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Digital World Acquisition Corp (NASDAQ: DWAC) shares plunged 20.1% on Wednesday morning after Republican candidates endorsed by President Donald Trump performed poorly 

Digital World Acquisition Corp Is By Far The Most Shorted SPAC: The Other Top SPACs Short Sellers Are Targeting

OCA Acquisition Corp. - Class A Common Stock

OCA Acquisition Corp

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Economics

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan National Consumer Price Index (MoM) For June 0.3% Vs. 0.5% Prior

Reported Earlier, Japan National Core Consumer Price Index (YoY) For June 2.6% Vs. 2.7% Est.; 2.5% Prior

In his speech at the Republican National Convention, Republican presidential nominee Donald Trump urged Democrats to stop the &#8220;partisan witch hunts&#8221; against him, using the recent dismissal of his classified documents case by a Florida judge as an example.
He also stated that the Democratic Party should cease using the justice system as a political weapon and refrain from labeling their opponents as enemies of democracy.
"They got subpoenaed more than any people, probably the history of the United States every week, they get another subpoena from the Democrats, crazy Nancy Pelosi," Trump said. "They've got to stop that because they are destroying our country."
Trump claimed that inflation was absent during his presidency, contrasting his administration with President Joe Biden&#8216;s early years, which were marked by decades-high inflation. "We had no inflation," Trump said.
The former president vowed to eliminate the &#8220;waste&#8221; of taxpayer dollars that he claims is driving inflation and increasing energy costs.
Fact Check: Inflation was relatively low during Trump&#8217;s presidency, but it was not zero. The Consumer Price Index, a widely used measure of inflation, increased by about 8% over his four years in office. In January 2021, his final partial month in office, it had risen by 1.4% compared to the previous year, according to the Bureau of Labor Statistics.
See Also: <a href="https://www.benzinga.com/government/24/07/39852736/exclusive-biden-victory-fund-suspends-donor-calls-pause-calling-indefinitely-as-of-tonight" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Biden Victory Fund Suspends Donor Calls: ‘Pause Calling Indefinitely As Of Tonight'</a>
Trump reiterated his claim that he enacted the largest tax cuts in history during his administration. Trump promoted one of his new proposals to eliminate federal income taxes on tips, noting its popularity among waitresses, caddies, and drivers. He mentioned that the idea was inspired by a waitress in Nevada.
After Trump mentioned &#8220;drill, baby, drill&#8221; while outlining his energy plan to lower gas prices, the chant was echoed by members of the audience. Trump asserted that a new Trump administration would prioritize extensive drilling, which he believes would significantly reduce prices.
Trump proposed reallocating funds from environmental projects to infrastructure projects such as roads, bridges, and dams, dismissing what he referred to as a &#8220;Green New Scam.&#8221; He also stated that he would halt efforts to promote electric vehicles.
Trump claimed he had &#8220;stopped the missile launches from North Korea,&#8221; noting his historic meetings with North Korean leader Kim Jong-un in 2018 and 2019, where he became the first sitting U.S. president to visit North Korea.
Despite these interactions, North Korea has been providing weapons and munitions to Russia to support Moscow's war against Ukraine, seeking defense technology in return. Last month, the two countries signed a military pact. Trump remarked that he believes Kim Jong Un &#8220;misses me.&#8221;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39852878/trump-says-he-is-accepting-presidential-nomination-with-faith-and-devotion-there-is-no-victory-in-wi">Trump Says He Is Accepting Presidential Nomination With Faith And Devotion — &#8216;There Is No Victory In Winning For Half Of America&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Politics

Global

Trump Blasts 'Crazy' Nancy Pelosi, Vows To End Inflation, And Claims Kim Jong Un 'Misses' Him In RNC Address

American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) is scheduled to release its second-quarter financial results, before the <a href="https://www.benzinga.com/quote/AXP/earnings">opening bell on Friday, July 19.</a>
Analysts expect the New York-based company to report quarterly earnings at $3.25 per share, up from $2.89 per share in the year-ago period. American Express will post revenue of $16.59 billion, compared to $15.05 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 8, American Express declared a quarterly dividend on the Company&#8217;s 3.550% Fixed Rate Reset Noncumulative Preferred Shares, Series D, of $9,072.22 per share (which is equivalent to $9.07222 per related Depositary Share).
American Express shares fell 0.3% to close at $249.20 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings </a>page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/AXP/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Compass Point analyst David Rochester initiated coverage on the stock with a Neutral rating and a price target of $260 on July 16. This analyst has an accuracy rate of 71%.</li>
<li>Wells Fargo analyst Donald Fandetti maintained an Overweight rating and increased the price target from $275 to $285 on July 9. This analyst has an accuracy rate of 73%.</li>
<li>JP Morgan analyst Richard Shane maintained an Overweight rating and boosted the price target from $240 to $268 on July 8. This analyst has an accuracy rate of 70%.</li>
<li>Citigroup analyst Keith Horowitz initiated coverage on the stock with a Neutral rating and a price target of $250 on June 10. This analyst has an accuracy rate of 82%.</li>
<li>RBC Capital analyst Jon Arfstrom maintained an Outperform rating and raised the price target from $253 to $263 on May 1. This analyst has an accuracy rate of 82%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/07/39837510/top-3-tech-stocks-you-may-want-to-dump-this-quarter">Top 3 Tech Stocks You May Want To Dump This Quarter</a>

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Price Target

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Markets

American Express Likely To Report Higher Q2 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Deepwater Asset Management&#8217;s managing director Gene Munster noted Netflix Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) late reference to AI during the <a href="https://www.benzinga.com/news/earnings/24/07/39849026/netflix-q2-earnings-highlights-revenue-beat-eps-beat-advertising-revenue-more-meaningful-squid-game">company&#8217;s earnings call</a>, saying that the streaming behemoth doesn&#8217;t have AI at its core.
What Happened: Munster took to X, formerly Twitter, on Thursday, and said that it took 27 minutes for the term &#8220;generative AI&#8221; to be mentioned during the Netflix earnings video. 
He noted that the company&#8217;s approach to AI was largely as expected, with an emphasis on enhancing targeting and improving the tools for superior content creation.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39790358/production-delays-force-apple-to-skip-tsmcs-2nm-chip-for-iphone-17-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Production Delays Force Apple To Skip TSMC&#8217;s 2nm Chip For iPhone 17: Report</a>
Munster&#8217;s main takeaway from the call was that Netflix is &#8220;not an AI company.&#8221; This statement implies that despite Netflix&#8217;s use of AI for content enhancement and targeting, it does not constitute the heart of its business model or strategy.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It took 27 minutes for &quot;generative AI&quot; to come up on the <a href="https://twitter.com/search?q=%24NFLX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NFLX</a> earnings video. The response was as largely as expected; AI will improve targeting and improve the tools the make the content better. Bottom line: Netflix is not an AI company.
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1814047760317825031?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
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Why It Matters: In its second-quarter earnings report, Netflix reported revenue of $9.56 billion, a 16.8% increase year-over-year, beating a Street consensus estimate of $9.53 billion, according to data<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071824&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener"> from Benzinga Pro.</a>
Netflix is projecting third-quarter revenue to reach $9.73 billion, marking a 13.9% increase from the same period last year. The guidance for the third quarter also includes an expected earnings per share of $5.10.
NFLX Price Action: Netflix shares closed Thursday&#8217;s session down 0.68% at $643.04. In after-hours trading, the company&#8217;s shares declined further to $641.89 at the time of writing.
Check out more of Benzinga&#8217;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:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39830453/days-after-elon-musk-deemed-university-of-tokyos-idea-pointless-scientists-develop-smiling-robot-wit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Days After Elon Musk Deemed University Of Tokyo's Idea ‘Pointless,' Scientists Develop Smiling Robot With Living Skin</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Entertainment

Tech

NFLX

Netflix Delay In Bringing Up AI At Earnings Call Didn't Escape Gene Munster: 'Not An AI Company'

Shiba Inu&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) burn rate shot up significantly in the last 24 hours even as the memecoin faced intense selling presure from the sale of tokens stolen from <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39835533/wazirx-suffers-230m-hack-suspends-withdrawals-amid-security-breach">Indian cryptocurrency exchange</a> WazirX. 
What Happened: Nearly 52 million SHIB tokens were kicked out of circulation, according to the official burn tracker <a href="https://www.shibburn.com/" target="_blank" rel="noreferrer noopener">Shibburn</a>, representing an impressive 875% spike. The surge in burn rate exerted deflationary pressure but was not enought to offset the pain caused by hackers of WazirX who dumped trillions of SHIB in the last 24 hours.
The popular dog-themed coin fell 8% in the past 24 hours following a security breach at the trading platform, which led to the loss of $230 million in cryptocurrencies, primarily in SHIB.
The attackers sold the entirety of 5.4 trillion SHIB, the total worth of which was $94 million as of writing, <a href="https://x.com/spotonchain/status/1814122632792736115">according </a>to data from Spot On Chain.
SHIB's trading volume more than tripled in the last 24 hours to $1.29 billion, indicating panic-selling by investors.
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/24/07/39852783/bitcoin-ethereum-dogecoin-fall-as-trumps-presidency-odds-dip-on-prediction-market-analyst-">Bitcoin, Ethereum, Dogecoin Fall As Trump&#8217;s Presidency Odds Dip On Prediction Market: Analyst Highlights &#8216;Long The Dip Time&#8217;</a>
Why It Matters: SHIB's slump influenced other memecoins, as Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) also witnessed notable declines. The total memecoin market cap plunged 4.49% in the last 24 hours.&nbsp;
According to <a href="https://app.intotheblock.com/?end_offset=20">IntoTheBlock,</a> whales actively offloaded SHIB, as evidenced by an astounding 1876% increase in high transaction volume for the memecoin.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001769, down 8% in the last 24 hours, according to<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.."> data from Benzinga Pro</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39852891/bitcoin-bull-dave-portnoy-foresees-king-cryptos-surge-if-trump-triumphs-in-november-electi">Bitcoin Bull Dave Portnoy Foresees King Crypto&#8217;s Surge If Trump Triumphs In November Election: &#8216;It&#8217;s Gonna Rip&#8217;</a></li>
</ul>

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

Cryptocurrency

$DOGE

$PEPE

$SHIB

'Dogecoin Killer' Shiba Inu Burn Rate Shoots Up 875% Even As Price Comes Under Pressure After WazirX Hack

The ongoing feud between tech billionaires&nbsp;Elon Musk&nbsp;and&nbsp;Mark Cuban&nbsp;<a href="https://www.benzinga.com/news/24/02/36970579/elon-musk-brands-mark-cuban-insufferable-t-l-following-shark-tank-hosts-claim-that-twitter-morphed-i">continues to escalate</a>, with the latest exchange echoing the duo&#8217;s contrasting <a href="https://www.benzinga.com/news/24/05/38630888/donald-trumps-pledge-to-tackle-anti-white-sentiment-sparks-debate-on-countrys-policies-promoting-rac">views on &#8220;white privilege.&#8221;</a>
What Happened: On Thursday, Cuban, who owns and invests in hundreds of companies, took to X, formerly Twitter, and responded to Musk&#8217;s comment about him with a sarcastic remark. 
&#8220;I love you too Elon. But not as much as I love me. And probably not as much as you love you,&#8221; he stated.
Musk had earlier labeled Cuban a &#8220;self-confessed racist&#8221; in response to a video of Cuban discussing white privilege. &#8220;Mark Cuban is a self-confessed racist, so he just hates himself,&#8221; the Tesla CEO had said.
See Also:&nbsp;<a href="https://www.benzinga.com/general/gaming/24/07/39826578/discover-xboxs-deadpool-inspired-cheeky-controller-and-how-to-get-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Discover Xbox&#8217;s Deadpool-Inspired &#8216;Cheeky Controller&#8217; And How To Get It</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I love you too Elon. But not as much as I love me. And probably not as much as you love you. Sorry. <a href="https://t.co/vltnd4m49u">https://t.co/vltnd4m49u</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1813993108595790101?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
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Why It Matters: The feud between Musk and Cuban has been escalating for months. In February this year, Musk called Cuban an &#8220;insufferable t&#x2A;&#x2A;l,&#8221; amid a debate concerning the operations of X under Musk's leadership. 
The war of words intensified in March when Cuban publicly backed President Joe Biden for the 2024 elections, leading <a href="https://www.benzinga.com/news/24/03/37474966/elon-musk-mark-cuban-war-of-words-escalates-after-shark-tank-host-backs-biden-24-karat-d-e">Musk to slam the</a> Shark Tank host unprovoked. 
Later that month, Musk termed Cuban a &#8220;crybaby&#8221; in response to an interview snippet where Cuban suggested people on X are <a href="https://www.benzinga.com/news/24/03/38011948/elon-musk-jabs-mark-cuban-again-in-latest-round-of-billionaire-banter-people-trash-me-all-day">less likely to disagree with Musk</a>. 
Previously, Cuban also defended the positive impact of diversity, equity, and inclusion or DEI in business, a stance that contrasts with Musk&#8217;s views. At the time, he said, &#8220;My arguments are not abstract. I own or invest in hundreds of companies. I know DEI is a positive because I see its impact on bottom lines. That's been reiterated by many CEOs.&#8221;
Photo courtesy: Shutterstock
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39786086/apple-watchs-redesigned-ecg-doesnt-infringe-alivecor-patents-rules-us-customs?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Watch&#8217;s Redesigned ECG Doesn&#8217;t Infringe AliveCor Patents, Rules US Customs</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Mark Cuban Says 'Love You Too Elon' After Tesla CEO Slams His Opinions Saying 'He Just Hates Himself'

This week I want to take a comprehensive look at the current market landscape and some exciting investment opportunities, particularly in real estate and banking sectors.
A few weeks ago, we saw a promising inflation report, showing the lowest core increase in over three years and a decrease in the headline number month-over-month. While this is undoubtedly positive news, it&#8217;s important to be cautious against excessive optimism. The decrease was largely driven by lower gasoline and rent prices, which are nice but not necessarily sustainable.
Regarding Federal Reserve policy, Chair Powell remained non-committal in his recent testimony, frequently using the phrase &#8220;data-dependent.&#8221; While the market is anticipating rate cuts in September and December, these predictions have often been inaccurate. If pressed for a prediction, I will go with Torsten Slok&#8216;s view. The economist for Apollo Global has been suggesting no cuts this year, and he was the first lonely voice in the wilderness ot suggest that this was going to be the case.
In his mid-year update, slot pointed out that no matter how pleasing the day-to-day news may be, there are five significant factors in play that will make it difficult for inflation to recede permanently.
Deglobalization, Energy transition, Increased defense spending, the government debt pipeline, and the fiscal policy of the United States are all inflationary forces on their own. It&#8217;s crucial to be aware of these potential risks in the market.
All four are in play, according to Slok.
Movin&#8217; on up!: I am not an economist and have to rely on my all-standard buying of what is cheap. Because of that, I have been bullish on real estate and bank stocks for two years, and that position is paying off.
I am particularly optimistic about Sun Belt REITs and have recently taken an aggressive stance on office REITs, especially Manhattan Class A office space. The preferred stocks of companies like SL Green and Vornado are trading at attractive discounts to par value.
I am extremely bullish on mortgages.
For those looking for steady cash flow and low volatility, the Simplify Mortgage-backed security ETF (MTBA) offers a solid 6% yield, making it an excellent option for parking cash.
For high yield and total return, I prefer the mortgage REITS.
The agency side of this market lives on the spread, and implicit or outright government greatness removes all credit risk. Spreads have tightened but are still at a historically high level.
Given the limited participation of banks and the exit of the Fed as a buyer, there is an extraordinary opportunity for agency REITs to step into the vacuum in the mortgage-backed market, and this is giving us huge yield and high total returns potential.
What I Like: My top picks in this space are Annaly (NLY) and AGNC Investment Corp (AGNC). Both are poised for potential book value increases and are maintaining stable spreads, supporting their impressive dividend yields of 13% and 14%, respectively.
Hybrid mortgage REITs primarily deal with non-conforming loans that do not qualify for agency guarantees. These often include jumbo loans, non-QM (non-qualified mortgage) loans, and other specialized mortgage products. The key differentiator for these REITs is, indeed, their credit management.
In the hybrid REIT space, Redwood Trust (RWT) stands out with its 9.34% yield. They specialize in non-agency mortgages, including jumbo loans and business-purpose loans. Their experienced management team, focus on credit quality, and innovative approach make them well-positioned in the current market.
For a lot of reasons, including stricter regulations, rising home prices, and the absence of subprime and near-prime lending, credit is not a huge issue for the top-tier hybrids right now.
One thing I really like about Redwood is its experience. These guys have been around the block. I have owned this thing off and on for decades now, and it has weathered some serious storms in the mortgage market. Redwood has a management team that knows how to navigate tough times, and that is crucial in this business.
Another interesting player is Rithm Capital (formerly New Residential) (RITM), which offers a 9% dividend yield. Its diverse business model includes a mortgage bank that it may spin-off, which could be a value-creating move.
We remain bullish on energy, especially with natural gas prices coming down. Our focus is on exploration and production companies with significant natural gas operations, as well as servicing companies working with natural gas firms.
We are seeing increased M&amp;A activity in small banks, with credit unions emerging as significant buyers due to their tax advantages. This trend is creating interesting arbitrage opportunities.
Credit Unions are paying cash in these deals, and there is often a gap between the current price and closing value worth exploiting.
I am closely watching residential real estate brokers and servicing companies, including Anywhere Homes (HOUS), Re/Max (RMAX), Douglas Elliman (DOUG), Compass Group (COMP), and Redfin (RDFN). The Department of Justice&#8217;s reopening of the commission case could lead to significant industry changes.
There will be winners and losers from the changes that the lawsuits and DOJ investigation will force the real estate industry to undergo. While I highly doubt that consumers, especially first-time buyers, will be on the winner&#8217;s list, the stocks of the companies that get on the right side of this will deliver enormous gains.
The real estate, mortgage, and lending sectors are currently out of favor, which I believe presents a prime opportunity for investors. Being a landlord for tech companies and other businesses is likely to be more profitable than owning stocks trading at high multiples.
These investments can generate substantial profits with potentially less volatility and risk compared to the broader stock market. They offer attractive cash flows and could outperform in what might be a subpar decade for overall stock market returns following a 14-year bull run.
Remember, being contrarian when sectors are out of favor can lead to significant long-term gains.
If you want more of my picks or 1,880% gains from this boring dividend stock? <a href="https://www.benzinga.com/premium/ideas/yield-report-sales-page/?t=Yiyi1arjobe3rd&amp;utm_source=RDArticleCTA-0718">Click Here</a>
Image credit to Midjourney

Opinion

Four Stocks Set to Soar After the Latest Inflation Numbers

Top analyst Ming-Chi Kuo has cast <a href="https://www.benzinga.com/news/24/07/39722837/top-apple-analyst-says-dont-expect-much-for-iphone-16-this-year-but-tim-cook-led-company-has-a-slew">doubt on the anticipated</a> surge in Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) upcoming smartphone series, iPhone 16 sales.
What Happened: On Thursday, Kuo, an analyst at TF Securities stated that Apple has not ramped up its iPhone 16 orders, contrary to certain reports.
His latest observation came after the latest&nbsp;earnings reports from Apple suppliers&nbsp;TSMC&nbsp;and&nbsp;Largan. Neither TSMC nor Largan have reported&nbsp;an increase in unit growth,&nbsp;and Largan&#8217;s&nbsp;orders for high-end models in&nbsp;2024 are on par with those of the previous year, according to Kuo.
Kuo estimates that Apple&#8217;s iPhone 16&nbsp;orders for the second half&nbsp;of 2024 are around 87&nbsp;million units,&nbsp;lower than the 91 million&nbsp;iPhone 15 units ordered in 2023.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39830453/days-after-elon-musk-deemed-university-of-tokyos-idea-pointless-scientists-develop-smiling-robot-wit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Days After Elon Musk Deemed University Of Tokyo&#8217;s Idea &#8216;Pointless,&#8217; Scientists Develop Smiling Robot With Living Skin</a>
While some&nbsp;suppliers may have been asked&nbsp;to increase production, Kuo suggests this could be due&nbsp;to &#8220;specific reasons within individual&nbsp;industries or components.&#8221;
He also expressed doubt over the belief that the new Apple Intelligence feature will significantly drive iPhone 16 sales.
&#8220;Regardless of whether Apple Intelligence alone can drive replacement demand (which is another big topic), the expectation that consumers will buy the new iPhone 16 for the Beta version of Apple Intelligence in 2H24 may be too optimistic,&#8221; Kuo stated.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Although there have been rumors of increased orders for iPhone 16 orders from time to time after WWDC, recent earnings calls from two key Apple suppliers (TSMC and Largan) have hinted that the iPhone 16 orders may not have increased<a href="https://t.co/KfLQOF11R7">https://t.co/KfLQOF11R7</a>
&mdash; 郭明錤 (Ming-Chi Kuo) (@mingchikuo) <a href="https://twitter.com/mingchikuo/status/1813980775739806051?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
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</figure>
Why It Matters: The iPhone 16 series was expected to trigger an AI-driven upgrade &#8220;supercycle.&#8221; Kuo previously also said that the upcoming smartphone series may not come with significant hardware changes.
Apple was reportedly counting on AI services to fuel demand for its new lineup after a challenging 2023. The company aimed to ship at <a href="https://www.benzinga.com/government/24/07/39716732/ai-enhanced-iphone-16-may-help-apple-sell-more-devices-rebound-in-china">least 90 million iPhone 16 devices</a> in the latter half of this year, targeting about 10% growth in shipments of new iPhones compared with their predecessors.
Image via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39776594/microsofts-iphone-moment-wedbush-analyst-dan-ives-expects-ai-to-add-1-trillion-to-v?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft&#8217;s &#8216;iPhone Moment&#8217;? Wedbush Analyst Dan Ives Expects AI To Add $1 Trillion To Valuation</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Media

AAPL

iPhone16 Projections Questioned: Ming-Chi Kuo Says Expecting Apple Intelligence To Drive Sales 'May Be Too Optimistic'

In the lead-up to the U.S. presidential election, Barstool Sports founder Dave Portnoy has predicted a significant increase in Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) value if former President Donald Trump secures a win.
What Happened: Portnoy, who has recently started accepting Bitcoin as part of a sponsorship deal with cryptocurrency exchange Kraken, believes that Bitcoin will &#8220;rip&#8221; if Trump is victorious in November, CoinDesk <a href="https://www.coindesk.com/business/2024/07/18/crypto-exchange-kraken-paid-dave-portnoy-bitcoin-in-sponsorship-deal/">reported </a>Thursday.
While Portnoy is optimistic about Bitcoin&#8217;s prospects under a Trump presidency, he humorously warned that he&#8217;s &#8220;always wrong&#8221;.
Despite a history of unsuccessful Bitcoin trades, Portnoy maintains a positive outlook on the future of the cryptocurrency.
Since February, when Kraken started sponsoring his &#8220;Davey Day Trader Global&#8221; livestream, Portnoy has been accepting Bitcoin as payment. He stated that he&#8217;s &#8220;always&#8221; open to receiving Bitcoin as payment, indicating his strong faith in the digital currency.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39835766/dogecoin-killer-shiba-inu-burn-rate-up-875-but-price-down-10-what-is-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Dogecoin Killer&#8217; Shiba Inu Burn Rate Up 875% But Price Down 10%: What Is Going On?</a>
Why It Matters: Portnoy&#8217;s faith in Bitcoin aligns with his previous statements, as he has been a vocal supporter of the cryptocurrency. In April 2022, <a href="https://www.benzinga.com/markets/cryptocurrency/22/04/26553644/is-bitcoin-too-big-to-fail-heres-what-dave-portnoy-and-kevin-oleary-think">he expressed his belief in Bitcoin&#8217;s resilience</a>, saying, &#8220;It's almost too big to fail, too big to go away.&#8221; 
His prediction also aligns with Trump&#8217;s recent shift in stance towards digital currencies. The Republican challenger, once a critic of Bitcoin, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39833828/donald-trump-comments-on-crypto-pivot-if-we-dont-do-it-china-will?utm_source=yahooFinance&amp;utm_campaign=partner_feed&amp;utm_medium=partner_feed&amp;utm_content=site">now advocates for cryptocurrencies to be "made in the USA,"</a> emphasizing the need to counter China's growing influence in the field.
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,871.51, down 1.18% in the last 24 hours, according to<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener"> data from Benzinga Pro</a>.
Photo Courtesy: Shutterstock.com
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39852340/elizabeth-warrens-opponent-gets-a-1m-donation-in-bitcoin-from-winklevoss-twins-spent-the-l">Elizabeth Warren&#8217;s Opponent Gets A $1M Donation In Bitcoin From Winklevoss Twins: &#8216;Spent The Last Four Years Trying To Destroy The Crypto Industry&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://benzinga.com/apis" rel="noreferrer noopener" target="_blank"></a>

$BTC

Bitcoin Bull Dave Portnoy Foresees King Crypto's Surge If Trump Triumphs In November Election: 'It's Gonna Rip'

Former President Donald Trump has formally accepted the GOP nomination for president for a third time at the Republican National Convention in Milwaukee, marking his first public speech since the assassination attempt on Saturday. "I am running to be president for all America, not half of America because there is no victory in winning for half of America," Trump said. "So tonight, with faith and devotion, I proudly accept your nomination for president of the United States," Trump said to applause.
Trump began his speech at the RNC by recounting the details of the assassination attempt on Saturday, stating, &#8220;I&#8217;m not supposed to be here tonight.&#8221;
&#8220;I had God on my side,&#8221; Trump said, describing last week&#8217;s assassination attempt.
Trump remarked that despite the shooting at the rally in Butler, Pennsylvania, the crowd didn&#8217;t run for the exits or create a stampede when bullets were fired. He explained that the people stayed because &#8220;they knew I was in very serious trouble.&#8221;
Read Next: 
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<li><a href="https://www.benzinga.com/government/24/07/39852736/exclusive-biden-victory-fund-suspends-donor-calls-pause-calling-indefinitely-as-of-tonight">EXCLUSIVE: Biden Victory Fund Suspends Donor Calls: &#8216;Pause Calling Indefinitely As Of Tonight&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Trump Says He Is Accepting Presidential Nomination With Faith And Devotion — 'There Is No Victory In Winning For Half Of America'

The cryptocurrency market slid further on Thursday as the odds of a win for pro-cryptocurrency presidential candidate Donald Trump dropped on prediction markets.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-1.72%</td>
<td>$63,445.25</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>-0.81%</td>
<td>$3,392.75</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>-3.88%</td>
<td>$0.1187</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin crashed from $65,000 to $63,500 during morning trading hours, dashing investors' hopes of a rally to a fresh all-time high anytime soon.
The likelihood of Donald Trump winning the presidential race has <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1721354039414">fallen </a>to 62%, down from 72% at the start of the week, on cryptocurrency-based prediction market, Polymarket. The presidential hopeful has championed cryptocurrency's cause in his campaigns, and analysts have <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39786797/bitcoin-could-hit-100k-this-year-with-trump-jd-vances-pro-crypto-presidential-ticket-says-">predicted huge gains for Bitcoin</a> amid the formation of a pro-crypto presidential ticket.&nbsp;
Ethereum meandered in the $3,400 region, while Dogecoin saw heavy sell-offs during the day.
More than $145 million locked in derivatives contracts was liquidated in the last 24 hours, with long liquidations accounting for $110 million.
Bitcoin's Open Interest dropped 0.33% in the last 24 hours, while downside bets for the asset increased vis-à-vis bullish bets.&nbsp;
According to Coinglass, 48% of the market was bearish on Bitcoin at the time of writing, while 35% were optimistic about further gains. About 17% of the market was neutral.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:30 p.m. EDT)</td>
</tr>
<tr>
<td>Mantle (MNT)</td>
<td>+7.90%</td>
<td>$0.8311</td>
</tr>
<tr>
<td>dogwifhat (WIF)</td>
<td>+4.22%</td>
<td>$2.33</td>
</tr>
<tr>
<td>Bittensor (TAO)</td>
<td>+3.67%</td>
<td>$331.47</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stands at $2.32 trillion, down 1.65% in the last 24 hours.
Stocks traded in the red on Thursday. The Dow Jones Industrial Average slipped 533.06 points, or 1.29%, to end at 40,665.02. The S&amp;P 500 fell 0.78% to close at 5,544.59, while the tech-heavy Nasdaq Composite dropped 0.70% to finish at 17,996.92.&nbsp;
Equity indices, with the exception of the Dow, have fallen this week. The Russell 2000 has jumped 2.3% over the last week, indicating demand for small-cap companies.
According to CME's FedWatch tool, traders anticipate a 91.5% chance of a rate cut by the Federal Reserve in September.&nbsp;
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Despite the negative price action, well-known cryptocurrency trader and analyst Ali Martinez flagged a buy signal for Bitcoin on the TD Sequential indicator. This indicated a potential rebound in the days to come.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The TD Sequential presents a buy signal on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> hourly chart! <a href="https://t.co/pKmaygXpyd">pic.twitter.com/pKmaygXpyd</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1814042830798536749?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Widely-followed analyst Byzantine General stated that both Bitcoin and Ethereum look good.&nbsp;
Though the analyst predicted a pullback to $61,000 and $3,200 for the two respectively, they argued that traders should long this dip.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> &amp; <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> honestly looks pretty good. Somehow we still got mostly negative funding. If it wasn&#39;t for stonks nuking we would probably be trading higher already. I could see a retrace towards 61k &amp; 3200 respectively, but it&#39;s long the dip time IMO. <a href="https://t.co/vXlTPIpuhB">pic.twitter.com/vXlTPIpuhB</a>
&mdash; Byzantine General (@ByzGeneral) <a href="https://twitter.com/ByzGeneral/status/1813973689098244479?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Avi Rozen on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39852340/elizabeth-warrens-opponent-gets-a-1m-donation-in-bitcoin-from-winklevoss-twins-spent-the-l">Elizabeth Warren&#8217;s Opponent Gets A $1M Donation In Bitcoin From Winklevoss Twins: &#8216;Spent The Last Four Years Trying To Destroy The Crypto Industry&#8217;</a></li>
</ul>

Movers

$ETH

Bitcoin, Ethereum, Dogecoin Fall As Trump's Presidency Odds Dip On Prediction Market: Analyst Highlights 'Long The Dip Time'

The Biden Victory Fund is putting fundraising efforts on hold, according to a memo shared with Benzinga. 
What Happened: The joint fundraising committee — authorized by President Joe Biden&#8216;s campaign and the Democratic National Committee — has asked employees at DCM, a firm tasked with reaching out to voters and donors, to &#8220;pause calling indefinitely as of tonight.&#8221;
"We have been asked by the BVF team to pause calling indefinitely as of tonight," the note stated.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39833163/trump-vance-administration-will-be-terrible-for-tesla-says-bear-elon-musk-has-compl">Trump-Vance Administration Will Be &#8216;Terrible&#8217; For Tesla, Says Bear: Elon Musk &#8216;Has Completely Alienated Most Of His Buying Base&#8217;</a>
Why It Matters: The development is in stark contrast to where the Republicans are <a href="https://www.benzinga.com/general/politics/24/07/39851267/trump-vs-biden-former-president-posts-largest-2024-election-lead-since-february-does-kamala-harr">in the White House race</a>: rallying behind former President Donald Trump with both funds and vocal support. 
Earlier this month, Biden brushed off calls to step aside as the Democratic nominee in the <a href="https://www.benzinga.com/topic/2024-election" target="_blank" rel="noreferrer noopener">2024 presidential election.</a>
The Commander-In-Chief even shared a letter to Democrats highlighting his accomplishments and a plan to defeat Trump.
Biden, so far, has not said on the record that he plans to exit the race.
Privately, <a href="https://www.benzinga.com/news/24/07/39852139/biden-reportedly-soul-searching-on-exiting-presidential-race-some-of-presidents-cabinet-members-disc">reports indicate otherwise</a>. 
Key Democratic figures — including former House Speaker Nancy Pelosi, former President Barack Obama, and House Minority Leader Hakeem Jeffries — <a href="https://www.benzinga.com/general/politics/24/07/39844101/pelosi-tells-biden-he-cant-beat-trump-shell-do-everything-in-her-power-to-prevent-2024-run">have voiced their concerns</a>, either to allies or directly to the White House, over the viability of Biden&#8217;s campaign ever since the first 2024 presidential debate<a href="https://www.benzinga.com/general/politics/24/07/39845644/obama-expresses-concerns-over-bidens-re-election-prospects-report"> took place on June 27</a>.
First Lady Jill Biden currently <a href="https://www.mvtimes.com/2024/07/18/first-lady-coming-marthas-vineyard/">plans</a> to attend a Biden Victory Fund event on July 29 in Martha&#8217;s Vineyard. 
Biden is currently at his vacation home in Rehoboth Beach, Delaware <a href="https://www.benzinga.com/general/biotech/24/07/39847869/covid-activity-is-elevated-across-26-states-in-summer-surge-biden-remains-in-isolation-3-vaccine-">after a COVID-19 diagnosis</a>. 
What&#8217;s Next: The Democratic National Convention will take place from Aug. 19 to Aug. 22 in Chicago. 
Now Read: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39846584/president-bidens-odds-of-exiting-the-race-surge-to-80-heres-whos-favored-now">President Biden&#8217;s Odds Of Exiting The Race Surge To 80% — Here&#8217;s Who&#8217;s Favored Now</a></li>
</ul>
Image: Shutterstock

Government

Exclusives

EXCLUSIVE: Biden Victory Fund Suspends Donor Calls: 'Pause Calling Indefinitely As Of Tonight'

Ross Gerber, a prominent Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) investor, and CEO of Gerber Kawasaki Wealth and Investment Management, has voiced his support for rival electric vehicle manufacturer Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>).
What Happened: On Thursday, Gerber took to social media platform X to express his admiration for Rivian&#8217;s R1S, a full-size electric SUV. He noted a 77% surge in R1S sales in California.
Gerber&#8217;s post read, &#8220;Have to say. I do love the rivian R1S. It's a great vehicle. It's become quite popular in California with sales up 77% over last year.&#8221; He also commended Rivian and its CEO, RJ Scaringe, with a &#8220;Great job&#8221; shoutout.
<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">Have to say. I do love the rivian R1S. It's a great vehicle. It's become quite popular in California with sales up 77% over last year. Great job <a href="https://twitter.com/RJScaringe?ref_src=twsrc%5Etfw">@RJScaringe</a> and <a href="https://twitter.com/Rivian?ref_src=twsrc%5Etfw">@Rivian</a> <a href="https://twitter.com/search?q=%24rivn&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$rivn</a>
&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1814053626433970235?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Gerber&#8217;s praise for Rivian comes in contrast to Tesla CEO Elon Musk&#8216;s <a href="https://www.benzinga.com/news/22/01/25136364/tesla-tsla-stock-falls-after-elon-musk-says-its-not-a-good-idea-to-buy-tesla-stock">skepticism about the company</a>. This is not the first time Gerber has shown support for Rivian, having previously <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38106056/beautiful-truck-tesla-investor-ross-gerber-praises-nice-people-at-rivian-for-fulfil">praised the company</a> for fulfilling R1S orders.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39837493/trump-says-taiwan-should-pay-for-its-defense-to-us-but-if-china-invades-taipei-it-will-be-catast?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says Taiwan Should Pay For Its Defense To US, But If China Invades Taipei, It Will Be &#8216;Catastrophic&#8217; For American Economy, Says Analyst: &#8216;It&#8217;s Dark And It&#8217;s High Stakes&#8217;</a>
Why It Matters: Earlier this year, Gerber and fellow Tesla investor Gary Black mocked Musk&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37573152/tesla-investors-mock-elon-musks-comments-about-rivian-rj-doesnt-sleep-at-the-factor">comments about Rivian</a>, noting that Rivian CEO RJ Scaringe doesn&#8217;t need to &#8220;sleep at the factory&#8221; to achieve success.
Despite Musk&#8217;s skepticism, Gerber has consistently shown <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37383897/elon-musk-may-not-be-hopeful-but-tesla-investor-ross-gerber-is-optimistic-about-riv">optimism for Rivian&#8217;s future</a>, emphasizing the brand&#8217;s strong appeal and potential for growth.
Price Action: Rivian Automotive Inc.&#8217;s stock closed at $16.90 on Thursday, down 1.69% for the day. In after-hours trading, the stock saw a slight increase of 0.18%. Year to date, Rivian&#8217;s stock has declined by 19.91%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39831371/chewy-founder-gamestop-ceo-ryan-cohen-posts-trump-665-times-on-elon-musks-x-cryptic-message-has-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chewy Founder, GameStop CEO Ryan Cohen Posts &#8216;TRUMP&#8217; 665 Times On Elon Musk&#8217;s X: Cryptic Message Has Internet Guessing</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

RIVN

TSLA

Elon Musk's Rivian Scepticism Aside, Tesla-Investor Praises R1S Off-Road SUV: 'It's A Great Vehicle'

On Thursday, Cathie Wood&#8217;s Ark Invest made a significant move by reducing its stake in Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), despite a recent bullish outlook on the company&#8217;s potential in the autonomous taxi sector.
The Tesla Trade
The ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) sold 32,199 shares of Tesla, valued at approximately $8.02 million based on the closing price of $249.23 on the same day. This move comes after recent comments by Wood, who expressed her belief that Tesla&#8217;s stock could see a significant surge as it moves into the autonomous taxi business.
Wood, in a recent Tiger Money podcast, stated that Tesla could <a href="https://www.benzinga.com/news/24/07/39807403/tesla-stock-could-shoot-up-10-times-due-to-robotaxis-says-cathie-wood-the-biggest-ai-project-evolvin">potentially capture</a> up to 50% of the autonomous taxi market, presenting a global revenue opportunity of $8 trillion to $10 trillion. She further emphasized that &#8220;Autonomous taxi platforms are the biggest AI project evolving today.&#8221;
However, this isn&#8217;t the first time Ark Invest has trimmed its Tesla holdings. Earlier in July, Ark Invest began selling Tesla shares just after the company reported second-quarter deliveries that topped muted forecasts. The firm <a href="https://www.benzinga.com/markets/equities/24/07/39684695/cathie-woods-ark-pauses-tesla-selling-after-trimming-stake-for-3-straight-sessions-whats-going-o">continued selling</a> a smattering of its Tesla holdings over the next two sessions before pausing on last Monday.
Other Key Trades:
<ul>
<li>Ark Invest&#8217;s Genomic Revolution ETF (ARKG) bought shares of Guardant Health Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GH#NASDAQ">GH</a>). The same fund also acquired shares of 10X Genomics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>). </li>
<li>Both ARKG and the flagship Ark Innovation ETF (ARKK) purchased shares of Beam Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BEAM#NASDAQ">BEAM</a>). </li>
<li>The ARKW fund also bought shares of GitLab Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTLB#NASDAQ">GTLB</a>).</li>
</ul>
Read Next:
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<li> <a href="https://www.benzinga.com/news/24/07/39811211/as-billionaire-boys-go-all-in-for-trump-anthony-scaramucci-has-word-of-caution-tonic-they-are-prescr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As &#8216;Billionaire Boys&#8217; Go All In For Trump, Anthony Scaramucci Has Word Of Caution: &#8216;Tonic They Are Prescribing Will Be Bad For America And The World&#8217;</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ETFs

ARKW

BEAM

GTLB

Cathie Wood-Led Ark Invest Sells $8M In Tesla Shares Despite Bullish Autonomy Forecast

On Thursday, major U.S. stock indices were down, with the Dow Jones Industrial Average dropping nearly 1.3% to 40,665.03, the S&amp;P 500 falling almost 0.8% to 5,544.59, and the Nasdaq decreasing 0.7% to 17,871.22.
Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>)
Palantir&#8217;s shares rose by 1.49% to close at $28.64, with an intraday high of $29.83 and a low of $28.15. The stock&#8217;s 52-week high is $29.83, while the low is $13.68. This rebound came amid a general improvement in tech stocks sentiment, with Wedbush analyst Daniel Ives announcing a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39836711/palantir-stock-up-over-60-this-year-but-analyst-says-the-story-remains-very-underva">new bull-case price target</a> of $50 for the stock. 
Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>)
Netflix&#8217;s shares dipped by 0.68% to close at $643.04, despite reporting a 16.8% year-over-year increase in second-quarter revenue. The intraday high and low were $657.04 and $639.17, respectively. The 52-week high stands at $697.49, with a low of $344.73. Netflix reported strong <a href="https://www.benzinga.com/news/earnings/24/07/39849026/netflix-q2-earnings-highlights-revenue-beat-eps-beat-advertising-revenue-more-meaningful-squid-game">second-quarter financial results</a>, with revenue and earnings per share exceeding expectations and significant growth in paid memberships.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39690898/no-more-getting-high-on-hemp-in-america-multiple-states-begin-intoxicating-hemp-crackdown?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">No More Getting High On Hemp In America? Multiple States Begin Intoxicating Hemp Crackdown</a>
Domino&#8217;s Pizza, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>)
Domino&#8217;s shares fell sharply by 13.57% to $409.04 after reporting <a href="https://www.benzinga.com/news/24/07/39845014/why-dominos-pizza-shares-are-trading-lower-by-over-11-here-are-other-stocks-moving-in-thursdays-mid">mixed quarterly results</a>. The stock&#8217;s intraday high and low were $434.98 and $406.16, respectively. The 52-week high is $542.75, while the low is $330.05. The company reported mixed quarterly results, with second-quarter FY24 sales growth of 7.1% year-over-year to $1.097 billion, missing the analyst consensus estimate of $1.103 billion, and announced a temporary suspension of its guidance metric for global net store growth.
Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>)
Eli Lilly&#8217;s stock dropped by 6.26% to close at $848.90. The intraday high was $909.87, and the low was $836.66. The 52-week high and low are $966.1 and $446.56, respectively. The drop might be due to potential continued weakness after <a href="https://www.benzinga.com/news/24/07/39844030/whats-going-on-with-eli-lilly-and-company-shares-thursday">recent weight loss data</a> from Roche. 
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s shares increased slightly by 0.29% to close at $249.23. The intraday high and low were $257.14 and $247.2, respectively. The 52-week high is $299.29, and the low is $138.8. The rise comes despite concerns that a second term for Republican nominee Donald Trump could <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39833163/trump-vance-administration-will-be-terrible-for-tesla-says-bear-elon-musk-has-compl">negatively impact</a> the electric-vehicle giant. 
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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</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

PLTR

Palantir, Netflix, Domino's Pizza, Eli Lilly, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is <a href="https://www.benzinga.com/news/24/07/39843330/whats-going-on-with-meta-platforms-shares-on-thursday">set to acquire a 5% stake</a> in Essilorluxottica (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ESLOY#OTC">ESLOY</a>), a move that has caught the attention of financial expert Jim Cramer. He believes this deal could be a game-changer for Meta&#8217;s future in the wearable tech space.
What Happened: Cramer, host of CNBC&#8217;s &#8220;Mad Money,&#8221; expressed his views on &#8220;Squawk Street&#8221; on Thursday about the future of Meta Platforms in the wearable tech industry. The company&#8217;s stock saw a rise following the news of the potential investment in EssilorLuxottica.
The deal with EssilorLuxottica, the manufacturer of Ray-Ban smart glasses, is seen as a significant development by Cramer. He highlighted the intense production at the company&#8217;s Italian factory and the potential for &#8220;instant AI&#8221; use cases with the smart glasses.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">All eyes are on <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a>, with reports that they&#39;re taking a 5% stake in Ray-Ban parent EssilorLuxottica. How are things looking from here? <a href="https://twitter.com/jimcramer?ref_src=twsrc%5Etfw">@jimcramer</a> delivers his vision for the company&#39;s future in wearables in today&#39;s <a href="https://twitter.com/hashtag/MadDash?src=hash&amp;ref_src=twsrc%5Etfw">#MadDash</a>. <a href="https://t.co/kDlIWOv7Lp">pic.twitter.com/kDlIWOv7Lp</a>
&mdash; Squawk on the Street (@SquawkStreet) <a href="https://twitter.com/SquawkStreet/status/1813949029321171161?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
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The investment in EssilorLuxottica, valued at approximately 4.5 billion euros ($5 billion), is expected to further strengthen the partnership between the two companies. The Ray-Ban Meta smart glasses, launched last year, have exceeded sales expectations, leading Meta to consider developing more devices in collaboration with EssilorLuxottica.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39837493/trump-says-taiwan-should-pay-for-its-defense-to-us-but-if-china-invades-taipei-it-will-be-catast?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says Taiwan Should Pay For Its Defense To US, But If China Invades Taipei, It Will Be &#8216;Catastrophic For American Economy, Says Analyst: &#8216;It&#8217;s Dark And It&#8217;s High Stakes&#8217;</a>
The third generation of Ray-Ban Meta glasses, anticipated to feature a small screen display, is slated for release <a href="https://www.benzinga.com/news/24/03/38001115/meta-ray-ban-smart-glasses-ready-to-get-ai-upgrade-expect-these-new-features-soon">during the 2025 holiday season</a>. The popularity of the Ray-Ban brand is crucial for the <a href="https://www.benzinga.com/news/24/07/39843330/whats-going-on-with-meta-platforms-shares-on-thursday">success of wearable tech</a>, and the partnership with EssilorLuxottica, which also owns LensCrafters, will facilitate the introduction of the Ray-Ban Meta to users requiring prescription lenses.
Why It Matters: Meta&#8217;s strategic investment in EssilorLuxottica comes at a crucial time. The wearable tech market is <a href="https://www.benzinga.com/news/24/06/39562427/metas-ray-ban-smart-glasses-face-new-rival-powered-by-openais-chatgpt">becoming increasingly competitive</a>. Recently, Solos announced its new AirGo Vision smart glasses, powered by OpenAI&#8216;s ChatGPT technology, which could pose a significant challenge to Meta&#8217;s offerings.
Additionally, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly developing its <a href="https://www.benzinga.com/news/24/06/39449125/apple-glass-potential-competitor-to-ray-ban-meta-smart-glasses-may-take-longer-to-develop-report">own AR smart glasses</a>, although these may not hit the market until 2027. This gives Meta a potential head start in establishing its dominance in the smart glasses sector.
Moreover, Meta has been enhancing the functionality of its Ray-Ban Meta smart glasses. As of May, users can now <a href="https://www.benzinga.com/content/38967020/ray-ban-meta-smart-glasses-can-now-share-directly-to-instagram-stories">share directly to Instagram Stories</a>, adding another layer of integration with Meta&#8217;s social media platforms.
Price Action: Meta Platforms Inc. closed at $475.85 on Thursday, marking an increase of 3.00%. In after-hours trading, the stock rose further 0.75%. Year to date, Meta&#8217;s stock has appreciated by 37.41%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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</ul>
Photo courtesy: Ray-Ban
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>

ESLOY

Meta's Potential 5% Acquisition In Ray-Ban Maker Applauded By Jim Cramer: Wearable Tech Revolution Is A  'Big Deal'

Tyler and Cameron Winklevoss,&nbsp;the co-founders of cryptocurrency exchange&nbsp;Gemini, have donated $1 million in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to support John Deaton&#8217;s political campaign against Senator&nbsp;Elizabeth Warren&nbsp;(D-Mass.), seen as hostile to the cause of cryptocurrencies.
What Happened: On Thursday, Tyler Winklevoss took to X to announce his $500,000 donation to Deaton&#8217;s campaign. He expressed his support for Deaton, praising him as a pro-Bitcoin, pro-cryptocurrency, and pro-business candidate, in stark contrast to Senator Warren, whom he slammed for her unfriendly attitude toward the industry.
&#8220;I am supporting John Deaton because I believe he is the only candidate who can defeat Elizabeth Warren in the race for U.S. Senate in Massachusetts,&#8221; Winklevoss stated. &#8220;While Elizabeth Warren spent the last four years trying to destroy the crypto industry, John Deaton worked tirelessly to defend it as an attorney.&#8221;
Shortly after, his identical twin brother, Cameron Winklevoss, too confirmed donating $500,000 to Deaton.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I also just donated $500k in bitcoin (8 BTC) to <a href="https://twitter.com/DeatonforSenate?ref_src=twsrc%5Etfw">@DeatonforSenate</a> to help him unseat <a href="https://twitter.com/SenWarren?ref_src=twsrc%5Etfw">@SenWarren</a> as a U.S. Senator. Here's the TL;DR — John Deaton is: Pro-Bitcoin Pro-Crypto Pro-Business And he will put an end to Elizabeth Warren's war on crypto. Onward! <a href="https://t.co/JgOF6eBTkc">https://t.co/JgOF6eBTkc</a>
&mdash; Cameron Winklevoss (@cameron) <a href="https://twitter.com/cameron/status/1814019076731412858?ref_src=twsrc%5Etfw">July 18, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39846979/why-ethereum-etfs-mean-it-could-make-a-new-all-time-high-soon">Why Ethereum ETFs Mean Crypto Could Make &#8216;New All-Time High&#8217; Soon</a>
Why It Matters: This isn't the first time the Winklevoss twins have used their cryptocurrency wealth to support political causes. In June, they <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39424615/trump-gets-2m-in-bitcoin-donations-for-2024-election-from-winklevoss-twins-the-biden-admin">donated $2 million</a> in Bitcoin to former President Donald Trump's 2024 election campaign, to support his bid to end the "Joe Biden Administration's war on cryptocurrency."
Winklevoss&#8217;s donation comes amidst a broader political debate surrounding the regulation of cryptocurrencies. <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39070738/remember-elizabeth-warrens-anti-crypto-campaign-donald-trump-promises-to-keep-elizabeth-wa"> Warren has been a vocal critic of the cryptocurrency industry,</a> arguing for a regulatory framework to prevent illegal activities facilitated by cryptocurrencies.
Deaton, on the other hand, has been a vocal critic of SEC&#8217;s regulatory policies, in regards to cryptocurrencies, and has been the legal representative for XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) holders in the ongoing<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38381073/ripple-vs-sec-heats-up-company-refuses-2b-fine-proposes-10m"> SEC vs Ripple Labs case</a>.
Photo by Rich Koele 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.

$XRP

Elizabeth Warren's Opponent Gets A $1M Donation In Bitcoin From Winklevoss Twins: 'Spent The Last Four Years Trying To Destroy The Crypto Industry'

Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) has decided to discontinue its most affordable ad-free subscription plan in the United States and France beginning Thursday.
What Happened: In a letter to shareholders, the streaming behemoth said that it would phase&nbsp;out the basic ad-free plan, which was priced at $11.99 per month.
Netflix ceased offering the basic plan to&nbsp;<a href="https://www.benzinga.com/news/23/07/33285094/netflix-quietly-nukes-the-cheapest-ad-free-plan-in-the-us">new subscribers last year in July</a>&nbsp;but permitted existing customers to retain their subscriptions provided they didn&#8217;t cancel or alter plans.
See Also:&nbsp;<a href="https://www.benzinga.com/general/gaming/24/07/39826578/discover-xboxs-deadpool-inspired-cheeky-controller-and-how-to-get-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Discover Xbox&#8217;s Deadpool-Inspired &#8216;Cheeky Controller&#8217; And How To Get It</a>
The basic plan is no longer available&nbsp;as an option for U.S.&nbsp;subscribers on its Plan and&nbsp;Pricing page. Netflix&#8217;s other&nbsp;plans include a $6.99 monthly&nbsp;option with ads, a $15.49&nbsp;monthly standard HD video quality&nbsp;plan (no ads),&nbsp;and a $22.99 premium Ultra&nbsp;HD plan (no ads).
Netflix subscribers in the U.S.&nbsp;and France&nbsp;currently on the Basic plan&nbsp;will have to select&nbsp;a new plan, the company announced. Impacted members will start receiving email notifications.
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: Netflix&#8217;s decision to discontinue its lowest-priced ad-free plan comes on the heels of its second-quarter earnings report. The streaming giant reported <a href="https://www.benzinga.com/news/earnings/24/07/39849026/netflix-q2-earnings-highlights-revenue-beat-eps-beat-advertising-revenue-more-meaningful-squid-game">second-quarter revenue of $9.56 billion</a>, marking a 16.8% year-over-year increase.
The revenue total surpassed a Street consensus estimate of $9.53 billion, according to data<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent071824&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">&nbsp;from Benzinga Pro.</a>
Netflix concluded the second quarter with a total of 277.65 million paid subscribers, marking an addition of 8.05 million during the period. The company also reported a 34% quarter-over-quarter increase in its ad-supported membership during the second quarter.
NFLX Price Action: Netflix shares ended Thursday's session down 0.68% at $643.04. In the after-hours session, the company&#8217;s shares dropped a little more, and at the time of writing, they were at $641.89.
Image via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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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.

Netflix Ends Lowest-Priced Ad-Free Plan In The US: Here Are Your Choices Now

On Thursday, Sen. Marco Rubio (R-Fla.) proposed that President Joe Biden should step down from the presidency if he decides not to run for re-election in 2024.
What Happened: Rubio&#8217;s comments were made during the Republican National Convention in Milwaukee, according to a Politico <a href="https://www.politico.com/live-updates/2024/07/18/rnc-live-updates-coverage/marco-rubio-on-biden-future-as-president-00169479">report</a>. The senator&#8217;s remarks come at a time when Biden is facing mounting pressure from his own party to reconsider his re-election bid due to health concerns. Influential Democrats, including former House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Chuck Schumer (D-N.Y.), and former President Barack Obama, have reportedly advised Biden to reassess his decision.
Rubio questioned Biden&#8217;s capability to continue as president if he&#8217;s unfit to run for re-election. He stated, &#8220;If there&#8217;s something wrong with you that doesn&#8217;t allow you to run for president, how can you still be there as president? If they&#8217;re going to remove him as nominee, they've got to remove him as president, and that&#8217;s really bad for our country."
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39827912/ron-desantis-blasts-floridas-cannabis-legalization-ballot-at-rnc-it-would-allow-80-joints-a-day-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ron DeSantis Blasts Florida&#8217;s Cannabis Legalization Ballot At RNC: It Would Allow &#8217;80 Joints&#8217; A Day, Affecting Free Speech And Gun Rights</a>
Why It Matters: Biden&#8217;s potential withdrawal from the 2024 race has been a subject of speculation, with reports suggesting that he is seriously <a href="https://www.benzinga.com/news/24/07/39852139/biden-reportedly-soul-searching-on-exiting-presidential-race-some-of-presidents-cabinet-members-disc">considering the option</a>. Biden is said to be contemplating his withdrawal as the Democratic presidential candidate, with insiders indicating that his exit may be imminent.
Furthermore, Biden&#8217;s position in the polls has been slipping. A Benzinga report from the same day shows that former President Donald Trump has been <a href="https://www.benzinga.com/general/politics/24/07/39851267/trump-vs-biden-former-president-posts-largest-2024-election-lead-since-february-does-kamala-harr">gaining ground in the polls</a> since the first 2024 presidential debate.
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>

General

Marco Rubio Says If Biden Drops Out Of Race He Should Quit As President As Well: 'They've Got To Remove Him'

Commodities

Press Releases

Powermers Smart Industries, Inc., a Global Green-Powered Solutions Company, to be Publicly Listed through a Business Combination with OCA Acquisition Corp.

OCAXU

OCA Acquisition

Powermers Smart Industries, Inc. ("PSI" or the "Company"), a green-powered technology solutions and product platform company, and OCA Acquisition Corp. ("OCAX") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCAXU#NASDAQ">OCAXU</a>, OCAX and OCAXW))))), a special purpose acquisition company, have entered into a definitive business combination agreement. Upon the closing of the transactions contemplated by the business combination agreement (the "Business Combination"), the combined company is expected to operate as Powermers Smart Industries, Inc. and its common stock is expected to be listed on Nasdaq under the symbol PSII.PSI is positioning itself with modern engineering and fleet management solutions to transform the commercial transportation and industrial equipment industries on a global scale. PSI has built an ecosystem of partners, with a large and growing fulfillment capacity, that leverages platform-based solutions to shorten R&amp;D cycles, reduce capital expenditure requirements, and accelerate commercialization."Our journey has resulted in a business combination with a premier partner that positions Powermers to accelerate its growth story. With PSI's talented team and market interest, this transaction is a meaningful step to realize the power of our business model, which is designed to help improve the carbon footprint of the commercial transportation and industrial equipment sector globally," commented Christopher Thorne, Chairman and Chief Executive Officer of Powermers Smart Industries, Inc.PSI Investment HighlightsDifferentiated Approach to Address a Global Problem:&nbsp;Greenhouse gas ("GHG") emissions are a massive global problem. The commercial transportation and industrial equipment industries collectively account for approximately 60% of GHG emissions from the transportation sector. PSI's vision is to use its partner ecosystem to help enable a world where sustainable transportation and industrial equipment are the norm, empowering its customers with conscious choices for a healthier planet.Comprehensive Suite of Fleet Management and Related Service Offerings as a Solutions Integrator:&nbsp;PSI forms partnerships with leading companies across the value chain to provide customers access to flexible funding and a wide range of green equipment technology solutions and service options. Business offerings are expected to include equipment, green energy solutions, logistics data services, financial services, marketplaces, and carbon credit realization.Positioned with a Wide Range of Green Energy Equipment Products:&nbsp;PSI integrates various power systems into commercial vehicles and industrial equipment and accelerates their commercialization by leveraging its extensive partnerships with specialty vehicle manufacturers, battery manufacturers, financial institutions, and well-established distributors and dealerships. The product portfolios of PSI's industry partners include logistics vehicles, heavy hauling vehicles for the construction and mining industries, light-duty trucks, micro trucks, forklifts, and agricultural equipment.Multiple Levers for Growth: In addition to its sales of commercial transportation and industrial equipment, PSI aims to generate revenues from multiple sources by creating a market in the green energy ecosystem, including energy platform solutions, logistics data services, financial supply chain services, marketplaces, and carbon credit solutions. PSI's portfolio of intellectual property assets includes&nbsp;patents representing fundamental technology advancements for improving safety and performance for lithium-ion batteries and other energy storage devices.Revenue-Generative Business Model:&nbsp;PSI's innovative business model enables efficient customer acquisition and interlocks diverse and recurring sources of revenues from its end-to-end product and service offerings. PSI's ecosystem of partners with a large and growing fulfillment capacity leverages platform-based solutions that will position PSI to realize shorter R&amp;D cycles, reduced capital expenditure requirements, and accelerated commercialization. PSI has demonstrated the ability to convert customer relationships into realized revenues. As PSI expands its current customer footprint and executes its growth strategies, PSI is expected to continue generating significant growth in 2024 as deliveries accelerate.Experienced and Purpose-driven Leadership Team:&nbsp;PSI is led by an experienced and cohesive leadership team with deep industry knowledge and a track record of driving scale and sustainable growth. Matching purpose with profit, the team is focused on implementing a plan aimed to create value for all the Company's stakeholders by helping enable and lead the world towards a greener energy future."We are excited to partner with Chris and his team at PSI to expand the company's business across North America, Asia, and other international markets. The renewable and environmental services sector has been one of our key target areas. Since the listing of OCAX, we have sought to identify opportunities to leverage Olympus Capital Asia's platform and network in Asia. As an innovative integrator of technologies and solutions that seeks to contribute to the reduction of greenhouse gas emissions, PSI is a perfect fit with our investment priorities. We look forward to supporting management in further expanding its joint venture partnership network and acquisition efforts across multiple markets," said David Shen, President and Chief Executive Officer of OCAX.Transaction TermsAt the closing of the Business Combination, the combined company is expected to have a pro forma equity value of approximately $2 billion. All existing PSI stockholders will roll 100% of their equity into the combined entity. Each share of common stock of OCAX will be converted into one share of&nbsp;common stock of the post-Business Combination company upon closing of the transaction.Concurrently with the execution of the business combination agreement, an investor with a majority economic, non-voting interest in OCAX's sponsor, OCA Acquisition Holdings LLC (the "Sponsor"), committed to make an investment of up to $8 million into PSI pursuant to convertible promissory notes prior to the closing of the Business Combination, and the Sponsor committed to make an additional PIPE investment of $2 million.OCAX's and PSI's respective boards of directors have approved the Business Combination, which is expected to close in 2024, subject to regulatory and stockholder approvals.For additional information about the terms of the Business Combination, including an investor presentation, please see Current Report on Form 8-K, which will be filed today with the Securities and Exchange Commission ("SEC") by OCAX. Additional information about the Business Combination will be provided in the registration statement on Form S-4 (as may be amended from time to time, the "Registration Statement") to be filed with the SEC by PSI relating to the Business Combination.

Powermers Smart Industries, Inc., A Global Green-Powered Solutions Company, To Be Publicly Listed Through A Business Combination With OCA Acquisition Corp.

Digital World Acquisition Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DWAC#NASDAQ">DWAC</a>) shares plunged 20.1% on Wednesday morning after Republican candidates endorsed by President Donald Trump performed poorly <a href="https://www.benzinga.com/news/22/11/29629367/betting-markets-now-show-democrats-as-strong-favorites-to-take-senate">in Tuesday&#39;s midterm elections</a>.

Digital World shares are now down 56.8% overall year-to-date, and short sellers are betting aggressively on more downside ahead.

The Numbers: As a whole, SPACs currently have $506 million in total short interest. S3 Partners analyst Ihor Dusaniwsky said Tuesday that SPAC short interest has increased by $10 million in the past 30 days, led by a surge in short interest for Freedom Acquisition I Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FACT#NYSE">FACT</a>).

Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/10/29421126/occidental-petroleum-is-the-most-shorted-stock-in-the-energy-sector-how-do-exxon-mo">Occidental Petroleum Is The Most Shorted Stock In The Energy Sector: How Do Exxon Mobil And Chevron Compare?</a> 

&quot;SPAC short covering was also muted over the past thirty days, with no SPACs with more than $5 million of buy-to-covers,&quot; Dusaniwsky said.

Digital World remains the most popular short target in the SPAC group, with $60.3 million in short interest, more than three times the short interest of any other stock. Freedom is now a distant second with $16.2 million in short interest, followed by KKR Acquisition Holdings I Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KAHC#NYSE">KAHC</a>) with $15 million.

When it comes to short interest as a percentage of free float, S3 says Digital World is the SPAC leader at 12.7% followed by Malacca Straits Acquisition Co Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLAC#NASDAQ">MLAC</a>) at 7.7% and East Stone Acquisition Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ESSC#NASDAQ">ESSC</a>) at 6.8%.

Most Expensive SPAC Shorts: Digital World tops the SPAC group when it comes to the most expensive shorts. Digital World short sellers are paying a 45.8% borrow fee, followed by Altitude Acquisition Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALTU#NASDAQ">ALTU</a>) short sellers paying an 11% fee and OCA Acquisition Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCAX#NASDAQ">OCAX</a>) short sellers paying an 8.5% fee.

The past month had been painful for SPAC short sellers prior to Wednesday morning&#39;s sell-off. Here are the five least profitable stock shorts based on mark-to-market losses since Oct. 1, as of Tuesday:

<ul>
	<li>Digital World, $656,703 in losses.</li>
	<li>Fortress Value Acquisition Corp IV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FVIV#NYSE">FVIV</a>), $243,097 in losses.</li>
	<li>KKR Acquisition, $231,329 in losses.</li>
	<li>KKR Acquisition Holdings I Units (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KAHC#NYSE">KAHC</a>), $167,298 in losses.</li>
	<li>Broadscale Acquisition Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCLE#NASDAQ">SCLE</a>), $130,711 in losses.</li>
</ul>

Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/10/29270021/tesla-tops-auto-stocks-for-short-sellers-how-do-ford-nio-lucid-and-rivian-rank">Tesla Tops Auto Stocks For Short Sellers: How Do Ford, Nio, Lucid And Rivian Rank?</a>

Benzinga&#39;s Take: Digital World is a classic example of an investment that likely has a binary outcome. If the SPAC completes its merger with Trump Media&nbsp;&amp; Technology Group and its Truth Social platform, there&#39;s a good chance it has significant long-term upside. If it does not complete the merger, the SPAC is likely headed back down to $10.

Photo: Courtesy of&nbsp;<a href="https://www.flickr.com/photos/gageskidmore/" id="yui_3_16_0_1_1647003910696_445422" target="_blank" title="Go to Gage Skidmore's photostream">Gage Skidmore</a>&nbsp;on flickr

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