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Chapters Group AG is a holding company investing in attractive small- and mid-sized enterprises from various sectors. It pursue a long-term and entrepreneurial investment approach.

Chapters Group AG

Morgan Stanley analyst Simeon Gutman downgrades Five Below (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) from Overweight to Equal-Weight and lowers the price target from $160 to $100.

News

Downgrades

Price Target

Analyst Ratings

FIVE

Morgan Stanley Downgrades Five Below to Equal-Weight, Lowers Price Target to $100

<a href="https://www.reuters.com/markets/deals/google-backed-software-developer-gitlab-explores-sale-sources-say-2024-07-17/" title="https://www.reuters.com/markets/deals/google-backed-software-developer-gitlab-explores-sale-sources-say-2024-07-17/">https://www.reuters.com/markets/deals/google-backed-software-developer-gitlab-explores-sale-sources-say-2024-07-17/</a>

DDOG

GTLB

Reuters Reported Earlier GitLab Exploring Sales; Potential Buyers Include Datadog

Mizuho analyst Nitin Kumar initiates coverage on Par Pacific Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PARR#NYSE">PARR</a>) with a Outperform rating and announces Price Target of $33.

Initiation

PARR

Mizuho Initiates Coverage On Par Pacific Hldgs with Outperform Rating, Announces Price Target of $33

Stifel analyst Rick Wise downgrades Silk Road Medical (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SILK#NASDAQ">SILK</a>) from Buy to Hold and raises the price target from $23 to $27.5.

SILK

Stifel Downgrades Silk Road Medical to Hold, Raises Price Target to $27.5

Piper Sandler analyst Stephen Scouten downgrades FB Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FBK#NYSE">FBK</a>) from Overweight to Neutral and raises the price target from $41 to $46.

Piper Sandler Downgrades FB Financial to Neutral, Raises Price Target to $46

Macro Economic Events

Econ #s

Economics

Eurozone Consumer Price Index (YoY) For June 2.5% Vs. 2.5% Est.; 2.6% Prior

Eurozone Consumer Price Index (MoM) For June 0.2% Vs. 0.2% Est.; 0.2% Prior

Eurozone Core Consumer Price Index (YoY) For June 2.9% Vs. 2.9% Est.; 2.9% Prior

Aurora Mobile Shines At The MarTech Summit With Its Cutting Edge Products, EngageLab And GOTBots.ai

4D Molecular Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FDMT#NASDAQ">FDMT</a>, 4DMT or the Company)))), a leading clinical-stage genetic medicines company focused on unlocking the full potential of genetic medicines to treat large market diseases, today announced positive initial interim 24-week landmark data from the Population Extension cohort of the PRISM Phase 2 Clinical Trial, which evaluated intravitreal 4D-150 in a broad wet AMD patient population. The data were presented by Raj K. Maturi, M.D., in an oral presentation titled, &quot;Phase 2 Population Extension Cohort in the PRISM Trial Evaluating 4D-150 in Adults with Neovascular Age-related Macular Degeneration,&quot; at the American Society of Retina Specialists (ASRS) Annual Scientific Meeting held in Stockholm, Sweden.

FDMT

4D Molecular Therapeutics Presents Phase 2 Trial Results for Wet AMD at ASRS Meeting

After weeks of relentless selling, the German government sold off the final tranche of its Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings last Friday. Interestingly enough, the market unexpectedly rose immediately after.
What Happened: Nearly 50,000 Bitcoins recovered from asset seizures were dumped by the government in the last three weeks, exerting significant downside pressure on the price of the digital currency.  
Indeed the price struggled to break above $60,000 during this period, even plunging to a four-month low of $54,000.&nbsp;
However, true to its unexpected nature, the market<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39763646/bitcoin-jumps-past-60-000-mark-following-trump-rally-shooting"> rebounded strongly a day after</a> the German Government ran completely out of the asset. Since then, King Crypto has jumped 15%, breaking beyond $65,000.
Had the German government resisted selling their Bitcoin stash, it'd be worth $3.29 billion today. To put this figure in context, it exceeds Bhutan&#8217;s and Gambia&#8217;s GDPs, as per <a href="https://tradingeconomics.com/country-list/gdp?continent=asia">data </a>from Trading Economics.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/24/07/39807838/peter-schiff-downplays-bitcoin-hypes-golds-rise-wake-up-and-smell-the-bear-market">Peter Schiff Downplays Bitcoin, Hypes Gold&#8217;s Rise: &#8216;Wake Up And Smell The Bear Market&#8217;</a>
Why It Matters: German lawmaker Joana Cotar had previously called the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39639117/crypto-billionaire-justin-sun-offers-to-buy-bitcoin-off-market-from-german-government-to-m">large-scale selling of state-owned Bitcoin &#8220;insensible and counterproductive</a>.&#8221;
She argued that Bitcoin could be effectively used as a strategic reserve currency instead, as is being debated in many countries, including the U.S.
In fact, when the government liquidated all of its Bitcoin holdings, the Bundestag member mocked by saying, "Congratulations, you have to be that stupid to be able to do that."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">0 Soviel <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> hat Deutschland von den 50.000 noch. 0 Herzlichen Glückwunsch, so dämlich muss man erstmal sein. <a href="https://t.co/haDreSQvtm">pic.twitter.com/haDreSQvtm</a>
&mdash; Joana Cotar (@JoanaCotar) <a href="https://twitter.com/JoanaCotar/status/1811840674905387170?ref_src=twsrc%5Etfw">July 12, 2024</a></blockquote>
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In stark contrast, El Salvador has leaned toward a pro-Bitcoin policy since adopting the high-profile digital asset as legal tender in 2021. At the time of writing, El Salvador had 5,813.76 Bitcoins in its <a href="https://bitcoin.gob.sv/">custody</a>, worth nearly $380 million.
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,814.40, up 3.56% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39808275/craig-wright-adds-disclaimer-to-website-admitting-hes-not-bitcoin-founder-satoshi-nakamoto">Craig Wright Adds Disclaimer To Website Admitting He&#8217;s Not Bitcoin-Founder Satoshi Nakamoto</a></li>
</ul>
Photo via Shutterstock

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

Cryptocurrency

Markets

$BTC

By Dumping 50K Seized Bitcoins At The Wrong Time, Germany Lost An Amount Worth More Than Than Bhutan's And Gambia's GDPs Today

Sen. Bob Menendez (D-N.J.), who once denounced Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as an "ideal choice for criminals," was found guilty of accepting bribes in gold and fiat currency during his corruption trial.
What Happened: In a press release shared by the Department of Justice Tuesday, Attorney Damian Williams remarked, "This case has always been about shocking levels of corruption. Hundreds of thousands of dollars of bribes, including gold, cash, and a Mercedes-Benz. This wasn't politics as usual; this was politics for profit.&#8221;
A Reuters report revealed that Menendez has pleaded not guilty to the charges and would appeal in a higher court.
The case pertains to allegations of Menendez and his wife, Nadine Menendez, accepting hundreds of dollars from wealthy businessmen in exchange for favors ranging from diluting criminal investigations to protecting their commercial monopoly.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/24/07/39807838/peter-schiff-downplays-bitcoin-hypes-golds-rise-wake-up-and-smell-the-bear-market">Peter Schiff Downplays Bitcoin, Hypes Gold&#8217;s Rise: &#8216;Wake Up And Smell The Bear Market&#8217;</a>
Why It Matters: Interestingly, the influential Senator, who chaired the United States Senate Committee on Foreign Relations, had <a href="https://www.menendez.senate.gov/newsroom/press/sen-menendez-scrutinizes-bitcoins-role-as-ransomware-after-equifax-breach">voiced concerns</a> over Bitcoin and cryptocurrencies' role in aiding ransomware and other cyberattacks in 2017.&nbsp;
"Because of the anonymous nature of Bitcoin transactions, the digital currency is an ideal choice for criminals," wrote the senator in a letter to the Financial Crimes Enforcement Network
Menendez had also c<a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37529921/nayib-bukele-cant-help-laughing-as-bitcoin-critic-who-slammed-adoption-in-el-salvador-gets">o-sponsored legislation to mitigate the risks of El Salvador&#8217;s adoption of Bitcoin</a>. He infamously said, "Bitcoin can open the doors of corruption in El Salvador."
Price Action: At the time of writing, Bitcoin was exchanging hands at $65,693.11, up 3.41% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39808275/craig-wright-adds-disclaimer-to-website-admitting-hes-not-bitcoin-founder-satoshi-nakamoto">Craig Wright Adds Disclaimer To Website Admitting He&#8217;s Not Bitcoin-Founder Satoshi Nakamoto</a></li>
</ul>
Photo by lev radin on Shutterstock

Democratic Senator Who Called Bitcoin An Ideal Choice For Criminals Found Guilty Of Accepting Bribes In Gold, Cash And Luxury Car

Social media stocks Reddit, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) and Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) were among high-profile public listings in March and their fortunes have diverged. Here&#8217;s a rundown on how the shares have fared since their listings vis-a-vis fundamentals and what lies ahead.
TMTG&#8217;s Roller-Coaster Ride: TMTG, the parent of the Truth Social platform, is owned by Republican presidential candidate Donald Trump, and the company completed a long-delayed merger with the SPAC Digital World Acquisition Corp on March 25. The shares of the company began trading on the Nasdaq on March 26. 
Ahead of the listing, the shares of the SPAC jumped about 35% on March 25 amid the confirmation of the combination. On its debut session as a public company, the stock moved in a range of $57.25-$79.38 before settling up 16% at $57.99. From the post-listing high, the stock declined steadily and hit an intraday low of $22.55 on April 16. The stock lock-stepped with the news flow concerning Trump, who faced multiple lawsuits and is navigating through a tight presidential race with President Joe Biden.
Also weighing down on the stock are concerns about its overvalued nature vis-a-vis fundamentals. Truth Social was struggling to grow its user base against established rivals. Data from Similarweb showed that U.S. daily visits to Truth Social&nbsp;fell 21% month-over-month in May, CNBC <a href="https://www.cnbc.com/2024/05/24/truth-social-traffic-trump-media-djt-data.html#:~:text=Truth%20Social%20also%20faces%20two,%2C%20TikTok%2C%20Reddit%20and%20Pinterest.">reported.</a> The average number of monthly visits over the past year plunged 39% to 4 million for the period from May 2023 to April 2024 versus the prior 12-month period.
The company&#8217;s maiden quarterly report as a public entity released in late May showed a net loss of $327.9 million for the March quarter.
Although the stock staged a recovery from the mid-April lows and went past the $53 level by the end of May, it began to head lower subsequently. It picked up some momentum this week after the odds of a Trump victory improved after a failed assassination attempt aimed at Trump.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="450" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025336/newplot-10-1.jpeg" alt="" class="wp-image-439961" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025336/newplot-10-1.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025336/newplot-10-1-300x208.jpeg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Source: Benzinga
See Also: <a href="https://www.benzinga.com/money/best-social-media-stocks">Best Social Media Stocks</a>
Reddit Rides AI Wave: Compared to TMTG, Reddit has had fairly smooth sailing following its March 21 listing. The San Francisco, California-based social-media company had to price its offering at $34 per share, giving it an IPO valuation of $6.5 billion, marking a discount from the $10 billion at which it was valued at a 2021 private fundraising round.
The stock opened the debut session at $47, rose to an intra-day high of $57.80 and closed at $50.44. The stock reached a post-IPO high of $74.90 in three sessions, before beginning to lose steam. After bottoming at $37.35 on April 18, the stock has embarked on an uptrend, hitting a high of $76.73 last Friday. 
The most recent run in the stock is due to its exposure to the hot-and-happening artificial intelligence technology. The Alexis Ohanian co-founded company announced a partnership with OpenAI that will allow the social network&#8217;s content to be made available for the latter to train its ChatGPT products. The agreement also provided for Reddit to add AI features to its communities.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="650" height="450" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025154/newplot-9-1.jpeg" alt="" class="wp-image-439960" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025154/newplot-9-1.jpeg 650w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17025154/newplot-9-1-300x208.jpeg 300w" sizes="(max-width: 650px) 100vw, 650px" /></figure>
Source: Benzigna
What&#8217;s Next: TMTG&#8217;s fortunes are closely tied to Trump&#8217;s political fortunes. The tide turned in his favor after the first presidential debate and the weekend rally shooting and the <a href="https://www.benzinga.com/markets/equities/24/07/39767334/trump-media-technology-djt-surges-over-60-pre-market-whats-driving-the-rally">stock skyrocketed on Monday.</a> Since then, he has suffered a setback as he announced Sen. J.D. Vance (R-Ohio) as his running mate.
Trump has a majority 64.9% stake in TMTG thanks to the 114.7 million shares he owns in the company. The lock-up period for shares held by insiders expires in September. Around that time, if insiders choose to flood the market, the stock could see some downside. All said and done, investors should brace for considerable volatility in the run-up to the Nov. 5 election. A Trump victory could provide a boost to the shares and give it an extended run but if he fails to win a second term, the way ahead could be bleak.
On the other hand, Reddit is positioned relatively better than TMTG in terms of fundamentals. Needham analyst Laura Martin raised the price target for the stock in mid-June, lifting it from $63 to $75. She also kept the company in the firm&#8217;s &#8220;Conviction List&#8221; stock pick.
&#8220;RDDT&#8217;s core advertising fundamentals and user adds are exceeding our prior estimates, and its operating costs are growing more slowly than our prior estimates,&#8221; Martin said. Data licensing revenues, with 85% margins, have nearly doubled since Needham&#8217;s initiation report, the analyst said. This will likely add to Reddit&#8217;s revenues and free cash flow, beginning in the third quarter, she added.
Martin expects additional data-licensing deals to be announced in the second half of the year and 2025.
The average analysts&#8217; price target for Reddit, based on data compiled by TipRanks, is $63, suggesting a downside potential of over 10%. More details could be forthcoming when Reddit announces its second-quarter results on Aug. 6.
TMTG shares ended Tuesday&#8217;s session down 9.09% at $36.89, according to<a href="https://benzinga.grsm.io/register174"> Benzinga Pro data,</a> while Reddit fell 3.48% to $70.44.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/05/38683061/reddit-shares-soar-on-first-post-ipo-q1-results-strong-q2-guidance">Reddit Shares Soar On First Post-IPO Q1 Results, Strong Q2 Guidance</a></li>
</ul>
Image Via Shutterstock

Analyst Color

Equities

Trading Ideas

RDDT

Reddit (RDDT) Vs. Trump's DJT: How 2 High-Profile Social Media Stocks Have Fared Since March Listings

A North Korean diplomat and his family, under Kim Jong Un&#8216;s regime, have defected from Cuba to South Korea. This is the first defection of its kind in five years, occurring against a backdrop of growing challenges for ordinary North Koreans attempting to flee their country.
What Happened: Ri Il Kyu, a counselor of political affairs for North Korea in Havana, made the move to South Korea in November, as confirmed by Seoul&#8217;s intelligence agency, <a href="https://www.wsj.com/world/asia/a-north-korean-diplomat-managed-a-rare-defection-a-flight-out-of-cuba-2117a715?mod=hp_lead_pos5">reported</a> The Wall Street Journal. 
Ri, who had been working at the North Korean embassy in Cuba, expressed his disillusionment with the political system of North Korea. He, along with his wife and children, boarded a plane to South Korea without informing his family of their destination.
Defections by North Korean elites have been on the rise, while ordinary citizens find it increasingly difficult to flee. The pandemic led to a significant decrease in defections, with only 196 North Koreans fleeing the country in 2023, compared to 1,047 in 2019, according to the report.
Ri told the Korean newspaper that the deaths of his parents and in-laws in Pyongyang influenced his decision to flee. When North Koreans defect, the regime frequently retaliates against their families, either by holding them hostage or sending them to prison camps.
Tae Yong-ho, a former North Korean diplomat who defected to South Korea in 2016, extended a welcome to Ri in a Facebook post, describing him as a &#8220;Cuba expert&#8221; trusted by Kim. &#8220;North Korean diplomats will keep defecting,&#8221; he stated in the post.
See Also: <a href="https://www.benzinga.com/news/24/07/39773674/kim-jong-uns-sister-warns-south-korea-must-be-ready-for-paying-a-very-high-priceover-leafleting-camp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un&#8217;s Sister Warns South Korea &#8216;Must Be Ready For Paying A Very High Price&#8217;Over Leafleting Campaign</a>
Before Ri&#8217;s defection, the last known defection of North Korean officials stationed abroad was in 2019. The North Korean government has sealed its border with China, making escape even more challenging.
Why It Matters: The defection comes at a time of heightened tensions on the Korean Peninsula. North Korea has been <a href="https://www.benzinga.com/news/24/07/39773674/kim-jong-uns-sister-warns-south-korea-must-be-ready-for-paying-a-very-high-priceover-leafleting-camp">escalating its threats</a> against South Korea over a leafleting campaign by its civilians. This has led to the suspension of a 2018 tension-reduction deal by South Korea, further straining relations.
Meanwhile, the United States and South Korea have <a href="https://www.benzinga.com/news/24/07/39748786/kim-jong-uns-rising-threats-prompt-us-south-korea-joint-nuclear-deterrence-guidelines">signed joint nuclear deterrence guidelines</a> in response to North Korea&#8217;s escalating nuclear threats. This move aims to strengthen the alliance between the two countries and enhance their comprehensive cooperation.
North Korea has also made a significant shift in its international relations by <a href="https://www.benzinga.com/news/24/07/39689352/kim-jong-uns-north-korea-switches-to-russian-satellite-from-china-for-tv-broadcasts-experts-say-it-s">switching to a Russian satellite</a> for its state television broadcasts. This move is seen as a symbolic representation of the country&#8217;s diminishing dependence on China.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39768877/anthony-scaramucci-warns-bidens-path-to-presidency-winds-down-with-loss-in-any-of-these-3-key-battle?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Warns Biden&#8217;s Path To Presidency Winds Down With Loss In Any Of These 3 Key Battleground States: &#8216;Donald Trump Is…Framing The Narrative And Whether You Like It Or Not&#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>

Politics

Global

Kim Jong Un's 'Cuba Expert' Fled North Korean Regime, Ends Up In South Korea

Gogoro Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GGR#NASDAQ">GGR</a>), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced it has been certified to launch its battery swapping and Smartscooters in&nbsp;Singapore&nbsp;and plans to launch with its exclusive distribution partner, Cycle &amp; Carriage (C&amp;C) in&nbsp;Q4&nbsp;2024. Cycle &amp; Carriage (C&amp;C) also announced a partnership with Shell Recharge to launch battery swapping GoStations at Shell service stations in the&nbsp;Singapore&nbsp;market.
<a href="https://mma.prnewswire.com/media/2463227/Cycle_and_Carriage.html" target="_blank"><img alt="Gogoro Announces Exclusive Distribution Partnership with Cycle &amp; Carriage in Singapore; Plans For Commercial Battery Swapping and Smartscooter Availability in Q4 2024" src="https://mma.prnewswire.com/media/2463227/Cycle_and_Carriage.jpg" /></a>
&quot;After working closely with&nbsp;Singapore&#39;s&nbsp;Land Transport Authority (LTA) to secure a permit to launch our battery swapping platform in&nbsp;Singapore, I am pleased to announce that Gogoro is now certified to operate in&nbsp;Singapore. This certification is a testament to how safe, smart, reliable and eco-friendly Gogoro battery swapping is,&quot;&nbsp;said&nbsp;Horace Luke, founder and CEO of Gogoro.&nbsp;&quot;Gogoro, Cycle &amp; Carriage and foodpanda have been participating in a pilot that has demonstrated incredible success and we look forward to transitioning to commercial operations soon. We are looking forward to providing a seamless path for riders to adopt sustainable electric transportation in&nbsp;Singapore.&quot;
&quot;While battery swapping technology and two-wheel electric vehicles are relatively new in&nbsp;Singapore, our partnership with Gogoro will accelerate the growth,&quot;&nbsp;said&nbsp;Wilfrid Foo, Managing Director of Cycle &amp; Carriage Singapore.&nbsp;&quot;The positive feedback from foodpanda riders and valuable data gained from the sandbox pilot have given us confidence to commercialise Gogoro in&nbsp;Singapore. We believe that this is a viable green mobility solution for&nbsp;Singapore.&quot;&nbsp;
Gogoro Battery-Swapping and Smartscooter Pilot Results
Announced in&nbsp;March 2023, Gogoro and C&amp;C partnered with foodpanda, a leading food delivery platform, to trial Gogoro&#39;s Smartscooters and battery-swapping platform to gain insights in sustainable mobility solutions in&nbsp;Singapore. The pilot, which is slated to be completed by&nbsp;September 2024, has received positive feedback on the performance of the Smartscooters with high satisfaction scores for their speed, lack of heat, silent ride, and minimal vibrations. It has also been observed that battery swaps are quick and convenient, completed in less than one minute. The riders are also pleased with the all-inclusive leasing package and aftersales support offered by C&amp;C. On average, each rider accumulated approximately 2,200km per month and performed up to two battery swaps per day. Each battery swap allows the riders to travel up to 100km.
C&amp;C also announced today that they have partnered with Shell Recharge to launch Gogoro&#39;s battery swapping GoStations at Shell service stations in&nbsp;Singapore. The first Shell-based GoStation is slated for completion by&nbsp;August 2024, and more are expected at Shell stations across the city-state in the next two years.

Government

Regulations

Gogoro Partners with Cycle & Carriage to Launch Battery-Swapping Smartscooters in Singapore

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has been accused of using Alphabet Inc.&#8216;s (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>) subsidiary YouTube videos to train its AI models without the creators&#8217; consent.
What Happened: Tech YouTuber Marques Brownlee, also known as MKBHD, took to social media to voice his concerns about Apple&#8217;s use of YouTube content for AI training. 
Brownlee revealed that Apple sourced data from various companies, one of which scraped data and transcripts from YouTube videos, including his own. The companies are not at fault for the scraping, but this issue is likely to persist, Brownlee noted.
&#8220;Apple technically avoids &#8220;fault&#8221; here because they&#8217;re not the ones scraping But this is going to be an evolving problem for a long time,&#8221; Brownlee wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Apple has sourced data for their AI from several companies One of them scraped tons of data/transcripts from YouTube videos, including mine Apple technically avoids &quot;fault&quot; here because they&#39;re not the ones scraping But this is going to be an evolving problem for a long time <a href="https://t.co/U93riaeSlY">https://t.co/U93riaeSlY</a>
&mdash; Marques Brownlee (@MKBHD) <a href="https://twitter.com/MKBHD/status/1813206956716212511?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/07/39760146/bill-gates-recalls-barack-obamas-mission-to-capture-osama-bin-laden-in-pakistan-using-fake-polio-vac?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bill Gates Recalls Barack Obama&#8217;s Mission To Capture Osama bin Laden In Pakistan Using Fake Polio Vaccination Campaign: &#8216;…A Lot Of Damage Had Been Done&#8217;</a>
MKBHD wrote in another post, &#8220;Fun fact, I pay a service (by the minute) for more accurate transcriptions of my own videos, which I then upload to YouTube&#8217;s back-end. So companies that scrape transcripts are stealing paid work in more than one way. Not great.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Fun fact, I pay a service (by the minute) for more accurate transcriptions of my own videos, which I then upload to YouTube&#39;s back-end. So companies that scrape transcripts are stealing &#x2A;paid&#x2A; work in more than one way. Not great.
&mdash; Marques Brownlee (@MKBHD) <a href="https://twitter.com/MKBHD/status/1813210753182163314?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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9to5Mac&#8217;s report, which Brownlee shared, disclosed that several tech giants, including Apple, trained their AI models using subtitle files downloaded by a third party from over 170,000 videos. This data included transcripts of videos from creators like Brownlee, MrBeast, PewDiePie, Stephen Colbert, John Oliver, and Jimmy Kimmel.
Proof News&nbsp;investigation <a href="https://www.proofnews.org/apple-nvidia-anthropic-used-thousands-of-swiped-youtube-videos-to-train-ai/">revealed</a> that EleutherAI&#8216;s dataset, known as the Pile, was used by major companies like NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) for AI training. 
Companies pursued this practice despite YouTube's regulations prohibiting the unauthorized harvesting of materials from the platform.
Apple, Nvidia, Google, and Anthropic did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: The issue of unauthorized content scraping for AI training has been a growing <a href="https://www.benzinga.com/news/24/06/39443965/openai-and-anthropic-allegedly-ignore-web-scraping-rules-stirring-controversy">concern in the tech industry</a>. Recently, OpenAI and Anthropic were reported to be ignoring web scraping rules, stirring controversy. These companies have allegedly bypassed the robots.txt protocol, which is designed to prevent automated scraping of websites.
In response to such practices, Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) recently updated its platform to block <a href="https://www.benzinga.com/markets/equities/24/06/39494776/reddit-stock-surges-nearly-9-after-announcing-new-platform-update-to-block-automated-content-scr">automated content scraping</a>. This policy change led to a nearly 9% surge in Reddit&#8217;s stock value, highlighting the market&#8217;s sensitivity to data privacy issues.
Earlier, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) also faced <a href="https://www.benzinga.com/news/22/07/27968543/facebook-insta-fall-prey-to-data-scraping-indicts-chinese-company">challenges with data scraping</a>, which led to legal actions against a Chinese company. This incident underscores the widespread nature of the problem across various social media platforms.
Additionally, Elon Musk has cited AI scraping as a reason for <a href="https://www.benzinga.com/news/23/09/34505142/musk-blames-ai-scraping-for-tweet-paywalls">implementing tweet paywalls</a> on X, Inc. (formerly Twitter Inc.). Users now need an account to read tweets, and those who wish to view more than 600 posts per day must pay for Twitter Blue access.
Read Next: <a href="https://www.benzinga.com/news/24/07/39762765/apple-vision-pro-sales-fall-short-iphone-16-camera-upgrades-and-more-this-week-in-appleverse?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Vision Pro Sales Fall Short, iPhone 16 Camera Upgrades And More: This Week In Appleverse</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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Tech

AAPL

GOOG

GOOGL

NVDA

Apple, Nvidia, Anthropic Accused Of Using YouTube Videos To Train AI Models Without Creators' Consent: 'This Is Going to Be An Evolving Problem For A Long Time,' Says MKBHD

Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) CEO RJ Scaringe said on Tuesday that the company spent a &#8216;lot of time&#8217; crafting its <a href="https://www.benzinga.com/news/24/07/39654281/rivian-cancels-7-day-vehicle-return-policy-urges-customers-to-do-test-drives-and-walk-arounds-instea">R1 vehicle</a> interiors, all the while focussing on its cleanability.
What Happened: &#8220;Love to see this! We spent a lot of time crafting our interiors — with special focus on clean-ability,&#8221; Scaringe wrote on X upon sharing a post of a professional detailer who named Rivian&#8217;s interiors as the best. 
&#8220;As a professional detailer for the last 10+ years, I've of course cleaned/detailed a ton of interiors. BY FAR, Rivian has the most high quality, most durable, and easy to clean interior materials out of all the cars I've ever detailed!,&#8221; Coleton Guerin, who operates Clear Detailing located in Northern Colorado, wrote. &#8220;So impressed.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Love to see this! We spent a lot of time crafting our interiors — with special focus on clean-ability. <a href="https://t.co/lCkxeZTMyS">https://t.co/lCkxeZTMyS</a>
&mdash; RJ Scaringe (@RJScaringe) <a href="https://twitter.com/RJScaringe/status/1813303231352852945?ref_src=twsrc%5Etfw">July 16, 2024</a></blockquote>
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Guerin was referring to Rivian&#8217;s R1 interiors. The Rivian R1T truck and R1S SUV are currently the only Rivian vehicles sold to individual customers. The company is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39594501/from-volkswagen-partnership-to-trimming-costs-and-introducing-cheaper-evs-rivian-st">also developing a smaller, cheaper R2 SUV</a> which is expected to go into production in early 2026.
Why It Matters: Rivian offers two types of interiors on its R1 vehicles depending on which vehicle trim the customer has opted for; adventure and ascend. 
While Adventure trim R1 customers can opt between Black Mountain, Black Mountain with Dark Ash Wood, and Ocean Coast with Dark Ash Wood interiors, the more premium Ascend trim R1 vehicle customers can choose between Premium Black Mountain with Brown Ash Wood, Premium Ocean Coast with Driftwood and Premium Slate Sky with Walnut Wood interiors.
Rivian produced 9,612 vehicles and <a href="https://www.benzinga.com/markets/equities/24/07/39595729/why-rivian-automotive-shares-are-gaining-tuesday">delivered 13,790 vehicles</a> in the second quarter. The company is expected to announce its financial results for the quarter on Aug. 6. 
Price Action: Rivian shares closed up 2.5% at $17.94 on Tuesday but fell 0.3% after hours. The stock is down nearly 15% year-to-date, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro.</a> 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39789388/teamsters-union-considers-withholding-endorsement-for-both-trump-and-biden-after-supporting-democrat" target="_blank" rel="noreferrer noopener">Teamsters Union Considers Withholding Endorsement For Both Trump And Biden After Supporting Democrats For Decades: Report</a></li>
</ul>
Courtesy of Rivian Automotive

General

RIVN

Professional Detailer Praises R1 Interiors, Rivian CEO Says Company Spent 'A Lot Of Time' Getting This Right

Pratt & Whitney, An RTX Business, Announced The Establishment Of Its New Customer Service Center In Bengaluru

With U.S. stock futures trading lower this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) to report quarterly earnings at $2.70 per share on revenue of $22.31 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Johnson &amp; Johnson shares gained 0.5% to $151.80 in after-hours trading.</li>
<li>Spirit Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) issued soft second-quarter preliminary revenue estimates. The company estimated total revenue for the second quarter of 2024 to be approximately $1.28 billion, lower than previously expected primarily due to lower-than-expected non-ticket revenue. Spirit Airlines shares fell 5.1% to $3.00 in the after-hours trading session.</li>
<li>Analysts are expecting United Airlines Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) to post quarterly earnings at $3.95 per share on revenue of $15.1 billion. The company will release earnings after the markets close. United Airlines shares fell 0.1% to $47.04 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a> 
<ul>
<li>ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) reported better-than-expected second-quarter earnings, driven by robust sales in China and a surge in new bookings. ASML shares gained 0.8% to $1,077.18 in the after-hours trading session.</li>
<li>Analysts expect Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) to post quarterly earnings at $1.35 per share on revenue of $4.29 billion before the opening bell. Synchrony Financial shares fell 0.6% to $51.40 in after-hours trading.</li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39792248/jim-cramer-says-if-you-sell-this-chinese-ev-stock-now-some-clown-will-be-real-posit">Jim Cramer Says If You Sell This Chinese EV Stock Now, &#8216;Some Clown&#8217; Will Be &#8216;Real Positive About It,&#8217; Wait Until &#8216;All That Stuff Happens</a>&#8216;</li>
</ul>
Stocks Photo by Phongphan on Shutterstock

Earnings

Pre-Market Outlook

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SAVE

ASML, United Airlines And 3 Other Stocks To Watch Heading Into Wednesday

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, with the index remaining in the &#8220;Greed&#8221; zone on Tuesday.
U.S. stocks closed higher on Tuesday, with the Dow Jones index surging to an all-time high and settling at a record level. Traders now <a href="https://www.benzinga.com/news/earnings/24/07/39800691/dow-rallies-to-all-time-highs-small-caps-outperform-tech-gold-hits-records-on-heightened-september-">see a 100% chance </a>that the US Federal Reserve will cut interest rates in September.
On the economic data front, U.S. retail sales came in flat month-over-month for June compared to a revised 0.3% gain in the previous period. Import prices came in unchanged from the prior month in June, while export prices in the U.S. declined 0.5% month-over-month in June.
UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) shares gained 6.5% on Tuesday following a second-quarter earnings beat. Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) shares climbed 5.4% after the company reported better-than-expected second-quarter results.
Most sectors on the S&amp;P 500 closed on a positive note, with materials, consumer discretionary and industrial stocks recording the biggest gains on Tuesday. However, communication services and information technology stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 743 points to 40,954.48 on Tuesday. The S&amp;P 500 rose 0.64% at 5,667.20, while the Nasdaq Composite climbed 0.20% at 18,509.34 during Tuesday's session.
Investors are awaiting earnings results from Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), Spirit Airlines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) and Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 63.7, the index remained in the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 63.3.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39792248/jim-cramer-says-if-you-sell-this-chinese-ev-stock-now-some-clown-will-be-real-posit">Jim Cramer Says If You Sell This Chinese EV Stock Now, &#8216;Some Clown&#8217; Will Be &#8216;Real Positive About It,&#8217; Wait Until &#8216;All That Stuff Happens&#8217;</a></li>
</ul>
Image Via Shutterstock

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