensated remote work, and have been more willing to certify the lawsuits as collective actions.

The Problem With Patterns

Big data gives us information, but not necessarily knowledge or, heaven forefend, wisdom.

For that we rely on our own analytical skills and, often finding them wanting, increasingly on algorithms driving massive processing powers which provide us with the false assurance that what we are receiving is the truth. 

But what we continue to forget, as the following article explains, is that we tend to see all too often is a reflection of  the needs, desires, biases and fears of those who own or program those tools or are the eager recipients of their ostensible benefits. JL

Greg Satell comments in Digital Tonto:

The problem with patterns (is that) the human mind is incapable of swallowing them whole, so we curate them instead.  Inevitably, what we recognize is our own image.

May 21, 2015

Dog Domestication Occurred Much Earlier Than Previously Known

Human domestication remains a work in progress. JL

Will Dunham reports in Reuters via Scientific American:

Today's dogs, from the Chihuahua to the Great Dane, are believed to have descended from wild wolves domesticated by humans in prehistoric times. Using genetic information, dog domestication occurred between 27,000 and 40,000 years ago.

Steve Jobs, Cottage Industry

Someone has undoubtedly secured the comic book rights. There's the Broadway play. Benjamin Franklin and Albert Einstein have enjoyed similarly exceptional levels of attention, but how many people have memorialized them with tattoos? JL 

Laura Holson reports in the New York Times:

This year alone, about a dozen books will be published about him, and two movies will be released. Surely a Netflix series can’t be far behind.

Students Do a Lot Better When Schools Ban Smartphone Use

Yes, but given the growing  opposition to mandatory testing, this may not be as convincing an argument as it once might have been.

But it could be a good reason to short WhatsApp and Instagram. JL

Ivana Kottasova reports in CNN/Money:

Following a ban on phone use, schools' test scores improved by 6.4%. The impact on underachieving students was much more significant -- their average test scores rose by 14%.

Google Ventures Leads Investment in Big Data for Farmers

Farming is already data-intensive. The opportunity now - as in so many other data-dependent fields - is in interpretation, utilization and execution. JL

Ruth Reader reports in Venture Beat:

FBN has accrued 7 million acres’ worth of data with lots of room to grow; in the U.S. there were roughly 400 million acres used for crops. Half of the farms in the U.S. could directly use this

Arrested Development: Why Is the Economy Still Terrible for Millennials?

It's not that the economy isn't creating jobs, it's that it's not creating good jobs.

And even that bar isn't too high: good jobs that would pay a wage on which someone could support themselves given the rise in rents, food prices et al would be nice. Especially since 60 % of millennials do not have a degree from a four year college.

But even for those who have those degrees, the opportunities are slim. Globalization and technology share some blame - but most of it goes to policies that reward the very few and the expense of the very many. JL

Derek Thompson reports in The Atlantic:

The era of the overeducated barista is here to stay. Today’s young-person problem is about a lack of good jobs, a dearth of raises, and a shortage of opportunities for this historically educated generation to put its historic number of degrees to work.

Apple Asks Courts to Block Sale of Radio Shack Data About Apple Product Purchases

Apple is claiming that when Radio Shack - and perhaps other retailers - sell its products, they agree to 'protect' Apple customer data. What's mine is mine and what's yours' is mine. JL

Megan Geuss reports in ars technica:

Apple is saying that RadioShack’s database contains information gathered about Apple customers who bought iPhones and iPads through the retailer. Apple lawyers wrote that RadioShack had agreed to protect Apple customers’ data before being allowed to sell iPhones.

Tech Profits Mirage: Big Public Companies Attempt to Exclude Stock Compensation

When big, successful, even iconic companies start playing accounting games with their earnings statements, it is usually because they know they can no longer keep up with smaller, nimbler and less expensive enterprises. We saw this during the dotcom era. But what is worrisome - as the following article explains - is we are starting to see it again.

Facebook, LinkedIn and Twitter, among others, are attempting to exclude stock-based compensation - in Silicon Valley a necessary and significant expense - from earnings. No surprise that the primary culprits are all in social media, whose P2P - path to profitability - has long been suspect. Could just be greed. Or it could be a signal of less edifying results to come. JL

Miriam Gottfried reports in the Wall Street Journal:

Earnings are a performance measure. You start with revenues and subtract all the resources you used up to generate that revenue. Human capital is one of those resources. Backing out stock-compensation expense is tantamount to saying employees are working for free.

May 20, 2015

Is the Wearable Health Craze Sustainable?

Follow the money. JL

Tim Bajarin reports in re/code:

Wearable technology could drop hospital costs by 16 percent over five years, and remote patient-monitoring technologies could save health-care $200 billion over the next 25 years. Lowering health insurance and cutting hospital costs will be the real reason wearable will be sustainable.

The Marriage Rate In the US Is About to Hit an All-Time Low: And Why That's Great News

Ok, yeah, the American Exceptionalists have a right to be worried: the US is getting more European-ish: less religion, more wine drinking - and a lower marriage rate.

But the divorce rate is also declining. Many think marriage is down because Millennials are not keen about getting hitched while living in their parents' furnished basements (since their old bedrooms have been turned into hobby centers...).

The alternate narrative may be that people are just more mature, getting smarter about choices and improving the chances of nuptial success. Sorta like behavioral economics hosts a bachelorette party - and no one passes out. JL

Amanda Marcotte reports in TPM:

The divorce rate in relation to the marriage rate is going down. Marriage is now what you do after you’ve accumulated the other accoutrements of adulthood: the education, the job, the social capital, even the fully stocked kitchen and furnished living room. Marriage isn’t fundamental anymore. It’s aspirational.

A Typical Smartphone Is Covered by 250,000 Patents: Are Such 'Thickets' Smothering Innovation?

Patents and other forms of intellectual capital were established to protect innovators in creative fields from science to the arts. But with the 'patent thicket' now surrounding most technological developments, there is growing concern that rather than fostering the benefits of invention and creativity., overly aggressive use of patents as an economic weapon rather than an asset are stifling economic growth

As the following article explains, Google acquired Motorola not for its hardware, but for the 'risk insurance' its patent portfolio provided. Are patent wars reversing the flow of the value creation process? JL

Stefan Wagner reports in Yale Insights:

As technology grows increasingly complex, companies must navigate a web of intellectual property protections. Are innovation and competition suffering from the race to create enormous patent portfolios?

Will the Economy Return to Normal... Assuming Anyone Can Figure Out What That Means

Normal? The new normal? A return to normal? All of these phrases are based on a huge and utterly unsubstantiated presumption: that there is a normal anymore. And, even if we could identify it, that we possess the mechanisms to return to it, achieve it - and stay there long enough for it to matter. Other than that, it sounds totally doable... JL

Tyler Cowan comments in the New York Times:

Institutional rigidities don’t permit adjustments to occur all at once. It is difficult to be sure when a reset is underway, and it is harder yet to raise public alarm about changes that seem to be gradual and slow.

Could Sears Disrupt Our Throwaway Tech Culture?

Service has always been a strategic weapon. The problem has been how inexpertly it is often wielded. Service requires investment and people and attention and tolerance and lots of other things that enterprises beholden to impatient investors dont believe they have.

But as the following article explains, service reimagined as a source of insight, improvement and, ultimately, expansion could transform a once-great business behemoth like Sears - an entire industry like retail - or even the socio-economic basis of a culture. JL 

Jonathan Salem Baskin comments in Forbes:

When the world realizes that getting stuff fixed isn’t a hassle anymore (it) could influence the design strategies of the appliance brands it sells, and change what consumers expect from the other tech devices in their lives…at which point Sears could service those gizmos, or entirely unrelated product categories.

The Case Against Competing

Don't compete? Eschew the definition of winners and losers? Reject the beating heart of the capitalist system?

Well, yes, actually. As the following article points out, in the increasingly digital economy, no one really wants to compete. It's messy, uncertain and, worst of all, expensive. They'd much prefer to dominate, thanks all the same.

And even more importantly, most sustainable successes in this economic system are based on collaboration, cooperation and partnership. Enemies are a self-indulgent distraction. Frenemies are the reality.

In a world where talent and technology generate higher returns than traditional sources of advantage, the really difficult task is often convincing (not merely training) your team to get along with each other and all those others in what used to be thought of as 'outside.' They are now potential partners whose relationship with you is simply waiting to be optimized. JL


Walter Kiechel comments in Harvard Business Review:

Incitements to beat up the other guy too often lead to beating up yourself or your people.

May 19, 2015

The Next Big Thing In Tech: The Desktop Computer?

As for the inventor's quote about the difference between the smartphone and the desktop: well, yes, other than that, they're identical. And your point is? JL

Peter Shadbolt reports in CNN/Money:

"The only difference between a smartphone and a computer is the monitor, the keyboard, the mouse and the operating system."

The Math Behind Starbucks' New Mini-Sized Frappacino

8.57 cents and 15 calories per ounce. Everything else is, well, non-linear. Including the cup. JL

Rhett Allain reports in Wired:

Starbucks recently announced a new drink size, the mini. Before the mini, there were only 3 drink sizes (and thus 3 data points). When you only have 3 data points, you can’t do much in the way of making a mathematical model. However, 4 data points might be just enough.

Double Jeopardy: Is Airbnb Killing Hotel Jobs and Driving Up Housing Costs?

There is growing concern that the sharing economy is pitting consumers with stagnant incomes and declining job prospects against each other. 

On one side are homeowners attempting to squeeze some cash out of their depreciating assets. On the other are workers claiming that airbnb and others are killing relatively well-paying union hotel jobs and driving up rental costs by converting available housing stock into hotel rooms.

This is a societal issue but, like so much else today, it is being played out at the intersection of technology and what used to be called real life. That distinction is no longer meaningful, but its impact clearly is. JL

Ned Resnikoff reports in Al-Jazeera:

Airbnb is helping constrict housing supply and drive up rental costs. Also, the growing popularity of Airbnb could kill hotel jobs and replace them with a handful of lower-paying domestic worker gigs.

How Aging Millennials Will Affect Tech Consumption

Wait. How can Millennials be aging? They just got here.

We love to generalize about generational behavior. But what we are learning is not entirely comforting for the technology industry. While it is apparent that the older one gets, the more likely one is to purchase a relatively expensive iPhone, the reality is that most Millennials grew up the way the generation that came of age during the Great Depression and WWII did: in a time of uncertainty and relative want.

And, as the following article explains, it is already affecting their approach to consumption. Boomers, they aint. JL

Christopher Mims reports in the Wall Street Journal:

Many of the tech-related behaviors we associate with millennials—connecting over social networks rather than in real life, buying smartphones instead of cars—should be viewed as adaptations to difficult economic circumstances as much as an embrace of the shiny and new.

Laptops, Tablets and Phones Are Not Searchable Like Handbags, US Federal Judge Rules

A legal ruling based on the intangible storage capacity of an electronic device?

The case suggests that because our electronic devices have become so deeply intertwined with the personal, intellectual and emotional aspects of our lives, they can not simply be treated like a handbag or wallet. They are, in effect, an extension of us.

This breaks new ground - if challenged and upheld - in society's rethinking of the intersection between personal and national boundaries regarding the rights - and obligations - associated with those relationships. JL

Zoe Tillman reports in The National Law Journal:

Federal agents do not have unlimited power to search electronic devices without a warrant. “Given the vast storage capacity of even the most basic laptops, and the capacity of computers to retain metadata and even deleted material, one cannot treat an electronic storage device like a handbag simply because you can put things in it."

Google Doubled Employee Bonuses for Referrals - and It Didnt Work

Google paid employees $2,000 for a successful referral. That wasn't working, so it doubled the amount to $4,000. Now, even for people making a lot of money by normal standards, $4,000 is not chump change. But that didn't work either.

Turns out, as the following article explains, that money really had nothing to do with it. Employees referred friends and acquaintances because they believed Google was a cool place to work and they wanted more great people like themselves around.

That was both the good and the bad news. Google asked more specific questions and followed up immediately, eventually increasing referred hires by a third. But they also got more people like the ones who already worked there. Which, if you are trying to sell stuff to people all over the world who are not exactly like those who already work for you, is a problem. A problem they are figuring out how to solve, probably by not using referrals. JL

Max Nisen reports in Quartz:

The company gather(s) 20 to 30 employees and asks them go through their social media contacts, with recruiters right there to follow up on potential candidates. Breaking down a huge question (“Do you know anyone we should hire?) into lots of small, manageable ones (“Do you know anyone who would be a good salesperson in New York?”) boosted referrals by more than a third.

May 18, 2015

Can Drones Replace Satellites?

Oh c'mon. Drones are going to replace everything: animal, mineral and vegetable. Mere machines like satellites don't have a chance. JL

Peter Feuilherade reports in the International Electrotechnical Commission:

Compared with satellite imagery, drone mapping can produce data faster, at a higher resolution and a far cheaper price.

Consumer Confidence Plunges to Lowest Level in Two Years, the Reverse of Economists' Estimates

Hey, whaddya know? When the majority of consumers in an economy get only a sliver of its financial gains, they tend not to spend what little they have. Especially when they dont see anything changing anytime soon. 

The only surprising aspect of that reality is that economists are having such a hard time predicting it. Maybe that sort of thinking interferes with tenure decisions or corporate employment. Ya think? JL

Mish Shedlock comments in his Global Economic Trend Analysis:

In a huge shock to economists, consumers actually did what consumers said they would do rather than what economists' models predicted. And economists still don't believe it. They are looking for 3% growth this year, whereas I think the US is in recession.

The Fractured New Frontiers of Loyalty

We are what we...think, wear, hold, say, own, vote, buy...? JL

Mark Malloch Brown comments in Project Syndicate:

Our allegiances have rarely seemed more divided than they do now. The emerging global nature of economic, political, and social activity must coexist with a patchwork of non-state structures of association.

Radio Shack Brand Sold to Hedge Fund for $26 Million

'That ain't workin,' that's the way you do it, money for nothin...' So sang the band Dire Straits 30 years ago about the enhanced value of projecting a song on the then-revolutionary media platform offered by MTV.

Some of the band's other lyrics sparked controversy, but when it came to anticipating the exponential growth possible through media convergence they were ahead of their time.

Radio Shack, another 'dead brand' from the early days of electronics retailing, has just sold its name and related intellectual capital for approximately 20% of the value of the 1,700 store locations it sold earlier. Money for nothing? We'll see which of those two asset classes ends up producing the better return. JL

Dawn McCarty reports in Bloomberg:

RadioShack said the information it was selling included 8.5 million e-mail addresses, 67 million customer name and physical address files, and transaction data. The proposed sale of customer information drew objections from 37 state attorneys general, who expressed concern about how a buyer might use the data

In Mobile, Slow Speed Kills

In 2004 Google established that most people are willing to wait for anything online approximately two seconds before becoming frustrated. There is no evidence to suggest that, as a civilization, we have become more patient or tolerant. JL

Om Malik comments in his blog:

Whatever you think about Facebook, they have refocused our attention on the importance of architecting apps and experiences with network performance and speed — something Google made us aware of 11 years ago. Design is not the pretty face, but the entire experience.

Why There Won't Be an Uber In Every Industry

Success almost always creates a type of brand shorthand to communicate quality and availability. Today, enterprises want to be known as 'the Uber of X,Y or Z.' There was a time when they wanted to be the Apple, the Hertz, the GE, the IBM, the Southwest Air and even the McDonalds of various other services. Yes, those were the days. Emphasis on 'were.'

But as the following article explains, there are characteristics unique to each of those companies - and many of them are intangible. Apple focused on design; GE became known for producing well-trained managers; Southwest Air started out by flying only one type of aircraft to only warm-weather cities, reducing the cost of maintenance and delay while hedging its fuel expenses; and McDonalds made most of its early profit not from burgers and fries, but from buying real estate ahead of the market and then selling or leasing it to franchisees.

For Uber, it turns out, the crucial market characteristics are immediacy, high purchase frequency and regular usage. That works for some demographics in some urban environments (and urbanization is a global 'uber-trend') but not necessarily in every one. Uber has become shorthand for spectacular growth and profit.
In addition to its market's defining drivers, its success is based on factors that it may not be able to control for long, never mind forever: weakened regulatory authority and an economy in which people with some assets but limited growth potential are desperate for extra income. It is still working to build trust.

None of which is to denigrate Uber's considerable success, but simply to remind us that as a general rule in business, there is no shorthand. JL

Boris Wertz comments in Fortune:


The success of Uber has inspired hundreds of startups to call themselves the “Uber of X, Y, or Z.” The best marketplaces have high-purchase frequency and regular usage.

May 17, 2015

Psycho-Economics: Figuring Out What You Would Pay To Be Happy

Easily worth a tee shirt slogan - and we know we can sell those. JL

Alex Renton reports in The Guardian:

Happiness has been key to capitalism ever since, in the 19th century, it was shown that happy workers were more productive, “a route to sell people stuff they don’t need, work harder for managers who don’t respect them and conform to objectives over which they have no say.”

How Do You Ship a Beluga Whale via UPS?

Carefully. JL
Zachary Crockett reports in Price Economics:

Beluga whales can grow up to 15 feet long, and weigh up to 3,500 pounds; they don't particularly like being air mailed.

Is American Meritocracy Disappearing?

According to the data, economic discrimination is supplanting racial discrimination. JL

Nick Timiraos reports in Real Time Economics:

'How much money your parents have is more important than your own talent. That's the opposite of meritocracy.'

Techie Admits to FBI That While In Flight, He Hacked Plane's Thrust System Via Seat Back TV, Causing Climb

Other than that it was a routine flight. He has not yet been charged with any crime or arrested.

Now, who else wants to try? JL

Cyrus Farivar reports in ars technica:

He "hacked" the [in-flight entertainment] system. He stated that he then overwrote code on the airplane’s Thrust Management Computer while aboard a flight. He stated that he successfully commanded the system he had accessed to issue the climb command

Adaptable Assets: The Art World's First Billion Dollar Week

Actually, it was three days, but if you have to count you probably don't belong. 

Art, more than ever, has become a fungible global investment, like real estate in London or New York, big yachts and big commercial assets. They are safer than gold and, for the moment, somewhat more predictable than securities. The only question is whether this is indicative of a boom - or a market top. JL

Scott Reyburn reports in the New York Times:

A new class of buyer has entered the market and they’re prepared to pay staggering sums for trophy pictures. Much of the bidding is conducted on the telephone by rich American, Russian, Latin American, Korean and Chinese collectors.

Apple Diversifies Smartphone Supply Chain As Phone Market Matures

Everyone who wants a smartphone in China, the world's largest consumer market, already has one. And so does everyone else in the developed world. As the smartphone market becomes saturated, emphasis shifts to replacements and to those continents like South America and Africa where there is still growth potential.

This has implications for Apple, Samsung - even Xiaomi - and their competitors. But the bigger shift may be for suppliers like Foxconn who are finding that the big phone producers, in order to protect their market, margins and intellectual property , are diversifying to many smaller companies. There are no sentimental attachments in tech. JL

Simon Mundy and Kana Inagaki report in the Financial Times:

Competition intensifies between key players in the increasingly mature smartphone industry. Foxconn is being hit by Apple’s efforts to secure its supply chain via greater diversification.