IPO underpricing is the increase in stock value from the initial offering price to the first-day closing price. Many believe that underpriced IPOs leave money on the table for corporations, but some believe that underpricing is inevitable. Investors state that underpricing signals high interest to the market which increases the demand. On the other hand, overpriced stocks will drop long-term as the price stabilizes so underpricing may keep the issuers safe from investor litigation. == IPO underpricing algorithms == Underwriters and investors and corporations going for an initial public offering (IPO), issuers, are interested in their market value. There is always tension that results since the underwriters want to keep the price low while the companies want a high IPO price. Underpricing may also be caused by investor over-reaction causing spikes on the initial days of trading. The IPO pricing process is similar to pricing new and unique products where there is sparse data on market demand, product acceptance, or competitive response. Thus it is difficult to determine a clear price which is compounded by the different goals issuers and investors have. The problem with developing algorithms to determine underpricing is dealing with noisy, complex, and unordered data sets. Additionally, people, environment, and various environmental conditions introduce irregularities in the data. To resolve these issues, researchers have found various techniques from artificial intelligence that normalizes the data. == Evolutionary models == Evolutionary programming is often paired with other algorithms e.g. artificial neural networks to improve the robustness, reliability, and adaptability. Evolutionary models reduce error rates by allowing the numerical values to change within the fixed structure of the program. Designers provide their algorithms the variables, they then provide training data to help the program generate rules defined in the input space that make a prediction in the output variable space. In this approach, the solution is made an individual and the population is made of alternatives. However, the outliers cause the individuals to act unexpectedly as they try to create rules to explain the whole set. === Rule-based system === For example, Quintana first abstracts a model with 7 major variables. The rules evolved from the Evolutionary Computation system developed at Michigan and Pittsburgh: Underwriter prestige – Is the underwriter prestigious in role of lead manager? 1 for true, 0 otherwise. Price range width – The width of the non-binding reference price range offered to potential customers during the roadshow. This width can be interpreted as a sign of uncertainty regarding the real value of the company and a therefore, as a factor that could influence the initial return. Price adjustment – The difference between the final offer price and the price range width. It can be viewed as uncertainty if the adjustment is outside the previous price range. Offering price – The final offer price of the IPO Retained stock – Ratio of number of shares sold at the IPO divided by post-offering number of shares minus the number of shares sold at the IPO. Offering size – Logarithm of the offering size in millions of dollars excluding the over-allotment option Technology – Is this a technology company? 1 for true, 0 otherwise. Quintana uses these factors as signals that investors focus on. The algorithm his team explains shows how a prediction with a high-degree of confidence is possible with just a subset of the data. === Two-layered evolutionary forecasting === Luque approaches the problem with outliers by performing linear regressions over the set of data points (input, output). The algorithm deals with the data by allocating regions for noisy data. The scheme has the advantage of isolating noisy patterns which reduces the effect outliers have on the rule-generation system. The algorithm can come back later to understand if the isolated data sets influence the general data. Finally, the worst results from the algorithm outperformed all other algorithms' predictive abilities. == Agent-based modelling == Currently, many of the algorithms assume homogeneous and rational behavior among investors. However, there's an approach alternative to financial modeling, and it's called agent-based modelling (ABM). ABM uses different autonomous agents whose behavior evolves endogenously which lead to complicated system dynamics that are sometimes impossible to predict from the properties of individual agents. ABM is starting to be applied to computational finance. Though, for ABM to be more accurate, better models for rule-generation need to be developed.
VistaCreate
VistaCreate (formerly Crello) is an online graphic design platform for non-designers, launched in 2016. As of 2022, it has more than 10 million users in 192 countries. == Overview == VistaCreate (then known as Crello) was launched in 2016 as a part of Depositphotos. In 2019, the product hit a milestone of 1 million registered users and also launched mobile apps. In 2020, the library of templates and objects became free. A music library and a background remover tool were added to the platform. In May 2021, Moufflons Basketball, in collaboration with VistaCreate, organized a poster design competition in support of gender equality in sports. In October 2021, Vistaprint acquired Crello and its parent company, Depositphotos, for a total price of $85 million. After the acquisition, Crello was rebranded to VistaCreate. Along with Vistaprint and 99designs, it became part of the new Vista parent brand. After Russia started a full-scale war on the territory of Ukraine in February 2022, VistaCreate suspended all business in Russia and Belarus. VistaCreate's team and Depositphotos gathered collections of images and templates dedicated to the war in Ukraine.
Electronics
Electronics is a scientific and engineering discipline that studies and applies the principles of physics to design, create, and operate devices that manipulate electrons and other electrically charged particles. It is a subfield of physics and electrical engineering which uses active devices such as transistors, diodes, and integrated circuits to control and amplify the flow of electric current and to convert it from one form to another, such as from alternating current (AC) to direct current (DC) or from analog signals to digital signals. Electronic devices have significantly influenced the development of many aspects of modern society, such as telecommunications, entertainment, education, health care, industry, and security. The main driving force behind the advancement of electronics is the semiconductor industry, which continually produces ever-more sophisticated electronic devices and circuits in response to global demand. The semiconductor industry is one of the global economy's largest and most profitable industries, with annual revenues exceeding $481 billion in 2018. The electronics industry also encompasses other branches that rely on electronic devices and systems, such as e-commerce, which generated over $29 trillion in online sales in 2017. == History and development == Karl Ferdinand Braun's development of the crystal detector, the first semiconductor device, in 1874 and the identification of the electron in 1897 by Sir Joseph John Thomson, along with the subsequent invention of the vacuum tube which could amplify and rectify small electrical signals, inaugurated the field of electronics and the electron age. Practical applications started with the invention of the diode by Ambrose Fleming and the triode by Lee De Forest in the early 1900s, which made the detection of small electrical voltages, such as radio signals from a radio antenna, practicable. Vacuum tubes (thermionic valves) were the first active electronic components which controlled current flow by influencing the flow of individual electrons, and enabled the construction of equipment that used current amplification and rectification to give us radio, television, radar, long-distance telephony and much more. The early growth of electronics was rapid, and by the 1920s, commercial radio broadcasting and telecommunications were becoming widespread and electronic amplifiers were being used in such diverse applications as long-distance telephony and the music recording industry. The next big technological step took several decades to appear, when the first working point-contact transistor was invented by John Bardeen and Walter Houser Brattain at Bell Labs in 1947. However, vacuum tubes continued to play a leading role in the field of microwave and high power transmission as well as television receivers until the middle of the 1980s. Since then, solid-state devices have all but completely taken over. Vacuum tubes are still used in some specialist applications such as high power RF amplifiers, cathode-ray tubes, specialist audio equipment, guitar amplifiers and some microwave devices. In April 1955, the IBM 608 was the first IBM product to use transistor circuits without any vacuum tubes and is believed to be the first all-transistorized calculator to be manufactured for the commercial market. The 608 contained more than 3,000 germanium transistors. Thomas J. Watson Jr. ordered all future IBM products to use transistors in their design. From that time on, transistors were almost exclusively used for computer logic circuits and peripheral devices. However, early junction transistors were relatively bulky devices that were difficult to manufacture on a mass-production basis, which limited them to a number of specialised applications. The MOSFET was invented at Bell Labs between 1955 and 1960. It was the first truly compact transistor that could be miniaturised and mass-produced for a wide range of uses. Its advantages include high scalability, affordability, low power consumption, and high density. It revolutionized the electronics industry, becoming the most widely used electronic device in the world. The MOSFET is the basic element in most modern electronic equipment. As the complexity of circuits grew, problems arose. One problem was the size of the circuit. A complex circuit like a computer was dependent on speed. If the components were large, the wires interconnecting them must be long. The electric signals took time to go through the circuit, thus slowing the computer. The invention of the integrated circuit by Jack Kilby and Robert Noyce solved this problem by making all the components and the chip out of the same block (monolith) of semiconductor material. The circuits could be made smaller, and the manufacturing process could be automated. This led to the idea of integrating all components on a single-crystal silicon wafer, which led to small-scale integration (SSI) in the early 1960s, and then medium-scale integration (MSI) in the late 1960s, followed by VLSI. In 2008, billion-transistor processors became commercially available. == Subfields == == Devices and components == An electronic component is any component, either active or passive, in an electronic system or electronic device. Components are connected together, usually by being soldered to a printed circuit board (PCB), to create an electronic circuit with a particular function. Components may be packaged singly or in more complex groups as integrated circuits. Passive electronic components are capacitors, inductors, resistors, whilst active components are such as semiconductor devices; transistors and thyristors, which control current flow at electron level. == Types of circuits == Electronic circuit functions can be divided into two function groups: analog and digital. A particular device may consist of circuitry that has either or a mix of the two types. Analog circuits are becoming less common, as many of their functions are being digitized. === Analog circuits === Analog circuits use a continuous range of voltage or current for signal processing, as opposed to the discrete levels used in digital circuits. Analog circuits were common throughout electronic devices in the early years, in devices such as radio receivers and transmitters. Analog electronic computers were valuable for solving problems with continuous variables until digital processing advanced. As semiconductor technology developed, many of the functions of analog circuits were taken over by digital circuits, and modern circuits that are entirely analog are less common; their functions being replaced by hybrid approach which, for instance, uses analog circuits at the front end of a device receiving an analog signal, and then use digital processing using microprocessor techniques thereafter. Sometimes it may be difficult to classify some circuits that have elements of both linear and non-linear operation. An example is the voltage comparator, which receives a continuous range of voltage but only outputs one of two levels, as in a digital circuit. Similarly, an overdriven transistor amplifier can take on the characteristics of a controlled switch, having essentially two levels of output. Analog circuits are still widely used for signal amplification, such as in the entertainment industry, and conditioning signals from analog sensors, such as in industrial measurement and control. === Digital circuits === Digital circuits are electric circuits based on discrete voltage levels. Digital circuits use Boolean algebra and are the basis of all digital computers and microprocessor devices. They range from simple logic gates to large integrated circuits, employing millions of such gates. Digital circuits use a binary system with two voltage levels labelled 0 and 1 to indicate logical status. Often logic 0 will be a lower voltage and referred to as Low while logic 1 is referred to as High. However, some systems use the reverse definition (0 is High) or are current based. Quite often, the logic designer may reverse these definitions from one circuit to the next as they see fit to facilitate their design. The definition of the levels as 0 or 1 is arbitrary. Ternary (with three states) logic has been studied, and some prototype computers made, but have not gained any significant practical acceptance. Universally, computers and digital signal processors are constructed with digital logic circuits using transistors such as MOSFETs in the electronic logic gates to generate binary states. Logic gates Adders Flip-flops Counters Registers Multiplexers Schmitt triggers Highly integrated devices: Memory chip Microprocessors Microcontrollers Application-specific integrated circuit (ASIC) Digital signal processor (DSP) Field-programmable gate array (FPGA) Field-programmable analog array (FPAA) System on chip (SOC) == Design == Electronic systems design deals with the multi-disciplinary design issues of complex electronic devices and systems, such as mob
News ticker
A news ticker (sometimes called a crawler, crawl, slide, zipper, ticker tape, or chyron) is a horizontal or vertical (depending on the language's writing system) text-based display either in the form of a graphic that typically resides in the lower third of the screen space on a television station or network (usually during news programming) or as a long, thin scoreboard-style display seen around the facades of some offices or public buildings dedicated to presenting headlines or minor pieces of news. It is an evolution of the paper strips tapes, a continuous paper print-out of stock quotes from a printing telegraph which was mainly used to transmit companies' share price information over telegraph lines before the advance of technology in the 1960s. News tickers have been used in Europe in countries such as United Kingdom, Germany and Ireland for some years; they are also used in several Asian countries and Australia. In the United States, tickers were long used on a special event basis by broadcast television stations to disseminate weather warnings, school closings, and election results. Sports telecasts occasionally used a ticker to update other contests in progress before the expansion of cable news networks and the internet for news content. In addition, some ticker displays are used to relay continuous business and financial information. Most tickers are traditionally displayed in the form of scrolling text running from right to left across the screen or building display (or in the opposite direction for right-to-left writing systems such as Arabic script and Hebrew), allowing for headlines of varying degrees of detail; some used by television broadcasters, however, display stories in a static manner (allowing for the seamless switching of each story individually programmed for display) or utilize a "flipping" effect (in which each individual headline is shown for a few seconds before transitioning to the next, instead of scrolling across the screen, usually resulting in a relatively quicker run through of all of the information programmed into the ticker). Since the growth in usage of the World Wide Web, some news tickers have syndicated news stories posted largely on websites of broadcasters or by other independent news agencies. == Current uses == === Television === The presentation of headlines or other information in a news ticker has become a common element of many different news networks. The use of the ticker has differed on a number of channels: News networks and local newscasts commonly use a setup in which news headlines are scrolled across an area near the bottom of the screen, though some variations have formed, such as showing one headline at a time with a scrolling or "flipper" effect. Financial news channels use two or more tickers displaying company shares prices and business headlines. Networks with a focus on sports often use a slightly different system, where scores and statuses of ongoing and finished games are displayed one by one, along with minor sports highlights, statistics and sports news headlines. They are typically divided into categories devoted to specific leagues and events (with college basketball and football usually focusing on the top 25 ranked teams on the AP Poll, occasionally supplemented by sections for specific conferences). Some programs, including news-based programs emphasizing viewer interactivity, or special events, may also use tickers to display messages and reactions from viewers and others that relate to the program. These comments are often sourced from social networking services such as Facebook and Twitter, typically curating comments from a specific page or hashtag. Due to their current prevalence, they have been occasionally been made targets of pranks and vandalism. In one such example, News 14 Carolina allowed viewers to submit relevant information such as school closings or traffic delays via telephone or the Internet that would be incorporated into the ticker; the system was exploited in February 2004 to display humorous and crude messages, including the infamous "All your base are belong to us". Occasionally messages intended for training accidentally end up being put on the live ticker as happened on BBC News in 2022 when "Weather rain everywhere" and "Manchester United are rubbish" appeared on the live news ticker. Some businesses and organizations have utilized tickers intended for relaying weather-related closings as a surreptitious source for free guerrilla marketing, proclaiming they were open rather than closed and giving their phone number if possible, allowing them to 'advertise' on a television station all day for free. Since then, many stations have required pre-registration of businesses or organizations with an authorized representative and a signed affidavit on company letterhead affirming their authenticity, along with filtering out unfamiliar businesses and organizations, before being able to display their closing announcements. Stations also confirm all closings involving school districts with authorized officials to prevent situations in which students either show up to canceled classes in dangerous conditions, or do not attend school due to an erroneous, prank-submitted, or false listing. === On personal computers === Various applications have been developed over time to install news tickers on personal computer desktops using RSS feeds from news organizations, which are displayed in a fashion similar to those used by television channels but enable the user to access to underlying news stories, a feature not offered by traditional television channels. The Bloomberg Terminal and other financial information-tracking programs and devices also utilize tickers. A ticker may also be used as an unobtrusive method by businesses in order to deliver important information to their staff. The ticker can be set to reappear, stay on screen, or be put into a retractable mode (where a small tab is left visible on-screen). In the United Kingdom, broadcasters have stopped using this technology as other forms of communications have become available and increased in popularity. BBC News and Sky News discontinued their respective desktop tickers in March 2011 and 2012 to focus on other products, such as smartphone applications, to deliver updated information on breaking news and sport stories. === News tickers on buildings === Since the advent of the telegraph, newspapers commonly used their buildings to share the latest headlines. At first simple chalkboard signs were used for bulletins, but limelight illumination, electric lights, magic lantern projections, and other novel techniques were later employed. The method of using electric lights to spell out moving letters was invented by Frank C. Reilly (August 20, 1888 – April 10, 1947) and patented in 1923. Reilly called his invention the Motograph News Bulletin. In 1928, The New York Times installed a Motograph News Bulletin to display news headlines on the sides of Times Tower. The display was 388 feet (118 m) long, 5 feet (1.5 m) high, and employed over 14,800 light bulbs. Popularly known as the "Zipper", the sign remained in use until the building was sold in 1961. The sign was darkened during World War II to comply with wartime lighting restrictions. The Motograph operated until 1994 and was replaced by an electronic version in 1995, which was in turn removed in 2017 due to the replacement of all individual screens on the front of One Times Square with a 350 foot (110 m)-tall LED billboard in 2018. Ticker displays appear today on the exterior of the News Corp Building, which houses the headquarters for Fox News Channel/News Corp in the west extension of Manhattan's Rockefeller Center, as well as one that displays delayed stock market data that is located in Times Square. NASDAQ itself features a large display screen on the facade of the NASDAQ MarketSite building in Times Square. The Reuters buildings at Canary Wharf and in Toronto have news and stock tickers; the latter type features market data for the New York Stock Exchange, NASDAQ and London Stock Exchange, while the Toronto building's ticker also includes quotes from the Toronto Stock Exchange. A red-LED ticker was added to the perimeter of 10 Rockefeller Center in 1994, as the building was being renovated to accommodate the studios for NBC's Today. Placed at the juncture of the first and second floors, the ticker is visible to spectators in Rockefeller Plaza and passersby on West 49th Street and updates continuously, even at times when Today is not being produced and broadcast. As of 2015, the ticker strip is only a small part of a large two-floor LCD video display that is placed within the window of the studio showing promotional information. The Martin Place Headquarters of Seven News, the news division of Australian television broadcaster Seven Network, also incorporates a ticker that wraps around the building. == In popular culture == The use of new
Redshift (theory)
Redshift is a techno-economic theory suggesting hypersegmentation of information technology markets based on whether individual computing needs are over or under-served by Moore's law, which predicts the doubling of computing transistors (and therefore roughly computing power) every two years. The theory, proposed and named by New Enterprise Associates partner and former Sun Microsystems CTO Greg Papadopoulos, categorized a series of high growth markets (redshifting) while predicting slower GDP-driven growth in traditional computing markets (blueshifting). Papadopoulos predicted the result will be a fundamental redesign of components comprising computing systems. == Hypergrowth market segments (redshifting) == According to the Redshift theory, applications "redshift" when they grow dramatically faster than Moore's Law allows, growing quickly in their absolute number of systems. In these markets, customers are running out of datacenter real-estate, power and cooling infrastructure. According to Dell Senior Vice President Brad Anderson, “Businesses requiring hyperscale computing environments – where infrastructure deployments are measured by up to millions of servers, storage and networking equipment – are changing the way they approach IT.” While various Redshift proponents offer minor alterations on the original presentation, “Redshifting” generally includes: === ΣBW (Sum-of-Bandwidth) === These are companies that drive heavy Internet traffic. This includes popular web-portals like Google, Yahoo, AOL and MSN. It also includes telecoms, multimedia, television over IP, online games like World of Warcraft and others. This segment has been enabled by widespread availability of high-bandwidth Internet connections to consumers through a DSL or cable modem. A simple way to understand this market is that for every byte of content served to a PC, mobile phone or other device over a network, there must exist computing systems to send it over the network. === High performance computing (HPC) === These are companies that do complex simulations that involve (for example) weather, stock markets or drug-design simulations. This is a generally elastic market because businesses frequently spend every "available" dollar budgeted for IT. A common anecdote claims that cutting the cost of computing by half causes customers in this segment to buy at least twice as much, because each marginal IT dollar spent contributes to business advantage. === prise (or "Star-prise") === These are companies that aggregate traditional computing applications and offer them as services, typically in the form of Software as a Service (SaaS). For example, companies that deploy CRM are over-served by Moore's Law, but companies that aggregate CRM functions and offer them as a service, such as Salesforce.com, grow faster than Moore's Law. === The eBay crisis === A prime example of redshift was a crisis at eBay. In 1999 eBay suffered a database crisis when a single Oracle Database running on the fastest Sun machine available (these tracking Moore's law in this period) was not enough to cope with eBay's growth. The solution was to massively parallelise their system architecture. == Traditional computing markets (blueshifting) == Redshift theory suggests that traditional computing markets, such as those serving enterprise resource planning or customer relationship management applications, have reached relative saturation in industrialized nations. Thereafter, proponents argued further market growth will closely follow gross domestic product growth, which typically remains under 10% for most countries annually. Given that Moore's Law continues to predict accurately the rate of computing transistor growth, which roughly translates into computing power doubling every two years, the Redshift theory suggests that traditional computing markets will ultimately contract as a percentage of computing expenditures over time. Functionally, this means “Blueshifting” customers can satisfy computing requirement growth by swapping in faster processors without increasing the absolute number of computing systems. == Consequences and industry commentary == Papadopoulos argued that while traditional computing markets remain the dominant source of revenue through the late 2000s, a shift to hypergrowth markets will inevitably occur. When that shift occurs, he argued computing (but not computers) will become a utility, and differentiation in the IT market will be based upon a company's ability to deliver computing at massive scale, efficiently and with predictable service levels, much like electricity at that time. If computing is to be delivered as a utility, Nicholas Carr suggested Papadopoulos' vision compares with Microsoft researcher Jim Hamilton, who both agree that computing is most efficiently generated in shipping containers. Industry analysts are also beginning to quantify Redshifting and Blueshifting markets. According to International Data Corporation vice president Matthew Eastwood, "IDC believes that the IT market is in a period of hyper segmentation... This a class of customers that is Moore's law driven and as price performance gains continue, IDC believes that these organizations will accelerate their consumption of IT infrastructure.” == History and nomenclature == Key portions of Papadopoulos' theory were first presented by Sun Microsystems CEO Jonathan Schwartz in late 2006. Papadopoulos later gave a full presentation on Redshift to Sun's annual Analyst Summit in February 2007. The term Redshift refers to what happens when electromagnetic radiation, usually visible light, moves away from an observer. Papadopoulos chose this term to reflect growth markets because redshift helped cosmologists explain the expansion of the universe. Papadopoulos originally depicted traditional IT markets as green to represent their revenue base, but later changed them to “blueshift,” which occurs when a light source moves toward an observer, similar to what would happen during a contraction of the universe.
Secure environment
In computing, a secure environment is any system which implements the controlled storage and use of information. In the event of computing data loss, a secure environment is used to protect personal or confidential data. It may also be known as a trusted execution environment (TEE). Often, secure environments employ cryptography as a means to protect information. This is typically used for processing confidential or restricted information. Some secure environments employ cryptographic hashing, simply to verify that the information has not been altered since it was last modified.
Virtual advertising
Virtual advertising is the use of digital technology to insert virtual advertisements into a live or pre-recorded television show, often in sports events. This technique is often used to allow broadcasters to overlay existing physical advertising panels inside the sports venue with virtual content on the screen when broadcasting the same event in multiple regions; a Spanish football game can be broadcast in Mexico with Mexican advertisements. Similarly, virtual content can be inserted onto empty space within the sports venue such as the pitch, where physical advertising cannot be placed due to regulatory or safety reasons. Virtual advertising content is intended to be photorealistic, so that the viewer has the impression they are seeing the real in-stadium advertising. == History == Throughout the 1980s, 1990s, and 2000s, advertising on television and in newspapers was a popular method of spreading information. The marketer Jeremiah Lynwood stated that "Thirty years ago, [U.S.] consumers viewed an average of 560 ads per day", mostly from newspapers, television shows, gasoline pumps, and so on. Lynwood also stated that, at the time, "American consumers may be exposed to 3,000 commercial messages every day". Within that time frame, the exposure of daily ads have supported many local and big businesses. With the arrival of the 2000s and 2010s, technological advances have created new opportunities for many businesses to grow. In the 21st century, virtual advertising has been used to create virtual product placements in television shows hours, days, or years after they have been produced. Advertisements can be targeted to regional markets and updated over time to ensure maximum efficiency of advertising money. A good example of how virtual advertising is used in everyday life is in sports. Virtual advertising uses the latest technology to place an ad in position to the field of play, regardless of camera motion, and the players' movement over the logos. Recently, the NHL have virtually inserted sponsors on the glass above the physical boards in NHL stadiums. Big brands will not spend their time or money on hitting a certain region when their main goal is to build global brand awareness. Digital signage opportunities allow these larger brands to purchase signage in a stadium during games that are instead nationally televised. This gets even more expansive thanks to social media outlets like Twitter, Facebook, and Amazon. On the other hand, local businesses sign when there are smaller games going on. The signage is much more affordable and still reaches a vast number of people. Virtual advertising may even make live attendance more attractive to sport fans because the technology allows the playing field and surrounding areas to be cleared of advertisements while television viewers at home are exposed to commercials. For the most part, virtual advertising makes a live attendance more attractive to sports fans, because instead of being at home watching commercials, live fans are able to be clear of advertisements and enjoy the game without pop-up ads. == Technology == The technology used in virtual insertions often uses automated processes such as: automatic detection of playfield limits, automatic detection of cuts, recognition of playfield surface, recognition of existing logos for logo replacements, etc. An operator is usually dedicated to the visual control of the effect but new systems allow to use the instant replay operator. == Examples == === Live events === Virtual advertisements can be effectively integrated into live television in real-time. For example, Fox Sports Net places a virtual advertisement on the glass behind the goaltender that can only be seen on television. The advertising in the playfields is property of the club, except in some professional sports where the league or federation owns the advertising rights. However, the advertising rights broadcast on the screen are property of the broadcasters or the TV channel. This means that second right holders can benefit from selling this virtual advertising. The number of TV viewers is also higher than the people in the stadium, generating more visibility to the advertised marks and more income to the broadcasters. Virtual advertising was first introduced in football during the 2015 Audi Cup at the Allianz Arena in Munich. AIM Sport implemented the technology to digitally overlay advertisements on the stadium's perimeter boards, allowing different sponsors to be displayed to viewers in different broadcast regions. In Formula One, virtual ads are placed on the grass or as virtual billboards. In baseball, Major League Baseball places virtual advertisements on a back-board behind the batter which can be targeted differently in local markets or countries. During the World Series, MLB international broadcasts of the World Series feature different advertisements on a per market basis, showing a different ad in the US, Canadian, Latin American and Japanese markets. In tennis, e.g. during the 2019 ATP Finals in London's O2 Arena certain logos in the background were replaced for various country feeds. In table tennis e.g. during the ITTF World Tour Australian Open 2019 virtual advertising overlays were used by uniqFEED AG in Switzerland. Since the 2022–23 season, the National Hockey League (NHL) has used digitally enhanced dasherboards (DED) to erase and replace ads on each arena's boards with up to 120 thirty-second segments on all or part of the rink. Each broadcaster can use a different set of ads. DED were first used at the 2016 World Cup of Hockey, which was organized by the NHL. At UEFA Euro 2024, AIM Sport provided virtual advertising for all matches, marking one of the largest implementations of the technology in an international tournament. In addition to the tournament itself, virtual advertising was also used in the participating teams' domestic matches, extending region-specific advertising beyond the competition itself.