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Robert Kiyosaki is warning of an impending market crash and massive layoffs, and urging people to prepare <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43219306/robert-kiyosaki-foresees-bitcoin-surpassing-us-dollar-as-good-money">rather than pretend</a>.
What Happened:&nbsp;Last week, Kiyosaki took to X to express his concerns about the economic future. He predicted an acceleration in layoffs, with President Donald Trump set to eliminate 65,000 jobs. He also mentioned that oil companies and car manufacturers like Nissan and Volkswagen are laying off thousands of workers due to a contracting economy.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">LAY OFFS to accelerate. Trump to eliminate 65000 jobs. Even oil companies laying off thousand of workers because the economy is contracting. Car companies such as Nissan and Volkswagen laying thousands of workers. It's not going to be a soft landing. STOP DREAMING. Prepare…
&mdash; Robert Kiyosaki (@theRealKiyosaki) <a href="https://twitter.com/theRealKiyosaki/status/1889918470227370045?ref_src=twsrc%5Etfw">February 13, 2025</a></blockquote>
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Kiyosaki, known for his financial literacy advocacy, further warned of a possible depression and war. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43423389/robert-kiyosaki-predicts-gold-silver-bitcoin-crash-over-trumps-tariffs-says-its-a-buying-moment">Robert Kiyosaki Predicts Gold, Silver, Bitcoin Crash Over Trump&#8217;s Tariffs—Says It&#8217;s A Buying Moment</a>
He emphasized the importance of preparation over pretense, advising his followers to&nbsp;stop listening to government officials&nbsp;promising a &#8220;soft landing&#8221;.
Why It Matters:&nbsp;Kiyosaki&#8217;s tweet comes at a time of economic uncertainty, with many industries facing layoffs due to the contracting economy. 
His warning about a potential market crash and depression resonates with many who are concerned about the future. 
His advice to prepare rather than pretend underscores the seriousness of the situation and his belief in the importance of financial education and preparedness.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42804530/robert-kiyosaki-predicts-massive-market-crash-save-gold-silver-bitcoin-crash-is-here" target="_blank" rel="noreferrer noopener">Robert Kiyosaki Predicts Massive Market Crash: ‘Save Gold, Silver, &amp; Bitcoin, Crash Is Here&#8217;</a>
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Robert Kiyosaki Predicts Wall Street Crash and Layoffs: 'Prepare for Market Crash, Depression and War'

A Silicon Valley millionaire recently called "The Ramsey Show" with a <a href="https://www.youtube.com/watch?v=xaZmccCwKZc">question</a>: should he buy a $250,000 Lamborghini Huracán? The 39-year-old has a net worth of $3.66 million, built through hard work and successful company acquisitions. Earning $300,000 a year with a 30% bonus, he can afford the car, but wanted Dave Ramsey's take.
Ramsey didn't immediately dismiss the idea but instead posed some key considerations before making such a big purchase.
<h2 class="wp-block-heading">Ramsey's Rule for Big Purchases</h2>
Ramsey, a self-proclaimed &#8220;car nut,&#8221; follows a general rule for vehicle purchases. As he says, &#8220;You do not want to own all the things you have with motors or wheels to be more than about half your annual income.&#8221;
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In this case, the Lamborghini exceeds that threshold, though Ramsey noted it's not a strict rule. Instead, he introduced what he calls the &#8220;burn the money&#8221; test.
<h2 class="wp-block-heading">The &#8220;Burn The Money&#8221; Test</h2>
Ramsey explained to the caller what he and his wife Sharon do in case something &#8220;feels kind of like a weird large purchase.&#8221; They ask themselves, &#8220;If I took this much money and set fire to it, does my life change?&#8221;
If the answer is yes, then it's too expensive. Given the caller's net worth, Ramsey acknowledged that losing $250,000 wouldn't be catastrophic. However, he pointed out that luxury cars depreciate quickly.
&#8220;The 250 is going to be worth 150 in 20 minutes. You know that, right? We already established 450 turned into 250.&#8221; Even though the car had already depreciated significantly, <a href="https://www.benzinga.com/personal-finance/25/01/43039835/dave-ramsey-breaks-down-how-a-40000-car-depreciates-by-16000-over-5-years-says-its-not-a-path-to-prosperity-even-on-an-80000-salary">its value would continue to drop</a>.
Trending: BlackRock is calling 2025 the year of alternative assets. <a href="https://www.benzinga.com/money/masterworks">One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates.</a>
Ramsey's biggest hesitation came from the caller's mortgage—$739,000 at a 6.74% interest rate. He strongly advised <a href="https://www.benzinga.com/personal-finance/24/12/42691699/i-dont-borrow-money-says-dave-ramsey-even-if-the-offer-is-1-billion-at-0-interest-for-the-next-decade">clearing that debt first</a>. &#8220;Before we buy toys, we grow up and pay off the mortgage.&#8221; The caller had enough in his <a href="https://www.benzinga.com/money/open-brokerage-account">brokerage account</a> to pay off his house and still afford the car while maintaining his net worth.
<h2 class="wp-block-heading">Who Are You Buying the Car For?</h2>
And lastly, Ramsey also asks himself this: &#8220;If no one ever sees this car and only I see it and enjoy it, do I still want it?&#8221; If the answer is yes, then the purchase might be justified. If it's about impressing others, that's a red flag. The caller agreed.&nbsp;
So, is a $250,000 Lamborghini a bad idea? Not necessarily. But as Ramsey suggests, make sure you're not making the purchase at the expense of financial stability.
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Silicon Valley Millionaire Asks Dave Ramsey If He Should Buy A $250,000 Lamborghini—Here's What 'Car Nut' Ramsey Always Asks Himself

The Office of the <a href="https://www.benzinga.com/markets/25/01/43219362/bank-of-americas-sensitive-customer-data-compromised-in-third-party-hack-is-your-account-safe">Maine Attorney General</a> announced that in a significant cybersecurity breach, the personal, medical and financial records of more than 569,000 Americans have been exposed.
What Happened: The California-based non-profit organization NorthBay Healthcare Corporation fell victim to an external system breach. The unauthorized entity infiltrated the firm&#8217;s computer systems from January 11 to April 1, 2024.
According to the <a href="https://www.maine.gov/agviewer/content/ag/985235c7-cb95-4be2-8792-a1252b4f8318/88fc9df0-3e37-449b-81ca-4f5dfebb7385.html">report</a> by the Office of the Maine Attorney General, the breach laid bare sensitive data such as names, birthdays, Social Security numbers, passport numbers, financial account numbers, medical and biometric information, health insurance details, driver's license numbers, and state or other government-issued identification numbers.
The intruders also procured&nbsp;usernames and passwords, credit or&nbsp;debit card numbers, expiration dates,&nbsp;security codes,&nbsp;and personal identification numbers (PINs).
Also Read: <a href="https://www.benzinga.com/news/25/02/43424074/td-bank-confirms-data-breach-account-numbers-and-sensitive-customer-info-exposed">TD Bank Confirms Data Breach: Account Numbers and Sensitive Customer Info Exposed</a>
NorthBay Health&nbsp;has since overhauled its security protocols to avert future data breaches. The firm is also advising affected customers to keep a close eye&nbsp;on their credit reports and&nbsp;account statements, offering a complimentary&nbsp;one-year membership to Experian IdentityWorks.&nbsp;
Currently, the firm has&nbsp;not detected any misuse of&nbsp;its customer data for fraudulent activities or identity theft.
Why It Matters:&nbsp;This incident underscores the growing threat of cyber attacks on healthcare institutions, which often hold a wealth of sensitive information. 
The breach at NorthBay Health is a stark reminder of the importance of robust cybersecurity measures in protecting such critical data. 
The incident also highlights the potential risks to individuals whose personal information is exposed in such breaches, including the possibility of identity theft and financial fraud.
Read Next
<a href="https://www.benzinga.com/news/24/10/41305389/major-banks-suffer-data-breaches-how-safe-is-your-information">Major Banks In US Suffer Data Breaches: How Safe Is Your Information?</a>
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Tech

Massive Data Breach Exposes Americans' Financial Details — Names, Card Numbers, PINs and More at Risk

The perfect storm of Registered Investment Advisor (RIA) mergers and acquisitions (M&amp;A) is only growing stronger. According to a <a href="https://clearingcustody.fidelity.com/app/literature/report/9887538/fidelity-wealth-management-ma-transaction.html">new study</a> by Fidelity Investments, 2015 saw 89 RIA M&amp;A deals, while last year saw a whopping 233.
Over the same decade, the value of acquired assets grew from $130 billion to almost $670 billion. This growth happened despite the spike in interest rates over that time.
The reasons are clear: advisory owners are growing older and looking for an exit strategy that lets them cash out and retire.
What is changing, according to Fidelity, is how buyers are acting, and who they&#8217;re buying. Acquirers are becoming much more active in setting up a growth path for the RIAs they buy and merge. RIAs with more than $1 billion in client assets are beginning to get bought up too and lots of new buyers are making moves recently.
But it&#8217;s the serial acquirers that continue to lead the pack. Focus Financial, for example, closed 21 RIA M&amp;A deals last year across its affiliates, while Wealth Enhancement Group bought 12 and Waverly advisors 10.
Clearly, there&#8217;s a lot of appetite out there for buying and consolidating the RIA space.
Appetite is so high, in fact, that last October was the strongest ever month for RIA M&amp;A, Fidelity reports. This is down to deals taking about seven to nine months to close. So targets that get identified at the beginning of a year will end up acquired toward the end of that year.
Second, the presidential campaign included ideas about changing the tax treatment of unrealized capital gains, which may have pushed companies to close their deals before the New Year.
With that now looking less likely and interest rates down, it seems this RIA M&amp;A wave isn&#8217;t going away anytime soon. Small and large RIAs should take note, decide if they want to join in, and if so, work to increase transparency, reduce revenue risks and develop clear plans for how to support and grow revenue streams, including through reaching new, younger clients.
Photo: Shutterstock

Financial Advisors

RIA Acquisitions Are At Record Highs - Here's Why

The week was a rollercoaster for the auto industry, with President Donald Trump hinting at potential tariffs on automobiles, and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares taking a hit. Meanwhile, Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) CEO Dara Khosrowshahi expressed optimism for a partnership with Tesla, and Elon Musk&#8217;s Boring Company announced plans for a Dubai Loop. Lastly, Musk&#8217;s SpaceX Starbase facility is on its way to becoming an official city. Here&#8217;s a closer look at these stories.
Trump Eyes Auto Industry for Next Tariff Move
President Donald Trump suggested the possibility of imposing tariffs on automobiles, hinting at a move as early as April 2. This continues his aggressive trade policy, with the auto industry being his next target.
<a href="https://www.benzinga.com/tech/25/02/43755055/tesla-ford-gm-in-focus-after-tariffs-on-china-mexico-and-canada-trump-now-eyes-auto-industry-for-next-move">Read the full article here.</a>
Tesla&#8217;s Stock Takes a Dive
Tesla&#8217;s stock has plunged over 25% from its December peak, and analysts, including Fundstrat&#8217;s Mark Newton, believe it hasn&#8217;t bottomed out yet. Newton predicts another downward move in the next one or two weeks, potentially tumbling 12% below current levels.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43726337/tsla-stock-has-plunged-over-25-from-its-december-peak-and-this-analyst-says-it-has-not-bottomed-yet-one-more-move-down-which-could-happen-over-the">Read the full article here.</a>
Uber CEO Hints at Tesla Partnership
Uber CEO Khosrowshahi expressed optimism for a potential partnership with Tesla, where Tesla would deploy its autonomous vehicles on Uber&#8217;s platform. Khosrowshahi stated that he does not wish to compete against Tesla or Musk, if possible.
<a href="https://www.benzinga.com/25/02/43724986/uber-ceo-looks-forward-to-tesla-partnership-for-robotaxis-no-one-wants-to-compete-against-tesla-or-elon">Read the full article here.</a>
Musk&#8217;s Boring Company to Build Dubai Loop
The Boring Company has entered into a Memorandum of Understanding with the Roads and Transport Authority of Dubai to build a loop system in Dubai. The project, dubbed Dubai Loop, will initially be capable of transporting over 20,000 passengers per hour.
<a href="https://www.benzinga.com/25/02/43723200/billionaire-elon-musks-boring-company-to-resolve-traffic-outside-us-with-its-loop-system-but-without-a-deadline">Read the full article here.</a>
SpaceX&#8217;s Starbase to Become a New City
SpaceX&#8217;s Starbase facility will &#8220;soon&#8221; be an official new city, according to CEO Musk. This follows Cameron County Judge Eddie Treviño, Jr.&#8217;s order for an election for the incorporation of Starbase as a Type-C municipality.
<a href="https://www.benzinga.com/general/space/25/02/43686003/spacex-ceo-elon-musk-says-starbase-will-soon-be-a-new-city-after-cameron-county-judge-orders-incorporation-election">Read the full article here.</a>
Read Next:
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<li><a href="https://www.benzinga.com/25/02/43754366/mark-zuckerberg-follows-elon-musks-footsteps-as-meta-reportedly-plans-major-investment-into-ai-powered-humanoid-robots">Mark Zuckerberg Follows Elon Musk&#8217;s Footsteps As Meta Reportedly Plans Major Investment Into AI-Powered Humanoid Robots</a></li>
</ul>
Image generated using Dall-E
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/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

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Trump's Auto Tariffs, Tesla's Stock Plunge, Uber's Tesla Partnership, Musk's Dubai Loop And Starbase City

The&nbsp;United States&nbsp;and the&nbsp;United Kingdom&nbsp;declined to sign a global AI safety declaration at the&nbsp;AI Action Summit&nbsp;in Paris,&nbsp;marking a departure&nbsp;from previous AI summits where they&nbsp;<a target="_blank" href="https://www.benzinga.com/25/02/43646841/us-and-uk-did-not-sign-ai-safety-pact-at-paris-summitvice-president-jd-vance-says-excessive-regulation-could-kill-the-industry" rel="noreferrer noopener">had supported similar agreements</a>.
Earnings Results
Lyft Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>) reported&nbsp;fourth-quarter&nbsp;revenue of&nbsp;$1.6 billion, beating analyst estimates of&nbsp;$1.56 billion and&nbsp;net income of&nbsp;$61.7 million, versus a loss of&nbsp;$26.3 million&nbsp;<a target="_blank" href="https://www.benzinga.com//node/43641962" rel="noreferrer noopener">in the prior&nbsp;year's&nbsp;quarter</a>.&nbsp;
Technology &amp; Network
Elon&nbsp;Musk's&nbsp;X&nbsp;has reportedly agreed to a $10 million settlement in a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/legal/25/02/43680987/elon-musks-x-to-pay-trump-10-million-over-twitter-ban-after-zuckerbergs-meta-coughed-up-25-million-who-else-is-left" rel="noreferrer noopener">lawsuit initiated by&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/legal/25/02/43680987/elon-musks-x-to-pay-trump-10-million-over-twitter-ban-after-zuckerbergs-meta-coughed-up-25-million-who-else-is-left" rel="noreferrer noopener">Donald Trump</a>.
T-Mobile U.S. Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) offered free access to its satellite-to-cell beta service, powered&nbsp;<a href="https://www.benzinga.com/tech/25/02/43582884/elon-musks-spacex-and-t-mobile-go-live-with-starlink-powered-satellite-to-cell-service-heres-how-much-it-will-cost" target="_blank" rel="noreferrer noopener">by&nbsp;</a><a href="https://www.benzinga.com/tech/25/02/43582884/elon-musks-spacex-and-t-mobile-go-live-with-starlink-powered-satellite-to-cell-service-heres-how-much-it-will-cost" target="_blank" rel="noreferrer noopener">SpaceX's&nbsp;Starlink</a><a href="https://www.benzinga.com/tech/25/02/43582884/elon-musks-spacex-and-t-mobile-go-live-with-starlink-powered-satellite-to-cell-service-heres-how-much-it-will-cost" target="_blank" rel="noreferrer noopener">, for all users</a>.
Tubi&nbsp;is offering a free live stream of Super Bowl LIX, but if&nbsp;you're&nbsp;trying&nbsp;to cast it to your TV using&nbsp;Chromecast (Google Cast),&nbsp;it's&nbsp;<a href="https://www.benzinga.com/general/entertainment/25/02/43583335/cant-watch-super-bowl-lix-on-chromecast-via-tubi-the-issue-lies-in-the-app-not-google" target="_blank" rel="noreferrer noopener">reportedly not working&nbsp;as expected</a>.
Alphabet&nbsp;Inc.&#8217;s&nbsp;Google&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) confirmed that its annual developer conference, Google I/O 2025, will take place on May 20-21 at the Shoreline&nbsp;<a href="https://www.benzinga.com/25/02/43649987/google-io-2025-officially-set-for-may-20-21-heres-what-to-expect-from-ai-breakthroughs-to-the-future-of-android-and-pixel-9a" target="_blank" rel="noreferrer noopener">Amphitheater in Mountain View, California</a>.
Smartphones
Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rolled out&nbsp;iOS 18.3.1&nbsp;and&nbsp;iPadOS 18.3.1&nbsp;updates. The updates address a vulnerability that could disable USB Restricted&nbsp;<a href="https://www.benzinga.com/25/02/43613306/ios-1831-released-with-critical-security-fix-apple-confirms-usb-restricted-mode-vulnerability-was-actively-exploited" target="_blank" rel="noreferrer noopener">Mode on locked devices, said Apple</a>.
Apple is reportedly ramping up its recruitment efforts for its home robotics division. In his latest weekly&nbsp;&#8220;Power On&#8221;&nbsp;newsletter, Bloomberg columnist&nbsp;Mark Gurman&nbsp;said that the company has posted several job listings for robotics&nbsp;<a href="https://www.benzinga.com/media/25/02/43583398/top-analyst-says-apple-has-ramped-up-hiring-for-home-robotics-team" target="_blank" rel="noreferrer noopener">specialists over the past few weeks</a>.
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/25/02/43583166/apple-watch-users-are-strapping-them-to-their-anklesand-some-people-are-seriously-confused" rel="noreferrer noopener">Apple Watch Users Are Strapping Them To Their Ankles —&nbsp;Here&#8217;s&nbsp;Why&nbsp;Its&nbsp;Leaving Some People Bewildered</a>
Apple played a major role in&nbsp;Super Bowl LIX&nbsp;without overtly advertising its products, a move that YouTuber and reviewer&nbsp;<a href="https://www.benzinga.com/25/02/43613962/apples-super-bowl-lix-strategy-was-discretely-genius-says-youtuber-nikias-molinaheres-how-it-stole-the-spotlight-without-selling-a-single-product" target="_blank" rel="noreferrer noopener">Nikias Molina</a><a href="https://www.benzinga.com/25/02/43613962/apples-super-bowl-lix-strategy-was-discretely-genius-says-youtuber-nikias-molinaheres-how-it-stole-the-spotlight-without-selling-a-single-product" target="_blank" rel="noreferrer noopener">&nbsp;called&nbsp;&#8220;discretely genius.&#8221;</a>
Apple&nbsp;renamed the Gulf of Mexico to the Gulf of America on its Maps app, following an&nbsp;executive order signed&nbsp;by U.S. President&nbsp;<a target="_blank" href="https://www.benzinga.com/25/02/43647452/apple-follows-trumps-order-renames-gulf-of-mexico-google-already-made-the-change-but-these-two-companies-are-holding-out" rel="noreferrer noopener">Donald Trump</a><a target="_blank" href="https://www.benzinga.com/25/02/43647452/apple-follows-trumps-order-renames-gulf-of-mexico-google-already-made-the-change-but-these-two-companies-are-holding-out" rel="noreferrer noopener">&nbsp;on his first day in office</a>.
Apple&nbsp;quietly rolled out a purchase migration feature, allowing users to consolidate purchases made on a secondary&nbsp;<a target="_blank" href="https://www.benzinga.com/tech/25/02/43648245/apple-id-switching-no-longer-needed-heres-how-to-migrate-your-apps-music-or-subscriptions" rel="noreferrer noopener">account into their primary one</a>.&nbsp;
Huawei Technologies&nbsp;has found an unconventional way to boost smartwatch sales in China—by&nbsp;<a target="_blank" href="https://www.benzinga.com/media/25/02/43615376/apple-watch-dominance-under-new-threat-as-huawei-registers-smartwatch-as-medical-device" rel="noreferrer noopener">registering them as medical devices</a>.
Artificial Intelligence (AI)
Hank Azaria, the iconic voice behind some of&nbsp;&#8220;The Simpsons&#8221;&nbsp;most beloved characters, put artificial intelligence to the test to see if it could accurately replicate his voice—and the&nbsp;<a target="_blank" href="https://www.benzinga.com/25/02/43585322/can-ai-replace-the-voice-of-the-simpsons-hank-azaria-puts-it-to-the-testand-the-results-speak-volumes" rel="noreferrer noopener">results left much to&nbsp;be desired</a>.
OpenAI&#8217;s&nbsp;AI-powered chatbot&nbsp;ChatGPT's&nbsp;rise in web traffic has propelled it past&nbsp;Elon&nbsp;Musk&#8217;s&nbsp;X&nbsp;and&nbsp;Yahoo, making it the sixth most-<a target="_blank" href="https://www.benzinga.com/25/02/43613038/openais-chatgpt-surpasses-elon-musks-x-and-yahoo-to-rank-sixth-most-visited-website-globally-sam-altman-says-still-a-long-way-to-go-to-run-down-google" rel="noreferrer noopener">visited website globally in January 2025</a>.
Jeff&nbsp;Bezos-backed&nbsp;Anthropic&#8217;s&nbsp;Economic Index report on Monday showed that AI adoption is booming in software development and technical writing, while jobs requiring&nbsp;<a target="_blank" href="https://www.benzinga.com/tech/25/02/43613615/who-is-really-using-ai-jeff-bezos-backed-anthropic-did-a-study-and-this-is-what-they-found" rel="noreferrer noopener">physical labor remain largely unaffected</a>.&nbsp;&nbsp;
OpenAI&#8217;s&nbsp;board has not officially received&nbsp;Elon&nbsp;Musk&#8217;s&nbsp;$97.4 billion takeover bid, despite claims from the&nbsp;Tesla&nbsp;CEO&#8217;s&nbsp;legal&nbsp;<a target="_blank" href="https://www.benzinga.com/media/25/02/43646042/elon-musks-97-4-billion-openai-takeover-bid-reportedly-not-received-by-chatgpt-parent-another-one-of-his-tactics-says-sam-altman" rel="noreferrer noopener">team that&nbsp;the offer was sent</a>.
OpenAI is set to streamline its artificial intelligence offerings by phasing out the standalone ‘o3' <a href="https://www.benzinga.com/25/02/43682008/openai-phases-out-standalone-o3-gpt-5-to-offer-unified-aialtman-reveals-vague-release-timelines-after-admitting-we-hate-the-model-picker-as-much-as-you-do" target="_blank" rel="noreferrer noopener">model, said CEO </a><a href="https://www.benzinga.com/25/02/43682008/openai-phases-out-standalone-o3-gpt-5-to-offer-unified-aialtman-reveals-vague-release-timelines-after-admitting-we-hate-the-model-picker-as-much-as-you-do" target="_blank" rel="noreferrer noopener">Sam Altman</a>.
Image: Shutterstock

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Consumer Tech News (Feb 10-Feb 14): US & UK Denied Signing Global AI Safety Declaration, Musk To Settle $10 Million Trump Lawsuit & More

Coca-Cola (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>)&nbsp; is weighing a shift toward more plastic bottles in the U.S. as new aluminum <a href="https://www.benzinga.com/startups/25/02/43572782/gm-ceo-on-trumps-trade-threats-we-can-adjust-to-anything-automaker-braces-for-25-tariffs-on-popular-cars-made-in-mexico-and-canada">tariffs</a> threaten to drive up production costs.&nbsp;
The 25% tariff, announced by President Donald Trump, <a href="https://www.ft.com/content/12b16867-4e0e-4534-8a00-922665e680aa">takes effect on March 12</a> and applies to foreign steel and aluminum. Since Coca-Cola imports aluminum for its cans from Canada, the company is looking at ways to keep prices stable.
"If aluminum cans become more expensive, we can put more emphasis on PET bottles," Coca-Cola CEO James Quincey told investors in an <a href="https://seekingalpha.com/article/4757080-the-coca-cola-company-ko-q4-2024-earnings-call-transcript">earnings call</a> this week. He acknowledged that packaging costs are just one part of the company's overall expenses but said rising aluminum prices still matter.&nbsp;
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"I think we're in danger of exaggerating the impact of the 25% increase in the aluminum price relative to the total system," Quincey said. "It's not insignificant, but it's not going to radically change a multibillion-dollar U.S. business."
Coca-Cola has been selling more drinks in aluminum cans in recent years as part of its sustainability efforts. Still, in 2023, nearly half (47.7%) of its beverages were packaged in plastic, while aluminum and steel cans made up just 26%, according to the company's most recent <a href="https://www.coca-colacompany.com/content/dam/company/us/en/reports/2023-environmental-update/2023-environmental-update.pdf#page=9">environmental report</a>.&nbsp;
The company had set a goal to make all of its packaging recyclable this year and to use at least 50% recycled content by 2030. But as of last year, only 17% of its PET plastic contained recycled material.
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The tariffs aren't just a concern for beverage companies. Automakers like Ford (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) also rely heavily on aluminum, and CEO Jim Farley warned the new policy could create "blow a hole," in the US auto industry, according to media reports. The tariffs come as part of Trump's broader trade strategy, which this time he says will be enforced "without exceptions or exemptions."
If Coca-Cola does increase its use of plastic, it's likely to draw criticism. The company has repeatedly been named the <a href="https://www.breakfreefromplastic.org/2024/02/07/bffp-movement-unveils-2023-global-brand-audit-results/">world's top plastic polluter</a>. According to Break Free From Plastic's 2023 audit, Coca-Cola produces more than 3 million tons of plastic packaging each year.&nbsp;
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Environmental advocates argue that shifting away from aluminum—despite its higher costs—could make it harder to meet global recycling goals, particularly in areas with limited waste management infrastructure.
Meanwhile, <a href="https://www.benzinga.com/startups/25/02/43463099/donald-trumps-25-tariff-plan-only-tough-measures-will-level-the-playing-field-kevin-oleary-explains-the-strategy">Trump</a> has also moved to bring back plastic drinking straws, <a href="https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-ends-the-procurement-and-forced-use-of-paper-straws/">rolling back federal rules</a> that encouraged paper alternatives. The decision follows complaints from businesses about the cost and durability of paper straws, which many consumers say don't hold up as well as plastic.
Coca-Cola says it remains committed to sustainability despite the challenges. "We aim to collect and recycle a bottle or can for each one sold by 2030," the company said in its sustainability update. In 2023, it reported that 62% of its packaging was collected for recycling or refilled, and 90% was technically recyclable.
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Coca-Cola Warns Trump's Tariffs Could Force It to Use More Plastic – 'If Aluminium Cans Become More Expensive, We Can Shift to PET'

John Goodman has been one of the most recognizable faces in Hollywood since first appearing in "Roseanne" in 1988. The versatile actor has called <a href="https://www.benzinga.com/general/sports/25/01/42771050/new-orleans-beefs-up-security-ahead-of-sugar-bowl-tickets-plummet-to-25-as-fans-leave-town">New Orleans</a> home for over two decades. Things are about to change, though, as Goodman and his wife, Anna Beth, have listed their longtime abode — a historic<a href="https://www.2425coliseum.com/"> Italianate-Greek Revival residenc</a>e — for $5.5 million.
<h2 class="wp-block-heading">Show Biz Pedigreed Home</h2>
The couple, who lost their part-time home in L.A.— purchased in 2007 for $4.7 million — in the <a href="https://www.benzinga.com/real-estate/25/02/43502997/californias-state-run-insurer-of-last-resort-could-be-facing-10b-bill-for-covering-pacific-palisades-and-altadena-fire-claims">Pacific Palisades wildfire</a>, plan to stay in New Orleans, near Anna Beth&#8217;s family. Their current home has some show-biz pedigree, as the Goodmans bought it from Nine Inch Nails frontman Trent Reznor in an off-market deal in 2005 for $1.8 million.
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The grandiose property was built in the mid-1800s and has four bedrooms and five baths over almost 5,000 square feet of living space featuring 14-foot ceilings, intricate plaster medallions, hand-carved millwork, and six fireplaces. Listing agent Hyatt Hood of Berkshire Hathaway HomeServices Preferred Realtors <a href="https://robbreport.com/shelter/celebrity-homes/john-goodman-house-new-orleans-1236196531/">told the Robb Report</a> that the sale was a downsizing move.&nbsp;
&#8220;John and Anna Beth have spent the past 20 years raising their family in this beautiful home, and it has been a truly special place for them,&#8221; he said. &#8220;Now, as empty nesters, they are ready to downsize. Additionally, John&#8217;s busy work schedule keeps him traveling between both coasts and beyond. That said, they absolutely love New Orleans and will continue to maintain a home here—the city remains an important part of their lives.&#8221;
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<h2 class="wp-block-heading">A House Divided</h2>
Like many celebrities, Goodman has long since divided his time between New Orleans, where he lives, and L.A., where he often works. Other celebrities with homes in the Big Easy include Reznor,&nbsp; Lil&#8217; Wayne, Emeril Bagasse, Trent Reznor, Master P, Jennifer Coolidge, <a href="https://www.benzinga.com/real-estate/24/09/40957620/celebrity-property-portfolios-soar-with-bezos-and-oprah-tied-for-the-top-spot">Sandra Bullock</a>, Brad Pitt, and Nicholas Cage. After starting a family, Goodman told <a href="https://www.theguardian.com/culture/2015/apr/05/john-goodman-many-times-i-could-have-gone-under-interview-american-buffalo#:~:text=At%20the%20time%20Roseanne%20really,had%20it,%E2%80%9D%20he%20says.">The Guardian</a> in 2015 that the choice to move away from Hollywood was a no-brainer.
&#8220;I&#8217;d had it with show business, publicity, tabloid stuff – I&#8217;d just had it,&#8221; he said. &#8220;I kind of wanted to get her, my daughter, away from that."&nbsp;
<h2 class="wp-block-heading">A Long And Lucrative Career</h2>
<a href="https://www.therichest.com/celebnetworth/celeb/john-goodman-net-worth/">TheRichest.com</a> puts Goodman&#8217;s net worth at $65 million, accrued over years of long-running TV shows and blockbuster movies, whereas<a href="https://www.thethings.com/john-goodman-football-player-actor-net-worth/"> thethings.com</a> puts it higher at $75 million. Other websites put his net worth at half that amount. He became a fixture in US households playing Dan Connor in "Roseanne," and when he reprised the role in the spin-off "The Conners" in 2018, he was paid<a href="https://www.gobankingrates.com/net-worth/celebrities/the-largest-and-most-surprising-salaries-for-25-tv-actors/#"> $400,000 per episode</a>.
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<h2 class="wp-block-heading">The Demon Drink</h2>
Despite his on-screen success, Goodman has suffered demons off it, telling<a href="https://www.theguardian.com/film/2012/oct/26/john-goodman-argo-ben-affleck"> The Guardian in 2012</a>, of his alcoholism: &#8220;It was 30 years of a disease that was taking its toll on everyone around me, and it had got to the point where, every time I did it, it was becoming more and more debilitating. It was life or death. It was time to stop,&#8221; he said.&nbsp;&nbsp;&nbsp;
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Real Estate

Actor John Goodman Lists His Historic New Orleans Home For $5.5 Million. Here's How The Veteran Actor Made His Fortune

These ten mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>WeRide Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WRD#NASDAQ">WRD</a>) shares rocketed 97.62% after NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) disclosed a stake of 1.74 million shares in a 13F filing.</li>
<li>GDS Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GDS#NASDAQ">GDS</a>) stock escalated 43.45%, probably after President Trump had reportedly postponed tariffs on packages under $800 from China. Additionally, optimism towards China&#8217;s DeepSeek AI model has also lifted stocks recently.</li>
<li>SpringWorks Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWTX#NASDAQ">SWTX</a>) shares jumped 42.58% after announcing Merck KGaA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MKGAF#OTC">MKGAF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MKKGY#OTC">MKKGY</a>) is in advanced <a href="https://www.benzinga.com//node/43631130" target="_blank" rel="noreferrer noopener">discussions to acquire the company</a>.</li>
<li>Recursion Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RXRX#NASDAQ">RXRX</a>) shares increased 40.59%.</li>
<li>Sable Offshore Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOC#NYSE">SOC</a>) stock upped 39.09%.</li>
<li>GeneDx Holdings Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WGS#NASDAQ">WGS</a>) shares rose 28.23%  after the company announced UltraRapid Whole Genome Sequencing, which will deliver actionable <a href="https://www.benzinga.com//node/43692155" target="_blank" rel="noreferrer noopener">results within 48 hours</a>.</li>
<li>VNET Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VNET#NASDAQ">VNET</a>) stock upped 28.22%, probably amid a possible rebound after falling last week due to AI competition concerns related to China&#8217;s DeepSeek AI model.</li>
<li>Insperity, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSP#NYSE">NSP</a>) stock increased 25.99% after the company reported better-than-<a href="https://www.benzinga.com//node/43590222" target="_blank" rel="noreferrer noopener">expected fourth-quarter results</a>.</li>
<li>CRISPR Therapeutics AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSP#NASDAQ">CRSP</a>) stock grew 25.21% after the company reported better-than-<a href="https://www.benzinga.com//node/43639785" target="_blank" rel="noreferrer noopener">expected fourth-quarter financial results</a>. Several analysts raised the price <a href="https://www.benzinga.com/quote/crsp/analyst-ratings" target="_blank" rel="noreferrer noopener">forecast on the stock</a>.</li>
<li>Axsome Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXSM#NASDAQ">AXSM</a>) stock grew 24.01% after the company reached a settlement agreement with Teva Pharmaceutical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>), resolving all patent <a href="https://www.benzinga.com//node/43601535" target="_blank" rel="noreferrer noopener">litigation related to its Auvelity product</a>. Several analysts raised <a href="https://www.benzinga.com/quote/axsm/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
</ol>
Photo via WeRide

Mid Cap

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Trading Ideas

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VNET

WeRide, CRISPR And GeneDx Are Among Top 10 Mid-Cap Gainers Last Week (Feb 10-Feb 14): Are The Others In Your Portfolio?

These eleven large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol>
<li>West Pharmaceutical Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WST#NYSE">WST</a>) stock tumbled 33.22% after it reported fourth-quarter results and provided <a href="https://www.benzinga.com//node/43704837" target="_blank" rel="noreferrer noopener">weaker-than-expected 2025 guidance</a>.</li>
<li>The Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) stock dipped 31.66% after the company reported worse-than-expected 2024 fiscal-year fourth-quarter earnings and <a href="https://www.benzinga.com//node/43701094" target="_blank" rel="noreferrer noopener">analysts cut the price forecast</a>.</li>
<li>Fidelity National Information Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIS#NYSE">FIS</a>) shares fell 17.31% after the company reported fourth-quarter results and several analysts <a href="https://www.benzinga.com//node/43671119" target="_blank" rel="noreferrer noopener">lowered the price forecast</a>.</li>
<li>Comfort Systems USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIX#NYSE">FIX</a>) stock declined 14.96%.</li>
<li>Twilio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWLO#NYSE">TWLO</a>) shares tumbled 14.06% after the company reported <a href="https://www.benzinga.com//node/43714858" target="_blank" rel="noreferrer noopener">fourth-quarter financial results</a>. Analysts revised the <a href="https://www.benzinga.com/quote/twlo/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>GoDaddy Inc. (NYSE: GDDY) shares fell 13.82% after the company reported fourth-quarter results and analysts changed <a href="https://www.benzinga.com//node/43736943" target="_blank" rel="noreferrer noopener">their price forecasts</a>.</li>
<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) stock dived 13.27% after it reported first-quarter financial results <a href="https://www.benzinga.com//node/43637593" target="_blank" rel="noreferrer noopener">and missed its EPS estimate</a>.</li>
<li>Hyatt Hotels Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>) fell 12.97% last week following a <a href="https://www.benzinga.com//node/43699989" target="_blank" rel="noreferrer noopener">Q4 earnings miss</a>. Analysts lowered <a href="https://www.benzinga.com/quote/H/analyst-ratings" target="_blank" rel="noreferrer noopener">their price forecast</a> on the stock.</li>
<li>Reddit Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) shares tanked 12.81% after the company reported fourth-quarter results and several <a href="https://www.benzinga.com//node/43709134" target="_blank" rel="noreferrer noopener">analysts revised the price forecast</a>.</li>
<li>Ubiquiti Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UI#NYSE">UI</a>) shares fell 12.51% after it <a href="https://www.benzinga.com//node/43556594" target="_blank" rel="noreferrer noopener">reported quarterly earnings</a>. Analysts revised the <a href="https://www.benzinga.com/quote/ui/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>Zebra Technologies Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZBRA#NASDAQ">ZBRA</a>) stock decreased 12.40% after the company <a href="https://www.benzinga.com//node/43705227" target="_blank" rel="noreferrer noopener">reported results for the fourth quarter</a>. Many analysts <a href="https://www.benzinga.com/quote/zbra/analyst-ratings" target="_blank" rel="noreferrer noopener">trimmed the price forecasts</a>.</li>
</ol>
Photo via Shutterstock

ALAB

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Reddit, GoDaddy & Trade Desk Are Among Top 11 Large-Cap Losers Last Week (Feb 10-Feb 14): Are The Others In Your Portfolio?

<a href="https://www.benzinga.com/news/25/02/43669470/im-so-sorry-dave-ramsey-left-speechless-after-hearing-the-capital-gains-tax-a-canadian-restaurant-owner-would-owe-if-he-sold-his-business">Dave Ramsey</a> has made his stance clear on corporate taxes and how they affect regular Americans. In a <a href="https://www.youtube.com/shorts/QaHbofQy-qU">recent clip</a> "The Ramsey Show" posted on YouTube Shorts, Ramsey explains that the idea of taxing corporate America is "mythology."
"The company that I own is a corporation," he explained. "Now, if you raise the taxes on that company, on your basis, then do you not think the cost of a ‘Total Money Makeover' book or the cost of a ‘Financial Peace' kit for you to attend the class is gonna go up?"
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Ramsey used his own business as an example to show that when companies face higher taxes, it's the consumer who ends up paying. Economists have argued this idea for years: when corporate taxes go up, the cost is usually passed on to consumers through higher prices, employees through lower wages, and shareholders through decreased returns.
But not everyone agrees with this view.
Corporate taxes have been a point of debate for a long time. In 2017, the Trump administration lowered the corporate tax rate from 35% to 21% with the Tax Cuts and Jobs Act. Supporters of the cuts believed this would spark growth and lead to better wages for workers. However, a survey from the National Association for Business Economics found that only 4% of businesses actually increased hiring as a result of the tax change.
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During his campaign for a second term, President Donald Trump even proposed further <a href="https://www.benzinga.com/startups/24/10/41291635/are-trumps-proposed-corporate-tax-cuts-the-key-to-unleashing-a-stock-market-boom-heres-what-history">cutting corporate taxes to 15%</a>. Whether this will happen remains to be seen, but the debate continues.
Despite arguments for tax cuts boosting the economy, many Americans believe corporations need to pay more. A <a href="https://news.gallup.com/opinion/polling-matters/652151/americans-stand-taxes.aspx">Gallup poll</a> found that 70% of Americans feel big companies don't pay enough taxes. Public opinion on this issue differs by political affiliation, with 94% of Democrats, 78% of Independents, and 63% of Republicans supporting higher corporate tax rates.
Supporters of raising corporate taxes argue that businesses should contribute more to support public services and infrastructure. <a href="https://www.benzinga.com/personal-finance/25/02/43578641/bernie-sanders-says-we-must-not-savage-programs-for-working-families-to-provide-huge-tax-breaks-for-billionaires">Bernie Sanders</a> (I-VT) has been vocal about this, saying, "At a time of massive wealth and income inequality and soaring corporate profits, it is an outrage that many large, profitable corporations continue to pay little to nothing in federal income taxes."
Chuck Marr and his team at the Center on Budget and Policy Priorities argue that the 2017 tax cuts mainly benefited wealthy individuals, and they believe raising the corporate tax rate to 28% could generate $1.3 trillion over the next decade, providing funding for critical public needs.
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On the other hand, opponents of <a href="https://www.benzinga.com/startups/24/10/41658421/no-one-in-the-u-s-would-have-to-pay-a-dime-in-taxes-warren-buffett-on-berkshire-hathaways-federal-ta">higher corporate taxes</a> say it could slow down economic growth, lead to higher prices for consumers, and push businesses to move abroad. Rep. Carol Miller (R-WV) wrote in <a href="https://fortune.com/2024/09/25/rep-miller-raising-corporate-tax-rate-hurt-american-business-investment-consumers-politics-congress-economy/?abc123">Fortune</a> in September that raising corporate taxes would "slow economic growth, reduce jobs, and weaken U.S. competitiveness."
Economists like E.J. Antoni from the Heritage Foundation argue that corporations don't truly bear the tax burden—consumers, workers, and shareholders do. He said taxes are simply another cost of doing business, and those costs end up being passed on to people in different ways.
The corporate tax debate is ongoing, with strong opinions on both sides. While Ramsey and others argue that consumers ultimately pay the price, those in favor of raising taxes believe it's necessary for fairness and to support essential public services. As the conversation continues, the effects on businesses, workers, and everyday people will remain a major point of discussion.
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Personal Finance

'The Idea That You're Going To Tax Corporate America Is Mythology' Dave Ramsey Says, The Consumer Always Pays

These thirteen large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Hims &amp; Hers Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) stock escalated 42.12% last week. The stock may have gained amid momentum following its Super Bowl ad.</li>
<li>Aurora Innovation, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUR#NASDAQ">AUR</a>) stock jumped 41.53% after the company <a href="https://www.benzinga.com//node/43675203" target="_blank" rel="noreferrer noopener">reported fourth-quarter results</a>. </li>
<li>Applovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) stock upped 35.77% after the company reported upbeat fourth-quarter results and analysts raised the <a href="https://www.benzinga.com//node/43709891" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock grew 32.06% after the company reported preliminary second-quarter financial results and analysts <a href="https://www.benzinga.com//node/43678005" target="_blank" rel="noreferrer noopener">boosted the price forecast</a>.</li>
<li>Tempus AI, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>) stock increased 29.70% after the company announced a collaboration with IFLI for the development of targeted therapies for <a href="https://www.benzinga.com//node/43701711" target="_blank" rel="noreferrer noopener">follicular lymphoma patients</a>.</li>
<li>DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) shares rose 26.51% after the company reported better-than-expected results and <a href="https://www.benzinga.com//node/43714236" target="_blank" rel="noreferrer noopener">raised its FY25 revenue guidance</a>. Canaccord Genuity analyst Michael Graham maintained a Buy rating and raised the <a href="https://www.benzinga.com/quote/dkng/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast from $54 to $60</a>.</li>
<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) stock gained 23.56%, possibly on continued strength amid market <a href="https://www.benzinga.com//node/43723036" target="_blank" rel="noreferrer noopener">optimism toward its 18A process node</a>.</li>
<li>Monday.com Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDY#NASDAQ">MNDY</a>) stock increased 23.33% after the company reported better-than-expected earnings for its fiscal fourth quarter, and several <a href="https://www.benzinga.com//node/43622049" target="_blank" rel="noreferrer noopener">analysts revised their price forecasts</a>.</li>
<li>Dutch Bros Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BROS#NYSE">BROS</a>) stock upped 22.75% after the company reported better-than-expected financial results for the fourth quarter. Several <a href="https://www.benzinga.com//node/43704124" target="_blank" rel="noreferrer noopener">analysts raised price forecasts</a>.</li>
<li>CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) shares rose 21.88% after the company reported fourth-quarter results, and several <a href="https://www.benzinga.com//node/43709040" target="_blank" rel="noreferrer noopener">analysts upgraded or revised their forecasts</a>.</li>
<li>Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) stock gained 20.50% last week <a href="https://www.benzinga.com//node/43631776" target="_blank" rel="noreferrer noopener">after reports</a> of Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) partnership to develop AI features for iPhone users in China.</li>
<li>Airbnb, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>) shares upped 19.59% after the company reported upbeat fourth-quarter results and analysts boosted the <a href="https://www.benzinga.com//node/43736004" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
</ol>
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Super Micro Computer, Intel, Alibaba And CVS Are Among Top 13 Large-Cap Gainers Last Week (Feb 10-Feb 14): Are The Others In Your Portfolio?

The week was abuzz with tech giants making significant moves and stirring up discussions. Elon Musk&#8217;s whopping $97 billion acquisition proposal to OpenAI was turned down, while Mark Zuckerberg&#8217;s Meta is reportedly planning a major investment into AI-powered humanoid robots. Intel might find a lifeline in a joint venture with Taiwan Semiconductor, and Scarlett Johansson&#8217;s call for AI regulation has sparked a conversation.
OpenAI Rejects Musk&#8217;s $97 Billion Acquisition Proposal
The board of OpenAI has turned down a substantial $97.4 billion acquisition offer from Elon Musk and his consortium of investors, according to the Wall Street Journal. The decision was communicated via a letter to Musk&#8217;s lawyer, stating that the offer was not in line with OpenAI&#8217;s mission. OpenAI&#8217;s chairman, Bret Taylor, stressed that the company is not for sale and the board unanimously rejected Musk&#8217;s offer.
<a href="https://www.benzinga.com/25/02/43755069/openai-board-rejects-elon-musks-97-billion-acquisition-proposal-days-after-sam-altman-calls-it-a-move-to-slow-down-a-competitor">Read the full article here.</a>
Meta to Invest in AI-Powered Humanoid Robots
Following in the footsteps of Elon Musk, Mark Zuckerberg&#8216;s Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is reportedly planning a significant investment into AI-powered humanoid robots. Bloomberg reports that Meta is forming a new team within its Reality Labs hardware division to lead this initiative. The tech giant aims to develop its own humanoid robot hardware, initially for household tasks, with a broader goal of creating AI, sensors, and software for robots that other companies will manufacture and sell.
<a href="https://www.benzinga.com/25/02/43754366/mark-zuckerberg-follows-elon-musks-footsteps-as-meta-reportedly-plans-major-investment-into-ai-powered-humanoid-robots">Read the full article here.</a>
Intel May Find Lifeline in Joint Venture with Taiwan Semiconductor
Rumors suggest that Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) could be facing a turning point with a potential US-backed joint venture with Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>). Baird analyst Tristan Gerra reports that supply chain sources indicate the U.S. government might intervene to push this joint venture to strengthen domestic chip manufacturing. The deal would involve TSMC deploying engineers to Intel&#8217;s advanced 3nm and 2nm fabrication plants to ensure the success of Intel&#8217;s foundry business.
<a href="https://www.benzinga.com/markets/25/02/43685791/taiwan-semiconductor-could-be-the-lifeline-intel-needs-as-rumors-swirl-of-a-us-backed-joint-venture">Read the full article here.</a>
Scarlett Johansson Calls for Urgent AI Regulation
Actress Scarlett Johansson has called on lawmakers for urgent AI regulations following a viral AI-generated video featuring her and other Jewish celebrities. The fabricated video, which has sparked concerns over deepfake misuse, shows AI versions of Johansson and other Jewish celebrities appearing to oppose rapper Kanye West.
<a href="https://www.benzinga.com/general/entertainment/25/02/43682489/scarlett-johansson-calls-for-urgent-ai-regulation-after-fake-kanye-west-video-spreads-government-paralyzed">Read the full article here.</a>
OpenAI&#8217;s Board Claims No Official Receipt of Musk&#8217;s Bid
Despite claims from Musk&#8217;s legal team, OpenAI&#8216;s board has reportedly not officially received Musk&#8217;s $97.4 billion takeover bid. Musk&#8217;s attorney, Marc Toberoff, told Reuters that a four-page Letter of Intent outlining the bid was emailed to OpenAI&#8217;s legal representatives at Wachtell, Lipton, Rosen &amp; Katz.
<a href="https://www.benzinga.com/media/25/02/43646042/elon-musks-97-4-billion-openai-takeover-bid-reportedly-not-received-by-chatgpt-parent-another-one-of-his-tactics-says-sam-altman">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43754366/mark-zuckerberg-follows-elon-musks-footsteps-as-meta-reportedly-plans-major-investment-into-ai-powered-humanoid-robots">Mark Zuckerberg Follows Elon Musk&#8217;s Footsteps As Meta Reportedly Plans Major Investment Into AI-Powered Humanoid Robots</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/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Entertainment

Elon Musk's OpenAI Bid, Meta's AI Robots, Intel's Lifeline, Johansson's AI Regulation Plea, And More: This Week In AI

Within the first week of his inauguration, President Donald Trump <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43177482/trump-signs-executive-order-on-crypto-bitcoin-reserve-to-be-evaluated">signed an executive order</a> that included a directive to evaluate the creation of a "strategic national digital assets stockpile." The Federal Reserve has also <a href="https://www.benzinga.com/25/02/43646173/bitcoin-ethereum-dogecoin-dip-even-as-fed-chair-powell-says-no-to-cbdcs-analyst-says-btc-under-consolidation-but-next-big-move-could-be-likely">shunned plans</a> to create a central bank digital currency, setting a conducive ecosystem for cryptocurrencies to grow.
However, the move has sharply contrasted with the policy of the European Central Bank, which ruled out <a href="https://in.benzinga.com/markets/cryptocurrency/25/01/43344908/bitcoin-will-not-be-considered-for-central-bank-reserves-ecb-president-christine-lagarde-says">adding digital assets to monetary frameworks</a>. 
One of the ECB's fiercest critics, Sarah Knafo, a European Parliament member from France, spoke with Benzinga about how Europe was missing out on an impending "revolution" by ignoring Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and clinging to inflationary fiat currencies. 
Knafo belongs to the French-nationalist Reconquête party, which was founded in late 2021. She was elected to the European Parliament in 2024 and currently serves as the Vice-Chair of the Europe of Sovereign Nations Group.
<h2 class="wp-block-heading">The Fight Against &#8220;Totalitarian&#8221; ECB</h2>
The European lawmaker said Bitcoin was a response to the "galloping" inflation in Europe.&nbsp;
"Public deficit leads to monetary creation, which creates inflation, which leads to chaos. Because of these poor political choices, our traditional currencies have only collapsed for decades, while that of Bitcoin only strengthens," Knafo stated, aligning with the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41930918/trumps-high-inflation-regime-will-weaken-the-dollar-and-push-bitcoin-to-1m-says-arthur-hayes-get-long-and-stay-long">arguments of Bitcoin maximalists</a>.&nbsp;
In a recent address to the European Parliament, Knafo slammed the idea of a digital euro and backed the creation of a strategic Bitcoin reserve.&nbsp;
"I am going to fight the digital euro, this totalitarian temptation of the ECB, by alerting public opinion," Knafo said. "I will do everything my status as a member of Parliament allows me to do."
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43648469/hold-dogecoin-until-march-24-says-top-crypto-trader-expecting-nice-pumps-but-look-out-for-these-sell-signals">Hold Dogecoin Until March 24, Says Top Crypto Trader Expecting &#8216;Nice Pumps:&#8217; But Look Out For These &#8216;Sell&#8217; Signals</a>
ECB, on the other hand, states on its website that the digital euro will provide a higher level of privacy than other digital payment systems and that the infrastructure provider won&#8217;t be able to connect transactions to individuals. The central bank declined to categorically respond to Knafo&#8217;s accusations.
Regarding Bitcoin, ECB President Christine Lagarde said last month that the leading cryptocurrency does not align with its standards for safety, liquidity, and regulatory compliance, and hence fails the reserve asset test.
It's worth noting that<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43622299/poland-rejects-bitcoin-reserves-as-czech-republic-and-us-explore-crypto-holdings"> Poland has ruled out</a> adding Bitcoin to its reserves, while another non-eurozone member, the Czech Republic, showed interest in exploring the idea.&nbsp;
<h2 class="wp-block-heading">The El Salvador Playbook</h2>
When asked if Bitcoin might become legal money alongside the euro, the lawmaker stated, &#8220;I believe that Bitcoin has the capacity to be an answer, without replacing traditional currencies.&#8221;&nbsp;
Knafo reserved special praise for El Salvador, the first country to adopt Bitcoin as a legal tender. "For the moment, El Salvador&#8217;s choice is visibly paying off and offers a very interesting and innovative growth driver."
Interestingly, President Nayib Bukele, under whose administration Bitcoin became a legal tender, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40644084/el-salvador-president-nayib-bukele-says-bitcoin-uptake-hasnt-been-a-resounding-success-we-">admitted last year</a> that the cryptocurrency hasn&#8217;t witnessed widespread adoption as expected.&nbsp;
<h2 class="wp-block-heading">Michael Saylor Is A Genius, The U.S. A Pioneer</h2>
Knafo acknowledged the pro-cryptocurrency pivot in the U.S. under Trump, contrasting it with the "slowness" of European institutions.&nbsp;
"Historically, the United States has had the ability to scale up at the forefront of innovation, while the EU wastes time regulating before innovating. This freedom allows them to be pioneers," she said.&nbsp;
Knafo also talked about her <a href="https://in.benzinga.com/markets/cryptocurrency/25/02/43596456/strategy-acquires-7633-bitcoin-for-742-4-million-boosts-holdings-to-478740-btc">recent meeting</a> with Michael Saylor, the co-founder of the world's largest Bitcoin holding company, Strategy.
"This meeting was absolutely fascinating, and Michael is a genius entrepreneur. We talked about Bitcoin but also about many other future topics such as AI, French nuclear power, and the future of Europe.&#8221;
Photo Courtesy: Sarah Knafo
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43646818/goldman-sachs-increases-bitcoin-etf-stake-over-1-5-billion-in-q4-reports-a-massive-1793-jump-in-ethereum-etf-holdings">Goldman Sachs Increases Bitcoin ETF Stake Over $1.5 Billion In Q4, Reports A Massive 1793% Jump In Ethereum ETF Holdings</a></li>
</ul>

Exclusives

Markets

$BTC

EXCLUSIVE: Bitcoin Has 'Capacity' To Become Legal Tender In Europe, Says EU Member Of Parliament Sarah Knafo: 'I Am Going To Fight The Digital Euro' And The Totalitarian ECB

The week was a rollercoaster ride in the world of cryptocurrencies. From GameStop-themed crypto rallying to a Trump-backed project bolstering Bitcoin and Ethereum, the crypto market was buzzing with activity. Here&#8217;s a quick round-up of the top stories.
GameStop-Themed Crypto Rallies
Cryptocurrencies themed on video game retailer GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) saw a significant surge, thanks to CEO Ryan Cohen&#8217;s picture with Strategy co-founder Michael Saylor. The Ethereum-based GameStop crypto soared nearly 50% in the last 24 hours, with its trading volume surging by 37% to $1.83 million.
<a href="https://www.benzinga.com/trading-ideas/movers/25/02/43614269/gamestop-themed-crypto-rallies-50-after-ryan-cohen-posts-intriguing-photo-with-bitcoin-bull-michael-saylor">Read the full article here.</a>
Trump-Backed Project Bolsters Bitcoin, Ethereum
World Liberty Financial, a cryptocurrency project backed by President Donald Trump, announced a strategic token reserve to support projects like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). The reserve aims to mitigate market volatility by diversifying holdings across tokenized assets.
<a href="https://www.benzinga.com/25/02/43646667/trump-backed-world-liberty-financial-unveils-strategic-token-reserve-to-bolster-bitcoin-ethereum">Read the full article here.</a>
Cathie Wood Backs Musk&#8217;s Blockchain Plan
Cathie Wood, the founder of asset management firm Ark Invest, supported Elon Musk&#8217;s idea of putting all U.S. government spending on blockchains for better transparency. Wood hailed the plan as a &#8220;win, win, win&#8221; for transparency, efficiency, and security.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43613058/cathie-wood-says-doge-lead-elon-musks-plan-of-putting-the-treasury-on-blockchain-a-win-win-win-transparency-efficiency-security">Read the full article here.</a>
Meme Coins Could Make a Comeback
Prominent trader Unipcs believes meme coins could be on the verge of a comeback. He argued that the risk/reward ratio favors longs, as the biggest meme coins have already corrected 70-90% from their peaks just months ago.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43734199/millionaire-trader-says-dogecoin-bonk-trump-memes-have-bottomed">Read the full article here.</a>
SEC Considers Dogecoin, XRP ETFs
The Securities and Exchange Commission has acknowledged Grayscale&#8217;s applications for spot Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) ETFs. This move signals that the agency is open to considering the proposals, a shift from its previous tendency to dismiss similar applications for alternative cryptocurrencies.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43730035/does-this-sec-decision-mean-dogecoin-xrp-etfs-are-on-their-way">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43754366/mark-zuckerberg-follows-elon-musks-footsteps-as-meta-reportedly-plans-major-investment-into-ai-powered-humanoid-robots">Mark Zuckerberg Follows Elon Musk&#8217;s Footsteps As Meta Reportedly Plans Major Investment Into AI-Powered Humanoid Robots</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

$DOGE

$ETH

$XRP

GameStop-Linked Crypto Soars, Trump-Backed Project Bolsters Bitcoin, And More: This Week In Crypto

Tulsi Gabbard, President Donald Trump&#8217;s contentious selection, has been confirmed as the new Director of National Intelligence (DNI). This confirmation has provoked warnings of potential severe consequences from <a href="https://www.benzinga.com/news/25/01/42935659/mary-trump-blasts-uncle-over-wildfire-comments-if-donald-trump-can-profit-from-your-death-he-will-facilitate-it">Mary Trump, the President&#8217;s estranged niece</a>.
What Happened: Gabbard, a U.S. Army Reserve member,&nbsp;was confirmed by the Senate last week in a 52-48 vote. Following this, she was&nbsp;sworn in as DNI, a&nbsp;position that supervises the 18 intelligence agencies and organizations in the U.S.
Despite her confirmation, Gabbard&#8217;s selection has stirred controversy due to her past pro-Russian stance and her 2017 meeting&nbsp;with former Syrian President Bashar&nbsp;al-Assad. Among her critics is Mary Trump, who expressed her apprehensions in a Substack <a href="https://www.marytrump.org/p/another-line">post</a>, branding Gabbard as a &#8220;known Russian asset&#8221; and a &#8220;defender of the murderous dictator&nbsp;Bashar al-Assad.&#8221;
&#8220;One of the most powerful people in the cabinet is a known Russian asset, a defender of the murderous dictator Bashar al-Assad, and enemy to our ally (?) Ukraine. There are many reasons Gabbard is unfit, but they lead to one potentially catastrophic outcome—having her in such a sensitive position will give our allies pause. Why should they trust us if they cannot trust that we will use any intelligence they share in a way that does not undermine or harm them? What if they stop sharing intelligence at all?,&#8221; she wrote. 
During her confirmation hearing, Gabbard defended her interaction with Assad and pledged to prevent future leaks of classified information. 
Also Read: <a href="https://www.benzinga.com/news/25/02/43581792/mary-trump-slams-uncle-says-president-isnt-just-destroying-democracy-hes-handing-unchecked-power-to-people-like-elon-musk">Mary Trump Slams Uncle, Says President &#8216;Isn&#8217;t Just Destroying Democracy, He&#8217;s Handing Unchecked Power to People Like Elon Musk&#8217;</a>
However, her confirmation has sparked worries about the potential effects on America&#8217;s relationships with its allies.
&#8220;The nominations came and went. We resigned ourselves to the reality that the only thing standing between us and a catastrophic blow to American democracy was Senate Republicans. Even they would understand how damaging it would be to this country's safety, national security, and health to confirm these miscreants,&#8221; Mary Trump wrote in the post. 
At her swearing-in ceremony, President Donald Trump commended Gabbard, stating that she was an &#8220;easy&#8221; choice and that she will &#8220;work tirelessly to keep America&nbsp;safe.&#8221;
Why It Matters: Gabbard&#8217;s confirmation as DNI, despite the controversy surrounding her, underscores the Trump administration&#8217;s willingness to make unconventional choices. 
Her past actions and affiliations have raised eyebrows, but the administration believes in her commitment to safeguarding American interests. However, the dissenting voices, including that of Mary Trump, highlight the potential risks and the need for vigilance in the intelligence community. 
As Gabbard takes on her new role, the world will be watching closely to see how she navigates these challenges and impacts U.S. intelligence operations and international relations.
Read Next
<a href="https://www.benzinga.com/news/24/12/42713956/mary-trump-reveals-the-worst-christmas-gift-she-ever-received-from-uncle-donald-trump" target="_blank" rel="noreferrer noopener">Mary Trump Reveals the Worst Christmas Gift She Ever Received from Uncle Donald Trump</a>
Image: Shutterstock

Mary Trump Warns DNI Gabbard Could Lead To 'Catastrophic Outcome': 'A Known Russian Asset,' Defender of 'Murderous Dictator' Assad

The week was buzzing with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) news. From a rare Steve Jobs-signed business card going under the hammer to the announcement of a new product launch, Apple has been making headlines. Let&#8217;s dive into the top stories.
Steve Jobs&#8217;s Signed Business Card Up For Auction
A unique piece of Apple history is drawing significant attention at an ongoing auction. A business card signed by the late co-founder,&nbsp;Steve Jobs, dating back to 1983, is up for grabs. This rare memorabilia, authenticated by RR Auction, features Jobs&#8217;s signature alongside the iconic Apple rainbow logo, despite some minor imperfections.
<a href="https://www.benzinga.com/25/02/43755318/steve-jobs-signed-rare-apple-business-card-goes-up-for-auction-bids-touch-75000">Read the full article here.</a>
Tim Cook Announces New Product Launch
Apple CEO&nbsp;Tim Cook&nbsp;has confirmed a new product launch on February 19, sparking speculation that the iPhone SE 4 could be on the horizon. Cook made the announcement via a post on X, formerly Twitter, and even Tesla and SpaceX CEO Elon Musk joined in the buzz by reposting Cook&#8217;s tweet.
<a href="https://www.benzinga.com/tech/25/02/43720367/tim-cook-confirms-new-apple-product-launch-next-week-elon-musk-sets-off-buzz-by-sharing-is-it-the-iphone-se-4">Read the full article here.</a>
Apple Watch Users Strap Devices To Ankles
A new trend among Apple Watch users has emerged, with users strapping the device to their ankles. Fitness enthusiasts have adopted this practice to improve heart rate monitoring, especially for those with smaller wrists. Others have found practical reasons for the trend, like tracking steps while pushing a stroller.
<a href="https://www.benzinga.com/25/02/43583166/apple-watch-users-are-strapping-them-to-their-anklesand-some-people-are-seriously-confused">Read the full article here.</a>
Apple&#8217;s Genius Super Bowl Strategy
Apple played a significant role in Super Bowl LIX without directly advertising its products. YouTuber and reviewer Nikias Molina praised the strategy as &#8220;discretely genius,&#8221; noting that Apple focused on culture, music, and community engagement. Apple CEO Tim Cook and Senior VP Eddy Cue were present at the event, reinforcing the company&#8217;s deep ties to the Super Bowl.
<a href="https://www.benzinga.com/25/02/43613962/apples-super-bowl-lix-strategy-was-discretely-genius-says-youtuber-nikias-molinaheres-how-it-stole-the-spotlight-without-selling-a-single-product">Read the full article here.</a>
iOS 18.3.1 Released With Critical Security Fix
Apple rolled out iOS 18.3.1 and iPadOS 18.3.1 updates on Monday. The updates address a vulnerability that could disable USB Restricted Mode on locked devices. Apple confirmed that the flaw, which required physical access to the device, was exploited in sophisticated attacks targeting specific individuals.
<a href="https://www.benzinga.com/25/02/43613306/ios-1831-released-with-critical-security-fix-apple-confirms-usb-restricted-mode-vulnerability-was-actively-exploited">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/02/43754366/mark-zuckerberg-follows-elon-musks-footsteps-as-meta-reportedly-plans-major-investment-into-ai-powered-humanoid-robots">Mark Zuckerberg Follows Elon Musk&#8217;s Footsteps As Meta Reportedly Plans Major Investment Into AI-Powered Humanoid Robots</a></li>
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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/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Steve Jobs' Signature, New Apple Launch, And Ankle Watches: This Week In Appleverse

The week was a whirlwind of economic and political events that kept the markets on their toes. From tariff concerns voiced by&nbsp;Sen. Mitch McConnell (R-Ky.)&nbsp;to&nbsp;Federal Reserve Chair Jerome Powell&#8216;s firm stance on inflation, the week was filled with significant developments. Let&#8217;s dive into the top stories of the week.
Mitch McConnell Criticizes Trump&#8217;s Tariff Plans
Senator Mitch McConnell expressed his apprehensions over President Donald Trump's tariff policies, warning of a potential trade war and subsequent price inflation for U.S. consumers and businesses. McConnell&#8217;s concerns were voiced in an op-ed published in Louisville's Courier-Journal. Trump, known for his support of tariffs, recently implemented widespread import duties on Canada, Mexico, and China, along with additional tariffs on steel and aluminum imports.
<a href="https://www.benzinga.com/markets/25/02/43686104/mitch-mcconnell-criticizes-trumps-tariff-plans-warns-of-potential-price-hike-big-lingering-concerns-for-american-industry-and-workers">Read the full article here.</a>
Powell To Congress: Fed &#8216;Not There Yet&#8217; On Inflation
Federal Reserve Chair Jerome Powell reiterated a firm stance on the central bank&#8217;s monetary policy path, indicating that while inflation is moderating, it hasn&#8217;t cooled enough to justify rate cuts. Powell hinted that further progress is needed to reach the Fed&#8217;s 2% inflation target.
<a href="https://www.benzinga.com/25/02/43668443/powell-to-congress-fed-is-not-there-yet-on-inflation-cpi-was-above-every-forecast-us-debt-path-is-unsustainable">Read the full article here.</a>
Justin Trudeau Slams &#8216;Unacceptable&#8217; US Tariffs
Canadian Prime Minister Justin Trudeau highlighted the adverse effects of the U.S. steel and aluminum tariffs and warned of a strong response if required. Trudeau criticized the recent tariffs calling them "Unacceptable" and said, "Canadians will stand up strongly and firmly if we need to."
<a href="https://www.benzinga.com/markets/25/02/43621302/justin-trudeau-slams-unacceptable-us-tariffs-after-trump-imposes-25-levy-on-metal-imports-canadians-will-stand-up-strongly-and-firmly-if-we-need-to">Read the full article here.</a>
Inflation Rises More Than Expected In January
Price pressures surged more than expected in the first month of the year, fueled by increases in both energy goods and underlying service items, dampening investor expectations for Federal Reserve interest rate cuts. The headline Consumer Price Index rose to 3% year-over-year in data released Wednesday.
<a href="https://www.benzinga.com/government/regulations/25/02/43656846/inflation-rises-more-than-expected-in-january-chills-interest-rate-cut-hopes">Read the full article here.</a>
Trump-Putin &#8216;Highly Productive&#8217; Call Sparks Oil Sell-Off
A high-stakes call between President Donald Trump and Russian President Vladimir Putin sent shockwaves through markets, dragging down oil prices and U.S. defense stocks as investors reacted to Trump&#8217;s surprise announcement of imminent peace negotiations to end the war in Ukraine.
<a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43674775/trump-putin-highly-productive-call-sparks-oil-sell-off-as-investors-eye-geopolitical-de-escalation">Read the full article here.</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/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Economics

Mitch McConnell's Tariff Concerns, Jerome Powell's Inflation Stance, Trudeau's Tariff Slam, Inflation Surge, And More: This Week In Economics

The past week has been a whirlwind of news, with the spotlight on Elon Musk&#8216;s Department of Government Efficiency (DOGE) and its access to federal payment systems, the impact of President Donald Trump&#8216;s tariffs on the soda industry, and more. Let&#8217;s dive into the details.
Treasury Probes DOGE&#8217;s Access to Payment Systems The Treasury Department&#8217;s Office of Inspector General has initiated an audit of security controls for federal payment systems, following concerns about access granted to DOGE, an initiative tied to Elon Musk. The review comes in the wake of concerns raised by Democratic lawmakers over potential improper access and implications for government financial security. The audit will assess federal payment system security over the past two years, specifically investigating allegations of fraudulent access and potential misuse tied to DOGE&#8217;s involvement. =
<a href="https://www.benzinga.com/politics/25/02/43739378/treasury-investigates-doges-payment-system-access-as-concerns-mount">Read the full article here.</a>
Morgan Stanley&#8217;s CIO Sees DOGE as Potential Economic Booster Mike Wilson, Morgan Stanley&#8217;s chief investment officer, has suggested that DOGE, led by Musk, could play a pivotal role in revitalizing the US economy. Wilson noted that DOGE has already pinpointed tens of billions in government waste, and a reduction in government size could lead to increased unemployment and prompt the Federal Reserve to lower interest rates.
<a href="https://www.benzinga.com/25/02/43755208/elon-musks-doge-likely-most-underestimated-part-of-trump-administration-says-morgan-stanleys-cio-most-bullish-thing-that-could-happen-to-us-economy">Read the full article here.</a>
Trump&#8217;s Tariffs and the Soda Industry U.S. soft drinks primarily use high fructose corn syrup instead of sugar, a practice dating back to a trade barrier imposed by former President Ronald Reagan in the 1980s. This policy continues to shape today&#8217;s trade landscape, where President Donald Trump&#8217;s tariffs continue to impact global policy.
<a href="https://www.benzinga.com/government/regulations/25/02/43692006/donald-trumps-favorite-word-tariffs-is-the-reason-why-us-coke-and-pepsi-does-not-have-sugar-but-high-fructose-corn-syrup">Read the full article here.</a>
Trump Nominates Apple Employee to Oversee Auto Safety Probes President Donald Trump has nominated Jonathan Morrison, an Apple employee and former chief counsel of the National Highway Traffic Safety Administration (NHTSA), to be the administrator of the U.S. auto safety regulator. Morrison will be responsible for overseeing safety probes into multiple automakers, including Tesla Inc.
<a href="https://www.benzinga.com/25/02/43686795/trump-nominates-apple-employee-to-oversee-safety-probes-into-teslas-fsd">Read the full article here.</a>
Tesla&#8217;s $400 Million Cybertruck Deal Under Scrutiny Prominent short-seller Jim Chanos has questioned a potential $400 million government contract for Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) armored Cybertrucks, linking it to CEO Elon Musk's recent appointment to lead government efficiency initiatives. The criticism comes as a Department of State procurement forecast for fiscal year 2025 lists a five-year, $400 million requirement for "Armored Electric Vehicles."
<a href="https://www.benzinga.com/markets/equities/25/02/43683937/teslas-400-million-armored-cybertruck-deal-under-fire-as-short-seller-jim-chanos-questions-elon-musks-doge-role-in-cutting-wasteful-government-spending">Read the full article here.</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/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

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Health Care

Musk's DOGE Under Treasury Scrutiny, Trump's Tariffs Impacting Soda Industry, And More

<a href="https://www.benzinga.com/personal-finance/25/01/43276105/trumps-tax-plan-could-slash-social-security-benefits-33-by-2035-ramsey-show-host-george-kamel-weighs-in">President Donald Trump</a> has announced a new wave of tariffs on steel and aluminum imports, aiming to strengthen domestic manufacturing while introducing a &#8220;reciprocal tariff&#8221; system that could significantly impact international trade.
On Sunday, Trump told reporters aboard Air Force One that his administration would implement a <a href="https://www.benzinga.com/markets/equities/25/02/43613133/trumps-25-tarrifs-a-self-inflicted-wound-says-economist-amid-warnings-of-fewer-american-jobs-peter-schiff-says-youll-pay-more-for-cars-and-homes">25% tariff on all steel and aluminum imports</a> to the United States, building upon his previous trade policies from his first term. Trump also emphasized the need for a level playing field in global trade by implementing reciprocal tariffs, stating, &#8220;If they charge us, we charge them.&#8221;
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True to his word, the steel and aluminum tariff proclamations were signed Monday, to go into effect March 12. These proclamations remove exemptions from Trump&#8217;s 2018 tariffs on the metals–which previously made the tariffs ineffective for several countries, including Canada and Mexico–and raised the tariffs from 10% to 25% for all steel and aluminum imports.&nbsp;
Alongside the metals tariffs, Trump also plans to introduce a reciprocal tariff policy that will match the rates imposed by other countries on American exports. He has long been vocal about trade imbalances, particularly the European Union's 10% tariff on U.S. automobiles compared to the 2.5% tariff the U.S. levies on European cars. Trump argues disparities like that put American industries at a disadvantage and that imposing matching tariffs will restore fairness in trade agreements.
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While the full details of this policy are expected in an upcoming press conference, the new tariff structure could have widespread implications for global commerce, affecting industries from automotive manufacturing to whiskey distillation.&nbsp;
Chris Swonger, CEO of the Distilled Spirits Council of the United States, expressed concern over potential EU retaliation. "A 50% tariff on America&#8217;s native spirit will have a catastrophic outcome for the 3,000 small distilleries across the United States," Swonger <a href="https://www.reuters.com/markets/commodities/trump-says-he-will-announce-25-steel-aluminum-tariffs-monday-2025-02-09/">told Reuters</a>.&nbsp;
There have been mixed responses to <a href="https://www.benzinga.com/markets/25/02/43686104/mitch-mcconnell-criticizes-trumps-tariff-plans-warns-of-potential-price-hike-big-lingering-concerns-for-american-industry-and-workers">Trump's tariff plans</a>. Supporters of the tariffs, including the American Iron and Steel Institute, say the move is a necessary step toward protecting U.S. manufacturers from what they view as unfair foreign competition.&nbsp;
&#8220;We look forward to working closely with the President and his administration to implement a robust and reinvigorated trade agenda to address the many foreign market-distorting policies and practices that create an unlevel playing field for American steelmakers,&#8221; AISI President Kevin Dempsey told Reuters.&nbsp;
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Critics argue that increased tariffs could lead to higher costs for U.S. manufacturers that rely on steel and aluminum, ultimately affecting prices for consumers. Canada, a major supplier of aluminum to the U.S., has voiced opposition.&nbsp;
Canadian Innovation Minister Francois-Philippe Champagne <a href="https://x.com/FP_Champagne/status/1889108709017596043">said on X</a>: "Steel and aluminum tariffs on Canada, the United States' closest ally, would be totally unjustified. Canadian steel and aluminum support key industries in the U.S. from defence, shipbuilding, energy to automotive. This is making North America more competitive and secure. We are consulting with our international partners as we examine the details. Our response will be clear and calibrated."&nbsp;&nbsp;
Experts warn that <a href="https://www.benzinga.com/news/25/02/43575447/u-s-shoppers-and-businesses-shocked-by-high-ups-and-dhl-import-duty-fees-as-china-tariffs-kick-in">increased import costs</a> could lead to higher prices for goods that rely on steel and aluminum, such as cars, appliances, and construction materials. Benn Steil, director of international economics at the Council on Foreign Relations, <a href="https://apnews.com/article/trump-tariffs-steel-aluminum-china-canada-mexico-0a91ceaf3aa3c1756c339817d1d58076">told the Associated Press</a> that &#8220;the costs to the U.S. will include higher prices to U.S. consumers, retaliatory tariffs abroad, and the loss of U.S. jobs and competitiveness in firms hit by higher input costs.&#8221;
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Despite these concerns, Trump maintains that the tariffs will drive industrial growth in the U.S., saying, &#8220;It's time for our great industries to come back to America.&#8221; However, some analysts question whether the economic benefits will outweigh the risks, especially if major trading partners retaliate with tariffs of their own.
As the new tariffs take effect, global markets and industries will closely watch how trading partners respond. Countries affected by these policies may seek to negotiate exemptions or implement countermeasures, potentially leading to trade disputes. Additionally, the impact on inflation, manufacturing, and employment within the U.S. will be key factors in assessing the long-term effectiveness of these policies.
For now, businesses, policymakers, and consumers alike are bracing for the changes ahead as Trump&#8217;s tariff strategy sets the stage for another chapter in U.S. trade relations.
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