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This lecture discusses the impact of big data in the modern era, highlighting the challenges and solutions for efficient data analysis. It covers topics such as the economic value of big data, latency-sensitive applications like trending news queries, throughput-bound applications such as sales analytics, and alternative solutions like BlueCache and AQUOMAN. The lecture also delves into graph analytics on big data, common algorithms, and the use of hardware accelerators and flash storage to optimize performance. Challenges in utilizing flash storage are addressed, along with strategies to reorganize computation for better efficiency.