Latest news for iMing (OTC:IMNG) Stock

iMing Corp is a technology solution provider of set-top boxes (STB). It provides web-based television and videos for the Chinese Market. The company supplies high-definition television through the Web (Web TV) in China, turning the internet into the content delivery source which is displaying on their television or monitor. The products offered by the company includes iMing Web TV HD Box, iMing Smart TV and smartphone accessories.

iMing Corp

Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) has decided to offer an extended warranty for its 13th and 14th Gen CPUs, which have been plagued by stability concerns. This move aims to mitigate customer dissatisfaction as the tech <a href="https://www.benzinga.com/news/earnings/24/08/40115276/intel-stock-falls-after-weak-q2-results-new-cost-reduction-plan-15-headcount-reduction">giant grapples with technical setbacks</a>.
What Happened: Intel is offering an additional two years of warranty on its 13th and 14th Gen CPUs, which have been experiencing crashes, The Verge <a href="https://www.theverge.com/2024/8/1/24211616/intel-crashing-13th-14th-gen-cpus-warranty-two-more-years">reported</a> on Tuesday.
Despite the absence of a permanent fix for the crashing issues with Intel&#8217;s 13th and 14th Gen Core processors, the company is attempting to appease customers by extending the warranty period. 
Intel has acknowledged the &#8220;instability&#8221; problems, attributing them to &#8220;elevated operating voltage&#8221; and is preparing a mid-August patch to address the root cause, though it won&#8217;t repair any pre-existing damage.
See Also: <a href="https://www.benzinga.com/news/24/07/40066966/epic-games-tim-sweeney-slams-apples-find-my-anti-theft-feature-calls-it-super-creepy-surveillance-te?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Epic Games&#8217; Tim Sweeney Slams Apple&#8217;s &#8216;Find My&#8217; Anti-Theft Feature, Calls It &#8216;Super Creepy Surveillance Tech&#8217; That Should Not Exist</a>
Originally, Intel&#8217;s boxed CPUs came with a three-year limited warranty, but with this extension, the warranty period will now total five years. This move comes after Intel initially declined to comment on potential warranty extensions for the affected chips.
In a statement to The Verge, Thomas Hannaford of Intel expressed the company&#8217;s commitment to supporting customers through the exchange process and promised more details on the extended warranty support soon. 
"We stand behind our products, and in the coming days we will be sharing more details on two-year extended warranty support for our boxed Intel Core 13th and 14th Gen desktop processors," he said. 
Intel has advised customers who purchased systems from OEM/System Integrators to contact the support team of their system manufacturer and those who bought boxed CPUs to reach out to Intel Customer Support for assistance.
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Why It Matters: Intel&#8217;s decision to extend warranties arrives amid a challenging period for the company. Following a <a href="https://www.benzinga.com/news/earnings/24/08/40115276/intel-stock-falls-after-weak-q2-results-new-cost-reduction-plan-15-headcount-reduction">disappointing second-quarter financial report</a>, where earnings and sales fell below analyst expectations, Intel announced a significant cost reduction plan, including a 15% headcount reduction. This was a stark indicator of the pressures Intel faces as it attempts to navigate a turnaround strategy.
The company&#8217;s recent job cuts are part of efforts to streamline operations and fund its recovery efforts amid <a href="https://www.benzinga.com/news/24/07/40073980/intel-plans-job-cuts-to-fund-turnaround-efforts-bloomberg">declining earnings and market share</a>.
Furthermore, Intel&#8217;s competitive landscape has intensified, with rivals like Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) making significant inroads in the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40069119/can-amd-stock-hit-180-ai-growth-fuels-data-center-dominance-over-intel">data center space</a>, as highlighted by a JPMorgan analyst&#8217;s note on AMD&#8217;s growth.
However, it&#8217;s not all bleak for Intel, as the company <a href="https://www.benzinga.com/markets/equities/24/07/40076795/intel-wins-london-leg-of-patent-dispute-with-r2-report">recently secured a legal victor</a>y in the London leg of a global patent dispute with R2 Semiconductor. 
Price Action: Intel Corp&#8217;s stock closed at $29.05 on Thursday, down by 5.50%. In after-hours trading, the stock fell further 18.90%. Year to date, the stock has dropped 39.23%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/07/40003033/elon-musk-blocked-vampires-fame-james-wood-for-slamming-his-blocking-ban-now-the-actor-cant-stop-sin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Blocked &#8216;Vampires&#8217; Fame James Woods For Slamming His Blocking Ban, Now The Actor Can&#8217;t Stop Singing Praises Of The X Owner: &#8216;He Is A Champion Of Free Speech&#8217;</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>

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INTC

Intel Doesn't Have A Fix For 2 Generations Of Its CPUs Crashing, But It's Offering 2 Years Of Extended Warranty To Make Up For It

Macro Economic Events

Econ #s

Economics

Reported Earlier, Australia Producer Price Index (QoQ) For Q2 1.0% Vs. 1.0% Est.; 0.9% Prior

Reported Earlier, Australia Producer Price Index (YoY) For Q2 4.8% Vs. 4.3% Prior

Reported Earlier, Australia Home Loans (MoM) For June 0.5% Vs. -1.0% Est.; -1.9% (Revised) Prior

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Thursday envisioned the company making a drivetrain every second, or in 80% less time than it currently takes to <a href="https://www.benzinga.com/news/24/08/40090803/elon-musks-tesla-makes-10-millionth-drive-unit-more-than-half-of-them-made-in-giga-nevada">manufacture a drive unit</a>. 
What Happened: &#8220;One day, Tesla will make a drivetrain per second,&#8221; Musk wrote on X.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">One day, Tesla will make a drivetrain per second <a href="https://t.co/Whj4WAAxzw">https://t.co/Whj4WAAxzw</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1819107597745901811?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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Omead Afshar, who lists his job role on LinkedIn as working in the office of the CEO at Tesla, added to Musk&#8217;s dreams and wrote, &#8220;And a car in &lt;60 seconds!&#8221; Afshar is among the few Tesla employees to have a Tesla-affiliated tag on Musk&#8217;s social media platform X.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">And a car in &lt;60 seconds! <a href="https://t.co/nuMsNgqE1j">https://t.co/nuMsNgqE1j</a>
&mdash; Omead Afshar (@omead) <a href="https://twitter.com/omead/status/1819121062224760931?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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Musk voiced his new expectations on the heels of Tesla announcing on Wednesday that it has produced its 10 millionth drive unit across all of its factories. The drive unit was created on July 3, the company said, while not specifying which of its many factories manufactured it.
Why It Matters:&nbsp;Most of Tesla's drive units are seemingly made in Giga Nevada located less than an hour from Lake Tahoe. In early June, the company announced that its gigafactory in Nevada made its 5 millionth drive unit or about 50% of its overall drive unit production as of July 3. 
The drive unit serves as the core of an EV by converting electrical energy in the battery to mechanical energy.
Drive units today cost less than half of the <a href="https://www.benzinga.com/news/24/07/40028740/tesla-ceo-elon-musk-turns-down-possibility-of-model-s-plaid-plus-variant-upcoming-roadster-set-to-fi">original Model S drive unit </a>and the company makes one every five seconds, Tesla said on Wednesday. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/08/40091775/tesla-ceo-elon-musk-says-warren-buffett-backed-ev-maker-byd-should-change-approach-to-autonomy-fast">Tesla CEO Elon Musk Says Warren Buffett-Backed EV Maker BYD Should Change Approach To Autonomy &#8216;Fast Or They&#8217;re In Trouble&#8217;</a></li>
</ul>
Photo via Wikimedia Commons

TSLA

Elon Musk Dreams Of Tesla Making A Drivetrain Every Second, 5X Faster Than Right Now

Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares turned higher late in Thursday&#8217;s after-hours session after being down in reaction to the quarterly report. Despite some sore spots such as the China weakness, analysts and market watchers were positive about the <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">third-quarter performance and the forward outlook.</a>
Ives Pleasantly Surprised: &#8220;Gold-medal performance in our view,&#8221; said Wedbush analyst Daniel Ives in a post on X, formerly Twitter, referring to Apple&#8217;s performance in the third quarter. In a note released immediately after the results, Ives said revenue exceeded expectations and iPhone sales also came in above the consensus.
&#8220;We were not expecting anything special this quarter,&#8221; Ives said, adding that iPhone 15, however, remained strong.
China revenue was down 6.5% year-over-year, and the decline was a more modest 3% excluding currency headwinds, the analyst said. &#8220;We believe growth in China will return to the Cupertino story in the September quarter,&#8221; he said. 
&#8220;Overall this was a flex the muscles moment for Cook &amp; Co. despite negative sentiment building around the iPhone growth story.&#8221;
Ives also highlighted Services revenue which grew in line with the guidance for double-digit growth. He sees the segment remaining the &#8220;bedrock of growth in the Apple story.&#8221;
The analyst commended the healthy gross margin, at 46.3%, which was a tick higher than what the Street was bracing for. He attributed the strength to increasing ASPs continue to drive margins up. 
Weighing in with his thoughts on the conference call, Ives said, &#8220;This was an upbeat conference call in our view as stronger September guidance is just the opening act for the main event which is an AI-driven super cycle starting with iPhone 16 launching in mid-September.&#8221;
The analyst expects AI technology that will be introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as hardware products, adding $30 to $40 per share. Apple guided revenue growth to be similar to the June quarter levels, ahead of the 4.3% expected by the Street and Services revenue growth will also be similar to the levels seen in the June quarter, he noted.
&#8220;Our view is betting against Cook and Cupertino into an AI-driven supercycle led by iPhone 16 and Apple Intelligence is the wrong move for investors as the renaissance of growth returns to the Apple story,&#8221; he added.
Wedbush maintained an Outperform rating and lifted the price target for the stock from $275 to $285.
See Also:&nbsp;<a href="https://www.benzinga.com/money/everything-you-need-to-know-about-apple-stock" target="_blank" rel="noreferrer noopener">Everything You Need to Know About Apple Stock</a>
Overall Solid Quarter, Says Munster: Apple beat earnings and revenue expectations by 4% and 1.6%, respectively, said Deepwater Asset Management Managing Partner Gene Munster on X. &#8220;Overall it was a solid quarter,&#8221; he said.
China revenue fell 6.5% year-over-year versus the Street forecast for a more modest 0.7% drop, he said. The non-China business therefore has done the heavy lifting with 7% growth compared to the overall growth of 5%, he said. CEO Tim Cook said on the call that China softness was in part due to the country being the most competitive market in the world and the macro environment, he noted.
The tech venture capitalist shrugged off the China weakness as he noted that this geography faced a tougher comparison. Going forward, things get easier for Apple in the country, he added.
&#8220;Apple&#8217;s flywheel is flying,&#8221; said Munster, referring to the active installed base that hit a new record.
Munster termed the company&#8217;s guidance as solid, with the September quarter revenue guidance 0.5% above the consensus. The expectation among some that the new iPhone cycle which starts in the back half of the month of September would have inched guidance even higher is noise, he said. 
&#8220;Big picture is it&#8217;s all about FY25 and FY26 iPhone, Mac and iPad powered by Apple Intelligence,&#8221; the analyst said.
Delving into the AI features&#8217; launch timeline, Apple reiterated<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39269940/apples-ai-breakthroughs-at-wwdc-2024-lead-to-higher-iphone-sales-projections-by-gol"> its previous comments from the June Worldwide Developers&#8217; Conference about a staggered launch, </a>Munster noted. The launch will start with developers followed by a partial rollout, some features like languages happening over the course of the year and ChatGPT integration by end of the calendar year, he said, citing management commentary.
Apple shares, which closed Thursday&#8217;s session down 1.68% to $218.36, were last seen trading up 0.68% at $219.84 in the after-hours session, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Photo courtesy: Shutterstock
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</ul>

Analyst Color

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AAPL

Apple Analyst Warns Investors About Betting Against Tech Giant As iPhone Maker On Cusp Of AI-Driven Supercycle: 'Flex The Muscles Moment For Cook & Co'

On Thursday, e-commerce giant Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) disclosed a shift in consumer preferences towards lower-priced items and everyday essentials, resulting in a drop in average selling prices (ASPs).
What Happened: During <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">Amazon&#8217;s second-quarter earnings</a> call, the e-commerce giant CEO Andy Jassy highlighted that customers are increasingly opting for lower-priced items, leading to a decrease in ASPs.
He said while high-ticket items like electronics are growing faster for Amazon than elsewhere in the industry, the growth rate is slower compared to a more robust economy. However, Amazon&#8217;s expedited delivery speed has led to an increase in everyday essentials sales.
See Also: <a href="https://www.benzinga.com/news/24/07/40088903/mark-zuckerberg-takes-a-veiled-swipe-at-elon-musk-meta-ceo-says-he-is-pleased-with-the-progress-face?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Takes A Veiled Swipe At Elon Musk? Meta CEO Says He Is Pleased With The Progress Facebook Is Making With Young Adults Despite The &#8216;Public Narrative&#8217;</a>
&#8220;So, far this year, our speed of delivery for Prime customers has been faster than ever before, with more than five billion units arriving the same day or next day,&#8221; he stated.
Brian T. Olsavsky, Amazon&#8217;s senior vice president and CFO, also said that consumers continue to look for deals and lower ASP products, a trend expected to continue into the third quarter. &#8220;The difference in Q2 was that, again, we had very strong unit volume growth.&#8221;
He also noted that the drop in revenue growth was tied to ASP and growth in everyday essentials business and categories.
&#8220;While we think we are selling a number of higher ticket items, certainly and holding up well in the market itself, certainly not as strong as it&#8217;s been in a normalized economy,&#8221; Olsavsky stated, adding, &#8220;And lower ASP products are more of the mix right now.&#8221;
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Amazon&#8217;s shift towards faster delivery services has been a strategic move to cater to last-minute shoppers. This strategy has resulted in a significant increase in Amazon&#8217;s share of <a href="https://www.benzinga.com/news/24/01/36494973/amazons-expedited-shipping-wins-big-in-holiday-rush-capturing-nearly-a-third-of-late-online-orders">online orders during the holiday season.</a>
In March this year, it was reported that Amazon has been focusing on enhancing its delivery speed and trust to counter the <a href="https://www.benzinga.com/news/24/03/37866299/amazon-amps-up-delivery-speed-and-trust-to-tackle-alibaba-rivals-temu-and-sheins-rapid-us-expansion">rise of emerging e-commerce</a> platforms like Temu and Shein. These platforms, originating from China, have swiftly gained traction in the U.S. market, directly targeting Amazon's customer base.
Meanwhile, on Thursday, Amazon reported second-quarter net sales of $148 billion, marking a 10% increase year-over-year. However, these sales fell short of the Street consensus estimate of $148.56 billion, according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent080124&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">from Benzinga Pro.</a>
Price Action: At the time of writing, Amazon shares dropped 6.88% to $171.40 in after-hours trading on Thursday. In the regular session, the company&#8217;s shares were down 1.65% ending at $184.07.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

Amazon Reports Drop In Prices And Slower Growth In High-Ticket Items Compared With 'Normalized Economy,' But Faster Delivery Is A Silver Lining

Warren Buffett&#8216;s Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) has continued to sell off its holdings in Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), with the total sales now exceeding $3.8 billion over the past two weeks.
What Happened: Berkshire Hathaway, led by the legendary investor Buffett, has offloaded more than $3.8 billion worth of Bank of America shares since mid-July, reported Reuters, citing a regulatory filing on Thursday. The company sold approximately 19.2 million shares for about $779 million between Jul. 30 and Aug. 1.
The conglomerate remains the largest shareholder of the Charlotte, North Carolina-based bank, holding 942.4 million shares, which is about 12.1% of the shares outstanding, valued at around $37.2 billion.
Berkshire is required to continue reporting sales until its stake falls below 10%. The company is set to report its second-quarter earnings on Saturday morning.
The sales began after Bank of America&#8217;s stock price had risen by about two-thirds since late October and traded at more than 1.2 times book value. This boosted the value of Berkshire&#8217;s shares to over $45 billion, more than triple the $14.6 billion it paid for them.
Berkshire has been investing in Bank of America since 2011 when it purchased $5 billion of preferred stock, signaling Buffett&#8217;s confidence in Bank of America CEO Brian Moynihan&#8216;s ability to restore the bank to health following the 2008 financial crisis.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/40029681/trump-accuses-opec-of-manipulating-oil-prices-to-favor-kamala-harris-warns-she-will-be-a-disaste?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Accuses OPEC Of Manipulating Oil Prices To Favor Kamala Harris, Warns &#8216;She Will Be A Disaster For The USA!&#8217;</a>
Why It Matters: The recent sales are part of a broader trend of Berkshire Hathaway <a href="https://www.benzinga.com/markets/equities/24/07/39870428/warren-buffetts-berkshire-hathaway-sells-33-9m-bank-of-america-shares-worth-1-48b">trimming its position</a> in Bank of America. Earlier in July, Berkshire sold approximately 33.9 million Bank of America shares, worth around $1.48 billion, as disclosed in a regulatory filing with the SEC.
By the end of July, Berkshire had further <a href="https://www.benzinga.com/markets/equities/24/07/40030472/warren-buffetts-berkshire-trims-position-in-its-second-biggest-stock-holding-by-3-2b-this-month-">reduced its stake</a> by selling an additional 18.42 million shares valued at about $767 million. This brought Berkshire&#8217;s holdings to 961.65 million shares, reducing its ownership to 12.49%.
Warren Buffett&#8217;s investment strategy often involves <a href="https://www.benzinga.com/markets/24/07/39995098/warren-buffett-is-loaded-up-on-these-three-stocks-should-you-be">buying and holding winning stocks</a> for the long term. However, the recent sales indicate a strategic move to capitalize on the significant appreciation in Bank of America&#8217;s stock price.
Buffett has often emphasized the importance of choosing the right heroes and role models in his investment journey. His admiration for figures like Benjamin Graham has <a href="https://www.benzinga.com/news/24/08/40120575/warren-buffett-once-said-that-the-best-thing-he-did-was-choose-the-right-heroes-who-was-berkshire-ha">shaped his investment philosophy</a>, which continues to influence his decisions today.
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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>

Warren Buffett's Berkshire Hathaway Further Pares Bank Of America Stake, Offloads Shares Worth $3.8B In 2 Weeks

Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) co-founder Jack Dorsey has shown great optimism about the potential of the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mining chip market, terming it a &#8220;massive opportunity&#8221; for the company.
What Happened: During the Q2 earnings calls Thursday, Dorsey highlighted the current market dominance of Bitmain, the world&#8217;s largest Bitcoin mining chip maker, whose products, according to him, had serious reliability concerns.
&#8220;Bitmain produces mining chips and rigs that fail a lot,&#8221; Dorsey said, citing feedback from the market leader&#8217;s customers.
He further emphasized the technological advantage Block&#8217;s chips possess, stating they have access to a 3-nanometer fab, while Bitmain&#8217;s chips are 6-nanometer. Dorsey believes this technological superiority will enable them to construct a more reliable and configurable product.
Dorsey also underlined that chips developed by Block were open source, allowing miners to tailor them for their own business requirements.
Last but not least, Dorsey expressed confidence in his company&#8217;s ability to become the market leader in Bitcoin mining hardware.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40110137/mike-novogratz-predicts-kamala-harris-may-soon-embrace-crypto-in-light-of-donald-trumps-pr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mike Novogratz Predicts Kamala Harris May Soon Embrace Crypto In Light Of Donald Trump&#8217;s Pro-Crypto Stance</a>
Why It Matters: Dorsey&#8217;s confidence in the Bitcoin mining chip market isn&#8217;t unfounded. His financial technology firm made a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39721727/jack-dorseys-block-makes-historic-bitcoin-mining-chip-sale-to-core-scientific-our-first-mi">historic sale of 3 nanometer (3nm) mining ASICs </a>to leading Bitcoin miner Core Scientific Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CORZ#NASDAQ">CORZ</a>) last month. This was one of the largest Bitcoin mining ASIC deals in the industry in terms of hashrate.
Dorsey, who co-founded Twitter (now called X), has shifted his focus to cryptocurrencies. He co-founded Block (formerly known as Square) and has also served on the board of directors for Bluesky, a decentralized social media platform.
Block reported a 20% year-over-year growth in gross profit in its <a href="https://www.benzinga.com/news/earnings/24/08/40117991/block-shares-rally-on-q2-results-forward-guidance">Q2 financial report</a>. Bitcoin gross profit was $67 million in the second quarter of 2024. The total amount of Bitcoin sold to customers, which Block recognizes as Bitcoin revenue, was $2.61 billion.
Price Action: Shares of Block were up 5% in after-hours trading, after closing 1.99% lower at $59.89 during Thursday's trading session, 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>. 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40118334/marathon-digital-q2-earnings-revenue-miss-hash-rate-up-78-more-than-20k-bitcoin-on-balance">Marathon Digital Q2 Earnings: Revenue Miss, Hash Rate Up 78%, More Than 20K Bitcoin On Balance Sheet And More</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.

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

Cryptocurrency

$BTC

Core Scientific, Inc. - Class A Common Stock

CORZ

Jack Dorsey Views Bitcoin Mining Chip Manufacturing As 'Massive Opportunity' For Block: 'We're Going To Take A Majority Of The Market Share'

On Thursday, major U.S. indices closed lower, with the Dow Jones Industrial Average falling 1.2% to 40,347.97, and the S&amp;P 500 decreasing by 1.4% to 5,446.68. The Nasdaq experienced a notable drop of 2.3%, ending at 17,194.15.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)
Amazon&#8217;s stock dipped by 1.56% to close at $184.07. The e-commerce giant reported a 10% year-over-year increase in <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">second-quarter net sales</a>, totaling $148 billion, but fell short of the Street consensus estimate of $148.56 billion. 
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)
Apple&#8217;s shares fell 1.68% to $218.36, despite reporting third-quarter earnings that exceeded expectations and revenue that grew year-over-year. The stock weakness is apparently due to Apple's China and Services performance as well as Mac revenue <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">modestly trailing expectations</a>. 
Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>)
Block&#8217;s shares dropped by 3.20% to $59.90 after the company reported its second-quarter financial results. The Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-centric company reported quarterly earnings of 31 cents per share, <a href="https://www.benzinga.com/news/earnings/24/08/40117991/block-shares-rally-on-q2-results-forward-guidance">missing the analyst consensus estimate</a> of 34 cents by 8.82%. 
Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)
Intel&#8217;s shares plunged 5.50% to $29.05 after the company reported its second-quarter financial results. The company reported <a href="https://www.benzinga.com/news/earnings/24/08/40115276/intel-stock-falls-after-weak-q2-results-new-cost-reduction-plan-15-headcount-reduction">quarterly earnings</a> of 2 cents per share, missing the analyst consensus estimate of 10 cents by 80%. 
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s shares fell 6.55% to $216.86. The company announced that it has <a href="https://www.benzinga.com/news/24/08/40090803/elon-musks-tesla-makes-10-millionth-drive-unit-more-than-half-of-them-made-in-giga-nevada">produced its 10 millionth drive unit</a> across all of its factories. 
Photo by Jirapong Manustrong on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/news/24/07/40056448/us-army-halts-pay-for-soldier-imprisoned-in-russia-senior-defense-official-consequences-for-unaccept?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Army Halts Pay for Soldier Imprisoned in Russia — Senior Defense Official: Consequences For &#8216;Unacceptable Behavior&#8217; Will Mirror Those Faced By Private That Entered Kim Jong Un&#8217;s North Korea</a>
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>

Amazon, Apple, Block, Intel, Tesla: Why These 5 Stocks Are On Investors' Radars Today

The aircraft transporting Wall Street Journal reporter Evan Gershkovich, U.S. Marine Paul Whelan, and journalist Alsu Kurmasheva <a href="https://www.benzinga.com/news/24/08/40101351/russia-frees-wsj-reporter-evan-gershkovich-and-ex-marine-paul-whelan-in-major-prisoner-swap-with-us">has landed in Washington</a>, D.C., as reported by Andrew Roth, Global Affairs Correspondent for The Guardian on X.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Plane carrying Evan Gershkovich Paul Whelan and Alsu Kurmasheva has just touched down in DC. <a href="https://t.co/veE627voln">pic.twitter.com/veE627voln</a>
&mdash; Andrew Roth (@Andrew__Roth) <a href="https://twitter.com/Andrew__Roth/status/1819216392710693074?ref_src=twsrc%5Etfw">August 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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President Joe Biden and Vice President Kamala Harris welcome Gershkovich and the other returnees at Joint Base Andrews in Maryland.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The freed American prisoners meeting with Biden and Harris. Evan hugs Biden and lifts his mom Ella in the air! <a href="https://t.co/iyaoygTxqj">pic.twitter.com/iyaoygTxqj</a>
&mdash; Andrew Roth (@Andrew__Roth) <a href="https://twitter.com/Andrew__Roth/status/1819220380814385637?ref_src=twsrc%5Etfw">August 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Gershkovich&#8217;s release, part of a <a href="https://www.benzinga.com/news/24/08/40101351/russia-frees-wsj-reporter-evan-gershkovich-and-ex-marine-paul-whelan-in-major-prisoner-swap-with-us">major East-West prisoner swap</a>—the largest since the Cold War—comes after he was detained for over a year on espionage charges. The exchange involved freeing Americans in return for Russians, including a convicted murderer, held in the U.S. and Europe.
Read Next: 
<a href="https://www.benzinga.com/news/24/08/40121063/trump-slams-russia-prisoner-exchange-we-never-make-good-deals-biden-responds-why-didnt-he-do-it-when">Trump Slams Russia Prisoner Exchange: &#8216;We Never Make Good Deals&#8217; — Biden Responds, &#8216;Why Didn&#8217;t He Do It When He Was President?&#8217;</a>
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

Joe Biden And Kamala Harris Greet Evan Gershkovich And Paul Whelan At Joint Base Andrews Following Landmark Prisoner Swap With Russia

Apple Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">third-quarter earnings</a> report has outperformed expectations, even with a 6.5% YoY sales decrease in Greater China. However, CEO Tim Cook continues to remain bullish about the company&#8217;s long-term prospects in the region.
What Happened: During the earnings call, Cook revealed that the <a href="https://www.benzinga.com/news/earnings/24/07/40018739/apple-analyst-turns-focus-to-apple-intelligence-chinese-market-share-ahead-of-q3-earnings">sales decrease in Greater China</a> was less than 3%&nbsp;on a constant currency basis, suggesting that over half of the decline was currency-related.
Despite the decrease, Cook pointed out several positive indicators. The iPhone install base in Greater China set a record, and Mainland China saw&nbsp;a June quarter record for&nbsp;upgraders. The Kantar survey for the quarter showed iPhones as&nbsp;the top three models in&nbsp;urban China.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/40003033/elon-musk-blocked-vampires-fame-james-wood-for-slamming-his-blocking-ban-now-the-actor-cant-stop-sin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Blocked &#8216;Vampires&#8217; Fame James Woods For Slamming His Blocking Ban, Now The Actor Can&#8217;t Stop Singing Praises Of The X Owner: &#8216;He Is A Champion Of Free Speech&#8217;</a>
Cook also mentioned that the majority of customers in Mainland China were buying Mac and iPad products for the first time. The&nbsp;iPad returned to growth in&nbsp;Greater China during the quarter, mirroring its performance worldwide, he said.
&#8220;We&nbsp;continue to be confident in the long-term opportunity in China. I don&#8217;t know how every chapter of the book reads, but we&#8217;re very confident in the long-term,&#8221; Cook stated.
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: In July, it was reported that <a href="https://www.benzinga.com/markets/equities/24/07/39954971/apple-drops-from-3rd-to-6th-in-china-amid-intensifying-competition-huawei-shipments-surge-41-in-">Apple&#8217;s market share in China dropped to 14%</a>, a decrease of two percentage points from the same period last year, according to data from Canalys. This was due to intensifying competition, with Huawei Technologies witnessing a significant increase in smartphone shipments.
However, <a href="https://www.benzinga.com/markets/asia/24/06/39434301/apples-ai-strategy-faces-hurdles-in-china-talks-with-local-firms-are-ongoing">Apple has been making strategic moves</a> to strengthen its position in the region. In June, the company was in talks with several Chinese companies, including Baidu Inc and Alibaba Group Holding Limited, to integrate artificial intelligence (AI) functions into its devices sold in China.
Meanwhile, Cupertino&#8217;s revenue increased by 4.9%, totaling $85.78 billion for the quarter, surpassing the average analyst estimate of $84.53 billion, according to&nbsp;<a href="https://benzinga.grsm.io/register174" target="_blank" rel="noreferrer noopener">Benzinga Pro data.</a>
Price Action: Apple shares were slightly up in after-hours trading at $219.60, at the time of writing. The stock closed Thursday's session down 1.68%, ending at $218.36.
Image Credits &#8211; Shutterstock.com
Check out more of Benzinga's Future Of Consumer Tech by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link.</a>
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<li><a href="https://www.benzinga.com/news/24/07/39904665/apple-plans-a18-chip-integration-to-bring-ai-features-to-iphone-16-its-entry-level-variants-and-ipad" target="_blank" rel="noreferrer noopener">Apple Plans A18 Chip Integration To Bring AI Features To iPhone 16, Its Entry-Level Variants And iPads: Report</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tim Cook Remains Optimistic About Greater China Market Despite 6.5% Yearly Decline: 'Confident in the Long-Term'

Do Kwon, the disgraced co-founder of Terraform Labs, is set to be extradited from Montenegro to South Korea, as per a court ruling. The decision rejects a U.S. extradition request.
What Happened: The Appellate Court of Montenegro upheld a previous decision by the High Court of Podgorica to hand over Kwon to his home country, South Korea, over the U.S., both of which are seeking his extradition, CoinDesk <a href="https://www.coindesk.com/policy/2024/08/01/montenegro-to-extradite-do-kwon-to-south-korea-rejecting-us-request/">reported</a> Thursday.
The recent ruling is expected to end the ongoing tug-of-war over Kwon&#8217;s extradition destination. Despite previous <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37481532/do-kwons-us-extradition-overturned-whats-next">successful appeals against U.S. extradition,</a> the decision to send him to South Korea was postponed by the country&#8217;s Supreme Court. The final decision on Kwon&#8217;s extradition will be made by Montenegro&#8217;s Minister of Justice, as per the Office of the Supreme State Prosecutor.
As of now, no date has been set for Kwon&#8217;s extradition.
.See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40112162/dogwifhat-down-20-and-the-hat-has-to-come-off-again-says-trader-flush-below-2-next">Dogwifhat Down 20% And The &#8216;Hat Has To Come Off Again,&#8217; Says Trader: &#8216;Flush Below $2&#8217; Next?</a>
Why It Matters: The litigation against Terraform Labs and Do Kwon has been continuing for more than two years. In April, a United States District Court ruled that Terraform Labs and Kwon <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38147207/court-finds-terraform-labs-guilty-of-defrauding-crypto-investors">defrauded investors during the stunning collapse</a> of stablecoin TerraUSD (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">UST</a>) and associated cryptocurrency Terra (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/luna/usd">LUNA</a>), an event that wiped out more than $40 billion in investors&#8217; wealth in a single week and triggered a cryptocurrency bear market.
In June, Terraform Labs <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39304765/bankrupt-terraform-labs-and-founder-do-kwon-reach-historic-4-47b-settlement-with-the-sec-i">agreed to a civil settlement of $4.47 billion with the SEC</a> after being found guilty. as per another <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39304765/bankrupt-terraform-labs-and-founder-do-kwon-reach-historic-4-47b-settlement-with-the-sec-i">Benzinga article</a>. The judgment includes $4.05 billion of disgorgement plus interest, and a $420 million civil fine.
After Terra&#8217;s collapse, Kwon vanished. In September 2022, Interpol issued a red notice for him. He was apprehended in Montenegro in March 2023 for attempting to use a fake Costa Rican passport to travel to Dubai. Despite an initial four-month sentence for using falsified documents, Kwon stayed in jail until his release on bail in March earlier this year.
Price Action: At the time of writing, Terra Classic (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">LUNC</a>), LUNA&#8217;s rebranded avatar, was exchanging hands at $0.00007758, down 1.23% 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 Courtesy: Shutterstock.com
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40097990/dogecoin-killer-shiba-inus-fourth-birthday-ignites-burn-rate-by-936-focus-on-long-term-dev?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Dogecoin Killer&#8217; Shiba Inu&#8217;s Fourth Birthday Ignites Burn Rate By 936%: &#8216;Focus On Long-Term Development</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

$LUNA

$LUNC

$UST

US Loses Out To South Korea Over Extradition Of Terraform Labs' Do Kwon

Reddit co-founder Alexis Ohanian and rapper Flavor Flav are helping athlete Veronica Fraley financially. Ohanian is also the <a href="https://www.benzinga.com/markets/cryptocurrency/21/09/22941133/serena-williams-owns-a-cryptopunk-and-her-husband-alexis-ohanian-wore-it-to-the-met-gala">husband</a> of tennis legend Serena Williams.
What Happened: On Thursday, Fraley, a discus thrower who is participating in the <a href="https://www.benzinga.com/content/40031176/azerbaijans-olympic-team-shines-at-paris-2024-opening-ceremony">2024 Paris Olympics</a>, took to X, formerly Twitter, and voiced her financial difficulties. 
She highlighted the financial support gap between herself and her school&#8217;s football players saying despite her Olympic participation, she was unable to meet her rent payments.
Flav promptly responded to Fraley&#8217;s post, offering to cover her rent. Serena Williams&#8217; husband, Ohanian followed suit, proposing to split the cost.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I gotchu,,, DM me and I'll send payment TODAY so you don't have to worry bout it TOMORROW,,, and imma be rooting for ya tomorrow LETZ GO,!!!
&mdash; FLAVOR FLAV (@FlavorFlav) <a href="https://twitter.com/FlavorFlav/status/1819037242020548849?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Q3 Earnings Beat Expectations, Tim Cook Highlights &#8216;Breakthrough&#8217; AI Platform: Installed Base Of Devices Hits All-Time High, But China Revenue Falls</a>
Both confirmed their payments within an hour, with Ohanian posting a screenshot of his $7,760 transfer to Fraley, a nod to&nbsp;his Seven Seven Six venture&nbsp;capital firm.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Update! It is done. <a href="https://t.co/WEX18Gny60">pic.twitter.com/WEX18Gny60</a>
&mdash; Alexis Ohanian &#x1f1e6;&#x1f1f2; (@alexisohanian) <a href="https://twitter.com/alexisohanian/status/1819057503436472800?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Fraley later expressed her gratitude for their support, acknowledging the significant impact of their contribution.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4aa;&#x1f1fa;&#x1f1f8;&#x1f947; now go be great
&mdash; Alexis Ohanian &#x1f1e6;&#x1f1f2; (@alexisohanian) <a href="https://twitter.com/alexisohanian/status/1819115247778554122?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: This incident underscores the financial challenges faced by many Olympic athletes. Despite the&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/08/40118989/simone-biles-makes-history-in-paris-snoop-dogg-led-olympic-pin-trading-frenzy-expected">glamour and tradition</a>&nbsp;associated with the Olympics, not all athletes receive adequate financial backing.
According <a href="https://www.nbc.com/nbc-insider/are-olympic-athletes-paid-to-compete-olympic-games-medals-worth">to</a> NBC, traditionally Olympic athletes do not receive payment. However, team USA athletes can earn income through sponsorships, endorsements, and monetary awards for winning Olympic medals.
Singapore famously awards its gold-medal-winning athletes $737,000, whereas competitors from the U.S. can earn over $37,000 for each first-place finish, according to a 2021 <a href="https://www.cnbc.com/2021/07/29/tokyo-olympics-how-much-athletes-earn.html">report</a> by CNBC.
Moreover, U.S. Olympians traditionally benefit from perks like tax relief, tuition grants, education funding, top-tier healthcare plans, and other advantages.
Meanwhile, on Thursday, it was reported that professional basketball player, LeBron James, who is gearing up to lead Team USA in the 2024 Paris Olympics, has <a href="https://www.benzinga.com/real-estate/24/08/40109271/lebron-james-eyes-olympic-gold-while-building-a-100-million-real-estate-empire">quietly built a $100 million real estate</a> empire.
Photo Courtesy: Asatur Yesayants on Shutterstock.com
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<li><a href="https://www.benzinga.com/news/24/07/40088285/mark-zuckerberg-says-metas-405b-model-llama-3-1-has-better-cost-performance-than-openais-chatgpt-thi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Says Meta&#8217;s $405B Model Llama 3.1 Has Better Cost Performance Than OpenAI&#8217;s ChatGPT: This Is An &#8216;Inflection Point In The Industry&#8217;</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Reddit Co-Founder And Serena Williams Husband Alexis Ohanian Gave $7.7K To Olympian Veronica Fraley Because She Couldn't Pay Her Rent: 'Now Go Be Great'

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is being sued by the family of a motorcyclist who died in a 2022 crash involving a Tesla Model 3 on Autopilot in Utah. The lawsuit alleges that the driver assistant software and other safety features are &#8220;defective and inadequate.&#8221;
What Happened: The parents of Landon Embry, the motorcyclist who died in the crash, have filed a lawsuit against Tesla and the driver of the Model 3, Reuters reported on Thursday. 
The lawsuit claims that the Autopilot was engaged at a speed of 75-80 miles per hour when it collided with the Harley Davidson motorcycle, throwing Embry off the bike and resulting in his death.
The lawsuit alleges that the driver of the Model 3 was &#8220;tired&#8221; and &#8220;not in a condition to drive as an ordinarily prudent driver.&#8221; It also states that the Autopilot sensors, including cameras, should have identified the motorcycle as a hazard and taken appropriate action to avoid the collision.
This lawsuit adds to the mounting criticism of Tesla&#8217;s driver assistant systems, Autopilot and Full Self-Driving (FSD). In April, a Tesla Model S in &#8220;Full Self-Driving&#8221; mode was involved in a fatal crash that killed a motorcyclist in the Seattle area.
See Also: <a href="https://www.benzinga.com/news/24/07/40031325/former-tesla-exec-says-biden-administrations-treatment-of-ev-giant-was-pretty-fair-despite-musks-all?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former Tesla Exec Says Biden Administration&#8217;s Treatment Of EV Giant Was &#8216;Pretty Fair&#8217; Despite Musk&#8217;s&nbsp;Allegations That It Would Rather The Company &#8216;Be Dead Than Not Unionized&#8217;</a>
Why It Matters: This lawsuit is the latest in a series of incidents involving Tesla&#8217;s driver assistance technologies. In April, a fatal accident near Seattle involved a Tesla Model S using the FSD system, leading to the <a href="https://www.benzinga.com/news/24/07/40068281/teslas-fsd-system-under-scrutiny-after-fatal-motorcycle-accident-near-seattle">death of a motorcyclist</a>. The driver admitted to being distracted by his phone while the vehicle was on Autopilot.
In February, safety advocacy group the Dawn Project ran ads during the Super Bowl, <a href="https://www.benzinga.com/news/24/02/37111667/tesla-vehicles-will-try-to-kill-you-safety-advocacy-group-founder-says-fsd-drives-like-a-drunk-teena">urging consumers to boycott</a> Tesla due to safety concerns. The group&#8217;s founder, Dan O'Dowd, claimed that the FSD system &#8220;drives like a drunk teenager&#8221; and poses significant risks to public safety. 
Despite these concerns, CEO Elon Musk has expressed confidence in the FSD technology. On Thursday, he stated that Tesla has a &#8220;clear path&#8221; to improving the performance of the FSD system, aiming to double the <a href="https://www.benzinga.com/news/24/08/40092350/tesla-has-a-clear-path-to-improving-fsd-in-august-and-reducing-interventions-says-elon-musk">average miles between interventions</a>.
Price Action: Tesla Inc.&#8217;s stock closed at $216.86 on Thursday, down 6.55% for the day. In after-hours trading, the stock increased slightly by 0.11%. Year to date, Tesla&#8217;s stock has declined by 12.70%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<a href="https://www.benzinga.com/news/24/07/40008695/tesla-was-incorporated-21-years-ago-if-you-invested-1000-in-elon-musks-ev-giant-when-it-went-public?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Was Incorporated 21 Years Ago: If You Invested $1000 In Elon Musk&#8217;s </a><a href="https://www.benzinga.com/news/24/07/40008695/tesla-was-incorporated-21-years-ago-if-you-invested-1000-in-elon-musks-ev-giant-when-it-went-public?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">EV</a><a href="https://www.benzinga.com/news/24/07/40008695/tesla-was-incorporated-21-years-ago-if-you-invested-1000-in-elon-musks-ev-giant-when-it-went-public?itm_source=parsely-api" target="_blank" rel="noreferrer noopener"> Giant When It Went Public, Here&#8217;s How Much You&#8217;d Have</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Legal

Tesla's Autopilot System Failed In Deadly 2022 Crash Involving Motorcyclist, Alleges Lawsuit

Michael Saylor, the co-founder of MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>). called former President Donald Trump&#8217;s recent Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-supportive speech a big milestone, underscoring that the world&#8217;s largest cryptocurrency has entered the political conversation.
What Happened: During Microstrategy&#8217;s Q2 2024 earnings call, Saylor said that the recently concluded Bitcoin 2024 conference was an &#8220;&#8221;extraordinary&#8221; event as it was graced by Governors, House Members, and presidential candidates.
&#8220;Four years ago, all of this was unconceivable. So, we&#8217;ve come a long way in the past four years,&#8221; the Bitcoin bull remarked.
Saylor applauded Trump&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002734/trump-says-bitcoin-will-skyrocket-like-never-before-if-he-returns-to-the-white-house-promi">announcement of a national Bitcoin stockpile</a>, particularly his stance on HODLing the apex cryptocurrency.
In fact, the MicroStrategy Executive Chairman went one step ahead and said, &#8220;In terms of the idea of not selling Bitcoin elevates Bitcoin to be the apex property of the nation as well as the apex investment asset.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40110137/mike-novogratz-predicts-kamala-harris-may-soon-embrace-crypto-in-light-of-donald-trumps-pr">Mike Novogratz Predicts Kamala Harris May Soon Embrace Crypto In Light Of Donald Trump&#8217;s Pro-Crypto Stance</a>
Saylor also praised the proposed legislation by Senator&nbsp;Cynthia Lummis&nbsp;(R-Wyo.)&nbsp;to establish a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40087880/cynthia-lummis-unveils-strategic-bitcoin-reserve-legislation-this-is-our-louisiana-purchas">U.S. strategic Bitcoin reserve</a>.
Why It Matters: Saylor&#8217;s comments came just days after Republican presidential frontrunner Trump pledged to make the U.S. the &#8220;crypto capital&#8221; of the world. He also announced that <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002734/trump-says-bitcoin-will-skyrocket-like-never-before-if-he-returns-to-the-white-house-promi">he&#8217;d sack </a>SEC Chair Gary Gensler, seen as hostile to the cause of cryptocurrencies, on Day 1 of assuming office.
Saylor&#8217;s bullish stance on King Crypto has dictated MicroStrategy&#8217;s Bitcoin corporate reserve strategy.&nbsp;As per its <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40117394/microstrategy-reports-q2-results-holds-226-331-bitcoin-worth-8-329-billion">Q2 earnings report,</a> the company&#8217;s Bitcoin holdings were worth more than $14 billion, 70% higher than its cost basis.
Price Action: At the time of writing, Bitcoin was exchanging hands at $64,222.21, up 0.34% in the last 24 hours, according to&nbsp;<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>.&nbsp;Shares of MicroStrategy were up 3.19% in after-hours trading, after closing 6.36% lower at $1511.81 during Thursday&#8217;s regular session.
Did You Know?&nbsp;
<ul>
<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>

Politics

MSTR

Michael Saylor Hails Trump's 'Never Sell Your Bitcoin' Push: 'Elevates King Crypto As The Apex Property Of The Nation'

On Thursday, Cathie Wood-led Ark Invest made significant trades in Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), and Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>).
The COIN Trade
Ark Invest sold 69,069 shares of Coinbase from its ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) and Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>). The value of this trade, based on the closing price of $212.64 on the same day, stands at approximately $14.7 million. 
This move comes after <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40115874/coinbase-q2-earnings-revenue-beat-transaction-revenue-falls-subscription-and-services-reve">Coinbase&#8217;s second-quarter earnings report</a>, which revealed a revenue beat, but a decrease in transaction revenue.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40121513/bitcoin-chops-in-64k-ethereum-dogecoin-dip-on-day-major-crypto-firms-reported-earnings-ana">remained relatively stable</a> while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) dropped as major cryptocurrency firms&#8217; earnings revealed mixed results on Thursday.
The PLTR Trade
Ark Invest, through its ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), sold 325,594 shares of Palantir. The value of this trade, based on the closing price of $26.08 on the same day, stands at approximately $8.5 million. This decision follows a period of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40048723/whats-going-on-with-palantir-technologies-stock-today">uncertainty in Palantir&#8217;s stock</a>, despite a recent price target increase from Citigroup.
The HOOD Trade
Ark Invest also sold 282,435 shares of Robinhood from its ARKK ETF. The value of this trade, based on the closing price of $20.24 on the same day, stands at approximately $5.72 million. This move comes ahead of Robinhood&#8217;s second-quarter earnings, which <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39719107/bofa-analysts-expect-robinhood-eps-beat-in-q2-heres-why">BofA analysts expect to beat estimates</a>. The numbers are expected next Wednesday.
See Also: <a href="https://www.benzinga.com/news/24/08/40107937/nvidia-maplebear-and-2-other-stocks-insiders-are-selling?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NVIDIA, Maplebear And 2 Other Stocks Insiders Are Selling</a>
Other Key Trades:
<ul>
<li>Ark Invest bought shares of Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) through its ARKW ETF.</li>
<li>Ark Invest bought shares of Aurora Innovation Inc (AUR) through its ARKQ ETF. </li>
<li>Ark Invest sold shares of Trimble Inc (TRMB) from its ARKQ ETF. </li>
<li>Ark Invest bought shares of 3IQ ETHER STAKING ETF (ETHQ) through its ARKW ETF.</li>
<li>Ark Invest sold shares of ARK 21Shares Bitcoin ETF (ARKB) from its ARKW ETF. </li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/40029681/trump-accuses-opec-of-manipulating-oil-prices-to-favor-kamala-harris-warns-she-will-be-a-disaste?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Accuses OPEC Of Manipulating Oil Prices To Favor Kamala Harris, Warns &#8216;She Will Be A Disaster For The USA!&#8217;</a></li>
</ul>

ETFs

$ETH

ARKF

ARKK

ARKW

COIN

HOOD

PLTR

Cathie Wood's Ark Invest Sells $14.7M Worth Of Coinbase Shares And $8.5M Worth Of Palantir Stock — Also Sells Robinhood Shares But Loads Up On AMD

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has continued its robust capital return program, returning over $32 billion to shareholders in the <a href="https://www.benzinga.com/news/earnings/24/08/40098719/how-to-earn-500-a-month-from-apple-stock-ahead-of-q3-earnings">third quarter of fiscal year 2024</a>.
What Happened: During the earnings call, Apple&#8217;s CFO Luca Maestri provided details on the company&#8217;s capital allocation strategy.
&#8220;During the quarter, we returned over $32 billion to shareholders, including $3.9 billion in dividends and equivalents and $26 billion through open market repurchases of 139 million Apple shares,&#8221; Maestri stated.
The company also announced its next dividend payment, with Maestri saying, &#8220;Today our Board of Directors has declared a cash dividend of $0.25 per share of common stock payable on Aug. 15, to shareholders of record as of Aug. 12.&#8221;
This substantial return of capital to shareholders comes amid a quarter of <a href="https://www.benzinga.com/news/earnings/24/08/40116376/apple-q3-earnings-beat-expectations-tim-cook-highlights-breakthrough-ai-platform-installed-base-of-">strong financial performance for Apple</a>. The company reported a new June quarter revenue record of $85.8 billion, up 5% year-over-year, with earnings per share growing to $1.40, also a June quarter record.
See Also: <a href="https://www.benzinga.com/markets/equities/24/08/40095631/researchers-identify-trump-dump-effect-ex-president-is-already-causing-deep-stock-losses-in-comp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Researchers Identify &#8216;Trump Dump&#8217; Effect: Ex-President Is Already Causing Deep Stock Losses In Companies And Industries He Targets</a>
Why It Matters: Apple&#8217;s strong financial performance in the third quarter is noteworthy, especially considering the company&#8217;s recent challenges. On Thursday, Apple reported <a href="https://www.benzinga.com/news/earnings/24/08/40098719/how-to-earn-500-a-month-from-apple-stock-ahead-of-q3-earnings">earnings that exceeded expectations</a>, with revenue growing year-over-year. 
Earlier in the day, analysts had anticipated that Apple&#8217;s third-quarter results would signal an i<a href="https://www.benzinga.com/news/earnings/24/08/40100693/will-apple-lay-the-case-for-easing-into-ai-superhighway-analysts-expect-iphone-makers-q3-results-to">nflection in topline growth</a>. The June quarter is typically slow for Apple, but the company managed to report growth in both revenue and earnings per share.
Moreover, Warren Buffett&#8217;s Berkshire Hathaway has significantly benefited from its <a href="https://www.benzinga.com/general/24/06/39433071/heres-how-much-warren-buffetts-berkshire-hathaway-earns-in-dividends-annually-from-its-stake-in-appl">stake in Apple</a>, roughly 5.1% of the company. And it&#8217;s a significant stake for Berkshire, representing over 40% of its portfolio, earning substantial dividends annually. 
Price Action: Apple&#8217;s stock closed at $218.36 on Thursday, down 1.68% for the day. In after-hours trading, the stock increased by 0.57%. Year to date, Apple&#8217;s stock has risen by 17.63%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40088529/bitcoin-ethereum-dogecoin-slip-amid-flare-up-of-iran-israel-tensions-analyst-says-a-big-mo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Slip Amid Flare-Up Of Iran-Israel Tensions: Analyst Says &#8216;A Big Move Is Coming Soon&#8217; For King Crypto</a></li>
</ul>
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Apple CFO Luca Maestri Pumps Confidence, Says iPhone Maker Returned $32B To Shareholders In Q3

Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has attributed its <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">disappointing revenue forecast</a> to the ongoing Paris Olympics and the recent assassination attempt on former President Donald Trump.
What Happened: Amazon&#8217;s finance chief, Brian Olsavsky, cited the current news cycle as a major reason for the company&#8217;s projected decline in online shopping for the quarter ending in September, CNBC <a href="https://www.cnbc.com/2024/08/01/amazon-says-distraction-of-olympics-trump-shooting-caused-weak-guide.html">reported</a> on Thursday. 
The Paris Olympics and the lead-up to the U.S. presidential election in November are diverting consumer attention, Olsavsky said during a call with journalists following the second-quarter earnings report.
"Customers only have so much attention," Olsavsky said. "When high-profile things happen, or the assassination attempt a couple of weeks ago, you see that people shift their attention to news. It's more about distractions."
Amazon expects its third-quarter revenue to range between $154 billion and $158.5 billion, with the midpoint of $156.25 billion falling short of the $158.24 billion consensus estimate. This, combined with a second-quarter revenue miss, led to nearly 7% drop in Amazon&#8217;s shares during extended trading.
Economic challenges are also influencing consumer spending patterns, according to Amazon executives. CEO Andy Jassy noted that consumers are being cautious with their spending, opting for cheaper items. 
Olsavsky added that consumers are &#8220;continuing to be cautious&#8221; and are more focused on buying everyday essentials, which could explain the revenue shortfall.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40032973/if-you-invested-1000-in-bitcoin-when-trump-said-its-value-is-based-on-thin-air-heres-how-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1000 in Bitcoin When Trump Said Its Value Is &#8216;Based On Thin Air,&#8217; Here&#8217;s How Much It&#8217;d Be Worth When He Said &#8216;Never Sell Your BTC&#8217;</a>
Why It Matters: Amazon&#8217;s <a href="https://www.benzinga.com/news/earnings/24/08/40114662/amazon-q2-earnings-highlights-revenue-miss-eps-beat-q3-guidance-and-more">second-quarter earnings</a> report, released on Thursday, showed a 10% year-over-year increase in net sales to $148 billion, which missed the Street&#8217;s consensus estimate of $148.56 billion. The company&#8217;s third-quarter guidance and revenue miss led to a significant drop in its stock price.
Amazon has been facing other challenges as well. The <a href="https://www.benzinga.com/news/24/07/40061048/e-commerce-giant-amazon-ordered-to-recall-over-400k-hazardous-products-sold-on-its-site-by-us-federa">U.S. Consumer Product Safety Commission recently ordered Amazon</a> to recall over 400,000 hazardous products sold on its platform. The company has also been struggling to meet its sustainability goals, with only about 19,000 electric delivery vans deployed as of 2023, <a href="https://www.benzinga.com/news/24/07/40066914/amazon-nowhere-close-to-its-100k-electric-delivery-vans-by-2030-target-heres-how-many-it-still-has-t">far from its target of 100,000 by 2030</a>.
Despite these challenges, Amazon&#8217;s acquisition of One Medical and its efforts to <a href="https://www.benzinga.com/news/24/07/39996940/google-cuts-ties-with-amazon-owned-one-medical-but-clarifies-it-is-not-due-to-e-commerce-giants-3-9b">expand its healthcare services</a> have been seen as a potential growth opportunity.
Price Action: Amazon.com Inc.&#8217;s stock closed at $184.07 on Thursday, down 1.56% for the day. In after-hours trading, the stock declined by 6.88%. Year to date, Amazon&#8217;s stock has risen by 22.77%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40056448/us-army-halts-pay-for-soldier-imprisoned-in-russia-senior-defense-official-consequences-for-unaccept?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Army Halts Pay for Soldier Imprisoned in Russia — Senior Defense Official: Consequences For &#8216;Unacceptable Behavior&#8217; Will Mirror Those Faced By Private That Entered Kim Jong Un&#8217;s North Korea</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>

Guidance

Amazon Says Trump Assassination Attempt And Paris Olympics Responsible For Lower Q3 Revenue Forecast, Shares Slide In After-Hours: 'Customers Only Have So Much Attention'

Bitcoin wobbled, Ethereum, Dogecoin slid Thursday as top cryptocurrency-based firms reported their earnings after market close.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 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>+0.60%</td>
<td>$65,132.07</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>-0.85%</td>
<td>$3,206.21</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>-3.24%</td>
<td>$0.1188</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin dipped below $63,000 in the morning hours before clawing back to the $64,000 zone by afternoon. The choppy movement meant King Crypto was little changed in the day.&nbsp;
Ethereum slipped below $3,200, marking a drop of 10% since spot ETFs tracking the price of the asset went up for trading on stock exchanges.
MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>), and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) reported their Q2 earnings after the closing bell, involving a tale of hits and misses.&nbsp;
Market liquidations hit a weekly high of $291 million, with liquidations of bullish leveraged bets accounting for 79% of the total.
Consequently, traders going long on Bitcoin dipped sharply in the last 24 hours, according to the Longs/Short Ratio indicator.
About 38% of the market is bullish on Bitcoin as of this writing, according to Coinglass, with 27% having a bearish view. About 35% of the participants are neutral.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9 p.m. EDT)</td>
</tr>
<tr>
<td>Popcat (POPCAT)</td>
<td>+8.41%</td>
<td>$0.7183</td>
</tr>
<tr>
<td>AIOZ NETWORK (AIOZ)</td>
<td>+8.11%</td>
<td>$0.6123</td>
</tr>
<tr>
<td>Aave (AAVE)</td>
<td>+8.03%</td>
<td>$116.55</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stood at $2.33 trillion, rising 0.02% in the last 24 hours.
Stocks sank lower on Thursday. The Dow Jones Industrial Average plunged 494.82 points, or 1.21%, to finish at 40,347.97. The S&amp;P 500 plummeted 1.37% to close at 5,446.68, while the tech-focused Nasdaq Composite crashed 2.30% to close at 17,194.15. Both indexes recorded their best session since February.
The heavy sell-offs come following the release of <a href="https://www.benzinga.com/news/econ-s/24/08/40105503/weekly-jobless-claims-rise-to-2024-high-is-the-number-signal-or-noise-ahead-of-fridays-jobs-report">worse-than-expected jobless claims data</a> for the week ending July 27. Additionally, the manufacturing sector recorded the fourth straight month of contraction.&nbsp;
These weak macro indicators sparked fears of economic decline,&nbsp;
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency analyst and trader Rekt Capital predicted that the BTC's ongoing correction won't be as long as the previous ones.
"The initial retrace inside the pattern took 5 weeks to bottom. The one after that took 4 weeks to bottom. This current one could take only 2-3 weeks to bottom," the trader projected.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> It&#39;s possible this current retrace won&#39;t take as long as the previous pullbacks The initial retrace inside the pattern took 5 weeks to bottom The one after that took 4 weeks to bottom This current one could take only 2-3 weeks to bottom<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/4q4AqIOESV">https://t.co/4q4AqIOESV</a> <a href="https://t.co/e9259YTgMl">pic.twitter.com/e9259YTgMl</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1819081548718919939?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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Another popular name in the cryptocurrency circles, Ali Martinez, highlighted massive liquidations of bullish leveraged bets due to BTC's move below $63,000.&nbsp;
However, he cautioned short position traders that a rebound to $70,440 would wipe away $2.40 billion in downside bets.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A bunch of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> bulls got rekt in this downswing. According to data from <a href="https://twitter.com/coinglass_com?ref_src=twsrc%5Etfw">@coinglass_com</a>, over $2.50 billion in leveraged long positions got liquidated as <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> dipped below $63,000! Now, bears are getting cocky. But nearly $2.40 billion in leveraged short positions will be… <a href="https://t.co/QHULbk8vWy">pic.twitter.com/QHULbk8vWy</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1819069989346771418?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
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Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40110137/mike-novogratz-predicts-kamala-harris-may-soon-embrace-crypto-in-light-of-donald-trumps-pr">Mike Novogratz Predicts Kamala Harris May Soon Embrace Crypto In Light Of Donald Trump&#8217;s Pro-Crypto Stance</a></li>
</ul>

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