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Premier Diversified Holdings Inc is a company that operates in diversified industries. The company is engaged in evaluating other potential investments and acquisition opportunities of public and private entities and their assets. It mainly invests in startup businesses, preferably through joint ventures, wherein the company takes a majority equity stake or provides debt financing.

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On Monday, significant declines hit U.S. and Japanese markets due to concerns over a slowing U.S. economy, sparking a global sell-off. The Dow Jones Industrial Average fell 2.6%, one of its largest single-day drops, while the S&amp;P 500 and Nasdaq Composite also faced substantial losses. Japanese stocks experienced their biggest one-day drop since 1987, with the Nikkei 225 index plunging over 12%. The downturn was intensified by falling oil prices and increased expectations of a Federal Reserve rate cut at its next meeting.
On the day, the Dow Jones Industrial Average closed at 38,703.27, down 2.6%. The Nasdaq fell 3.4% to 16,200.08, and the S&amp;P 500 decreased 3% to finish at 5,186.33.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>)
Palantir&#8217;s shares fell by 2.63% to close at $24.09. The stock&#8217;s intraday high and low were $24.42 and $21.23, respectively, with a 52-week range of $29.83 to $13.68. The company reported <a href="https://www.benzinga.com/news/earnings/24/08/40172453/palantir-q2-earnings-revenue-beat-eps-beat-customer-count-up-41-driven-by-strength-in-us-commercial">second-quarter revenue</a> of $678.13M (+27% YoY), beating estimates, with adjusted earnings of 9 cents per share, and raised its full-year revenue outlook to $2.742B-$2.75B, driven by strong commercial and government demand for AI systems.
Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)
Alphabet&#8217;s Class A stock declined by 4.45% to close at $159.25, while the company&#8217;s Class C shares fell by 4.6% to $160.64. A federal judge ruled that Alphabet&#8217;s payments to make its search engine the default option on smartphone web browsers <a href="https://www.benzinga.com/government/24/08/40169996/alphabet-loses-antitrust-suit-over-google-search-dominance-report">violates U.S. antitrust law</a>.
See Also: <a href="https://www.benzinga.com/markets/asia/24/08/40154197/trump-says-kamala-doesnt-have-a-clue-biden-is-sound-asleep-as-stock-markets-crash-globally-i-told-yo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says &#8216;Kamala Doesn&#8217;t Have A Clue. Biden Is Sound Asleep&#8217; As Stock Markets Crash Globally: &#8216;I Told You So!!!&#8217;</a>
Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
Nvidia&#8217;s shares plunged by 6.36% to close at $100.45. The intraday high and low were $103.41 and $90.69, respectively, with a 52-week range of $195.95 to $39.23. The company&#8217;s shares dropped amid rumors of a <a href="https://www.benzinga.com/markets/equities/24/08/40156506/nvidia-plunges-nearly-10-to-sub-100-level-leading-other-semiconductor-stocks-lower-in-premarket-">delay in its next-gen Blackwell accelerators.</a>
Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>)
AMD&#8217;s shares rose by 1.75% to close at $134.82. The intraday high and low were $139.14 and $121.83, respectively, with a 52-week range of $227.3 to $93.12. The company&#8217;s shares rebounded after a <a href="https://www.benzinga.com/news/24/08/40170023/amd-shares-rebound-whats-going-on">morning selloff</a> in chip stocks.
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s shares fell by 4.23% to close at $198.88. The intraday high and low were $203.88 and $182, respectively, with a 52-week range of $278.97 to $138.8. The company&#8217;s shares dropped due to <a href="https://www.benzinga.com/news/24/08/40168600/tesla-shares-are-falling-today-what-you-need-to-know">broader market weakness</a> and concerns about a potential U.S. economic slowdown.
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Photo by Jirapong Manustrong on Shutterstock
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152336/shiba-inu-lead-developer-shytoshi-kusama-nods-to-crypto-analysts-sentiment-on-selling-amid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Lead Developer Shytoshi Kusama Nods To Crypto Analysts&#8217; Sentiment On Selling Amid Market Crash: &#8216;They Really Want Your Cheap Crypto&#8217;</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Equities

News

Markets

GOOG

GOOGL

NVDA

PLTR

TSLA

Palantir, Google-Parent Alphabet, Nvidia, AMD, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Mohamed El-Erian, the Chief Economic Advisor at Allianz, has proposed a potential solution to the ongoing market turmoil.
What Happened: Drawing a parallel to the popular game show &#8220;Family Feud,&#8221; El-Erian shared what he believes the responses would be if 100 market participants were surveyed.
He suggested that the disorderly market selloff is due to concerns over U.S. growth, fears of another Federal Reserve policy error, poor market technicals, geopolitical tensions, and domestic politics.
As for the best circuit breaker, he proposed a 50 basis points September cut by the Fed, an emergency Fed cut, Fed verbal intervention, market bottom fishing, and administration verbal intervention. El-Erian wrote, &#8220;I would agree with the first and debate the second.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For those who remember the game show Family Feud, here is what I think the screens would look like in response to 100 market participants being surveyed and asked&#8230; What is behind the disorderly market selloff and What is the best circuit breaker? (I would agree with the… <a href="https://t.co/MlCKSp5F2K">pic.twitter.com/MlCKSp5F2K</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1820451578081399111?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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El-Erian&#8217;s comments come amid a global market selloff, which has been a <a href="https://www.benzinga.com/markets/equities/24/08/40152271/mohamed-el-erian-grant-cardone-and-matt-weller-warn-of-deepening-global-market-selloff-as-yen-ri">cause for concern</a>. The selloff, which began in the U.S., has now spread to Japan, causing a significant drop in the Nikkei 225 and Topix on Monday. 
El-Erian had <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40154562/fed-may-be-bullied-into-50-bps-cut-in-september-says-mohamed-el-erian-as-global-mar">previously suggested</a> that the Federal Reserve might be &#8220;bullied&#8221; into a 50 basis points cut in September. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152028/bitcoin-falls-below-53k-mark-as-global-financial-markets-continue-to-bleed-peter-schiff-wa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Falls Below $53K Mark As Global Financial Markets Continue To Bleed — Peter Schiff Warns Ominously: &#8216;You Guys Are Whistling Past A Crypto Graveyard&#8217;</a>
Why It Matters: The global stock market selloff has been a major concern for investors and analysts. The situation has led to significant losses in various markets, including Japan. However, there have been <a href="https://www.benzinga.com/markets/equities/24/08/40176966/japan-markets-us-futures-recover-after-historic-plunge-supported-amid-strong-service-sector-and-">signs of recovery</a> Tuesday, with the Japanese stock market significantly bouncing back after a historic plunge. This recovery has been supported by strong service sector and employment data from Tokyo.
On Monday a global sell-off of stocks and other assets pulled <a href="https://www.benzinga.com/news/24/08/40169330/nvidia-microsoft-apple-amazon-erase-1-1-trillion-in-monday-sell-off-bubble-burst-or-market-correctio">markets towards bear territory</a>. A slight uptick in U.S. unemployment, published on Friday, reignited fears of a recession that rippled across the globe. Some indices saw historical drops, including Japan&#8217;s Nikkei 225 stock index, which dropped more than 13.4% at its lowest point on Monday.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/08/40152088/elon-musk-says-warren-buffett-is-clearly-expecting-a-correction-after-berkshire-sold-nearly-half-of?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Warren Buffett Is &#8216;Clearly Expecting A Correction&#8217; After Berkshire Sold Nearly Half Of Its Apple Stock</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>

Global

Economics

Mohamed El-Erian Recreates A 'Family Feud' Like Screen To Identify Circuit For Disorderly Market Selloff: Here Are The Two Triggers He Picked

Nobel laureate and renowned economist Paul Krugman poked fun at Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) store of value narrative after the cryptocurrency witnessed one of its steepest drops in years.
What Happened: On Monday, Krugman quoted financial journalist and Bloomberg TV host Joe Wisenthal&#8217;s Bloomberg&#8217;s Joe Weisenthal post questioning King Crypto&#8217;s long-endorsed &#8220;digital gold&#8221; thesis. 
&#8220;Bitcoin doesn't look like the new gold. It looks like 3 tech stocks in a trenchcoat," Weisental stated, underscoring the growing correlation between Bitcoin and traditional risk assets, particularly technology stocks.
Adding his own twist, the 2008 Nobel Economics Prize winner wrote, &#8220;I like this line from Joe Weisenthal. But if you think about it, it's an Nvidious comparison,&#8221; a deliberate wordplay to equate Bitcoin&#8217;s volatility with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), the stock that has become the barometer of sentiment in technology stocks.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I like this line from Joe Weisenthal. But if you think about it, it's an Nvidious comparison (rimshot) <a href="https://t.co/Cagv3Ha7lF">pic.twitter.com/Cagv3Ha7lF</a>
&mdash; Paul Krugman (@paulkrugman) <a href="https://twitter.com/paulkrugman/status/1820569384781508951?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40176950/trump-says-government-shouldnt-be-selling-bitcoin-crypto-is-like-ai-if-we-dont-build-it-ch">Trump Says Government Shouldn&#8217;t Be Selling Bitcoin: &#8216;Crypto Is Like AI, If We Don&#8217;t Build It, China Will&#8217;</a>
Why It Matters: This is not the first time Krugman has criticized Bitcoin. Just last week, he <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40060902/paul-krugman-slams-trumps-bitcoin-advocacy-nobel-laureate-calls-it-government-bailout-of-a">described the cryptocurrency as &#8220;economically useless&#8221;</a> and criticized former President Donald Trump&#8217;s support for the asset class.
Notably, presidential hopeful Trump recently advocated for a national Bitcoin stockpile, a move Krugman labeled a &#8220;government bailout&#8221; of a scandal-ridden, value and environment-destroying industry. 
Krugman famously said after the collapse of the cryptocurrency exchange&nbsp;FTX&nbsp;in December 2022 that the "black swan" event&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/22/12/29951283/why-this-nobel-prize-winning-economist-says-crypto-could-be-entering-an-endless-winter" target="_blank" rel="noreferrer noopener">could be the beginning of the end</a>&nbsp;for the cryptocurrency industry and the very idea of a blockchain.
Price Action: At the time of writing, Bitcoin was trading at $55,791.75, up 2.55% 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>. Shares of Nvidia ended 6.36% down at $100.45 after Monday&#8217;s regular trading session.
Photo via Shutterstock
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40168139/crypto-carnage-is-bitcoins-store-of-value-thesis-now-invalidated">Crypto Carnage: Is Bitcoin&#8217;s Store Of Value Thesis Now Invalidated?</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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

Cryptocurrency

$BTC

Paul Krugman Ridicules Bitcoin's Store Of Value Narrative, Nobel Winning Economist Makes A Cheeky Comparison With Nvidia

Renowned economist Peter Schiff criticized Senator Cynthia Lummis&#8216; (R-Wyo.) proposed legislation to establish a U.S. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve, arguing that it would lead to inflation.
What Happened: On Monday, Schiff explained his point of view regarding the bill proposed by Lummis. The legislation aims to establish a U.S. strategic Bitcoin reserve by purchasing 1 million Bitcoin and holding it for 20 years. Schiff argues that the bill would necessitate the Federal Reserve to print more money to fund the purchase, leading to inflation. 
&#8220;The Senator&#8217;s plan is to create inflation to buy Bitcoin,&#8221; Schiff stated
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The bill proposed by <a href="https://twitter.com/SenLummis?ref_src=twsrc%5Etfw">@SenLummis</a>, which requires the U.S. government to create a &quot;Bitcoin Reserve&quot; by purchasing 1 million <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> to HODL for 20 years, mandates the Federal Reserve to print the money to pay for it. Thus, the Senator&#39;s plan is to create <a href="https://twitter.com/hashtag/inflation?src=hash&amp;ref_src=twsrc%5Etfw">#inflation</a> to buy Bitcoin.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1820572844956463292?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40146331/benzinga-bulls-and-bears-tesla-microsoft-intel-crowdstrike-and-crypto-trader-says-dogecoin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Benzinga Bulls And Bears: Tesla, Microsoft, Intel, CrowdStrike And Crypto Trader Says Dogecoin&#8217;s Bull Run Has &#8216;Not Even Begun Yet&#8217;</a>
Lummis had introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act, or the BITCOIN Act, with an aim to to enhance the U.S. dollar's strength and address the national debt. 
According to the proposed bill, one key method to fund the Bitcoin puchase program <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40166877/will-bitcoin-or-ethereum-recover-more-faster-from-the-crash-heres-what-technical-analysis-">involves allocating $6 billion from net earnings remitted by the Federal Reserve to the Treasury</a> from fiscal years 2025 through 2029.
Why It Matters: Schiff&#8217;s criticism comes hours after he dismissed<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40169225/peter-schiff-thinks-bitcoin-will-never-be-a-reserve-asset-but-others-see-the-drop-as-a-tes"> Bitcoin as a potential reserve asset</a>, stating that a reserve asset should have low volatility, be readily sold when needed, and have a more stable value than assets it&#8217;s supposed to hedge. His comments were in response to <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40153940/bitcoin-crashes-below-50k-briefly-crypto-market-records-over-1b-in-liquidations-in-24-hour#:~:text=gravity%2Ddefying%20plunge%20worsened%20as,at%20the%20time%20of%20writing.">Bitcoin&#8217;s steepest fall</a> in years.
Other economists have also criticized Lummis&#8217; proposal. Justin Wolfers, a professor at the University of Michigan, <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40027813/cynthia-lummis-push-for-bitcoin-strategic-reserve-ridiculed-by-economist-justin-wolfers-on">described Lummis&#8217; arguments</a> for advocating Bitcoin as a strategic reserve as &#8220;one of the most amazing word salads&#8221; he&#8217;s ever read.
Price Action: At the time of writing, Bitcoin was trading at $55,809.52, recovering 2.53% 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>. 
Did You Know? 
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Politics

Peter Schiff Finds Fault With Cynthia Lummis' Bitcoin Reserve Bill: 'The Senator's Plan Is To Create Inflation To Buy King Crypto'

One of OpenAI&#8217;s 11 co-founders and president, Greg Brockman, has announced a sabbatical, while two other executives are also leaving the ChatGPT-parent.
What Happened: On Monday, Brockman took to X, formerly Twitter, and shared that he is taking a break until&nbsp;the end of the year&nbsp;to &#8220;relax and recharge&#8221; after <a href="https://www.benzinga.com/23/11/35861681/sam-altman-and-greg-brockman-shocked-and-saddened-after-removal-from-openai-over-google-meet?_gl=1&#x2A;p5j6pg&#x2A;_gcl_au&#x2A;MjA1ODg0MTUwNC4xNzIyODE4NDg3&#x2A;_ga&#x2A;OTA2NzIyOTE2LjE2OTk0MDk1NDQ.&#x2A;_ga_V7ZK73W7N0&#x2A;MTcyMjkwNDc1MS45MzEuMS4xNzIyOTEzMDk4LjAuMC4w">nine years with OpenAI</a>. 
&#8220;I'm taking a sabbatical through&nbsp;end of year. First time to relax since co-founding OpenAI&nbsp;9 years ago. The mission&nbsp;is far from complete; we&nbsp;still have a safe AGI&nbsp;to build,&#8221; he stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I'm taking a sabbatical through end of year. First time to relax since co-founding OpenAI 9 years ago. The mission is far from complete; we still have a safe AGI to build.
&mdash; Greg Brockman (@gdb) <a href="https://twitter.com/gdb/status/1820644694264791459?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
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See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40152392/delta-will-have-to-explain-why-it-didnt-take-responsibility-security-companys-lawyers-fireback-at-te?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Delta Will Have To &#8216;Explain&#8217; Why It Didn&#8217;t Take Responsibility — Security Company&#8217;s Lawyers Fireback At Tech Crash-Hit Airline After It Threatens To Sue Microsoft And CrowdStrike</a>
John Schulman, another co-founder of OpenAI, has also decided to leave the company. He is joining ChatGPT-maker&#8217;s rival AI startup Anthropic. 
Schulman also took to X and expressed his confidence in OpenAI&#8217;s continued success without him, stating, &#8220;I&nbsp;am confident that OpenAI and the teams I was part&nbsp;of will continue to thrive&nbsp;without me.&#8221;
&#8220;I&#8217;ve decided to pursue this goal at Anthropic, where I believe I can gain new perspectives and do research alongside people deeply engaged with the topics I&#8217;m most interested in,&#8221; he added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I shared the following note with my OpenAI colleagues today: I&#39;ve made the difficult decision to leave OpenAI. This choice stems from my desire to deepen my focus on AI alignment, and to start a new chapter of my career where I can return to hands-on technical work. I&#39;ve decided…
&mdash; John Schulman (@johnschulman2) <a href="https://twitter.com/johnschulman2/status/1820610863499509855?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
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Peter Deng, a product manager&nbsp;who joined OpenAI last year&nbsp;after leading products at Meta Platforms, Inc.,&nbsp;Uber, and Airtable,&nbsp;has also left the company, which OpenAI has confirmed, <a href="https://techcrunch.com/2024/08/05/openai-co-founder-leaves-for-anthropic/">reported</a> TechCrunch.
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: The latest departures follow the high-profile exit of OpenAI&#8217;s chief scientist Ilya Sutskever, who <a href="https://www.benzinga.com/news/24/05/38834519/openai-chief-scientist-ilya-sutskever-steps-down-ceo-sam-altman-calls-him-a-guiding-light-of-ai-fiel">exited the company</a> in May earlier this year after working for nearly a decade.
At the same time, Jan Leike, who co-led the Superalignment project at OpenAI, also resigned without providing a reason.
Last year in November, OpenAI was embroiled in a <a href="https://www.benzinga.com/news/23/11/35916508/openai-drama-timeline-all-the-twists-and-turns-starring-sam-altman">series of events including</a> allegations of neglecting AI safety by Sam Altman, who was briefly ousted from the company along with Brockman.
However, departing executives isn&#8217;t the only battle OpenAI has to find currently. On Monday, Elon Musk also revived a legal dispute against the company extending a <a href="https://www.benzinga.com/news/legal/24/08/40168619/elon-musks-new-lawsuit-against-openai-accusations-of-betrayal-and-deception">conflict that began six years ago</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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.

Tech

OpenAI President Greg Brockman Says He's Taking A 'Sabbatical' Through End Of Year But Admits 'Mission Far From Complete' — Co-Founder Schulman Leaves For Rival Anthropic

Ark Invest, the investment firm led by Cathie Wood, made significant trades in Amazon.com, Meta Platforms, Advanced Micro Devices, and others on Monday, a day marked by a <a href="https://www.benzinga.com/markets/asia/24/08/40175656/tech-stocks-lead-dow-jones-industrial-average-to-largest-drop-in-almost-two-years">substantial market downturn</a>.
Ark Invest made several significant trades amid the market carnage, across its ETFs, including ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>), ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>), ARK Genomic Revolution ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKG#BATS">ARKG</a>), Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), and ARK Space Exploration &amp; Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#NYSE">ARKX</a>).
On Monday, the U.S. and Japanese markets experienced significant declines due to concerns over a slowing U.S. economy, which triggered a global market sell-off. The Dow Jones Industrial Average fell 2.6%, marking one of its largest single-day drops, while the S&amp;P 500 and Nasdaq Composite also saw substantial losses. Japanese stocks suffered their biggest one-day drop since 1987, with the Nikkei 225 index plummeting over 12%. The downturn was exacerbated by falling oil prices and heightened expectations of a rate cut by the Federal Reserve at its next meeting.
Here are some key purchases made by Ark Invest amid the market carnage on Monday:
The Tesla Trade
Ark Invest bought 12,426 shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), valued at approximately $2.5 million based on the closing price of $198.88 through ARKW. This purchase was made despite a 4.23% drop in Tesla&#8217;s stock price.
The Amazon Trade
Ark Invest also bought 176,963 shares of Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) through ARKF, ARKX, ARKW, ARKK and ARKQ, worth around $28.5 million at the closing price of $161.02. This move comes as the tech giant&#8217;s stock price fell by 4.1% in Monday&#8217;s market carnage.
The Coinbase Trade
Another notable trade was the purchase of 93,797 shares of Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) by Ark Invest through ARKK, ARKW and ARKF This trade is valued at approximately $17.78 million based on the closing price of $189.47.
The Robinhood Trade
Ark Invest bought 681,885 shares of Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), worth around $11.12 million at the closing price of $16.42. Despite an 8.17% drop in its stock price, the firm purchased shares through ARKK, ARKW and ARKF.
The Meta Platforms Trade
Ark Invest also bought 12,545 shares of Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) through ARKW and ARKF, worth around $5.96 million at the closing price of $475.73. This purchase, despite a 2.54% drop in its stock price.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152336/shiba-inu-lead-developer-shytoshi-kusama-nods-to-crypto-analysts-sentiment-on-selling-amid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Lead Developer Shytoshi Kusama Nods To Crypto Analysts&#8217; Sentiment On Selling Amid Market Crash: &#8216;They Really Want Your Cheap Crypto&#8217;</a>
The AMD Trade
Ark Invest bought 25,316 shares of Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), worth around $3.4 million at the closing price of $134.82. This purchase, following a 1.75% increase in its stock price was made through ARKK, ARKW and ARKQ.
The Palantir Trade
Ark Invest also bought 52,239 shares of Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), worth around $1.26 million at the closing price of $24.09. This purchase, despite a 2.63% drop in its stock price was made via ARKK, ARKQ, ARKW,ARKF and ARKX.
Other Key Trades: 
<ul>
<li>Ark Invest sold 454,775 shares of Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) on Monday, worth around $26.02 million at the closing price of $57.21 through ARKK, ARKW and ARKF. </li>
<li>Ark Invest sold shares of SoFi Technologies Inc (SOFI).</li>
<li>Ark Invest sold shares of UiPath Inc (PATH) on Monday.</li>
<li>Ark Invest sold shares of Ginkgo Bioworks Holdings Inc (DNA). Ark Invest sold shares of Verve Therapeutics Inc (VERV).</li>
</ul>
Image Courtesy: Ark Invest
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40177193/robinhood-suspends-24-hour-trading-on-monday-amid-third-party-issues">Robinhood Suspends 24-Hour Trading On Monday Amid Third-Party Issues</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

AMZN

ARKF

ARKG

ARKK

ARKQ

ARKW

ARKX

COIN

HOOD

Cathie Wood-Led Ark Invest Went Shopping For AMD, Tesla, Amazon, Coinbase, Robinhood, Meta And Palantir Shares Amid Market Crash On Monday

Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) has announced the suspension of its 24-hour trading service due to a problem at its third-party execution venue.
What Happened: The trading platform revealed on Monday that it would not be offering overnight trading due to a halt in the operations of its third-party execution venue, Blue Ocean ATS. 
The suspension was announced via a post on social media platform X. The company stated that all 24-hour market orders open as of 8 PM ET would be executed starting at approximately 4 AM ET the following day.
"Robinhood 24 Hour Market's execution venue, Blue Ocean ATS (BOATs), has suspended overnight trading for tonight. 24 Hour Market orders that are open as of approx. 8 PM ET will be routed for execution starting at approx. 4 AM ET tomorrow. You may cancel your order at any time, and can still place an order for another trading session," Robinhood said in a statement.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Robinhood 24 Hour Market&#39;s execution venue, Blue Ocean ATS (BOATs), has suspended overnight trading for tonight. 24 Hour Market orders that are open as of approx. 8 PM ET will be routed for execution starting at approx. 4 AM ET tomorrow. You may cancel your order at any time, and…
&mdash; Robinhood Help (@AskRobinhood) <a href="https://twitter.com/AskRobinhood/status/1820600734259519577?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152028/bitcoin-falls-below-53k-mark-as-global-financial-markets-continue-to-bleed-peter-schiff-wa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Falls Below $53K Mark As Global Financial Markets Continue To Bleed — Peter Schiff Warns Ominously: &#8216;You Guys Are Whistling Past A Crypto Graveyard&#8217;</a>
Robinhood&#8217;s announcement comes in the wake of technical issues experienced by several other firms, including Charles Schwab, on Monday. These issues temporarily prevented some users from accessing their brokerage accounts.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Due to a technical issue, some clients may have difficulty logging in to Schwab platforms. Please accept our apologies as our teams work to resolve the issue as quickly as possible. Hold times may be longer than usual.
&mdash; Charles Schwab Corp (@CharlesSchwab) <a href="https://twitter.com/CharlesSchwab/status/1820460824973979956?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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Why It Matters: The suspension of Robinhood&#8217;s 24-hour trading comes amid a turbulent period for global markets. On the same day, Robinhood shares dropped nearly 12% as investors reacted to new U.S. economic data indicating a potential recession. 
This uncertainty was <a href="https://www.benzinga.com/news/24/08/40166678/whats-going-on-with-robinhood-stock">exacerbated by geopolitical tensions</a> in the Middle East and concerns about the U.S. economy&#8217;s strength. The sell-off began in Asian markets, with Japan&#8217;s Nikkei 225 falling over 12%.
Additionally, the Dow Jones Industrial Average experienced its <a href="https://www.benzinga.com/markets/asia/24/08/40175656/tech-stocks-lead-dow-jones-industrial-average-to-largest-drop-in-almost-two-years">largest drop in nearly two years</a>, falling 2.6%, or 1,034 points. The S&amp;P 500 and Nasdaq Composite also saw significant declines, with tech stocks like Apple Inc. and Cisco Systems Inc. among the biggest losers.
The global sell-off erased $1.1 trillion from the market, with major tech companies like Nvidia Corp, Microsoft Corp., and Amazon.com, Inc. taking substantial hits. This market turmoil has heightened <a href="https://www.benzinga.com/news/24/08/40169330/nvidia-microsoft-apple-amazon-erase-1-1-trillion-in-monday-sell-off-bubble-burst-or-market-correctio">fears of a recession</a>, driven by a slight uptick in U.S. unemployment and historical drops in indices like Japan&#8217;s Nikkei 225.
The Japanese <a href="https://www.benzinga.com/markets/equities/24/08/40176966/japan-markets-us-futures-recover-after-historic-plunge-supported-amid-strong-service-sector-and-">stock market significantly recovered</a> on Tuesday&nbsp;following a historic plunge, with other Asia-Pacific markets also showing signs of improvement.
At the time of writing, S&amp;P 500 Futures climbed 1.40% to 5,288.50 points, while Nasdaq 100 Futures advanced 1.88% to 18,351.50 points. Meanwhile, Dow Jones Futures increased 0.87% to 39,187 points on Monday, according to&nbsp;<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152445/trumps-bold-plan-to-use-bitcoin-to-wipe-out-35t-us-debt-questioned-by-economist-justin-wol?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Bold Plan To Use Bitcoin To &#8216;Wipe Out&#8217; $35T US Debt Questioned By Economist Justin Wolfers: &#8216;That Not How Crypto Works&#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>

AAPL

Robinhood Suspends 24-Hour Trading On Monday Amid Third-Party Issues

Leading cryptocurrencies bounced back Monday after experiencing their worst crash since the Covid era.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+3.64%</td>
<td>$55,987.91</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>+8.45%</td>
<td>$2,536.80</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>+7.41%</td>
<td>$0.09892</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin clawed back to the $55,000 region during early trading and made further advances during overnight hours. This comes a day after the world's largest cryptocurrency's gravity-defying trajectory caused it to dip briefly below $50,000. BTC was still down 15% over the week as of this writing.
Ethereum made a more spirited comeback, reclaiming $2,500 after hitting an intraday low of $2,162.
Total cryptocurrency liquidations to $678 million in the last 24 hours owing to the recovery. More than $412 million in bullish bets was wiped out of the market.
Bitcoin's Open Interest dropped 2.45% in the last 24 hours. A drop in OI, coming alongside a rise in price, indicated that short sellers were covering their positions.
The Cryptocurrency Fear &amp; Greed Index flashed "Extreme Fear" as of this writing, implying a potential market bottom was around the corner.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>Brett (Based) (BRETT)</td>
<td>+30.38%</td>
<td>$0.09837</td>
</tr>
<tr>
<td>Bittensor (TAO)</td>
<td>+26.63%</td>
<td>$248.15</td>
</tr>
<tr>
<td>Mantle (MNT)</td>
<td>+26.54%</td>
<td>$0.6225</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stood at $1.98 trillion, declining 1.48% in the last 24 hours.
Stocks plummeted Monday, with blue-chip indices posting their worst performances in nearly two years. The Dow Jones Industrial Average crashed 1,033.99 points, or 2.60%%, to close at 38,703.27. The S&amp;P 500 tumbled 3% to end at 5,186.33. The tech-focused Nasdaq Composite sank 3.43% to finish at 16,200.08.
That said, stock futures bounced during overnight trading. Futures linked to the S&amp;P 500 rose 1.27%, while the Nasdaq 100 Futures gained 1.65% as of 9:30 p.m.
Japan's stock market also <a href="https://www.benzinga.com/markets/equities/24/08/40176966/japan-markets-us-futures-recover-after-historic-plunge-supported-amid-strong-service-sector-and-">rebounded after recording its worst trading day since the &#8220;Black Monday&#8221; crash of 1987</a>. The blue-chip Nikkei 225 surged more than 8%.
Fears of recession and escalating tensions in the Middle East continued to keep investors on tenterhooks.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency analyst and trader Ali Martinez noted the significance of $54,000 as a key support level for Bitcoin.&nbsp;
"If the $54,000 support holds, the key resistance on the upside for BTC is $67,000," the on-chain sleuth remarked
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Based on the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> MVRV Pricing Bands, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> needs to reclaim $54,000 as support to prevent a drop to $40,000. If the $54,000 support holds, the key resistance on the upside for <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> is $67,000! <a href="https://t.co/O6MYJHXNID">pic.twitter.com/O6MYJHXNID</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1820475709040796112?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
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Another noted cryptocurrency researcher, Michaël van de Poppe, stated that today's correction could result in a bear trap for short position traders.
For the curious, a bear trap is a reversal from a down-trending market that may force traders to abandon their short positions in the face of rising losses.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This correction today can ultimately lead to the bear trap of this cycle. Massive capitulation &#8211; causing $1.2 billion people to be wiped out of the markets through leveraged positions. Big, big event for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> &amp; <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a>. Good recovery over the day, a lot of work to do.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1820535728914489606?ref_src=twsrc%5Etfw">August 5, 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:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40170207/harris-vs-trump-on-crypto-experts-question-each-candidates-take-on-bitcoin">Harris Vs. Trump On Crypto: Experts Question Each Candidate&#8217;s Take On Bitcoin</a></li>
</ul>

Movers

Trading Ideas

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Follow Stocks, Rebound After Monday Bloodbath: Analyst Hints At King Crypto's Rebound to $67K If This Level Holds

Editor&#8217;s note: This story has been updated with comment from OpenAI.
Elon Musk has reignited a legal battle against OpenAI, the creator of the AI chatbot ChatGPT, continuing a <a href="https://www.benzinga.com/news/24/05/38949924/obviously-a-ripoff-elon-musk-slams-openai-for-mimicking-scarlett-johansson-in-gpt-4o-they-were-liter">six-year-old dispute. </a>
What Happened: Musk, in a new complaint filed on Monday in federal court in Northern California, accuses OpenAI and its co-founders, Sam Altman and Greg Brockman, of prioritizing commercial gains over their original mission of benefiting humanity.
The Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO had previously withdrawn a similar lawsuit seven weeks ago, just before a judge was set to decide on its dismissal. 
In dialogue <a href="https://www.nytimes.com/2024/08/05/technology/elon-musk-openai-lawsuit.html">with</a> the New York Times, Musk attorney Marc Toberoff described the new suit as a more robust version of the previous one.
See Also: <a href="https://www.benzinga.com/general/24/06/39336136/elon-musk-drops-lawsuit-against-openai-a-day-after-threatening-to-ban-apple-devices">Elon Musk Drops Lawsuit Against OpenAI A Day After Threatening To Ban Apple Devices</a>
The fresh lawsuit echoes earlier claims, alleging that Altman and Brockman &#8220;betrayed&#8221; Musk by partnering with Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) in a multibillion-dollar deal.
An OpenAI spokesperson told Benzinga Monday: &#8220;As we said about Elon&#8217;s initial legal filing, which was subsequently withdrawn, Elon&#8217;s prior emails continue to speak for themselves.&#8221;
In a previous blog post addressing Musk&#8217;s initial lawsuit, Altman and his team said: &#8220;The mission of OpenAI is to ensure A.G.I. benefits all of humanity,&#8221; and stressed that their focus is to develop safe and beneficial artificial general intelligence (AGI) and distributing its benefits broadly.
OpenAI was founded in 2015 by Musk, Altman, Brockman, and several AI researchers. The startup served as a counterbalance to AI developments at Alphabet Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google.
Musk says he grew concerned that Google, under co-founder Larry Page, was not adequately considering the potential dangers of AI. Sharing these concerns, OpenAI&#8217;s founders launched the company as a nonprofit, pledging to share their technology openly, arguing that AI was too powerful and dangerous to be controlled by a single entity.
Musk parted ways with OpenAI in 2018 after a power struggle and withdrew his financial support.
OpenAI, backed with at least $13 billion from Microsoft, is a partnership between its original nonprofit and a <a href="https://openai.com/index/openai-lp/">capped</a> profit arm.
The release of ChatGPT in 2022 by OpenAI triggered an industry-wide AI race involving major tech companies and startups. Meanwhile, Musk founded his own AI company, xAI, continuing to voice concerns about AI&#8217;s existential risks.
The suit claims that the founders &#8220;intentionally courted and deceived Musk,&#8221; exploiting his humanitarian concerns about AI&#8217;s dangers. Moreover, it argues that OpenAI violated its promise to open-source its technology by granting Microsoft an exclusive license.
The lawsuit seeks to determine whether OpenAI&#8217;s recent advancements have achieved AGI and if the company&#8217;s contract with Microsoft should be invalidated.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/03/37723844/they-stole-everything-elon-musks-war-with-openai-heats-up-after-soras-data-sourcing-doubts-emerge-in">&#8216;They Stole Everything:&#8217; Elon Musk&#8217;s War With OpenAI Heats Up After Sora&#8217;s Data Sourcing Doubts Emerge In CTO Mira Murati&#8217;s Interview</a></li>
</ul>
Image created using photos from Shutterstock.

Legal

General

MSFT

Elon Musk's New Lawsuit Against OpenAI: Accusations Of 'Betrayal' And 'Deception' (UPDATED)

Differences in state-by-state prices of <a href="https://www.benzinga.com/cannabis">cannabis</a> are staggering. For example, if you live in North Dakota, where all forms of cannabis is <a href="https://www.benzinga.com/markets/cannabis/24/07/39685033/cannabis-legalization-initiative-in-north-dakota-activists-submit-more-than-enough-signatures-to">illegal</a>, you might be paying up to 82% more for your joints than a fellow consumer in <a href="https://www.benzinga.com/topic/arizona-cannabis">Arizona</a>.
Based on <a href="https://www.priceofweed.com">data</a> from Price Of Weed, we looked at interesting disparities in cannabis prices across the U.S.. Price of Weed is a widely used directory that crowdsources information on the street value of cannabis. The platform allows consumers to anonymously report their latest cannabis purchases.
Price Index for August 2024 illustrates a varied landscape of cannabis costs, calculated per ounce, across different states. Check it out:
<h3 class="wp-block-heading">Quality: A Quarter Of Total Price</h3>
The average price of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36268367/u-s-cannabis-market-premium-products">high-quality cannabis</a> is $320.07 per ounce, while mid-quality cannabis costs $258.31 per ounce on average. This means the difference between average high-quality and mid-quality cannabis is approximately 24%. 
For high-quality cannabis, Arizona offers the lowest average price at $258.88 per ounce, reflecting a more mature market with better supply conditions. As mentioned, North Dakota shows the highest average price at $382.17 per ounce. As proven time and again, making cannabis illegal only drives prices up.
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<iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="Price Index / August 2024" src="https://datawrapper.dwcdn.net/ceRNK/3/#?secret=Mk97gr47cs" data-secret="Mk97gr47cs" scrolling="no" frameborder="0" height="510"></iframe>
</div>
</figure>
Mid-quality cannabis averages $258.31 per ounce across all states. Mississippi emerges as the most economical option, with an average price of $172.11 per ounce. If you are in Mississippi, you are getting the cheapest weed in the country. In contrast, South Dakota has the highest prices at approximately $336.88 per ounce.
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<iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="Price Index / August 2024" src="https://datawrapper.dwcdn.net/lLZec/4/#?secret=vTZRooKDWJ" data-secret="vTZRooKDWJ" scrolling="no" frameborder="0" height="510"></iframe>
</div>
</figure>
<h3 class="wp-block-heading">Prices Of Weed Shifts By Region</h3>
Medical marijuana is legal in 38 states and <a href="https://www.benzinga.com/markets/cannabis/24/05/38712820/legal-cannabis-states-raked-in-20b-since-2014-peaking-at-4b-in-2023-new-report-shows">recreational cannabis</a> is legal in 28. Also, cannabis is still federally banned as is interstate commerce. Although that doesn&#8217;t prevent consumers from crossing state lines to consume or bring weed back home. This contributes to regional prices, while it limits the formation of a less disperse national average price.
On the East Coast, including states like Maine, New Hampshire, Massachusetts and New York, the average price rises to $330.10 per ounce. The relatively recent legalization in many of these states often results in limited supply, distribution problems and higher prices. Additionally, the regulatory environments in these states can add to operational costs for cannabis businesses, which are then passed on to consumers.
In the central states, the average price for high-quality cannabis stands at $328.73 per ounce. This region exhibits variation, with states like Colorado having more mature markets and lower prices, while states with restrictive laws see higher prices. The logistical challenges of distributing cannabis across vast rural areas also contribute to higher costs.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38206489/cannabis-markets-trading-volume-surges-up-292-viridian-capital-highlights-mixed-liq">Cannabis Market&#8217;s Trading Volume Surges Up 292%, Viridian Capital Highlights Mixed Liquidity</a>
<h3 class="wp-block-heading">Medical Marijuana States Are Punishing Users</h3>
On average, consumers in medical-only states pay about 31% more for high-quality cannabis than those in states with fully legal cannabis markets.
In states where cannabis is fully legal, including <a href="https://www.benzinga.com/topic/California-cannabis">California</a>, <a href="https://www.benzinga.com/topic/Oregon-cannabis">Oregon</a>, <a href="https://www.benzinga.com/topic/Colorado-cannabis">Colorado</a> and <a href="https://www.benzinga.com/topic/Nevada-cannabis">Nevada</a>, the average price for high-quality cannabis is $245.37 per ounce. These markets are competitive with greater supply, which helps keep <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37971495/californias-weed-sales-decline-market-ripe-for-consolidation-biggest-companies-like">prices down</a>.
In states where cannabis is only available for medical use, such as <a href="https://www.benzinga.com/topic/alabama-cannabis">Alabama</a>, <a href="https://www.benzinga.com/topic/florida-cannabis">Florida</a>, <a href="https://www.benzinga.com/topic/georgia-cannabis">Georgia</a>, <a href="https://www.benzinga.com/topic/Minnesota-cannabis">Minnesota</a> and <a href="https://www.benzinga.com/topic/Texas-cannabis">Texas</a>, the average price for high-quality cannabis is $321.65 per ounce. Limited licenses and lower overall supply contribute to higher prices. Moreover, the regulatory framework in these states often imposes stricter controls.
<h3 class="wp-block-heading">Overall Differences Are Significant</h3>
These insights highlight the significant impact of regulatory environments, market maturity and regional factors on cannabis prices across the United States. As the cannabis industry continues to evolve, monitoring these trends will be crucial for understanding the economic landscape, making informed decisions and defending consumers&#8217; rights.
<h3 class="wp-block-heading">Methodological Note</h3>
The dataset includes both legal and illicit markets without distinguishing between the two. Reports are cumulative, lending credibility to the data, although historical variations might be impacted due to the lack of time segmentation. This characteristic makes the data more effective for highlighting differences between states rather than tracking trends over time. ​​The District of Columbia was intentionally left out of the analysis.
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Cannabis

State By State: Price Of Weed Across The U.S. In August 2024

The Japanese stock market significantly recovered on Tuesday <a href="https://www.benzinga.com/markets/equities/24/08/40152271/mohamed-el-erian-grant-cardone-and-matt-weller-warn-of-deepening-global-market-selloff-as-yen-ri">following a historic plunge</a>, with other Asia-Pacific markets also showing signs of improvement.
What Happened: The Nikkei 225 and the broad-based Topix in Japan experienced a gain of nearly 10%. This recovery comes after the previous session, which saw the largest loss since the 1987 Black Monday crash.
At the time of writing, the Nikkei was up 8.74%, trading at 34,206.99, while the broader Topix rose 8.81%, reaching 2,423.29.
Japan&#8217;s service-sector activity rebounded in July due to strong domestic demand, as revealed by a survey on Monday. The final au Jibun Bank Service Purchasing Managers&#8217; Index (PMI) increased to 53.7 last month, up from 49.4 in June, which marked the first contraction in 21 months. Japan&#8217;s jobless rate decreased to 2.5% in June from the previous month.
See Also: <a href="https://www.benzinga.com/news/24/08/40160572/donald-trump-blames-kamala-harris-for-global-market-crash-says-were-heading-towards-world-war-iii?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Blames Kamala Harris For Global Market Crash, Says &#8216;We Are Heading To World War III&#8217;</a>
Additionally, real wages grew by 1.1% in June, marking the first increase in 27 months following a revised 1.3% decline in May, according to data from the labor ministry released on Tuesday, Reuters reported.
The yen also weakened by over 1% against the U.S. dollar. This rebound was seen across various sectors, with Japan&#8217;s heavyweight trading houses witnessing a rise of over 8%. Marubeni (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MARUY#OTC">MARUY</a>) saw a surge of over 14%, while SoftBank Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) jumped over 11%.
Oil prices also saw an uptick, with Brent crude rising by 1.65% to $77.56 per barrel and U.S. West Texas Intermediate crude increasing by 1.86% to $74.30.
S&amp;P 500 Futures climbed 1.40% to 5,288.50 points, while Nasdaq 100 Futures advanced 1.88% to 18,351.50 points. Meanwhile, Dow Jones Futures increased 0.87% to 39,187 points on Monday, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

MARUY

SFTBF

SFTBY

Japan Markets, US Futures Recover After Historic Plunge, Supported Amid Strong Service Sector And Employment Data From Tokyo

Former President Donald Trump lent his support to cryptocurrencies once again, noting that the U.S. government shouldn't be selling Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).&nbsp;
What Happened: In an interview with prominent YouTuber Adin Ross Monday, the Republican presidential candidate dubbed cryptocurrencies as "modern currencies" and said "smart" people were invested in them.
On a question regarding the administration's move to sell state-owned Bitcoin, Trump said, "It&#8217;s something they shouldn&#8217;t be doing because they should be trying to build it. So if we don&#8217;t do it, China&#8217;s doing it, and other places are doing it."
Trump likened cryptocurrencies to artificial intelligence and highlighted the importance of being left behind.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40169225/peter-schiff-thinks-bitcoin-will-never-be-a-reserve-asset-but-others-see-the-drop-as-a-tes">Peter Schiff Thinks Bitcoin &#8216;Will Never Be A Reserve Asset,&#8217; But Others See The Drop As A &#8216;Testament To Bitcoin&#8217;s Potential&#8217;</a>
It was worth noting that cryptocurrency trading and mining have been banned in China since 2021. However, some reports have <a href="https://www.benzinga.com/markets/asia/24/01/36777407/bitcoin-reclaims-spotlight-in-china-despite-ban-offering-safe-haven-for-investors">revealed a growing trend of Chinese investors using alternative methods</a> to invest in the market.
Why It Matters: Trump&#8217;s latest remark <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">echoed his widely-talked-about speech</a> at the recent Bitcoin 2024 conference.
&#8220;For too long our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,&#8221; Trump said during his keynote speech.
Interestingly, the U.S. Department of Justice <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40027292/bitcoin-dogecoin-drop-ethereum-gains-as-us-government-moves-2b-in-btc-economist-links-kama">moved out $2 billion in Bitcoins</a> from its cold wallet last week. It was unclear whether the government's goal was to unload the holdings or if it was simply a routine fund management exercise.
Trump has called for a national Bitcoin stockpile, claiming that having the cryptocurrency in reserves will help to pay off the U.S.'s&#8217; $35 trillion debt. This position, though, <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40152445/trumps-bold-plan-to-use-bitcoin-to-wipe-out-35t-us-debt-questioned-by-economist-justin-wol">has been slammed </a>by renowned economist Justin Wolfers.
Price Action: At the time of writing, Bitcoin was trading at $56,020.27, recovering 2.27% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Image via Shutterstock
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Trump Says Government Shouldn't Be Selling Bitcoin: 'Crypto Is Like AI, If We Don't Build It, China Will'

Senator Bernie Sanders (I-Vt.) said Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) might be worth $2 trillion but it is &#8220;not above the law,&#8221; after a <a href="https://www.benzinga.com/government/24/08/40169996/alphabet-loses-antitrust-suit-over-google-search-dominance-report">federal judge ruled</a> that the company&#8217;s monopoly in the online search market is illegal.
What Happened: On Monday, Sanders, who is the chair of&nbsp;the Senate Committee on Health,&nbsp;Education, Labor, and Pensions (HELP), took to X, formerly Twitter, and said the court&#8217;s decision is a major victory for the American people.
&#8220;Today's court decision that Google&nbsp;violated the Sherman Antitrust Act&nbsp;is a major victory for&nbsp;the American people. Google may&nbsp;be a $2 trillion corporation.&nbsp;Its founders may be worth&nbsp;$292 billion. But it&#8217;s not&nbsp;above the law,&#8221; he stated.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/08/40152392/delta-will-have-to-explain-why-it-didnt-take-responsibility-security-companys-lawyers-fireback-at-te?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Delta Will Have To &#8216;Explain&#8217; Why It Didn&#8217;t Take Responsibility — Security Company&#8217;s Lawyers Fireback At Tech Crash-Hit Airline After It Threatens To Sue Microsoft And CrowdStrike</a>
He then suggested breaking the search and advertising giant stating, &#8220;It's time to hold Google&nbsp;accountable and break it up.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Today's court decision that Google violated the Sherman Antitrust Act is a major victory for the American people. Google may be a $2 trillion corporation. Its founders may be worth $292 billion. But it&#39;s not above the law. It's time to hold Google accountable and break it up. <a href="https://t.co/AMlob0gllW">https://t.co/AMlob0gllW</a>
&mdash; Bernie Sanders (@SenSanders) <a href="https://twitter.com/SenSanders/status/1820576337465155602?ref_src=twsrc%5Etfw">August 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: The lawsuit alleged that Alphabet&#8217;s payments to make its <a href="https://www.benzinga.com/news/24/05/38582364/microsofts-fear-of-googles-ai-dominance-led-to-openai-investment-internal-email-reveals-were-multipl">search engine the default option</a> on smartphone web browsers violated U.S. antitrust law by effectively blocking competition in the space. 
The company was accused of maintaining a monopoly on online search and related advertising through $26 billion in payments to Apple Inc., Samsung Electronics Co, and other smartphone makers over multiple decades.
Alphabet currently has a market cap of $1.966 trillion. Last month, Alphabet announced <a href="https://www.benzinga.com/news/earnings/24/07/39917921/alphabet-q2-earnings-revenue-beat-eps-beat-innovation-at-every-layer-of-the-ai-stack-and-more">second-quarter revenue</a> of $84.742 billion, surpassing the consensus estimate of $84.202 billion.
Photo by Evan El-Amin on Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Bernie Sanders Says Google May Be Worth $2 Trillion And Its Founders Worth $292B But It's Not Above Law: 'Break It Up'

John Bolton, a Trump-Era National Security Advisor, has expressed concern over the Biden administration&#8217;s handling of Iran&#8217;s recent aggressive actions in the Middle East, which he believes endangers American and allied interests.
What Happened: Bolton took to X on Monday, to voice his concerns about the escalating situation in the Middle East. He criticized President Joe Biden&#8217;s response to the recent attacks on Americans in Iraq by Iranian proxies, which he believes could be a precursor to a direct Iranian assault on Israel. &#8220;Joe Biden&#8217;s refusal to see that Iran has already launched a wider war in the Middle East imperils Americans and our allies. Enough is enough,&#8221; Bolton tweeted.
See Also: <a href="https://www.benzinga.com/news/24/08/40145805/elon-musk-says-his-endorsement-of-trump-doesnt-mean-he-agrees-with-everything-ex-president-is-saying?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says His Endorsement Of Trump Doesn&#8217;t Mean He Agrees With Everything Ex-President Is Saying, Bu</a>
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Iranian terrorist proxies have again attacked Americans in Iraq, wounding several, possibly as a run-up to another direct Iranian attack on Israel.  Joe Biden&#39;s refusal to see that Iran has already launched a wider war in the Middle East imperils Americans and our allies.  Enough…
&mdash; John Bolton (@AmbJohnBolton) <a href="https://twitter.com/AmbJohnBolton/status/1820620593471029273?ref_src=twsrc%5Etfw">August 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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On Monday, at least five U.S. personnel were injured in an attack on Al Asad airbase in Iraq, which was attacked by two Katyusha rockets. One American was seriously injured, reported Reuters.
The attack came amid rising tensions following the killing of senior Hamas and Hezbollah members, and Iran&#8217;s vow to retaliate. The Pentagon planned to deploy additional military resources to the Middle East. Meanwhile, Iraq, hosting 2,500 U.S. troops, has seen increasing attacks linked to the Israel-Hamas conflict. U.S. and Iraqi officials discussed efforts to de-escalate the situation, while U.S. Central Command coordinated with allies in the region in case of an Iranian attack against Israel.
Why It Matters: Bolton&#8217;s criticism comes amid <a href="https://www.benzinga.com/etfs/sector-etfs/24/07/40081661/irans-supreme-leader-orders-direct-strike-on-israel-in-retaliation-for-hamas-leaders-killing-rep">rising tensions</a> in the Middle East following the assassination of Hamas political leader Ismail Haniyeh in Tehran and Hezbollah military commander Fuad Shukr in Beirut, allegedly by Israel. Iran&#8217;s Supreme Leader Ayatollah Ali Khamenei has reportedly ordered a direct strike on Israel in retaliation. 
A potential Iranian attack on Israel could <a href="https://www.benzinga.com/government/24/08/40164105/potential-iranian-attack-on-israel-could-rattle-markets-what-happened-to-stocks-when-russia-invaded">disrupt global markets</a>, similar to the impact of Russia&#8217;s invasion of Ukraine in 2022. This escalating conflict and its potential impact on global stability underscore Bolton&#8217;s concerns about the Biden administration&#8217;s approach to Iran&#8217;s aggression.
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John Bolton Says Biden's 'Refusal To See That Iran Has Already Launched A Wider War...Imperils Americans' After Rockets Wound US Soldiers In Iraq

Kellyanne Conway, former advisor to President Donald Trump, has registered as a lobbyist for Ukrainian billionaire Victor Pinchuk. This information comes from a recent foreign agent disclosure filing.
What Happened: Conway registered last Friday to represent Pinchuk&#8217;s foundation. The filing under the Foreign Agents Registration Act reveals that Conway will liaise with U.S. lawmakers and experts on Ukraine&#8217;s interests and raise awareness about &#8220;Ukrainians&#8217; fight for freedom and the Russian illegal war of aggression,&#8221; <a href="https://thehill.com/blogs/blog-briefing-room/4812748-ex-trump-adviser-conway-registers-as-lobbyist-for-ukrainian-oligarch/mlite/">reported</a> The Hill.
Conway is also expected to encourage U.S. lawmakers to attend the Yalta European Strategy annual meeting in Kyiv on Sept. 13-14. She will represent the U.K. office of the Victor Pinchuk Foundation, a private, nonpartisan, philanthropic company focused on advancing various causes in Ukraine.
See Also: <a href="https://www.benzinga.com/news/24/08/40131648/anthony-scaramucci-says-trump-could-drop-his-presidential-bid-against-kamala-harris-if-this-happens?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Trump Could Drop His Presidential Bid Against Kamala Harris If This Happens: &#8216;I Know How This Man Thinks&#8217;</a>
The filing also reveals that Pinchuk &#8220;owns and controls&#8221; the foundation, which is not owned or controlled by the Ukrainian government. However, the Ukrainian government is the &#8220;principal beneficiary of the registrant's activities directed by the foreign principal.&#8221;
Conway&#8217;s agreement with the foundation includes a monthly fee of $50,000, with the term of the agreement running from July 25 to Nov. 14.
This move comes amidst hesitation from many Republicans to approve more aid to Ukraine. Conway&#8217;s former boss, Trump, has previously suggested that additional aid to Ukraine could come as a loan and claimed he could end the war in 24 hours if he were in the White House.
Why It Matters: Conway is known for coining the phrase &#8220;Alternative Facts&#8221; during a Meet The Press interview in January 2017 when she defended White House Press Secretary Sean Spicer&#8217;s false narrative about Trump&#8217;s inauguration attendance figures.
More recently in 2022, she <a href="https://www.benzinga.com/markets/cannabis/22/09/29030310/trump-ally-kellyanne-conways-alternative-facts-are-back-she-blasts-pas-fetterman-for-cannabis-ov">criticized</a> Pennsylvania Democratic Senate nominee John Fetterman (D-Pa.) for his support of cannabis legalization.
In August 2023, she speculated that President Joe Biden might not participate in any debates in the run-up to the 2024 presidential election. However, the president did end up debating Trump but his disappointing performance led to his <a href="https://www.benzinga.com/general/politics/24/07/39874057/biden-drops-out-of-2024-race-in-bombshell-announcement-it-has-been-the-greatest-honor-of-my-life">ultimate exit</a> from the race.
Photo Courtesy: Evan El-Amin on Shutterstock.com
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Ex-Trump Advisor Kellyanne Conway, Known For Her 'Alternative Facts,' Turns Lobbyist For Ukrainian Billionaire Victor Pinchuk

In a recent revelation, former House Speaker Nancy Pelosi has unveiled details of a phone conversation she had with then-President Donald Trump prior to his first impeachment.
What Happened: An excerpt from Pelosi&#8217;s new book, &#8220;The Art of Power,&#8221; discussed during a <a href="https://edition.cnn.com/2024/08/05/politics/video/donald-trump-phone-call-first-impeachment-nancy-pelosi-ebof-digvid">CNN</a> interview on Friday, sheds light on a phone call she received from Trump ahead of his first impeachment proceedings.
Trump purportedly told Pelosi, &#8220;There's no reason to impeach me,&#8221; and insisted he had been an effective president. Pelosi wrote that Trump&#8217;s demeanor became &#8220;increasingly whiny&#8221; as the conversation unfolded.
Pelosi recounted that the former president told her, &#8220;I&#8217;ve done a great job as president&#8230; It&#8217;s very, very unfair.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40158903/terrible-plan-billionaire-ken-griffin-donates-12m-to-defeat-floridas-cannabis-legalization-measu?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8221;Terrible Plan&#8217;: Billionaire Ken Griffin Donates $12M To Defeat Florida&#8217;s Cannabis Legalization Measure</a>
Pelosi, when asked by CNN&#8217;s Dana Bash why she chose to disclose this private conversation, said it was &#8220;the basis of how to go forward,&#8221; indicating the impeachment proceedings.
Why It Matters: This revelation comes amidst a backdrop of political tension. In July, Pelosi was one of the key figures <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">urging President Joe Biden to step aside</a> in the 2024 White House race. Around the same time, Trump <a href="https://www.benzinga.com/news/24/07/39853222/trump-blasts-crazy-nancy-pelosi-vows-to-end-inflation-and-claims-kim-jong-un-misses-him-in-rnc-addre">criticized Pelosi</a> during his speech at the Republican National Convention, accusing Democrats of using the justice system as a political weapon.
Despite Trump&#8217;s <a href="https://www.benzinga.com/news/24/07/39656091/weekly-politics-round-up-trumps-controversial-remarks-about-biden-pelosis-stock-trades-and-president">unfounded claims</a> about forcing Biden out of the presidential race, Biden confirmed his continued participation. However, Pelosi later <a href="https://www.benzinga.com/general/politics/24/08/40175334/pelosi-says-president-biden-should-be-added-to-mount-rushmore-after-reportedly-pushing-for-his-o">advocated for Biden&#8217;s recognition</a> on Mount Rushmore, despite her earlier push for his withdrawal from the race.
Meanwhile, recent <a href="https://www.benzinga.com/news/24/08/40147712/kamala-harris-takes-the-lead-in-eight-new-national-polls">national polls</a> show Kamala Harris leading over Trump, indicating a potentially heated race for the 2024 presidency.
Photo Courtesy: Gage Skidmore Via Wikimedia Commons
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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>

Trump Was 'Whiny' In Pre-Impeachment Call To Pelosi Says Former House Speaker In New Book: 'It's Very, Very Unfair'

Barclays analyst Andrew Mok maintains Alignment Healthcare (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALHC#NASDAQ">ALHC</a>) with a Underweight and raises the price target from $4.5 to $7.

Price Target

Analyst Ratings

ALHC

Barclays Maintains Underweight on Alignment Healthcare, Raises Price Target to $7

Barclays analyst Steven Valiquette maintains Owens &amp; Minor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMI#NYSE">OMI</a>) with a Equal-Weight and lowers the price target from $23 to $18.

Barclays Maintains Equal-Weight on Owens & Minor, Lowers Price Target to $18

Barclays analyst Gena Wang maintains Regenxbio (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGNX#NASDAQ">RGNX</a>) with a Overweight and lowers the price target from $55 to $50.

RGNX

Barclays Maintains Overweight on Regenxbio, Lowers Price Target to $50

As Ohio begins&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/08/40172821/its-official-ohio-begins-recreational-cannabis-sales-on-tuesday-heres-where-and-how-you-know-the">recreational cannabis sales</a> on August 6, Pablo Zuanic, senior analyst at Zuanic &amp; Associates&nbsp;has initiated coverage of Vext Science (OTC: <a class="ticker" href="https://www.benzinga.com/stock/vextf#OTC">VEXTF</a>) with an Overweight rating, highlighting the company&#39;s significant growth potential.
Zuanic calculates that Vext has the most EBITDA torque among the 12 public multi-state operators (MSOs) in Ohio, projecting Vext&#39;s EBITDA could grow six-fold by CY26, taking CY23 as the base year.
<h3>Ohio Market Projections: $2.36B In 2026</h3>
<ul>
<li>The Ohio market is expected to grow substantially with the start of recreational sales, potentially expanding 3-4 times the current medical market size.</li>
<li>Zuanic projects the Ohio market to reach a $1.85 billion annual run rate by the end of 2025 and $2.36 billion by the end of 2026.</li>
<li>This growth trajectory is based on conservative estimates, with per capita spending expected to reach $150 by the end of the first year of recreational sales and $200 by 4Q26.</li>
</ul>
<h3>Valuation And Market Performance</h3>
Despite trading mostly in line with the MSO average, Vext&#39;s stock valuation does not yet reflect the expected EBITDA ramp. &quot;The stock valuation does not reflect the EBITDA ramp,&quot; notes Zuanic. The report underscores that Vext&rsquo;s current valuation is compelling, particularly when considering the<a href="https://www.benzinga.com/markets/cannabis/24/05/38760793/this-cannabis-co-expects-significant-growth-once-ohios-retail-market-launches-reports-slight-yoy"> projected upside</a>.
Zuanic&#39;s analysis shows that Vext could experience a 471% increase in value creation, compared to other MSOs like Acreage (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/acrhf#OTCQX">ACRHF</a>) at 275%, Cannabist (CSE: CCHW) at 185%, and Ascend (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aawh#OTC">AAWH</a>) at 62%.
Read Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39470114/debt-deadline-looms-how-cannabis-companies-financial-health-could-impact-your-portf">Debt Deadline Looms: How Cannabis Companies&#39; Financial Health Could Impact Your Portfolio</a>
<h3>Strategic Operations And Expansion</h3>
Vext operates a 25K sq ft<a href="https://www.benzinga.com/markets/cannabis/24/05/39064070/cannabis-producer-vext-reports-yoy-decline-in-q1-announces-2m-standby-credit-facility-ahead-of-o"> cultivation facility </a>and two dispensaries in Ohio, with plans to acquire two more dispensaries by the end of 2024. The company&rsquo;s aggressive expansion in Ohio positions it well to capitalize on the anticipated market growth.
Zuanic points out, &quot;Vext has garnered pretty good value in Ohio, being agile in acquiring licenses and independent operators.&quot;
In this analysis, Pablo Zuanic extrapolates total sales upside based on store percentage share, acknowledging that this doesn&#39;t account for location or execution. He notes that not all retailers own cultivation facilities, which could affect wholesale market share.
Additionally, MSOs like Ascend (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aawh#OTC">AAWH</a>), Cresco (OTC: <a class="ticker" href="https://www.benzinga.com/stock/crlbf#OTC">CRLBF</a>), Green Thumb (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/gtbif#OTCQX">GTBIF</a>), and MariMed (OTCQB: <a class="ticker" href="https://www.benzinga.com/stock/mrmd#OTCQB">MRMD</a>) consistently outperform in other states and might do the same in Ohio, with potential expansions through M&amp;A deals.
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39076254/top-ohio-cannabis-companies-analyst-look-at-stocks-with-potential-market-cap-gains">Top Ohio Cannabis Companies: Analyst Look At Stocks With Potential Market Cap Gains</a>
These issues will be among the hot topics at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Photo: AI-generated image.&nbsp;

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