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Infrastructure Projects and Investments Update
Major construction projects in the U.S. are regaining momentum after being stalled for years due to logistical challenges from the COVID-19 pandemic and rising economic costs. The Infrastructure Investment and Jobs Act (IIJA), signed into law in 2021, is only now seeing the allocation of funds, with the U.S. Department of Transportation reporting that as of August 2023, about 40% of the funding has been disbursed, leaving nearly $25 billion unallocated to specific projects.
Fluor Corporation (NYSE: FLR) is well-positioned to benefit from this renewed activity, currently holding a contract backlog of $28.2 billion after securing $3.3 billion in new contracts in Q3 2023. In comparison, the company reported revenue of $3.4 billion for the previous quarter.
Simultaneously, the AI sector is becoming increasingly competitive. Advanced Micro Devices (NASDAQ: AMD) is making strides as they supply AI solutions to companies like Oracle and OpenAI, anticipating over 35% annualized growth in the next three to five years driven by advancements in graphics processing designed for AI tasks. Additionally, Circle Internet Group (NYSE: CRCL) has reported a 66% revenue increase to $740 million, with USD Coin circulation rising to nearly $74 billion, demonstrating the growing adoption of its cryptocurrency solutions.
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