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These eight large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol>
<li>Tamboran Resources Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TBN#NYSE">TBN</a>) stock fell 13.84% last week.</li>
<li>Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) stock was down 12.37%. Recently, the gold mining sector <a href="https://www.benzinga.com//node/40424535" target="_blank" rel="noreferrer noopener">saw M&amp;A activity</a>.</li>
<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) shares tumbled 10.82% after the company reported second-quarter results, and several analysts lowered their <a href="https://www.benzinga.com//node/40511947" target="_blank" rel="noreferrer noopener">price targets on the stock</a>.</li>
<li>NetEase, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) stock dived 9.30% after the company reported worse-than-expected <a href="https://www.benzinga.com//node/40502799" target="_blank" rel="noreferrer noopener">second-quarter sales results</a>.</li>
<li>Franklin Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>) shares declined 8.12% after the company announced that Michael Buchanan had been appointed as its new Chief Investment Officer due <a href="https://www.benzinga.com//node/40497028" target="_blank" rel="noreferrer noopener">to CIO Ken Leech&#8217;s leave of absence</a>.</li>
<li>JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) shares were down 7.74% after Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) revealed plans to divest <a href="https://www.benzinga.com//node/40531142" target="_blank" rel="noreferrer noopener">its stake in the company</a>.</li>
<li>Temu parent PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) stock declined 7.18% last week after China&#8217;s central bank left its one-year and five-year loan prime rates unchanged at 3.35% and 3.85%, respectively. The stock also <a href="https://www.benzinga.com//node/40532929" target="_blank" rel="noreferrer noopener">faced selling pressure</a> ahead of second-quarter earnings.</li>
<li>Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) <a href="https://www.benzinga.com//node/40528702" target="_blank" rel="noreferrer noopener">shares plummeted 5.77%</a>.</li>
</ol>
Also Read:
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<li><a href="https://www.benzinga.com/news/large-cap/24/08/40543876/zoom-video-microstrategy-and-target-were-among-top-11-large-cap-gainers-last-week-aug-18-aug-24-ar" target="_blank" rel="noreferrer noopener">Zoom Video, MicroStrategy And Target Were Among Top 11 Large Cap Gainers Last Week (Aug 18-Aug 24): Are The Others In Your Portfolio?</a></li>
</ul>
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News

Movers

Trading Ideas

MRNA

NTES

Citigourp Global Markets 2% Protected Notes Linked To The Djia

SNOW

Snowflake, JD.com And Temu Parent PDD Are Among Top 8 Large Cap Losers Last Week (Aug 18-Aug 24): Are The Others In Your Portfolio?

Walmart&#8217;s second-quarter sales were stronger than expected, boosting optimism that a<a href="https://www.benzinga.com/personal-finance/24/08/40424315/robert-kiyosaki-says-that-most-americans-dont-know-how-to-prepare-for-global-recession-we-as-a-w"> U.S. recession</a> could be averted. This was quite the opposite of what Home Depot told investors some time ago. The good news from the world&#8217;s biggest retailer helped restore confidence among investors and other analysts.
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Walmart – probably the best gauge of American spending, as it took one dollar in every twelve spent by shoppers in U.S. stores during the quarter – announced that sales went up 4.2% in the quarter to June. These results were much better than expected, and the company&#8217;s shares rose by 6% in early trading. That rally follows more than 30% year-to-date gains in Walmart&#8217;s shares, which generally set the tone for the broader economy.
Walmart CEO Doug McMillon further instilled confidence in retailer performance and the overall economic outlook on an earnings call with analysts. &#8220;We&#8217;re not seeing a weaker consumer overall,&#8221; he said, pointing out that consumers can still spend resiliently despite ongoing economic challenges.
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He also emphasized that Walmart can maintain strong sales without slowdowns in other industries. The better-than-expected outcome has led the company to increase its expectations for the remainder of the year, underpinning confidence in the U.S. economy&#8217;s capacity to avoid a downturn.
That Walmart news was timely and gave the stock market a much-needed boost, with the S&amp;P 500 gaining 1.5% and the Nasdaq surging 2.3%. Investors are optimistic that the economy can bounce back, and some analysts speculate that the Federal Reserve will cut interest rates as early as September. The possibility of rate cuts added to the momentum of the market&#8217;s trajectory, given that lower interest rates would support the economy.
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&#8220;We&#8217;re back to an environment where good news is good news and bad news is bad news,&#8221; said Bret Kenwell, an analyst at eToro. He noted that while investors and consumers cheer for lower inflation, it shouldn&#8217;t come at the cost of the economy.&nbsp;
Kenwell added that robust retail sales – tempering fears of an imminent recession – might give the Fed more time before deciding on rate cuts. He mentioned that the Fed is walking a tightrope between fighting off inflationary pressures and boosting economic growth.
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In marked contrast, Home depot issued a less encouraging report, warning that sales slid 3.6% in the last quarter due to fears of increasing <a href="https://www.benzinga.com/real-estate/24/06/39550558/housing-costs-and-interest-rates-are-weighing-heavily-on-consumer-minds-study-finds">interest rates</a> straining consumers. The home improvement giant attributed the bad performance to consumer pullback in renovation spending. An earlier warning from Home Depot had added to fears of a possible recession in the U.S. economy, with higher borrowing costs and tighter budgets straining consumers. Those fears, though, have been eased by the upbeat figures from Walmart and data on recent jobless claims.
According to the Commerce Department, U.S. retail sales surged by 1% in July – the largest since January 2023 – with gains in autos, electronics, and appliances. This indicates that the typical American consumer was perhaps more resilient than some had feared.
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Personal Finance

Walmart Just Dropped a Major Hint: Is A U.S. Recession Closer Than You Think? Home Depot's Dire Warning Adds Fuel To The Fire

These eleven large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>CAVA Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>) stock gained 25.55% in the last week on better-than-expected Q2 results and raised its FY24 adjusted EBITDA outlook. Also, multiple firms raised their respective <a href="https://www.benzinga.com//node/40528470" target="_blank" rel="noreferrer noopener">price forecasts on the stock</a>.</li>
<li>Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) shares jumped 19.90% after the company reported better-than-expected <a href="https://www.benzinga.com//node/40495102" target="_blank" rel="noreferrer noopener">second-quarter results</a>.</li>
<li>Keysight Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>) stock rose 14.29% after it reported better-than-<a href="https://www.benzinga.com//node/40490979" target="_blank" rel="noreferrer noopener">expected&nbsp;third-quarter results</a>.</li>
<li>Toll Brothers, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) shares were up 14.05% after the company reported better-than-expected&nbsp;third-quarter results and issued FY24 EPS&nbsp;<a href="https://www.benzinga.com//node/40474111" target="_blank" rel="noreferrer noopener">guidance&nbsp;above estimates</a>. Many analysts increased the <a href="https://www.benzinga.com//node/40511410" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>MicroStrategy Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock gained 13.09% last week amid a rise in Bitcoin&#8217;s price.</li>
<li>Workday Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) gained 13.05% on better-than-expected Q2 earnings and the approval of an additional <a href="http://better-than-expected Q2 financial results and" target="_blank" rel="noreferrer noopener">$1 billion stock buyback</a>.</li>
<li>Builders FirstSource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>) stock upped 12.09% following strong July new Home Sales economic data. The Fed&#8217;s indication of interest rate cuts also contributed.</li>
<li>Korea Electric Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEP#NYSE">KEP</a>) shares were up 10.59%.</li>
<li>TopBuild Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLD#NYSE">BLD</a>) stock gained 9.92% in the last week, along with other homebuilder stocks that were up following strong New Home Sales economic data for July. Fed&#8217;s indication of interest rate cuts also played a part.</li>
<li>Advanced Drainage Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMS#NYSE">WMS</a>) stock was up 9.87%, along with other construction and homebuilder stocks, following strong July new Home Sales economic data and the Fed&#8217;s indication of interest rate cuts.</li>
<li>Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) shares increased 9.75% after the company reported better-than-expected second-quarter<a href="https://www.benzinga.com//node/40492278" target="_blank" rel="noreferrer noopener"> results and raised its outlook</a>. Several analysts boosted <a href="https://www.benzinga.com//node/40514323" target="_blank" rel="noreferrer noopener">the price target on the stock</a>.</li>
</ol>
Also Read:
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<li><a href="https://www.benzinga.com/news/large-cap/24/08/40543907/snowflake-jd-com-and-temu-parent-pdd-are-among-top-8-large-cap-losers-last-week-aug-18-aug-24-are-">Snowflake, JD.com And Temu Parent PDD Are Among Top 8 Large Cap Losers Last Week (Aug 18-Aug 24): Are The Others In Your Portfolio?</a></li>
</ul>
Image via Shutterstock

BLDR

CAVA

KEYS

MSTR

WDAY

Zoom Video, MicroStrategy And Target Were Among Top 11 Large Cap Gainers Last Week (Aug 18-Aug 24): Are The Others In Your Portfolio?

Robert Kennedy Jr. formally announced Friday his <a href="https://www.benzinga.com/general/politics/24/08/40535286/rfk-jr-suspends-2024-presidential-campaign-endorses-trump-to-block-democrats-from-white-house">decision to suspend his campaign</a> and back Donald Trump. He also said he would remove his name form the ballot in 10 battleground states. But famed polling data analyst Nate Silver says the election continues to trend toward Kamala Harris despite this development.
What Happened: Kennedy&#8217;s name will be on the ballot in many other red and blue states and his swing state efforts may not be entirely successful, <a href="https://www.natesilver.net/p/we-removed-rfk-jr-from-our-model?utm_source=post-email-title&amp;publication_id=1198116&amp;post_id=148088803&amp;utm_campaign=email-post-title&amp;isFreemail=true&amp;r=rkloa&amp;triedRedirect=true&amp;utm_medium=email">said</a> Silver on his Silver Bulletin Substack on Saturday. Silver said that it may be too late for Kennedy to call it quits in swing states such as Wisconsin and North Carolina.
In North Carolina, the first state to begin early voting, Kennedy&#8217;s name has already been physically printed on the ballots in around 30 counties, Silver noted.
On Silver&#8217;s national polling average, both Harris and Trump have both improved, from 48% to 48.8% for Harris and from 43.7% to 44.8% for Trump.
Citing the most recent update to his model, Silver said Harris has begun to see a convention bounce. Even with the Kennedy exit, Harris was now ahead by four points to the national average versus her 2.3 points lead when the Democratic National Convention started.
&#8220;Our best guess is that her lead will increase further, especially given that almost none of the polling was done after her&nbsp;strong acceptance speech on Thursday,&#8221; Silver said.
&#8220;Harris is at around 53 percent to win the Electoral College, the same as in recent days,&#8221; he added.
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What&#8217;s Next: Despite having the momentum in her favor, Harris has several hurdles ahead. Anthony Scaramucci, who briefly served as White House Communications Director under Trump, said this week that Harris has been in the race for more than 30 days without addressing questions from the media. She is yet to parry questions regarding many policy issues including fracking and tax on unrealized capital gains, he added
Polling analytics firm Gallup said <a href="https://www.benzinga.com/news/24/08/40525794/trump-vs-harris-new-poll-shows-vice-presidents-favorability-surges-by-double-digits-as-rivals-slips">the next major test would be the Sept. 10 debate</a>, as it would be important in determining whether opinions of her improve, stay the same or worsen in the final months of the presidential campaign.
Economist and former Treasury Secretary Larry Summers said in an interview with Bloomberg on Friday that if Harris were to be elected, the broader economic strategy is going to be one that is all about opportunity. Those opposing her have taken potshots at her proposal for clamping down on price gouging, and her plan to tax unrealized capital gains, which they say would deter long-term holding strategy.
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Photo: Wikimedia Commons

Politics

Media

Nate Silver Sees Convention Bounce Nearly Doubling Kamala Harris' Lead Vs. Donald Trump: Here's Why He Expects Vice President's Lead To Increase Further

As of Aug. 15, J.P. Morgan Research indicates that the probability of a <a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40439485/goldman-sachs-cuts-us-recession-odds-to-20-reverses-earlier-increase-as-economic-">U.S. and global recession</a> in 2024 has hit 35%, up from their 25% midyear estimate. While inflation seems to be slowing down, signs of weakening economic growth and a softer-than-expected labor market are key drivers behind this increased probability. Here's a closer look at the factors driving these concerns and what they might mean for interest rates and the broader economy.
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The <a href="https://www.benzinga.com/24/07/40066427/us-private-employment-rises-by-122-000-in-july-misses-estimates-if-inflation-goes-back-up-it-wont-be">July jobs report</a> was a key indicator of the changing economic landscape. The report revealed an increase in the unemployment rate for the fourth month in a row, suggesting that the labor market, which remained resilient for most of the past year, is beginning to soften. This weakening in labor demand has prompted J.P. Morgan to reassess its growth forecast, now seeing greater recession risks.
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Bruce Kasman, Chief Global Economist at J.P. Morgan, highlighted the factors contributing to this updated outlook. "U.S. news hints at a sharper-than-expected weakening in labor demand and early signs of labor shedding," Kasman stated. Additionally, global manufacturing and the euro area have shown a loss of momentum, areas that were previously expected to drive growth.
However, Kasman pointed out that key recession vulnerabilities – such as sustained profit margin compression, credit market stress, and energy or financial market shocks – are still absent. These factors have led J.P. Morgan to only slightly increase their recession probability assessment, moving it to 35%.
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Looking further ahead, J.P. Morgan has maintained the probability of a recession by the end of 2025 at 45%. While the <a href="https://www.benzinga.com/news/24/08/40431747/trump-vs-harris-new-polls-indicate-a-shift-in-the-political-landscape-and-this-candidate-is-taking-t">political landscape</a> remains uncertain, the overall assessment of long-term recession risks remains steady.
<a href="https://www.benzinga.com/news/24/07/39722599/inflation-is-falling-like-a-rock-says-market-strategist-ahead-of-june-cpi-data-heres-why-he-thinks-m">Inflation</a>, a significant concern over the past year, has been cooling, prompting a reassessment of the Federal Reserve's interest rate strategy. J.P. Morgan now sees a 30% chance that the Fed will maintain high interest rates for an extended period, a decrease from 50% just two months ago. This shift reflects a changing economic environment, where strong supply-side performance and moderating labor demand ease inflationary pressures.
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Kasman explained, "The modest increase in our assessment of recession risk contrasts with a more substantial reassessment we are making to the interest rate outlook."&nbsp;
It's important to note that this anticipated rate reduction might not be mirrored globally. The risk shift on inflation appears to be U.S.-centric, and other economies may not experience the same policy adjustments. "Our experience shows that the pass-through of Fed policy changes to other economies is limited in the absence of a synchronized shift in macroeconomic fundamentals and financial market conditions," Kasman noted. "As a result, there is a good chance that the shift away from gradualism we now expect from the Fed will not be reflected more broadly."&nbsp;
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While the probability of a recession has increased, it's wise to consider the broader economic context. Although risks are rising, particularly in the labor market, other recession indicators are not flashing red.&nbsp;
Despite the risks of a recession, many positive things are still happening in the global economic environment. Eric Freedman, chief investment officer for U.S. Bank Wealth Management, says, "We still think this is a very positive investment environment. This is a well-telegraphed, slowing economy. If we felt there was a structural economic shift underway, we'd come to a different conclusion."
As always, it's important to plan carefully while navigating economic uncertainties. For those concerned about the implications of these developments on their financial future, consulting a <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a> can provide personalized strategies to safeguard your assets and achieve your long-term goals.
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Startups

35% Recession Probability In 2024: Why J.P. Morgan Sees Growing Risks Despite Cooling Inflation

The long-standing friendship between billionaires Bill Gates and Warren Buffett has seen a <a href="https://www.benzinga.com/news/24/08/40147612/new-book-claims-bill-gates-was-banned-from-being-alone-with-interns-at-microsoft">significant downturn in recent years</a>.
What Happened: The friendship between Gates and Buffett, two of the world&#8217;s wealthiest individuals, has its roots in 1991. This relationship, which resulted in numerous joint ventures and philanthropic initiatives, has reportedly cooled both on a professional and personal level.
Despite initial hesitations, the two formed a strong bond and mutual mentorship. Gates even persuaded Buffett to invest in stocks of Intel and Microsoft, thereby initiating their business partnership, reports <a href="https://www.businessinsider.com/bill-gates-warren-buffett-friendship-history-fallout">the</a> Business Insider.
Gates became a part of Berkshire Hathaway&#8217;s board in 2004, but Buffett never reciprocated by joining Microsoft&#8217;s board or investing in the tech giant, citing their close friendship as a potential conflict of interest.
Together, they launched several philanthropic projects, including The Giving Pledge in 2010, which urges billionaires to give away the majority of their wealth to charity. So far, pledges amounting to approximately $600 billion have been made.
Also Read: <a href="https://www.benzinga.com/news/24/08/40151169/how-a-holiday-meeting-sparked-a-billion-dollar-friendship-between-bill-gates-warren-buffett">How A Holiday Meeting Sparked A Billion-Dollar Friendship Between Bill Gates &amp; Warren Buffett</a>
However, over time, their relationship began to sour. Buffett reportedly felt that the Gates Foundation had become too bureaucratic, thereby impeding its philanthropic effectiveness. He was also reportedly disheartened by instances of Gates&#8217; rudeness.
Buffett&#8217;s commitment to the foundation appears to have lessened following Gates&#8217; divorce in 2021 and his subsequent resignation from the three-person board at the Bill and Melinda Gates Foundation. Notably, in his posthumous wealth distribution plans, Buffett did not mention the Gates Foundation.
While Gates used to frequently write about Buffett on his blog, his recent posts have been strictly business-oriented, further suggesting a cooling of their friendship.
Why It Matters: The Gates-Buffett friendship has been a cornerstone of several significant business and philanthropic initiatives over the past three decades. 
Their recent estrangement could potentially impact future collaborations and philanthropic endeavors. 
The absence of the Gates Foundation in Buffett&#8217;s wealth distribution plans also raises questions about the future direction of one of the world&#8217;s largest charitable organizations.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

Is The Bill Gates-Warren Buffett Bond Broken?

A new Schroders survey reveals a <a href="https://www.benzinga.com/topic/retirement">paradox among pre-retirees</a>: while half are concerned about outliving their assets, 43% plan to claim Social Security before age 67, the full retirement age for those born in 1960 or later.
Only 10% of survey respondents plan to wait until 70 to maximize their monthly benefit, and the respondent who had not yet retired estimated needing $4,947 monthly for a comfortable retirement, according to <a href="https://www.thinkadvisor.com/2024/08/23/pre-retirees-worry-about-their-future-but-still-plan-to-take-social-security-early/">thinkadvisor</a>.
Despite 74% knowing that delaying Social Security increases payments, many plan early claims due to:
<ul>
<li>Needing the money (39%)</li>
<li>Concerns about Social Security&#8217;s future (38%)</li>
<li>Wanting immediate access (36%)</li>
</ul>
Deb Boyden, head of U.S. defined contribution at Schroders, emphasizes that delaying benefits can significantly impact quality of life during retirement.
Also Read:<a href="https://www.benzinga.com/news/24/08/40535630/small-caps-set-to-lead-their-large-cap-brothers-for-rest-of-2024-says-market-strategist"> Small Caps Set To &#8216;Lead Their Large Cap Brothers&#8217; For Rest Of 2024, Says Market Strategist</a>
The survey, conducted among 2,000 U.S. investors aged 28-79, also found that 88% are concerned about generating retirement income, 57% worry about losing regular paychecks and only 10% are confident they can replace 75% of their last paycheck in retirement.
Even worse, among retirees, 53% lack specific income generation strategies, simply withdrawing money as needed.
Boyden notes the challenging transition from accumulation to decumulation, suggesting that plan sponsors and asset managers collaborate on solutions bridging these phases.
The survey highlights a disconnect between retirement concerns and Social Security claiming strategies, underscoring the need for better education and planning tools to help pre-retirees optimize their retirement income, marking a huge opportunity for advisors.
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Financial Advisors

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Half Of Pre-Retirees Worried About Running Out Of Money, Plan To Retire Early Anyway

The <a href="https://www.benzinga.com/news/24/08/40303946/kamala-harris-and-donald-trump-clash-over-federal-reserves-autonomy">upcoming presidential election</a> has stirred political advocacy among Silicon Valley&#8217;s tech investors.
What Happened: A few weeks ago, several tech investors approached a partner at an early-stage venture capital firm, requesting her endorsement for Vice President Kamala Harris through the advocacy group VCs for Kamala. The partner declined, not due to lack of support for Harris, but to avoid publicizing her political stance.
According to a report <a href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">by</a> Insider, political advocacy, particularly for Republicans, was once considered taboo in the tech industry. However, a shift has been observed with Republicans in tech becoming more vocal about their views, leading to Democrats increasing their support for Harris.
Elon Musk&#8216;s recent endorsement of Donald Trump and subsequent social media interview with the former president exemplify this change. Other notable endorsements for Trump have come from prominent VCs Marc Andreessen, Ben Horowitz, Doug Leone, and David Sacks.
Also Read: <a href="https://www.benzinga.com/news/24/08/40541978/trump-vs-harris-kamala-harris-takes-8-point-lead-in-new-poll-with-race-and-gender-shaping-voter-pref">Trump Vs Harris: Kamala Harris Takes 8-Point Lead In New Poll, With Race And Gender Shaping Voter Preferences</a>
&#8220;The majority of Silicon Valley, whether entrepreneurs or investors, has always been and remains broadly liberal. I have no reason to believe any of that has shifted,&#8221; David Hornik, an investor at Lobby Capital and August Capital, told the outlet. 
In response to the perceived shift towards the right, liberal voices such as LinkedIn cofounder Reid Hoffman, Netflix cofounder Reed Hastings, and venture investor Ron Conway have reaffirmed their support for Harris. More than 800 investors have now signed onto VCs for Kamala.
&#8220;There&#8217;s been an airing of grievances that we don&#8217;t normally see out there,&#8221; Leslie Feinzaig, founder of VCs for Kamala, said. 
&#8220;I cannot believe that I, of all people, became a political spokesperson. We had a no politics rule at Graham and Walker. We try to just respect all views,&#8221; Feinzaig added. 
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<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades?utm_source=BZprocontent082424" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Despite the political stir, those in the tech industry stress that business remains their primary focus. The election, however, has impacted decision-making processes and has been blamed for a slow summer of deal-making. The election noise has also led to some companies delaying their plans to go public until after November.
Why It Matters: The shift in political advocacy within Silicon Valley is indicative of a broader change within the tech industry. As political lines become more blurred, the impact on business decisions and the overall industry landscape is becoming more apparent. 
The increased political involvement from tech leaders and investors could potentially influence the direction of policy and regulation within the tech sector, particularly in areas such as privacy, antitrust, and data protection. 
Furthermore, the political divide could potentially impact the collaborative spirit that has been a hallmark of Silicon Valley, potentially leading to a more fragmented tech ecosystem.
Read Next:
<a href="https://www.benzinga.com/news/24/08/40301432/kamala-harris-surges-ahead-of-trump-in-key-states-young-americans-bank-on-harris-for-economic-reviva" target="_blank" rel="noreferrer noopener">Kamala Harris Surges Ahead Of Trump In Key States, Young Americans Bank On Harris For Economic Revival</a>
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.

Silicon Valley Gets Political As Presidential Election Nears

As the week wraps up, the tech world has been buzzing with intriguing developments. From Boston Dynamics&#8217; humanoid robot, Atlas, showing off its warm-up routine to Tesla&#8217;s AI prowess being hailed by Elon Musk&#8217;s biographer, there&#8217;s plenty to catch up on. Let&#8217;s dive into the top stories that made headlines over the week.
Boston Dynamics&#8217; Atlas Flexes its Muscles
Boston Dynamics&#8217; humanoid robot, Atlas, is back in the spotlight with a warm-up video that has garnered over 716,000 views on X. The video, shared by Boston Dynamics on X, shows Atlas performing push-ups as part of its &#8220;quick warm-up before work&#8221;.
<a href="https://www.benzinga.com/news/24/08/40524308/should-elon-musk-be-worried-after-grooving-and-backflipping-this-tesla-optimus-rival-is-back-with-a">Read the full article here.</a>
Tesla&#8217;s AI Edge
Ashlee Vance, biographer of Elon Musk, cited an unnamed AI expert to highlight Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&#8217;s significant advantage in bridging AI and the physical world, thanks to its factories. Vance shared the expert&#8217;s opinion on X, stating that none of the other companies can follow Tesla&#8217;s lead in this regard.
<a href="https://www.benzinga.com/news/24/08/40427999/elon-musks-biographer-cites-unnamed-ai-expert-to-note-that-tesla-has-massive-edge-on-bridge-between">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/general/gaming/24/08/40472835/take-two-interactive-software-shares-are-trading-higher-today-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Take-Two Interactive Software Shares Are Trading Higher Today: What&#8217;s Going On</a>
Broadcom&#8217;s Major AI Wins
Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) has secured significant victories with two major AI ASIC programs, according to JPMorgan&#8217;s Harlan Sur. The company has won OpenAI&#8217;s first and second-generation AI ASIC programs and added a fifth major AI ASIC customer, solidifying its leadership in the AI space.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40505439/broadcom-secures-major-wins-with-openai-google-meta-as-it-targets-150b-ai-market">Read the full article here.</a>
Amazon&#8217;s AI Assistant Saves Big
Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) CEO Andy Jassy revealed that their AI assistant, Amazon Q, has significantly reduced software upgrade times, saving the company $260M and 4.5K developer-years of work. Amazon Q has been integrated into the company&#8217;s internal systems to streamline foundational software updates.
<a href="https://www.benzinga.com/markets/equities/24/08/40524790/amazon-ceo-andy-jassy-says-companys-ai-assistant-has-saved-260m-and-4-5k-developer-years-of-work">Read the full article here.</a>
Nvidia&#8217;s Stock Volatility
Shares of Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) have seen some volatility in recent sessions. Wall Street trader and market analyst, Steve Grasso, revealed that he has sold his position in Nvidia and will decide on re-entering based on the stock&#8217;s price action.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40479226/nvidia-down-about-10-from-all-time-highs-prominent-trader-says-he-has-cashed-out-of">Read the full article here.</a>
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<li><a href="https://www.benzinga.com/news/24/08/40506723/justin-bieber-eminem-drake-and-linus-tech-tips-had-their-youtube-accounts-hacked-the-streaming-giant">Justin Bieber, Eminem, Drake, And Linus Tech Tips Had Their YouTube Accounts Hacked: The Streaming Giant Now Has A Solution – An AI Chatbot</a></li>
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Photo courtesy: 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/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Tech

AMZN

AVGO

NVDA

TSLA

Boston Dynamics' Atlas, Tesla's AI Edge, Amazon's Q AI Assistant, And More: This Week In Artificial Intelligence

As the week rolled in, the world of cryptocurrencies saw a flurry of activity. From market surges to political tensions, the crypto landscape was anything but dull. Here&#8217;s a quick round-up of the top stories that made headlines.
Bitcoin, Ethereum, and Dogecoin Witness &#8216;Golden Cross Formation&#8217; &#8211; The cryptocurrency markets traded higher on Friday following hints from Federal Reserve Chair Jerome Powell about a potential shift towards cutting interest rates. <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40535473/bitcoin-ethereum-dogecoin-welcome-the-weekend-with-golden-cross-formation-trader-says-cycl">Read the full article here.</a>
Ron Conway Cuts Ties With Pro-Crypto PACs &#8211; Prominent Democratic donor Ron Conway announced his decision to sever ties with a coalition of influential cryptocurrency super PACs. This move came after the PACs committed $12 million to opposing Sen. Sherrod Brown (D-Ohio), a decision Conway claims he was not informed about in advance. <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40463538/top-democratic-donor-ron-conway-cuts-ties-with-pro-crypto-pacs-over-unseating-senator-sher">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40535473/bitcoin-ethereum-dogecoin-welcome-the-weekend-with-golden-cross-formation-trader-says-cycl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Welcome The Weekend With &#8216;Golden Cross Formation,&#8217; Trader Says &#8216;Cycle Can Trump The 2016-2017 Cycle&#8217;</a>
Sen. Cynthia Lummis Doubts Kamala Harris&#8217; Crypto Support &#8211; Sen. Cynthia Lummis (R-Wyo.), a known cryptocurrency and Bitcoin advocate, claimed there is nothing to suggest that Democratic presidential candidate Kamala Harris will support the industry. Lummis contrasted the Democratic Party&#8217;s stance with the Republican Party platform, which pledged to protect and promote cryptocurrency activities in the country. <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40499269/pro-bitcoin-senator-cynthia-lummis-says-not-a-single-indication-that-kamala-harris-would-b">Read the full article here.</a>
Crypto Industry Invests $119M in 2024 Elections &#8211; The cryptocurrency industry has reportedly committed a staggering $119 million to the 2024 presidential election, in a coordinated effort to boost industry-friendly candidates. Major companies, primarily Coinbase and Ripple, have channeled the majority of these funds, almost exclusively into super political action committees (PAC) dedicated to promoting pro-cryptocurrency candidates. <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40498543/amid-heated-trump-harris-battle-crypto-industry-pours-unprecedented-119m-into-2024-electio">Read the full article here.</a>
Anthony Scaramucci Foresees Bitcoin Hitting $100K &#8211; Anthony Scaramucci, the CEO of investment firm SkyBridge Capital, expressed optimism about Bitcoin's progress this year and hopes the leading cryptocurrency will reach $100,000. Scaramucci recalled how Bitcoin was "decimated" in the fall of 2022 and how the regulatory approval of ETFs earlier this year helped boost demand and sentiment. <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40520433/former-trump-aide-anthony-scaramucci-believes-bitcoin-could-still-hit-100k-its-a-future-st">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40498543/amid-heated-trump-harris-battle-crypto-industry-pours-unprecedented-119m-into-2024-electio?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amid Heated Trump-Harris Battle, Crypto Industry Pours &#8216;Unprecedented&#8217; $119M Into 2024 Elections &#8211; Here Are The Biggest Donors</a>
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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/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

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

Cryptocurrency

Crypto Markets Surge After Powell Hinted At Rate Cuts, Cynthia Lummis Doubts Kamala Harris' Crypto Support And More: Top Crypto Updates

The past week has been a rollercoaster ride for investors, with potential policy changes, economic warning signs, and market slowdown predictions making headlines. Here&#8217;s a quick recap of the top stories that kept the financial world buzzing over the weekend.
Kamala Harris&#8217; Economic Plans Could Impact Corporate Profits
Investors are closely watching the potential market implications of a&nbsp;Kamala Harris&nbsp;presidency. The possibility of a Harris administration has become a key focus at the Democratic convention this week, following her late entry into the race after President Joe Biden&#8217;s withdrawal. According to Frank Kelly, senior political strategist at DWS Group, Harris appears to be "more aggressive than Biden" on consumer issues that directly impact the market.
<a href="https://www.benzinga.com/24/08/40479355/unlike-trump-kamala-harris-economic-plans-might-take-a-big-bite-off-corporate-profits-anything-that">Read the full article here.</a>
Economic Warning Signs Emerge, But No Recession Yet
Neil Irwin, Chief Economic Correspondent at Axios, has identified various economic "warning signs" such as credit card and auto loan delinquencies, low hiring rates, and price sensitivity among consumers. However, he assures that these signs do not necessarily indicate an impending recession.&nbsp;
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40509753/expert-says-something-is-cracking-a-little-bit-in-the-economy-as-he-points-out-lowe">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40516786/fed-officials-signal-openness-to-rate-cuts-ahead-of-powells-jackson-hole-speech-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Fed Officials Signal Openness To Rate Cuts Ahead Of Powell&#8217;s Jackson Hole Speech: &#8216;Timing Seems Appropriate&#8217;</a>
Peter Schiff Warns Of Potential Dollar Collapse
Economist and gold bull Peter Schiff has warned of a potential total collapse of the U.S. dollar, as rising rate cut bets have weakened the greenback against a basket of major global currencies. Despite the U.S. dollar index trading at its lowest level since late December 2023, Schiff believes further weakness could be ahead.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40505099/peter-schiff-warns-dollar-on-verge-of-a-total-collapse-as-greenback-succumbs-to-ris">Read the full article here.</a>
Jim Cramer Predicts Market Slowdown
Jim Cramer, the host of CNBC's "Mad Money," has suggested that the recent market surge may be coming to a pause. He attributed the market's pullback to overbuying and a shift from optimism to reality. Cramer believes that the market may need time to recharge before another rally.
<a href="https://www.benzinga.com/markets/equities/24/08/40521853/jim-cramer-predicts-market-slowdown-says-we-got-too-hopeful-and-that-realty-has-now-set-in-big-g">Read the full article here.</a>
US Economy Adds Fewer Jobs Than Initially Reported
According to government data, the U.S. economy experienced a downward revision of 818,000 non-farm payrolls between April 2023 and March 2024. This adjustment represents a 0.5% decrease in overall job gains for the year, a greater fall than major U.S. investment banks like&nbsp;Goldman Sachs and&nbsp;JPMorgan Chase&nbsp;anticipated.
<a href="https://www.benzinga.com/economics/macro-economic-events/24/08/40487711/us-economy-adds-818-000-fewer-jobs-than-initially-reported-urgency-for-interest-r">Read the full article here.</a>
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40433021/peter-schiff-says-he-discussed-bitcoin-conference-appearance-in-may-2025-but-isnt-sure-kin" target="_blank" rel="noreferrer noopener">Peter Schiff Says He Discussed Bitcoin Conference Appearance In May 2025 But Isn't Sure King Crypto Will Be A ‘Thing' By Then</a></li>
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Photo courtesy: 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/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Economics

Kamala Harris' Economic Plans, Market Slowdown Predictions, And More: This Week In Economics

The week has been filled with intriguing stories, from the potential economic implications of a Kamala Harris presidency to the growing internal discontent within North Korea. Here&#8217;s a quick recap of the top stories that made headlines over the week.
Kamala Harris&#8217; Economic Plans Could Impact Corporate Profits
Investors are closely examining the potential market implications of a Kamala Harris presidency which could lead to higher corporate taxes, impact consumer staples, and boost the solar energy sector. Frank Kelly, senior political strategist at DWS Group, noted that Harris seems to be &#8220;more aggressive than Biden&#8221; on consumer issues that directly affect the market. <a href="https://www.benzinga.com/24/08/40479355/unlike-trump-kamala-harris-economic-plans-might-take-a-big-bite-off-corporate-profits-anything-that">Read the full article here.</a>
Super PAC Founder Predicts Tighter Race for Kamala Harris
Chauncey McLean, president of Future Forward, a super PAC that has raised hundreds of millions to back Harris in the upcoming November 5 election, warns that the race is closer than public polls suggest. &#8220;Our numbers are much less rosy than what you're seeing in the public,&#8221; McLean stated. <a href="https://www.benzinga.com/news/24/08/40453175/super-pac-founder-who-raised-hundreds-of-millions-to-back-kamala-harris-predicts-tighter-race-than-p">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/news/24/08/40541978/trump-vs-harris-kamala-harris-takes-8-point-lead-in-new-poll-with-race-and-gender-shaping-voter-pref?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs Harris: Kamala Harris Takes 8-Point Lead In New Poll, With Race And Gender Shaping Voter Preferences</a>
Defection of North Korean Soldier Indicates Growing Internal Discontent
A recent defection of a soldier to South Korea, despite increased border security measures, highlights growing internal discontent within North Korea. This increase in defections, especially from North Korea's protected classes, indicates that Kim Jong Un is dealing with internal discontent that could potentially destabilize his regime. <a href="https://www.benzinga.com/news/24/08/40480629/after-north-korean-soldier-defects-to-south-expert-says-kim-jong-un-is-aware-of-internal-discontent">Read the full article here.</a>
Robert Kennedy Jr. Raises Concerns Over Children&#8217;s Health
Independent presidential candidate Robert Kennedy Jr. expressed concern over the declining health of children, attributing it to harmful chemicals in everyday products. He pointed out chemicals such as glyphosate, found in weed killers, and neonicotinoids, along with "forever chemicals" present in children's clothing and furniture. <a href="https://www.benzinga.com/news/24/08/40453139/robert-kennedy-jr-says-if-you-want-to-drink-a-coke-drink-a-mexican-coke-heres-why">Read the full article here.</a>
Kamala Harris&#8217; Favorability Surges in New Poll
Vice President Kamala Harris, who entered the race in late July, has seen her favorability rating jump 13 percentage points since June to 47%, according to results from two separate polls published this week. Her job approval rating also climbed seven points from Dec. 2023 to 47%, Gallup's August poll showed. <a href="https://www.benzinga.com/news/24/08/40525794/trump-vs-harris-new-poll-shows-vice-presidents-favorability-surges-by-double-digits-as-rivals-slips">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/news/24/08/40542456/elon-musk-asks-his-196m-x-followers-if-they-identify-as-democrat-or-republican-billionaire-receives?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Asks His 196M X Followers If They Identify As Democrat Or Republican: Billionaire Receives 1.6M</a>
Image Via Shutterstock
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

General

Kamala Harris' Favorability Surges In New Poll, Super PAC Founder Predicts Tighter Presidential Race And More: This Week In Politics

The past week has been a whirlwind for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) with significant changes in leadership, exciting product announcements, and strategic expansion plans. The tech giant is set to bid farewell to a key executive while gearing up for a major product launch event. Meanwhile, the Cupertino, California-based company is also expanding its footprint in India with a new assembly plant.
Apple App Store Leadership Shakeup
Matt Fischer, the head of Apple&#8217;s App Store business since 2010, announced his departure from the company. In an email to his team, Fischer stated, &#8220;After 21 years at Apple, I&#8217;ve made the decision to step away from our incredible company.&#8221; He also noted that the re-organization was the opportune time to hand over the reins to two exceptional leaders on his team.
<a href="https://www.benzinga.com/news/24/08/40498151/apple-app-store-team-sees-major-shakeup-as-business-head-matt-fischer-heads-for-the-exit">Read the full article here.</a>
Apple&#8217;s Upcoming Product Launch
Apple is all set to unveil the iPhone 16, new Apple Watch, and AirPods at an event on Sept. 10. The launch is crucial for the company, which has faced sluggish sales in recent quarters. The new iPhone 16 is expected to help boost revenue, with some sales recorded in the current fiscal quarter. Analysts predict a 7% revenue increase to $128.4 billion in the holiday quarter.&nbsp;
<a href="https://www.benzinga.com/news/24/08/40540086/apple-to-unveil-iphone-16-watches-and-airpods-at-september-10-event-report">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40522668/driven-by-xi-jinpings-goal-for-new-productive-forces-china-now-races-against-tesla-to-build-battery?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Driven By Xi Jinping&#8217;s Goal For &#8216;New Productive Forces,&#8217; China Now Races Against Tesla To Build Battery-Powered Humanoid Robots</a>
Apple&#8217;s Expansion in India
Apple is preparing to launch its fourth iPhone assembly unit in India. The new plant, set up by Tata Electronics, is located in Hosur, Tamil Nadu, and is expected to begin operations in November. This will be Tata&#8217;s second iPhone assembly plant in the country.&nbsp;
<a href="https://www.benzinga.com/markets/asia/24/08/40434381/apple-to-expand-indian-footprint-as-tata-sets-up-countrys-4th-iphone-assembly-plant-report">Read the full article here.</a>
New Color For iPhone 16 Pro
The upcoming iPhone 16 Pro lineup will reportedly feature a new color, "Desert Titanium," in addition to the existing four color options. The new ‘Desert Titanium' shade is described as a "dark gold, similar to the old purple color," and is expected to be "discreet and deep."&nbsp;
<a href="https://www.benzinga.com/news/24/08/40434659/apple-iphone-16-pro-to-debut-desert-titanium-color-alongside-four-classic-options-industry-insider-r">Read the full article here.</a>
Delay In Foldable MacBook Production
Apple has reportedly delayed the mass production of its highly anticipated folding MacBook, according to Ming-Chi Kuo, a well-known analyst. Technical issues related to displays and mechanisms have pushed back the assembly and mass production timeline from the first half of 2026 to the end of 2027 or 2028.&nbsp;
<a href="https://www.benzinga.com/news/24/08/40502596/apple-delays-production-of-highly-anticipated-foldable-macbook-due-to-technical-issues-says-top-anal">Read the full article here.</a>
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/24/08/40478216/amazon-web-services-ceo-predicts-ai-could-soon-dominate-coding-being-a-developer-in-2025-may-be-diff?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Web Services CEO Predicts AI Could Soon Dominate Coding: ‘Being A Developer In 2025 May Be Different Than What It Was… In 2020'</a></li>
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Photo courtesy: 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/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

AAPL

Cupertino Shakes Up App Store Leadership, iPhone 16 Launch Date, And India Expansion: This Week In Appleverse

The cryptocurrency Toncoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TON</a>) experienced a significant drop <a href="https://www.benzinga.com/news/24/08/40542542/elon-musk-reacts-as-telegram-founder-gets-arrested-in-france-reportedly-faces-20-years-in-prison-on">following the arrest of</a> Telegram CEO Pavel Durov in France on Saturday.
What Happened: The value of Toncoin, which was developed by Nikolai and Pavel Durov, plummeted by more than 19% after reports emerged that Durov, the CEO of the popular messaging app Telegram, was arrested at Le Bourget Airport in France.
At the time of writing, Toncoin is trading at slightly over $5.39, marking a 19.77% decrease, according to data from <a href="http://pro.benzinga.com">Benzinga Pro. </a>
Durov, a Russian-French billionaire, was apprehended on Saturday evening while traveling on his private jet. The arrest is linked to an ongoing police investigation in France, which is reportedly focused on the lack of moderators on Telegram, allowing criminal activity to persist on the platform, reported Reuters.
See Also: <a href="https://www.benzinga.com/news/24/08/40542646/tesla-ramps-up-cybertruck-production-drone-footage-reveals-rows-of-stainless-steel-behemoths-at-giga">Tesla Ramps Up Cybertruck Production: Drone Footage Reveals Rows Of Stainless Steel Behemoths At Giga Texas</a>
Pavel Durov, who launched Telegram with his brother in 2013, exited Russia in 2014 after defying government orders to close down opposition groups on his VKontakte social network. Following Russia&#8217;s invasion of Ukraine in 2022, Telegram emerged as a key platform for unfiltered information from both sides about the war and its political implications.
The Russian foreign ministry stated that it is seeking clarification on Durov&#8217;s situation and has called for his release.
<a href="https://www.benzinga.com/news/24/07/40034466/elon-musk-jokes-about-telegram-ceos-claim-of-100-biological-children-says-genghis-khan-would-have-sc" target="_blank" rel="noreferrer noopener">The Telegram</a> <a href="https://www.benzinga.com/news/24/07/40034466/elon-musk-jokes-about-telegram-ceos-claim-of-100-biological-children-says-genghis-khan-would-have-sc" target="_blank" rel="noreferrer noopener">CEO</a>&nbsp;is expected to appear in court on Sunday.
Tesla Inc CEO Elon Musk made several posts on X calling for Durov&#8217;s release. He also posted a clip of Durov&#8217;s recent interview with Tucker Carlson where he praised the X owner for bringing back free speech to the platform.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/FreePavel?src=hash&amp;ref_src=twsrc%5Etfw">#FreePavel</a> <a href="https://t.co/B7AcJWswMs">pic.twitter.com/B7AcJWswMs</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1827572720936030703?ref_src=twsrc%5Etfw">August 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Meanwhile, other cryptocurrencies were also trading in the red. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was down 0.59% in the last 24 hours, while Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) was down 0.64% and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) lost 3.65%. 
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$TON

Telegram CEO Arrest In France Sends Toncoin (TON) Plummeting By Over 20%: Elon Musk Calls For Freeing Pavel Durov

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is seemingly ramping up production of the company&#8217;s Cybertruck, as seen in the recent drone footage of the company&#8217;s gigafactory in Texas.
What Happened: The drone footage by YouTuber Joe Tegtmeyer of Tesla&#8217;s gigafactory in Texas shows rows and rows of stainless steel vehicles lined outside the factory and awaiting deliveries. The footage was reportedly captured on Aug. 23 morning. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Cooling Plant Testing! Boring Tunnel Structure &amp; Driveway! 23 Aug 2024 Giga Texas Update (07:10 AM)" width="500" height="281" src="https://www.youtube.com/embed/Gpi6tNQSxto?start=1209&#038;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>
The YouTuber also shared a picture of at least 50 Cybertrucks parallel parked at the factory lot with the caption, &#8220;The Cybertruck Armada has activated.&#8221; Cybertruck lead engineer Wes Morrill also shared the image.
Tesla did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga's</a> request for comment.
<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 <a href="https://twitter.com/cybertruck?ref_src=twsrc%5Etfw">@cybertruck</a> Armada has activated &#x1f4d0;&#x1f920; <a href="https://t.co/XC3xu50AtY">pic.twitter.com/XC3xu50AtY</a>
&mdash; Joe Tegtmeyer &#x1f680; &#x1f920;&#x1f6f8;&#x1f60e; (@JoeTegtmeyer) <a href="https://twitter.com/JoeTegtmeyer/status/1827353443633074289?ref_src=twsrc%5Etfw">August 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Tesla started delivering the Cybertruck in November 2023 and is currently ramping up production&nbsp;with the aim of delivering 250,000 units starting in 2025. Tesla CEO Elon Musk has previously said that production,&nbsp;<a href="https://www.benzinga.com/news/24/07/39590408/tesla-to-deliver-foundation-series-cybertrucks-through-late-2024-due-to-continued-high-demand-contra" target="_blank" rel="noreferrer noopener">and not demand</a>, is the biggest hurdle in ramping up Cybertruck deliveries.
According to Kelley Blue Book estimates, Tesla sold 8,755 Cybertrucks in the second quarter in the U.S., and&nbsp;<a href="https://www.benzinga.com/news/24/05/38783121/tesla-cybertrucks-are-filling-up-in-used-car-markets-but-would-you-pay-these-steep-prices" target="_blank" rel="noreferrer noopener">2,803 in the first quarter</a>.&nbsp;
Tesla has touched a weekly production rate of 1,300 Cybertrucks, Musk said at Tesla&#8217;s annual shareholder meeting in early June. The company is looking to increase it further this year to touch 2,500 units by year-end, he added.
Cybertruck&nbsp;<a href="https://www.benzinga.com/news/24/07/39876213/tesla-confirms-it-aims-to-start-selling-cybertruck-in-canada-this-year-pre-orders-open-for-150" target="_blank" rel="noreferrer noopener">production is on track</a>&nbsp;to achieve profitability by the end of the year, Tesla said last month.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Photo: courtesy of Tesla

Tesla Ramps Up Cybertruck Production: Drone Footage Reveals Rows Of Stainless Steel Behemoths At Giga Texas

Hezbollah has launched a massive rocket and drone attack on Israel. This comes as a response to the assassination of a senior commander in Beirut last month. Israeli jets retaliated with airstrikes on Hezbollah targets in Lebanon.
What Happened: Hezbollah, an Iranian-backed group, launched over 320 Katyusha rockets at Israel, hitting 11 military targets, reported Reuters. The group stated that this attack marked the &#8220;first phase&#8221; of its retaliation and that a full response would take &#8220;some time.&#8221;
Israel&#8217;s military had anticipated the attack and conducted airstrikes in Lebanon just before the rocket barrage began. The strikes were primarily in southern Lebanon, but the military was prepared to strike anywhere deemed a threat.
Israel&#8217;s cabinet convened to discuss the situation, with Prime Minister Benjamin Netanyahu&#8216;s office announcing the meeting. Foreign Minister Israel Katz stated that Israel would respond to the situation on the ground but was not seeking a full-scale war.
See Also: <a href="https://www.benzinga.com/news/24/08/40542388/kamala-harris-clashes-with-jd-vance-as-trumps-vp-pick-predicts-ex-president-would-veto-federal-abort">Kamala Harris Clashes With JD Vance As Trump&#8217;s VP Pick Predicts Ex-President Would Veto Federal Abortion Ban If Re-Elected: &#8216;We Know He Will Sign…&#8217;</a>
Defence Minister Yoav Gallant declared a state of emergency, stating, &#8220;We have conducted precise strikes in Lebanon in order to thwart an imminent threat against the citizens of Israel. We are closely following developments in Beirut, and we are determined to use all the means at our disposal in order to defend our citizens.&#8221;
Hezbollah&#8217;s attack follows a missile strike in the Israeli-occupied Golan Heights last month, which killed 12 individuals. In response, the Israeli military assassinated a senior Hezbollah commander in Beirut, further escalating tensions.
A Reuters security source in Lebanon reported at least 40 Israeli strikes had hit various towns in the country&#8217;s south. A resident of the southern Lebanese town of Zibqeen described the situation as apocalyptic.
Why It Matters: The recent escalation between Israel and Hezbollah comes amid ongoing regional tensions. This includes the prolonged Israel-Hamas war, which has seen significant developments, such as the <a href="https://www.benzinga.com/24/08/40094152/israel-confirms-death-of-hamas-second-in-command-mohammed-deif">death of Hamas&#8217; second-in-command</a>, Mohammed Deif, in a strike in Gaza. 
Efforts to end the Israel-Hamas conflict have been ongoing, with President Joe Biden last month <a href="https://www.benzinga.com/general/politics/24/07/39971210/biden-harris-meet-netanyahu-to-discuss-ending-prolonged-israel-hamas-war-report">meeting with Israeli Prime Minister Netanyahu</a> to discuss a ceasefire and the release of hostages. 
Meanwhile, a top U.S. general made a surprise visit to the Middle East on Saturday to discuss strategies for preventing any escalation in tensions that could lead to a broader conflict, according to the publication. Air Force General C.Q. Brown, chairman of the Joint Chiefs of Staff, started his trip in Jordan and plans to visit Egypt and Israel in the coming days to gather insights from military leaders.
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Photo: mohammad kassir/Shutterstock.com
 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/navdeep-yadav" target="_blank" rel="noopener">Navdeep Yadav.</a>

Global

Hezbollah Barrages Israel With Rockets And Drones, Israeli Jets Strike Back In Lebanon As Middle East Tensions Rise

Two former Open AI employees wrote to California&#8217;s Governor Gavin Newsom last week expressing their disappointment at the company&#8217;s arguments against SB 1047, a bill proposed in California to place safety protocols in the development of artificial intelligence. 
What Happened: &#8220;We joined OpenAI because we wanted to ensure the safety of the incredibly powerful AI systems the company is developing. But we resigned from OpenAI because we lost trust that it would safely, honestly, and responsibly develop its AI systems,&#8221; William Saunders and Daniel Kokotajlo wrote in the letter <a href="https://static.politico.com/ed/a3/b49946554f5ead081a5df2063048/letter-from-openai-whistleblowers-on-sb-1047-2024-08-22-2.pdf">shared </a>with Politico. 
AI development might pose a risk of &#8220;critical harm to society&#8221; such as unprecedented cyberattacks or assisting in the creation of biological weapons, they said, while also warnings of &#8220;catastrophic harm to the public&#8221; if AI models are developed without adequate safety precautions
About Bill SB 1047: The bill, introduced by Senator&nbsp;Scott Wiener&nbsp;(D-Calif.), mandates safety testing for advanced AI models costing over $100 million to develop or requiring significant computing power.
The bill also requires developers to include a "kill switch" to shut down AI models if they malfunction. The state attorney general would have the authority to sue non-compliant developers, especially if the AI poses a threat to critical systems like the power grid.
Additionally, third-party auditors would be hired to assess safety practices, and whistleblowers would receive protections.
Open AI&#8217;s Argument Against Bill: Sam Altman&#8216;s OpenAI has argued that AI regulation<a href="https://www.benzinga.com/government/24/08/40484108/gavin-newsoms-california-wants-to-regulate-ai-but-its-facing-stiff-opposition-from-both-big-tech-as"> should be handled at the federal level</a>, citing the bill's potential to create an uncertain legal environment.
However, the two former employees are of the opinion that the company&#8217;s complaints about the bill are &#8220;not constructive&#8221; and &#8220;don&#8217;t seem in good faith.&#8221; 
&#8220;We cannot wait for Congress to act — they&#8217;ve explicitly said that they aren&#8217;t willing to pass&nbsp;meaningful AI regulation,&#8221; Saunders and Kokotajlo wrote. &#8220;If they ever do, it can preempt CA legislation.&#8221;
&#8220;Sam Altman, our former boss, has repeatedly called for AI regulation. Now, when actual regulation is on the table, he opposes it,&#8221; they alleged. 
They also requested the California Legislature and Governor Newsom to pass the bill into law. 
Check out more of&nbsp;Benzinga&#8217;s&nbsp;Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Photo courtesy: Shutterstock

Former OpenAI Employees Slam Sam Altman-Led Company After It Opposes California's AI Regulation Bill, Warn Gavin Newsom Of 'Catastrophic Harm To Society'

EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has launched its new referral program after <a href="https://www.benzinga.com/news/24/04/38350966/tesla-ends-referral-benefits-this-month-musk-teases-new-program-in-few-months-what-happens-to-curren">scrapping its predecessor in April.</a>
What Happened: Tesla owners can now earn $500 by referring someone to buy a new Tesla vehicle. The money can then be used for supercharging, software upgrades or even to purchase merchandise. 
The new buyer, meanwhile, will also get $1000 off on their purchase as part of the program. 
However, new customers cannot purchase the company&#8217;s latest offering- the Cybertruck- with a referral and get a discount. The referral discount only applies to the Model S, Model X, Model 3, and Model Y. 
Why It Matters:&nbsp;Tesla's referral program aims to reward customers for their loyalty to the brand. Customers can gain benefits by making their first Tesla product purchase, referring other first-time customers, or even continuing to buy more eligible products.
Tesla ended its older referral program in April across all markets. Tesla CEO Elon Musk then assured that the company is not removing the referral program but working on a new one. 
The end of the program came a few days after Musk said that the company&#8217;s sales system had become &#8220;<a href="https://www.benzinga.com/news/24/04/38285714/no-more-inventory-discounts-on-tesla-cars-as-ceo-elon-musk-says-sales-system-has-turned-complex-and">complex and inefficient.</a>&#8220;
Tesla customers who have credits pending from the previous referral program can continue to redeem those on the Tesla App until they expire, the company says on its website. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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Image via Unsplash

Tesla Buyers Can Earn $1000 Off Under This New Referral Program After Elon Musk-Led EV Giant Scrapped Older One In April: No Discount For Cybertruck

Chairman of social media platform X and billionaire Elon Musk on Saturday expressed shock at the alleged arrest of Telegram CEO and founder Pavel Durov. 
What Happened: &#8220;POV: It's 2030 in Europe and you're being executed for liking a meme,&#8221; Musk wrote on X in response to reports of Durov&#8217;s arrest, hinting that the arrest is a result of extreme regulation and censorship in the region.
<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">POV: It's 2030 in Europe and you're being executed for liking a meme <a href="https://t.co/OkZ6YS3u2P">https://t.co/OkZ6YS3u2P</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1827484648454418881?ref_src=twsrc%5Etfw">August 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
&#8220;20 years …,&#8221; Musk wrote in seeming dismay to another X user who said that Durov faces 20 years in prison.
<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">20 years … <a href="https://t.co/UknQRzqXw2">https://t.co/UknQRzqXw2</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1827495859837157712?ref_src=twsrc%5Etfw">August 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
&#8220;Yeah, this is super messed up!,&#8221; Musk said in a separate post.
<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">Yeah, this is super messed up!
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1827537046577066138?ref_src=twsrc%5Etfw">August 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Durov&#8217;s Arrest: Durov was arrested at Le Bourget airport outside Paris on Saturday evening, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-08-25/telegram-ceo-pavel-durov-arrested-at-paris-airport-afp-reports">reported</a>, citing Agence France-Presse news agency. Law enforcement is reportedly concerned that the lack of moderators on the app is allowing criminal activity on the platform such as fraud and organized crime, among others.
<a href="https://www.benzinga.com/news/24/07/40034466/elon-musk-jokes-about-telegram-ceos-claim-of-100-biological-children-says-genghis-khan-would-have-sc">The CEO</a> is expected to appear in court on Sunday, Bloomberg added. 
Telegram was founded in 2013 by Durov with his brother Nikolai and is one of the most popular messaging apps now. The CEO lives in Dubai but also holds citizenship in France. 
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Image by Tech Crunch via Flickr

Elon Musk Reacts As Telegram Founder Gets Arrested In France, Reportedly Faces '20 Years' In Prison On Criminal Charges: 'It's 2030...You're Being Executed For Liking A Meme'

The Biden administration has reportedly broadened its trade restriction list, incorporating 105 Russian and Chinese firms, for their alleged support to the Russian military in its war against Ukraine.
What Happened: According to a Reuters report on Friday, the US included 63 Russian and 42 Chinese companies in its trade restriction list. This list also comprises 18 companies from various other countries. 
The firms were targeted for different reasons, including the supply of U.S. electronics to Russian military-related parties and the production of Shahed-136 drones for Russia&#8217;s use in Ukraine.
Once added to the entity list, U.S. suppliers are required to obtain a license before shipping to these companies, the report said.
Why It Matters: This move by the U.S. government comes against the backdrop of escalating tensions in the region. Ukraine is currently<a href="https://www.benzinga.com/etfs/specialty-etfs/24/08/40511434/zelenskyy-announces-capture-of-another-russian-village-as-ukraine-pushes-deeper-into-kursk"> capturing settlements in the Kursk region</a> while Russian forces have been steadily moving further into <a href="https://www.benzinga.com/news/24/08/40479407/russian-president-lauds-chechnyan-troops-readying-for-ukraine-battle-during-surprise-visit-as-long-a">eastern Ukraine. </a>
Biden administration, meanwhile, is attempting to maintain pressure on companies aiding Russia&#8217;s war in Ukraine, despite existing Western sanctions aimed at disrupting that effort.
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This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo by LeStudio on Shutterstock

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