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Noted economist Peter Schiff questioned the exclusivity of Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) finite supply on Friday, claiming that such assets can be easily created using a Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) blockchain.
What Happened:&nbsp;Schiff&nbsp;took to X to challenge the idea that the apex cryptocurrency&#8217;s &#8220;valuable digital property&#8221; thesis lies in its fixed supply, as <a href="https://x.com/saylor/status/1767178599390458285">advocated </a>by prominent Bitcoin bull and MicroStrategy Chairman Michael Saylor.
&#8220;Anyone with a Solana address can create a meme coin with a fixed supply at practically no cost. The potential supply of fixed-supply digital assets is infinite,&#8221; Schiff argued.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The reason <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw">@saylor</a> claims Bitcoin is valuable digital property is because it&#39;s the only asset with a fixed supply. But anyone with a Solana address can create a meme coin with a fixed supply at practically no cost. The potential supply of fixed-supply digital assets is infinite.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1882837600853229750?ref_src=twsrc%5Etfw">January 24, 2025</a></blockquote>
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Schiff most likely referred to Pump.fun, a Solana-based meme coin <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42171439/solana-meme-coin-platform-pump-fun-faces-backlash-over-scandalous-livestreams-but-polymarket-traders-arent-convinced-theyll-go-dark">launchpad </a>that lets users create their own tokens without requiring extensive technical expertise. The plug-and-play system allows details like token name, symbol, and total supply to be filled.
An X user, ZacG, countered Schiff&#8217;s arguments, stating that a fixed supply works well only with sufficient decentralization.
&#8220;Bitcoin&#8217;s proof of work and decentralization enforce its supply cap. Meme coins have no such guardrail,&#8221; the user stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Peter, a fixed supply is only credible under sufficient decentralization. Otherwise that cap is subject to arbitrary change at the whims of its central authority. Bitcoin&#39;s proof of work and decentralization enforce its supply cap. Meme coins have no such guardrail.
&mdash; ZacG (@zacguignard) <a href="https://twitter.com/zacguignard/status/1882853187386052985?ref_src=twsrc%5Etfw">January 24, 2025</a></blockquote>
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See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/01/43219929/musks-doge-department-reportedly-eyeing-blockchain-technology-to-slash-federal-spendingjustin-sun-pitches-tron">Elon Musk&#8217;s DOGE Department Reportedly Eyes Blockchain To Slash Federal Spending—Justin Sun Says Tron A Good Option</a>
Why It Matters:&nbsp;Schiff&#8217;s views on Bitcoin have been a subject of intense debate. Last week, he described the leading cryptocurrency as a <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43126318/bitcoin-is-a-meme-coin-says-peter-schiff">meme coin&nbsp;devoid of intrinsic value.</a>
He has regularly expressed concern about what he sees as a speculative mania surrounding cryptocurrencies, saying that it could jeopardize the fundamentals of sound money.
Interestingly, BlackRock, the world&#8217;s largest asset manager,<a href="https://www.benzinga.com/24/12/42609778/blackrocks-bitcoin-explainer-casts-aspersions-on-apex-cryptos-supply-capobservers"> supposedly disputed</a> Bitcoin&#8217;s 21 million supply cap in an explainer video in December. 
Price Action: At the time of writing, Bitcoin was trading at $101,477.62, down 3.14% 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.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. Bitcoin was up 8.86% year-to-date.
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Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43219158/trumps-world-liberty-financial-crypto-venture-amasses-over-388-million-in-digital-assets">Trump&#8217;s World Liberty Financial Crypto Venture Amasses Over $388 Million in Digital Assets</a></li>
</ul>

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

Cryptocurrency

$BTC

$SOL

Bitcoin's Scarcity Dismissed By Economist Peter Schiff: 'Anyone With A Solana Address Can Create A Meme Coin With A Fixed Supply'

Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares fell notably in overnight Robinhood trading on Sunday as China's DeepSeek unveiled an AI model that reportedly offers cutting-edge performance at a fraction of the cost. This development has sparked doubts about the need for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37590269/every-1-spent-on-this-nvidia-gpu-could-result-in-up-to-12-in-additional-tech-spendi">massive GPU investments</a>.
What Happened: DeepSeek, backed by Chinese quant firm High-Flyer, launched its R1 language model (LLM) as open source last week. It also published a technical report asserting that advanced AI systems can be developed on substantially smaller budgets.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f680; DeepSeek-R1 is here! &#x26a1; Performance on par with OpenAI-o1 &#x1f4d6; Fully open-source model &amp; technical report &#x1f3c6; MIT licensed: Distill &amp; commercialize freely! &#x1f310; Website &amp; API are live now! Try DeepThink at <a href="https://t.co/v1TFy7LHNy">https://t.co/v1TFy7LHNy</a> today! &#x1f40b; 1/n <a href="https://t.co/7BlpWAPu6y">pic.twitter.com/7BlpWAPu6y</a>
&mdash; DeepSeek (@deepseek_ai) <a href="https://twitter.com/deepseek_ai/status/1881318130334814301?ref_src=twsrc%5Etfw">January 20, 2025</a></blockquote>
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What stands out is DeepSeek's ability to achieve competitive results with less funding and technology compared to industry leaders like OpenAI, Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>).
DeepSeek reportedly used roughly 50,000 Nvidia H100 GPUs. However, the extent of this hardware usage remains unclear.
See Also: <a href="https://www.benzinga.com/25/01/43219913/jeff-bezos-backed-perplexity-ai-proposes-deal-to-merge-with-tiktok-giving-us-government-50-stake-report">Jeff Bezos-Backed Perplexity Revises TikTok Merger Deal, Proposes Giving US Government 50% Stake: Report</a>
Over the weekend, DeepSeek's R1 model became a sensation on social media with several tech experts reacting to the company and its model. Here are some reactions:
Billionaire investor Chamath Palihapitiya took to X, formerly Twitter, and highlighted a report written by Jeffrey Emanuel, the founder of YouTube transcript optimizer.
He underscored a portion of the report that detailed how DeepSeek essentially cracked one of the holy grails of AI: step-by-step reasoning without massive datasets.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This report is long but very good. "With R1, DeepSeek essentially cracked one of the holy grails of AI: getting models to reason step-by-step without relying on massive supervised datasets. Their DeepSeek-R1-Zero experiment showed something remarkable: using pure reinforcement…
&mdash; Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/status/1883579259769462819?ref_src=twsrc%5Etfw">January 26, 2025</a></blockquote>
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28-year-old Alexandr Wang, who is the CEO of Scale AI and has made history as the youngest self-made billionaire in the world, also took to X and said, "DeepSeek is a wake-up call for America."
Wang stated that the U.S. must focus on out-innovating and accelerating progress while strengthening chip export controls to maintain its lead.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">DeepSeek is a wake up call for America, but it doesn't change the strategy: &#8211; USA must out-innovate &amp;race faster, as we have done in the entire history of AI &#8211; Tighten export controls on chips so that we can maintain future leads Every major breakthrough in AI has been American
&mdash; Alexandr Wang (@alexandr_wang) <a href="https://twitter.com/alexandr_wang/status/1883368885640102092?ref_src=twsrc%5Etfw">January 26, 2025</a></blockquote>
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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.
AI engineer Shubham Sahoo highlighted that DeepSeek R1 is open-source and 96.4% more affordable than OpenAI's o1 model, offering comparable performance.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">DeepSeek R1 is 100% Opensource and 96.4% cheaper than OpenAI o1 while delivering similar performance. OpenAI o1: $60.00 per 1M output tokens DeepSeek R1: $2.19 per 1M output tokens People with $200 ChatGPT subscription, let that sink in. <a href="https://t.co/yLnSDOGRzL">pic.twitter.com/yLnSDOGRzL</a>
&mdash; Shubham Saboo (@Saboo_Shubham_) <a href="https://twitter.com/Saboo_Shubham_/status/1881544014421447167?ref_src=twsrc%5Etfw">January 21, 2025</a></blockquote>
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Perplexity CEO Aravind Srinivas congratulated DeepSeek on reaching #1 on the App Store. &#8220;For a while, it wasn&#8217;t clear who would beat ChatGPT for the first time. The best we could manage was #8, a year ago,&#8221; he posted on X.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congrats to <a href="https://twitter.com/deepseek_ai?ref_src=twsrc%5Etfw">@deepseek_ai</a> for getting to #1 on the App Store. For a while, it wasn&#39;t clear who would beat ChatGPT for the first time. The best we could manage was #8, a year ago. Look forward to using all their models for search, assistant, and agents this year. <a href="https://t.co/WpVR3TFA0t">pic.twitter.com/WpVR3TFA0t</a>
&mdash; Aravind Srinivas (@AravSrinivas) <a href="https://twitter.com/AravSrinivas/status/1883687330101522908?ref_src=twsrc%5Etfw">January 27, 2025</a></blockquote>
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Jasmine Sun, former Substack product manager, commented on DeepSeek's ability to outperform Western counterparts in writing tasks.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">for fun I dumped the same bullet points into ChatGPT, Claude, and DeepSeek and asked each to draft an essay r1 blew the others out of the water. it&#39;s 10x less lobotomized and has 10x more flair first time I&#39;ve actually thought "wow the AI can write&quot; (samples below)
&mdash; jasmine sun (@jasminewsun) <a href="https://twitter.com/jasminewsun/status/1883571678938337359?ref_src=twsrc%5Etfw">January 26, 2025</a></blockquote>
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Price Action: On Friday, Nvidia shares dropped 3.12% to close at $142.62, with an additional decline of 0.42% in after-hours trading, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>.
Despite the decline, NVDA has gained 3.12% year-to-date and an impressive 133.69% over the past 12 months.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/NVDA/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/26225301/Screenshot-2025-01-27-at-9.22.53%E2%80%AFAM-1024x375.png" alt="" class="wp-image-750201" /></a></figure>
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Photo Courtesy: KhunkornStudio via Shutterstock.com
Read Next:
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<li><a href="https://www.benzinga.com/news/25/01/42900737/stephen-king-slams-elon-musks-h-1b-visa-stance-musk-thinks-smart-immigrants-can-stay-the-rest-of-you-washing-dishes-get-lost">Stephen King Slams Elon Musk's H-1B Visa Stance: ‘Musk Thinks Smart Immigrants Can Stay – The Rest of You Washing Dishes … Get Lost'</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Tech

GOOG

GOOGL

MSFT

NVDA

Nvidia Stock Slides Overnight On Robinhood As China's DeepSeek Sparks Doubts Over GPU Spending Frenzy — Chamath Palihapitiya Highlights Report Indicating AI Holy Grail Cracked

Costco Wholesale Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) announced plans to replace PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) with Coca-Cola Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) as its food court beverage supplier, marking a significant shift in the retail giant&#8217;s strategy and highlighting Coca-Cola&#8217;s growing market momentum.
What Happened: The change, announced by Costco CEO Ron Vachris at the company&#8217;s annual shareholders meeting, will take effect this summer, returning Coca-Cola products to Costco&#8217;s food courts after a decade-long absence. 
"We will be converting our food court fountain business back over to Coca-Cola," Vachris said, <a href="https://edition.cnn.com/2025/01/24/business/costco-coke-pepsi-hot-dog/index.html">according</a> to CNN.
The move comes as Coca-Cola demonstrates strong growth potential, particularly in emerging markets.
The beverage contract, which includes fountain drinks, cups, and straws, has been held by PepsiCo since 2013. The switch back to Coca-Cola coincides with analysts&#8217; bullish outlook on the beverage maker. 
See Also: <a href="https://www.benzinga.com/news/25/01/43220073/trump-is-about-to-make-americans-pay-even-more-for-coffee-to-punish-colombia-says-aoc-he-is-all-about-making-inflation-worse">Trump Is About To Make Americans Pay Even More For Coffee To Punish Colombia, Says AOC: He Is All About Making Inflation &#8216;Worse&#8217;</a>
Why It Matters: Piper Sandler analyst Michael Lavery recently initiated coverage of Coca-Cola with an &#8220;Overweight&#8221; rating and a $74 price target, citing the company&#8217;s strong position in North America and Latin America, which contribute approximately 70% of <a href="https://www.benzinga.com/25/01/42856857/coca-colas-strong-exposure-to-emerging-markets-is-key-to-sustainable-growth-says-bullish-analyst">its operating income</a>.
The transition aligns with Costco&#8217;s commitment to maintaining its iconic $1.50 hot dog and soda combination, a loss-leader that sold approximately 150 million units last year. This pricing strategy, unchanged since 1985, remains central to Costco&#8217;s customer value proposition, despite inflationary pressures affecting other food court items.
Coca-Cola&#8217;s return to Costco&#8217;s food courts could further strengthen its market position. The company&#8217;s significant exposure to emerging markets, where <a href="https://www.benzinga.com/25/01/42856857/coca-colas-strong-exposure-to-emerging-markets-is-key-to-sustainable-growth-says-bullish-analyst">roughly 68% of the population</a> doesn&#8217;t consume commercial beverages, represents a growth opportunity of about 4.5 times its current consumer base, according to Piper Sandler&#8217;s analysis.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/25/01/43219987/tesla-could-drop-over-13-due-to-trumps-potential-ev-tax-credit-cuts-fsd-and-delivery-concerns-says-gary-black">Tesla Could Drop Over 13% Due to Trump&#8217;s Potential EV Tax Credit Cuts, FSD And Delivery Concerns, Says Gary Black</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

COST

Costco Ditches Pepsi For Coca-Cola In Major Food Court Supplier Switch, Reinforces $1.50 Hot Dog Combo Legacy

Leading cryptocurrencies faced heavy sell-offs Sunday evening, mirroring the decline in stock futures.
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<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-2.81%</td>
<td>$101,669.43</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-3.80%</td>
<td>$3,203.23</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-7.07%</td>
<td>$0.3299</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin plunged from $105,000 in the afternoon to $101,000 by evening, triggering a broader market slump.&nbsp;
Ethereum slipped from $3,340 to $3,178, while Dogecoin also plunged more than 7%.
About $400 million was liquidated from the cryptocurrency market in the last 4 hours of trading, with long liquidations accounting for $389 million.
The number of traders placing downside bets on Bitcoin increased in comparison to those gunning for price increases, according to the Long/Short ratio.
Bitcoin's Open Interest rose marginally in the last 24 hours. A rise in OI, coming alongside a drop in prices, indicated short selling.
The market sentiment remained in the "Greed" zone, according to the Crypto Fear &amp; Greed Index.
Top Gainers (24-Hours)
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Onyxcoin (XCN)</td>
<td>+12.16%</td>
<td>$0.03633</td>
</tr>
<tr>
<td>Jupiter (JUP)</td>
<td>+9.88%</td>
<td>$1.03</td>
</tr>
<tr>
<td>AIOZ Network (AIOZ)</td>
<td>+8.27%</td>
<td>$0.843</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.47 trillion, contracting 3.65% in the last 24 hours.
Stock futures ticked lower on Sunday night. The Dow Jones Industrial Average Futures fell 184 points, or 0.41%, as of 8:41 p.m. EDT. Futures tied to the S&amp;P 500 fell 0.94%, while Nasdaq 100 Futures lost 1.79%.
The slump coincided with President Donald Trump's <a href="https://www.benzinga.com/news/25/01/43220073/trump-is-about-to-make-americans-pay-even-more-for-coffee-to-punish-colombia-says-aoc-he-is-all-about-making-inflation-worse">punitive tariffs on Colombian imports</a> and the hype surrounding China's open-source AI model, DeepSeek.
These moves come ahead of a <a href="https://www.benzinga.com/earnings">big earnings week</a>, with tech behemoths from the ‘Magnificent 7' cohort set to report their quarterly financials.
Additionally, the Federal Reserve will hold its meeting on Wednesday, with investors pricing in a 99.5% chance that the interest rates will remain unchanged, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according</a> to the CME FedWatch tool.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular cryptocurrency analyst Ali Martinez noted an invalidation of Bitcoin's head-and-shoulders pattern, prompting an upside target of $122,000.
Note that the head and shoulders chart pattern depicts a bullish-to-bearish trend reversal, signaling that an upward trend is nearing its end.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The failure of this head-and-shoulders pattern suggests a potential upside target of $122,000 for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>! <a href="https://t.co/vMTfoaRNSO">pic.twitter.com/vMTfoaRNSO</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1883670758150529113?ref_src=twsrc%5Etfw">January 27, 2025</a></blockquote>
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In one of his earlier posts, Martinez also likened Bitcoin's ongoing trajectory to its 2015-2018 cycle.
"Historically, it was around this point when BTC went parabolic," the analyst remarked.
Another widely followed cryptocurrency chartist, Rekt Capital, underlined the importance of Bitcoin's historic weekly close.
"Historically, similar weekly closes above a final major weekly resistance at this moment in the cycle have preceded continued upside to new all-time highs," the analyst added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bitcoin is mere hours away from what could be a historic Weekly Close Historically, similar Weekly Closes above a final major Weekly resistance at this moment in the cycle have preceded continued upside to new All Time Highs<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/RjWPWEfwtk">https://t.co/RjWPWEfwtk</a> <a href="https://t.co/Ni8k16FyWR">pic.twitter.com/Ni8k16FyWR</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1883609497933164653?ref_src=twsrc%5Etfw">January 26, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Photo by CMP_NZ on Shutterstock
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Bitcoin, Ethereum, Dogecoin Fall With Stock Futures Amid Trump Tariff War, DeepSeek Hype: Top Trader Predicts Bitcoin's Upside To $122,000

President Donald Trump&#8216;s announcement of potential 50% tariffs on Colombian imports is stoking fresh inflation worries among economists and lawmakers, as markets grapple with shifting monetary policy expectations.
What Happened: Rep. Alexandria Ocasio-Cortez (D-N.Y.) criticized Trump&#8217;s proposed tariffs on Sunday, arguing they would worsen inflation for working-class Americans. &#8220;To &#8216;punish&#8217; Colombia, Trump is about to make every American pay even more for coffee,&#8221; she wrote on X, emphasizing that U.S. consumers, not Colombia, bear the cost of tariffs.
The tariff threat came after Colombia&#8217;s President Gustavo Petro denied entry to two U.S. repatriation flights carrying Colombian migrants, demanding protocols for dignified migrant treatment. Trump responded by announcing a series of measures, including initial 25% tariffs on all Colombian goods, rising to 50% within a week.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">To "punish" Colombia, Trump is about to make every American pay even more for coffee. Remember: &#x2A;WE&#x2A; pay the tariffs, not Colombia. Trump is all about making inflation WORSE for working class Americans, not better. He's lining the pockets of himself and the billionaire class. <a href="https://t.co/gcAomtzmCb">https://t.co/gcAomtzmCb</a>
&mdash; Alexandria Ocasio-Cortez (@AOC) <a href="https://twitter.com/AOC/status/1883617048011669887?ref_src=twsrc%5Etfw">January 26, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/equities/25/01/43219987/tesla-could-drop-over-13-due-to-trumps-potential-ev-tax-credit-cuts-fsd-and-delivery-concerns-says-gary-black">Tesla Could Drop Over 13% Due to Trump&#8217;s Potential EV Tax Credit Cuts, FSD And Delivery Concerns, Says Gary Black</a>
Why It Matters: Goldman Sachs analyst Manuel Abecasis warned that while direct inflationary impacts might be modest, consumer inflation expectations could rise sharply. The bank estimates a universal 10% tariff could boost headline inflation by up to 1 percentage <a href="https://www.benzinga.com/25/01/43193866/trumps-tariff-hikes-could-stoke-consumer-inflation-jitters-challenge-fed-goldman-sachs-warns">point in extreme scenarios</a>.
Mohamed El-Erian, Chief Economic Advisor at Allianz, recently highlighted concerning divisions in inflation expectations, with the University of Michigan data showing Democrats <a href="https://www.benzinga.com/news/25/01/42993713/trump-2-0-could-be-thwarted-by-inflation-mohamed-el-erian-notes-ahead-of-cpi-data-release">anticipating 4% inflation</a> while Republicans project just 0.1%.
Market indicators already suggest persistent inflation pressures, with the 10-year breakeven rate reaching the top of its two-year range. The University of Michigan&#8217;s consumer survey reported five-year inflation expectations at 3.3%, the <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42988894/all-eyes-on-december-inflation-betting-odds-signal-risk-of-fed-struggling-to-tame">highest since 2008</a>.
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Is About To Make Americans Pay Even More For Coffee To Punish Colombia, Says AOC: He Is All About Making Inflation 'Worse'

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly continues to explore AirPods with <a href="https://www.benzinga.com/news/24/02/37314895/apple-explores-camera-integrated-airpods-in-push-for-next-gen-wearables">tiny infrared cameras</a>.
What Happened: In his latest "Power On" newsletter, Bloomberg columnist Mark Gurman fleetingly mentioned camera-equipped AirPods while reporting about Cupertino's wearables development.
While he did not dwell on the use cases of the camera, it clearly indicated that the development is still on the cards.&nbsp;
According to previous reports, these <a href="https://www.benzinga.com/media/24/12/42640232/apple-airpods-to-get-heart-rate-temperature-sensors-and-cameras-to-help-with-ai-features-top-analyst">tiny infrared cameras</a> are expected to deliver an enhanced spatial audio experience, especially in combination with Vision Pro headset.
See Also: <a href="https://www.benzinga.com/25/01/43219913/jeff-bezos-backed-perplexity-ai-proposes-deal-to-merge-with-tiktok-giving-us-government-50-stake-report">Jeff Bezos-Backed Perplexity Revises TikTok Merger Deal, Proposes Giving US Government 50% Stake: Report</a>
Reports also indicated that the cameras would allow users to leverage sound sources based on head movements while watching videos with the headset.
Moreover, they could enable &#8220;in-air gesture control,&#8221; allowing users to interact with devices through hand movements.
Mass production of these AirPods will reportedly begin by 2026 with a potential release in 2026 or 2027. Apple has yet to confirm any such plan.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: The AirPods lineup is a critical component of Apple's wearables, home, and accessories category.
It generated $9.04 billion in revenue during the <a href="https://www.benzinga.com/news/earnings/24/10/41666494/apple-q4-earnings-revenue-beat-eps-beat-installed-base-hits-new-highs-iphone-sales-rise-as-apple-in">fiscal fourth quarter</a> of 2024 which represents a slight decline from $9.32 billion in the same period in 2023.
Apple continues to maintain its leadership in the <a href="https://www.benzinga.com/tech/24/11/42182829/apple-could-keep-airpods-max-headphones-around-without-meaningfully-updating-them-says-analyst-heres-why">true wireless stereo (TWS) market</a>, holding a 17% market share as of the third quarter of 2024. However, this represents a sharp decline from 48.1% in 2019, according to Statista.
Price Action: Apple stock declined 0.39% on Friday, closing at $222.78, and fell an additional 0.27% in after-hours trading, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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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.

AAPL

Apple AirPods With Cameras? Rumors Persist About Next-Gen Features

Microsoft co-founder Bill Gates offered his perspective on a range of subjects, including President Donald Trump&#8217;s reform task force and the Department of Government Efficiency on Sunday.
What Happened: A Wall Street Journal <a href="https://www.wsj.com/tech/bill-gates-interview-5-things-e11c3fa2">interview</a> revealed that Gates is in favor of the Elon Musk-led task force&#8217;s efforts to reduce federal spending. Gates stated, &#8220;I'm among the people who think the deficit needs to be brought down because otherwise it will create a financial problem for us.&#8221;
Despite his support, Gates expressed concern over the complete elimination of certain programs under the new entity. He underscored the significance of long-term beneficial programs like HIV treatment initiatives. Gates warned, &#8220;If you cut those off, not only would they die when we have a cure on its way, but the negative feelings you'd have say, in Africa, would be worse than never having done the thing at all.&#8221;
The interview also saw Gates discussing his childhood, U.S.-China relations, and his ties with Jeffrey Epstein.
See Also: <a href="https://www.benzinga.com/25/01/43219929/musks-doge-department-reportedly-eyeing-blockchain-technology-to-slash-federal-spendingjustin-sun-pitches-tron">Elon Musk&#8217;s DOGE Department Reportedly Eyes Blockchain To Slash Federal Spending—Justin Sun Says Tron A Good Option</a>
Why It Matters: This interview included a revelation about his childhood and <a href="https://www.benzinga.com/tech/25/01/43218782/bill-gates-i-would-probably-be-diagnosed-on-the-autism-spectrum-if-growing-up-today">possible neurodivergence</a> in his upcoming memoir.
The Department of Government Efficiency (DOGE), which Gates supports, has been a topic of debate with figures like Sen. Bernie Sanders (I-Vt.) and Sen. Elizabeth Warren (D-Mass.) weighing in. 
Sanders supported DOGE&#8217;s <a href="https://www.benzinga.com/startups/24/12/42508653/bernie-sanders-supports-elon-musks-doge-stating-that-it-must-target-the-pentagons-886-billion-budget">focus on the Pentagon&#8217;s budget</a>. More recently, Warren <a href="https://www.benzinga.com/government/regulations/25/01/43182640/elizabeth-warren-lists-changes-for-elon-musks-doge-department-urges-guantanamo-closure-due-to-hundreds-of-millions-in-annual-costs">suggested changes</a> for DOGE, including better negotiation of Department of Defense contracts.
DOGE department <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43140690/dogecoin-drops-6-after-doge-department-removes-logo">shares its name acronym</a> with Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and the disappearance of Dogecoin iconography led to a fall in the cryptocurrency&#8217;s price recently.
Image via Shutterstock
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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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Bill Gates Says He Supports DOGE Department, But Doesn't Want Elon Musk To Cut Off Certain Funding: 'The Deficit Needs To Be Brought Down'

In just 10 days, the world's richest 1% have burned through their share of the global carbon budget for the entire year. That's the amount of CO2 humanity can afford to emit in 2025 without pushing global warming beyond the critical 1.5°C limit. Meanwhile, it would take nearly three years for someone in the poorest half of the world's population to create the same carbon footprint.
This alarming statistic comes from Oxfam's latest <a href="https://www.oxfam.org/en/press-releases/richest-1-burn-through-their-entire-annual-carbon-limit-just-10-days">analysis</a> and is a stark reminder of just how unequal the climate crisis is. As the Guardian reports, the poorest people face the harshest impacts – like extreme weather, rising sea levels and food insecurity. Meanwhile, the richest 1% live high-carbon lifestyles with private jets, <a href="https://www.benzinga.com/25/01/42931896/jeff-bezos-500-million-superyacht-koru-steals-the-show-at-st-barts-annual-festival-where-173-billionaires-turned-up-with-their-yachts">yachts</a> and other luxuries. But it goes beyond their lifestyles, as their investments also fuel pollution, deepening the crisis for billions.
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<h2 class="wp-block-heading">What's the Damage?</h2>
<a href="https://www.benzinga.com/personal-finance/24/10/41193824/are-you-rich-enough-to-be-in-the-top-1-heres-both-the-income-and-net-worth-you-need-to-rank-amon">The richest 1%</a> of the global population, around 77 million people earning over $140,000 a year, are responsible for 15.9% of the world's CO2 emissions. Compare that to the poorest 50% of the world, who only account for 7.7%. In practical terms, the emissions from a billionaire's private jets, yachts and investments can equal the lifetime emissions of thousands of ordinary people.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Reminder &#8211; Bill Gates&#39; seriously awkward response to being called a climate change hypocrite for flying on a private jet: I buy the gold standard of funding Climeworks to do direct air capture that far exceeds my family&#39;s carbon footprint and I spend billions of dollars on… <a href="https://t.co/sJz9BXXjsm">pic.twitter.com/sJz9BXXjsm</a>
&mdash; Camus (@newstart_2024) <a href="https://twitter.com/newstart_2024/status/1736450560411279636?ref_src=twsrc%5Etfw">December 17, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: According to Juniper Research, the total value of B2B cross-border payments stored on the blockchain is projected to exceed $4.4 trillion — <a href="https://www.benzinga.com/money/web3-enabler-future-of-enterprise-transactions">Join the first company to bring blockchain payments to Salesforce early with just $100.</a>
For example, <a href="https://www.benzinga.com/news/24/12/42509430/jeff-bezos-with-a-fleet-of-four-private-jets-including-the-fastest-gulfstream-is-offloading-one-for-a-whopping-39-million">Jeff Bezos' private jets</a> reportedly spent nearly 25 days in the air in one year, emitting as much CO2 as an Amazon warehouse worker in the U.S. would over 207 years. <a href="https://www.benzinga.com/startups/24/09/40773565/three-walmart-heirs-about-to-reach-100-billion-each-their-combined-wealth-will-surpass-elon-musks-ne">The Walton family's</a> three yachts alone emitted 18,000 tons of CO2 in a year – the same as 1,714 Walmart employees combined. Amazingly, Bill Gates owns not one, not two or even three private jets, but <a href="https://www.benzinga.com/news/24/12/42592124/bill-gates-owns-4-private-jets-valued-at-194m-flying-more-than-once-a-day-on-average-he-has-one-of-the-highest-carbon-footprints">four private jets</a> and just like Elon Musk, he uses them more than once per day. This is excess on an unfathomable scale.
<h2 class="wp-block-heading">Who Pays the Price?</h2>
While the richest continue to live in luxury, the poorest people, especially in tropical areas, face the worst effects of climate change. Rising temperatures lead to devastating droughts, floods and heat waves. By 2050, the emissions of the wealthiest could cause crop losses significant enough to deny at least 10 million people in Southern and Eastern Asia adequate calories every year.
Heat-related deaths will also skyrocket, with roughly 80% occurring in low- and middle-income countries. Southern Asia alone will account for 40% of these fatalities.&nbsp;
Trending: With 100+ historic trademark victories, this company holds IP for some of the highest-grossing characters in history. Now, they've propelled these icons into the future using next-gen patented AR, VR, and AI technology. <a href="https://www.benzinga.com/money/elf-labs-1">There&#8217;s now a limited window for investors to claim shares at just $2/share with $980 minimum—but the clock is ticking.</a>
<h2 class="wp-block-heading">Is it Finally Time to Make Them Pay?</h2>
Oxfam's message is that it's time to hold the wealthiest accountable for their outsized role in the climate crisis. Here's what governments need to do:
<ul>
<li>Tax luxury emissions: Introduce hefty taxes on private jets, superyachts and other carbon-intensive indulgences. Ban excessive emissions wherever possible.</li>
<li>Reduce wealthy polluters' carbon footprints: Enforce regulations that force the top 1% to drastically cut their emissions. Oxfam estimates that to align with global climate goals, they need to reduce their 2015 levels by 97% by 2030. Currently, they're on track to cut by just 5%.</li>
<li>Make rich polluters pay: Redirect these taxes to fund climate finance for poorer nations. Rich countries promised $300 billion annually to help the Global South cope with the climate crisis, but this falls woefully short of the $5 trillion owed in climate reparations.</li>
</ul>
Allowing the superrich to continue squandering humanity's future is unfair and destructive. If governments don't act, they're not just failing – they're complicit.
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'Make Rich Polluters Pay' – Only 10 Days Into 2025, The World's Richest Have Already Exhausted Their Fair Share Of The Year's Carbon Budget

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) faces diverging forecasts for its 2025 delivery growth, with Wall Street&#8217;s expectations clashing with independent analysts&#8217; predictions amid uncertainty over new vehicle launches and potential policy changes.
What Happened: The Future Fund LLC&#8216;s Managing Partner Gary Black highlighted on Sunday that while Wall Street projects Tesla&#8217;s fiscal 2025 deliveries at 2.07 million units, representing 16% year-over-year growth, respected Tesla forecaster Troy Teslike anticipates a 1% decline. 
This contrasts with CEO Elon Musk&#8216;s guidance of 20-30% growth provided during the third-quarter earnings call.
Black emphasized that Tesla&#8217;s 2025 performance hinges on three key factors: the success of the Model Y Juniper refresh, demand for the upcoming $30,000-$35,000 vehicle expected to be unveiled in the first half of 2024, and progress in Full Self-Driving technology.
Wall Street may lower its 2025 delivery forecast of 2.07 million units (+16% YoY) and earnings projection of $3.24 per share (+34% YoY), potentially pushing Tesla&#8217;s stock down to the $350-$375 range, a decline on approximately 13%, irrespective of management&#8217;s statements on autonomy, according to Black.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Wall Street is currently forecasting <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> FY'25 deliveries of 2,074K +16% YoY vs 2024. On the 3Q earnings call, Elon guided to FY'25 delivery growth of 20-30% YoY. <a href="https://twitter.com/TroyTeslike?ref_src=twsrc%5Etfw">@troyteslike</a> who I believe has the best long-term record forecasting TSLA deliveries is forecasting FY'25 YoY… <a href="https://t.co/9RtaDQfmBl">https://t.co/9RtaDQfmBl</a> <a href="https://t.co/YcJClyQ2lA">pic.twitter.com/YcJClyQ2lA</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1883304346936590345?ref_src=twsrc%5Etfw">January 26, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43219158/trumps-world-liberty-financial-crypto-venture-amasses-over-388-million-in-digital-assets">Trump&#8217;s World Liberty Financial Crypto Venture Amasses Over $388 Million in Digital Assets</a>
Why It Matters: The potential elimination of the $7,500 federal EV tax credit under the President Donald Trump administration poses additional challenges. Black argues this would disproportionately impact Tesla, with U.S. sales representing 30-35% of its global volume, compared to just 4-5% for traditional automakers&#8217; EV sales.
Wedbush Securities analyst Dan Ives maintains a more optimistic outlook, recently raising Tesla&#8217;s price target to $550, citing growing confidence in demand and autonomous driving potential. However, Tesla&#8217;s fiscal 2025 and 2026 earnings estimates have declined 39% and 45% respectively <a href="https://www.benzinga.com/markets/equities/25/01/43150976/dan-ives-raises-tesla-price-target-to-550-sees-golden-era-for-elon-musk-under-trump-sees-bull-case-upside-of-over-56-if-optimus-robot-counted-in-valuation">over the past year</a>.
The upcoming earnings call could be pivotal, with Wall Street closely watching fourth-quarter automotive gross margins, forecast at 16.2% excluding regulatory credits. The previous quarter saw better-than-expected margins of 17.1%, though CFO Vaibhav Taneja cautioned about sustainability challenges in the current economic environment.
Price Action: Tesla stock closed at $406.58 on Friday, down 1.41% for the day. In after-hours trading, the stock dipped further by 0.27%. Over the past year, Tesla&#8217;s stock surged 121.87%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
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Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

TSLA

Tesla Could Drop Over 13% Due to Trump's Potential EV Tax Credit Cuts, FSD And Delivery Concerns, Says Gary Black

Elon Musk-headed Department of Government Efficiency could tap blockchain technology to support its objectives of cutting federal spending, according to a report on Saturday.
What happened: Musk, who floated the idea of the so-called agency, was contemplating the use of a digital ledger to track spending, secure data, and make payments, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-01-25/musk-exploring-blockchain-use-in-us-government-efficiency-effort">reported</a>, citing people with knowledge of discussions
Executives from the newly formed organization have also met with representatives of public blockchains to study their technology for possible integration.
The Department of Government Efficiency didn't immediately return Benzinga's request for comment.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43151588/cathie-wood-was-asked-if-she-would-buy-trump-coin-heres-what-she-said">Cathie Wood Was Asked If She Would Buy TRUMP Coin, Here&#8217;s What She Said</a>
Meanwhile, cryptocurrency mogul Justin Sun used the opportunity to pitch his Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) blockchain to Musk.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tron will be a good option for it! <a href="https://t.co/tyP9ZLtQqW">https://t.co/tyP9ZLtQqW</a>
&mdash; H.E. Justin Sun &#x1f34c; (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1883381050363289621?ref_src=twsrc%5Etfw">January 26, 2025</a></blockquote>
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Why It Matters: The report comes amid cryptocurrency-friendly measures undertaken by the new Donald Trump administration to strengthen U.S. leadership in the expanding industry.
Last week, Trump <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43177482/trump-signs-executive-order-on-crypto-bitcoin-reserve-to-be-evaluated">signed executive orders</a> to evaluate a strategic national digital asset stockpile and halt the creation of central bank digital currencies.
The Department of Government Efficiency, or DOGE, is an entity<a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently"> tasked with cutting federal spending</a> and abolishing meaningless regulations. However, the agency was <a href="https://www.benzinga.com/25/01/43086309/trumps-doge-committee-faces-lawsuit-over-alleged-federal-advisory-violations-and-lack-of-transparency">hit with many lawsuits</a> shortly after Trump took office as president last week.
Price Action: At the time of writing, Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), the cryptocurrency to which the department alludes, was exchanging hands at $0.3308, down 7% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Image Courtesy: Shutterstock.com
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$TRX

Elon Musk's DOGE Department Reportedly Eyes Blockchain To Slash Federal Spending—Justin Sun Says Tron A Good Option

Jeff Bezos-backed Perplexity AI has reportedly submitted a <a href="https://www.benzinga.com/general/social-media/25/01/43078206/jeff-bezos-backed-perplexity-reportedly-makes-50-billion-move-to-merge-with-tiktok-but-elon-musks-x-remains-this-analysts-favorite-bidder">revised proposal</a> to merge with TikTok's U.S. business, offering the U.S. government a 50% stake in the new entity.
What Happened: The new plan, submitted to TikTok's parent company, ByteDance last week, allows the U.S. government to <a href="https://www.benzinga.com/general/social-media/25/01/43088960/trump-suspends-us-tiktok-ban-for-75-days-with-executive-order-but-legal-and-market-uncertainty-looms-over-platforms-future">own up to 50% of the merged</a> entity through a $300 billion initial public offering, <a href="https://apnews.com/article/tiktok-bytedance-trump-perplexity-87988733973760927bb5681f7de9b9af">reported</a> the Associated Press, citing a person familiar with the matter.&nbsp;
The U.S. government would not gain voting rights or board representation under this proposal. However, ByteDance would retain ties to the app without the proprietary algorithm that powers TikTok's content recommendation system.
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: This proposal is a revision of an earlier plan that Perplexity AI submitted to ByteDance, which included other investors but did not secure a response from the Chinese tech giant.
Previously, President Donald Trump indicated his willingness to see Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk or Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) chairman Larry Ellison take <a href="https://www.benzinga.com/tech/25/01/43118289/trump-open-to-elon-musk-or-larry-ellison-buying-tiktok-calls-us-permit-key-to-1-trillion-valuation">ownership of TikTok</a>.
Other investors, including Jimmy Donaldson, also known as MrBeast, and Shark Tank's Kevin O'Leary, have also <a href="https://www.benzinga.com/general/social-media/25/01/42994923/mrbeast-discussing-buying-tiktok-with-billionaires-to-prevent-us-shutdown-lets-see-if-we-can-pull-this-off">been linked to TikTok's U.S.</a> operations.
After an executive order from President Trump, reports suggest that TikTok users in the U.S. are also noticing <a href="https://www.benzinga.com/markets/25/01/43216953/is-tiktok-turning-into-a-censorship-machine-users-witness-new-restrictions-after-trumps-order">heightened censorship</a> on the platform.
Image via Shutterstock
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>.
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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.

Social Media

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ORCL

Jeff Bezos-Backed Perplexity Revises TikTok Merger Deal, Proposes Giving US Government 50% Stake: Report

Retirement savings – it's not exactly dinner party conversation. Nobody's asking their friends, "Hey, <a href="https://www.benzinga.com/personal-finance/24/07/39819250/do-you-know-how-much-you-should-have-in-your-401-k-heres-what-experts-recommend-vs-the-actual-av">how much is in your 401(k)</a>?" or "What's your net worth percentile?" It'd be awkward, right? But let's be honest, it's something everyone thinks about. Are you saving enough? Too little? Are you even on the same planet as your peers?
The truth is that most people are flying blind when it comes to knowing where they stand. But here's the good news: you don't need to be in the top 1% or some financial genius to set yourself up for retirement success. You just need to know the numbers that matter and make a plan.
So, how much do you need to be considered a "wealthy" retiree?
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<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.</li>
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The Numbers: Where Do You Stand?
According to Federal Reserve data analyzed by The Motley Fool, the top 10% of Americans hold a median retirement savings of $900,000. That's the benchmark for the wealthiest retirees. But let's get more realistic. Those in the 75th to 89.9th percentiles – still well above average – have median savings of $269,000.&nbsp;
And here's an interesting tidbit: even <a href="https://www.benzinga.com/personal-finance/24/09/40711869/how-rich-are-you-heres-the-net-worth-that-defines-upper-middle-and-lower-class">among the upper class</a>, half haven't hit the $1 million milestone in retirement savings. So, if you've been beating yourself up for not being a millionaire yet, take a breath. You're not alone.
How to Build Your Retirement Nest Egg
If these numbers feel like a wake-up call, that's okay. Starting now, the key is to focus on what you can do to boost your savings. Let's break it down.
1. Maximize Your Retirement Accounts
Whether it's a 401(k), IRA or both, these accounts are your best friends regarding retirement savings.
• Traditional 401(k) and IRAs reduce your taxable income now, meaning you're paying less in taxes today while saving for tomorrow.
• Roth 401(k) and Roth IRAs don't offer tax breaks up front, but your retirement withdrawal will be completely tax-free.
If your employer offers a 401(k) match, ensure you contribute enough to take full advantage. That's free money and leaving it on the table is like walking away from a bonus.
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2. Save a Consistent Percentage
Experts often recommend saving 10% to 15% of your income for retirement. Sounds simple, but it's not always easy. If that percentage feels too high, start with what you can afford – say 5% – and increase it over time.
Let's say you earn $50,000 per year. Setting aside 10% means saving $5,000 annually. Over 30 years, with investment growth, that can snowball into a much larger sum.
3. Boost Your Income
The more you earn, the more you can save – it's as simple as that. Look for ways to increase your income:
• Negotiate a raise at work.
• Pursue a promotion or higher-paying role.
• Explore side hustles or freelance work.
Even a small increase in income can make a huge difference over the years.
4. Control Your Spending
Saving more doesn't just mean earning more; it also means spending less. Pay close attention to fixed costs – like housing, car payments and childcare. These expenses should ideally be no more than 60% of your income, leaving room for saving and discretionary spending.
Small lifestyle tweaks can add up over time, like reducing dining out or cutting unused subscriptions.
Trending: The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?
The Bigger Picture
Based on data from the Federal Reserve Bank of St. Louis, here's a fact that might surprise you: despite rising costs, median wealth has been growing across all age groups. Between 2019 and 2022, younger families (ages 20-39) saw their median wealth increase by 137%. Older families (ages 60-79) saw a 35% rise, reaching a median wealth of $404,000.
But there's still a big gap. Older families typically have far more wealth than younger ones. That's the nature of the financial "life cycle" – you start with very little and (hopefully) accumulate more as you approach retirement.
What does this mean for you? Don't compare yourself to others. Instead, focus on steady progress. Saving for retirement is a long game and every small step counts.
Being on track to retire richer than 75% of people isn't about winning some imaginary contest – it's about creating security and freedom for your future. Whether your goal is to hit the top 10% with a million-dollar nest egg or to feel confident knowing you've done your best, it starts with taking action.&nbsp;
If you're looking for extra guidance or a personalized plan to hit your goals, consider <a href="https://www.benzinga.com/money/are-you-rich">working with a financial advisor</a>. Focus on planning smart, saving consistently and making steady progress – it's not about being perfect. Your future self will thank you.
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<li><a href="https://www.benzinga.com/money/suze-orman-retirement-bucket">&#8216;Which Bucket Do I Draw From First?&#8217; Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts</a></li>
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Personal Finance

Are You On Track To Retire Richer Than 75% Of People? Here's The Nest Egg You'll Need To Be Considered A Wealthy Retiree

Charlie Munger, the investment titan who, alongside Warren Buffett, transformed&nbsp;Berkshire Hathaway&nbsp;into a global conglomerate, has left a lasting <a href="https://www.benzinga.com/news/24/06/39347990/this-famous-piece-of-wisdom-from-charlie-munger-can-go-a-long-way-in-investing-and-in-life-say-inves">legacy of investment wisdom.</a>
What Happened: Munger&#8217;s death in 2023 marked the end of an era. He and Buffett had turned Berkshire Hathaway from a modest textiles company into a $780 billion conglomerate.
Munger was known for his business savvy and his willingness to share investment advice. His investment philosophy was rooted in the power of value investing. He always advised to buy wonderful businesses at fair prices.
Munger once famously <a href="https://www.youtube.com/watch?v=pzuxDLR3_Ww">said</a>,&nbsp;&#8220;Forget what you know about&nbsp;buying fair businesses at wonderful&nbsp;prices. Instead, buy wonderful businesses&nbsp;at fair prices.&#8221;
Munger was not a proponent of daily trading, but rather focused on identifying robust investment opportunities and holding onto them for long periods.&nbsp;
Munger avoided stocks that others might choose simply for their perceived bargain value. Instead, he prioritized investing in companies he considered fundamentally strong and solid businesses above all else.
Also Read: <a href="https://www.benzinga.com/news/25/01/43077104/charlie-mungers-3-rules-for-success-dont-sell-what-you-wouldnt-buy-work-for-those-you-admire-partner-with-people-you-enjoy">Charlie Munger&#8217;s 3 Rules For Success: &#8216;Don&#8217;t Sell What You Wouldn&#8217;t Buy, Work For Those You Admire, Partner With People You Enjoy&#8217;</a>
&#8220;The big money is not in buying and selling, but in the waiting. The whole secret of investment is to find places where it is safe and wise not to diversify,&#8221; Munger had said.
Munger&#8217;s investment strategy was also characterized by his&nbsp;belief that &#8220;life is not&nbsp;just bathing you with unlimited&nbsp;opportunities.&#8221; He was highly selective in his investment choices, only considering those that passed rigorous scrutiny.
Furthermore, Munger believed&nbsp;that &#8220;good businesses are ethical&nbsp;businesses,&#8221; and he and Buffett were known for closely examining&nbsp;the operations of businesses they&nbsp;were considering for investment, looking for those with excellent growth potential and ethical business models.
Why It Matters: Munger&#8217;s investment philosophy has left a lasting impact on the world of finance. His focus on value investing, long-term holdings, and ethical business practices has shaped the strategies of countless investors and businesses. 
His legacy serves as a reminder that investing is not just about quick profits, but about identifying and supporting businesses that provide value and operate with integrity. His wisdom will continue to guide the investment community for years to come.
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Image: Shutterstock

Success Stories

Charlie Munger's Three Investment Lessons: 'Buy Wonderful Businesses At Fair Prices, Big Money Isn't In Buying Or Selling-It's In Waiting, Good Businesses Are Ethical Businesses'

The Trump administration launched an immigration enforcement blitz in Chicago on Sunday, Immigration and Customs Enforcement (ICE) confirmed in a statement.
ICE agents are expected to be joined by officials from several more agencies in the multi-day operation that will soon spread across the country, seemingly beginning with Democratic-run states and cities.
The Chicago operation is part of a broader effort to beef up ICE in terms of resources and agents, as the Trump administration launches its nationwide crackdown toward fulfilling <a href="https://www.benzinga.com/news/25/01/43216758/well-go-as-far-as-im-allowed-trumps-plan-with-immigrants-starts-with-1-million-deportations">President Donald Trump&#8216;s vow</a> to deport one million people.  
"U.S. Immigration and Customs Enforcement, along with federal partners, including the FBI, ATF, DEA, CBP and the U.S. Marshals Service, began conducting enhanced targeted operations today in Chicago to enforce U.S. immigration law and preserve public safety and national security by keeping potentially dangerous criminal aliens out of our communities," the ICE <a href="https://www.ice.gov/news/releases/statement-us-immigration-and-customs-enforcement">statement</a> reads.
<h2 class="wp-block-heading">Dangerous Criminal Aliens? The Governor Begs To Differ</h2>
Illinois Gov. JB Pritzker (D) <a href="https://www.cnn.com/2025/01/26/politics/video/sotu-pritzker-on-planned-chicago-immigration-raids">told CNN's Dana Bash on Sunday</a> that he too wants violent criminals out of the country, but he expressed concern about how the Trump administration is carrying out operations.
"If that's who they're picking up, we're all for it." But, Prizker said, &#8220;they're going after people who are law-abiding, who are holding down jobs, who have families here, who may have been here for a decade or two decades. Why are we going after them? These are not people who are causing problems in our country.&#8221;
Read Also: <a href="https://www.benzinga.com/news/25/01/43216758/well-go-as-far-as-im-allowed-trumps-plan-with-immigrants-starts-with-1-million-deportations">&#8216;We&#8217;ll Go As Far As I&#8217;m Allowed&#8217;: Trump&#8217;s Plan With Immigrants Starts With 1 Million Deportations</a>
The Chicago Police Department said in a statement to <a href="https://www.cnn.com/2025/01/26/politics/chicago-immigration-trump-ice/index.html">CNN</a> it does not document immigration status, and in accordance with its "Welcoming City Ordinance," and that it "does not share information with federal immigration authorities." 
"We will not intervene or interfere with any other government agencies performing their duties," the Chicago PD statement reads.
Meanwhile, on Saturday U.S. Army troops patrolled Eagle Pass, Texas, reported CNN. following Trump's order to <a href="https://www.benzinga.com/markets/cannabis/25/01/43219037/texas-gov-abbott-wants-11-billion-border-security-reimbursement-protecting-the-rest-of-america-was-expensive">deploy 1,500 additional soldiers</a> to the U.S.-Mexico border, raising the total to 4,000. 
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Photo courtesy of Chicago DEA

Politics

Trump's Immigration Enforcement Raids Begin In Chicago: Gov. Pritzker Concerned Innocents Could Be Targeted

Billionaire entrepreneur&nbsp;Mark Cuban&nbsp;has shared his perspective on the impact of his wealth on his children&#8217;s lives and <a href="https://www.benzinga.com/news/24/12/42380812/mark-cuban-shares-the-one-thing-he-splurged-on-after-striking-it-rich-im-not-a-big-spender">their perception of success.</a>
What Happened: During a conversation with TikToker Bobbi Althoff in 2023, Cuban revealed that his children often grapple with the expectations set by his substantial wealth. 
Cuban&#8217;s children are acutely aware of the assumptions people make&nbsp;about them due to their&nbsp;father&#8217;s financial status. During <a href="https://www.youtube.com/watch?v=keN-qiRfU3c">the </a>interview, he expressed his desire for them to establish their own identities and careers without being overshadowed by his success.
"Sometimes I think [the money is] the part they don't like. Not that they want to be poor, but it sets an expectation, it's how other people see them," Cuban said. 
Emphasizing the importance of self-reliance, Cuban has always encouraged&nbsp;his children to earn their&nbsp;own money and success. 
In an interview in 2022, Cuban <a href="https://www.youtube.com/watch?v=QUNMPG0Zx2k">said</a>, "My wife and I are really consistent in that, ‘You have to accomplish these things on your own. You don't want to be Mark Cuban's son or daughter your entire life."
Also Read: <a href="https://www.benzinga.com/news/25/01/43077063/mark-cubans-success-mantra-if-youve-got-nothing-its-the-perfect-time-to-start-a-business">Mark Cuban&#8217;s Success Mantra: &#8216;If You&#8217;ve Got Nothing, It&#8217;s The Perfect Time To Start A Business&#8217;</a>
In 2020 in another interaction Cuban <a href="https://www.facebook.com/watch/?v=3021976694481420">mentioned </a>that he always encourage his children to focus on becoming more independent and self-reliant. 
"I'm not going to write you checks. You don't just get a credit card. You can't just buy whatever you want,"&nbsp;Cuban said adding: "I tell them,&nbsp;"After your health, my No. 1 thing for you all is, I don't want you to be entitled jerks.&#8221;
Cuban, who embarked on his entrepreneurial journey at a young age by selling garbage bags door-to-door&nbsp;to save money for sneakers,&nbsp;sees a similar spirit in one of his children. 
This child has started selling candy bars to classmates, learning about business models in the process, a move that Cuban strongly supports.
Why It Matters: Cuban&#8217;s approach to parenting offers a unique perspective on wealth and success. His emphasis on self-reliance and resilience, coupled with his desire for his children to carve their own paths, underscores the importance of individual achievement, irrespective of one&#8217;s background. 
This perspective is particularly relevant in a society where wealth is often seen as a determinant of success. 
Cuban&#8217;s story serves as a reminder that success is not inherited but earned, and that wealth, while influential, should not define one&#8217;s identity or worth.
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Mark Cuban Shares His Best Advice For His Kids: 'You Can't Just Buy Whatever You Want, I Don't Want You To Be Entitled Jerks'

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>) are leading the charge in the consumer augmented reality (AR) space, with Apple Inc. looming as a formidable contender. 
Bloomberg columnist Mark Gurman in his <a href="https://www.bloomberg.com/news/newsletters/2025-01-26/apple-ar-plan-meta-samsung-glasses-are-coming-s25-edge-to-beat-iphone-air?sref=TBDibEcD">latest</a> weekly "Power On" newsletter on Sunday shared that Samsung Electronics Co. continues to make strides in AI innovation and smartphone design. However, Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) remains steadfast in its strategy despite delays in launching its next AR products.
Apple's journey into AR began over a decade ago with ambitious ideas for AR-powered windshields for self-driving cars. Those concepts evolved into the development of AR headsets, culminating in the launch of the Vision Pro mixed-reality headset. 
Although Vision Pro's $3,500 price tag and bulkiness hindered its success, Apple continues to refine its AR technology at a facility in Santa Clara, California. Despite technical challenges, the company aims to release AR glasses within three years, seeing them as a superior alternative to mixed-reality headsets, added Gurman in his post. 
Also Read: <a href="https://www.benzinga.com/tech/25/01/42935529/apples-slimmest-iphone-yet-the-iphone-17-air-expected-this-fall">Apple&#8217;s Slimmest iPhone Yet? The iPhone 17 Air Expected This Fall</a>
While Apple's progress in AR has slowed, rivals like Meta and Google are making significant headway. Meta's prototype AR glasses, named Orion, could reach consumers by 2027, and Google's collaboration with Samsung has produced next-generation devices powered by its Android XR operating system. Samsung has also unveiled its "Moohan" mixed-reality headset, which is expected to be more affordable than Apple's Vision Pro.
In the smartphone arena, Samsung is ahead of Apple with its new Galaxy S25 line, featuring cutting-edge AI capabilities powered by Google's Gemini platform. Additionally, Samsung's S25 Edge, an ultrathin smartphone, is set to debut months ahead of Apple's rumored iPhone 17 Air, showcasing its competitive edge in hardware design.
Meanwhile, Apple has made internal adjustments to bolster its AI and Siri efforts. Vice President Kim Vorrath, known for successfully managing key software projects like the original iPhone and visionOS, has been tasked with overseeing improvements in Siri and Apple's AI platform. 
Investors are closely watching Apple's upcoming earnings report on Jan. 30 for insights into its holiday sales performance and the impact of its AI initiatives.
As Apple refines its AR and AI strategies, it faces mounting competition from Meta, Google, and Samsung. The tech giant's track record of entering established markets with superior products will be tested in the years to come.
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Apple's Augmented Reality Gamble Faces Challenges As Rivals Surge Ahead In AI and Design

If anyone appears to have ridden the highs and lows of Hollywood, emerging relatively unscathed, it&#8217;s Vince Vaughn. Part of the comedy Frat Pack and the star of classic movies such as "Wedding Crashers" and "Old School," Vaughn was box office gold for a decade during the late 90s and early 2000s. Despite the inevitable career downturn, Vaughn has returned in recent years with new movies, TV shows, a cheery equanimity, a successful 15-year marriage and two teenage kids. He credits his real estate investments for his smooth ride in a notoriously turbulent arena.
&#8220;I got involved in property young. I was fortunate to make money at my profession and I didn&#8217;t want to lose it,&#8221;<a href="https://www.youtube.com/watch?v=ZPcU2b64FyU"> he told business coach JT Foxx</a>. &#8220;There were so many actors I knew who were intimidated. I thought I wanted tangible assets. First, I bought some gold. There&#8217;s no passive income off it, so I started to buy some small buildings that I could rent out. I knew the buildings would go up in price and I&#8217;d have some money coming in passively from it.&#8221;
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<li>CEO of Integris gathered a team of senior investment managers who have $34.22 billion in combined owned and managed assets in the West Coast —<a href="https://www.benzinga.com/money/integris"> here&#8217;s how to invest in their private credit fund that targets 12% annual interest rate.</a></li>
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<h2 class="wp-block-heading">Real Estate Is In The Family</h2>
Vaughn explained that he invested deeply in the Florida real estate market, which helped boost his cash flow and equity. After 30 years in Hollywood, according to Celebrity Net Worth, Vince Vaughn is worth $75 million. It turns out real estate is in the Vaughn blood. His mother, Sharon, was a stockbroker and real estate agent who, according to &#8220;Bloomberg Wealth Manager,&#8221; was once ranked as one of the top money managers in America. According to People, Vaughn&#8217;s wife, Kayla Weber, was a residential real estate agent in Canada before meeting the actor.&nbsp;
<h2 class="wp-block-heading">An Active Buyer and Seller</h2>
Between his wife and mother, Vaughn has plenty of sound advice to call on when making his real estate investments. In addition to owning rental properties, the actor, whose Bad Monkey series has just been renewed for a second season with <a href="https://www.benzinga.com/24/12/42709939/apple-teases-streaming-see-for-yourself-event-could-this-be-a-free-preview-of-appletv-or-ad-supported-platform">Apple TV</a>, was also highly active in buying and selling <a href="https://www.benzinga.com/real-estate/24/03/37541820/las-ultra-wealthy-residents-resort-to-shell-game-to-skirt-city-mansion-tax">luxury Californian real estate</a>. Here are some of his high-priced deals:
Trending: If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/go/arrived-private-credit-yf">7-9% target yield with monthly dividends would you invest in it</a>?
<ul>
<li>In 2006, he bought a 12,000-square-foot Chicago penthouse from Playboy chief Hugh Hefner. He later split the properties, selling the 35th floor for $4.1 million and the 36th and 37th floors for $8.5 million. The town house was listed for rent at $9,500/month before the sale, according to Today.</li>
</ul>
<ul>
<li>In 2013, Vaughn paid $3.925 million for a 5,563-square-foot home in La Cañada Flintridge, California, selling it to DreamWorks Studios CEO Michael Wright for $4.8 million in 2013.</li>
</ul>
<ul>
<li>In 2014, Vaughn purchased a 7,300-square-foot Manhattan Beach home for $6.5 million.</li>
</ul>
<h2 class="wp-block-heading">A Slew Of New Projects</h2>
Look for Vaughn to invest his considerable future earnings in real estate. He has a slew of projects lined up. The second season of Bad Monkey is being shot, which Vaughn is also executive producing. The highly anticipated Dodgeball 2 is also due for release in 2025, nearly two decades after the first. Other Vaughn projects in the pipeline include Male Doula, The Insane Laws, The Risk Agent, Nonnas and Broke – which Vaughn, thankfully, is not.
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<li>Commercial real estate has historically outperformed the stock market, and<a href="https://equitymultiple.com/benzinga?invite=benzinga&amp;utm_campaign=product-promotion-earn&amp;utm_source=yahooFinance&amp;utm_medium=affiliate&amp;utm_content=stockmarket-yahoo"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a></li>
<li>This Jeff Bezos-backed startup will allow you to <a href="https://arrivedhomes.go2cloud.org/aff_c?offer_id=15&amp;aff_id=1006&amp;aff_sub=yahoo&amp;aff_sub2=byerscta100">become a landlord in just 10 minutes, with minimum investments as low as $100</a>.</li>
</ul>

Vince Vaughn's Rental Real Estate Portfolio Has Allowed Him To Weather Hollywood. Here's How He Invested His Money

Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) has confirmed a data breach involving a third-party software provider that led to the exposure of <a href="https://www.benzinga.com/news/23/11/35738108/unexpected-account-shutdowns-at-major-banks-lead-to-frustration-accusations-of-discrimination">sensitive customer data</a>.
What Happened: According to a <a href="https://www.maine.gov/agviewer/content/ag/985235c7-cb95-4be2-8792-a1252b4f8318/582166f7-27cd-44a1-8259-4ef444dafdf1.html">filing</a> earlier this month, an unidentified third-party software provider discovered unauthorized access to its systems in October. The breach did not directly impact Bank of America&#8217;s systems, but the data of at least 414 customers is now at risk.
The breach pertains&nbsp;to mortgage loans and the&nbsp;compromised data includes customers&#8217;&nbsp;names, social security numbers, addresses,&nbsp;phone numbers, passport numbers, and loan numbers. The bank is currently notifying affected customers about the breach.
Also Read: <a href="https://www.benzinga.com/news/24/12/42716153/massive-data-breach-exposes-millions-of-credit-and-debit-cards-is-your-account-safe">Massive Data Breach Exposes Millions of Credit and Debit Cards—Is Your Account Safe?</a>
In response to the breach,&nbsp;Bank of America&nbsp;is taking steps to mitigate&nbsp;any financial impact and scan&nbsp;for unauthorized transactions. The bank&nbsp;is also offering&nbsp;a free one-year enrollment to&nbsp;an identity protection service to&nbsp;affected customers.
Why It Matters: This incident underscores the growing risk of third-party data breaches in the banking sector. 
A recent <a href="https://securityscorecard.com/company/press/securityscorecard-threat-intel-report-97-of-leading-u-s-banks-impacted-by-third-party-data-breaches-in-2024/#:~:text=97%25%20of%20the%20largest%20U.S.,to%20just%202%25%20of%20vendors.">report</a> from SecurityScorecard revealed that&nbsp;97% of the top 100&nbsp;US banks experienced third-party data breaches last year. 
This trend highlights the increasing reliance on outside vendors for core banking functions and the associated risks.
Read Next
<a href="https://www.benzinga.com/news/24/10/41305389/major-banks-suffer-data-breaches-how-safe-is-your-information" target="_blank" rel="noreferrer noopener">Major Banks Suffer Data Breaches: How Safe Is Your Information?</a>
Image: Shutterstock

Bank of America's Sensitive Customer Data Compromised in Third-Party Hack - Is Your Account Safe?

Sen. <a href="https://www.benzinga.com/topic/elizabeth-warren">Elizabeth Warren</a> (D-Mass.) sent a detailed letter to <a href="https://www.benzinga.com/topic/elon-musk">Elon Musk</a>, chair of the newly established Department of Government Efficiency (DOGE) with <a href="https://www.benzinga.com/government/regulations/25/01/43182640/elizabeth-warren-lists-changes-for-elon-musks-doge-department-urges-guantanamo-closure-due-to-hundreds-of-millions-in-annual-costs">numerous suggestions</a> for slashing federal spending.
Warren outlined proposals she said could save the federal government upwards of $2 trillion over the next decade. Among her recommendations was scaling back federal enforcement against marijuana users and businesses, which she called an example of "wasteful spending."
"The United States could save hundreds of millions of dollars annually by cutting unnecessary federal enforcement actions and detention," Warren wrote in the <a href="https://www.warren.senate.gov/imo/media/doc/letter_to_doge_rerecommendationstosave2trillionoverthenext10years.pdf">Thursday letter</a> to the billionaire Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO. 
Warren criticized federal agencies like the <a href="https://www.benzinga.com/topic/drug-enforcement-administration">Drug Enforcement Administration</a> (DEA) and Customs and Border Protection (CBP) for continuing to target legal marijuana businesses and seize cannabis plants. "These arrests and seizures unnecessarily drain federal resources," Warren said. 
When the DEA <a href="https://www.benzinga.com/markets/cannabis/23/07/33156524/dea-turns-50-unveiling-the-ineffectiveness-of-the-ongoing-war-on-drugs-now-what" target="_blank" rel="noreferrer noopener">celebrated its 50th anniversary&nbsp;</a>in 2023, it had spent over $1 trillion partly to enforce&nbsp;Richard Nixon&#8217;s&nbsp;1970 Controlled Substances Act, the cornerstone of his&nbsp;<a href="https://www.benzinga.com/topic/war-on-drugs" target="_blank" rel="noreferrer noopener">War on Drugs</a>.
Warren recommended to Musk that both the Departments of Justice and Homeland Security could also conserve resources by deprioritizing arrests and other actions targeting marijuana possession in jurisdictions where it's legal under state law. 
"For example, almost half of states have legalized recreational marijuana, yet federal arrests for marijuana possession account for roughly a quarter of all drug possession arrests, even though federal sentences for marijuana possession are rare," Warren wrote, referring to FBI data <a href="https://norml.org/blog/2024/09/25/fbi-nearly-one-quarter-of-all-drug-related-arrests-are-for-marijuana-possession/">made public</a> in September 2024.
The senator pointed to reports showing the DEA eradicated over 5.7 million marijuana plants in 2022 and criticized the agency for failing to release updated data on marijuana-related arrests and seizures in 2024. She also highlighted a lawsuit by licensed <a href="https://www.benzinga.com/markets/cannabis/24/10/41561733/lawsuit-against-the-feds-could-set-precedent-on-state-rights-new-mexico-marijuana-firms-move-to-">New Mexico cannabis businesses</a> accusing CBP agents of unconstitutional seizures and detentions.
Last week, <a href="https://www.benzinga.com/general/health-care/25/01/43107039/elizabeth-warren-questions-robert-f-kennedy-jr-on-dangerous-views-pot-legalization-timeline-as-his-senate-hearing-stalls">Warren expressed</a> "serious concerns" about Robert F. Kennedy Jr.'s ability to lead the Department of Health and Human Services. She asked for more information on Kennedy's &nbsp;stance regarding marijuana legalization and other issues including what she called his "dangerous views on vaccine safety and public health, including your baseless opposition to vaccines." 
On Wednesday, Kennedy will appear before the Senate Finance Committee for the first of two confirmation hearings
Meanwhile, the DEA's leadership has drawn scrutiny, with acting administrator Derek Maltz <a href="https://www.benzinga.com/news/global/25/01/43169554/trump-appoints-dea-chief-who-will-bring-ruthless-narco-terrorists-to-justice-not-keen-on-legalizing-cannabis">linking cannabis to issues like school shootings</a>, an unfounded and most agree ludicrous stance. 
In related news, on Saturday the Senate confirmed the nomination of former South Dakota governor&nbsp;<a href="https://www.benzinga.com/topic/kristi-noem">Kristi Noem&nbsp;</a>to lead the Dept. of Homeland Security. 
Now More:
<ul>
<li><a href="https://www.benzinga.com/news/global/25/01/43169554/trump-appoints-dea-chief-who-will-bring-ruthless-narco-terrorists-to-justice-not-keen-on-legalizing-cannabis">Trump Appoints DEA Chief Who Will Bring &#8216;Ruthless Narco-Terrorists To Justice,&#8217; Not Keen On Legalizing Cannabis</a></li>
</ul>
Photo: Shutterstock

Cannabis

Legal

Elizabeth Warren To Elon Musk: Cut Unnecessary Federal Cannabis Enforcement And Save Billions

The buzz around artificial intelligence is at an all-time high, but OpenAI CEO Sam Altman wants everyone to take a step back. In a tweet earlier this week, Altman urged people to dial down their expectations about the development of Artificial General Intelligence (AGI), a form of AI capable of performing any intellectual task a human can do.
"Twitter hype is out of control again," Altman wrote. "We are not gonna deploy AGI next month, nor have we built it. We have some very cool stuff for you, but pls chill and cut your expectations 100x!"
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">twitter hype is out of control again. we are not gonna deploy AGI next month, nor have we built it. we have some very cool stuff for you but pls chill and cut your expectations 100x!
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1881258443669172470?ref_src=twsrc%5Etfw">January 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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Altman's comments come as excitement around AI grows, fueled by advancements like the <a href="https://www.benzinga.com/top-stories/24/09/40842891/openai-unveils-o1-model-a-step-closer-to-human-like-ai-but-not-without-flaws">advanced &#8220;o1&#8221; reasoning model</a> and other cutting-edge tools. While these systems are impressive, they are far from achieving AGI, the holy grail of AI development. AGI would represent a transformative leap, but Altman's statement clarifies that we're not there yet – and likely won't be anytime soon.
Altman didn&#8217;t go into detail, but his reference to &#8220;very cool stuff&#8221; suggests that OpenAI may be working on intriguing improvements or new capabilities, such as brand-new applications that push the limits of artificial intelligence or enhancements to already-existing models like GPT-4.
Trending: Built on the trusted network of Fortune 500 companies, <a href="https://www.benzinga.com/money/web3-enabler-the-most-boring-blockchain-company-partners-with-salesforce">this blockchain company partners with Salesforce to uproot lengthy and expensive B2B transactions, and you can invest with just $100.</a>
OpenAI is notably collaborating on a massive <a href="https://www.benzinga.com/25/01/43111153/nvidia-and-ai-stock-rises-as-trump-announces-500-billion-stargate-ai-infrastructure-venture">new Stargate project</a> that President Donald Trump recently announced. This is a $100 billion initiative backed by SoftBank, Oracle and other tech giants to build advanced data centers across the U.S., crucial for training next-generation AI models and addressing computing power bottlenecks. The first data center is already under construction in Abilene, Texas, with plans to expand nationwide.
"It's big money and high quality people," said Trump, adding that it's "a resounding declaration of confidence in America's potential" under his new administration. Altman added, "This will be the most important project of this era."
<h2 class="wp-block-heading">Why the Reality Check?</h2>
Altman's message is about managing expectations. The rapid progress in AI has led some people to think that AGI is just around the corner, while others worry about its potential risks. By asking everyone to calm down, Altman is reminding people that there's still a lot of work to do.
See Also: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
On the other hand, when <a href="https://www.benzinga.com/media/25/01/42867568/openai-ceo-sam-altman-predicts-agi-will-arrive-during-the-trump-presidency-says-chips-act-not-effective-enough">he&#8217;s making predictions</a> such as, &#8220;I think AGI will probably get developed during this president&#8217;s term and getting that right seems really important,&#8221; it&#8217;s no wonder people have high expectations.
This isn't the first time Altman has addressed public perceptions of AI. He has consistently emphasized the importance of responsible development and the need for robust infrastructure to support AI's growth.&nbsp;
He also acknowledged that OpenAI's $200/month ChatGPT Pro plan <a href="https://www.benzinga.com/25/01/42810114/openai-ceo-sam-altman-reveals-company-struggling-with-chatgpt-pro-losses">isn't making money</a> because &#8220;people use it much more than we expected.&#8221; Maintaining ChatGPT alone costs over $700,000 daily, increasing the financial strain of creating cutting-edge AI.
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'Chill And Cut Your Expectations 100x,' Says OpenAI CEO Sam Altman–'We Are Not Gonna Deploy AGI Next Month, Nor Have We Built It'

<ul>
	<li>ECB has&nbsp;<a class="editor-rtfLink" href="https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220908~c1b6839378.en.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">raised the interest</a>&nbsp;rate by 75 bps to 1.25%, in line with the expectations.</li>
	<li>It hiked the Deposit Facility rate by 75 bps to 0.75%, higher than the expected 0.50%.</li>
	<li>Its Marginal Lending Facility rate now stands at 1.50%.</li>
	<li>It aims to ensure the timely return of inflation to the ECB&rsquo;s 2% medium-term target.</li>
	<li>Based on its current assessment, the Governing Council expects to raise interest rates further over the next several meetings to dampen demand and guard against the risk of a persistent upward shift in inflation expectations.</li>
	<li>Looking ahead, ECB staff have significantly revised their inflation projections, and inflation is now expected to average 8.1% in 2022, 5.5% in 2023, and 2.3% in 2024.</li>
	<li>In July, ECB hiked the rate by 50 bps to 0.5% from the previous 0% beating the expectations of 0.25% to prop up the ailing euro.</li>
	<li>Photo via Wikimedia Commons</li>
</ul>

<ul>
	<li>The European Central Bank (ECB) raised its benchmark deposit rate by&nbsp;<a class="editor-rtfLink" href="https://www.ecb.europa.eu/press/pr/date/2022/html/ecb.mp220721~53e5bdd317.en.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">50 basis points</a>&nbsp;to 0%, breaking its&nbsp;<a class="editor-rtfLink" href="https://www.ecb.europa.eu/press/key/date/2022/html/ecb.sp220704~9f5fc26b43.en.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">earlier guidance for a 25 basis point</a>&nbsp;move as it joins global peers to curb record-high inflation in the eurozone.</li>
	<li>It was the eurozone central bank&#39;s first rate hike for 11 years.</li>
	<li>The central bank also raised the rate on its weekly and daily cash auctions by 50 basis points to 0.50% and 0.75%, respectively, and signaled that further increases in its three rates were likely to come this year.</li>
	<li>&quot;At the Governing Council&#39;s upcoming meetings, further normalization of interest rates will be appropriate,&quot; the ECB said. &quot;The frontloading today of the exit from negative interest rates allows the Governing Council to make a transition to a meeting-by-meeting approach to interest rate decisions.&quot;</li>
	<li>The ECB also approved a new tool, the Transmission Protection Instrument (TPI), to cushion the increasing borrowing costs.</li>
	<li>&quot;TPI can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area,&quot; ECB said.</li>
	<li>&quot;The scale of TPI purchases depends on the severity of the risks facing policy transmission. Purchases are not restricted ex-ante,&quot; the ECB said.</li>
	<li>Photo via Wikimedia Commons</li>
</ul>

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