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DeepL, a prominent artificial intelligence&nbsp;translation startup from Germany, introduced traditional Chinese as a new language option. This move aims to enhance its footprint in Asia.
What Happened: The Cologne-based company, valued at $2 billion, primarily targets businesses with its translation software. Traditional Chinese is widely used in Taiwan and Hong Kong, both significant hubs for technology and finance, which influenced DeepL&#8217;s decision to launch in these markets, <a href="https://www.cnbc.com/2024/07/24/deepl-ai-translation-firm-launches-traditional-chinese-language.html">reported</a> CNBC on Tuesday.
CEO Jaroslaw Kutylowski highlighted Taiwan and Hong Kong as &#8220;strong technological markets&#8221; and emphasized Taiwan&#8217;s role as a major exporter, particularly in the semiconductor industry.
This launch follows DeepL&#8217;s previous expansions into Asia, where it already supports Japanese and Korean languages. Kutylowski noted similarities between the Taiwanese market and other successful Asian markets like Japan and Korea.
DeepL&#8217;s traditional Chinese operations will initially be managed from Japan, with potential plans to establish a physical presence in Taiwan or Hong Kong in the future.
Last week, DeepL unveiled its next-generation large language model, claiming superior translation quality compared to OpenAI&#8216;s ChatGPT, 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 Google, and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>). 
The company, backed by notable investors such as ICONIQ Growth, a fund from Mark Zuckerberg's family office and Index Ventures, aims to compete with major Chinese tech firms like Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) and Tencent Holdings. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>).
See Also: <a href="https://www.benzinga.com/news/24/07/39879895/if-youre-a-lawyer-for-crowdstrike-youre-probably-not-going-to-enjoy-the-rest-of-your-summer-say-dan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;If You&#8217;re A Lawyer For Crowdstrike, You&#8217;re Probably Not Going To Enjoy The Rest Of Your Summer&#8217;: Microsoft-Crowdstrike Outage Could Top $1B In Costs, Analyst Says</a>
Kutylowski indicated that DeepL&#8217;s focus will remain on expanding its Asian language offerings, with more languages expected in the coming months. The company is also developing a spoken language translation product, although no launch timeline has been provided.
"Translation of spoken language is going to be an important part of our strategy in Asia. We will see more and more of that product being a revenue stream," Kutylowski said.
Why It Matters: DeepL&#8217;s expansion into traditional Chinese comes amid a growing trend of AI-powered translation technologies making significant strides. In October 2022, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) launched an <a href="https://www.benzinga.com/news/22/10/29336004/metas-new-ai-powered-translator-can-interpret-a-spoken-only-language-in-real-time">AI speech-to-speech translation</a> system for Hokkien, a primarily oral language. This innovation highlighted the potential of AI to bridge communication gaps in languages lacking a standard written form.
Furthermore, in May, OneMeta Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ONEI#OTC">ONEI</a>) introduced advanced technology for <a href="https://www.benzinga.com/partner/emerging-markets/24/05/39036872/onemetas-ai-transforms-global-communication-with-cutting-edge-translation-and-transcript">real-time translation</a> and transcription across multiple languages, showcasing the transformative power of AI in global communication.
China has also been active in the AI translation space. In May, the China Cyberspace Research Institute unveiled a large language model based on President Xi Jinping&#8216;s political philosophy. This model, still in testing, underscores <a href="https://www.benzinga.com/markets/asia/24/05/38956682/chatgpt-meet-xigpt-china-unveils-new-ai-model-that-speaks-xi-jinpings-thoughts-spouts-official-party">China&#8217;s commitment to integrating AI</a> with its political and social narratives.
Additionally, YouTube announced in June 2023 its <a href="https://www.benzinga.com/news/23/06/32979839/lost-in-translation-youtubes-new-ai-dubbing-service-will-have-you-speaking-every-language-like-a-pro">AI-powered dubbing service</a>, aiming to simplify video dubbing in various languages. This initiative, part of Alphabet Inc.&#8217;s efforts, highlights the increasing role of AI in content creation and distribution.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/07/39871636/crowdstrike-issues-statement-following-massive-outage-that-stemmed-from-content-update-for-windo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">CrowdStrike Issues Statement Following Massive Outage That Stemmed From Content Update For Windows Hosts: &#8216;This Was Not A Cyberattack&#8217;</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>

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Mark Zuckerberg Family Office-Backed Google Translate Rival DeepL Expands Language Offerings With Traditional Chinese Targeting Baidu, Tencent

Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) CEO Sundar Pichai has provided insights into the company&#8217;s decision <a href="https://www.benzinga.com/government/24/07/39916932/google-backtracks-on-third-party-cookie-policy-sparks-gains-in-ad-tech-and-publisher-stocks">to retain cookies</a> in its Chrome browser.
What Happened: On Tuesday, during <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">Alphabet&#8217;s second-quarter earnings</a> call, Michael Nathanson, an analyst with Moffett, questioned Pichai about Google&#8217;s stance on cookies.
In response, Pichai mentioned the Privacy Sandbox initiative, assuring that the company remains dedicated to the journey.
See Also: <a href="https://www.benzinga.com/news/24/07/39872729/nvidias-potential-50-trillion-valuation-tesla-and-xais-ai-expansion-plans-and-microsofts-trillion-do?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Potential $50 Trillion Valuation, Tesla And xAI&#8217;s AI Expansion Plans, And Microsoft&#8217;s Trillion-Dollar Tech: This Week In Artificial Intelligence</a>
However, he noted, that &#8220;on third-party cookies, given the implications across the ecosystems and considerations and feedback across so many stakeholders, we now believe user choice is the best path forward there.&#8221;
Pichai stated that Google will improve privacy by giving users choices and continue to invest in privacy-enhancing technologies. &#8220;It&#8217;s obviously an area we will be taking feedback from the players in the ecosystem, and we are committed to being privacy first as well,&#8221; he stated.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Google&#8217;s decision to retain cookies in Chrome comes after a <a href="https://www.benzinga.com/top-stories/24/07/39895583/google-reverses-course-on-cookie-ban-in-chrome-citing-industry-regulatory-pressure">long-standing plan to eliminate them</a>, which faced industry and regulatory pushback. Google had been working on phasing out cookies for four years, facing delays and conflicts with the advertising sector.
The company first announced its plan to eliminate cookies in 2020, aiming to enhance user privacy while browsing the internet. In 2021, U.K. regulators started investigating whether Google&#8217;s plan would harm competition in the digital advertising space. 
The latest decision by Google has sparked gains in ad tech and publisher stocks, as cookies and small text snippets are used by advertisers and publishers to identify users and target ads.
On Tuesday, Alphabet announced second-quarter revenue of $84.742 billion, surpassing the consensus estimate of $84.202 billion. The tech giant also reported quarterly earnings of $1.89 per share, exceeding analyst expectations of $1.85 per share, according to data from <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Price Action: At the time of writing, Alphabet's Class A shares were down by 2.19% in the after-hours session at $177.80, while the company's Class C shares dropped 2.18% at $179.59.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/07/39901629/elon-musk-says-google-co-founder-and-one-of-his-best-friends-larry-page-thought-eventually-we-will-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Google Co-Founder And One Of His &#8216;Best Friends&#8217; Larry Page Thought Eventually We Will All &#8216;Upload Our Minds To The Computer&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Sundar Pichai Opens Up On Why Google Is Holding On To Cookies: 'We Now Believe User Choice Is The Best Path Forward'

Economist Peter Schiff recently conducted a poll on X, questioning the resolve of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) HODLers in the face of a potential market downturn.
What Happened: On Tuesday, Schiff opened up the poll, asking long-term investors of the digital asset if they would sell their holdings if the cryptocurrency&#8217;s value dropped below $15,000, marking an 80% collapse from its 2024 record-high. 
In keeping with his snarky humor, Schiff framed the two possibilities as &#8220;Yes, I&#8217;d cut my losses,&#8221; and &#8220;Hell no, it&#8217;s ride or die.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This poll is for Bitcoin <a href="https://twitter.com/hashtag/HODLers?src=hash&amp;ref_src=twsrc%5Etfw">#HODLers</a>. If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> falls below $15K, an 80% collapse from its 2024 record-high, putting it beneath its 2021 bear market low, nearly 25% below it&#39;s 2017 high, will you finally throw in the towel and sell your Bitcoin?
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1815894852762013990?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
As of this writing, 85.3% of respondents said they would continue to hold, despite the potential loss.
In another post, the gold bug even questioned the existence of Bitcoin ETFs, arguing that they undermine Bitcoin&#8217;s original value proposition of eliminating third-party custodians. he took this as an opportunity to support gold ETFs.
The 11 spot Bitcoin ETFs saw net outflows of $77.97 million as of July 23. The world&#8217;s largest Bitcoin fund, iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), attracted inflows of $71.94 million while the Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>) saw outflows worth $27.31 million, according to SoSo Value.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39922525/bitcoin-dogecoin-pull-back-ethereum-holds-steady-amid-mt-gox-payouts-analyst-highlights-im">Bitcoin, Dogecoin Pull Back, Ethereum Holds Steady Amid Mt.Gox Payouts: Analyst Highlights Importance of This Level During Any Unexpected Pullback By King Crypto</a>
Why It Matters: Schiff, a well-known known Bitcoin critic, has previously used the approval of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETFs to question Bitcoin&#8217;s prospects. He argued that<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38955715/bitcoiners-scoff-at-gold-bull-peter-schiffs-theory-that-ethereum-etf-approvals-coul"> funds for new Ether ETFs would likely be drawn from existing Bitcoin ETFs</a>, potentially hurting the world&#8217;s largest cryptocurrency. He reiterated this view on Tuesday.
Earlier this month, he&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39639419/amid-bitcoin-crash-peter-schiff-forecasts-prolonged-bear-market-dont-say-i-didnt-warn-you-" target="_blank" rel="noreferrer noopener">warned that the cryptocurrency's bear market was far from over and predicted further downsides</a>&nbsp;for Bitcoin. Since this prognosis, Bitcoin has jumped 18%.
Price Action: At the time of writing, Bitcoin is exchanging hands at $66,001.15, down 2.36% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39885387/is-dogecoin-killer-shiba-inu-on-a-bearish-path-whale-transactions-burn-rate-suggest-otherw?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is &#8216;Dogecoin Killer&#8217; Shiba Inu On A Bearish Path? Whale Transactions, Burn Rate Suggest Otherwise</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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

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Peter Schiff Polls HODLers, Asks If They'll Sell If Bitcoin Slips Below $15K - Here's How They Responded

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk admitted that funding for his new political action committee called "The America PAC" has been much lower than what recent reports suggested.
What Happened: DogeDesigner, a pseudonymous X user who works as a graphic designer in Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) ecosystem, posted a clip of Musk's interview with Jordan Peterson. 
Musk denied claims of making any direct donations to former President Donald Trump‘s campaign but <a href="https://www.benzinga.com/news/24/07/39900117/elon-musk-denies-45m-monthly-donation-to-trump-clarifies-true-purpose-of-the-america-pac-in-intervie">admitted establishing a "Super PAC"</a> that can be used by both the Republican and Democratic candidates.
Talking about the video, DogeDesigner stated that the Super PAC was meant to support candidates who espouse &#8220;meritocracy and personal freedom,&#8221; in what looked like a reference to Trump. However, they added that funding for the PAC has been far below $45 million per month as reported by some media outlets.
Musk responded in the affirmative to this assertion by DogeDesigner.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yeah
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1815911268282253441?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
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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/markets/cryptocurrency/24/07/39922155/kamala-harris-to-speak-at-bitcoin-conference-featuring-robert-kennedy-jr-trump-event-ceo-s">Kamala Harris To Speak At Bitcoin Conference Featuring Robert Kennedy Jr., Trump? Event CEO Says Discussions Ongoing</a>
Why It Matters: The U.S. political landscape underwent tectonic shifts over the last two weeks with a <a href="https://www.benzinga.com/news/24/07/39921902/trump-assassination-attempt-new-details-emerge-from-pennsylvanias-police-commissioner-eight-shots-we">failed assassination attempt</a> on Trump and President Joe Biden's <a href="https://www.benzinga.com/news/24/07/39874154/bidens-exit-from-presidential-race-sparks-massive-reactions-from-first-lady-gavin-newsom-marjorie-ta">withdrawal from the race</a>.
It should be noted that Musk voted for Biden during the 2020 elections but <a href="https://www.benzinga.com/news/23/05/32437947/elon-musk-has-buyers-remorse-over-biden-better-off-being-wronged-by-people-picked-at-random-says-bil">regretted his decision</a> on several public platforms later. Over the years, he has gravitated towards the Republican Party and unequivocally <a href="https://www.benzinga.com/news/24/07/39873661/elon-musk-is-as-smart-as-you-get-says-trump-as-ex-president-tones-down-ev-rhetoric">endorsed Trump's candidacy </a>after the assassination attempt.
In other news, Tesla's Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings remained unchanged in the second quarter, according to its latest earnings report released Tuesday. The EV giant reported its net digital assets at $184 million, unchanged since the fourth quarter of 2022.
Price Action: Shares of Tesla plunged 7.77% to $227 in after-hours trading. The stock closed 2.04% lower at $246.38 during the regular trading hours.
Image via Shutterstock
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TSLA

Elon Musk Agrees with DogeDesigner: Funding For Trump-Supporting Super PAC Is 'Far Below' $45M A Month So Far

Major U.S. indices closed lower, influenced by earnings reports from Tesla, Alphabet, and other companies. The Dow Jones Industrial Average fell by 0.1% to 40,358.09, the S&amp;P 500 dropped 0.2% to 5,555.74, and the Nasdaq edged down 0.06% to 17,997.35.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock declined by 2.04%, closing at $246.38. The stock&#8217;s intraday high and low were $255.76 and $245.63 respectively, with a 52-week range of $138.8 to $278.98. Tesla reported <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">second-quarter revenue</a> of $25.5 billion, up 2% year-over-year, exceeding estimates. Despite this, earnings per share fell 43% to 52 cents, missing expectations, and vehicle deliveries and production dropped year-over-year.
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)
Alphabet&#8217;s Class A stock closed marginally higher at $181.79 in the regular session and fell 2.19% lower in the after-hours trading to $177.80. Meanwhile, the company&#8217;s Class C saw a slight increase of 0.14%, closing at $183.60 in the regular trading and declined 2.2% in the after-hours to $179.59. Alphabet reported <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">second-quarter revenue</a> of $84.742 billion, beating the consensus estimate. The tech giant also reported quarterly earnings of $1.89 per share, beating analyst estimates. 
See Also: <a href="https://www.benzinga.com/markets/24/07/39877083/elon-musk-may-have-endorsed-trump-but-tesla-would-have-done-even-worse-without-bidens-7-5k-ev-tax-cr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk May Have Endorsed Trump, But Tesla Would Have Done &#8216;Even Worse&#8217; Without Biden&#8217;s $7.5K EV Tax Credit, Says Fund Manager</a>
Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)
Lockheed Martin&#8217;s stock surged by 5.63%, closing at $501.29. The stock&#8217;s intraday high and low were $501.77 and $482.86 respectively, with a 52-week range of $393.77 to $501.77. The company reported second-quarter 2024 <a href="https://www.benzinga.com/news/earnings/24/07/39910061/lockheed-martin-outperforms-in-q2-boosts-2024-projections-on-strong-defense-sales">net sales growth</a> of 9% year-over-year to $18.12 billion, above the consensus. 
Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>)
Visa&#8217;s stock dipped by 1.09%, closing at $264.79. The stock&#8217;s intraday high and low were $267.7 and $263.86 respectively, with a 52-week range of $227.68 to $290.96. Visa&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39918848/visa-shares-dip-after-slight-q3-revenue-miss-heres-the-details">third-quarter earnings</a> were $2.42 per share, matching estimates, while sales of $8.9 billion missed expectations slightly. Payments volume and processed transactions grew, but shares fell 2% after hours.
United Parcel Service Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>)
UPS&#8217;s stock plummeted by 12.05%, closing at $127.68. The stock&#8217;s intraday high and low were $132.26 and $124.98 respectively, with a 52-week range of $124.98 to $192.98. UPS shares are trading lower after it reported second-quarter 2024 results. Revenue <a href="https://www.benzinga.com/news/earnings/24/07/39903596/ups-q2-earnings-revenue-and-eps-miss-annual-outlook-cut-restarts-stock-buyback">declined 1.1% year-over-year to $21.82 billion</a>, missing the consensus. Adjusted EPS was $1.79, down 29.5% YoY, missing the consensus. 
Photo by WHYFRAME on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39877645/mohamed-el-erian-on-bidens-withdrawal-from-presidential-race-there-is-genuine-uncer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mohamed El-Erian On Biden&#8217;s Withdrawal From Presidential Race: &#8216;There Is Genuine Uncertainty On How Markets Will &#8211; And Should- React To The News&#8217;</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Equities

Tesla, Google Parent Alphabet, Lockheed Martin, Visa, UPS: Why These 5 Stocks Are On Investors' Radars Today

Chain Bridge I (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CBRG#NASDAQ">CBRG</a>) announced on Monday the acquisition of Phytanix Bio, a pharmaceutical company specializing in the development of therapeutics based on cannabinoid and cannabinoid-like molecules. The transaction, valued at $58 million, also includes the assumption of preferred stock and short-term debt, which will convert to preferred stock upon the deal&#8217;s closure, slated for the <a href="https://www.benzinga.com/calendars/m-a">fourth quarter of 2024</a>.
<h3 class="wp-block-heading">Phytanix Bio&#8217;s Strategic Acquisition Overview</h3>
Phytanix Bio, a company founded by former GW Pharmaceuticals leaders, holds exclusive intellectual property that has been central to the creation of FDA-approved <a href="https://www.benzinga.com/markets/cannabis/23/03/31197289/what-are-cannabinoids-their-types-and-effects">cannabinoid</a>-based medicines like <a href="https://www.benzinga.com/markets/cannabis/21/08/22302058/cannabis-based-sativex-mouth-spray-to-treat-brain-tumors-trial-gets-underway-in-england-with-bac">Sativex</a> and <a href="https://www.benzinga.com/general/biotech/18/08/12239379/sticker-shock-is-gw-pharmaceuticals-epidiolex-really-that-expensive">Epidiolex</a>. With the acquisition, the newly formed entity will be listed on the Nasdaq under the ticker &#8220;PHYX&#8221;, encapsulating a shared vision for advancing therapeutic solutions for conditions with significant unmet medical needs.
The combined company, to be named Phytanix Inc., will be spearheaded by Barrett Evans as CEO, a key figure from EMC2 Capital. Other founders, including Colin Stott and Dominic Schiller, will assume roles as COO and head of legal and IP strategy, respectively, ensuring the continuity of innovative leadership that has previously spearheaded regulatory-approved <a href="https://www.benzinga.com/topic/medical-cannabis" target="_blank" rel="noreferrer noopener">cannabinoid medicines</a>.
<h3 class="wp-block-heading">Leadership Celebrates Strategic Pharma-Cannabis Merger</h3>
"We are very happy to join forces with CBRG," <a href="https://www.globenewswire.com/en/news-release/2024/07/22/2916876/0/en/Chain-Bridge-I-to-Acquire-Phytanix-Bio-Creating-a-New-Public-Company-Focused-on-Developing-Next-Generation-Cannabinoid-and-Cannabinoid-like-Medicines.html">said</a> Evans in a press release. "Phytanix has all the necessary IP, scientific acumen and expertise, as well as management experience to create a new generation of medicines made from cannabinoid and cannabinoid-like molecules for patients with serious unmet medical needs. Our team brings a wealth of firsthand experience and executional knowledge in cannabinoid-based medicine innovation and intellectual property generation."
Furthermore, Andrew Cohen, CEO of Chain Bridge I, mirrored this sentiment, praising Phytanix's promising drug pipeline and seasoned management as pivotal for future successes: "After an exhaustive search for the right partner, we are delighted to merge with Phytanix Bio. The talented founding team has the depth of experience we were looking for in a still nascent industry of developing life-changing cannabinoid and cannabinoid-like medicines."
Real Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39549516/cannabis-extraction-company-ayurcann-to-merge-with-arogo-resulting-in-210m-entity">Cannabis Extraction Company Ayurcann To Merge With Arogo, Resulting In $210M Entity</a>
<h3 class="wp-block-heading">Innovative Cannabinoid Treatments</h3>
Phytanix&#8217;s strategy revolves around leveraging botanically inspired active pharmaceutical ingredients to innovate across various therapeutic areas, improving safety profiles and advancing drugs with known tolerability in humans. The focus is on novel treatments for resistant facial seizures and Painful Bladder Syndrome, conditions that currently have limited effective treatment options.
<h3 class="wp-block-heading">Merger Details And Legal Guidance</h3>
The transaction, which has received unanimous approval from both companies&#8217; Boards of Directors, does not hinge on a minimum cash condition but anticipates raising additional capital through convertible preferred stock post-deal. This approach aims to underpin Phytanix's clinical trials and broader drug development initiatives.
Legal guidance for the transaction is being provided by Nelson Mullins Riley &amp; Scarborough for Chain Bridge I, with Catherine Basinger Evans, Esq., advising Phytanix Bio. Additional details regarding the <a href="https://www.benzinga.com/topic/cannabis-m-a">merger's</a> final stages and governance will be disclosed following regulatory approvals and shareholder votes.
CBRG Price Action CBRG's shares were trading 0.44% lower at $11.20 per share at the time of this writing around 3:15 PM ET Tuesday.
Read Now:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/05/39094250/this-cannabis-merger-will-cover-25-of-u-s-population-cansortium-riv-capital-powered-by-scottsmir">This Cannabis Merger Will Cover 25% Of U.S. Population: Cansortium &amp; RIV Capital Powered By ScottsMiracle-Gro</a></li>
</ul>
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Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

Cannabis

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$58M Merger: Chain Bridge I Acquires Cannabinoid Medicines Innovator, Eyes Nasdaq Listing

The deadline for public comments on the Drug Enforcement Administration&#39;s (DEA) rescheduling proposal concluded on Monday July&nbsp;22.
This marks a pivotal moment in the ongoing process of potentially reclassifying certain controlled substances, with significant administrative steps lying ahead.
<h3>Public Sentiment And Key Dates</h3>
The Department of Justice (DOJ) and DEA&nbsp;proposed reclassifying marijuana from Schedule I to Schedule III of the Controlled Substances Act (CSA) on May 21, 2024.
A Benzinga <a href="https://www.benzinga.com/markets/cannabis/24/05/39011156/exclusive-we-analyzed-4-000-dea-marijuana-rescheduling-comments-heres-what-americans-really-thin">analysis</a> of over 4,000 public comments submitted by May 23 reveals strong support for this move, with 75.9% positive responses. Commenters highlighted the medical advantages and urged alignment with state laws and scientific evidence.
While most support rescheduling, there are calls for complete descheduling. Some argue that rescheduling alone won&rsquo;t address all legal and research limitations.
Key dates include the end of the public comment period on July 22, 2024, with the <a href="https://www.benzinga.com/markets/cannabis/24/05/38920897/infographic-deas-proposed-rules-for-marijuana-what-you-need-to-know">final ruling expected </a>around August 20, 2024, and becoming effective 30 days after publication.
<h3>Biden Administration&rsquo;s Role</h3>
With President Joe Biden in office until January 20, 2025, the Biden administration is expected to prioritize concluding the rescheduling process before Inauguration Day. However, analyst Pablo Zuanic anticipates potential delays if the DEA must address the large volume of comments received.
While the DEA will review the 37,000 submissions, not all will require a response, and an extended review period could further delay the process.
<h3>Potential For ALJ Hearings</h3>
The decision on whether to hold Administrative Law Judge (ALJ) hearings is also pending.
Several state Attorneys General have called for hearings, arguing that they meet the criteria of affected parties. The necessity for these hearings could extend the timeline, with subsequent reports from ALJs potentially causing additional delays.
<h3>Expedited Process Possibility</h3>
Alternatively, Zuanic suggests the DOJ&nbsp;might expedite the process by forgoing hearings and directly moving to finalize the rule. Despite this possibility, hearings will likely be held, lengthening the process.
<h3>Timeline</h3>
According to <a href="https://www.benzinga.com/topic/pablo-zuanic">Zuanic</a>, to meet the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38905962/cannabis-rescheduling-when-will-it-happen-expert-lays-out-timeline-risks-and-wild-c">January 2025 deadline</a>, the final ruling must be published in the Federal Register by December 21, 2024. If Vice President Kamala Harris wins the election, her administration would complete the process. If not, the DOJ might accelerate its efforts under a different administration.
<h3>Legal And Legislative Uncertainties</h3>
Legal uncertainties remain, including the potential for judicial interventions. Additionally, legislative changes, such as those proposed by Representatives Nancy Mace and Rashida Tlaib, could influence the process by lifting restrictions on the DEA&rsquo;s ability to reschedule substances.
<h3>What If Rescheduling Takes Place?</h3>
This transition will involve the release of new regulations from the DEA, which will detail <a href="https://www.benzinga.com/markets/cannabis/24/05/38881456/bidens-greenlight-what-to-know-about-fed-regulated-marijuana-markets-legal-circuits-and-complian">prescribing and dispensing protocols</a>, aligning cannabis with <a href="https://www.benzinga.com/markets/cannabis/24/05/38905472/cannabis-meets-prescription-drugs-steroids-and-ketamine-in-schedule-iii-what-it-means-key-stocks">other Schedule III substances</a>.
Analysts expect that if rescheduled, cannabis will benefit from tax reforms and enhanced research opportunities, though the regulatory landscape will need to address challenges such as FDA approval and insurance coverage for broader access.
Read next: <a href="https://www.benzinga.com/markets/cannabis/24/07/39908970/trump-and-desantis-supporters-love-their-cannabis-is-rift-between-anti-weed-politicos-pot-users-">Trump And DeSantis Supporters Love Their Cannabis: Is Rift Between Anti-Weed Politicos, Pot Users Brewing In The Sunshine State</a>
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-Generated Image.

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As Election Buzz Swirls Around Biden And Harris, DEA Comment Period Ends: What's Next For Cannabis Rescheduling?

The Governor of Guam, Lou Leon Guerrero (D), recently signed into law Sen. William Parkinson&#8217;s (D) bill that allows cannabis cultivation and sale without laboratory testing. Under the new law, cannabis will be exempted from testing until there's a marijuana testing facility accredited or certified by the Americans for Safe Access Patient Focused Certification Program, or for the next two years, whichever comes first. The bill takes effect 90 days after enactment.
In Guam, a US territory, cannabis has been legal for adult use since 2019. The bill that just became law was introduced in March 2024 amid struggles to get the industry rolling, without an established testing laboratory in Guam. Prior to the testing exemption, the law demanded that all cannabis and cannabis products be tested for potency and safety before being sold, <a target="_blank" href="https://www.postguam.com/news/cannabis-testing-exemption-and-14-other-bills-now-law/article_0e656124-4805-11ef-9604-bfe7f09734ae.html" rel="noreferrer noopener">writes The</a> Daily Guam Post.
&#8220;There are benefits and safeguards to laboratory testing, but I also recognize the apprehension of investing in an expensive laboratory testing facility without knowing the value of the market," the governor stated. "Bill 260-37 finds a balance through labeling and reassurances from cannabis cultivators to ensure safety, in order to give an opportunity for these businesses to open and create a market. Once a market is established, investors will have data points to justify investing in a laboratory testing facility,&#8221; the governor added.
Read Also: <a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/07/39778288/maines-medical-marijuana-law-does-not-require-lab-testing-public-health-advocates-want-that-to-c" rel="noreferrer noopener">Maine&#8217;s Medical Marijuana Law Does Not Require Lab Testing, Public Health Advocates Want That To Change</a>
Parkinson told the outlet that the exemption doesn't just apply to marijuana plants, but to all products, such as edibles, because Guam's law defines cannabis very broadly. It includes all parts of the plant, such as seeds, resin, concentrates, etc. The law also contains marking and labeling provisions, meaning that cannabis flowers or buds must be properly labeled to reveal the amount, strain, batch number, date of harvest, and the name and address of both the cultivation and manufacturing companies.
Under the law, businesses need to put various disclaimers such as that cannabis is addictive and can impair an individual&#8217;s ability to drive, that it has not been tested for contaminants, and that should be put out of reach of children, among others.
In order to deliver and sell cannabis flower or buds, growers must attest under penalty of perjury that their flowers or buds meet the contaminant regulations found in Section 9802 (F) (2) of the Cannabis Testing Facility Standards and Testing Protocols.
<h2 class="wp-block-heading">Bill Protecting Employment</h2>
Additionally, another cannabis-related bill became law on Monday but without the governor's signature. A measure called the "Responsible Cannabis User Employment Protection Act" or Bill 6, also sponsored by Parkinson, aims to prevent any employer, landlord, college, <a href="https://www.benzinga.com/markets/cannabis/23/03/31137674/cannabis-in-guam-weed-tax-funds-in-nm-mmj-in-kentucky-pot-home-grow-delays-in-wa-state" target="_blank" rel="noreferrer noopener">or government agency from testing</a> for <a href="https://www.benzinga.com/cannabis" target="_blank" rel="noreferrer noopener">cannabis as</a> a condition of employment, housing, education, or government services.
Continue reading on <a target="_blank" href="https://www.postguam.com/news/cannabis-testing-exemption-and-14-other-bills-now-law/article_0e656124-4805-11ef-9604-bfe7f09734ae.html" rel="noreferrer noopener">The Daily Guam Post</a>.
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<li><a href="https://www.benzinga.com/markets/asia/24/02/37249944/cannabis-banking-in-guam-home-cultivation-in-costa-rica-hemp-hits-australia-more-global-updates" target="_blank" rel="noreferrer noopener">Cannabis Banking In Guam</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39895214/cannabis-stocks-react-to-biden-announcement-mondays-closing-market-moves" target="_blank" rel="noreferrer noopener">Cannabis Stocks React To Biden Announcement: Monday&#8217;s Closing Market Moves</a></li>
</ul>
To learn more about cannabis regulation, join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a target="_blank" href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener">Get your tickets now before</a> prices surge by following <a target="_blank" href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener">this link</a>.
Photo: Courtesy of Michele Ursi via Shutterstock

Cannabis Sales Without Lab Testing Now Legal In Guam

The stock of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) experienced a significant drop in after-hours trading following a bold statement by CEO Elon Musk <a href="https://www.benzinga.com/markets/equities/24/07/39922189/elon-musk-talks-robotaxi-delay-nvidia-clusters-and-mexican-gigafactory-postponement-amid-tariff-">regarding vehicle autonomy</a>. The stock&#8217;s plunge came despite the company&#8217;s second-quarter financial results, which were described as &#8220;impressive&#8221; by Jim Cramer.
What Happened: Gene Munster, a tech analyst at Deepwater Asset Management highlighted Musk&#8217;s statement during the second-quarter financial results call on X. 
&#8220;I recommend anyone who doesn&#8217;t believe that Tesla will solve vehicle autonomy should not hold Tesla stock. They should sell their Tesla stock. If you believe Tesla would solve autonomy should buy Tesla stock. And all these other questions are noise,&#8221; Musk said.
Musk also responded to Munster&#8217;s post on X, commenting, &#8220;Yup.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Elon said it all as when he wrapped up the call: &quot;I recommend anyone who doesn&#39;t believe that Tesla will solve vehicle autonomy should not hold Tesla stock. They should sell their Tesla stock. If you believe Tesla would solve autonomy should buy Tesla stock. And all these other… <a href="https://t.co/PLumDpss1I">https://t.co/PLumDpss1I</a>
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1815886117935444367?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Despite the stock&#8217;s decline, Cramer expressed his admiration for the conference call, particularly Musk&#8217;s insights on autonomy, humanoids, and batteries, in a post.
Cramer said, &#8220;I know that Tesla&#8217;s stock is down in after hours but, holy cow, what a terrific conference call: tutorial on autonomy, humanoids, batteries&#8230;really impressive&#8230;&#8221;<a href="https://x.com/jimcramer/status/1815921349493199155"></a>
See Also: <a href="https://www.benzinga.com/news/24/07/39883677/investors-anticipate-unraveling-of-trump-trade-as-biden-exits-presidential-race-but-analyst-says-its?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Anticipate Unraveling Of &#8216;Trump Trade&#8217; As Biden Exits Presidential Race, But Analyst Says &#8216;It&#8217;s A Bit Too Early For The Markets To Declare Victory For Trump&#8217;</a>
Why It Matters: The drop in Tesla&#8217;s stock comes on the heels of the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">second-quarter financial results</a>, which were a mixed bag. While the company&#8217;s revenue of $25.5 billion beat the Street&#8217;s consensus estimate, the EPS, operating margins, and free cash flow fell short, leading to a post-market session decline in Tesla&#8217;s stock. 
Musk also discussed various aspects of the company&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/39922189/elon-musk-talks-robotaxi-delay-nvidia-clusters-and-mexican-gigafactory-postponement-amid-tariff-">operations during the call</a>, including a robotaxi delay and the company&#8217;s energy business.
Moreover, Musk has been in the news for other reasons as well. He recently initiated a poll on X (formerly Twitter) to gauge whether <a href="https://www.benzinga.com/news/24/07/39922283/elon-musk-is-polling-x-and-asking-if-tesla-should-invest-5b-in-grok-parent-xai-this-is-just-to-test">Tesla should invest $5 billion in his AI company</a> and Grok-parent, xAI.
Additionally, Musk refuted <a href="https://www.benzinga.com/news/24/07/39900117/elon-musk-denies-45m-monthly-donation-to-trump-clarifies-true-purpose-of-the-america-pac-in-intervie">claims of donating</a> $45 million monthly to former President Donald Trump&#8216;s campaign in an interview with psychologist and conservative commentator Dr. Jordan Peterson.
Price Action: Tesla's stock closed at $246.38 on Tuesday, down 2.04% for the day. In after-hours trading, the stock fell further 7.77%. Year to date, the stock has decreased by 0.82%, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39898236/jeff-bezos-era-downstream-impact-losing-its-mojo-amazon-ceo-andy-jassy-is-reportedly-rethinking-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos-Era &#8216;Downstream Impact&#8217; Losing Its Mojo? Amazon CEO Andy Jassy Is Reportedly Rethinking Alexa Devices Business Model Resulting In Billions Worth Of Losses</a></li>
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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>

Elon Musk's Strong Conviction Highlighted By Gene Munster: 'Anyone Who Doesn't Believe That Tesla Will Solve Vehicle Autonomy Should Not Hold Tesla Stock'

Iowa beverage manufacturers are embroiled in a legal battle with the state over a new law that restricts THC levels in adult beverages. The companies claim the state knowingly approved 12-ounce cans with up to 10 servings of THC each, contradicting the new law&#39;s limits.
Local media reported ten Iowa companies have filed a federal lawsuit to block the enforcement of the new hemp law, which restricts THC levels in consumables.
The companies <a href="https://iowacapitaldispatch.com/2024/07/16/companies-claim-state-approved-thc-drinks-with-10-servings-per-12-ounce-can/?fbclid=IwZXh0bgNhZW0CMTEAAR30NfpGcnYXmqJoVt2Z2OsSMuaq9JOo9bp1gilMAYw7aVngbJO4_t-xvN8_aem_JCH7qEOxnUSTiRKuXShu9w">argue</a> that House File 2605 and House File 2641, passed this year, are preempted by federal law. They allege that the new law needs to be more specific, leaving them uncertain about what constitutes lawful business practices.
<h3>Unofficial &ldquo;Shadow-Banned&rdquo; By Retailers</h3>
The <a href="https://www.benzinga.com/news/23/02/31004589/iowa-dems-present-bill-to-legalize-recreational-cannabis-expand-mmj-while-republicans-fight-for-deat">Iowa</a> Attorney General&#39;s office argues that no state defines serving sizes for food and beverages because federal law requires companies to determine and label serving sizes.
&quot;To know how many servings are in their products, (the companies) need only look to the side of their cans,&quot; the office stated.
The companies argue that the law&rsquo;s vagueness has led to their products being unofficial &ldquo;shadow-banned&rdquo; by retailers. They claim state regulators have refused to clarify which products are legal.
<h3>Public Safety And Regulatory Changes</h3>
The state&#39;s attorneys argue that the litigation stems from the companies&rsquo; opposition to <a href="https://www.benzinga.com/markets/cannabis/24/05/38917867/iowa-gop-governor-signs-bill-limiting-thc-content-in-hemp-derived-consumable-products">public safety measures</a>.
The law limits THC in consumable hemp products to four milligrams per serving. Federal law defines a serving as &quot;an amount customarily consumed,&quot; typically 12 ounces for beverages. The companies argue that the state needs to consistently apply this standard, as it previously allowed manufacturers to determine serving sizes.
U.S. District Court Chief Judge Stephanie M. Rose recently denied an initial motion for a preliminary injunction but expressed concerns about the law&#39;s vagueness. The companies have incorporated these concerns into their <a href="https://www.benzinga.com/markets/cannabis/24/06/39460763/iowa-beverage-companies-file-lawsuit-challenging-state-changes-to-thc-potency-restrictions">renewed push</a> for an injunction.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39781066/libertarians-back-florida-cannabis-legalization-5m-from-hemp-execs-to-gop-green-waves-in-red-sta">Libertarians Back Florida Cannabis Legalization, $5M From Hemp Execs To GOP: Green Waves In Red States</a>
These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-Generated Image.&nbsp;

Shadow-Banned By Retailers, Iowa Beverage Manufacturers Sue State Regulators Over New THC Law

Thailand&#8217;s Deputy Prime Minister and Bhumjaithai (BJT) party leader, Anutin Charnvirakul, confirmed Tuesday that Prime Minister Srettha Thavisin agreed that proper regulation is a better solution than reclassification. It's still not clear how both medical and recreational cannabis use will be regulated, but the announcement suggests a step back from proposed reclassification,&nbsp;&nbsp;<a target="_blank" href="https://theedgemalaysia.com/node/719998" rel="noreferrer noopener">writes</a> Bloomberg.
In June, the Thai government decided to reverse its 2022 marijuana decriminalization decision by <a href="https://www.benzinga.com/markets/asia/24/06/39298781/thailand-unveils-proposals-making-cannabis-illegal-again-and-reduce-meth-possession-limits" target="_blank" rel="noreferrer noopener">relisting parts of the cannabis plant as a narcotic</a>, starting January 1, 2025. While Thailand became the first country in Southeast Asia to allow legal recreational use of marijuana, it has never been properly regulated, resulting in a proliferation of cannabis shops across the country.
According to Tuesday's statement by Charnvirakul, whose party was instrumental in the decriminalization, Thavisin is now reversing course.
&#8220;I thank the prime minister for considering this matter and deciding on issuing an act,&#8221; Charnvirakul said, <a href="https://www.usnews.com/news/world/articles/2024-07-23/thailand-to-legislate-marijuana-for-medical-use-deputy-pm-says" target="_blank" rel="noreferrer noopener">reported</a> Reuters.
Read Also: <a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/06/39140255/japan-could-become-first-to-allow-cbd-in-food-thailands-medical-marijuana-costs-increase-6x-trig" rel="noreferrer noopener">Thailand&#8217;s Medical Marijuana Costs Increase 6X Triggering Recriminalization</a>
<h2 class="wp-block-heading">Hunger Strike, Political Party Influence?</h2>
What led to the Prime Minister's change of heart?
Shortly after the Thai government issued draft legislation to reclassify cannabis, marijuana enthusiasts <a href="https://www.benzinga.com/markets/cannabis/24/07/39694786/video-cannabis-advocates-in-thailand-protest-reclassification-stressing-need-for-scientific-revi" target="_blank" rel="noreferrer noopener">called for a scientific review</a> and for cannabis to be regulated under a special law to address any issues of concern. Pro-cannabis activists quickly took things even further and began <a href="https://www.benzinga.com/markets/cannabis/24/07/39817884/thai-cannabis-advocates-on-hunger-strike-to-protest-recriminalization-of-marijuana-health-minist" target="_blank" rel="noreferrer noopener">a hunger strike on July 10 </a>to demand that the government listen to their views. The hunger strike ended after 10 days, and the organization behind it, Cannabis Future Network, announced the formation of a people&#8217;s committee with representatives from all relevant parties to study and analyze marijuana&#8217;s impact on society. The report is meant to be completed in two months and presented to the public and authorities in charge of marijuana regulation.
Charnvirakul also recently <a target="_blank" href="https://www.benzinga.com/markets/cannabis/24/07/39875683/deputy-prime-minister-of-thailand-speaks-out-against-govs-decision-to-recriminalize-cannabis-adv" rel="noreferrer noopener">expressed opposition to cannabis reclassification</a>, saying that the government's decision lacks convincing evidence to justify changing the status of marijuana. He also pointed out that politicians from his party have the right to vote against the proposal.
On the other hand, people supporting recriminalization of the plant also voiced their support. Last week, the Youth Network Against Cannabis (YNAC) and several other health advocacy groups gathered at the NCB&#8217;s headquarters to submit a petition for the change in status. According to the report, the petition was co-signed by 200,000 people.
<h2 class="wp-block-heading">Economic Benefits, Impact On Tourism</h2>
Since cannabis decriminalization more than 1.1 million people registered for licenses to grow and tens of thousands of pot shops opened their doors, the industry is projected to be worth $1.2 billion by 2025, unless new laws restrict it.
With so many cannabis operations, there's no doubt that re-criminalization would have an economic impact. Somkiat Nitiketkosol, owner of the "Suan Fah Yim" marijuana farm stressed that if the government proceeds with its plan it must offer assistance to farmers who are licensed to cultivate marijuana.
Furthermore, Thailand's Tourism Ministry reported Tuesday that it had 19.6 million foreign tourist arrivals from January to July 21 period, which is 34% more than in the same period a year earlier. The target for this year is 40 million foreign arrivals. Tourism is one of the biggest employers and contributors to the country's economy. Would cannabis reclassification impact Thailand's tourism industry, which is recovering from the pandemic?
It's possible, considering that the country is a popular destination for medical tourism and wellness travel and numerous wellness brands jumped on the opportunity quickly after decriminalization by <a target="_blank" href="https://www.benzinga.com/markets/asia/22/02/25844248/marijuana-and-exotic-destinations-will-thailand-become-the-next-cannabis-tourism-hotspot" rel="noreferrer noopener">upgrading its offers</a>.
While there are no government figures on how many tourists come specifically to consume cannabis, Kueakarun Thongwilai, manager of a Bangkok pot shop, projects at least 70%-80% of his customers are foreigners, primarily from Asian countries like Japan, Malaysia, China and the Philippines, and some from Europe, <a href="https://apnews.com/article/thailand-cannabis-tourism-asia-ad54d1ff0ba57ecaadf75aa48072f8db" target="_blank" rel="noreferrer noopener">writes</a> the Associated Press. Singapore's Central Narcotics Bureau announced plans to randomly test people returning from Thailand. China's embassy in Thailand also cautioned Chinese tourists that consuming cannabis abroad could lead to penalties upon their return, as such actions are considered domestic violations.
It's hard to say if the protests against cannabis recriminalization, the Bhumjaithai (BJT) party's opposition, and potential impacts on the economy and tourism were responsible for the Prime Minister's decision to regulate, but they must have had some effect.
Read Next:
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To learn more about cannabis regulation at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a target="_blank" href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a target="_blank" href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener">this link</a>.
Photo: Courtesy of Nelson Antoine via Shutterstock

Thailand Will Not Re-Criminalize Cannabis, Prime Minister Agrees To Regulate Industry Instead - What Made Him Change His Mind?

The value of&nbsp;Neuralink, the brain implant company founded by Elon Musk, has skyrocketed&nbsp;<a href="https://www.benzinga.com/news/24/05/38955288/neuralink-patient-looks-to-monetize-himself-on-social-media-gets-elon-musks-support-for-streaming-ra">following its first human trial</a>, leading some employees to reportedly gear up for a possible stock sale. 
What Happened: Neuralink might initiate a tender offer as soon as next month to repurchase shares from staff looking to sell, reported Reuters, citing two people briefed on the matter.
The company&#8217;s shares&nbsp;are not publicly traded, and&nbsp;selling them without Neuralink&#8217;s approval involves intricate procedures on specialized private market exchanges.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39879895/if-youre-a-lawyer-for-crowdstrike-youre-probably-not-going-to-enjoy-the-rest-of-your-summer-say-dan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;If You&#8217;re A Lawyer For Crowdstrike, You&#8217;re Probably Not Going To Enjoy The Rest Of Your Summer&#8217;: Microsoft-Crowdstrike Outage Could Top $1B In Costs, Analyst Says</a>
Neuralink&#8217;s valuation has reportedly climbed&nbsp;to as much as $8&nbsp;billion, over twice its value last year, based on secondary market trades. 
The brain implant company&#8217;s inaugural human trial was deemed a success, and Neuralink is gearing up for additional&nbsp;trials in Britain and Canada.
Musk has traditionally created a scarcity of shares in his startups, including SpaceX and xAI, making them highly coveted, according to the report.
This scarcity is evident in recent trades, with buyers on private exchanges paying&nbsp;a premium of between 84% and 137% to <a href="https://www.benzinga.com/news/23/06/32859330/people-are-lining-up-for-elon-musks-neuralink-brain-implant-heres-how-you-can-invest-in-brain-techno">Neuralink&#8217;s valuation</a> in its last private fundraising round in November, the report noted.
Neuralink did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Why It Matters: This surge in Neuralink&#8217;s valuation comes amidst <a href="https://www.benzinga.com/news/24/06/39432738/elon-musks-neuralink-rival-paradromics-gears-up-for-human-trials-of-brain-implant">increasing competition in the brain-computer</a> interface market, with rivals like Paradromics gearing up for human trials of their own brain implants.
In May, Noland Arbaugh, <a href="https://www.benzinga.com/news/24/05/38955288/neuralink-patient-looks-to-monetize-himself-on-social-media-gets-elon-musks-support-for-streaming-ra">the first Neuralink patient</a>, reached the 100-day milestone since having the chip implanted in his brain. &#8220;I would like to find some way to provide for myself long-term, build a house for me and my family if I can, and not be a burden on those around me any longer,&#8221; Arbaugh stated at the time.
Earlier this month, during a video update, Musk said that <a href="https://www.benzinga.com/news/24/07/39722865/elon-musks-neuralink-aims-to-boost-brain-implant-patients-to-high-single-digits-by-year-end-the-idea">Neuralink aims to increase</a> the number of brain implant patients to high single digits by the end of the year. He has also spoken about his <a href="https://www.benzinga.com/news/24/07/39728003/elon-musk-says-over-1-000-neuralink-chip-implantations-achievable-in-2026">ambitious goal of achieving</a> 1,000 Neuralink chip implantations by 2026.
Photo courtesy: Shutterstock
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Health Care

Media

Elon Musk's Brain Chip Company Neuralink Employees Eye Stock Sale After Valuation Surge: Report

Bitcoin, Dogecoin dipped, Ethereum traded flat Tuesday as defunct cryptocurrency exchange Mt. Gox continued to transfer funds meant to pay out its creditors.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9:00 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-2.23%</td>
<td>$65,877.24</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+0.06%</td>
<td>$3,470.67</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-6.40%</td>
<td>$0.1299</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin steadily dropped during the day as Mt. Gox creditors began <a href="https://www.theblock.co/post/307024/mt-gox-creditors-start-receiving-bitcoin-and-bitcoin-cash-on-kraken">receiving </a>BTC on Kraken, the entity selected as the disseminator of the funds. The apex cryptocurrency fell into the $65,000 zone.
Ethereum chopped in the $3,400 &#8211; $3,500 range as spot ETFs tracking the price of the asset debuted in the U.S. stock market. Analysts have <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39915620/ethereum-may-be-headed-for-a-sell-off-after-etfs-launched-10x-research">predicted that the launch could trigger</a> sell-offs.
About $183 million in derivatives contracts was liquidated in the last 24 hours, with long liquidations accounting for nearly 80% of the total.
Bitcoin's Open Interest dropped 2.42% in the last 24 hours, signaling the forced liquidation of longs.&nbsp;&nbsp;
Traders placing bearish bets on Bitcoin outnumbered those opening longs in the last 24 hours.
The Cryptocurrency Fear &amp; Greed Index continued to flash "Greed," highlighting bullish optimism in the market.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:00 p.m. EDT)</td>
</tr>
<tr>
<td>Ethereum Name Service (ENS)</td>
<td>+9.55%</td>
<td>$29.13</td>
</tr>
<tr>
<td>Pepe (PEPE)</td>
<td>+2.86%</td>
<td>$0.00001236</td>
</tr>
<tr>
<td>Ethena (ENA)</td>
<td>+2.69%</td>
<td>$0.4513</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stands at $2.39 trillion, following a contraction of 2.21% in the last 24 hours.
Stocks inched slightly lower Tuesday. The S&amp;P 500 slipped 8.67 points, or 0.16%, to end at 5,555.74. The tech-focused Nasdaq Composite edged 0.06% lower to finish at 17,997.35, while the Dow Jones Industrial Average dropped 0.14% to close at 40,358.09.
The investor restraint was likely in anticipation of second-quarter earnings report from tech titans Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency trader Rekt Capital reiterated a previous analysis, noting that Bitcoin needs to hold above $65,000 or at least hold $65,000 as support for any unanticipated correction.
<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/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Was this an unexpected pullback? &quot;Bitcoin needs to continue holding above $65000 or at the very least, hold $65000 as support on any unexpected pullback&quot;<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/KSHaRiex08">https://t.co/KSHaRiex08</a> <a href="https://t.co/sDHUAdOAcZ">pic.twitter.com/sDHUAdOAcZ</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1815818932843847732?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Another well-known figure in the space, Ali Martinez, highlighted King Crypto's chances of rebounding to $67,600 as he noticed a bullish RSI divergence.&nbsp;
However, for that to happen, the trader remarked that the $66,000 level needs to hold.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">On the lower time frames, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is showing signs of a double bottom pattern with bullish RSI divergence. If confirmed, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> could rebound to $67,600. However, the $66,000 support level needs to hold! <a href="https://t.co/NBr7xbsyMZ">pic.twitter.com/NBr7xbsyMZ</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1815743814994145351?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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Movers

Trading Ideas

Bitcoin, Dogecoin Pull Back, Ethereum Holds Steady Amid Mt.Gox Payouts: Analyst Highlights Importance of This Level During Any Unexpected Pullback By King Crypto

Former Secretary of State Hillary Clinton has penned an opinion piece urging Democrats to unite behind Vice President Kamala Harris as she takes on Donald Trump in the 2024 presidential race.
What Happened: In her<a href="https://www.nytimes.com/2024/07/23/opinion/kamala-harris-donald-trump.html"> piece</a>, published in The New York Times, Clinton lauded President Joe Biden&#8216;s decision to step down from the race, calling it a &#8220;pure act of patriotism.&#8221; She urged fellow Democrats to continue Biden&#8217;s fight for the nation&#8217;s soul.
Clinton expressed her confidence in Harris, describing her as a candidate who can offer a &#8220;hopeful, unifying vision&#8221; for American politics. She also highlighted the significance of the upcoming election, emphasizing the choice between &#8220;old grievances versus new solutions.&#8221;
&#8220;I look forward to hearing her prosecute a compelling case against Mr. Trump, who failed as a president the first time and is running on a dangerous agenda,&#8221; wrote Clinton
Clinton acknowledged the challenges Harris might face as the first Black and South Asian woman to lead a major party&#8217;s ticket but emphasized that progress is possible. She also drew from her own experiences, encouraging voters to be thoughtful about the information they consume.
See Also: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
Clinton also addressed the sexism and double standards that women in politics often face, drawing from her own experiences as a presidential candidate. She expressed pride in her campaigns for making it seem normal to have a woman at the top of the ticket. The former secretary of state noted that Harris was &#8220;chronically underestimated.&#8221; 
Clinton concluded by emphasizing Harris&#8217;s readiness for the moment, citing her experience as a prosecutor, attorney general, and vice president. She expressed her anticipation of Harris&#8217;s compelling case against Trump, warning of the potential consequences of a second Trump term.
Why It Matters: Clinton&#8217;s opinion piece comes at a crucial time in the 2024 presidential race. Harris has recently secured the <a href="https://www.benzinga.com/news/24/07/39905133/kamala-harris-has-majority-support-from-democrats-to-run-against-trump-in-2024-presidential-race-pol">majority of Democratic delegate support</a>, positioning her as the party&#8217;s nominee against Trump. 
However, early polling data show a <a href="https://www.benzinga.com/general/politics/24/07/39914544/trump-vs-harris-former-president-has-9-point-lead-over-vp-bidens-decision-to-step-aside-for-harr">close race between Harris and Trump</a>, with the former president gaining support that Biden lost.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Hillary Clinton Says Kamala Harris is 'Chronically Underestimated' — Says VP Can 'Prosecute A Compelling Case' Against Failed President Trump

Telsa Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX CEO Elon Musk initiated&nbsp;a poll on X, formerly Twitter, asking if the EV giant should invest $5 billion in his AI company and Grok-parent, xAI.
What Happened:&nbsp;On Tuesday, Musk posted the poll intending to &#8220;test the waters&#8221; before Tesla ivests into xAI. His question was: &#8220;Should Tesla invest $5B into xAI, assuming the valuation is set by several credible outside investors?&#8221;
He also said that for this to come to fulfillment approval of the board and a shareholders&#8217; vote is needed.
With 23 hours remaining for the poll to close, nearly 170,000 votes have been cast. At the time of writing, the majority, over 70%, are in favor of the proposed investment, while the remaining voters are against it.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39872729/nvidias-potential-50-trillion-valuation-tesla-and-xais-ai-expansion-plans-and-microsofts-trillion-do?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Potential $50 Trillion Valuation, Tesla And xAI&#8217;s AI Expansion Plans, And Microsoft&#8217;s Trillion-Dollar Tech: This Week In Artificial Intelligence</a>
<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">Should Tesla invest $5B into <a href="https://twitter.com/xai?ref_src=twsrc%5Etfw">@xAI</a>, assuming the valuation is set by several credible outside investors? (Board approval &amp; shareholder vote are needed, so this is just to test the waters)
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1815907844434112999?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: This move by Musk is not entirely surprising. Last year in November, Musk expressed his intention to explore a potential <a href="https://www.benzinga.com/news/23/11/35911508/elon-musk-to-discuss-tesla-xai-partnership-with-ev-giants-board">partnership between Tesla and xAI</a>, following suggestions from investors on X.
In April this year, Musk highlighted that Tesla should be recognized as an AI or robotics company <a href="https://www.benzinga.com/markets/equities/24/04/38405187/elon-musk-echoes-cathie-wood-wants-tesla-to-be-seen-as-an-ai-or-robotics-company-if-you-value-te">rather than just an auto company</a>.
Previously, it was reported that xAI has seen an <a href="https://www.benzinga.com/markets/equities/24/06/39397562/is-elon-musk-poaching-talent-from-his-own-companies-xai-reportedly-sees-influx-of-former-tesla-e">influx of former Tesla employees</a>, sparking controversy and accusations of Musk using Tesla as a talent pool for his other ventures.
Meanwhile, on Tuesday, Tesla also <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">reported second-quarter revenue</a> of $25.5 billion, marking a 2% increase year-over-year. This figure surpassed the Street consensus estimate of $24.73 billion, according to <a href="https://www.benzinga.com/pro/checkout/benzinga-pro-essential-2024?utm_source=BZprocontent072324&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">data from Benzinga Pro.</a>
Price Action: Tesla shares experienced a significant decline in after-hours trading on Tuesday, plummeting by 7.8% to $227.23. During the regular trading session, the stock had already fallen 2.04%, closing at $246.38.
Image via Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Elon Musk Is Polling X And Asking If Tesla Should Invest $5B In Grok Parent xAI: 'This Is Just To Test The Waters'

Elon Musk, the CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), discussed various aspects of the company&#8217;s operations during the second-quarter earnings call, including a robotaxi delay and the <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">company&#8217;s energy business</a>.
What Happened: The company&#8217;s EPS, operating margins, and free cash flow fell short of consensus expectations, leading to a post-market session decline in Tesla&#8217;s stock.
Musk acknowledged the challenges posed by the current discounting in the electric vehicle sector but believes it will be a short-term issue. He assured that the company is on track to deliver an affordable model in the first half of next year. Musk also emphasized the potential of autonomous driving as a significant demand driver.
The much-anticipated robotaxi event has been rescheduled to Oct. 10, with Musk hinting at additional features to be unveiled. He also announced the production of the Optimus humanoid robot next year, with plans for thousands to be deployed by 2025.
Musk also addressed the energy business, stating that Tesla is ramping up as quickly as possible. He stressed the importance of autonomy and the potential of the Optimus robot to perform crucial tasks for the company by 2025.
During the Q&amp;A session, Musk admired NVIDIA Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) GPU clusters but reiterated Tesla&#8217;s commitment to developing the Dojo supercomputer. He also revealed that the company is postponing plans for a Gigafactory in Mexico due to the U.S. election and potential tariffs if Donald Trump is re-elected.
See Also: <a href="https://www.benzinga.com/news/24/07/39883677/investors-anticipate-unraveling-of-trump-trade-as-biden-exits-presidential-race-but-analyst-says-its?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Anticipate Unraveling Of &#8216;Trump Trade&#8217; As Biden Exits Presidential Race, But Analyst Says &#8216;It&#8217;s A Bit Too Early For The Markets To Declare Victory For Trump&#8217;</a>
Why It Matters: Tesla&#8217;s second-quarter financial results, showed a <a href="https://www.benzinga.com/news/earnings/24/07/39918390/tesla-q2-earnings-highlights-revenue-beat-eps-miss-robotaxi-update-2024-growth-rate-to-be-notably-l">2% year-over-year growth in revenue</a>, beating the Street&#8217;s consensus estimate of $24.73 billion. Despite the revenue beat, the company&#8217;s EPS missed expectations, contributing to the decline in stock value during the post-market session.
The company reported earnings per share of 52 cents in the second quarter, down 43% year-over-year. The earnings per share missed a Street consensus estimate of 62 cents per share.
Tesla reported second-quarter deliveries of 443,956 vehicles and production of 410,831 vehicles, down 5% and 14% year-over-year, respectively.
Price Action: Tesla&#8217;s stock closed at $246.38 on Tuesday, down 2.04% for the day. In after-hours trading, the stock fell further 7.77%. Year to date, the stock has decreased by 0.82%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39897708/bitcoin-dogecoin-trade-flat-ethereum-drops-as-spot-etfs-get-approved-the-altcoin-king-migh?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Dogecoin Trade Flat, Ethereum Drops As Spot ETFs Get Approved: The Altcoin King Might Retrace But Analyst Thinks Dip Buying Is The &#8216;Best&#8217; Position</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>

NVDA

Elon Musk Talks Robotaxi Delay, Nvidia Clusters, And Mexican Gigafactory Postponement Amid Tariff Worries If Trump Wins — Tesla Falls Almost 8% After-Hours

David Bailey. the CEO of the Bitcoin 2024 conference, revealed ongoing discussions with Vice President Kamala Harris&#8217; campaign for her potential appearance at the much-awaited cryptocurrency event.
What Happened: On Tuesday, Bailey posted on X about the ongoing negotiations with the Kamala Harris campaign. He suggested that it would be a strategic move for Harris to engage with the rapidly growing voter demographic interested in cryptocurrency.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We're in talks with Kamala Harris campaign for her to speak at the conference. Would be very savvy of her to reset the democrat positioning on the fastest growing voter block in the country. They're making up their minds today.
&mdash; David Bailey&#x1f1f5;&#x1f1f7; $0.65mm/btc is the floor (@DavidFBailey) <a href="https://twitter.com/DavidFBailey/status/1815848521205178404?ref_src=twsrc%5Etfw">July 23, 2024</a></blockquote>
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The Bitcoin 2024 convention, organized by&nbsp;Bitcoin Magazine, gets underway on July 25. Republican presidential candidate Donald Trump, who has taken a pro-cryptocurrency pivot in recent months, is all set to address the event.
Apart from Trump, other influential political figures, including independent candidate&nbsp;Robert F. Kennedy Jr., former GOP candidate&nbsp;Vivek Ramaswamy, and Senators&nbsp;Bill Hagerty&nbsp;(R-Tenn.) and&nbsp;Marsha Blackburn&nbsp;(R-Tenn.), are also expected to speak at the convention
See Also: <a href="https://www.benzinga.com/24/07/39920695/battle-of-humanoid-robots-and-robotaxis-vs-electric-vehicles-trump-rumor-to-drive-bitcoin-to-the-moo">Battle Of Humanoid Robots And Robotaxis Vs. Electric Vehicles, Trump Rumor To Drive Bitcoin To The Moon</a>
Why It Matters: This development comes in the wake of <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39875949/democrats-have-huge-opportunity-to-win-back-chunk-of-crypto-vote-after-bidens-exit-from-20">the new-found Democrats&#8217; opportunity to win back a significant portion of the cryptocurrency vote</a> following Joe Biden&#8217;s exit from the 2024 race. Biden has endorsed Harris as the Democratic nominee. 
Meanwhile, the cryptocurrency community was abuzz with <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39914148/donald-trump-to-announce-a-strategic-bitcoin-reserve-crypto-bettors-think-its-unlikely-but">rumors that Trump would announce a strategic Bitcoin reserve</a> at the conference, although bettors on the prediction market, Polymarket, are somewhat skeptical about the possibility.
Price Action: At the time of writing, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was exchanging hands at $65,790.82, sinking 2.63% 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>.
Image by Sheila Fitzgerald on Shutterstock
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Kamala Harris To Speak At Bitcoin Conference Featuring Robert Kennedy Jr., Trump? Event CEO Says Discussions Ongoing

Donald Trump&#8217;s campaign has filed a complaint with the Federal Election Commission against Vice President Kamala Harris&#8217;s campaign. The complaint alleges that Harris&#8217;s campaign improperly acquired funds from President Joe Biden&#8217;s campaign.
What Happened: The Trump campaign lodged the complaint on Tuesday, alleging that Harris&#8217;s campaign improperly took over Biden&#8217;s campaign funds after his withdrawal from the race. Following Biden&#8217;s decision not to seek reelection, his campaign account was renamed &#8220;Harris for President&#8221;.
David Warrington, counsel for the Trump campaign, said, &#8220;Kamala Harris is seeking to perpetrate a $91.5 million dollar heist of <a href="https://thehill.com/people/joe-biden/">Joe Biden's </a>leftover campaign cash — a brazen money grab that would constitute the single largest excessive contribution and biggest violation in the history of the Federal Election Campaign Act of 1971, as amended,&#8221; according to the report.
While many campaign finance experts believe Harris has rightful access to the funds, the final decision rests with the FEC. Republican FEC Chair Sean Cooksey, a Trump appointee, hinted at his possible opposition to Harris accessing the funds. However, Democratic Commissioner Dara Lindenbaum and Steve Roberts, former general counsel to Republican presidential candidate Vivek Ramaswamy, expressed their belief that Harris should be able to use the funds.
Despite the complaint, Harris&#8217;s campaign has set fundraising records since its Monday launch, raising over $80 million in the first 24 hours. The campaign&#8217;s spokesperson, Charles Lutvak, dismissed the complaint, attributing it to Republican jealousy and vowing to continue their strong fundraising efforts.
See Also: <a href="https://www.benzinga.com/news/24/07/39878848/trump-vs-harris-first-poll-after-bidens-exit-shows-majority-approve-of-decision-but-heres-how-it-mig?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: First Poll After Biden&#8217;s Exit Shows Majority Approve Of Decision, But Here&#8217;s How It Might Affect Ex-President&#8217;s Chances</a>
Why It Matters: Legal experts have <a href="https://www.benzinga.com/news/24/07/39903457/kamala-harris-presidential-run-to-remain-unbothered-by-gops-legal-shenanigans-say-experts-an-express">expressed confidence</a> that lawsuits questioning Harris&#8217;s right to utilize the Biden-Harris campaign funds will not succeed. Despite Republican factions, including The Heritage Foundation, questioning the appropriateness of Harris taking the top line of the ticket after 14 million state primary voters cast their votes for Biden, nonpartisan experts believe any lawsuit aimed at preventing Harris from using Biden's campaign cash or replacing him on the ballot will fail.
Following Biden&#8217;s withdrawal, Harris has secured the Democratic nomination for the 2024 presidential race and has <a href="https://www.benzinga.com/news/24/07/39905133/kamala-harris-has-majority-support-from-democrats-to-run-against-trump-in-2024-presidential-race-pol">majority support from Democrats</a>. This move is seen as an attempt to quell weeks of internal party disputes and unite in the mission to defeat Trump with just over 100 days until Election Day.
Photo Courtesy: Shutterstock.com
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Campaign Files Election Commission Complaint Against Kamala Harris, Accuses VP's Campaign Of $91.5M 'Heist' And 'Brazen Money Grab'

The latest House Homeland Security Committee hearing has shed new light on the assassination attempt on former President Donald Trump that took place on July 13. Col. Christopher Paris, head of the Pennsylvania State Police, provided fresh insights into the incident.
What Happened: Paris testified that 20-year-old Thomas Matthew Crooks was flagged as suspicious by local law enforcement when he failed to enter the secure area ahead of the rally in Butler, Pennsylvania. Officers noticed Crooks using a range finder and alerted the Secret Service, according to a <a href="https://thehill.com/homenews/house/4789237-pennsylvania-police-commissioner-trump-shooting/">report</a> from The Hill.
Pennsylvania's Police Commissioner Paris confirmed that Crooks fired eight shots into the rally before being neutralized by Secret Service agents. This contradicts the previous statement by now-former Secret Service Director Kimberly Cheatle, who refused to specify the number of shots fired.
See Also: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
Paris also revealed that two officers left their post to follow Crooks, leaving a clear view of the position Crooks eventually assumed. The roof from which Crooks fired was approximately 147 yards from the former president's podium and fell outside of the Secret Service's security perimeter.
According to Paris, Crooks spent about three minutes on the roof before firing. The officers assigned to their posts by the Secret Service had no say in the security operation&#8217;s design. This has raised questions among lawmakers about why no agents or officers were stationed on the roof, given its proximity to the stage.
Why It Matters: The assassination attempt on Trump was a shocking event. Trump was <a href="https://www.benzinga.com/news/24/07/39761846/trump-left-bloodied-after-shots-fired-at-pennsylvania-rally-evacuated-by-secret-service">left bloodied</a> and was evacuated by the Secret Service. The <a href="https://www.benzinga.com/news/24/07/39873874/trumps-pleas-for-extra-security-repeatedly-ignored-by-secret-service-prior-to-assassination-attempt">Secret Service had repeatedly ignored Trump&#8217;s pleas for extra security</a> in the two years leading up to the assassination attempt.
The <a href="https://www.benzinga.com/news/24/07/39764903/fbi-probes-trump-rally-shooting-as-potential-domestic-terrorism-it-appears-that-he-was-a-lone-actor">FBI is treating the shooting as a potential act of domestic terrorism</a> and an assassination attempt. Following the incident, Secret Service Director Kimberly Cheatle <a href="https://www.benzinga.com/government/24/07/39911075/secret-service-director-kimberly-cheatle-resigns-following-trump-assassination-attempt-congressional">resigned</a>, further highlighting the gravity of the situation.
Image via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Assassination Attempt: New Details Emerge From Pennsylvania's Police Commissioner — Eight Shots Were Fired By Crooks

Vice President Kamala Harris has secured the Democratic nomination for the 2024 presidential race. In her first campaign rally since replacing President Joe Biden, Harris took a marginal lead over Republican rival Donald Trump, according to a Reuters/Ipsos opinion poll.
What Happened: As per Reuters, Harris, in her first campaign rally in Wisconsin since replacing Biden, assailed Trump&#8217;s record as a convicted felon. She compared her background as a former prosecutor to his vulnerabilities.
During her speech, Harris outlined her liberal priorities, promising to expand abortion access, make it easier for workers to join unions, and address gun violence. &#8220;Donald Trump wants to take our country backward,&#8221; she told the crowd.
Her rally was a stark contrast to Biden&#8217;s smaller, more subdued events, indicating Democrats&#8217; hopes that Harris can revive the flagging campaign. Harris emphasized her commitment to reproductive rights, an issue that has troubled Republicans since the U.S. Supreme Court eliminated a nationwide right to abortion in 2022.
According to a national Reuters/Ipsos poll, Harris led Trump 44% to 42% among registered voters. This poll was conducted after Biden dropped out of the contest and endorsed Harris as his successor. The results may suggest that Harris&#8217; elevation blunted any momentum Trump hoped to gain from the recent Republican National Convention. The poll had a margin of error of 3% and was conducted among 1,241 adults nationwide including 1,018 registered voters.
Trump and his allies have attempted to link Harris to some of Biden&#8217;s more unpopular policies. However, Harris swiftly consolidated her party&#8217;s support after Biden abandoned his reelection campaign. Her campaign reported raising $100 million since Sunday.
See Also: <a href="https://www.benzinga.com/news/24/07/39872154/trump-vs-biden-latest-round-of-polls-all-seem-to-suggest-grim-news-for-this-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Latest Rounds Of Polls All Seem To Suggest Grim News For This Candidate</a>
Why It Matters: Harris&#8217; nomination comes after Biden&#8217;s <a href="https://www.benzinga.com/general/politics/24/07/39920146/harris-vs-trump-vice-president-trails-former-president-by-2-points-gains-independent-voters-59-o">withdrawal from the race</a>, which saw her gaining support that Biden had lost. The Reuters poll indicated that voters see Harris as sharper than both Biden and Trump. If independent candidate Robert Kennedy Jr. was included on the ballot, the poll indicated that Harris led Trump 42% to 38%, which is an advantage greater than the margin of error.
Harris, a former California Senator and San Francisco district attorney, stands in <a href="https://www.benzinga.com/government/24/07/39918749/kamala-harris-vs-trump-views-on-nearly-every-industry-evs-oil-gas-health-care-are-worlds-apart">stark contrast</a> to Trump on key political issues. Following Biden&#8217;s decision to withdraw his reelection bid, Harris secured the <a href="https://www.benzinga.com/news/24/07/39905133/kamala-harris-has-majority-support-from-democrats-to-run-against-trump-in-2024-presidential-race-pol">majority of Democratic delegate support</a>.
Sen. Ted Cruz (R-Texas) has <a href="https://www.benzinga.com/news/24/07/39897685/ted-cruz-says-trump-victory-in-november-not-a-given-cautions-republicans-against-underestimating-kam">warned his party</a> not to underestimate Harris. &#8220;Now I still think Trump wins in November. But this is not a layup. It is not given,&#8221; said Cruz.
Photo Courtesy: Shutterstock.com
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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