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Amazon.com, Inc. founder and the world's second richest person with a net worth of $209 billion currently, Jeff Bezos built the e-commerce giant using customer satisfaction as a key strategy.
What Happened: The &#8220;Bezos Effect&#8221; on customer experience is undeniable. Few have championed customer-centricity and prioritizing the experience more than Amazon&#8217;s founder.
Bezos was known for keeping an empty chair in meetings to symbolize &#8220;The Customer&#8221; as the most important person in the room.
He once famously said, "If you make customers unhappy in the physical world, they might each tell 6 friends. If you make customers unhappy on the internet, they can each tell 6,000 friends."
It's hard to deny that this customer-first obsession has greatly benefited the company.
At the time of writing, Amazon had a market capitalization of $1,961 trillion, making it the fifth most valuable company in the world after Apple, Microsoft, Nvidia, and Alphabet.
See Also: <a href="https://www.benzinga.com/news/24/08/40216592/jeff-bezos-once-said-lifes-too-short-to-hang-out-with-people-who-arent-resourceful-who-are-the-peopl">Jeff Bezos Once Said &#8216;Life&#8217;s Too Short To Hang Out With People Who Aren&#8217;t Resourceful&#8217; — Who Are The People That Helped The Amazon Founder Take Steps Toward Success</a>
Why It&#8217;s Important: According to the American Customer Satisfaction Index or ACSI, Amazon.com&#8217;s e-commerce website scored 83 out of 100 points in 2023.
These points have fluctuated over the years since 2000, with 88 being the highest in the years 2002, 2003, 2007 and 2013 and 78 being the lowest in 2021.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/17202817/Screenshot-2024-09-18-at-5.58.07%E2%80%AFAM-1024x711.png" alt="" class="wp-image-552815" /><figcaption class="wp-element-caption">Credit: Statista</figcaption></figure>
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However, Amazon&#8217;s dominance in the e-commerce space is still evident. As of December 2023, the e-commerce giant is ranked as the most visited e-commerce and shopping website globally.
This puts it far ahead of competitors like eBay (3%) and Amazon&#8217;s Japanese site, amazon.co.jp (2.66%).
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/17202914/Screenshot-2024-09-18-at-5.59.09%E2%80%AFAM-1024x711.png" alt="" class="wp-image-552816" /><figcaption class="wp-element-caption">Credit: Statista</figcaption></figure>
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/07/39666069/jeff-bezos-described-his-unique-life-philosophy-which-follows-a-dorky-framework-revolving-regret-min">Jeff Bezos Described His Unique Life Philosophy Which Follows A Dorky Framework Revolving &#8216;Regret Minimization&#8217;</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

News

Tech

Jeff Bezos Had A Habit Of Keeping An Empty Chair For The Most Important Person In The Room At Company Meetings: This Strategy Helped The Amazon Founder Build The E-Commerce Giant We Know Today

Elon Musk discussed a groundbreaking development: a device that can restore sight, even to those who have been blind from birth.
What Happened: On Tuesday, Musk took to X to highlight the Blindsight device. The billionaire entrepreneur shared a post from his brain chip company, Neuralink, announcing that the Food and Drug Administration had granted &#8220;Breakthrough Device Designation&#8221; for Blindsight.
The Breakthrough Devices Program is a voluntary initiative by the FDA to accelerate the development, assessment, and review of medical devices that treat or diagnose life-threatening or debilitating conditions. It offers manufacturers faster feedback and prioritized review, ensuring timely access to innovative, safe, and effective devices, according to the agency&#8217;s website.
The device will enable individuals who have lost both eyes and their optic nerve to see, provided their visual cortex is intact. This includes those who have been blind since birth, said Musk.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Blindsight device from Neuralink will enable even those who have lost both eyes and their optic nerve to see. Provided the visual cortex is intact, it will even enable those who have been blind from birth to see for the first time. To set expectations correctly, the vision… <a href="https://t.co/MYLHNcPrw6">https://t.co/MYLHNcPrw6</a> <a href="https://t.co/RAenDpd3fx">pic.twitter.com/RAenDpd3fx</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1836120537883644049?ref_src=twsrc%5Etfw">September 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/09/40848374/google-co-founder-sergey-brin-admits-company-was-too-timid-to-rollout-chatgpt-like-llms-despite-basi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Co-Founder Sergey Brin Admits Company Was &#8216;Too Timid&#8217; To Rollout ChatGPT-Like LLMs Despite Basically Inventing Them</a>
Musk cautioned that initially, the vision provided by the device will be low resolution, akin to Atari graphics.
He said, &#8220;Eventually it has the potential be better than natural vision and enable you to see in infrared, ultraviolet or even radar wavelengths, like Geordi La Forge.&#8221;
Musk has <a href="https://www.benzinga.com/partner/biotech/24/09/40877518/potential-catalyst-right-around-the-corner-cms-to-announce-preliminary-medicare-payment-for-cardi">invoked the Star Trek character</a> Geordi La Forge portrayed by LeVar Burton previously as well. His character is equipped with a VISOR, which he found extremely unpleasant to wear initially and allows him to see things like people&#8217;s heart rates and temperatures and even detect lying humans.
Why It Matters: This announcement comes on the heels of Neuralink&#8217;s recent successes, including the successful use of its brain chip by a second trial patient, known as &#8220;Alex,&#8221; who is now <a href="https://www.benzinga.com/news/24/08/40499431/elon-musk-sees-millions-of-people-having-his-brain-chip-implanted-in-next-decade-after-second-patien">able to use design software</a> and play video games with the device. 
Neuralink, founded by Musk, implanted its brain-computer device into a <a href="https://www.benzinga.com/general/biotech/24/08/40199755/neuralink-implants-brain-device-in-second-human-elon-musk-plans-8-more-trials-this-year">second human patient</a> with a spinal cord injury as of August, aiming to help them control devices with their mind. Despite past controversies over animal trials, the company plans to expand to eight more patients this year.
Image via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Elon Musk Says Neuralink's 'Blindsight' Device Will Allow The Blind To Eventually Have Better Than Natural Vision — Just Like Geordi La Forge Of Star Trek

Vice President Kamala Harris posts a record lead over Donald Trump in a poll of likely voters with less than two months to go until the<a href="https://www.benzinga.com/topic/2024-election"> 2024 presidential election.</a>
What Happened: Harris continues to see leads in<a href="https://www.benzinga.com/topic/election-poll"> head-to-head polls</a> against the former president and posts her largest lead in a national poll, which comes after the Sept. 10 presidential debate.
Polls pointed to Harris being<a href="https://www.benzinga.com/general/politics/24/09/40824831/harris-vs-trump-swing-state-voters-pick-presidential-debate-winner-share-thoughts-on-immigration"> crowned the winner</a> of the first presidential debate between the vice president and former president. Trump has <a href="https://www.benzinga.com/general/politics/24/09/40843816/trump-declines-harris-debate-challenge-there-will-be-no-third-debate">declined doing more debates </a>ahead of the election and said he won the first meeting between the two candidates.
A new Morning Consult poll of likely voters show Harris' lead growing after the presidential debate.
The new <a href="https://pro.morningconsult.com/trackers/2024-presidential-election-polling">poll </a>shows the following results from voters, with the results from the<a href="https://www.benzinga.com/general/politics/24/09/40805945/harris-vs-trump-vice-president-holds-3-point-lead-ahead-of-presidential-debate-but-swing-states-"> Sept. 10 poll</a> in parentheses:
<ul>
<li>Kamala Harris: 51% (49%)</li>
<li>Donald Trump: 45% (46%)</li>
<li>Someone Else: 2% (2%)</li>
<li>Don't Know: 2% (2%)</li>
</ul>
The poll found that 94% of Democrats backed Harris as their top pick, in line with last week's poll. The poll also found that 91% of Republicans backed Trump as their top pick, which was in line with last week's poll.
Independent voters selected the following as their head-to-head preference, with the results from the Sept. 10 poll in parentheses:
<ul>
<li>Kamala Harris: 47% (46%)</li>
<li>Donald Trump: 41% (40%)</li>
<li>Someone Else: 6% (6%)</li>
<li>Don't Know: 6% (7%)</li>
</ul>
Harris maintained a six-point lead in the race for Independent voters, with both candidates gaining one percentage point from the previous poll.
The vice president also has the edge in the 18-34 aged voters demographic, leading 56% to 41%. The 15-point lead is significantly higher than Harris' 10-point lead last week (53% to 43%) and her five-point lead (50% to 45%) two weeks ago.
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Why It's Important: The most recent Morning Consult polls have shifted to include only the results of likely voters and not all registered voters. This could provide one of the better illustrations of what could happen in November.
If the results are indicative of what could happen, it could be bad news for Trump.
Harris now has her largest lead over the former president since she became the Democratic Party nominee. Harris also has her best figures to date among Democrats, voters who picked Joe Biden in the 2020 election, liberals, women, 18-34 aged voters and millennials. Her dominance across multiple key voter demographics could point to growing optimism that she can defeat Trump in the 2024 election.
Harris' 51% support is a record high for a Democratic candidate in the 2024 election since Morning Consult began tracking the race.
The latest poll shows Harris with a favorable rating of 53%, up from 50% in last week's poll. This marks the largest rating for Harris in the 2024 election cycle. For comparison, Trump has a 44% favorable rating. While Trump's unfavorable rating has often been higher than his favorable rating, his figures have been improving in recent weeks.
With less than two months to go in the 2024 election, the race remains close and the six-point and growing lead could be a sign of a potential shift in how close the race is. But it's important to remember that polls are not entirely perfect.
Biden had an eight-point lead over Trump two months before the 2020 election and ended up winning the popular vote by four points.
While Harris leads in several key demographics such as independents and young voters, the 2024 election will likely come down to swing states.
Morning Consult recently released the results of likely voters<a href="https://www.benzinga.com/topic/swing-states" target="_blank" rel="noreferrer noopener">&nbsp;in swing states&nbsp;</a>and several other states expected to be close. Here are the current&nbsp;<a href="https://pro.morningconsult.com/trackers/2024-election-state-polls?utm_source=briefing&amp;utm_medium=email&amp;utm_campaign=washington_am&amp;utm_content=091024" target="_blank" rel="noreferrer noopener">results</a>:
<ul>
<li>Arizona:&nbsp;47% Harris, 49% Trump</li>
<li>Georgia:&nbsp;48% Harris, 48% Trump</li>
<li>Michigan: 49% Harris, 46% Trump</li>
<li>Nevada:&nbsp;48% Harris, 48% Trump</li>
<li>North Carolina:&nbsp;48% Harris, 48% Trump</li>
<li>Pennsylvania: 49% Harris, 46% Trump</li>
<li>Wisconsin: 49% Harris, 46% Trump</li>
</ul>
In the key seven swing states, Harris leads in three states, Trump leads in one state and the two candidates are tied in three states.
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</ul>
Photo: Below the Sky via Shutterstock

Politics

Trump In Trouble: Vice President Harris Has Record 6-Point Lead In 2024 Election Poll After Debate, Posts Highest Rankings In Key Demographics

Steve Cohen, a billionaire hedge fund founder, has <a href="https://www.benzinga.com/markets/cannabis/23/10/35042757/steve-cohen-keeps-betting-on-biopharma-with-purchase-of-119m-bionomics-shares">hung up his spurs </a>as a trader after four decades.
Cohen, 68, will still remain its co-chief investment officer at Point 72 Asset Management with Harry Schwefel, but he has backed away from investing clients&#8217; capital to focus on firm growth, mentoring and talent development, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-17/steve-cohen-stops-trading-for-point72-marking-the-end-of-an-era?srnd=homepage-americas&amp;sref=TBDibEcD">reported</a>.
Cohen founded Stamford, Connecticut-based Point72 in 2014 after his prior company, S.A.C. Capital Advisors, pled guilty to insider trading.
"There's huge value in having Steve as an impactful mentor for our investment professionals," Point72 spokesperson&nbsp;Tiffany Galvin-Cohen&nbsp;said in an emailed statement. "He's been doing this for 40 years, and he's seen a lot. That's what gives him the most satisfaction these days — helping people succeed and seeing it make a difference — and where he feels he can add the most value."
Read Also: <a href="https://www.benzinga.com/general/hedge-funds/24/08/40470248/hedge-funds-swap-yen-for-dollar-in-new-carry-trade-strategy-report">Hedge Funds Swap Yen For Dollar In New Carry Trade Strategy: Report</a>
His firm has raised almost $12.8 billion since 2020 and managed a record $35.2 billion as of July 1. Point72 gained about 10% this year through August and is considering returning profits to clients in 2025.
S.A.C. Capital Advisors paid a record $1.8 billion fine to settle a seven-year federal insider-trading probe after pleading guilty in 2013 to making hundreds of millions of dollars in illegal profits and allowing insider trading.
After the firm's guilty plea, Cohen changed its name to Point72, returned client capital and traded using his own fortune. By early 2018, he was back to managing money for outside investors.
Cohen, who also owns the New York Mets, has a net worth of $14.7 billion, putting him among the 100 richest people in the world, according to the&nbsp;Bloomberg Billionaires Index.
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Photo: Point72

Hedge Funds

Markets

Point72's Steve Cohen Ends 40-Year Run As Trader, Will Continue At Hedge Fund To Advise

Offerings

Sonoco Products Priced Offering Of Senior Unsecured Notes In Combined Aggregate Principal Amount Of $1.8B

Martin Condon, a prominent cannabis campaigner from Cork, Ireland, has been convicted of multiple counts of <a href="https://www.benzinga.com/markets/cannabis/24/09/40899811/aurora-auto-flowering-research-set-to-transform-cannabis-cultivation-in-high-latitude-regions">cultivating cannabis. </a>
<a href="https://www.irishexaminer.com/news/courtandcrime/arid-41477905.html">According</a> to the Irish Examiner, Condon faced the Cork District Court after openly planting cannabis plants across various locations in Cork City, including outside City Hall and Mayfield Garda Station.
See Also: <a href="https://www.benzinga.com/markets/cannabis/23/11/35639657/synthetic-thc-in-50-of-irelands-cannabis-edibles-lure-children-forensic-scientists-sinister-find">Synthetic THC In 50% Of Ireland&#8217;s Cannabis Edibles Lure Children, Forensic Scientists&#8217; &#8216;Sinister&#8217; Findings</a>
<h3 class="wp-block-heading">Public Activism Meets Legal Consequences</h3>
Condon, who frequently documented his activism on social media under the banner "Martin's World," used these videos as a form of protest against the restrictive cannabis laws in Ireland. 
His court case included several of these videos, which showed him planting cannabis in broad daylight while explaining his motivations. While watching one of the videos, Judge John King remarked, "It is laughable really that this is a crime."
Throughout his trial, Condon, dressed in a vibrant tracksuit adorned with cannabis leaves, defended his actions as a form of civil disobedience. 
In court, he explained: &#8220;Basically, all of the evidence is of me holding a civil disobedience protest. I felt frustrated, I suppose, with the dead ends met when trying to <a href="https://www.benzinga.com/markets/cannabis/23/11/35616272/medical-marijuana-clinic-in-ireland-now-open-for-patients-eligible-for-treatment">obtain cannabis as a patient.</a>&#8221; He suffers from worsening epilepsy and argued that his actions were intended to initiate a national conversation about cannabis access for patients.
<h3 class="wp-block-heading">Defense And Prosecution</h3>
Condon's defense team, led by solicitor Aoife Buttimer, framed his actions as a deliberate attempt to challenge what they consider unjust laws. 
"There was nothing sophisticated about the offending. He didn't try to conceal it. He refers to it as civil disobedience protest," Buttimer argued. 
Despite this defense, the court proceedings were rigorous. Inspector Clodagh O'Sullivan presented evidence of the video recordings, while Condon's defense highlighted that the plants he used were non-intoxicating hemp varieties.
"The cannabis plants I planted were all of the genus cannabis, but they were all hemp that would have got nobody high. They would have intoxicated no person," Condon said. &#8220;The risk to the public from these plants was next to non-existent. I was the only person at risk by my actions." 
Moreover, he invoked Martin Luther King's principle: "I have a moral duty to disobey unjust laws," and expressed his intention to spark a national conversation and "have his day in court." 
<h3 class="wp-block-heading">Verdict And Sentencing</h3>
Judge King ultimately convicted Condon on five of the six counts of cannabis cultivation. One count was dismissed due to the plant in question not being planted. 
The sentencing has been adjourned until November 25, with a probation report to be prepared on Condon. Judge King queried whether Condon's activism had ceased, to which Condon responded that his worsening epilepsy had impeded his ability to continue his protest activities, which took place between April and September 2021.
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Cover image made with AI.

Cannabis

Eurozone

Legal

'A Moral Duty To Disobey Unjust Laws': Irish Activist Convicted For Planting Weed In Public Spots —Including City Hall

NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) on Tuesday announced a strategic collaboration to develop advanced AI capabilities for enterprises with autonomous agent and <a href="https://www.benzinga.com/pressreleases/24/09/b40909010/salesforce-and-nvidia-forge-strategic-collaboration-to-advance-ai-agent-innovation">interactive avatar experiences. </a>
The Details: The companies said they will work together to deliver optimized predictive and generative AI workflows by bringing together the NVIDIA AI platform, the Salesforce Platform and <a href="https://www.benzinga.com/news/24/09/40844152/what-happened-with-salesforce-stock-today">Agentforce</a>. The companies expect the collaboration to deliver advances in AI platform performance and model throughput to improve productivity and effectiveness of interactions across industries.
Salesforce and NVIDIA will also collaborate on AI agent avatars with NVIDIA ACE, a collection of digital human technologies and NIM microservices, and Agentforce to enable human-like experiences when customers or employees interact with Agentforce agents.&nbsp;
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&#8220;In the future, every company, every job will be enhanced by a wide range of AI agents — assistants that will transform how we work,&#8221; said NVIDIA founder and CEO Jensen Huang. 
&#8220;NVIDIA and Salesforce are bringing together our technologies to accelerate the development of AI agents for companies to supercharge their productivity,&#8221; Huang added.&nbsp;
NVDA, CRM Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Nvidia shares ended Tuesday's session down 1.02% at $115.59 and Salesforce shares closed down 0.65% at $255.19. 
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Photo: Shutterstock

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New York City is intensifying its efforts to curb illegal cannabis sales as a City Council committee meets today, Sept. 17, to assess the impact of Mayor Eric Adams&#8216; <a href="https://www.benzinga.com/markets/cannabis/24/08/40615428/4-tons-of-seized-marijuana-burnt-to-a-crisp-by-nyc-mayor-adams-top-cop-sheriff-join-the-cannabis">&#8220;Operation Padlock to Protect.&#8221;</a>
Launched in May of 2024, the initiative grants law enforcement the authority to inspect smoke shops and cannabis retailers, padlocking any stores found selling illegal cannabis.
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Authorities have shuttered 210 stores in the Bronx alone under the program, including Family Deli on East Tremont Avenue, where they confiscated over 170 pounds of cannabis, News12Brooklyn<a href="https://brooklyn.news12.com/has-operation-padlock-to-protect-been-effective"> reported.</a>
Mayor Adams recently confirmed that by the end of August, officials had sealed 1,000 illegal <a href="https://www.benzinga.com/markets/cannabis/24/07/40085217/new-york-shuts-down-over-1-000-illegal-cannabis-stores-boosting-legal-sales-by-72">cannabis shops citywide.</a>
<h3 class="wp-block-heading">Operation Padlock&#8217;s Impact On Legal Cannabis Businesses</h3>
Operation Padlock has been a game-changer for licensed cannabis retailers in New York. Many shop owners reported a substantial increase in sales after the crackdown began. 
According to statements made to Governor Kathy Hochul&#8217;s office, legal cannabis businesses experienced a 72% rise in sales within three months of the operation&#8217;s launch.
Licensed cannabis operators have long struggled to compete with unlicensed retailers that have been able to undercut prices. By shutting down illicit businesses, the city is helping to level the playing field for those following the rules.
<h3 class="wp-block-heading">Next Steps For Operation Padlock</h3>
The City Council will review the overall effectiveness of Operation Padlock, focusing on how authorities store and dispose of seized products. As enforcement continues, the city hopes to prevent illegal businesses from reopening under different names or in new locations.
City officials encourage New Yorkers to report concerns about illegal cannabis sales to the 311 hotline. Still, some question the legality of the proceedings.
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</ul>

Is Mayor Adams' Crackdown On Illegal Cannabis Working? NYC Council Weighs In After 1,000+ Store Closures

Whether the Federal Reserve will implement a 25-basis-point reduction or a 50-basis-point cut, is top of mind <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40908202/10-etfs-investors-secretly-bought-before-the-feds-make-or-break-interest-rate-cal">ahead of Wednesday&#8217;s meeting</a>.
But there&#8217;s an "even bigger question" to answer, Thomas Hayes of Great Hill Capital tells Benzinga.
What will Japan's central bank decide at its meeting on Friday? Recall how Japan's <a href="https://www.benzinga.com/markets/asia/24/09/40692633/japanese-yen-rallies-on-bank-of-japans-rate-hike-pledge-us-manufacturing-activity-contraction">rate hikes created volatility</a>, particularly in tech stocks.
&#8220;Fed should have cut [rates] in August,&#8221; Hayes says. Instead, Japan&#8217;s central bank hiked and the Fed didn't. As a result, &#8220;it created a liquidity mismatch that caused an abrupt selloff&#8221; in <a href="https://www.benzinga.com/topic/magnificent-seven">the Magnificent Seven stocks</a>.
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/09/40907441/gold-etfs-poised-for-liftoff-can-the-feds-rate-cut-propel-prices-to-new-heights">Gold ETFs Poised For Liftoff: Can The Fed&#8217;s Rate Cut Propel Prices To New Heights?</a>
If the Bank of Japan (BoJ) meets Friday and hikes again while the Fed only cuts 25 basis points, more turbulence could arise, Hayes predicts. Things should be alright if the Fed cuts 50 basis points and the BoJ hikes 25 basis points, he says. Likewise, if the BoJ keeps rates unchanged and the Fed cuts 25 basis points. The Fed's Decision: Of the last three 50 basis-point cuts, March 2020 &#8220;worked great,&#8221; Hayes recalls. The cuts from September 2007 and January 2001 each has a &#8220;bad outcome.&#8221;
Fed Fund Futures suggest a 65% chance of a 50 basis-points cut, though Hayes isn't sure. 
A cut that size could suggest the Fed is falling behind. It might also give the appearance of political motivation, which the Fed will most likely try to avoid. With the effective federal funds rate (EFFR) at 5.33%, more than 230 basis points above inflation, Hayes believes monetary policy is already too restrictive.
Hayes expects the Fed will go with a 25 basis points cut paired with dovish commentary, suggesting further cuts in November and December. While the market is pricing in 100-125 basis points of cuts by year-end, Hayes is in the 75-100 basis points of reductions camp.
Hayes also points to stronger-than-expected growth, with Q3 GDPNow estimates at 2.5% and 15% earnings per share (EPS) growth forecast for 2024. "Hard to have a recession with GDP growing over 2%," Hayes said.&nbsp;
Hayes is not repositioning ahead of the rate cuts. However, other major funds made significant moves in the second quarter ahead of the rate-cut cycle. According to <a href="https://hedgefollow.com/Largest-Hedge-Fund-Buys.php">HedgeFollow</a>:
<ul>
<li>Berkshire Hathaway <a href="https://www.benzinga.com/markets/24/08/40303410/warren-buffett-declares-shift-selling-apple-stock-to-invest-in-this-magnificent-megacap-heres-why">sold</a> more Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares</li>
<li>State Street <a href="https://www.benzinga.com/news/24/06/39368302/state-street-technology-etf-to-put-nvidia-before-apple-in-revamp">bought</a> Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares</li>
<li>Coatue <a href="https://drupal-cloudfront.benzinga.com/trading-ideas/long-ideas/24/08/40423475/legendary-hedge-fund-coatue-buys-nvidia-stock-hand-over-fist-ups-stake-nearly-10x">picked up</a> Nvidia and Dell Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>)</li>
<li>Two Sigma bought CME Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CME#NASDAQ">CME</a>) shares.</li>
</ul>
Now Read: <a href="https://www.benzinga.com/markets/equities/24/09/40909187/s-p-500-briefly-hits-record-high-just-ahead-of-fed-rate-cut-extends-7-day-winning-streak-tuesday">S&amp;P 500 Briefly Hits Record High Just Ahead Of Fed Rate Cut, Extends 7-Day Winning Streak</a>
Image: Shutterstock

Global

General

AAPL

DELL

As Fed Gears Up For Cuts, One Hedge Funder Is Focused On A Bigger Catalyst: Japan's Central Bank

Intuitive Machines, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>) shares are blasting higher in extended trading Tuesday after the company announced it was awarded a NASA contract for communication and navigation services in the near space region, which extends from <a href="https://www.benzinga.com/pressreleases/24/09/g40909157/nasa-awards-intuitive-machines-near-space-network-contract-with-a-maximum-potential-value-of-4-82-">Earth&#8217;s surface to beyond the Moon.</a>
The Details: The contract is a new firm-fixed-price, multiple award, indefinite-delivery/indefinite-quantity (IDIQ) task order contract with a base period of five years and an additional five-year option period, with a maximum potential value of $4.82 billion. 
The incrementally funded base ordering period begins Oct. 1, 2024 and goes through Sept. 30, 2029, with the option period potentially extending the contract through Sept. 30, 2034.
Intuitive Machines highlighted the debut of its lunar satellite constellation in connection with the contract.&nbsp; The company said the satellite constellation will deploy lunar relay satellites and provide communication and navigation services that play an essential role in NASA&#8217;s Artemis campaign to establish a long-term presence on the Moon.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40888466/what-happened-with-microstrategy-stock-today">What Happened With MicroStrategy Stock Today?</a>
&#8220;This contract marks an inflection point in Intuitive Machines&#8217; leadership in space communications and navigation,&#8221; said Intuitive Machines CEO Steve Altemus. &#8220;We&#8217;re pleased to partner with NASA, as one team, to support the Artemis campaign and endeavors to expand the lunar economy.&#8221;
LUNR Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Intuitive Machines shares are up 37.04% after-hours at $7.40 at the time of publication Tuesday. 
Read Also:
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<li><a href="https://www.benzinga.com/news/24/09/40887805/whats-going-on-with-tupperware-brands-stock">What&#8217;s Going On With Tupperware Brands Stock?</a></li>
</ul>
Photo: Courtesy of Intuitive Machines, Inc.

After-Hours Center

LUNR

Why Intuitive Machines' Stock Is Blasting Off In Extended Trading

Vehicle 2 will be used for commercial operations going forward.&nbsp;Completion of this testing is intended to certify the vehicle for water depths exceeding 2000 meters.
Development and testing of additional Aquanaut Mark 2 capabilities will continue with Vehicle 1, currently undergoing a deepwater electronics upgrade in&nbsp;Houston. Open water testing is expected to begin at&nbsp;Florida Atlantic University&nbsp;(FAU) later this year.

KITT

Nauticus Robotics Commences Its Second Round Of Qualification Testing Of Its Flagship Underwater Vehicle, Aquanaut Mark 2, In The Gulf Of Mexico

ENLC intends to fund the redemption and associated costs with borrowings under its revolving credit facility.

ENLC

EnLink Midstream Reports Redemption Of Its 6.000% Series C Fixed-to-floating Rate Cumulative Redeemable Perpetual Preferred Units

Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) closed lower Tuesday after the company outlined its long-term growth strategy at <a href="https://www.benzinga.com/pressreleases/24/09/b40908084/electronic-arts-outlines-long-term-growth-strategy-at-investor-day">its Investor Day event. </a>
The Details: EA shared an in-depth look at the initiatives and experiences driving its strategic pillars to accelerate growth and outlined how AI drives efficiency, expansion and transformation at EA. The company said it is on track toward the high end of the net bookings guidance for the second quarter and fiscal year. 
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40888466/what-happened-with-microstrategy-stock-today">What Happened With MicroStrategy Stock Today?</a>
EA said it expects sustained growth in EA SPORTS and outlined plans for new business opportunities beyond gaming, including the EA SPORTS App. It described the EA SPORTS App as socially driven with sports content, live sports data, interactivity and gaming centered on global football. 
"We are excited to unveil an in-depth look inside the growing scale and scope of our IP portfolio, as we accelerate engagement and social connection in and around our biggest franchises,&#8221; said Andrew Wilson, CEO of EA.
&#8220;We are also introducing new experiences and leveraging innovative technology to serve our global communities and attract new audiences, as we continue to transform our business and shape the future of entertainment,&#8221; Wilson added.&nbsp;
EA Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Electronic Arts shares ended Tuesday's session down 2.68% at $142.59.&nbsp;&nbsp;
Read Also:
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<li><a href="https://www.benzinga.com/news/24/09/40887805/whats-going-on-with-tupperware-brands-stock">What&#8217;s Going On With Tupperware Brands Stock?</a></li>
</ul>
Photo: Shutterstock

Gaming

What Happened With Electronic Arts Stock Today?

ALCO

Alico Amends Its Credit Agreement With MetLife; Increases Borrowing Capacity Under Revolving Line Of Credit From $25M To $95M, Extends Maturity Date To May 1, 2034

The company announced the pricing of a public offering of an aggregate of 5.55 million common shares (or pre-funded warrants in lieu thereof) accompanied by Series A-1 common warrants to purchase up to 5.55 million common shares and Series A-2 common warrants to purchase up to 5.55 million&nbsp;common shares, at a combined public offering price of&nbsp;$0.72&nbsp;per share (or per pre-funded warrant in lieu thereof) and accompanying Series A-1 common warrant and Series A-2 common warrant.&nbsp;

CYTO

Altamira Therapeutics Reports Pricing Of Up To $12M Public Offering; $4M Upfront With Up To Additional $8M Of Aggregate Gross Proceeds Upon Exercise Of Milestone-linked Warrants

Now that final clearance has been received from regulators, Alaska Airlines can close the transaction and shift focus to obtaining a single operating certificate from the Federal Aviation Administration (FAA).&nbsp;
When the combination was announced, it was shared that Hawaiian Airlines President and CEO&nbsp;Peter Ingram&nbsp;would step down from his role following the transaction close. Current Alaska Airlines regional president of Hawai&#39;i/Pacific,&nbsp;Joe Sprague, will be named chief executive officer of Hawaiian Airlines.
In this role, Sprague will be responsible for leading all aspects of Hawaiian Airlines&#39; operations until the FAA grants&nbsp;Alaska&nbsp;a single operating certificate.

Management

Alaska Air Reveals Interim Honolulu Leadership Team Will Lead The Hawaiian Airlines Operation

Technology giant Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) is teaming up with investment company BlackRock and several other partners on a new $30 billion investment fund to target the growing <a href="https://www.benzinga.com/topic/artificial-intelligence">artificial intelligence sector.</a>
What Happened: The new investment, which adds to Microsoft's <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/01/30527688/microsoft-ramps-efforts-to-build-ai-supercomputer-with-chatgpt-ahead-of-q2-earnings">growing bets on the AI space</a>, includes the participation of BlackRock, Global Infrastructure Partners and MGX.
The investment fund, called Global AI Infrastructure Investment Partnership (GAIIP), will invest in data centers and supporting power infrastructure. The fund will make investments "in new and expanded data centers to meet growing demand for computing power."
The fund partners <a href="https://www.businesswire.com/news/home/20240917764857/en/BlackRock-Global-Infrastructure-Partners-Microsoft-and-MGX-Launch-New-AI-Partnership-to-Invest-in-Data-Centers-and-Supporting-Power-Infrastructure">said </a>the investments will help the U.S. fuel "AI innovation and economic growth."
Investments will also be made in U.S. partner countries.
The announcement said NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) will support the newly formed GAIIP by offering "its expertise in AI data centers and AI factories to benefit the AI ecosystem."
"NVIDIA will use its expertise as a full stack computing platform to support GAIIP and its portfolio companies on the design and integration of AI factories to propel industry innovation," Nvidia CEO Jensen Huang said.
While the fund initially seeks to invest $30 billion from investors, asset owners and corporations, the total investment could hit $100 billion when debt financing is included.
"Mobilizing private capital to build AI infrastructure like data centers and power will unlock a multi-trillion-dollar long-term investment opportunity," BlackRock CEO Larry Fink said. "Data centers are the bedrock of the digital economy."
Microsoft CEO Satya Nadella said the investment shows the company's commitment to advancing AI.
"The Global AI Infrastructure Investment Partnership will help us deliver on this vision, as we bring together financial and industry leaders to build the infrastructure of the future and power it in a sustainable way," Nadella said.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/07/40051051/microsoft-q4-earnings-highlights-revenue-beat-eps-beat-cloud-revenue-up-21-yoy-ensuring-we-lead-the">Microsoft Q4 Earnings Highlights: Revenue Beat, EPS Beat, Cloud Revenue Up 21% YoY, &#8216;Ensuring We Lead The AI Era&#8217;</a>
Why It's Important: The new investment group will seek to improve the competitiveness of the U.S. in the AI space along with meeting the increased need for energy infrastructure.
The partnership brings in companies involved in the field of AI or experienced in securing investments from outside parties, which could make a winning combination.
With the growing demand for artificial intelligence capabilities, investments continue to flow to the sector. The new investment group could attract strong interest given the notable names involved.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36301925/emerging-ai-trends-in-2024-blackrock-sees-shift-beyond-semiconductors-cloud-to-mode">Emerging AI Trends In 2024: BlackRock Sees Shift Beyond Semiconductors, Cloud To Model Infrastructure</a></li>
</ul>

Financing

MSFT

BlackRock, Microsoft, Others Team Up For $30B Artificial Intelligence Fund: Help US Fuel 'AI Innovation And Economic Growth'

Stifel analyst Stephen Gengaro maintains DMC Glb (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOOM#NASDAQ">BOOM</a>) with a Buy and lowers the price target from $19 to $17.

Price Target

Analyst Ratings

BOOM

Stifel Maintains Buy on DMC Glb, Lowers Price Target to $17

IPOs

YHN Acquisition I Limited Prices IPO Of 6M Units At $10.00 Per Unit

SavMobi Technology Inc (SVMB) has released an update to notify the public and investors about corporate charter and bylaws modifications. Jingbo Te...

Jingbo Technology Unveils Name Change and Reverse Split

SavMobi Technology Inc (SVMB) has released an update to notify the public and investors about a material modification to rights of security holders...

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