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Under normal circumstances, the fund will invest at least 80% of its total assets in components of the underlying index, in depositary receipts, representing such components, and investment companies that seek to track the performance of a subset of the underlying index or of an index highly correlated to a portion of the underlying index. The underlying index is a free float adjusted market capitalization weighted index designed to track the performance of Chinese exchange-listed equity securities.

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Kallo Inc

Tesla and SpaceX CEO Elon Musk&nbsp;has reportedly given a new directive to&nbsp;X, formerly Twitter,&nbsp;employees. They need to prove their value to the company to receive their expected stock grants.
What Happened: Musk&#8217;s social media company intends to distribute&nbsp;stock options based on the&nbsp;anticipated impact of employees on the company. 
To be eligible for the stock, X staffers must provide a one-page summary of&nbsp;their contributions to the company, <a href="https://www.theverge.com/2024/8/23/24226830/elon-musk-email-x-twitter-stock-grants">reported</a> The Verge, citing an email sent by Musk to employees.
This move comes in the wake of recent discord between X&#8217;s leadership and its employees, following an <a href="https://www.benzinga.com/news/24/06/39304750/linda-yaccarino-reportedly-leaves-staff-in-dark-over-delayed-promotions-who-is-the-grim-reaper-that">unexpected delay in the promotions</a> process.
Amid the company&#8217;s ongoing challenges under Musk&#8217;s leadership,&nbsp;employees have been bracing for&nbsp;potential job cuts.
See Also:&nbsp;<a href="https://www.benzinga.com/general/gaming/24/08/40472835/take-two-interactive-software-shares-are-trading-higher-today-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Take-Two Interactive Software Shares Are Trading Higher Today: What&#8217;s Going On</a>
An insider at X told The Verge, that X is yet to deliver the annual equity refresher to its staff, which was due in April. 
The tech mogul had earlier assured employees that they would be able to cash out stock regularly, akin to SpaceX staff, but this assurance remains unfulfilled, the report noted.
The last equity refresh for X employees took place in October 2023, when the company was valued at $19 billion, a significant decrease from&nbsp;the <a href="https://www.benzinga.com/news/24/05/38997483/elon-musk-who-acquired-twitter-for-44b-says-social-media-is-bad-for-kids-theyre-being-programmed-by">$44 billion Musk paid&nbsp;for it</a>. 
During this refresh, employees were granted restricted stock units, or RSUs, at a price of $45, the report 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: As the world&#8217;s richest person, Musk has been known for his stringent management style, often expecting employees to <a href="https://www.benzinga.com/news/24/08/40429672/elon-musk-is-the-richest-person-in-the-world-how-much-does-he-pay-employees-at-tesla-spacex-and-x">work unconventional hours</a> for extended periods.
X has also been facing legal challenges and winning some of them. Last month, <a href="https://www.benzinga.com/news/24/07/39702644/elon-musks-x-corp-wins-500m-severance-lawsuit-judge-rules-laid-off-twitter-employees-claims-not-cove">X Corp won a $500 million severance</a> lawsuit. Earlier this month, the company was also <a href="https://www.benzinga.com/news/24/08/40298641/elon-musks-x-faces-20m-lawsuit-from-ex-twitter-board-member-omid-kordestani-over-unpaid-shares">sued by former Twitter board</a> member Omid Kordestani over unpaid shares worth $20 million.
In August, the names of high-profile investors in X were also <a href="https://www.benzinga.com/news/24/08/40501097/elon-musks-x-reveals-its-investors-include-saudi-prince-al-waleed-bin-talal-al-saud-jack-dorsey-andr">revealed in a court filing</a>. The names included Saudi Prince Al Waleed bin Talal al Saud, Twitter co-founder Jack Dorsey, and Andreessen Horowitz.
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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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Social Media

Tech

Media

Elon Musk's X Staff Have To Justify Why They Deserve Stock Grants, With 1-Page Summary Of Their Contributions: Report

After a series of high-profile employees left ChatGPT-parent OpenAI, the startup has onboarded former Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) executive, Irina Kofman.&nbsp;
What Happened: Kofman will be reporting directly to OpenAI CTO Mira Murati and will initially focus on safety and preparedness, <a href="https://www.bloomberg.com/news/articles/2024-08-23/openai-hires-ex-meta-executive-irina-kofman-to-head-strategic-initiatives?srnd=homepage-americas">reported</a> Bloomberg, citing a company spokesperson.
According to Kofman's LinkedIn page, she has served as a senior director of product management for generative AI at Meta for five years.
See Also:<a href="https://www.benzinga.com/general/gaming/24/08/40472835/take-two-interactive-software-shares-are-trading-higher-today-whats-going-on?itm_source=parsely-api"> Take-Two Interactive Software Shares Are Trading Higher Today: What&#8217;s Going On</a>
Earlier in June, OpenAI also added former Instagram and Twitter (now rebranded as X) executive Kevin Weil as chief product officer.&nbsp;
The startup has also onboarded former Nextdoor CEO Sarah Friar as chief financial officer, the report noted.
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: Microsoft Corp.-backed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI has also seen <a href="https://www.benzinga.com/news/24/05/38834519/openai-chief-scientist-ilya-sutskever-steps-down-ceo-sam-altman-calls-him-a-guiding-light-of-ai-fiel">some notable exits</a>. This includes one of OpenAI's co-founders John Schulman and researcher Jan Leike, who have joined Anthropic, a rival to OpenAI.
In May, OpenAI chief scientist Ilya Sutskever also announced his departure from the company after nearly a decade.&nbsp;
In August, another OpenAI co-founder Greg Brockman also announced that he is <a href="https://www.benzinga.com/news/24/08/40177350/openai-president-greg-brockman-says-hes-taking-a-sabbatical-through-end-of-year-but-admits-mission-f">taking a sabbatical</a>.&nbsp;
The AI startup has also been involved in a talent war with other tech companies. In April, Tesla and SpaceX CEO Elon Musk also said that OpenAI has been <a href="https://www.benzinga.com/news/24/04/38083332/elon-musk-reveals-openai-aggressively-poaching-tesla-engineers-with-massive-compensation-offers-tale">aggressively poaching engineers</a> from his EV giant.
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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</ul>
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MSFT

ChatGPT-Maker OpenAI Taps Former Meta Exec To Drive Strategy Amid Growing Exodus

Tech billionaire Elon Musk's space company, SpaceX, is now powering high-speed internet services aboard the USS Abraham Lincoln, thanks to its <a href="https://www.benzinga.com/topic/starlink">Starlink satellite services</a>.
What Happened: According to the U.S. Department of Defense, the U.S. Navy has implemented Starlink on the aircraft carrier USS Abraham Lincoln (CVN 72) to achieve gigabit internet speeds.&nbsp;
The installation aims to enhance both operational efficiency and crew morale.
The initiative, part of the SEA2 (Sailor Edge Afloat and Ashore) program, was spearheaded by Cmdr. Kevin White, a combat systems officer on the carrier. This new system uses low-orbit satellites to provide high-speed internet to naval ships and shore sites.
Previously, ship communications relied on Department of Defense satellites, which were in geostationary orbit and resulted in slower data rates. The new low-orbit satellites, like Starlink, are positioned between 375 to 750 miles above Earth, offering faster and more reliable connections.
The need for better connectivity became more urgent during the COVID-19 pandemic when port calls were restricted, isolating ships from the rest of the world. Enhanced internet access aims to mitigate such issues in the future.
See Also: <a href="https://www.benzinga.com/news/24/08/40243971/spacex-ceo-elon-musk-applauds-company-president-gwynne-shotwell-after-she-envisions-complete-worldwi">SpaceX CEO Elon Musk Applauds Company President Gwynne Shotwell After She Envisions Complete Worldwide Internet Connectivity In 5 Years</a>
With support from NAVWAR's Digital Engineering office and PEO Digital and Enterprise Services, SEA2 was fast-tracked and achieved cybersecurity certification. This has significantly improved the quality of life and work for sailors aboard the USS Abraham Lincoln.
"Sailors' morale and work output have been bolstered by the fast, stable, and secure connection it provides. A new Internet culture has also been developed, centered around the safe and healthy consumption of Wi-Fi aboard an active warship," the report said.
"This past February, during the testing phase of SEA2, a Super Bowl watch party was held live, which had never been done before."
Why It Matters: The deployment of Starlink on the USS Abraham Lincoln is part of a broader trend of expanding high-speed internet connectivity through <a href="https://www.benzinga.com/news/24/07/39570320/after-win-win-rollout-on-carnivals-cruise-fleet-spacexs-starlink-is-supposedly-enabling-connectivity">SpaceX&#8217;s Starlink</a> network.
Starlink has also <a href="https://www.benzinga.com/news/24/07/39570320/after-win-win-rollout-on-carnivals-cruise-fleet-spacexs-starlink-is-supposedly-enabling-connectivity">enhanced connectivity</a> on Carnival Corp. cruise ships and even Antarctic research vessels, significantly improving communication for those in remote locations.
In July, SpaceX announced that Starlink now <a href="https://www.benzinga.com/news/24/07/39949583/spacexs-starlink-now-provides-internet-connectivity-to-over-1-000-aircraft-around-the-world-allowing">provides internet connectivity</a> to over 1,000 aircraft globally, enabling passengers to make video calls and play online games during flights.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by <a href="https://www.benzinga.com/topic/mobility">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/08/40242737/california-governor-gavin-newsom-bent-over-backwards-to-help-tesla-says-former-executive-if-one-find">California Governor Gavin Newsom ‘Bent Over Backwards' To Help Tesla, Says Former Executive</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: SpaceX

US Navy Installs Starlink On USS Abraham Lincoln Aircraft Carrier, Currently In The Middle East: 'A Super Bowl Watch Party Was Held Live, Which Had Never Been Done Before'

Former bank CEO from Kansas,&nbsp;Shan Hanes, has been&nbsp;sentenced to 24 years in&nbsp;prison for his involvement in a $47.1 million crypto scam related to pig butchering.
What Happened: Hanes, the former CEO of Heartland Tri-State Bank, was convicted of embezzlement. He diverted the bank&#8217;s funds into crypto accounts controlled by scammers, leading to the bank&#8217;s collapse, <a href="https://www.nbcnews.com/business/business-news/cryptocurrency-pig-butchering-scam-wrecks-kansas-bank-sends-ex-ceo-pri-rcna167642">reported</a> NBC News.
Hanes was caught up in a pig butchering scam, where he purchased crypto to allegedly unlock returns on his investments, which he never received.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40498543/amid-heated-trump-harris-battle-crypto-industry-pours-unprecedented-119m-into-2024-electio?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amid Heated Trump-Harris Battle, Crypto Industry Pours &#8216;Unprecedented&#8217; $119M Into 2024 Elections &#8211; Here Are The Biggest Donors</a>
Between May and June 2023, Hanes made&nbsp;11 wire transfers using the&nbsp;stolen bank&nbsp;funds. He also embezzled money&nbsp;from a local church, an&nbsp;investment club, and his daughter&#8217;s&nbsp;college savings account. 
The Heartland&nbsp;Tri-State Bank, insured by the FDIC,&nbsp;was one of the five&nbsp;banks to close in 2023.
US Attorney&nbsp;Kate E. Brubacher&nbsp;commented, &#8220;Hanes&#8217; greed knew no bounds. He&nbsp;trespassed his professional obligations, his&nbsp;personal relationships, and federal law.&#8221;
"Not only did Shan Hanes betray Heartland Bank and its investors, but his illegal schemes also jeopardized confidence in financial institutions," Brubacher said.
Why It Matters: Pig butchering scams have seen a significant rise in recent years, with victims worldwide losing over $75 billion, <a href="https://time.com/6836703/pig-butchering-scam-victim-loss-money-study-crypto/">reported</a> Time in February, citing a study.
These scams typically involve the scammer forming a relationship with the victim, often romantic, before enticing&nbsp;them into making a series&nbsp;of crypto investments.
The sentencing of Hanes comes amidst a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40321230/massive-650m-crypto-fraud-scheme-uncovered-sec-files-charges">surge in crypto scams</a>. Earlier in August, the&nbsp;Securities and Exchange Commission (SEC)&nbsp;filed charges against NovaTech Ltd. for defrauding over 200,000 investors worldwide of more than $650 million in crypto assets. 
Previously, the&nbsp;Federal Bureau of Investigation (FBI)&nbsp;also issued an alert on the <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40132699/fbi-issues-alert-on-crypto-exchange-impersonation-scams">rising trend of scammers</a> impersonating cryptocurrency exchange employees to defraud unsuspecting victims. 
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</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Open Clipart

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

Cryptocurrency

Legal

Former Bank Exec Gets 24 Years In Prison After Stealing $47M For A Crypto Fraud To 'Unlock' Returns In A 'Pig Butchering' Scam

Crypto strategist Michaël van de Poppe predicts Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is poised for new all-time highs if it surpasses a crucial resistance level.
What Happened: Van de Poppe, addressing his 723,200 followers on social media platform X, stated that if Bitcoin rises 2.25% from its current value, it could achieve a new all-time high by early September.
He emphasized, &#8220;Bitcoin bouncing upwards, onto the final resistance at $62,000. If that breaks, then it's close to getting a new ATH in September.&#8221;
Bitcoin is currently trading at $64,028, up by 4.90% in the last 24 hours, surging past the level highlighted by the analyst.
Van de Poppe also noted the importance of ETF data inflows, which could positively impact Bitcoin&#8217;s price movement.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It feels great to have the market breaking out.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> bouncing upwards, onto the final resistance at $62K. If that breaks, then it&#39;s close to getting a new ATH in September. Expecting a lot of positive inflow in the data on the ETF tomorrow. <a href="https://t.co/Etr1LJIA1b">pic.twitter.com/Etr1LJIA1b</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1826348717328531603?ref_src=twsrc%5Etfw">August 21, 2024</a></blockquote>
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Additionally, the analyst highlighted that Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) could signal an uptrend for the altcoin market if it flips a key resistance level into support.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40521396/argentinas-pro-bitcoin-president-javier-mileis-fiscal-plans-hit-a-roadblock-as-senate-appr">Argentina&#8217;s Pro-Bitcoin President Javier Milei&#8217;s Fiscal Plans Hit A Roadblock As Senate Approves Pension Spending Increase</a>
"Ethereum looks excellent, but it needs to continue climbing upwards. Crucial level to break: $2,700. There is nothing between $2,700 and $3,100, likely triggering a big upward run on altcoins," he added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> looks excellent, but it needs to continue climbing upwards. Crucial level to break: $2,700. There is nothing between $2,700 and $3,100, likely triggering a big upward run on <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a>. <a href="https://t.co/oZ99vN8soU">pic.twitter.com/oZ99vN8soU</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1826597691893448735?ref_src=twsrc%5Etfw">August 22, 2024</a></blockquote>
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Why It Matters: The prediction by Van de Poppe comes amid a series of bullish forecasts for Bitcoin. Real Vision analyst Jamie Coutts suggested that <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40429793/bitcoin-could-soar-200-this-cycle-if-this-happens">Bitcoin might witness a 200% surge</a> in its current cycle, potentially reaching a six-figure valuation.
Earlier, crypto analyst Kevin Svenson predicted that Bitcoin could see an upsurge of up to 86%, potentially <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40301048/crypto-analyst-says-bitcoin-could-hit-100-000-an-86-surge">hitting the $100,000 mark</a>. Svenson noted that Bitcoin has formed a bullish divergence pattern on the daily chart.
Van de Poppe&#8217;s latest prediction aligns with his earlier statements, where he projected that Bitcoin will <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40298886/bitcoin-poised-for-new-all-time-high-predicts-top-crypto-analyst-while-saying-insti">reach a new all-time high</a> in the upcoming months. He stated, &#8220;If this closes above $57,000, then it&#8217;s very likely that we&#8217;ve seen the low of this correction.&#8221;
Price Action: At the time of writing, Bitcoin was trading at $64,028, up by 4.90% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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$BTC

$ETH

Bitcoin Could Hit New All-Time High In Next Two Weeks If This Key Level Breaks, Says Top Analyst

After <a href="https://www.benzinga.com/general/politics/24/08/40535286/rfk-jr-suspends-2024-presidential-campaign-endorses-trump-to-block-democrats-from-white-house">securing the endorsement</a> of Robert F. Kennedy Jr. for his 2024 campaign, former President Donald Trump welcomed him at a campaign rally in Arizona.
What Happened: On Friday, Trump introduced Kennedy to his supporters in Glendale, Arizona, lauding him as an &#8220;incredible champion&#8221; with who he shares many values, <a href="https://thehill.com/homenews/campaign/4845327-trump-rfk-jr-arizona-rally/">reported</a> The Hill.
The crowd responded with enthusiastic applause and chants of &#8220;Bobby!&#8221; The former President also said, &#8220;I think he's [Kennedy] going to have a huge influence on this campaign.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40482862/former-tesla-exec-says-harris-not-trump-will-be-far-better-for-ev-giants-long-term-success-still-tru?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former Tesla Exec Says Harris, Not Trump, Will Be &#8216;Far Better&#8217; For EV Giant&#8217;s Long-Term Success: &#8216;…Still Trust Kamala More Even On The Issues Where I&#8217;d Generally Prefer A Republican&#8217;</a>
Trump acknowledged Kennedy&#8217;s presidential campaign, stating, &#8220;For&nbsp;the past 16 months, Bobby&nbsp;has run an extraordinary campaign&nbsp;for president of the United&nbsp;States.&#8221;
During the rally, Trump also said he would establish a commission on assassination&nbsp;attempts, focusing on releasing remaining documents related to&nbsp;the John F. Kennedy assassination&nbsp;attempt. 
He also pledged to create a panel&nbsp;to study chronic diseases like&nbsp;autism, obesity, and autoimmune disorders, aligning with Kennedy&#8217;s stated priorities.
Why It Matters: Previously, it was reported that Kennedy&#8217;s endorsement of Trump was contingent on the possibility of securing a <a href="https://www.benzinga.com/news/24/08/40497943/robert-kennedy-jr-looking-for-a-trump-administration-gig-in-return-for-supporting-ex-president-says">role in Trump's administration</a> if he is elected. 
Larry Sharpe, outreach director with the Super PAC American Values 2024, stated that Trump had earlier expressed openness to Kennedy playing a role in his administration.
However, Kennedy&#8217;s endorsement of Trump has not been well-received by all. Kennedy&#8217;s siblings condemned his endorsement of Trump as a &#8220;betrayal&#8221; of their family values, <a href="https://www.benzinga.com/news/24/08/40540001/kennedy-family-members-condemn-rfk-jr-s-trump-endorsement-as-betrayal-throw-their-weight-behind-harr">throwing their support</a> behind Vice President Kamala Harris and her running mate Tim Walz instead.
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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.
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Politics

Trump Welcomes RFK Jr. At Arizona Rally Following Endorsement, Calls Him An 'Incredible Champion:' 'I Think He's Going To Have A Huge Influence On This Campaign'

Tesla Inc. and SpaceX CEO Elon Musk on Friday revealed that his rocket company has made substantial <a href="https://www.benzinga.com/news/24/05/39079925/elon-musk-insists-spacex-isnt-killing-competition-with-low-pricing-hopes-rivals-focus-on-rocket-reus">progress in reusability</a>, a goal he set 13 years ago.
What Happened: Musk responded to a fan page post on the platform, which shared a video of him from 13 years ago discussing the ambitious goal of creating a&nbsp;fully and rapidly reusable rocket.
The tech mogul responded to the video saying that SpaceX&#8217;s Falcon 9 rocket is now approximately 75% reusable, with several days needed between flights.
Moreover, the company&#8217;s Starship is&nbsp;designed to be 100% reusable&nbsp;and could potentially&nbsp;be &#8220;ready to refly within&nbsp;an hour of landing.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40479844/rivians-head-of-manufacturing-tim-fallon-joins-european-automaker-stellantis?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Rivian&#8217;s Head Of Manufacturing Tim Fallon Joins European Automaker Stellantis</a>
&#8220;This is the key to&nbsp;becoming a multiplanet civilization,&#8221; he stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Falcon 9 is now ~75% reusable and requires several days between flights. Starship is designed to be 100% reusable and ultimately be ready to refly within an hour of landing. This is the key to becoming a multiplanet civilization. <a href="https://t.co/OI8aJV9uB6">https://t.co/OI8aJV9uB6</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1827012570357612835?ref_src=twsrc%5Etfw">August 23, 2024</a></blockquote>
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Why It Matters: Earlier this month, Musk <a href="https://www.benzinga.com/news/24/08/40305893/starship-fifth-flight-delayed-spacex-ceo-elon-musk-gives-fresh-august-end-timeline">revealed a delay in the fifth flight test</a> of the Starship launch vehicle, pushing the timeline to the end of the month. This marked a significant delay from his previous timeline, which was previously pegged for Aug. 2.
Musk&#8217;s SpaceX has also been facing <a href="https://www.benzinga.com/news/24/08/40331365/elon-musks-spacex-refutes-allegations-of-water-pollution-due-to-starship-facility-in-texas-factually">allegations of water pollution</a> due to its Starship facility in Texas. The company has refuted these claims, stating that the reports were factually incorrect.
Last month, SpaceX denied reports claiming that its operations in Boca Chica posed a threat to the piping plover population. Musk has downplayed the environmental concerns, referring to them as <a href="https://www.benzinga.com/news/24/07/39704560/spacex-ceo-elon-musk-mocks-reports-of-wildlife-damage-owing-to-starship-launches-will-refrain-from-h">merely a few destroyed bird nests</a>.
Check out more of Benzinga&#8217;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 Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/08/40427999/elon-musks-biographer-cites-unnamed-ai-expert-to-note-that-tesla-has-massive-edge-on-bridge-between?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Biographer Cites Unnamed AI Expert To Note That Tesla Has &#8216;Massive Edge On Bridge Between AI And Physical World&#8217; With Its Factories</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

SPACE

General

Elon Musk Promised To Make Fully Reusable Rockets 13 Years Ago. Today, SpaceX's Starship Is Designed To Be 100% Reusable, Potentially Ready To Fly Again Within An Hour

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is all set to launch the <a href="https://www.benzinga.com/topic/iphone-16">iPhone 16</a> alongside the new Apple Watch and AirPods at an event on September 10, days after a <a href="https://www.benzinga.com/news/24/08/40461257/apple-iphone-16-launch-date-reportedly-set-for-sept-10-heres-everything-we-know-about-cupertinos-upc">leaked invite</a> pointed at the possibility.
What Happened: The tech giant plans to reveal the latest iPhones, watches, and AirPods, sources familiar with the matter <a href="https://www.bloomberg.com/news/articles/2024-08-23/when-is-apple-announcing-the-iphone-16-apple-planning-event-on-sept-10-2024">told</a> Bloomberg. The event will take place on a Tuesday, and the new iPhones are expected to hit the market on September 20.
The launch is crucial for the company, which has faced sluggish sales in recent quarters. The new iPhone 16 is anticipated to help boost revenue, with some sales recorded in the current fiscal quarter. Analysts predict a 7% revenue increase to $128.4 billion in the holiday quarter.
The iPhone 16 will feature larger screens on Pro models and new camera functionalities. Apple is also introducing a suite of AI tools named <a href="https://www.benzinga.com/topic/apple-intelligence">Apple Intelligence</a> that it showed off at the Worldwide Developers Conference (WWDC) held in June.
See Also: <a href="https://www.benzinga.com/news/24/08/40461257/apple-iphone-16-launch-date-reportedly-set-for-sept-10-heres-everything-we-know-about-cupertinos-upc">Everything We Know About Apple iPhone 16</a>
In addition to the iPhone, Apple will launch the Apple Watch Series 10 with larger screens and thinner designs. The AirPods lineup will see new low-end and mid-tier versions, with noise cancellation available on mid-level models for the first time.
Apple is also preparing to transition its Macs to M4 processors later this year. Testing of four new Mac models is underway to ensure compatibility with third-party applications.
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 launch of the iPhone 16 has been eagerly anticipated, with leaks and rumors circulating for months.
However, the integration of <a href="https://www.benzinga.com/news/24/07/40003714/first-iphone-16-models-may-not-have-apple-intelligence-features-as-cupertino-delays-ai-integration-f">Apple Intelligence</a> may be delayed. Initial iPhone 16 models might not include these AI features, requiring a software update weeks after the initial release of iOS 18 and iPadOS 18.
Moreover, the iPhone 16 Pro is expected to <a href="https://www.benzinga.com/news/24/06/39129016/iphone-16-destined-to-have-the-worlds-thinest-bezels-new-leak-reveals-it-could-outshine-current-reco">feature the world&#8217;s thinnest bezels</a>, surpassing the current record held by the Samsung Galaxy S24.
Check out more of&nbsp;Benzinga's&nbsp;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:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40391576/mark-zuckerberg-explains-why-facebook-beat-google-microsoft-and-yahoo-who-were-fumbling-around-we-we?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Explains Why Facebook Beat Google, Microsoft, And Yahoo Who Were ‘Fumbling Around'</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

AAPL

Apple To Unveil iPhone 16, Watches, And AirPods At September 10 Event: Report

Andrej Karpathy, the former Tesla autopilot head and an ex-OpenAI researcher, has voiced his preference for the rapidly evolving programming landscape assisted by AI, over traditional &#8220;unassisted&#8221; coding.
What Happened: On Friday, Karpathy said on X, &#8220;Programming is changing so fast&#8230; I&#8217;m trying VS Code Cursor + Sonnet 3.5 instead of GitHub Copilot again and I think it&#8217;s now a net win.&#8221;
He elaborated that his programming work now primarily involves writing English, reviewing and editing generated diffs,&nbsp;and doing a bit of&nbsp;&#8220;half-coding.&#8221; 
This process includes writing the initial part of the code, commenting it for the large language model (LLM) to understand the plan, and then cycling through iterations.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40498151/apple-app-store-team-sees-major-shakeup-as-business-head-matt-fischer-heads-for-the-exit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple App Store Team Sees Major Shakeup As Business Head Matt Fischer Heads For The Exit</a>
While Karpathy admitted that he is still acclimatizing to all the features of this new programming approach, he stated, &#8220;I basically can&#8217;t imagine going back to &#8216;unassisted&#8217; coding at this point, which was the only possibility just ~3 years ago.&#8221;
<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">Programming is changing so fast&#8230; I&#39;m trying VS Code Cursor + Sonnet 3.5 instead of GitHub Copilot again and I think it&#39;s now a net win. Just empirically, over the last few days most of my &quot;programming&quot; is now writing English (prompting and then reviewing and editing the…
&mdash; Andrej Karpathy (@karpathy) <a href="https://twitter.com/karpathy/status/1827143768459637073?ref_src=twsrc%5Etfw">August 24, 2024</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 Matters: Karpathy&#8217;s comments reflect a broader trend in the tech industry, where AI is increasingly being used to automate coding tasks. 
Earlier this month,&nbsp;Amazon Web Services CEO, Matt Garman,&nbsp;predicted&nbsp;that <a href="https://www.benzinga.com/news/24/08/40478216/amazon-web-services-ceo-predicts-ai-could-soon-dominate-coding-being-a-developer-in-2025-may-be-diff">AI could soon dominate coding</a>, stating, &#8220;It's possible that most developers are not coding&#8221; in the near future. 
This prediction <a href="https://www.benzinga.com/markets/equities/24/08/40524790/amazon-ceo-andy-jassy-says-companys-ai-assistant-has-saved-260m-and-4-5k-developer-years-of-work">seems to be coming true</a>. According to Amazon CEO Andy Jassy, their AI assistant, Amazon Q, has significantly cut down software upgrade times, saving thousands of work hours. The average time to upgrade an application to Java 17 dropped from 50 developer days to just a few hours, thanks to Amazon Q, Jassy revealed.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40522136/amazon-delivery-drivers-now-classified-as-employees-by-federal-regulator-union-says-won-a-monumental?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Delivery Drivers Now Classified As Employees By Federal Regulator: Union Says &#8216;Won A Monumental Determination&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Former Tesla Autopilot Head And Ex-OpenAI Researcher Says 'Programming Is Changing So Fast' That He Cannot Think Of Going Back To Coding Without AI

Robert F. Kennedy Jr.&#8217;s <a href="https://www.benzinga.com/general/politics/24/08/40535286/rfk-jr-suspends-2024-presidential-campaign-endorses-trump-to-block-democrats-from-white-house">endorsement of former President</a> Donald Trump has caused a stir within his family who view this as a &#8220;betrayal&#8221; of their family values.
What Happened: RFK Jr., an independent presidential candidate, announced his endorsement of Trump on Friday. This move has been met with strong disapproval from his siblings.
The statement shared by Kerry Kennedy and signed by her four other siblings, read, &#8220;We believe in Harris and Walz. Our brother Bobby's decision to endorse Trump today is a betrayal of the values that our father and our family hold most dear.&#8221;
&#8220;It is a sad ending to a sad story,&#8221; the statement added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I am sharing a personal statement that my family and I have made in response to my brother's announcement. <a href="https://t.co/j7vTTabNYZ">pic.twitter.com/j7vTTabNYZ</a>
&mdash; Kerry Kennedy (@KerryKennedyRFK) <a href="https://twitter.com/KerryKennedyRFK/status/1827061350452887816?ref_src=twsrc%5Etfw">August 23, 2024</a></blockquote>
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During his Friday address, Kennedy&nbsp;criticized&nbsp;Democrats and the media for&nbsp;&#8220;not giving him a fair shake.&#8221; 
Kennedy also stated that he has already removed, and will continue to remove, his name from ballots in swing states or states where he believes his presence could harm the Republican Party&#8217;s chances of winning. 
However, in red states, Kennedy will stay on the ballot, allowing voters to cast their votes for him.
See Also: <a href="https://www.benzinga.com/general/politics/24/08/40475733/trump-in-trouble-vice-president-kamala-harris-hits-record-support-young-voter-lead-in-2024-elect?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump In Trouble? Vice President Kamala Harris Hits Record Support, Young Voter Lead In 2024 Election Poll</a>
Why It Matters: RFK Jr.&#8217;s decision to suspend his campaign and endorse Trump comes after a series of events that have shaped his political journey. 
Last month, it was reported that despite a $2.5 million boost from his running mate, Nicole Shanahan, Kennedy&#8217;s campaign <a href="https://www.benzinga.com/markets/equities/24/07/39871966/kennedys-campaign-still-in-the-red-despite-running-mate-shanahans-2-5m-boost-will-he-exit-the-pr">was still in deficit</a>.
Earlier this month, Kennedy was reportedly <a href="https://www.benzinga.com/news/24/08/40497943/robert-kennedy-jr-looking-for-a-trump-administration-gig-in-return-for-supporting-ex-president-says">seeking a role in Trump&#8217;s administration</a> in return for his support. 
This was followed by his announcement to suspend his campaign, citing his inability to win the 2024 election and the potential of his continued presence resulting in a Democratic Party victory.
Meanwhile, Vice President Kamala Harris&#8217; favorability has surged, indicating a <a href="https://www.benzinga.com/news/24/08/40525794/trump-vs-harris-new-poll-shows-vice-presidents-favorability-surges-by-double-digits-as-rivals-slips">shift in the political landscape</a>.
According to Gallup&#8217;s August poll, Harris&#8217; favorability rating increased by 13 percentage points since June, reaching 47%, while her job approval rating also rose by seven points from December 2023 to 47%.
Did You Know?
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<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Kennedy Family Members Condemn RFK Jr.'s Trump Endorsement As 'Betrayal,' Throw Their Weight Behind Harris And Walz: 'Sad Ending To A Sad Story'

OBLG

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

BCAN

Lowe's Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) has outperformed the market over the past 10 years by 6.01% on an annualized basis producing an average annual return of 16.88%. Currently, Lowe's Companies has a market capitalization of $141.97 billion. 
Buying $100 In LOW: If an investor had bought $100 of LOW stock 10 years ago, it would be worth $476.14 today based on a price of $249.95 for LOW at the time of writing.
<h3>Lowe's Companies's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724448614_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 10 Years Ago Would Be Worth $500 Today

Monolithic Power Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>) has outperformed the market over the past 5 years by 30.51% on an annualized basis producing an average annual return of 44.91%. Currently, Monolithic Power Systems has a market capitalization of $45.57 billion. 
Buying $1000 In MPWR: If an investor had bought $1000 of MPWR stock 5 years ago, it would be worth $6,302.01 today based on a price of $936.29 for MPWR at the time of writing.
<h3>Monolithic Power Systems's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724446828_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

MPWR

$1000 Invested In This Stock 5 Years Ago Would Be Worth $6,300 Today

Amphenol (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APH#NYSE">APH</a>) has outperformed the market over the past 20 years by 11.15% on an annualized basis producing an average annual return of 19.6%. Currently, Amphenol has a market capitalization of $80.99 billion. 
Buying $100 In APH: If an investor had bought $100 of APH stock 20 years ago, it would be worth $3,571.76 today based on a price of $67.25 for APH at the time of writing.
<h3>Amphenol's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724446824_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In Amphenol 20 Years Ago Would Be Worth This Much Today

In the current market session, Oshkosh Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSK#NYSE">OSK</a>) share price is at $107.00, after a 1.59% spike. Moreover, over the past month, the stock fell by 7.77%, but in the past year, increased by 7.00%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2024/1724445909_0.png" alt="Past Year Chart" />

<h3>How Does Oshkosh P/E Compare to Other Companies?</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Compared to the aggregate P/E ratio of the 15.84 in the Machinery industry, Oshkosh Inc. has a lower P/E ratio of 10.19. Shareholders might be inclined to think that the stock might perform worse than it's industry peers. It's also possible that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1724445909_1.png" alt="Guage" />

In summary, while the price-to-earnings ratio is a valuable tool for investors to evaluate a company's market performance, it should be used with caution. A low P/E ratio can be an indication of undervaluation, but it can also suggest weak growth prospects or financial instability. Moreover, the P/E ratio is just one of many metrics that investors should consider when making investment decisions, and it should be evaluated alongside other financial ratios, industry trends, and qualitative factors. By taking a comprehensive approach to analyzing a company's financial health, investors can make well-informed decisions that are more likely to lead to successful outcomes.

Intraday Update

A Look Into Oshkosh Inc's Price Over Earnings

WIIM

AVTX

Avalo Therapeutics shares are trading higher after BVF Partners disclosed in a 13G filing that it reported a 9.99% stake in the company.

Avalo Therapeutics 13G Filing Shows BVF Partners L.P. Reported a 9.99% Stake In The Co As Of August 13, 2024

TLIS

Nasdaq Notified Talis Biomedical That Nasdaq Believes Co Is "Public Shell," & Continued Listing Of Its Common Stock Is No Longer Warranted

CLEU

China Liberal Education Holdings Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

U.S. Stocks Open Into Mess But Whiff Of Panic Fades After Japan Crashed 12% Today, 20% Since BOJ Ended Free Money

Global PMI Surveys Show Selling Price Inflation At Joint-Lowest Since October 2020

China's Nuanced Outlook May Favor Corporate Bonds

Week Ahead: Price Action Might Be More Important Than Data, Barring U.S. CPI Surprise

The Chinese Economy Is In Trouble, Here Are The Warning Signs

China's Key Growth Indicators Continue To Present A Case For Further Policy Easing

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