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Blue Ocean Acquisition Corp

Former President Donald Trump has pointed fingers at the current U.S. leadership for the <a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f">global stock market sell-off</a>.
What Happened: Trump took to his social media platform Truth Social to express his views on the stock market&#8217;s downturn. He attributed the market&#8217;s instability to the &#8220;inept U.S. Leadership,&#8221; singling out Vice President Kamala Harris and President Joe Biden.
&#8220;Stock markets crashing. I told you so!!! Kamala doesn't have a clue. Biden is sound asleep,&#8221; Trump wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN'T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP! Donald Trump Truth Social 11:07 PM EST 08/04/24 <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>
&mdash; Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) <a href="https://twitter.com/TrumpDailyPosts/status/1820296125967999111?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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Trump&#8217;s comments come amid a significant sell-off in the global stock markets, with Asian stocks witnessing a significant decline. The Japanese market, in particular, confirmed a bear market on Monday &#8211; the Nikkei 225 and Topix indices have fallen more than 20% from their all-time highs on Jul. 11.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40095631/researchers-identify-trump-dump-effect-ex-president-is-already-causing-deep-stock-losses-in-comp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Researchers Identify &#8216;Trump Dump&#8217; Effect: Ex-President Is Already Causing Deep Stock Losses In Companies And Industries He Targets</a>
Why It Matters: The global sell-off has been relentless, with Japan's Nikkei 225 dropping over 12% on Monday and over 20% since its peak in July. Circuit breakers were triggered for Japan's TOPIX index and government bond futures, halting trading <a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f">temporarily to stabilize the market</a>. 
Adding to the uncertainty, the CEO of EBC Financial Group, David Barrett, suggested that the market's response to a Trump presidency might be more predictable, benefiting sectors like oil, gas, and crypto. Conversely, a Harris presidency remains a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40125614/trumps-policies-may-boost-oil-and-crypto-while-harris-presidency-remains-a-market-w">market wild card</a>, making it harder to predict market reactions.
Meanwhile, the cryptocurrency market <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152252/bitcoin-ethereum-dogecoin-mirror-stock-market-rout-major-coins-crash-as-recession-war-fear">mirrored the stock market rout</a>, with major coins like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) experiencing significant declines. Bitcoin <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40153940/bitcoin-crashes-below-50k-briefly-crypto-market-records-over-1b-in-liquidations-in-24-hour">briefly fell below</a> $50,000, a level not seen since late February, while Ethereum recorded its steepest drop since December 2022.
Amid the chaos, &#8220;Rich Dad Poor Dad&#8221; author Robert Kiyosaki sees market crashes as <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40153013/rich-dad-poor-dad-author-robert-kiyosaki-sees-market-crashes-as-opportunity-to-get-richer-">opportunities to get richer</a>. He urged investors to stay calm and invest when others are quitting, viewing the current market situation as a chance to buy more Bitcoin, gold, and silver.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40125614/trumps-policies-may-boost-oil-and-crypto-while-harris-presidency-remains-a-market-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Policies May Boost Oil And Crypto, While Harris Presidency Remains A Market Wild Card, Says Expert: &#8216;A Lot Harder To Predict&#8217;</a></li>
</ul>
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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>

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Trump Says 'Kamala Doesn't Have A Clue. Biden Is Sound Asleep' As Stock Markets Crash Globally: 'I Told You So!!!'

Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) gravity-defying plunge worsened as the world&#8217;s largest cryptocurrency tanked below $50,000 briefly for the first time in nearly six months before reversing course.
What Happened: Bitcoin briefly fell to $49,121 during Asia trading hours, before rebounding to the $52,000 level at the time of writing. The digital currency was down 12.89% in the last 24 hours, and 24% over the month. Such levels were last seen around mid-February
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) hit a low of $2,160 before recovering to $2,329.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, the highest in five months, with more than $900 million in bullish long bets getting wiped out.
Bitcoin&#8217;s slump caused a 16% decline in open interest, indicating the forced closure of bullish longs.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40090066/bitcoin-a-cia-creation-tucker-carlson-believes-so-they-got-there-first-its-honey-trap">Bitcoin A CIA Creation? Tucker Carlson Believes So: &#8216;They Got There First. It&#8217;s Honey Trap&#8217;</a>
Why It Matters: The slump comes amid a broader rout in financial markets across the globe. Japan&#8217;s Nikkei 225 tumbled 12.40% on Monday, recording its worst trading day since the "Black Monday" crash of 1987.
U.S. futures registered a downswing as well, with the Dow Jones Industrial Average Futures falling more than 600 points. 
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152562/trumps-bitcoin-strategy-comes-under-fire-by-peter-schiff-if-ex-president-intended-to-start">Trump&#8217;s Bitcoin Strategy Comes Under Fire By Peter Schiff: If Ex-President Intended To Start A Strategic Reserve &#8216;He&#8217;d Have Kept His Intention A Secret</a></li>
</ul>
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Bitcoin Crashes Below $50K Briefly, Crypto Market Records Over $1B In Liquidations In 24 Hours

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Economics

Eurozone Services Purchasing Managers Index For July 51.9 Vs. 51.9 Est.; 52.8 Prior

HCOB Eurozone Composite Purchasing Managers Index For July 50.2 Vs. 50.1 Est.; 50.9 Prior

Germany Services Purchasing Managers Index For July 52.5 Vs. 52.0 Est.; 53.1 Prior

France Services Purchasing Managers Index For July 50.1 Vs. 50.7 Est.; 49.6 Prior

In a move that could reshape the autonomous vehicle industry, the U.S. Commerce Department is said to be readying a proposal to ban Chinese software in autonomous and connected vehicles, according to insiders.
What Happened: The Biden administration is planning to issue a proposed rule that would prohibit Chinese software in U.S. vehicles with Level 3 automation and above, Reuters reported on Monday. This would effectively ban the testing of autonomous vehicles produced by Chinese companies on U.S. roads.
The administration also plans to propose a ban on vehicles equipped with Chinese-developed advanced wireless communications modules from U.S. roads. Automakers and suppliers must confirm that none of their connected vehicles or advanced autonomous vehicle software was developed by a &#8220;foreign entity of concern&#8221; like China.
Last month, the Commerce Department announced its intention to issue proposed rules on connected vehicles in August, with expected limitations on some software made in China and other countries considered adversaries.
See Also: <a href="https://www.benzinga.com/news/24/08/40130730/harris-buttigieg-could-be-beneficial-for-tesla-but-expert-says-elon-musk-still-hopes-to-have-some-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Harris-Buttigieg Could Be Beneficial For Tesla, But Expert Says Elon Musk Still Hopes To &#8216;Have Some Influence&#8217; Over Trump To Change His EV Stance</a>
A spokesperson for the Commerce Department expressed concerns about the national security risks associated with connected technologies in vehicles. The department&#8217;s Bureau of Industry and Security will issue a proposed rule focusing on specific systems of concern within the vehicle.
On Wednesday, the White House and State Department hosted a meeting with allies and industry leaders to discuss the national security risks associated with connected vehicles. The administration&#8217;s planned rule was disclosed at this meeting.
Meanwhile, a spokesperson for the Chinese Embassy in Washington urged the U.S. to abide by market principles and international trade rules and create a level playing field for companies from all countries.
Why It Matters: This move comes amid a surge of Chinese <a href="https://www.benzinga.com/markets/penny-stocks/24/08/40106034/weride-merges-into-crowded-field-of-autonomous-driving-ipos">autonomous driving IPOs</a>, such as WeRide Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSAI#NASDAQ">HSAI</a>) and Baidu (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), entering the market. The Biden administration has been considering measures to limit China&#8217;s access to advanced technologies,<a href="https://www.benzinga.com/markets/asia/24/06/39279319/biden-mulls-new-restrictions-on-chinas-advanced-ai-chips-access-report"> including AI chips </a>and autonomous driving technology. 
Meanwhile, Chinese automakers like BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) and NIO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) have been approved to test their <a href="https://www.benzinga.com/markets/asia/24/06/39183869/nio-byd-receive-beijings-approval-for-autonomous-driving-tests-amid-teslas-fsd-launch-aspirations-in">automated driving technology</a> on public roads in China. Meanwhile, companies like XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) <a href="https://www.benzinga.com/markets/equities/24/06/39434026/xpeng-revamps-smart-driving-team-launches-ai-division-to-stay-competitive-in-autonomous-race-rep">are revamping their teams</a> to stay competitive in the autonomous race.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/08/40128275/teslas-franz-von-holzhausen-cybertrucks-lead-designer-celebrates-16-years-amazing-what-the-team-has?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Franz von Holzhausen, Cybertruck&#8217;s Lead Designer, Celebrates 16 Years: &#8216;Amazing What The Team Has &nbsp;Accomplished&#8217;</a></li>
</ul>
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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>

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XPEV

US Mulls Ban On Chinese Software In Self-Driving Vehicles: Report

Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) shares have surged by nearly 4% in overnight trading, driven by escalating tensions in the Middle East and a <a href="https://www.benzinga.com/markets/equities/24/08/40152271/mohamed-el-erian-grant-cardone-and-matt-weller-warn-of-deepening-global-market-selloff-as-yen-ri">global market sell-off</a>.
What Happened: The stock of the American aerospace and defense company has risen by almost 4% in overnight trading on Robinhood Inc.. This follows a week in which the stock has seen a nearly 9% increase.
The U.S. is increasing its military presence in the Middle East as a defensive measure to de-escalate tensions in the region, a White House official revealed on Sunday. 
The recent assassination of Ismail Haniyeh, the leader of the Palestinian Islamist group Hamas, in Tehran, and a strike in Beirut that killed Fuad Shukr, a senior military commander from the Lebanese group Hezbollah, have heightened regional tensions.
There are concerns that the conflict between Israel and Palestinian militants in Gaza, which began last October, could escalate into a wider Middle East conflict. Iran and Hamas have accused Israel of Haniyeh&#8217;s assassination and have vowed revenge, raising the specter of further hostilities.
U.S. President Joe Biden is scheduled to meet with his national security team on Monday to discuss the situation in the Middle East, the White House announced. Last week, The Pentagon also confirmed the deployment of additional fighter jets and Navy warships to the region, Reuters reported.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40127983/intel-shares-crash-21-in-pre-market-nvidia-rival-on-verge-of-losing-25b-in-market-value-in-possi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Intel Shares Crash 21% In Pre-Market, Nvidia Rival On Verge Of Losing $25B In Market Value In Possible Worst Drop Since 2000</a>
Why It Matters: The surge in Lockheed Martin&#8217;s stock comes amid a <a href="https://www.benzinga.com/markets/equities/24/08/40152271/mohamed-el-erian-grant-cardone-and-matt-weller-warn-of-deepening-global-market-selloff-as-yen-ri">deepening global market selloff</a>, with Japanese stocks experiencing a significant drop. 
This has sparked concerns among top financial experts, including Mohamed El-Erian, the Chief Economic Advisor at Allianz. The situation has been further compounded by the appreciation of the Yen, currently trading at 145 to the dollar.
Despite the global market turmoil, Lockheed Martin&#8217;s stock has been on an upward trajectory, building on its strong performance in the previous week. The company was also among the top performers in the <a href="https://www.benzinga.com/news/24/07/40001614/universal-health-services-lockheed-martin-were-among-top-11-large-cap-stocks-that-shined-the-brighte">large-cap stock category last week</a>.
Amid the market volatility, renowned author and investor Robert Kiyosaki sees the current <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40153013/rich-dad-poor-dad-author-robert-kiyosaki-sees-market-crashes-as-opportunity-to-get-richer-">situation as an opportunity</a> for the brave to get richer. He advised investors to stay calm and invest when others are quitting.
Price Action: Lockheed Martin stock is currently priced at $548.77, showing a slight decrease of 0.016%, on Friday close. Year to date, the stock has increased by 20.31%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40095631/researchers-identify-trump-dump-effect-ex-president-is-already-causing-deep-stock-losses-in-comp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Researchers Identify &#8216;Trump Dump&#8217; Effect: Ex-President Is Already Causing Deep Stock Losses In Companies And Industries He Targets</a></li>
</ul>
Photo courtesy: Lockheed Martin
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Lockheed Martin Up Nearly 4% In Overnight Trading Amid Escalating Tensions In Middle East And Global Market Sell-Off

OpenAI&nbsp;has reportedly decided to postpone the launch of a watermarking system for its ChatGPT text, despite having the technology ready for deployment for over a year.
What Happened: OpenAI divided on whether to release it due to potential revenue implications, <a href="https://www.wsj.com/tech/ai/openai-tool-chatgpt-cheating-writing-135b755a">reported</a> Wall Street Journal last week, citing people familiar with the matter.
Despite the potential advantages, nearly 30% of ChatGPT users surveyed by the company, stated they would&nbsp;use the software less if watermarking was implemented. 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40127487/amid-nvidia-and-other-chip-stock-surge-expert-warns-if-excitement-and-investment-in-ai-slow-chip-ind?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amid Nvidia And Other Chip Stock Surge, Expert Warns &#8216;If Excitement And Investment In AI Slow, Chip Industry Growth Will Slow Too&#8217;</a>
Following the report&#8217;s publication, OpenAI confirmed in an updated blog post on Sunday that it has been developing text watermarking. 
The company stated that its method is highly accurate and resistant to tampering, but also vulnerable to circumvention by malicious actors through&nbsp;techniques like rewording with another&nbsp;model. 
The AI startup also voiced concerns about the potential stigmatization of AI tools saying &#8220;text watermarking method has the potential to disproportionately impact some groups.&#8221;
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The issue of AI tools being used for cheating in academic settings has been a topic of discussion. Noam Chomsky, also known as the father of modern linguistics,<a href="https://www.benzinga.com/news/23/02/30871400/noam-chomsky-slams-chatgpt-says-its-high-tech-plagiarism-with-no-benefits-for-education"> last year blasted ChatGPT</a>, calling it &#8220;basically a high-tech plagiarism.&#8221;
However, previously, Deepwater&#8217;s Gene Munster said that students using these <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38374214/high-school-students-on-right-track-with-ai-tools-despite-cheating-epidemic-says-mu">AI tools are on the right track</a>.
&#8220;You have to embrace these tools to have a seat in the job market down the road. And it won't be just information workers, skilled labor will undoubtedly need to leverage AI to stay relevant,&#8221; Munster stated at the time.
Meanwhile, in May earlier this year, OpenAI unveiled new AI tools that <a href="https://www.benzinga.com/news/24/05/38733370/openai-is-working-on-new-ai-image-detection-tools-in-busy-election-year-worldwide-to-tell-if-photos">can detect if an image was created</a> using its DALL-E AI image generator and introduced advanced watermarking techniques to better identify the content it generates.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Photo Courtesy: Shutterstock.com
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40125039/apple-cracks-down-on-tencent-and-bytedance-over-30-app-store-fees-threatens-to-reject-essential-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Cracks Down On Tencent And ByteDance Over 30% App Store Fees, Threatens To Reject Essential Updates Following Sales Decline In China: Report</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

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OpenAI Delays Release Of Technology To Help Schools Identify AI-Generated Academic Work, Citing Concerns Over Fairness: Report

Galaxy Digital CEO Mike Novogratz advocated for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as a potential solution to Nigeria&#8217;s economic woes as the country grappled with record-high inflation.
What Happened: Novogratz voiced his concerns about the economic crisis in Nigeria on Sunday, highlighting the importance of putting one&#8217;s investments in Bitcoin.
He encouraged his followers to do their own research about the number of countries that have experienced a significant decrease in purchasing power over the last five years. He further wrote, &#8220;It should be a human right to have a safe place to store the fruits of your labor,&#8221; implying that Bitcoin could serve as such a refuge.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What is happen one in Nigeria is yet another reason to buy <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. DYOR and ask your favorite AI helper how many countries have seen pricing power down 50 percent or more in last 5 years!! It should be a Human Right to have a safe place to store the fruits of your labor!
&mdash; Mike Novogratz (@novogratz) <a href="https://twitter.com/novogratz/status/1820092667025293697?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152336/shiba-inu-lead-developer-shytoshi-kusama-nods-to-crypto-analysts-sentiment-on-selling-amid">Shiba Inu Lead Developer Shytoshi Kusama Nods To Crypto Analysts&#8217; Sentiment On Selling Amid Market Crash: &#8216;They Really Want Your Cheap Crypto&#8217;</a>
Why It Matters: Novogratz&#8217;s views come in the wake of widespread protests in Nigeria over the increasing cost of living. Thousands of Nigerians have taken to the streets to express their discontent with economic reforms that have led to rampant inflation and hardship for ordinary citizens, according to a <a href="https://www.cnbcafrica.com/2024/hundreds-gather-across-nigerian-cities-to-protest-cost-of-living-crisis/">report </a>by CNBC Africa.
The inflation rate spiked to 34% in June, the highest since March 1996, while the national currency, Naira, has plunged 44% against the U.S. Dollar. Despite the unrest, Nigerian President Bola Tinubu has pledged to continue with the reforms, claiming they are necessary to keep the country afloat.
Interestingly, Nigeria surpassed El Salvador as the country with the most Google search interest for Bitcoin as of this writing. 
Bitcoin bulls like Novogratz continue to promote Bitcoin&#8217;s utility as an inflation hedge and safe haven asset. Year-to-date, the world&#8217;s largest cryptocurrency has grown 20%, and 72% over the past year.
Price Action: That said, the digital asset was in a free fall at the time of writing, having lost 17% 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>.
Photo by RISE on Flickr
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152445/trumps-bold-plan-to-use-bitcoin-to-wipe-out-35t-us-debt-questioned-by-economist-justin-wol">Trump&#8217;s Bold Plan To Use Bitcoin To &#8216;Wipe Out&#8217; $35T US Debt Questioned By Economist Justin Wolfers: &#8216;That&#8217;s Not How Crypto Works&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Bitcoin Bull Mike Novogratz Says Unrest In This Country Illustrates Another Reason To Buy King Crypto: Safe Place To Store 'Fruits Of Your Labor' A Human Right

&quot;We are extremely pleased with the committee&#39;s recognition of the benefits of arimoclomol for people living with NPC,&quot; said&nbsp;Neil F. McFarlane, President and Chief Executive Officer of Zevra. &quot;Based on the totality of the clinical data, including data from the pivotal trial, the long-term data from the arimoclomol open label extension study, and data from our expanded access programs (EAP:&nbsp;<a href="https://www.globenewswire.com/Tracker?data=Ra1Ty6X7-_CBQ0DPZvaFudvnV_oLjiF_Qh7bExsDnFm5u2BtckoTBDwhMVKUWEK_iCnRbTPBRLWRFjvXf2vmv6AzYTok1ZRIdym3L49PJqAblaiCEyTJakiU4qs5ao9xZWKu4mHgaQVZjBECWXnxNP_TC1-qcp0OfEprLSypA3eIJ6rVxN8xk_izr49A5fLGXlHyMCQgDCzlgSxxJ3R1FaqT59MMddqZpu50_LZE6hPmuDtJ3kYpZfUAwJ0QmTTv" target="_blank">NCT04316637</a>), we remain confident in the clinical benefit offered by arimoclomol as a treatment for NPC, and are optimistic about its continued path to approval.&quot;
The GeMDAC, which consists of experts in the fields of medical genetics, inborn errors of metabolism, epidemiology and other related specialties, discussed the benefits and risks of arimoclomol, including the data recently presented at the 45th&nbsp;Annual Meeting of the Society for Inherited Metabolic Disorders (SIMD), and reviewed comments received from independent experts, NPC patients, and patient advocacy group representatives. The committee&#39;s recommendation will be considered by the FDA as it completes its independent review of the arimoclomol NDA; however, the feedback from the GeMDAC is not binding upon the Agency. The arimoclomol NDA has been assigned a Prescription Drug User Fee Act (PDUFA) action date of September 21, 2024.

ZVRA

Reported Friday, Zevra Therapeutics Gains FDA Panel Support For Arimoclomol In Treating Niemann-Pick Disease Type C

Robert Kiyosaki, the author of the best-selling book &#8220;Rich Dad Poor Dad,&#8221; has a unique take on <a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f">market crashes</a>. He believes that these turbulent times are when the brave get richer and the cowards get poorer.
What Happened: Kiyosaki took to X to share his thoughts on the current market situation. He expressed excitement about the market crash, stating that it is an opportunity to buy more Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), gold, and silver. He also urged investors to stay calm and invest when others are quitting.
&#8220;Crashes are times when the brave get richer and the cowards get poorer…. Because they sell or do nothing. The world is filled with poor cowards. Be smart. Grow some balls, stay calm, and invest when the cowards are quitting. Take care,&#8221; Kiyosaki wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My apologies. Having a drink. Continuing on…. Crashes are times When the brave get richer and the cowards get poorer…. Because they sell or do nothing. The world is filled with poor cowards. Be smart. Grow Some balls, stay calm, and invest when the cowards are quitting.…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1820287768154845688?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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His comments come in the wake of a significant market downturn that has been spreading globally. The situation has sparked concerns among top financial experts, with some warning of a <a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f">deepening market selloff</a>.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40095631/researchers-identify-trump-dump-effect-ex-president-is-already-causing-deep-stock-losses-in-comp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Researchers Identify &#8216;Trump Dump&#8217; Effect: Ex-President Is Already Causing Deep Stock Losses In Companies And Industries He Targets</a>
Why It Matters: Kiyosaki&#8217;s views on market crashes are in line with his recent statements. Just a few days ago, he described the recent stock market declines as an <a href="https://www.benzinga.com/news/24/08/40147003/rich-dad-poor-dad-author-robert-kiyosaki-sees-wealth-accumulation-in-market-declines-markets-are-cra">opportunity for wealth accumulation</a>, echoing his ‘Rich Dad' teachings.
However, the market downturn has been a cause for <a href="https://www.benzinga.com/markets/equities/24/08/40152271/mohamed-el-erian-grant-cardone-and-matt-weller-warn-of-deepening-global-market-selloff-as-yen-ri">concern for other financial experts</a>. The global stock market selloff, which began in the U.S., has now engulfed Japan, leading to a significant drop in the Nikkei 225 and Topix. 
Meanwhile, the cryptocurrency market has also been in turmoil, with major coins experiencing their worst intraday decline of 2024. Bitcoin hit an intraday low of $52,559, a level not seen since late February, and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) hit an intraday bottom of $2,152, recording its steepest drop since December 2022, as <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152252/bitcoin-ethereum-dogecoin-mirror-stock-market-rout-major-coins-crash-as-recession-war-fear">fears of a recession</a> and a war grip investors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/08/40127983/intel-shares-crash-21-in-pre-market-nvidia-rival-on-verge-of-losing-25b-in-market-value-in-possi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Intel Shares Crash 21% In Pre-Market, Nvidia Rival On Verge Of Losing $25B In Market Value In Possible Worst Drop Since 2000</a>
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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>

'Rich Dad Poor Dad' Author Robert Kiyosaki Sees Market Crashes As Opportunity To Get Richer: 'Invest When The Cowards Are Quitting'

HEI and Hawaiian Electric, the State of Hawaiʻi, the County of Maui, Kamehameha Schools, West Maui Land Co., Hawaiian Telcom and Spectrum/Charter Communications have agreed on the terms of a proposed settlement with the lead attorneys for individual and class plaintiffs. Under the proposed terms, which remain subject to final documentation and court approval and do not include any admission of liability, the defendants would collectively pay over&nbsp;$4 billion&nbsp;to resolve all tort claims arising from the Aug. 8, 2023 wildfires on Maui. The settlement also would resolve all claims among the defendants. HEI and Hawaiian Electric&#39;s contribution is a total of&nbsp;$1.99 billion&nbsp;(pre-tax) and includes the&nbsp;$75 million&nbsp;previously contributed for the One ʻOhana Initiative, to be paid in four installments.

Small Business

Reported Friday, HEI And Hawaiian Electric To Pay $1.99B In $4B Maui Wildfire Settlement Awaiting Court Approval

It has been a &#8220;Black Monday&#8221; for the global stock markets as <a href="https://www.benzinga.com/markets/equities/24/08/40151907/global-sell-off-shows-no-sign-of-stopping-japanese-stocks-fall-sharply-nikkei-drops-over-5-dow-f">stocks across Asia fell, led by the Japanese market, </a>and the index futures trading suggests a similar predicament for the rest of the global markets. On Sunday, CNBC Mad Money host Jim Cramer and Carson Group&#8217;s Ryan Detrick weighed in with their thoughts on the development.
What Happened: The Nasdaq 100 and the R2K futures are down a steep 3%+ at last check, while the broader S&amp;P 500 Index is down about 1.75%. If the losses carry over to the regular session, it would mark a third straight session of markedly negative performance by the U.S. market, with techs being the worst performers.
The sell-off that began last week was triggered by twin negative tidings the traders received on Thursday. The contraction in the manufacturing sector worsened and the jobless claims rose sharply, aggravating concerns about a potential hard landing by the U.S. economy. Negative tech earnings and worries concerning artificial intelligence tech stalwart Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) coming under the Department of Justice scanner took sail out of the markets on Friday.
Monday&#8217;s global market weakness marked an extension of the negative sentiment, precipitated by the unwinding of the yen carry trades.
See Also: <a href="https://www.benzinga.com/money/best-depression-stocks">Best Depression Stocks</a>
Market Watchers React: &#8220;The futures are down so hard on nothing,&#8221; said CNBC&#8217;s Cramer. &#8220;We aren&#8217;t oversold enough yet for a real bounce,&#8221; he added. 
The stock market has been on a tear since the start of 2023 after it emerged from a bear market in Oct. 2022. From the bear market bottom of 3,491.58 on Oct. 13, 2022, the S&amp;P 500 has gained over 53%. 
Carson&#8217;s Detrick echoed a similar sentiment. He noted that the Dow Jones Industrial Average is only 3.5% off its high and the S&amp;P 500 Equal-Weighted Index is down only 20%. While conceding that there would be more selling on Monday, he said, &#8220;Maybe more pain is needed.&#8221;
He reasoned that the current sell-off is a function of a strong tech stock-run-up. &#8220;Tech got way ahead of itself and it is skewing what is really some normal action under the surface,&#8221; he said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Dow is only 3.5% off the highs. S&amp;P 500 equal-weight is only 2.9%. Yes, looks like more tomorrow and maybe more pain is needed, but let&#39;s put things in perspective here. Tech got way ahead of itself and it is skewing what is really some normal action under the surface. <a href="https://t.co/SKr2eAI3qP">pic.twitter.com/SKr2eAI3qP</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1820265186475036888?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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Ives optimistic: Wedbush analyst Dan Ives, who is bullish on the tech sector, suggested in a note released over the weekend it is premature to call for a tech wreck. &#8220;While we clearly get the worries/fears the US consumer is weakening (Amazon consumer softer print), Fed is late to the game, hard landing/hello again bear thesis returning…we focus on tech spending and the winners that will be front and center in this massive<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40151107/tech-sell-off-takes-qqq-to-correction-territory-nvidia-sheds-over-5-for-week-analys"> AI tech buildout that is still in the 2nd inning of a 9 inning game," </a>he said.
The SPDR S&amp;P 500 ETF Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NASDAQ">SPY</a>), an index tracking the S&amp;P 500 Index, ended Friday&#8217;s session at $532.90, down 1.86%, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a> The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell a steeper 2.37% to $448.75.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/24/08/40142331/chip-stocks-staring-at-another-bloodbath-as-intel-tumbles-nvidia-dips-4-asml-crumbles-over-6-whats-a">Chip Stocks Staring At Another Bloodbath As Intel Tumbles, Nvidia Dips 4%, ASML Crumbles Over 6%: What&#8217;s Ailing The Sector Friday</a></li>
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Image via Unsplash

As Global Markets Roil, Strategist Soothes Nerves: 'Some Normal Action Under The Surface' As 'Tech Got Way Ahead Of Itself'

Tesla Inc. CEO Elon Musk on Sunday considered the possibility of its robots competing at the Olympics and winning after Turkish shooter Yusuf Dikeç proposed it.
What Happened: &#8220;Hi Elon, do you think future robots can win medals at the Olympics with their hands in their pockets?&#8221; Dikeç addressed Musk in a post on X on Sunday. Dikec and Sevval ilayda Tarhan from Turkey won a silver medal in the 10-meter air pistol mixed team event at the 2024 Summer Olympics in Paris.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hi Elon, do you think future robots can win medals at the Olympics with their hands in their pockets?&#x1f60e;&#x1f1f9;&#x1f1f7; How about discussing this in Istanbul, the cultural capital that unites continents? <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> <a href="https://t.co/BR5iJmNOHD">pic.twitter.com/BR5iJmNOHD</a>
&mdash; Yusuf Dikec (@yusufdikec) <a href="https://twitter.com/yusufdikec/status/1820186367030128955?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
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Dikeç also rose in popularity on social media for his appearance at the Paris Olympics. A photograph of the athlete dressed casually in a t-shirt, one hand tucked in his pocket, and donning regular eyeglasses while also wielding a pistol gave rise to memes, some of which Musk responded to.
Dikeç also invited Musk over to Istanbul to discuss the possibility of robots in the Olympics.
&#8220;Robots will hit the center of the bullseye every time,&#8221; Musk wrote back, reflecting his optimism for a future where robots are capable of many acts that humans do. 
&#8220;I do look forward to visiting Istanbul. It is one of the great cities of the world,&#8221; Musk added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I do look forward to visiting Istanbul. It is one of the great cities of the world.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1820207187664195958?ref_src=twsrc%5Etfw">August 4, 2024</a></blockquote>
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Why It Matters:&nbsp;Musk is currently attempting to make Tesla a robotics, AI, and sustainable energy company in addition to an automaker with an increased push toward diverse fields such as robotics, energy storage, and autonomous driving.&nbsp;
During Tesla&#8217;s annual shareholder meeting in June, Musk said there will be at least <a href="https://www.benzinga.com/news/24/06/39246781/elon-musk-thinks-humanoid-robots-will-one-day-exceed-human-population-from-nvidias-project-gr00t-to" target="_blank" rel="noreferrer noopener">one humanoid robot</a> for every person in the world in the future, implying a total humanoid robot population of at least 10 billion or more, of which the EV company will have a significant share.
"While autonomous vehicle is a $5-$7 trillion market cap situation,&nbsp;<a href="https://www.benzinga.com/news/24/06/39327644/tesla-ceo-elon-musk-eyes-25-trillion-market-cap-with-optimus-bot-admits-to-being-pathologically-opti" target="_blank" rel="noreferrer noopener">Optimus is a $25 trillion market cap situation</a>," Musk then said. Optimus is the name of Tesla&#8217;s humanoid robot. 
Musk said last month that the EV company would have "genuinely useful" humanoid robots in low production for use within its factories next year. The company will "hopefully" increase production for other customers in 2026, he added. Musk expects to be&nbsp;<a href="https://www.benzinga.com/news/24/03/37950895/elon-musk-says-cost-of-making-an-optimus-is-half-that-of-manufacturing-a-tesla-ev-despite-complexity" target="_blank" rel="noreferrer noopener">able to sell Optimus at $10,000 or $20,000</a>, at a lower price point than Tesla's cheapest Model 3 sedan, once it reaches high-volume production.
Two Optimus bots are already employed in Tesla&#8217;s Fremont factory, taking cells off the end of the production line and placing them in containers, the CEO confirmed in early June.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/08/40145592/elon-musk-says-he-spoke-to-donald-trump-about-government-deficiency-commission-tesla-ceo-expresses-i">Elon Musk Says He Spoke To Donald Trump About &#8216;Government Deficiency Commission:&#8217; Tesla CEO Expresses Interest In Joining Body To Reduce &#8216;Accumulation Of Laws&#8217;</a></li>
</ul>
Photos courtesy: Shutterstock

Tesla CEO Elon Musk, Turkish Shooter Yusuf Dikec Consider Possibility Of Robots At Olympics: 'Will Hit The Center Of The Bullseye Every Time'

Reported Sunday, Markel Strengthens Asia Pacific Operations With Strategic Hires In Singapore And Hong Kong

Kosmos Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KOS#NYSE">KOS</a>) reported quarterly earnings of $0.17 per share which beat the analyst consensus estimate of $0.12 by 41.67 percent. This is a 183.33 percent increase over earnings of $0.06 per share from the same period last year. The company reported quarterly sales of $450.936 million which beat the analyst consensus estimate of $436.458 million by 3.32 percent. This is a 64.99 percent increase over sales of $273.315 million the same period last year.

Earnings

Earnings Beats

Kosmos Energy Q2 2024 Adj. EPS $0.17 Beats $0.12 Estimate, Sales $450.936M Beat $436.458M Estimate

Mars Inc., the renowned confectionery and pet food company, is reportedly considering acquiring Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>), the snack manufacturer behind popular brands like Cheez-It and Pringles.
What Happened: Mars Inc. is contemplating a potential acquisition of Kellanova. The latter, which also produces other well-known snacks, has a market value of approximately $27 billion, including debt, Reuters, reported citing people familiar with the matter.
The news has caused a significant surge in Kellanova&#8217;s stock, which is up by about 20% since its separation from WK Kellogg Co. last October. Despite this increase, the company&#8217;s shares are still trading at a discount compared to some of its competitors, making it an attractive acquisition target.
Kellanova manufactures products in 21 countries and markets them in over 180 countries. Following its separation from WK Kellogg last year, Kellanova retained a portfolio that includes snacks like Pop-Tarts and Rice Krispies Treats, frozen breakfast foods such as Morningstar Farms and Eggo, and an international cereal division.
It&#8217;s important to note that there is no certainty that Kellanova will agree to a deal with Mars. Other potential suitors could also emerge, or there could be no deal at all, according to the report.
Kellanova and Mars Inc. did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40147514/defector-says-donald-trumps-return-to-white-house-would-be-once-in-a-thousand-year-chance-for-no?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Defector Says Donald Trump&#8217;s Return To White House Would Be &#8216;Once-In-A-Thousand-Year Chance&#8217; For North Korea</a>
Why It Matters: Mars&#8217; potential acquisition of Kellanova is significant in the context of the current state of the packaged food industry. Companies in this sector are increasingly seeking consolidation to mitigate the impact of factors such as price inflation and declining demand due to weight-loss drugs.
However, the recent trend in the industry has seen smaller deals, with U.S. antitrust regulators expressing concerns about these transactions leading to higher prices and fewer options for consumers. 
On Thursday, Kellanova reported strong <a href="https://www.benzinga.com/news/earnings/24/08/40102261/snack-giant-kellanova-soars-over-5-on-strong-q2-results-and-upgraded-fy24-guidance">second-quarter results</a>, with adjusted EPS and sales surpassing expectations despite external challenges. 
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40121567/amazon-says-trump-assassination-attempt-and-paris-olympics-responsible-for-lower-q3-revenue-fore?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Says Trump Assassination Attempt And Paris Olympics Responsible For Lower Q3 Revenue Forecast, Shares Slide In After-Hours: &#8216;Customers Only Have So Much Attention&#8217;</a></li>
</ul>
Image made via AI on MidJourney
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>

Cheez-It And Pringles Maker Kellanova Acquisition Eyed By Snickers-Fame Mars: Report

Reported Earlier, China Caixin Services Purchasing Managers Index For July 52.1 Vs. 51.4 Est.; 51.2 Prior

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