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Gov. <a href="https://www.benzinga.com/topic/gavin-newsom" target="_blank" rel="noreferrer noopener">Gavin Newsom</a> (D-Calif.) has expressed his support for <a href="https://www.benzinga.com/topic/elon-musk" target="_blank" rel="noreferrer noopener">Elon Musk</a> in the billionaire&#8217;s dispute with a California agency that rejected an expansion of <a href="https://www.benzinga.com/topic/spacex" target="_blank" rel="noreferrer noopener">SpaceX&#8217;s rocket launches along the Pacific coast</a>.
In a recent interview, Newsom voiced his disapproval of the agency&#8217;s decision, aligning himself with Musk&#8217;s position after returning from a campaign event for Vice President Kamala Harris in North Carolina, <a href="https://www.politico.com/news/2024/10/18/elon-newsom-musk-california-spacex-00184408" target="_blank" rel="noreferrer noopener">reported</a> Politico.
Musk filed a lawsuit against the California Coastal Commission in federal court in Los Angeles on Tuesday, alleging that the commission engaged in blatant political discrimination by citing his support for former President Donald Trump when it rejected a Department of Defense proposal to increase SpaceX launches at Vandenberg Space Force Base.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41322319/gavin-newsom-approves-new-law-to-tackle-gas-prices-says-oil-industry-raising-prices-to-scare-voters" rel="noreferrer noopener">Gavin Newsom Approves New Law to Tackle Gas Prices, Says Oil Industry Raising Prices To &#8216;Scare Voters&#8217; Into Supporting Trump</a>
Newsom acknowledged that his comments might not aid Musk&#8217;s legal case, suggesting that such explicit political issues should not be raised.
The Coastal Commission&#8217;s 6-4 vote against the increased launches raised concerns about the classification of SpaceX activities and shifted discussions to Musk&#8217;s political conduct and labor practices.
Previously, Newsom and Musk have had tensions over various issues, including Musk&#8217;s relocation of businesses and Newsom&#8217;s criticisms of Trump.
Newsom pointed out that while Musk&#8217;s recognition of political discrimination is a positive step, his substantial donations to Trump raise questions about his character.
He emphasized that his administration had previously collaborated with the Defense Department to address concerns related to the launch proposal, and indicated that efforts were made to find common ground before the commission&#8217;s decision, noting that the focus should have been on broader implications rather than Musk&#8217;s political persona.
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Newsom Sides With Musk In Dispute Over California SpaceX Launches

Billionaire Bill Gates is best known for co-founding technology giant Microsoft, which is now a multi-trillion-dollar company. It turns out that Gates had to stop a bad habit along the way <a href="https://www.benzinga.com/startups/24/09/40982632/bill-gates-says-if-he-started-microsoft-today-hed-focus-on-this-industry-instead">to be successful</a>.
While an undergraduate student at Harvard University, Gates has a bad habit of procrastination.
"I liked to show people that I didn't do any work, and that I didn't go to classes and I didn't care," Gates said in a 2005 Q&amp;A session with Warren Buffett, as <a href="https://www.cnbc.com/2018/03/16/bill-gates-quit-this-bad-habit-before-he-became-successful.html">reported</a> by CNBC.
Gates said he would prepare for tests at the last minute.
"People thought that was funny. That was my positioning: the guy who did nothing until the last minute."
You may not be a billionaire like Bill Gates, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/exclusives/24/10/41405659/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>
Gates recalled the need to get rid of this "very bad habit" when he got into the business world. The billionaire dropped out of Harvard after two years.
"When I went into business that was a really bad habit and it took me a couple years to get over that."
Gates acknowledged that while procrastination might have seemed like a cool character trait in college, it quickly became a liability in the business world, where last-minute work is generally frowned upon.
"Nobody praised me because I would do things at the last minute."
Gates said in the business world, he worked hard to reverse course and tried to emulate the students at Harvard "who were always organized and had things done on time."
While he was able to get rid of the bad habit, Gates confessed in the 2005 interview that he still hadn't fully learned not to put things off.
"I'm still working on it, but procrastination is not a good habit."
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</ul>
Photo: Shutterstock

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Success Stories

Bill Gates Had A 'Very Bad Habit' That Could Have Derailed His Career

Shaquille O&#8217;Neal has <a href="https://www.benzinga.com/news/24/09/40931123/shaquille-oneals-estimated-500m-portfolio-includes-a-big-bet-on-google-but-big-shamrock-made-a-criti">developed a successful </a>business, entertainment and investing career in addition to his illustrious athletic career. He also hosts a program called &#8220;The Break&#8221; on his YouTube channel, in which he talks to a group of guests in a lighthearted and informal discussion about important topics like money management.
But just like anyone else, he wasn&#8217;t born knowing all the ins and outs of managing money. In an <a href="https://www.youtube.com/watch?v=dYG7vlMIRZQ">episode</a> called &#8220;Investing,&#8221; Shaq shared a story that perfectly sums up his journey from being rich to truly wealthy.
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&#8220;I used to see this rich guy, really rich, older – like 80 – driving a Rolls-Royce,&#8221; Shaq recalled. Curious, as many of us would be, Shaq asked the man how he got so wealthy. It wasn&#8217;t flashy stock picks or risky real estate deals that the man shared. Instead, he gave Shaq a word he&#8217;d never heard before: annuity.
Shaq went home to check it out because he didn&#8217;t want to miss anything important. He discovered that an <a href="https://www.benzinga.com/money/how-annuities-work">annuity is an investment</a> that lets you put money down now and get payouts regularly later on – think of it as a guaranteed retirement income.&nbsp;
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&#8220;I was making so much money from commercials and all, I didn&#8217;t know what to do with it,&#8221; Shaq said. But the advice clicked with him. The older man told Shaq that all the money he was making now could work for him in the future – he just needed to invest it wisely.
Shaq&#8217;s approach to handling his finances took a significant turn after that conversation. He said it was the best advice he ever got because it taught him to think about the future. &#8220;All this money you&#8217;re making, if you save it, you can invest it and start collecting at 50, 60 and 70,&#8221; the older man told him. Thus, instead of spending all his money or taking big risks, Shaq learned the <a href="https://www.benzinga.com/startups/24/10/41273376/im-not-in-this-to-become-a-trillionaire-said-shaq-on-starting-his-big-chicken-restaurants-its-about">importance of steady growth and safety</a>.
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But before Shaq shared his story, Juan Toscano-Anderson, who won the NBA championship with the Golden State Warriors in 2022 and was one of the guests on the show, admitted that, like many people, he was often tempted by the idea of quick money.&nbsp;
He <a href="https://www.benzinga.com/money/financial-advisor-costs-and-fees">hired financial advisors</a> but sometimes found their advice boring. He was more interested in seeing his $100,000 turn into $350,000 overnight. But after losing money in a friend&#8217;s business venture, he learned a crucial lesson: the basics might not be flashy, but they&#8217;re reliable. &#8220;It doesn&#8217;t [sic] have to be sexy. They&#8217;re the basics for a reason,&#8221; he said.&nbsp;
These examples teach a straightforward but important lesson – sometimes, the greatest investment advice isn&#8217;t to chase the latest hot stock or aim to double your money in a year. It all comes down to patience and realizing that wealth is accumulated gradually.
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Startups

'He Taught Me A Word I Never Heard,' Says Shaquille O'Neal About The Time He Received The Greatest Investment Advice From A Rich 80-Year-Old

A preliminary agreement was reached to <a href="http://www.iam751.org/2024StrikeProposal" target="_blank" rel="noreferrer noopener">resolve</a> the five-week strike at Boeing, the troubled aircraft manufacturer. The union i<a href="https://www.benzinga.com/news/24/10/41354045/as-boeing-workers-enter-second-month-of-strike-rival-airbus-reportedly-plans-to-cut-2-500-jobs" target="_blank" rel="noreferrer noopener">nformed its 33,000 striking members early Saturday</a>.
The International Association of Machinists and Aerospace Workers announced that members will vote on the proposal this Wednesday.
The proposal includes several key terms:
Wages will see a total increase of 35% over four years, broken down as 12% in Year 1, 8% in Year 2, 8% in Year 3, and 7% in Year 4. The Aerospace Machinists Performance Plan (AMPP) incentive plan will be reinstated, offering a guaranteed minimum annual payout of 4%, with the first payout expected in February 2025.
For retirement benefits, the company will match 100% of the first 8% contributed to the 401(k), along with a guaranteed Special Company Retirement Contribution of 4%. Additionally, there will be a one-time contribution of $5,000 to each member&#8217;s Boeing 401(k).
Also Read:<a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41319026/boeings-q3-earnings-face-turbulence-strikes-layoffs-safety-woes-ahead" rel="noreferrer noopener"> Boeing&#8217;s Q3 Earnings Face Turbulence: Strikes, Layoffs, Safety Woes Ahead</a>
In terms of pensions, the Boeing Company Employee Retirement Plan (BCERP) multiplier benefit will increase to $105 for vested employees. There will also be a one-time ratification bonus of $7,000. Lastly, the sick time call-out policy will revert to the language in the existing contract, removing the requirement to call in before shifts.
Boeing stands as the largest exporter in the United States, contributing approximately $79 billion annually to the economy. This supports 1.6 million jobs, both directly and indirectly, across 10,000 suppliers located in all 50 states.
The strike took place just a month after Kelly Ortberg began his role as the new CEO, who has expressed a desire to &#8220;reset&#8221; the strained relationship between the company and the union, reported CNN.
According to an estimate from Standard &amp; Poor's, the company has been incurring losses of around $1 billion per month because of the strike, adding to its existing financial challenges.
It has also revealed intentions to reduce its global workforce by 10%, which amounts to approximately 17,000 out of its 171,000 employees, CNN added. The strike has disrupted the production of nearly all of its commercial aircraft, and the company typically receives the majority of its revenue from plane sales upon delivery.
If the members approve the contract, it will supersede an agreement reached in 2008 following a two-month strike.
Boeing later stated in securities filings that this strike led to a revenue drop of approximately $6.4 billion that year, as it delivered 104 fewer aircraft than anticipated, per a news <a href="https://www.nytimes.com/2024/10/19/business/boeing-strike-deal.html" target="_blank" rel="noreferrer noopener">report</a> by The New York Times.
Boeing&nbsp;Q3 Preview:&nbsp;On October 11, Boeing said it will recognize impacts to its&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41299059/boeing-reports-preliminary-third-quarter-results" rel="noreferrer noopener">third-quarter financial results</a>&nbsp;related to charges for programs across its Commercial Airplanes and Defense, Space &amp; Security segments and the ongoing assembly workers strike.&nbsp;
The company anticipates pre-tax earnings charges of $3 billion on the 777X and 767 programs in the Commercial Airplanes segment and expects pre-tax earnings charges of $2 billion on the T-7A, KC-46A, Commercial Crew and MQ-25 programs in the Defense, Space &amp; Security segment.&nbsp;
Boeing expects to report third-quarter revenue of $17.8 billion, GAAP loss per share of $9.97 and negative operating cash flow of $1.3 billion.
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Movers

Tentative Deal Announced To End Boeing Strike, Union Will Vote Wednesday

Spirit Airlines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) announced that on October 11, it modified its card processing agreement to extend the deadline for its 2025 notes from October 21 to December 23 and the early maturity <a href="https://www.benzinga.com/trading-ideas/short-ideas/24/10/41379166/spirit-airlines-struggles-to-regain-altitude-as-competitors-soar-bankruptcy-concerns-in" target="_blank" rel="noreferrer noopener">date from December 31 to March 3</a>.
The budget airline was in the process of renegotiating an agreement with the U.S. National Bank Association concerning the processing of payments made to it through Visa or MasterCard credit cards, per an <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001498710/eb889122-2c29-499f-b13b-ff7b9f37a85f.pdf" target="_blank" rel="noreferrer noopener">exchange</a> filing (dated October 18).
The Wall Street Journal had earlier <a href="https://www.wsj.com/articles/spirit-airlines-in-talks-with-bondholders-over-terms-of-potential-bankruptcy-filing-fdd23fae" target="_blank" rel="noreferrer noopener">reported</a> that Spirit was in discussions with bondholders regarding the conditions of a possible bankruptcy filing.
According to&nbsp;<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, SAVE stock has lost over 90% in the past year.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/social-media/24/10/41189534/spirit-airlines-bankruptcy-chatter-has-critics-blaming-biden-heres-what-history-shows-about-" rel="noreferrer noopener">Spirit Airlines Bankruptcy Chatter Has Critics Blaming Biden: Here&#8217;s What History Shows About Carrier Mergers</a>
On October 15, Spirit indicated that it had fully utilized the $300 million available under its revolving credit facility and anticipated finishing the year with more than $1 billion in liquidity.
Since the pandemic, Spirit has not reported a profit, and its future as an independent airline became unclear after a federal judge halted its merger with JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>), <a href="https://skift.com/2024/10/18/spirit-airlines-extends-key-deadline-to-refinance-debt/" target="_blank" rel="noreferrer noopener">reported</a> Skift. Additionally, problems with Pratt &amp; Whitney engines have forced the airline to ground parts of its fleet.
According to&nbsp;<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, JBLU stock has gained over 82% in the past year. Investors can gain exposure to the stock via&nbsp;Themes Airlines ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIRL#NASDAQ">AIRL</a>) and&nbsp;LeaderShares Activist Leaders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACTV#NYSE">ACTV</a>).
Spirit has reported losses in almost every quarter since February 2020, per data from<a target="_blank" href="https://www.benzinga.com/pro/" rel="noreferrer noopener">&nbsp;Benzinga Pro</a>. For the 2024 fiscal year second quarter, the company reported an adjusted net loss of $157.9 million.
According to a <a href="https://qz.com/jetblue-founder-neeleman-merger-spirit-frontier-1851676433" target="_blank" rel="noreferrer noopener">report </a>by Quartz, JetBlue&#8217;s founder further escalated matters following the airline&#8217;s unsuccessful merger attempt with Spirit Airlines.
David Neeleman, who left JetBlue in 2007 and now runs Breeze Airways, <a target="_blank" href="https://www.washingtonpost.com/travel/2024/10/17/jetblue-breeze-airways-david-neeleman-southwest-spirit/" rel="noreferrer noopener">told </a>the Washington Post that Spirit should have pursued a merger with Frontier Group Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULCC#NASDAQ">ULCC</a>) instead. However, JetBlue made a more attractive offer to partner with Spirit. After a judge blocked the JetBlue-Spirit merger on antitrust grounds in January, both companies ultimately abandoned the effort in March.
In a <a target="_blank" href="https://s24.q4cdn.com/507316502/files/doc_financials/2024/q2/Earnings-Release-2Q24.pdf" rel="noreferrer noopener">release </a>dated August 1, the company announced that it is on track to realize $100 million in annual run-rate cost savings, with around $75 million anticipated to be achieved by the end of 2024.
Compared to the third quarter of 2023, in the third quarter of 2024, the company will have exited 42 markets while adding 77 new ones, offering more routes on specific days of the week to facilitate expansion with a lower risk profile, and aggressively managing capacity to better align with seasonal and daily demand fluctuations.
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Image: Wikimedia Commons

ACTV

AIRL

JBLU

SAVE

ULCC

Spirit Airlines Extends Debt Deadlines, JetBlue Founder Suggests Frontier Group A More Suitable Match

When it comes to collecting autographs, former U.S. presidents are among the most sought after and sometimes hardest to locate<a href="https://www.benzinga.com/topic/collectibles"> for memorabilia collectors.</a>
An upcoming auction offers autographs from every president, from George Washington to Barack Obama.
What Happened: There have been 45 different presidents of the United States, with Donald Trump and Joe Biden serving as the <a href="https://www.benzinga.com/general/politics/24/09/40821291/donald-trump-signed-golden-sneakers-autographed-maga-hat-up-for-auction-at-goldin-heres-the-pric">two most recent</a>.
Autographs from Trump and Biden aren't included in a rare auction of presidential signatures, but the collection is unique and one-of-a-kind for the right buyer.
University Archives is auctioning off a collection of documents signed by the 43 presidents from Washington through Obama, as reported by <a href="https://www.cllct.com/sports-collectibles/autographs/from-washington-to-obama-collection-of-presidential-autographs-hits-auction-block">Cllct</a>. Each of the autographs came during the president's time in the White House, making the collection even more rare.
The collection includes autographed letters, typed letters, and signed documents. The auction house estimates the pre-sale price of the lot of rare presidential signatures at $400,000 to $500,000. The auction kicks off on Oct. 30.
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</ul>
Why It's Important: While a collection of the autographs of every president is rare, one name stands out in the collection.
William Henry Harrison, who served as the ninth president, has one of the rarest autographs in history. Harrison was inaugurated as president at the age of 67 in 1841, a record for the oldest president sworn in at the time.
Harrison became ill after his record one hour and 45-minute inauguration speech in March 1841 and died one month later.
According to the Cllct report, autographs from Harrison before his presidency sell for around $1,000, but autographs from his short time as president are incredibly rare and valuable. A Harrison signed document from his time in office sold for $75,000 in 2015. Only around 40 Harrison autographs from his time as president are known to exist.
Outside of Harrison, former President James Garfield is another rare autograph from his presidential term. Garfield, the 20th president of the United States, was assassinated 200 days into his term, the second-shortest stint.
Whoever buys the collection will have to decide whether to continue the trend and acquire autographs from Trump and Biden.
Read Next: 
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<li><a href="https://www.benzinga.com/general/entertainment/24/07/39966459/donald-trumps-maga-hat-from-assassination-attempt-gets-12m-offer-how-price-tag-compares-to-">Donald Trump&#8217;s MAGA Hat From Assassination Attempt Gets $12M Offer: How Price Tag Compares To Other Famous Hats</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Washington To Obama: Rare Presidential Autograph Collection Could Fetch $500,000 At Auction

A new election poll points to a close matchup between Donald Trump and Kamala Harris in the 2024 presidential election, continuing a recent trend of polls showing a tight race while prediction markets <a href="https://www.benzinga.com/general/sports-betting/24/10/41347270/trump-vs-harris-2024-election-polls-sportsbooks-betting-odds-show-different-winners-for-20">show a wide lead.</a>
What Happened: Election polls for months have predicted a close head-to-head matchup between Trump and Harris for the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election</a>.
A new Emerson College <a href="https://emersoncollegepolling.com/october-2024-tracking-national-poll-harris-49-trump-48/">poll</a> illustrates the same picture once again. The latest poll shows the following results, with the results from two weeks ago in parentheses:
<ul>
<li>Kamala Harris: 49% (50%)</li>
<li>Donald Trump: 48% (48%)</li>
<li>Someone Else: 1% (1%)</li>
<li>Don't Know: 2% (1%)</li>
</ul>
The poll found that when undecided voters were asked to pick which candidate they were leaning towards, Harris had a lead of 50% to 49% over Trump.
The latest poll shows Harris with a one-point lead, dropping from a two-point lead two weeks ago and a two-point lead back in September.
"Women and male voters break in near opposite directions: men for Trump, 56% to 42%, and women for Harris, 55% to 41%, Emerson College Polling executive director Spencer Kimball said.
Kimball said Harris is leading the way for Hispanic voters 61% to 35% and Black voters 81% to 12%. White voters back Trump 60% to 38%.
With less than one month until voting day, 80% of voters polled said they made their minds up on a candidate over a month ago, 11% said they made up their minds in the last month and 6% said they made up their minds in the past week. Three percent of voters have not made up their mind.
"The three percent of voters who said they could still change their mind currently favor Harris, 48% to 43%," Kimball added.
The poll found Harris to have a 53% favorable rating and 47% unfavorable rating. Trump holds a 49% favorable rating and a 51% unfavorable rating. While the favorable ratings are close, Harris had a higher percent of voters say they viewed her very favorable than Trump at 41.7% to 36.4% respectively. Trump had more voters say they had a very unfavorable rating of him at 45.7% compared to 41.6% for Harris.
The top three issues for voters were the economy (38%), immigration (16%) and threats to democracy (13%).
The poll was conducted from Oct. 14 through Oct. 16 as Harris continues<a href="https://www.benzinga.com/general/entertainment/24/10/41214476/will-kamala-harriss-media-blitz-including-60-minutes-and-call-her-daddy-improve-her-2024-el"> her media blitz </a>with appearances on podcasts, late night talk shows and other media networks.
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</ul>
Why It's Important: While Harris maintains an overall lead in the 2024 election based on the Emerson College poll, her lead is shrinking.
A recent Emerson College poll of voters in seven key swing states showed a close race and an unfavorable outcome for Harris.
Here are the results, and the totals from&nbsp;<a href="https://www.benzinga.com/general/politics/24/09/40949853/harris-in-trouble-new-swing-state-poll-shows-trump-gains-ground-in-key-battleground-areas-for-20" target="_blank" rel="noreferrer noopener">the previous poll</a>&nbsp;in parentheses:
<ul>
<li>Arizona: Trump 49% (49%), Harris 47% (48%)</li>
<li>Georgia: Trump 49% (50%), Harris 48% (47%)</li>
<li>Michigan: Trump 49% (47%), Harris 49% (49%)</li>
<li>Nevada: Harris 48% (48%), Trump 47% (48%)</li>
<li>North Carolina: Trump 49% (48%), Harris 48% (49%)</li>
<li>Pennsylvania: Trump 49% (48%), Harris 48% (47%)</li>
<li>Wisconsin: Trump 49% (49%), Harris 49% (48%)</li>
</ul>
The polls show Trump leading in four of the seven states, Harris leading in one state and the two candidates tied in two states. The last Emerson College poll of the seven states had Trump leading in four states with Harris leading in two states. The August poll had each candidate leading three states.
In the latest poll, Trump gained support in three states, lost support in two states and saw the same support in two states. Harris gained support in three states, lost support in two states and saw the same support in two states.
&#8220;With just under four weeks to go, the race remains too close to call in key swing states, all within the margin of error,&#8221; Emerson College Polling executive director&nbsp;Spencer Kimball&nbsp;said.
The&nbsp;<a href="https://www.benzinga.com/topic/swing-states" target="_blank" rel="noreferrer noopener">seven swing states</a>&nbsp;in question together represent 93 electoral votes in the 2024 election. Six of the seven states above were won by Biden in the 2020 election with Trump winning North Carolina. Several of the states were flipped from Trump&#8217;s win in the 2016 election.
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Harris Clings To Narrow National Lead As Trump Gains Ground

The luxury market is at a critical turning point, with a clear divide emerging between legacy brands and aspirational players, according to Maurits Pot, <a href="https://www.benzinga.com/general/biotech/24/07/39656549/exclusive-glp-1-weight-loss-drugs-could-become-a-trillion-dollar-market-predicts-tema-etfs-ceo">CEO of Tema ETFs</a>.
In an exclusive interview with Benzinga, Pot emphasized that high-end brands like Hermès International SA (OTCPK: HESAY) and Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) — supported by loyal, affluent clients — are set to outperform, while more aspirational names such as LVMH-Moët Hennessy Louis Vuitton (OTCPK: LVMUY) and Burberry Group plc (OTCPK: BURBY) face greater vulnerability due to shifting consumer behavior and economic slowdowns in key markets like China and Europe.
&#8220;Luxury is going for a turnaround, and we're seeing a greater differentiation between true luxury and aspirational brands,&#8221; Pot said. 
With a number of companies underperforming — particularly LVMH, which recently reported disappointing results — Pot highlighted that these outcomes aren&#8217;t surprising given macroeconomic headwinds.
Pot stressed that investors should now focus on a clear divide between high-end brands and those catering to more discretionary spending.
<h3 class="wp-block-heading">China&#8217;s Stimulus Won't Save Luxury Outlook</h3>
When discussing the impact of Chinese fiscal stimulus, Pot expressed skepticism. He indicated that while there was initial excitement around potential boosts for the market, the real beneficiaries of government spending are likely to be industries more central to China&#8217;s economic priorities.
&#8220;I think the luxury sector got a premature boost from the China stimulus,&#8221; Pot said, &#8220;but ultimately not a boost that is really warranted.&#8221; 
He stressed that the Chinese government will likely prioritize domestic consumption over high-end international luxury, raising doubts about a meaningful rebound in Chinese-driven demand.
<h3 class="wp-block-heading">India: The Next Growth Driver For Luxury?</h3>
Another pressing topic was whether India could fill the gap left by slowing Chinese demand. Pot hinted that India's emerging middle class and growing economic power could be the next growth story.
&#8220;As China slows, does Indian luxury demand replace waning Chinese demand? That's a key question for 2025,&#8221; Pot added, pointing to India&#8217;s growing presence in the luxury space, with brands like Dior investing heavily in the market.
&#8220;2024 will likely be a tough year for the luxury sector,&#8221; Pot stated, &#8220;but I think there&#8217;s reason to believe that 2025 could look better, especially if India continues to emerge as a key luxury market,&#8221; he added.
<h3 class="wp-block-heading">Tariffs And The U.S. Election: Potential Impacts On Luxury</h3>
Looking ahead to the U.S. elections, Pot shared his thoughts on tariffs and their potential impact on luxury. While tariffs haven't directly targeted luxury goods yet, he noted the possibility of indirect consequences, especially for industrial goods like cars. 
&#8220;I think tariffs are going to focus on industrial output before consumer goods, but luxury could get caught up in it eventually,&#8221; he added.
<h3 class="wp-block-heading">Holding Cash For Dip-Buying Opportunities</h3>
Pot also shared insights into how Tema Luxury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUX#NYSE">LUX</a>) is positioned to weather the luxury sector shifts. 
&#8220;Nearly 20% of the portfolio is in cash,&#8221; he revealed, explaining that the fund remains cautious, particularly toward discretionary luxury, which has been hit harder than high-end, timeless brands like Ferrari, Hermès, and Compagnie Financiere Richemont SA (OTCPK: CFRUY). 
&#8220;We&#8217;re overweight on really high-end luxury, and underweight on more discretionary luxury,&#8221; he said.
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EXCLUSIVE: Luxury Is 'Going For A Critical Turnaround,' Tema ETF CEO Says

Autographs of Warren Buffett and Charlie Munger are among the most sought after by those in the financial community when it comes <a href="https://www.benzinga.com/topic/collectibles">to obtaining collectibles</a>.
A recent auction included a signature of both figures that topped estimates.
What Happened: Legendary investor Warren Buffett, also known as the Oracle of Omaha, has led conglomerate Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>)(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) for decades and turned the former textile company into one of the most <a href="https://www.benzinga.com/general/education/24/08/40652464/warren-buffett-celebrates-94th-birthday-with-1-trillion-market-cap-milestone-a-look-back-at-hig">valuable companies in the world</a>.
Followers of Buffett and investors in the conglomerate are passionate about the two leaders and often travel to Nebraska once a year for the annual shareholders meeting.
Fans also collect merchandise and memorabilia tied to the two legendary investors. Munger, who served as Vice Chairman of Berkshire Hathaway for many years before passing away at the age of 99 <a href="https://www.benzinga.com/news/23/11/35989969/charlie-munger-buffetts-trusted-partner-dies-at-99">in November 2023</a>.
RR Auction recently <a href="https://www.rrauction.com/auctions/lot-detail/349274407010183-warren-buffett-and-charlie-munger-signatures/">auctioned</a> off a business card with signatures from both Buffett and Munger.
"Ballpoint signature, ‘Warren E. Buffett,' on an off-white 3.75 x 2 sheet printed to resemble Buffett's personal calling card, which consists of information for Berkshire Hathaway headquarters in Omaha, Nebraska," the auction listing said.
The card's autographs are certified by PSA.
The address on the card is for Kiewit Plaza, which is now known as Blackstone Plaza. The 15-story building in Omaha, Nebraska has served as the headquarters for Berkshire Hathaway since 1962.
The auction sold for $15,115, significantly higher than an estimate of $1,500.
You may not be a billionaire like Warren Buffett, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/entertainment/24/10/41187322/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>
Why It's Important: With Munger passing away and Buffett turning 94 years old in August, autographs from each investor and duo autographs could get rarer and rarer. The autographs are likely to be collectors items for years given the strong connection to the investing community.
"Buffett signed, but feeling is there won't be enough for every business mind who wants him," Cllct founder Darren Rovell <a href="https://x.com/darrenrovell/status/1846751145533792650">tweeted</a>.
RR Auction <a href="https://www.rrauction.com/search/?str=warren+buffett&amp;flexdatalist-str=warren+buffett&amp;type=t&amp;status=closed&amp;navsearch=true">sold </a>several Buffett autographed items earlier this year, which also flew past estimates. The auction house sold a sheet with seven Buffett quotes signed by the legendary investor for $3,033, beating an estimate of $500. The auction house also sold a signed Alfalfa Club program for $1,411, beating a pre-auction estimate of $800.
For investors who can't buy a full Buffett autograph, there is fractional alternative investment site Rally, which <a href="https://www.benzinga.com/news/22/08/28355919/exclusive-how-you-can-own-a-piece-of-a-warren-buffett-autograph-an-increasingly-rare-asset">has a Buffett signature.</a>
Rally sold 5,000 shares at $3 each of a Buffett-signed 2000 Berkshire Hathaway annual shareholder meeting pamphlet.
"We've been looking for Warren Buffett assets and collectibles for some time," Rally co-founder and Chief Product Officer&nbsp;Rob Petrozzo&nbsp;told Benzinga when the company offered the shares in 2022.
Originally valued at $15,000, the item currently has shares <a href="https://app.rallyrd.com/app/assets/e2d46bd9-56c8-41b5-a056-380856b809d4/2aa8ee76-4935-42d7-a430-bd08ce90859f/view">valued </a>at $2.05 each, with a value of $10,250.
Petrozzo said the signature on the annual shareholders meeting item helps mark a "moment in time, something that he's known for" about Buffett.
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Warren Buffett and Charlie Munger-Signed Business Card Was Estimated At $1,500 — But It Sold For A Lot More

Before <a href="https://www.benzinga.com/topic/elon-musk">Elon Musk</a> became the billionaire CEO of Tesla and SpaceX, he was just a teenager trying to make ends meet in Canada. His ascent to the top wasn&#8217;t easy, nor was it particularly glamorous, as evident in Ashlee Vance&#8217;s book, Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future.&nbsp;
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At 17, Musk left his home in South Africa and headed to Canada, hoping to eventually make it to the United States. He obtained citizenship with the help of his mother, who was born in Canada, but in the interim, he had to accept whatever job he could find to make ends meet.
One of Musk&#8217;s first jobs was at his cousin&#8217;s farm in Saskatchewan, a small village with fewer than 300 people. He worked as a vegetable gardener and grain bin shoveler, not exactly the life of a tech startup founder you might expect from one of the most well-known businesspeople in the world. After that, Musk learned to cut logs with a chain saw in Vancouver, British Columbia.
Trending: This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai"> here's how there's an opportunity to invest at $1,000 for only $0.50/share today.</a>
But Musk&#8217;s hardest job during his time in Canada was working in a lumber mill&#8217;s boiler room. After asking at the unemployment office which job paid the most, Musk took on a grueling gig that paid $18 an hour – good money for 1989, but at a steep cost.
The work was exhausting and dangerous, involving crawling through small tunnels wearing a hazmat suit to &#8220;shovel [sand and goop] through the same hole you came through.&#8221; The conditions were so tough that most workers didn&#8217;t last long. According to Musk, out of 30 people who started the job with him, only five were left by the third day. By the end of the week, just Musk and two others were still shoveling.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
&#8220;There is no escape,&#8221; Musk said in the biography. The job required him to crawl into a small space, shovel the hot residue through the same hole and hope the person on the other side managed to clear it out. It was physically demanding and the heat made it dangerous if anyone stayed too long inside.
After a few stints working odd jobs across Canada, Musk eventually enrolled at Queen&#8217;s University in Ontario and then transferred to the University of Pennsylvania in the United States. He earned degrees in physics and economics, but not without keeping his entrepreneurial spirit alive. To help pay for tuition, Musk hosted large, ticketed house parties, turning his college house into a nightclub on the weekends.
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Musk&#8217;s early years were full of tough work and key decisions to keep him on track. He even turned down a spot in Stanford&#8217;s graduate program to jump into the booming internet scene instead. He cofounded<a href="https://www.benzinga.com/news/24/05/38929147/5-money-mistakes-billionaire-elon-musk-made"> Zip2, which later sold for $300 million</a> and used the money to start X.com, which eventually became PayPal.&nbsp;
That <a href="https://www.benzinga.com/general/education/24/06/39547388/happy-birthday-elon-musk-53-facts-and-figures-about-tesla-spacex-ceo-on-his-53rd-birthday">sale to eBay for $1.5 billion</a> gave Musk the financial boost he needed to launch SpaceX and Tesla – ventures that would make him one of the richest people in the world.
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Elon Musk Spent His Teen Years Working Odd Jobs In Canada. For $18 An Hour, He'd Clean The Boiler Room With 'No Escape' In A Lumber Mill

DealMaker is a Toronto-based, e-commerce style digital platform that allows companies to raise capital online. Benzinga's Zunaid Suleman sat down with Dealmaker co-founder and CEO Rebecca Kacaba at the Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) HOOD Summit 2024 Friday to discuss what makes the <a href="https://www.benzinga.com/m-a/24/07/39736690/home-depot-boeing-among-big-name-corporates-feeding-global-m-a-activity-as-1-billion-plus-deals-retu">crowdfunding platform unique.</a> 
Digital Landscape: "Really savvy CEOs today know that their business is online. Regardless of what you do, it's a digital world," Kacaba said.&nbsp;
She described the team at DealMaker as "tech geeks" who are focused on reliable, streamlined technology that is efficient and works well. The CEO said the companies listed on DealMaker reflect Nasdaq-listed names, including technology-focused companies, robotics and real estate companies with some consumer-facing brands as well. 
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41410199/exclusive-robinhoods-steve-quirk-says-new-offerings-like-crypto-futures-bring-in-customers">EXCLUSIVE: Robinhood&#8217;s Steve Quirk Says New Offerings Like Crypto, Futures Bring In Customers, Bitcoin Is &#8216;No. 1&#8217; Most Traded Investment</a>
DealMaker boasts the lowest failed payment rate among its competitors, which the CEO attributed to the company's standard of rigorous diligence, which includes background checks on each company raising capital as well as on the individual investors. 
Kacaba said DealMaker keeps potential investors focused on each company's value proposition without distractions of the "next best thing." She revealed single investments on the platform have reached as high as $250,000 with the average single investment coming in at about $3,600. DealMaker's CEO also highlighted the platform's e-commerce format, which makes it easy and convenient for individuals to invest in companies before they go public. 
"Time kills all deals," Kacaba said.
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It&#8217;s well known that legendary investor Warren Buffett answers investor questions for hours every year at Berkshire Hathaway Inc&#8217;s (NYSE: <a href="https://www.benzinga.com/stock/brk-a#NYSE">BRK-A</a>) (NYSE: <a href="https://www.benzinga.com/stock/brk-b#NYSE">BRK-B</a>) annual meeting of shareholders. But most don&#8217;t know that such wouldn&#8217;t have been possible in Buffett&#8217;s early days.
If it weren&#8217;t for a $100 college course he took when he was 20 years old, the &#8220;Oracle of Omaha&#8221; might have shorted&nbsp;<a href="http://www.benzinga.com/news/large-cap/23/02/30740695/how-warren-buffetts-fund-manager-turned-70k-into-264m-in-a-perfect-world-nobody-would-know-about-t">his own success</a>.
What To Know: Buffett had an extreme fear of public speaking up until the age of 20, according to a <a href="https://www.cnbc.com/2019/03/21/billionaire-warren-buffett-says-a-100-dollar-course-had-the-biggest-impact-on-his-success.html?utm_content=makeit&amp;utm_medium=Social&amp;utm_source=Facebook&amp;fbclid=IwAR214Hln3Hmu8MUDHCWsWv1Ogxu7wi-TK9fQr8Yo3_bw1ds91gwRc5W4COk#Echobox=1675694538">report</a> from CNBC.
&#8220;Just the thought of it made me physically ill.&nbsp;I would literally throw up,&#8221;&nbsp;Buffett told CNBC contributor and&nbsp;&#8220;Getting There&#8221; author&nbsp;Gillian Zoe Segal.
In his early college days, Buffett would select certain classes to avoid having to present in front of his classmates. Furthermore, he designed his schedule so he wouldn&#8217;t have to be in front of crowds. 
He told Segal&nbsp;that he could barely even introduce himself whenever he found himself in a situation that required him to speak in front of others.&nbsp;
Buffett set out to change that when he saw an ad for a&nbsp;Dale Carnegie&nbsp;public speaking course at Columbia&#8217;s Business School. He signed up and even wrote a check to cover the costs, but shortly after, he reneged on his intentions.
&#8220;I just couldn't do it. I was that terrified,&#8221; the Berkshire CEO&nbsp;said.
Not long after Buffett graduated, he came across the exact same ad in the paper and set out to sign himself up again, with one key difference in his approach.
&#8220;This time, I handed the instructor $100 in cash. I knew if I gave him the cash I'd show up,&#8221; Buffett&nbsp;said.&nbsp;
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He did show up, and he discovered that about 30 other people had the same problem he did, he said: &#8220;We all had trouble saying our own names.&#8221;
By the time he finished the 12-week course, he was ready to put his skills to the test. He applied for a teaching position at the University of Omaha right away, knowing that if he didn&#8217;t keep at it, he would risk giving up&nbsp;the progress he had made in the public speaking class.&nbsp;
&#8220;I just kept doing it, and now you can't stop me from talking,&#8221;&nbsp;Buffett told Segal with a laugh.
The report indicates that the Berkshire CEO&nbsp;credits much of his&nbsp;<a href="http://www.benzinga.com/news/large-cap/23/02/30740695/how-warren-buffetts-fund-manager-turned-70k-into-264m-in-a-perfect-world-nobody-would-know-about-t">success</a>&nbsp;to the public speaking class, which is&nbsp;a lot of praise for someone as successful as the Oracle himself.
According to <a href="https://www.bloomberg.com/billionaires/">Bloomberg</a>, Buffett is the eighth-richest person in the world, with an estimated net worth of $145 billion at the time of writing. His fund has historically outperformed the S&amp;P 500, delivering nearly 20% compounded annual returns since Buffett took control of Berkshire in 1965.
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Photo: <a href="https://www.flickr.com/photos/fortunelivemedia/">Fortune Live Media</a> from Flickr.
Some elements of this story were previously reported by Benzinga and it has been updated.

Warren Buffett Says He Wouldn't Be Successful Today If He Didn't Take This $100 College Class: 'I Was That Terrified'

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
The three major stock indices extended their winning streak to six consecutive weeks, marking the longest stretch of gains for both the Dow Jones and S&amp;P 500 this year. The Dow rose 0.96%, the S&amp;P 500 increased by 0.85%, and the Nasdaq advanced 0.80%.
Retail sales in September exceeded expectations, and a significant drop in jobless claims added to the view that the U.S. economy is still robust. This strong economic momentum has led some analysts to reassess the Federal Reserve&#8217;s future course of action, with many now questioning the likelihood of additional interest rate cuts.
However, rising Treasury yields have impacted the housing market, causing a sharp increase in mortgage rates and a corresponding drop in mortgage applications. Homebuyer demand experienced its steepest decline since April 2020, as potential buyers pulled back due <a href="https://www.benzinga.com/markets/asia/24/10/41411026/bank-earnings-propel-wall-street-to-record-peaks-oil-plunges-below-70-gold-shines-at-all-time-highs">to the higher borrowing costs.</a>
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
&#8220;<a href="https://www.benzinga.com/markets/equities/24/10/41328252/apples-iphone-16-powers-record-sales-in-q3-just-behind-samsung-in-global-market-share-battle">Apple&#8217;s iPhone 16 Powers Record Sales In Q3, Just Behind Samsung In Global Market Share Battle</a>,&#8221; by <a href="https://www.benzinga.com/author/rounak-jain">Rounak Jain</a>, reports that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) achieved record iPhone sales in Q3 2024, securing 18% global market share, just behind Samsung Electronics Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>), as the global smartphone market grows by 5% year-over-year.
&#8220;<a href="https://www.benzinga.com/news/24/10/41321236/sam-altmans-oklo-jumps-on-google-nuclear-deal-whats-going-on">Sam Altman&#8217;s Oklo Jumps On Google Nuclear Deal: What&#8217;s Going On?</a>,&#8221; by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, reports on Oklo Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKLO#NYSE">OKLO</a>) shares rising after 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>) announced plans to use nuclear energy, with speculation that Sam Altman&#8216;s connections may position Oklo for future deals with tech giants.
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41374086/dogecoin-shiba-inu-pepe-may-have-overtaken-these-nasdaq-listed-companies-toward-billion-do">Dogecoin, Shiba Inu, Pepe May Have Overtaken These Nasdaq-Listed Companies Toward Billion-Dollar Valuations, But There&#8217;s A Catch</a>,&#8221; by <a href="https://www.benzinga.com/author/aniket-verma">Aniket Verma</a>, reports on how meme coins like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), and Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) reached billion-dollar valuations faster than traditional companies like Nutanix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) and Nice Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NICE#NASDAQ">NICE</a>).
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41406623/netflix-should-continue-to-outperform-6-analysts-on-streaming-stocks-q3-earnings">Netflix &#8216;Should Continue To Outperform&#8217;: 6 Analysts On Streaming Stock&#8217;s Q3 Earnings</a>
<a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41342499/unlikely-s-p-500-stock-leaves-nvidia-behind-with-241-gain-in-2024">Unlikely S&amp;P 500 Stock Leaves Nvidia Behind With 241% Gain In 2024</a>
<a href="https://www.benzinga.com/markets/equities/24/10/41364980/russell-2000-poised-for-major-technical-breakout-analyst-eyes-a-trend-reversal-in-favor-of-small">Russell 2000 Poised For Major Technical Breakout: Analyst Eyes &#8216;A Trend Reversal In Favor Of Small Caps Outperforming&#8217; S&amp;P 500</a>
The Bears
&#8220;<a href="https://www.benzinga.com/general/biotech/24/10/41381861/moderna-hit-with-another-lawsuit-related-to-key-covid-19-vaccine-technology">Moderna Hit With Another Lawsuit Related To Key COVID-19 Vaccine Technology</a>,&#8221; by <a href="https://www.benzinga.com/author/vandana-singh">Vandana Singh</a>, reports that Northwestern University has sued Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) for allegedly using its lipid nanoparticle technology in COVID-19 vaccines like Spikevax without permission, seeking damages for patent infringement.
&#8220;<a href="https://www.benzinga.com/news/24/10/41385546/ftc-click-to-cancel-rule-makes-it-easy-to-end-subscriptions-what-it-means-for-netflix-planet-fitness">FTC &#8216;Click-To-Cancel&#8217; Rule Makes It Easy To End Subscriptions: What It Means For Netflix, Planet Fitness And More</a>,&#8221; by <a href="https://www.benzinga.com/author/erica-kollmann">Erica Kollmann</a>, reports that the Federal Trade Commission&#8217;s new rule aims to simplify canceling subscriptions, impacting companies like Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) and Planet Fitness Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLNT#NYSE">PLNT</a>) by requiring them to make a cancellation as easy as signing up.
&#8220;<a href="https://www.benzinga.com/news/24/10/41393244/tesla-has-a-new-chinese-electric-vehicle-competitor-how-a-company-that-used-to-sell-cheap-tvs-is-ent">Tesla Has A New Chinese Electric Vehicle Competitor: How A Company That Used To Sell Cheap TVs Is Entering EV Race</a>,&#8221; by <a href="https://www.benzinga.com/author/chris-katje">Chris Katje</a>, reports that Chinese company Skywell, known for selling affordable Skyworth TVs, unveiled the Q hatchback EV at the Paris Auto Show, marking its entry into the EV space and potentially challenging Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) with competitively priced models.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/news/24/10/41354045/as-boeing-workers-enter-second-month-of-strike-rival-airbus-reportedly-plans-to-cut-2-500-jobs">As Boeing Workers Enter Second Month Of Strike, Rival Airbus Reportedly Plans To Cut 2,500 Jobs</a>
<a href="https://www.benzinga.com/news/24/10/41375934/meta-confirms-layoffs-across-instagram-whatsapp-and-reality-labs-amid-strategic-reshuffle">Meta Confirms Layoffs Across Instagram, WhatsApp And Reality Labs Amid Strategic Reshuffle</a>
<a href="https://www.benzinga.com/news/24/10/41375886/warren-buffetts-stock-sales-point-to-overvalued-market-says-hedge-fund-manager-david-einhorn-not-a-g">Warren Buffett&#8217;s Stock Sales Point To Overvalued Market, Says Hedge Fund Manager David Einhorn: &#8216;Not A Great Time To Have A Lot Of Equity Exposure&#8217;</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
Image created using artificial intelligence via Midjourney.

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Benzinga Bulls And Bears: Apple, Tesla, Netflix, Oklo — And Dogecoin, Meme Coins Outpace Corporate Giants

In a recent social media clash, <a href="https://www.benzinga.com/topic/mark-cuban">Mark Cuban</a> called out Donald Trump for insulting American autoworkers. Cuban, the entrepreneur and part-owner of the Dallas Mavericks, took to <a href="https://x.com/mcuban/status/1846335916228391385">Twitter</a> to criticize Trump&#8217;s remarks during his interview at the Economic Club of Chicago.&nbsp;
Trump claimed that autoworkers in America were essentially just assembling car parts &#8220;out of a box&#8221; and even went as far as to say, &#8220;We could have our child do it.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">He still thinks it's 1965. It's obvious he has no idea what it takes to manufacture any advanced product, car or otherwise. <a href="https://t.co/mRCTZG5k3E">https://t.co/mRCTZG5k3E</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1846335916228391385?ref_src=twsrc%5Etfw">October 15, 2024</a></blockquote>
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Cuban was not having any of it. In a tweet, he said, &#8220;He still thinks it's 1965. It's obvious he has no idea what it takes to manufacture any advanced product, car or otherwise.&#8221; Cuban made it clear that Trump's comments were completely out of touch with the reality of modern manufacturing and a direct insult to hardworking Americans who keep the industry going.
When Stephen Miller, a former advisor to Trump, rushed in to defend the former president, Cuban responded quickly. Miller suggested that Cuban had been &#8220;hoaxed&#8221; by a &#8220;deceptively edited clip&#8221; and argued that Trump's comments were directed at European car manufacturers, not American workers.&nbsp;
Trending: This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai"> here's how there's an opportunity to invest at $1,000 for only $0.50/share today.</a>
Cuban responded, &#8220;Stephen, the Mercedes plant is in the USA,&#8221; before continuing, "The workers are American. He said a child could do the job of an American worker. That's an insult.&#8221;
Cuban wasn't just upset about the specific comments on autoworkers. He also aimed at Trump's behavior during the interview, calling it &#8220;awful.&#8221; According to Cuban, whenever Trump couldn't answer a question, he insulted the interviewer instead, adding, &#8220;Now THAT is something a child can do.&#8221;
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
There was more back-and-forth. Cuban even provided extensive information via Grok chatbot to support his assertions, citing Mercedes-Benz U.S. International (MBUSI), the company that operates <a href="https://www.benzinga.com/top-stories/24/05/38798644/mercedes-benz-workers-in-alabama-face-anti-union-pressure-amid-uaw-vote">Mercedes-Benz activities in Alabama</a>.&nbsp;
The company made a significant investment in this factory, which is close to Vance, Alabama. It manufactures models like the GLE and GLS, as well as electric EQS and EQE SUVs. Mercedes-Benz employs its &#8216;One Man–One Engine&#8217; philosophy at this plant for its AMG models, where a single technician hand-builds an engine from start to finish. This philosophy emphasizes that American workers at this plant deserve respect for their skills and contributions.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
Cuban&#8217;s message was very clear: don&#8217;t accept Trump&#8217;s actions as usual, especially if doing so means <a href="https://www.benzinga.com/news/24/06/39516013/mark-cuban-accuses-trump-of-ripping-off-thousands-of-hard-working-americans-and-not-wanting-to-leave">disparaging hardworking Americans</a>. He called on people like Stephen Miller not to excuse or justify the insults. &#8220;I know your guy insults hardworking Americans often, but don't normalize this, Stephen,&#8221; Cuban tweeted.
Trump has a track record of <a href="https://www.benzinga.com/general/politics/24/10/41344136/trump-goes-on-the-defense-about-massive-effect-of-tariffs-economic-growth-putin-relationship-djt">opposing global trade deals</a> and enacting tariffs to encourage homegrown manufacturing. But rather than bringing about the rebirth he frequently claims, it has been demonstrated that his policies – such as tariffs on steel and aluminum – damage the American auto sector, driving up costs and even resulting in plant closures.
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'Don't Normalize' Trump's Behavior, Warns Mark Cuban, Says It's An Insult To American Workers To Claim Their Job Could Be Done By A Child

In <a href="https://www.semafor.com/article/10/17/2024/lucids-boss-on-sputtering-ev-market-elon-and-doing-business-in-saudi-arabia">an interview</a> with Semafor published on Thursday, Peter Rawlinson, CEO of Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) discussed the company's relationship with the Public Investment Fund (PIF) of Saudi Arabia, Lucid's rivalry with Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and <a href="https://www.benzinga.com/news/24/10/41356810/elon-musk-donates-75m-to-support-donald-trumps-presidential-campaign">Elon Musk's political views</a>.&nbsp;
Saudi Money: Saudi Arabia's PIF has invested approximately $8 billion in Lucid, and the sovereign wealth fund holds about a 60% stake in the EV maker, making it the company&#8217;s largest shareholder. Lucid is also building a factory in Saudi Arabia with an annual production capacity of 150,000 vehicles. The PIF has said that it views Lucid as an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40196316/lucid-group-analysts-break-down-q2-earnings-1-5b-saudi-financing-for-ev-stock-we-se">important part</a> of its strategy to diversify Saudi Arabia&#8217;s economy and invest in future technologies. 
"They are looking for multipliers that can help their transition," Rawlinson said regarding the Saudi partnership. "I didn't go out and try to seek Saudi money specifically. But I needed billions of dollars."
Lucid announced a <a href="https://www.benzinga.com/news/24/10/41381191/whats-going-on-with-lucid-stock-thursday">public offering of its stock</a> on Wednesday and Saudi PIF-affiliate Ayar Third Investment Company had agreed to purchase an additional 374,717,927 shares of Lucid's stock in a private placement in connection with the offering. The company expects to receive another $970.2 million in gross proceeds from the PIF's latest investment.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/24/10/41385546/ftc-click-to-cancel-rule-makes-it-easy-to-end-subscriptions-what-it-means-for-netflix-planet-fitness">FTC &#8216;Click-To-Cancel&#8217; Rule Makes It Easy To End Subscriptions: What It Means For Netflix, Planet Fitness And More</a>
Rawlinson on Elon Musk's Politics: Rawlinson revealed that he knows Elon Musk "very well" after working for him for three years, but that the Tesla CEO has become "distracted with politics."
"His mind is not where it was, and you see the result now," Rawlinson said in the interview. "We're the new leader, and many of my team from Tesla have come and joined me."
Rawlinson went so far as to claim that he was not only taking staff from Tesla due to Musk's<a href="https://www.benzinga.com/news/24/10/41353213/tesla-ceo-elon-musk-to-campaign-for-trump-in-pennsylvania-asks-attendees-to-support-free-speech-ther"> political involvement</a>, but said former Tesla<a href="https://www.benzinga.com/top-stories/24/08/40404685/lucid-ceo-peter-rawlinson-says-his-ev-tech-is-8-years-ahead-of-elon-musks-tesla"> customers are fleeing</a> to Lucid as well. He illustrated his point with an anecdote about an email from a customer who switched from Tesla to Lucid.&nbsp;
&#8220;We just couldn't drive around in a Tesla anymore. We bought a Lucid out of disdain for Elon, but now we've got it, we can't believe what we've got," Rawlinson said the customer wrote.&nbsp;
EV Demand: Lucid recently scaled back its production targets, though Rawlinson claims Lucid is outperforming luxury EV competitors in certain markets.&nbsp;
"In some markets now, Lucid Air is outselling Tesla Model S," Rawlinson stated.&nbsp;
The Lucid CEO said <a href="https://www.benzinga.com/news/24/09/40799524/lucid-showcases-new-gravity-suv-teases-affordable-crossover-ev">vehicle manufacturing</a> is not a problem and pointed to the company's production levels of 100 EVs per day in 2022. He sees Lucid's problem as low EV market demand.&nbsp;
"The market is tough. The actual sales numbers of EVs are increasing. It's just that the rate of increase was not what we anticipated."
LCID Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Lucid shares ended Friday's session at $2.63, down more than 22% over the past five days.&nbsp;
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Image: Shutterstock&nbsp;

LCID

Lucid CEO Peter Rawlinson Talks Saudi Investment, Elon Musk's Political Views And Taking Business From Tesla

In a campaign rally for Democratic presidential candidate Kamala Harris in Arizona, former President Barack Obama criticized Republican nominee Donald Trump as a leader.
What Happened: On Friday, Obama questioned Trump&#8217;s&nbsp;mental fitness to lead the&nbsp;nation, describing&nbsp;the Republican nominee as a&nbsp;huckster to criticize him, <a href="https://www.washingtonpost.com/politics/2024/10/18/obama-trump-arizona-rally-harris/">reported</a>&nbsp;The Washington Post.
The rally, held at the University of Arizona&#8217;s football practice facility, was attended by an estimated 7,000 people. It marked the beginning of Obama&#8217;s six-day, five-state tour of the election&#8217;s fiercest battlegrounds.
See Also:&nbsp;<a href="https://www.benzinga.com/general/sports-betting/24/10/41347270/trump-vs-harris-2024-election-polls-sportsbooks-betting-odds-show-different-winners-for-20?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Harris: 2024 Election Polls, Sportsbooks Betting Odds Show Different Winners For 2024 Election</a>
During the rally, Obama likened Trump&#8217;s town hall appearance this week to the behavior of an &#8220;older, loonier Donald Trump with no guardrails.&#8221;
&#8220;You would be worried if your grandpa was acting like this,&#8221; he said.
He also took a dig at Trump&#8217;s business ventures, particularly his self-branded Bibles, which he noted were printed in China.
The former President called out Trump&#8217;s hypocrisy, branding him as &#8220;Mr. Tough Guy on China,&nbsp;except when he can make&nbsp;a few bucks hawking his&nbsp;Trump edition Bibles.&#8221;
Why It Matters: Earlier this year in August, during the Democratic National Convention, <a href="https://www.benzinga.com/general/politics/24/08/40488598/obama-compares-trump-to-an-annoying-neighbor-with-leaf-blower-tells-dnc-americas-ready-for-a-new">Obama compared Trump to an</a> annoying neighbor with a leaf blower, stating that America was ready for a new chapter under Harris&#8217;s leadership.
Earlier this month, he <a href="https://www.benzinga.com/news/24/10/41284435/obama-compares-trumps-behavior-with-fidel-castro-he-has-not-stopped-whining-about-his-problems-since">compared Trump&#8217;s behavior</a> to that of Fidel Castro, stating that Trump had not stopped &#8220;whining about his problems&#8221; since his initial presidential campaign.
&#8220;Donald Trump is a 78-year-old billionaire who has not stopped whining about his problems since he rode down his golden escalator nine years ago,&#8221; Obama posted on social media.
Trump, on the other hand, has been contemplating <a href="https://www.benzinga.com/news/24/10/41414741/trump-mulls-legal-action-against-cbs-over-kamala-harriss-60-minutes-interview-its-going-to-be-very-e">legal action against CBS over an interview</a> with Harris, accusing the network of deceptive editing to present the Vice President in a positive light.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photos courtesy: of Matt Johnson and Gage Skidmore on Flickr

Obama Criticizes Trump's Town Hall Appearance At Arizona Rally: 'You Would Be Worried If Your Grandpa Was Acting Like This'

&#8220;Shark Tank&#8221; co-stars&nbsp;Mark Cuban&nbsp;and&nbsp;Kevin O&#8217;Leary, aka &#8220;Mr Wonderful,&#8221;&nbsp;have locked horns over tariffs on China.
What Happened: On Friday, O&#8217;Leary voiced his discontent with China&#8217;s trade practices on X, formerly Twitter.
He argued for drastic action in the form of raising tariffs to 400%, saying that China has been unfair in its business practices for decades.&nbsp;&#8220;I can tell you&nbsp;firsthand they DON&#8217;T play fair.&#8221;
&#8220;I'm calling for REAL action, raise tariffs to 400%. Make it SO painful they have no choice but to come to the table,&#8221; O&#8217;Leary stated, referring to Republican presidential nominee Donald Trump&#8217;s stance on the subject.
See Also: <a href="https://www.benzinga.com/news/24/10/41372368/mark-cuban-battles-former-trump-advisor-for-suggesting-a-child-could-do-american-auto-workers-job-pa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Battles Former Trump Advisor Over Ex-President&#8217;s Comments On American Auto Workers</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As someone who's been doing business with China for decades, I can tell you firsthand they DON&#39;T play fair. I've dealt with their system, and it's been a one-sided game for 20 years. They block us from protecting our IP but then come to our courts when things don't go their way,… <a href="https://t.co/gpkcmOJDgI">pic.twitter.com/gpkcmOJDgI</a>
&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1846745438340210739?ref_src=twsrc%5Etfw">October 17, 2024</a></blockquote>
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Cuban swiftly responded to O&#8217;Leary&#8217;s call for increased tariffs, highlighting the adverse effects such measures could have on U.S. companies.
He cited a Deutsche Bank report and a Goldman Sachs survey, indicating that companies were &#8220;cutting costs, putting off investments, and paying extra to build up inventory to help cushion the impact of China tariffs.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hey <a href="https://twitter.com/kevinolearytv?ref_src=twsrc%5Etfw">@kevinolearytv</a> , this is what companies did in Sept of 2019 while your guy was negotiating &#x2A; U.S. companies already are cutting costs, putting off investments and paying extra to build up inventory to help cushion the impact of China tariffs. Some companies are postponing…
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1847374958206603527?ref_src=twsrc%5Etfw">October 18, 2024</a></blockquote>
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Why It Matters: This isn&#8217;t the first time the two &#8220;Shark Tank&#8221; co-stars have publicly disagreed. In August, they had a <a href="https://www.benzinga.com/startups/24/08/40163905/shark-tank-showdown-mark-cuban-claps-back-at-kevin-olearys-controversial-comments-on-kamala-harris">social media showdown</a> following O&#8217;Leary&#8217;s controversial comments on Democratic nominee Kamala Harris, whom Cuban is publicly supporting.
Their latest disagreement comes amid a heated debate on tariffs. Last month, the Joe Biden administration&nbsp;<a href="https://www.benzinga.com/markets/asia/24/09/40856820/biden-hikes-tariffs-on-chinese-goods-alibaba-jd-com-stocks-drop">hiked tariffs</a>&nbsp;on Chinese goods, causing stocks of Alibaba and JD.com to drop.
Meanwhile, Trump has&nbsp;<a href="https://www.benzinga.com/news/24/10/41397317/trump-defends-his-plans-to-impose-200-tariffs-on-cars-imported-from-china-mexico-hope-union-workers">defended his plans</a>&nbsp;to impose 200% tariffs on cars imported from China and Mexico, aiming to protect American automotive jobs. &#8220;I hope the union workers, auto workers understand that I saved their jobs.&#8221;
Previously, Harris criticized Trump&#8217;s tariff policy, naming it "Trump sales tax&#8221; during the <a href="https://www.benzinga.com/news/24/09/40810978/trump-sold-us-out-with-china-tariff-policy-says-harris-in-heated-presidential-debate">presidential debate</a> last month. At the time, she stated that the Trump administration contributed to a substantial trade deficit and instigated trade wars.
&#8220;Under Donald Trump's presidency, he ended up selling American chips to China to help them improve and modernize their military,&#8221; Harris said then.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photos courtesy: Gage Skidmore via Flickr and Shutterstock

Economics

Kevin O'Leary Calls for 400% Tariffs On China, But His 'Shark Tank' Co-Star And Friend Mark Cuban Fires Back With Business Concerns

Editor&#8217;s note: The headline of this story has been updated to clarify that Bitcoin is the top recurring investment on the Robinhood platform, not the most traded asset, and the story has been updated with more detail. 
Trading platform Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) has grown from a strong base of young users and retail users into a platform that caters to all, a development the company's Chief Brokerage Officer Steve Quirk told Benzinga is "kind of exciting to see" during the <a href="https://www.benzinga.com/fintech/24/10/41371235/robinhood-announces-futures-trading-index-options-trading">2024 HOOD Summit.</a>
Robinhood's Growth: With a<a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35166392/exclusive-next-generation-of-investors-drives-robinhoods-247-trading-crypto-savings-offeri"> long career in the trading world </a>at TD Ameritrade and the Cboe, Quirk has seen trends come and go in the stock market.
"At Robinhood, our customers tier toward the younger side," Quirk said in a Friday interview, noting an average customer age in the low 30s.
Similarities exist between legacy trading firms and Robinhood, he said, but there are many differences that influence the latter&#8217;s product development.
"The technology and products we roll out cater to our customers."
On Robinhood, around 50% of the self-directed trading occurs on mobile, which means most of the trading is done on phones, Quirk said. 
With the growth of retirement accounts and more sophisticated traders joining Robinhood, Quirk said the company saw demand for web-based apps and platforms alongside mobile, which went into the company's new trading platform.
"We are attracting a lot of large customers from other brokerages."
Quirk emphasized the amount of effort Robinhood puts into researching customers to make better tools and products and also the effort made in education to make people feel comfortable switching their accounts over to Robinhood.
"Education is critical."
The HOOD Summit has helped show Quirk stories of investors changing their lives through Robinhood tools and investment platforms, he said. 
"Those stories make you motivated to continue to deliver for the customers."
Read Also: <a href="https://www.benzinga.com/markets/options/24/10/41389775/exclusive-cboe-ceo-says-robinhood-growth-an-eye-opener-unpredictable-2024-election-could-increase">EXCLUSIVE: Cboe CEO Says Robinhood Growth &#8216;An Eye Opener,&#8217; Unpredictable 2024 Election Could Increase Market Volatility</a>
Platform For Everything: Robinhood recently announced a partnership with Cboe Global Markets (BATS:<a class="ticker" href="https://www.benzinga.com/stock/CBOE#BATS">CBOE</a>) that will bring futures trading to customers, which Quirk said is one of the platform&#8217;s most-requested features. 
"It's a natural," Quirk said.
The tax advantages of futures and the fact they operate around the clock are some of the reasons they are in demand from Robinhood customers, he said. 
With its offerings of stocks, options, futures and cryptocurrency, Quirk highlighted the uniqueness of the Robinhood platform during his interview with Benzinga's Zunaid Suleman at the HOOD Summit in Miami. 
"We're the only place in U.S. where you can do it all."
Robinhood offers the ability to make recurring investments in any asset, including cryptocurrency, Quirk said. Recurring investments are where Robinhood users set the dollar amount of an investment to be made automatically on their behalf. 
"The No. 1 traded and most reoccurred investment is Bitcoin," he said, highlighting the leading cryptocurrency Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
Bitcoin has been Robinhood&#8217;s top recurring asset for years and it shows the platform has customers who are very passionate about cryptocurrency, the chief brokerage officer said.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41391989/exclusive-robinhoods-bitstamp-deal-will-drive-growth-exec-says-what-was-good-for-stocks-we">EXCLUSIVE: Robinhood&#8217;s Bitstamp Deal Will Drive Growth, Exec Says: &#8216;What Was Good For Stocks &#8230; We Brought Into Crypto&#8217;</a></li>
</ul>
Benzinga&#8217;s Zunaid Suleman interviews Robinhood Chief Brokerage Officer Steve Quirk. Photo by Aaron Thomas.

Management

$BTC

CBOE

EXCLUSIVE: Robinhood's Steve Quirk Says New Offerings Like Crypto, Futures Bring In Customers, Bitcoin Is 'No. 1' Recurring Investment (CORRECTED)

The U.S. Commerce Department has reportedly launched an investigation into Taiwan Semiconductor Manufacturing Company Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) that could potentially <a href="https://www.benzinga.com/government/23/04/31723813/tsmc-seeks-clarity-us-chips-act-subsidy-concerns-prompt-high-stakes-discussions">disrupt the production of chips</a> for Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhones and Macs.
What Happened: The U.S. Commerce Department is probing whether&nbsp;TSMC&nbsp;violated sanctions by supplying chips to Huawei Technologies, <a href="https://appleinsider.com/articles/24/10/18/us-tsmc-probe-puts-iphone-chips-at-risk">reported</a> Apple Insider (<a href="https://www.theinformation.com/articles/u-s-probes-tsmcs-dealings-with-huawei">via</a> The Information).
The investigation, initiated in early fall, follows suspicions that TSMC may have been&nbsp;contracted by an intermediary firm&nbsp;to manufacture smartphone and AI chips for Huawei.
The 2020 sanctions on Huawei restricted the Chinese tech giant from <a href="https://www.benzinga.com/markets/asia/23/06/33050727/the-us-is-trying-to-weaken-chinas-semiconductor-industry-heres-what-china-is-doing-to-fight-back-in">obtaining components from U.S. companies</a> without approval from the Commerce Department.
It also prohibited the use of chips manufactured with U.S.-sourced equipment.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41373962/trump-campaigns-snapchat-absence-potentially-gives-harris-edge-among-young-voters?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Campaign&#8217;s Snapchat Absence Potentially Gives Harris Edge Among Young Voters</a>
If found guilty, TSMC could face penalties, including sanctions, which could directly affect its chip production for clients, including&nbsp;Apple, the report noted.
Such a penalty could stop TSMC&#8217;s access to U.S. technology and equipment, disrupting the production of new lines and maintenance of existing ones.
This could also limit the production of Apple&#8217;s mobile chips, forcing the tech giant to seek another chip partner.
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: Earlier this week, it was reported that TSMC could <a href="https://www.benzinga.com/news/24/10/41395688/nvidia-supplier-tsmc-will-push-back-against-asml-rumored-price-hikes-says-analyst-potential-pricing">resist price hikes</a>&nbsp;from equipment supplier ASML Holding, which may lead to a pricing standoff between the two companies.
Hsinchu, Taiwan-based TSMC <a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips">reported third-quarter revenue</a> of NT$759.69 billion ($23.50 billion), up 39% from last year and 12.8% from the previous quarter. In U.S. dollar terms, revenue grew 36% year-over-year and 12.9% quarter-over-quarter.
The impact could be even greater, <a href="https://www.benzinga.com/government/24/09/41007184/taiwan-semi-secures-7-5b-boost-for-arizona-expansion-aims-for-advanced-chip-production-report">as TSMC&#8217;s Arizona facility</a>, which secured a <a href="https://www.benzinga.com/news/24/04/38266586/taiwan-semis-ai-boom-and-us-expansion-set-to-drive-q1-earnings-growth">$6.6 billion subsidy through</a> the Chips Act from the Commerce Department in April, might face a halt in its development.
Previously, it was also reported that TSMC has&nbsp;<a href="https://www.benzinga.com/news/24/10/41356479/apple-spark-hope-for-americas-semiconductor-comeback-key-supplier-tsmc-reportedly-begins-producing-c">started manufacturing</a>&nbsp;A16 chips for Apple at its Phoenix, Arizona facility, marking a return to using U.S.-made chips after nearly a decade.
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>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41401752/nvidia-executive-defends-teslas-optimus-robots-amid-criticism-thats-a-huge-advancement-not-something?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Executive Defends Tesla&#8217;s &#8216;Optimus&#8217; Robots Amid Criticism: &#8216;That&#8217;s A Huge Advancement&#8230;Not Something That Should Be Downplayed&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Global

US Probe Into Potential Sanctions Breach By TSMC Threatens Apple's iPhone Chips Production

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) enthusiasts have reason to be optimistic as the Chief Investment Officer of Bitwise, Matt Hougan, has projected that the apex crypto could hit a six-figure price by 2025.
What Happened: Hougan cited several factors that could propel Bitcoin&#8217;s price upward, in a recent interview on the Altcoin Daily channel.
He pointed to the recent halving event in April, which slashed miners&#8217; rewards by half, as a significant influence on Bitcoin&#8217;s market dynamics.
"I think it's going to be a new all-time high. I think it's going to be six-figure Bitcoin for sure," said Hougan.
"It's a risky market. You should only invest what you can lose. But the setup for 2025 is really exceptional."
Additionally, Hougan expects spot Bitcoin exchange-traded funds (ETFs) to become more prominent next year. He also highlighted potential Federal Reserve rate cuts as a bullish catalyst for Bitcoin&#8217;s price increase.
Hougan expressed confidence that Bitcoin might reach new all-time highs before the year ends, noting the substantial liquidity available for investment in the crypto market.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41308908/man-who-accidentally-threw-hard-drive-containing-8-000-bitcoins-worth-half-a-billion-dolla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Man Who Accidentally Threw Hard Drive Containing 8,000 Bitcoins Worth Half A Billion Dollars In Landfill</a>
Why It Matters: Hougan&#8217;s prediction comes amid a backdrop of increasing institutional interest in Bitcoin.
Recently, MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) founder Michael Saylor <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41396724/microstrategy-boss-michael-saylor-taunts-bitcoin-doubters-challenges-them-to-short-company">challenged Bitcoin skeptics</a> to short the company&#8217;s stock, emphasizing their commitment to holding Bitcoin.
Furthermore, Morgan Stanley, despite previous skepticism from its executive chairman James Gorman, has <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41351925/morgan-stanley-chair-james-gorman-once-said-bitcoins-role-in-wealthy-peoples-financial-fab">actively recommended Bitcoin-related investments</a> to clients this year. This shift indicates a growing acceptance of Bitcoin among traditional financial institutions.
Additionally, the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41295451/bitcoin-rises-2-to-break-62k-trader-reports-90-to-100-bullish-signals">recent rise in Bitcoin&#8217;s price</a>, with traders like Astronomer Zero reporting strong bullish signals, further supports the optimistic outlook for Bitcoin&#8217;s future.
<figure class="wp-block-embed is-provider-youtube wp-block-embed-youtube"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#039;All Hell is About To Break Loose In Crypto!&#039; Matt Hougan" width="500" height="281" src="https://www.youtube.com/embed/fRqy2zkflUY?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>
</figure>
Price Action: At the time of writing, Bitcoin's price was hovering at $68,361, up by 0.31% in the past 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41415033/fbi-arrests-alabama-man-who-allegedly-hacked-secs-x-account-to-prematurely-announce-bitcoi">FBI Arrests Alabama Man Who Allegedly Hacked SEC&#8217;s X Account To Prematurely Announce Bitcoin ETF Approval</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

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