Latest news for Lotus Technology (NASDAQ:LOTWW) Stock

Lotus Technology Inc is a battery electric vehicle (BEV) maker that designs, develops, and sells BEV lifestyle vehicles under the Lotus brand. The Group is also a distributor that sells luxury sports cars under the Lotus brand. It also provides other sales and ancillary services to customers.

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Anthony Scaramucci, the former White House Communications Director, voiced his support for Vice President and presumotive Democratic presidential nominee Kamala Harris, specifically expressing anticipation for her future policies on cryptocurrency.
What Happened: On Wednesday, Scaramucci praised Harris and her team in an X post, stating, &#8220;Kamala Harris is capable and has a great team. I like where we're going and look forward to seeing her policies on crypto.&#8221;
The comment followed his interview with Bloomberg TV where he expressed confidence that the Harris administration will undertake the right regulatory measures for the cryptocurrency industry.
&#8220;We have to give her some time to get her policies. I think it will be a dramatic new generation reset for the Democrats,&#8221; the CEO of&nbsp;SkyBridge Capital said.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922826/elon-musk-agrees-with-dogedesigner-funding-for-trump-supporting-super-pac-is-far-below-45m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is &#8216;Far Below&#8217; $45M A Month So Far</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/KamalaHarris?ref_src=twsrc%5Etfw">@KamalaHarris</a> is capable and has a great team. I like where we're going and look forward to seeing her policies on crypto. <a href="https://t.co/b2GSsvK9Pc">https://t.co/b2GSsvK9Pc</a>
&mdash; Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1816266850650435659?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
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Why It Matters: Scaramucci&#8217;s support for Harris is noteworthy and stated that the<a href="https://www.benzinga.com/24/07/39901896/anthony-scaramucci-says-kamala-harris-will-have-historic-win-against-trump-if-the-vice-president-doe"> Vice President would likely be chosen as the Democratic Party&#8217;s pick </a>to take on Republican challenger Donald Trump.
Scaramucci&#8217;s confidence in Harris&#8217; pro-cryptocurrency policies comes <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39938175/vice-president-harris-snubs-bitcoin-conference-would-have-been-a-disaster-for-her-shrugs-o">despite her snub </a>of the Bitcoin 2024 conference. The marquee conference already has a star-studded line up, including Trump and independent presidential candidate Robert F. Kennedy Jr.
Interestingly, just three weeks ago, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39601856/anthony-scaramucci-predicts-major-crypto-gains-if-biden-wins-election">Scaramucci forecasted major gains</a> for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) if President Joe Biden wins a second term.
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Trump-Era White House Official Anthony Scaramucci Says Kamala Harris Is Capable And Has A Great Team: 'Look Forward To Seeing Her Policies On Crypto'

Google&#8216;s parent company, Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) has regained its momentum, according to Wedbush Securities senior analyst, Dan Ives. He predicts a bright future for the tech giant, especially in the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39925881/alphabet-investors-fret-over-margin-impact-of-higher-ai-related-capex-but-fund-mana">field of artificial intelligence</a>.
What Happened: Ives, in an interview with Bloomberg TV, expressed his confidence in Google&#8217;s future, particularly in AI and advertising. He stated that the company&#8217;s &#8220;mojo&#8221; is back and that the tech giant is just getting started in the AI race. Despite the positive outlook, Ives acknowledged that Google still has a long way to go in the AI sector.
Ives highlighted that over the next 3, 6, and 9 months, Google will show significant progress not only in advertising but also in AI. He metaphorically described the AI landscape by saying, &#8220;It is 9 PM at the AI party, and we think it will go until 4 AM.&#8221;
He emphasized that Google is still in the early stages of the AI race, stating, &#8220;They are not even on the dance floor yet,&#8221; indicating there is still a long way to go for Google in AI development.
This comes on the heels of Google&#8217;s parent company, Alphabet Inc., reporting <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">second-quarter revenue</a> of $84.742 billion, surpassing the consensus estimate of $84.202 billion. The company also reported quarterly earnings of $1.89 per share, beating analyst estimates of $1.85 per share.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Dan Ives, Wedbush Securities senior analyst, says the &quot;mojo&quot; is back at Google. Ives is also more bullish on tech these days <a href="https://t.co/py2nQFLowP">https://t.co/py2nQFLowP</a> <a href="https://t.co/XP7MjhIPlx">pic.twitter.com/XP7MjhIPlx</a>
&mdash; Bloomberg TV (@BloombergTV) <a href="https://twitter.com/BloombergTV/status/1816204839602250026?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/24/07/39877083/elon-musk-may-have-endorsed-trump-but-tesla-would-have-done-even-worse-without-bidens-7-5k-ev-tax-cr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk May Have Endorsed Trump, But Tesla Would Have Done &#8216;Even Worse&#8217; Without Biden&#8217;s $7.5K EV Tax Credit, Says Fund Manager</a>
Why It Matters: Alphabet&#8217;s strong financial performance in the second quarter has been a focal point for analysts. Despite a sell-off in shares, analysts remain optimistic about the company&#8217;s future, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39938868/google-analysts-see-upside-for-alphabet-stock-following-q2-earnings-as-generative-a">particularly in generative AI</a>. Alphabet&#8217;s revenue grew 14% year-over-year, driven by strength in Search and Cloud.
Jim Cramer has criticized the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39932009/jim-cramer-slams-tesla-google-parent-alphabet-sellers-says-anyone-who-listened-to-c">sell-off in Alphabet shares</a>, arguing that those who listened to the earnings call would know the company is performing well. He attributed the sell-off to a &#8220;zeitgeist&#8221; and pressure on CEOs to reduce AI spending.
Additionally, some investors are concerned about the impact of higher AI-related capital <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39925881/alphabet-investors-fret-over-margin-impact-of-higher-ai-related-capex-but-fund-mana">expenditures on margins</a>. Alphabet&#8217;s capex was $13.19 billion, which some see as necessary to secure the company&#8217;s future in AI.
Alphabet&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">second-quarter earnings report</a> also highlighted innovation at &#8220;every layer of the AI stack.&#8221; The company has now beaten analyst estimates on both top and bottom lines for six consecutive quarters, showcasing its resilience and growth potential.
Price Action: Alphabet Inc Class A shares closed at $172.63, down 5.04% on Wednesday. In after-hours trading, the stock inched up by 0.012%. Year to date, the stock has gained 24.94%. Meanwhile, Alphabet Inc Class C shares closed at $174.37, down 5.03% for the same day. In after-hours trading, the stock slightly increased by 0.046%, reaching $174.45, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Google's 'Mojo' Is Back, Says Wedbush Analyst Dan Ives, Sees More Upside For Alphabet Stock

Multiple courts in California experienced significant disruptions to their phone services <a href="https://www.benzinga.com/news/23/11/35730744/chinas-biggest-lender-icbc-confirms-ransomware-attack-disrupts-trades-in-us-treasury-market">due to a ransomware attack</a> this week.&nbsp;The Superior Court of Los&nbsp;Angeles County, the largest trial court in the state, was the primary target of this attack.
What Happened: The ransomware attack occurred last Friday, affecting the phone servers of&nbsp;courts in Shasta, Inyo, San&nbsp;Luis Obispo, Stanislaus, and Colusa counties, which are hosted by the&nbsp;Superior Court of Los Angeles&nbsp;County, <a href="https://apnews.com/article/california-courts-ransomware-attack-phones-down-0ebbc28bec8654ff48b4bab370521cc9">reported</a> Associated Press.
The attack has led to the loss of phone, fax, and text reminder services in these courts. For example, the&nbsp;Shasta County courthouse has been&nbsp;functioning without its VoIP (Voice over Internet Protocol) phone system since the attack, the report noted, citing Melissa Fowler Bradley, executive officer for Shasta County Superior Court.
Jurors in Shasta County are now being advised to check online for jury duty updates, as the usual phone line for such information is currently unavailable.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39926002/after-donald-trumps-recent-taiwan-statement-sent-shockwaves-japans-pm-kishida-reveals-new-bill-to-bo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Donald Trump&#8217;s Recent Taiwan Statement Sent Shockwaves, Japan&#8217;s PM Kishida Reveals New Bill To Boost AI And Chipmaking With Domestic Investment</a>
The computer system of the Los Angeles County courts was also shut down due to the ransomware attack, leading to the closure of all 36 courthouses in the county on Monday. Although they re-opened on Tuesday, some web pages and remote appearance capabilities for certain proceedings were still inaccessible on Wednesday.
Officials have confirmed that this attack is <a href="https://www.benzinga.com/news/24/07/39875506/crowdstrikes-faulty-microsoft-windows-update-gets-slammed-by-us-cybersecurity-official-was-a-huge-de">not related to the recent&nbsp;faulty</a> CrowdStrike software update that&nbsp;caused disruptions worldwide. The phone system is expected to be restored by the weekend, 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: This incident is a stark reminder of the increasing threat of ransomware attacks worldwide. In recent years, such attacks have caused significant disruptions in various sectors. 
For instance, last month, it was reported that a&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39517132/hacker-gang-known-for-using-bitcoin-ethereum-for-ransom-brings-indonesia-to-a-grinding-hal">major cyberattack in Indonesia</a>, purportedly carried out by the ransomware gang, LockBit, affected more than 40 government entities and disrupted operations at major airports for several days.
In 2023, a parliamentary committee in the U.K. warned of a high risk of a&nbsp;<a href="https://www.benzinga.com/news/23/12/36230804/uk-at-high-risk-of-catastrophic-ransomware-attack-parliamentary-committee-warns">&#8216;catastrophic ransomware attack&#8217;</a>&nbsp;due to the country&#8217;s lack of preparedness and insufficient investment in cybersecurity. 
The committee raised concerns about the potential disruption of critical national infrastructure, including energy, water supply, transport, healthcare, and telecommunications services.
Photo by Song_about_summer on Shutterstock.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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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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Ransomware Attacks Cause Major Phone Line Disruptions At California Courts

On Wednesday, major U.S. indices closed significantly lower. The Dow Jones Industrial Average fell 1.25% to 39,853.87, the S&amp;P 500 dropped 2.3% to 5,427.13, and the Nasdaq declined 3.6% to 17,342.41.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
Nvidia closed down 6.80% at $114.25, with an intraday high of $119.95 and a low of $113.44. The 52-week high is $140.76 and the low is $39.23. The company, along with other U.S. chip stocks, saw a significant selloff on Wednesday. This was partly due to <a href="https://www.benzinga.com/news/24/07/39938971/chip-stocks-nvidia-amd-and-others-see-more-selloff-on-wednesday-whats-going-on">disappointing second-quarter earnings</a> from Tesla Inc and Google parent Alphabet Inc.
Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>)
Ford shares dropped 1.16% to close at $13.67, with an intraday high of $13.88 and a low of $13.59. The 52-week high is $14.85 and the low is $9.63. The automaker reported a <a href="https://www.benzinga.com/news/earnings/24/07/39943178/ford-q2-earnings-highlights-revenue-beat-eps-miss-transit-vans-hit-record-ev-sales-fall-37">6% year-over-year increase</a> in second-quarter revenue to $47.8 billion, beating the Street consensus estimate of $44 billion.
See Also: <a href="https://www.benzinga.com/news/24/07/39925959/kim-jong-un-rejects-donald-trumps-friendship-claims-north-korea-says-we-do-not-care-expresses-nuclea?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un Rejects Donald Trump&#8217;s Friendship Claims? North Korea Says &#8216;We Do Not Care,&#8217; Expresses Nuclear Readiness Amid Rising Tension With US</a>
Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>)
Chipotle shares fell 1.47% to close at $51.78, with an intraday high of $52.49 and a low of $51.46. The 52-week high is $69.26 and the low is $35.37. The company reported an <a href="https://www.benzinga.com/news/earnings/24/07/39943336/chipotle-mexican-grill-q2-earnings-revenue-beat-eps-beat-comps-up-11-on-stronger-demand-trends-and-">18.2% year-over-year increase</a> in Q2 revenue to $2.97 billion, beating the consensus estimate of $2.94 billion.
Viking Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>)
Viking Therapeutics shares dropped 2.19% to close at $50.41, with an intraday high of $52.18 and a low of $50.27. The 52-week high is $99.41 and the low is $8.28. The company reported <a href="https://www.benzinga.com/general/biotech/24/07/39944467/viking-therapeutics-stock-climbs-on-q2-eps-beat">quarterly losses of 20 cents per share</a>, beating the analyst consensus estimate of losses of 27 cents by 25.93%.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares plunged 12.33% to close at $215.99, with an intraday high of $225.99 and a low of $214.71. The 52-week high is $278.98 and the low is $138.8. The EV giant reiterated its plans to start producing <a href="https://www.benzinga.com/news/24/07/39923738/tesla-reiterates-new-electric-vehicles-on-track-for-2025-but-ceo-elon-musk-refuses-to-divulge-detail">new electric vehicles in the first half of 2025</a>.
Photo by Phongphan on Shutterstock
Prepare for the day&#8217;s trading <a href=""Premarket">with top premarket movers and news</a> by Benzinga.
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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>

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Nvidia, Ford, Chipotle, Viking Therapeutics, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Economist Peter Schiff slammed Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investors&#8217; expectations of the apex cryptocurrency being designated as a strategic reserve asset, likening it to political vote-buying tactics.
What Happened: On Tuesday, Schiff took to X to criticize those who hope for former President Donald Trump to use taxpayer money to buy and hold Bitcoin as a Treasury reserve asset, equating it to President Joe Biden&#8217;s promise to forgive student loans to win votes.
&#8220;This is why the U.S. was never intended to be a democracy,&#8221; Schiff remarked.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin <a href="https://twitter.com/hashtag/HODLers?src=hash&amp;ref_src=twsrc%5Etfw">#HODLers</a> are hoping <a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> buys their votes by promising to use taxpayer money to buy and hold <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> as a Treasury reserve asset. This is similar to <a href="https://twitter.com/hashtag/Biden?src=hash&amp;ref_src=twsrc%5Etfw">#Biden</a> buying votes by promising to forgive student loans. This is why the U.S. was never intended to be a democracy.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1816178060057587854?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
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The remark was in reference to rumors floating in the cryptocurrency community that <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39914148/donald-trump-to-announce-a-strategic-bitcoin-reserve-crypto-bettors-think-its-unlikely-but">Trump would announce Bitcoin as a strategic reserve asset for the U.S.</a> at the upcoming Bitcoin 2024 conference. <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39898639/pro-bitcoin-senator-cynthia-lummis-stirs-crypto-community-with-big-things-are-in-store-thi">A cryptic post </a>by Sen.&nbsp;Cynthia Lummis&nbsp;(R-Wyo.) also prompted enthusiasts to look into this possibility.
Bettors on the cryptocurrency prediction market, Polymarket, however, <a href="https://polymarket.com/event/trump-to-announce-strategic-bitcoin-reserve-in-july?tid=1721872604560">believe </a>there is only a 29% chance of this happening as of this writing.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39936042/peter-thiel-founders-fund-lead-11m-investment-in-pudgy-penguins-parent-company-excited-to-">Peter Thiel, Founders Fund Lead $11M Investment In Pudgy Penguins Parent Company: &#8216;Excited to Drive the Consumer Crypto Revolution Forward&#8217;</a>
Why It Matters: Schiff&#8217;s remarks come in the wake of his <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922885/peter-schiff-polls-hodlers-asks-if-theyll-sell-if-bitcoin-slips-below-15k-heres-how-they-r">recent poll</a> questioning the resolve of Bitcoin HODLers in the face of a potential market downturn. He asked if long-term investors would sell their holdings if Bitcoin&#8217;s value dropped below $15,000, marking an 80% collapse from its 2024 record-high. About 89% of the respondents said they would continue to hold the asset.
The staunch Bitcoin critic had earlier <a href="https://www.benzinga.com/news/24/07/39882657/peter-schiff-calls-biden-administration-a-disaster-as-economist-predicts-fielding-kamala-harris-agai">expressed skepticism about the potential success </a>of&nbsp;presumptive Democratic presidential nominee Kamala Harris&nbsp;following President&nbsp;Joe Biden‘s withdrawal from the 2024 presidential race.
Price Action: At the time of writing, Bitcoin was trading at $64,248.61, following a drop of 2% 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>.
Photo Courtesy: Wikimedia Commons
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Peter Schiff Compares Hopes That Trump Declares Bitcoin As Treasury Reserves' With Biden's Student Loan Forgiveness: Claims 'Buying Votes' Is Why US Wasn't Meant To Be A Democracy

South Korea&#8217;s SK Hynix has reported its highest quarterly profit since 2018, attributing the surge to the increasing demand for artificial intelligence chips.
What Happened: SK Hynix, a major supplier to NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), announced a second-quarter operating profit of 5.47 trillion won ($3.96 billion), marking its third consecutive profitable quarter after incurring losses last year, Reuters reported. This profit is the highest since the third quarter of 2018.
The company&#8217;s revenue also soared by 125% year-over-year to a record quarterly high of 16.4 trillion won, driven by the surging demand for high-end DRAM chips, including High Bandwidth Memory chips used in data center servers and on-device AI services.
SK Hynix, the second-largest memory chipmaker globally, has been a significant beneficiary of the AI-driven appetite for high-end chips and enterprise solid-state drives (eSSDs). The company&#8217;s early entry and substantial investments in these segments have contributed to its impressive performance.
&#8220;The company will further solidify the position as a leader in AI memory products &#8230; based on a stable financial structure,&#8221; said Chief Financial Officer Kim Woohyun.
However, SK Hynix's stock dropped by 7.8% on Thursday in Seoul, marking the largest intraday decline since November 2022. This followed a broad sell-off in US tech stocks, including a 6.8% decrease for Nvidia.
See Also: <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Q2 Earnings Highlights: Revenue Beat, EPS Miss, Robotaxi Update, 2024 Growth Rate To Be &#8216;Notably Lower&#8217; Than 2023</a>
Why It Matters: This surge in profit follows a series of events that have positioned SK Hynix for success. In April, the <a href="https://www.benzinga.com/news/24/04/38084804/nvidia-supplier-sk-hynix-bets-3-87b-on-us-chip-future-scores-win-for-bidens-supply-chain-goals">company announced plans</a> to invest $3.87 billion in its first-ever chip packaging facility in the United States. The facility, expected to commence operations in 2028, will focus on producing high-bandwidth memory chips, crucial components in AI systems such as Nvidia GPUs.
SK Hynix&#8217;s parent company, SK Group, also pledged to <a href="https://www.benzinga.com/news/24/07/39575498/nvidia-suppliers-parent-company-pledges-56b-investment-in-ai-chip-tech-by-2026-as-competition-from-s">invest $56 billion in AI and semiconductor technology by 2026</a>. This investment, primarily directed towards HBM chips, data centers, and personalized AI assistant services, is designed to bolster its supply chains for emerging technology.
Analysts have also been optimistic about SK Hynix&#8217;s future, with many revising their forecasts upwards, driven by the high potential for AI and the anticipation of a positive surprise in the company&#8217;s earnings. This sentiment was reflected in the company&#8217;s stock performance, which has <a href="https://www.benzinga.com/news/24/07/39644569/key-nvidia-supplier-sk-hynix-to-get-further-boost-from-ai-demand-even-after-90-stock-surge-goldman-s">soared over 90%</a> in the past year, with further growth predicted by Wall Street analysts.
Read Next: 
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<li><a href="https://www.benzinga.com/general/entertainment/24/07/39891426/amc-entertainment-stock-halted-movie-theater-chain-announces-restructuring-of-debt-load-ada?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AMC Entertainment Announces Restructuring Of Debt Load, Adam Aron Says Box Office Challenges Are In &#8216;Rearview Mirror&#8217;</a></li>
</ul>
Image via SK Hynix
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Asia

Earnings

Key Nvidia Supplier SK Hynix Stock Drops Nearly 8% Following US Tech Sell-Off Despite Record Quarterly Profit Reveal

Bitcoin held steady, while Ethereum slumped Wednesday as the stock market recorded its worst trading day since late 2022.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:35 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-0.55%</td>
<td>$65,491.11</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-3.92%</td>
<td>$3,333.04</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>-1.55%</td>
<td>$0.1281</td>
</tr>
</tbody>
</table>
</figure>
What Happened: The World's largest cryptocurrency Bitcoin was little changed after a sharp rebound to $67,000 was undone by sell-offs later. The apex cryptocurrency has trended lower this week, dropping 5.7%.
Ethereum sold off heavily, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39929556/ethereum-etfs-shine-on-day-1-with-107m-net-inflows-but-what-about-the-bitcoin-etfs">despite an impressive debut by spot ETFs</a> in the U.S. stock market, validating some of the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39915620/ethereum-may-be-headed-for-a-sell-off-after-etfs-launched-10x-research">earlier forecasts made by analysts</a>.
More than $250 million locked in derivatives was liquidated in the last 24 hours, with long liquidations equating to $219 million. Ethereum led the pack with $82 million in liquidations.
The slump caused a sharp decline in futures Open Interest for the two assets, with Ethereum witnessing a steeper 5.4% drop.&nbsp;&nbsp;
Downside bets for Ethereum surged in comparison to bullish bets in the last 24 hours, signaling a bearish mood.&nbsp;
The Cryptocurrency Fear &amp; Greed Index continued to flash "Greed" as of this writing.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:35 p.m. EDT)</td>
</tr>
<tr>
<td>Flow (FLOW)</td>
<td>+9.14%</td>
<td>$0.6571</td>
</tr>
<tr>
<td>Jupiter (JUP)</td>
<td>+4.45%</td>
<td>$1.00</td>
</tr>
<tr>
<td>XRP (XRP)</td>
<td>+3.67%</td>
<td>$0.6198</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stands at $2.37 trillion, following a drop of 1.17% in the last 24 hours.
The stock market tumbled on Wednesday, recording its worst performance since 2022. The broad market index S&amp;P 500 fell 128.61 points, or 2.31%, to end at 5,427.13. The tech-heavy Nasdaq Composite plunged 3.64% to close at 17,342.41. The blue-chip index Dow Jones Industrial Average dipped 1.25% to finish at 39,853.87.
The slump comes following big sell-offs in shares of tech giants Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) amid their <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">second-quarter</a> earnings reports. Tesla plummeted 12.3% during the session, its worst since 2020, while the Google parent company declined 5%.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Prominent cryptocurrency researcher Ali Martinez underlined the importance of $66,000 as a "crucial" support level for King Crypto, holding which would bolster its chances of rising to new all-time highs.
<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">This support level, at around $66,000, is very crucial for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. If it holds, we could see new all-time highs! <a href="https://t.co/BfLNAAsRne">pic.twitter.com/BfLNAAsRne</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1816148474322120985?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In an earlier X post, he noted that Bitcoin needs to cross $66,450 for the sentiment to flip bullish.
Another widely followed cryptocurrency influencer Sheldon The Sniper expressed a bullish outlook for Ethereum, stating that the corrections are just to test HODlers' resolve. "ETH to 4,000 in the next week or two," the analyst forecasted.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> CHART <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has not looked this bullish in a long time This is the pull back to make sure you are in if you are a <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> believer , There is 2 major zones to buy . First Zone has been hit , 2nd might get hit , possibility it won&#39;t . <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to 4K in the next week or two . These… <a href="https://t.co/PJL3zObgvP">pic.twitter.com/PJL3zObgvP</a>
&mdash; Sheldon The Sniper (@Sheldon_Sniper) <a href="https://twitter.com/Sheldon_Sniper/status/1816234189500604739?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Igor Faun on Shutterstock
Read Next:    
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39938175/vice-president-harris-snubs-bitcoin-conference-would-have-been-a-disaster-for-her-shrugs-o">Vice President Harris Snubs Bitcoin Conference: &#8216;Would Have Been A Disaster For Her,&#8217; Shrugs Organizer</a></li>
</ul>

Movers

Trading Ideas

$DOGE

Bitcoin Holds Up, Ethereum, Dogecoin Fall Amid Stock Market Crash: Analyst Predicts $4K For ETH Over Next Two Weeks

Editor&#8217;s Note: The headline has been revised for accuracy. It previously erroneously stated that Cathie Wood&#8217;s Ark Invest sold Tesla shares.
On Wednesday, Cathie Wood-led Ark Invest made a significant move by buying shares of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), despite the electric vehicle giant&#8217;s recent market challenges.
The Tesla Trade
Ark Invest&#8217;s ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) acquired 33,143 shares of Tesla, a move that came on the heels of a turbulent period for the company. The value of this trade, based on the closing price of $215.99 on the same day, is approximately $7.16 million.
This purchase is particularly noteworthy given the context of Tesla&#8217;s recent performance. The company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">second-quarter financial results</a>, reported on Tuesday, showed a revenue beat but an EPS miss.
Furthermore, Tesla&#8217;s automotive revenue dropped 7% YoY to $19.9 billion, marking its second straight quarter of YoY sales declines. This was the first time the company had experienced consecutive quarters of declining sales volume. Despite these challenges, Ark Invest has shown confidence in Tesla&#8217;s <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39294523/cathie-wood-ark-invest-set-new-2-600-price-target-for-tesla-every-car-becomes-an-ai-powered-c">long-term prospects</a>.
Other Key Trades:
<ul>
<li>Ark Fintech Innovation ETF bought 1,059 shares of MercadoLibre Inc </li>
<li>Ark Fintech Innovation ETF sold shares of Toast Inc (TOST). </li>
<li>ARK Genomic Revolution ETF bought shares of 10X Genomics Inc (TXG). </li>
<li>ARK Genomic Revolution ETF sold shares of Teladoc Health Inc (TDOC). </li>
<li>ARK Autonomous Technology &amp; Robotics ETF bought shares of Oklo Inc (OKLO).</li>
</ul>
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39923307/senator-cynthia-lummis-slams-biden-administrations-dangerous-scheme-to-impose-30-tax-on-bi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Senator Cynthia Lummis Slams Biden Administration&#8217;s &#8216;Dangerous Scheme&#8217; To Impose 30% Tax On Bitcoin Mining, Call It &#8216;Blatant Attack&#8217; On American Excellence</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ETFs

ARKW

Tesla Bull Cathie Wood's Ark Invest Buys $7.16M Worth Of EV Maker's Shares After Q2 Earnings Reveal Profits Tanked Sharply (Corrected)

Comedian <a href="https://www.benzinga.com/topic/pete-davidson">Pete Davidson</a> opened up about his recent rehab experience and ongoing use of marijuana during a stand-up show, &#8220;Pete Davidson: Rehab Tour,&#8221; <a href="https://www.benzinga.com/markets/cannabis/24/07/39933744/exclusive-how-this-california-cannabis-co-became-a-celebrity-favorite-with-migos-and-travis-scot">on July 20. </a>
Davidson shared that while he has overcome addictions to cocaine, ketamine and various pills, he still uses marijuana.
See Also: <a href="https://www.benzinga.com/general/entertainment/23/12/36376858/fans-baffled-as-pete-davidson-abruptly-cancels-all-his-shows-until-2024">Fans Baffled As Pete Davidson Abruptly Cancels All His Shows Until 2024</a>
&#8220;I can't quit [weed] yet. It's all I have left,&#8221; the 30-year-old said, <a href="https://www.dailymail.co.uk/tvshowbiz/article-13660325/Pete-Davidson-reckless-drase-dismissed-breaks-silence.html">reported</a> the Daily Mail. &#8220;I did coke and ketamine and f–king all the pills and all that s–t. All I have is weed left, so it's almost over, but I'm holding on for a little bit longer.&#8221;
Davidson sought treatment in June 2023 for PTSD and borderline personality disorder. Earlier that year, he faced legal issues after crashing his car into a house in Beverly Hills. He recounted the incident during his performance, admitting his decision to aim for the house.
"I saw the house and I was like, I don't think you could die if you hit a house. Usually in sitcoms they just go right through it," Davidson recalled. "So, I swerved and I aimed for the house and I actually hit the garage pretty good. Even at my worst, I'm pretty f–king spot on."
Following the crash, Davidson was not arrested, and authorities did not believe drugs or alcohol were involved. However, he was sentenced in July 2023 to 50 hours of community service, 12 hours of traffic school and a course at a morgue focusing on victims of reckless driving.
Reflecting on his sentencing, Davidson said, "I was like, ‘Can I just go to jail for a day? It seems like six weeks of work.'"
In September 2023, Davidson returned to stand-up, performing alongside John Mulaney and Jon Stewart. He joked about his &#8220;post-rehab glow&#8221; and revealed that he had been using ketamine for four years.
In December 2023, Davidson <a href="https://www.benzinga.com/general/entertainment/23/12/36376858/fans-baffled-as-pete-davidson-abruptly-cancels-all-his-shows-until-2024">canceled two scheduled performances</a> in New York City just hours before they were set to begin, with no specific reasons provided by the venue.
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Image Via Shutterstock
<a href="https://drupal-cloudfront.benzinga.com/users/el-planteo"></a>

Cannabis

Entertainment

General

Pete Davidson Reveals: 'All I Have Left is Weed' A Look Inside His Rehab Journey

Tesla Inc. and SpaceX CEO Elon Musk, has once again <a href="https://www.benzinga.com/news/23/08/33815062/musk-fires-back-at-zuckerbergs-elon-isnt-serious-post-says-cant-wait-to-bang-on-his-door-tomorrow">thrown down the gauntlet</a> to Meta Platforms, Inc. CEO Mark Zuckerberg, declaring his readiness to fight him &#8220;any place, any time, any rules.&#8221;
What Happened: Musk reiterated his challenge to Zuckerberg while exiting the U.S. Capitol on Wednesday. When questioned about his <a href="https://www.benzinga.com/news/23/06/32959237/mark-zuckerberg-answers-elon-musks-cage-match-challenge-send-me-location">intermittent fight plans</a> with Zuckerberg, the tech billionaire turned to the camera and stated, &#8220;I&#8217;ll&nbsp;fight Zuckerberg any place, any&nbsp;time, and rules.&#8221; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1816209258276430114?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39881748/elon-musks-xai-flips-the-switch-on-100k-nvidia-h100-gpus-worth-up-to-4b-in-memphis-supercluster-most?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s xAI Flips The Switch On 100K Nvidia H100 GPUs Worth Up To $4B In Memphis Supercluster: &#8216;Most Powerful AI Training Cluster In The World&#8217;</a>
Musk, notorious for his controversial online remarks, had previously dared Zuckerberg to a &#8220;cage match,&#8221; a challenge that Zuckerberg accepted. 
However, this supposedly <a href="https://www.benzinga.com/news/23/08/33815062/musk-fires-back-at-zuckerbergs-elon-isnt-serious-post-says-cant-wait-to-bang-on-his-door-tomorrow">came to an end in August</a> after Meta CEO stated that Musk wasn&#8217;t serious about the fight and suggested it&#8217;s time to &#8220;move on,&#8221; given Musk&#8217;s reluctance to confirm a date.
Although Musk continued to prove Zuckerberg by saying he &#8220;can't wait to bang on&#8221; the Meta CEO&#8217;s door, this conversation <a href="https://www.benzinga.com/news/23/10/35455589/after-two-months-elon-musk-is-again-talking-about-his-cage-match-with-mark-zuckerberg-im-willing-to">ultimately came to a halt</a>.
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: Musk&#8217;s latest comment came just a <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">day after he agreed with Zuckerberg&#8217;s views</a> on the debate over open-source versus closed-source AI models. 
Musk&#8217;s agreement came after the Meta CEO criticized closed model providers like ChatGPT-parent OpenAI for lobbying against open source, to which Musk responded, &#8220;+1 for Zuck&#8221;.
Meanwhile, in March this year, UFC CEO Dana White said that the potential &#8220;cage match&#8221; between Musk and Zuckerberg would have been the <a href="https://www.benzinga.com/news/24/03/37926826/elon-musk-vs-mark-zuckerberg-would-have-been-the-biggest-fight-ever-done-says-ufcs-dana-white">&#8220;biggest fight ever done.&#8221;</a>
The entire cage fight debacle began with rumors about Meta launching a &#8220;Twitter rival.&#8221; <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">Musk had acquired Twitter</a> for $44 billion in October 2022.
In a comment on X, formerly Twitter, Musk suggested that such a platform would give Meta CEO exclusive control over the Earth. This prompted a user to remind Musk of <a href="https://www.benzinga.com/news/23/11/35604744/meta-ceo-mark-zuckerberg-tore-his-acl-while-training-for-a-competitive-mma-fight-undergoes-surgery">Zuckerberg&#8217;s new martial arts skills</a>, leading the tech mogul to say the now famous words, &#8220;I&#8217;m up for a cage match if he is lol.&#8221;
Photo by Kathy Hutchins and Frederic Legrand &#8211; COMEO on 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:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/07/39901629/elon-musk-says-google-co-founder-and-one-of-his-best-friends-larry-page-thought-eventually-we-will-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Google Co-Founder And One Of His &#8216;Best Friends&#8217; Larry Page Thought Eventually We Will All &#8216;Upload Our Minds To The Computer&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Elon Musk Says He Will Fight Mark Zuckerberg 'Any Place, Any Time, Any Rules' — 'Cage Match' Vibes Anyone?

Famed economist and vocal Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) critic Peter Schiff has sounded a cautionary note following a significant drop in Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) shares. Schiff attributes the 12% plunge to the automaker&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39943178/ford-q2-earnings-highlights-revenue-beat-eps-miss-transit-vans-hit-record-ev-sales-fall-37">disappointing second-quarter earnings</a> and has linked this to broader economic challenges.
What Happened: Schiff took to social media platform X to share his concerns about the recent performance of Ford. He pointed to the company&#8217;s underwhelming second-quarter profits and bleak guidance as indicators of a larger economic struggle. Schiff attributed this to the financial strain on Americans, citing rising living costs and high interest rates on auto loans.
He wrote, &#8220;Ford shares are down 12% in after-hours trading, following lower than expected Q2 profits and weak guidance. This shouldn&#8217;t be a surprise. Americans are broke. The cost of living is way up. They can&#8217;t afford to buy new cars, especially with higher interest rates on auto loans.&#8221;
This comes in the wake of Ford&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39943178/ford-q2-earnings-highlights-revenue-beat-eps-miss-transit-vans-hit-record-ev-sales-fall-37">second-quarter earnings report</a>, which saw a 6% year-over-year increase in revenue, surpassing the Street&#8217;s consensus estimate. Despite this, the company&#8217;s earnings per share fell short, leading to a 37% decrease in revenue from its Ford Model e segment.
<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"><a href="https://twitter.com/hashtag/Ford?src=hash&amp;ref_src=twsrc%5Etfw">#Ford</a> shares are down 12% in after-hours trading, following lower than expected Q2 profits and weak guidance. This shouldn&#39;t be a surprise. Americans are broke. The cost of living is way up. They can&#39;t afford to buy new cars, especially with higher interest rates on auto loans.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1816238447855820903?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39898236/jeff-bezos-era-downstream-impact-losing-its-mojo-amazon-ceo-andy-jassy-is-reportedly-rethinking-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos-Era &#8216;Downstream Impact&#8217; Losing Its Mojo? Amazon CEO Andy Jassy Is Reportedly Rethinking Alexa Devices Business Model Resulting In Billions Worth Of Losses</a>
Why It Matters: The disappointing earnings report from Ford comes amid broader economic concerns. The company <a href="https://www.benzinga.com/news/earnings/24/07/39945299/general-motors-stock-falls-after-ford-reports-q2-results-whats-going-on">reported quarterly earnings</a> per share of 47 cents, missing the Street consensus estimate of 68 cents. 
Adding to the economic backdrop, a chorus of economists has been predicting that the Federal Reserve will soon begin cutting interest rates following a cooler-than-expected <a href="https://www.benzinga.com/general/politics/24/07/39731800/biden-cheers-inflation-progress-rate-cut-chorus-grows-louder-among-5-economists-this-is-just-wha">inflation report in June</a>. The Consumer Price Index rose by 3% year-over-year, dropping from May&#8217;s rate of 3.3%. 
President Joe Biden emphasized the positive developments in a White House press release, noting that the latest report demonstrates significant progress in combating inflation.
Last week, New York Federal Reserve&nbsp;President&nbsp;John Williams&nbsp;<a href="https://www.benzinga.com/news/24/07/39812270/jerome-powells-top-advisor-hints-at-feds-potential-rate-cut-plans-all-moving-in-the-right-direction">hinted at a potential interest rate cut</a> in the coming months, suggesting that the Fed might be closer to this decision than previously thought. Furthermore, mortgage rates have hit their <a href="https://www.benzinga.com/news/large-cap/24/07/39931211/mortgage-rates-hit-lowest-point-since-february-as-investors-anticipate-fed-rate-cuts">lowest point since February</a> as investors anticipate potential rate cuts by the Fed. 
Price Action: Ford Motor&#8217;s stock closed at $13.67 on Wednesday, down 1.16% for the day. In after-hours trading, the stock fell further 11.56%. Despite this drop, Ford&#8217;s stock has risen 12.42%, year to date, according to the <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39877645/mohamed-el-erian-on-bidens-withdrawal-from-presidential-race-there-is-genuine-uncer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mohamed El-Erian On Biden&#8217;s Withdrawal From Presidential Race: &#8216;There Is Genuine Uncertainty On How Markets Will &#8211; And Should- React To The News&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Economics

Peter Schiff Says 'Americans Are Broke' — Points To Ford's Dismal Q2 Profit: 'They Can't Afford To Buy New Cars' Due To Interest Rates

Sen. Lindsey Graham (R-S.C.) took to X on Wednesday to express his views on President Joe Biden&#8217;s <a href="https://www.benzinga.com/news/24/07/39947087/biden-says-history-is-in-your-hands-in-oval-office-speech-the-best-way-forward-is-to-pass-the-torch">decision not to seek reelection. </a>
What Happened: He warned of a bleak future under a potential Kamala Harris presidency, citing concerns about open borders, foreign policy weakness, and rampant inflation.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I respect President Biden's decision not to seek reelection and know for the last 50 years he has tried to do his best for America as he saw it. But unfortunately for the American people, the country described by President Biden tonight doesn't exist. Americans are struggling,… <a href="https://t.co/SVtAjwRFtq">https://t.co/SVtAjwRFtq</a>
&mdash; Lindsey Graham (@LindseyGrahamSC) <a href="https://twitter.com/LindseyGrahamSC/status/1816271167537230154?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Graham acknowledged Biden&#8217;s long-standing service to the country but criticized the current state of the nation under his leadership. He also expressed skepticism about the prospect of Vice President Kamala Harris taking over, predicting that her presidency would exacerbate existing problems.
See Also: <a href="https://www.benzinga.com/news/24/07/39878848/trump-vs-harris-first-poll-after-bidens-exit-shows-majority-approve-of-decision-but-heres-how-it-mig?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: First Poll After Biden&#8217;s Exit Shows Majority Approve Of Decision, But Here&#8217;s How It Might Affect Ex-President&#8217;s Chances</a>
Why It Matters: This comes in the wake of <a href="https://www.benzinga.com/news/24/07/39947087/biden-says-history-is-in-your-hands-in-oval-office-speech-the-best-way-forward-is-to-pass-the-torch">President Biden&#8217;s announcement</a> that he will not be running for re-election in the 2024 presidential race. Biden, the first incumbent president not to seek re-election since 1968, cited the need to &#8220;pass the torch to a new generation&#8221; as his reason for stepping down.
The decision followed weeks of pressure from Democrats and internal polling suggesting a potential loss against Republican Donald Trump in the upcoming election. With Biden&#8217;s withdrawal, <a href="https://www.benzinga.com/general/politics/24/07/39946360/trump-vs-harris-2024-election-candidates-tied-in-new-poll-65-of-democrats-say-biden-stepping-dow">Vice President Kamala Harris is likely to face off against Trump</a> in a closely contested race.
In her first campaign rally since replacing Biden, <a href="https://www.benzinga.com/news/24/07/39921743/donald-trump-wants-to-take-our-country-backward-says-kamala-harris-in-first-campaign-speech-poll-sho">Harris criticized Trump&#8217;s record</a> and outlined her liberal priorities, which include expanding abortion access, making it easier for workers to join unions, and addressing gun violence.
Photo via Shutterstock
Read Next: 
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<li><a href="https://www.benzinga.com/general/politics/24/07/39916075/j-d-vance-venture-capital-background-under-scrutiny-it-never-seemed-like-he-was-even-working-it-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">J.D. Vance Venture Capital Background Under Scrutiny: &#8216;It Never Seemed Like He Was Even Working, It Felt Like His Full-Time Job Was The Book&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Lindsey Graham Says 'Americans Are Struggling, And Our Country Is Heading In The Wrong Direction' — Replacing Biden With Harris Will Only Make It Worse

In his first public rally since President Joe Biden declared he would not seek re-election, former President Donald Trump launched a series of attacks on Vice President Kamala Harris on Wednesday.
Trump, addressing his supporters in North Carolina, criticized Harris on immigration and inflation issues, labeling her as a &#8220;radical-left lunatic.&#8221; He accused Harris of misleading the public to cover up Biden&#8217;s mental fitness, implying that she is untrustworthy and unfit to lead, <a href="https://thehill.com/homenews/4791536-donald-trump-blasts-kamala-harris-rally/">reported</a> The Hill
Trump also highlighted Harris&#8217;s positions during her 2020 presidential campaign, including her support for Sen. Bernie Sanders' (I-Vt.) "Medicare for All" bill and her stance on banning fracking.
In response, a Harris campaign spokesperson labeled Trump's speech as "unhinged, weird, and rambling," and emphasized that the November choice will be between Trump&#8217;s agenda or Harris&#8217;s fight to protect freedom and ensure every American gets a fair shot.
See Also: <a href="https://www.benzinga.com/news/24/07/39897685/ted-cruz-says-trump-victory-in-november-not-a-given-cautions-republicans-against-underestimating-kam?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ted Cruz Says Trump Victory In November Not A Given, Cautions Republicans Against Underestimating Kamala Harris: &#8216;This Is Not A Layup&#8217;</a>
Why It Matters: Biden&#8217;s unexpected decision to withdraw from the 2024 presidential race has significantly altered the political landscape. 
Following Biden&#8217;s announcement, Harris quickly consolidated support among Democrats. Her campaign has <a href="https://www.benzinga.com/general/politics/24/07/39908377/kamala-harris-secures-majority-backing-for-2024-democratic-nomination-ap-survey">raised over $100 million</a> in roughly 48 hours, and thousands of volunteers have signed up to support the effort.
Trump&#8217;s campaign has filed a complaint with the Federal Election Commission against Harris&#8217;s campaign, accusing it of <a href="https://www.benzinga.com/news/24/07/39922045/trump-campaign-files-election-commission-complaint-against-kamala-harris-accuses-vps-campaign-of-91">improperly acquiring</a> funds from Biden&#8217;s campaign. This development adds another layer of complexity to the upcoming election.
After Biden withdrew from the 2024 race, leading to a face-off between Harris and Trump. The latest polls show a tight contest, with Trump <a href="https://www.benzinga.com/general/politics/24/07/39946360/trump-vs-harris-2024-election-candidates-tied-in-new-poll-65-of-democrats-say-biden-stepping-dow">slightly ahead</a> by one point in a head-to-head battle.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39924772/democratic-mega-donors-predict-kamala-harris-to-pick-vp-among-these-3-lawmakers-as-presidential-race?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Democratic Mega Donors Predict Kamala Harris To Pick VP Among These 3 Lawmakers As Presidential Race Against Trump Heats Up</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Takes Aim At Kamala Harris In First Rally Post Biden's Exit, Calls her A 'Radical-Left Lunatic' — VP Campaign Labels Him 'Unhinged' And 'Weird'

President Joe Biden addressed the nation from the White House on Wednesday night to explain his decision to quit the November presidential race
What Happened: &#8220;I have decided the best way forward is to pass the torch to a new generation. That is the best way to unite our nation,&#8221; Biden stated.
The decision came after weeks of pressure from Democrats and internal polling that suggested a potential loss against Republican Donald Trump in the upcoming election. Biden is the first incumbent president not to seek re-election since 1968.
In his address, Biden emphasized the power of the people, stating, &#8220;The great thing about America is here, kings and dictators do not rule. The people do. History is in your hands. The power is in your hands. The idea of America – lies in your hands.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/07/39875181/trump-wants-republicans-reimbursed-after-biden-quits-we-have-to-start-all-over-again?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Wants Republicans Reimbursed After Biden Quits: &#8216;We Have To Start All Over Again&#8217;</a>
Following his announcement, Democrats have rallied around Biden, paying tribute to his character and his presidential record. Biden plans to concentrate on his presidential duties over his remaining six months in office.
Why It Matters: Biden&#8217;s <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">decision to withdraw</a> from the race was first announced through a letter posted on his official account. The president&#8217;s decision has caused a significant shift in the political landscape.
With Biden stepping down, Vice President Kamala Harris has <a href="https://www.benzinga.com/news/24/07/39921743/donald-trump-wants-to-take-our-country-backward-says-kamala-harris-in-first-campaign-speech-poll-sho">secured the Democratic nomination</a> for the 2024 presidential race. In her first campaign rally, Harris took a marginal lead over Republican rival Donald Trump, according to a Reuters/Ipsos opinion poll.
A new election poll shows a close <a href="https://www.benzinga.com/general/politics/24/07/39946360/trump-vs-harris-2024-election-candidates-tied-in-new-poll-65-of-democrats-say-biden-stepping-dow">head-to-head battle</a> between Harris and Trump, with 65% of Democrats believing Biden&#8217;s decision to step down increases the party&#8217;s chances of winning.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39873597/anthony-scaramucci-says-if-democrats-win-they-can-extinguish-large-elements-of-trumpism-but-youre-no?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says If Democrats Win, They Can &#8216;Extinguish Large Elements Of Trumpism&#8217; But &#8216;You&#8217;re Not Going To Be Able To Do It If You Don&#8217;t&#8230;&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Biden Says 'History Is In Your Hands' In Oval Office Speech: 'The Best Way Forward Is To Pass The Torch To A New Generation'

SNES

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

EVGN

EZFL

Vice President Kamala Harris is likely to face off against former President Donald Trump in the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
The change comes with President Joe Biden withdrawing from the race and Harris having the reported delegates support to win the nomination.
A new election poll shows a close head-to-head battle.
What Happened: The first 2024 presidential debate performance by Trump and Biden saw election polls and<a href="https://www.benzinga.com/general/sports-betting/24/07/39868243/2024-election-betting-odds-joe-biden-has-8-chance-of-winning-according-to-sportsbooks-pred"> betting odds from sportsbooks</a> and prediction markets shift more in favor of the former president.
With Biden withdrawing from the race, the battle to win the 2024 election could be back to being the toss-up that was seen months ago.  
A new NPR/PBS News/Marist 2024 <a href="https://www.npr.org/2024/07/23/nx-s1-5048890/elections-poll-biden-harris-trump">poll </a>shows Trump with a one-point lead over Harris in a head-to-head battle. Trump has 46% support with Harris getting 45% and 9% of voters are undecided.
A larger percentage of voters are now undecided after Biden dropped out, as earlier this month only 2% of voters in the poll were undecided in the head-to-head battle.
When third-party candidates are included, the poll looks like this:
<ul>
<li>Donald Trump: 42%</li>
<li>Kamala Harris: 42%</li>
<li>Robert F. Kennedy Jr.: 7%</li>
<li>Jill Stein: 1%</li>
<li>Cornel West: 1%</li>
</ul>
The support for Kennedy Jr. hit the lowest since he was included by the poll group in April.
Read Also: <a href="https://www.benzinga.com/general/politics/24/07/39920146/harris-vs-trump-vice-president-trails-former-president-by-2-points-gains-independent-voters-59-o">Harris Vs. Trump: Vice President Trails Former President By 2 Points, Gains Independent Voters, 59% Of Democrats Say Best Chance To Win 2024 Election</a>
Why It's Important: Along with tying Trump in the five-way race in the poll, Harris is showing ground being made up in the 2024 election race since Biden dropped out.
NPR said Harris ranks better than Biden among key voter groups like young voters and non-White voters.
Sixty-five percent of Democrats also said that Biden stepping down increases the party's chances of winning the 2024 election.
Harris has a smaller percentage of Independent voters than Biden was pulling, but many of the Independent voters are now undecided in the election. Around 20% of Independent voters are undecided and around 30% of Independent women voters are undecided.
Harris becoming the official nominee and naming a vice president pick could shift the undecided voters in the coming weeks to get a closer look at the head-to-head battle. According to the<a href="https://www.washingtonpost.com/elections/2024/07/24/biden-speech-2024-election-campaign-updates/"> Washington Post</a>, &#8220;Vice President Harris will select her running mate by Aug. 7, according to two officials familiar with her timeline who spoke on the condition of anonymity to describe private deliberations.&#8221;
Seventy-seven percent of Democratic voters and Democratic-leading Independent voters polled said Harris is the right nominee for the party.
Eighty-seven percent of all voters said Biden stepping down was the right decision in the election. Sixty-eight percent said Biden should finish his current presidential term before making way for the 2024 election winner in January.
Harris has a net favorability ranking of minus four points, with 40% viewing her as positive and 44% viewing her as negative. Trump ranks worse with 43% viewing him as positive and 49% viewing him as negative. Biden was seven points behind where Harris is for her net favorability ranking, based on the ratings in a poll earlier this month.
Trump's vice-presidential pick of J.D. Vance doesn't get favorable ratings with 28% viewing him as favorable and 31% viewing him as negative and 41% saying they have never heard of him or have no opinion.
When asked who Harris' vice president pick should be, voters in the poll selected Michigan Gov. Gretchen Whitmer (21%), Secretary of Transportation Pete Buttigieg (21%) and Pennsylvania Gov. Josh Shapiro (17%) as the top options.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39919247/who-will-kamala-harris-pick-for-vice-president-crypto-bettors-have-4-favorites-for-democra">Who Will Kamala Harris Pick For Vice President? Crypto Bettors Have 4 Favorites For Democratic Party Running Mate</a></li>
</ul>
Photo: Shutterstock

Trump Vs. Harris: 2024 Election Candidates Tied In New Poll, 65% Of Democrats Say Biden Stepping Down Increases Party's Chances Of Winning

A Texas judge dismissed another of Attorney General Ken Paxton's <a href="https://www.benzinga.com/markets/cannabis/24/01/36880984/gop-attor-ney-gen-er-al-in-texas-sues-five-cities-to-stop-voter-approved-mar-i-jua-na-reform-say">lawsuits over voter-approved</a> marijuana decriminalization ordinances. It is Paxton&#8217;s second legal loss in as many cases.
"On Monday, Judge Sherri Tibbe dismissed Ken Paxton's lawsuit seeking to force the City of San Marcos to devote scarce local resources to arresting people for marijuana possession," according to Ground Game Texas in a Tuesday news release. "This ruling follows last month's dismissal of Paxton's lawsuit against the City of Austin and reaffirms that the AG has no business telling cities how to enforce drug law." 
Ground Game has been instrumental in organizing cannabis reform initiatives&nbsp;<a href="https://www.benzinga.com/topic/texas-cannabis" target="_blank" rel="noreferrer noopener">across multiple Texas cities</a>. The cities still waiting for <a href="https://www.benzinga.com/markets/cannabis/24/01/36880984/gop-attor-ney-gen-er-al-in-texas-sues-five-cities-to-stop-voter-approved-mar-i-jua-na-reform-say">Paxton to pounce</a> include Denton, Elgin and Killeen. In June, a&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/06/39302347/texas-judge-dismisses-gop-attorney-general-ken-paxtons-lawsuit-against-voter-approved-cannabis-m" target="_blank" rel="noreferrer noopener">judge dismissed Paxton&#8217;s lawsuit</a>&nbsp;against Austin.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39920347/dallas-cannabis-reform-ballot-is-a-go-decriminalization-in-november-elections-would-allow-up-to-">Dallas Cannabis Reform Ballot Is A Go: Decriminalization In November Elections Would Allow Up To 4 Ounces Of Weed</a>
"Judge Tibbe rightly recognized Paxton has no legal basis for interfering with the will of local voters or municipal governments," said Catina Voellinger, executive director of Ground Game Texas, <a href="https://kdhnews.com/news/local/texas-district-court-judge-dismisses-another-paxton-marijuana-lawsuit/article_51d5bb84-49e0-11ef-bc1e-c7dcb88b72f3.html">reported</a> the Killeen Daily Herald. "This decision, along with the recent verification of our petition in Dallas, is a welcome reminder that this is a winning movement, and one we look forward to continuing to build across the state this November."
<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">&#x1f31f; Ken vs. Texans: How it&#39;s going&#8230; We&#39;re winning the fight for cannabis decriminalization in TX! Join us: <a href="https://t.co/oJh9GilEvo">https://t.co/oJh9GilEvo</a> <a href="https://t.co/kLYhUhMCCt">pic.twitter.com/kLYhUhMCCt</a>
&mdash; GroundGameTX (@GroundGameTX) <a href="https://twitter.com/GroundGameTX/status/1815932596179943767?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
On Monday, Tibbe denied Paxton's application for an injunction and granted the plea to jurisdiction that had been filed by the City of San Marcos. Paxton next move could be an appeal of the judge's decisions to a higher court. As of Wednesday, a notice of appeal had not yet been filed.
<h1 class="wp-block-heading">A Full-Time Job For The AG?</h1>
Since his vendetta against cannabis decriminalization began this past January, Paxton has spent many billable hours prosecuting cities, large and small, across Texas that&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/05/39041635/73-of-texans-support-full-cannabis-legalization-or-decriminalization-including-plurality-of-repu" target="_blank" rel="noreferrer noopener">have decriminalized marijuana</a> … most with over 70% voter approval, we might add.
<h1 class="wp-block-heading">Paxton&#8217;s Motive?</h1>
Apparently, Paxton is deathly afraid of the crime he presumes will reign on the streets if the possession of small amounts of marijuana is sanctioned for consenting adults. 
&#8220;I will not stand idly by as cities run by pro-crime extremists deliberately violate Texas law and promote the use of illicit drugs that harm our communities,&#8221; Paxton wrote in a press release earlier this year. 
Now Read:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39908970/trump-and-desantis-supporters-love-their-cannabis-is-rift-between-anti-weed-politicos-pot-users-">Trump And DeSantis Supporters Love Their Cannabis: Is Rift Between Anti-Weed Politicos, Pot Users Brewing In The Sunshine State?</a></li>
</ul>
Photo: El Planteo

Government

Regulations

Legal

GOP Attor­ney Gen­er­al In Texas Loses Legal Battle Against Towns With Decriminalized Cannabis, Insists They're 'Run By Pro-Crime Extremists'

Semiconductor stock Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) was among the technology stocks that fell Wednesday on the heels of earnings reports from Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Alphabet being <a href="https://www.benzinga.com/news/24/07/39938971/chip-stocks-nvidia-amd-and-others-see-more-selloff-on-wednesday-whats-going-on">dissected by investors.</a>
What Happened: AMD stock is now down year-to-date after Wednesday's decline. The drop comes as there was some optimism across social media from photos shared by company CEO Lisa Su.
Su shared pictures of an event with Tesla that she attended.
"Great spending time with the Tesla team talking about AI, leadership and more! Proud to partner with such an amazing team! Thanks for the invite!" Su <a href="https://x.com/LisaSu/status/1816105459029274933">tweeted</a>.
Benzinga reached out to Tesla and AMD for more commentary on the meeting and did not hear back.
Su appeared to be a speaker at a Tesla event with a background slide in one picture showing the caption "Women in Tesla."
The meeting was likely more about Su's role in the technology space and less about the two companies partnering, but could be noteworthy given the past history between the two companies.
AMD <a href="https://www.amd.com/en/solutions/automotive/in-vehicle-experience.html#:~:text=Driving%20Innovation%20for%20the%20Future%20of%20In%2DVehicle%20Experience&amp;text=AMD%20is%20at%20the%20forefront,such%20as%20Tesla%20and%20Daimler">lists </a>Tesla as a partner on its website.
"The new Tesla Model S and Model X feature AMD Ryzen Embedded APU and RDNA2 based GPU that power the new infotainment experience with support for AAA gaming," the website reads.
AMD also lists a section on "driving innovation for the future of in-vehicle experience" where it highlights Tesla and Daimler as technology partners.
Read Also:<a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l"> Tesla Q2 Earnings Highlights: Revenue Beat, EPS Miss, Robotaxi Update, 2024 Growth Rate To Be &#8216;Notably Lower&#8217; Than 2023</a>
Why It's Important: AMD is one of several semiconductor companies operating in the automotive space. The company offers products for automobiles that include driver monitoring systems, in-cabin monitoring systems, driver information and more. 
In January, Tesla CEO Elon Musk said the electric vehicle company <a href="https://www.benzinga.com/news/24/01/36813208/elon-musk-says-tesla-will-buy-chips-from-amd-invest-over-500m-on-nvidia-hardware">planned to purchase </a>chips from AMD to advance its artificial intelligence efforts. The comment came as Tesla also spent $500 million to buy hardware from NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
The automotive sector is one of the fastest growth sectors for semiconductor companies with Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) and others seeing strong year-over-year growth and bookings. AMD doesn't break out its automotive revenue like others in the sector, making it harder to see the impact, <a href="https://www.theregister.com/2024/01/04/amd_car_chips/">according </a>to The Registar.
The Registar highlighted new automotive related products from AMD back in January as the company looks to grow in the sector.
While Su's appearance with Tesla is likely just part of a speaking engagement, it could come with more partnerships in the future or serve as a reminder to investors that Tesla and AMD are already partners.
AMD Price Action: AMD shares closed Wednesday down 6.08% to $144.63 on Wednesday versus a 52-week trading range of $93.12 to $227.30. AMD shares are up over 30% in the last year, but now down 1.5% year-to-date in 2024, as seen on the <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1">Benzinga Pro chart </a>below.
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072424&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1001" height="503" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24170103/Screenshot-82.png" alt="" class="wp-image-455265" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24170103/Screenshot-82.png 1001w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24170103/Screenshot-82-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24170103/Screenshot-82-768x386.png 768w" sizes="(max-width: 1001px) 100vw, 1001px" /></a></figure>
AMD will report second-quarter results on July 30 after market close. Analysts expect the company to report revenue of $5.73 billion and earnings per share of 68 cents compared to $5.36 billion and 58 cents, respectively, in last year's second quarter.
Read Next: 
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