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The Fund is newly organized, non-diversified and seeks to track the investment results of the ICE Diversified US Cash Pay High Yield Financial & REIT Index (the Index), which is a rules-based index consisting of U.S. dollar-denominated below investment grade bonds (as determined by ICE Data Indices, LLC or its affiliates (collectively Index Provider or IDI)) that contains issuers from the financial sector, including the banking, financial services, and insurance sub-sectors, and the REIT sector.

BondBloxx USD High Yield Bond Financial & REIT Sector ETF

BondBloxx ETF Trust BondBloxx USD High Yield Bond Financial & REIT Sector ETF

Leaked Microsoft Corp. pay data shows a substantial disparity in favor of AI engineers, underlining the company&#8217;s significant investment in AI.
What Happened: Several Microsoft employees voluntarily disclosed their salary and promotion details through an unofficial spreadsheet. This document, which includes over 500 entries, offers a glimpse into the tech giant&#8217;s compensation structure.
The data analysis indicated that the average total compensation for software engineers in Microsoft&#8217;s newly formed AI organization was $377,611, a figure that&#8217;s at least $120,000 higher than the averages in other Microsoft divisions. 
This team was established in March to enhance Microsoft&#8217;s consumer-AI strategy, under the leadership of DeepMind co-founder Mustafa Suleyman.
Despite a company-wide salary freeze and a decrease in bonus and stock award budget last year, Microsoft resumed performance-based pay raises this year. 
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The pay gap between Microsoft&#8217;s AI division and the rest of the company is clear, emphasizing the company&#8217;s significant commitment to AI.
While the data is based on self-reporting by Microsoft employees and may not provide a comprehensive view, it does underscore the pay disparity within the company.
Why It Matters: The pay gap underscores Microsoft&#8217;s strategic focus on AI. The company&#8217;s significant investment in AI is a part of its long-term strategy to stay competitive in the rapidly evolving tech industry. 
The formation of a new AI division and the hiring of high-profile AI experts like DeepMind co-founder Mustafa Suleyman further highlights this focus. 
The pay disparity is a clear indication of the value Microsoft places on AI expertise, reflecting the growing importance of AI in the tech industry.
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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.

News

Tech

MSFT

Leaked Data: Huge Pay Gap In Favor Of AI Engineers At Microsoft

The Massachusetts Cannabis Social Equity Trust Fund, designed to aid entrepreneurs from communities most affected by prohibition, now boasts over $27 million. 
By February 2024, the fund had received its first full annual transfer of $27.4 million, largely supporting businesses through grants ranging from $20,000 to $50,000. 
A <a href="https://www.wbjournal.com/article/states-cannabis-equity-fund-eclipses-27m">second round </a>of funding is being developed, aiming to expand eligibility and offer enhanced support for operational and capital needs.
<h3 class="wp-block-heading">Federal Marijuana Reform On The Horizon?</h3>
With the upcoming U.S. presidential election, speculation around cannabis reform is intensifying. VP and presidential candidate Kamala Harris, a <a href="https://www.benzinga.com/markets/cannabis/24/08/40472750/harris-and-walz-push-pro-cannabis-agenda-in-new-democratic-platform-for-2024">proponent of cannabis legalization</a>, is seen by some lawmakers as likely to advance marijuana reform bills if elected. 
Senators and representatives from key states say a Harris-Walz administration would embolden further state-level legalization efforts.
However, skepticism remains about the potential for federal change, especially if former President Trump, with his mixed track record on cannabis, prevails.
Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.
"I think she'll be very supportive" of cannabis reform, Sen. Jeff Merkley (D-OR), sponsor of a bipartisan marijuana banking bill, <a href="https://www.marijuanamoment.net/senator-says-harris-will-be-ready-to-sign-marijuana-reform-bills-if-elected-president/">told </a>Marijuana Moment. "If we can get these bills through, she'll be ready to sign them."
<h3 class="wp-block-heading">Sacramento And Nebraska Hit Pause On Cannabis And Hemp Measures</h3>
In Sacramento, a proposal to increase the number of cannabis dispensaries by 50% has been halted due to concerns about market saturation. The <a href="https://www.capradio.org/articles/2024/08/21/sacramento-puts-on-hold-proposal-to-allow-more-cannabis-dispensaries/">city council&#8217;s law </a>and legislation committee advised expanding zoning options before greenlighting more dispensaries.&nbsp;
Meanwhile, in Nebraska, lawmakers removed a proposed tax levy on hemp and CBD products from a property tax relief bill, offering a reprieve to the state's growing hemp industry.
 This <a href="https://nebraskaexaminer.com/2024/08/20/legislature-passes-slimmed-down-property-tax-relief-package-ends-nebraskas-special-session/">decision </a>comes as part of broader efforts to tackle property tax challenges, with Governor Jim Pillen (R) advocating for deeper cuts despite <a href="https://nebraskaexaminer.com/2024/08/14/nebraska-lawmakers-advance-absolute-minimum-property-tax-package-after-months-of-buildup/">limited legislative progress</a>. 
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<a href="https://www.benzinga.com/markets/cannabis/24/08/40486924/ken-griffins-12m-donation-and-desantiss-anti-cannabis-pacs-face-off-against-pro-legalization-gro">Ken Griffin&#8217;s $12M Donation And DeSantis&#8217;s Anti-Cannabis PACs Face Off Against Pro-Legalization Group&#8217;s $72M War Chest</a>

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Social Equity In Cannabis Gets $27M Boost In MA, But Will Federal Changes Leave Some Behind?

Kamala Harris just shook up the 2024 race. Her campaign is throwing down $90 million on ads <a href="https://www.benzinga.com/news/24/08/40396778/better-off-with-harris-42-of-americans-say-yes-outpacing-trump-in-economic-trust">to take on Donald Trump.</a> This is her biggest move yet, and it&#8217;s coming at a crucial time – just over two months until Election Day. The spending spree follows a $50 million ad push last month after she took over the Democratic ticket from Joe Biden.
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Harris isn't playing it safe. The $90 million blitz is aimed at key battleground states like Arizona, Georgia, and Pennsylvania. But she's also eyeing smaller markets that usually don't get much attention, like Marquette, Wisconsin, and Erie, Pennsylvania. The ads will spotlight Harris' journey – from her days as a California prosecutor to her fight against big corporate interests. And, of course, they'll draw a sharp line between her and Trump's "dangerous, extreme agenda," as her team calls it.
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Harris's principal deputy campaign manager, Quentin Fulks, said the ad campaign is intended to help "break through a crowded media environment early and make clear the choice and stakes of this election for the voters who will decide it."
A serious cash haul backs this huge push. Harris' campaign raised $310 million in July alone, giving them a whopping $377 million in the bank as they <a href="https://www.benzinga.com/general/politics/24/07/39967679/trump-vs-harris-fox-news-proposes-another-2024-presidential-debate-how-media-company-could-be-bi">head into the final stretch.</a> With this money, they aim to flood the airwaves and digital spaces, cutting through the noise and ensuring voters know what's at stake.
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The strategy is simple: meet voters where they are. The campaign is targeting popular TV shows like "The Bachelorette," "Big Brother," and "The Daily Show," hoping to catch people's attention in unexpected places. They're betting this broad approach will energize their base and pull in<a href="https://www.benzinga.com/general/politics/24/08/40355353/harris-vs-trump-vice-president-leads-2024-election-poll-by-3-points-shows-strength-among-indepen"> undecided voters.</a>
Harris and her Democratic allies are outspending Trump and his Republican supporters by a wide margin –$110 million to $73 million this month alone. Harris's campaign accounts for $31.3 million, while Trump's team spent $20.3 million. But Trump's allies aren't backing down. They've already lined up $83.6 million in ads through the end of the month, compared to Harris' $25.8 million.
This ad blitz shows Harris is all in. She's setting the tone and trying to win over voters in these final, crucial weeks. Whether this big gamble pays off – or if Trump's team can catch up – will play out in the weeks ahead.
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Kamala Harris Outspends Trump In Digital Blitz: $90M Strategy Shakes Up Presidential Race

Donald Trump has moved ahead of Kamala Harris in the online betting markets following the <a href="https://www.benzinga.com/news/24/08/40429580/kamala-harris-and-donald-trump-push-economic-agendas-as-election-nears">suspension of Robert F. Kennedy Jr.&#8217;s campaign</a>.
What Happened: Polymarket, a decentralized prediction market, now indicates a 51% probability of Trump winning the election. Harris&#8217; chances have dipped to 48%.
According to the <a href="https://polymarket.com/event/presidential-election-winner-2024/will-donald-trump-win-the-2024-us-presidential-election?tid=1724513164403">data</a>, this change in odds is a direct consequence of Kennedy suspending his campaign.
Polymarket, a crypto-based platform that enables users to wager on any outcome, has recorded over $705 million in bets on the election so far. 
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/08/40303946/kamala-harris-and-donald-trump-clash-over-federal-reserves-autonomy" target="_blank" rel="noreferrer noopener">Kamala Harris And Donald Trump Clash Over Federal Reserve's Autonomy</a>
In the previous month, Harris assumed the role of the Democratic nominee after Joe Biden withdrew from the race. Before Biden quit the race, Polymarket users predicted a 60% chance of Biden retaining his presidency.
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Why It Matters: The suspension of Kennedy&#8217;s campaign has significantly altered the dynamics of the 2024 presidential race. As an independent candidate, Kennedy had the potential to split the Democratic vote, which could have favored Trump. With his exit, the race has become more direct, and the shift in betting odds reflects this change. 
The fact that Harris took over as the Democratic nominee from Biden, who had a strong chance of retaining his presidency, adds another layer of complexity to the race. 
The final outcome will undoubtedly hinge on various factors, including the candidates&#8217; campaign strategies and public sentiment in the lead-up to the election.
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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.

Politics

Donald Trump Takes Betting Market Lead Over Kamala Harris Following RFK Jr.s' Exit

For many, working 100 hours a week sounds like a nightmare. But for Brian, a Gen Xer, it&#8217;s a price he&#8217;s more than willing to pay for financial security. Brian has been secretly <a href="https://www.benzinga.com/personal-finance/24/07/39938702/dave-ramsey-says-the-fire-movement-isnt-sustainable-to-caller-who-spent-5-years-working-3-jobs-t">juggling multiple remote jobs</a>, and last year, his efforts paid off big time – he earned over $150,000.
Brian&#8217;s story started in 2004 when he became concerned about job stability. As he told Business Insider, he wanted to ensure his family wouldn&#8217;t be left in the lurch if he ever lost his job. So, he decided to take on some extra part-time work alongside his full-time role in IT. It wasn't until 2020, however, that he realized he could handle two full-time jobs simultaneously without his employers catching on.
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Being &#8220;overemployed&#8221; has allowed him to pay down debt and enjoy extended vacations with his family while working remotely. He now lives in the U.S. only part-time. Brian believes that occasional 100-hour work weeks are worth it because his family&#8217;s future no longer depends on a single job or company, and peace of mind is invaluable to him.
However, Brian is far from the only person <a href="https://www.benzinga.com/startups/24/01/36829541/8-7-million-americans-now-work-two-jobs-to-make-ends-meet-despite-inflation-continuing-to-cool">working multiple jobs </a>simultaneously. Many other Americans are jumping on this bandwagon and juggling remote jobs to boost their incomes and secure their futures in this uncertain job market. As he puts it, &#8220;We started being less dependent on one company by being employed by more than one company.&#8221;
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Take Patrick, a millennial from California, for example. He secretly worked two full-time jobs last year, making nearly $200,000 while only working about 20 hours a week. &#8220;Overemployment has helped me learn the skills and gain the confidence to start my own business,&#8221; he said, and it also allowed his wife to reduce her work hours to spend more time with their child.
Then there&#8217;s Joseph, a 48-year-old Texan who&#8217;s working three full-time remote jobs and earned $344,000 last year. With the extra cash, he paid off his mortgage, bought cars outright, and is saving to send his kids to college debt-free. Whenever Joseph took on a new job, he planned to focus entirely on that role and quit the others. But, as he said, &#8220;it just seemed to work out that I could do both or all three.&#8221;&nbsp;
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Working two (or more!) full-time jobs can bring in a lot of money, but it can also be stressful. In his 40s, Brian has found a way to stay motivated and avoid burning out: he only works both jobs for part of the year.
&#8220;When it starts to feel like a drain on family time or fun time, that simply means we evaluate our situation and I choose to continue with the full-time role that has the best potential to maintain our lifestyle until the next over-employed opportunity shows up,&#8221; he said.
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Startups

100-Hour Weeks Worth It? For This Gen Xer Secretly Working Multiple Jobs And Earning $150,000, The Answer Is Definitely Yes

Meta Platforms Inc. has neutralized a threat from Iranian hackers who were reportedly aiming at key figures linked to President Joe Biden <a href="https://www.benzinga.com/news/24/08/40429580/kamala-harris-and-donald-trump-push-economic-agendas-as-election-nears">and former President Donald Trump.</a>
What Happened: On Friday, Meta reported that it had successfully blocked a &#8220;small cluster&#8221; of WhatsApp accounts associated with the hackers. 
These accounts are believed to be linked to an Iranian hacking group known as APT42, a group previously identified by tech giants like Google as an &#8220;Iranian state-sponsored cyber espionage actor.&#8221;
The hackers were reportedly targeting political and diplomatic officials, public figures, and individuals in Israel, Iran and the U.K. Meta, however, confirmed that there was no evidence of any WhatsApp users&#8217; accounts being compromised.
Meta&#8217;s security team was able to identify APT42&#8217;s involvement after analyzing suspicious messages reported by users. The fraudulent accounts were posing as technical support for AOL, Google, Yahoo, and Microsoft.
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This incident has come to light as Meta is under increased scrutiny for its platforms&#8217; potential for exploitation and manipulation, particularly with the upcoming November election.
Why It Matters: Meta&#8217;s swift action against the Iranian hackers is a significant step in ensuring the security of its users, especially those in high-profile positions. This incident underscores the persistent threat of cyber-espionage and the importance of robust security measures in protecting user data.
The incident also highlights the challenges Meta faces in maintaining the integrity of its platforms, especially in the context of political manipulation. With the upcoming November election, the company&#8217;s ability to prevent such attacks will be closely watched.
As Meta continues to navigate these challenges, its commitment to user security and platform integrity will be crucial in maintaining user trust and its market position.
Read Next:
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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.

Here's How Meta Thwarted Iranian Hackers' Attempt To Target Trump And Biden

<a href="https://drupal-cloudfront.benzinga.com/topic/crypto-atms">Cryptocurrency ATMs</a> typically lack options. Most only allow customers to trade cash in for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
That&#8217;s not the case with CoinFlip, the Chicago-based startup founded by 29-year-old Daniel Polotsky.
In addition to Bitcoin, CoinFlip offers Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Litecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>), Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Stellar Lumens (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xlm/usd">XLM</a>), Chainlink (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/link/usd">LINK</a>), Pax Gold (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/paxg/usd">PAXG</a>), USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>), and Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), Polotsky tells Benzinga.
Read on for Polotsky&#8217;s thoughts on the dwindling number of ATMs, M&amp;A, venture capital and CoinFlip&#8217;s global aspirations. 
See Also: <a href="https://www.benzinga.com/news/24/08/40431618/scaramucci-its-trumps-election-to-lose-says-what-kamala-harris-ought-to-do-to-win" target="_blank" rel="noreferrer noopener">Scaramucci Says It's Trump's Election To Lose, What Kamala Harris Ought To Do To Win</a>
<h2 class="wp-block-heading">Benzinga: Does the <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35603856/bitcoin-atm-installations-witness-biggest-drop-in-history-despite-bull-run-in-btc-prices">declining number of Bitcoin ATM machines</a> concern you?</h2>
Polotsky: I&#8217;m not concerned about the declining number of Bitcoin kiosks. It seems like many companies are working to optimize their operations, and some actors that weren&#8217;t managed well or didn&#8217;t comply with regulations are closing down. This might mean fewer ATMs overall, but those that remain are likely to offer better consumer protection and a higher-quality experience. At CoinFlip, for example, we prioritize consumer support with our 24/7 customer service, which sets us apart from others in the market.&nbsp;
While there may be a reduction in ATMs in North America due to these adjustments, global demand for Bitcoin ATMs remains strong. This suggests to me that the market is undergoing a necessary correction rather than indicating a lack of interest in cryptocurrency services. &nbsp;This is a positive step towards a more robust and compliant environment.
<h2 class="wp-block-heading">BZ: Coin Cloud <a href="https://www.benzinga.com/markets/cryptocurrency/23/02/30841058/bitcoin-atm-operator-coin-cloud-seeks-bankruptcy-protection-owes-millions-to-genesis-globa">went bankrupt</a>; Genesis Coin picked up the pieces. Is the crypto ATM space ripe for consolidation?</h2>
The crypto ATM space has been undergoing some consolidation.  Genesis Coin stepping in to acquire a substantial portion of Coin Cloud&#8217;s ATM network after it declared bankruptcy underscores this trend.  &nbsp;
Operating these machines amidst fluctuating cryptocurrency prices, high operational costs, and evolving regulations in the crypto space certainly contributes to a challenging environment but it also presents opportunity.  With smaller operators struggling to maintain profitability, larger players with more robust infrastructures are increasingly acquiring their networks. &nbsp;
We're always exploring strategic opportunities to expand our footprint and product offering, including M&amp;A. However, any decision to pursue acquisitions would depend on market conditions and the strategic value of potential targets. As regulations continue to form, we might see more smaller operators end up in a similar situation as Coin Cloud. We invite operators that are in that position to reach out.&nbsp; CoinFlip's focus remains on sustainable global growth and innovation in the ATM space and beyond.&nbsp;
<h2 class="wp-block-heading">BZ: What is CoinFlip Ventures and when did it launch?</h2>
CoinFlip Ventures launched in July 2022 with a $1 million fund to support early-stage startups in the crypto space​.  The initiative focuses on DeFi, NFTs, tokenization, and other blockchain innovations.&nbsp;&nbsp;
Some current and potential notable investments include Domination Finance, a decentralized derivatives market where users can bet on a new financial instrument — dominance trading; Function03, a company that is working on labeling the wallets on the blockchain and building essential ecosystem infrastructure; Hopscotch, a messaging app for marketplace deals which helps prevent fraud, increases sales, and allows users to pay with crypto to settle transactions; Koii Network, a decentralized physical infrastructure network that pays users for their device's compute power; and Entertainmint, a streaming, ticketing, and distribution platform where users can fund their favorite creators' show ideas to ensure they get made.  
<h2 class="wp-block-heading">BZ: What inspired CoinFlip to look to New Zealand as a key market and become its first crypto kiosk operator?</h2>
The same fundamentals that made us the world's largest crypto kiosk operator by transaction volume enable us to succeed in promising, new markets like New Zealand.&nbsp;Being first to market gives us a competitive edge. It establishes CoinFlip as a leading player in the cryptocurrency space in New Zealand while attracting customers who are eager for alternative avenues into the digital sector that are also secure. 
Another significant factor is New Zealand's banking landscape. Kiwis have fewer banking options compared to the U.S., creating a more rigid financial system that limits how people can handle their currency. This kind of environment tends to create a demand for alternative financial solutions, making the option to buy crypto with cash particularly appealing. Our services provide greater financial flexibility and opportunities, filling a gap in the market.
<h2 class="wp-block-heading">BZ: What&#8217;s next for CoinFlip?</h2>
We're eager to explore new ways to meet our customers where they are. We are well on our way to establishing a global network of crypto kiosks, positioning ourselves not only as a facilitator of cash-to-crypto transactions but also eventually as the go-to platform for global remittances, bill pay, U.S. tokenized assets, and a cash on-ramp for a variety of services like online gaming/ticketing.&nbsp;We're also broadening our services for high-net-worth individuals and institutions through CoinFlip Preferred, a white glove service for customers who wish to trade higher amounts via bank transfer. 
CoinFlip Preferred provides consumers with same-business-day settlement, superior pricing, and deep liquidity access to buy/sell/swap cryptocurrency. Additionally, we plan to enhance our online capabilities via our mobile wallet and allow for more convenient purchases using methods like ACH and debit/credit cards. 
Stay Tuned: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga's upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
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Bitcoin ATM Market Is Undergoing 'Necessary Correction,' CoinFlip Founder Daniel Polotsky Says

As Minnesota prepares to roll out its cannabis licensing in 2025, the influx of out-of-state applicants to the social equity business licenses has raised a few eyebrows and sparked debate over who will participate in and profit from the state&#8217;s <a href="https://www.benzinga.com/markets/cannabis/24/08/40149945/minnesota-cannabis-update-as-industry-prepares-to-launch-retail-sales">burgeoning legal weed industry</a>.
Mitchel Chargo, an attorney with deep roots in <a href="https://www.benzinga.com/topic/minnesota-cannabis">Minnesota&#8217;s cannabis</a> landscape and a partner at Hinshaw &amp; Culbertson LLP, explains the backdrop of the tension. &#8220;From the outset, I understood the Minnesota legislature's goal was to create a Minnesota-centric craft cannabis industry,&#8221; he said. However, with no residency requirement for applicants, Chargo notes that &#8220;approximately half of the license pre-approval applications came from out-of-state social equity applicants,&#8221; potentially diluting the local focus.
This policy stems from legal precedents in other states. Attempts to exclude out-of-state parties from cannabis markets have been deemed unconstitutional, according to Carol Moss, an industry attorney and member of the state's Cannabis Advisory Council <a href="https://www.startribune.com/minnesota-cannabis-social-equity-license-application-out-of-state-arkansas/601122434">consulted</a> by The Minnesota Star Tribune. As a result, Minnesota&#8217;s legislation deliberately avoids such restrictions, allowing a significant influx of non-resident applicants.&nbsp;
<h3 class="wp-block-heading">Intense Competition For Social Equity Cannabis Licenses</h3>
The Office of Cannabis Management (OCM) received over 1,800 pre-applications this summer, but only 44% reportly had Minnesota residency. &#8220;The influx of non-residents increases the number of lottery participants, thereby reducing the odds of Minnesota residents winning a pre-approval in the initial lottery,&#8221; Chargo told Benzinga, noting that it complicates the post-lottery competition for essential commercial real estate, possibly sidelining local entrepreneurs.
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<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you're serious about the business, you can't afford to miss out.</li>
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Data <a href="https://www.mprnews.org/story/2024/08/19/social-equity-business-licenses-in-minnesota">published</a> by MPR News further illuminates the competitive landscape, noting that only 282 of the original 3,144 individuals <a href="https://www.benzinga.com/markets/cannabis/24/07/39975578/minnesota-opens-applications-for-cannabis-business-social-equity-license-preapproval">who sought verification</a> will secure a social equity license in this first cycle. The diversity of applicants is broad and includes veterans, those harmed by <a href="https://www.benzinga.com/markets/cannabis/23/07/33156524/dea-turns-50-unveiling-the-ineffectiveness-of-the-ongoing-war-on-drugs-now-what">prior drug laws</a> and residents from high-poverty areas all vying for a chance to enter the market.
<h3 class="wp-block-heading">Navigating Challenges For Social Equity Applicants</h3>
Chargo points out the challenges for social equity applicants, including &#8220;access to capital, access to commercial real estate and actual experience in the cannabis industry.&#8221; These barriers are exacerbated by legislative measures intended to protect these applicants from predatory practices, such as maintaining a 65% ownership by social equity members. While well-intentioned, these restrictions may inadvertently complicate fundraising efforts. "Investors will likely seek greater financial rights and a greater impact on governance than a strict 65%/35% split allows," he said. 
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40431852/exclusive-how-can-virtual-cfos-future-proof-cannabis-companies-and-unlock-profits">EXCLUSIVE: How Can Virtual CFOs Future-Proof Cannabis Companies And Unlock Profits?</a>
For those preparing to navigate the licensing process, Chargo advises a proactive approach: &#8220;Invest in developing business plans, operational plans, security plans, environmental plans, employee training and education plans.&#8221; This preparation is crucial, even for those without a facility, as it lays the groundwork for rapid mobilization once licenses are granted.
Chargo cautions out-of-state entities looking to enter Minnesota&#8217;s market to pay close attention to legislation surrounding &#8216;true parties in interest,&#8217; which could preclude certain partnerships and necessitate full disclosure of ownership interests to the OCM.
<h3 class="wp-block-heading">Unique Features Of Minnesota&#8217;s Cannabis Market</h3>
Chargo also highlights the <a href="https://www.benzinga.com/markets/cannabis/24/05/39114778/2-5m-loan-for-tribal-cannabis-facility-approved-by-minnesota-state-agency-overriding-board-oppos">unique positioning of tibal-owned businesses</a> that also play a critical role in the local cannabis market. &#8220;Native-American cannabis enterprises benefit from sovereign immunity and are uniquely positioned to operate on tribally regulated land without state government oversight,&#8221; Chargo said, emphasizing the potential for these groups to bolster Minnesota&#8217;s cannabis supply early on.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/23/08/33492546/cannabis-sales-launch-on-tribal-land-in-minnesota-as-rest-of-state-works-out-red-tape-for-legal-">Cannabis Sales Launch On Tribal Land In Minnesota As Rest Of State Works Out Red Tape For Legal Program</a>
Chargo also points out the distinctiveness of Minnesota's industry, shaped by a ban of <a href="https://www.benzinga.com/markets/cannabis/22/07/28162108/cannabis-pros-talk-the-various-pros-and-cons-to-vertical-integration">vertical integration</a>, which limits the influence of multi-state operators (MSOs) and fosters a more localized industry. Goodness Growth Holdings Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GDNSF#OTC">GDNSF</a>) and Green Thumb Industries Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) are the largest MSOs operating in the state. Interestingly, Minnesota <a href="https://www.benzinga.com/markets/cannabis/24/03/37546590/city-owned-cannabis-dispensaries-minnesota-says-yes-may-soon-open-first-government-run-weed-shop">allows municipalities to own and operate cannabis retail stores</a>, a rare opportunity that could influence local supply dynamics.
As Minnesota fine-tunes its approach to cannabis licensing, Chargo&#8217;s insights illuminate ongoing debates. The trade-off between protecting local interests and welcoming outside investment continues to shape the landscape of Minnesota&#8217;s cannabis industry.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40195374/kamala-harris-vp-pick-tim-walz-first-explicitly-pro-cannabis-legalization-presidential-ticket-in">Kamala Harris, Tim Walz Form First Explicitly Pro-Cannabis Legalization Presidential Ticket In History</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/39692990/hold-my-beer-breweries-offer-thc-on-tap-in-minnesota-what-investors-need-to-know">Hold My Beer: Breweries Offer THC On Tap In Minnesota, What Investors Need To Know</a></li>
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GDNSF

GTBIF

EXCLUSIVE: Can Minnesota Keep Its Cannabis Industry Local Amid Out-Of-State Pressure? Legal Expert Weighs In

In a recent Twitter exchange, Elon Musk stirred up the conversation by commenting on Kamala Harris&#8217;s proposed economic policies, specifically targeting her ideas around price controls and new taxes. Responding to a tweet that supposedly outlined Harris&#8217;s proposed policies, including a 28% corporate tax, a 44.6% capital gains tax, and a 25% tax on unrealized gains, Musk quipped, &#8220;This path leads to bread lines &amp; ugly shoes.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This path leads to bread lines &amp; ugly shoes <a href="https://t.co/fFZGVjWfWJ">https://t.co/fFZGVjWfWJ</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1826016080952991903?ref_src=twsrc%5Etfw">August 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Trending: Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a>
VP Harris has been clear about her goals to reduce income inequality and hold big corporations accountable. Her plan includes greatly raising taxes on the richest Americans and the largest companies. She said, &#8220;Look, I know most businesses are creating jobs, contributing to our economy and playing by the rules. But some are not, and that's just not right. And we need to take action when that's the case.&#8221;
She also pointed out that many big food companies are seeing their highest profits in two decades. While many grocery chains pass along these savings, others still don't.
Trending: Don&#8217;t miss out on the next Nvidia &#8211;<a href="https://www.benzinga.com/money/fundrise-innovation-fund"> you can invest in the future of AI for only $10.</a>
People who support Harris&#8217;s plan say that regular Americans need these changes as the <a href="https://www.benzinga.com/personal-finance/24/07/39657043/bill-gates-wants-to-pay-more-in-taxes-ive-been-disproportionately-rewarded-while-many-others-who">gap between the rich and everyone else</a> widens. They believe that by making the wealthiest Americans and big corporations pay more taxes, the government can fund important services, lower the national debt, and help middle- and lower-income families.
So, what exactly is Musk reacting to? For example, she supports <a href="https://www.benzinga.com/24/08/40479355/unlike-trump-kamala-harris-economic-plans-might-take-a-big-bite-off-corporate-profits-anything-that">increasing the corporate tax rate to 28%</a>. This is a step up from the current 21% rate set during the Trump administration. The goal is to ensure that big corporations contribute more to the federal budget.
Trending: Will Cannabis and Psilocybin drug development lead the way in disrupting the $678 billion pharmaceutical industry?<a href="https://www.benzinga.com/money/ajna-biosciences"> This start up is betting on it and you can be an early investor too, with just $250 for under $2/share</a>
She also backs a proposal to tax capital gains – profits from investments – at 44.6% for those earning over $1 million annually – a significant increase that would make the U.S. capital gains tax one of the highest in the world​.
Lastly, <a href="https://www.benzinga.com/government/24/08/40485064/wall-street-labels-kamala-harris-proposed-tax-on-unrealized-gains-as-dumb-move-opposite-of-creating">Harris supports a 25% tax on unrealized gains</a>. This means that even if someone hasn&#8217;t sold an investment, they could still be taxed on the increase in its value. This policy mainly targets the ultrawealthy, particularly those with over $100 million in assets.
Price controls, where the government sets limits on how much companies can charge for products and services, have historically resulted in shortages and lower-quality goods and services. <a href="https://www.benzinga.com/news/24/08/40433369/kevin-oleary-slams-kamala-harriss-plan-to-combat-price-gouging-first-they-tried-that-in-venezuela-cu">Opponents don&#8217;t have to point further than</a> Cuba, Venezuela, North Korea, or the Soviet Union, where similar policies led to empty store shelves, long lines for bread, and ugly shoes, like Musk said.&nbsp;
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<li>This billion-dollar fund has invested in the next big real estate boom,<a href="https://www.benzinga.com/money/fundrise-flagship-fund"> here's how you can join for $10.</a></li>
<li><a href="https://www.benzinga.com/money/fundrise-innovation-fund">When today&#8217;s AI startups go public, most of the rapid growth will be behind them — here&#8217;s how not to get left out.</a></li>
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Personal Finance

'This Path Leads To Bread Lines & Ugly Shoes,' Says Elon Musk About Kamala Harris' Price Controls And Potential Tax Policies

In a significant legal ruling, the Missouri Court of Appeals for the Western District has mandated the expungement of THC possession convictions, aligning them with marijuana possession cases under the state's voter-approved legalization law, the <a href="https://www.benzinga.com/markets/cannabis/22/11/29603706/missouri-legalizes-recreational-cannabis-becoming-first-state-to-initiate-automatic-expungement">Ammendment 3</a>. As <a href="https://www.marijuanamoment.net/missouri-must-expunge-records-for-thc-possession-just-like-marijuana-convictions-appeals-court-rules/">reported</a> by Marijuana Moment, this decision overturns a previous trial court ruling that, with support from state Attorney General Andrew Bailey, had drawn a distinction between THC and cannabis, thereby excluding THC convictions from the expungement process.
<h3 class="wp-block-heading">Court Overturns Previous Ruling On THC Vs. Marijuana Distinction</h3>
The case in question involved an individual who was stopped by a state trooper in 2017 and subsequently charged with possession of both <a href="https://www.benzinga.com/cannabis">marijuana</a> and THC. While the marijuana conviction was expunged under Missouri&#8217;s legalization law, the THC conviction was initially upheld by the Lafayette County prosecutor's office, which argued that it fell outside the law&#8217;s scope. However, the appeals court disagreed, ruling that the law's provisions include all constituents of marijuana, including THC.
Get Benzinga's exclusive analysis and top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.
<h3 class="wp-block-heading">Appeals Court Clarifies Expungement Law Scope</h3>
The court&#8217;s opinion emphasized that marijuana-infused products—defined as items infused, coated or mixed with marijuana or its extracts, including THC—are covered under the expungement provisions of <a href="https://www.benzinga.com/markets/cannabis/22/11/29603706/missouri-legalizes-recreational-cannabis-becoming-first-state-to-initiate-automatic-expungement">Amendment 3</a>. The ruling asserts that "possession of small amounts of marijuana-derived THC are eligible for expungement," as these products constitute "marijuana-infused products" as per the law.
<h3 class="wp-block-heading">Implications For THC Convictions Across Missouri</h3>
Dan Viets, Missouri NORML coordinator and national board chair of NORML, hailed the decision as a significant victory for those seeking justice under the new law. "The decision is a clear rebuke of Attorney General Bailey's efforts to prevent expungement from taking place in as many cases as possible," he <a href="https://www.kctv5.com/2024/08/22/missouri-courts-decision-calls-expungement-thc-possession-charges/">stated</a> to KCTV5.
<h3 class="wp-block-heading">Statewide Expungement Efforts: Progress And Challenges</h3>
The broader impact of this ruling is yet to be fully realized, as it remains unclear how many additional THC possession convictions could now be eligible for expungement. Missouri&#8217;s officials <a href="https://www.benzinga.com/markets/cannabis/23/12/36202166/100-000-marijuana-related-convictions-expunged-in-missouri-ny-gov-rejects-hemp-seed-in-animal-fe">had already expunged over 100,000 marijuana cases</a> during the first year of legalization. However, some courts have missed deadlines for felony expungements, and only a fraction of the funds allocated for the record-clearing process have been spent.
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Psychedelics

Missouri Appeals Court Orders Expungement Of THC Possession Convictions

<h2 class="wp-block-heading"></h2>
Influential investor Kyle Bass recently expressed his views on the potential of the U.S. to impact China&#8217;s economy amid rising tensions over Taiwan.
What Happened: On Friday, Kyle Bass, a prominent hedge fund manager, took to X to share his perspective on the ongoing geopolitical tensions between China and Taiwan. 
Bass responded to a post on X by Elbridge Colby, who expressed skepticism about the ability of democratic countries to support Taiwan against China.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">What's being lost in <a href="https://twitter.com/ElbridgeColby?ref_src=twsrc%5Etfw">@ElbridgeColby</a> ‘s fatalist views of the certain demise of Taiwan &#x1f1f9;&#x1f1fc; is the fact that the United States controls China's access and ability to use USD around the world. We broke Russia to bring the wall down…and we can break China in very short order. &#x1f9f5; <a href="https://t.co/2rWRhELJ78">https://t.co/2rWRhELJ78</a>
&mdash; &#x1f1fa;&#x1f1f8; Kyle Bass &#x1f1f9;&#x1f1fc; (@Jkylebass) <a href="https://twitter.com/Jkylebass/status/1827013358404431889?ref_src=twsrc%5Etfw">August 23, 2024</a></blockquote>
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Bass argued that the U.S. has significant leverage over China due to its control over China&#8217;s access and ability to use USD globally. 
He further stated, &#8220;We broke Russia to bring the wall down…and we can break China in very short order.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/05/38909612/possible-espionage-threat-us-officials-warn-of-chinese-interference-with-undersea-internet-cables-in">Possible Espionage Threat? US Officials Warn Of Chinese Interference With Undersea Internet Cables In Pacific</a>
In a subsequent post on X, Bass highlighted that China&#8217;s economy is heavily reliant on imports, which are paid for in USD. He suggested that by sanctioning China's State-Owned Enterprises (SOEs) and Joint Stock Banks, the U.S. could potentially cripple China&#8217;s economy overnight.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Each day, China imports anywhere between 11-13 million barrels of crude oil, 8.5 bcf of LNG and 40% of its food. Xi is forced to pay USD for these imports. If we sanction China's SOE and Joint Stock Banks, we will cripple China's economy overnight.
&mdash; &#x1f1fa;&#x1f1f8; Kyle Bass &#x1f1f9;&#x1f1fc; (@Jkylebass) <a href="https://twitter.com/Jkylebass/status/1827013363139850341?ref_src=twsrc%5Etfw">August 23, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The USA &#x1f1fa;&#x1f1f8; holds the cards and we had better start acting like it. <a href="https://twitter.com/hashtag/China?src=hash&amp;ref_src=twsrc%5Etfw">#China</a> <a href="https://twitter.com/hashtag/Taiwan?src=hash&amp;ref_src=twsrc%5Etfw">#Taiwan</a> <a href="https://twitter.com/hashtag/War?src=hash&amp;ref_src=twsrc%5Etfw">#War</a> <a href="https://twitter.com/SecYellen?ref_src=twsrc%5Etfw">@SecYellen</a> <a href="https://twitter.com/INDOPACOM?ref_src=twsrc%5Etfw">@INDOPACOM</a> <a href="https://twitter.com/USPacificFleet?ref_src=twsrc%5Etfw">@USPacificFleet</a>
&mdash; &#x1f1fa;&#x1f1f8; Kyle Bass &#x1f1f9;&#x1f1fc; (@Jkylebass) <a href="https://twitter.com/Jkylebass/status/1827013367141171450?ref_src=twsrc%5Etfw">August 23, 2024</a></blockquote>
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Why It Matters: Bass&#8217; comments come amid escalating tensions between China and Taiwan. His tweets suggest that the U.S. holds significant power in this geopolitical scenario due to its control over China&#8217;s access to the global financial system.
This perspective underscores the potential economic implications of the ongoing political tensions and the role of the U.S. in influencing the outcome.
While Bass&#8217; views are his own, they contribute to the broader discourse on the geopolitical dynamics between China, Taiwan, and the U.S., and the potential economic consequences of these tensions.
Read Next:&nbsp;
<a href="https://www.benzinga.com/news/24/04/38430009/xi-jinping-calls-for-chinese-army-to-focus-on-the-battlefield-during-visit-to-military-medical-unive?itm_source=parsely-api" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/news/23/07/33106745/us-set-to-restrict-chinas-access-to-cloud-computing-services-from-amazon-microsoft" target="_blank" rel="noreferrer noopener">US Set To Restrict China&#8217;s Access To Cloud Computing Services From Amazon, Microsoft</a>
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.

Hedge Funds

Economics

'Cripple China's Economy Overnight' – Hedge Funder Kyle Bass Gives Roadmap To Protect Taiwan: 'The USA Holds The Cards And We Had Better Start Acting Like It'

Chipmaker Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) has had a rough couple of years with the stock underperforming the technology sector and major stock market indexes. The stock has also underperformed since it <a href="https://www.benzinga.com/general/education/18/11/12611744/this-day-in-market-history-microsoft-intel-become-first-nasdaq-stoc">joined the Dow Jones Industrial Average</a> a quarter-century ago.
What Happened: Intel made history, alongside Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), back on Nov. 1, 1999, when the two technology stocks were the first Nasdaq-listed stocks to join the <a href="https://www.benzinga.com/topic/dow-jones-industrial-average">Dow Jones Industrial Average</a>.
The two stocks joined the well-known market index alongside Home Depot and AT&amp;T as four stocks that went in, replacing the likes of Goodyear Tire, Sears Holdings, Chevron and Union Carbide.
AT&amp;T has since been booted from the Dow Jones, with the other three companies that joined on that day in 1999 remaining.
While Home Depot and Microsoft stock have posted strong returns since joining the Dow Jones Industrial Average, it has not been the same for Intel.
Intel stock traded at a split-adjusted $21.58 on Nov. 1, 1999. The stock trades at $20.54 today. This means that the stock is down 4.8% since it joined the Dow Jones Industrial Average.
Compare that to the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), which is up 283% over the same time frame.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/08/40115276/intel-stock-falls-after-weak-q2-results-new-cost-reduction-plan-15-headcount-reduction">Intel Stock Falls After Weak Q2 Results, New Cost Reduction Plan, 15% Headcount Reduction</a>
Why It's Important: Intel stock is down over 50% year-to-date in 2024 and down 38% over the last year as seen on the <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082324&amp;t=be2bearmibe3na1">Benzinga Pro chart</a> below.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082324&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="997" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23164309/Screenshot-141.png" alt="" class="wp-image-511753" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23164309/Screenshot-141.png 997w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23164309/Screenshot-141-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/23164309/Screenshot-141-768x386.png 768w" sizes="(max-width: 997px) 100vw, 997px" /></a></figure>
The Dow Jones Industrial Average periodically makes changes to the 30 components that make up the index. The last change was earlier this year with Amazon.com Inc replacing Walgreens Boots Alliance.
Stocks can often rise when they are announced to be added to a major index like the Dow Jones Industrial Average. Sometimes, stocks can trade with minimal returns when added to the index, but in the case of Intel, it has been nearly 25 years.
Some financial experts are calling for NVIDIA Corporation <a href="https://www.benzinga.com/top-stories/24/05/39011237/exclusive-nvidia-dow-jones-inclusion-a-matter-of-when-will-it-replace-intel">to replace Intel,</a> with a preference for the high-growth chipmaker to be added over the legacy company that has seen growth stalled and an underperforming stock price.
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INTC

Intel Stock Was Added To Dow Jones Index In 1999 – Here's How The Stock Has Performed Since

Vice President <a href="https://www.benzinga.com/general/politics/24/08/40536774/kamala-harris-accepts-historic-democratic-party-nomination-heres-what-comes-next-chance-to-chart">Kamala Harris put up a &#8220;fantastic&#8221; performance with her speech</a> at the Democratic National Convention late-Friday, said former White House Communications Director Anthony Scaramucci in the latest episode of the Rest Is Politics US podcast.
What Happened: Harris made the case for herself and also made a case against the other side, and this was a trial advocacy A+, said Scaramucci in the podcast he co-hosts with British journalist Katty Kay. &#8220;It was a dream. If that woman was in court presenting that case to the judge&#8230;&#8221; he said.
Contrasting that with Donald Trump, Scaramucci said the former president is &#8220;so divisive&#8221; that he is actually uniting the Americans against him. The SkyBridge Capital founder questioned whether Trump was the American Vladimir Putin. Scaramucci said Putin saw NATO as divided and crumbling, but his move into the Ukraine had the opposite effect and united the alliance.
&#8220;I&#8217;m just wondering if the great divider Donald Trump ends up being the force that puts enough of us together that begins the healing process for the country,&#8221; Scaramucci said.
The ex-White House aide noted that Harris projected herself as a good person who loves the country and its people. Americans don&#8217;t like voting for people that dislike them, Scaramucci said, adding that that&#8217;s where Trump is going to find trouble here because Harris came out and said that she knows America&#8217;s alliances and how amazing a country the U.S. is, professing her &#8220;undying love affair&#8221; for the country.
&#8220;I was blown away by it and she met – not only she met the moment, but her whole life culminated in that speech and then we just have to see if she can win if she can stay on message,&#8221; Scaramucci said.
See Also:<a href="https://www.benzinga.com/news/24/08/40455546/anthony-scaramucci-says-trump-will-lose-despite-his-populist-campaign-2-reasons-why-ex-president-is"> Anthony Scaramucci Says Trump Will Lose Despite His &#8216;Populist Campaign&#8217;: 2 Reasons Why Ex-President Is On Backfoot in 2024 Race</a>
Why It&#8217;s Important: Harris has pushed ahead in the race ever since she replaced President Joe Biden on the Democratic ticket. An August poll by Gallup released this week showed that <a href="https://www.benzinga.com/news/24/08/40525794/trump-vs-harris-new-poll-shows-vice-presidents-favorability-surges-by-double-digits-as-rivals-slips">her favorability rating has climbed 13 percentage points since June</a> to 47% and her job approval rating also rose seven points from Dec. 2023 to 47%. 
On the contrary, Trump&#8217;s favorability declined five points to 41%.
Data compiled by polling analytics website FiveThirtyEight based on several nationwide polls show that Harris was ahead of Trump by a 47.3%-43.6% margin. 
The next big test for Harris would be how she fares in the Sept. 10 debate, which will be important in determining whether opinions of her improve, stay the same or worsen in the final months of the presidential campaign.
Did You Know?
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<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Media

Scaramucci Blown Away By Kamala Harris' DNC Speech, Questions Whether Trump Is 'American Putin' With His Divisive Approach

In his <a href="https://www.benzinga.com/general/politics/24/08/40466688/hillary-clinton-joe-biden-usher-in-new-era-for-democrats-at-dnc-kamala-harris-for-the-people">Democratic National Convention</a> speech, former Rep. <a href="https://drupal-cloudfront.benzinga.com/topic/adam-kinzinger" target="_blank" rel="noreferrer noopener">Adam Kinzinger</a> (R, Ill.) denounced <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">Donald Trump</a> for undermining the Republican Party <a href="https://www.benzinga.com/topic/kamala-harris">and endorsed Kamala Harris for president</a>.
Kinzinger charged Donald Trump of having &#8220;suffocated the soul of the Republican Party&#8221; in his Democratic National Convention speech.
CNBC <a href="https://www.cnbc.com/2024/08/22/adam-kinzinger-republican-trump-harris-dnc.html" target="_blank" rel="noreferrer noopener">reported</a> that during his speech at Chicago&#8217;s United Center, Kinzinger, who served in Congress from 2011 to 2023, addressed members of his own party rather than the Democratic audience.
&#8220;His fundamental weakness has coursed through my party like an illness, sapping our strength, softening our spine, whipping us into a fever that has untethered us from our values,&#8221; he said.
&#8220;The Democrats are as patriotic as us. They love this country just as much as we do. And they are as eager to defend American values at home and abroad as we conservatives have ever been,&#8221; Kinzinger said.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/08/40525684/trump-reiterates-border-security-plans-in-chat-with-comedian-theo-von-walls-work-you-know" rel="noreferrer noopener">Trump Reiterates Border Security Plans In Chat With Comedian Theo Von: &#8216;Walls Work, You Know&#8217;</a>
Kinzinger, who identified as a Republican during his speech, said, &#8220;How can a party claim to be patriotic if it idolizes a man who tried to overthrow a free and fair election?&#8221;
Following the events of Jan. 6, 2021, he was one of 10 Republicans who voted to impeach Trump during his second impeachment trial.
Kinzinger also voted to establish and served on the select committee investigating the January 6 riot, alongside then-Rep. Liz Cheney (R-Wyo.) as the only Republicans on the panel.
Throughout the week, several former Trump supporters and staffers spoke at the DNC, backing Harris and urging their fellow Republicans to vote against their party and its leader.
&#8220;If you think those principles are worth defending, I urge you: Make the right choice. Vote for our bedrock values. Vote for Kamala Harris,&#8221; Kinzinger said.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/personal-finance/24/08/40511435/whats-stopping-kamala-harris-from-delivering-right-now-mark-cuban-says-the-same-thing-that-stopp" target="_blank" rel="noreferrer noopener">What&#8217;s Stopping Kamala Harris From &#8216;Delivering Right Now?&#8217; Mark Cuban Says &#8216;The Same Thing That Stopped Mike Pence From Doing Anything&#8217;</a></li>
</ul>
Image: Wikimedia Commons

Equities

General

Adam Kinzinger: Donald Trump 'Suffocating The Soul' Of The GOP - 'The Republican Party Is No Longer Conservative!'

Most electric-vehicle stocks advanced in the week ended Aug. 23, <a href="https://www.benzinga.com/markets/equities/24/08/40535770/feds-powell-hints-at-policy-shifts-dollar-plunges-gold-rallies-as-investors-flock-to-rate-cut-wi">rising along with the broader market</a> on hopes that a Federal Reserve rate cut is imminent. But company-specific news weighed down on some of them.
Here&#8217;s a rundown on what happened in the EV space during the week:
Mixed Tidings For Tesla In Europe: The European Union said this week that it would cut duty on Tesla, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) made-in-China EVs imported into the region from the initially proposed 20.8% to 9%. The reduced tariff rates will also apply to other Chinese companies. The EU already had a 10% duty on imports of battery EVs coming into the country and the new duty was meant to protect domestic companies from unfair competition from Chinese makers, which benefit heavily from what it called as &#8220;unfair subsidies.&#8221; 
The development comes even as Tesla lost the BEV crown to BMW AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BWMYY#OTC">BWMYY</a>) in July. The German luxury automaker delivered 14,869 BEVs in July compared to Tesla&#8217;s 14,561, data from market research firm JATO Dynamics showed.
Another longtime executive quit Tesla this week, with Sreela Venkataratnam, Vice President, Finance and Business Operations, leaving after an 11-year stint. Incidentally, a handful of key Tesla executives departed when the company announced large-scale job cuts in April. In another turn of event, Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) has reportedly hired former Tesla executive Rebecca Tinucci, who served as Tesla&#8217;s head of charging network, as its global head of sustainability.
Rawlinson Says Tesla Distracted: Luxury EV maker Lucid Group, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) Peter Rawlinson was at it again. In an interview with Yahoo Finance this week, he <a href="https://finance.yahoo.com/news/lucid-ceo-weve-taken-the-mantle-from-a-distracted-tesla-220430625.html">said</a>, &#8220;We are considerably ahead of where Tesla is. We&#8217;ve taken that mantle. When I was at Tesla, Tesla was the tech leader. They&#8217;ve become distracted, and we have taken that place.&#8221; Lucid is on track to complete the build of its Arizona plant to a 90,000-unit per year capacity and manufacture 9,000 Lucid Airs this year, with Gravity rolling out this year, he added.
See Also: <a href="https://www.benzinga.com/money/best-electric-vehicle-stocks">Best EV Stocks</a>
Ford Scales Back EV Plans: Legacy automaker Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>), which previously dialed back its EV plans a couple of times, announced that it would scrap plans to launch three-row all-electric SUVs and instead manufacture hybrids. The company also delayed the rollout of its next-gen electric truck to the second half of 2027, while it said it would begin making new electric commercial van which would use battery cells produced at its Tennessee plant. The series of steps are necessitated by rising competition from low-cost EV manufacturers, especially from China, and the aggressive pricing strategy adopted by industry players.
&#8220;With pricing and margin compression, we've made the decision to adjust our product and technology roadmap and industrial footprint to meet our goal of reaching positive EBIT within the first 12 months of launch for all new models,&#8221; said CFO John Lawler.
Workhorse Cash-Strapped: Ohio-based EV manufacturer Workhorse Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WKHS#NASDAQ">WKHS</a>) announced disappointing second-quarter results, with revenue coming in at $0.84 million, missing the street view of $8.43 million. The company attributed much of the sales drop to lower W4 CC vehicle sales. The bottom-line also missed expectations. In the quarterly report filed with the SEC, the company sounded out a going concern warning.
Canoo Executive Quits: Struggling lifestyle EV maker Canoo, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOEV#NASDAQ">GOEV</a>) chief technology officer Sohel Merchant, one of the founding members, has quit as the company is going through a significant reorganization, TechCrunch <a href="https://techcrunch.com/2024/08/23/canoo-cto-sohel-merchant-is-out-amid-wider-reorg/">reported</a>. The report noted that the company has been implementing austerity measures including closing down of its Los Angeles location and asking those working out of the place to relocate to either Texas or Oklahoma.
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 up 1.21% at $18.93, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>. For the week, the ETF was up 3.44% .
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:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40501349/bad-tidings-for-tesla-and-its-peers-were-in-the-dead-of-the-ev-winter-says-gene-mun">Bad Tidings For Tesla And Its Peers? &#8216;We&#8217;re In The Dead Of The EV Winter,&#8217; Says Gene Munster, As He Expects Growth To Collapse From 50% In 2023 To 5% This Year</a></li>
</ul>
Here&#8217;s how the EV stocks fared 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>+1.94%</td>
</tr>
<tr>
<td>Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)</td>
<td>+3.29%</td>
</tr>
<tr>
<td>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>)</td>
<td>+1.01%</td>
</tr>
<tr>
<td>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)</td>
<td>+3.36%</td>
</tr>
<tr>
<td>Workhorse </td>
<td>-33.55%</td>
</tr>
<tr>
<td>Hyzon Motors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYZN#NASDAQ">HYZN</a>)</td>
<td>+20.59%</td>
</tr>
<tr>
<td>Canoo</td>
<td>-2.00%</td>
</tr>
<tr>
<td>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)</td>
<td>+5.68%</td>
</tr>
<tr>
<td>Lucid</td>
<td>+33.33%</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>+41.21%</td>
</tr>
<tr>
<td>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>)</td>
<td>-7.63%</td>
</tr>
<tr>
<td>VinFast Auto Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFS#NASDAQ">VFS</a>)</td>
<td>-3.68%</td>
</tr>
</tbody>
</table>
</figure>

BWMYY

FFIE

GOEV

HYZN

KARS

LCID

NKLA

RIVN

TSLA

UBER

WKHS

XPEV

Tesla Gets Relief In Europe, Ford's Electrification Struggles, Lucid Boasts Of Tech Leadership And More: Biggest EV Stories Of The Week

A new 2024 election poll may be an outlier in the head-to-head matchup between Donald Trump and Kamala Harris with Trump leading 10 weeks before the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election</a>.
What Happened: Since Harris became the Democratic Party candidate, which was officially confirmed with her <a href="https://www.benzinga.com/general/politics/24/08/40536774/kamala-harris-accepts-historic-democratic-party-nomination-heres-what-comes-next-chance-to-chart">nomination at the DNC</a>, she has led many polls.
But one poll that differs is from conservative-leaning firm <a href="https://www.rasmussenreports.com/public_content/politics/biden_administration/election_2024_trump_49_harris_46">Rasmussen</a>. The newest Rasmussen poll shows Trump with a lead. Here's the latest, with the previous poll results in parentheses.
Donald Trump: 49% (49%)
Kamala Harris: 46% (45%)
The poll shows 2% of voters undecided and 2% of voters saying they would vote for another candidate. With the poll expanded beyond the head-to-head options, the results were:
Donald Trump: 47%
Kamala Harris: 45%
Robert F. Kennedy Jr.: 4%
The poll was conducted between Aug. 15 and Aug. 21 and came before the Democratic National Convention had been completed and before Kennedy <a href="https://www.benzinga.com/general/politics/24/08/40535286/rfk-jr-suspends-2024-presidential-campaign-endorses-trump-to-block-democrats-from-white-house">suspended his campaign,</a> two key political events for the week.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent082324">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: The poll itself is an outlier, with Harris averaging a 2% lead in national head-to-head polls as <a href="https://www.realclearpolling.com/polls/president/general/2024/trump-vs-harris-vs-kennedy-vs-stein-vs-west">reported</a> by RealClearPolling.
Even the Rasmussen poll showing Trump with a three-point lead is a significant improvement for the Democratic Party from the <a href="https://www.benzinga.com/news/24/06/39445709/trump-vs-biden-rasmussen-poll-now-shows-one-candidate-has-huge-lead-over-other-with-just-4-months-be">10-point lead</a> Trump had over Joe Biden in June before Biden dropped out of the race.
While Kennedy endorsed Trump, not all his supporters will shift over to the Republican ticket.
Trump could pick up 2% to 3% based on Kennedy Jr.'s support, which could increase his lead in one of the few polls showing him leading over Harris.
The next few national polls from leading polling agencies post Kennedy dropping out could be important indicators ahead of a highly anticipated presidential debate on Sept. 10.
Check This Out:
<ul>
<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent082324">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>

Trump Vs. Harris: New 2024 Election Poll Shows Outlier For Former President With 3-Point Lead, RFK Jr. Backing Could Add To Margin

Officials from three of the world&#8217;s leading central banks have now hinted at potential interest rate cuts in the upcoming months. This move comes as the global economy continues to recover from the inflationary <a href="https://www.benzinga.com/news/24/08/40303485/mark-mobius-predicts-further-economic-struggles-following-stock-market-crash-this-is-a-real-problem">effects of the pandemic</a>.
What Happened: Jerome Powell, the Chair of the Federal Reserve, suggested at an annual gathering of global policymakers and economists in Jackson Hole, Wyoming, that the U.S. central bank is likely to lower rates in September.
Several members of the European Central Bank&#8217;s Governing Council, including Olli Rehn of Finland, Martins Kazaks of Latvia, Boris Vujcic of Croatia and Mario Centeno of Portugal, also expressed their support for a further reduction in interest rates next month, <a href="https://www.bloomberg.com/news/articles/2024-08-23/major-central-banks-now-aligned-as-powell-signals-fed-cuts-ahead?srnd=homepage-americas&amp;sref=TBDibEcD">reports</a> Bloomberg.
"The time has come for policy to adjust," Powell said. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks."
Rehn has said that the euro area as "on track and the growth outlook in Europe, especially manufacturing, is rather subdued." He added that "this enforces the case for a rate cut in September."
Andrew Bailey, the Governor of the Bank of England, indicated a potential for further rate cuts, following a quarter-point reduction to 5% earlier this month, which was the first since the onset of the pandemic. 
Also Read: <a href="https://www.benzinga.com/news/24/08/40431394/brighter-outlook-goldman-sachs-optimistic-on-u-s-economy-cuts-recession-risk-down-to-20">Brighter Outlook: Goldman Sachs Optimistic On U.S. Economy, Cuts Recession Risk Down To 20%</a>
Central banks in Canada, New Zealand and China are also considering easing their rates.
Despite these indications, Powell did not provide much guidance beyond September, stating that the timing and pace of rate cuts would depend on incoming data and the evolving outlook. 
He stressed the importance of supporting the labor market, in light of the recent rise in the unemployment rate to nearly a three-year high of 4.3%.
Research presented at the Jackson Hole conference warned that the US labor market is nearing a tipping point, and policymakers run the risk that additional slowing could bring a much larger increase in the unemployment rate.
Why It Matters: The potential interest rate cuts by these major central banks could have significant implications for the global economy. Lower interest rates typically stimulate economic growth by making borrowing cheaper, which can encourage spending and investment. 
However, they can also lead to increased inflation. As the world continues to recover from the economic impacts of the Covid-19 pandemic, these decisions by central banks will be closely watched by investors and economists alike.
Read Next:&nbsp;
<a href="https://www.benzinga.com/general/market-summary/24/08/40429168/s-p-500-records-best-week-of-the-year-amid-favorable-economic-reports-what-really-drove-th" target="_blank" rel="noreferrer noopener">S&amp;P 500 Records Best Week Of The Year Amid Favorable Economic Reports: What Really Drove The Rally?</a>
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.

Federal Reserve

Fed Chair Powell's Signal Sets Stage For Rate Global Central Banks Hint At Interest Rate Cuts In Reviving Economy

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas"> many investors&#8217; favorite stocks</a> over the last week. Here&#8217;s a look at some of our top stories.
The three major averages posted gains for the week, with the Dow up nearly 1.3%, the Nasdaq gaining 1.4%, and the S&amp;P 500 rising 1.45%. 
Stocks moved higher Friday morning after Federal Reserve Chair Jerome Powell signaled <a href="https://www.benzinga.com/markets/equities/24/08/40535770/feds-powell-hints-at-policy-shifts-dollar-plunges-gold-rallies-as-investors-flock-to-rate-cut-wi">potential interest rate decreases</a> during his Jackson Hole speech, stating, "The time has come for policy to adjust." However, Powell refrained from specifying the timing or extent of any rate cuts, emphasizing a data-driven approach.
The anticipation of lower rates contributed to a drop in the dollar, which hit its lowest level in over a year, and boosted interest rate-sensitive sectors like small-cap stocks, real estate, and regional banks.
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/analyst-ratings/analyst-color/24/08/40443620/goldman-sachs-is-bullish-on-nvidia-ahead-of-earnings-risk-reward-for-ai-stock-favor">Goldman Sachs Is Bullish On Nvidia Ahead Of Earnings: Risk-Reward For AI Stock &#8216;Favorable&#8217;</a>,&#8221; by <a href="https://www.benzinga.com/author/piero-cingari">Piero Cingari</a>, details Goldman Sachs&#8217; optimistic outlook on Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), driven by strong AI demand and Data Center growth, with potential for an 89% stock price increase despite risks from delayed GPU launches.
&#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40470458/make-as-much-money-as-possible-before-ai-renaissance-says-raoul-pal-who-sees-bitcoin-as-th">‘Make As Much Money As Possible' Before AI ‘Renaissance,' Says Raoul Pal, Who Sees Bitcoin As ‘The Standout Asset'</a>,&#8221; by <a href="https://www.benzinga.com/author/khyathi-dalal">Khyathi Dalal</a>, features Raoul Pal&#8216;s advice to capitalize on assets like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) before AI and robotics reshape the economy, emphasizing Bitcoin&#8217;s historical outperformance amid ongoing currency debasement.
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40505439/broadcom-secures-major-wins-with-openai-google-meta-as-it-targets-150b-ai-market">Broadcom Secures Major Wins With OpenAI, Google, Meta As It Targets $150B AI Market</a>,&#8221; by <a href="https://www.benzinga.com/author/surbhi-jain">Surbhi Jain</a>, highlights Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) securing critical AI ASIC partnerships with OpenAI, Google parent Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), positioning itself to capitalize on a $150 billion AI market.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40461722/amazons-multi-billion-dollar-run-rate-in-ai-drives-strategist-to-double-down-on-stock">Amazon&#8217;s &#8216;Multi-Billion Dollar Run Rate&#8217; In AI Drives Strategist To Double Down On Stock</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40457722/gold-is-getting-its-moment-in-the-sun-and-experts-say-the-record-high-prices-could-">Gold &#8216;Is Getting Its Moment In The Sun&#8217; And Experts Say The Record High Prices Could Climb Even Higher: Here&#8217;s The Case For Even More Glittering Gains</a>
<a href="https://www.benzinga.com/top-stories/24/08/40514465/carvana-defies-the-odds-with-217-ytd-rally-is-the-comeback-story-real">Carvana Defies The Odds With 217% YTD Rally: Is The Comeback Story Real?</a>
The Bears
&#8220;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40459460/tesla-shares-kind-of-dead-in-the-water-until-this-happens-says-portfolio-manager-bl">Tesla Shares &#8216;Kind Of Dead In The Water&#8217; Until This Happens, Says Portfolio Manager, Blames CEO Elon Musk For Alienating Customers &#8216;Super Important To Him,&#8217;</a>&#8221; by <a href="https://www.benzinga.com/author/shanthi-rexaline">Shanthi Rexaline</a>, discusses Bill Davis of Hennessy Stance ESG ETF expressing concerns about Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) due to its absence in the low-cost EV segment and Elon Musk&#8216;s leadership, suggesting the stock may remain stagnant until Tesla addresses these issues.
&#8220;<a href="https://www.benzinga.com/news/24/08/40528681/intel-board-member-lip-bu-tan-resigns-amid-chipmakers-struggle-with-cost-cuts">Intel Board Member Lip-Bu Tan Resigns Amid Chipmaker&#8217;s Struggle With Cost Cuts</a>,&#8221; by <a href="https://www.benzinga.com/author/anusuya-lahiri-0">Anusuya Lahiri</a>, reports that Lip-Bu Tan resigned from Intel Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) board to reprioritize commitments, as the company faces challenges with its $10 billion cost-reduction plan amid a 39% stock decline over the past year.
&#8220;<a href="https://www.benzinga.com/top-stories/24/08/40511947/investors-are-further-confused-on-snowflake-one-analyst-says-they-know-why">Snowflake Investors &#8216;Further Confused&#8217; After Q2 Earnings: One Analyst Says They Know Why</a>,&#8221; by <a href="https://www.benzinga.com/author/priya-nigam">Priya Nigam</a>, explains why Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) shares dropped 13.5%, as analysts pointed to mixed signals from management&#8217;s guidance despite strong quarterly results, leaving investors puzzled over the company&#8217;s growth outlook.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40505099/peter-schiff-warns-dollar-on-verge-of-a-total-collapse-as-greenback-succumbs-to-ris">Peter Schiff Warns Dollar On &#8216;Verge Of A Total Collapse&#8217; As Greenback Succumbs To Rising Rate Cut Bets</a>
<a href="https://www.benzinga.com/news/24/08/40503967/fisker-recalls-nearly-8k-ocean-suvs-over-risks-of-reduced-braking-performance">Fisker Recalls Nearly 8K Ocean SUVs Over Risks Of Reduced Braking Performance</a>
<a href="https://www.benzinga.com/markets/equities/24/08/40483291/boeings-777x-faces-yet-another-setback-structural-cracks-reportedly-force-grounding-of-test-flee">Boeing&#8217;s 777X Faces Yet Another Setback: Structural Cracks Reportedly Force Grounding Of Test Fleet</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 via Midjourney.

Long Ideas

Short Ideas

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SNOW

Benzinga Bulls And Bears: Nvidia, Tesla, Snowflake, Broadcom — And Raoul Pal Advocates Bitcoin Before AI

Tesla and SpaceX CEO Elon Musk&nbsp;has reportedly given a new directive to&nbsp;X, formerly Twitter,&nbsp;employees. They need to prove their value to the company to receive their expected stock grants.
What Happened: Musk&#8217;s social media company intends to distribute&nbsp;stock options based on the&nbsp;anticipated impact of employees on the company. 
To be eligible for the stock, X staffers must provide a one-page summary of&nbsp;their contributions to the company, <a href="https://www.theverge.com/2024/8/23/24226830/elon-musk-email-x-twitter-stock-grants">reported</a> The Verge, citing an email sent by Musk to employees.
This move comes in the wake of recent discord between X&#8217;s leadership and its employees, following an <a href="https://www.benzinga.com/news/24/06/39304750/linda-yaccarino-reportedly-leaves-staff-in-dark-over-delayed-promotions-who-is-the-grim-reaper-that">unexpected delay in the promotions</a> process.
Amid the company&#8217;s ongoing challenges under Musk&#8217;s leadership,&nbsp;employees have been bracing for&nbsp;potential job cuts.
See Also:&nbsp;<a href="https://www.benzinga.com/general/gaming/24/08/40472835/take-two-interactive-software-shares-are-trading-higher-today-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Take-Two Interactive Software Shares Are Trading Higher Today: What&#8217;s Going On</a>
An insider at X told The Verge, that X is yet to deliver the annual equity refresher to its staff, which was due in April. 
The tech mogul had earlier assured employees that they would be able to cash out stock regularly, akin to SpaceX staff, but this assurance remains unfulfilled, the report noted.
The last equity refresh for X employees took place in October 2023, when the company was valued at $19 billion, a significant decrease from&nbsp;the <a href="https://www.benzinga.com/news/24/05/38997483/elon-musk-who-acquired-twitter-for-44b-says-social-media-is-bad-for-kids-theyre-being-programmed-by">$44 billion Musk paid&nbsp;for it</a>. 
During this refresh, employees were granted restricted stock units, or RSUs, at a price of $45, the report stated.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: As the world&#8217;s richest person, Musk has been known for his stringent management style, often expecting employees to <a href="https://www.benzinga.com/news/24/08/40429672/elon-musk-is-the-richest-person-in-the-world-how-much-does-he-pay-employees-at-tesla-spacex-and-x">work unconventional hours</a> for extended periods.
X has also been facing legal challenges and winning some of them. Last month, <a href="https://www.benzinga.com/news/24/07/39702644/elon-musks-x-corp-wins-500m-severance-lawsuit-judge-rules-laid-off-twitter-employees-claims-not-cove">X Corp won a $500 million severance</a> lawsuit. Earlier this month, the company was also <a href="https://www.benzinga.com/news/24/08/40298641/elon-musks-x-faces-20m-lawsuit-from-ex-twitter-board-member-omid-kordestani-over-unpaid-shares">sued by former Twitter board</a> member Omid Kordestani over unpaid shares worth $20 million.
In August, the names of high-profile investors in X were also <a href="https://www.benzinga.com/news/24/08/40501097/elon-musks-x-reveals-its-investors-include-saudi-prince-al-waleed-bin-talal-al-saud-jack-dorsey-andr">revealed in a court filing</a>. The names included Saudi Prince Al Waleed bin Talal al Saud, Twitter co-founder Jack Dorsey, and Andreessen Horowitz.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/news/23/05/32623067/how-to-take-the-perfect-moon-shot-using-an-iphone-14?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Take The Perfect Moon Shot Using An iPhone 15</a></li>
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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

Social Media

Elon Musk's X Staff Have To Justify Why They Deserve Stock Grants, With 1-Page Summary Of Their Contributions: Report

After a series of high-profile employees left ChatGPT-parent OpenAI, the startup has onboarded former Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) executive, Irina Kofman.&nbsp;
What Happened: Kofman will be reporting directly to OpenAI CTO Mira Murati and will initially focus on safety and preparedness, <a href="https://www.bloomberg.com/news/articles/2024-08-23/openai-hires-ex-meta-executive-irina-kofman-to-head-strategic-initiatives?srnd=homepage-americas">reported</a> Bloomberg, citing a company spokesperson.
According to Kofman's LinkedIn page, she has served as a senior director of product management for generative AI at Meta for five years.
See Also:<a href="https://www.benzinga.com/general/gaming/24/08/40472835/take-two-interactive-software-shares-are-trading-higher-today-whats-going-on?itm_source=parsely-api"> Take-Two Interactive Software Shares Are Trading Higher Today: What&#8217;s Going On</a>
Earlier in June, OpenAI also added former Instagram and Twitter (now rebranded as X) executive Kevin Weil as chief product officer.&nbsp;
The startup has also onboarded former Nextdoor CEO Sarah Friar as chief financial officer, the report noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Microsoft Corp.-backed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) OpenAI has also seen <a href="https://www.benzinga.com/news/24/05/38834519/openai-chief-scientist-ilya-sutskever-steps-down-ceo-sam-altman-calls-him-a-guiding-light-of-ai-fiel">some notable exits</a>. This includes one of OpenAI's co-founders John Schulman and researcher Jan Leike, who have joined Anthropic, a rival to OpenAI.
In May, OpenAI chief scientist Ilya Sutskever also announced his departure from the company after nearly a decade.&nbsp;
In August, another OpenAI co-founder Greg Brockman also announced that he is <a href="https://www.benzinga.com/news/24/08/40177350/openai-president-greg-brockman-says-hes-taking-a-sabbatical-through-end-of-year-but-admits-mission-f">taking a sabbatical</a>.&nbsp;
The AI startup has also been involved in a talent war with other tech companies. In April, Tesla and SpaceX CEO Elon Musk also said that OpenAI has been <a href="https://www.benzinga.com/news/24/04/38083332/elon-musk-reveals-openai-aggressively-poaching-tesla-engineers-with-massive-compensation-offers-tale">aggressively poaching engineers</a> from his EV giant.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/08/40506723/justin-bieber-eminem-drake-and-linus-tech-tips-had-their-youtube-accounts-hacked-the-streaming-giant?itm_source=parsely-api"> Justin Bieber, Eminem, Drake, And Linus Tech Tips Had Their YouTube Accounts Hacked: The Streaming Giant Now Has A Solution – An AI Chatbot</a></li>
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Photo courtesy: Shutterstock

ChatGPT-Maker OpenAI Taps Former Meta Exec To Drive Strategy Amid Growing Exodus

BondBloxx US High Yield Financial & REIT Sector ETF declares monthly distribution of $0.2422

Corporate America's overall borrowed debt totals $13 trillion, according to Federal Reserve data. That's a big number and looks even bigger now.

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