Latest news for LifeTech Scientific (OTC:LFTSF) Stock

LifeTech Scientific Corp develops and manufactures also responsible for marketing of of advanced minimally invasive interventional medical devices for cardiovascular and peripheral vascular diseases and disorders. The firm operates in three areas: Structural heart diseases business; Peripheral vascular diseases business and Cardiac pacing and electrophysiology business. It generates maximum revenue from the Peripheral vascular diseases business segment. Geographically, it derives a majority of revenue from China.

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Economics

Reported Earlier, China Caixin Manufacturing Purchasing Managers Index (PMI) For January 50.1 Vs. 50.6 Est.; 50.5 Prior

Reported Earlier, Australia's Building Approvals (MoM) For December 0.7% Vs. 0.9% Est.; -3.4% (Revised) Prior

Reported Earlier, Australia Retail Sales (MoM) For December -0.1% Vs. -0.7% Est.; 0.8% Prior

Former White House Council of Economic Advisers Chair Jason Furman has pointed out potential discrepancies in Tesla Inc. CEO Elon Musk&#8216;s recent claims regarding federal spending reductions and the <a href="https://www.benzinga.com/startups/25/01/43391017/2-trillion-by-2026-elon-musks-ambitious-push-to-reinvent-government-spending-with-silicon-valley-powerhouses">proposed fiscal targets</a>.
What Happened: In a response on X to Musk&#8217;s statement about reaching &#8220;$4B/day FY2026 reduction,&#8221; Furman calculated that such cuts would amount to approximately $1.5 trillion annually. This would represent a 30% reduction in government spending, excluding interest and Social Security benefits from the expected $4.8 trillion federal expenditure.
The exchange comes amid Musk&#8217;s broader initiative through the Department of Government Efficiency (DOGE), which aims to cut $2 trillion from the <a href="https://www.benzinga.com/startups/25/01/43391017/2-trillion-by-2026-elon-musks-ambitious-push-to-reinvent-government-spending-with-silicon-valley-powerhouses">federal budget by 2026</a>. The project has assembled notable Silicon Valley figures, including venture capitalist Marc Andreessen and former Uber CEO Travis Kalanick.
During an X broadcast interview with political strategist Mark Penn, Musk acknowledged the ambitious nature of the target, stating, &#8220;We&#8217;ll aim for $2 trillion&#8230; If we target $2 trillion, I think there&#8217;s a strong chance we can achieve $1 trillion in spending cuts.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">More math (before I hopefully go back to restraining myself): $4b/day is $1.5T per year. The Federal government was expected to spend $4.8T (excluding interest &amp; Social Security benefits). So Musk is claiming a 30% cut in govt spending. (And it is currently FY2025.) <a href="https://t.co/pZfhY23FMl">https://t.co/pZfhY23FMl</a>
&mdash; Jason Furman (@jasonfurman) <a href="https://twitter.com/jasonfurman/status/1886051965936767025?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/equities/25/02/43425232/gary-black-warns-teslas-18-export-volume-at-risk-amid-trump-tariffs-full-scale-retaliatory-trade-war-possible">Gary Black Warns Tesla&#8217;s 18% Export Volume At Risk Amid Trump Tariffs: &#8216;Full-Scale Retaliatory Trade War&#8217; Possible</a>
Why It Matters: The initiative faces significant challenges, according to experts. Richard J. Pierce, a Professor of Law at George Washington University, cautioned in the NYU Journal of Legislation and Public Policy that federal budget cuts could have far-reaching consequences. &#8220;Government spending is tied to laws, policies and public programs that people depend on,&#8221; Pierce noted.
While Social Security and Medicare are reportedly protected from cuts, questions remain about where the reductions would come from. The initiative has set July 4, 2026 – America&#8217;s 250th independence anniversary – as its target date for achieving these ambitious fiscal goals.
The project&#8217;s success could have significant implications for market investors, particularly in sectors heavily dependent on federal spending, such as healthcare, which comprised 17.6% of GDP in 2023 according to the Centers for Medicare &amp; Medicaid Services, and defense contracting.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/25/02/43425796/el-erian-warns-of-consequential-uncertainties-in-trumps-new-tariff-impact">Mohamed El-Erian Won&#8217;t Say How Inflationary Trump&#8217;s Tariff&#8217;s Will Be: Here&#8217;s Why</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.

Government

Elon Musk's Daily $4 Billion DOGE Target Will Lead To 30% Cut In Federal Spending, Says Economist Jason Furman

OpenAI is contemplating a shift in its open-source strategy as it faces <a href="https://www.benzinga.com/news/25/01/43354099/openai-alleges-deepseek-used-proprietary-models-without-permission-as-microsoft-investigates-ai-secu">mounting competition from</a> Chinese companies like DeepSeek.
What Happened: On Friday, during a Reddit AMA, OpenAI CEO Sam Altman acknowledged that DeepSeek has narrowed OpenAI&#8217;s lead in AI.
"I personally think we have been on the wrong side of history here and need to figure out a different open source strategy," he stated, adding, "Not everyone at OpenAI shares this view, and it's also not our current highest priority."
See Also:&nbsp;<a href="https://www.benzinga.com/25/02/43425534/linkedin-and-indeed-are-finally-holding-employers-accountable-new-ai-tools-will-show-job-seekers-their-chances-of-getting-a-response" target="_blank" rel="noreferrer noopener">14 Million Job Seekers Didn't Hear Back From Potential Employers In Just A Single Quarter Last Year: Now LinkedIn Is Moving To Change That With AI Help</a>
&#8220;We will produce better models [going forward], but we will maintain less of a lead than we did in previous years.&#8221;
Kevin Weil, OpenAI&#8217;s chief product officer, mentioned the possibility of open-sourcing older models that are no longer cutting-edge.
OpenAI is also exploring ways to reveal more about its models&#8217; reasoning processes, a move influenced by DeepSeek&#8217;s transparent approach.
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 shift in OpenAI&#8217;s strategy comes amid a broader debate over open-source versus closed-source AI models.
Elon Musk and Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg has criticized <a href="https://www.benzinga.com/news/24/07/39925842/elon-musk-agrees-with-arch-rival-mark-zuckerberg-after-meta-ceo-slams-closed-providers-like-openai-f">closed model providers like OpenAI</a> for lobbying against open source AI.
This debate intensified when Meta supported Musk&#8217;s stance against <a href="https://www.benzinga.com/24/12/42495758/elon-musk-finds-an-unlikely-ally-in-mark-zuckerbergs-meta-in-his-fight-against-sam-altmans-openai">OpenAI&#8217;s for-profit transition</a>.
Despite the competition from DeepSeek, OpenAI&#8217;s valuation remains strong. Earlier this month, it was reported that SoftBank Group was reportedly in talks to lead a $40 billion funding round for OpenAI, valuing the <a href="https://www.benzinga.com/media/25/01/43374528/softbank-may-lead-openais-40-billion-funding-round-at-a-300-billion-valuation-despite-deepseek-disruption-report">company at $300 billion</a>.
Photo courtesy: 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>.
Read Next:
<ul>
<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's iPad Turns 15 Today: Here's A Throwback To When Steve Jobs Explained Called It The ‘Third Category' After Phones And Notebooks</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

DeepSeek Impact Makes OpenAI Rethink Open Source — Sam Altman Hints At Major Changes In Model Development

A trader missed out on potential profit worth tens of millions after selling Official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) at a significant discount on Saturday, failing to act during the meme coin&#8217;s peak.
What Happened: The investor initially bought&nbsp;into TRUMP, the official cryptocurrency of President Donald Trump, when the price&nbsp;was approximately $1.03, according to the on-chain tracking platform Lookonchain.
They then offloaded all of their 637,000 TRUMP coins for $12.24 million, booking an impressive profit of $11.4 million. 
However, if the trader had&nbsp;sold at the meme coin&#8217;s peak of $75.35, the&nbsp;profit could have exceeded $45 million. So, the late sale deprived them of $33 million in gains. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This guy sold <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a> too late and missed out on a profit of over $33.6M! He aped into <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a> when the price was ~$1.03, then sold all 637K <a href="https://twitter.com/search?q=%24TRUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TRUMP</a> for 55,316 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($12.24M) 6 hours ago at $19.21, making 52,301 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a>($11.4M). If he sold at the peak, the profit could have exceeded… <a href="https://t.co/3pN01t0VGd">pic.twitter.com/3pN01t0VGd</a>
&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1885870088689156454?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
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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/25/02/43425216/elon-musk-supports-putting-treasury-department-operations-on-blockchain-to-fix-irregularities">Elon Musk Says Treasury Officials &#8216;Breaking The Law Every Hour&#8217; By Approving Fraudulent Payments — DOGE Lead Wants A Blockchain Fix</a>
Why It Matters: The missed chance underscores the volatility and unpredictability of meme coins, especially those that are themed on popular people and celebrities.
Launched by Trump just ahead of his presidential inauguration, TRUMP&nbsp;<a href="https://www.benzinga.com/25/01/43257114/donald-and-melania-trump-memecoins-defy-market-lull-with-rallyanalyst-says-trump-bottomed-out-at-25" target="_blank" rel="noreferrer noopener">reached a fully diluted valuation</a>&nbsp;of roughly $75 billion shortly after its debut but has since crashed over 76%.
While the coin possesses some utility, like allowing customers to <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43326793/trump-coin-can-buy-you-donald-trump-themed-watches-and-sneakers-heres-how">use it to buy Trump-branded merchandise</a>, most of its moves have been dictated by broader market trends.
Price Action: At the time of writing, TRUMP was exchanging hands at $17.87, down 15% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Benzinga Note: Investing in meme coins and cryptocurrencies is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading. 
Photo by Igor Faun on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43423466/how-does-pete-hegseth-feel-about-bitcoin-his-financial-filings-reveal-the-answer">How Does Pete Hegseth Feel About Bitcoin? His Financial Filings Reveal The Answer</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>

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

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$TRUMP

TRUMP Memecoin Sale Cost Trader $33 Million In Potential Gains As Memecoin Plunges 76% From Market Top

Prominent economists are raising concerns about the inflationary impact and economic consequences of former President Donald Trump&#8216;s newly announced tariffs on major U.S. trading partners, with Allianz Chief Economic Advisor Mohamed El-Erian emphasizing the complexity of <a href="https://www.benzinga.com/markets/25/02/43423288/trumps-tariffs-are-here-heres-what-will-get-more-expensive-from-canada-china-and-mexico">predicting their full effects</a>.
What Happened: In a series of posts on X on Sunday, El-Erian addressed growing questions about the inflationary impact of Trump&#8217;s tariffs, which include a 25% duty on Mexican and most Canadian imports and a 10% tariff on Chinese goods. 
&#8220;Unlike others who have proclaimed either &#8216;very&#8217; or &#8216;not at all,&#8217; I am quick to say we don&#8217;t know for sure,&#8221; El-Erian said.
El-Erian highlighted several key variables affecting the tariffs&#8217; impact, including demand and supply elasticities, price pass-through speeds, and the lingering effects of 2021-2022 inflationary expectations. 
&#8220;It's because there are several factors in play that translate not just into genuine analytical uncertainty but also consequential sector-and good-specific differences,&#8221; El-Erian added. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I'm repeatedly being asked "how inflationary will tariffs be?" Unlike others who have proclaimed either "very" or "not at all," I am quick to say we don't know for sure. This is not because I don't want to commit. It's because there are several factors in play that translate not…
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1886033127891468387?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
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He also highlighted concerns about potential retaliatory measures, noting from a Bloomberg report that Trump&#8217;s executive orders include clauses that would increase U.S. tariffs if affected countries respond with counter-tariffs.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What happens if countries retaliate against the US tariffs with counter-tariffs? This from Bloomberg re President Trump's Executive Orders relating to Canada, China and Mexico: "The Republican's orders also included retaliation clauses that would increase US tariffs if the…
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1886002930115121631?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/asia/25/02/43425523/bank-of-japan-signals-further-rate-hikes-possible-amid-inflation-economic-overheating-worries">Bank Of Japan Signals Further Rate Hikes Possible Amid Inflation, Economic Overheating Worries</a>
Why It Matters: Former Treasury Secretary Lawrence Summers offered a more direct critique, <a href="https://www.benzinga.com/25/02/43425160/trump-tariffs-a-strategic-gift-to-xi-jinpings-china-says-obama-era-treasury-secretary-jobs-in-industrial-heartland-will-be-lost">describing the tariffs</a> as a &#8220;strategic gift to Xi Jinping&#8221; and a &#8220;bully strategy&#8221; that could have severe economic consequences. &#8220;Jobs in the industrial heartland will be lost as American producers can&#8217;t compete due to higher input costs,&#8221; Summers warned on X, adding that the measures could strain relationships with Canada and Mexico.
The tariffs, set to take effect Tuesday, target approximately one-third of U.S. imports, potentially affecting prices across various sectors from agriculture to automobiles. 
The U.S. Chamber of Commerce has warned of supply chain disruptions and increased costs for American families, while economists note particular concerns about the $46 billion agricultural import relationship with Mexico and the $97 billion <a href="https://www.benzinga.com/markets/25/02/43423288/trumps-tariffs-are-here-heres-what-will-get-more-expensive-from-canada-china-and-mexico">energy trade with Canada</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/25/02/43423549/entrepreneur-sparks-debate-over-betting-that-musk-and-trump-will-turn-into-full-fledged-enemies-people-are-already-taking-the-bet">Entrepreneur Sparks Debate Over Betting That Musk And Trump Will Turn Into &#8216;Full-Fledged Enemies&#8217; – People Are Already Taking The Bet</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.

Mohamed El-Erian Won't Say How Inflationary Trump's Tariff's Will Be: Here's Why

Nobel Prize-winning economist Eugene Fama foresaw a 100% probability that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the world&#8217;s largest cryptocurrency, will lose all of its value within the next decade.
What Happened:  During an interview on the Capitalisn't podcast, the &#8220;father of modern finance&#8221; was asked about the likelihood of Bitcoin&#8217;s value plummeting to zero in the next 10 years, to which he replied, &#8220;I would say it&#8217;s close to one.&#8221;
Fama stated that cryptocurrency runs against all that is known about monetary theory.
Fama&#8217;s doubts about cryptocurrencies were rooted in their inherent instability. He argued that they contradict the essential principles of a medium of exchange due to their fluctuating real value.
&#8220;They don&#8217;t have a stable real value, you know. They have highly variable real value. That kind of a medium of exchange is not supposed to survive,&#8221; Fama said. &#8220;People don&#8217;t want to do business in something that itself can put them out of business.&#8221;
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The pioneer of the efficient market hypothesis also criticized the energy-intensive method of mining, responsible for bringing new Bitcoins into circulation.
&#8220;It&#8217;s really not sustainable. You can&#8217;t have a whole financial system built on this because it requires too much in the way of computing power,&#8221; Fama argued. 
The gloomy prediction comes after a record-breaking year for the leading cryptocurrency that saw it reach all-time highs of $109,000 and more than double its market value.
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/25/02/43425216/elon-musk-supports-putting-treasury-department-operations-on-blockchain-to-fix-irregularities">Elon Musk Says Treasury Officials &#8216;Breaking The Law Every Hour&#8217; By Approving Fraudulent Payments — DOGE Lead Wants A Blockchain Fix</a>
Why It Matters: Fama&#8217;s prediction follows similar skepticism by well-known economists toward Bitcoin. 
Nobel laureate Paul Krugman called Bitcoin &#8220;economically useless&#8221; last year in July, questioning President Donald Trump&#8217;s embrace of it while he was on the campaign trail. He even referred to Trump&#8217;s proposal for a national Bitcoin stockpile as a &#8220;government bailout&#8221; of a scandal-ridden sector.
Another influential economist, Justin Wolfers, questioned the feasibility of a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152445/trumps-bold-plan-to-use-bitcoin-to-wipe-out-35t-us-debt-questioned-by-economist-justin-wol">national Bitcoin stockpile</a>, indicating a growing doubt about the economic viability of Bitcoin.
Notably, Trump signed executive orders, <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43177482/trump-signs-executive-order-on-crypto-bitcoin-reserve-to-be-evaluated">evaluating the creation of a "strategic national digital assets stockpile</a>."
Price Action: At the time of writing, Bitcoin was exchanging hands at $94,421.46, sinking 5.31% 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>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43423466/how-does-pete-hegseth-feel-about-bitcoin-his-financial-filings-reveal-the-answer">How Does Pete Hegseth Feel About Bitcoin? His Financial Filings Reveal The Answer</a></li>
</ul>

Movers

Trading Ideas

$BTC

Nobel Prize Winner Predicts Bitcoin's Value Will Plummet To Zero In Next 10 Years—'Father Of Modern Finance' Says Crypto Antithesis Of Monetary Theory

Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Watch Series 10 users are reportedly voicing their dissatisfaction over the limited selection of watch faces available, despite the device&#8217;s advanced features.
The latest update has only slightly expanded the options, leaving many users wanting more.
What Happened: The Apple Watch Series 10, which boasts a larger display and smarter watch faces, uniquely supports an always-on-second display. However, this feature is restricted to just four watch faces, <a href="https://9to5mac.com/2025/02/02/apple-watch-faces-are-broken-and-apples-latest-move-isnt-helping/">reported</a> 9to5Mac.&nbsp;
Initially, only three faces—Flux, Reflections, and Activity Digital—supported this feature. The latest addition of the Unity Rhythm face in watchOS 11.3 has increased this number to four.
See Also: <a href="https://www.benzinga.com/25/02/43425534/linkedin-and-indeed-are-finally-holding-employers-accountable-new-ai-tools-will-show-job-seekers-their-chances-of-getting-a-response">14 Million Job Seekers Didn&#8217;t Hear Back From Potential Employers In Just A Single Quarter Last Year: Now LinkedIn Is Moving To Change That With AI Help</a>
However, users are frustrated as they seek more customization options, including third-party watch faces, which remain unavailable.
The report noted that Apple has been removing certain watch faces without clear reasons. The company&#8217;s strategy appears to focus on introducing a few new faces annually that support always-on seconds while phasing out less popular ones.
Users hope future updates, like watchOS 12, will enable all watch faces to use the hardware&#8217;s full capabilities.
Apple did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The frustration among users comes at a time when Apple is celebrating a strong financial performance.
In its <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">first-quarter earnings</a> report, Apple announced a revenue of $124.3 billion, surpassing analyst expectations of $124.13 billion. The company also reported adjusted earnings of $2.40 per share, beating the forecast of $2.36 per share.
Wearables, Home, and Accessories reported $11.75 billion in revenue, compared to $11.95 billion in the same period last year.
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>.
Read Next:
<ul>
<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>
</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.

Media

AAPL

Apple Watch Faces Are A Mess — Series 10's Biggest Feature Is Limited To Just Four Faces, Frustrating Users

Taiwan Semiconductor Manufacturing Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TSMWF#OTC">TSMWF</a>) shares dropped sharply Monday as trading resumed after the Lunar New Year holiday, with investors responding to last week&#8217;s global selloff in artificial intelligence stocks triggered by developments at Chinese AI firm DeepSeek.
What Happened: TSMC shares fell as much as 6.6% to 1,070 New Taiwan dollars ($32.32) on the Taiwan exchange, marking their steepest decline in nearly six months. The selloff dragged down Taiwan&#8217;s benchmark Taiex index by 4.4% to 22,627 points, while Hon Hai Precision Industry Co. also known as Foxconn tumbled 9.2% to 165.50 New Taiwan dollars.
The decline follows DeepSeek&#8217;s announcement of its R1 AI model, which the company claims was developed for just $5.6 million &#8211; a figure that has drawn skepticism from industry experts. Wedbush analyst Dan Ives dismissed the claim as &#8220;likely a fictional story,&#8221; noting that comparable models like OpenAI&#8216;s GPT-4 required investments <a href="https://www.benzinga.com/tech/25/01/43296460/dan-ives-says-chinese-startup-deepseeks-6-million-ai-development-assertion-is-likely-a-fictional-story">exceeding $100 million</a>.
See Also: <a href="https://www.benzinga.com/25/02/43425534/linkedin-and-indeed-are-finally-holding-employers-accountable-new-ai-tools-will-show-job-seekers-their-chances-of-getting-a-response">14 Million Job Seekers Didn&#8217;t Hear Back From Potential Employers In Just A Single Quarter Last Year: Now LinkedIn Is Moving To Change That With AI Help</a>
Why It Matters: The controversy deepened as prominent tech <a href="https://www.benzinga.com/tech/25/01/43296460/dan-ives-says-chinese-startup-deepseeks-6-million-ai-development-assertion-is-likely-a-fictional-story">figures raised concerns</a> about DeepSeek&#8217;s development process. OpenAI investor Josh Kushner suggested the Chinese model may have been trained using U.S. technology in violation of export controls. Scale AI CEO Alexandr Wang alleged DeepSeek had acquired 50,000 advanced chips through unreported channels, a claim that Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk appeared to support.
The uncertainty surrounding DeepSeek&#8217;s capabilities and methods has rippled through the semiconductor sector, contributing to a $600 billion decline in Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) market value last Monday. TSMC&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) U.S.-listed shares had previously fallen 13% last Monday before recovering some losses.
The White House has reportedly begun examining DeepSeek&#8217;s operations for potential<a href="https://www.benzinga.com/25/01/43293506/chinas-deepseek-under-white-house-scrutiny-over-potential-national-security-risks"> national security risks</a>, particularly given the company&#8217;s backing by High-Flyer, an $8 billion Chinese quantitative hedge fund.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/asia/25/02/43425523/bank-of-japan-signals-further-rate-hikes-possible-amid-inflation-economic-overheating-worries">Bank Of Japan Signals Further Rate Hikes Possible Amid Inflation, Economic Overheating Worries</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

Equities

NVDA

TSLA

TSMWF

Nvidia Supplier TSMC's Shares Plunge Over 6% In Taiwan As AI Selloff Intensifies Amid DeepSeek Impact

Leading cryptocurrencies witnessed massive sell-offs on Sunday as President Donald Trump's tariff war pounded capital markets.
<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>-7.99%</td>
<td>$93,219.10</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>-25.01%</td>
<td>$2,378.31</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>-26.69%</td>
<td>$0.2147</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin was in free fall, crashing below $92,000 for the first time since January 13, before recouping to $93,000. The leading cryptocurrency lost nearly 8% of its value over the last 24 hours. 
The rest of the market was hit more severely. Ethereum plunged over 25% to a nearly 3-month low, while Dogecoin plummeted 26%.
The market has been rough after <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/43398182/trumps-25-tariffs-could-slaughter-canada-mexico-economies-hit-us-auto-industry-analysts-warn">Trump slapped tariffs on key trade partners</a>, a move that could disrupt key supply chains across the North American region and impact economies.
The cryptocurrency market bled profusely, encountering over $2 billion in the last 24 hours and over $1 billion getting wiped out in the last 4 hours.&nbsp;
Bitcoin's Open Interest fell 4.72% in the last 24 hours, suggesting large-scale liquidation of longs.
However, the number of traders betting on the cryptocurrency's upside rose in the last 24 hours, with 66% of Binance futures traders going long on Bitcoin.
"Fear" sentiment engulfed the market, according to the reading on the Crypto Fear &amp; Greed Index, indicating that investors could panic sell.
Top Losers (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>SPX6900 (SPX)</td>
<td>-25.87%</td>
<td>$0.7944</td>
</tr>
<tr>
<td>Onyxcoin (XCN)</td>
<td>-24.66%</td>
<td>$0.02321</td>
</tr>
<tr>
<td>Optimism (OP)</td>
<td>-23.88%</td>
<td>$1.04</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.17 trillion, collapsing by 7.92% in the last 24 hours.
Stock futures tanked Sunday night, mirroring the cryptocurrency market's decline. The Dow Jones Industrial Average Futures plunged 498 points, or 1.10%, as of 8:38 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 slipped 1.59%, while Nasdaq 100 Futures lost 2.15%.
Investors braced for another big week of corporate earnings, with mega tech companies like Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) set to report their financials this week.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular cryptocurrency market commentator Michaël van de Poppe was undeterred by the altcoin losses and predicted an upside move in the coming weeks.
&#8220;The massive bullish divergence on TOTAL3/BTC is still applied. The higher low has still been created, and the continuation on the altcoins should come in the coming weeks,&#8221; the trader remarked.
Note that &#8220;TOTAL3&#8221; corresponds to the cryptocurrency&#8217;s total market cap excluding BTC and ETH.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The massive bullish divergence on TOTAL3/BTC is still applied. The higher low has still been created and the continuation on the <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> should come in the coming weeks. <a href="https://t.co/xWEDN1iw1e">pic.twitter.com/xWEDN1iw1e</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1886063021505831034?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another well-known cryptocurrency analyst, Ali Martinez, emphasized the importance of Ethereum sustaining the $2,750 support level to justify a rebound to $6,760.
As it turned out, the second-largest cryptocurrency has dropped significantly below $2,750, casting doubt on its positive sentiment.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If this is an ascending parallel channel, <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> must hold the $2,750 support level to set the stage for a rebound to $6,760! <a href="https://t.co/XPeM1tQhZQ">pic.twitter.com/XPeM1tQhZQ</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1886227857707511958?ref_src=twsrc%5Etfw">February 3, 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:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32811591/winklevoss-twins-say-elizabeth-warren-and-gary-genslers-war-on-crypto-will-cost-democrats-">Winklevoss Twins Say Elizabeth Warren And Gary Gensler&#8217;s War On Crypto &#8216;Will Cost Democrats 2024 Election&#8217;</a></li>
</ul>

$DOGE

$ETH

AMZN

GOOGL

Bitcoin Crashes Below $92,000, Ethereum, Dogecoin Slump As Trump's Tariff War Spooks Investors: Analyst Reveals If ETH Can Chart $6000 Rebound

LinkedIn, owned by Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Indeed and Greenhouse have all introduced new AI-powered tools designed to help job seekers gauge their chances of receiving responses from potential employers.
What Happened: LinkedIn is currently testing &#8220;responsiveness insights&#8221; on select job postings, with plans to expand this feature across the platform, <a href="https://www.bloomberg.com/news/articles/2025-02-02/linkedin-indeed-launch-tools-to-help-job-seekers-narrow-their-search?srnd=homepage-asia">reported</a> Bloomberg on Sunday.
The platform is also improving its AI-powered &#8220;job match&#8221; feature. It assesses how well a candidate fits a job listing. The goal is to reduce application overload by guiding users toward roles where they have a better chance of getting a response.
Indeed is upgrading its &#8220;responsive employer&#8221; badges, which have been in place since 2018. The platform now offers more detailed insights, such as median response times, to assist job seekers in identifying companies that are more likely to respond.
See Also: <a href="https://www.benzinga.com/tech/25/02/43425315/openais-deep-research-promises-ai-powered-analysis-heres-what-it-can-and-cant-do">OpenAI&#8217;s &#8216;Deep Research&#8217; Promises AI-Powered Analysis — Here&#8217;s What It Can (And Can&#8217;t) Do</a>
Greenhouse is experimenting with a badge system to verify employers&#8217; commitment to respectful and communicative hiring practices. These badges aim to reward companies that uphold high standards in their recruitment processes.
These developments come as job seekers face increasing challenges in the labor market, with many experiencing long-term unemployment. The new tools are designed to improve transparency and efficiency in the hiring process, benefiting both applicants and employers.
Why It Matters: Last year, more than 14 million job seekers&#8217; applications were entirely ignored in just one quarter, the report noted, citing one hiring platform.
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.
The introduction of these AI tools by LinkedIn and Indeed comes at a time when the U.S. labor market is showing mixed signals.
The U.S. economy added <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42912480/us-economy-adds-256000-payrolls-in-december-as-tight-labor-market-tops-forecasts-dollar-treasury-yields-spike">256,000 jobs in December</a>, surpassing expectations and highlighting the resilience of the labor market.
However, a December report indicated a slowdown in hiring, with private businesses adding only 122,000 jobs in the last month of 2024, marking <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42873182/us-private-businesses-add-122000-jobs-in-december-the-labor-market-downshifted-to-a-more-modest-pace-of-growth">a decrease from November's 146,000</a>.
Image via 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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</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.

MSFT

14 Million Job Seekers Didn't Hear Back From Potential Employers In Just A Single Quarter Last Year: Now LinkedIn Is Moving To Change That With AI Help

The Bank of Japan policymakers expressed growing concerns about inflation risks and yen weakness during their January meeting, where they raised rates to a 17-year high of 0.5%, according to meeting summary notes released on Monday.
Several board members emphasized the need for &#8220;timely and gradual&#8221; rate increases, citing mounting price pressures and potential financial overheating. The central bank&#8217;s latest move, approved in an 8-1 vote, marks its second rate hike since exiting its decade-long stimulus <a href="https://www.benzinga.com/24/11/42135336/usdjpy-awaits-potential-stimulus-impact">program in March 2024</a>.
See Also: <a href="https://www.benzinga.com/real-estate/25/02/43424874/ceo-of-norways-sovereign-wealth-fund-advises-investors-to-dump-tech-stocks">CEO Of Norway&#8217;s Sovereign Wealth Fund Advises Investors To Dump Tech Stocks</a>
The yen has shown modest strength since the last rate hike decision on Jan. 24, with USD/JPY edging down 0.21% to 155.68 from 156.02. Meanwhile, the U.S. Dollar Index has climbed 1.96% to 109.55, reflecting broader currency market dynamics.
BOJ Governor Kazuo Ueda <a href="https://www.benzinga.com/markets/25/01/42995151/bojs-kazuo-ueda-signals-rate-hikes-japanese-bond-yields-rise-to-14-year-high-what-the-recent-past-tells-us-about-impact-on-us-markets">maintains a hawkish stance</a>, indicating readiness for additional rate increases if wage growth continues to support consumption and stable inflation. While some members expressed optimism about a U.S. soft landing, others cautioned about risks from potential U.S. inflation resurgence and escalating trade tensions.
Real interest rates remain &#8220;significantly negative&#8221; even after the hike, according to one board member, suggesting room for further monetary tightening as Japan aims to sustainably achieve its 2% inflation target.
Read Next: 
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<li><a href="https://www.benzinga.com/25/02/43423620/trumps-tariffs-fed-rate-decisions-and-americas-debt-crisis-this-week-in-economics">Trump&#8217;s Tariffs, Fed Rate Decisions, And America&#8217;s Debt Crisis: This Week In Economics</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.

Bank Of Japan Signals Further Rate Hikes Possible Amid Inflation, Economic Overheating Worries

On Sunday, OpenAI revealed a new feature for ChatGPT called &#8220;deep research,&#8221; which autonomously plans and executes multi-step data searches.
What Happened: This feature allows users to input questions using text, images, and files like PDFs or spreadsheets. It takes five to 30 minutes to generate a response but goes beyond text generation.
The deep research feature displays a sidebar summary that outlines its research process, includes citations, and provides a reference overview.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/25/01/43377716/tesla-employee-headcount-drops-after-april-layoff" target="_blank" rel="noreferrer noopener">Tesla Reports Over 10% Employee Reduction By Year-End Following April Layoffs</a>
However, despite its capabilities, OpenAI acknowledges that deep research can sometimes &#8220;hallucinate&#8221; or confuse authoritative information with rumors.
The tool is designed to operate at a research analyst level, but it is still refining its accuracy and reliability.
OpenAI&#8217;s deep research is available for Pro users, offering up to 100 queries per month <a href="https://www.benzinga.com/tech/24/12/42356469/openai-unveils-200-chatgpt-pro-subscription-inside-the-o1-reasoning-model-and-what-it-means-for-power-users">for a $200 fee</a>. Limited access is also available for Plus, Team, and Enterprise users.
The model powering deep research achieved a 26.6% accuracy on an AI benchmark, surpassing previous models, said OpenAI.
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-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Introduction to Deep Research" width="500" height="281" src="https://www.youtube.com/embed/jv-lpIsnLOo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Why It Matters: Last week, OpenAI launched the o3-mini model, which promises exceptional capabilities in science, math, and coding, <a href="https://in.benzinga.com/tech/25/02/43418650/openai-launches-o3-mini-model-makes-it-free-after-deepseeks-launch">while keeping costs low</a>. This model is part of OpenAI&#8217;s reasoning series and is available on both ChatGPT and the API.
OpenAI&#8217;s latest developments also include the debut of Operator, an AI agent capable of <a href="https://www.benzinga.com/25/01/43186741/openai-debuts-operator-ai-agent-that-performs-web-tasks-but-early-error-has-sam-altman-scrambling-for-a-quick-fix">autonomously performing web tasks</a>. This agent integrates GPT-4o's vision capabilities with advanced reasoning through reinforcement learning.
Meanwhile, SoftBank Group Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) is reportedly in talks to lead a new $40 billion funding round for OpenAI, which could <a href="https://www.benzinga.com/media/25/01/43374528/softbank-may-lead-openais-40-billion-funding-round-at-a-300-billion-valuation-despite-deepseek-disruption-report">value the company at</a> $300 billion.
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>.
Read Next:
<ul>
<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>
</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.

SFTBF

SFTBY

OpenAI's 'Deep Research' Promises AI-Powered Analysis — Here's What It Can (And Can't) Do

Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) global export strategy faces mounting pressure from rising trade tensions and persistently high interest rates, according to prominent Tesla investor Gary Black.
What Happened: Black, Managing Partner at The Future Fund LLC, warned on Sunday that elevated long-term interest rates continue to weigh on auto sales across the industry, affecting major manufacturers including Tesla, General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), Stellantis N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLA#NYSE">STLA</a>), and Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>).
The warning comes as President Donald Trump implements aggressive trade measures, including 25% tariffs on Canadian and Mexican imports effective Feb. 1. These actions have sparked concerns about retaliatory measures that could disrupt global automotive trade.
According to data from Troy Teslike cited by Black, Tesla exported 323,499 vehicles in 2024, representing 18.1% of its total 1.79 million deliveries. The company&#8217;s Shanghai factory led export operations, shipping 246,910 units overseas, while U.S. facilities exported 49,747 vehicles and the Berlin plant sent 26,842 units abroad.
&#8220;That is the volume at risk if Trump&#8217;s tariffs develop into a full-scale retaliatory trade war similar to what happened globally in the 1930s,&#8221; Black said.
In the 1930s, the world experienced the Great Depression, a severe global economic downturn that lasted from 1929 to the early 1940s. One of the key events that worsened the economic crisis was the rise of protectionist trade policies, most notably the Smoot-Hawley Tariff Act of 1930 in the United States.
<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">Based on <a href="https://twitter.com/TroyTeslike?ref_src=twsrc%5Etfw">@troyteslike</a> ‘s estimates, approximately 18% of <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> ‘s 2024 deliveries (323K of 1,789K) were imported from outside the country of final demand. That is the volume at risk if Trump's tariffs develop into a full scale retaliatory trade war similar to what happened… <a href="https://t.co/YAxqDxaSdf">pic.twitter.com/YAxqDxaSdf</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1886128280790573251?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Long-term interest rates remain high, keeping pressure on home and auto sales, where consumers generally borrow to finance purchases. <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> <a href="https://twitter.com/search?q=%24GM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GM</a> <a href="https://twitter.com/search?q=%24F&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$F</a> <a href="https://twitter.com/search?q=%24STLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$STLA</a> <a href="https://twitter.com/search?q=%24RIVN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RIVN</a> <a href="https://t.co/6qE8B74DoT">pic.twitter.com/6qE8B74DoT</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1886136847736180925?ref_src=twsrc%5Etfw">February 2, 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/news/25/02/43424608/21-interest-rates-youve-got-to-be-kidding-me-kevin-oleary-slams-credit-card-debt-as-the-real-silent-killer-in-america">&#8216;21% Interest Rates?! You&#8217;ve Got To Be Kidding Me!&#8217; Kevin O&#8217;Leary Slams Credit Card Debt As &#8216;The Real Silent Killer In America&#8217;</a>
Why It Matters: The export concerns emerge against a backdrop of steady U.S. interest rates, with the Federal Reserve maintaining its target range at 4.25% to 4.5% after ending a series of rate cuts that began in September. Treasury yields, while declining from late-2024 peaks, remain elevated compared to levels seen when the Fed began easing policy.
The combination of trade tensions and high borrowing costs poses a dual challenge for automakers as they navigate an increasingly complex global market environment.
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Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

RIVN

STLA

Gary Black Warns Tesla's 18% Export Volume At Risk Amid Trump Tariffs: 'Full-Scale Retaliatory Trade War' Possible

Elon Musk, the lead of the Department of Government Efficiency, backed the idea of using blockchain technology on Sunday to streamline the U.S. Treasury.
What happened: The Tesla and SpaceX CEO accused the Treasury Department officials of flouting rules to sanction government payments.
"Career Treasury officials are breaking the law every hour of every day by approving payments that are fraudulent or do not match the funding laws passed by Congress," Musk wrote in an X post.
Musk cited 31 U.S.C. Section 3325, which requires government disbursing officials to obtain certification from the head of the relevant executive agency before authorizing such payments.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yes!
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1886164124981166241?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
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In response, widely followed X user Mario Nawfal asked Musk whether it would be wise to place the Treasury on the blockchain to plug these holes, to which the tech titan said, &#8220;Yes.&#8221;
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/25/01/43325381/elon-musks-tesla-racks-up-600-million-paper-gains-on-bitcoin-in-q4">Elon Musk&#8217;s Tesla Records $600 Million In Paper Gains On Bitcoin In Q4 Thanks To New Accounting Rule</a>&nbsp;
Why It Matters: The blockchain idea comes a week after reports that Musk was <a href="https://www.benzinga.com/25/01/43219929/musks-doge-department-reportedly-eyeing-blockchain-technology-to-slash-federal-spendingjustin-sun-pitches-tron">contemplating the use of a digital ledger</a> to support his federal spending plans at the Department of Government Efficiency, also called DOGE.&nbsp;The blockchain would be utilized to track spending, secure data, and make payments.
The development comes on the heels of reports that <a href="https://www.benzinga.com/news/25/02/43419885/musks-doge-eyes-treasury-payment-system-sparks-controversy-leading-to-officials-exit">DOGE was seeking access </a>to the payment systems of the Treasury Department.
The Department of Government Efficiency, or DOGE, is an entity<a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently"> tasked with cutting federal spending</a> and abolishing meaningless regulations. The agency was <a href="https://www.benzinga.com/25/01/43086309/trumps-doge-committee-faces-lawsuit-over-alleged-federal-advisory-violations-and-lack-of-transparency">hit with a barrage of lawsuits</a> shortly after Trump took office as president last month.
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 $0.3308, crashing 21.72% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
Image via Shutterstock
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</ul>

Elon Musk Says Treasury Officials 'Breaking The Law Every Hour' By Approving Fraudulent Payments — DOGE Lead Wants A Blockchain Fix

On Sunday, renowned economist and Obama-era Treasury Secretary Lawrence Summers criticized President Trump&#8217;s recent tariff impositions, describing them as a &#8220;bully strategy&#8221; that could have far-reaching negative impacts.
What Happened: In a series of posts on X, Summers voiced his disapproval of Trump&#8217;s tariffs, stating they are a &#8220;strategic gift to Xi Jinping.&#8221; He warned that the tariffs could lead to price increases for oil, food, and cars, possibly necessitating a response from the Federal Reserve in the form of raised interest rates.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>&#39;s tariffs are a bully strategy. Bullying doesn't win over time on the playground or in the international arena. This self-inflicted supply shock is a strategic gift to Xi Jinping. 1/4
&mdash; Lawrence H. Summers (@LHSummers) <a href="https://twitter.com/LHSummers/status/1886047350797557899?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
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Summers further predicted job losses in the industrial heartland as American producers struggle with higher input costs. He also expressed concerns over the potential loss of trust from Canada and Mexico, and the subsequent economic and security risks.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Jobs in the industrial heartland will be lost as American producers can't compete due to higher input costs. Canada and Mexico will lose trust in us and retaliate as their economies suffer. Immigration and drug risks will increase. 3/4
&mdash; Lawrence H. Summers (@LHSummers) <a href="https://twitter.com/LHSummers/status/1886047354769330194?ref_src=twsrc%5Etfw">February 2, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Summers summarised the thread by saying, &#8220;Xi Jinping is given an excuse for his economic failures and a more open door to all our allies as we prove our unreliability by bullying.&#8221;
See Also: <a href="https://www.benzinga.com/25/02/43424894/mark-cuban-said-if-he-had-enough-money-to-buy-fox-news-hed-buy-it-in-a-heartbeat-estimates-it-could-turn-around-for-15b-20b">Mark Cuban Said If He Had Enough Money To Buy Fox News, He&#8217;d &#8216;Buy It In A Heartbeat&#8217; &#8211; Estimates It Could Turn Around For $15B-$20B</a>
Why It Matters: Trump&#8217;s tariffs, which include a 25% duty on all imports from Mexico and most goods from Canada, excluding energy-related items, and a 10% tariff on Chinese goods imported into the United States, have been <a href="https://www.benzinga.com/markets/25/02/43423288/trumps-tariffs-are-here-heres-what-will-get-more-expensive-from-canada-china-and-mexico">met with warnings from economists</a> about potential negative impacts on American businesses and consumers.
Canada has already <a href="https://www.benzinga.com/markets/25/02/43423087/canada-retaliates-against-trumps-tariffs-with-countermeasures-25-tariffs-on-107-billion-of-us-made-goods">announced plans</a> to impose tariffs on American goods in retaliation. This move comes in response to Trump&#8217;s executive order imposing a 25% tariff on most U.S. imports from Canada.
Former White House Communications Director Anthony Scaramucci also expressed his concerns over the tariffs, urging elected officials to take a stand against what he termed as the <a href="https://www.benzinga.com/news/25/02/43423724/scaramucci-warns-against-trumps-tariffs-urges-lawmakers-to-take-stand-crazy-nonsense">&#8220;crazy nonsense&#8221;</a> of Trump&#8217;s new tariffs on Canada, China, and Mexico.
Photo via Shutterstock
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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>

General

Trump Tariffs A 'Strategic Gift' To Xi Jinping's China, Says Obama-Era Treasury Secretary: 'Jobs In Industrial Heartland Will Be Lost'

Billionaire entrepreneur <a href="https://www.benzinga.com/news/25/01/43281034/im-in-mark-cuban-asked-how-can-i-solve-working-class-problems-and-one-answer-kept-coming-up">Mark Cuban</a> has expressed passing interest in purchasing Fox News, stating that if he had money to buy the network, he would do so "in a heartbeat."&nbsp; While discussing the baby boomer generation with Wired, Cuban explained that owning the network would be a key way to reach what he refers to as the "Fox News generation."&nbsp;
In the interview, Cuban broke down the financial realities of such a purchase. The market capitalization of Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>, FOXA)) at the time of the interview (in September) sat around $15.6 billion–the corporation's value has increased by over 30% since then.&nbsp;
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At the time, Cuban estimated that acquiring the network would require paying at least a 50% premium, bringing the price up to around $22 billion. He also said that changes would need to be made to the network, and that might require another $2 billion. While he said some things could be sold off, he estimated that the total net cost could range between $15 billion and $20 billion.
"I don't have $15 or $20 billion in cash sitting around," Cuban admitted, emphasizing that even with his substantial fortune, such an acquisition is out of reach for him. Cuban's current networth is estimated at $5.7 billion.&nbsp;
Cuban has previously used the term &#8220;Fox News generation&#8221; to describe how his own generation—baby boomers—have shifted in their views over time. In an earlier interview with The New York Times, he stated how the generation known for &#8220;sex, drugs, and rock and roll&#8221; had become one that, in his view, condemns movements like Black Lives Matter and is heavily influenced by <a href="https://www.benzinga.com/real-estate/25/01/42896754/from-23-5-million-florida-home-to-nyc-engaged-fox-news-host-sean-hannity-to-bridge-the-distance">Fox News</a>.
Trending: Nancy Pelosi Invested $5 Million In An AI Company Last Year — <a href="https://www.benzinga.com/money/elf-labs-nancy-pelosi">Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000</a>
During his interview with Wired, he said the boomer generation is a disappointment. When asked if there was an ‘antidote' to counterbalance the negative views Cuban perceives from this generation, he was blunt: "You buy Fox News."
In addition to discussing Fox News, Cuban also entertained the idea of buying X, the social-media platform formerly known as Twitter. When asked whether he would consider purchasing the company from current owner <a href="https://www.benzinga.com/startups/25/01/43335267/some-employees-survive-but-a-whole-lot-dont-says-elon-musks-biographer-about-his-demon-mode-in-which-hes-coldly-brutal-to-people">Elon Musk</a>, Cuban responded positively but noted that Musk is unlikely to sell.
"There's no reason for him to sell it," Cuban said. When the interviewer jokingly suggested convincing Musk that selling was his own idea, Cuban admitted, "I wouldn't know how to do that."
See Also: According to Juniper Research, the total value of B2B cross-border payments stored on the blockchain is projected to exceed $4.4 trillion — <a href="https://www.benzinga.com/money/web3-enabler-future-of-enterprise-transactions">Join the first company to bring blockchain payments to Salesforce early with just $100.</a>
While Cuban's remarks about buying Fox News and X were speculative, they highlight his interest in media influence and control. His statements suggest that he sees ownership as a powerful tool for shaping public discourse, particularly among older audiences who heavily consume cable news. However, without the necessary capital, such a move remains purely hypothetical.
For now, Fox News remains under the control of Rupert Murdoch's media empire, and Musk continues to hold ownership of X. Whether Cuban—or any other <a href="https://www.benzinga.com/news/24/12/42716098/musk-to-arnault-heres-a-look-at-2024s-billionaire-boom-and-bust-who-gained-and-who-lost">billionaire</a>—will step in to shake up the media landscape remains to be seen.
Image from Shutterstock
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Mark Cuban Said If He Had Enough Money To Buy Fox News, He'd 'Buy It In A Heartbeat' - Estimates It Could Turn Around For $15B-$20B

You may not have heard of Nicolai Tangen, but his name carries immense weight in the world of investing. He's the CEO of Norway's sovereign wealth fund, a financial juggernaut that is worth nearly $2 trillion. It is the largest of its kind in the world and as you might imagine, investor's ears perk up whenever he speaks. His latest advice might come as quite a surprise. Nicolai thinks you should dump tech stocks.
That advice seems even more curious when you consider that the fund he's responsible for managing owns $173 billion in Magnificent Seven stocks. The Magnificent Seven's current makeup is a who's who of big tech. It includes companies like Google, Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and<a href="https://www.benzinga.com/25/01/43256560/nvidia-faces-investor-panic-as-chinas-deepseek-emerges-but-top-analyst-predicts-higher-ai-infrastructure-demand-despite-market-jitters-the-market-is-overreacting-to-deepseeks-success"> Nivida</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). More to the point, Mag Seven stocks powered a major stock market boom in 2024. So, why is he telling investors to be cautious?
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Tangen made his comments at the recent World Economic Forum in Davos, Switzerland, which hosts most of the world's wealthiest families, investors, and business moguls. Speaking to Bloomberg, Tangen said, "The best thing to do is always to do the opposite of everybody else. What will that be today? Well, if you were to do the opposite of everybody else, it would be to sell the US tech stocks, buy China, sell private credit, just buy stuff that is out of fashion."
Simply put, Tangen is telling investors to do the opposite of what he's done to build wealth for Norges Bank Investment Management. Like many big funds, it has been riding the profit wave the Magnificent Seven has generated since the emergence of AI. According to Bloomberg, Norges Bank's six largest investments are Magnificent Seven stocks. That's in addition to $5.6 billion in Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares.
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As recently as last summer, Norge Bank's semi-annual report was touting the growth of its tech portfolio, which was up almost 28% at the time. With that said, there is more than just a contrarian streak behind Tangen's warning on the Magnificent Seven. Like any wise investor, he's riding the tech wave while also keeping a watchful eye out for signs of a bubble that could pop.
Although tech has been booming, there is a high degree of interconnectivity between the top companies in the Magnificent Seven. They are almost all involved in a race to improve AI or provide services for AI's advancement. That interlinks their fates with chip and semiconductor makers like Nvidia, Taiwan Semiconductor Manufacturing (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and<a href="https://www.benzinga.com/markets/equities/25/01/43221806/nvidia-amd-broadcom-smci-tsmc-and-other-tech-giants-lead-monday-pre-market-selloff-as-nasdaq-100-futures-plummet-over-650-points-amid-reports-of-chinese-ai-startup-deepseek-overtaking-chatgpt"> </a>Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>). That's great for these companies as they explode in value, but it ties a lot of the stock market's wealth into one single sector.
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According to Fortune Magazine, the Magnificent Seven accounts for nearly 33% of the S&amp;P 500's total value. The profit they generated represents 75% of the S&amp;P 500's growth in earnings for 2024. It's not hard to see why Tangen is concerned when you consider the flip side of that coin. Hundreds of billions of dollars in investor wealth will disappear very quickly the next time there is a major market correction or a sector-wide downturn.
Tangen sees that risk very clearly. During an interview with the Financial Times Unhedged podcast, Tangen warned, "The concentration is absolutely worrying. It means that there is a risk in the stock market which we have never seen before. So, there are very few companies tied into them, and they are getting bigger and bigger and more and more important."
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Real Estate

CEO Of Norway's Sovereign Wealth Fund Advises Investors To Dump Tech Stocks

When it comes to personal finance, few things spark more debate than credit card usage. However, it seems that for Kevin O&#8217;Leary, the &#8220;Shark Tank&#8221; investor and businessman, the issue couldn't be more obvious—<a href="https://www.benzinga.com/news/24/04/38299693/heres-the-gravest-error-you-can-make-with-credit-cards-like-owing-money-to-loan-sharks">credit card debt is a financial trap</a>. O&#8217;Leary's recent <a href="https://x.com/kevinolearytv/status/1883537883501310043">remarks</a> about the dangers of overspending and credit card debt struck a chord with many—and for good reason.
O&#8217;Leary's advice is to simply track your spending. &#8220;Take a piece of paper, you don&#8217;t need a computer, write down the money you made in 90 days and how much you spent during that same period," <a href="https://x.com/kevinolearytv/status/1883537883501310043">he said in an interview</a> with local Fox morning show "Good Day New York" earlier this week.&nbsp;
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Most people are shocked to find they're spending more than they're earning. And where does that excess spending end up? On credit cards. With interest rates hovering around 21%, carrying a balance is like pouring money down the drain. O'Leary calls it "the silent killer" of American finances, and he's not exaggerating.
Credit card balances, which now <a href="https://www.newyorkfed.org/microeconomics/hhdc">total</a> $1.17 trillion outstanding, increased by $24 billion during the third quarter alone and are 8.1% higher than they were a year earlier. These figures underline just how deeply entrenched credit card debt has become in American households.
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<h2 class="wp-block-heading">Mark Cuban's Take</h2>
O&#8217;Leary isn't the only one sounding the alarm. Billionaire and fellow &#8220;Shark Tank&#8221; star <a href="https://www.benzinga.com/personal-finance/24/05/39092288/if-you-use-your-credit-card-you-do-not-want-to-be-rich-warns-mark-cuban-on-the-dave-ramsey-show">Mark Cuban shares a similar sentiment</a>. In a chat with financial guru Dave Ramsey on "The Ramsey Show" last May, Cuban didn't hold back, saying, &#8220;If you use your credit cards, you do not want to be rich.&#8221; His solution is to pay off all your credit cards and burn them.
Cuban broke it down like this: if your credit card interest rate is 15% to 20%, paying it off is like earning that percentage back. In his view, there's no better return on investment. Ramsey, who's built a career on helping people get out of debt, wholeheartedly agreed. He highlighted a Forbes survey that found 75% of wealthy people prioritize staying out of debt. &#8220;Life is better without credit cards,&#8221; Ramsey added, emphasizing that financial freedom starts with ditching high-interest debt.
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<h2 class="wp-block-heading">Credit Cards Aren't Always the Villain</h2>
Not everyone agrees with the no-credit-card approach. For many Americans, responsibly using credit cards is a <a href="https://www.benzinga.com/money/best-credit-cards-to-build-credit">way to build a credit history</a>, which is crucial for securing loans for big-ticket items like homes. Colin Palfrey, chief marketing officer at personal finance management company Crediful, points out, &#8220;For many average Americans, buying a home is a major part of their wealth-building plans, and not being able to establish a credit history will make it harder to get good rates.&#8221;
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