T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF (ARCA: TVAL)

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The fund will invest primarily in U.S. equity securities. The fund uses a value style of investing. In taking a value approach to investment selection, the adviser seeks to identify companies that appear to be undervalued by various measures, and may be temporarily out of favor, but have good prospects for capital appreciation. Some of the principal measures used to identify such stocks are: price/earnings ratio, price/book value ratio, price/sales ratio, dividend yield, price/cash flow, undervalued assets, and restructuring opportunities.

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T. Rowe Price Value ETF

T. Rowe Price Exchange-Traded Funds, Inc. T. Rowe Price Value ETF

In the unfolding drama between Governor <a href="https://www.benzinga.com/topic/ron-desantis">Ron DeSantis</a> (R) and prominent Florida attorney <a href="https://www.benzinga.com/markets/cannabis/24/06/39125487/pot-daddy-john-morgan-joins-floridas-cannabis-legalization-campaign-hints-hell-go-after-desantis">John Morgan</a>, the battle lines are being sharply drawn over the issue of <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">recreational marijuana legalization</a> in Florida. 
Morgan, a major Democratic fundraiser and longtime advocate for marijuana reform, has ramped up his efforts by spearheading a well-funded <a href="https://www.benzinga.com/markets/cannabis/24/06/39125487/pot-daddy-john-morgan-joins-floridas-cannabis-legalization-campaign-hints-hell-go-after-desantis">advertising campaign</a> for the legalization initiative, known as <a href="https://www.benzinga.com/markets/cannabis/24/06/39492507/desantis-says-cannabis-legalization-amendment-will-protect-weed-rights-better-than-1st-2nd-amend">Amendment 3</a>, which will appear on the ballot in the <a href="https://www.benzinga.com/topic/2024-election">November 2024 elections</a>.
The controversy got even hotter when Morgan implied that opposition from the pharmaceutical and liquor industries is fueling DeSantis&#8217; stance against the amendment. Morgan argues that these industries see marijuana as a direct threat to their profits, which, as it turns out, <a href="https://www.benzinga.com/markets/cannabis/24/03/37487875/is-cannabis-replacing-beer-canadian-study-links-weed-legalization-to-drop-in-alcohol-sales">is true</a>.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39651496/will-uk-cannabis-laws-change-under-new-labour-government-doesnt-look-that-way-just-yet">Will UK Cannabis Laws Change Under New Labour Government? Doesn&#8217;t Look That Way Just Yet</a>
<h2 class="wp-block-heading">Is There A Governor's Challenge In The Mix?</h2>
Morgan, who is considering a third-party gubernatorial run in 2026, has also accused DeSantis of perpetuating falsehoods about the <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d">cannabis amendment</a> when he claimed on numerous occasions that it would lead to <a href="https://www.benzinga.com/markets/cannabis/24/03/37588620/gops-desantis-takes-issue-with-cannabis-odor-in-public-places-says-legalization-proposal-should-">widespread marijuana odors</a> across the state &#8211; a statement Morgan calls a lie. 
A much sought after trial attorney, Morgan said, "Maybe I should run for Governor… as an independent," after DeSantis opposed a $15 an hour minimum wage hike in January. Since then, Morgan has has made similar remarks. According to a June <a href="https://www.foxnews.com/official-polls/fox-news-poll-trump-holds-4-point-edge-florida-rematch-majority-says-conviction-wont-matter-vote" target="_blank" rel="noreferrer noopener">Fox News poll</a>, the cannabis amendment enjoys greater popularity than DeSantis.
Following DeSantis' sweeping cuts to the state's arts and culture grants, another wealthy Floridian has spoken out. Billionaire real estate mogul and arts patron Jorge Pérez slammed DeSantis for chopping all $32 million from a state program that provides grants for music, theater and culture. 
"This is just a horrible message to send," <a href="https://www.bloomberg.com/news/articles/2024-07-03/miami-condo-king-slams-desantis-for-defunding-arts-as-transplants-seek-more?utm_source=website&amp;utm_medium=share&amp;utm_campaign=twitter?sref=xaSIhnlc&amp;embedded-checkout=true">said</a> Pérez in an interview with Bloomberg.
Meanwhile, Morgan, a spokesperson for <a href="https://www.benzinga.com/markets/cannabis/24/06/39236840/desantis-is-less-popular-than-floridas-legal-cannabis-amendment-new-poll-that-also-shows-biden-g">Smart and Safe Florida</a>, the group behind Florida&#8217;s ballot measure, <a href="https://www.benzinga.com/markets/cannabis/24/06/39125487/pot-daddy-john-morgan-joins-floridas-cannabis-legalization-campaign-hints-hell-go-after-desantis">is appearing in ads across the state</a> in support of Amendment 3. In one, he starts off by saying, "If I was your governor&#8230;"
He goes on to say, "I would free or parole every person in jail for possession and then expunge everyone's record. Amendment 3 will put a stop to this and let the cops fight real crime, not fake crime. I'm tired of people being thrown in jail for something that is less harmful than alcohol or opioids.&#8221;
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Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39652370/social-workers-call-on-biden-to-fully-decriminalize-marijuana">Social Workers Call On Biden To Fully Decriminalize Marijuana</a></li>
</ul>
Photo:&nbsp;Visit Florida Postcard,&nbsp;Shutterstock

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Legal

DeSantis Is Less Popular Than Florida's Cannabis Amendment, Wealthy Attorney John Morgan Eyes Gubernatorial Run

The <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">first presidential debate held on June 27</a> has apparently shifted the 2024 race slightly in favor of Donald Trump, assuming the contest will be between him and President Joe Biden, according to results from a swing-state poll released last week.
The 2-Way Matchup: Trump leads Biden by three points across battleground states that include Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania and Wisconsin. The finding was based on a<a href="https://www.scribd.com/document/747554214/cbsnews-20240702-wed"> survey </a>of 2,826 registered voters nationwide by CBS News/YouGov between June 28 and July 2. The margin of sampling error was +/- 2.3 points.
For Trump, this marked an improvement from last month, when he trailed Biden by a point. 
Nationally, Trump leads Biden by two points among likely voters, at 50% to 48%. The reversal in fortunes came after the presidential debate in which the president put up a dismal performance.
The fact that the lead is still with the margin of error reflects heavy partisanship. The poll found that over 90% of both Biden and Trump supporters said they will never even consider the other candidate even after Biden&#8217;s poor showing at the debate.
That said, Trump has an electoral college advantage, the poll found.
See Also: <a href="https://www.benzinga.com/news/24/07/39628794/biden-vs-trump-new-poll-shows-president-still-very-much-in-race-despite-debate-fiasco-but-final-outc">Biden Vs. Trump: New Poll Shows President Still Very Much In Race Despite Debate Fiasco But Final Outcome Hinges On This Key Voter Group</a>
Multi-Candidate Ballot: When independent candidates Robert Kennedy Jr. and Cornel West and Green Party candidate Jill Stein were added to the nationwide ballot, Trump&#8217;s lead over Biden rose to four points. Forty-four percent of respondents backed Trump compared to 40% support for Biden, while Kennedy took away 11% of the votes. Stein and West received 3% and 2% support, respectively.
Kennedy took away roughly equal share of support from both mainstream candidates, while Stein and West snagged more votes from Biden than Trump.
Biden Voters Switch Allegiance? The survey found that half of Biden&#8217;s 2020 voters do not think he should run for office. These voters are more likely to pick someone else, either Trump or other candidates, and less likely to say they will turn out in 2024.
The debate has cemented Trump&#8217;s support among his 2020 voters. They said they are more likely to vote. Among independents, the contest is very close, with Trump just edging ahead of Biden.
Age Isn&#8217;t Just Number: The plurality of voters (46%) are concerned about the ages of both candidates. Biden, at 81 years old, is older than Trump by merely three years.
When asked whether they want Biden to run for office regardless of whether they would or would not vote for Biden, 69% said the president shouldn&#8217;t be running. 
Following the debate, 9% said it made them think better of Biden, 53% said it worsened their opinion about him and 38% said it did not alter their opinion. Twenty-five percent, 27% and 48%, respectively, felt the same about Trump.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/money/best-depression-stocks">Best Depression Stocks</a></li>
</ul>
Photo: Shutterstock

Media

Biden Vs. Trump: Debate Performance Hurts President But This Factor Could Still Keep Him In Contention

The night before a major event for a company he founded, billionaire&nbsp;Richard Branson&nbsp;was woken up by&nbsp;Elon Musk. Here's the strange but true story connecting two key figures in<a href="https://www.benzinga.com/topic/space-stocks"> the space sector. </a>
What Happened:&nbsp;In July 2021, Richard Branson went to space at the age of 71, hitting the milestone aboard a spacecraft from&nbsp;Virgin Galactic&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPCE#NYSE">SPCE</a>), a company he co-founded. The flight beat fellow billionaire&nbsp;Jeff Bezos&nbsp;to space in a race&nbsp;<a href="https://www.benzinga.com/news/21/07/21928912/richard-branson-traveled-to-the-edge-of-space-heres-how-you-could-get-a-future-ticket-with-a-5-donat" target="_blank" rel="noreferrer noopener">between their respective space companies.</a>
The night before his space flight, Branson abruptly woke&nbsp;up to the sight of Musk&#8217;s barefoot in his kitchen at 2:30 a.m. local time at his New Mexico home. A member of Branson's family let Musk enter the home.
"Elon had decided to surprise us," Branson&nbsp;<a href="https://www.thetimes.co.uk/article/richard-branson-i-woke-to-find-elon-musk-in-my-kitchen-at-2am-f0s70gq8l" target="_blank" rel="noreferrer noopener">said</a>, recalling the visit to The Sunday Times magazine. "He was there with his baby. Basically, he's a night animal."
Musk came to give his well wishes to Branson in person ahead of his trip to space.
"I woke up two hours earlier than I was meant to and jumped out of bed, and then actually realized I'd got the wrong time, but by then I was wide awake."
According to a new story from Branson, he shared a night with Musk drinking tea "under the stars."
"He doesn't really sleep at night and gets his sleep in the daytime. We made a pot of tea and sat outside under the stars and caught up."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Big day ahead. Great to start the morning with a friend. Feeling good, feeling excited, feeling ready. Watch <a href="https://twitter.com/hashtag/Unity22?src=hash&amp;ref_src=twsrc%5Etfw">#Unity22</a> launch and livestream TODAY at 7:30 am PT &#x7C; 10:30 am ET &#x7C; 3:30 pm BST.<a href="https://twitter.com/virgingalactic?ref_src=twsrc%5Etfw">@virgingalactic</a> <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> <a href="https://t.co/1313b4RAKI">https://t.co/1313b4RAKI</a> <a href="https://t.co/FRQqrQEbH8">pic.twitter.com/FRQqrQEbH8</a>
&mdash; Richard Branson (@richardbranson) <a href="https://twitter.com/richardbranson/status/1414199651037716485?ref_src=twsrc%5Etfw">July 11, 2021</a></blockquote>
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Musk also traveled to the spaceport in New Mexico to watch Branson travel to space aboard the Virgin Galactic vehicle.
Musk and Branson first met at the wedding of Google co-founder&nbsp;Larry Page,&nbsp;which was held on Necker Island, the private island owned by Branson.
The surprise meeting between Branson and Musk wasn't the first, either. Branson also recalls a time in 2008 when he was snow skiing with his family in Switzerland. Musk showed up unexpectedly with a Tesla sports car.
"Elon had just built his first car and shipped it over and drove up to show it to us. We went for a drive in it, and it was extraordinarily comfortable and nice."
Branson says he suspected that Musk was looking for an investment in&nbsp;Tesla Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) at the time, which Branson said was "quite little" at the time.
"Elon is tremendously smart and even more driven. He has been inches from failure on many, many occasions and kept pushing. He's the Henry Ford of his generation."
Read Also:<a href="https://www.benzinga.com/news/21/07/21928049/richard-branson-hangs-out-with-elon-musk-before-historic-spaceflight" target="_blank" rel="noreferrer noopener">&nbsp;Richard Branson Hangs Out With Elon Musk Before Historic Spaceflight&nbsp;</a>
Why It's Important:&nbsp;Over the years, the race to space has been a major story. For decades, it was a battle between the U.S. and Russia for getting the first person into space and the first person on the moon.
Decades later, a&nbsp;battle was heating up between Virgin Galactic and&nbsp;Blue Origin, the company founded by Bezos. The Amazon founder has also been in competition with Musk's own SpaceX over the years, including several lawsuits involving NASA.
Branson beat Bezos to space by nine days, and being cheered on by Musk might speak volumes of their friendship in the midst of&nbsp;the competitive nature of the space companies.
As&nbsp;<a href="https://www.benzinga.com/news/21/07/21945008/spacex-ceo-elon-musk-books-a-flight-with-richard-bransons-virgin-galactic" target="_blank" rel="noreferrer noopener">Benzinga previously reported,</a>&nbsp;Musk has placed a reservation to take a trip aboard a Virgin Galactic flight to space. Other notable names on the Virgin Galactic reservation logs include&nbsp;Leonardo DiCaprio, Angelina Jolie&nbsp;and&nbsp;Justin Bieber.
Branson joked that Musk's astronaut training is necessary for the Virgin Galactic flight, and his flight may be postponed due to his takeover of Twitter.
"I would be delighted to see him aboard, but he's obviously got his hands full at the moment," Branson said.
For Branson and Musk, their space companies have seen different paths over the last five years. Musk&#8217;s SpaceX was recently valued at a reported $210 billion valuation, soaring in value over the last several years. The Branson founded Virgin Galactic has struggled with shares down 96% over the last five years, as seen in the <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070524&amp;t=be2bearmibe3na1">Benzinga Pro chart </a>below. 
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070524&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="993" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05123743/Screenshot-39.png" alt="" class="wp-image-421865" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05123743/Screenshot-39.png 993w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05123743/Screenshot-39-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/05123743/Screenshot-39-768x396.png 768w" sizes="(max-width: 993px) 100vw, 993px" /></a></figure>
Branson has also said he&nbsp;<a href="https://www.benzinga.com/news/22/04/26510288/space-swap-richard-branson-wants-trip-with-spacex-suggests-elon-musk-flies-with-virgin-galactic" target="_blank" rel="noreferrer noopener">hopes to someday</a>&nbsp;go further into space aboard a SpaceX vehicle from Musk.&nbsp;
Virgin Galactic space trip tickets are currently priced at $450,000 and over 60 passengers and crew members have gone to space aboard the company&#8217;s vehicles. 
Branson has also booked future flights to space with Virgin Galactic for his 80th, 90th and 100th birthday.
"Most likely I'll book for my 110th birthday as well because I'm forever an optimist. I hope that on at least one of those trips the children and grandchildren come."
You may be wondering if there are perks of being friends with Branson or showing up at his house in the middle of the night to sip tea under the stars.
"We haven't done any discounts for space, not even for Elon."
This article was previously published by Benzinga and has been updated.
Photo: Shutterstock

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Billionaire Wakes Up To Find Elon Musk Barefoot In His Kitchen: 'We Made A Pot Of Tea And Sat Outside Under The Stars'

<h3>Legal Action Against Meta</h3>
Former Arkansas Governor Mike Huckabee (R)has initiated a lawsuit against Meta Platforms Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), the parent company of Facebook, in the U.S. District Court in Delaware.
The lawsuit addresses unauthorized advertisements on Facebook that falsely utilized Huckabee&#39;s name and likeness to promote CBD gummies.
These ads claimed that Huckabee was abandoning his television hosting duties to endorse these products and attributed fabricated statements to him concerning the <a href="https://www.benzinga.com/general/biotech/23/05/32211701/cbd-oils-health-benefits-are-reportedly-locked-behind-poor-absorption-rates-this-pressure-based-t">medicinal benefits of CBD</a>.
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39618720/its-unconstitutional-hemp-businesses-sue-wyoming-governor-over-law-banning-delta-8-and-similar-s">It&#39;s Unconstitutional: Hemp Businesses Sue Wyoming Governor Over Law Banning Delta-8 And Similar Substances</a>
<h3>Misuse Of Identity And Image</h3>
The <a href="https://www.mediapost.com/publications/article/397401/mike-huckabee-sues-meta-over-phony-cbd-endorsement.html">complaint details</a> that some of the disputed advertisements linked to a counterfeit Fox News website, erroneously reporting that Huckabee had been cured of an autoimmune disease through CBD use.
These ads ran from early April to at least June 6, 2024, associating Huckabee with marijuana products against his will and beliefs.
Huckabee&#39;s legal action accuses Meta of violating the <a href="https://www.benzinga.com/topic/arkansas-cannabis">Arkansas</a> Frank Broyles Publicity Rights Protection Act, along with charges of invasion of privacy and unjust enrichment.
<h3>Broader Implications</h3>
The&nbsp;case highlights ongoing issues with false endorsements and the misuse of public figures&#39; identities in advertising.
Huckabee&#39;s complaint also mentions similar misleading advertisements that have targeted other media personalities, misleading fans and consumers.
The lawsuit seeks both punitive and compensatory damages, emphasizing <a href="https://www.benzinga.com/markets/cannabis/24/03/37767225/do-meta-and-other-platforms-play-a-role-in-illicit-drug-sales-us-prosecutors-are-investigating">the need for tighter controls and accountability</a> in digital advertising practices.
Huckabee&#39;s legal challenge against Meta could set a significant precedent regarding the responsibilities of social media platforms in preventing and managing fraudulent advertising content.
These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/07/39627110/minnesota-ag-ellison-asks-judge-to-dismiss-lawsuit-by-cannabis-home-growers-who-want-to-sell-the">Minnesota AG Ellison Asks Judge To Dismiss Lawsuit By Cannabis Home Growers Who Want To Sell Their Excess Marijuana Without A License</a>
Photo: AI-Generated Image.&nbsp;

Markets

Facebook Parent Company Meta Sued By Former Arkansas Gov Huckabee Over Weed Product Ad Misuse

The U.S. economy showcased robust job growth in June&nbsp;with 266,000 new jobs added, exceeding forecasts. Despite this positive indicator, the unemployment rate edged up slightly to 3.7%. Wage growth was relatively tame at 0.2% month-over-month and 4.3% year-over-year, <a href="https://www.benzinga.com/markets/equities/24/07/39646053/mixed-picture-for-fed-june-payrolls-rise-more-than-expected-unemployment-rate-ticks-up-wage-grow">suggesting a potential slowdown</a> in the previously overheated job market.
In contrast to the broader economic trends, the cannabis industry experienced a year-over-year revenue increase of 10.3%, reaching $28.8 billion in 2023. This represents a rebound from a decline seen in 2022, hinting at stabilization within the sector. However, the performance across states varied significantly due to differing market maturities and regulatory environments.
Read Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/02/37344603/cannabis-job-market-will-rebound-in-2024-nearly-90-of-weed-businesses-plan-on-hiring-new-workfor">Cannabis Job Market Will Rebound In 2024: Nearly 90% Of Weed Businesses Plan On Hiring New Workforce.</a>&nbsp;
<h3>Regional Market Variations</h3>
Data from the <a href="https://app.vangst.com/blog/live-now-the-vangst-2024-cannabis-jobs-report">Vangst Jobs Report 2024</a> indicates vibrant growth in newer markets such as Michigan, Missouri&nbsp;and Illinois, where cannabis-related employment surged by 5.4% year-over-year, adding 22,952 new jobs.
Mature markets like California and Colorado faced challenges such as price compression and intense competition, leading to a downturn in sales and <a href="https://www.benzinga.com/topic/cannabis-jobs">job </a>losses. For instance, California saw a reduction of nearly 5,000 jobs despite being a longstanding hub for cannabis activity.
<h3>Salaries and Employment Trends</h3>
The Vangst<a href="http://app.vangst.com/reports/salary-guide"> 2024 Salary Guide </a>highlights an optimistic outlook for <a href="https://www.benzinga.com/markets/cannabis/23/03/31367867/top-5-highest-paying-jobs-in-the-cannabis-industry-unveiled-by-leading-weed-brand-platform">cannabis salaries</a>, spurred by anticipated federal regulatory changes. Top-tier cannabis salaries increased by 4.7% over the past year, outpacing the average increase across non-cannabis industries.
Directors of Cultivation now earn between $90k and $140k, while retail positions such as Budtenders earn between $14 and $22 per hour, reflecting the sector&#39;s growing professionalization and competitive compensation structures.
These issues will be a hot topic&nbsp;at the upcoming Benzinga Cannabis Capital Conference in Chicago this Oct. 8-9. Join us to get more insight into what the wave of weed legalization means for the future of investing in the&nbsp;industry. Hear directly from top executives, investors, advocates, and policymakers.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">Get your tickets now</a>&nbsp;before prices go up by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" rel="noreferrer noopener" target="_blank">this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/01/36547347/cannabis-jobs-in-2024-career-opportunities-key-players-and-industry-trends-for-job-seekers">Cannabis Jobs In 2024: Career Opportunities, Key Players And Industry Trends For Job Seekers.</a>&nbsp;
Photo: AI-Generated Image.&nbsp;

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U.S. Jobs Surge In June, Can Cannabis Keep Up? Salaries Might Tempt You To Switch Careers

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) plummeted to an intraday low of $53,717.38, marking the lowest in more than four months, on Friday amid <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39652732/bitcoin-ethereum-dogecoin-struggle-as-mt-gox-repayments-begin-crypto-analyst-says-btc-coul">concerns about supply from failed Tokyo-based cryptocurrency exchange Mt. Gox.</a> In the aftermath of the plunge, gold bull Peter Schiff suggested that the downtrend will likely accelerate.
What Happened: Seventy percent of those who bought spot Bitcoin ETFs are losing money when the apex crypto trades at $54,000 level, said Schiff in a post on X, formerly Twitter. A decline below $38,000 will push &#8220;100% of Bitcoin ETF buyers&#8221; into the red, he said.
&#8220;That&#8217;s when I expect the real selling to start, as most #crypto ETF speculators will throw in the towel for good,&#8221; the economist said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">At $54K my guess is that over 70% of those who bought <a href="https://twitter.com/hashtag/BitcoinETFs?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinETFs</a> are losing money. When <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> trades below $38K, 100% of Bitcoin ETF buyers will be losing money. That&#39;s when I expect the real selling to start, as most <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> ETF speculators will throw in the towel for good.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1809093670450221369?ref_src=twsrc%5Etfw">July 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">When a social media user flagged that MicroStrategy&#8217;s Michael Saylor borrowed $1 billion in April to buy Bitcoin at $66,000, Schiff said the Bitcoin bull may have to borrow even more money to buy the crypto to support its price.</figcaption></figure>
As Bitcoin recovered from Friday&#8217;s lows, Schiff said it appeared that Bitcoin ETF buyers were still &#8220;HODLing&#8221; and there was no sign of panic. 
&#8220;It will likely take a much larger drop in #Bitcoin before they finally capitulate. That may come as soon as next week, especially after another big selloff this weekend,&#8221; he added.
See Also: <a href="https://www.benzinga.com/money/how-to-buy-bitcoin-btc">How To Buy Bitcoin (BTC)</a>
Why It&#8217;s Important: Bitcoin&#8217;s downtrend was in defiance of the equity market rally, which has pushed the major U.S. indices to record highs. Some analysts attribute the pullback to the U.S. election uncertainty, with both major parties not too crypto-friendly. 
Bitcoin scaled a high of $73,750.07 on March 14 amid a renewed push higher after a soft patch in the aftermath of the <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36595770/spot-bitcoin-etf-approval-drives-bitcoin-past-48-000-mark-etf-total-trading-volume-peaks-2">spot Bitcoin ETF approval. </a>
Crypto analyst Ali Martinez said in a post on Friday that the apex crypto currently lacks significant support. 
&#8220;The main key demand wall is around $47,000, and for the bull run to resume, $BTC must close and hold above $61,000,&#8221; he said.
At last check, Bitcoin climbed 2.42% to $56,806.82, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39652199/impact-of-mt-gox-germany-sales-on-bitcoin-lettuce-hands-are-flushed-out">Impact Of Mt Gox, Germany Sales On Bitcoin: &#8216;Lettuce Hands Are Flushed Out&#8217;</a></li>
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Photo: Shutterstock

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

Cryptocurrency

$BTC

Peter Schiff Says Bitcoin ETF Buyers 'HODLing' Amid King Crypto's Plunge But Warns 'Much Larger Drop ... May Come As Soon As Next Week'

The cannabis industry may be on the verge of significant financial relief with the <a href="https://www.benzinga.com/markets/cannabis/24/05/38880719/biden-announces-monumental-marijuana-rescheduling-doj-to-take-next-steps" target="_blank" rel="noreferrer noopener">Biden administration's proposal</a> to reclassify cannabis to <a href="https://www.benzinga.com/markets/cannabis/24/02/36916329/is-marijuana-a-controlled-substance-wait-what-is-a-controlled-substance" target="_blank" rel="noreferrer noopener">Schedule III of the Controlled Substances Act</a>. This reclassification would eliminate the oppressive restrictions of Section 280E of the Internal Revenue Code, which prevents <a href="http://benzinga.com/cannabis" target="_blank" rel="noreferrer noopener">cannabis</a> businesses from deducting typical business expenses.
<h3 class="wp-block-heading">Potential Profit Boost From Cannabis Reclassification</h3>
The proposed rescheduling could change the landscape dramatically. <a href="https://mjbizdaily.com/what-marijuana-tax-deductions-will-be-available-if-280e-is-gone/" target="_blank" rel="noreferrer noopener">According</a> to MJBizDaily guest columnists Neil Prasad and Martin Martinez, both part of Marcum LLP, reclassification would allow cannabis companies to deduct business expenses, aligning them with businesses in other industries. This shift could lead to increased profitability through reductions in taxable income, potentially lowering prices for consumers and making medical cannabis more accessible.
<h3 class="wp-block-heading">Tax Changes Could Propel Cannabis Industry Growth</h3>
Moreover, as Prasad and Martinez note, if cannabis is rescheduled these companies could claim a full spectrum of business deductions, aligning their tax treatment with that of other industries. The potential for deducting ordinary business expenses would transform the economic landscape for cannabis companies, allowing for:
<ul>
<li>Reinvestment In Operations: Freed funds could be channeled back into business expansion, research and development, and innovation, driving further growth in the sector.</li>
<li>Lower Consumer Prices: Reductions in operational costs could be passed on to consumers, potentially making medical cannabis more accessible and affordable.</li>
<li>Improved Financial Services: With reduced stigma, cannabis companies might find it easier to obtain loans, credit lines, and banking services.</li>
<li>Competitive Market Pricing: Enhanced tax relief could foster more competitive pricing, decreasing the allure of the illicit market.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39561566/will-bidens-shaky-debate-performance-affect-cannabis-reform-how-a-trump-return-could-reshape-mar" target="_blank" rel="noreferrer noopener">Will Biden&#8217;s Shaky Debate Performance Affect Cannabis Reform? How A Trump Return Could Reshape Marijuana Policy</a>
<h3 class="wp-block-heading">IRS Maintains Tax Rules For Now</h3>
The IRS has reiterated that <a href="https://www.benzinga.com/markets/cannabis/24/06/39560744/irs-confirms-no-federal-tax-deductions-for-marijuana-businesses-until-rescheduling-is-finalized" target="_blank" rel="noreferrer noopener">current tax rules remain in place until the final rescheduling rule is published</a>. Businesses filing amended returns seeking refunds for taxes paid under 280E have been denied. Major operators like Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), TerrAscend Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TSNDF#OTC">TSNDF</a>) and Ascend Wellness Holdings Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>) have already filed for substantial refunds, highlighting the industry&#8217;s eagerness for tax relief.
The potential financial benefits of this tax code change could be a game-changer, marking a significant step towards financial parity with other sectors and <a href="https://www.benzinga.com/markets/cannabis/24/06/39388679/why-the-time-to-invest-in-u-s-cannabis-stocks-is-right-now" target="_blank" rel="noreferrer noopener">contributing to the overall stability and growth of the cannabis industry</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39647075/is-now-the-time-to-invest-in-cannabis-stocks-trends-and-long-term-predictions-from-industry-expe" target="_blank" rel="noreferrer noopener">Is Now The Time To Invest In Cannabis Stocks? Trends And Long-Term Predictions From Industry Experts</a></li>
</ul>
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<hr class="wp-block-separator has-alpha-channel-opacity" />
Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a> before prices surge by following <a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.

AAWH

TCNNF

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End Of IRS' 280E On The Horizon? What Cannabis Rescheduling Means For Business Tax Deductions

Most electric vehicle stocks advanced in the week that ended on July 5, led by market leader Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), with the <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39652289/stocks-rally-to-record-highs-as-investors-eye-interest-rate-cuts-labor-market-cools-tesla-">broader market strength also contributing to the upside.</a> Tesla shares are now in the green after the company reported better-than-feared deliveries.
Here are the key events that happened in the EV space during the week:
Tesla Knocks Off Lowered Number: After prolonged weakness, Tesla shares turned the corner, thanks to a <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">second-quarter deliveries report that came in better than expectations</a>. Analysts attributed the positive number to the lavish financing options facilitated by the company. Skeptics weren&#8217;t impressed as they pointed to the sharply lowered estimate ahead of the report and the year-over-year sales decline.
Tesla has moved past one of its key catalytic events unscathed, and all eyes are now focused on the second-quarter earnings report that is due on July 23.
Tesla continues to find favor with authorities in China. A CnEVPost report <a href="https://cnevpost.com/2024/07/05/multiple-state-owned-firms-in-shanghai-buy-tesla-model-y/">said</a> multiple state-owned enterprises in Shanghai have purchased Model Ys as part of the city&#8217;s efforts to optimize the business environment and demonstrate equal treatment for domestic and foreign companies.
On the other hand, the company&#8217;s progress in China&#8217;s neighbor, India, hasn&#8217;t been encouraging. A Bloomberg report <a href="https://www.bloomberg.com/news/articles/2024-07-04/india-s-hopes-for-tesla-investment-cool-as-musk-ceases-contact">said </a>Tesla executives have stopped contacting Indian officials regarding the company&#8217;s proposed expansion into India. Citing people familiar with the development, the report said officials in New Delhi were informed that Tesla has capital issues and that it wasn&#8217;t planning fresh investment in India in the near future.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best Electric Vehicle Stocks</a>
Rivian&#8217;s Volkswagen Partnership Limited To Software: Irvine, California-based Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) told Reuters that the company does not plan to produce vehicles with Volkswagen AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>). The clarification came after a German media report said the two would be extending their previously announced partnership beyond software to include EV manufacturing.
Separately, Rivian reported second-quarter deliveries that exceeded its pre-announced number. The company said it sold 13,790 EVs in the second quarter, ahead of the 13,000-13,300 units it forecast at its Investor Day held in June. The company manufactured 9,162 units and reaffirmed its 2024 guidance of 57,000 units.
Canoo Snags New Orders: Lifestyle EV manufacturer Canoo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>) announced that logistics company Go2 Delivery has signed a definitive agreement to purchase five of its fully-electric commercial delivery vans, with the potential to purchase up to an additional 85 vans. The Class 1 LDV130 will be integrated into Go2&#8217;s delivery fleet as it accelerates its commitment to becoming the leading carbon-free logistics company to meet the last mile and other delivery transportation needs of its customers in Virginia and the Chesapeake Bay area.
Ford Reports Solid Q2 EV Sales: Legacy automaker Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) reported strong second-quarter EV sales, with its pureplay EV models recording double-digit growth. EV sales jumped 61% year-over-year as the Blue Oval toppled crosstown rival General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) to be the second-largest U.S. EV maker.
F-150 Lightning sales climbed 77% to 7,902 units, Mustang Mach-E sales rose 46% to 12,645 units and E-Transit van deliveries surged up 96% to 3,410&nbsp;units.
Nio Announces CFO Departure: Chinese EV startup Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) its CFO Steven Feng has announced his decision to quit, effective July 5, citing personal and family reasons. The board approved the promotion of Senior Vice President of Finance Stanley Qu as Feng&#8217;s replacement. Feng&#8217;s resignation came close on the heels of the <a href="https://www.benzinga.com/news/24/07/39574028/whats-going-on-with-chinese-ev-stocks-nio-li-auto-xpeng-on-monday">Shanghai-based company reporting robust deliveries for June.</a>
The KraneShares Electric Vehicles and Future Mobility&nbsp;Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>) ended Friday&#8217;s session down 1.02% at $20.21 according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a> For the week, the ETF advanced 4.23%.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39639428/this-tesla-bull-wont-blindly-change-his-position-and-resume-buying-the-stock-despit">This Tesla Bull Won&#8217;t &#8216;Blindly Change&#8217; His Position And Resume Buying The Stock Despite Recent Upside: &#8216;We&#8217;d Wait Until After…&#8217;</a></li>
</ul>
EV Stock Performances This Week:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Weekly Change (+/-)</td>
</tr>
<tr>
<td>Tesla</td>
<td>+27.11%</td>
</tr>
<tr>
<td>Nio, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>+11.06%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+8.05%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>+14.43%</td>
</tr>
<tr>
<td>Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>)</td>
<td>-14.65%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+0.97%</td>
</tr>
<tr>
<td>Canoo</td>
<td>-0.47%</td>
</tr>
<tr>
<td>Rivian </td>
<td>+10.21%</td>
</tr>
<tr>
<td>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>)</td>
<td>+12.26%</td>
</tr>
<tr>
<td>Faraday Future Intelligent Electric Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NYSE">FFIE</a>)</td>
<td>-21.04%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>+9.77%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>+0.47%</td>
</tr>
</tbody>
</table>
</figure>
Photo: Shutterstock

Equities

FFIE

GOEV

HYZN

KARS

LCID

NKLA

RIVN

VWAGY

WKHS

XPEV

Tesla Stock At 6-Month High, Orders Trickle In For Canoo, Nio CFO Departs And More: Biggest EV Stories Of The Week

Twenty-nine National Basketball Association teams will attempt to ruin the back-to-back championship ambitions of the <a href="https://www.benzinga.com/general/sports-betting/24/06/39382135/portnoy-wins-big-with-boston-celtics-nba-championship-rapper-drake-loses-500k-and-could-lo">reigning champ Boston Celtics.</a>
After free agency, several teams saw their betting odds improve, including one NBA team that is publicly traded.
What Happened: While many struggling NBA teams looked to turn their fortunes around with the <a href="https://www.benzinga.com/general/sports-betting/24/06/39513625/2024-nba-draft-no-clear-no-1-favorite-bronny-james-shakes-up-odds-people-are-always-intrig">2024 NBA Draft</a>, several key NBA championship contenders took to free agency to land new signings or utilized trades to send draft picks for assets that could help them win now.
The Celtics are heavy favorites to win back-to-back NBA championships. Here's a look at the current odds from DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) and the betting odds prior to the NBA Draft and start of free agency:
Boston Celtics: +295 (+290)
Philadelphia 76ers: +800 (+1,300)
Oklahoma City Thunder: +850 (+850)
Denver Nuggets: +850 (+800)
New York Knicks: +950 (+1,000)
Minnesota Timberwolves: +1,000 (+1,000)
Dallas Mavericks: +1,000 (+1,100)
Milwaukee Bucks: +1,100 (+1,000)
Los Angeles Lakers: +3,000 (+3,000)
Phoenix Suns: +3,500 (+3,000)
The Celtics are currently the best preseason favorite to win an NBA championship since the 2017-2018 season, when the Golden State Warriors were listed at -180. The Warriors won a title that season, and nine of the last 16 preseason favorites have won the NBA title, as <a href="https://www.espn.com/nba/story/_/id/40375142/celtics-enter-offseason-clear-cut-favorite-repeat">ESPN</a> reported.
To challenge the Celtics, several teams made big moves. The 76ers added Paul George in free agency to give the team a "Big 3" of George, Joel Embiid and Tyrese Maxey.&nbsp; The Thunder added Isaiah Hartenstein in free agency and acquired Alex Caruso via trade. The Mavericks added Klay Thompson in free agency.
One of the biggest offseason transactions was the Knicks trading multiple draft picks to get Mikal Bridges from the Brooklyn Nets. Bridges averaged 19.6 points, 4.5 rebounds and 3.6 assists in 82 games last season, tying his career highs for average rebounds and assists per game.
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/06/39436993/sportonomics-why-investing-in-american-sports-franchises-has-doubled-the-returns-of-th">Sportonomics: Why Investing in American Sports Franchises Has Doubled The Returns Of The Market</a>
Why It's Important: The Knicks are now one of the favorites to win the NBA championship, which comes a season after finishing second in the Eastern Conference.
Along with bettors backing the Knicks, investors can also support the team, as the Knicks are owned by the publicly traded Madison Square Garden Sports (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGS#NYSE">MSGS</a>).
The Knicks are one of the most valuable NBA teams, ranked second at $6.6 billion by <a href="https://www.forbes.com/lists/nba-valuations/">Forbes</a>, and have a large fan base.
When it comes to postseason success, the team has struggled, last winning an NBA title in 1973 and last reaching the NBA Finals in 1999.
The Knicks have made the playoff in three of the last four seasons, ending a seven-season drought in 2021, but have not advanced past the second round since 2000.
With Bridges on the team, bettors and Knicks fans have high hopes for the upcoming season. A championship could boost the overall valuation of the team and likely its stock.
Shares of the publicly traded Atlanta Braves Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BATRA#NASDAQ">BATRA</a>), for example, now trade higher than they did when the MLB team <a href="https://www.benzinga.com/news/21/11/23856231/atlanta-braves-win-their-first-world-series-title-since-1995-what-investors-should-know">won their last championship in 2021</a> and ended a 26-year title drought.
Along with the Knicks being a strong betting choice for the NBA championship, the NHL's New York Rangers are ranked fifth in betting odds to win the next Stanley Cup at +1,300, compared to the leading Edmonton Oilers at +850.The Rangers are also owned by Madison Square Garden Sports.
Read Next: <a href="https://www.benzinga.com/general/sports/24/06/39420329/could-red-bull-join-the-nba-austrian-company-circles-sin-city-team-new-report-says">Could Red Bull Join The NBA? Austrian Company Circles Sin City Team, New Report Says</a>
Photo: Shutterstock

Sports Betting

Sports

Trading Ideas

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MSGS

NBA Betting Odds Change Dramatically After Free Agency — Here's The Publicly Traded Sports Team For Investors To Watch

In a recent shareholder Q&amp;A, Nintendo ADR&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTDOY#OTC">NTDOY</a>) President Shuntaro Furukawa addressed the issue of generative artificial intelligence (AI) in video game development, a hot topic that has stirred significant debate within the <a href="https://www.benzinga.com/general/gaming">industry.</a>
<h3 class="wp-block-heading">The Mixed Blessing Of AI</h3>
<a href="https://www.ign.com/articles/nintendo-says-generative-ai-can-be-used-in-creative-ways-but-highlights-ip-issues">According</a> to IGN, Furukawa acknowledged the potential benefits of generative AI, noting it could be used "in creative ways." However, he also highlighted the risks, particularly regarding intellectual property rights.
See Also:<a href="https://www.benzinga.com/24/05/39013083/sony-executive-ai-enhances-personal-connections-in-video-games-for-gen-z-gen-alpha"> Sony Executive: AI Enhances Personal Connections In Video Games For Gen Z, Gen Alpha</a><a href=""></a>
&#8220;Generative AI, which is becoming a big topic recently, can be used in creative ways, but we recognize that it may also raise issues with intellectual property rights,&#8221; he said. 
<h3 class="wp-block-heading">Nintendo's Stance On Technological Advancements</h3>
As Nintendo prepares to unveil its next-generation console, Furukawa stressed the company&#8217;s commitment to leveraging technological advancements while maintaining its unique creative identity. 
&#8220;We have decades of know-how in creating the best gaming experiences for our players. While we are open to utilizing technological developments, we will work to continue delivering value that is unique to Nintendo and cannot be created by technology alone,&#8221; he said.
<h3 class="wp-block-heading">Industry Perspectives On AI</h3>
Nintendo&#8217;s cautious yet open stance contrasts with the approaches of its competitors. Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) is reportedly developing an AI chatbot for Xbox to automate support tasks, including game refunds and subscription issues.
Meanwhile, Sony Group Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NASDAQ">SONY</a>) PlayStation Productions&#8217; head Asad Qizilbash highlighted AI&#8217;s potential to enhance player experiences through personalized interactions.
&#8220;For instance, non-player characters in games could interact with players based on their actions, making it feel more personal," Qizilbash said. "This is important for the younger Gen Z and Gen Alpha audiences, who are the first generations that grew up digitally and are looking for personalization across everything, as well as looking for experiences to have more meaning.
Read Next:
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<li><a href="https://www.benzinga.com/general/gaming/24/03/37798791/survey-reveals-87-of-game-developers-embrace-open-source-amid-ai-concerns-layoff-fears">Survey Reveals 87% Of Game Developers Embrace Open-Source Amid AI Concerns, Layoff Fears</a></li>
<li><a href="https://www.benzinga.com/general/gaming/24/05/38952304/microsofts-ai-to-power-minecraft-and-other-xbox-pc-games">Microsoft&#8217;s AI To Power Minecraft And Other Xbox, PC Games</a></li>
</ul>
Photo by <a href="https://unsplash.com/es/@claudiolcastro?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Cláudio Luiz Castro</a> on <a href="https://unsplash.com/es/fotos/figura-de-super-mario-sobre-superficie-marron-_R95VMWyn7A?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash">Unsplash</a>

Gaming

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NTDOY

Sony Group Corporation American Depositary Shares

SONY

Nintendo's President Says AI Can Be 'Creative,' But Raises Intellectual Property Concerns

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week — here&#8217;s a look at some of our top stories.
U.S. stocks hit all-time highs during the shortened Independence Day trading week, buoyed by economic data that raised hopes the Federal Reserve might start cutting interest rates. The Nasdaq Composite surged 3.5%, the S&amp;P 500 rose nearly 2%, and the Dow lagged slightly with a 0.7% increase. 
Despite a stronger-than-expected job market report for June, revisions for prior months and a slight rise in the unemployment rate suggested a cooling economy. Additional signs of an economic slowdown emerged from the Institute for Supply Management Services PMI, which fell to its lowest <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39652289/stocks-rally-to-record-highs-as-investors-eye-interest-rate-cuts-labor-market-cools-tesla-">level since May 2020.</a>
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week&#8217;s most bullish and bearish posts that are worth another look.
<h3 class="wp-block-heading">The Bulls</h3>
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39581531/trump-winning-the-election-would-be-major-catalyst-for-crypto-to-surge-says-investment-exp">Trump Winning The Election Would Be &#8216;Major Catalyst&#8217; For Crypto To Surge, Says Investment Expert</a>,&#8221; by <a href="https://www.benzinga.com/author/murtuza-merchant">Murtuza Merchant</a>, explains how Donald Trump&#8216;s potential election victory could boost the cryptocurrency market, including 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>), according to an investment expert.
&#8220;<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/07/39582335/momentum-investor-praises-palantir-as-ai-halo-play-highlights-datadog-as-software-bottom">Momentum Investor Praises Palantir As AI Halo Play, Highlights Datadog As Stoware &#8216;Bottoming Process&#8217; Sets In</a>,&#8221; by <a href="https://www.benzinga.com/author/adam-eckert">Adam Eckert</a>, discusses a momentum investor&#8217;s positive outlook on Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) due to its strong position in AI, while also noting Datadog Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>) as a promising investment at its current lows. 
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39647203/dogecoin-dumps-as-whales-move-400-million-coins-trader-predicts-next-will-be-a-huge-reboun">Dogecoin Dumps As Whales Move 400 Million Coins, Trader Predicts &#8216;Next Will Be A Huge Rebound,&#8217;</a>&#8221; by <a href="https://www.benzinga.com/author/khyathi-dalal">Khyathi Dalal</a>, reports on significant whale activity amid Dogecoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) price drop, but one trader predicts a major rebound as large holders have moved 400 million DOGE.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/top-stories/24/07/39607932/exclusive-tesla-shorts-were-profitable-this-year-until-shareholders-approved-musks-pay-package-exper">EXCLUSIVE: Tesla Shorts Were Profitable This Year Until Shareholders Approved Musk&#8217;s Pay Package, Expert Says</a>
<a href="https://www.benzinga.com/news/24/07/39604334/sofis-transaction-revenue-skyrockets-analyst-foresees-major-growth-higher-valuation">SoFi&#8217;s Transaction Revenue Skyrockets: Analyst Foresees Major Growth, Higher Valuation</a>
<a href="https://www.benzinga.com/news/24/07/39587744/nvidia-and-jensen-huang-fueling-tech-sector-boom-says-wedbush-analyst-dan-ives-for-every-1-spent-on">Nvidia And Jensen Huang Fueling Tech Sector Boom, Says Wedbush Analyst Dan Ives: &#8216;For Every $1 Spent On…&#8217;</a>
The Bears
&#8220;<a href="https://www.benzinga.com/news/24/07/39569902/tesla-fsd-training-hits-a-snag-elon-musk-says-new-version-rollout-delayed-due-to-driving-smoothness">Tesla FSD Training Hits a Snag, Elon Musk Says New Version Rollout Delayed Due to Driving Smoothness</a>,&#8221; by <a href="https://www.benzinga.com/author/anan-ashraf">Anan Ashraf</a>, reports that Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk announced delays in the rollout of Full Self-Driving (FSD) version 12 due to issues with driving smoothness, pushing back the deployment timeline despite significant advancements​.
&#8220;<a href="https://www.benzinga.com/markets/equities/24/07/39572952/gamestop-shares-take-a-hit-after-roaring-kitty-discloses-6-6-stake-in-chewy-and-faces-a-manipula">GameStop Shares Take a Hit After &#8216;Roaring Kitty&#8217; Discloses 6.6% Stake In Chewy And Faces A Manipulation Probe</a>,&#8221; by <a href="https://www.benzinga.com/author/pooja-rajkumari">Pooja Rajkumari</a>, discusses how GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) shares fell following Keith Gill&#8216;s 6.6% investment in Chewy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) and subsequent manipulation allegations​.
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39654001/nvidia-gets-rare-downgrade-over-concerns-that-demand-is-normalizing-in-line-with-ex">Nvidia Gets Rare Downgrade Over Concerns That Demand Is Normalizing &#8216;In Line With Expectations,&#8217;</a>&#8221; by <a href="https://www.benzinga.com/author/rounak-jain">Rounak Jain</a>, notes Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) faced a rare downgrade due to concerns about normalizing demand, despite its strong position in AI and data centers. 
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/markets/bonds/24/07/39600702/fed-chair-powell-warns-of-unsustainable-us-debt-path-downplays-risks-of-possible-trump-attacks-on-c">Fed Chair Powell Warns Of &#8216;Unsustainable&#8217; US Debt Path, Downplays Risks Of Possible Trump Attacks On Central Bank Independence</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39637474/ai-has-the-hallmarks-of-an-inflating-bubble-warns-veteran-wall-street-investor">AI Has &#8216;The Hallmarks Of An Inflating Bubble,&#8217; Warns Veteran Wall Street Investor</a>
<a href="https://www.benzinga.com/government/24/07/39625439/boeing-faces-high-stakes-decision-accept-plea-deal-or-risk-trial-over-737-max-safety-violations">Boeing Faces High-Stakes Decision: Accept Plea Deal Or Risk Trial Over 737 MAX Safety Violations</a>
Keep up with all the latest breaking news and trading ideas by following<a href="https://twitter.com/Benzinga"> Benzinga</a><a href="http://twitter.com/Benzinga"> on Twitter</a>.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image created using artificial intelligence vid Midjourney.

Long Ideas

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$DOGE

$ETH

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PLTR

Benzinga Bulls And Bears: Tesla, Nvidia, Palantir And Trader Predicts 'Huge Rebound' For Dogecoin

A landslide victory by the Labour Party in the U.K. has put the left-center group back in control of the government for the <a href="https://www.benzinga.com/news/24/07/39640147/keir-starmer-to-become-uk-prime-minister-as-labour-wins-big-over-rishi-sunaks-conservatives-mohamed">first time in 14 years</a>.
Keir Starmer, the party's leader — and as of Friday, the U.K.'s new prime minister — is a voice of moderation within the traditionally leftist party.
Starmer, 61, is viewed by some as a much-needed step toward the center of the political spectrum, necessary to win back the hearts of the U.K. electorate. For others, and especially to the party's most left-leaning figures, Starmer's concessions are pulling the party too far from the banners of social justice it has traditionally represented.
<a href="https://www.benzinga.com/etfs/specialty-etfs/24/07/39649841/united-kingdom-stocks-etfs-to-watch-after-keir-starmer-labour-party-win">British stocks and ETFs experienced a slight uptick</a> after the results of the election were announced.
<h3 class="wp-block-heading">Who Is Keir Starmer And How Did He Rise To Power?</h3>
Starmer's early years crystallized the leader as a poster child for Labour values.
The son of a nurse who worked for the NHS, the U.K.'s public health service, and a toolmaker, Starmer was the first in his family to reach a college title, graduating from the University of Oxford with a law degree.
Throughout his political career, Starmer has repeatedly made mention of his working class background as a way to legitimize his quest for social justice.
During his formative years, which coincided with the final years of the Cold War, he displayed clear tendencies toward the far left, serving as editor for Socialist Alternatives, a Trotskyist radical magazine in the U.K.
Starmer became a lawyer in 1987 and began a career "defending ordinary people against the powerful," as the official Labour Party site states in his biography.
This meant representing labor unions against corporations and working on high-profile human rights cases, which included defending convicts sentenced for death penalty.
In 2008, he was appointed director of public prosecutions by the Crown, launching his public servant career. This position is the third most senior public prosecutor position in England and Wales, behind only the attorney general and solicitor general.
During seven years in this position he enjoyed public exposure, becoming the main prosecutor in high-profile cases which included the trials of several MPs found guilty in a parliamentary expenses scandal.&nbsp;
He was knighted for his contributions to law and order in 2014.
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His political career is short-lived, compared to other MPs. He was appointed as a candidate for Parliament in late 2014, less than 10 years ago. In 2015 he became a member of the House of Commons for Labour. 
He was named Shadow Brexit Minister, a position within the opposition that centralized his party's opinions on Brexit, one of the most cataclysmic events in recent U.K. history.
Jump to 2020, and Starmer had risen to opposition leader within the Labour Party, after previous leader Jeremy Corbyn lost by a landslide against Conservative Boris Johnson in the 2019 elections.
<h3 class="wp-block-heading">What Does Keir Starmer Stand For?</h3>
At 61 years old, Starmer seems to have pulled away from his Marxist background for more moderate centrist position that seeks to bring back credibility to the Labour Party.
His calm, managerial and unassuming public personality has been deemed "boring," yet it might be exactly the face that the U.K. government needs today to counteract a credibility crisis that has taken it to the lowest approval levels in decades. Only 27% of the population said they trusted the government in March, as per the Office for National Statistics.
"A vote for Labour is a vote for stability — economic and political," Starmer said during his most recent campaign.
Over the five years that went by since Labour's dramatic loss to the Conservatives in 2019, Starmer has worked to weed out the far-left elements of his party. A symbolic step in this direction occurred in 2020 when former leader Corbyn was ousted following his reaction to claims of antisemitism within the party.
Corbyn won a seat in the Parliament as an independent in this year's election. But his expulsion from the party also meant a break with some of his most leftist policies.
Starmer's concessions toward a more moderate stance — which arguably got him elected — include dialing back on Labour's most extreme proposals, like increasing the income tax or dropping university tuition fees, as The Guardian has <a href="https://www.theguardian.com/commentisfree/2023/may/03/labour-tuition-fees-keir-starmer-political-party-british-democratic-history">reported</a>. Several plans to nationalize public services have also been taken out of the Labour conversation.
Starmer's main quest is one of consensus and order. He said during his campaign he won't commit to promises that he can't fulfill, putting the focus on fixing the country's housing crisis and its decaying public health system. This is a challenging task, as the new MP has vowed not to increase taxes for the general population or deepen public debt.
UK-US Relations Under Starmer: Politically, Starmer's government is more aligned with U.S. Democrats. This means that the future of international relations across the Atlantic depends widely <a href="https://www.benzinga.com/news/24/07/39618327/economics-will-define-2024-election-comparing-trump-and-biden-presidencies">on the results of November's election in the U.S.</a>
If Joe Biden — <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39611479/odds-of-kamala-harris-replacing-joe-biden-as-democratic-presidential-candidate-raised-by-c">or another Democratic candidate</a> — were to win, that would likely bring about a brighter future for U.K.-U.S. relations than if Donald Trump is elected president.
Read Next:
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<li><a href="https://www.benzinga.com//node/39585183">One To The Right, One To The Left: France&#8217;s National Rally Set For Record Win As The UK&#8217;s Labour Party Regains Support</a></li>
</ul>
Picture: Official portrait of Keir Starmer, taken in June 2017, via Wikimedia Commons.

Global

Who Is The UK's New Prime Minister Keir Starmer And What Does He Stand For?

In defiance of the market&#8217;s downturn, a memecoin built on the Solana blockchain, Billy (CRYPTO: BILLY), has experienced a significant surge, with its value increasing by nearly 147% in the last week.
What Happened: The value of Billy, a memecoin with a dog theme, has surged by nearly 147% in the last week, reaching $0.182. This surge in value comes after several cryptocurrency exchanges, including Bittrue, Bitget, MEXC, and Gate.io, added support for the coin, <a href="https://dailyhodl.com/2024/07/05/solana-based-memecoin-defies-market-downturn-jumps-over-30-in-24-hours-amid-listing-on-multiple-exchanges/">reported</a> The Daily Hodl.
Billy, which was launched in June, features a puppy image and has outperformed other popular meme coins during the current market consolidation phase, which has led to significant declines across the board, the report noted. 
Despite the market&#8217;s downturn, Billy&#8217;s market cap is currently at $181.8 million, with a 24-hour trading volume of $55.3 million, according to data from CoinMarketCap.
Why It Matters: Despite their often whimsical nature, meme coins have been gaining traction and demonstrating significant market resilience.
Other dog-theme assets such as Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) are trading at $0.00001538 and $0.1081 respectively as of the time of writing this article.
Other top-tier 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>) have come under selling pressure over the past week &#8211; while Bitcoin has fallen over 7%, Ethereum declined by over 11%.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39653852/elon-musk-pegs-fifth-starship-launch-for-first-week-of-august-spacex-expected-to-attempt-a-booster-l" target="_blank" rel="noreferrer noopener">Elon Musk Pegs Fifth Starship Launch For First Week Of August: SpaceX Expected To Attempt A Booster Landing This Time</a></li>
</ul>
Photo courtesy: @billydogsolana
 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/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

$SHIB

While Bitcoin, Ethereum, Shiba Inu Witness A Meltdown, This Solana-Based Memecoin Has Surged 147% In Last Week

EV maker Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) has scrapped its return policy that allowed customers to return their <a href="https://www.benzinga.com/markets/equities/24/07/39595729/why-rivian-automotive-shares-are-gaining-tuesday">new vehicle </a>in 7 days if it does not meet their needs.
What Happened: Rivian previously allowed new customers to return their new vehicles within 7 days or 1000 miles if it doesn&#8217;t meet their needs. The webpage referring to the policy has now been taken down.
A Rivian spokesperson told <a href="https://pro.benzinga.com/dashboard">Benzinga</a> in a statement that the company launched the 7-day return policy to reassure customers who were unfamiliar with the brand and its products. However, since then, the company has scaled its network of Service Centers and demo drive fleet across the United States and Canada so that customers can test drive before purchase, they said.
The company now says on its website that Rivian vehicles do not have a return policy. The company instead urges customers to schedule demo drives and test the vehicle before making the purchase. 
&#8220;We encourage our customers to get behind the wheel by&nbsp;scheduling a demo drive. You'll also have the opportunity to do a vehicle walk-around with a delivery specialist prior to accepting delivery, and are covered by Rivian's industry-leading warranties,&#8221; the company support page now reads.
Why It Matters: Rivian currently has two vehicles in production, the R1T truck and the R1S SUV, both priced at around $70,000. The company has been accumulating losses for every vehicle it delivered until the first quarter of 2024 when it made a loss of nearly $39,000 for each of the 13,588 vehicles it sold.
Rivian is looking to turn its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39594501/from-volkswagen-partnership-to-trimming-costs-and-introducing-cheaper-evs-rivian-st">first-ever quarterly gross profit</a> in the fourth quarter of 2024 and has been making moves aimed at cutting costs. The possible cancellation of the return policy might also be aimed at that end.
Last month, Rivian announced its intent to form a joint venture with Volkswagen aimed at creating software-defined vehicle platforms to be used in both players&#8217; future electric vehicles starting in the second half of the decade.
As part of the <a href="https://www.benzinga.com/markets/equities/24/06/39559280/rivian-volkswagen-partnership-a-game-changer-says-one-analyst-a-mystery-says-another">terms of the deal</a>, Volkswagen will initially invest $1 billion in Rivian and then up to $4 billion until 2026. Both companies shall hold a 50% stake in the JV which is expected to be formed by the fourth quarter of 2024.&nbsp;
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/news/24/07/39653934/tesla-ceo-elon-musk-considers-building-replica-of-tars-from-interstellar-in-addition-to-optimus-woul">Tesla CEO Elon Musk Considers Building Replica Of TARS From Interstellar In Addition To Optimus: &#8216;Would Be So Cute&#8217;</a></li>
</ul>
Photo courtesy: Rivian

Tech

Rivian Cancels 7-Day Vehicle Return Policy, Urges Customers To Do Test Drives And Walk-Arounds Instead

American basketball player Trae Young has seemingly taken delivery of a Tesla Inc <a href="https://www.benzinga.com/news/24/07/39646347/tesla-hints-cybertruck-was-most-sold-ev-truck-in-us-in-q2-but-elon-musks-company-has-not-released-da">Cybertruck</a> and wrapped it in a blue resemblant of snow and winters. 
What Happened: Young shared pictures of his blue-wrapped Cybertruck on X and Instagram on Friday. The pictures were captioned &#8216;Sometimes you gotta pop out….,&#8217; from rapper Kendrick Lamar&#8216;s popular song &#8216;Not Like Us.&#8217; 
Young also nicknamed his truck the &#8216;SnowMobile&#8217; after Batman&#8217;s bat-themed Batmobile. 
<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">"Sometimes you gotta pop out…."&#x1f499;&#x2744;&#xFE0F;<a href="https://twitter.com/hashtag/SnowMobile?src=hash&amp;ref_src=twsrc%5Etfw">#SnowMobile</a> <a href="https://t.co/bhA4OGJhqc">pic.twitter.com/bhA4OGJhqc</a>
&mdash; Trae Young (@TheTraeYoung) <a href="https://twitter.com/TheTraeYoung/status/1809333469161697705?ref_src=twsrc%5Etfw">July 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The Cybertruck&#8217;s stainless steel body allows no exterior paint. However, customers can wrap the truck, either with wraps available at Tesla&#8217;s online shop, or more individualistic wraps from third-party customizers.
Rapper Lil Baby showcased his <a href="https://www.benzinga.com/news/24/07/39613831/elon-musk-thinks-cybertruck-wrap-resembling-marvel-superhero-deadpool-looks-cool">red-wrapped Cybertruck</a> on Instagram over the week, resembling Marvel superhero Deadpool with intermittent black in its body and wheels.
The rapper, however, was seemingly going for a big, angular red apple. Footballer Isaiah Simmons also recently took delivery of a Cybertruck and wrapped it in matte white with white wheel caps which Tesla CEO Elon Musk commended as &#8216;Nice.&#8217;
Why It Matters: Tesla started delivering the Cybertruck in November. Since then, several celebrities and popular names have taken delivery of it including&nbsp;Justin Bieber,&nbsp;Jay-Z&nbsp;and&nbsp;Beyonce,&nbsp;Serena Williams, and&nbsp;Lady Gaga.
The celebrity status of the Cybertruck is likely due to the vehicle&#8217;s unconventional design, high price point, and the few units available on the road. The vehicle pricing starts at $79,990 for the all-wheel drive version and $99,990 for the more premium Cyberbeast version.
A lower-priced rear-wheel drive version of the truck will be <a href="https://www.benzinga.com/news/24/04/38130429/new-cybertruck-orders-will-only-be-delivered-in-2025-says-tesla-website" target="_blank" rel="noreferrer noopener">available in 2025</a>, as per the company website, starting at $60,990.
Tesla is currently scaling the production of the Cybertruck and aims to make 250,000 annually by 2025. For now, the company has touched a weekly production rate of 1,300 Cybertrucks, Musk said at Tesla's annual shareholder meeting earlier this month. The EV maker is looking to increase it further this year to touch 2,500 units by year-end,<a href="https://www.benzinga.com/news/24/06/39330272/tesla-ramping-up-cybertruck-production-to-touch-2-500-units-per-week-non-foundation-series-to-start" target="_blank" rel="noreferrer noopener">&nbsp;he added</a>.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
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<li><a href="https://www.benzinga.com/news/24/07/39653852/elon-musk-pegs-fifth-starship-launch-for-first-week-of-august-spacex-expected-to-attempt-a-booster-l" target="_blank" rel="noreferrer noopener">Elon Musk Pegs Fifth Starship Launch For First Week Of August: SpaceX Expected To Attempt A Booster Landing This Time</a></li>
</ul>
Photo courtesy: Shutterstock

Basketball Player Trae Young Now Drives A Blue Wrapped Cybertruck Nicknamed 'SnowMobile'

Former President Donald Trump has publicly disavowed any connection to the contentious "Project 2025," despite the project&#8217;s ties to his <a href="https://www.benzinga.com/news/24/07/39641760/biden-vs-trump-incumbent-trails-by-widest-margin-in-this-election-cycle-but-more-than-half-unenthusi">potential second-term administration</a>.
What Happened: According to a Reuters report on Saturday, Trump has renounced any association with Project 2025, an initiative led by the Heritage Foundation, a prominent conservative think tank.
The project has faced criticism from Democrats, who claim it outlines an extreme policy agenda for a potential second Trump term.
Several individuals involved in Project 2025 have previously worked in the Trump administration and are expected to return should he win the November election.
However, Trump refuted any connection to the project on his Truth Social platform, stating, &#8220;I know nothing about Project 2025. I have no idea who is behind it.&#8221;
"I disagree with some of the things they're saying and some of the things they're saying are absolutely ridiculous and abysmal," he said while wishing them "luck."
Trump&#8217;s distancing from the project comes three days after Heritage Foundation president Kevin Roberts&#8217; comments about a second American Revolution on Steve Bannon&#8217;s &#8220;War Room&#8221; podcast. These remarks were widely criticized as a veiled threat of violence.
Read Also: <a href="https://www.benzinga.com/news/24/07/39653837/biden-asserts-he-is-not-pulling-out-of-presidential-race-says-only-lord-almighty-could-force-him">Biden Asserts He Is Not Pulling Out Of Presidential Race, Says Only &#8216;Lord Almighty&#8217; Could Force Him</a>
Political science professor James Wallner suggests that Trump&#8217;s move could be an attempt to moderate his message in the final months of the race, especially as opponent Joe Biden&#8217;s campaign <a href="https://www.benzinga.com/general/politics/24/07/39652860/biden-should-step-aside-say-business-leaders-including-walmart-heir">appears to be faltering</a>.
The Biden campaign has been linking Trump&#8217;s campaign to Project 2025, with campaign spokesperson Ammar Moussa stating, "Project 2025 is the extreme policy and personnel playbook for Trump's second term that should scare the hell out of the American people."
Why It Matters: Trump&#8217;s disassociation from Project 2025 comes at a time when his opponent is facing criticism over his recent <a href="https://www.benzinga.com/news/24/07/39653890/biden-dismisses-health-concerns-defends-poor-debate-performance-amid-calls-to-withdraw-from-2024-rac">poor debate performance</a>. Biden, however, has dismissed health concerns and defended his performance, attributing it to exhaustion and cold, rather than a serious health condition.
Furthermore, Trump has recently made <a href="https://www.benzinga.com/news/24/07/39638541/trumps-unfounded-claims-kamala-harris-stir-controversy-shes-so-bad-shes-so-pathetic">unfounded allegations</a> about Biden and Vice President Kamala Harris, causing controversy.
Despite this, a new poll shows Biden still <a href="https://www.benzinga.com/news/24/07/39628794/biden-vs-trump-new-poll-shows-president-still-very-much-in-race-despite-debate-fiasco-but-final-outc">very much in the race</a>, with both candidates receiving 40% support each.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Trump Distances Himself From 'Project 2025' Amid Rising Controversy: 'I Know Nothing'

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) bull Gary Black on Friday raised his price target on the EV giant&#8217;s shares from $200 to $270 in addition to revising his estimates for the company&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/39595720/tesla-deliveries-fall-for-second-straight-quarter-but-stock-takes-off-as-q2-numbers-exceed-expec">full-year vehicle delivery volume</a> and earnings per share.
What Happened: The Future Fund Managing Partner increased his adjusted EPS (earnings per share) estimate for 2024 to $2.4 from $2.2 while adding that Tesla will likely deliver 1,707,000 vehicles for the whole year, down from the 1,808,581 units delivered in 2023.
Despite the increase, Black&#8217;s estimates are still behind Wall Street estimates of an adjusted EPS of $2.46 and deliveries of 1,804,000 units for the year. 
For 2030, however, Black is more optimistic. The analyst now estimates an adjusted EPS of $15 for Tesla in 2030, up from his previous $14.5 estimate, and much higher than Wall Street estimate of $12. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We have increased our <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> PT to $270 from $200. Attached is our updated forecast of <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> delivs, margins, and earnings vs WS ests. We've increased our <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> 2024 Adj EPS to $2.40 (from $2.20). Our 2024 volume forecast is now 1,707 (-6% vs 2023). We are slightly below WS… <a href="https://t.co/xZ8rzeaUGf">pic.twitter.com/xZ8rzeaUGf</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1809363723678556553?ref_src=twsrc%5Etfw">July 5, 2024</a></blockquote>
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The long-term estimate revision is based on several upsides Black sees for Tesla including an increase in global EV adoption rate by 2030, an increase in take rate for Tesla&#8217;s full self-driving driver assistance technology, and also a hike in gross profits from the company&#8217;s energy storage segment.
Black, however, assumed no incremental value for either Tesla&#8217;s upcoming robotaxi or its humanoid robot Optimus in a move that he acknowledged as &#8220;ultra-conservative.&#8221;
Why It Matters: Black&#8217;s revision comes at a time when Tesla&#8217;s stock is on the rise. The company's second-quarter delivery numbers beat estimates,&nbsp;<a href="https://www.benzinga.com/trading-ideas/24/07/39605521/stock-of-the-day-teslas-q2-deliveries-spark-rally-will-resistance-halt-the-climb" target="_blank" rel="noreferrer noopener">igniting a stock rally</a> and reversing losses so far this year. 
Talking about the recent rally, former Ford Motor Co. CEO Mark Fields said in an appearance on CNBC, &#8220;I think what&#8217;s ironic is that Musk has been- Musk wants Tesla to be a robotics and AI company, but their stock turnaround was driven by the autos.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"Deliveries beat expectations and their energy storage business was better than expected," says former Ford CEO <a href="https://twitter.com/mfields?ref_src=twsrc%5Etfw">@mfields</a> on the recent Tesla stock rally. "Elon Musk wants Tesla to be a robotics and AI company, but their stock turnaround was driven by the autos." <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> <a href="https://t.co/WQvFauJe3K">pic.twitter.com/WQvFauJe3K</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1809370181585588639?ref_src=twsrc%5Etfw">July 5, 2024</a></blockquote>
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Fields is referring to Tesla CEO Elon Musk&#8216;s attempts to turn Tesla into an AI, robotics, and sustainable energy company in addition to an automaker with an increased push toward diverse fields such as robotics, energy storage, and autonomous driving.
Price Action: Tesla shares closed up 2.1% at $251.52 on Friday. The stock is up 1.25% year-to-date, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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Photos courtesy: Shutterstock

Upgrades

Price Target

Analyst Ratings

Gary Black Raises Tesla Price Target As Ex-Ford CEO Notes Irony of Auto-Driven Stock Rally Amid Elon Musk's AI And Robotics Focus

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has approved the marketplace app of Epic Games, the creator of &#8220;Fortnite,&#8221; for iPhones and iPads in Europe. This move comes amid a <a href="https://www.benzinga.com/news/24/07/39646883/fortnite-maker-epic-games-accuses-apple-of-blocking-its-game-store-launch">continuing conflict</a> between the two tech behemoths.
What Happened: Apple&#8217;s approval follows accusations from Epic Games that Apple was hindering its attempts to launch a games store on Apple devices. 
The tech giant stated that the dispute is centered around&nbsp;the Epic Sweden AB Marketplace&nbsp;and is not related to Epic&#8217;s Fortnite app, which Apple has already approved, reported Reuters.
Epic Games had earlier alleged that Apple had <a href="https://www.benzinga.com/news/24/07/39646883/fortnite-maker-epic-games-accuses-apple-of-blocking-its-game-store-launch">twice rejected its application&nbsp;to launch</a> the Epic Games&nbsp;Store due to similarities in&nbsp;the design of certain buttons&nbsp;and labels with those used by Apple&#8217;s App Store.&nbsp;
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.
&#8220;Apple&#8217;s rejection is arbitrary, obstructive,&nbsp;and in violation of the&nbsp;DMA (Digital Markets Act), and&nbsp;we&#8217;ve shared our concerns with&nbsp;the European Commission,&#8221; Epic said in a series of posts on X.
Why It Matters: The European Commission, which began an investigation into Apple&#8217;s app validation processes and alternative app store sideloading last month, has yet to comment on the issue. 
The feud between Apple and Epic Games began in <a href="https://www.benzinga.com/general/gaming/23/12/36210791/how-did-epic-games-showdown-with-google-differ-from-apple-ceo-tim-sweeney-says-it-was-like-ice-and">2020 when Epic claimed that&nbsp;Apple&#8217;s practice</a> of charging up&nbsp;to 30% commissions on in-app&nbsp;payments on its iOS devices violated U.S. antitrust laws.
Earlier this year, Apple proposed changes to its App Store policies to comply with specific directives of the DMA, which came into effect in March. These changes permitted alternative app stores on iPhones and allowed users to opt out of using the in-app payment system.
However, Apple introduced a &#8220;core technology fee,&#8221; which many developers <a href="https://www.benzinga.com/news/24/01/36805331/apples-alternative-app-store-model-in-the-eu-could-potentially-cost-meta-others-millions-of-dollars">have criticized as exploitative</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of&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.
Photo courtesy: Shutterstock

AAPL

Apple Approves Epic Games' Marketplace App In Europe Amid Ongoing Feud

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) has received a rare downgrade from New Street Research, with the analyst citing concerns about the <a href="https://www.benzinga.com/news/24/06/39412234/nvidias-rise-resembles-dot-com-boom-era-but-former-cisco-ceo-says-things-are-different-this-time">stock&#8217;s overvaluation</a>.
What Happened: New Street Research analyst Pierre Ferragu downgraded Nvidia&#8217;s stock from buy to neutral, citing that the stock is "getting fully valued" after a remarkable 161% surge this year to date. The stock had previously seen a gain of almost 240% in 2023.
Ferragu expressed doubt about any additional upside, stating that it would only materialize in a bull case, which is not yet certain. He also warned of a potential risk of derating if the current outlook remains unchanged.
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Despite the AI frenzy, Ferragu notes that there is a normalization when it comes to demand for Nvidia's AI-oriented graphics processing units, or GPUs.
"When you listen to clients of Nvidia, we see demand is completely in line with expectations," said Ferragu in an interview with CNBC.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39646688/tech-bull-shares-top-stock-picks-for-second-half-of-2024-after-ai-fueled-rally-do-y">Tech Bull Shares Top Stock Picks For Second Half Of 2024 After AI-Fueled Rally: Do You Own These Stocks?</a>
Despite the downgrade, Nvidia remains the <a href="https://www.benzinga.com/24/07/39640232/jim-cramer-shuns-this-stock-but-it-has-left-nvidia-super-micro-biting-the-dust-on-one-year-returns">second-best performer</a> among S&amp;P 500 components this year, trailing Super Micro Computer Inc., another AI investor favorite. The company&#8217;s market capitalization has increased by almost $1.9 trillion, briefly making it the world&#8217;s largest company.
Why It Matters: The recent surge in the U.S. stock market, largely driven by the promise of artificial intelligence, has drawn comparisons to the dot-com bubble of the late 1990s.
This has raised concerns about <a href="https://www.benzinga.com/markets/equities/24/07/39589689/ai-boom-spurs-nvidia-led-us-stock-market-rally-experts-draw-parallels-with-dotcom-bubble-no-one-">another overvaluation scenario</a>, as the market is currently dominated by a small group of tech giants, with Nvidia among the top performers.
Despite the downgrade, New Street Research is positive on both Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and Taiwan Semiconductor Manufacturing Co Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSMC#NYSE">TSMC</a>), citing their growth trends and valuations.
AMD and TSMC are &#8220;the best names to own in the group, offering strong upside in both in our base and high scenarios,&#8221; New Street said in a note, adding that among other stocks with AI exposure, Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Arista Networks Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>), and Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) all &#8220;remain attractively valued.&#8221;
Nvidia CEO Jensen Huang has been offloading the company's stock, <a href="https://www.benzinga.com/markets/equities/24/07/39611550/nvidia-ceo-jensen-huang-sells-over-29m-worth-of-shares-as-companys-stock-shoots-up-155-in-2024-a">selling over $29 million worth of shares</a> amid the 161% surge in 2024.
This rise has led to Nvidia&#8217;s market value exceeding $3 trillion, underscoring the company&#8217;s dominant position in the tech industry.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"For the first time, we think Nvidia might not exceed expectations," says Newstreet Research's <a href="https://twitter.com/p_ferragu?ref_src=twsrc%5Etfw">@p_ferragu</a> on his decision to downgrade Nvidia to neutral. "When you listen to clients of Nvidia, we see demand is completely in line with expectations." <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> <a href="https://t.co/r7NqJ4rW5a">pic.twitter.com/r7NqJ4rW5a</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1809369947484594317?ref_src=twsrc%5Etfw">July 5, 2024</a></blockquote>
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Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Downgrades

ANET

AVGO

TSMC

Nvidia Gets Rare Downgrade Over Concerns That Demand Is Normalizing 'In Line With Expectations:' Stock 'Getting Fully Valued'

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Friday teased making a robot resembling TARS from the Christopher Nolan movie Interstellar, in addition to its <a href="https://www.benzinga.com/news/24/06/39327644/tesla-ceo-elon-musk-eyes-25-trillion-market-cap-with-optimus-bot-admits-to-being-pathologically-opti">humanoid robot Optimus.</a>
What Happened: &#8220;Maybe Tesla should built it. Would be so cute,&#8221; Musk wrote on X. The CEO was responding to a video of a functional, walking TARS replica. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Maybe Tesla should built it. Would be so cute.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1809380365464723964?ref_src=twsrc%5Etfw">July 6, 2024</a></blockquote>
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Musk is currently attempting to make Tesla a robotics, AI, and sustainable energy company in addition to an automaker with an increased push toward diverse fields such as robotics, energy storage, and autonomous driving. The company is already developing a humanoid robot by the name of Optimus.
Optimus, however, is very different from TARS. While the fictional robot has a cuboidal structure with moving cuboidal parts, Optimus resembles a human with moving hands capable of performing tasks around a factory. 
Two Optimus bots are currently employed in Tesla's Fremont factory, taking cells off the end of the production line and placing them in containers, Musk confirmed in early June. 
Why It Matters: During Tesla's annual shareholder meeting in June, Musk said that there will be at least <a href="https://www.benzinga.com/news/24/06/39246781/elon-musk-thinks-humanoid-robots-will-one-day-exceed-human-population-from-nvidias-project-gr00t-to" target="_blank" rel="noreferrer noopener">one humanoid robot</a> for every person in the world in the future, implying a total humanoid robot population of at least 10 billion or more, of which the EV company will have a significant share.
&#8220;While autonomous vehicle is a $5-$7 trillion market cap situation, <a href="https://www.benzinga.com/news/24/06/39327644/tesla-ceo-elon-musk-eyes-25-trillion-market-cap-with-optimus-bot-admits-to-being-pathologically-opti">Optimus is a $25 trillion market cap situation</a>,&#8221; Musk, who is known to over-hype his company&#8217;s products, then said. The CEO himself admitted that he is &#8220;pathologically optimistic&#8221; but delivers in the end.
Following a major hardware revision by the end of this year or early next year, Tesla expects to commence limited production of the <a href="https://www.benzinga.com/news/24/06/39307242/tesla-says-optimus-bots-are-now-performing-autonomous-tasks-at-its-factory-3-years-after-introductio">Optimus to work in its factories</a> and test its capabilities, the CEO added.
Tesla also plans to unveil its dedicated robotaxi product on Aug. 8. The CEO, in April, said that dedicating to autonomous driving is a &#8220;blindly obvious move&#8221; for Tesla.
&#8220;Even if I got kidnapped by aliens tomorrow, Tesla&nbsp;will&nbsp;solve autonomy, maybe a little slower, but it would solve autonomy for vehicles at least,&#8221;&nbsp;<a href="https://www.benzinga.com/news/24/04/38397845/tesla-will-solve-autonomy-even-if-i-got-kidnapped-by-aliens-tomorrow-says-elon-musk-as-he-reveals-ta" target="_blank" rel="noreferrer noopener">Musk said</a>&nbsp;at the company's first-quarter earnings call. &#8220;If somebody doesn&#8217;t believe Tesla is going to solve autonomy, I think they should not be an investor in the company.&#8221;
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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</ul>
Image made via photos on Shutterstock

Tesla CEO Elon Musk Considers Building Replica Of TARS From Interstellar In Addition To Optimus: 'Would Be So Cute'