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Cryptocurrencies themed on video game retailer GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) were up in the green Monday, buoyed by interest in CEO Ryan Cohen&#8217;s picture with Strategy co-founder Michael Saylor.&nbsp;
What happened: Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based GameStop soared nearly 50% in the last 24 hours, with its trading volume surging by 37% to $1.83 million, <a href="https://coinmarketcap.com/currencies/gamestop/">according</a> to CoinMarketCap.&nbsp;&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 10:30 p.m. ET)</td>
</tr>
<tr>
<td>GameStop (GME)</td>
<td>+49.52%</td>
<td>$0.0001924</td>
</tr>
<tr>
<td>GmeStop (GME)</td>
<td>+3.54%</td>
<td>$0.001948</td>
</tr>
</tbody>
</table>
</figure>
The rise alleviated some of the coin&#8217;s problems, which had lost more than 33% over the last month.
Similarly, Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based GmeStop, with a much lower market capitalization, rose over 3% in the last 24 hours.&nbsp;
It's worth noting that these coins aren&#8217;t directly tied to GameStop but rather seek to capitalize on the hype surrounding the meme stock.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/02/43584910/man-who-accidentally-lost-his-775-million-bitcoin-stash-expresses-desire-to-buy-the-landfill-site">Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap</a>
The uptick comes after <a href="https://in.benzinga.com/trading-ideas/movers/25/02/43605313/gamestop-stock-is-surging-monday-whats-going-on">Cohen posted a picture with Saylor</a> on X over the weekend, spurring speculations that the company could be leaning toward Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investments.
Strategy, formerly known as MicroStrategy, is the largest corporate holder of Bitcoin, and Saylor is known for consistently <a href="https://in.benzinga.com/markets/cryptocurrency/25/02/43583287/michael-saylor-declares-death-to-blue-lines-long-live-green-dots-is-strategys-btc-purchase-streak-about-to-resume">pushing for the asset's adoption</a>.&nbsp;
GameStop has been one of the most popular retail stocks in the last few years, helped by the historic 2021 meme stock craze that saw the stock squeeze higher. Keith Gill, also known as <a href="https://www.benzinga.com/topic/roaring-kitty">&#8220;Roaring Kitty,"</a> has been influencing GameStop price action with cryptic posts on X.
Price Action: Shares of GameStop soared 9.66% to $27.12 during Monday&#8217;s regular session and were up 0.99% in after-hours trading, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Photo by Igor Faun on Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>

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$SOL

GameStop-Themed Crypto Rallies 50% After Ryan Cohen Posts Intriguing Photo With Bitcoin Bull Michael Saylor

An Alabama resident on Monday confessed to hacking&nbsp;the SEC&#8217;s X account and posting a fake Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exchange-traded fund approval message, causing millions of dollars in market losses.
What Happened: Eric Council pleaded guilty to conspiracy to commit aggravated identity theft in a federal court in Washington, D.C., according to a Justice Department press release. 
He now faces&nbsp;a maximum sentence of five&nbsp;years in prison, a fine of up to $250,000, and potentially&nbsp;three years of supervised release. The sentencing is slated for May.
According to court records, the Council had been involved in a conspiracy to execute Subscriber Identity Model attacks, also known as &#8220;SIM swaps,&#8221; for monetary gain. He executed a SIM swap of the mobile phone account associated with the SEC&#8217;s official X account to gain unauthorized access.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/02/43584910/man-who-accidentally-lost-his-775-million-bitcoin-stash-expresses-desire-to-buy-the-landfill-site">Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap</a>
Why It Matters:&nbsp; The incident pertained to a <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36575150/secs-hacked-tweet-on-bitcoin-etfs-causes-massive-trader-losses-over-220m-liquidated">hacked post&nbsp;from the SEC</a> that led to a financial wipeout for thousands of traders. 
The market soared on the fake announcement of a spot Bitcoin ETF, only to plummet minutes later when reality set in. Over $220 million was liquidated from the cryptocurrency market in the ensuing chaos. The ETFs were formally approved a day later. 
Council was arrested by the FBI in October <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41386377/arrest-made-in-sec-x-account-hack-prior-to-bitcoin-etf-approval-fbi-says-phone-used-to-man">and was charged</a> with conspiracy to commit aggravated identity theft and access device fraud.
Photo by ozrimoz on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Hacker Pleads Guilty To SEC's Fake Bitcoin ETF Post On X That Triggered Financial Wipeout Worth Millions

Activist investor Elliott Investment Management has amassed a $2.5 billion stake in Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), significantly expanding its position in the U.S. oil refiner and intensifying pressure for operational restructuring, particularly regarding its midstream business.
Elliott's latest investment, which places it among Phillips 66&#8217;s top five shareholders, comes less than a year after its initial $1 billion stake secured a board seat for refining veteran Robert Pease, Reuters reported, citing sources.
Despite Phillips 66&#8217;s commitment to performance improvements in March 2023, its stock has declined from $163.34 to $123.71, underscoring Elliott&#8217;s concerns about unfulfilled promises and operational inefficiencies.
The move aligns with Elliott&#8217;s recent pattern of industrial sector activism, including its stake in BP Plc and its role in Honeywell&#8216;s three-way split. According to the report, Elliott aims to push for the sale or spinoff of Phillips 66&#8217;s midstream operations to streamline the company&#8217;s structure and enhance shareholder value.
Phillips 66 did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Price Action: Phillips 66 shock gained 2.83% on Monday to close at $123.71. Despite the recent uptick, the stock has declined 14.36% over the past 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/25/02/43613133/trumps-25-tarrifs-a-self-inflicted-wound-says-economist-amid-warnings-of-fewer-american-jobs-peter-schiff-says-youll-pay-more-for-cars-and-homes">Trump&#8217;s 25% Tariffs A &#8216;Self-Inflicted Wound,&#8217; Says Economist Amid Warnings Of Fewer American Jobs — Peter Schiff Says You&#8217;ll Pay More For Cars And Homes</a></li>
</ul>
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Activist Investor Elliott Builds $2.5 Billion Stake In Phillips 66, Pressures For Midstream Spinoff: Report

Macro Economic Events

Econ #s

Economics

National Australia Bank Business Confidence For January 4 Vs. -2 Prior

Reported Earlier, U.K. BRC Retail Sales Monitor (YoY) For January 2.5% Vs. 1.1% Est.; 3.1% Prior

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) played a major role in Super Bowl LIX without overtly advertising its products, a move that YouTuber and reviewer Nikias Molina called "discretely genius."
What Happened: On Monday, in a series of posts on X, formerly Twitter, Molina said that Apple focused on culture, music, and community engagement.
He highlighted that Apple CEO Tim Cook attended the Super Bowl alongside Senior VP Eddy Cue. Its executives were on the ground reinforcing the company's deep ties to the event.&nbsp;&nbsp;&nbsp;
Apple Music also continued its sponsorship of the halftime show, featuring artist of the month Kendrick Lamar as the headliner.
See Also:&nbsp;<a href="https://www.benzinga.com/media/25/02/43425734/apple-watch-faces-are-a-mess-series-10s-biggest-feature-is-limited-to-just-four-faces-frustrating-users" target="_blank" rel="noreferrer noopener">Apple Watch Faces Are A Mess — Series 10's Biggest Feature Is Limited To Just Four Faces, Frustrating Users</a>
The YouTuber described the sponsorship as "stunning product placement" without the need for direct advertising. At the end of the show, Apple even introduced a promotional offer—six months of Apple Music for just $2.99.
&#8220;Apple isn't pushing the iPhone or AirPods in your face. Instead, it's aligning itself with music, culture, and the biggest entertainment event of the year,&#8221; he stated.
He summed up, saying, "Apple doesn't need to show an iPhone at the Super Bowl because it owns the culture around it. This is long-term brand building at its finest."
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.
<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">Apple&#39;s Involvement in <a href="https://twitter.com/hashtag/SuperBowlLIX?src=hash&amp;ref_src=twsrc%5Etfw">#SuperBowlLIX</a> Was Discretely GENIUS &#x1f92f;&#x203c; Here&#39;s What They Did. &#x1f447;&#x1f3fc; <a href="https://t.co/5d1QgDDloM">pic.twitter.com/5d1QgDDloM</a>
&mdash; Nikias Molina (@NikiasMolina) <a href="https://twitter.com/NikiasMolina/status/1888821482345709763?ref_src=twsrc%5Etfw">February 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Molina currently has more than 347,000 subscribers on his YouTube channel and over 40,000 followers on X. He is known for conducting interviews with senior Apple executives like Sumbul Desai, Apple's Vice President of Health.
Why It's Important: Apple <a href="https://www.benzinga.com/news/22/09/28980683/nfl-wins-multiyear-deal-with-apple-music-apple-music-to-sponsor-super-bowl-halftime-show">signed a deal with the NFL</a> in 2022 to sponsor the Super Bowl halftime show, replacing Pepsi as the official sponsor.
The partnership saw <a href="https://www.benzinga.com/general/entertainment/24/02/37085784/123m-viewers-make-super-bowl-2024-most-watched-tv-event-ever-paramount-revels-in-streaming-">major success in 2023 and 2024</a>, with halftime performances from Rihanna and Usher drawing huge global audiences.
The Super Bowl 2025 also set a new viewership record. An average of 126 million people tuned in to watch the Philadelphia Eagles face off against the Kansas City Chiefs on Feb. 9, <a href="https://variety.com/2025/tv/news/super-bowl-2025-ratings-viewers-1236302721/">reported</a> Variety.
Price Action: Apple&#8217;s stock dipped 0.29% in after-hours trading, settling at $227. Earlier on Monday, it closed at $227.65, reflecting a 0.12% gain, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</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>.
Read Next:
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<li><a href="https://www.benzinga.com/media/25/02/43485288/apple-raises-monthly-applecare-prices-for-all-iphones-and-you-can-no-longer-buy-the-warranty-upfront-in-stores">Apple Raises Monthly AppleCare+ Prices For All iPhones— And You Can No Longer Buy The Warranty Upfront In Stores</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Tech

AAPL

Apple's Super Bowl LIX Strategy 'Discretely Genius,' Says YouTuber Nikias Molina—Here's How Cupertino Stole The Spotlight Without Pushing An iPhone In Your Face

Contemporary Amperex Technology Co. Ltd. (CATL), the world&#8217;s largest electric vehicle battery manufacturer, is preparing to file for a secondary listing in Hong Kong this week that could raise at least $5 billion, marking one of the territory&#8217;s largest offerings in recent years.
What Happened: The Chinese battery giant could submit its listing application as early as Tuesday or Wednesday, Reuters reported, citing sources. The move comes as Hong Kong&#8217;s capital markets show signs of revival, particularly among mainland Chinese firms seeking secondary listings to access international investors.
The planned listing gains significance against the backdrop of <a href="https://www.benzinga.com/news/global/25/01/42838053/us-adds-tencent-tesla-supplier-catl-to-chinese-military-blacklist-shares-tumble">escalating U.S.-China tensions</a>. On Jan. 7, U.S. authorities under former President Joe Biden added CATL to a list of companies allegedly working with China&#8217;s military, potentially complicating its international business relationships. 
CATL, a key supplier to Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and other major automakers, did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/equities/25/02/43613133/trumps-25-tarrifs-a-self-inflicted-wound-says-economist-amid-warnings-of-fewer-american-jobs-peter-schiff-says-youll-pay-more-for-cars-and-homes">Trump&#8217;s 25% Tariffs A &#8216;Self-Inflicted Wound,&#8217; Says Economist Amid Warnings Of Fewer American Jobs — Peter Schiff Says You&#8217;ll Pay More For Cars And Homes</a>
Why It Matters: The offering would represent Hong Kong&#8217;s largest listing in three years, during which the city&#8217;s equity capital markets have struggled due to stringent Chinese regulatory oversight and global market volatility. 
CATL&#8217;s move aligns with a broader trend of Chinese A-share companies pursuing Hong Kong listings to diversify their funding sources and enhance their global market presence.
The Ningde-based company operates a significant battery cell production facility known as &#8220;Z-base&#8221; in Fujian province, underlining its manufacturing capabilities in China&#8217;s growing electric vehicle supply chain.
Read Next: 
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<li><a href="https://www.benzinga.com/25/02/43613306/ios-1831-released-with-critical-security-fix-apple-confirms-usb-restricted-mode-vulnerability-was-actively-exploited">iOS 18.3.1 Released With Critical Security Fix: Apple Confirms USB Restricted Mode Vulnerability Was Actively Exploited</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Asia

TSLA

Tesla Supplier CATL Eyes $5 Billion Hong Kong Listing Amid US Sanctions, Market Revival: Report

McDonald&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) is betting big on global growth despite warning of a &#8220;sluggish start&#8221; to 2025 announced during its <a href="https://www.benzinga.com/25/02/43592025/fast-food-major-mcdonalds-stocks-rise-despite-q4-sales-miss-details">fourth-quarter earnings call</a> on Monday. With plans to open 2,200 new restaurants this year as the fast-food giant works to recover from recent challenges including an E. coli outbreak.
What Happened: The expansion push comes as McDonald&#8217;s faces continued pressure from rising menu prices and softening demand, particularly among low-income customers who are &#8220;down double digits&#8221; in recent months according to CEO Chris Kempczinski.
Recent financial results reflect these pressures, with <a href="https://www.benzinga.com/25/02/43592025/fast-food-major-mcdonalds-stocks-rise-despite-q4-sales-miss-details">fourth-quarter sales</a> declining 0.3% year-over-year to $6.39 billion, missing analyst estimates of $6.44 billion.
&#8220;Obviously, our performance in 2024 did not meet our expectations,&#8221; Kempczinski acknowledged on the company&#8217;s earnings call. CFO Ian Borden noted that the first quarter of 2025 will likely be a &#8220;low-point quarter&#8221; for the company as it grapples with industry-wide traffic declines and the lingering effects of 2024&#8217;s food safety incident.
The company is also preparing to bring back fan-favorite Snack Wraps and launch new chicken strips later this year, though executives remained tight-lipped on specific timing. &#8220;My U.S. team would kill me if I gave any more details,&#8221; Kempczinski joked.
See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43608052/traders-rethink-interest-rate-path-as-inflation-concerns-resume-feds-rate-cutting-cycle-is-over-economist-says">Traders Rethink Interest-Rate Path As Inflation Concerns Resume: &#8216;Fed&#8217;s Rate-Cutting Cycle Is Over,&#8217; Economist Says</a>
Why It Matters: The chain is fighting back with an aggressive value strategy, including new meal bundles and promotions. Early results show promise – the $5 meal deal is driving average checks above $10 as customers add additional items to their orders.
Of the planned 2,200 new locations, about 1,000 will be in China, with the remainder split between the U.S., other international markets, and developmental licensee regions. The expansion is part of the fast-food giant&#8217;s strategy to reach 50,000 locations by 2027.
Price Action: McDonald&#8217;s stock surged 4.80% on Monday, gaining $14.12 to close at $308.42. In after-hours trading, the stock edged down 0.21%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/25/02/43605813/oil-prices-energy-stocks-jump-as-gaza-ceasefire-risks-collapse-on-rising-hamas-israel-tensions">Oil Prices, Energy Stocks Jump As Gaza Ceasefire Risks Collapse On Rising Hamas-Israel Tensions</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Restaurants

McDonald's To Open 2,200 New Restaurants Amid 'Sluggish Start' To 2025, CEO Hints At Snack Wrap Comeback

Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) surged double digits on Monday evening after digital asset management giant Grayscale Investments applied for the U.S.&#8217;s first-ever spot Cardano exchange-traded fund.
What Happened: NYSE Arca, a New York Stock Exchange&nbsp;subsidiary, submitted a 19b-4 application on behalf of the asset manager, seeking approval to list shares of Grayscale Cardano Trust. 
&#8220;While an investment in the shares is not a direct investment in ADA, the shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to ADA,&#8221; the SEC filing read. 
The trust&#8217;s custodian would be Coinbase, which has served as the <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37174858/coinbase-named-as-custodian-in-5-of-8-ethereum-etf-applications-says-ceo-brian-armstrong">principal custodian</a> for several Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETFs.
In response, ADA shot up over 11% in the last 24 hours, outgaining market heavyweights like Bitcoin, Ethereum, and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>). 
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/02/43584910/man-who-accidentally-lost-his-775-million-bitcoin-stash-expresses-desire-to-buy-the-landfill-site">Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap</a>
Why It Matters: The latest filing is part of a broader trend of companies ramping up their efforts to gain approval for various cryptocurrency funds since President Donald Trump took office.
The SEC has <a href="https://in.benzinga.com/trading-ideas/movers/25/01/43328116/litecoin-spikes-over-11-after-sec-acknowledges-etf-filing-market-regulator-says-ltc-very-similar-to-bitcoin">acknowledged ETF applications</a> for Litecoin, spurring optimism that the proof-of-work cryptocurrency might be the next to see an investment vehicle on Wall Street after Bitcoin and Ethereum.
Grayscale, the world&#8217;s leading digital asset manager, has been actively seeking approval to convert its existing trusts into ETFs, including those of Litecoin, Dogecoin, and XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>).
Price Action: At the time of writing, ADA was exchanging hands at $0.7418, up 11.11% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, the coin has lost over 11% of its value.
Photo Courtesy: Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>

$ADA

$XRP

Cardano Outperforms Bitcoin, Ethereum With 11% Gains After Grayscale Applies For First Ever ADA Spot ETF In US

Jeff Bezos-backed Anthropic's Economic Index report on Monday showed that AI adoption is booming in software development and technical writing, while jobs requiring physical labor remain largely unaffected.&nbsp;&nbsp;
What Happened: The study analyzed millions of anonymized conversations on Claude.ai to understand how AI is used across different professions.
It found that software engineers and programmers dominate AI usage, with 37.2% of queries related to coding tasks like software modification, debugging, and network troubleshooting.
Roles in farming, fishing, and forestry barely register, accounting for just 0.1% of AI-related queries — although this development was unsurprising.
See Also:&nbsp;<a href="https://www.benzinga.com/news/legal/25/01/43325503/mark-zuckerbergs-meta-pays-trump-25-million-to-settle-lawsuit-over-facebook-instagram-ban-after-jan-6-riot-a-big-year-for-redefining-our-relationships-with-governments" target="_blank" rel="noreferrer noopener">Mark Zuckerberg's Meta Pays Trump $25 Million To Settle Lawsuit Over Facebook, Instagram Ban After Jan. 6 Riot: ‘A Big Year For Redefining Our Relationships With Governments'</a>
Other fields, such as office administration and education, also showed moderate AI usage, though far below that of computer-related jobs.
&#8220;AI use is more prevalent for tasks associated with mid-to-high wage occupations like computer programmers and data scientists, but is lower for both the lowest- and highest-paid roles,&#8221; the report noted.
Moreover, the study revealed that AI is more commonly used to augment work (57%) rather than automate it (43%). This means people leverage AI to enhance productivity rather than replace jobs outright.
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&#8217;s Important: In December 2024, a survey report by KPMG U.S. revealed that nearly one-third of workers acknowledge AI&#8217;s role in enhancing their skills, yet there remains a palpable fear of job displacement.
While 47% of workers believed AI could open new job opportunities, 28% expressed <a href="https://www.benzinga.com/personal-finance/24/12/42554957/nearly-one-third-of-workers-say-ai-is-boosting-their-skills-but-still-fear-losing-their-jobs-to-it">concern over potential job loss</a>.
According to the World Economic Forum&#8217;s (WEF) Future of Jobs Report 2025, 41% of companies plan to reduce their workforce over the next five years as AI automates more tasks.
However, there's positive news too. While WEF predicts that 92 million jobs will vanish by 2030, it also says 170 million new jobs will emerge.
Technology, data, and AI are among the fastest-growing job sectors. Core economy roles like delivery drivers, caregivers, educators, and farmworkers will also see growth.
By 2030, in-demand skills will include both tech expertise and human-centered abilities like cognitive thinking and teamwork.
Image via Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/25/02/43613038/openais-chatgpt-surpasses-elon-musks-x-and-yahoo-to-rank-sixth-most-visited-website-globally-sam-altman-says-still-a-long-way-to-go-to-run-down-google">OpenAI&#8217;s ChatGPT Surpasses Elon Musk&#8217;s X To Rank Sixth Most-Visited Website Globally — Sam Altman Says, &#8216;Still A Long Way To Go To Run Down Google&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Who Is Really Using AI? Jeff Bezos-Backed Anthropic Did A Study And This Is What They Found

Ark Invest, led by Cathie Wood, made significant trades on Monday. Among the most prominent was the sale of shares in Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>), as the stock continued its upward trajectory following impressive financial results.
The Palantir Trade
On Monday, Ark Invest executed a notable trade involving Palantir selling 135,775 shares through its ARKK ETF. This move comes after <a href="https://www.benzinga.com/25/02/43550434/cathie-wood-dumps-10-million-palantir-shares-at-peak-sells-robinhood-and-reddit-ark-invest-loads-up-on-qualcomm-stock">Palantir&#8217;s stock reached new all-time highs</a> following its impressive <a href="https://in.benzinga.com/news/earnings/earnings-beats/25/02/43468342/palantir-rockets-on-strong-q4-2024-was-only-a-dress-rehearsal-for-ai-growth-says-analyst">fourth-quarter earnings report</a>. The company reported revenue of $827.52 million, surpassing analyst expectations of $775.91 million, and adjusted earnings of 14 cents per share, beating the forecast of 11 cents per share.
The stock closed at $116.65 on Monday, marking a 5.23% increase. The 52-week high for the stock is $116.76. In the after-hours trading, it was seen at $117.56. The sale of these shares amounted to approximately $15.83 million, based on Monday&#8217;s closing price. Despite the impressive financial results, Ark Invest has been <a href="https://www.benzinga.com/25/02/43550434/cathie-wood-dumps-10-million-palantir-shares-at-peak-sells-robinhood-and-reddit-ark-invest-loads-up-on-qualcomm-stock">strategically reducing</a> its position in Palantir.
Other Key Trades:
<ul>
<li>UiPath Inc. (PATH) &#8211; Sold 459,205 shares through ARKK and 33,061 shares through ARKW.</li>
<li>Roku Inc.(ROKU) &#8211; Sold 78,654 shares through ARKK.</li>
<li>Twist Bioscience Corp. (TWST) &#8211; Bought 268,210 shares through ARKK.</li>
<li>Illumina Inc. (ILMN) &#8211; Bought 85,621 shares through ARKK and 14,846 shares through ARKG.</li>
</ul>
Image via Shutterstock
Read Next: 
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<li><a href="https://in.benzinga.com/markets/equities/25/02/43613133/trumps-25-tarrifs-a-self-inflicted-wound-says-economist-amid-warnings-of-fewer-american-jobs-peter-schiff-says-youll-pay-more-for-cars-and-homes">Trump&#8217;s 25% Tarrifs A &#8216;Self-Inflicted Wound,&#8217; Says Economist Amid Warnings Of Fewer American Jobs — Peter Schiff Says You&#8217;ll Pay More For Cars And Homes</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>

ETFs

ILMN

PATH

PLTR

ROKU

TWST

Cathie Wood Dumps $16 Million Worth Of Palantir Stock After Record Highs

Editor&#8217;s Note: A typographical error in the headline of this story has been corrected.
Leading cryptocurrencies mirrored stock gains on Monday, as investors set aside tariff threats by President Donald Trump.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+1.77%</td>
<td>$98,005.07</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>+3.22%</td>
<td>$2,702.25</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>+3.48%</td>
<td>$0.2574</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin rose to an intraday high of $98,333, as the leading cryptocurrency looked to recapture levels above $100,000 lost during the <a href="https://www.benzinga.com/25/02/43425613/bitcoin-crashes-below-92000-ethereum-dogecoin-slump-as-trumps-tariff-war-spooks-investors-analyst">&#8216;Black Sunday&#8217; crash.</a>
Ethereum broke above $2,700 after stagnating in the $2,600 zone over the weekend.
Cryptocurrency liquidations reached $146 million over the last 24 hours, with short liquidations outnumbering longs.
About $500 million in short positions further risked liquidations if Bitcoin reclaims $101,500.&nbsp;
Bitcoin's Open Interest rose by 3.46% in the last 24 hours, with more than 53% of BTC futures traders going long on the apex digital asset.
Market sentiment flipped into the "Neutral" zone from "Fear," according to the Crypto Fear &amp; Greed Index, indicating a market balance.
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. ET)</td>
</tr>
<tr>
<td>Raydium (RAY)</td>
<td>+16.82%</td>
<td>$5.50</td>
</tr>
<tr>
<td>Helium (HNT)</td>
<td>+12.95%</td>
<td>$3.86</td>
</tr>
<tr>
<td>Virtuals Protocol (VIRTUALS)</td>
<td>+12.36%</td>
<td>$1.27</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.21 trillion, increasing by 2.07% in the last 24 hours.
Stocks edged higher on Monday. The Dow Jones Industrial Average rose 167.01 points, or 0.38%, to close at 44,470.41. The S&amp;P 500 gained 0.67%, ending at 6,066.44, while the tech-focused Nasdaq Composite lifted 0.98% to close at 19,714.27.
Trump <a href="https://in.benzinga.com/markets/equities/25/02/43583123/trump-to-announce-25-steel-and-aluminum-tariffs-economist-warns-president-is-making-us-manufacturing-globally-uncompetitive">announced plans</a> to impose a 25% tariff on all steel and aluminum imports, reigniting trade tensions
Investors awaited key macroeconomic data this week, including the consumer price index report slated for Wednesday and the producer price index on Thursday. Additionally, Federal Reserve Chair Jerome Powell will testify to Congress about the state of the economy and inflation.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular blockchain analytics firm Santiment noted a shift in trader attention from meme coins to Bitcoin and Layer-1 assets, reflecting a more stable and sustainable market environment
"Collectively, the top Layer-1 assets are getting 44.2% of discussions among specific coins," Santiment said. "When traders pivot back to assets with strong utility and established market positions, it suggests a healthier market cycle."
<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">&#x1f600; The crypto community has largely shifted their attention to Bitcoin and other Layer 1 assets like Ethereum, Solana, Toncoin, and Cardano. Collectively, the top Layer 1 assets are getting 44.2% of discussions among specific coins. Meanwhile, top meme coins like Dogecoin, Shiba… <a href="https://t.co/PpBjD9vSi4">pic.twitter.com/PpBjD9vSi4</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1889065568101413148?ref_src=twsrc%5Etfw">February 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Popular cryptocurrency analyst and trader Rekt Capital highlighted Bitcoin's successful post-breakout retest.
"Price is performing the key technical steps to fully confirm the bull flag breakout so as to set itself up for trend continuation going forward. $96,700 needs to hold," the analyst remarked.
<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"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> The Bitcoin post-breakout retest of the Monthly Bull Flag is successful thus far Price is performing the key technical steps to fully confirm the Bull Flag breakout so as to set itself up for trend continuation going forward ~$96700 needs to hold<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$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/HXEsC7kN3p">https://t.co/HXEsC7kN3p</a> <a href="https://t.co/MYI2LW3Qtf">pic.twitter.com/MYI2LW3Qtf</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1889030089704165479?ref_src=twsrc%5Etfw">February 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Avi Rozen on Shutterstock
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43613058/cathie-wood-says-doge-lead-elon-musks-plan-of-putting-the-treasury-on-blockchain-a-win-win-win-transparency-efficiency-security">Cathie Wood Says DOGE-Lead Elon Musk&#8217;s Plan Of Putting The Treasury On Blockchain A &#8216;Win, Win, Win&#8217; — &#8216;Transparency, Efficiency, Security&#8217;</a></li>
</ul>

Bitcoin, Ethereum, Dogecoin Rise As Investors Shrug Off Trump's Tariff Order: Analyst Sees 'Healthier Market Cycle' As Trader Interest Shifts From Meme Coins To BTC (CORRECTED)

On Monday, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) rolled out iOS 18.3.1 and iPadOS 18.3.1 updates.
What Happened: The updates address a vulnerability that could disable USB Restricted Mode on locked devices, said Apple.
The flaw, which required physical access to the device, was reportedly exploited in sophisticated attacks targeting specific individuals.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/25/01/43220055/apple-airpods-with-cameras-rumors-persist-about-next-gen-features" target="_blank" rel="noreferrer noopener">Apple AirPods With Cameras? Rumors Persist About Next-Gen Features</a>
Apple has acknowledged the issue and confirmed that it was actively used against certain targets. The company has improved state management to resolve the vulnerability.
Apple also released iPadOS 17.7.5 for devices unable to run iPadOS 18, ensuring broader protection.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The release of iOS 18.3.1 comes at a crucial time as Apple prepares for the upcoming <a href="https://www.benzinga.com/tech/25/01/43221500/ios-18-4-preview-updates-to-siri-more-languages-for-apple-intelligence-and-robot-vacuum-support-everything-we-know-so-far">iOS 18.4 update</a>, expected in April.
This future update is anticipated to bring enhancements such as a more intelligent Siri, expanded language support for Apple Intelligence, and improved app functionalities.
Apple reported $124.3 billion in revenue for the <a href="https://in.benzinga.com/news/earnings/25/01/43355688/apple-q1-earnings-revenue-beat-eps-beat-iphone-sales-slip-installed-base-climbs-to-all-time-high-our-best-quarter-ever">fiscal first quarter</a>, surpassing analyst expectations of $124.13 billion.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Image via Shutterstock
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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.

iOS 18.3.1 Released With Critical Security Fix: Apple Confirms USB Restricted Mode Vulnerability Was Actively Exploited

U.S. stocks experienced a positive trading session, with the Nasdaq Composite rising approximately 1% on Monday to 19,714.27. The S&amp;P 500 also saw gains, increasing by 0.7% to 6,066.44, while the Dow Jones Industrial Average edged up slightly by 0.4% to 44,470.41.
These are the top stocks that gained the attention of retail traders and investors throughout the day.
Super Micro Computer, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)
Super Micro Computer&#8217;s shares surged by 17.56% to close at $42.65, with an intraday high of $42.88 and a low of $37.36. The stock&#8217;s 52-week range is between $122.9 and $17.25. The company is in the spotlight as it prepares for a second-quarter business update set for Tuesday, with investors keenly watching for updates on its ongoing <a href="https://www.benzinga.com/news/earnings/25/02/43600652/super-micro-computer-q2-earnings-preview-accounting-updates-nasdaq-deadline-on-watch">accounting issues</a> and potential delisting from Nasdaq.
GameStop Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>)
GameStop&#8217;s stock climbed 9.66% to end the day at $27.12, reaching an intraday high of $27.27 and a low of $25.3. Its 52-week high and low are $64.83 and $9.95, respectively. The stock&#8217;s rise followed a <a href="https://in.benzinga.com/trading-ideas/movers/25/02/43605313/gamestop-stock-is-surging-monday-whats-going-on">social media post</a> by CEO Ryan Cohen featuring Strategy CEO Michael Saylor, sparking speculation about the company&#8217;s potential interest in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
McDonald&#8217;s Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>)
McDonald&#8217;s shares increased by 4.80%, closing at $308.42, with a high of $310.28 and a low of $301.51. The stock&#8217;s 52-week range is $317.9 to $243.53. Despite a slight decline in fourth-quarter sales, the company saw a rise in global comparable sales, which helped boost its&nbsp;<a href="https://www.benzinga.com/25/02/43592025/fast-food-major-mcdonalds-stocks-rise-despite-q4-sales-miss-details">stock performance</a>.
Monday.com Ltd&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDY#NASDAQ">MNDY</a>)
Monday.com&#8217;s stock soared by 26.46% to close at $326.58, with an intraday high of $342.64 and a low of $295.47. Its 52-week range is $342.64 to $174.75. The company&#8217;s impressive fourth-quarter earnings, with a 32% revenue growth, and CEO&#8217;s comments on <a href="https://www.benzinga.com/25/02/43596316/mondaycom-q4-earnings-beats-estimates-with-32-revenue-growth-ceo-highlights-ai-as-a-game-changer-for-2025">AI as a game-changer</a>, contributed to the stock&#8217;s significant rise. Revenue for the period came in at $267.98 million.
Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s shares fell by 3.01%, closing at $350.73, with a high of $362.7 and a low of $350.51. The stock&#8217;s 52-week high and low are $488.54 and $138.8. The decline followed CEO Elon Musk&#8217;s response to <a href="https://www.benzinga.com/tech/25/02/43585701/tesla-ceo-elon-musk-vp-of-finance-address-allegations-of-tax-fraud-losses-were-high-for-many-years-so-carry-forward">allegations of tax fraud</a>, where he called for tax reform and clarified the company&#8217;s tax practices.
Image via Shutterstock
Prepare for the day&#8217;s trading <a href="https://editorial.benzinga.com/wp-admin/Premarket%20Movers%20&amp;%20News">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43613058/cathie-wood-says-doge-lead-elon-musks-plan-of-putting-the-treasury-on-blockchain-a-win-win-win-transparency-efficiency-security">Cathie Wood Says DOGE-Lead Elon Musk&#8217;s Plan Of Putting The Treasury On Blockchain A &#8216;Win, Win, Win&#8217; — &#8216;Transparency, Efficiency, Security&#8217;</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>

MNDY

SMCI

Super Micro Computer, Gamestop, McDonald's, Monday.Com, And Tesla: Why These Stocks Are On Investors' Radars Today

Editor's Note: A typographical error in the headline of this story has been corrected.
Leading economists criticized former President Donald Trump&#8216;s plan to reimpose 25% tariffs on metal imports, while U.S. steel stocks rallied sharply during Monday&#8217;s trading session amid expectations of <a href="https://www.benzinga.com/markets/equities/25/02/43583123/trump-to-announce-25-steel-and-aluminum-tariffs-economist-warns-president-is-making-us-manufacturing-globally-uncompetitive">reduced foreign competition</a>.
What Happened: Former Treasury Secretary Larry Summers warned the proposed tariffs would lead to &#8220;fewer American jobs, more American inflation, and probably a bigger trade deficit,&#8221; questioning potential national security benefits from tariffing allies. 
<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">I&#39;m sorry that Trump&#39;s threatened steel and aluminum tariffs have now been implemented. This will mean fewer American jobs, more American inflation and because of damage to us exports probably a bigger trade deficit. I do not see any national security gain from tariffing Canada.
&mdash; Lawrence H. Summers (@LHSummers) <a href="https://twitter.com/LHSummers/status/1889114367645344099?ref_src=twsrc%5Etfw">February 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Jason Furman, former Chair of the Council of Economic Advisers under former President Barack Obama, called the policy a &#8220;self-inflicted wound&#8221; that would raise input costs for American manufacturers.
<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">Public policy shouldn't aim to help manufacturing. But nor should it aim to hurt manufacturing. And that is exactly what steel and aluminum tariffs do, raising input costs for American manufacturers. Not to mention raising borrowing costs &amp; the dollar. A self inflicted wound.
&mdash; Jason Furman (@jasonfurman) <a href="https://twitter.com/jasonfurman/status/1889115505044177308?ref_src=twsrc%5Etfw">February 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Steel stocks <a href="https://www.benzinga.com/government/regulations/25/02/43592144/us-steel-aluminum-stocks-rally-as-trump-revives-25-tariff-plan">responded positively to the announcement</a>, with Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) surging 23%, while Nucor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) and Steel Dynamics Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NYSE">STLD</a>) gained 6.52% and 5.75% respectively. United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) advanced 6.63%, and Century Aluminum Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CENX#NASDAQ">CENX</a>) rose 14.1%.
The tariffs announced by Trump would apply to all countries without exemptions. The policy mirrors his 2018 measures that imposed 25% duties on steel and 10% on aluminum imports, citing <a href="https://www.benzinga.com/markets/equities/25/02/43583123/trump-to-announce-25-steel-and-aluminum-tariffs-economist-warns-president-is-making-us-manufacturing-globally-uncompetitive">national security concerns</a>.
Market analyst Peter Schiff cautioned about broader economic implications: &#8220;Everything that American companies manufacture or build that requires steel or aluminum, such as cars, aircraft, appliances, and houses will cost more.&#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">Trump imposed 25% tariffs on steel and aluminum imports. That means not only will steel and aluminum cost Americans 25% more, but everything that American companies manufacture or build that requires steel or aluminum, such as cars, aircraft, appliances, &amp; houses will cost more.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1889094246545736007?ref_src=twsrc%5Etfw">February 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/25/02/43605813/oil-prices-energy-stocks-jump-as-gaza-ceasefire-risks-collapse-on-rising-hamas-israel-tensions">Oil Prices, Energy Stocks Jump As Gaza Ceasefire Risks Collapse On Rising Hamas-Israel Tensions</a>
Why It Matters: Benn Steil, director of international economics at the Council on Foreign Relations, noted <a href="https://www.benzinga.com/markets/equities/25/02/43583123/trump-to-announce-25-steel-and-aluminum-tariffs-economist-warns-president-is-making-us-manufacturing-globally-uncompetitive">the disproportionate impact</a> on Sunday, citing that &#8220;Steel-using firms employ over 5 million Americans&#8230; Steel-intensive industries account for over 20% of U.S. manufacturing output.&#8221;
The impact could be particularly significant for U.S.-Canada trade relations. According to U.S. Census Bureau data, Canada exported $11.2 billion in steel and $9.5 billion in aluminum to the U.S. in 2024. Canadian Innovation Minister Francois-Philippe Champagne emphasized the critical role of Canadian metals in <a href="https://in.benzinga.com/government/regulations/25/02/43592144/us-steel-aluminum-stocks-rally-as-trump-revives-25-tariff-plan">U.S. defense and manufacturing sectors</a>.
The automotive industry, which employs 7 million Americans, could face significant challenges from higher material costs. European steelmakers, including German manufacturer Salzgitter, warned the tariffs could redirect excess global supply toward their markets, potentially destabilizing <a href="https://in.benzinga.com/government/regulations/25/02/43592144/us-steel-aluminum-stocks-rally-as-trump-revives-25-tariff-plan">international trade dynamics</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/02/43608052/traders-rethink-interest-rate-path-as-inflation-concerns-resume-feds-rate-cutting-cycle-is-over-economist-says">Traders Rethink Interest-Rate Path As Inflation Concerns Resume: &#8216;Fed&#8217;s Rate-Cutting Cycle Is Over,&#8217; Economist Says</a></li>
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

CENX

STLD

Trump's 25% Tariffs A 'Self-Inflicted Wound,' Says Economist Amid Warnings Of Fewer American Jobs — Peter Schiff Says You'll Pay More For Cars And Homes (CORRECTED)

Cathie Wood, the founder of asset management firm Ark Invest, rallied around Elon Musk's idea of putting all U.S. government spending on blockchains for better transparency on Sunday.
What happened: Wood wrote, "Transparency, Efficiency, Security: Win, Win, Win," while reacting to the radical plan f<a href="https://www.benzinga.com/25/02/43425216/elon-musk-supports-putting-treasury-department-operations-on-blockchain-to-fix-irregularities">irst backed</a> by Musk, who is in charge of the Department of Government Efficiency, and later <a href="https://x.com/brian_armstrong/status/1888352903997636897">by</a> Coinbase CEO Brian Armstrong.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Transparency, Efficiency, Security: Win, Win, Win. <a href="https://t.co/W4LEiILCsC">https://t.co/W4LEiILCsC</a>
&mdash; Cathie Wood (@CathieDWood) <a href="https://twitter.com/CathieDWood/status/1888626962731798532?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Notably, Ark Invest was the first public asset manager to gain Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exposure in 2015 and has <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41349588/cathie-woods-ark-invest-says-ethereum-is-a-big-idea-that-will-transform-the-financial-serv">consistently championed the utility</a> of blockchains, including Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>).
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/02/43584910/man-who-accidentally-lost-his-775-million-bitcoin-stash-expresses-desire-to-buy-the-landfill-site">Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap</a>
Why It Matters: Wood's backing comes in the wake of a polarizing debate over Musk's plans to get access to sensitive government systems.
The Department of Government Efficiency, or DOGE, a panel tasked with cutting wasted federal expenditure, <a href="https://www.benzinga.com/news/25/02/43419885/musks-doge-eyes-treasury-payment-system-sparks-controversy-leading-to-officials-exit">sought access</a> to the Treasury Department&#8217;s payment systems amid Musk&#8217;s allegations of government payment irregularities. However, a federal court <a href="https://in.benzinga.com/news/25/02/43578729/court-halts-musks-doge-squad-from-gaining-access-to-treasury-payment-systems-a-risk-of-irreparable-harm">blocked the move</a>, citing the potential risk of "irreparable harm."&nbsp;
According to a live <a href="https://www.doge-tracker.com/">tracker</a>, DOGE has saved U.S. taxpayers $36.70 billion as of this writing, which is about 1.8% of <a href="https://www.benzinga.com/startups/25/01/43046108/musks-doge-ambitions-shrink-why-2-trillion-budget-cuts-may-be-out-of-reach">Musk&#8217;s optimistic $2 trillion target</a> set during Donald Trump&#8217;s campaign. Note that this is not official data.
Price Action: At the time of writing, Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), the cryptocurrency symbolically linked to the department, was exchanging hands at $0.2576, up 4.01% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Image via Shutterstock
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>

Cathie Wood Says DOGE-Lead Elon Musk's Plan Of Putting The Treasury On Blockchain A 'Win, Win, Win' —  'Transparency, Efficiency, Security'

OpenAI's AI-powered chatbot ChatGPT&#8217;s rise in web traffic has propelled it past Elon Musk's X and Yahoo, making it the sixth most-visited website globally in January 2025.
What Happened: Last week, Similarweb posted its latest desktop traffic rankings for January 2025.&nbsp;
The latest rankings reveal that Alphabet Inc.'s (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 continues to dominate with a 29.21% traffic share, followed by YouTube at 20.40%.
Meta Platforms, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Facebook holds the third spot with 5.08%, while WhatsApp and Instagram are fourth and fifth, respectively.
See Also:&nbsp;<a href="https://www.benzinga.com/news/legal/25/01/43325503/mark-zuckerbergs-meta-pays-trump-25-million-to-settle-lawsuit-over-facebook-instagram-ban-after-jan-6-riot-a-big-year-for-redefining-our-relationships-with-governments" target="_blank" rel="noreferrer noopener">Mark Zuckerberg&#8217;s Meta Pays Trump $25 Million To Settle Lawsuit Over Facebook, Instagram Ban After Jan. 6 Riot: ‘A Big Year For Redefining Our Relationships With Governments&#8217;</a>
ChatGPT follows closely with a 2.33% traffic share, showing a notable month-over-month increase of 5.91%.
X, formerly Twitter ranks seventh with a 1.92% traffic share, and Yahoo is eighth at 1.88%. Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) and Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) complete the top ten list.
Reacting to the ranking, OpenAI CEO Sam Altman took to X, and said, "Man, still a long way to go to run down Google."&nbsp;&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">man, still a long way to go to run down google &#x1f97a; <a href="https://t.co/MdD3as1lIU">https://t.co/MdD3as1lIU</a>
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1888703820596977684?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Similarweb also revealed the top 10 apps in the U.S. (iPhone) in January: DeepSeek &#8211; AI Assistant, ChatGPT, Threads, Block Blast!, TurboTax: File Your Tax Return, T-Life, Google, Google Gemini, Flip: Watch, Create, Shop and Temu: Shop Like a Billionaire.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">They don&#39;t. This is a list of websites. These were the top 10 apps in the US (iPhone) in January: <a href="https://t.co/S2iHN9GWj8">pic.twitter.com/S2iHN9GWj8</a>
&mdash; Similarweb (@Similarweb) <a href="https://twitter.com/Similarweb/status/1888625427721105748?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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&#8217;s Important: In December 2022, almost a month after ChatGPT had its public release, it was reported Google had <a href="https://www.benzinga.com/news/22/12/30170477/chatgpt-popularity-reportedly-leads-to-google-declaring-code-red-as-sundar-pichai-increases-involvem-1">declared a &#8220;code red,&#8221;</a> seeing it posing a threat to its search dominance.&nbsp;
In October 2024, OpenAI further challenged Google by unveiling <a href="https://www.benzinga.com/news/24/10/41663190/openai-rolls-out-chatgpt-search-google-shares-slide">ChatGPT Search</a>, enabling users to access real-time information, a feature traditionally dominated by search engines.
By December, OpenAI expanded this feature to all users, including those on the free tier, enhancing its accessibility and reach.
Meanwhile, Musk, who co-founded OpenAI and then left in 2018, has reportedly made a <a href="https://in.benzinga.com/25/02/43609104/elon-musk-co-founded-openai-now-hes-bidding-974b-to-take-back-the-company">$97.4-billion bid</a> to regain control of the company.
Photo by jamesonwu1972 on Shutterstock
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>.
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<li><a href="https://www.benzinga.com/tech/25/01/43221770/apples-ipad-turns-15-today-heres-a-throwback-to-when-steve-jobs-explained-called-it-the-third-category-after-phones-and-notebooks" target="_blank" rel="noreferrer noopener">Apple&#8217;s iPad Turns 15 Today: Here&#8217;s A Throwback To When Steve Jobs Explained Called It The ‘Third Category&#8217; After Phones And Notebooks</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.

GOOG

GOOGL

NFLX

RDDT

OpenAI's ChatGPT Surpasses Elon Musk's X To Rank Sixth Most-Visited Website Globally — Sam Altman Says, 'Still A Long Way To Go To Run Down Google'

Nancy Pelosi, the former Speaker of the House, took to X on Monday to express her disapproval of the MAGA Republicans&#8217; &#8220;tax scheme,&#8221; which she claims is designed to plunder Medicaid for the benefit of billionaires.
What Happened: Pelosi said, &#8220;Extreme MAGA Republicans revealed their tax scam to raid Medicaid to give more tax cuts to billionaires. But we can stop them! We&#8217;ve done it before — we saved Social Security in 2006, the Affordable Care Act in 2018 and we&#8217;ll stop them now to save the ACA, Medicare and Medicaid.&#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">Extreme MAGA Republicans revealed their tax scam to raid Medicaid to give more tax cuts to billionaires. But we can stop them! We&#39;ve done it before — we saved Social Security in 2006, the Affordable Care Act in 2018 and we&#39;ll stop them now to save the ACA, Medicare and Medicaid. <a href="https://t.co/J0ejQIxeUB">pic.twitter.com/J0ejQIxeUB</a>
&mdash; Nancy Pelosi (@TeamPelosi) <a href="https://twitter.com/TeamPelosi/status/1889100925673054462?ref_src=twsrc%5Etfw">February 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Pelosi said that Republicans did &#8220;something today in the Congress that is unbearable for people on Medicare and Medicaid.&#8221; The Speaker Emerita referred to cuts made in Congress to Medicaid which she claimed would fuel tax cuts for billionaires. She said that the way to stop these efforts were with &#8220;outside mobilization.&#8221; 
The Trump administration&#8217;s agenda has been stalled in Congress over the weekend as GOP hardliners want the party leaders to make deeper cuts to Medicaid, <a href="https://edition.cnn.com/2025/02/10/politics/gop-cuts-trump-agenda-house-senate/index.html">reported</a> CNN. Ultra-conservatives and swing-district members are increasingly at odds over Medicaid cuts.
Why It Matters: Pelosi had earlier called Medicaid a &#8220;pillar of health, security and justice&#8221; for tens of millions and claimed that Republicans were plotting to end it as it existed in its current form. She vowed to stop them.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Medicaid saves lives as a pillar of health, security and justice for tens of millions of Americans.   While Republicans plot to end Medicaid as we know it, Democrats are fighting back.   And with the American people on our side, we will stop them. <a href="https://t.co/U0OblYzyE3">pic.twitter.com/U0OblYzyE3</a>
&mdash; Nancy Pelosi (@SpeakerPelosi) <a href="https://twitter.com/SpeakerPelosi/status/1887618851728183308?ref_src=twsrc%5Etfw">February 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/general/restaurants/25/02/43612522/doordash-q4-earnings-preview-all-eyes-on-annual-subscriber-figures-order-frequency">DoorDash Q4 Earnings Preview: All Eyes On Annual Subscriber Figures, Order Frequency</a>
Medicaid, a program that serves 79 million low-income or disabled Americans, has been a <a href="https://www.benzinga.com/personal-finance/25/01/43191852/an-existential-fight-ahead-why-trumps-medicaid-cuts-could-leave-millions-struggling-with-healthcare-costs">major target for cuts</a> under the Trump administration. The proposed cuts could mean fewer options and higher healthcare costs for many families. GOP wants to roll back the expansion of Medicaid under the Affordable Care Act (ACA), which added 20 million people to the program over the past 11 years.
Earlier, the White House ordered a temporary freeze on all federal grants and loans, putting $3 trillion in <a href="https://www.benzinga.com/25/01/43290381/trumps-federal-spending-freeze-puts-3-trillion-in-limbo-threatens-industries-like-clean-energy-defense-healthcare">funding under scrutiny</a>. Soon after the Medicaid <a href="https://www.benzinga.com/25/01/43294006/trump-white-house-blames-outage-for-medicaid-website-lockout-we-have-confirmed-no-payments-have-been-affected">website became non-functional</a>, but later the White House blamed the non-functioning website on an &#8220;outage.&#8221; The Trump Administration said that no payments had been affected.
The Elon Musk-led Department of Government Efficiency has meanwhile <a href="https://www.benzinga.com/25/02/43516681/doge-gains-access-to-medicare-and-medicaid-systems-elon-musk-says-this-is-where-the-big-money-fraud-is-happening">secured access</a> to Centers for Medicare and Medicaid Services this month. Musk claimed that &#8220;big money fraud&#8221; was taking place at the CMS. DOGE has the mandate to cut at least $1 trillion in federal spending, while the CMS spent over $1.5 trillion in 2024 and has come under attack in the past for fraudulent and wasteful spending.
Image via Shutterstock
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>
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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>

Politics

General

Nancy Pelosi Says 'Extreme MAGA Republicans' Have Revealed Their 'Tax Scam' To Plunder Medicaid For Giving Tax Cuts To Billionaires

A surprise dinner at Morris Chang's home in 2010 set the stage for one of the most consequential business relationships in the tech industry—one that made Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) the biggest client of Taiwan Semiconductor Manufacturing Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSMC#NYSE">TSMC</a>).
What Happened: <a href="https://www.benzinga.com/tech/25/02/43517209/jensen-huang-once-wrote-a-desperate-letter-to-save-nvidia-but-also-forged-a-partnership-worth-billions-with-tsmc-morris-chang-reveals-the-story">In a podcast</a>, Chang, who is regarded as the founder of Taiwan&#8217;s semiconductor industry recalled how the then Apple COO Jeff Williams arrived at his for an unexpected dinner.
The meeting was arranged by Terry Gou, the founder of Foxconn, who is also the second cousin of Chang's wife Sophie.
Chang had no prior notice of Apple's interest in working with his company. Once at the dinner table, where the group had Chinese food, Williams wasted no time and expressed interest in TSMC manufacturing chips for Apple.
At dinner, Williams mentioned a 40% gross margin for TSMC, and Chang found this low since his company&#8217;s margin was already 45%. However, he chose not to debate pricing at that moment.
See Also:<a href="https://www.benzinga.com/news/management/25/01/43274796/jensen-huang-loses-20b-in-wealth-how-deepseek-hit-nvidia-stock-and-worlds-richest-people" target="_blank" rel="noreferrer noopener">&nbsp;Jensen Huang Loses $20B In Wealth: How DeepSeek Hit Nvidia Stock And World's Richest People</a>
Apple also wanted chips built on a 20-nanometer process, while TSMC had been planning to transition straight from 28nm to 16nm. For Chang, this was an issue. As he later recalled, "A half step is a detour."
Despite his initial reservations, Chang saw an opportunity and took a calculated risk—one that required billions of dollars in investment. TSMC eventually chose to avoid cutting dividends or issuing new stock. Instead, they opted to take on debt.
In February 2011, Apple paused talks with TSMC for two months after Intel approached Tim Cook, asking to be considered as a supplier.
Chang recalled that he reached out to Apple for clarity. In a follow-up meeting, Cook assured him that Intel didn't know how to be a foundry, confirming Apple's commitment to TSMC.
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.
TSMC and Apple also disagreed on yield rates and pricing. However, they ultimately negotiated and resolved the issues. TSMC adjusted its roadmap to produce Apple's 20-nanometer chips, delaying its 16-nanometer development but proving its reliability.
When TSMC launched 16-nanometer chips, Apple followed through on its commitment, making TSMC its primary chip supplier.
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<iframe loading="lazy" title="TSMC founder Morris Chang" width="500" height="281" src="https://www.youtube.com/embed/FZItbr4ZJnc?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>
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Why It's Important: Fast forward to 2024, and Apple is TSMC's single largest customer. Supply chain data compiled by Bloomberg revealed that Apple accounts for approximately 25.2% of TSMC's annual revenue, far ahead of other tech giants.
While Nvidia Corporation is experiencing explosive demand due to the AI boom, it still trails behind Apple, contributing around 10.1% of TSMC's revenue in 2024. However, this dynamic may shift in 2025.
According to a <a href="https://money.udn.com/money/story/5612/8465417?from=edn_maintab_index">report</a> from Economic Daily News, a Chinese-state-owned news publication, Citi Securities analysts predict that Nvidia could become TSMC's largest customer in 2025, driven by its high-performance AI chips.
Estimates suggest Nvidia could account for 20% of TSMC's revenue in 2025, closing the gap with Apple. However, Bloomberg's previous projections indicate that Apple will still maintain its lead—at least for now.
Photo by wakamatsu.h via Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42260222/how-nvidia-ceos-clever-but-nerdy-pick-up-line-turned-a-homework-proposal-into-marriage-while-building-338-trillion-ai-chip-giant-along-the-way" target="_blank" rel="noreferrer noopener">How Nvidia CEO Jensen Huang's Clever Pick-Up Line Turned A Homework Proposal Into Marriage While Building $3.38 Trillion AI Chip Giant Along The Way</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.

TSMC

Apple Is TSMC's Largest Customer; Their Business Love Story Started Over Chinese Food — But Will Their Relationship Change Dramatically in 2025?

NIVFW

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

Press Releases

IVCA/Bigtincan Holdings Limited Proposal Update

Investcorp India Acquisition Corp Announces Corporate Name Change

Investcorp AI Acquisition Corp. Announces Entry into Business Combination Agreement and Scheme Implementation Deed with Bigtincan

Investcorp AI Acquisition Corp. Releases Question and Answer Webcast

IVCA

Investcorp AI Acquisition

Investcorp AI Acquisition Corp. ("IAAC") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IVCA#NASDAQ">IVCA</a>) is pleased to announce that it has agreed to terms with Bigtincan Holdings Limited ("Bigtincan") (ASX:BTH) under which, if implemented, IAAC would combine with Bigtincan's business and list on the Nasdaq through a newly formed Cayman Islands exempted company called "Bigtincan Limited" (the "Transaction").This press release features multimedia. View the full release here: <a href="https://www.businesswire.com/news/home/20241021452831/en/">https://www.businesswire.com/news/home/20241021452831/en/</a>Transaction Highlights<ul><li>Implied pre-money equity valuation of Bigtincan of US$275m2 on a fully diluted basis being A$0.483 per share based on the assumptions described in the footnote below</li><li>Investcorp Cayman Holdings Limited ("Investcorp"), an affiliate of the sponsor of IAAC, has committed to invest US$12.5m (~A$18.7m4) into Bigtincan Limited by way of subscription for ordinary shares as part of the Transaction</li><li>In addition, Bigtincan Limited will seek to raise up to US$25.0m (~A$37.3m5) from institutional investors in a PIPE6 transaction and up to US$25m of debt finance to support the Transaction</li><li>Pursuant to the Transaction, a partial cash election alternative is intended to be made available to Bigtincan shareholders, under which Bigtincan shareholders may elect to receive cash consideration for their shares of US$0.16145 (~A$0.2417) per Bigtincan share, subject to availability of funds and a scale back mechanism8</li><li>Bigtincan shareholders will own approximately 75%9 of Bigtincan Limited immediately following implementation of the Transaction, subject to cash elections available to and made by Bigtincan shareholders, the number of Bigtincan Limited shares sold to PIPE investors and redemptions made by IAAC shareholders</li></ul>Harsh Shethia, a 22-year veteran of Investcorp and advisor to IAAC said: "This transaction offers tremendous value not just for Bigtincan's shareholders, but also for its customers, employees, and partners. It's a chance to showcase Australia's strength in AI innovation, especially in sectors like sales enablement, and position an Australian-born company as a global leader in enterprise software. We're excited to help Bigtincan take the next step in its journey."Transaction OverviewUnder the Business Combination Agreement ("BCA"), scheme implementation deed ("SID") and related Transaction documents:<ul><li>IAAC will merge with and into BTH Merger Sub Limited, a Cayman Islands exempted company which is a direct, wholly owned subsidiary of Bigtincan Limited ("Merger Sub"), with Merger Sub continuing as the surviving company of that merger;</li><li>BTH will be acquired by Bigtincan Limited in a scheme of arrangement, with all of the shares in BTH being exchanged for ordinary shares in Bigtincan Limited, or, if a cash election facility is established and a valid cash election has been made by the applicable BTH shareholder, a cash payment; and</li><li>Bigtincan Limited shares will be listed on the Nasdaq Stock Market LLC.</li></ul>Bigtincan shareholders will receive 1 Bigtincan Limited share for every 30.97 Bigtincan shares held in the Transaction, with the result that Bigtincan shareholders will own up to ~75%10 of Bigtincan ordinary shares immediately following the closing of the Transaction.A partial cash election facility may be established, under which Bigtincan shareholders may elect to receive cash consideration for their shares of US$0.16145 (~A$0.24111) per Bigtincan share, subject to availability of funds and a scale back mechanism. If activated, Bigtincan shareholders on the register as of 12:01am today will be given preferential access for their first 5,000 shares under the cash election facility (meaning those shareholders will be entitled to receive the cash scheme consideration on those shares before any pro-rata scale back is applied).Investcorp will invest US$12.5m (~A$18.7m12) into Bigtincan Limited as part of the Transaction, the proceeds of which will be used to fund the partial cash election facility. If additional funds can be secured which, together with the foregoing PIPE by Investcorp, aggregate to at least USD$15m, the partial cash election facility will be activated.In addition, Bigtincan Limited will seek to raise up to US$25.0m (~A$37.3m13) of PIPE from institutional investors and up to US$25m of debt financing to support the Transaction.Implementation of the Transaction under the Transaction Documents is subject to the satisfaction (or, where applicable, waiver) of various conditions precedent, including:<ul><li>Bigtincan shareholders passing an advisory resolution at the Bigtincan 2024 AGM in support of the Transaction ("AGM Resolution");</li><li>Foreign Investment Review Board approval in Australia;</li><li>customary conditions to a scheme of arrangement, including Bigtincan shareholder approval of the scheme (by 75% of the votes cast and 50% by number of Bigtincan shareholders present and voting) and Australian court approval of the scheme;</li><li>an independent expert concluding that the Transaction is in the best interests of Bigtincan shareholders;</li><li>a registration statement of Bigtincan Limited containing a proxy statement of IAAC and a prospectus for Bigtincan Limited shares being declared effective by the SEC for the purposes of obtaining IAAC shareholder approval and registering the Bigtincan Limited shares being issued in exchange for Bigtincan shares;</li><li>approval by the IAAC shareholders of the Transaction, Transaction documents and certain other proposals to be presented at a meeting of IAAC shareholders;</li><li>listing of Bigtincan Limited shares on Nasdaq; and</li><li>there being no material adverse effect, prescribed occurrence or breach of representations and warranties in respect of any party to the transaction documents.</li></ul>The SID contains reciprocal customary exclusivity provisions (including ‘no-shop', ‘no-talk' and due diligence restrictions, and a notification obligation). IAAC also has a matching right.No break fee is payable by Bigtincan to IAAC (and vice versa) if the AGM Resolution is not passed and the Transaction Documents are terminated. If the AGM Resolution is passed, then Bigtincan and IAAC may each be liable to pay a break fee to the other of US$2.75 million in the circumstances outlined in the SID.Approval of the AGM Resolution does not mean the Transaction will occur as it will remain subject to other conditions precedent, including approval by Bigtincan shareholders at a subsequent scheme meeting.

Investcorp AI To Merge With Bigtincan Under $275M SPAC Deal, Creating New Nasdaq-Listed AI Powerhouse

Investcorp India Acquisition Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IVCA#NASDAQ">IVCA</a>) ("IVCA") announced that, following receipt of shareholder approval at an Extraordinary General Meeting of Shareholders on October 15, 2024, it has filed an amendment to its Amended and Restated Memorandum and Articles of Association (the "Articles") with the Cayman Islands Registrar of Companies to reflect a corporate name change from ‘Investcorp India Acquisition Corp' to ‘Investcorp AI Acquisition Corp'. The Company's ticker symbol, "IVCA", will remain unchanged.

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