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The Fund employs a passive management – or indexing – investment approach designed to track the performance of the Index. The Fund generally uses a representative sampling strategy to achieve its investment objective, meaning it generally will invest in a sample of the securities in the Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Index as a whole. Under normal circumstances, at least 80 percent of the Funds total assets (exclusive of collateral held from securities lending) will be invested in constituent securities of the Index and investments that have economic characteristics that are substantially identical to the economic characteristics of such constituent securities.

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As President Joe Biden and Vice President Kamala Harris aim to block the $14.1 billion takeover of United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) by Japanese Nippon Steel (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>), the legislative committee responsible for reviewing the deal has delayed proposing recommendations to Biden&#8217;s desk. 
What Happened: Amid the mixed views over the deal by union members and other stakeholders, The Committee on Foreign Investment is yet to send a recommendation on the deal as of Wednesday, according to a U.S. official, <a href="https://www.bloomberg.com/news/articles/2024-09-11/biden-is-urged-to-reconsider-14-billion-us-steel-takeover">reported</a> Bloomberg. 
Biden and Harris remain in favor of U.S. Steel being owned in America, while former President Donald Trump has completely refuted the proposed deal. 
According to the report, which cited people familiar with the matter, Biden planned to eliminate the sale once it reached his desk. 
Nippon Steel&#8217;s Vice Chairman, Takahiro Mori, is reportedly <a href="https://www.benzinga.com/government/24/09/40808813/after-kamala-harris-said-us-steel-should-remain-american-owned-nippon-steels-takahiro-mori-reportedl">set for a meeting with top U.S. officials</a> in Washington.
"The bottom line about this merger is that it jeopardizes national security and critical supply chains," said United Steel Workers President Dave McCall.
Jason Zugai, vice president of United Steelworkers Local 2227, stated, "The deal on the table would solidify the jobs in the Mon Valley for the next 50 to 100 years," according to the report. 
Read Next: <a href="https://www.benzinga.com/news/large-cap/24/09/40820349/nvidia-ceo-jensen-huang-admits-its-tense-as-surging-demand-for-blackwell-chips-sparks-customer-fru" target="_blank" rel="noreferrer noopener">Nvidia CEO Jensen Huang Admits ‘It's Tense' As Surging Demand For Blackwell Chips Sparks Customer Frustration</a>
Why It Matters: The Biden administration has reportedly flagged the proposed $14.9 billion acquisition of U.S. Steel by Nippon Steel as a potential <a href="https://www.benzinga.com/m-a/24/09/40724057/biden-administration-reportedly-warns-nippon-steels-14-9b-acquisition-of-us-steel-poses-national-sec" target="_blank" rel="noreferrer noopener">national security risk,</a> which could lead to the deal being blocked. However, the U.S. State Department and Defense Department have <a href="https://www.benzinga.com/government/24/09/40808813/after-kamala-harris-said-us-steel-should-remain-american-owned-nippon-steels-takahiro-mori-reportedl">reportedly not agreed</a> with the view that the deal would pose security risks.
Last week, Shigeru Ishiba, a <a href="https://www.benzinga.com/news/24/09/40745941/japan-pm-candidate-warns-bidens-opposition-to-nippons-us-steel-acquisition-could-undermine-the-trust">leading candidate to become Japan's next prime minister</a>, expressed his concerns over The potential decision by the U.S. to prevent Nippon Steel from acquiring U.S. Steel. He labeled the potential U.S. action as "very unsettling" and cautioned that it could "undermine the trust of its allies.&#8221;
Price Action: U.S. Steel surged 6.95% trading at $33.39 on Wednesday, In after-hours trading the stock surged further 1.77%. However, U.S. Steel is down 30.38% this year, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>. 
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40817317/solar-shares-climb-as-harris-gains-momentum-post-debate-against-trump-7-top-gainers-in-clean-ene" target="_blank" rel="noreferrer noopener">Solar Shares Climb As Harris Gains Momentum Post-Debate Against Trump: 7 Top Gainers In Clean Energy</a></li>
</ul>
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Equities

News

Markets

NPSCY

Biden And Harris' Push To Block $14.1B US Steel Acquisition By Nippon Steel Faces Committee Delay: Report

Mohamed El-Erian, Chief Economic Advisor at Allianz, has outlined key expectations and market pricing ahead of next week&#8217;s Federal Reserve policy meeting, according to a post on X on Wednesday.
What Happened: El-Erian highlighted officials&#8217; interest rate expectations and how they compare to market forecasts. He also provided additional details on market pricing and the Fed&#8217;s latest macroeconomic projections.
El-Erian shared a screenshot of charts indicating implied overnight rates and the anticipated number of rate hikes and cuts. These charts suggest that the Fed rates could decrease to nearly 4% by the end of this year and bottom out at 3% by July 2026.
El-Erian also highlighted the FOMC&#8217;s 2024 projections, which include real GDP growth of 2.10%, core PCE inflation at 2.80%, and an unemployment rate of 4%.
The Federal Reserve rate has remained in the 5.25%–5.50% range since July 2023. However, policymakers have signaled potential rate cuts as inflation nears the Fed&#8217;s 2% target and signs of an economic slowdown emerge.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Please see below for context ahead of next week&#39;s <a href="https://twitter.com/hashtag/FederalReserve?src=hash&amp;ref_src=twsrc%5Etfw">#FederalReserve</a> policy meeting: Officials&#39; interest rate expectations, including relative to what <a href="https://twitter.com/hashtag/markets?src=hash&amp;ref_src=twsrc%5Etfw">#markets</a> expect. Additional details on market pricing. The Fed&#39;s latest macroeconomic projections. More to follow.<a href="https://twitter.com/hashtag/economy?src=hash&amp;ref_src=twsrc%5Etfw">#economy</a> <a href="https://t.co/JegasOq9EU">pic.twitter.com/JegasOq9EU</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1834003020750712959?ref_src=twsrc%5Etfw">September 11, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/09/40678841/kamala-harriss-democrat-supporters-are-in-complete-denial-of-unrealized-capital-gains-tax-claims-pie?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris&#8217;s Democrat Supporters Are In &#8216;Complete Denial&#8217; Of Unrealized Capital Gains Tax, Claims Pierre Ferragu, Warns &#8216;Dems Have Become The Bad Guys&#8217;</a>
Why It Matters: The context surrounding the Federal Reserve&#8217;s potential rate cuts is crucial. The August Consumer Price Index report, which showed a 2.5% annual increase, has dampened hopes for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40815794/fed-is-all-clear-for-launch-on-cutting-rates-as-inflation-falls-to-lowest-point-in-">aggressive monetary easing</a>. While headline CPI slowed, core inflation rose 0.3% month-over-month, indicating persistent inflation in service-related sectors.
Despite the mixed inflation data, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40815794/fed-is-all-clear-for-launch-on-cutting-rates-as-inflation-falls-to-lowest-point-in-">some economists believe</a> the Federal Reserve has the &#8220;all clear&#8221; to begin cutting rates. Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance, stated that the Fed has the green light to cut 25 basis points at the upcoming meeting.
Additionally, market sentiment does not <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40798693/market-isnt-worried-about-recession-there-is-one-way-to-know-when-it-is-analyst-say">indicate a looming recession</a>. According to Nick Colas, co-founder of Datatrek, U.S. corporate bond spreads are not widening significantly, suggesting that the market is not overly concerned about an impending recession.
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40794070/exclusive-lazard-small-cap-expert-predicts-30-50-russell-2000-rally-on-the-back-of-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Lazard Small-Cap Expert Predicts 30%-50% Russell 2000 Rally On The Back Of Lower Interest Rate</a></li>
</ul>
Federal Reserve illustration created using artificial intelligence via MidJourney.
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Economics

Federal Reserve

Mohamed El-Erian Charts Fed Rate Path Ahead Of Next Week's FOMC Meeting: Interest Rates Could Bottom At 3% By 2026

Anthony Scaramucci, founder of global investment firm&nbsp;SkyBridge Capital,&nbsp;expressed gratitude toward MicroStrategy co-founder Michael Saylor for contributing to his latest book on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
What Happened: On Wednesday, Scaramucci took to X to thank the fellow Bitcoin bull for writing the foreword of the upcoming book titled &#8220;The Little Book of Bitcoin.&#8221;
&#8220;Always great to spend time with the living legend Michael Saylor. Grateful for you writing the foreword to my latest book, The Little Book of Bitcoin,&#8221; Scaramucci wrote, including a picture of himself with Saylor and the book&#8217;s cover page in the post.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Always great to spend time with the living legend <a href="https://twitter.com/saylor?ref_src=twsrc%5Etfw">@saylor</a>. Grateful for you writing the foreword to my latest book, The Little Book of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/H3wg1a0ED6">pic.twitter.com/H3wg1a0ED6</a>
&mdash; Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1834038628000907738?ref_src=twsrc%5Etfw">September 12, 2024</a></blockquote>
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According to Amazon, the book is a guide to understanding the implications of digital asset technology on finance, touching down on basic Bitcoin concepts like blockchain, hashes, and mining.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40820571/robinhood-woos-millennials-as-crypto-based-transaction-revenue-spikes-161">Robinhood Woos Millennials As Crypto-Based Transaction Revenue Spikes 161%</a>
Why It Matters: A passionate advocate of Bitcoin, Scaramucci predicted last week that the apex cryptocurrency <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40723845/anthony-scaramucci-believes-bitcoin-could-reach-150k-200k-with-king-crypto-wallets-approac">would reach $150,000-$200,000</a> as ownership continues to grow. 
&#8220;There's a lot of upside ahead for Bitcoin,&#8221; Scaramucci had said.
Saylor is another prominent Bitcoin bull, holding <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40249632/michael-saylor-says-hes-a-bitcoin-billionaire-heres-how-many-coins-youd-need-to-be-one-you">nearly $1 billion in Bitcoin</a> and intending to buy more in the future.
In a recent interview, he highlighted his <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40776328/microstrategys-bitcoin-strategy-has-outperformed-every-s-p-500-company-and-even-nvidia-sin">firm&#8217;s bold Bitcoin investment strategy</a> that outperformed every company in the S&amp;P 500, generating an annual return of 44% on average since August 2020.
As of this writing, MicroStrategy holds more than $13 billion in Bitcoin on its balance sheet, <a href="https://bitcointreasuries.net/">according</a> to bitcointreasuries.net. 
Price Action: At the time of writing, Bitcoin was exchanging hands at $58,226.43, up 2.58% 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>. 
Photo by World Economic Forum on Flickr
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40818582/gold-bull-peter-schiff-claims-bitcoin-lacks-intrinsic-value-and-is-destined-to-fail">&#8216;Gold Bull&#8217; Peter Schiff Claims Bitcoin &#8216;Lacks Intrinsic Value And Is Destined To Fail&#8217;</a></li>
</ul>

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

Cryptocurrency

$BTC

MSTR

Anthony Scaramucci Said Last Week Bitcoin Could Touch Up to $200K, Now He's Thanking 'Living Legend' Michael Saylor For Book Foreword

On Wednesday, the Cathie Wood-led Ark Invest made some significant trades, with Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) being the most prominent.
The Coinbase Trade: Ark Invest purchased a total of 53,708 shares of Coinbase through its Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>), and ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>). Based on the closing price of COIN at $157.15 on the same day, the value of the trade is approximately $8.4 million. This move comes after <a href="https://www.benzinga.com/content/40758976/coinbase-achieves-partial-win-in-court-battle-against-sec-for-crucial-discovery">Coinbase&#8217;s partial victory</a> against the U.S. Securities and Exchange Commission (SEC), potentially gaining access to critical documents regarding the agency's classification of tokens as securities.
On Wednesday, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) initially <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40824806/bitcoin-ethereum-dogecoin-move-sideways-as-inflation-data-dampens-aggressive-rate-cuts-hop">dropped below $56,000</a> after higher-than-expected inflation data, which reduced hopes for a 50-basis-point rate cut at the upcoming FOMC meeting. However, it quickly rebounded, nearing $58,000 by market close. Despite the recovery, Bitcoin remained down 0.47% for the week and 1.89% since the start of September.
The PLTR Trade: Ark Invest sold a total of 184,051 shares of Palantir through its ARKK ETF, representing 0.1179% of the ETF. Based on the closing price of PLTR at $34.85 on the same day, the value of the trade is approximately $6.4 million. This decision to sell comes despite <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40797506/palantirs-s-p-500-inclusion-a-watershed-moment-says-bank-of-america-anticipates-mor">Palantir&#8217;s recent inclusion</a> in the S&amp;P 500 index, which according to Bank of America, is a &#8220;watershed moment&#8221; that could attract more institutional investors.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/40790796/tesla-stock-races-higher-in-premarket-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Stock Races Higher In Premarket: What&#8217;s Going On?</a> 
Other Key Trades:
<ul>
<li>Ark Invest bought shares of Personalis Inc (PSNL) through its ARKG ETF. </li>
<li>Ark Invest sold shares of Vertex Pharmaceuticals Inc (VRTX) through its ARKG ETF.</li>
<li>Ark Invest bought shares of Guardant Health Inc (GH) through its ARKG ETF. Ark Invest sold shares of Exact Sciences Corp (EXAS) through its ARKG ETF.</li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/news/earnings/24/09/40811837/how-to-earn-500-a-month-from-nvidia-stock?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Earn $500 A Month From Nvidia Stock</a></li>
</ul>
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>

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ARKW

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Cathie Wood's Ark Invest Continues To Sell Palantir — Offloads $6.4M Worth Of Shares, Loads Up On Coinbase Stock Amid Bitcoin Rebound

In a significant policy victory, Argentina President Javier Milei has managed to prevent an attempt to increase pension spending as the opposition&#8217;s efforts to override his veto fell short of the necessary votes.
What Happened: The lower house of the Argentina Congress voted 153-87 in favor of overriding Milei&#8217;s veto, failing to obtain the two-thirds majority, the Financial Times <a href="https://www.ft.com/content/38b8dac7-fc74-4240-bccc-33d8bc18f507">reported </a>on Wednesday.
Milei had argued that the proposed increase, intended to offset Argentina&#8217;s high inflation for pensioners, would undermine his key commitments to eliminate the country&#8217;s chronic fiscal deficit and curb inflation.
The proposed hike would have represented approximately 0.45% of GDP, analysts suggested, against the 1.1% of GDP fiscal surplus that Mile achieved in the first half of the year through a rigorous austerity package. 
&#8220;Today 87 heroes stopped the fiscal degenerates who tried to destroy the fiscal surplus Argentines have worked so hard to build,&#8221; Milei declared after the vote.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40817347/donald-trump-lost-debate-to-kamala-harris-will-lose-ground-in-the-polls-polymarket-traders">Donald Trump Lost Debate To Kamala Harris, Will Lose Ground In The Polls, Polymarket Traders Say: Will There Be A Rematch?</a>
Why It Matters: Milei&#8217;s victory in the lower house was noteworthy, given the massive 61-8 vote in favor of the pension increase in the Senate last week.
A free-market proponent, Milei secured victory in the November elections after promising large cuts in public spending to address Argentina's fiscal deficit and increasing inflation. His government achieved the <a href="https://www.benzinga.com/government/24/02/37305917/its-possible-here-too-rfk-jr-lauds-argentinas-milei-for-ushering-in-budget-surplus-says-he-would-dra" target="_blank" rel="noreferrer noopener">first budget surplus</a> in over 12 years, after being in office for just nine weeks. 
Milei's libertarian stance is also <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39404161/argentina-president-javier-milei-makes-passionate-pitch-for-currency-competition-if-you-wa">reflected in his support</a> for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the world's largest cryptocurrency, being one of the very few heads of state to openly support the asset. He has praised the scarcity-driven growth model of the apex cryptocurrency and dubbed it a way to return monetary power to people.
However, the Argentine President has also faced flak over his austerity measures, with his critics saying that millions in the country are paying the price as public sector jobs face the ax.
Protests have broken out in response to Milei&#8217;s decision, with frequent skirmishes between retirees and security officers. According to Reuters, hundreds of protestors battled outside the country&#8217;s Congress as news of the bill&#8217;s reversal spread.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40818582/gold-bull-peter-schiff-claims-bitcoin-lacks-intrinsic-value-and-is-destined-to-fail">&#8216;Gold Bull&#8217; Peter Schiff Claims Bitcoin &#8216;Lacks Intrinsic Value And Is Destined To Fail&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Politics

Pro-Bitcoin President Javier Milei Triumphs As Pension Spending Hike Stalled In Argentina's Lower House

ChatGPT-parent OpenAI is reportedly in discussion to raise $6.5 billion in equity financing, which could <a href="https://www.benzinga.com/news/24/08/40636153/apple-in-talks-to-invest-in-openai-as-chatgpt-makers-valuation-climbs-to-100b-report">bring its valuation</a> to $150 billion.
What Happened: The new valuation does not include the funds being raised. The round is expected to be led by Thrive Capital, <a href="https://www.bloomberg.com/news/articles/2024-09-11/openai-fundraising-set-to-vault-startup-s-value-to-150-billion?sref=TBDibEcD">reported</a> Bloomberg.
Other potential investors include Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), and Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).&nbsp;
Still, the valuation is a significant jump from the startup's $86 billion valuation from its tender offer earlier this year.
See Also: <a href="https://www.benzinga.com/news/24/09/40763816/ai-sector-bubble-concerns-nvidias-one-stop-shop-ambition-and-more-this-week-in-ai">AI Sector Bubble Concerns, Nvidia&#8217;s One-Stop Shop Ambition, And More: This Week In AI</a>
Microsoft has already invested about <a href="https://www.benzinga.com/news/24/06/39550891/microsofts-13b-investment-in-openai-under-eu-scrutiny">$13 billion in OpenAI</a>, over which the tech giant also faced scrutiny from EU's antitrust regulators.
OpenAI is also in talks to secure a $5 billion credit line from banks. However, the terms of these discussions could change, the report noted, citing a person familiar with the matter.
Last month in an internal memo, OpenAI&#8217;s CFO, Sarah Friar, said that the latest financing will be focused on supporting computing power and operational expenses.&nbsp;
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: Nowadays, OpenAI has been making headlines because of a high-profile copyright lawsuit, where the startup is making efforts to keep its co-founder Ilya Sutskever's <a href="https://www.benzinga.com/news/24/09/40764804/whats-the-secret-openai-is-battling-to-keep-co-founders-files-confidential-heres-why">files confidential</a>.
The development came after lawyers of the Author's Guild said that certain files should be included in the discovery process.
On the other hand, Sutskever, who resigned from OpenAI in May 2024, has <a href="https://www.benzinga.com/news/24/09/40722123/openai-co-founder-ilya-sutskevers-ai-startup-raises-1b-from-andreessen-horowitz-sequoia-as-sam-altma">raised $1 billion</a> for his AI startup, Safe Superintelligence.
Meanwhile, earlier this month it was reported that OpenAI CEO Sam Altman has been working on gaining the <a href="https://www.benzinga.com/news/24/09/40700567/openai-ceo-sam-altmans-ai-infrastructure-plan-worth-tens-of-billions-of-dollars-to-include-investors">U.S. government's support </a>for his AI infrastructure project aimed at forming a global coalition to fund rapid AI development.
Image via Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40723512/early-openai-investor-vinod-khosla-receives-flak-after-saying-100-of-ai-unicorns-are-built-on-chatgp">Early OpenAI Investor Vinod Khosla Receives Flak After Saying 100% Of AI Unicorns Are Built On ChatGPT-Maker&#8217;s API: &#8216;It&#8217;s Like Saying All Electric Cars Are Tesla&#8217;</a></li>
</ul>

Tech

Media

AAPL

MSFT

NVDA

OpenAI's Valuation Could Skyrocket To $150B In New Fundraising, Positioning It Among The World's Most Valuable Startups: Report

Frankfurt-based medical marijuana company Bloomwell Group Gmbh released a survey on cannabis consumption in Germany showing 94% of respondents use cannabis for at least one health reason. Stress relief was the most common reason (60%), followed by sleeping disorders (50.4%) and pain relief (35%).
"The responses illustrate the immense potential and room for growth of the country's rapidly expanding medical cannabis industry following the implementation of the Cannabis Act (CanG) on April 1, 2024, which rescheduled cannabis as a non-narcotic," stated Niklas Kouparanis, co-founder and CEO of the Bloomwell Group, the holding company for Bloomwell Gmbh. "According to the data from our survey, more than 20 million people in Germany could benefit from access to medical cannabis therapy."
However, within the past year, only 10% of the survey participants obtained cannabis exclusively from licensed pharmacies while 79.6% reported negative experiences with the unlicensed market or safety concerns about unregulated products.
The survey comes after major cannabis reform in Germany with the implementation of the Cannabis Act (CanG). Partial cannabis legalization <a href="https://www.benzinga.com/markets/cannabis/24/04/38023610/heres-what-you-need-to-know-about-weed-legalization-in-germany-that-just-took-effect" target="_blank" rel="noreferrer noopener">took effect in Germany on April 1</a> allowing people over 18 to legally possess up to 25 grams of dried cannabis and cultivate up to three plants at home. One of the biggest breakthroughs under the law is that medical cannabis is essentially <a href="https://www.benzinga.com/markets/cannabis/24/07/39830117/medical-marijuana-regulated-as-ibuprofen-is-one-of-the-biggest-breakthroughs-of-germanys-cannabi" target="_blank" rel="noreferrer noopener">regulated like ibuprofen</a>.
Despite the reform, in practice, access to medical cannabis remains limited. According to the survey, just 9.2% of respondents had &#8220;no issues&#8221; finding a doctor for cannabis therapy, even though over a third said their health conditions negatively impacted their personal or work life. About 33.3% of respondents were already diagnosed with a qualifying condition by a doctor.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h2 class="wp-block-heading">Taboo Topic For Many Doctors</h2>
"Medical cannabis is a long-term, safe form of treatment that helps alleviate numerous symptoms of health conditions, usually with comparatively mild or no side effects," Dr. Julian Wichmann, M.D., co-founder of Bloomwell Group and CEO of Bloomwell told Benzinga. "However, it is still a taboo topic for many doctors in Germany, and specialist knowledge and expertise are necessary for maximum therapeutic success."
Wichmann further suggested that the continued reluctance of most doctors to prescribe marijuana in combination with decades of stigma impact consumers to turn to the illicit market. He suggested more outreach and education for the general public.
"There are convenient, safe and reliable telemedicine, e-prescription and delivery services available for verified and affordable medical cannabis therapy – the vast majority, almost 92 percent, would prefer this digital access according to our survey," Wichmann added. "There is no need to turn to the illicit market, but it still happens because of the ongoing discrimination that results in lack of access."
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40663474/stalled-in-bureaucratic-limbo-this-german-city-struggles-with-illegal-cannabis-as-demand-surges">Stalled In Bureaucratic Limbo, This German City Struggles With Illegal Cannabis As Demand Surges</a>
<h2 class="wp-block-heading">Buyer&#8217;s Remorse</h2>
The survey, conducted in August 2024, included a representative sample of 3,092 Germans, with 1,009 having used cannabis within the past year for medical or recreational reasons.
The report further revealed that many of the consumers who had purchased cannabis from unlicensed sellers had "buyer&#8217;s remorse" and were fearful of the negative side effects that may come with purchasing untested or illicit cannabis. These additional results from the survey include:
<ul>
<li>30.9% reported purchasing cannabis that was of poor quality.</li>
<li>29% are afraid that illegally acquired cannabis will have a negative impact on their own health.</li>
<li>14.8% said they had problems dosing correctly.</li>
<li>26.3% have already purchased contaminated cannabis.</li>
</ul>
To avoid buyer's remorse and help advance the legal medical marijuana market, we "need more public awareness and resources allocated towards research studies on medical cannabis' potential benefits and effectiveness," Wichmann told Benzinga. "Inclusion into clinical guidelines would be a major step for widespread acceptance. Public health officials also need to reach out to physicians with resources and educational opportunities on how best to prescribe medical cannabis and help patients navigate their respective treatment journeys."
Bloomwell developed and operates one of <a href="https://www.benzinga.com/markets/cannabis/24/06/39277081/german-company-launches-largest-digital-platform-for-medical-cannabis-in-all-europe">Europe's largest digital medical cannabis platforms</a>. The company's "aim is to reach rapidly growing number of people who are seeking out medical cannabis and make them aware that there are licensed and convenient telemedical services providing safe and reliable care from physicians and pharmacies," Kouparanis added.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40564933/berlin-grants-first-cannabis-cultivation-permission-lower-saxony-to-introduce-fines-with-hefty-p">Berlin Grants First Cannabis Cultivation Permission, Lower Saxony To Introduce Fines With &#8216;Hefty Penalties&#8217;</a></li>
</ul>
Photo generated with AI

Cannabis

Eurozone

20M Germans Could Benefit From Medical Marijuana But Most Struggle To Find Prescribing Doctors

Jason Furman, a key figure in 44th U.S. President Barack Obama's administration, raised questions on X regarding the logic behind tariffs. 
What Happened: The query comes in response to former President Donald Trump's recent pledge to impose tariffs of up to 20% on all imports and up to 60% on Chinese goods if he is re-elected. 
Furman's comments highlight the potential economic repercussions of such tariffs, questioning who ultimately bears the cost of retaliatory measures from other countries.
Furman stated, &#8220;Suppose you believe that tariffs are fully paid by foreigners. Then who do you think is going to pay for all the foreign tariffs that are levied in retaliation for the US ones?&#8221;
<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">Suppose you believe that tariffs are fully paid by foreigners. Then who do you think is going to pay for all the foreign tariffs that are levied in retaliation for the US ones?
&mdash; Jason Furman (@jasonfurman) <a href="https://twitter.com/jasonfurman/status/1833893261767049524?ref_src=twsrc%5Etfw">September 11, 2024</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/news/earnings/24/09/40703532/no-respite-for-us-stocks-as-futures-sag-vix-spikes-10-bitcoin-slides-strategist-warns-of-further-pa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, S&amp;P 500 On Track To Extend Losses: What&#8217;s Driving Futures Trading</a>
Why It Matters: Furman&#8217;s comments come amid ongoing debates about the economic impact of tariffs. In July, Furman suggested that the current economic conditions warranted a <a href="https://www.benzinga.com/news/24/07/39679093/obama-era-economic-adviser-calls-for-economic-policy-to-be-less-restrictive-warns-of-tightening-fina">less restrictive policy</a>, citing a decrease in inflation and a rise in unemployment. He emphasized that economic policy should be adjusted accordingly.
During a recent presidential debate, Vice President Kamala Harris criticized <a href="https://www.benzinga.com/news/24/09/40810978/trump-sold-us-out-with-china-tariff-policy-says-harris-in-heated-presidential-debate">Trump&#8217;s tariff policy</a>, labeling it a &#8220;Trump sales tax&#8221; that would impose a 20% tax on everyday goods, affecting middle-class families. Trump defended his plans, proposing additional duties of 60% to 100% on China, aiming to recoup costs from other countries.
Experts have also warned that Trump's proposal to enforce dollar dominance in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40773903/trumps-100-tariff-plan-for-dollar-dominance-could-backfire-warns-expert-that-change">global trade through tariffs</a> could lead to economic disruption and potentially weaken the U.S. currency. Ulrich Leuchtmann from Commerzbank AG noted that such a move could result in "massive disruption" to the global economic system.
Trump has hinted at using the International Emergency Economic Powers Act (IEEPA) to control economic transactions post-emergency declaration. This could allow him to <a href="https://www.benzinga.com/news/24/09/40669353/heres-how-one-law-could-activate-trumps-universal-tariff-nationwide">phase out imports of essential goods</a> from China over a four-year period, significantly affecting the $3 trillion worth of goods imported annually.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40763384/federal-reserves-potential-rate-cut-pause-jpmorgans-stock-market-warning-and-more-this-week-in-econo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Federal Reserve&#8217;s Potential Rate Cut Pause, JPMorgan&#8217;s Stock Market Warning, And More: This Week In Economics</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

Obama-Era Economist Blasts Trump Tariffs: 'Who Do You Think Is Going To Pay For All The Foreign Tariffs That Are Levied In Retaliation?

Alphabet Inc.-owned (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>) Google&#8217;s artificial intelligence model, PaLM2, has come under the radar of Europe&#8217;s privacy watchdog over concerns related to the handling of personal data.
What Happened: The Data Protection Commission or DPC, in Ireland has initiated a statutory inquiry into&nbsp;Google and its&nbsp;Pathways Language Model 2, or&nbsp;PaLM2, <a href="https://www.ft.com/content/9397423a-1737-4ae2-8d8a-3e4301f2c0a5">reported</a> Financial Times.
The AI model, which&nbsp;was launched in May 2023, is being investigated for potential breaches of the General Data Protection Regulation or GDPR obligations related to the processing of personal data of EU and European Economic Area citizens.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40767860/mark-cuban-praises-elon-musks-ai-chatbot-grok-for-answering-kamala-harris-pov-on-immigration-i-think?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Praises Elon Musk&#8217;s AI Chatbot Grok For Answering Kamala Harris&#8217; POV On Immigration: &#8216;I Think It&#8217;s Accurate&#8217;</a>
The investigation aims to ascertain whether Google conducted a necessary&nbsp;data protection impact assessment before handling such information.
The regulator underscored the significance of such assessments in safeguarding&nbsp;the fundamental rights and freedoms&nbsp;of individuals, the report noted.
Google did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
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 investigation&nbsp;is the latest in a&nbsp;series of actions by the&nbsp;DPC against big tech firms developing large language models.
Previously, Mark Zuckerberg&#8217;s Meta Platforms Inc. and Elon Musk&#8217;s xAI also faced scrutiny over their handling of user data in Europe.
This Google investigation comes on the heels of a series of controversies surrounding the tech giant&#8217;s AI. In April 2024, <a href="https://www.benzinga.com/news/24/04/38177684/is-googles-ai-crawling-through-your-personal-docs-and-spreadsheets-heres-what-a-new-report-reveals">concerns about Google training</a> its AI on publicly available Google Docs were raised. The tech giant later said that users&#8217; documents were not considered "publicly available" for AI training.
Previously, several top websites, including The New York Times and CNN, <a href="https://www.benzinga.com/news/24/03/37732411/more-trouble-for-googles-ai-new-york-times-cnn-and-others-block-data-access-potentially-disrupting-t">blocked Google&#8217;s access</a> to their content for AI model training, citing potential threats to the traditional web traffic distribution system.
Photo Courtesy: Shutterstock.com
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/09/40812318/samsung-to-reportedly-slash-global-workforce-by-up-to-30-in-certain-divisions-amid-intense-competiti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Samsung To Reportedly Slash Global Workforce By Up To 30% In Certain Divisions Amid Intense Competition From Apple, Huawei</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

GOOG

GOOGL

Google AI Model PaLM2 Under Probe For Data Regulations Breach By European Privacy Watchdog

The first-ever presidential debate between Kamala Harris and Donald Trump could mark a turning point in the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
Swing state voters pick an overwhelming winner from Tuesday's event.
What Happened: Over 50 million people watched the <a href="https://www.benzinga.com/news/24/09/40806876/final-showdown-trump-and-harris-face-off-in-intense-debate-just-eight-weeks-before-election-day">first presidential debate</a> between Harris and Trump Tuesday night, an event that could be their only meeting before the 2024 presidential election.
A group of 25 <a href="https://www.benzinga.com/topic/swing-states">swing state voters</a> made their selections on who won the presidential debate and who had the best commentary on several key election topics.
Washington Post <a href="https://www.washingtonpost.com/elections/interactive/2024/presidential-debate-voter-poll">selected </a>25 uncommitted, swing state voters and asked for their thoughts before the debate, during the debate and after.
Ahead of the debate, this was the breakdown of the voters:
<ul>
<li>Definitely Voting Harris: 0</li>
<li>Probably Voting Harris: 12</li>
<li>Leaning Neither Candidate: 3</li>
<li>Probably Voting Trump: 10</li>
<li>Definitely Voting Trump: 0</li>
</ul>
Of the 25 voters surveyed by the Washington Post, 23 said Harris won the debate and 2 said Trump won the debate.
"I don't think Trump was at his best – too rambly. He would have been better had he stayed calm and made more of an intellectual effort to answer the questions," a voter with a preference for Trump in his 30s said when selecting Harris as the winner of the debate.
Another voter who picked Harris as the debate winner said the vice president knew what to say to get "under Trump's skin."
Among the voters who said Trump performed better in the debate was a voter who leans Trump in her 50s.
"I don't think Harris gave any real answers to any question," the voter said.
A voter who prefers Harris wasn't a fan of either candidate, but ultimately picked Harris as the winner.
"Overall, I felt frustrated with tonight's debate. We can do so much better. As a country, we deserve better from our leaders and from the discussions that shape our future," the voter said.
After the debate, this was the breakdown of the voters:
<ul>
<li>Definitely Voting Harris: 5</li>
<li>Probably Voting Harris: 10</li>
<li>Leaning Neither Candidate: 3</li>
<li>Probably Voting Trump: 6</li>
<li>Definitely Voting Trump: 0</li>
</ul>
Harris went from having 12 people leaning her way before the debate to having five definite votes and 10 probable votes, gaining ground from her performance. Trump went from having 10 probable votes to having only six probable votes after the debate.
While the poll is a small sample, it could show how decisive the presidential debate was for Harris.
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent091124">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Key Topics: The Washington Post asked the 25 swing state voters about several topics during and after the debate.
Asked about healthcare, 16 of the voters said that Harris would better handle the topic, while eight voters said Trump would better handle the topic if elected.
Trump answered that he had "concepts of a plan" when asked about how his administration would handle healthcare during the debate.
Harris was asked about the ongoing war between Russia and Ukraine and didn't hold back in where she thought the country would be under Trump's leadership.
"If Donald Trump were president, Putin would be sitting in Kyiv right now and understand what that would mean, because Putin's agenda is not just about Ukraine," Harris said.
Asked if they agreed with Harris, the voters were mixed with four strongly disagreeing, three somewhat disagreeing, two saying no preference, 11 saying they somewhat agree and four saying they strongly agree.
Voters were also mixed on Trump's statement that the nation is dying. Six voters agreed strongly with the statement, five agreed somewhat, six disagreed somewhat, four disagreed strongly and three had no opinion.
Trump received 12 votes on which candidate had the better arguments about how to handle the economy with Harris receiving 11 votes. Several voters said Harris dodged questions about the economy during the debate.
Voters were also asked about Trump's statement on immigration related to claims that people are eating pets in Ohio. Six voters said the comments made sense and 19 voters said the comments by the former president did not make sense.
Image via Shutterstock
Check This Out:
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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent091124">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Harris Vs. Trump: Swing State Voters Pick Presidential Debate Winner, Share Thoughts On Immigration, Abortion, Economy

Leading cryptocurrencies were little changed Wednesday overnight as higher-than-expected core inflation data weighed on investors' decisions.&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8.30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+0.47%</td>
<td>$57,905.55</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>-0.57%</td>
<td>$2,363.63</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>-0.61%</td>
<td>$0.1022</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin plunged below $56,000 during morning hours after <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40821792/august-producer-prices-may-undermine-rate-cut-hopes-even-more-than-consumer-inflati">core inflation for August exceeded estimates</a>, moderating expectations for a 50-basis-point rate cut at next week&#8217;s FOMC meeting.&nbsp;
However, a swift recovery saw the leading cryptocurrency nearly touch $58,000 by market close. Bitcoin was still down 0.47% over the past week, and 1.89% since September began.
Ethereum also recovered its morning losses and hovered around the mid-$2,300 mark.
The total cryptocurrency liquidations breached $125 million in the last 24 hours, with the lion's share of upside bets getting wiped out.&nbsp;
Traders taking bullish long positions on Bitcoin surged compared to those positioning for price declines, as seen by the spike in the Long/Short Ratio.
The Cryptocurrency Fear &amp; Greed Index fell to 31 from 37 a day before, indicating significant FUD in the market.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Injective (INJ)</td>
<td>+4.61%</td>
<td>$18.94</td>
</tr>
<tr>
<td>Sui (SUI)</td>
<td>+4.34%</td>
<td>$0.9557</td>
</tr>
<tr>
<td>Monero (XMR)</td>
<td>+3.82%</td>
<td>$173.32</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stood at $2.02 trillion, following a marginal increase of 0.15% in the last 24 hours.
Stocks ticked higher on Wednesday. The S&amp;P 500 rose 58.61 points, or 1.07%, to end at 5,554.13, while the tech-focused Nasdaq Composite added 2.17% to close at 17,395.53. Both of these indices clocked their third straight day of gains. The Dow Jones Industrial Average inched 0.31% higher to finish at 40,861.71.
Like cryptocurrencies, stocks fell after inflation data came higher than expected. Investors now anticipitated an 85% chance of a 25-basis-point cut as of this writing, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool. Next on their radar is the producer price index data, due to be released Thursday.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Co-founders of the blockchain analytics platform Glassnode, Jan Happel and Yann Allemanna, who go by their pseudonym Negentropic on X, noted the peak of the Bitcoin Risk Index.
Looks like a great time to accumulate spot BTC," the handle said, adding that entering during this phase carries a "substantial reward."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Bitcoin Risk Index has indeed peaked. As described in our quoted post, entering during this initial post-peak retraction often carries a substantial reward! Looks like a great time to accumulate spot <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/BitcoinRiskIndex?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinRiskIndex</a> <a href="https://t.co/I5FtIF38jz">https://t.co/I5FtIF38jz</a> <a href="https://t.co/L7oJB28gDh">pic.twitter.com/L7oJB28gDh</a>
&mdash; 
</blockquote></div></figure>

Movers

Trading Ideas

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Move Sideways As Inflation Data Dampens Aggressive Rate Cuts Hopes: Why This Analyst Duo Says It Is 'Great Time' To Pile Up On King Crypto

Former House Speaker Nancy Pelosi (D-Calif.) took to X on Wednesday to express her admiration for Vice President Kamala Harris&#8216;s performance in the <a href="https://www.benzinga.com/news/24/09/40806876/final-showdown-trump-and-harris-face-off-in-intense-debate-just-eight-weeks-before-election-day">recent presidential debate</a>. 
Pelosi praised Harris for handling the debate effectively and criticized Donald Trump&#8217;s performance. She said, &#8220;I have high standards for how those answers are handled and was very, very proud of her. She did very well. He was a mess. He lost &#8211; and that&#8217;s why he doesn&#8217;t want to debate again.&#8221;
<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">The presidential debate was a winning night for <a href="https://twitter.com/KamalaHarris?ref_src=twsrc%5Etfw">@kamalaharris</a>. I have high standards for how those answers are handled and was very, very proud of her. She did very well. He was a mess. He lost &#8211; and that&#39;s why he doesn&#39;t want to debate again. <a href="https://twitter.com/hashtag/Debate2024?src=hash&amp;ref_src=twsrc%5Etfw">#Debate2024</a> <a href="https://t.co/f3W0rmNi0d">https://t.co/f3W0rmNi0d</a>
&mdash; Nancy Pelosi (@TeamPelosi) <a href="https://twitter.com/TeamPelosi/status/1833990424748589261?ref_src=twsrc%5Etfw">September 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
According to a flash poll conducted by CNN, 63% of the registered voters who watched the debate <a href="https://www.benzinga.com/news/24/09/40808499/trump-vs-harris-debates-results-are-in-flash-poll-shows-resounding-majority-pick-vice-president-as-w">chose Harris as the winner</a>, leaving her opponent with only 37% of the votes.
Notably, Trump told reporters on Wednesday that he wasn&#8217;t sure if he was going to debate Harris again, according to a CNN <a href="https://edition.cnn.com/2024/09/11/media/will-trump-and-harris-debate-again-abc-moderators/index.html">report</a>.
&#8220;Are we going to do a rematch? I just don't know," he said. "We'll think about it.&#8221; However, A Trump campaign senior adviser told CNN that the ex-president has said that &#8220;he is going to do three debates.&#8221; The spokesperson said it was Harris who was evading another debate on September 25.
See Also: <a href="https://www.benzinga.com/news/24/09/40786585/anthony-scaramucci-tells-kamala-harris-not-to-be-policy-wonk-and-hillary-clintonize-tuesdays-debate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Tells Kamala Harris Not To Be &#8216;Policy Wonk&#8217; And &#8216;Hillary Clintonize&#8217; Tuesday&#8217;s Debate: &#8216;They Want You To Best Donald Trump&#8217;</a>
Why It Matters: This debate was a significant event in the run-up to the 2024 presidential election. Prior to the debate, Harris held a <a href="https://www.benzinga.com/general/politics/24/09/40805945/harris-vs-trump-vice-president-holds-3-point-lead-ahead-of-presidential-debate-but-swing-states-">three-point lead</a> over her opponent, as per a Morning Consult poll.
Pelosi&#8217;s endorsement of Harris is not surprising, given her previous <a href="https://www.benzinga.com/general/politics/24/07/39892716/nancy-pelosi-endorses-kamala-harris-for-president-full-confidence-that-she-will-lead-us-to-victo">public support</a> for the Vice President. Pelosi has expressed full confidence in Harris&#8217; ability to lead the country to victory in November.
Image via Flickr/ Gage Skidmore
Did You Know?
<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/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Nancy Pelosi Says Trump Lost To Kamala Harris And 'That's Why He Doesn't Want To Debate Again'

Raphael Bostic, president of the Federal Reserve Bank of Atlanta, breached Federal Open Market Committee rules and Reserve Bank policies, according to a report by the central bank's Office of Inspector General. 
What Happened: The investigation, initiated by Fed Chair Jerome Powell, found that Bostic created an &#8220;appearance of acting on confidential FOMC information&#8221; and a &#8220;conflict of interest&#8221; that could undermine his impartiality. The report indicated that Bostic violated the FOMC blackout rule and trading preclearance rules.
Bostic&#8217;s breaches included executing securities transactions during blackout periods, failing to accurately report certain transactions, holding U.S. Treasury bonds or notes exceeding the $50,000 limit, and not adhering to the preclearance system for trades. These actions were highlighted in the report.
See Also: <a href="https://www.benzinga.com/news/earnings/24/09/40703532/no-respite-for-us-stocks-as-futures-sag-vix-spikes-10-bitcoin-slides-strategist-warns-of-further-pa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, S&amp;P 500 On Track To Extend Losses: What&#8217;s Driving Futures Trading</a>
Last October, Bostic admitted to improperly disclosing financial transactions over his five-year tenure, attributing the errors to a misinterpretation of personal investment policies. Amended disclosures revealed numerous unreported mutual fund transactions, many of which occurred during restricted periods around Fed policy meetings.
Why It Matters: The revelation of Bostic&#8217;s violations comes at a critical juncture for the Federal Reserve. 
As the central bank grapples with economic uncertainties, the integrity of its officials is paramount. Bostic&#8217;s recent comments on potential rate cuts underscore the importance of transparency and <a href="https://www.benzinga.com/news/24/08/40616200/feds-raphael-bostic-i-dont-want-us-to-be-in-a-situation-where-we-cut-and-then-we-have-to-raise-rates">trust in Fed communications</a>. 
In an interview in August, Bostic <a href="https://www.benzinga.com/news/24/08/40616200/feds-raphael-bostic-i-dont-want-us-to-be-in-a-situation-where-we-cut-and-then-we-have-to-raise-rates">expressed caution about rate cuts</a>, emphasizing the need for further economic data before making decisions. 
Read Next: 
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<li><a href="https://www.benzinga.com/news/earnings/24/09/40769743/wall-street-all-set-for-tech-powered-rebound-in-new-week-apples-glowtime-event-in-spotlight?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wall Street All Set For Tech-Powered Rebound In New Week: Apple&#8217;s Glowtime Event In Spotlight</a></li>
</ul>
Image Generated with AI Via Midjourney 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Jerome Powell-Led Investigation Finds Atlanta Fed President Raphael Bostic Breached FOMC Rules, Created 'Conflict Of Interest' Over Securities Trading Violations

Pop music sensation&nbsp;Taylor Swift&nbsp;has been recognized for directing a massive influx of over 330,000 visitors to vote.gov, <a href="https://www.benzinga.com/general/entertainment/24/09/40807445/taylor-swift-says-i-will-be-casting-my-vote-for-kamala-harris-and-tim-walz-takes-a-dig-at-j">following her public endorsement</a> of Vice President Kamala Harris.
What Happened: The General Services Administration reported that 337,826 visitors were&nbsp;referred to the voter information&nbsp;website via Swift&#8217;s&nbsp;custom link as of 2&nbsp;p.m. EDT on Wednesday, <a href="https://thehill.com/homenews/campaign/4875173-taylor-swift-vote-gov/">reported</a> The Hill.
This surge occurred less than 24 hours after Swift&#8217;s endorsement after the <a href="https://www.benzinga.com/news/24/09/40806876/final-showdown-trump-and-harris-face-off-in-intense-debate-just-eight-weeks-before-election-day">debate between</a> Harris and former President Donald Trump.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40767879/veteran-pollster-weighs-in-on-new-trump-vs-harris-poll-that-shows-ex-president-closing-in-if-you-sup?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Veteran Pollster Weighs In On New Trump Vs. Harris Poll That Shows Ex-President Closing In: &#8216;If You Support Policies That 60% Of The Country Opposes…You&#8217;re Asking For Trouble&#8217;</a>
Swift, a Grammy award-winning artist, announced her endorsement on Instagram, expressing her belief that the country should be &#8220;led by calm and not chaos.&#8221;
She also addressed fake images circulating online, allegedly showing her&nbsp;support for the Republican nominee, and concluded her post by urging her followers, particularly first-time voters, to do their research and register to vote.
Why It Matters: Swift&#8217;s endorsement comes on the heels of her album &#8220;The Tortured Poets Department&#8221; which experienced a <a href="https://www.benzinga.com/general/entertainment/24/08/40448010/taylor-swifts-the-tortured-poets-department-sees-600-sales-jump-months-after-release">600% sales jump months</a> after its release.
Former President Trump, however, dismissed Swift&#8217;s <a href="https://www.benzinga.com/general/entertainment/24/09/40815602/trump-shakes-off-taylor-swifts-harris-endorsement-in-2024-election-shell-probably-pay-a-pri">endorsement of his opponent</a>, suggesting that she might &#8220;pay&nbsp;a price for it in&nbsp;the marketplace.&#8221;
<a href="https://www.benzinga.com/general/entertainment/24/09/40804934/taylor-swift-endorsed-biden-and-harris-in-2020-will-she-back-vice-president-again-in-final-">In 2020</a>, Swift backed the Joe Biden-Harris ticket, and during the 2018 midterms, she endorsed two Democratic candidates from Tennessee.
Image via Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/09/40767860/mark-cuban-praises-elon-musks-ai-chatbot-grok-for-answering-kamala-harris-pov-on-immigration-i-think?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Praises Elon Musk&#8217;s AI Chatbot Grok For Answering Kamala Harris&#8217; POV On Immigration: &#8216;I Think It&#8217;s Accurate&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Entertainment

Taylor Swift's Endorsement Of Kamala Harris Drives Over 330K Visitors To Vote.Gov

Iran has rebuffed Western allegations that it has been supplying short-range missiles to Russia for use in the ongoing Ukraine conflict. The country has also pledged to respond to new sanctions imposed by a coalition of European nations.
What Happened: Iran&#8217;s Minister of Foreign Affairs, Abbas Araghchi, refuted claims on Wednesday that Iran has been providing ballistic missiles to Russia. The statement was first <a href="https://www.aljazeera.com/news/2024/9/11/iran-pledges-reaction-to-western-sanctions-targeting-russian-missile-supply">noted</a> on Al Jazeera.
<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">Once again, US and E3 act on faulty intelligence and flawed logic &#8211; Iran has NOT delivered ballistic missiles to Russia. Period &#8211; Sanction addicts should ask themselves: how is Iran able to make &amp; supposedly sell sophisticated arms? Sanctions r NOT a solution, but part of problem
&mdash; Seyed Abbas Araghchi (@araghchi) <a href="https://twitter.com/araghchi/status/1833822324035829979?ref_src=twsrc%5Etfw">September 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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He argued that the United States and its allies are basing their actions on &#8220;faulty intelligence.&#8221; The foreign minister said, &#8220;Sanction addicts should ask themselves: how is Iran able to make &amp; supposedly sell sophisticated arms?&#8221;
Nasser Kanaani, Iran&#8217;s Foreign Ministry spokesman, labeled the sanctions announced by Britain, France, and Germany as &#8220;economic terrorism&#8221; against the Iranian people, promising &#8220;appropriate and proportionate action&#8221; in response, according to Al Jazeera.
The sanctions, which include revoking bilateral deals for providing air services to Iran and imposing sanctions on Iran Air, were announced following the United States&#8217; formal accusation of Iran supplying weapons to Moscow.
Kanaani dismissed any claims that Iran has sold ballistic missiles to the Russian Federation as &#8220;completely baseless and false&#8221;. Despite these denials, Iran&#8217;s relationship with Moscow has reportedly strengthened since the invasion in February 2022, with Iran supplying Shahed drones to Russia.
See Also: <a href="https://www.benzinga.com/news/24/09/40811055/polling-veteran-nate-silver-says-kamala-harris-got-the-debate-she-wanted-as-fatigued-trump-couldnt-b?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Polling Veteran Nate Silver Says Kamala Harris Got The Debate She Wanted As Fatigued Trump Couldn&#8217;t Bring His &#8216;A-Game&#8217; After The Initial Momentum</a>
Why It Matters: The allegations of Iran supplying missiles to Russia come amidst escalating tensions in the Middle East and the ongoing conflict in Ukraine. Earlier this year, the United States and its allies <a href="https://www.benzinga.com/news/24/04/38285317/us-allies-to-slap-more-sanctions-against-irans-missile-and-drone-programs-amid-rising-middle-east-te">announced new sanctions</a> targeting Iran&#8217;s missile and drone programs.
These sanctions were a response to Iran&#8217;s alleged transfer of around <a href="https://www.benzinga.com/markets/asia/24/02/37245085/iran-arms-russia-with-400-ballistic-missiles-escalates-military-alliance-to-counter-us-sanctions">400 surface-to-surface ballistic missiles</a> to Russia. The recent allegations and sanctions could further strain the already tense relations between Iran and the West, potentially leading to an escalation in the conflict.
Image by Mohasseyn via Shutterstock
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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>

General

Iran Says 'Sanction Addicts' US And UK Are Acting On 'Faulty Intelligence' Regarding Russia's Missile Supply

In a rare moment of unity, President Joe Biden, Vice President Kamala Harris, former President Donald Trump, and Sen. J.D. Vance put their political differences aside to commemorate the 23rd anniversary of the 9/11 attacks.
What Happened: The political figures gathered at Ground Zero in Manhattan for a commemoration event. Trump and Harris, who had their first face-to-face encounter during the presidential debate the previous night, exchanged handshakes before the solemn ceremonies began, <a href="https://edition.cnn.com/2024/09/11/politics/heres-how-biden-harris-trump-and-vance-will-commemorate-9-11/index.html">reported</a> CNN.
Post the event, Biden and Harris journeyed to Shanksville, Pennsylvania, to partake in a wreath-laying ceremony at the Flight 93 memorial. They also visited a local volunteer fire station, where Biden briefly donned a Trump hat, symbolizing bipartisan unity.
<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">MAGA Joe? Biden Puts on a TRUMP Hat During 9/11 Event in Pennsylvania, One Day After Trump's Debate Against Kamala Harris (VIDEO) <a href="https://t.co/3gD1MlQaeS">https://t.co/3gD1MlQaeS</a>
&mdash; Sean Hannity &#x1f1fa;&#x1f1f8; (@seanhannity) <a href="https://twitter.com/seanhannity/status/1834005391903965375?ref_src=twsrc%5Etfw">September 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
A White House spokesperson expressed that Biden&#8217;s gesture was a reflection of the unity that the nation experienced in the aftermath of the attacks. This act held significance in the current toxic political environment.
Biden and Harris later attended another wreath-laying ceremony at the Pentagon in Arlington, Virginia. Trump also had plans to visit Shanksville separately later that day.
See Also: <a href="https://www.benzinga.com/news/24/09/40765551/mark-cuban-asks-trump-advisor-done-any-modeling-of-the-financial-impact-of-deporting-20-million-peop?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Asks Trump Advisor: &#8216;Done Any Modeling Of The Financial Impact Of Deporting 20 Million People?</a>
Why It Matters: The handshake between Trump and Harris at the debate <a href="https://www.benzinga.com/news/24/09/40807308/trump-and-kamala-harris-break-8-year-no-handshake-era-ex-president-offers-vp-a-maga-hat-5-noteworthy">marked the end</a> of an eight-year no-handshake era. 
Despite Harris being <a href="https://www.benzinga.com/news/24/09/40808499/trump-vs-harris-debates-results-are-in-flash-poll-shows-resounding-majority-pick-vice-president-as-w">declared the winner</a> of the debate by a significant majority, she still trails the GOP rival by 20 points on a particular issue, according to a flash poll. Prior to the debate, Harris <a href="https://www.benzinga.com/general/politics/24/09/40805945/harris-vs-trump-vice-president-holds-3-point-lead-ahead-of-presidential-debate-but-swing-states-">held a 3-point lead</a> over Trump.
Image via Flickr/ Anthony Quintano
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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>

Trump And Harris Shake Hands At 9/11 Remembrance Ceremony, Biden Dons Hat Associated With Ex-President's Campaign To Underscore Unity

Earlier this month, <a href="https://www.benzinga.com/personal-finance/24/09/40817545/i-know-im-not-broke-shaquille-oneals-card-was-declined-at-walmart-after-attempting-the-biggest-p">NBA Hall of Famer</a>,&nbsp;Shaquille O'Neal, also known as Shaq, revealed that he&nbsp;lost a $20 million deal&nbsp;due to his public comment that the Earth is flat.
What Happened: During an episode of Complex&#8217;s &#8220;GOAT Talk,&#8221; O&#8217;Neal spoke about how his involvement in the 2017 flat Earth debate led to the loss of a lucrative deal.
The&nbsp;former Los Angeles Lakers superstar&nbsp;discussed various topics with his son, Myles O&#8217;Neal when a cue card question brought up the incident.
The NBA legend remembered his contentious statement, &#8220;I said Earth was flat&nbsp;one time, and I lost&nbsp;a f&#x2A;&#x2A;king big deal on&nbsp;that. Yeah, cause [of] the&nbsp;haters.&#8221; 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40812318/samsung-to-reportedly-slash-global-workforce-by-up-to-30-in-certain-divisions-amid-intense-competiti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Samsung To Reportedly Slash Global Workforce By Up To 30% In Certain Divisions Amid Intense Competition From Apple, Huawei</a>
He did not reveal the name of the company but stated that the decision-makers received 500,000 complaints, which prompted them to terminate the partnership.
&#8220;It was like 500,000 hate mail they said man we can&#8217;t big deal like $20 million I&#8217;m not going to elaborate on it,&#8221; he stated.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Shaq &amp; Myles O'Neal Debate the Best and Worst Things Ever &#x7C; GOAT Talk" width="500" height="281" src="https://www.youtube.com/embed/HLthq1IrTxo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Why It Matters: O&#8217;Neal caused a media uproar in 2017 when he appeared to support the flat Earth theory on &#8220;The Big Podcast With Shaq.&#8221;
Later, while appearing on Jordan Harbinger&#8217;s podcast&nbsp;&#8220;The Art of Charm,&#8221; O&#8217;Neal took back his comments, saying he was only kidding.
&#8220;The Earth is flat,&#8221; he said, adding, &#8220;Would you like to hear my theory? The first part of the theory is, I&#8217;m joking, you idiots.&#8221;
His controversial statement coincided with a similar claim by Dallas Mavericks point guard, Kyrie Irving, who later apologized after facing backlash.
Meanwhile, O&#8217;Neal&#8217;s off-court activities have been making headlines. Earlier this month, he&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/09/40758484/nba-legend-shaq-shows-off-his-new-widebody-carbon-fiber-tesla-cybertruck-elon-musk-has-a-on">showcased&nbsp;his custom</a> Tesla Cybertruck.
The vehicle, named the "Cyberbeast," features a widebody kit and carbon fiber build, enhancing its lightweight design and bold appearance.
Image via Shutterstock
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</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Sports

Shaq Once Said The 'Earth Was Flat' And Then It Cost Him $20M: 'It Was Like 500K Hate Mail'

First, there was the <a href="https://www.benzinga.com/news/24/09/40810729/after-starship-test-flight-is-pushed-back-to-november-spacex-says-it-takes-longer-to-do-paperwork-th">Magnificent 7</a> of publicly traded companies: Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), 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>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
Now, there is the Private Magnificent 7 of U.S. companies in the innovation space, according to private market platform Forge Global Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FRGE#NYSE">FRGE</a>).
Forge has identified these startup &#8220;unicorns&#8221; &#8212; privately owned startups that are valued at $1 billion or more &#8212; as SpaceX, OpenAI, Stripe, Inc., Databricks, Fanatics, Inc., Scale AI and Rippling.
These companies, like their publicly traded counterparts, have shown &#8220;superior growth and remarkable resilience&#8221; during the Great Reset period of lowering valuations over the last 2.5 years, Forge said.
"While the post-2021 market downturn was undoubtedly a challenging period for the private market, the Private Magnificent 7 proved resilient," said Kelly Rodriques, CEO of Forge Global. 
Read Also: <a href="https://www.benzinga.com/news/24/09/40764804/whats-the-secret-openai-is-battling-to-keep-co-founders-files-confidential-heres-why">What&#8217;s The Secret? OpenAI Is Battling To Keep Co-Founder&#8217;s Files Confidential, Here&#8217;s Why</a>
"Forge believes these companies reflect the current and emerging themes of private investing and are driving the secular growth of the U.S. innovation economy."
The Private Magnificent 7 collectively account for $382 billion in implied valuation, according to latest Forge data on its website.
Though it is 30 times smaller in valuation than the public Magnificent 7 &#8212; which is roughly the equal to the size of Japan, Canada and U.K. stock markets combined &#8212; the Private Magnificent 7 has outperformed the listed companies by 16.9% in the past year, Forge said.
Over the last 12 months, the private Magnificent 7&#8217;s price performance rose 55.3% versus the public group of companies&#8217; price performance growing 38.4% in the same period.
How Much Are These Companies Worth?
Here is a rundown of the valuations for the Private Magnificent 7, according to latest Forge data:
<ul>
<li>SpaceX, an American spacecraft manufacturer founded in 2002 by billionaire Elon Musk, is worth $150 billion.</li>
<li>OpenAI, an American artificial-intelligence company co-founded in 2015 by Sam Altman and Greg Brockman, is valued at $80 billion.</li>
<li>Stripe, an Irish-American financial services and software as a service company founded in 2010 by Patrick and John Collison, is worth $50 billion.</li>
<li>Databricks, a U.S. AI company co-founded in 2013 by CEO Ali Ghodsi and executive chairman Ion Stoica, is worth $43.4 billion.</li>
<li>Fanatics, an American online sports retailer founded in 2011 by CEO Michael Rubin, is valued at $31 billion.</li>
<li>Scale AI, a U.S. AI company founded in 2016 by Alexandr Wang and Lucy Guo, is worth $13.8 billion.</li>
<li>Ripplng, a U.S. human resource mangement company founded in 2016 by Parker Conrad and Prasanna Sankar, holds a value of $13.5 billion.</li>
</ul>
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</ul>
Image created using artificial intelligence via Midjourney.

Entrepreneurship

Press Releases

AMZN

FRGE

TSLA

The Magnificent 7 'Unicorns': Startups That Dominate Private Investing

The utilities sector has emerged as the top-performing sector within the S&amp;P 500 <a href="https://www.benzinga.com/markets">so far in 2024</a>.
As of Sept. 11, the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) has surged 22% year-to-date, outpacing all other sectors and even surpassing the technology sector – tracked by the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) – by 9 percentage points.
This marks a significant turnaround for utilities, which trailed tech by 40 percentage points in 2023.
<h3 class="wp-block-heading">Chart: Utilities Sector Outperforms S&amp;P 500, Tech Stocks In 2024</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="445" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-1024x445.png" alt="" class="wp-image-543220" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-1024x445.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-300x130.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-768x334.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89-1536x667.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11161618/image-89.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091124&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
<h3 class="wp-block-heading">The Drivers Behind The Utility Sector Surge</h3>
The robust performance of utilities stocks in 2024 has caught many investors by surprise, especially given the broader market&#8217;s focus on growth sectors like technology in recent years. 
&#8220;There is an undeniable defensive undertone here, as defensive stocks like utilities and consumer staples are leading the charge. The lack of momentum in the previously unstoppable &#8216;Magnificent 7&#8217; tech stocks could be signaling a shift in market sentiment,&#8221; analyst Michael Gayed.
This move toward defensive assets is particularly significant amid rising concerns over macroeconomic volatility and an increasingly unpredictable interest rate environment.
Bank of America recently raised its outlook for the utilities sector to Overweight, citing a combination of income and quality characteristics, which have become increasingly attractive as volatility rises.
&#8220;Client flows have suggested no love for the sector, but single stocks have begun to see inflows in recent weeks and ETF flows have begun to trend positively since the spring,&#8221; analysts at Bank of America highlighted.
&#8220;It's remarkable that the most defensive sector of the S&amp;P 500 has officially become the year&#8217;s top performer, despite the widespread consensus that the economy is doing well,&#8221; Otavio Costa, a macro strategist at Crescat Capital, said in a post on social media X.
<h3 class="wp-block-heading">Utilities Meet Rising Demand For AI-Driven Data Centers</h3>
Indeed, a critical factor boosting the utilities sector is the rising demand for electricity tied to the growth of AI-linked data centers. 
Carly Davenport, an analyst at Goldman Sachs, highlighted this trend in a note, saying, &#8220;Data center growth is starting to contribute meaningfully to power demand, and we've seen further positive revisions to the pipeline.&#8221;
Goldman Sachs estimates that data centers will be the largest driver of U.S. power demand growth, contributing around 90 basis points (bps) to the nation&#8217;s 2.4% power demand compound annual growth rate through 2030. 
This increase in demand is expected to lead to incremental capital investments in transmission and generation capacity, potentially driving further upside for utilities stocks over the next several years.
<h3 class="wp-block-heading">Top-Performing Utility Stocks in 2024</h3>
Several utility companies have experienced outsized gains this year, driven by strong earnings, strategic investments, and sectoral tailwinds. Here&#8217;s a look at the top-performing utility stocks year-to-date through Sept. 11:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Price Chg. % (YTD)</td>
</tr>
<tr>
<td>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>)</td>
<td>107.95%</td>
</tr>
<tr>
<td>Constellation Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NYSE">CEG</a>)</td>
<td>60.22%</td>
</tr>
<tr>
<td>NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)</td>
<td>54.88%</td>
</tr>
<tr>
<td>NextEra Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>)</td>
<td>37.39%</td>
</tr>
<tr>
<td>Public Service Enterprise Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEG#NYSE">PEG</a>)</td>
<td>34.52%</td>
</tr>
<tr>
<td>American Electric Power Company, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NYSE">AEP</a>)</td>
<td>26.86%</td>
</tr>
<tr>
<td>The Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>)</td>
<td>26.63%</td>
</tr>
</tbody>
</table>
</figure>
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This Under-The-Radar Defensive AI Sector Quietly Outperforms All Others, Despite Receiving 'No Love' From Investors

The presidential debate between Vice President Kamala Harris and Ex-President Donald Trump shifted the betting odds for the <a href="https://www.benzinga.com/topic/election-day">winner on Election Day</a>.
Here&#8217;s a look at who has the edge and how the markets have shifted in recent months.
What Happened: Harris has been performing well in recent election polls and her performance at<a href="https://www.benzinga.com/news/24/09/40806876/final-showdown-trump-and-harris-face-off-in-intense-debate-just-eight-weeks-before-election-day"> the presidential debate</a> against Trump could continue to show momentum with gains from undecided voters.
The betting odds are near even between the two candidates at Bet365, as reported by <a href="https://www.covers.com/politics/us-election-betting-odds">Covers</a>. Harris now has the edge at -125 with Trump ranking close behind at +100. These betting odds translate to around a 55.5% implied chance of Harris winning the election and implied odds of 50% of Trump winning the election — just to illustrate how close the election remains.
Harris saw her odds improve to -110 and take the status of the betting favorite after the presidential debate. News of global superstar Taylor Swift&#8216;s <a href="https://www.benzinga.com/general/entertainment/24/09/40815602/trump-shakes-off-taylor-swifts-harris-endorsement-in-2024-election-shell-probably-pay-a-pri">endorsing Harris</a> sent the vice president's odds to -125, making her a bigger favorite to win the election.
For comparison, Trump was the favorite at odds of -125 and Harris was listed at +100 <a href="https://www.benzinga.com/general/sports-betting/24/08/40238227/trump-vs-harris-presidential-odds-and-betting-markets-show-near-toss-up-but-this-candidate">back in August.</a>
BetMGM, which is a joint venture between Entain and MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), doesn't offer betting on political outcomes to U.S. customers, but its Ontario customers can bet on the 2024 election.
On BetMGM, Trump is listed as the favorite at -135, improving from odds of +100 before the debate, as <a href="https://x.com/johnewing/status/1833928497993277639">reported </a>by BetMGM's John Ewing. Trump has 70% of the money on him to win since the debate at BetMGM according to Ewing.
Prediction market&nbsp;Polymarket, which calls itself the world&#8217;s largest prediction market, offers betting on items in categories such as politics, sports, cryptocurrency, pop culture and more.
On Polymarket, users can deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network, or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). In each betting market, the winning option pays out at $1.
The prediction market for the winner of the 2024 presidential election has attracted over $870 million in wagers on Polymarket. Here are the current <a href="https://polymarket.com/event/presidential-election-winner-2024">odds</a>:
<ul>
<li>Donald Trump: 50%</li>
<li>Kamala Harris: 48.5%</li>
</ul>
Trump has <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40818633/donald-trump-clings-on-to-1-5-election-odds-lead-on-polymarket-but-kamala-harris-has-alrea">mostly been in the lead </a>on Polymarket, with Harris remaining close and sometimes taking the lead. Trump held a lead of eight points ahead of the debate before the two candidates ended up tied after the debate and shortly after. The former president regained a lead on Polymarket Wednesday.
Similar to sportsbooks, the prediction market shows a near toss-up between the two candidates.
Did You Know?
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Why It&#8217;s Important:&nbsp;The new betting odds mark a shift in the odds from July. After&nbsp;<a href="https://www.benzinga.com/general/politics/24/07/39780356/trumps-2024-election-betting-odds-hit-record-high-after-assassination-attempt-payouts-for-ex-pre" target="_blank" rel="noreferrer noopener">an assassination attempt</a>&nbsp;on Trump in Pennsylvania, his odds hit -250 as a larger favorite with Biden listed at +500 and Harris at +800.
Following the<a href="https://www.benzinga.com/general/sports-betting/24/07/39868243/2024-election-betting-odds-joe-biden-has-8-chance-of-winning-according-to-sportsbooks-pred" target="_blank" rel="noreferrer noopener">&nbsp;first presidential debate</a>, Trump had odds of -175, with Harris at +400 topping the odds of Biden at +800 before his withdrawal from the race.
In&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39625294/2024-election-betting-odds-react-to-biden-debate-disaster-trump-odds-hit-all-time-high-kam" target="_blank" rel="noreferrer noopener">late June</a>, Trump was listed with odds of -188 with Biden at +350 and Harris significantly behind at +2,200.
Keep in mind that back in January 2021, it was Harris who was the favorite to win the 2024 election with odds of +350 based on the plan that Biden would not run for re-election. Biden and Trump trailed Harris at the time at odds of +400 and +650, respectively.
Harris has closed the gap between the Democratic and Republican parties and her debate performance has now made it more likely that she wins the 2024 election.
A recent Morning Consult poll showed Harris with a<a href="https://www.benzinga.com/general/politics/24/09/40805945/harris-vs-trump-vice-president-holds-3-point-lead-ahead-of-presidential-debate-but-swing-states-"> three-point lead </a>over Trump among nationally registered voters who are likely to vote in the upcoming election.
Harris has also shown a lead among Independent voters and young voters in a recent poll, which could be two key voter groups that decide the 2024 election.
Check This Out:
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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent091124">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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