Latest news for Payfare (OTC:PYFRF) Stock

Payfare Inc is a global fintech company offering mobile banking, instant payment, and loyalty-reward solutions. Its financial technology platform is providing financial inclusion and empowerment to next-generation workers around the globe with a full-service mobile bank account and debit card with instant access to their earnings and relevant cash-back rewards. Some brands that use Payfare include Lyft, Uber, and DoorDash. Its geographical segments are Canada, the United States, and Mexico.

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Canaccord analyst Joseph Vafi reiterated a Buy rating on digital asset stocks, including Cipher Mining Inc (NASDAQ: CIFR), HIVE Digital Technologies Ltd (NASDAQ: HIVE), 

Why FinTech and Digital Payments Are the Future: Analyst&#39;s Issues Buy Ratings on Related Stocks

Payfare Inc

Boeing Co. has announced the acquisition of Spirit AeroSystems Holdings Inc in a $4.7 billion all-stock deal, in a bid to address the safety and regulatory challenges faced by its supplier.
Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has <a href="https://www.benzinga.com/markets/equities/24/06/39470596/boeing-offers-to-acquire-spirit-aerosystems-in-35-per-share-deal-funded-mostly-by-stock-report">announced the acquisition</a> of Spirit AeroSystems Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPR#NYSE">SPR</a>) in a $4.7 billion all-stock deal, in a bid to address the safety and regulatory challenges faced by its supplier. 
What Happened: The acquisition, which has been in the works for several months, is part of Boeing&#8217;s strategy to resolve the safety and regulatory crisis that has impacted its key supplier. The total transaction value, including Spirit&#8217;s net debt, is approximately $8.3 billion, Boeing stated.
Under the terms of the deal, each share of Spirit common stock will be exchanged for a number of shares of Boeing common stock, resulting in an equity value of about $37.25 per share.
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39563622/is-kamala-harris-the-answer-to-joe-bidens-shortcomings-poll-hints-at-voter-sentiment-toward-poss?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Kamala Harris The Answer To Joe Biden&#8217;s Shortcomings? Poll Hints At Voter Sentiment Toward Possible Replacement Candidate</a>
Boeing also revealed that Airbus (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EADSF#OTC">EADSF</a>) will acquire certain commercial work packages that Spirit handles for Airbus as part of the Boeing-Spirit merger. Spirit is also considering the sale of some of its operations, including those in Belfast, non-Airbus operations in Northern Ireland, Prestwick, Scotland, and Subang, Malaysia. The deal is expected to close in mid-2025.
Why It Matters: The acquisition of Spirit AeroSystems is a significant move for Boeing, which has been grappling with a series of challenges, including the grounding of its 737 MAX aircraft. This acquisition is seen as a strategic step to address the issues faced by its supplier and to strengthen its position in the aerospace industry.
Price Action: Boeing Co closed at $182.01, down 0.27% on Friday. In after-hours trading, the stock rose 0.038%. Year to date, Boeing has declined by 27.70%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39563833/trump-campaign-signals-intent-to-withdraw-us-from-paris-climate-accord-again-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Campaign Signals Intent To Withdraw US From Paris Climate Accord Again: Report</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

EADSF

Boeing To Acquire Spirit Aerosystems For $4.7B After Months Of Negotiations

Vitalik Buterin, co-founder of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), recently expressed his concerns over the current state of cryptocurrency regulation, particularly in the United States.
What Happened: While responding to a user on decentralized social network, Warpast, Buterin <a href="https://warpcast.com/vitalik.eth/0xda1c0058">criticized </a>the &#8220;anarcho-tyranny&#8221; of current cryptocurrency regulations. He argued that companies offering vague promises of potential returns are allowed to operate freely, while those providing clear explanations of returns and customer rights are penalized for being &#8220;a security&#8221;.
&#8220;The incentive gradient that this &#8220;anarcho-tyranny&#8221; creates ends up worse for the space than either plain anarchy or plain tyranny,&#8221; the cryptocurrency technologist remarked. 
While Buterin did not outright target any project, his comments appeared to be directed at memecoins, particularly those launched by celebrities. He&#8217;d previously <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39199293/shiba-inus-shytoshi-kusama-indicates-massive-plans-for-the-crypto-project-in-response-to-e">questioned the motive</a> behind these endeavors.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39540868/roaring-kittys-dog-post-on-x-doesnt-do-much-for-dogecoin-shiba-inu-but-sends-this-cat-them?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Roaring Kitty&#8217;s Dog Post On X Doesn&#8217;t Do Much For Dogecoin, Shiba Inu, But Sends This Cat-Themed Crypto Shooting Up</a>
Buterin added that he would prefer the industry to develop in a direction where launching a coin without a long-term aim welcomes more scrutiny, while projects with a clear long-term vision are encouraged.
Why It Matters: Buterin&#8217;s comments come in the <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39555976/sec-files-lawsuit-against-consensys-over-unregistered-brokerage-activities">wake of a lawsuit filed by the SEC against ConsenSys</a>, a blockchain software company, for alleged violations of federal securities laws. The SEC claims that ConsenSys failed to register as a broker and did not register the offer and sale of securities, leading to substantial investor protection concerns.
Interestingly, the SEC recently closed an investigation into <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39393693/ethereum-secures-momentous-win-after-sec-closes-security-probe-whale-accumulates-over-19m-">whether Ether is a security,</a> marking a significant win for the cryptocurrency. 
The SEC&#8217;s decision comes after it cleared asset managers to launch spot exchange-traded funds tracking the spot price of Ether in May.
Price Action: At the time of writing, SOL was exchanging hands at $3,491.97, rising 3.7% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Photo by Alexey Smyshlyaev on Shutterstock.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39567061/solana-soars-16-over-7-days-outpacing-bitcoin-and-ethereum-over-etf-application-momentum-m#google_vignette">Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum — More Applications To Follow?</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://benzinga.com/apis" rel="noreferrer noopener" target="_blank"></a>

$ETH

Ethereum Co-Creator Vitalik Buterin Slams 'Anarcho-Tyranny' Of Crypto Regulations, Says 'Useless' Projects Safe While Those With Long-Term Story Punished

Epic Games&nbsp;is making progress in its plans to relaunch the popular game &#8220;Fortnite&#8221;&nbsp;on its own iPhone app&nbsp;store, specifically for EU users.
What Happened: Over the weekend, the Epic Games Newsroom account on X, formerly Twitter, revealed that the company has submitted&nbsp;the Epic Games Store and&nbsp;the updated Fortnite app to Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) for the necessary notarization process. 
Despite its objections to&nbsp;Apple&#8217;s procedures for setting up alternative app stores and submitting&nbsp;apps, Epic has chosen to comply with the <a href="https://www.benzinga.com/general/gaming/24/03/37567854/epic-victory-fortnite-returns-to-ios-in-europe-as-apple-relents-on-eu-ban">rules to bring its game back</a> to iOS users.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39515667/jeff-bezos-doubled-productivity-at-amazon-in-its-infancy-by-simply-buying-a-table-the-most-brilliant?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Doubled Productivity At Amazon In Its Infancy By Simply Buying A Table: &#8216;The Most Brilliant Idea I&#8217;ve Ever Heard&#8217;</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Status update on our mobile plans: DONE: &#x2705; Submitted the Epic Games Store and Fortnite to Apple for their required notarization process. IN PROGRESS: &#x25fb;&#xFE0F; Launch! Targeting the next couple months for the store and Fortnite on iOS in the EU. &#x25fb;&#xFE0F; Bring our games to other mobile…
&mdash; Epic Games Newsroom (@EpicNewsroom) <a href="https://twitter.com/EpicNewsroom/status/1806819627181219995?ref_src=twsrc%5Etfw">June 28, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Previously, Epic was barred&nbsp;from selling its products and&nbsp;services on the App Store&nbsp;and briefly <a href="https://www.benzinga.com/general/gaming/24/03/37517484/apple-terminates-epic-games-developer-account-in-ongoing-feud-over-app-store-fees">lost its developer license</a> for violating Apple&#8217;s rules. However, the company regained its developer status after the EU implemented&nbsp;its Digital Markets Act&nbsp;rules.
The DMA has compelled Apple to allow third-party developers to access its platforms with minimal restrictions. However, Apple continues to retain the right to review&nbsp;third-party apps and app stores&nbsp;for compliance with its&nbsp;security and user privacy policies.
Earlier, developers like Epic and&nbsp;Spotify Inc.&nbsp;<a href="https://www.benzinga.com/news/24/02/36905935/apple-faces-backlash-as-zuckerberg-microsoft-spotify-and-epic-games-unite-against-eu-app-store-propo">expressed dissatisfaction</a> with Apple&#8217;s&nbsp;requirements. The EU is currently&nbsp;investigating&nbsp;Apple&#8217;s rules around alternative app&nbsp;stores and its Core Technology Fee. 
In the U.S., Apple is defending itself against antitrust <a href="https://www.benzinga.com/news/24/05/38605878/tim-cook-blasts-dojs-antitrust-lawsuit-against-apple-says-hes-going-to-make-sure-it-doesnt-become-a">charges brought by the U.S. Justice Department</a> and 16 state attorneys general. In March, they <a href="https://www.benzinga.com/news/24/03/37862409/apple-accused-of-illegally-maintaining-iphone-dominance-in-upcoming-doj-lawsuit-report">filed a lawsuit against Apple</a>, accusing the company of using illegal tactics to maintain its monopoly in the smartphone market.
Photo via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/06/39562427/metas-ray-ban-smart-glasses-face-new-rival-powered-by-openais-chatgpt?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta&#8217;s Ray-Ban Smart Glasses Face New Rival Powered By OpenAI&#8217;s ChatGPT</a>
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.

Tech

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SPOT

'Fortnite' Could Return Back To Apple iPhone As Epic Moves To Reintroduce Game Via EU Alternative App Store

The People&#8217;s Bank of China is contemplating a <a href="https://www.benzinga.com/markets/asia/24/06/39394633/chinese-central-bank-governor-dismisses-bond-trading-as-monetary-easing-tool-economists-note-it-is-a">major overhaul of its monetary policy</a>, aligning it more closely with the U.S. Federal Reserve&#8217;s model.
What Happened: PBOC Governor Pan Gongsheng has proposed a series of changes that would bring the Chinese central bank more in line with its global counterparts, particularly the Federal Reserve. These changes include the adoption of a single key short-term policy rate and the introduction of government bond trading to manage liquidity, <a href="https://www.bloomberg.com/news/articles/2024-06-30/why-china-s-central-bank-could-become-more-like-the-us-federal-reserve">reported</a> Bloomberg on Sunday.
The proposed changes would not imply a complete alignment with western peers, as China remains opposed to quantitative easing and the concept of independence from the government. "Including government bond buying and selling into the monetary policy toolbox doesn't mean we'll do quantitative easing," said Pan. 
However, these changes would mark a significant shift in China&#8217;s monetary policy, which market forces have largely controlled since the 1990s.
The timeline for these reforms remains uncertain, with Pan noting that the central bank is still studying the measures. Analysts suggest that bond trading could commence after a key Communist Party meeting on reform later in July, according to the report.
See Also: <a href="https://www.benzinga.com/markets/asia/24/06/39546107/apple-vision-pro-debuts-in-china-and-it-is-almost-500-more-expensive-than-in-us?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Vision Pro Debuts In China And It Is Almost $500 More Expensive Than In US</a>
Why It Matters: The current system of setting monetary policy in China involves the use of multiple rates, leading to &#8220;messy policy signals,&#8221; according to Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered Plc. This has resulted in significant deviations between market interest rates and policy rates, hampering the PBOC&#8217;s ability to inject cash into the economy.
The proposed shift to a single policy rate, possibly the seven-day reverse repo rate, would bring China closer to the model used by other major central banks, such as the Federal Reserve. Additionally, the introduction of <a href="https://www.benzinga.com/markets/asia/24/06/39394633/chinese-central-bank-governor-dismisses-bond-trading-as-monetary-easing-tool-economists-note-it-is-a">government bond trading</a> would provide the PBOC with a more effective tool for managing liquidity and supporting the economy.
However, Governor Pan has made it clear that these changes do not signify a move towards quantitative easing. The proposed reforms are still under study, and the timeline for their implementation remains uncertain.
The proposed reforms could have a significant impact on China&#8217;s economy, particularly in the current context of global inflation and interest rate changes. Economists have endorsed <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39552592/economists-endorse-september-fed-rate-cut-as-inflation-falls-to-march-2021-level-th">a potential rate cut</a> by the Federal Reserve, following a significant drop in the Personal Consumption Expenditure price index, which is seen as a key measure of inflation. 
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39425871/apples-ai-push-encounters-obstacles-in-china-with-stricter-regulations-and-local-co?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s AI Push Encounters Obstacles In China With Stricter Regulations And Local Competitors On The Rise</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Asia

Global

Economics

Federal Reserve

China's Central Bank Could Embrace Federal Reserve Model In A Major Reform Under Governor Pan Gongsheng

Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) subsidiary Google has purchased a stake in a Taiwanese solar power company. The deal, which involves New Green Power, a firm owned by BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), could see Google procure up to 300 megawatts of renewable energy.
What Happened: Google has made a strategic move to invest in New Green Power, a solar power company based in Taiwan. The tech giant has also secured the right to purchase up to 300 megawatts of renewable energy from this BlackRock-owned firm. 
This initiative is part of Google&#8217;s broader strategy to reduce its carbon emissions and those of its suppliers, Google announced on Monday.
As a significant hub for Google&#8217;s cloud technology, Taiwan currently relies on fossil fuels for nearly 85% of its power. This investment aims to support the development of a large-scale solar pipeline in Taiwan, according to Amanda Peterson Corio, Google&#8217;s Global Head of Data Center Energy.
<a href="https://www.benzinga.com/news/24/06/39565574/goldman-sachs-casts-doubt-on-exceptionally-expensive-ai-investments-by-tech-companies">S</a>ee Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39559399/new-mexicos-dark-discovery-chinese-workers-trapped-on-illegal-cannabis-farms?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Goldman Sachs Casts Doubt On &#8216;Exceptionally Expensive&#8217; AI Investments By Tech Companies</a>
Corio also mentioned that this investment is expected to drive the equity and debt financing for the build-out of New Green Power&#8217;s 1 gigawatt pipeline. 
Taiwan is targeting 20 GW of solar capacity by 2025 and up to 80 GW by 2050, BlackRock said, as per a Reuters report on Monday.
Why It Matters: This move aligns with Google&#8217;s ongoing commitment to sustainability. In 2023, Google ventured into <a href="https://www.benzinga.com/news/23/08/34083114/google-ventures-into-renewable-energy-mapping-targets-100m-revenue-with-new-api-offerings">renewable energy mapping</a>, aiming for a revenue of up to $100 million in its first year. The company looked to license new sets of mapping data to help build products around renewable energy.
Google&#8217;s investment in New Green Power comes at a time when the <a href="https://www.benzinga.com/markets/esg/24/05/38759168/solar-is-leaving-wind-in-the-dust-as-world-renewable-energy-hits-new-high">renewable energy sector</a> is experiencing significant growth. Solar energy, in particular, has been outpacing wind energy. 
Google&#8217;s investment in renewable energy also complements its broader efforts to expand <a href="https://www.benzinga.com/markets/equities/24/06/39393374/sundar-pichai-says-google-is-investing-2-3b-in-growing-technology-hub-ohio-for-expanding-googles">its technical infrastructure</a>. In June, Google announced a $2.3 billion investment in Ohio&#8217;s data centers to support the state&#8217;s growing technology hub.
Price Action: Alphabet Inc. Class C shares closed at $183.42, down 1.84% on Friday. In after-hours trading, the stock rose to $183.95, a 0.29% increase. Year to date, the stock has gained 31.43%. 
Similarly, Alphabet Inc. Class A shares closed at $182.15, down 1.76% on the same day. In after-hours trading, the stock increased to $182.56, a 0.23% rise. Year to date, the stock has risen 31.83%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/insights/options/24/06/39554685/smart-money-is-betting-big-in-gme-options?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Smart Money Is Betting Big In GME Options</a>
Image Via Flickr 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

GOOG

GOOGL

Google Makes Major Solar Move, Acquires Stake In Taiwan-Based New Green Power Owned By BlackRock

Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) is on the ascendancy amid fresh applications for the first-ever exchange-traded funds tracking the coin's spot price in the U.S.
What Happened: The fifth-largest digital asset by market cap spiked 6.4% in the last 24 hours, exceeding the gains of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).&nbsp;
Solana's trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins, in the last 24 hours.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39563506/rich-dad-poor-dad-author-robert-kiyosaki-questions-bitcoin-etfs-authenticity-etfs-are-fake">&#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Questions Bitcoin ETFs&#8217; Authenticity: &#8216;ETFs Are Fake Gold, Silver, Or Bitcoin&#8217;</a>
Solana&#8217;s weekly gains increased to 16.59%, one of the strongest among large-cap cryptocurrencies.&nbsp;
Why It Matters: The latest bullish impetus has been provided by applications for spot ETFs for Solana.&nbsp;
After VanEck <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39528468/vaneck-files-solana-etf-application-sol-rallies-6">kicked off the race</a> last week by becoming the first asset manager to file for such an investment avenue in the U.S., 21Shares <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39555344/21shares-becomes-the-next-fund-filing-for-a-solana-spot-etf">followed suit with its application</a> with the SEC.
Spot cryptocurrency ETFs in the U.S. have been broadly successful, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) recording a 36% jump in price after its funds started trading in early January.&nbsp;
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) is also<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39516624/ethereum-spot-etfs-on-the-horizon-regulatory-approval-expected-by-fourth-of-july-report"> days away from getting listed in U.S. exchanges</a>, pending approval from the SEC. 
Price Action: At the time of writing, SOL was exchanging hands at $147.55, surging 6.4% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39555976/sec-files-lawsuit-against-consensys-over-unregistered-brokerage-activities">SEC Files Lawsuit Against Consensys Over Unregistered Brokerage Activities</a>

$SOL

Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum — More  Applications To Follow?

North Korea under the leadership of Kim Jong Un has launched two ballistic missiles, the South Korean military confirmed on Monday.
What Happened: The first missile, a short-range ballistic missile, was fired at approximately 5:05 a.m. local time from near Changyon, South Hwanghae Province in North Korea, reported Reuters. A second, unidentified ballistic missile was detected at around 5:15 a.m. from the same area.
The first missile traveled approximately 600 kilometers (373 miles), while the second flew about 120 kilometers. The U.S. and South Korea are currently analyzing the launches.
The South Korean Joint Chiefs of Staff issued a statement strongly condemning the missile launches, calling them a &#8220;provocation that seriously threatens peace and stability on the Korean Peninsula.&#8221; The information on the missiles has been shared with U.S. and Japanese authorities.
The South Korean military has pledged to maintain its readiness to respond to any provocation while closely monitoring North Korea&#8217;s activities.
On Sunday, North Korea criticized a recent joint military exercise by South Korea, Japan, and the United States, warning of an &#8220;overwhelming response&#8221; to such drills.
See Also: <a href="https://www.benzinga.com/markets/asia/24/06/39551977/ai-opportunities-emerge-as-baidu-stock-plummets-to-52-week-low?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI Opportunities Emerge As Baidu Stock Plummets To 52-Week Low</a>
Why It Matters: The recent missile tests by North Korea come amid escalating tensions in the region. Last week, North Korea claimed a <a href="https://www.benzinga.com/news/24/06/39518095/kim-jong-uns-north-korea-claims-success-in-multi-warhead-missile-test-south-korea-calls-it-deception">successful test of missiles</a> with multiple warheads, which South Korea dismissed as a &#8220;deception&#8221; to cover up a failed launch. 
Additionally, North Korea recently resumed sending <a href="https://www.benzinga.com/news/24/06/39473661/kim-jong-uns-north-korea-resends-trash-filled-balloons-across-border-seoul-warns-retaliation-with-an">trash-filled balloons across the border</a>, prompting South Korea to warn of retaliation with anti-Pyongyang propaganda. This action was perceived as a response to South Korean activists sending political leaflets via balloons. 
Moreover, North Korea has criticized the United States for <a href="https://www.benzinga.com/news/24/06/39451130/north-korea-blames-us-for-ukraine-support-after-kim-jong-un-met-russian-president-pyongyang-official">its military support to Ukraine</a> and the deployment of an aircraft carrier to the Korean peninsula, escalating tensions further.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39425871/apples-ai-push-encounters-obstacles-in-china-with-stricter-regulations-and-local-co?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s AI Push Encounters Obstacles In China With Stricter Regulations And Local Competitors On The Rise</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Politics

Kim Jong Un's North Korea Launches 2 Ballistic Missiles, South Korean Chiefs Of Staff Say Act, 'Seriously Threatens Peace And Stability'

The cryptocurrency market saw frenzied activity in the first half of 2024, with memecoins emerging as the most significant wealth multiplier for investors.
What Happened: Birthed out of popular memes and characters, these coins gave massive windfalls to traders who believed in their prospects.
Ethereum (CRYTO: ETH)-based Mog Coin was the biggest gainer YTD, netting a staggering 4959.69% return in the first six months of 2024.&nbsp;
Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based dogwifhat, based on a picture of a Shiba Inu dog wearing a pink knitted cap, bagged the second spot with a whopping 1385% profit.&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>YTD +/-</td>
<td>Price (Recorded at 9:50 p.m. EDT)</td>
</tr>
<tr>
<td>Mog Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MOG</a>)</td>
<td>+4959.69%</td>
<td>$0.000002032</td>
</tr>
<tr>
<td>dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>)</td>
<td>+1385.50%</td>
<td>$2.27</td>
</tr>
<tr>
<td>Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>)</td>
<td>+833.44%</td>
<td>$0.0000121</td>
</tr>
</tbody>
</table>
</figure>
Frog-theme Pepe exploded 833% since the start of the year, while yet another canine token, Floki (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">FLOKI</a>) surged 5x YTD. 
These emerging coins also outstripped gains of senior and more popular tokens like Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), and the king of memecoins, Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>),
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39563506/rich-dad-poor-dad-author-robert-kiyosaki-questions-bitcoin-etfs-authenticity-etfs-are-fake">&#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Questions Bitcoin ETFs&#8217; Authenticity: &#8216;ETFs Are Fake Gold, Silver, Or Bitcoin&#8217;</a>
While not astronomical, these large-cap memecoins saw respectable increases. Shiba Inu grew 70% YTD, while Dogecoin gained 35%. 
Why It Matters: Broadly, meme tokens outstripped the gains of blue-chip cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), both of which recorded 50% gains in the first half.
Even while this class of non-serious cryptocurrencies continues to be tarnished by worries about extreme price volatility and a lack of underlying utility, they continue to be an appealing, low-cost option for regular investors hoping to enter the market and make quick returns.&nbsp;&nbsp;
According to analysts, the narrative around investment <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39474710/the-easy-days-in-crypto-are-over-and-meme-coins-have-contributed-to-this-says-trader">has shifted from long-term worth to short-term gains</a> on speculative meme coins.
Image via Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39566691/bitcoin-ethereum-dogecoin-move-sideways-as-traders-remain-risk-averse-king-crypto-could-re">Bitcoin, Ethereum, Dogecoin Move Sideways As Traders Remain Risk Averse: King Crypto Could Record More Than 10% Gains In July, Says Analyst</a>

$DOGE

$FLOKI

$MOG

$PEPE

$SHIB

$WIF

Emerging Memecoins Like dogwifhat, And Pepe Beat Established Players Like Dogecoin, Shiba Inu In H1 2024 Returns, One Has Shot Up Over 4900%

Billionaire investor&nbsp;Mark Cuban, one of the&nbsp;most famous investors on the TV show&nbsp;&#8220;Shark Tank,&#8221; asked OpenAI&#8217;s ChatGPT to dissect the <a href="https://www.benzinga.com/news/24/06/39540268/trump-attacks-biden-defends-in-high-stakes-no-audience-debate-president-appears-to-freeze-and-fumble">first presidential debate</a> between&nbsp;Joe Biden&nbsp;and&nbsp;Donald Trump.
What Happened: On Sunday, Cuban took to X, formerly Twitter, and revealed that he employed ChatGPT to assess the debate. He tasked the AI tool with determining who would <a href="https://www.benzinga.com/government/24/06/39558949/who-wins-who-loses-biden-and-trump-propose-very-different-tax-policies">be the most suitable for a job</a> based on their responses.
The AI chatbot&#8217;s evaluation was grounded on various factors, such as&nbsp;communication skills, clarity, problem-solving abilities,&nbsp;and overall professionalism. 
ChatGPT acknowledged Biden&#8217;s long-standing experience in public service and his empathy and social awareness. However, it also highlighted that the President&#8217;s <a href="https://www.benzinga.com/markets/equities/24/06/39541774/heres-how-betting-odds-changed-financial-markets-fared-following-first-presidential-debate-as-bi">responses were unclear and disjointed</a>, raising questions about his communication skills.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39515667/jeff-bezos-doubled-productivity-at-amazon-in-its-infancy-by-simply-buying-a-table-the-most-brilliant?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Doubled Productivity At Amazon In Its Infancy By Simply Buying A Table: &#8216;The Most Brilliant Idea I&#8217;ve Ever Heard&#8217;</a>
Similarly, the chatbot perceived Trump as assertive and confident, demonstrating strong leadership qualities. However, the AI chatbot underscored the former President&#8217;s emphasis on&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39542398/trump-biden-urged-by-imf-to-carefully-consider-tax-rises-as-fiscal-deficit-hits-a">economic achievements and tax policies</a> while noting that he overstated several points and evaded providing specific information.
&#8220;Based on the debate performance alone, it would be challenging to decisively hire either candidate without further evaluation of their professional capabilities and specific job fit.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I cut and paste a transcript of the debate into ChatGPT and asked it who it would hire for a job Based on the debate transcript, evaluating Joe Biden and Donald Trump for a hypothetical employment scenario involves assessing their communication skills, clarity,…
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1807238323150152170?ref_src=twsrc%5Etfw">June 30, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Biden&#8217;s top advisors have <a href="https://www.benzinga.com/news/24/06/39566647/joe-bidens-disastrous-debate-performance-blamed-on-bad-preparation-what-a-bad-decision-to-send-him-o">attributed his inability to counter</a> Trump&#8217;s repeated false claims to a lack of rest and poor preparation, despite warnings from his aides. 
Bill Ackman has also expressed concerns about the stress on Biden, contributing to his &#8220;neurological deterioration.&#8221; He <a href="https://www.benzinga.com/news/24/06/39566537/bill-ackman-says-he-no-longer-blames-biden-for-not-stepping-aside-increasingly-clear-that-the-fault">also criticized First Lady</a> Jill Biden for putting her interests ahead of the country&#8217;s health and safety.
Meanwhile, incumbent President Biden has <a href="https://www.benzinga.com/news/24/06/39562385/biden-acknowledges-tepid-debate-performance-at-north-carolina-rally-says-i-dont-walk-as-easily-as-i">acknowledged his tepid debate performance</a>. On Friday, at a rally in Raleigh, North Carolina, the President said, &#8220;Folks, I don&#8217;t walk as easily as I used to, I don&#8217;t speak as smoothly as I used to, I don&#8217;t debate as well as I used to. But I know what I do know. I know how to tell the truth.&#8221;
He went on to say, &#8220;I know right from wrong and I know how to do this job. I know how to get things done. And I know like millions of Americans know, when you get knocked down, you get back up.&#8221;
Photo by Joe Seer on Shutterstock
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/06/39450621/mark-cuban-falls-victim-to-this-common-account-takeover-tactic-by-hackers-and-loses-access-to-his-gm?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Falls Victim To This Common Account Takeover Tactic By Hackers And Loses Access To His Gmail: Here&#8217;s How You Can Avoid It</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Mark Cuban Asked ChatGPT To Analyze First Trump-Biden Debate And Judge The Duo's Communication Skills, Professionalism — Here Is What The Bot Said

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly focusing more on artificial intelligence and software as its <a href="https://www.benzinga.com/news/24/06/39245137/apple-has-to-transition-to-becoming-a-hardware-ai-cloud-company-mark-gurman-envisions-a-future-where">hardware innovation slows down</a>.
What Happened: In his latest weekly &#8220;Power On&#8221; newsletter, Bloomberg columnist Mark Gurman said that Apple&#8217;s devices are now designed to last longer, making it harder to entice consumers to upgrade regularly. 
The company&#8217;s latest report on product longevity reveals that devices&nbsp;from as far back as&nbsp;2017 can still run Apple&#8217;s current operating systems.
This trend has led to a decline in sales over the past six quarters, but it has also opened up opportunities for Apple to focus on software and AI.&nbsp;The upcoming iPhone 16 lineup, for instance, will <a href="https://www.benzinga.com/news/24/04/38086575/iphone-16-rumors-roundup-everything-we-know-about-apples-next-flagship">not feature significant hardware changes</a> but will require a recent model for users to <a href="https://www.benzinga.com/news/24/06/39256948/tim-cook-announces-apple-intelligence-for-iphones-calls-it-next-big-step-tremendously-excited">access new Apple Intelligence features</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39562427/metas-ray-ban-smart-glasses-face-new-rival-powered-by-openais-chatgpt?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta&#8217;s Ray-Ban Smart Glasses Face New Rival Powered By OpenAI&#8217;s ChatGPT</a>
Apple&#8217;s AI&nbsp;capabilities, including an upgraded version&nbsp;of Siri, are expected to be a major selling point for the iPhone 16. Similarly, new software enhancements could encourage&nbsp;Mac and iPad users to&nbsp;upgrade their devices. 
&#8220;Though Macs from seven years ago will still run the next version of the Mac operating system — macOS Sequoia — features like iPhone Mirroring and Game Mode require newer hardware,&#8221; the analyst noted.
As hardware upgrades slow down, Apple is also expected to rely more on <a href="https://www.benzinga.com/news/24/06/39304229/apple-and-openai-chatgpt-partnership-wont-include-cash-payments-for-now-but-does-it-mean-you-will-ne">service fees and subscriptions for revenue</a>. The company is exploring the potential of turning&nbsp;AI features and other software&nbsp;into paid services, which could eventually lead to offerings like &#8220;Apple Intelligence+,&#8221; Gurman noted.
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: Apple&#8217;s choice to restrict features <a href="https://www.benzinga.com/news/24/06/39258186/apple-integrates-new-chatgpt-features-in-iphone-mac-and-ipad-sam-altman-thinks-you-will-really-like">such as a supercharged Siri</a>, image editing enhancements, and text-related improvements, to its latest iPhone models has ignited debates about the company&#8217;s intentions and the effects on its user base.
Earlier this month, Apple&#8217;s top executives said that <a href="https://www.benzinga.com/news/24/06/39408910/limiting-apple-intelligence-features-not-a-tactic-to-boost-iphone-sales-say-top-executives-we-wouldv">limiting Apple Intelligence features</a> was not a tactic to boost iPhone sales. The features, part of iOS 18, iPadOS 18, and macOS Sequoia, leverage on-device, generative large-language models to enhance the user experience across Apple devices.
&#8220;You could, in theory, run these models on a very old device, but it would be so slow that it would not be useful,&#8221; said Apple's AI/machine learning head John Giannandrea.
Photo courtesy: 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>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/06/39564817/apple-rejects-metas-ai-integration-proposal-ex-employee-accuses-iphone-maker-of-chemical-exposure-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Rejects Meta&#8217;s AI Integration Proposal, Ex-Employee Accuses iPhone-Maker Of Chemical Exposure And More: This Week In Appleverse</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Media

Apple Hardware Now Lasts Longer And This Is Making The iPhone Maker Pivot Toward AI And Software, Says Mark Gurman

In a bid to capitalize on the surging demand for AI computing, Lambda Labs, a Silicon Valley startup, is in discussions to raise an additional $800 million.
What Happened: The proposed funding would significantly boost the company&#8217;s valuation, placing it among the best-funded startups in Silicon Valley. The surge in demand for computing infrastructure that powers the generative AI boom is driving this move, <a href="https://www.ft.com/content/26b69bb9-97d7-46de-8950-264f1bcc0f4f">reported</a> the Financial Times on Saturday.
Lambda Labs, based in San Jose, recently secured a $500 million loan using its NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) chips as collateral. This loan was intended to finance the expansion of its cloud services. The company&#8217;s rapid succession of funding rounds underscores the increasing demand for Nvidia&#8217;s GPUs, which are now a sought-after commodity.
The proposed funding will be used to acquire more Nvidia GPUs and associated cloud networking software. It will also facilitate the hiring of additional staff. JPMorgan is expected to coordinate Lambda&#8217;s fundraising, with term sheets anticipated in mid-July.
Led by co-founder Stephen Balaban, Lambda has benefited from a close relationship with Nvidia, which has risen to challenge Microsoft and Apple as the world&#8217;s most valuable company, reaching a $3 trillion market capitalization.
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39563622/is-kamala-harris-the-answer-to-joe-bidens-shortcomings-poll-hints-at-voter-sentiment-toward-poss?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Kamala Harris The Answer To Joe Biden&#8217;s Shortcomings? Poll Hints At Voter Sentiment Toward Possible Replacement Candidate</a>
Why It Matters: The escalating demand for Nvidia&#8217;s GPUs is a testament to the growing significance of AI computing. This trend has been evident for some time. In March, Nvidia&#8217;s CEO Jensen Huang predicted that <a href="https://www.benzinga.com/news/24/03/37838508/nvidias-jensen-huang-foresees-ai-computing-ramp-to-continue-for-years-were-in-the-beginning">the AI computing industry</a> was in its early stages and would see significant growth in the coming years. This prediction is now being realized with the increasing demand for AI computing infrastructure.
Moreover, the global trend of governments investing heavily in <a href="https://www.benzinga.com/markets/asia/24/06/39244264/nvidias-sovereign-ai-thrust-accelerates-sales-growth-amid-global-government-ai-investments">domestic AI infrastructure</a> contributes to this surge in demand. This trend, advocating for sovereign AI investments, is expected to generate nearly $10 billion in revenue for Nvidia this year.
In March 2023, Lambda raised $44 million with support from Quora founder and OpenAI board member Adam D'Angelo, OpenAI president Greg Brockman, and Y Combinator CEO Garry Tan.
Meanwhile, Lambda&#8217;s potential $800 million funding round comes after the company raised $320 million in February, a move that <a href="https://www.benzinga.com/news/23/10/35165675/billionaire-tulls-bet-on-lambda-highlights-nvidia-ai-chip-appeal">underscored the escalating demand for Nvidia AI chips</a> in the tech landscape. The investment fund, spearheaded by billionaire Thomas Tull, marked a pivotal moment for the 11-year-old startup.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39562507/peter-schiff-says-things-will-likely-get-much-worse-from-here-for-bitcoin-investors?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Things Will Likely Get Much Worse From Here&#8217; For Bitcoin Investors, But 3 BTC Metrics Are Flashing Bullish Signals, According To Expert</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Entrepreneurship

Startups

NVDA

Nvidia Partner Lambda Labs In Talks To Raise $800M To Expand AI Infrastructure And Meet Soaring Demand For GPUs And Cloud Services

Keith Patrick Gill, popularly known as &#8220;Roaring Kitty&#8221; on social media, is facing a new class action lawsuit over allegations of a pump-and-dump scheme involving GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) securities.
What Happened: A court document filed on June 28, in the Eastern District of New York, reveals that plaintiff Martin Radev accuses Gill of manipulating GameStop&#8217;s stock price through his social media influence. Known for his significant role in the &#8220;meme stock&#8221; movement, Gill is a former financial analyst.
The lawsuit alleges that Gill discreetly bought a large number of GameStop call options before making a social media post on May 12, 2024, which sparked renewed interest in the company&#8217;s stock. The stock price soared over 74% the following day. Gill is then alleged to have <a href="https://www.benzinga.com/markets/equities/24/06/39128926/roaring-kitty-reveals-massive-gme-position-on-reddit-including-65m-call-options-is-he-bringing-c">disclosed his large stake</a> in the company on June 2, leading to another surge in the stock price.
On June 3, The Wall Street Journal reported that Gill had bought a large volume of GameStop options just before his May 12 post. This news led to a 5.36% drop in GameStop&#8217;s stock price, according to the filing.
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39562285/jim-cramer-says-trumps-return-to-white-house-could-be-good-for-your-portfolio-hate-him-or-like-h?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Says Trump&#8217;s Return To White House Could Be &#8216;Good For Your Portfolio:&#8217; &#8216;Hate Him Or Like Him&#8217;</a>
On June 13, Gill posted a screenshot of his GameStop portfolio, revealing that he no longer held the call options but had increased his position in GameStop stock. The lawsuit alleges that Gill profited from these transactions, describing his actions as a pump-and-dump scheme.
The lawsuit aims to recover damages resulting from Gill&#8217;s alleged violations of federal securities laws. 
&#8220;As a result of Defendant's wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages,&#8221; said the lawsuit.
Why It Matters: Roaring Kitty&#8217;s influence among Redditors, especially users of r/WallStreetBets, is significant. Interestingly the latest lawsuit was peppered with memes posted by Gill on social media. The filing noted that one post on May 12 garnered nearly 28.5 million views, 12,000 comments and 135,000 reactions.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="542" height="686" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/30220758/Screenshot-2024-07-01-at-11.07.36.png" alt="" class="wp-image-412902" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/30220758/Screenshot-2024-07-01-at-11.07.36.png 542w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/30220758/Screenshot-2024-07-01-at-11.07.36-237x300.png 237w" sizes="(max-width: 542px) 100vw, 542px" /></figure>
Screenshot from the lawsuit filed on June 28, 2024 by Martin Radev.
Following this, on June 4, 2024, Massachusetts&#8217; top securities regulator began <a href="https://www.benzinga.com/government/24/06/39167074/regulators-turn-up-the-heat-on-roaring-kitty-over-recent-gamestop-trading-activity-what-you-need-to">investigating</a> Gill&#8217;s recent trading activity over potential manipulation.
By June 16, 2024, Gill had accumulated a stake of $262 million in GameStop, <a href="https://www.benzinga.com/news/24/06/39348422/market-manipulation-or-meme-stock-mastery-roaring-kitty-rakes-in-262-million-gamestop-stake">leading to discussions</a> about market manipulation in the meme-stock era.
Price Action: On Friday, GameStop shares closed 1.6% lower at $24.69, according to <a href="https://benzinga.grsm.io/register174">data from Benzinga Pro.</a>
Image Generated With Midjourney
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39516711/cathie-woods-ark-invest-acquires-7-3m-worth-of-shares-in-this-promising-netflix-competitor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood&#8217;s Ark Invest Acquires $7.3M Worth Of Shares In This Promising Netflix Competitor, Sells Off Coinbase Stock Amid Bitcoin Slump</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

'Roaring Kitty' Keith Patrick Gill Accused Of Gamestop Pump-And-Dump Scheme In Class Action Lawsuit: 'Suffered Significant Losses And Damages'

Leading cryptocurrencies drifted sideways over the weekend as unanticipated market swings created an atmosphere of uncertainty.&nbsp;&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+2.77%</td>
<td>$62,608.85</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+1.59%</td>
<td>$3,433.28</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>+2.14%</td>
<td>$0.1246</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin spiked above $62,000 Sunday, ending a week that saw the King Crypto wobbling between $60,000 and $62,600. Concerns over the sale of Bitcoin by the governments of <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39511595/uncle-sam-on-the-move-us-government-transfers-millions-in-bitcoin-to-coinbase">the U.S</a>. and <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39506277/german-authorities-sell-15m-more-in-seized-bitcoin">Germany</a> eroded investors' confidence.&nbsp;
Ethereum climbed past $3,400, with speculation rife about the possible date for final approvals for spot exchange-traded funds.&nbsp;
On a positive note, Bitcoin's Open Interest rose 4% in the last 24 hours, marking an influx of fresh money in the market. This could trigger significant volatility in the days ahead.
The majority of the new bets targeted Bitcoin&#8217;s price increase, as the number of traders opening bullish long bets increased significantly in the recent 24 hours.
The Cryptocurrency Fear &amp; Greed Index flashed "Neutral" as of this writing, indicating a balance between bullish and bearish forces before the start of a fresh trading week.
Top Gainer (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Ethereum Name Service (ENS)</td>
<td>+20.44%</td>
<td>$31.21</td>
</tr>
<tr>
<td>zkSync (ZK)</td>
<td>+10.48%</td>
<td>$0.1795</td>
</tr>
<tr>
<td>Fantom (FTM)</td>
<td>+9.55%</td>
<td>$0.5939</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market cap stands at $2.31 trillion, following an increase of 2.41% in the last 24 hours.
Stock futures gained overnight on Sunday. The Dow Jones Industrial Average Futures added 52 points, or 0.13%, as of 8:30 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 advanced 0.23%, while Nasdaq 100 Futures bumped 0.24%.
The S&amp;P 500 and the tech-heavy Nasdaq Composite have been turbocharged lately due to the buzz surrounding artificial intelligence stocks, especially the AI giant NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
This week, investors will be on the lookout for the June jobs report, due to be released on Friday. Markets will remain closed for the Fourth of July holiday.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular investor and influencer Lark Davis, citing historical data, reminded that July has been a bullish month for cryptocurrencies.
He added that Bitcoin investors received an average return of 10.49% during the last five years, whereas Ethereum traders received an average return of 19.20%.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Julys are historically bullish months for crypto. In the past five years, we&#39;ve seen:<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>: 10.49% average return<a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>: $19.20% average return Will it be a bullish month this time around? <a href="https://t.co/eBRqWRd5j5">pic.twitter.com/eBRqWRd5j5</a>
&mdash; Lark Davis (@TheCryptoLark) <a href="https://twitter.com/TheCryptoLark/status/1807406267884773766?ref_src=twsrc%5Etfw">June 30, 2024</a></blockquote>
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Another widely-followed analyst, Kevin Svenson, noted a strong weekly close for the King Crypto.
He stated that demand wicks have signaled the bottom of every pullback since the beginning of 2023, and the current weekly close was showed a demand wick as well.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw">#BITCOIN</a> &#x7C; WEEKLY CLOSING STRONG &#x1f4aa; Demand Wicks have signaled the bottom of every retracement since the start of 2023. Our current weekly close is showing a demand wick as well. Bottom is in &#8230; ? <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> &#x1f517;<a href="https://t.co/QWfMfxCqiW">https://t.co/QWfMfxCqiW</a> <a href="https://t.co/KsLGDSu492">pic.twitter.com/KsLGDSu492</a>
&mdash; Kevin Svenson (@KevinSvenson_) <a href="https://twitter.com/KevinSvenson_/status/1807559962580713893?ref_src=twsrc%5Etfw">June 30, 2024</a></blockquote>
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Photo by Igor Faun on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39565057/bitcoin-may-face-another-correction-dropping-to-55-000-predicts-crypto-analyst#google_vignette">Bitcoin May Face Another Correction, Dropping To $55,000, Predicts Crypto Analyst</a>

Movers

Bitcoin, Ethereum, Dogecoin Move Sideways As Traders Remain Risk Averse: King Crypto Could Record More Than 10% Gains In July, Says Analyst

In May, supply chain analyst, Ming-Chi Kuo said that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) plans to enhance the battery life of its iPhone 16 series by <a href="https://www.benzinga.com/news/24/05/38912271/iphone-16-pro-max-may-get-battery-boost-and-stainless-steel-upgrade-says-top-apple-analyst">adopting stainless steel cases</a>. Now he says, this step can help Cupertino meet EU regulations while also increasing the device&#8217;s battery cell density.
What Happened: On Sunday, Kuo, an analyst at&nbsp;TF Securities,&nbsp;took to&nbsp;X, formerly&nbsp;Twitter, and said Apple&#8217;s move to stainless steel cases for its next iPhone iteration will not only comply with EU battery regulations but also&nbsp;increase the battery cell density&nbsp;by 5-10%.
He also stated that the design change will make the batteries easier to replace. &#8220;The new iPhone's adoption of a stainless steel battery case not only reduces the difficulty of removing the battery to meet EU regulations but also allows Apple to increase the battery cell density by 5-10% while meeting safety requirements, achieving two goals at once,&#8221; he said.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39564817/apple-rejects-metas-ai-integration-proposal-ex-employee-accuses-iphone-maker-of-chemical-exposure-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Rejects Meta&#8217;s AI Integration Proposal, Ex-Employee Accuses iPhone-Maker Of Chemical Exposure And More: This Week In Appleverse</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The EU regulates that by 2027, all smartphones must be equipped with replaceable batteries. The new iPhone's adoption of a stainless steel battery case not only reduces the difficulty of removing the battery to meet EU regulations but also allows Apple to increase the battery… <a href="https://t.co/jLhEbw04po">https://t.co/jLhEbw04po</a>
&mdash; 郭明錤 (Ming-Chi Kuo) (@mingchikuo) <a href="https://twitter.com/mingchikuo/status/1807432542934732953?ref_src=twsrc%5Etfw">June 30, 2024</a></blockquote>
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Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: In last month&#8217;s report, Kuo said that the iPhone 16 Pro Max would feature a battery with increased energy density and a stainless steel housing. The change in battery housing from aluminum to stainless steel was expected to result in weight savings while maintaining the same battery life.
Meanwhile, Apple has been under scrutiny by the EU for allegedly violating the Digital Markets Act, particularly with its App Store policies. The tech giant <a href="https://www.benzinga.com/trading-ideas/24/06/39530832/apple-battles-with-the-eu-over-app-store-policies-while-their-30-recovery-could-propel-their-stock">could face a fine of up to 10% of its global revenue</a> if it fails to comply with DMA guidelines.
Earlier this month, <a href="https://www.benzinga.com/news/24/06/39444300/apple-to-exclude-key-features-from-ios-18-and-macos-sequoia-for-eu-customers-heres-why">Apple announced that it would exclude certain features</a> from its upcoming operating systems for EU customers due to regulatory concerns related to the DMA. These features are Apple Intelligence, iPhone Mirroring to macOS Sequoia, and SharePlay Screen Sharing.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/06/39515667/jeff-bezos-doubled-productivity-at-amazon-in-its-infancy-by-simply-buying-a-table-the-most-brilliant?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Doubled Productivity At Amazon In Its Infancy By Simply Buying A Table: &#8216;The Most Brilliant Idea I&#8217;ve Ever Heard&#8217;</a>
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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.

iPhone 16 Stainless Steel Cases Will Meet EU Rules And Improve Battery Life 'By 5-10%,' Says Key Apple Watcher Ming-Chi Kuo

President Joe Biden&#8216;s recent <a href="https://www.benzinga.com/news/24/06/39540268/trump-attacks-biden-defends-in-high-stakes-no-audience-debate-president-appears-to-freeze-and-fumble">debate performance</a> is being attributed to a series of missteps by his top advisors, according to a Reuters report.
What Happened: Biden&#8217;s debate with Republican rival Donald Trump was characterized by his failure to counter Trump&#8217;s repeated false claims, leading to calls for him to withdraw from the 2024 presidential race. Critics attribute this to a lack of rest and poor preparation, despite warnings from his aides.
 &#8220;What a bad decision to send him out looking sick and exhausted,&#8221; said one of the president&#8217;s top aides, according to the report.
Florida-based attorney and major Biden fundraiser John Morgan suggested that senior aide Anita Dunn and others be fired for their role in the debacle. The debate strategy was approved by campaign chair Jen O&#8217;Malley Dillon, who was appointed in January to boost Biden&#8217;s reelection campaign.
Despite Biden&#8217;s low poll numbers, his team was confident going into the debate. The president&#8217;s trips to Europe and his rigorous debate prep schedule, which included six days at Camp David, were expected to give him an edge.
See Also: <a href="https://www.benzinga.com/news/24/06/39541153/elon-musk-says-trump-biden-debate-was-setup-for-a-switch-theyre-just-talking-puppets?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Trump-Biden Debate Was &#8216;Setup For A Switch:&#8217; &#8216;They&#8217;re Just Talking Puppets&#8217;</a>
However, Biden&#8217;s campaign has dismissed any possibility of a staff shake-up. O&#8217;Malley Dillon assured supporters that internal polls and focus groups showed no change in voters&#8217; opinions in battleground states after the debate.
Why It Matters: Biden&#8217;s debate performance has sparked discussions about his future as the Democratic candidate for the 2024 presidential election. A <a href="https://www.benzinga.com/news/24/06/39565714/biden-vs-trump-race-sees-president-trailing-after-thursdays-debate-do-any-of-democratic-alternatives">flash poll</a> conducted after the debate showed that only 32% of respondents approved of Biden&#8217;s performance, with a steeper 63% among Democrats. This has led to speculation about potential alternatives within the Democratic party.
Despite the criticism, a recent poll revealed a decline in voters&#8217; confidence in Biden&#8217;s mental and physical fitness, with three out of five viewers believing that Trump outshone Biden during the debate. This suggests that the debate may have raised concerns about both candidates&#8217; suitability for the presidency.
Meanwhile, Trump&#8217;s team has been quick to capitalize on Biden&#8217;s perceived weakness, with the former president&#8217;s social media clips mocking Biden&#8217;s age. This has raised questions about the impact of the debate on the race between Biden and Trump. However, polls also point to <a href="https://www.benzinga.com/news/24/06/39563725/biden-widely-criticized-over-debate-performance-but-poll-also-points-to-concerning-signs-for-trump">concerning signs</a> for the ex-president.
Photos courtesy: Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39563559/investors-predict-impact-of-potential-trump-presidency-on-markets-the-market-is-already-priced-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Predict Impact Of Potential Trump Presidency On Markets: &#8216;The Market Is Already Priced For That To Happen&#8217;</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Joe Biden's Disastrous Debate Performance Blamed On Bad Preparation: 'What A Bad Decision To Send Him Out Looking Sick And Exhausted'

Wedbush analyst Dan Ives has made a bold prediction for the second half of 2024, foreseeing a significant surge in tech stocks.
What Happened: Ives took to social media platform X, to share his forecast, stating that the Nasdaq is poised for another robust six months, with a projected 15% increase in tech stocks. He attributed this growth to the expanding use cases of AI, which will drive tech fundamentals.
&#8220;We believe NASDAQ has another strong 2H ahead as tech stocks will be up 15% the rest of 2024 in our view with tech fundamentals set to accelerate as AI use cases expand. AI Party it's 9 pm and this will go until 4 am in our view. We believe tech bull market has legs,&#8221; Ives wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We believe NASDAQ has another strong 2H ahead as tech stocks will be up 15% the rest of 2024 in our view with tech fundamentals set to accelerate as AI use cases expand. AI Party it's 9 pm and this will go until 4 am in our view. We believe tech bull market has legs &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;&#x1f680;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1807429886950228133?ref_src=twsrc%5Etfw">June 30, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/06/39565574/goldman-sachs-casts-doubt-on-exceptionally-expensive-ai-investments-by-tech-companies">Goldman Sachs Casts Doubt On &#8216;Exceptionally Expensive&#8217; AI Investments By Tech Companies</a>
Why It Matters: Ives&#8217; prediction aligns with other industry experts who have also highlighted the potential of AI to drive market growth. Earlier in June, Tom Lee, the managing partner at Fundstrat Global Advisors, forecasted that the <a href="https://www.benzinga.com/markets/equities/24/06/39519696/fundstrats-tom-lee-predicts-s-p-500-will-hit-15-000-by-2030-driven-by-gen-z-and-ai-wave">S&amp;P 500 could reach 15,000 by 2030</a>, largely due to the AI wave.
However, this optimism comes amid contrasting views. In May, Goldman Sachs predicted a <a href="https://www.benzinga.com/markets/equities/24/05/38863242/stock-market-rally-for-2024-has-peaked-goldman-sachs-forecasts-flat-return-from-now-till-the-end">flat return for the S&amp;P 500</a> for the remainder of 2024, suggesting that the market rally had peaked. 
Another analyst,&nbsp;Gene Munster, predicted that the stock market would continue to rise for&nbsp;<a href="https://www.benzinga.com/markets/equities/24/05/38910879/stock-market-to-rally-for-3-5-years-before-ai-bubble-bursts-predicts-veteran-analyst-gene-munste" target="_blank" rel="noreferrer noopener">another three to five years</a>&nbsp;before an AI bubble bursts. This aligns with Lee's forecast of a sustained period of growth driven by AI-focused companies.
However, not all experts share this optimistic outlook. Economist&nbsp;Harry Dent&nbsp;warned of a&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39257592/economist-warns-crash-of-a-lifetime-is-coming-predicts-s-p-500-to-plummet-86-from-t" target="_blank" rel="noreferrer noopener">looming "crash of a lifetime"</a>&nbsp;due to the current "everything" bubble, which he believes has yet to burst.
The Nasdaq 100 slipped 0.27% on Friday but has surged 20% year-to-date, driven by robust investor interest in artificial intelligence, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39562507/peter-schiff-says-things-will-likely-get-much-worse-from-here-for-bitcoin-investors?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Says &#8216;Things Will Likely Get Much Worse From Here&#8217; For Bitcoin Investors, But 3 BTC Metrics Are Flashing Bullish Signals, According To Expert</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Nasdaq To Surge 15% Driven By AI, In Second Half Of 2024, Predicts Wedbush Analyst Dan Ives: 'Tech Bull Market Has Legs'

In a recent interview, Steve Bannon, a former adviser to Donald Trump, suggested that President Joe Biden&#8216;s debate performance might lead to his withdrawal from the 2024 presidential race, potentially altering the election&#8217;s dynamics.
What Happened: Bannon, who is set to begin a four-month prison sentence for contempt of Congress, made the prediction in a Sunday interview, <a href="https://www.washingtonpost.com/politics/2024/06/30/steve-bannon-donald-trump-joe-biden-debate/">reported</a> The Washington Post. Bannon, who managed the final months of Trump&#8217;s 2016 campaign, believes that Biden&#8217;s debate performance could prompt a significant drop in his poll numbers, leading to his withdrawal from the race.
He suggested that this would create a chaotic situation for the Republicans, who have been banking on unseating the incumbent president. 
"Trump's Thursday was a Pyrrhic victory. … You're going to take out a guy you know you can beat and beat badly, and we're going to have a wild card," said Bannon.
He further speculated that the fallout from the debate with similar discussions around impeaching the incumbent president and it could lead to a Republican landslide in the November elections, with 340 electoral college votes in the presidential race, 53 or 54 Senate seats, and half a dozen House seats.
See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39563559/investors-predict-impact-of-potential-trump-presidency-on-markets-the-market-is-already-priced-f?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investors Predict Impact Of Potential Trump Presidency On Markets: &#8216;The Market Is Already Priced For That To Happen&#8217;</a>
Why It Matters: Bannon&#8217;s prediction comes on the heels of a <a href="https://www.benzinga.com/news/24/06/39565714/biden-vs-trump-race-sees-president-trailing-after-thursdays-debate-do-any-of-democratic-alternatives">flash poll</a> that showed Biden&#8217;s approval rating after the first debate was a mere 32%, with 63% of Democrats disapproving of his performance. The poll results have sparked discussions about the possibility of Biden being replaced as the Democratic party&#8217;s candidate.
Bannon&#8217;s prediction also follows recent events in his own life. The <a href="https://www.benzinga.com/news/24/06/39562602/supreme-court-rejects-trump-ally-steve-bannons-appeal-prison-sentence-looms">Supreme Court rejected</a> his final appeal to avoid prison, and he is set to report to a federal prison in Danbury, Conn., by July 1. Despite his impending incarceration, Bannon remains confident that he will continue to influence the political landscape from behind bars.
Read Next: <a href="https://www.benzinga.com/news/24/06/39562120/mark-zuckerberg-says-meta-set-to-unveil-full-holographic-glasses-every-person-who-ive-shown-it-to-so?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Says Meta Set To Unveil &#8216;Full Holographic&#8217; Glasses: &#8216;Every Person Who I&#8217;ve Shown It To So Far, Their Reaction Is Giddy&#8217;</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Ally Steve Bannon Says Biden Withdrawl Could Upend GOP Campaign, Describes First Debate As 'Pyrrhic Victory' For Ex-President

In a long-form post on X, formerly Twitter, on Sunday, billionaire investor Bill Ackman criticized First Lady Jill Biden for prioritizing her own interests over the health and safety of the country.
What Happened: Ackman, who is the CEO of Pershing Square Capital Management, expressed his concerns about the First Lady&#8217;s influence on President Joe Biden&#8216;s decision-making. He suggested that the stress she is causing the President is contributing to his &#8220;neurological deterioration.&#8221;
Ackman said he no longer blamed Biden for not stepping down. He said, &#8220;It is becoming increasingly clear however that the fault lies with &#8230; Jill Biden.&#8221;
He also questioned the extent of the First Lady&#8217;s control over the President, implying that her friends may not be honest with her due to their own interests. Ackman&#8217;s tweets were in response to a video of the President and the First Lady at a public event.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I no longer blame <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> Biden for not stepping aside. He no longer has the mental acuity to make important judgments about himself. It is becoming increasingly clear however that the fault lies with <a href="https://twitter.com/FLOTUS?ref_src=twsrc%5Etfw">@FLOTUS</a> Jill Biden. FL Jill Biden becomes irrelevant the moment her husband…
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1807553239111303209?ref_src=twsrc%5Etfw">June 30, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39563833/trump-campaign-signals-intent-to-withdraw-us-from-paris-climate-accord-again-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Campaign Signals Intent To Withdraw US From Paris Climate Accord Again: Report</a>
Why It Matters: Ackman&#8217;s comments come in the wake of growing concerns about President Biden&#8217;s health and his ability to lead the country. This issue has been under scrutiny, especially after the <a href="https://www.benzinga.com/news/24/06/39540268/trump-attacks-biden-defends-in-high-stakes-no-audience-debate-president-appears-to-freeze-and-fumble">first presidential debate</a> between Biden and his Republican rival, Donald Trump.
The debate, which took place in Atlanta, Georgia, on Thursday, was marked by Biden&#8217;s defensive stance and apparent difficulty in responding to Trump&#8217;s attacks. The event, hosted by CNN, had no studio audience, and White House pool reporters were not allowed.
Following the debate, Biden&#8217;s performance has been a subject of intense discussion. A flash poll conducted by Data for Progress showed that only 32% of the respondents <a href="https://www.benzinga.com/news/24/06/39565714/biden-vs-trump-race-sees-president-trailing-after-thursdays-debate-do-any-of-democratic-alternatives">approved of Biden&#8217;s performance</a>. The figure was significantly higher among Democrats, at 63%.
Photo By Gage Skidmore On Flickr
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39562285/jim-cramer-says-trumps-return-to-white-house-could-be-good-for-your-portfolio-hate-him-or-like-h?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Says Trump&#8217;s Return To White House Could Be &#8216;Good For Your Portfolio:&#8217; &#8216;Hate Him Or Like Him&#8217;</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Bill Ackman Says He No Longer Blames Biden For Not Stepping Aside: 'Increasingly Clear That The Fault Lies With... Jill Biden'

The stock market is up solidly this year, thanks to <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39546658/federal-reserve-to-follow-european-banks-footsteps-likely-to-cut-rates-in-septemb">expectations of rate cuts by the Federal Reserve</a> amid easing inflationary pressure, strong corporate earnings and optimism over the potential of artificial intelligence technology&#8217;s potential.
Building On Gains: The S&amp;P 500 Index, a measure of broader market performance, has gained a robust 14.48% so far this year, and it is up 3.92% for the second quarter. The index last hit a record closing high (5,487.03) on June 18, and breached the 5,500 mark intraday on June 20. Since then, the broader gauge has been going about a consolidation move.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the performance of the S&amp;P 500 Index, ended Friday&#8217;s session down 0.39% at $544.22, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Analysts are optimistic about further gains in the second half of the year. Following the S&amp;P 500&#8217;s record run, most have raised their year-end targets. Evercore ISI now has the highest estimate, predicting the index will end the year at 6,000.
Top Heaviness A Concern? Notwithstanding the equity market&#8217;s extended run, investors and analysts alike are concerned about the concentration of gains among a select few stocks. This is evident from the relative underperformance of the S&amp;P EQUAL WEIGHT INDEX, in which the index components are accorded uniform weighting, versus the market cap-weighted S&amp;P 500 Index.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="459" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/30131559/image-65-1024x459.png" alt="" class="wp-image-412596" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/30131559/image-65-1024x459.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/30131559/image-65-300x135.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/30131559/image-65-768x345.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/30131559/image-65-1536x689.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/30131559/image-65.png 1665w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
 Source: Yahoo Finance.
The 10 largest stocks as a percentage of the S&amp;P 500&#8217;s overall market cap have surged to 38%, Charles Schwab <a href="https://www.schwab.com/learn/story/hard-to-concentrate-top-heavy-market">said</a> in a recent report. Ark Invest&#8217;s Cathie Wood stated in a recent webinar that market concentration has reached an extreme, surpassing levels seen during the Great Depression in 1932.
See Also: <a href="https://www.benzinga.com/money/best-value-stocks">Best Value Stock</a>
Here&#8217;s a look at S&amp;P 500 leaders and laggards of the first-half:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td class="has-text-align-right" data-align="right">Leaders</td>
<td></td>
<td></td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">1. </td>
<td>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)</td>
<td>+188.2%</td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">2. </td>
<td>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>+149.5%</td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">3. </td>
<td>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>)</td>
<td>+123.2%</td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">4. </td>
<td>Constellation Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NYSE">CEG</a>)</td>
<td>+71.3%</td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">5. </td>
<td>General Electric Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)</td>
<td>+56.2%</td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">Laggards</td>
<td></td>
<td></td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">1. </td>
<td>Walgreens Boots Alliance, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NYSE">WBA</a>)</td>
<td>-53.7%</td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">2. </td>
<td>Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>)</td>
<td>-41.6%</td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">3. </td>
<td>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>)</td>
<td>-38.4%</td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">4. </td>
<td>EPAM Systems, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPAM#NYSE">EPAM</a>)</td>
<td>-36.7%</td>
</tr>
<tr>
<td class="has-text-align-right" data-align="right">5. </td>
<td>Warner Bros. Discovery, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>)</td>
<td>-34.46%</td>
</tr>
</tbody>
</table>
</figure>
Nvidia and Texas-based utility company Vistra also feature among the top five gainers for the second quarter. Others rounding off the list are First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>), a utility company splintered from GE, and semiconductor testing company Teradyne, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>).
Second-quarter decliners include the year-to-date laggards Walgreens Boots Alliance, Intel and EPAM Systems. The other two top-five poor performers are Estée Lauder Companies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EL#NASDAQ">EL</a>) and building products and equipment maker Builders FirstSource, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLDR#NYSE">BLDR</a>).
The top five gainers belonged mostly to the tech and utility sectors, while the laggards were mostly from consumer stocks. 
Look Ahead: The outlook is largely positive heading into the second half of 2024, said Morgan Stanley analysts in the firm&#8217;s mid-year outlook. The firm&#8217;s expectation is predicated on the Fed rate cut materializing in September. The futures market is pricing in a 64% probability of a rate cut in September.
JPMorgan analysts also see positive momentum continuing. 
&#8220;The end of monetary tightening combined with strong nominal GDP growth provide a constructive backdrop for U.S. equities over the remainder of the year,&#8221; the analysts said. 
Fed rate cuts are widely seen as a precursor for the broadening of the stock market rally. The underperformers of the first-half of the year could bounce back strongly when inflation eases further, allowing the central bank to take down interest rates from 22-year highs.
Ark Invest&#8217;s Wood<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39542910/time-to-buy-small-and-mid-cap-stocks-cathie-wood-sees-broadening-rally-after-market"> sees the scope of a strong rebound.</a> After concentration peaked during the Great Depression, the market rose 62% over the next three to four years. The gains were disproportionately favoring the smaller and mid-cap stocks as opposed &#8220;to the mega-cap cash fortresses,&#8221; she said. 
Candidates For Outperformance: Benzinga screened some lagging stocks that are poised to outperform when the macro and geopolitical environment turn benign. The criteria used for screening are SMID-cap stocks, average volume greater than 50,000, average analysts&#8217; price target of &#8220;Buy&#8221; or better, average analysts&#8217; price target of 20% higher than the current price and relative strength index less than 40. These include:
<ul>
<li>Bath &amp; Body Works, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>)</li>
<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>)</li>
<li>Dayforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAY#NYSE">DAY</a>)</li>
<li>BorgWarner Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BWA#NYSE">BWA</a>)</li>
<li>Bio-Rad Laboratories, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIO#NYSE">BIO</a>)</li>
</ul>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39565545/prominent-economist-paul-krugman-says-inflation-beaten-underlines-this-as-reason-fo">Prominent Economist Paul Krugman Says &#8216;Inflation Beaten,&#8217; Underlines This As Reason For Sticky Pricing Pressure</a>
Photo: Shutterstock

BBWI

BLDR

EPAM

FSLR

INTC

LULU

SMCI

S&P 500 Ends First Half Shy Of All-Time Highs. Here Are The Leaders And Laggards — And 5 Stocks That Could Outperform In Next 6 Months

Reuters Reported Boeing Agreed On Sunday To Acquire Spirit AeroSystems For $37.25/Share, In All-Stock Deal

Payfare Inc. Non-GAAP EPS of $0.10, revenue of $46.5M

Payfare Inc. Non-GAAP EPS of C$0.16, revenue of C$47.2M

Payfare announces renewal of normal course issuer bid

Payfare Investment Thesis: Capitalizing On The Gig Economy Boom

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Penny <a href="https://investorplace.com/stock-types/growth-stocks/">growth stocks</a> can be some of the most lucrative yet perilous investments out there. While many <a href="https://investorplace.com/stock-types/penny-stocks/">penny stocks</a> end up being worthless, the ones that succeed can deliver absolutely massive returns and take you from rags to riches.



However, you need to be highly selective, as the outcome of losing your entire investment is very much possible. The key is to scoop up quality penny growth stocks with strong top-line expansion and profitability metrics that limit dilution risk. If you can find penny stocks meeting these criteria, considering the upside potential, the downside isn&rsquo;t too bad. Sometimes, the risk-reward ratio for these hidden gems swings greatly in your favor over the long run.



Here are seven such penny growth stocks to look at.



<h2>Payfare (PYFRF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/11/gig-economy-1600-300x169.jpg" alt="A tattooed person is holding a paper bag, a bicycle helmet and a cellphone."><div>Source: SFIO CRACHO / Shutterstock.com</div></div>Payfare (OTCMKTS:<a href="https://investorplace.com/stock-quotes/pyfrf-stock-quote/">PYFRF</a>) is shaping into an exciting fintech play in the gig economy space. As a financial technology company providing instant payout and digital banking solutions to gig workers, Payfare is poised to ride the growth in freelance and on-demand jobs. The gig economy is ballooning as employers realize the cost savings from avoiding traditional employment benefits and workers appreciate the flexibility. With partnerships with leaders like Doordash (NASDAQ:<a href="https://investorplace.com/stock-quotes/dash-stock-quote/">DASH</a>) and Uber (NYSE:<a href="https://investorplace.com/stock-quotes/uber-stock-quote/">UBER</a>), Payfare already has its foot in the door.



Payfare&rsquo;s platform enables gig workers instant access to earnings and robust digital banking, addressing a major pain point. This focus on financial inclusion for overlooked workers could drive rapid user growth. Another potential catalyst is onshoring and migration trends that may expand the gig workforce utilizing Payfare&rsquo;s services. The company has already achieved profitability, with revenue nearly doubling from $<a href="https://seekingalpha.com/symbol/PYFRF/earnings/estimates">135 million in 2023 to $245 million in 2025,</a> per analysts. EPS could rocket from $0.27 to $1.1 in that same timeframe. So you are buying at only 5.5 times 2025 EPS estimates, an incredible bargain in my view. As the gig economy and Payfare&rsquo;s reach expand, this undervalued fintech play could deliver exponential returns.



<h2>Jubilee Metals Group PLC (JUBPF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/09/cobalt-300x169.jpg" alt="A close-up shot of a cobalt pile in front of a black background."><div>Source: Shutterstock</div></div>Jubilee Metals (OTCMKTS:<a href="https://investorplace.com/stock-quotes/jubpf-stock-quote/">JUBPF</a>) offers upside exposure to critical industrial commodities like platinum group metals, chrome, zinc, lead and other ores. While the stock trades around $0.09, there is explosive potential if execution meets targets.



Jubilee Metals operates in geographies like South Africa, Zambia and Australia, which gives it a global production footprint. The company has been optimizing its assets and ramping up production. Experts like SeekingAlpha&rsquo;s Sarel Oberholster have noted that Jubilee Metals could significantly boost margins at core facilities like the Inyoni PGM project. If management can deliver on enhancing recoveries and expanding production, the impact on profitability could be immense.



Gurufocus <a href="https://www.gurufocus.com/stock/JUBPF/summary">estimates $0.35 as a fair value</a> for JUBPF by the end of 2026, with revenue potentially rising from <a href="https://seekingalpha.com/symbol/JUBPF/earnings/estimates">$212 million in 2024 to $329 million in 2026</a>. If Jubilee can expand its net margin from 8.7% to just 12% in that timeframe, we could see profits of $40 million. That makes the current valuation seem like an incredible bargain. Jubilee Metals has all the ingredients for a potential multibagger return if execution meets targets. This is a penny stock I would grab before the crowd catches on.



<h2>Delivery Hero (DELHY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/02/city-automation-delivery-economy-300x169.png" alt="An image of an AV delivery truck, a cityscape in the background"><div>Source: Andrey Suslov/Shutterstock</div></div>Delivery Hero (OTCMKTS:<a href="https://investorplace.com/stock-quotes/delhy-stock-quote/">DELHY</a>) has pioneered on-demand delivery around the globe, now operating in over 70 countries. While growth has slowed from peak pandemic levels, Delivery Hero can reach profitability across its segments soon. That would unlock a significant upside for the stock, which has languished 77% off its 2021 high.



The company aggressively pushes into quick commerce, aiming to deliver products in under an hour. While it looked to sell some Asian units last year, Delivery Hero recently terminated that deal, believing it had reached an &ldquo;inflection point&rdquo; in profitability prospects. Already around <a href="https://www.deliveryhero.com/newsroom/delivery-hero-q4-trading-update/">75% of its Platform segment is profitable</a>.



We could see a massive re-rating as Delivery Hero expands margins across its footprint. The path to profitability is coming into focus, especially as management gains optimization experience. In my view, the growth story still has room to run. Delivery Hero pioneered on-demand delivery and still leads the field through constant innovation. I would take advantage of the current discounted valuation before the crowd catches on to the improving profitability metrics.



<h2>Aemetis (AMTX)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/12/amtx-stock-1-300x169.jpg" alt="A magnifying glass zooms in on the website for Aemetis (AMTX)."><div>Source: Pavel Kapysh / Shutterstock.com</div></div>Aemetis (NASDAQ:<a href="https://investorplace.com/stock-quotes/amtx-stock-quote/">AMTX</a>) operates in high-growth renewable fuels and biochemicals, aiming to replace petroleum-based products with sustainable alternatives. This aligns perfectly with global decarbonization megatrends, signaling massive potential demand growth ahead. However, Aemetis has been a rollercoaster stock, plummeting 85% off its 2021 peak. A full recovery will take time, given profitability is not expected until 2027.



However, once profits materialize as projected, the growth trajectory could steepen exponentially. You are buying at just three times 2027 EPS estimates and less than 1 times 2032 EPS estimates. Per analysts, revenue is forecast to climb from $367 million in 2024 to $1.53 billion by 2028. If even half of those projections are reached, the long-term upside is immense, in my view. However, Aemetis does have a history of overpromising, so some caution is warranted. Still, if renewable fuel demand growth is expected, this could deliver multibagger returns for patient investors.



<h2>AAC Technologies (AACAY)</h2>



<div><img width="300" height="142" src="https://investorplace.com/wp-content/uploads/2011/07/7457826-mobile-phone-tower-300x142.jpg" alt="SBAC stock"><div>Source: iStockphoto</div></div>AAC Technologies (OTCMKTS:<a href="https://investorplace.com/stock-quotes/aacay-stock-quote/">AACAY</a>) provides exposure to mobile communications growth as a leading producer of miniaturized smartphone components like microphones and haptics. While hardly a high-flyer historically, AACAY is making moves, gaining 54% over the past year.



This could start a sustained breakout as analysts expect a pivot to accelerated revenue growth, potentially rising from $3.5 billion to $6.2 billion between 2024 and 2029. We could see significant upside if AAC matches projections while expanding margins. AAC already boasts superb profitability metrics, with an <a href="https://www.gurufocus.com/term/FCFmargin/AACAY/FCF-Margin-Percentage/AAC-Technologies">FCF margin of 17%</a> that beats 90% of hardware peers.



The stock price has substantial room to run if execution aligns with targets. AAC Technologies could shift into a higher gear growth-wise soon, making now a compelling entry point.



<h2>NagaCorp (NGCRF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/12/casino1600c-300x169.jpg" alt="a woman smiling while using a slot machine in a casino. representing gambling stocks"><div>Source: Maridav/Shutterstock, Inc.</div></div>NagaCorp (OTCMKTS:<a href="https://investorplace.com/stock-quotes/ngcrf-stock-quote/">NGCRF</a>) operates an integrated casino and entertainment resort in Cambodia. It offers a unique growth avenue. The company&rsquo;s flagship NagaWorld property has a 70-year license and regional monopoly through 2045, conferring tremendous competitive advantages.



After plummeting 83% off its peak, NGCRF has rebounded 72% as business recovers from the pandemic slump. With revenue and earnings growth projected to accelerate, I see the rally continuing. NagaCorp boasts superb <a href="https://www.gurufocus.com/term/netmargin/NGCRF/Net-Margin-/NagaCorp">35% net margins</a>, dwarfing 94% of resort/casino peers.



Trading at just 18 times forward earnings, NGCRF remains reasonably valued for such a high-quality operator. If tourism and gambling activity continue recovering, this undervalued stock could deliver outsized returns over the coming years. The long-term growth story remains intact.



<h2>NanoXplore (NNXPF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/06/graphene-1600-300x169.jpg" alt="Scientific showing a piece of graphene."><div>Source: BONNINSTUDIO / Shutterstock.com</div></div>With the graphene market forecast to <a href="https://www.gminsights.com/industry-analysis/graphene-market">grow at a 31% CAGR</a> through 2030, NanoXplore (OTCMKTS:<a href="https://investorplace.com/stock-quotes/nnxpf-stock-quote/">NNXPF</a>) is poised to capitalize as a leading producer. This advanced material is 200 times harder than steel and five times lighter than aluminum, conferring tremendous industrial potential.



NanoXplore supplies graphene for transportation, electronics, packaging and other markets. It also produces graphene-enhanced batteries for electric vehicles. With the booming demand for EVs and grid storage, this application holds particularly strong growth prospects.



NanoXplore already <a href="https://www.google.com/finance/quote/NNXPF:OTCMKTS">grew revenue 32.5%</a> in fiscal 2023. With projections of growth revenue <a href="https://seekingalpha.com/symbol/NNXPF/earnings/estimates">from $96 million in 2024 to $229 million in 2027</a>, the stock at 74% off its 2021 high, presents a compelling risk/reward profile. If graphene demand outpaces estimates amid rapid adoption, substantial upside could emerge. NanoXplore has ingredients for multibagger returns as industrial graphene usage accelerates.



On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That&rsquo;s because these &ldquo;penny stocks&rdquo; are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com&rsquo;s writers disclose this fact and warn readers of the risks.



Read More: <a href="https://investorplace.com/2014/05/fraud-penny-stocks-scams/">Penny Stocks &mdash; How to Profit Without Getting Scammed</a>



On the date of publication, Omor Ibne Ehsan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on <a href="https://www.linkedin.com/in/omor-ibne-ehsan-56068022b/">LinkedIn</a>.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/7-penny-growth-stocks-to-buy-asap-before-they-go-parabolic/">7 Penny Growth Stocks to Buy ASAP Before They Go Parabolic</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

7 Penny Growth Stocks to Buy ASAP Before They Go Parabolic

Payfare Non-GAAP EPS of C$0.15, revenue of C$50M

Payfare Inc. reports Q1 results

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Cheap OTC <a href="https://investorplace.com/stock-types/penny-stocks/">penny stocks</a> (those that trade on the Over-the-Counter exchange) have the potential to provide game-changing returns, or break your portfolio. These are some of the most high-risk, high-reward investments you can make. The potential for colossal gains is undoubtedly alluring, but it&rsquo;s a double-edged sword. These stocks typically trade with very low volume, and rapid moves are possible either to the upside or the downside due to the thin order book behind these names.



That said, having some OTC penny stocks in your portfolio is not a bad idea at all. That&rsquo;s as long as you manage your position sizing well. A well-diversified portfolio can accommodate a small allocation to these high-risk, high-reward plays. 



If any of these companies land big contracts and take off in the coming years, they could deliver massive upside potential and turn your small investment into something meaningful. Here are three cheap OTC penny stocks to consider right now.



<h2>Blackline Safety (BLKLF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/01/safety1600-300x169.jpg" alt='image of a forklift dropping a "Y" to complete the word "Safety"'><div>Source: Shutterstock</div></div>Blackline Safety&nbsp;(OTCMKTS:<a href="https://investorplace.com/stock-quotes/blklf-stock-quote/">BLKLF</a>) provides wearable safety technology, personal and area gas monitoring, cloud-connected software, and data analytics. This stock has been on the rebound since late-2022, and while this rebound has stalled a little, I think this company has significant upside potential in the coming years. 



Its Q1 results were a mixed bag, but I remain optimistic about Blackline&rsquo;s long-term trajectory.&nbsp;<a href="https://seekingalpha.com/pr/19655016-blackline-safety-reports-fiscal-first-quarter-2024-results-revenue-up-25-percent-year-over?hasComeFromMpArticle=false" target="_blank">Missing earnings per share estimates by 2 cents</a>&nbsp;was disappointing, but we can&rsquo;t overlook the company&rsquo;s 25% year-over-year growth in total revenue. And with annual recurring income climbing a tremendous 37% to $54.2 million, Blackline&rsquo;s subscription-based business model is clearly performing very well.



The company reported a record 130% rate of growth in revenue from existing customers. When current clients are more than doubling their spending on the company&rsquo;s offerings, that shows powerful validation from the market. Blackline&rsquo;s connected safety solutions are resonating well across key industries like energy and utilities.



While the company&rsquo;s $3.2 million adjusted loss is still sizable, it&rsquo;s nearly halved from the previous year. I wouldn&rsquo;t be shocked if Blackline reaches profitability ahead of expectations.



<div><a href="https://investorplace.com/wp-content/uploads/2024/05/chart-58.png"><img width="666" height="442" src="https://investorplace.com/wp-content/uploads/2024/05/chart-58.png" alt="BLKLF financials. Cheap OTC penny stocks"> Click to Enlarge</a><div>Source: Chart courtesy of <a href="https://GuruFocus.com">GuruFocus.com</a></div></div>The company needs to keep up the momentum and break even, but could be a big winner for investors looking for OTC penny stocks to buy.



<h2>Payfare (PYFRF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2020/07/fintech-1-300x169.jpg" alt='A hand lingers over a bright blue tech wheel that says "fintech." Bargain fintech stocks for June'><div>Source: Wright Studio / Shutterstock.com</div></div>Payfare&nbsp;(OTCMKTS:<a href="https://investorplace.com/stock-quotes/pyfrf-stock-quote/">PYFRF</a>) continues to see serious momentum build. This fintech stock has remained rangebound over the past few years, but its fundamentals are improving. In Q1,&nbsp;<a href="https://seekingalpha.com/pr/19718544-payfare-announces-first-quarter-2024-financial-results?hasComeFromMpArticle=false" target="_blank">revenue increased by 23%</a>&nbsp;year-over-year to $51.9 million. Active users also jumped 26% to exceed 1.4 million total, while gross dollar value increased 33% to $3.5 billion.



These performance indicators show a customer base that is coming to rely more on Payfare&rsquo;s services. With significant new partnerships achieved, such as&nbsp;Uber&rsquo;s&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/uber-stock-quote/">UBER</a>) Pro Card and an unnamed major retailer, I believe this upward trajectory will continue. Adjusted EBITDA nearly doubled to $6 million as well, and Payfare&rsquo;s earnings trend also looks promising.



<div><a href="https://investorplace.com/wp-content/uploads/2024/05/chart-59.png"><img width="1200" height="628" src="https://investorplace.com/wp-content/uploads/2024/05/chart-59.png" alt="PYFRF EPS. Cheap OTC penny stocks"> Click to Enlarge</a><div>Source: Chart courtesy of <a href="https://GuruFocus.com">GuruFocus.com</a></div></div>With a forward price-to-earnings ratio still at 28-times and no debt, this company has considerable upside from current levels. Analysts expect&nbsp;<a href="https://seekingalpha.com/symbol/PYFRF/earnings/estimates" target="_blank">top-line growth to remain around 30% annually</a>&nbsp;going forward.



<h2>Expert.ai (EXSPF)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/ai1600-300x169.jpg" alt="mark stock"><div>Source: Shutterstock</div></div>Expert.ai&nbsp;(OTCMKTS:<a href="https://investorplace.com/stock-quotes/exspf-stock-quote/">EXSPF</a>)&nbsp;is an AI software company that develops products using natural language processing algorithms. The company&rsquo;s flagship product is the Expert.ai Platform, which understands written language and extracts strategic information for businesses. This is one of the more volatile <a href="https://investorplace.com/industries/technology/artificial-intelligence/">AI stocks</a> you can buy right now. But it&rsquo;s also one of the best ways to play this mega-trend, if it continues.



This company&nbsp;<a href="https://www.expert.ai/investor-relations/presentations/" target="_blank">releases reports every two quarters</a>. Expert.ai&rsquo;s &ldquo;half-year&rdquo; 2023 performance shows revenues ended up declining by 5% year-over-year to &euro;13.1 million. However, losses narrowed substantially, and analysts expect&nbsp;<a href="https://seekingalpha.com/symbol/EXSPF/earnings/estimates" target="_blank">full-year revenue growth to come in at 8.5%</a>&nbsp;and continue growing around 14% annually in the coming years. This stock is far from a sure bet right now. But if Expert.ai manages to beat expectations and see outsized growth driven by AI tailwinds, we could see a massive rebound.



<div><a href="https://investorplace.com/wp-content/uploads/2024/05/chart-60.png"><img width="1200" height="628" src="https://investorplace.com/wp-content/uploads/2024/05/chart-60.png" alt="EXSPF EPS. Cheap OTC penny stocks"> Click to Enlarge</a><div>Source: Chart courtesy of <a href="https://GuruFocus.com">GuruFocus.com</a></div></div>I expect multi-bagger potential on the horizon, if this AI company can meet expectations.



On the date of publication, Omor Ibne Ehsan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines.</a>
<div>Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on <a href="https://www.linkedin.com/in/omor-ibne-ehsan-56068022b/">LinkedIn</a>.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/05/3-dirt-cheap-otc-penny-stocks-with-colossal-upside-potential/">3 Dirt-Cheap OTC Penny Stocks With Colossal Upside Potential</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

3 Dirt-Cheap OTC Penny Stocks With Colossal Upside Potential

Payfare: Market Is Misjudging Its Growth Potential

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Press Releases

Payfare Provides Update on Annual Filings

Earnings

Payfare Announces Unaudited Fourth Quarter and Full Year 2023 Financial Results

Payfare Announces First Quarter 2024 Financial Results

Payfare Announces Re-election of Directors

Payfare Comments on Cease Trade Order and Provides Update on its Annual Filings

Payfare Announces Receipt of Vendor's SOC 1 Report

TSX:PAY

Payfare

Canaccord&nbsp;analyst Joseph Vafi reiterated a Buy rating on digital asset stocks, including&nbsp;Cipher Mining Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIFR#NASDAQ">CIFR</a>),&nbsp;HIVE Digital Technologies Ltd&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIVE#NASDAQ">HIVE</a>),&nbsp;Hut 8 Mining Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>),&nbsp;Iris Energy Limited&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NASDAQ">IREN</a>).

The analyst also maintained a Buy rating on&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/fintech" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">financial technology stocks</a>, including&nbsp;ACI Worldwide, Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACIW#NASDAQ">ACIW</a>),&nbsp;Open Lending Corp&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/lpro#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">LPRO</a>),&nbsp;Nuvei Corp&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nvei#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NVEI</a>),&nbsp;Payfare, Inc&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/PYFRF#OTC">PYFRF</a>) and&nbsp;Pagaya Technologies Ltd&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGY#NASDAQ">PGY</a>).

Vafi also reaffirmed a Buy rating on IT and business services stocks, including&nbsp;Concentrix Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNXC#NASDAQ">CNXC</a>) and&nbsp;ICF International, Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/icfi#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">ICFI</a>).

The analyst rerated after hosting ~28 fireside chats across FinTech, Digital Assets, and Tech Services.

Many companies use this slow growth period to boost their competitive positioning, take share, and prepare themselves for potential changes in the regulatory landscape and the introduction of next-generation technology.&nbsp;

The analyst flags the legitimate battle-testing of many business models, reflecting their resilience amid the macro. In a more normalized economic environment, those showing some resiliency now should be well positioned as things eventually normalize.

The B2B2C or business-to-business-to-consumer&nbsp;names have continued to win share over the last year. The large TAMs here still present beautiful medium-term growth runways.&nbsp;

The analyst underscores enterprises and banks hinging towards fintechs. Partnering versus building this capability continues to make its way into the mainstream as established players with a financial services angle want to bring leading-edge services to their large customer bases, adding to the upsides for LPRO, NVEI, and PGY.

Two-sided lending networks like Real-time payments (RTP) and Earned Wage Access (EWA) also resonate in the payments market, leading to the rerating of ACIW.

The next-generation credit algorithms continue to garner uptake with traditional lenders. Many adopt elegant models despite FICO to remove balance sheet risk from their lender partners and drive partner new logo wins and market share.&nbsp;

Despite (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) being the best-performing asset class over the last year, Digital Assets continue to command attention.

However,&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/cryptocurrency/23/08/34045962/will-new-crypto-tax-rules-kill-the-industry-blockchain-association-ceo-chimes-in" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">the regulatory backdrop</a>&nbsp;will remain the most significant catalyst over the next twelve months. Vafi notes the bounce back by Bitcoin miners pretty resiliently from last year&#39;s trough spot prices.&nbsp;

2024&#39;s halving event will also be a test for those with the best operating models, influencing him to rerate CIFR, HIVE, and IREN.

MicroStrategy Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) also gets a mention, which materially outperformed not just the underlying BTC itself but also all leading FAANG names, leading software stocks, and most all the broader indices after it adopted BTC as its treasury currency in 2020.&nbsp;

Also, the progress of digital transformation initiatives by enterprises and governments amid odds with a new AI twist added to the rerating.

Why FinTech and Digital Payments Are the Future: Analyst's Issues Buy Ratings on Related Stocks

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Payfare

News

Latest news for Payfare (OTC:PYFRF) Stock

Monday, August 28, 2023