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Lucid Gr - Government Trades

Lucid Gr

Lucid Group Inc is a technology and automotive company. It develops the next generation of electric vehicle (EV) technologies. It is a vertically integrated company that designs, engineers, and builds electric vehicles, EV powertrains, and battery systems in-house using our own equipment and factory.

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News

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LCID

After the market close on Friday, Lucid said it reached an agreement with Gravity Inc., an American manufacturer of high-speed EV charging equipment, regarding use of the &#34;Lucid Gravity&#34; trademark.

What&#39;s Going On With Lucid Stock Monday?

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Rivian received a much-needed cash infusion, which will help the company move forward with next-gen platform plans.

Tesla Rises Ahead Of Crucial Q2 Deliveries, Rivian Affirms Goal After Volkswagen Deal, Nikola Ropes In Key Customer And More: Biggest EV Stories Of The Week

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Rivian is getting a much needed capital infusion from Volkswagen to help on its path to more vehicles and profitability. Analysts size up the latest news.

Volkswagen&#39;s Rivian Investment &#39;De-Risks&#39; Future Growth Plans But &#39;Funding Isn&#39;t Free&#39;: 7 Analysts Size Up JV News Against &#39;Challenging Backdrop For EVs&#39;

lucid-air-sapphire-laguna-seca-rear-side-dark

Shares of EV maker Lucid Group Inc (NASDAQ:LCID) are trading higher Wednesday in sympathy with Rivian Automotive Inc (NASDAQ:RIVN), which saw its shares soar after the company announced intentions to form an equally controlled and owned joint venture with Volkswagen.

Lucid Stock Gets Lift From Rivian: What&#39;s Going On?

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Futures trading reflects the same trend seen on Tuesday, with the Nasdaq and S&amp;P 500 futures firming up in early trading, while the Dow futures slipped.

Nasdaq, S&amp;P 500 Set To Open Higher On Nvidia Prop, FedEx Earnings, But Traders Could Move To Sidelines Ahead Of Key Data: Analyst Says Underweighting Techs &#39;Contrarian Bet&#39;

Stocks Photo by WHYFRAME on Shutterstock

On Tuesday, U.S. stocks showed mixed results. The Dow Jones Industrial Average closed down by nearly 0.8%, finishing at 39,112.16

Rivian, Lucid, Micron Technology, Novo Nordisk, Tesla: Why These 5 Stocks Are On Investors&#39; Radars Today

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Lucid Group Inc shares traded lower on Tuesday before reversing course after the bell and surging to weekly highs.

What&#39;s Going On With Lucid Stock Tuesday?

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Lucid Group appoints communications expert Nick Twork, with Ford and General Motors experience, to lead global strategy amid SUV production launch.

Lucid Group Appoints Ford And General Motors Veteran Nick Twork As Head Of Global Communications

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Standing as a testament to the challenges faced by EV startups, another upstart has gone bankrupt, and those remaining in the industry are also finding the going tough.

Tesla Analysts Temper Expectations, Fisker Shuts Down Shop, Nikola&#39;s 30-for-1 Reverse Split And More: Biggest EV Stories Of The Week

Lucid Gravity

Tech

Lucid Motors is preparing to produce their electric Gravity SUV with 247 robots in a new automated line. Lucid&#39;s CEO says Gravity will be the world&#39;s best SUV.

Lucid Training Nearly 250 Robots To Build Gravity SUV, Says CEO Peter Rawlinson

Lucid Group Inc

Goldman Sachs analyst Adam Hotchkiss initiates coverage on Waystar Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WAY#NASDAQ">WAY</a>) with a Buy rating and announces Price Target of $32.

Initiation

Goldman Sachs Initiates Coverage On Waystar Holding with Buy Rating, Announces Price Target of $32

BMO Capital analyst Evan Seigerman downgrades Incyte (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INCY#NASDAQ">INCY</a>) from Market Perform to Underperform and lowers the price target from $52 to $48.

Downgrades

INCY

BMO Capital Downgrades Incyte to Underperform, Lowers Price Target to $48

Tesla and SpaceX CEO Elon Musk reacted to an old video of AI &#8220;Godfather&#8221; Geoffrey Hinton that artificial intelligence has passed the Turing Test.
What Happened: On Tuesday, Musk responded to a post highlighting Hinton&#8217;s assertion that AI had passed the Turing Test when it could explain why a joke is funny. Musk simply stated, &#8220;He's right.&#8221;
In the video, Hinton explained his &#8220;Turing Test&#8221; of AI and how it influenced his opinions of doom by AI. As per Hinton, AI becomes truly smart when it can explain a joke. He added that while chatbots like PaLM by Google or GPT4 by OpenAI fail to make jokes and have &#8220;wimpy&#8221; punchlines, they are still capable of explaining why a joke is funny. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">He's right
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1807932302854336695?ref_src=twsrc%5Etfw">July 2, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/07/39568912/apple-iphone-settlement-deadline-extended-users-get-extra-time-to-file-claims-to-get-up-to-349?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple iPhone Settlement Deadline Extended: Users Get Extra Time To File Claims To Get Up To $349</a>
This endorsement comes after Musk&#8217;s previous praise of Hinton. In June, Musk shared a snippet of an interview with Hinton, lauding him as one of the smartest people in the world regarding AI. Hinton, often referred to as the &#8220;Godfather of AI,&#8221; has been vocal about the potential threat of AI surpassing human intelligence.
Why It Matters: Hinton&#8217;s predictions about AI have been a topic of discussion in the tech industry. He has warned about the <a href="https://www.benzinga.com/news/24/06/39349374/elon-musk-calls-geoffrey-hinton-one-of-the-smartest-people-after-ai-godfather-says-50-50-chance-the">rise of AI </a>and its potential impact on the jobs market. His recent claim about AI passing the Turing Test signifies a significant milestone in the development of AI, indicating that AI can now understand and explain humor, a complex human trait.
In his previous interviews, Hinton estimated a <a href="https://www.benzinga.com/news/24/06/39319028/terminator-in-real-life-ai-godfather-warns-of-human-wipe-out-in-5-to-20-years">50-50 chance</a> of AI becoming more intelligent than humans within the next two decades. Musk&#8217;s agreement with Hinton&#8217;s view underscores the rapid advancements in AI and the potential challenges and opportunities it presents.
Read Next: <a href="https://www.benzinga.com/news/large-cap/24/06/39565790/whats-new-in-the-consumer-tech-world-last-week-news-that-you-should-know-june-23-june-29-2024?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s New In the Consumer Tech World Last Week ? News That You Should Know (June 23 &#8211; June 29, 2024)</a>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Elon Musk Reacts To An Old Video Of AI 'Godfather' Geoffrey Hinton Saying That Artificial Intelligence Has Passed The 'Turing Test'

Piper Sandler analyst Arvind Ramnani maintains Dayforce (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAY#NYSE">DAY</a>) with a Neutral and maintains $68 price target.

Piper Sandler Maintains Neutral on Dayforce, Maintains $68 Price Target

In response to a sluggish economy and regulatory modifications, Western <a href="https://www.benzinga.com/markets/asia/24/07/39567244/chinas-central-bank-could-embrace-federal-reserve-model-in-a-major-reform-under-governor-pan-gongshe">banks have significantly reduced their investment</a> teams in China.
What Happened: The investment banking workforce of Western banks in China has seen a substantial reduction, the Financial Times <a href="https://www.ft.com/content/d2a4e808-a091-4a05-b14d-fe710decf30e">reported</a> on Monday. This downsizing is a result of a decline in profits and the end of a period of expansion in the country.
Five of the seven securities units in China, which are part of Wall Street and European banks, either reported losses or a significant drop in profits in 2023. This led to a 13% decrease in the total workforce, which stood at 1,781 employees in the previous year.
The slowdown in China&#8217;s capital markets is attributed to a weaker economy, largely due to an extended property slump and the repercussions of escalating geopolitical tensions between Beijing and Washington.
Jamie Dimon, CEO of JPMorgan, described at a conference in May that a portion of its investment banking operations in China had sharply declined.
Notably, Credit Suisse&#8216;s unit, now under UBS, saw a 46% reduction in staff. Morgan Stanley, JPMorgan, and Goldman Sachs also reported significant declines in profits or losses in their China ventures.
"Western investment banks are caught in a vicious cycle," said Han Lin, China country director at consultancy The Asia Group. "Weak deal flow means less investment in onshore capability, which limits further deal flow."
See Also: <a href="https://www.benzinga.com/markets/asia/24/07/39578480/alibaba-capitalizes-on-uefa-euro-2024-to-boost-european-market-presence?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Alibaba Capitalizes On UEFA Euro 2024 To Boost European Market Presence</a>
Why It Matters: The recent downsizing of Western banks&#8217; investment teams in China indicates the challenges faced by foreign financial institutions in the country. This move comes amid a series of significant changes in China&#8217;s economic landscape.
Recently, it was reported that China&#8217;s central bank was considering <a href="https://www.benzinga.com/markets/asia/24/07/39567244/chinas-central-bank-could-embrace-federal-reserve-model-in-a-major-reform-under-governor-pan-gongshe">adopting a model</a> similar to that of the U.S. Federal Reserve. This potential overhaul of China&#8217;s monetary policy could have far-reaching implications for foreign banks operating in the country.
Furthermore, China has been making efforts to <a href="https://www.benzinga.com/markets/asia/24/06/39428693/china-calls-on-visa-and-mastercard-to-slash-bank-card-transaction-fees-by-up-to-half-report">simplify payments for international visitors</a> by urging Visa and Mastercard to reduce their bank card transaction fees. This is part of a broader initiative to make China&#8217;s financial system more accessible to foreign entities.
However, China&#8217;s financial sector has also faced challenges, such as the <a href="https://www.benzinga.com/news/23/12/36159844/full-banking-collapse-china-worries-pile-up-as-hedge-funder-sounds-alarm">mounting debt</a> and a &#8220;full banking system collapse,&#8221; as described by hedge funder Kyle Bass.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39583595/exclusive-tesla-delivery-prediction-expert-expects-lower-deliveries-than-analysts-s?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Tesla Delivery Prediction Expert Expects Lower Numbers Than Analysts, Says China &#8216;Not Exactly A Recovery&#8217;</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Asia

JPMorgan, UBS, Morgan Stanley, And Other Investment Banks Scale Back China Operations Amid Falling Profits And Market Challenges

Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, made a bold statement claiming that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is a better safe-haven asset than gold.&nbsp;
What Happened: In a recent blog post titled &#8220;<a href="https://cryptohayes.medium.com/zoom-out-c343750dd3bd">Zoom Out</a>,&#8221; Hayes, who is himself a Bitcoin billionaire, pointed out the technological superiority of the digital asset over the yellow metal.&nbsp;
"The key difference between Bitcoin and gold is that, in Lynn Alden's terms, the ledger for Bitcoin is maintained through a cryptographic blockchain, and money moves at the speed of light," Hayes emphasized.
Gold, on the other hand, is constrained by natural and man-made constraints, traveling only as fast as humans can.
Hayes mentions that while digital fiat, or <a href="https://www.benzinga.com/money/what-is-a-central-bank-digital-currency-cbdc">central bank digital currencies</a>, match cryptocurrencies in terms of speed, they pose inflationary challenges owing to government involvement.
Hayes concluded by saying, "Bitcoin is superior, whereas gold is inferior."
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39588530/shiba-inu-lead-developer-shytoshi-kusama-stirs-up-crypto-world-with-mysterious-post-ive-be">Shiba Inu Lead Developer Shytoshi Kusama Stirs Up Crypto World With Mysterious Post: &#8216;I&#8217;ve Been Shy And Quiet These Past Few Years… But It&#8217;s Time That Changes&#8217;</a>
Why It Matters: Bitcoin proponents have aggressively promoted its narrative as a safe haven asset, giving rise to the moniker &#8220;Digital Gold.&#8221;&nbsp;
These narratives have been strengthened by Bitcoin's exponential growth since its inception in 2009. From $0.058 to the current value of $62,600, the cryptocurrency has jumped an astounding 1068965 times.
In comparison, spot gold has seen a more stable trajectory, rising 2.3x in the aforementioned time period from $1,011 to $2,329.&nbsp;
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39589749/want-a-physical-crypto-the-stainless-steel-replica-of-this-bitcoin-offshoot-can-be-availed">Want A Physical Crypto? The Stainless Steel Replica Of This Bitcoin Offshoot Can Be Availed For Free</a>
Image Via Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Arthur Hayes Says 'Bitcoin Is Superior, Whereas Gold Is Inferior' — Here's Why

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly <a href="https://www.benzinga.com/topic/vision-pro">working on the next generation</a> of its Vision Pro headset, with rumors suggesting significant changes in design and pricing.
What Happened: The tech giant is developing two variants of the second-generation headset. One version is expected to be a premium option, improving upon&nbsp;the first Apple Vision Pro, while the other is anticipated to be <a href="https://www.benzinga.com/general/entertainment/23/10/35258111/apples-rumored-cheaper-vision-pro-to-cost-2000-less-but-it-might-come-without-these-feature">a more affordable</a>, consumer-grade edition.
Apple&#8217;s first-generation headset, launched at WWDC 2023 and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36896845/apple-vision-pro-is-mind-blowing-says-ceo-tim-cook-we-live-in-a-3d-world-but-the-co">released in February 2024</a>, has been praised for its design and utility in sectors like healthcare. However, its $3,500 price tag has <a href="https://www.benzinga.com/news/earnings/24/05/38604694/cramer-glad-apple-has-higher-price-point-for-vision-pro-as-headset-becomes-hit-with-fortune-100-com">reportedly hindered sales</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39545727/elon-musk-took-a-cheeky-swipe-at-jeff-bezos-after-amazon-breached-the-2-trillion-market-cap-heres-wh?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Took A Cheeky Swipe At Jeff Bezos After Amazon Breached The $2 Trillion Market Cap: Here&#8217;s What The Famed Entrepreneur Said</a>
Rumors suggest that the consumer-grade version of the Apple Vision Pro follow-up could be significantly cheaper. Apple is reportedly aiming to reduce the <a href="https://www.benzinga.com/news/23/11/35996684/apples-rumored-low-cost-vision-pro-variant-to-slash-production-costs-by-half-report">bill of materials to half of what</a> Vision Pro costs, potentially bringing the price down to between $1,500 to $2,500.
To achieve this cost reduction, Apple may&nbsp;make significant cuts to some&nbsp;of its highest-priced components, such as&nbsp;the camera and sensor array,&nbsp;the use of two Apple&nbsp;Silicon chips, and twin 4K&nbsp;microLED displays. The new headset might also feature a simpler headband design and&nbsp;the use of AirPods for&nbsp;spatial audio.
The tech giant could also eliminate the EyeSight display, which shows the user&#8217;s eyes externally, and reduce the specifications of the internal virtual reality screens.
Moreover, unlike the first-generation Apple Vision Pro, which can operate independently, the next version might&nbsp;need to be <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38692863/tim-cook-kicked-off-ipad-event-by-hyping-up-apple-vision-pro-top-analyst-says-its-j">tethered to&nbsp;a host device</a> like an iPhone or Mac. This could help reduce onboard processing costs and introduce&nbsp;a &#8220;tier&#8221; system into the&nbsp;range.
As for the next premium Vision Pro model, last month it was reported that Apple&#8217;s follow-up to the headset&#8217;s high-end model has been halted, in favor of developing a more affordable alternative, <a href="https://appleinsider.com/articles/24/06/18/apple-vision-pro-sequel-stalls-as-work-on-cheaper-consumer-headset-continues">reported</a> AppleInsider (<a href="https://www.theinformation.com/articles/apple-suspends-work-on-next-high-end-headset-focused-on-releasing-cheaper-model-in-late-2025">via</a> The Information).
The tech giant is also reportedly working on reducing the weight of future Vision Pro headsets after considering <a href="https://www.benzinga.com/news/23/06/32736149/is-apples-vision-pro-headset-worth-it-top-tech-reviewer-gives-honest-review">feedback from many users</a>.
Why It Matters: In June 2023, Apple shares briefly surpassed the previous record of $182.94 set on January 4, 2022, reaching a new all-time high of $184.95. However, after the company unveiled its first augmented reality headset, the Apple Vision Pro, shares unexpectedly pulled back, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/06/32723021/apple-stock-hits-record-high-during-wwdc-tumbles-after-vision-pro-ar-headset-price-">contrary to many expectations</a>.
Last week, the company started <a href="https://www.benzinga.com/markets/asia/24/06/39546107/apple-vision-pro-debuts-in-china-and-it-is-almost-500-more-expensive-than-in-us">selling its mixed-reality headset in China</a>. However, the product&#8217;s price, approximately 18% higher than in the U.S., has ignited a debate among consumers.
In May earlier this year, <a href="https://www.benzinga.com/news/earnings/24/05/38599545/apple-q2-earnings-beats-muted-forecast-on-services-mac-strength-installed-base-at-fresh-record-cupe">Apple reported its second-quarter results</a> that outperformed&nbsp;<a href="https://www.benzinga.com/news/earnings/24/05/38580920/will-apple-crack-ai-code-and-spark-investor-optimism-tim-cooks-tech-strategy-in-focus-amid-expected" target="_blank" rel="noreferrer noopener">muted goals.</a> The tech giant reported quarterly revenue of $90.75 billion, a 4% decrease year-over-year, and quarterly earnings per diluted share of $1.53, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/06/39497848/mark-zuckerbergs-pr-team-couldnt-stop-him-from-posting-my-spine-has-been-surgically-removed-said-for?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg&#8217;s PR Team Couldn&#8217;t Stop Him From Posting: &#8216;My Spine Has Been Surgically Removed,&#8217; Said Former Facebook Exec</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

AAPL

Apple's Next-Gen Vision Pro To Feature Major Design And Price Changes: Here's What We Know So Far

The Supreme Court ruled on Monday that former <a href="https://www.benzinga.com/general/politics/24/07/39577351/trump-granted-partial-immunity-by-supreme-court-ruling-says-the-president-is-not-above-the-law-d">President Donald Trump is entitled to absolute immunity from prosecution</a> for official acts taken while in office, but has no immunity for unofficial acts. His niece Mary Trump weighed in on the ramifications of the apex court&#8217;s decision in a substack post.
What Happened: &#8220;The corrupt supermajority has come very close to granting him [Donald Trump] the powers of a king; that he has, in effect, gotten away with the crimes against America that he's already committed,&#8221; said Mary Trump, a psychologist, author and media personality. Explaining why the former president should be stopped at any cost, his niece said, &#8220;If he gets back into the Oval Office, he'll be able to commit even more serious crimes with impunity.&#8221;
The first and foremost thing to do would be to move on from the debate and rally behind President Joe Biden, who has never beaten Donald Trump, she said.
If he isn&#8217;t stopped, &#8220;it's only a matter of time before anybody who has stood against Donald and the corrupt fascists who support him gets shipped off to Guantanamo Bay as his &#8216;official act,'&#8221; she said.
Mary Trump said the Supreme Court justices who are trying to make her uncle a king are &#8220;traitors.&#8221;
&#8220;This Court needs to be stopped,&#8221; the podcaster said. &#8220;This was an unjust and anti-democratic decision from a Court that no longer has any credibility and, apparently, no longer believes in its mission to uphold the Constitution,&#8221; she said.
See Also: <a href="https://www.benzinga.com/news/24/07/39568989/staunch-biden-supporter-paul-krugman-gives-up-on-president-after-debate-fiasco-we-need-to-recognize">Staunch Biden Supporter Paul Krugman Gives Up On President After Debate Fiasco? &#8216;We Need To Recognize Reality&#8217;</a>
Why It&#8217;s Important: The Supreme Court ruling is crucial in the sense it has a set precedence. Financial Times correspondent Stefania Palma <a href="https://www.ft.com/content/bdd38783-e168-4852-9b1a-a9ea47216bb2?desktop=true&amp;segmentId=7c8f09b9-9b61-4fbb-9430-9208a9e233c8#myft:notification:daily-email:content"> said</a> in a podcast, &#8220;This will set the boundaries of essentially presidential accountability for years and years to come.&#8221;
The offshoot of the ruling on the federal case that alleged Donald Trump overturned the election is that the lower courts, where his other cases are being fought, will now have to categorize which is an official act and which is a private act, she said.
This will essentially delay all the cases well beyond the Nov. 5 election, she added.
Commenting on the verdict MSNBC&#8217;s Rachel Maddow said, &#8220;This is a death squad ruling that as long as you can construe it as an official or quasi-official act, you can do absolutely anything. Absolutely anything, and never be held accountable.&#8221;
Donald Trump and Biden are locked in a neck-to-neck race as they are likely to face off in the 2024 election. Following last week&#8217;s first presidential debate, rumors suggest Biden could be replaced after he put up a <a href="https://www.benzinga.com/markets/equities/24/06/39563622/is-kamala-harris-the-answer-to-joe-bidens-shortcomings-poll-hints-at-voter-sentiment-toward-poss">dismal show against his opponent.</a>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a></li>
</ul>
Image via Shutterstock

Politics

Trump's Niece Takes On SCOTUS' 'Unjust' Immunity Ruling In Ex-President's Favor, Says Top Court Is 'Close To Granting Him Powers Of A King'

In an exciting move for Litecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>) supporters, founder Charlie Lee revealed a physical replica of the cryptocurrency that will be distributed for free to attendees of the upcoming Litecoin Summit.&nbsp;
What Happened: Sharing the photo of the collectible coin made of stainless steel, Lee revealed that he would fund the tangible equivalent from a transaction sent from the Litecoin Genesis address.&nbsp;&nbsp;
"I have these in hand now and they look great," Lee remarked.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I have these in hand now and they look great. Now I&#39;m going to fund them from the Litecoin Genesis address. Come to the Litecoin Summit in Nashville in 3 weeks to get one for free! <a href="https://t.co/ydrXzlXDpA">https://t.co/ydrXzlXDpA</a> <a href="https://t.co/tfT3iDNSQd">pic.twitter.com/tfT3iDNSQd</a>
&mdash; Charlie Lee &#x24c2;&#xFE0F;&#x1f578;&#xFE0F; (@SatoshiLite) <a href="https://twitter.com/SatoshiLite/status/1807884107722248542?ref_src=twsrc%5Etfw">July 1, 2024</a></blockquote>
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The Litecoin Foundation, an organization that promotes the adoption and development of Litecoin, had earlier announced that each "limited edition coin" would be loaded with 100 Lites, equivalent to 0.1 LTC.&nbsp;
The physical Litecoin would function as a self-custodial cold wallet and be given free to attendees of the upcoming Litecoin Summit, scheduled to take place in Nashville from July 24 to July 25.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39588530/shiba-inu-lead-developer-shytoshi-kusama-stirs-up-crypto-world-with-mysterious-post-ive-be">Shiba Inu Lead Developer Shytoshi Kusama Stirs Up Crypto World With Mysterious Post: &#8216;I&#8217;ve Been Shy And Quiet These Past Few Years… But It&#8217;s Time That Changes&#8217;</a>
Why It Matters: Litecoin was created from the hard fork of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in 2011, and like its parent, has a proof-of-work mechanism and a capped circulating supply.&nbsp;&nbsp;
However, unlike Bitcoin, Litecoin is much faster, with a block generation time of 2.5 minutes compared to Bitcoin's 10 minutes. Hence, it is viewed as the "lighter" version of Bitcoin.
That said, the cryptocurrency has massively underperformed this year. Litecoin is the 18th largest coin by market cap, growing just 2.95% YTD, compared to Bitcoin's 48% growth in the same time.&nbsp;
Price Action: At the time of writing, LTC was trading at $74.99, trading mostly flat in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39588258/mark-cuban-slams-sec-chair-gary-genslers-understanding-of-crypto-registration-trying-to-pu">Mark Cuban Slams SEC Chair Gary Gensler&#8217;s Understanding Of Crypto Registration: &#8216;Trying To Put A Square Peg In A Round Hole&#8217;</a>
Photo by DIAMOND VISUALS on Shutterstock

$LTC

Want A Physical Crypto? The Stainless Steel Replica Of This Bitcoin Offshoot Can Be Availed For Free

The U.S. stock market&#8217;s recent surge, fueled by the <a href="https://www.benzinga.com/topic/ai-stocks">promise of artificial intelligence</a>, is drawing comparisons to the dot-com bubble of the late 1990s. This has raised concerns about another overvaluation scenario.
What Happened: The current stock market rally, largely attributed to the excitement surrounding AI, has sparked memories of the dot-com bubble, reported Reuters. The S&amp;P 500 index has hit new highs, rising over 50% from its October 2022 low, while the Nasdaq Composite index has seen a 70% increase since the end of 2022.
Despite this, stock valuations and investor enthusiasm have not yet reached the levels seen during the dot-com era. However, the market is currently dominated by a small group of tech giants, with AI chipmaker Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) leading the pack.
The staggering surge in Nvidia shares, which soared nearly 4,300% over the past five years, has drawn comparisons to the meteoric rise of network equipment maker Cisco Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), which saw its stock climb about 4,500% over five years before peaking in 2000, according to a BTIG analysis.
&#8220;No one exactly knows what will happen with artificial intelligence,&#8221; Sameer Samana, senior global market strategist at the Wells Fargo Investment Institute said, highlighting the similar uncertainty regarding the eventual long-term winners.
While the financial stability of today&#8217;s tech champions seems to be stronger than that of their dotcom counterparts, there are still concerns that the AI-driven surge could end in a similar crash. The IT sector has swelled to 32% of the S&amp;P 500&#8217;s total market value, the highest percentage since 2000.
Mike O&#8217;Rourke, chief market strategist at JonesTrading, thinks the current stock market bull run has a &#8220;lot of similarities&#8221; with the dot-com era rally. However, there could be still some momentum left, since the S&amp;P 500&#8217;s price-to-earnings ratio is still at 21, while it was hovering near 25 between 1999 and 2000, according to Datastream, the report said.
&#8220;Our base case is that this tech bubble won&#8217;t burst until the valuation of the overall market has reached the sort of level that it did in 2000,&#8221; Capital Economics analysts said in a note.
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39563622/is-kamala-harris-the-answer-to-joe-bidens-shortcomings-poll-hints-at-voter-sentiment-toward-poss?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Kamala Harris The Answer To Joe Biden&#8217;s Shortcomings? Poll Hints At Voter Sentiment Toward Possible Re</a>
Why It Matters: The current situation in the stock market has been a subject of debate among experts. While some, like economist Harry Dent, have been <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39257592/economist-warns-crash-of-a-lifetime-is-coming-predicts-s-p-500-to-plummet-86-from-t">predicting a major crash</a>, others like veteran analyst Gene Munster believe that the market will continue its <a href="https://www.benzinga.com/markets/equities/24/05/38910879/stock-market-to-rally-for-3-5-years-before-ai-bubble-bursts-predicts-veteran-analyst-gene-munste">bull run for another three to five years</a> before an AI bubble bursts.
Meanwhile, Keith Lerner, Chief Strategist and CIO at Truist, recently <a href="https://www.benzinga.com/markets/equities/24/07/39576920/as-nvidia-and-other-tech-stocks-soar-expert-downgrades-sector-amid-overvaluation-concerns">downgraded the tech sector from overweight to neutral</a>, citing concerns over its current valuation. This move comes amid the sector&#8217;s 11% outperformance of the market last month.
On the other hand, Dan Ives, a Wedbush analyst, has made a bold prediction for the second half of 2024, foreseeing a significant surge in tech stocks, particularly those driven by AI, which will drive tech fundamentals. He <a href="https://www.benzinga.com/markets/equities/24/06/39566594/nasdaq-to-surge-15-driven-by-ai-in-second-half-of-2024-predicts-wedbush-analyst-dan-ives-tech-bu">attributed this growth to the expanding use cases of AI</a>.
Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/06/39437268/the-rise-and-fall-of-pioneering-weed-markets-rip-california-and-colorado-cannabis-industries?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Rise And Fall Of Pioneering Weed Markets: RIP California And Colorado Cannabis Industries</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

CSCO

AI Boom Spurs Nvidia-Led US Stock Market Rally, Experts Draw Parallels With Dotcom Bubble: 'No One Exactly Knows…'

ZEPP

Zepp Health Launches Zepp OS 4: Integrating OpenAI's GPT-4o Into Its Amazfit Smartwatches

The agreement licenses a range of devices including Pixel smartphones, Fitbit wearables and other consumer electronics devices to InterDigital's cellular wireless, Wi-Fi, and HEVC video patented technologies.

GOOGL

IDCC

InterDigital Enters Into New License Agreement With Google

Tesla Inc. CEO Elon Musk on Monday assured U.S. army veteran and YouTuber Lamar MK of a fix after his new Cybertruck <a href="https://www.benzinga.com/news/24/06/39562595/elon-musk-reacts-to-footballer-isaiah-simmons-white-tesla-cybertruck-parked-up-in-manhattan-nice">refused to let him in</a>.
What Happened: Lamar took to X on Sunday to flag that he was not able to get inside his Cybertruck or unplug it from a charging plug. The X user, also a Model Y SUV owner, took delivery of his Cybertruck merely months ago in May and wrapped it in a bright navy blue. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I CANNOT GET INSIDE MY <a href="https://twitter.com/cybertruck?ref_src=twsrc%5Etfw">@CYBERTRUCK</a>! WHAT IS GOING ON??? &#x1f926;&#x200d;&#x2642;&#xfe0f; <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a> <a href="https://twitter.com/tesla_na?ref_src=twsrc%5Etfw">@tesla_na</a> <a href="https://t.co/bjFq38OMpi">pic.twitter.com/bjFq38OMpi</a>
&mdash; Lamar MK (@LamarMK) <a href="https://twitter.com/LamarMK/status/1807587936734429514?ref_src=twsrc%5Etfw">July 1, 2024</a></blockquote>
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The user said in subsequent posts that he tried to jump the battery to no avail and though he called Tesla Roadside service, they couldn&#8217;t access it as the vehicle was completely offline.
&#8220;I think Tesla should partner with more companies so they can have proper roadside service team,&#8221; a visibly frustrated Lamar said in a video on X. He also urged other Cybertruck users to not close their vehicle doors until they take their kids out in case the vehicle loses power and locks the children in. Unlike other vehicles which have door handles or windows that one can break to remove the children, the Cybertruck has no door handles and the windows are made of armored glass, he noted. 
&#8220;We'll get it fixed pronto,&#8221; Musk assured the user on X. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We'll get it fixed pronto
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1807842520933847138?ref_src=twsrc%5Etfw">July 1, 2024</a></blockquote>
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Soon after the CEO responded, Tesla service gained access to the vehicle frunk, diagnosed the problem, and started working on a fix, Lamar said.
&#8220;Tesla Found the issue with my Cybertruck! FIX is in Progress. Thanks Elon Musk!,&#8221; he wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tesla Found the issue with my Cybertruck! FIX is in Progress. Thanks <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a>! &#x1f4aa; <a href="https://twitter.com/cybertruck?ref_src=twsrc%5Etfw">@cybertruck</a> <a href="https://twitter.com/Tesla?ref_src=twsrc%5Etfw">@Tesla</a> <a href="https://twitter.com/tesla_na?ref_src=twsrc%5Etfw">@tesla_na</a> <a href="https://t.co/rQPC46bZKM">pic.twitter.com/rQPC46bZKM</a>
&mdash; Lamar MK (@LamarMK) <a href="https://twitter.com/LamarMK/status/1807921108089213221?ref_src=twsrc%5Etfw">July 1, 2024</a></blockquote>
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However, the Cybertruck owner has recommendations for Tesla in case of similar concerns in the future. 
&#8220;While simplicity is important, I believe some manual fail-safes are essential. Tesla should consider reengineering the Cybertruck to include manual release cables for the tailgate and frunk, providing a backup method to open them if all other methods fail,&#8221; he said. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">To access the frunk, Tesla had to drill below it to manually release the latch since it wouldn't unlatch when they tried to jump it. While simplicity is important, I believe some manual fail-safes are essential. Tesla should consider reengineering the Cybertruck to include… <a href="https://t.co/m4dItsTpmz">https://t.co/m4dItsTpmz</a>
&mdash; Lamar MK (@LamarMK) <a href="https://twitter.com/LamarMK/status/1807976711700492638?ref_src=twsrc%5Etfw">July 2, 2024</a></blockquote>
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Why It Matters: Tesla started delivering the Cybertruck in November.&nbsp;It is unclear as to how many Cybertrucks have been delivered thus far, as the company does not provide model-wise delivery numbers.
The vehicles have not been without issues. Late last month, Tesla&nbsp;<a href="https://www.benzinga.com/news/24/06/39473764/tesla-recalls-more-than-11-000-cybertrucks-over-applique-detachment-risk-and-nearly-12-000-for-winds" target="_blank" rel="noreferrer noopener">recalled over</a>&nbsp;11,000 Cybertrucks over concerns that its sail applique may come loose or detach from the vehicle while it is moving and nearly 12,000 Cybertrucks over concerns that their windshield wiper might stop working.
In April, Tesla&nbsp;<a href="https://www.benzinga.com/government/24/04/38331377/tesla-recalls-over-3-800-cybertrucks-citing-unintended-acceleration-risk" target="_blank" rel="noreferrer noopener">recalled 3,878 Cybertrucks</a>&nbsp;due to concerns of unintentional acceleration owing to the accelerator pedal pad on the affected vehicles dislodging and becoming trapped by the interior trim above the pedal.
"Will keep working to make your Cybertruck better," Tesla wrote on X via its Cybertruck handle on Sunday&nbsp;after acknowledging driver feedback and concerns on X regarding battery drain, lack of the company's&nbsp;<a href="https://www.benzinga.com/topic/tesla-fsd" target="_blank" rel="noreferrer noopener">full self-driving (FSD) driver assistance software</a>, and <a href="https://www.benzinga.com/news/24/07/39574027/cybertruck-drivers-list-shortcomings-including-battery-drain-lack-of-fsd-tesla-vows-to-make-it-bette">incomplete software</a>. 
During Tesla's annual shareholder meeting in early June, Musk said that the company has touched a weekly production record of&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36039263/did-tesla-overpromise-and-underdeliver-with-the-cybertruck" target="_blank" rel="noreferrer noopener">1,300 Cybertrucks</a>. The company is now ramping production further to touch 2,500 units per week by the end of the year with the aim to deliver 250,000 Cybertrucks a year starting in 2025.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39588763/tesla-appoints-former-mercedes-manager-as-head-of-production-at-giga-berlin-following-major-global-r">Tesla Appoints Former Mercedes Manager As Head Of Production At Giga Berlin Following Major Global Reorganization: Report</a></li>
</ul>
Photo courtesy: Shutterstock

Locked Out Of Cybertruck, Driver Urges Improved Roadside Assistance and Manual Overrides: Tesla CEO Elon Musk Assures Fix

California lawmakers are set to vote on a bill that would impose stringent <a href="https://www.benzinga.com/general/entertainment/24/04/38192850/house-bill-aims-to-enhance-transparency-in-ai-training-practices">safety regulations on artificial intelligence companies</a>. The bill is being fiercely opposed by tech giants including Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>).
What Happened: The proposed legislation, authored by state Sen. Scott Wiener (D-CA), would require AI companies to test their systems and incorporate safety measures to prevent potential misuse, such as causing power grid failures or aiding in the production of chemical weapons, <a href="https://apnews.com/article/california-meta-google-ai-regulation-fight-e3a9c25b597b5f469fe0de149572f87e">reported</a> the Associated Press on Tuesday.
The bill, which is the first of its kind, is aimed at mitigating the risks posed by AI technology. However, it is being met with strong opposition from industry players, who argue that the regulations should target those who exploit AI systems for malicious purposes, rather than the developers.
"The bill will make the AI ecosystem less safe, jeopardize open-source models relied on by startups and small businesses, rely on standards that do not exist, and introduce regulatory fragmentation," Rob Sherman, Meta&#8217;s Vice President and Deputy Chief Privacy Officer, stated in a letter to lawmakers.
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39563559/investors-predict-impact-of-potential-trump-presidency-on-markets-the-market-is-already-priced-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Predict Impact Of Potential Trump Presidency On Markets: &#8216;The Market Is Already Priced For That To Happen&#8217;</a>
The proposed regulations would apply only to AI systems that cost more than $100 million in computing power to train, a threshold that no current AI models have reached.
"This is not about smaller AI models," Wiener said. "This is about incredibly large and powerful models that, as far as we know, do not exist today but will exist in the near future."
Just a day earlier, Meta&#8217;s AI chief Yann LeCun criticized California bill SB1047 on social media platform X, describing its author as an &#8220;apocalyptic cult guru&#8221; posing as an academic think-tank director. LeCun referenced a video clip in which computer scientist Dan Hendrycks emphasized the risks of AI and how regulations impact its advancement.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">California bill SB1047 was drafted by this apocalyptic cult guru disguising as an academic think-tank director. <a href="https://t.co/C0oCOjptmD">https://t.co/C0oCOjptmD</a>
&mdash; Yann LeCun (@ylecun) <a href="https://twitter.com/ylecun/status/1807503214813573434?ref_src=twsrc%5Etfw">June 30, 2024</a></blockquote>
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Why It Matters: The bill, if passed, could have significant implications for the AI industry in California, a state that has been positioning itself as a global AI hub. The proposed regulations have sparked a heated debate, with proponents arguing that they are necessary to prevent potential catastrophic harm from powerful AI models that may be developed in the future.
Meanwhile, opponents, including tech giants and small startups, are concerned that the regulations could stifle innovation and drive companies out of the state. The bill also comes at a time when the AI industry is facing increasing scrutiny, with key members of OpenAI&#8217;s <a href="https://www.benzinga.com/news/24/05/38906742/amid-mass-exodus-from-openais-ai-safety-team-insider-says-trust-collapsing-bit-by-bit-in-ceo-sam-alt">safety team resigning due to a loss of faith in the company&#8217;s leadership</a>. 
On the other hand, Amazon Web Services is taking an all-encompassing approach to enterprise AI, anticipating AI challenges years in advance to better deliver the <a href="https://www.benzinga.com/news/24/07/39586197/amazon-web-services-focuses-on-the-future-anticipating-ai-challenges-years-in-advance-to-deliver-tru">tools that customers need</a>. This proactive approach to AI challenges could set a precedent for how AI companies address regulatory changes and ensure the safety and ethical use of AI technology.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39563622/is-kamala-harris-the-answer-to-joe-bidens-shortcomings-poll-hints-at-voter-sentiment-toward-poss?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Kamala Harris The Answer To Joe Biden&#8217;s Shortcomings? Poll Hints At Voter Sentiment Toward Possible Replacement Candidate</a>
Image via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

GOOG

Meta, Google Slam California's AI Safety Bill, Say It Will Make The Ecosystem 'Less Safe:' Mark Zuckerberg's Chief AI Scientist Calls It 'Apocalyptic'

Tesla CEO Elon Musk has taken a satirical swipe at Rep. Alexandria Ocasio-Cortez&#8217;s (D- N.Y.) recent announcement to impeach Supreme Court justices.
What Happened: Musk responded to Ocasio-Cortez&#8217;s post on X about her plans to file impeachment articles against Supreme Court justices. 
The Tesla CEO posted a story written by Grok AI in a news format on Ocasio-Cortez&#8217;s announcement, humorously suggesting that she might impeach the entire Supreme Court. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/PYBwvr5MY9">https://t.co/PYBwvr5MY9</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1807843772631535740?ref_src=twsrc%5Etfw">July 1, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/06/39566942/mark-cuban-asked-chatgpt-to-analyze-first-trump-biden-debate-and-judge-the-duos-communication-skills?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Asked ChatGPT To Analyze First Trump-Biden Debate And Judge The Duo&#8217;s Communication Skills, Pr</a>
In a separate post, Musk said, &#8220;AOC is losing it.&#8221; 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">AOC is losing it
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1807843112531923255?ref_src=twsrc%5Etfw">July 1, 2024</a></blockquote>
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Ocasio-Cortez&#8217;s announcement came after the <a href="https://www.benzinga.com/general/politics/24/07/39577351/trump-granted-partial-immunity-by-supreme-court-ruling-says-the-president-is-not-above-the-law-d">Supreme Court granted </a>former President Donald Trump partial immunity from felony charges related to his efforts to overturn the 2020 election results. The congresswoman called the ruling an &#8220;assault on American democracy&#8221; and expressed her intention to file impeachment articles upon her return to Congress.
Why It Matters: Ocasio-Cortez&#8217;s decision to impeach Supreme Court justices sparked a significant online reaction. The congresswoman believes the Supreme<a href="https://www.benzinga.com/news/24/07/39587204/aoc-says-she-will-file-articles-of-impeachment-against-supreme-court-justices-after-trump-immunity-r"> Court&#8217;s ruling undermines </a>the U.S. Constitution&#8217;s fundamental principle that no one is above the law and poses a threat to the nation&#8217;s democratic values. 
The Supreme Court&#8217;s ruling could have a major impact on Trump&#8217;s pending court cases ahead of the 2024 election. The court ruled that Trump and former presidents are entitled to have immunity for acts within their Constitutional authority while in office, but not unofficial acts. 
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39563833/trump-campaign-signals-intent-to-withdraw-us-from-paris-climate-accord-again-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Campaign Signals Intent To Withdraw US From Paris Climate Accord Again: Report</a>
Photos via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Elon Musk Takes A Jibe At AOC's Impeachment Plan For Supreme Court

Reported Earlier, Kayne Anderson Energy Infrastructure Fund Held $22.9M Cash Balance As Of June 30, 2024

WISeKey International Holding Ltd. (&quot;WISeKey&quot;) ((SIX: WIHN, NASDAQ:<a href="https://www.benzinga.com/stock/WKEY#NASDAQ">WKEY</a>), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, today announced its subsidiary WISeSat.Space&#39;s (&quot;Company&quot;) innovative project to bring blockchain technology to space, aimed at improving various aspects of the satellite industry, including logistics, insurance, government regulations, and data security. The Company expects to test operations of the blockchain nodes from the new WISeSat Satellite to be launched with SpaceX later this year.
WISeSat.Space&#39;s project to operate blockchain nodes from space is set to transform the satellite value chain, bringing unprecedented levels of transparency, trust, and efficiency. From logistics and insurance to governmental functions and financial inclusion, the integration of blockchain and satellite technology holds immense potential. As this innovative approach continues to develop, it promises to unlock new opportunities and drive significant advancements across multiple industries, paving the way for a more connected and efficient world.
By using blockchain technology, WISeSat.Space is set to make satellite operations more reliable and accessible. For example, one of the key uses of blockchain in satellite operations is smart contracts. These are self-executing agreements where the terms are written into code and help automate processes like launching and operating satellites, therefore reducing the need for middlemen and cutting down on human errors. This makes the entire process more efficient and cost-effective. Blockchain will also provide a clear and unchangeable record of transactions. This is expected to be especially useful for insurance companies, as it will ensure accurate and verifiable information to assess risks and process claims fairly and quickly.
Using blockchain nodes in space will also significantly improve cybersecurity. Space-based nodes will be harder to attack than those on Earth, making the blockchain network more secure. This extra layer of protection will ensure that sensitive information remains safe. Moreover, space-based nodes will help decentralize the blockchain network. Traditional networks often rely on nodes in specific locations, which can create vulnerabilities.
By adding space-based nodes, WISeSat.Space will make the network more distributed and resilient, reducing the risk of failures. Operating blockchain nodes in space will also help reduce energy costs. Traditional data centers use a lot of electricity for computing and cooling. In space, the naturally cold environment reduces the need for cooling, which lowers energy consumption and makes the blockchain network more environmentally friendly.

LAES

WKEY

WISeKey's WISeSat.Space to Launch Blockchain Nodes with SpaceX for Secure Satellite Operations

RF Acquisition Corp II (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RFAIU#NASDAQ">RFAIU</a>) (the &quot;Company&quot;) announced that, commencing July&nbsp;5, 2024, holders of the 11,500,000 units sold in the Company&#39;s initial public offering may elect to separately trade the ordinary shares and rights included in the units. Any units not separated will continue to trade on The Nasdaq Global Market (the &quot;Nasdaq&quot;) under the symbol &quot;RFAIU,&quot; and the separated ordinary shares and rights are expected to trade on the Nasdaq under the symbols &quot;RFAI&quot; and &quot;RFAIR,&quot; respectively. Unitholders will need to have their brokers contact Continental Stock Transfer &amp; Trust Company, the Company&#39;s transfer agent, in order to separate the units into ordinary shares and rights. 
&nbsp;
The units were initially offered by the Company in an underwritten offering. EarlyBirdCapital, Inc. acted as the sole book-running manager of the offering. A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission (the &quot;SEC&quot;) on May&nbsp;16, 2024.
The offering was made only by means of a prospectus. Copies of the prospectus related to this offering may be obtained from EarlyBirdCapital, Inc. at Attn: Syndicate Department, 366 Madison Avenue, 8th Floor, New York, New York 10017.

IPOs

RFAIU

Reported Earlier, RF Acquisition Corp II Units to Trade Separately on Nasdaq, Effective July 5

Liqueous LP announced today that it is working with Canna-Global Acquisition Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNGL#NASDAQ">CNGL</a>) to address Canna-Global&#39;s invalid issuance of Class A common stock to Liqueous LP. When Liqueous acquired the shares, Canna-Global represented in writing that the shares were duly and validly issued, and Liqueous relied on those representations, which Liqueous now understands may be inaccurate. 
&nbsp;
Liqueous intended to acquire the Canna-Global shares in exchange for the extinguishment of certain debts of Canna-Global, which Liqueous acquired from third parties with the consent of Canna-Global. The extinguishment of such debt provided substantial financial benefits to Canna-Global and its stockholders.
Liqueous intends to continue to work diligently with all relevant parties to resolve the matter.

CNGL

Reported Earlier, Liqueous LP Challenges Validity of Canna-Global Stock Issuance, Seeks Resolution

Eshallgo Inc (&quot;Eshallgo&quot; or the &quot;Company&quot;) (NasdaqCM: EHGO), one of the leading office solution providers in&nbsp;China, today announced the pricing of its initial public offering (the &quot;Offering&quot;) of 1,250,000 Class A ordinary shares at a public offering price of&nbsp;$4&nbsp;per Class A ordinary share, for total gross&nbsp;proceeds of&nbsp;$5&nbsp;million, before deducting underwriting discounts and commissions and offering expenses. The Offering is being conducted on a firm commitment basis. The Class A ordinary shares are expected to commence trading on Nasdaq Capital Market under the ticker symbol &quot;EHGO&quot; on&nbsp;July 2, 2024.
The Company has granted the underwriters of the Offering an option, exercisable within 45 days from the date of the underwriting agreement, to purchase up to an additional 187,500 Class A ordinary shares at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on&nbsp;July 3, 2024, subject to customary closing conditions.

Reported Earlier, Eshallgo to Begin Trading on Nasdaq at $4 Per Share, Eyes $5M IPO

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The electric vehicle (EV) industry is abuzz today following a <a href="https://investorplace.com/2024/06/what-does-the-5-billion-rivian-volkswagen-deal-mean-for-rivn-stock/">major partnership</a> between Rivian (NASDAQ:<a href="https://investorplace.com/stock-quotes/rivn-stock-quote/">RIVN</a>) and Volkswagen (OTCMKTS:<a href="https://investorplace.com/stock-quotes/vwagy-stock-quote/">VWAGY</a>). Volkswagen will invest up to $5 billion into Rivian over the next few years, starting with a $1 billion investment in exchange for a convertible promissory note.



While the deal doesn&rsquo;t carry any impact toward Faraday Future (NASDAQ:<a href="https://investorplace.com/stock-quotes/ffie-stock-quote/">FFIE</a>), the company &mdash; and other EV companies like Lucid (NASDAQ:<a href="https://investorplace.com/stock-quotes/lcid-stock-quote/">LCID</a>) &mdash; are <a href="https://investorplace.com/2024/06/rivian-gives-lucid-motors-lcid-stock-a-jolt-after-volkswagen-deal/">rallying higher</a> on the news.



A short squeeze could possibly be behind the rise in FFIE stock, although short interest as as percentage of float is only 6.39%, equivalent to 27.8 million shares, according to <a href="https://fintel.io/s/us/ffie">Fintel</a>. A short interest of 10% or greater is generally considered high.



Faraday&rsquo;s status as a meme stock could also be driving the incline. Between May 9 and May 20, FFIE rose by more than 4,000% to $1.80 as retail investors converged on the stock. FFIE stock trades in the high 40 cents range today.



<h2>FFIE Stock Catches a Bid Following Rivian-Volkswagen Deal</h2>



On Monday, Faraday unveiled its <a href="https://investors.ff.com/news-releases/news-release-details/faraday-future-announces-plans-regaining-compliance-nasdaqs">plan to regain compliance</a> with Nasdaq&rsquo;s $1 minimum bid price requirement. This involves a proposal at the company&rsquo;s upcoming <a href="https://investors.ff.com/static-files/c7e1438b-988f-4d43-a965-919c39a8f3dd">annual meeting of stockholders</a>. The meeting will be held in July, although Faraday hasn&rsquo;t decided on a specific date yet.



The proposal is a reverse stock split in a ratio between 1-for-2 and 1-for-40. The ratio will likely be much higher than 1-for-2, as Faraday stated that it would seek a stock price of at least $5 following a reverse split. 



FFIE stock must close at $1 or higher for at least 10 consecutive business days in order to regain compliance with Nasdaq&rsquo;s <a href="https://listingcenter.nasdaq.com/ViewPDF.aspx?Material_Search.aspx?mcd=LQ&amp;cid=14&amp;years=2016,2015,2014,2016,2015,2014,2013,2012,2011,2010,2009,2008,2007,2006,2005,2004,2003,2002&amp;sub_cid=76&amp;searchkeywords=&amp;exactsearchddvalue=1&amp;Print=N&amp;materials=0&amp;popularfl">minimum bid requirement.</a> Faraday has sent a request to Nasdaq to extend its deadline to achieve this measure to Aug. 30. 



Faraday also has a proposal to increase its authorized shares. The company noted that it has sought &ldquo;equity-based or equity-linked strategic financing&rdquo; in the Middle East and other places. However, it doesn&rsquo;t have enough authorized shares to receive this financing. The proposal seeks to increase authorized common stock to 4.16 billion shares from 463.31 million shares, marking a significant increase of 800%. That isn&rsquo;t a good signal for shareholders, as more shares outstanding as a result of an increase in authorized shares means dilution.



On Penny Stocks and Low-Volume Stocks:&#8239;With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That&rsquo;s because these &ldquo;penny stocks&rdquo; are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that&#8239;InvestorPlace.com&rsquo;s writers disclose this fact and warn readers of the risks.



Read More:&#8239;Penny Stocks &mdash;&nbsp;<a href="https://investorplace.com/2014/05/fraud-penny-stocks-scams/" target="_blank">How to Profit Without Getting Scammed</a>



On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace&rsquo;s Today&rsquo;s Market team, which centers on the latest news involving popular stocks.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/06/faraday-future-ffie-stock-soars-80-following-rivian-volkswagen-deal/">Faraday Future (FFIE) Stock Soars 80% Following Rivian-Volkswagen Deal</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Faraday Future (FFIE) Stock Soars 80% Following Rivian-Volkswagen Deal

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
As of this writing, Lucid Group (NASDAQ:<a href="https://investorplace.com/stock-quotes/lcid-stock-quote/">LCID</a>) is rallying higher, but this latest Lucid stock rally has nothing to do with anything company-specific. Shares are moving higher because of positive news for a key competitor in the space.



We&rsquo;re talking about Volkswagen&rsquo;s (OTCMKTS:<a href="https://investorplace.com/stock-quotes/vwagy-stock-quote/">VWAGY</a>) plans to invest <a href="https://www.barrons.com/articles/rivian-stock-vw-deal-9fd8246c?mod=md_stockoverview_news">up to $5 billion</a> into Rivian Automotive (NASDAQ:<a href="https://investorplace.com/stock-quotes/rivn-stock-quote/">RIVN</a>), as part of a joint venture between the German automotive giant, and the U.S.-based electric van and truck startup.



LCID and its peers are rallying in response, on speculation that other early-stage EV makers will soon be yielding similar offers. Yet while anything&rsquo;s possible, we wouldn&rsquo;t bank on this fading EV contender getting extended such an opportunity.



Instead, the company is likely to stick with its existing &ldquo;dance partner,&rdquo; which in turn strongly suggests that LCID&rsquo;s downward spiral will carry on, once this latest news for Rivian enters the rearview mirror.



<h2>Lucid Stock: No New Partner Waiting in the Wings</h2>



Lucid Group already has a financial and strategic partner. Saudi Arabia&rsquo;s Public Investment Fund is Lucid&rsquo;s majority shareholder, with a <a href="https://finance.yahoo.com/quote/LCID/holders/">59.6% stake</a>. Lucid has also moved into the Saudi EV market, setting up manufacturing and sales operations there.



Saudi Arabia&rsquo;s involvement doesn&rsquo;t preclude another partner coming on board. In fact, PIF, after investing billions into the company, with little in the way of financial return thus far, may not want to up the ante with another capital infusion. Much like with RIVN stock, forming a similar partnership would likely provide a boost for LCID stock. 



However, is there a major automaker waiting in the wings? We&rsquo;re doubtful. Yes, part of Volkswagen&rsquo;s interest in Rivian is getting its hands on Rivian&rsquo;s EV technology. Lucid has proprietary EV technology of its own. Previously, it has <a href="https://lucidmotors.com/knowledge/company/partnerships/lucid-aston-martin">licensed it out to British automaker</a> Aston Martin.



However, Rivian has also cultivated a fan base for its vehicles. In contrast, Lucid has gained little traction, as seen from its <a href="https://ir.lucidmotors.com/news-releases/news-release-details/lucid-announces-first-quarter-2024-financial-results">weak vehicle delivery numbers</a>. While other smaller EV makers may be interested in licensing deals, we just don&rsquo;t see an global automaker stepping up to invest billions into this floundering upstart.



<h2>The Downward Spiral Shall Continue</h2>



Assuming that automakers in the U.S., Europe, China, and Japan pass up on the opportunity to make a big bet on LCID stock, expect the downward spiral that has sent shares to the stock market junkyard to carry on.



As <a href="https://investorplace.com/market360/2024/06/lucid-stock-is-spiraling-down-in-more-ways-than-one/">we&rsquo;ve pointed out in past articles about Lucid</a>, the following shall continue. First, delivery volume will remain at levels far too low for the company to reach profitability. The fact Lucid has <a href="https://www.reuters.com/business/autos-transportation/ev-maker-lucid-cut-workforce-by-6-2024-05-24/">downsized its workforce</a>, and hence likely reduced production capacity, underscores the chances of this happening.



Second, as sales remain too low, high operating losses and cash burn will carry on as well. This means a further depletion of Lucid&rsquo;s cash position, which at some point will cause the need for another capital infusion.



Granted, if this downward spiral continues, at a low enough price strategic investors could emerge to seize the opportunity at a bargain basement price.



However, if LCID becomes cheap enough, what&rsquo;s to stop PIF from buying out minority shareholders at a scant premium, then forming an automaker partnership, maximizing its upside? As before, Lucid Group offers a &ldquo;lose lose&rdquo; proposition to outside investors.



<h2>The Verdict: Stay Away from This Still-Bad Situation</h2>



A rising tide lifts all boats, but the rising tide of Rivian, due to the Volkswagen deal, has already started to recede. As it&rsquo;ll take time to see whether this deal really changes the story for RIVN, shares are likely to cough back their latest gains.



The same applies here, for lifted boats like LCID. The moderate-sized rally could fade, with shares quickly getting back on a downward trajectory. 



As attention turns back to Lucid&rsquo;s still-unsolved demand and profitability issues, not to mention its still-high dilution risk, a sliding down to $2 per share, then on to $1 per share or less, remains very likely.



While you&rsquo;re free to consider opportunities among any of the publicly-traded <a href="https://investorplace.com/industries/consumer-discretionary/automotive/electric-vehicles/">EV stocks</a> out there, take heed of our warning, and stay away from the still-bad situation with Lucid stock.



Lucid stock earns a D rating in Portfolio Grader.



On the date of publication, neither Louis&nbsp;Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
<div>Thomas Niel, contributor for InvestorPlace.com, has been writing single-stock analysis for web-based publications since 2016.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/market360/2024/06/lucid-stocks-false-dawn-why-the-lcid-rally-is-doomed-to-crash/">Lucid Stock&#8217;s False Dawn: Why the LCID Rally Is Doomed to Crash</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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Lucid Group: Use The Rivian-Volkswagen News To Cut More

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
EV fans know which companies are doing well and who are not. Unfortunately, one of the many EV companies struggling as of late is Lucid Group (NASDAQ:<a href="https://investorplace.com/stock-quotes/lcid-stock-quote/">LCID</a>). Despite a 60% correction in 2023, investors remain cautious about LCID stock. Lucid&rsquo;s delivery growth has disappointed because of ongoing production and delivery issues. 



High cash burn persists, necessitating continuous external financing.&nbsp;In 2023, operating losses totaled $3.1 billion, widening year-over-year. <a href="https://www.forbes.com/sites/kyleedward/2024/05/26/lucid-reports-q1-net-loss-of-685-million/#:~:text=Lucid%20has%20managed%20to%20take,%2C%20cash%20equivalents%2C%20and%20investments.">Q1 2024 </a>saw operating losses of $730 million, hinting at another year of substantial losses exceeding $2.5 billion despite a liquidity boost to $5 billion in Q1.



<h2>Short Sellers Abound</h2>



Lucid saw unusually heavy options trading on June 24, with 99,267 put options bought &mdash; 60% above the daily average of 62,053. This spike indicates a notable change in market sentiment toward Lucid stock.



LCID stock recently carried a high <a href="https://fintel.io/so/us/lcid">short-interest ratio</a> of 28%, surging over 250 million shares with an average span of 20 days. On June 24, Lucid opened trading at $2.54, marking a modest gain of 2.21% following a 1.19% decline the previous week. 



Technical analysis suggests support at $2.49, with resistance at $3.35. Currently, LCID stock remains below its 50-day, 100-day, and 200-day simple moving averages, indicating a bearish trend.



That said, institutional buyers haven&rsquo;t been shy about coming in to buy the dip on LCID stock in the past. Lucid has seen increased interest from institutional investors like Saudi Arabian Investment Fund, providing crucial funding. 



Meeder Advisory Services and Norden Group bought stakes valued at $29,000 and $32,000 respectively in Q1. Heritage Wealth Advisors boosted holdings by 53.3%, now owning 11,500 shares worth $33,000.



<h2>Ahead of Tesla?&nbsp;</h2>



Once a pioneer in EV, Tesla (NASDAQ:<a href="https://investorplace.com/stock-quotes/tsla-stock-quote/">TSLA</a>) has been facing intense competition with better and more affordable EV options. One of the outstanding competition is Lucid, which will be launching its Gravity SUV shortly. Lucid CEO Peter Rawlinson is <a href="https://www.teslarati.com/lucid-leads-tesla-ev-tech-ceo/#:~:text=%E2%80%9CWell%2C%20I%20think%20that%20if,our%20core%20technology%20from%20Tesla.">confident </a>that the SUV&rsquo;s tech is years ahead of Tesla.



Tesla has diversified into Optimus Robots, repair lawsuits, AI, and Robotaxis. Peter Rawlinson, Lucid&rsquo;s CEO and former Tesla Model S Chief Engineer, highlighted Lucid&rsquo;s battery expertise, proven by Formula E supply and the Air&rsquo;s 500-mile range, the highest in EVs.



Rawlinson declared Lucid&rsquo;s achievement of five miles per kilowatt-hour efficiency, a milestone acknowledged by the EPA, a sign of technological leadership in the EV sector.



The company&rsquo;s Air sedan&rsquo;s achievement of four miles per kWh suggests the Lucid Gravity might adopt this efficient battery. The company delivered over 1,900 units in Q1 2024, which showed a 40% increase. Rawlinson&rsquo;s claim of EV tech leadership holds promise for Lucid&rsquo;s future direction.



<h2>LCID Stock Still Looks Like a No-Go</h2>



There are certainly plenty of positives bulls can grasp on to consider buying LCID stock at current levels. The thing is, this is still an early-stage EV maker that posted a <a href="https://ir.lucidmotors.com/news-releases/news-release-details/lucid-announces-fourth-quarter-and-full-year-2023-financial">Q4 gross loss of $252.8 million</a>. 



Thus, the company is spending more on manufacturing and delivery than revenue generated. Sales declines exacerbated financial strain. With $4.3 billion in cash reserves, future funding via debt or equity dilution looms to sustain operations, impacting current investor stakes.



Reflecting its financial struggles, LCID stock currently trades at a high price-sales multiple of 8.6 times. Until the company can turn around its declining revenue, negative gross margins, and dwindling cash reserves, this is isn&rsquo;t a stock most long-term growth investors may want to consider right now.



On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines.</a>
<div>Chris MacDonald&rsquo;s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/06/short-sellers-circle-as-lucid-burns-cash-can-lcid-survive-the-ev-storm/">Short Sellers Circle as Lucid Burns Cash: Can LCID Survive the EV Storm?</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Short Sellers Circle as Lucid Burns Cash: Can LCID Survive the EV Storm?

Catalyst Watch: Tesla deliveries, Constellation Brands earnings, and the June Jobs Report

2024 Q3: Stay Invested In Big Tech But Watch For Weak Breadth

Canoo: Solid Product Strategy, But Share Dilution And Poor Track Record Should Deter Investors

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Electric vehicles are in the news again but this time for a positive reason. In news that broke earlier in the week, German automotive giant Volkswagen (OTCMKTS:<a href="https://investorplace.com/stock-quotes/vwagy-stock-quote/">VWAGY</a>) will invest up to <a href="https://investorplace.com/2024/06/what-does-the-5-billion-rivian-volkswagen-deal-mean-for-rivn-stock/">$5 billion</a> into Rivian Automotive (NASDAQ:<a href="https://investorplace.com/stock-quotes/rivn-stock-quote/">RIVN</a>). The influx should help Rivian produce its modestly priced (relatively speaking) vehicles. It also opens the door for other <a href="https://investorplace.com/industries/consumer-discretionary/automotive/electric-vehicles/">EV stocks</a> to buy.



I&rsquo;m not entirely convinced that Rivian would be the best <a href="https://www.investopedia.com/what-s-next-for-us-ev-makers-after-rivian-volkswagen-deal-8670645">beneficiary of the Volkswagen deal</a>. Sure, it sounds great on paper. However, the theme here is that EV manufacturers will be pivoting toward addressing the middle-income crowd. Anytime you shift focus toward different elements of the income spectrum, the move comes with pros and cons.



Sure, more middle-income buyers exist than high-income buyers: that&rsquo;s just basic economic math. At the same time, such buyers may not own their own homes and thus lack access to private charging. That means public charging will become a central &ndash; if not the central &ndash; issue.



That just might change the game for these EV stocks below.



<h2>General Motors (GM)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/09/gm-stock-6-300x169.jpg" alt="Image of General Motors (GM) logo on corporate building with clear sky in the background."><div>Source: Katherine Welles / Shutterstock.com</div></div>While General Motors (NYSE:<a href="https://investorplace.com/stock-quotes/gm-stock-quote/">GM</a>) has nothing to do with the Volkswagen-Rivian deal, it could actually be one of the beneficiaries. Again, the focus among EV stocks appears to have shifted from addressing well-off customers to middle-income buyers. That sounds like a viable plan on paper for Rivian. But you must consider the distinct requirements of this consumer demographic.



More than likely, middle-income buyers will use their EVs as a primary transportation vehicle, not a weekend car. You know what that means &ndash; range will be an issue. So will reliability and along with that a trusted brand. Further, consumers in this income bracket will likely seek an expansive dealership network for when stuff goes wrong.



These factors benefit GM. Let&rsquo;s be real &ndash; the company doesn&rsquo;t enjoy the greatest reputation. But compared to an upstart EV maker? I don&rsquo;t think it&rsquo;s a stretch to assume that buyers will prefer a legacy automaker that&rsquo;s been there, done that.



Plus, GM is profitable, expected to generate earnings per share of $9.71 this year. It may also see a modest bump in sales to $176.29 billion. It&rsquo;s the prudent play among EV stocks.



<h2>EVgo (EVGO)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/04/evgo-clii-stock-300x169.jpg" alt="EVgo fast charging station"><div>Source: Sundry Photography / Shutterstock.com</div></div>Let&rsquo;s get into the real meat. If you&rsquo;re looking for EV stocks that will benefit from the Volkswagen-Rivian deal, consider EVgo (NASDAQ:<a href="https://investorplace.com/stock-quotes/evgo-stock-quote/">EVGO</a>). As an infrastructure specialist, EVGO represents more of a direct play in the sector. Further, the company specializes in building fast-charging networks. Again, that should be extremely relevant for middle-income drivers looking to make the transition to electric mobility.



Recently, I made a <a href="https://investorplace.com/2024/06/trade-of-the-day-chargepoint-chpt-stock-is-the-winner-of-the-rivian-volkswagen-deal/">similar argument</a> with embattled rival enterprise ChargePoint (NYSE:<a href="https://investorplace.com/stock-quotes/chpt-stock-quote/">CHPT</a>). Of course, both ChargePoint and EVgo suffer from financial viability concerns. Neither enterprise is profitable. However, the paradigm may be shifting. Rivian is getting serious about addressing the modest-income crowd. Other competitors may follow suit. In my opinion, that&rsquo;s only going to make charging companies even more attractive.



There&rsquo;s a direct correlation between income and homeownership: the higher the income, the greater probability that said person owns a home. When you move lower on the income scale, you&rsquo;re likely to encounter consumers that may not have access to home-charging solutions.



Cynically, that&rsquo;s a huge positive for EVgo. It doesn&rsquo;t guarantee upside, to be clear. However, the narrative just got a heckuva lot more exciting.



<h2>Lucid (LCID)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/03/lcid1600-2-300x169.png" alt="Lucid Air Touring sedan display at the Service Center. Lucid Motors (LCID) is a manufacturer of luxury EV Electric Vehicles."><div>Source: Jonathan Weiss / Shutterstock.com</div></div>Interestingly, Lucid (NASDAQ:<a href="https://investorplace.com/stock-quotes/lcid-stock-quote/">LCID</a>) &ndash; a specialist in the premium vehicle segment &ndash; represented one of the beneficiaries among EV stocks. LCID stock gained almost 3% of equity value on Thursday. This performance followed a big jump during Wednesday&rsquo;s session. But why? Some point to the possibility that another major backer of Lucid can give the company a similar cash influx.



To be fair, Lucid presents a very tricky argument among potential EV stocks to consider. Frankly, I hope that the company does receive an influx; I just believe that it would be better served if the firm continues targeting the wealthy. Rivian may find out soon enough that going down the income spectrum sounds good in theory. However, in practice, it may present additional problems.



People who have been driving combustion cars all their lives aren&rsquo;t ready for a dramatic shift to EVs at scale. Imagine: you&rsquo;re used to pulling up to any gas station and filling up in &ndash; I don&rsquo;t know &ndash; five minutes or less. Now, you&rsquo;re looking at 20 minutes or more.



No, the inconveniences still mean that EVs are better suited for wealthy individuals. While Rivian is distracting itself with the middle-income crowd, Lucid can gain market share where it matters.



On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/07/vroom-3-ev-stocks-with-the-potential-to-outrun-the-competition/">Vroom! 3 EV Stocks With the Potential to Outrun the Competition.</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Vroom! 3 EV Stocks With the Potential to Outrun the Competition.

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Electric vehicles are the future. Both governments and people around the world are slowly pushing towards increasing the percent of transportation coming from EVs. Nearly 20% of cars driven around the world are electric, and major governments are setting quotas to reach 50% EVs in the near future. The growth can also be seen by the stock market. The already large EV industry is expected to grow at a pace of 15.5% from 2022 to 2032, a massive amount that shows the immense potential that EV has for investors.&nbsp;Another reason EV is likely to flourish is from strong government backing. In the US, the government aims to have 50% of car sales be EV car sales by 2030, which if met, would drastically expand the EV industry and benefit companies within it. If the government continues on this path, EV investors will see massive returns. Here are the best three <a href="https://investorplace.com/industries/consumer-discretionary/automotive/electric-vehicles/">EV stocks</a> to buy.&nbsp;



<h2>Lucid (LCID)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/05/lcid_lucid1600-300x169.png" alt="Lucid Motors (LCID) Air Dream Edition Luxury Electric car and it's technology on display in Lucid (LCID) Studio Showroom"><div>Source: Around the World Photos / Shutterstock.com</div></div>Lucid (NASDAQ:<a href="https://investorplace.com/stock-quotes/lcid-stock-quote/">LCID</a>) is an American EV company that has strong potential to make a reversal. The company is currently trading nearly 96% below its all time high, though hope is not all lost. An edge that Lucid has over other EV companies is the sheer quality of their designs and cars. The cars are highly luxurious, a statement backed up by winning the World Luxury Car at the World Car Awards. Having luxury cars does limit their customer base which makes business harder. However, Lucid is looking to build <a href="https://lucidmotors.com/stories/lucid-amp-1-expands">new production facilities</a> to revive the company by expanding capacity



Lucid&rsquo;s finances also place it as one of the EV stocks to buy. It is currently trading at an immense discount, and there is significant room for upside to hit its previous peak. Their next few earnings statements have the potential of bouncing the company back and putting it on the right track. During the previous quarter, their revenue increased by over 20% YOY, showing growth and a potential comeback. The company is burning a lot of cash but it still has over $4 billion and it is being heavily backed by the well funded Saudi Public Investment Fund.&nbsp;



<h2>Rivian (RIVN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/04/rivn1600-10-300x169.png" alt="Rivian (RIVN) logo is seen at a Rivian service center in South San Francisco, California. Rivian Automotive, Inc. is an electric vehicle automaker."><div>Source: Tada Images / Shutterstock.com</div></div>Rivian (NASDAQ: <a href="https://investorplace.com/stock-quotes/rivn-stock-quote/">RIVN</a>) is an American EV giant with room for significant growth. It recently lost a lot of value but it still has a lot of upside. They stand out in the business by the core of their business, high quality, desirable EVs. In comparison to the major EV companies, their satisfaction rating is the highest. According to J.D. Power Satisfaction Rankings, their R1T model had a 86% satisfaction rating, whereas Tesla had a rating of 74%. The company is also continuously investing on expanding their capabilities and striving to dominate the industry, recently announcing starting building a <a href="https://www.constructiondive.com/news/rivian-georgia-ev-plant-clayco/714750/">$5 billion production facility</a> in Georgia.



Rivian&rsquo;s finances also point to the company being one of the EV stocks to buy. Even though Rivian is valued at just about a tenth of its peak valuation, the massive drop isn&rsquo;t fully justified financially. Just last year they grew revenue by over 100%, a figure that shows promise for the future and that is outperforming nearly every competitor. Their gross margins are weak, however they do have over $10 billion in cash to fund their expansion until they reach economies of scale and improve their margins.&nbsp;&nbsp;



<h2>Li Auto (LI)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/01/shutterstock_2018142317-300x169.png" alt="Li Auto electric car in store. Li Auto Also known as Li Xiang, is a Chinese electric vehicle (EV) company"><div>Source: Robert Way / Shutterstock.com</div></div>Li Auto (NASDAQ:<a href="https://investorplace.com/stock-quotes/li-stock-quote/">LI</a>) is a Chinese EV giant with huge potential to dominate the EV market. Focused on high-end luxury EVs, Li Auto has currently shown growth that has nearly never been seen before in the space. Just from 2020, their deliveries increased by over 1000% to reach nearly 400,000, a massive figure considering how small the company was just a few years ago. The company continuously innovates and comes up with new car models, most recently announcing the promising <a href="https://ir.lixiang.com/news-releases/news-release-details/li-auto-inc-launches-li-l6-five-seat-premium-family-suv">Li L6 EV SUV.</a>



The company&rsquo;s finances are also extremely strong. They currently have a staggering $15 billion in cash, an increase of over 3000% from the past four years. The company has limited risk of bankruptcy and will likely use the cash to keep growing at this rapid rate. The company is also making a net profit, which already puts it ahead of most of its competition.&nbsp;



On the date of publication, Tomas Levani did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com
<div>Tomas is a self-taught investor with a passion for ESG investing. He has managed the portfolio of a small investment fund, interned at a Fortune 500 investment company, and started his own research firm. Through his freelance writing, he now aims to find favorable investments in companies with a mission of bettering the world.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/07/youve-been-warned-3-ev-stocks-to-buy-now-or-regret-forever/">You&#8217;ve Been Warned! 3 EV Stocks to Buy Now or Regret Forever.</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

You've Been Warned! 3 EV Stocks to Buy Now or Regret Forever.

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Shares of electric vehicle (EV) manufacturer Lucid Group (NASDAQ:<a href="https://investorplace.com/stock-quotes/lcid-stock-quote/">LCID</a>) &mdash; which does business under Lucid Motors &mdash; jumped slightly higher on Monday. Late last week, the premium EV specialist <a href="https://www.prnewswire.com/news-releases/lucid-group-inc-and-gravity-inc-reach-agreement-regarding-trademark-dispute-302186041.html">settled a trademark dispute</a> with charging equipment manufacturer Gravity. With at least one distraction out of the way for LCID stock, management can concentrate on competing in a hotly contested arena.



Fundamentally, the issue centered on impinging on a preexisting trademark. Lucid intends to launch a new luxury SUV called the Gravity. According to the company&rsquo;s <a href="https://lucidmotors.com/gravity">website</a>, the Gravity will feature a range of up to 440 miles. It also offers seating for seven, and with over 800 horsepower, the SUV can launch itself to 60 miles per hour from a standstill in under 3.5 seconds.



However, the EV maker&rsquo;s use of &ldquo;Lucid Gravity&rdquo; clashed with Gravity&rsquo;s own brand identity. Adding to the confusion, Gravity, the company, specializes in EV charging equipment. Therefore, the two entities operate in similar fields.



However, as Matt Everitt, general counsel at Lucid pointed out, the two companies reached an agreement. Gravity CEO Moshe Cohen stated that the matter was handled &ldquo;amicably.&rdquo; Therefore, it&rsquo;s one potential distraction that investors of LCID stock don&rsquo;t have to worry about.



<h2>LCID Stock Still Faces a Challenging Road Ahead</h2>



Trademark disputes typically represent <a href="https://gouchevlaw.com/likelihood-confusion-5-examples-similar-trademarks/#:~:text=Some%20instances%20of%20infringement%20are,trademark%20infringement%20on%20your%20hands.">tricky circumstances</a> to decipher. As Gouchev Law pointed out, some clear violations exist. However, it&rsquo;s also possible to file suit if a competitor uses words or phrases that, while not identical to a specific trademark, may spark a &ldquo;likelihood of confusion.&rdquo; With LCID stock being an investment in an EV company and with Gravity being an EV charging specialist, the potential for confusion was quite apparent.



With the dispute settled, Lucid can move ahead with its Gravity SUV. However, the company still faces a challenging road ahead. In particular, industry experts will likely monitor Gravity&rsquo;s pricing and consumer response.



KBB points out that the Gravity will feature a <a href="https://www.kbb.com/lucid/gravity/#:~:text=The%202025%20Lucid%20Gravity%20SUV,the%20Mercedes%2DEQ%20EQS%20SUV.">starting price of less than $80,000</a>. That puts it on par with the Tesla (NASDAQ:<a href="https://investorplace.com/stock-quotes/tsla-stock-quote/">TSLA</a>) Model X and the Rivian (NASDAQ:<a href="https://investorplace.com/stock-quotes/rivn-stock-quote/">RIVN</a>) R1S. However, as the sector <a href="https://investorplace.com/market360/2024/01/the-ev-price-war-hits-tesla-earnings/">price war</a> demonstrated, EV manufacturers are attempting to address the middle-income consumer. Therefore, LCID stock represents a contrarian investment.



That&rsquo;s not necessarily a bad thing, as affluent buyers will likely be able to make the transition to electric mobility in a smoother fashion due to the <a href="https://www.ib.barclays/our-insights/a-growing-divide-how-income-inequality-affects-us-homeownership-rates.html#:~:text=Furthermore%2C%20homeownership%20in%20the%20US,above%20%24132%2C000)%20at%2084%25.">income-homeownership correlation</a>. EV drivers that own their homes should have access to home-charging solutions.



However, the price war itself demonstrates that even affluent consumers are shunning EVs. It&rsquo;s a tough balancing act that will make life interesting for LCID stock.



On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.



On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/2024/07/lcid-stock-alert-lucid-motors-settles-trademark-dispute/">LCID Stock Alert: Lucid Motors Settles Trademark Dispute</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.


Daniel GoldmanHouse (D-NY)	$1K - $15K	Sale	Aug 13, 2023	Jun 29, 2023	House
Zoe LofgrenHouse (D-CA)	$1K - $15K	Sale	Jun 06, 2023	May 25, 2023	House
Daniel GoldmanHouse (D-NY)	$15K - $50K	Sale	Apr 17, 2023	Mar 06, 2023	House
Daniel GoldmanHouse (D-NY)	$15K - $50K	Purchase	Feb 24, 2023	Jan 31, 2023	House
Zoe LofgrenHouse (D-CA)	$1K - $15K	Purchase	Nov 03, 2021	Oct 13, 2021	House

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