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Jade Power Trust

News

Guidance

Edgewell Personal Care Sees FY25 Organic Net Sales Growth Of 1% - 3%.

Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) has today announced it is opening sales for the Rivian Commercial van to fleets of all sizes in the US. The Rivian Commercial Van is the platform on which Amazon's custom electric delivery van (EDV) is based, and is designed from the ground up, prioritizing safety, driver comfort, total cost of ownership and sustainability. Safety features include automatic emergency braking, collision warnings, and 360-degree visibility – meaning the Rivian Commercial Van is engineered to be among the safest vehicles on the road today.
Since the conclusion of Rivian and Amazon's exclusivity period, Rivian has been trialing its commercial van with several large fleets in the US, and preparing its fleet management process for the mass market. These pilots have paved the way to enable Rivian to open sales further.
The Rivian Commercial Van comes in two sizes, the 500 and the 700, providing a payload of up to 2,663 lbs and a Gross Vehicle Weight Rating of up to 9,500 lbs. Rivian's in-house software stack controls nearly every interaction, from unlocking the vehicle and opening the door, to charging and acceleration. These tools help streamline the ownership experience, and minimize costs, while increasing safety and productivity.

AMZN

RIVN

Rivian Opens Sales of Its Commercial Electric Van to Fleets Nationwide After Amazon Exclusivity Ends

Analysis of the open label data from FLAMINGO-01 has commenced and has been conducted in a manner that maintains the study blind. A preliminary review of FLAMINGO-01 HLA data in both the HLA-A&#x2A;02 treated and placebo arms and the third open label arm with all other HLA types, shows that approximately 46% of all screened patients have at least one HLA-A&#x2A;02 allele from either parent.

Biotech

Health Care

General

GLSI

Greenwich Lifesciences Announced The Following Update On FLAMINGO-01 Open Label HLA Data

Edgewell Personal Care (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPC#NYSE">EPC</a>) reported quarterly adjusted earnings of $0.07 per share which missed the analyst consensus estimate of $0.12 by 41.67 percent. This is a 70.83 percent decrease over earnings of $0.24 per share from the same period last year. The company reported quarterly sales of $478.40 million which missed the analyst consensus estimate of $480.07 million by 0.35 percent. This is a 2.15 percent decrease over sales of $488.90 million the same period last year.

Earnings

Earnings Misses

Edgewell Personal Care Q1 Adj $0.07 Misses $0.12 Estimate, Sales $478.40M Miss $480.07M Estimate

FREYR Battery (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FREY#NYSE">FREY</a>) ("FREYR" or the "Company") announced this morning that the Company has selected Austin, Texas, as the location for its new global headquarters to geographically align the Company's workforce with its operations and strategy to provide solar modules made in the United States. This announcement coincides with the ongoing ramp of production at FREYR's G1 solar module facility in Wilmer, Texas, which already employs more than 1,000 people across the Wilmer and Dallas communities.
Establishing Corporate Headquarters in Austin, Texas
FREYR has selected Austin, Texas as the location for the Company's global headquarters in support of FREYR's corporate development, operations, and strategy. Austin is strategically located near FREYR's operating U.S. solar module manufacturing facility in Wilmer, Texas, and provides access to an emerging talent pool within the booming, business-friendly Texas economy to support the Company's growth aspirations. FREYR's global headquarters will be located at 1211 E 4th St., Austin, TX 78746.

FREY

FREYR Chooses Austin for HQ to Align With Growing US Solar Operations and Tap Into Texas' Business Boom

Founded in 2005 and headquartered in New York with approximately 70 employees worldwide, LiquidityBook offers a modular platform for the full trading life cycle, enabling multi-asset class portfolio, order, and execution management capabilities.
The acquisition closed on February 7, 2025 and was funded by borrowings under FactSet's existing revolving credit facility. The transaction is expected to be modestly dilutive to FactSet's fiscal 2025 GAAP and adjusted diluted EPS.

FactSet Agrees To Acquire LiquidityBook For Gross Purchase Price Of $246.5M In Cash

Management

IDYA

IDEAYA Biosciences Appoints Joshua Bleharski As Chief Financial Officer, The Company Anticipates That Dr. Bleharski Will Complete The Transition Into His New Role By Early May

Loews (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/L#NYSE">L</a>) reported quarterly earnings of $0.86 per share. This is a 56.78 percent decrease over earnings of $1.99 per share from the same period last year. The company reported $4.55 billion in sales this quarter. This is a 6.76 percent increase over sales of $4.26 billion the same period last year.

Loews Q4 EPS $0.86 Down From $1.99 YoY, Sales $4.55B Up From $4.26B YoY

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) is reportedly planning to roll out six innovative wearable devices powered by AI launching in 2025., as revealed in an internal memo from CTO, Andrew Bosworth.
What Happened:&nbsp;Meta&#8217;s&nbsp;CTO, Andrew &#8220;Boz&#8221; Bosworth, announced in an internal memo that the company will be launching&nbsp;six new AI-enabled wearable devices&nbsp;this year. In the memo titled &#8220;2025: The Year of Greatness,&#8221; Bosworth underscored the significance of this year for Meta&#8217;s Reality Labs.
Bosworth stated, &#8220;This year likely determines whether this entire effort will go down as the work of visionaries or a legendary misadventure.&#8221; The memo was <a href="https://www.businessinsider.com/meta-cto-metaverse-reality-labs-legendary-misadventure-memo-2025-2">viewed</a> by Business Insider.
Meta&#8217;s Reality Labs, the division that oversees the company&#8217;s&nbsp;AR and VR projects, recently&nbsp;reported a record revenue of $1.08&nbsp;billion in the fourth quarter. However,&nbsp;the division also posted its&nbsp;biggest-ever quarterly operating loss of&nbsp;$4.97 billion, with total losses&nbsp;reaching about $60 billion since&nbsp;2020.
Meta has been actively working to enhance the efficiency of its Reality Labs which also includes placing key executives under its core leadership.
Meta did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment.
SEE ALSO: <a href="https://www.benzinga.com/general/social-media/25/02/43577521/mark-zuckerbergs-meta-to-begin-mass-layoffs-next-week-speeds-up-hiring-of-machine-learning-engineers-report">Mark Zuckerberg&#8217;s Meta To Begin Mass Layoffs Next Week, Speeds Up Hiring Of Machine Learning Engineers: Report</a>
Why It Matters: This announcement comes as part of Meta&#8217;s <a href="https://www.benzinga.com/24/12/42659936/meta-plans-display-equipped-ray-ban-glasses-by-2025-aiming-to-replace-smartphones">ongoing efforts to advance</a> its wearable technology lineup. In the memo, Bosworth mentioned, &#8220;We need to drive sales, retention, and engagement across the board but especially in MR. And Horizon Worlds on mobile absolutely has to break out for our long-term plans to have a chance.&#8221;
Notably, the Mark Zuckerberg-led company is focusing on integrating displays into its Ray-Ban smart glasses by 2025, positioning itself as a frontrunner in augmented reality (AR) and wearable computing.
Furthermore, Meta is also reportedly working on Oakley-branded <a href="https://www.benzinga.com/25/01/43114842/meta-expands-ai-wearables-with-oakley-smart-glasses-camera-equipped-earbuds-in-development">smart glasses and exploring new AI-powered devices</a>, including smartwatches and earbuds with built-in cameras for cyclists and athletes. 
Despite years of mixed results in the wearable space, Meta has continued to focus on innovative launches in its augmented reality and AI-driven computing segment. In 2025, the company has planned to invest between $60 billion and $65 billion towards capital expenditures to expand its AI-backed computing infrastructure.&nbsp;
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/25/02/43583166/apple-watch-users-are-strapping-them-to-their-anklesand-some-people-are-seriously-confused">Apple Watch Users Are Strapping Them To Their Ankles — Here&#8217;s Why Its Leaving Some People Bewildered</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Markets

Tech

Mark Zuckerberg's Meta May Launch 6 New AI Wearables This Year: Report

As President Donald Trump unveils his economic plans, it is becoming clearer that tariffs are central to his strategy of pursuing growth without inflationary implications. Craig Shapiro, a macro strategist at the Bear Traps Report, argues that tariffs are the &#8220;only way&#8221; to fund tax cuts without expanding the federal deficit in his analysis.
What Happened: According to Shapiro, a scenario of levying tariffs has become increasingly critical as Trump seeks to push forward his economic agenda. In an X post dated Feb. 9, he said that Trump&#8217;s proposed tax cuts without expanding the deficit is a major challenge.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Hypothesis: Budget Math Suggests Big Tariffs Are Coming This week we learned that Treasury Secretary Bessent is trying to get Trump to change his scorecard for the success of his economic policies from a higher stock market to a lower 10 year yield. Lowering borrowing costs for…
&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1888358706930487651?ref_src=twsrc%5Etfw">February 8, 2025</a></blockquote>
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Shapiro pointed out that the current budget deficit sits at 6-7% of GDP, and Trump's goal is to reduce it to 3% by the end of his term. &#8220;DOGE spending cuts won&#8217;t be big enough to move the needle if they won&#8217;t touch going entitlements and defense.&#8221; Shapiro added.
&#8220;So it seems like the only real way to bridge this gap to fund tax cuts without deficit expansion is TARIFFS,&#8221; said Shapiro.
Shapiro argues that tariffs not only serve as a way to rebalance global trade and revitalize American manufacturing, but they also provide a much-needed revenue stream for the U.S. government. By imposing tariffs, Trump could generate the necessary funds to finance his tax cuts while avoiding further deficit expansion.
As budget discussions intensify in the coming weeks, Shapiro predicts that tariffs will take center stage. While many believe that Trump may back down on tariffs, the underlying &#8220;math suggests he has no other choice but to use them.&#8221;
See Also: <a href="https://www.benzinga.com/markets/equities/25/02/43583123/trump-to-announce-25-steel-and-aluminum-tariffs-economist-warns-president-is-making-us-manufacturing-globally-uncompetitive">Trump To Announce 25% Steel And Aluminum Tariffs — Economist Warns President Is ‘Making US Manufacturing Globally Uncompetitive' </a>
Why It Matters: Adding context to the necessity of tariff imposition, Shapiro claims that Treasury Secretary Scott Bessent has urged the President to shift his focus from short-term stock market gains to long-term economic indicators, particularly the 10-year Treasury yield.
It is a benchmark, that directly influences borrowing costs for both the federal government and American consumers, and has become a key metric for measuring the success of Trump's policies. Thus, he concluded that Trump needs to control the 10-year yields, and that requires addressing the rising deficit.
In recent months, market fears over inflation and rising government deficits have caused 10-year yields to climb. However, after scaling the highs of 4.89% in mid-January, the 10-year yields have settled around 4.49-4.50%, as of the publication of this article.
Shapiro suggests that the goal of the administration should be to lower these yields to reduce borrowing costs, benefiting &#8220;Main Street&#8221; Americans by making credit more affordable.
The 10-year yield is the true scorecard for economic success, Shapiro explained. &#8220;Obsessing about how the stock market is doing&#8221; is misleading, especially when &#8220;stock price momentum has increasingly become disconnected from the actual economy,&#8221; he said.
Price Action: As of Friday&#8217;s close the exchange-traded fund tracking the S&amp;P 500 index, SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.92% to $600.77 and the ETF tracking Nasdaq 100 index, Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 1.26% to $522.92. The two-year Treasury notes yielded 4.28% and the 30-year notes yielded 4.70%.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/02/43521806/deepseeks-hedge-fund-owner-had-multiple-top-projects-before-creating-the-firm-that-fueled-1-trillion-market-cap-erosion-of-ai-stocks">DeepSeek&#8217;s Hedge Fund Owner Had Multiple Top Projects Before Creating The Firm That Fueled $1 Trillion Market Cap Erosion Of AI Stocks </a></li>
</ul>
Photo courtesy: Shutterstock

Equities

Government

Politics

Treasuries

Economics

ETFs

Tariffs Are 'The Only Way' To Fund Tax Cuts Without 'Deficit Expansion', Argues Expert As It Takes Center Stage In Donald Trump's Economic Plan

TSMC ((TWSE: 2330, NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) today announced its net revenue for January 2025: On a consolidated basis, revenue for January 2025 was approximately NT$293.29 billion, an increase of 5.4 percent from December 2024 and an increase of 35.9 percent from January 2024.
On Jan. 21, Taiwan experienced a 6.4 magnitude earthquake on the Richter scale, followed by several significant aftershocks throughout the Lunar New Year holiday. There was no structural damage to our fabs, and the water supply, power, workplace safety systems, and operations are functioning normally. A certain number of wafers in process were impacted and had to be scrapped due to the earthquake and aftershocks. As a result, the revenue forecast for the first quarter of 2025 is now anticipated to be closer to the lower end of the guidance range of US$25 billion and US$25.8 billion. Based on a preliminary assessment, the Company estimated related earthquake losses to be approximately NT$5.3 billion, net of insurance claim, and will recognize it in the first quarter of 2025. Despite this, the Company maintains first quarter gross profit margin to be between 57% and 59% and operating profit margin is expected to be between 46.5% and 48.5%. The Company is making every effort to recover the lost production, and there is no change to our full-year outlook.

Taiwan Semiconductor Expects Q1 Revenue At Lower End Of $25.00B-$25.80B Vs $25.93B Est As The January Earthquake In Taiwan Affects Its Operations, Reiterated Q1 Gross Margin Of 57%-59% And Operating Margin Of 46.5%-48.5%

Piper Sandler analyst Derek Podhaizer initiates coverage on Flowco Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLOC#NYSE">FLOC</a>) with a Overweight rating and announces Price Target of $34.

Price Target

Initiation

Analyst Ratings

FLOC

Piper Sandler Initiates Coverage On Flowco Holdings with Overweight Rating, Announces Price Target of $34

Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) witnessed an unprecedented jump in bearish bets by Wall Street hedge funds, limiting the second-largest cryptocurrency&#8217;s upside potential.
What Happened: In an X post on Sunday, capital markets commentator&nbsp;The Kobeissi Letter highlighted that short positioning in Ethereum has surged by 40% in just one week and by a staggering 500% since Nov. 2024. 
&#8220;Never in history have Wall Street hedge funds been so short of Ethereum, and it&#8217;s not even close,&#8221; The Kobeissi Letter stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What is happening with Ethereum? Short positioning in Ethereum is now up +40% in ONE WEEK and +500% since November 2024. Never in history have Wall Street hedge funds been so short of Ethereum, and it&#39;s not even close. What do hedge funds know is coming? (a thread) <a href="https://t.co/knsyOhYyyt">pic.twitter.com/knsyOhYyyt</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1888732751039181154?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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The &#8220;extreme positioning&#8221; has led to Ethereum significantly underperforming Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the analysis concluded. 
Indeed, Bitcoin surged over 107% in the last year, while Ethereum grew by a paltry 6%. Additionally, Bitcoin&#8217;s market valuation was six times more than that of Ethereum as of this writing
The Kobeissi Letter attributed market manipulation,&nbsp;harmless cryptocurrency hedges, and a bearish outlook on Ethereum as some of the factors behind the surge in short positioning.
It warned that such positioning could cause dramatic crashes, <a href="https://in.benzinga.com/25/02/43427669/ethereum-whales-awake-after-six-years-score-378-million-potential-profit-hours-before-market-crash">like the one witnessed last week amid trade war fears</a>, to be more common.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/02/43584910/man-who-accidentally-lost-his-775-million-bitcoin-stash-expresses-desire-to-buy-the-landfill-site">Man Whose $775 Million Bitcoin Fortune Lies Buried In A Landfill Now Wants To Buy The Trash Heap</a>
Why It Matters:&nbsp; Interestingly, even as short exposure increased, inflows into Ethereum exchange-traded funds remained strong. Weekly net inflows stood over $420 million in the last week, more than double that of Bitcoin, <a href="https://sosovalue.com/assets/etf/us-eth-spot">according </a>to SoSo Value.
Analysts at&nbsp;JPMorgan&nbsp;noted in a recent report that<a href="https://in.benzinga.com/markets/cryptocurrency/25/02/43526178/ethereum-faces-intense-competition-from-solana-struggles-to-compete-with-bitcoin-jpmorgan"> increased competition from rival blockchains</a> like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) and other Layer-2 networks has been eroding Ethereum&#8217;s market share and threatening&nbsp;its long-term prospects.
Price Action: At the time of writing, Ethereum was exchanging hands at $2,644.83, down 0.63% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>
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://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>
Photo courtesy: Shutterstock

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

Cryptocurrency

$BTC

$ETH

$SOL

Wall Street's Ethereum Short Positioning Skyrockets — The 'Extreme' Positioning Has Caused ETH To Underperform Bitcoin, Says Analyst

Loop Capital analyst Chris Dankert downgrades Atkore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATKR#NYSE">ATKR</a>) from Buy to Hold and lowers the price target from $115 to $65.

Downgrades

ATKR

Loop Capital Downgrades Atkore to Hold, Lowers Price Target to $65

Over the weekend, the Consumer Financial Protection Bureau&#8217;s (CFPB) operations were unexpectedly suspended. This followed DOGE lead Elon Musk&#8217;s apparent call for the agency&#8217;s dissolution in an X post on Saturday, where he wrote &#8220;CFPB RIP.&#8221; The decision is expected to benefit financial firms facing ongoing enforcement actions.
What Happened: Shortly after Musk&#8217;s post, the CFPB&#8217;s acting director, Russell Vought, who also recently became the Director of the United States Office of Management and Budget, took action.
Vought halted all pending CFPB investigations and supervisory activities. He then informed the Federal Reserve that the CFPB would not be requesting its next round of funding, citing the agency&#8217;s current $711.6 million balance as &#8220;excessive in the current fiscal environment.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Pursuant to the Consumer Financial Protection Act, I have notified the Federal Reserve that CFPB will not be taking its next draw of unappropriated funding because it is not &quot;reasonably necessary&quot; to carry out its duties. The Bureau&#39;s current balance of $711.6 million is in fact…
&mdash; Russ Vought (@russvought) <a href="https://twitter.com/russvought/status/1888423503537360986?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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<h3 class="wp-block-heading">Companies With Recent Enforcement Actions By CFPB</h3>
According to the CFPB <a href="https://www.consumerfinance.gov/enforcement/actions/#:~:text=Early%20Warning%20Services%2C%20LLC;%20Bank,of%20dollars%20in%20consumer%20losses.">website</a>, it took recent actions on some listed companies like Equifax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFX#NYSE">EFX</a>), Honda Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>), Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>), and others.
<ul>
<li>The Bureau, in a release dated Jan. 17, said that Equifax violated the Fair Credit Reporting Act and Honda Motor&#8217;s American Honda Finance Corporation furnished inaccurate consumer reporting information. In a release dated Jan. 16, CFPB issued an order against Jack Dorsey&#8217;s Block for failing to provide effective customer service for Cash App, citing the failure to provide live telephone agents.</li>
</ul>
<ul>
<li>Capital One Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>): The Bureau alleged that the firm&#8217;s representations for its 360 Savings account were false or misleading for a period ranging from December 2020 to at least August 2024.</li>
</ul>
<ul>
<li>Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>): CFPB alleged that Walmart and Branch Messenger Inc. engaged in unfair, abusive, and deceptive practices by requiring Walmart Spark drivers to use Branch accounts for payment, often without consent, and misrepresenting the Branch account&#8217;s features.</li>
</ul>
<ul>
<li>Rocket Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RKT#NYSE">RKT</a>): The company allegedly violated the Real Estate Settlement Procedures Act by giving things of value to real estate brokerages, including referrals, in exchange for referrals of real estate settlement business to Rocket Mortgage and Amrock.</li>
</ul>
<ul>
<li>The Bureau also filed a lawsuit on Dec. 20, 2024, against Early Warning Services LLC., Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), and Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), alleging their failure to adequately protect the Zelle network from fraud and other vulnerabilities, leading to consumer losses totaling hundreds of millions of dollars.</li>
</ul>
See Also: <a href="https://www.benzinga.com/government/regulations/24/12/42479974/us-lenders-file-joint-lawsuit-against-consumer-finance-watchdog-for-capping-overdraft-fees-wells-fargo-jpmorgan-citigroup-stocks-in-focus">US Lenders File Joint Lawsuit Against Consumer Finance Watchdog For Capping Overdraft Fees: Wells Fargo, JPMorgan, Citigroup Stocks In Focus</a>
Why It Matters: Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO, Musk, who is charged with cutting wasteful federal spending via the Department of Government Efficiency, in an X <a href="https://x.com/elonmusk/status/1861644897490751865">post</a> dated Nov. 27, 2024 had said, &#8220;Delete CFPB. There are too many duplicative regulatory agencies.&#8221; 
The co-founder and CEO of Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) Brian Armstrong supported Musk and said &#8220;CFPB is unconstitutional&#8221; and the U.S. already has Department of Justice to prosecute fraud.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">100% the right call The CFPB is unconstitutional on the face of it. And even if it wasn't, it should be deleted as we already have DOJ to prosecute fraud, and (many) other financial services regulators. It's an activist organization that has done enormous harm to the country. <a href="https://t.co/GlbETlnsZt">https://t.co/GlbETlnsZt</a>
&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1888385895163953554?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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However, Sen. Chris Van Hollen (D-Md.) in an X post said &#8220;The CFPB is protected by law and we will fight to ensure it can continue to fight for consumers.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is the richest man on earth bragging about destroying an agency that's returned BILLIONS of dollars to working Americans who were cheated by big corporations. Well guess what &#8211; the CFPB is protected by law and we will fight to ensure it can continue to fight for consumers. <a href="https://t.co/TDoof9dtGd">pic.twitter.com/TDoof9dtGd</a>
&mdash; Senator Chris Van Hollen (@ChrisVanHollen) <a href="https://twitter.com/ChrisVanHollen/status/1888358187503661399?ref_src=twsrc%5Etfw">February 8, 2025</a></blockquote>
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Also, Eric Feigl-Ding, the chairman of the Department of Public Health at New England Complex Systems Institute said that CFPB was &#8220;murdered by the richest man on Earth and his oligarchs.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">CFPB, the agency to help the poor fight corrupt banks and bad corporations, is dead (website and X account at least)… murdered by the richest man on Earth and his oligarchs. <a href="https://t.co/uruaia9wkX">pic.twitter.com/uruaia9wkX</a>
&mdash; Eric Feigl-Ding (@DrEricDing) <a href="https://twitter.com/DrEricDing/status/1888780098058457180?ref_src=twsrc%5Etfw">February 10, 2025</a></blockquote>
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In December 2024, financial industry groups, including American Credit Unions, the Consumer Bankers Association, the American Bankers Association, and the Mississippi Bankers Association filed a <a href="https://www.benzinga.com/government/regulations/24/12/42479974/us-lenders-file-joint-lawsuit-against-consumer-finance-watchdog-for-capping-overdraft-fees-wells-fargo-jpmorgan-citigroup-stocks-in-focus">joint lawsuit</a> against the CFPB over its new rule capping overdraft fees. The CFPB estimated the cap will save consumers up to $5 billion annually, or $225 per household.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/market-summary/25/02/43521806/deepseeks-hedge-fund-owner-had-multiple-top-projects-before-creating-the-firm-that-fueled-1-trillion-market-cap-erosion-of-ai-stocks">DeepSeek&#8217;s Hedge Fund Owner Had Multiple Top Projects Before Creating The Firm That Fueled $1 Trillion Market Cap Erosion Of AI Stocks</a></li>
</ul>
Photo courtesy: Shutterstock

COIN

TSLA

JPMorgan, BofA, Equifax, And Others May Get Relief After CFPB Dissolution: Maryland Senator Says He Will Ensure It Continues To 'Fight For Consumers'

Google Deepmind&nbsp;CEO, Demis Hassabis, commended that DeepSeek&#8217;s AI model is &#8220;probably the best work&#8221; to have surfaced from China. Despite praising the model, Hassabis clarified that it did not constitute a significant technological breakthrough.
What Happened: At a Google-hosted event in Paris preceding the AI Action Summit, DeepMind CEO, Demis Hassabis expressed that the DeepSeek AI can do "extremely good engineering" and that it "changes things on a geopolitical scale.", <a href="https://www.cnbc.com/2025/02/09/deepseeks-ai-model-the-best-work-out-of-china-google-deepmind-ceo.html">CNBC </a>reported. 
However, Hassabis added that "despite the hype, there's no actual new scientific advance … it's using known techniques [in AI]." According to him, the hype around Deepseek has been "exaggerated a little bit."
Hassabis questioned DeepSeek&#8217;s claims regarding its low costs and the chips it utilizes. DeepSeek had earlier proclaimed that its AI model was developed at a fraction of the cost of leading AI players and utilized less advanced Nvidia chips. This revelation triggered a substantial stock sell-off and ignited a discussion over the high spending of large tech firms on AI infrastructure.
Regarding artificial general intelligence (AGI), Hassabis stated&nbsp;that the AI industry is&nbsp;&#8220;on the path towards AGI,&#8221;&nbsp;and suggested that we may be only around five years away from a&nbsp;system that exhibits all the&nbsp;cognitive capabilities humans have.
SEE ALSO: <a href="https://www.benzinga.com/tech/25/01/43014233/google-expands-collaboration-with-associated-press-to-deliver-up-to-date-information-in-gemini-ai-app">Google Expands Collaboration With Associated Press To Deliver Up-To-Date Information In Gemini AI App</a>
Why It Matters: Hassabis&#8217; comments align with Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) CEO Sundar Pichai <a href="https://www.benzinga.com/25/02/43487551/sundar-pichai-acknowledges-deepseeks-ai-advancementsbut-says-googles-gemini-still-leads-in-cost-performance-and-latency">who acknowledged the progress made by DeepSeek</a> but maintained that Google&#8217;s Gemini remains superior in efficiency, cost, and performance. Hassabis also considers Google&#8217;s newly launched Gemini 2.0 Flash Models as more efficient than even Deepmind&#8217;s model. 
In another instance, ex-Google researcher and CEO of Cohere, Aidan Gomez told Business Insider that DeepSeek&#8217;s R1 is &#8220;a really impressive release&#8221;. However, he doesn&#8217;t believe that it should be a viable option for businesses.
Interestingly, Chinese tech companies are witnessing a surge after the DeepSeek launch which gaining an edge over its US tech counterparts in terms of valuation. On Feb.6, Bloomberg Data suggested that the Hang Seng Tech Index had an average price-to-earnings ratio of 20.5 times, compared to the Mag. 7 giants that <a href="https://in.benzinga.com/quote/meta" target="_blank" rel="noreferrer noopener"></a>traded at an average of 41.4 times.
<ul>
<li>READ MORE: <a href="https://www.benzinga.com/markets/asia/25/02/43573186/china-tech-etfs-surge-as-deepseek-led-ai-boom-fuels-bull-market">China Tech ETFs Surge As DeepSeek-Led AI Boom Fuels Bull Market</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

GOOG

GOOGL

MSFT

NVDA

Google DeepMind CEO Calls DeepSeek AI 'Best Work' From China, But Says Hype Is Overblown: 'There's No Actual New Scientific Advance'

In a recent interview with YouTuber Modern Day Eratosthenes, Microsoft Corp.&#8217;s co-founder Bill Gates criticized Tesla Inc.&#8217;s Elon Musk and Amazon.com Inc.&#8217;s Jeff Bezos for prioritizing space exploration over real-world crises.
What Happened: Gates argues that While they spend billions on Mars colonies and space tourism, their money would be better spent addressing urgent global issues like hunger, disease, and climate change. "Rich people can do whatever they want&#8230; but I do think malnourishment is the worst thing there is," he said.
Space vs. Real-World Problems: For Gates, issues on Earth deserve far more attention than space exploration. "Farmers&#8230; they're experiencing climate change, which will mean sometimes too much rain, sometimes drought," he noted, emphasizing the urgent need for solutions.
He also highlighted the staggering human cost of mosquito-borne diseases, stating, "Nobody who has money has malaria," which is why he believes these issues receive far less funding than space ventures. "With mosquitoes, it's still like 600,000 [deaths] a year," he said, highlighting the scale of the problem.
While he acknowledges that some space technology has value — such as SpaceX's reusable rockets, which lower launch costs — he remains skeptical of long-term space ambitions. In his view, billionaire resources would be better spent addressing immediate crises on Earth rather than funding extravagant space projects.
See Also: <a href="https://www.benzinga.com/government/regulations/24/12/42479974/us-lenders-file-joint-lawsuit-against-consumer-finance-watchdog-for-capping-overdraft-fees-wells-fargo-jpmorgan-citigroup-stocks-in-focus">US Lenders File Joint Lawsuit Against Consumer Finance Watchdog For Capping Overdraft Fees: Wells Fargo, JPMorgan, Citigroup Stocks In Focus</a>
Why It Matters: Gates dismissed Musk's vision of a Mars colony as impractical, saying, "It's not a very hospitable place." He also aimed at Bezos' plans for space stations, suggesting they serve more as billionaire hobbies than meaningful contributions to humanity.
"Some people like more artificial satellites that you could put people on. People like Jeff Bezos are into that," he said.
While Musk and Bezos push for interplanetary expansion, Gates sees their priorities as misplaced. "I put my money into things like getting rid of malaria and measles and polio," he said, contrasting his focus with their space ambitions.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43581896/analyst-who-nailed-2021-crypto-collapse-now-says-worst-of-bitcoin-could-come-in-next-few-weeks">Analyst Who Nailed 2021 Crypto Collapse Now Says Worst Of Bitcoin Could Come In Next Few Weeks</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and reviewed by Benzinga editors before publication.
Photo courtesy: Shutterstock

Bill Gates Slams Elon Musk And Jeff Bezos: 'Rich People Can Do Whatever They Want…But Malnourishment Is The Worst Thing There Is'

BMO Capital analyst Phillip Jungwirth initiates coverage on Flowco Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLOC#NYSE">FLOC</a>) with a Outperform rating and announces Price Target of $33.

BMO Capital Initiates Coverage On Flowco Holdings with Outperform Rating, Announces Price Target of $33

Former Coinbase technology chief Balaji Srinivasan has joined a growing chorus of tech leaders and politicians advocating for Ron Paul to lead the Federal Reserve, highlighting renewed interest in the <a href="https://www.benzinga.com/24/12/42377089/ron-paul-wants-elon-musk-vivek-ramaswamy-led-doge-to-eliminate-this-program-of-immoral-transfer-of-wealth">former congressman&#8217;s anti-Fed stance</a>.
What Happened: The discussion gained momentum after Sen. Mike Lee (R-Utah) posted on X, formerly Twitter, asking followers to support Paul as Federal Reserve chairman. Tesla Inc. CEO Elon Musk endorsed the idea, responding to a suggestion that Paul should lead a Federal Reserve audit team.
Srinivasan, a prominent Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advocate and Silicon Valley investor, shared an image of Paul&#8217;s 2009 book &#8220;End the Fed&#8221; with the caption &#8220;Nothing can stop an idea whose time has come.&#8221; The book criticizes the Federal Reserve System and advocates for its abolition on constitutional and economic grounds.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Nothing can stop an idea whose time has come. <a href="https://t.co/y3dmtU8UYQ">https://t.co/y3dmtU8UYQ</a> <a href="https://t.co/A0Wls1DZpW">pic.twitter.com/A0Wls1DZpW</a>
&mdash; Balaji (@balajis) <a href="https://twitter.com/balajis/status/1888680721365287185?ref_src=twsrc%5Etfw">February 9, 2025</a></blockquote>
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This trend coincides with more general debates concerning the leadership of the Federal Reserve. Originally nominated to the Fed Board of Governors by former President Barack Obama, current Fed Chair Jerome Powell was chosen to run the central bank by President Donald Trump in early 2018. Powell has declared his intention to serve out his <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41849984/powell-brushes-off-trumps-removal-threat-economists-say-2026-could-be-his-last-stand">entire tenure through 2026</a>.
See Also: <a href="https://www.benzinga.com/25/02/43585332/trump-orders-scott-bessent-to-rip-the-waste-out-ends-penny-production-after-elon-musks-doge-report">Trump Orders Scott Bessent To &#8216;Rip The Waste Out,&#8217; Ends Penny Production After Elon Musk&#8217;s DOGE Report</a>
Why It Matters: The conversation around Paul&#8217;s potential role extends beyond the Fed chairmanship. Musk previously expressed interest in having Paul join the proposed Department of Government Efficiency (DOGE), a Trump campaign initiative aimed at cutting federal spending. Paul, while open to helping reduce government spending, has indicated he doesn&#8217;t seek <a href="https://www.benzinga.com/news/24/11/41698615/elon-musk-says-would-be-great-to-have-former-congressman-and-fed-critic-ron-paul-in-department-of-go">an official position</a>.
Paul, known for his fiscal conservatism, recently criticized U.S. foreign aid practices, calling them an &#8220;immoral transfer of wealth&#8221; and arguing they redirect funds from American citizens to wealthy <a href="https://www.benzinga.com/24/12/42377089/ron-paul-wants-elon-musk-vivek-ramaswamy-led-doge-to-eliminate-this-program-of-immoral-transfer-of-wealth">entities in poorer nations</a>.
The renewed attention on Paul&#8217;s monetary policy views comes as the DOGE initiative targets potential federal spending cuts of up to $2 trillion, though experts project more modest savings of $50-100 billion annually against a <a href="https://www.benzinga.com/24/12/42377089/ron-paul-wants-elon-musk-vivek-ramaswamy-led-doge-to-eliminate-this-program-of-immoral-transfer-of-wealth">projected $1.7 trillion deficit in 2024</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/02/43582928/bitcoin-ethereum-dogecoin-as-investors-prepare-for-crucial-cpi-ppi-data-top-analyst-anticipates-a-strong-week-for-crypto">Bitcoin, Ethereum, Dogecoin Flat As Investors Prepare For Crucial Inflation Data: Top Analyst Says This Week Comparable To Any &#8216;Crisis&#8217; Period But You Should Be Bullish</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Federal Reserve

Bitcoin Advocate Balaji Pushes 'End The Fed' Author Ron Paul For Central Bank Chair Amid Elon Musk's Support: 'Nothing Can Stop An Idea...'

Keefe, Bruyette &amp; Woods analyst Catherine Mealor upgrades Wesbanco (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WSBC#NASDAQ">WSBC</a>) from Market Perform to Outperform and raises the price target from $40 to $44.

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