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PHI Group Inc is part of the financial services industry. Its primary scope of business is mergers and acquisitions. Its M&A advisory and consulting services include strategic and transaction advisory and consulting services related to acquisitions and divestitures. It advises and consults with buyers and sellers of businesses, provides corporate restructuring and turnaround management services, and delivers post-closing value enhancement services.

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Liang Chen, the general manager of Tencent Holdings&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) Tencent Cloud&#8217;s internet industry department, has expressed skepticism about the widespread use of artificial intelligence in the gaming industry.
What Happened: Chen, who is responsible for enhancing game manufacturers&#8217; productivity and efficiency with technology, including Tencent&#8217;s popular mobile game Honor of Kings, stated that the use of generative AI in gaming is still in its early stages, <a href="https://www.cnbc.com/2024/07/30/tencent-cloud-downplays-ai-hype-when-it-comes-to-making-games.html">reported</a> CNBC on Monday. 
He mentioned that while AI has been used by gaming companies for functions like pattern recognition, the effective use of generative AI comes with high costs.
Chen, speaking at the annual ChinaJoy gaming conference in Shanghai, said, &#8220;My personal view is that large-scale application [of generative AI] will still take some time.&#8221; He also highlighted the challenge of balancing costs and results to scale the use of AI in gaming.
Despite the potential of generative AI to understand and generate content in a human-like manner, Chen believes that the industry is still far from widespread application. He cited the need to train generative AI to provide historically accurate answers when a user interacts with a virtual character inside a game set several hundred years ago as an example.
See Also: <a href="https://www.benzinga.com/news/24/07/39997764/elon-musk-bernard-arnault-once-discussed-potential-spacex-louis-vuitton-collab-im-afraid-he-will-ask?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk, Bernard Arnault Once Discussed Potential SpaceX-Louis Vuitton Collab: &#8216;I&#8217;m Afraid He Will Ask Me To Go With Him In The Rocket&#8217;</a>
Chen also mentioned that Tencent is using its in-house developed models, such as the Hunyuan AI model, for such functions. He declined to comment on NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), whose most advanced chips are prized for training AI models, due to the U.S. restrictions on exporting these semiconductors to China.
Despite the challenges, Tencent&#8217;s AI Lab announced a tool called GiiNEX Game AI Engine in March, which incorporates generative AI for developing city scenes in games. Chen also revealed that Tencent has been using AI tools for 3D rendering, reducing the time spent on this step from at least five days to around two hours.
Why It Matters: The cautious stance of Tencent Cloud aligns with broader industry sentiments. In April, Sir Demis Hassabis, co-founder of Google DeepMind, expressed concerns about the <a href="https://www.benzinga.com/news/24/04/38017024/google-deepmind-co-founder-voices-concerns-over-ai-hype-were-talking-about-all-sorts-of-things-that">excessive hype surrounding AI</a>, comparing it to the crypto buzz. He warned that this hype could overshadow genuine scientific progress.
Additionally, despite the market excitement, only a <a href="https://www.benzinga.com/news/24/07/39622815/despite-the-market-hype-only-5-of-us-firms-use-generative-ai-in-production">small fraction of U.S. firms</a> have integrated generative AI into their production processes. A Goldman Sachs report from July revealed that merely 5% of U.S. companies are utilizing generative AI for production, indicating that the technology&#8217;s practical application is still limited.
The AI sector is also facing a reality check in 2024. According to Wolfe Research, the industry may be approaching a &#8220;trough of disillusionment&#8221; as investors demand tangible <a href="https://www.benzinga.com/markets/equities/24/01/36474257/ais-2024-reality-check-facing-peak-ai-hype-its-time-to-prove-its-worth">returns on their AI investments</a>.
Public figures like Jon Stewart have also <a href="https://www.benzinga.com/news/24/04/38054886/jon-stewart-roasts-bait-and-switch-ai-hype-from-zuckerberg-pichai-altman-and-other-silicon-valley-ch">criticized the lofty promises</a> made by tech leaders, highlighting the gap between AI&#8217;s potential and its current capabilities.
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<li><a href="https://www.benzinga.com/news/24/07/40000541/apples-market-share-drops-in-china-a18-chip-integration-to-bring-ai-features-to-iphone-16-and-more-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s Market Share Drops In China, A18 Chip Integration To Bring AI Features To iPhone 16 And More</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>

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TCEHY

Is AI In Gaming Overhyped? Cloud Executive For Tech Giant Weighs In: 'Large-Scale Application Will Still Take Some Time'

The U.S. Environmental Protection Agency (EPA) has awarded nearly $6.2 million grant to the Hemp Building Institute (HBI), a Nashville-based nonprofit, to propel the use of biogenic materials like <a href="https://www.benzinga.com/markets/cannabis/22/02/25762696/is-hempcrete-the-new-green-construction-material-it-could-soon-be-approved-as-just-that">hemp in building construction</a>. This grant is part of a broader $160 million <a href="https://www.epa.gov/greenerproducts/grant-program-reducing-embodied-greenhouse-gas-emissions-construction-materials-and">initiative</a> under President Biden's Inflation Reduction Act, aimed at revitalizing U.S. manufacturing and reducing greenhouse gas emissions associated with construction materials.
The <a href="https://www.epa.gov/system/files/documents/2024-07/2024-epd-grant-summaries-ira-60112-final-7.15.24.pdf">document</a> published by the EPA with summaries of proposed grantee projects provides detailed insights into the initiatives funded.
<h3 class="wp-block-heading">Hemp Leaders' Partnership Spearheads Initiative</h3>
Jacob Waddell, founder of HBI, along with Todd Hughes, founder of Maryland-based EntreVator, are set to spearhead the project. The partnership will develop digital carbon accounting standards for materials like hemp, soy, and straw bale, essential for integrating bio-based materials into mainstream construction practices. "We are deeply honored to receive this grant from the EPA, which marks the beginning of a pivotal journey towards the widespread adoption of biogenic building materials," Hughes expressed in an email, <a href="https://mailchi.mp/1f2808169898/nihc-november-newsletter-17849408">according</a> to a National Industrial Hemp Council newsletter.
Read Also: <a href="https://www.benzinga.com/general/biotech/24/07/39894649/the-wall-that-can-withstand-1700-f-and-cut-10b-in-losses-fire-resistant-hempcrete-now-certified">The Wall That Can Withstand 1700°F And Cut $10B In Losses: Fire-Resistant Hempcrete Now Certified</a>
<h3 class="wp-block-heading">Developing Sustainable Material Standards</h3>
The project&#8217;s scope is comprehensive, including developing Environmental Product Declarations (EPDs) and Life Cycle Assessments (LCAs) for these green materials. Collaborating with Alabama State University and the California Straw Bale Association among others, the initiative aims to establish an open-source database to enhance accessibility and understanding of biogenic materials' environmental impacts.
Hughes, emphasized the project&#8217;s potential to standardize these materials and overcome regulatory and market barriers. &#8220;Achieving mainstream adoption [of natural building materials] requires not only standardizing EPDs but also overcoming regulatory hurdles, increasing public and industry awareness, securing supply chain stability, and ensuring cost competitiveness.&#8221;
<h3 class="wp-block-heading">EPA Funds Clean Construction With Federal Initiative</h3>
The broader EPA funding effort highlights the Biden-Harris Administration&#8217;s strategy to foster cleaner construction practices and support clean U.S. manufacturing under the <a href="https://www.benzinga.com/government/23/08/33883306/the-inflation-reduction-act-turns-1-year-old-biden-says-he-aims-to-rekindle-american-dream">Inflation Reduction Act</a>. The Federal Buy Clean Initiative, highlighted in a <a href="https://www.epa.gov/newsreleases/biden-harris-administration-announces-nearly-160-million-grants-support-clean-us">recent</a> EPA press release, prioritizes low-carbon materials in federal projects, underscoring a commitment to reducing climate pollution.
The initiative also involves the Parsons Healthy Materials Lab at The New School, New York, ensuring a multi-disciplinary approach to tackling emissions from the construction industry, which accounts for over 15% of annual global greenhouse emissions. Waddell <a href="https://mailchi.mp/1f2808169898/nihc-november-newsletter-17849408">stated</a>, &#8220;We have a plan to execute this project that we believe in and we are glad that the EPA could see it as well.&#8221;
<h3 class="wp-block-heading">Top Cannabis Stocks Poised For Hempcrete Market</h3>
Leaders in hemp cultivation and processing such as Charlottes Web Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CWBHF#OTC">CWBHF</a>), Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>), Aurora Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>), Tilray (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) and Hemp Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HEMP#OTC">HEMP</a>) may benefit from the rising use of hempcrete and other hemp-derived building materials.
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<li><a href="https://www.benzinga.com/general/biotech/24/02/37271000/u-s-army-invests-1-9m-to-develop-hemp-manufactured-buildings-for-military-operations">U.S. Army Invests $1.9M To Develop Hemp-Manufactured Buildings For Military Operations</a></li>
</ul>
Image generated with AI tools.
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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

Government

Regulations

CWBHF

HEMP

TLRY

Hempcrete Project Gets $6.2M EPA Grant To Develop Eco-Friendly Construction Materials

Renowned economist Justin Wolfers scoffed at pro-Bitcoin Senator&nbsp;Cynthia Lummis&#8216;&nbsp;(R-Wyo.) point of view that adding Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as a strategic reserve would cut down inflation and national debt.
What Happened: On Monday, Wolfers, who is also a professor at the Ford School of Public Policy at the University of Michigan, mocked Lummis&#8217; advocacy as &#8216;one of the most amazing word salads&#8217; that he&#8217;s ever read, noting a lack of logical connection between the phrases.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">this (in orange) is one of the most amazing word salads I&#39;ve ever read, as no two phrases appear to have any logical connection with each other. 11/10, would smoke again. <a href="https://t.co/ivA5xjc3AJ">https://t.co/ivA5xjc3AJ</a>
&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1817947539125023228?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
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In a July 28 X post, Senator Lummis highlighted the double whammy of soaring inflation and rising national debt in the U.S., and how diversifying into Bitcoin could be a solution for all the problems.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002999/bitcoin-ethereum-dogecoin-move-sideways-as-trump-raises-pro-crypto-pitch-why-does-this-ana?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ethereum &#8216;Monster Move&#8217; Coming After Bitcoin Rally Is Done, Says Trader</a>
Why It Matters: Wolfers&#8217; critique comes at a time when cryptocurrency is becoming a significant point of discussion in the political sphere. 
Former President Donald Trump&#8217;s proposal to <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done">establish a&nbsp;strategic national cryptocurrency stockpile</a> at a recent Bitcoin Conference has been met with mixed reactions, with some seeing it as a strategic move and others, like economist Peter Schiff <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40003571/peter-schiff-confronts-donald-trump-and-michael-saylors-never-sell-your-bitcoin-strategy-w">questioning the logic behind the strategy</a>.
As for Wolfers, this is not the first time that he has ridiculed Lummis for her pro-Bitcoin statements. A known critic, he jabbed the Republican senator earlier after she called for Federal Reserve to hold Bitcoin on its balance sheet. Wolfers termed the proposal as &#8220;inane political posturing&#8221; and &#8220;self-serving nonsense&#8221; from a legislator who holds Bitcoin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Multiple choice. Is this: a) Careful monetary analysis of how best to stabilize the economy b) Inane political posturing c) Someone bought off by industry d) Self-serving nonsense from a senator who holds bitcoin <a href="https://t.co/e5fU23HfRW">https://t.co/e5fU23HfRW</a>
&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1494788713146167299?ref_src=twsrc%5Etfw">February 18, 2022</a></blockquote>
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Price Action: At the time of writing, Bitcoin was trading at $66,601.43, plummeting 4% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Photo Courtesy: Shutterstock.com
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

Cynthia Lummis' Push For Bitcoin Strategic Reserve Ridiculed By Economist Justin Wolfers: 'One Of The Most Amazing Word Salads I've Ever Read'

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has disclosed that the artificial intelligence models powering its AI system, Apple Intelligence, were trained on custom chips developed by 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>) Google, not on the widely used chips from NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
What Happened: Apple&#8217;s AI models were trained on Google&#8217;s Tensor Processing Unit (TPU), as per a technical paper <a href="https://machinelearning.apple.com/research/apple-intelligence-foundation-language-models">released</a> by the company on Monday. This announcement suggests that major tech companies are exploring alternatives to Nvidia for the training of cutting-edge AI.
Nvidia&#8217;s GPUs have been the dominant choice for high-end AI training chips, but their high demand has made them challenging to obtain in the required quantities. Despite this, tech giants like OpenAI, Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and Anthropic continue to use Nvidia&#8217;s GPUs for their models. 
Other companies, including Google, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), are also acquiring these GPUs to expand their AI systems and offerings.
Last week, Meta CEO Mark Zuckerberg and Alphabet CEO Sundar Pichai both indicated that their companies, along with others in the industry, might be overinvesting in AI infrastructure. However, they emphasized that the business risk of underinvesting was too significant to ignore.
Apple&#8217;s decision to use Google&#8217;s TPUs for training is a significant move, given the industry&#8217;s reliance on Nvidia&#8217;s GPUs. This choice could potentially impact the AI chip market and the competition among major tech companies.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002734/trump-says-bitcoin-will-skyrocket-like-never-before-if-he-returns-to-the-white-house-promi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says Bitcoin Will &#8216;Skyrocket Like Never Before&#8217; If He Returns To The White House, Promises To Fire SEC Chair Gary Gensler On Day 1</a>
Apple&#8217;s 47-page paper doesn&#8217;t specifically mention Google or Nvidia, but it does highlight that its Apple Foundation Model (AFM) and AFM server are trained on "Cloud TPU clusters." This indicates that Apple utilized rented servers from a cloud provider for the necessary computations, <a href="https://www.cnbc.com/2024/07/29/apple-says-its-ai-models-were-trained-on-googles-custom-chips-.html">according</a> to a CNBC report.
Apple did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: This development comes amid a series of significant events in Apple&#8217;s AI journey. The company recently announced a <a href="https://www.benzinga.com/news/earnings/24/07/40018739/apple-analyst-turns-focus-to-apple-intelligence-chinese-market-share-ahead-of-q3-earnings">delay in the launch of its AI features</a>, called Apple Intelligence, from September to October. These features were set to debut with iOS 18 but were postponed to ensure stability and performance for the new generative AI capabilities.
Apple&#8217;s AI features are expected to be available on the latest devices, including the iPhone 15 Pro and Mac computers with M1 chips. The company also <a href="https://www.benzinga.com/news/24/07/39904665/apple-plans-a18-chip-integration-to-bring-ai-features-to-iphone-16-its-entry-level-variants-and-ipad">plans to integrate</a> its A18 chip into its upcoming entry-level iPhones and iPads to enable them to run Apple Intelligence.
Ahead of its <a href="https://www.benzinga.com/news/earnings/24/07/40018739/apple-analyst-turns-focus-to-apple-intelligence-chinese-market-share-ahead-of-q3-earnings">third-quarter earnings report</a> on Aug. 1, Bank of America analyst Wamsi Mohan reiterated a Buy rating for Apple, maintaining a price target of $256. In a note published Monday, Mohan forecasted third-quarter revenue of $84.5 billion and EPS of $1.35, slightly above Wall Street estimates of $84.4 billion and $1.34, respectively. 
The analyst anticipates that investors will closely scrutinize management&#8217;s commentary on AI, Chinese market share, and services revenue.
Read Next: 
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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>

AAPL

GOOG

GOOGL

MSFT

ORCL

TSLA

Apple's AI Models Trained On Google's Custom Chips, Not Nvidia's: Report

Venezuelan President&nbsp;Nicolas Maduro&nbsp;has challenged Tesla and SpaceX CEO&nbsp;Elon Musk&nbsp;to a fight following the tech mogul&#8217;s <a href="https://www.benzinga.com/news/24/07/40003819/elon-musk-calls-venezuela-elections-a-travesty-as-nicolas-maduro-wins-third-term-amid-fraud-allegati">accusations of election fraud</a> in the South American nation.
What Happened: On Monday, Musk accused Maduro of &#8220;major election fraud,&#8221; sharing an image that allegedly displayed fraudulent voting percentages. He also shared another post showing the difference between exit polls and actual results saying, &#8220;What a travesty.&#8221;
In response, Maduro challenged the Musk on national television. &#8220;Do you want to fight? Let&#8217;s do it. Elon Musk, I&#8217;m ready,&#8221; he stated. &#8220;I'm not afraid of you Elon Musk. Let&#8217;s fight, wherever you want.&#8221;
Maduro also accused Musk of plotting to invade Venezuela&nbsp;with his rockets and an&nbsp;army.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/40002603/kamala-harris-raises-200m-in-a-week-66-of-that-money-is-from-donors-reveals-campaign-manager-a-peopl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Raises $200M In A Week, 66% Of That Money Is From Donors, Reveals Campaign Manager: &#8216;A People-Powered Campaign&#8217;</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">El burro sabe mas que Maduro <a href="https://t.co/9fe6JWOatM">https://t.co/9fe6JWOatM</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1818031735902453793?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
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Why It Matters: The Venezuelan election, conducted on Sunday, has been a hot topic of international debate. Maduro claims he won 51% of the vote against opposition leader Edmundo Gonzalez&#8217;s 44%, according to the National Electoral Council. However, the president has been accused of fraud by the opposition and the validity of the elections has been questioned internationally.
Thousands of Venezuelans marched Monday evening toward the presidential palace to protest against the election results. Musk has been posting and commenting on videos from these protests on his social media platform X, formerly Twitter.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Wow
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1818095786418184490?ref_src=twsrc%5Etfw">July 30, 2024</a></blockquote>
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Previously, Argentine President Javier Milei cautioned&nbsp;Maduro that Argentina would not&nbsp;&#8220;recognize another fraud&#8221; and expressed optimism&nbsp;that the Armed Forces would&nbsp;&#8220;defend democracy and the popular will.&#8221;
U.S. Secretary of State Anthony Blinken has also expressed &#8220;serious concerns&#8221; about the <a href="https://www.benzinga.com/news/24/07/40012327/us-expresses-serious-concern-as-both-venezuelan-president-nicolas-maduro-and-opposition-claim-electi">results of the Venezuelan presidential</a> election.
Photo Courtesy: Shutterstock.com
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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.

Politics

Nicolas Maduro Challenges Elon Musk As Both Exchange Heated Words After Venezuela Election Results Spur Protests: 'Do You Want To Fight? Let's Do It.'

U.S. stock indices closed mixed on Monday, with the Dow Jones Industrial Average dipping 0.1% to 40,539.93, while the S&amp;P 500 gained 0.08% to reach 5,463.54. Meanwhile, the Nasdaq increased by 0.07% to 17,370.20.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
Nvidia shares fell by 1.30%, closing at $111.59. The stock&#8217;s intraday high and low were $116.28 and $111.3, respectively, with a 52-week range of $39.23 to $195.95. Nvidia is reportedly <a href="https://www.benzinga.com/news/24/07/39877062/nvidia-reportedly-developing-a-new-version-of-its-flagship-ai-chip-for-chinese-market-amid-us-export">developing a new AI chip</a>, named "B20", for the Chinese market in compliance with U.S. export controls.
Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)
Microsoft shares rose by 0.34%, closing at $426.73. The stock&#8217;s intraday high and low were $432.15 and $424.7, respectively, with a 52-week range of $309.45 to $468.35. Analysts expect Microsoft to report <a href="https://www.benzinga.com/news/earnings/24/07/40025343/microsoft-q4-earnings-preview-analyst-says-stock-still-has-yet-to-fully-price-in-next-wave-of-cloud">fourth-quarter revenue</a> of $64.36 billion on Tuesday.
See Also: <a href="https://www.benzinga.com/news/24/07/40002632/kamala-harris-the-will-of-the-venezuelan-people-must-be-respected-as-socialist-nicol-s-maduro-faces?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris: &#8216;The Will Of The Venezuelan People Must Be Respected&#8217; As Socialist Nicolás Maduro Faces Toughest Test At The Ballot In Decades</a>
CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>)
CrowdStrike shares increased by 1.03%, closing at $258.81. The stock&#8217;s intraday high and low were $265.5 and $257.45, respectively, with a 52-week range of $140.52 to $398.3. Jim Cramer believes the stock has <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/40016868/jim-cramer-joins-multiple-analysts-calling-the-bottom-in-crowdstrike-stock">found a bottom</a> and is headed higher from here.
SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>)
SoFi shares declined by 1.08%, closing at $7.33. The stock&#8217;s intraday high and low were $7.52 and $7.23, respectively, with a 52-week range of $6.15 to $11.7. The company is preparing to report its <a href="https://www.benzinga.com/news/24/07/40021681/whats-going-on-with-sofi-shares-today">second-quarter earnings</a> tomorrow.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares surged by 5.60%, closing at $232.10. The stock&#8217;s intraday high and low were $234.27 and $224.7, respectively, with a 52-week range of $138.8 to $278.97. A Tesla stock analyst recently questioned the company&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40023293/tesla-fsd-stunningly-good-but-not-useful-today-analyst-questions-self-driving-effor">ability to solve autonomous driving</a> after a near crash, according to a Benzinga report.
Photo by Phongphan 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/markets/cryptocurrency/24/07/40001633/scaramucci-i-agree-with-every-single-thing-trump-has-said-on-bitcoin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Scaramucci: &#8216;I Agree With Every Single Thing&#8217; Trump Has Said On Bitcoin</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>

CRWD

SOFI

Nvidia, Microsoft, CrowdStrike, SoFi, Tesla: Why These 5 Stocks Are On Investors' Radars Today

On Monday, <a href="https://www.benzinga.com/markets/equities/24/07/39785281/nvidia-ceo-jensen-huang-and-metas-mark-zuckerberg-set-to-discuss-future-of-ai-and-simulation-at-">at SIGGRAPH 2024</a>,&nbsp;Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg&nbsp;and&nbsp;Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang engaged in a spirited discussion about&nbsp;the future of artificial intelligence, which culminated in a jacket swap.
What Happened: During the fireside chat between Zuckerberg and Huang, broadcast live on Nvidia&#8217;s website, the two tech moguls discussed various things including <a href="https://www.benzinga.com/news/23/12/36192113/godfather-of-ai-yann-lecun-believes-open-source-ai-models-will-one-day-overtake-closed-source-rivals">open and closed-source AI</a>.
Zuckerberg expressed his frustration with closed platforms, &#8220;There have just been too many things I&#8217;ve tried to&nbsp;build and told &#8216;nah, you&nbsp;can&#8217;t really build that&#8217; by&nbsp;the platform provider, that at some level I&#8217;m just like, &#8216;Nah, f&#x2A;&#x2A;&#x2A; that.'&#8221;&nbsp;he said.
The Meta CEO continued to speak without realizing that he dropped the f-bomb. &#8220;For the next generation, we&#8217;re going to build all the way down.&#8221;
However, Huang did not miss the chance to tease Meta CEO and immediately said, &#8220;There goes our broadcast opportunity.&#8221;
After which, Zuckerberg said, &#8220;Yeah, sorry,&#8221; adding, &#8220;We were doing okay for like 20 minutes, but get me talking about closed platforms, and I get angry.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/40000381/elon-musks-ai-ambitions-mark-zuckerbergs-apple-critique-and-taiwans-100b-economic-reform-this-week-i?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s AI Ambitions, Mark Zuckerberg&#8217;s Apple Critique, And Taiwan&#8217;s $100B Economic Reform: This Week In AI</a>
The event took a lighter turn toward the end when Zuckerberg and Huang <a href="https://www.benzinga.com/news/24/03/37974918/mark-zuckerberg-dons-nvidia-ceo-jensen-huangs-iconic-leather-jacket-in-viral-photo-calls-him-taylor">exchanged custom-made jackets</a>, referencing a&nbsp;viral meme from earlier in&nbsp;the year. 
Huang&#8217;s jacket was a gift from his wife to commemorate SIGGRAPH 2024, while Zuckerberg&#8217;s was described as &#8220;black and leather and shearling.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="AI and The Next Computing Platforms With Jensen Huang and Mark Zuckerberg" width="500" height="281" src="https://www.youtube.com/embed/w-cmMcMZoZ4?start=1&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
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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 comes on the heels of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39957090/meta-platforms-ai-ambitions-soar-with-llama-3-1-an-inflection-point-in-the-industry">Meta&#8217;s announcement of</a> Llama 3.1, its largest AI model to date, which will be open-sourced. 
Zuckerberg&#8217;s passionate stance on open-source AI has been a topic of discussion recently. Earlier this month, he criticized closed model providers for <a href="https://www.benzinga.com/news/24/07/39925842/elon-musk-agrees-with-arch-rival-mark-zuckerberg-after-meta-ceo-slams-closed-providers-like-openai-f">lobbying against open source</a>, a sentiment supported by&nbsp;Tesla CEO Elon Musk.
He also expressed his desire to <a href="https://www.benzinga.com/news/24/07/39926076/mark-zuckerberg-slams-tim-cooks-apple-after-cupertino-reportedly-rejected-its-iphone-ai-partnership">avoid the &#8220;soul-crushing&#8221; tactics</a> of&nbsp;Apple Inc.&nbsp;by releasing the largest open-source AI model ever.
Previously, <a href="https://www.benzinga.com/news/24/07/39930463/zuckerberg-says-sam-altman-deserves-a-lot-of-credit-but-highlights-the-irony-in-his-firm-named-opena">Zuckerberg acknowledged the</a> contributions of OpenAI CEO Sam Altman to ChatGPT-parent&#8217;s development, but also highlighted the irony of a company named OpenAI leading closed AI models.
Photos courtesy: Shutterstock and Flickr
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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<li><a href="https://www.benzinga.com/news/24/07/39997764/elon-musk-bernard-arnault-once-discussed-potential-spacex-louis-vuitton-collab-im-afraid-he-will-ask?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk, Bernard Arnault Once Discussed Potential SpaceX-Louis Vuitton Collab: &#8216;I&#8217;m Afraid He Will Ask Me To Go With Him In The Rocket&#8217;</a></li>
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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.

Mark Zuckerberg Gets Triggered By Closed AI Models At SIGGRAPH 2024, Drops F-Bomb While Talking With Nvidia CEO Jensen Huang: 'There Goes Our Broadcast Opportunity'

Andrew Left, the renowned GameStop Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) short-seller, has pleaded not guilty to the fraud charges brought against him by the United States. This sets the stage for a high-profile legal confrontation <a href="https://www.benzinga.com/news/24/07/40025118/short-seller-andrew-left-turns-himself-in-on-securities-fraud-charges-report">over his trading strategies</a>.
What Happened: Left, who is known for betting against stocks, appeared in a Los Angeles federal court on Monday and entered a not guilty plea, <a href="https://www.bloomberg.com/news/articles/2024-07-30/andrew-left-pleads-not-guilty-setting-up-fight-over-short-sales?srnd=homepage-americas">reported</a> Bloomberg. The charges against him include market manipulation and providing false information to investigators. If convicted, Left could face a lengthy prison sentence.
During the hearing, Magistrate Judge Rozella Oliver set a $4 million bond, with $1 million of it to be collateralized. Left was given until Aug. 5 to come up with the $1 million. The prosecution argued that Left, who has assets worth over $70 million, including property abroad, was a flight risk.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39999062/benzinga-bulls-and-bears-tesla-amc-meta-and-crypto-analyst-predicts-dogecoin-will-follow-h?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla, AMC, Meta And Crypto Analyst Predicts Dogecoin Will Follow Historical Pattern: Benzinga Bulls And Bears</a>
Left, whose trading activity has been restricted, is also prohibited from making financial transactions exceeding $100,000 without special permission. His trial is scheduled for Sept. 24.
These charges are part of a broader U.S. investigation into the relationship between hedge funds and skeptical researchers. Left&#8217;s case is already being used by industry critics as an example of the need for increased scrutiny.
Why It Matters: Left, the founder of Citron Research, <a href="https://www.benzinga.com/news/24/07/40025118/short-seller-andrew-left-turns-himself-in-on-securities-fraud-charges-report">turned himself in to authorities</a> in Los Angeles on Monday. He was indicted last week on 19 criminal counts by a grand jury. 
Left is accused of using his influence to manipulate stock prices in his favor. The charges imply that Left would publicize his bets, set ambitious price targets, and then quickly close his positions once his statements had affected the market.
Left&#8217;s legal troubles come after he <a href="https://www.benzinga.com/news/24/07/39985350/short-seller-andrew-left-faces-fraud-charges-accused-of-manipulating-at-least-15-stocks">was charged with fraud</a> by federal prosecutors who allege that he manipulated stock prices for his own financial benefit. The charges imply that Left would publicize his bets, set ambitious price targets, and then quickly close his positions once his statements had affected the market.
Left&#8217;s prosecution is already being used as fodder by critics of the industry. Separately, the U.S. Securities and Exchange Commission sued Left over alleged violations of the law in a civil complaint on Friday, according to the report.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40002999/bitcoin-ethereum-dogecoin-move-sideways-as-trump-raises-pro-crypto-pitch-why-does-this-ana?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Move Sideways As Trump Raises Pro-Crypto Pitch &#8211; Why Does This Analyst Think Longing King Crypto Could Soon Be A Good Option?</a></li>
</ul>
Image Courtesy: Benzinga<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>
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>

Legal

GameStop Short Seller And Citron Founder Andrew Left Pleads Not Guilty To Fraud Charges

The passionate fanbase of the Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) ecosystem was up in celebration as the Layer-2 chain Shibarium hit the six-million block milestone ahead of its first anniversary. 
What Happened: Lucie, the marketing specialist for the ecosystem, took to X Monday to announce the significant feat.
<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">Huge congratulations to all Shibizens on <a href="https://twitter.com/hashtag/Shibarium?src=hash&amp;ref_src=twsrc%5Etfw">#Shibarium</a> for hitting 6 million blocks! &#x1f389; <a href="https://twitter.com/hashtag/TreatYourself?src=hash&amp;ref_src=twsrc%5Etfw">#TreatYourself</a>! &#x1f64c; <a href="https://t.co/VDnpt6ClaP">pic.twitter.com/VDnpt6ClaP</a>
&mdash; 
</blockquote></div></figure>

$SHIB

Shiba Inu Burn Rates Shoots Up 4527% As Community Cheers Shibarium's 6M Block Feat

Bitcoin, Dogecoin slide, Ethereum rises as U.S. government's $2 billion worth of King Crypto transfer spooks the market.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-2.95%</td>
<td>$66,682.98</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>+1.23%</td>
<td>$3,326.92.63.</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.09%</td>
<td>$0.1296</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin hit $70,000 early in the morning but began to retrace as a wallet linked to the U.S. Department of Justice moved out $2 billion in Bitcoins.&nbsp;
The news resulted in panic selling, bringing King Crypto below $67,000.
<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">UPDATE: The U.S. Government has split the $2B Bitcoin into two addresses: 10,000 BTC ($669.35M): bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek 19,800 BTC ($1.33B): bc1qngydl7hmgdtmuqjmtsyj3pcwszv0yn5mj6kz4c We believe this represents a 10,000 BTC deposit to an institutional… <a href="https://t.co/0aULBXGd8P">https://t.co/0aULBXGd8P</a> <a href="https://t.co/RTwtaqvMmM">pic.twitter.com/RTwtaqvMmM</a>
&mdash; Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1817975722662670643?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The transfer didn't affect Ethereum although the world's second-largest cryptocurrency remained choppy throughout the day.
About $193 million locked in derivatives positions was liquidated in the last 24 hours, with long liquidations equating to $136.61 million.
The slump caused a nearly 3% decline in Bitcoin's Open Interest, indicating forced liquidations of bullish bets. The decline in longs vis-à-vis shorts lent credence to the narrative.
The market cooled down as the Cryptocurrency Fear &amp; Greed Index fell from 74 to 67 in the last 24 hours. That said, the broader mood was still one of "Greed."
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9 p.m. EDT)</td>
</tr>
<tr>
<td>BOOK OF MEME (BOME)</td>
<td>+14.27%</td>
<td>$0.0104</td>
</tr>
<tr>
<td>Mog Coin (MOG)</td>
<td>+12.57%</td>
<td>$0.000001906</td>
</tr>
<tr>
<td>AIOZ Network (AIOZ)</td>
<td>+12.19%</td>
<td>$0.6339</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stands at $2.39 trillion, shrinking 1.82% in the last 24 hours.
Stocks inched marginally higher Monday. The S&amp;P 500 added 4.44 points, or 0.08%, to close at 5,463.54. The tech-heavy Nasdaq Composite gained 0.07% to end at 17,370.20. The blue-chip index Dow Jones Industrial Average slid 0.12% to 40,539.93 at the closing bell.
Bullish investors are anticipating a rebound in tech stocks as tech giants like&nbsp; Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) are set to report their second-quarter earnings this week.&nbsp;
The Federal Reserve will hold the FOMC meeting on 31 July, with benchmark interest rates expected to remain unchanged, according to the CME FedWatch tool.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Economist Alex Krüger linked the Bitcoin correction in part to Vice President Kamala Harris "doing very well in the polls."
"The Trump trade is long bitcoin and long small caps. The Kamala trade is the opposite," Krüger emphasized.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Crypto trading can be brutal. Prices and euphoria were running high today into the US equities open, on the back of the Trump speech, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ticked 70K, and then wham -5% in a straight line. If trying to rationalize the move, I&#39;d say it was a partial reflection of Kamala doing… <a href="https://t.co/GLalHo8jo0">pic.twitter.com/GLalHo8jo0</a>
&mdash; Alex Krüger (@krugermacro) <a href="https://twitter.com/krugermacro/status/1818049305120239894?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
A widely-followed X account, Bitcoin Archive, expressed confidence in the ability of King Crypto to make big moves quickly.
"Just remember that Nvidia went from $1.3 Trillion (current BTC market cap) to 3.3 Trillion in just 6 months.&nbsp; Big moves can happen fast," they said. "If Bitcoin did the same it would break $180,000 just after Christmas."
<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">People doubting that <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> can smash 200K in short time. Just remember that NVDIA went from $1.3 Trillion (current <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> market cap) to 3.3 Trillion in just 6 months. Big moves can happen fast. IF Bitcoin did the same it would break $180,000 just after Christmas. &#x1f384;&#x1f385;&#x1f384; <a href="https://t.co/jKKLSdgXG2">pic.twitter.com/jKKLSdgXG2</a>
&mdash; Bitcoin Archive (@BTC_Archive) <a href="https://twitter.com/BTC_Archive/status/1817922617166225734?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Igor Faun on Shutterstock
Read Next:    
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40020140/four-arrested-in-kyiv-for-brutal-bitcoin-related-kidnapping-and-murder">Four Arrested In Kyiv For Brutal Bitcoin-Related Kidnapping And Murder</a></li>
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Movers

Trading Ideas

$DOGE

$ETH

Bitcoin, Dogecoin Drop, Ethereum Gains As US Government Moves $2B In BTC: Economist Links Kamala Harris Doing Well In Polls With King Crypto Correction

John Bolton, a prominent political commentator and Trump-era National Security Advisor, took to X on Tuesday to express his disapproval of former President Donald Trump&#8217;s choice of running mate.
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It&#39;s one thing to go after your opponent, but attacking your opponent&#39;s supporters and the greater American electorate is a mistake. That&#39;s not how you win friends and influence people. I break down the evolving presidential election with <a href="https://twitter.com/kaitlancollins?ref_src=twsrc%5Etfw">@kaitlancollins</a>: <a href="https://t.co/AhcZtoo9k5">pic.twitter.com/AhcZtoo9k5</a>
&mdash; John Bolton (@AmbJohnBolton) <a href="https://twitter.com/AmbJohnBolton/status/1818075571487727872?ref_src=twsrc%5Etfw">July 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
What Happened: His tweet comes in the backdrop of an intensifying race between former President Donald Trump and Vice President Kamala Harris. 
The former Trump official criticized the former president for picking J.D. Vance as his running mate. He called it a &#8220;historical mistake&#8221; that &#8220;doesn&#8217;t add a single thing.&#8221;
&#8220;Vance barely won the senate race in Ohio,&#8221; said Bolton. &#8220;He doesn&#8217;t add anything outside the Trump orbit,&#8221; Bolton said that the pick surprised him because he thought Trump was indicating Vance to be his heir apparent.
&#8220;He does have the youth factor, but ironically that underlines Trump&#8217;s age and now that Biden is out of the race that&#8217;s gonna be a real subject of conversation.&#8221;
However, Bolton said it was unlikely that Trump would dump Vance as his running mate as theorized by Anthony Scaramucci. &#8220;I think it is very unlikely, he&#8217;s stuck with him now.&#8221; It should be noted that Scaramucci had <a href="https://www.benzinga.com/news/24/07/39997182/former-white-house-official-anthony-scaramucci-mocks-jd-vance-says-thank-you-for-knocking-me-out-of">previously mocked</a> Vance as the worst Trump hire.
He criticized Vance&#8217;s recent cat-lady comments to Hillary Clinton calling Trump supporters &#8220;deplorable.&#8221;
&#8220;It&#8217;s one thing to go after your opponent, but attacking your opponent&#8217;s supporters and the greater American electorate is a mistake.&#8221;
According to a recent <a href="https://www.benzinga.com/news/24/07/39996908/trump-vs-harris-new-poll-shows-ex-president-leading-democratic-candidate-by-a-narrow-margin-but-vice">poll</a>, Trump is leading Harris by a narrow margin.
See Also: <a href="https://www.benzinga.com/news/24/07/40001605/anthony-scaramucci-says-donald-trumps-verbal-sparring-with-kamala-harris-a-mistake-adds-vice-preside?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Donald Trump&#8217;s Verbal Sparring With Kamala Harris A Mistake, Adds Vice President Can &#8216;Shock The World&#8217; In Terms Of Skillset And Capability</a>
Why It Matters: On Tuesday, Vance&#8217;s fellow Ohio Congressman Rep. Greg Landsman (D) <a href="https://www.benzinga.com/news/24/07/40026875/trump-vp-pick-jd-vance-blasted-by-fellow-ohio-rep-landsman-one-of-the-cruelest-most-chaotic-and-down">criticized him sharply</a>. He labeled Vance&#8217;s campaign as &#8220;cruel and chaotic,&#8221; citing the senator&#8217;s views on abortion, marriage, and women as misaligned with his district&#8217;s beliefs.
Speculation arose about former Trump possibly <a href="https://www.benzinga.com/news/24/07/39979544/can-trump-replace-jd-vance-amid-kamala-harris-picking-pace-experts-warn-that-could-be-extraordinaril">replacing Vance</a> as his vice presidential candidate due to Vance&#8217;s poor polling and Vice President Harris&#8217;s growing momentum. Despite this, Trump reaffirmed his support for Vance, who has faced scrutiny for his pro-crypto stance and brief political career. Bolton&#8217;s post suggests a call for a more positive approach to campaigning. This comes at a time when Harris 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">garnered significant support</a> within her party. She has secured the majority of Democratic delegate support, positioning her as the party's nominee against Trump.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/40003111/potential-kamala-harris-vp-pick-pete-buttigieg-says-voters-are-worried-about-age-and-acuity-of-presi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Potential Kamala Harris VP Pick Pete Buttigieg Says &#8216;Voters Are Worried About Age And Acuity Of President Trump&#8217;</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

General

Trump White House Official John Bolton Says JD Vance May Have 'Youth Factor' But Highlights Ex-President's Age: It's Gonna Be 'A Real Subject Of Conversation' Now

Paul Krugman, a renowned economist and Nobel Prize laureate, has urged the Federal Reserve to promptly implement rate cuts as the New York Fed&#8217;s <a href="https://www.benzinga.com/top-stories/24/07/39987142/feds-favorite-inflation-gauge-keeps-falling-but-fed-wants-durable-downward-trend-economist-says">inflation measure hits 2.06%</a>.
What Happened: Krugman took to social media platform X to share his thoughts. He emphasized the need for immediate rate cuts, citing the New York Fed&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/39963781/feds-favorite-inflation-gauge-set-to-drop-to-lowest-level-in-over-3-years-is-july-rate-cut-possi">inflation measure of 2.06% as a key factor</a>.
&#8220;The eagle has soft landed. The New York Fed's measure of underlying inflation is now just 2.06 percent. The Fed should cut rates now now now,&#8221; Krugman wrote. 
<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 eagle has soft landed. The New York Fed's measure of underlying inflation is now just 2.06 percent. The Fed should cut rates now now now. <a href="https://t.co/yxevbkkxlq">pic.twitter.com/yxevbkkxlq</a>
&mdash; Paul Krugman (@paulkrugman) <a href="https://twitter.com/paulkrugman/status/1817985174229106812?ref_src=twsrc%5Etfw">July 29, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
June&#8217;s Personal Consumption Expenditure (PCE) price index, which represents the goods and services most commonly purchased by U.S. consumers, continued to decline. This development further strengthens the case for a Fed rate cut in September.
The PCE price index, excluding energy and food items, remained stable from the previous month. However, the growth rate of personal income and spending fell more than expected, indicating a potential weakness in demand.
See Also: <a href="https://www.benzinga.com/news/earnings/24/07/39993819/tech-stocks-slide-on-earnings-us-economy-flexes-muscles-small-cap-rally-continues-this-week-in-the-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tech Stocks Slide On Earnings, US Economy Flexes Muscles, Small-Cap Rally Continues</a>
Why It Matters: The call for rate cuts by Krugman comes amid growing speculation that the Federal Reserve might soon lower interest rates. Recent trends in the bond market indicate that investors are betting on a rate cut at the <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/40023359/investors-rush-into-junk-corporate-bonds-as-fed-rate-cut-speculation-goes-wild-hi">Fed&#8217;s September meeting</a>. 
The Fed's preferred inflation measure, the PCE price index, has been falling consistently. In June, it rose by 2.5% annually, down from 2.6% in May, which further <a href="https://www.benzinga.com/top-stories/24/07/39987142/feds-favorite-inflation-gauge-keeps-falling-but-fed-wants-durable-downward-trend-economist-says">supports the argument for a rate cut</a>. 
Moreover, the U.S. economy has shown remarkable resilience. The Bureau of Economic Analysis recently reported a surprising real GDP growth of 2.8% in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40013144/if-economic-performance-were-an-olympic-sport-us-economy-would-win-gold-says-market">the second quarter</a>, doubling the growth rate of the first quarter and surpassing analysts' expectations. This robust economic performance adds another layer of complexity to the Fed&#8217;s decision-making process. 
Finally, the Federal Reserve is expected to maintain its <a href="https://www.benzinga.com/news/24/07/40005909/federal-reserve-moving-closer-to-a-rate-cut-amid-softening-economy-and-inflation-trends-report">current interest rates for now</a>, but a potential rate cut in September is on the horizon. This is due to favorable changes in U.S. inflation and a softening labor market. The Federal Open Market Committee is expected to keep the benchmark interest rate at 5.25% to 5.50% when it concludes its two-day meeting on Wednesday.
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<li><a href="https://www.benzinga.com/news/24/07/40004935/after-kim-jong-uns-defense-pact-with-russia-global-economy-could-lose-4-trillion-if-war-erupts-betwe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Kim Jong Un&#8217;s Defense Pact With Russia, Global Economy Could Lose $4 Trillion If War Erupts Between North And South Korea, Warn Experts</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>

Economics

Federal Reserve

Paul Krugman Says Cut Rates 'Now Now Now,' As New York Fed's Inflation Measure Hits 2.06%: 'The Eagle Has Soft Landed'

The vice presidential campaign of Sen. JD Vance (R-Ohio) has been branded as &#8220;cruel and chaotic&#8221; by Rep. Greg Landsman (D-Ohio).
What Happened: On Monday, Landsman, who represents the same district as Vance, voiced his criticism on a social media platform. He described Vance&#8217;s campaign as &#8220;one of the cruelest, most chaotic and downright weirdest.&#8221; He argued that Vance&#8217;s views on abortion, women, and marriage do not align with the beliefs of the over 800,000 residents of southwest Ohio&#8217;s 1st Congressional District.
Landsman referenced Vance&#8217;s 2021 remarks criticizing those who don&#8217;t have children, which Vance defended last week as a &#8220;sarcastic comment.&#8221; He also criticized Vance&#8217;s suggestion of a federal response to women seeking abortions across state lines and his vote against legislation for a national right to in vitro fertilization (IVF).
Landsman further accused Vance of supporting the idea that people should stay in violent marriages and not divorce. He also claimed that Vance is involved in Project 2025, a policy blueprint for a future GOP administration, which has been distanced from by Trump and his allies.
See Also: <a href="https://www.benzinga.com/news/24/07/39999519/trump-vs-harris-latest-survey-indicates-positive-signs-for-this-candidate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: Latest Survey Indicates Positive Signs For This Candidate</a>
In response, a Vance spokesperson stated that the Ohio senator agrees with former President Donald Trump that each state should individually set their own abortion laws. The spokesperson also dismissed Landsman&#8217;s comments as &#8220;desperate attacks.&#8221;
Landsman concluded his thread by stating, &#8220;Southwest Ohio doesn&#8217;t like this guy, so take it from the folks who know him best. Mr. Vance is just weird – there&#8217;s no other way to say it. This isn&#8217;t a guy we want anywhere near the White House.&#8221;
Why It Matters: Vance&#8217;s vice presidential campaign has <a href="https://www.benzinga.com/news/24/07/39979544/can-trump-replace-jd-vance-amid-kamala-harris-picking-pace-experts-warn-that-could-be-extraordinaril">been under scrutiny</a>, with speculation about his potential replacement due to underwhelming polling and the growing momentum of Vice President Kamala Harris.
His views on the housing market and his <a href="https://www.benzinga.com/real-estate/24/07/39957663/heres-what-republican-vp-nominee-jd-vance-has-said-about-the-housing-market-you-might-be-shocked">connections with the tech industry</a> have also been highlighted in a previous Benzinga report. Additionally, his <a href="https://www.benzinga.com/markets/equities/24/07/39999243/vance-on-childless-cat-ladies-people-are-focusing-so-much-on-the-sarcasm-and-not-on-the-substanc">controversial remarks</a> about &#8220;childless cat ladies&#8221; have been a point of contention.
Despite these controversies, Silicon Valley billionaire Peter Thiel has reportedly reconsidered his stance on former President Trump in light of Trump's <a href="https://www.benzinga.com/news/24/07/40001721/thiel-reportedly-reassessing-trump-in-wake-of-vance-pick-in-spite-of-many-misgivings-he-had-earlier">selection of Vance</a> as his running mate.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/40001605/anthony-scaramucci-says-donald-trumps-verbal-sparring-with-kamala-harris-a-mistake-adds-vice-preside?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Donald Trump&#8217;s Verbal Sparring With Kamala Harris A Mistake, Adds Vice President Can &#8216;Shock The World&#8217; In Terms Of Skillset And Capability</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump VP-Pick JD Vance Blasted By Fellow Ohio Rep. Landsman: 'One Of The Cruelest, Most Chaotic And Downright Weirdest' Campaign

In the wake of a lethal rocket attack on the Golan Heights, the United States is spearheading diplomatic initiatives to dissuade Israel from retaliating against Beirut or significant civil infrastructure in Lebanon.
What Happened: A Reuters report on Thursday revealed that the US is striving to avert a full-blown war between Israel and Hezbollah, a Lebanese group backed by Iran. This development follows a rocket assault on the Israeli-occupied Golan Heights last weekend, which resulted in the deaths of 12 young individuals. Both the US and Israel have attributed the rocket attack to Hezbollah, an allegation the group has refuted.
The main aim of these diplomatic efforts is to deter Israel from striking densely populated regions in Beirut, a Hezbollah stronghold, or essential infrastructure like airports and bridges. This insight was provided by anonymous sources acquainted with the situation.
Since the Golan attack, Lebanon&#8217;s deputy parliament speaker, Elias Bou Saab, has been in contact with US mediator Amos Hochstein. He proposed that Israel could avoid a significant escalation by sparing Beirut and its suburbs.
Although Israel has expressed its intention to harm Hezbollah without triggering a full-scale war, it has not pledged to refrain from attacking Beirut or its civil infrastructure. The US State Department declined to comment on the specifics of the diplomatic talks but reaffirmed its unwavering support for Israel&#8217;s security against all threats backed by Iran, including Hezbollah.
See Also: <a href="https://www.benzinga.com/news/24/07/40001721/thiel-reportedly-reassessing-trump-in-wake-of-vance-pick-in-spite-of-many-misgivings-he-had-earlier?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Thiel Reportedly Reassessing Trump In Wake Of Vance Pick &#8216;In Spite Of Many Misgivings&#8217; He Had Earlier This Year</a>
Why It Matters: The escalating tensions in the Middle East have not significantly impacted oil prices, as per a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40015199/oil-prices-remain-under-pressure-despite-rising-middle-east-tensions-a-bearish-tria">Benzinga report</a>. 
The Israeli security cabinet had authorized Prime Minister Benjamin Netanyahu&#8217;s government to decide on the response to the deadly rocket strike in the Golan Heights, attributed to Hezbollah by both Israel and the United States.
Image via Shutterstock
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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>

US Leads Diplomatic Drive To Curb Israel's Response To Golan Heights Assault, Prevent Attack On Densely Populated Beirut

The Federal Bureau of Investigation has disclosed that Thomas Matthew Crooks, who attempted to assassinate former President Donald Trump, had conducted internet searches about the attempted assassination of Slovakia&#8217;s Prime Minister Robert Fico.
What Happened: As reported by <a href="https://www.washingtonpost.com/nation/2024/07/29/trump-assassination-attempt-fbi-updates/">The Washington Post</a> on Monday, the FBI provided new details about the gunman&#8217;s &#8220;careful planning&#8221; for the attack. The gunman, identified as Thomas Matthew Crooks, had shown interest in the attack on Fico, who was gravely wounded in a May shooting.
The FBI continues to analyze data from Crooks&#8217;s digital devices, including cellphones and a laptop. While the motive for the shooting remains unclear, the FBI has not found any evidence linking other individuals to the attack.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001633/scaramucci-i-agree-with-every-single-thing-trump-has-said-on-bitcoin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Scaramucci: &#8216;I Agree With Every Single Thing&#8217; Trump Has Said On Bitcoin</a>
Crooks had used aliases and encrypted communication accounts to purchase firearm supplies and materials to build explosive devices. He opened fire at a July 13 campaign rally in Butler, Pa., where Trump was speaking, killing one person and injuring two others before being killed by a Secret Service sniper.
Trump has agreed to an interview about the assassination attempt, according to Kevin Rojek, who heads the FBI&#8217;s Pittsburgh field office. &#8220;We want to get his perspective as to what he observed,&#8221; Rojek said.
The FBI&#8217;s investigation is ongoing, with agents continuing to search through Crooks&#8217;s phones and his gaming and social media accounts to identify a possible motive or find any indication that he may have worked with an accomplice.
Why It Matters: In May, <a href="https://drupal-cloudfront.benzinga.com/news/24/05/38845607/slovakias-prime-minister-robert-fico-hospitalized-after-assassination-attempt-suspect-detained-repor">Fico was shot</a> at in the town of Handlova, approximately 150 kilometers northeast of the capital of Slovakia Bratislava. The Prime Minister heads a populist-nationalist coalition that returned to power after elections in September 2023.
After the assassination attempt on Fico, Rep. Marjorie Taylor Greene (R-Ga.) <a href="https://drupal-cloudfront.benzinga.com/news/24/05/38862270/marjorie-taylor-greene-says-slovak-pm-great-and-courageous-over-covid-19-vaccine-who-stance-no-wonde">praised the leader&#8217;s courage</a> and prayed for his full recovery.
Months later, the <a href="https://www.benzinga.com/general/politics/24/07/39761947/gunman-dead-trump-rally-attendee-killed-says-local-da-former-president-comes-under-fire-in-penns">assassination attempt</a> on Trump occurred at a campaign rally in Butler, Pennsylvania, on July 13. The incident was treated as an assassination attempt and a potential act of <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">domestic terrorism</a> by the FBI. 
The shooter was later identified as Crooks, who was killed during the incident. Following the assassination attempt, Secret Service Director Kimberly Cheatle resigned, as <a href="https://www.benzinga.com/government/24/07/39911075/secret-service-director-kimberly-cheatle-resigns-following-trump-assassination-attempt-congressional">reported</a> by Benzinga.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Shooter Researched Assassination Attempt On Slovakia's Prime Minister, FBI Provides Details On 'Careful Planning'

SPGC

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

The months of August and September arrive as the S&amp;P 500 and other market indexes are near all-time highs. But, investors could be in for a rough two months if history is indicative<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39776800/s-p-500-prints-new-record-highs-ahead-of-powell-speech-russell-2000-rally-continues-trump-"> of future results</a>.
What Happened: The trading week will end in July and bring with it several key events including <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40016926/markets-brace-for-crucial-interest-rate-shake-up-what-to-expect-from-federal-reserv">the July FOMC meeting,</a> July unemployment figures and earnings reports from several Magnificent 7 members.
On Thursday, August starts and brings with it the worst two-month stretch annually for investors based on past results.
Freedom Capital Markets Chief Global Strategist Jay Woods shared the tidbit in a weekly newsletter.
"Thursday kicks off the beginning of the worst two months — August &amp; September — that the market has performed over the last 20 years," Woods <a href="https://jaywoods.substack.com/">writes</a>. &nbsp;
In the past 20 years, the S&amp;P 500, which is tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), is down an average of 0.4% during August and September. The S&amp;P 500 was up 10 years and down 10 years for the two-month stretch, making it a near coin-flip on whether the index is positive.
The S&amp;P 500 is down three straight years for the two-month stretch with 2020 the last time the index was positive for August and September.
This could be good news for investors as the 2024 year shares something in common with 2020 with both being <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/23/12/36416440/why-buy-stocks-in-a-presidential-election-year-history-has-a-crazy-stat-for-you">presidential election years.</a>
The S&amp;P 500 Index is often up in presidential election years and during the August and September stretch the last five times was up an average of 0.05%.
While this is a minimal return, it represents a potential positive to get investors through the roughest stretch of the investing year.
Non-presidential election year 2019 was flat in the August and September stretch.
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/07/39846454/exclusive-market-strategist-jay-woods-says-rotation-in-small-caps-is-just-starting-rus">EXCLUSIVE: Market Strategist Jay Woods Says &#8216;Rotation In Small Caps Is Just Starting&#8217;: Russell 2000 Within 8% Of All Times, &#8216;Easy Upside Target&#8217;</a>
Why It's Important: A <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34182214/s-p-500-seasonality-the-chart-that-sends-shivers-down-spines-in-september-but-with-">previous report showed</a> that September is the worst month of the year for the S&amp;P 500, dating back to 1928.
From 1928 through 2022, the S&amp;P 500 was only positive in September 44% of the time. The average return of the S&amp;P 500 for September in the stretch was down 1.2%.
Another potential positive for the S&amp;P 500 along with it being an election year is the current momentum heading into September. Depending on what happens in August, September could start with the S&amp;P 500 up double-digits year-to-date.
In years when the S&amp;P 500 is up 10% to 20% year-to-date through August, the S&amp;P 500 is up an average of 0.77% based on the previous report.
The<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072924&amp;t=be2bearmibe3na1"> Benzinga Pro chart </a>below shows the past two August and September and their dips for investors.
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072924&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="997" height="509" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29173809/Screenshot-93.png" alt="" class="wp-image-463455" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29173809/Screenshot-93.png 997w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29173809/Screenshot-93-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29173809/Screenshot-93-768x392.png 768w" sizes="(max-width: 997px) 100vw, 997px" /></a></figure>
Armed with 2024 being a presidential election year and the S&amp;P 500 up double digits, investors could escape the August and September period with a positive gain, but past history shows that the next two months could be rough.
SPY Price Action: The SPDR S&amp;P 500 ETF Trust closed at $544.76 on Monday with two full days left before August starts. The SPY has traded between $408.91 and $565.16 over the past year and is up 14.5% year-to-date in 2024.
Read Next: 
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</ul>
Photo: Northallertonman via Shutterstock

Broad U.S. Equity ETFs

Education

Bad News Ahead For Investors? August, September Are Worst Two Months Over Past 20 Years — But 2024 Could Be Different

Verano Holdings Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTCQX">VRNOF</a>) announced Monday that it wiil acquire significant assets from The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBSTF#OTC">CBSTF</a>) (FSE: 3LP). The acquisition, strategic to expanding its national footprint, includes one of Cannabist&#8217;s Virginia licenses, along with associated operations including all of Arizona operations.
<h3 class="wp-block-heading">Expanding Operations In Virginia And Arizona</h3>
The acquisition in <a href="http://benzinga.com/topic/virginia-cannabis">Virginia</a> encompasses a cultivation and production facility plus six dispensaries, positioning Verano as the exclusive cannabis operator for Health Service Area 5, which includes populated areas like Virginia Beach and Norfolk. The deal is poised at $90 million, with payment structured as $20 million cash, $40 million in Class A subordinate voting shares and a $30 million promissory note.
Meanwhile, Verano will add one cultivation facility, one production facility and two dispensaries in <a href="http://benzinga.com/topic/arizona-cannabis">Arizona</a>, boosting its total cultivation space in the state to 90,000 square feet. This expansion, costing $15 million payable in cash, increases Verano's presence to eight dispensaries across Arizona.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/40024424/ex-police-officer-turned-cannabis-ceo-calls-for-federal-marijuana-de-scheduling-in-letter-to-har">Ex-Police Officer Turned Cannabis CEO Calls For Federal Marijuana De-Scheduling In Letter To Harris, Trump, Biden</a>
<h3 class="wp-block-heading">Verano, Cannabist Execs Discuss Strategic Acquisition</h3>
&#8220;Today&#8217;s agreement further diversifies Verano's portfolio, which, since the company's inception, has remained focused on expanding our business into limited-license markets to scale both our wholesale and retail operations,&#8221; <a href="https://www.globenewswire.com/news-release/2024/07/29/2920498/0/en/Verano-Enters-into-Agreements-with-The-Cannabist-Company-to-Acquire-One-of-Its-Virginia-Licenses-and-Associated-Operations-and-Its-Arizona-Operations.html">stated</a> George Archos, Verano&#8217;s chairman and CEO, in a press release. &#8220;This opportunity greatly increases Verano's growth trajectory as we gain access to the coveted market of Virginia ahead of an adult use program and deepens our footprint in Arizona.&#8221;
From The Cannabist Company&#8217;s perspective, the deal allows it to optimize the company&#8217;s operations while focusing on remaining assets in Virginia and preparing for future endeavors. &#8220;We are pleased to have reached an agreement and look forward to welcoming Verano to the robust Virginia market,&#8221; stated David Hart, CEO of The Cannabist Company. "We are so proud of what our Eastern Virginia and Arizona teams have accomplished and look forward to seeing the Verano team support their continued successes.&#8221;
<h3 class="wp-block-heading">Verano Expands Footprint Across 14 States</h3>
Subject to regulatory approvals, this deal promises to strategically position Verano ahead of <a href="https://www.benzinga.com/markets/cannabis/24/04/38275122/exclusive-florida-on-cusp-of-adult-use-legalization-cannabis-sales-boom-ceo-tells-benzinga-confe">Virginia's anticipated adult-use cannabis program</a> and expand its operational scale in Arizona. With this acquisition, Verano's operational footprint will span 14 states with 15 cultivation sites and 150 dispensaries, marking important growth of its national cannabis market influence.
VRNOF Price Action At market close on Monday, VRNOF&#8217;s shares traded at $3.95 per share.
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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>.

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$105M Deal: Verano To Acquire Cannabist Co.'s Operations In Virginia And Arizona

Douglas Dynamics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLOW#NYSE">PLOW</a>) reported quarterly earnings of $1.11 per share which beat the analyst consensus estimate of $0.66 by 68.18 percent. This is unchanged from the same period last year. The company reported quarterly sales of $199.902 million which beat the analyst consensus estimate of $182.767 million by 9.38 percent. This is a 3.55 percent decrease over sales of $207.267 million the same period last year.

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Douglas Dynamics Q2 2024 Adj. EPS $1.11 Beats $0.66 Estimate, Sales $199.902M Beat $182.767M Estimate

Among the largest companies to report quarterly earnings <a href="https://www.benzinga.com/earnings">during the trading week</a> is Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) with investors and analysts eyeing continued growth of Cloud and artificial intelligence efforts.
Earnings Estimates: Analysts expect Microsoft to report fourth-quarter revenue of $64.36 billion according to data <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072924&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>
The company reported revenue of $56.19 billion in last year's fourth quarter. Microsoft has beaten analysts' estimates for revenue in eight of the past 10 quarters, including five straight quarters.
Analysts expect the company to report fourth-quarter earnings per share of $2.93 compared to $2.69 in last year's fourth quarter. The company has beaten analysts' estimates for earnings per share in nine of the past 10 quarters, including seven straight quarters.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/07/39961573/microsofts-progressive-stance-paves-way-for-unionized-gaming-workforce">Microsoft&#8217;s Progressive Stance Paves Way for Unionized Gaming Workforce</a>
What Analysts Are Saying: The ongoing AI Revolution and Microsoft's growth from the sector is one of the key items Wedbush analyst Dan Ives will be watching when the company reports.
"Microsoft and Nvidia are the two best barometers in technology on the pace of AI adoption globally," Ives said.
The analyst maintained an Outperform rating and $550 price target in a new investor note.
Ives said channel checks show a potential "robust" quarter for Microsoft with the company "in the driver's seat" of the AI tidal wave. The analyst said cloud deal flow for Azure is seeing strong momentum.
"The most important metric will be Azure growth with the Street's bogey of 30%, which we believe is beatable in our view given the high level of deal activity during the quarter from core MSFT enterprise customers on the cloud."
The next three years could see over 70% of the Microsoft installed base on AI-driven functionality for enterprise and commercial, the analyst added.
"We strongly view this as Microsoft's ‘iPhone Moment' with AI set to change the cloud growth trajectory in Redmond the next few years and recent checks giving further confidence in this dynamic."
Ives estimates Copilot deployments for Microsoft customers could add $25 billion to the company's top-line revenue in fiscal 2025.
"We believe the stock still has yet to fully price in what we view as the next wave of cloud and AI growth coming to Redmond as AI enterprise use cases catalyze more budget dollars to AI in 2024/2025."
Ives said Microsoft is starting to hit the "next gear of growth" with artificial intelligence the story going forward.
Here are other <a href="https://www.benzinga.com/quote/MSFT/analyst-ratings">analyst ratings for Microsoft</a> and their price targets in the month of July:
Piper Sandler: Reiterated an Overweight rating and raised the price target from $465 to $485
TD Cowen: Maintained a Buy rating and raised the price target from $470 to $495
Bank of America: Maintained a Buy rating and raised the price target from $480 to $510
Mizuho: Maintained an Outperform and raised the price target from $450 to $480
BMO Capital: Maintained an Outperform rating and raised the price target from $465 to $500
Argus Research: Maintained a Buy rating and raised the price target from $475 to $526
Key Items to Watch: Microsoft has been in the news a lot recently related to an outage caused by CrowdStrike Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) that <a href="https://www.benzinga.com/news/24/07/39861744/microsoft-outage-what-states-services-companies-saw-the-blue-screen-of-death">took down computers</a> running Windows.
While the Microsoft Outage won't likely have a key impact on customer churn, analysts could look to ask the company how it is moving forward from the key event.
While AI and Cloud get the headlines, the company's gaming division led by Xbox could also be a key item for investors to watch. Microsoft has made several gaming-related acquisitions in recent years and has a reported new console coming out in the next couple of years.
With the full fiscal year in the books, Microsoft could provide guidance for the next fiscal year. 
MSFT Price Action: Microsoft shares are up 0.34% to $426.73 Monday at market close versus a 52-week trading range of $309.45 to $468.35. Microsoft stock is up 14% year-to-date in 2024.
Read Next: 
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<li><a href="https://www.benzinga.com/general/gaming/24/07/39888849/microsoft-responds-to-ftcs-criticism-about-xbox-game-pass-asserting-it-is-wrong-to-call-this-a-deg">Microsoft Responds To FTC&#8217;s Criticism About Xbox Game Pass, Asserting &#8216;It Is Wrong To Call This A Degraded Version&#8217;</a></li>
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