AmTrust Financial Servs Stock (OTC: AFSIC)

Latest news for AmTrust Financial Servs (OTC:AFSIC) Stock

AmTrust Financial Services Inc is a multinational company that underwrites and provides property and casualty insurance products. The company specializes in coverage for small to mid-sized businesses, with a philosophical focus on niche diversity and low-hazard risk. AmTrust's business model strives to achieve its profit goals through geographic and product diversification. The company reports three business segments: Small Commercial Business, Specialty Risk and Extended Warranty, and Specialty Program. The vast majority of revenues is derived from its Small Commercial Business risk.

AMTRUST FINCL D/S PFD C by AmTrust Financial Services, Inc.

AmTrust Financial Services Inc

Hurricane Milton wreaked havoc across Florida on Wednesday night, causing widespread power outages as it made landfall near Siesta Key in Sarasota County before barreling through the central part of the state. 
What Happened: Over 2 million residents were left without power as the storm&#8217;s winds and heavy rains swept across the region.
The storm&#8217;s impact on Florida&#8217;s power grid has been significant, affecting major utility providers throughout the state. 
According to <a href="https://poweroutage.us/">data</a> from PowerOutage.us, which tracks about 11.5 million customers across Florida, Florida Power &amp; Light Company which is owned by NextEra Energy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>) recorded the highest number of outages, with 929,918 customers without power. 
Duke Energy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) followed closely behind with 666,142 outages, while Tampa Electric reported 590,437 customers affected.
Hurricane Milton's power disruptions weren't limited to Florida. In North Carolina, Duke Energy reported 50,824 customers without power, contributing to the state&#8217;s total outage count of 65,238. In Georgia, another 34,028 outages were reported.
See Also: <a href="https://www.benzinga.com/markets/asia/24/10/41265266/alibaba-jd-com-xpeng-soar-in-hong-kong-as-pbocs-fresh-stimulus-to-boost-stock-market-sends-chinese-m">Alibaba, JD.com, XPeng Soar In Hong Kong As PBOC&#8217;s Fresh Stimulus To Boost Stock Market Sends Chinese Main Stock Market Gauge Up By 3%</a>
Why It Matters: As Hurricane Milton approached, it was downgraded from a <a href="https://www.benzinga.com/news/24/10/41257552/how-strong-is-milton-what-to-expect-from-hurricane-categories-1-through-5">Category 5 to a Category 4 storm</a>. Despite the downgrade, the storm&#8217;s potential for damage remained significant, prompting evacuations and preparations across the state. 
The storm&#8217;s impact was <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41254312/hurricane-milton-descends-on-florida-analysts-warn-of-impact-on-disney-nexteras-flo">expected to affect various sectors</a>, including utilities, insurance, and regional banks, with companies like NextEra Energy Inc and Walt Disney Co taking precautionary measures.
In anticipation of the storm, Disney World closed its parks <a href="https://www.benzinga.com/markets/equities/24/10/41245886/disney-world-closes-early-as-hurricane-milton-approaches-florida-parks-brace-for-impact">early</a>, and Tesla Inc advised its vehicle owners to fully charge their electric vehicles, planning to deploy mobile <a href="https://www.benzinga.com/news/24/10/41243307/tesla-advises-owners-to-fully-charge-evs-at-home-as-hurricane-milton-approaches-plans-mobile-superch">superchargers post-storm</a>. 
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/10/41265296/teslas-future-valuation-analyst-pierre-ferragu-unveils-scenarios-ranging-from-1-4-to-4-7-trillio">Tesla&#8217;s Future Valuation: Analyst Pierre Ferragu Unveils Scenarios Ranging From $1.4 To $4.7 Trillion Based On FSD, Robotaxi Success</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors

News

Markets

Tech

Hurricane Milton Knocks Out Power For Over 2M In Florida, NextEra Energy, Duke Energy, And Tampa Electric Report Major Outages

Amazon.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) will deploy 1000 of its Rivian-manufactured (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) electric delivery vans with a new AI-powered solution to help its delivery assistants spot the right package and save time per delivery, the online shopping giant said on Wednesday.
What Happened: Amazon has named the solution Vision-Assisted Package Retrieval or VAPR. With VAPR, delivery drivers will not have to check manually to ensure that they have the right package; they can simply look for VAPR&#8217;s green light, the company said.
On arriving at a delivery location, VAPR will project a green &#8220;O&#8221; on all the packages to be delivered at the spot and a red &#8220;X&#8221; on the remaining packages. The system will inform the driver that it has found the right packages with audio-visual cues and the driver can simply grab the green-lighted parcels from the cargo area instead of manually verifying whether they have the right package, Amazon said.
VAPR uses a form of computer vision called Amazon Robotics Identification (AR-ID) which replaces the need for manual barcode scanning. AR-ID was originally devised for fulfillment centers to help automatically identify items while stowing inventory. It locates and deciphers multiple barcodes in real-time and is optimized for an in-van environment, Amazon said. 
Rivian-Amazon Partnership: VAPR will be deployed on 1000 Rivian-made electric delivery vans by early 2025, the online retailer said. 
Amazon has committed to purchasing 100,000 delivery vans from the EV startup by 2030. In July, Amazon said that it already has over 15,000 Rivian vans deployed across the U.S. which have delivered over 800 million packages.
However, earlier this month, Rivian <a href="https://www.benzinga.com/news/24/10/41223011/rivians-production-guidance-cut-spurred-by-miscommunication-with-atlanta-based-supplier-resulting-in">cut its annual production forecast</a> by as much as 18% to between 47,000 and 49,000 electric vehicles citing production disruption owing to a component shortage.
The component, it said, is used in both the company's R1 vehicles and its&nbsp;<a href="https://www.benzinga.com/markets/esg/24/08/40512436/rivian-hits-rough-patch-production-halts-leadership-shake-ups-dent-stock" target="_blank" rel="noreferrer noopener">commercial vans</a>.
"This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues,"&nbsp;the&nbsp;<a href="https://www.benzinga.com/markets/equities/24/10/41182921/rivians-production-forecast-hits-bump-supply-shortage-sends-shares-tumbling" target="_blank" rel="noreferrer noopener">company said</a>, without giving more details.
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:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41264769/teslas-latest-fsd-update-smooths-out-jittery-car-visualizations-fixing-4-year-bug">Tesla&#8217;s Latest FSD Update Smooths Out Jittery Car Visualizations, Fixing 4-Year Bug</a></li>
</ul>
Photo courtesy: Amazon

AMZN

RIVN

Amazon To Deploy AI-Powered Package Identifying Tech On 1000 Rivian Delivery Vans For Faster Deliveries

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Wednesday.
U.S. stocks settled higher on Wednesday, with the Dow Jones and S&amp;P 500 settling at record levels during the session. Tech stocks were among the top gainers, with shares of Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) adding more than 1% on Wednesday.
Investors digested the minutes from the September Federal Open Market Committee (FOMC) meeting, which revealed extensive debate over whether to cut rates by 25 or 50 basis points. Ultimately, the committee opted for the larger 50-basis-point cut, but the discussion underscored the ongoing uncertainty about the Federal Reserve&#8217;s next moves.
On the economic data front, U.S. wholesale inventories increased by 0.1% month-over-month to $904.8 billion in August, compared to the preliminary estimate of a 0.2% gain and versus a revised 0.2% rise in the previous month.
Data on Consumer Price Index inflation will be released on Thursday.
Most sectors on the S&amp;P 500 closed on a positive note, with healthcare, information technology, and industrials stocks recording the biggest gains on Wednesday. However, utilities and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 432 points to 42,512.00 on Wednesday. The S&amp;P 500 rose 0.71% to 5,792.04, while the Nasdaq Composite climbed 0.60% at 18,291.62 during Wednesday's session.
Investors are awaiting earnings results from Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>), Domino&#8217;s Pizza, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) and Tilray Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 72.2, the index remained in the &#8220;Greed&#8221; zone on Wednesday, versus a prior reading of 70.6.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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</ul>

Earnings

Pre-Market Outlook

Trading Ideas

AAPL

TLRY

S&P Settles At Record High As Apple, Amazon Shares Surge: Investor Optimism Improves Ahead Of Inflation Data

Tesla Inc. CEO Elon Musk has become a <a href="https://www.benzinga.com/startups/24/10/41234093/elon-musk-warns-america-is-spiraling-towards-bankruptcy-trump-taps-him-as-cost-cutter-with-a-salary">very vocal supporter of Republican presidential candidate Donald Trump </a>and he has put his social-media platform X to good use to mobilize support for the ex-president. Against this backdrop, a Democratic senator was left ruing the party&#8217;s lost opportunity to gain the support of the billionaire.
What Happened: Participating in a CNN panel discussion on the state of the race, Rep. Ro Khanna (D-Calif) <a href="https://x.com/stocktalkweekly/status/1844031263956729896">said</a>, &#8220;I think where the Democrats started to lose Elon [Musk] was actually personal.&#8221; 
&#8220;We should have celebrated his contribution to electric vehicles even though he was against unionization and stood up to unions,&#8221; he said.
The congressman said the party should have appreciated Starlink and acknowledged it as a great product. Starlink is a unit of Musk&#8217;s SpaceX, which provides low-latency satellite internet service.
The Democratic party should have celebrated the fact that Musk had the first commercial success of private people in space, Khanna said, adding that &#8220;A lot of it was that we didn&#8217;t celebrate it and he felt offended.&#8221; The congressman clarified he does not endorse Musk&#8217;s jokes about Vice President Kamala Harris or support his rants on X.
&#8220;But I think with the Democrats, remember, he was a supporter of [Barack] Obama, Bill Clinton. And we are a party that is John F. Kennedy. That is about innovation. That is about entrepreneurship,&#8221; he said.
See Also:<a href="https://www.benzinga.com/money/how-to-invest-in-spacex"> How to Invest in SpaceX</a>
Why It&#8217;s Important: As Khanna said, President Joe Biden has never acknowledged Tesla or Musk as the leader of the electric-vehicle revolution in the U.S. General Motors and Ford used to receive mentions in the administration&#8217;s EV conversations and heads of these companies were feted as leaders in White House&#8217;s EV conferences.
A Tesla influencer posted a video of Musk showing former President Obama around the SpaceX facility and <a href="https://x.com/iam_smx/status/1844045138177192180">said</a> Musk has historically been a moderate Democrat. The Tesla CEO even stood in line for six hours to shake Obama's hand when he was running for president, he said. 
Musk&#8217;s U-turn and public backing of Trump have come amid these circumstances. He engaged in conversations with his followers and fellow tech entrepreneurs about undocumented immigration and its peril, often blaming the Biden administration for the predicament.
After latently backing Trump for a while in the current election cycle, Musk openly endorsed Trump following the first assassination attempt against the former in Pennsylvania. Last weekend, <a href="https://www.benzinga.com/news/24/10/41198624/elon-musk-urges-rally-crowd-vote-for-trump-to-save-democracy">the world&#8217;s richest man joined Trump in a campaign rally in Butler, Pennsylvania</a> and also made an animated speech as he mobilized support for the former president.
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>
Image via Shutterstock

General

As Elon Musk Goes Full Throttle For Trump, Democratic Congressman Says Party Missed A Trick By Alienating The Billionaire: 'We Should Have Celebrated His Contribution'

Anticipated to open in 2027, The Ritz-Carlton,&nbsp;Cancun, Punta Nizuc, will feature a world-class oceanfront resort and ultra-luxury residential condominiums, developed through an unprecedented collaboration between three of&nbsp;Mexico&#39;s&nbsp;most experienced real estate developers.

Reported Earlier, Marriott International, FibraHotel, And Partners Unveil Plans For The Ritz-Carlton, Cancun At Punta Nizuc, Set To Open In 2027

&nbsp;The new tariff applies to tickets issued from the date of the resolution&#39;s publication and for travel occurring after thirty calendar days from that date.

CAAP

Reported Earlier, Corporación América Airports Announces Domestic Passenger Fee Increase In Argentina, From ARS2,540 To ARS5,685

With U.S. stock futures trading lower this morning on Thursday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) to report quarterly earnings at $1.52 per share on revenue of $14.67 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Delta Air shares gained 0.1% to $51.00 in after-hours trading.</li>
<li>AZZ Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZZ#NYSE">AZZ</a>) reported better-than-expected earnings for its second quarter, while sales missed estimates. The company said it sees FY24 adjusted earnings of $4.70 to $5.10 per share on sales of $1.525 billion to $1.625 billion. AZZ shares fell 1.3% to $80.50 in the after-hours trading session.</li>
<li>Analysts are expecting Domino&#8217;s Pizza, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NYSE">DPZ</a>) to post quarterly earnings at $3.65 per share on revenue of $1.1 billion. The company will release earnings before the markets open. Domino&#8217;s shares gained 0.7% to $416.24 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>10x Genomics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>) reported preliminary revenue of $151.7 million for the third quarter, down 1% year over year. 10x Genomics shares dipped 26% to $15.40 in the after-hours trading session.</li>
<li>Analysts expect Tilray Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) to post a quarterly loss at 4 cents per share on revenue of $219.3 million before the opening bell. Tilray Brands shares fell 1.2% to close at $1.63 on Wednesday.</li>
</ul>
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<li><a href="https://www.benzinga.com/markets/24/10/41262752/top-3-industrials-stocks-which-could-blast-off-this-quarter">Top 3 Industrials Stocks Which Could Blast Off This Quarter</a></li>
</ul>
Photo courtesy: Delta Air Lines

Delta Air Lines, Domino's Pizza And 3 Stocks To Watch Heading Into Thursday

The Federal Bureau of Investigation has <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40799485/cryptocurrency-scams-cost-americans-5-6b-in-2023-fbi-report-shows">charged 18 individuals and companies with fraud and manipulation</a> following a sting operation involving a fake cryptocurrency token. The operation, dubbed &#8220;Operation Token Mirrors,&#8221; led to the arrest of three individuals in Texas, the UK, and Portugal.
What Happened: The U.S. Department of Justice has announced that five defendants have either pleaded or agreed to plead guilty. The operation seized over $25 million in cryptocurrency assets, <a href="https://www.ft.com/content/fca21775-f94d-4af4-b778-c1b72cc119f4">reported</a> the Financial Times on Wednesday. 
The U.S. Securities and Exchange Commission (SEC) stated that the scheme involved &#8220;on-demand market manipulation&#8221; on trading platforms, creating massive artificial trading volumes.
The SEC highlighted that ZM Quant, a supposed market maker, was enlisted to support trading in NexFundAI, a token designed to invest in AI projects. ZM Quant&#8217;s employees allegedly advised on inflating the token&#8217;s price for profit. Unbeknownst to them, NexFundAI was an FBI tool to dismantle the pump-and-dump operation.
Jodi Cohen, an FBI special agent, stated, &#8220;The FBI took the unprecedented step of creating its very own cryptocurrency token and company to identify, disrupt and bring these alleged fraudsters to justice.&#8221; Charges include market manipulation and conspiracy to commit money laundering, with potential sentences of up to 20 years.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41204472/if-you-invested-1000-in-bitcoin-when-rap-legend-nas-sang-that-he-was-coin-based-basically-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1000 in Bitcoin When Rap Legend Nas Sang That He Was &#8216;Coin-Based, Basically Crypto-Currency Scarface,&#8217; Here&#8217;s How Much You&#8217;d Have Today</a>
Why It Matters: The FBI&#8217;s operation comes amid a backdrop of increasing cryptocurrency fraud. In 2023, Americans lost a staggering $5.6 billion to cryptocurrency-related scams, according to the <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40799485/cryptocurrency-scams-cost-americans-5-6b-in-2023-fbi-report-shows">FBI's 2023 Cryptocurrency Fraud Report</a>. This marks a 45% increase from the previous year, underscoring the growing sophistication of cybercriminals in the digital asset space.
Additionally, the FBI has been vigilant in issuing warnings against various crypto scams, including <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40132699/fbi-issues-alert-on-crypto-exchange-impersonation-scams">crypto exchange impersonation scams</a> and <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38461470/fbi-issues-warning-against-unregistered-crypto-services-amid-privacy-concerns">unregistered crypto services</a>. 
Meanwhile, the king crypto Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is currently trading at $63,126.50, up 0.45% for the day. Year to date, Bitcoin has surged 42.81%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41231841/nate-silver-donald-trumps-election-odds-pump-could-be-noise-but-republicans-project-confid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nate Silver: Donald Trump&#8217;s Election Odds Pump Could Be Noise, But Republicans &#8216;Project Confidence&#8217; In Trump Era, Democrats &#8216;Project Anxiety&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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

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Global

$BTC

FBI Busts $25M Crypto Fraud Ring: 18 Charged In 'Operation Token Mirrors' Involving Fake Token NexFundAI

AmerX Taps Broadridge Technology To Drive Securities Lending Expansion

Zoom Video Communications Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) is gearing up to launch <a href="https://www.benzinga.com/news/24/03/37928340/googles-vlogger-ai-can-create-realistic-video-avatars-from-a-single-image-heres-what-you-need-to-kno">AI avatars</a> that can communicate on behalf of users by posing as them.
What Happened: Zoom is developing a feature that will allow users to create AI avatars of themselves&nbsp;to send brief messages to&nbsp;their teams.
To generate a digital avatar, users will need to record a video of themselves, which Zoom&#8217;s AI will analyze to create an avatar that mirrors their appearance and voice.
Following these steps, users can type the message they&#8217;d like their AI avatar to deliver, and it will handle the speaking on the person&#8217;s behalf.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41199834/unreleased-m4-macbook-pro-shown-off-by-russian-youtuber-weve-seen-prototypes-leak-early-but-never-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Unreleased M4 MacBook Pro Shown Off By Russian YouTuber: &#8216;We&#8217;ve Seen Prototypes Leak Early But Never A Full Retail Apple Device Weeks In Advance,&#8217; Says Expert</a>
This feature will be integrated with Zoom&#8217;s Clips feature, enabling users to record short video updates for their colleagues.
&#8220;The custom AI Companion add-on will be $12 per user per month and is planned to be available for purchase in the first half of 2025, with select capabilities available in preview in the coming months,&#8221; the company stated.
However, paid Zoom subscribers without the add-on can still&nbsp;create clips using preset AI&nbsp;avatars and voices.
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: While Zoom is addressing <a href="https://www.benzinga.com/news/24/01/36813251/taylor-swift-joe-biden-and-more-embroiled-in-deepfake-attacks-threatening-us-election-integrity-we-a">potential deepfake issues</a> by implementing advanced authentication,&nbsp;watermarking technology, and strict usage&nbsp;policies, the introduction of AI avatars could come with potential risks.
Several companies have created AI technology to digitally &#8220;clone&#8221; a person&#8217;s face and match it with fairly natural-sounding synthetic speech.
Generative AI startup Tavus, for example, enables brands to craft virtual personas for personalized video advertisements, <a href="https://techcrunch.com/2024/10/09/zooms-custom-ai-avatar-tool-may-come-with-risks/">reported</a> TechCrunch.
Last year, Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) also introduced a service that generates realistic digital replicas of individuals. However, many of these tools come with strict safeguards to prevent misuse.
Tavus requires verbal consent from individuals, and Microsoft insists that customers obtain written permission and consent from anyone whose likeness is being used for avatars, the report noted.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Photo: courtesy of Zoom
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41239978/s-p-500-earnings-season-kicks-off-why-analysts-call-this-quarter-a-stock-pickers-pa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">S&amp;P 500 Earnings Season Kicks Off: Why Analysts Call This Quarter &#8216;A Stock Picker&#8217;s Paradise&#8217;</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

MSFT

Zoom Custom AI Avatars Can Now Deliver Messages To Your Team As You — Skipping Boring Remote Meetings Finally A Reality?

A leading Wall Street analyst has unveiled a comprehensive analysis of Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) potential in the robotaxi market, presenting five distinct scenarios that could shape <a href="https://www.benzinga.com/general/24/10/41257117/teslas-robotaxi-event-could-investor-hopes-be-premature-analyst-predicts-mass-production-not-until-2">the electric vehicle maker&#8217;s future valuation</a>.
What Happened: Pierre Ferragu, lead analyst at New Street Research, released a presentation Wednesday. The report employs a decision-tree approach to map out possible outcomes for Tesla&#8217;s autonomous driving ambitions.
At the heart of Ferragu&#8217;s analysis is whether Tesla can achieve unsupervised full self-driving capability. This technological milestone serves as the primary branching point for the scenarios, each with dramatically different implications for Tesla&#8217;s market position and valuation by 2030.
The scenarios range from a baseline valuation of $1.4 trillion, assuming Tesla fails to launch a robotaxi service, to an optimistic projection of $4.7 trillion if the company dominates the robotaxi market with limited competition.
Tesla has current a market cap of $770.06 <a href="https://companiesmarketcap.com/tesla/marketcap/#:~:text=Market%20cap:%20$781.15%20Billion,much%20a%20company%20is%20worth.">billion</a>, according to CompaniesMarketCap.
Key decision points in Ferragu&#8217;s analysis include:
<ol>
<li>Does Tesla achieve unsupervised FSD?</li>
<li>Can unsupervised FSD operate a robotaxi?</li>
<li>Can Tesla&#8217;s robotaxi service scale out?</li>
<li>Can competitors reach scale?</li>
</ol>
The most conservative scenario envisions Tesla unable to launch a robotaxi service, with FSD improvements providing a modest 2 percentage point boost to margins. In contrast, the most bullish scenario predicts Tesla capturing over 80% of the robotaxi market without partnering with established ride-hailing companies.
Ferragu&#8217;s middle scenarios explore outcomes where Tesla partners with Uber Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) to penetrate the human-driven fleet gradually, or where multiple robotaxi fleets compete, with Tesla securing a 50% market share.
The analysis highlights the critical importance of Tesla&#8217;s ability to scale its FSD technology into a &#8220;pure-play&#8221; nationwide robotaxi network. Success in this arena could potentially transform Tesla from primarily an automaker to a dominant force in autonomous transportation services.
Notably, even in scenarios where Tesla fails to achieve full robotaxi deployment, Ferragu projects significant growth. The baseline scenario still anticipates Tesla&#8217;s annual vehicle production increasing from 2 million units in 2023 to 7 million by 2030, with a corresponding rise in other revenue streams such as energy storage.
While the report presents a range of outcomes, it underscores the transformative potential of successful robotaxi deployment for Tesla&#8217;s business model and valuation. However, the analysis also acknowledges the technological and regulatory hurdles that must be overcome to realize the more optimistic scenarios.
Ferragu shared the same report on X, captioning it as &#8220;Framing the robotaxi opportunity.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> &#8211; FRAMING THE ROBOTAXI OPPORTUNITY Links below to download our research and to the Space we organize today today at 2:00 PM ET / 11:00 AM PT with Farzy &amp; Hans &#x1f447; <a href="https://t.co/eiKWp9No3f">pic.twitter.com/eiKWp9No3f</a>
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1844007155218919823?ref_src=twsrc%5Etfw">October 9, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Tesla is gearing up for its highly anticipated robotaxi event, <a href="https://www.benzinga.com/markets/equities/24/10/41244101/teslas-party-could-be-crashed-by-baidu-as-chinese-rival-considers-global-robotaxi-expansion">scheduled for Thursday</a>.
See Also: <a href="https://www.benzinga.com/news/24/10/41245477/trumps-teen-granddaughter-poses-with-cybertruck-for-homecoming-weekend-as-tesla-ceo-elon-musk-and-fo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Teen Granddaughter Poses With Cybertruck For Homecoming Weekend As Tesla CEO Elon Musk And Former President&#8217;s Ties Deepen</a>
Why It Matters: Tesla&#8217;s robotaxi ambitions have been a topic of considerable interest, particularly as the company prepares for its highly anticipated Robotaxi event. According to a recent analysis, <a href="https://www.benzinga.com/general/24/10/41257117/teslas-robotaxi-event-could-investor-hopes-be-premature-analyst-predicts-mass-production-not-until-2">some experts caution that mass production</a> of Tesla&#8217;s robotaxis may not occur until 2027, despite investor optimism.
Meanwhile, Ark Invest analyst Tasha Keeney suggests that Tesla&#8217;s robotaxi platform could account for a significant portion of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41247281/teslas-robotaxi-platform-could-account-for-90-of-ev-giants-enterprise-value-over-th">company&#8217;s enterprise value in the coming years</a>. Keeney anticipates that Tesla&#8217;s autonomous ride-hailing platform could launch within the next year or two, following advancements in FSD technology.
Additionally, Tesla faces potential competition from Baidu Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>), which is <a href="https://www.benzinga.com/markets/equities/24/10/41244101/teslas-party-could-be-crashed-by-baidu-as-chinese-rival-considers-global-robotaxi-expansion">reportedly considering expanding</a> its Apollo Go robotaxi service internationally. 
Elon Musk, CEO of Tesla, has previously stated that the company&#8217;s robotaxis <a href="https://www.benzinga.com/markets/equities/24/09/40979752/elon-musk-says-buses-wont-be-needed-once-tesla-robotaxis-start-operating-will-take-people-point-">could offer point-to-point transportation</a> at a cost comparable to bus tickets, potentially revolutionizing public transport once fully operational.
In August, The Future Fund Managing Partner Gary Black voiced skepticism about <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40333845/gary-black-highlights-skepticism-over-teslas-autonomy-ambitions-amid-competition-fr">Tesla maintaining a monopoly</a> in the unsupervised L4/L5 autonomy market. He pointed out that other companies, such as Baidu Inc., Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>), and Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) subsidiary Waymo have already received approval to deploy their autonomous vehicles.
Price Action: Tesla Inc. stock closed at $241.05 on Wednesday, down 1.41% for the day. In after-hours trading, the stock saw a slight uptick, rising 0.21%. Year to date, Tesla&#8217;s stock has declined by 2.97%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/news/24/10/41201568/mark-zuckerberg-redesigns-porsche-cayenne-turbo-gt-into-a-minivan-for-wife-priscilla-chan-gets-a-911?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Redesigns Porsche Cayenne Turbo GT Into A Minivan For Wife Priscilla Chan, Gets A 911 GT3 For Himself</a>
Tesla Robotaxi &#x7C; Photo Courtesy: Tesla
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

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UBER

Tesla's Future Valuation: Analyst Pierre Ferragu Unveils Scenarios Ranging From $1.4 To $4.7 Trillion Based On FSD, Robotaxi Success

The Chinese market, which reopened on Tuesday after a weeklong public holiday, was pressured on Wednesday as domestic traders did not get the additional stimulus they had factored in. Come Thursday, things took a turn for the better as the People&#8217;s Bank of China announced measures to boost the stability of the domestic equity market.
What Happened: In a statement released on its website, the PBoC said it has decided to establish the &#8220;Securities, Funds and Insurance Companies Swap Facility,&#8221; or SFISF, to support qualified securities, funds and insurance companies to exchange bonds, stock exchange-traded funds and CSI 300 constituent stocks and other assets for high-grade liquid assets such as Treasury bonds and central bank bills from the central bank. 
The scale of operation during the first phase is 500 billion yuan ($70.7 billion) and this could be expanded further depending on the situation, the central bank said. Applications from qualified securities, funds and insurance companies will be accepted with immediate effect, it said.
The central bank clarified that the new measure is in order to implement the requirements of the Third Plenary Session of the 20th CPC Central Committee regarding &#8220;establishing a long-term mechanism to enhance the inherent stability of the capital market&#8221; and promote the healthy and stable development of the capital market.&#8221;
See Also: <a href="https://www.benzinga.com/money/best-chinese-stocks">Best Chinese Stocks</a>
Thursday&#8217;s announcement comes on top of the liquidity-boosting measures the central bank announced in late September regarding cutting the reserve requirement ratio, which is the amount of cash banks must hold as reserves, by 50 basis points freeing up about 1 trillion yuan for new lending.
The central bank hinted at the possibility of reducing it by a further 0.25-0.50% points. It also said it would lower the seven-day repo rate by 0.2 points, the interest rate on a medium-term lending facility by about 30 basis points and loan prime rates by 20-25 basis points.
Market Reacts: The Shanghai Composite Index &#8211; the key market gauge of mainland China, rallied strongly following the fresh stimulus. After opening at 3,277.69, modestly higher than the previous close of 3,258.86, the index gave back its gains in early trading and moved below the unchanged line.
Following PBoC&#8217;s announcement, the index recovered. At last check, it traded 2.92% higher at 3,353.91.
Hong Kong&#8217;s Hang Seng Index also rallied over 4%.
US-listed Stocks Rip Higher: U.S.-listed Chinese stocks listed in Hong Kong reflected the buoyancy and were sharply higher by mid-day on Thursday. Among the gainers are:
<ul>
<li>Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) gained 4.28%.</li>
<li>XPeng, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) jumped 9.50%.</li>
<li>Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) rose 5.96%.</li>
<li>Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) added 6%.</li>
<li>JD.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) climbed 5.63%.</li>
<li>Tencent Holdings Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) moved up 1.98%.</li>
<li>Baidu, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) moved up 2.47%.</li>
</ul>
The iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>) ended Wednesday&#8217;s session down 2.36% at $51.97, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
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Image via Shutterstock

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Alibaba, JD.com, XPeng Soar In Hong Kong As PBOC's Fresh Stimulus To Boost Stock Market Sends Chinese Main Stock Market Gauge Up By 3%

Earlier this year, tech giants Alphabet Inc.&#8217;s Google and Apple Inc. joined forces to simplify the process of moving photos and videos between their platforms by launching a tool.
What Happened: The new tool allows users to transfer media directly from Google Photos to iCloud Photos without the hassle of manual downloads and uploads.
This collaboration addresses a common pain point for users switching between ecosystems or looking to consolidate their digital memories.
The transfer process, which can be initiated through Google Takeout, promises to save both time and data for users with extensive media libraries.
While the service is available to most Apple users globally, there are some limitations. Child accounts, Managed Apple IDs, and users with Advanced Data Protection enabled are currently not eligible for the transfer service.
See Also: <a href="https://www.benzinga.com/news/24/09/41108345/apples-satellite-messaging-feature-emerges-as-lifeline-after-hurricane-helene-leaves-thousands-witho">Apple&#8217;s Satellite Messaging Feature Emerges As Lifeline After Hurricane Helene Leaves Thousands Without Cell Phone Service: Here&#8217;s How You Can Use It</a>
<h3 class="wp-block-heading">How To Transfer Google Photos To iCloud</h3>
Step I: Visit Google Takeout.
Step II: Select &#8220;Apple &#8211; iCloud Photos&#8221; as the destination.
<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07044955/Screenshot-2024-10-07-at-2.19.30%E2%80%AFPM-1024x969.png" alt="" class="wp-image-582897" style="width:519px;height:auto" /></figure>
Step III: Sign in with your Apple ID and grant the necessary permissions.
<figure class="wp-block-image size-large is-resized"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/07045006/Screenshot-2024-10-07-at-2.19.59%E2%80%AFPM-1024x810.png" alt="" class="wp-image-582898" style="width:519px;height:auto" /></figure>
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Why It's Important: This move by Google and Apple not only benefits consumers but also signals a potential shift towards greater interoperability between major tech platforms.
As users become increasingly reliant on cloud storage for their digital lives, such collaborations could become more common in the future.
For those considering a switch from Android to iOS or looking to consolidate their photo libraries, this new tool offers a seamless solution.
However, users should ensure they have sufficient iCloud storage before initiating the transfer to avoid any hiccups in the process.
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>.
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Disclaimer: 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: Google

How To Switch From Google Photos To Apple's iCloud

Did you know you can lock or hide individual apps on your iPhone for even more privacy?
Whether you&#8217;re handing your phone to someone or just want to keep certain apps off-limits, here's how you can lock or hide apps with Face ID, Touch ID, or your passcode—no stress, just simple steps.
<h3 class="wp-block-heading">How to Lock An App</h3>
Step I: Go to your Home Screen.
Step II: Find the app you want to lock.
Step III: Press and hold the app icon until a menu pops up.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="472" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043509/IMG_4355-472x1024.png" alt="" class="wp-image-587114" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043509/IMG_4355-472x1024.png 472w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043509/IMG_4355-138x300.png 138w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043509/IMG_4355.png 498w" sizes="(max-width: 472px) 100vw, 472px" /></figure>
Step IV: Tap Require Face ID (or Touch ID or Passcode), and then repeat the same.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="472" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043646/IMG_4356-472x1024.png" alt="" class="wp-image-587115" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043646/IMG_4356-472x1024.png 472w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043646/IMG_4356-138x300.png 138w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043646/IMG_4356.png 498w" sizes="(max-width: 472px) 100vw, 472px" /></figure>
Step V: Authenticate with Face ID, Touch ID, or your passcode.
Now, your app is locked and won't show up in notifications, search results, or Siri suggestions.
Heads up: You can&#8217;t lock system apps like Calculator, Camera, and Maps.
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.
<h3 class="wp-block-heading">How To Unlock A Locked App</h3>
Step I: Tap the app from the Home Screen.
Step II: Authenticate using Face ID, Touch ID, or your passcode.
<h3 class="wp-block-heading">How To Remove The Lock</h3>
Step I: Press and hold the app icon.
Step II: Tap Don't Require Face ID (or Touch ID or Passcode), then authenticate.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="472" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043812/IMG_4357-472x1024.png" alt="" class="wp-image-587117" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043812/IMG_4357-472x1024.png 472w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043812/IMG_4357-138x300.png 138w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043812/IMG_4357.png 498w" sizes="(max-width: 472px) 100vw, 472px" /></figure>
Want to take it further? You can hide apps so they disappear from your Home Screen but still live in your App Library.
See Also: <a href="https://www.benzinga.com/news/24/09/41108345/apples-satellite-messaging-feature-emerges-as-lifeline-after-hurricane-helene-leaves-thousands-witho">Apple&#8217;s Satellite Messaging Feature Emerges As Lifeline After Hurricane Helene Leaves Thousands Without Cell Phone Service</a>
<h3 class="wp-block-heading">How To Hide An App</h3>
Step I: Go to your Home Screen.
Step II: Press and hold the app icon until the menu appears.
Step III: Tap Require Face ID (or Touch ID or Passcode).
Step IV: Tap Hide and Require Face ID, then authenticate.
Step V: The app moves to the Hidden folder in your App Library.
<h3 class="wp-block-heading">How To Access A Hidden App</h3>
Step I: Swipe left through your Home Screen to reach the App Library.
Step II: Scroll to the bottom and tap the Hidden folder.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="472" height="1024" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043836/IMG_4358-472x1024.png" alt="" class="wp-image-587119" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043836/IMG_4358-472x1024.png 472w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043836/IMG_4358-138x300.png 138w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/09043836/IMG_4358.png 498w" sizes="(max-width: 472px) 100vw, 472px" /></figure>
Step III: Authenticate, then tap the app to open it.
<h3 class="wp-block-heading">How To Bring The App Back On Home Screen</h3>
Step I: Open the Hidden folder in your App Library.
Step II: Press and hold the app, select Don't Require Face ID, and authenticate.
Note: Apps that come pre-installed with iOS 18 or later cannot be hidden—only apps you download from the App Store can be concealed.
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 AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Bagus Hernawan on Unsplash

How To Lock Or Hide Apps On Your iPhone For Extra Privacy

LTRX

Reported Earlier, Lantronix Debuts Five New System-in-Package Solutions, Powered by Qualcomm,

After <a href="https://www.benzinga.com/news/24/10/41233245/ai-godfather-geoffrey-hinton-wins-nobel-prize-for-artificial-intelligence-work-work-has-already-been">winning the 2024 Nobel Prize</a> in Physics for his work in artificial intelligence, Geoffrey Hinton,&nbsp;known as the &#8220;Godfather of AI,&#8221; took a jab at OpenAI CEO&nbsp;Sam Altman.
What Happened: During a conversation with&nbsp;University of Toronto&nbsp;president Meric Gertler, which was posted on YouTube on Wednesday, Hinton expressed pride in his students&#8217; achievements, particularly highlighting the incident involving Altman.
The Nobel winner, who is a University Professor Emeritus&nbsp;of computer science at the University of Toronto, said, &#8220;I&#8217;d also like to acknowledge my students … they&#8217;ve gone on to do great things. I&#8217;m particularly proud of the fact that one of my students fired Sam Altman.&#8221;
He was referring to Ilya Sutskever, who studied machine learning at the University of Toronto, where Hinton has been a longtime professor.
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When asked to elaborate on his comment, Hinton said that explained that OpenAI was established with a strong&nbsp;emphasis on safety. Its primary&nbsp;objective was to develop artificial&nbsp;general intelligence and ensure its safety.
&#8220;One of my former students, Ilya Sutskever was the chief scientist and over time it turned out that Sam Altman was much less concerned with safety than with profits and I think that&#8217;s unfortunate,&#8221; he stated.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="University of Toronto Press Conference - Professor Geoffrey Hinton, Nobel Prize in Physics 2024" width="500" height="281" src="https://www.youtube.com/embed/H7DgMFqrON0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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</figure>
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Why It Matters: Last year in November, Altman stepped down from his <a href="https://www.benzinga.com/news/23/11/35856766/sam-altman-departs-openai-over-board-communication-issues-new-ceo-to-assume-leadership">role as CEO due to concerns</a> about his transparency in communications with the board, leading to a loss of confidence in his leadership.
Later, when OpenAI's staff and top executives revolted against the decision, <a href="https://www.benzinga.com/news/23/11/35872963/deeply-regret-my-participation-openais-chief-scientist-who-voted-to-oust-altman-vows-to-reunite-the">Sutskever conceded</a>, expressing regret over the board's decision. &#8220;I deeply regret my participation in the board's actions. I never intended to harm OpenAI.&#8221;
Altman eventually <a href="https://www.benzinga.com/news/23/11/35911061/sam-altman-to-return-as-openai-ceo-as-new-board-collaborating-to-figure-out-details">returned as CEO of OpenAI</a>. &#8220;We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D&#8217;Angelo,&#8221; the company stated at the time.
In May 2024, Sutskever <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">announced his departure</a> from OpenAI, expressing confidence in the company&#8217;s ability&nbsp;to develop artificial general intelligence&nbsp;under Altman&#8217;s leadership.
Later in September, Sutskever&#8217;s AI startup, Safe Superintelligence (SSI), <a href="https://www.benzinga.com/news/24/09/40722123/openai-co-founder-ilya-sutskevers-ai-startup-raises-1b-from-andreessen-horowitz-sequoia-as-sam-altma">raised $1 billion to develop</a> advanced AI systems.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Photo Courtesy: Wikimedia Commons
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Disclaimer: 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.

2024 Physics Nobel Laureate Geoffrey Hinton Says 'Particularly Proud' Of The Student That Fired OpenAI CEO Sam Altman Who Was 'Less Concerned With Safety Than With Profits'

Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) is working towards its goal of transforming into a zero-emission platform with measures including the introduction of an AI assistant on the driver app to help with EV-related queries, company CEO Dara Khosrowshahi said on Tuesday. 
What Happened: Uber committed to transforming into a zero-emission platform by 2040 four years ago. On Tuesday, Khosrowshahi said in a blog that the company invested heavily to increase the number of electric vehicles in its fleet to over 182,000 units.
&#8220;It's important progress, but we know it's not enough.&nbsp;In order to help repair our planet,&nbsp;both the public and private sectors need to act with more urgency. And while we know the future is electric, getting there requires new ideas and constant innovation,&#8221; the CEO said. 
The CEO also announced the rollout of new features and updates to ramp up the electrification of its fleet including kicking off a series of premium EV pop-ups so riders can try previous EVs such as the Lotus Eletre in London and Rivian R1 in LA, Miami, and Dallas. The CEO also announced an AI assistant in the driver app powered by&nbsp;OpenAI's GPT-4o to help resolve drivers&#8217; queries on EVs. 
Why It Matters: Uber&#8217;s push towards electrification comes ahead of EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41257775/uber-well-positioned-despite-tesla-robotaxi-threat-analyst-says">unveiling its dedicated robotaxi product</a> on Oct. 10.
Musk has previously said that the company&#8217;s robotaxi fleet will operate as a mix of Uber and Airbnb. While a certain portion of the fleet will be owned by Tesla, individual Tesla customers can also add or subtract their vehicles to the robotaxi fleet at will for additional income. As for riders, they can summon a car using the Tesla App, Musk said.
However, not a lot of people are convinced about the functionality of this model, <a href="https://www.benzinga.com/news/24/08/40299293/uber-ceo-dara-khosrowshahi-doubts-teslas-robotaxi-fleet-management-plans-but-maintains-hope-for-part" target="_blank" rel="noreferrer noopener">including the Uber</a> CEO who flagged concerns including whether a car owner is going to want their car to be ridden in by a complete stranger.
He also flagged other concerns including trouble in meeting demand as individual drivers might want their vehicles at the same hour as when demand peaks.
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>.
Read More:
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</ul>
Photo courtesy: Wikimedia

Uber Announces Measures To Ramp Up Electrification Of Its Fleet Ahead Of Tesla's Robotaxi Unveil

The notes will bear interest at a rate of&nbsp;5.600%&nbsp;per annum. Interest on the notes will be payable semi-annually in arrears on April 11 and October 11 of each year, commencing April 11, 2025.
The net proceeds from the Offering will be approximately&nbsp;$737.7 million, after deducting the underwriting discount, but before offering expenses. Ares intends to use the net proceeds from the Offering for (i) the payment of a portion of the cash consideration due in respect of Ares&#39; previously announced acquisition of the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (&quot;GCP International&quot;), and existing capital commitments to certain managed funds (the &quot;GCP Acquisition&quot;) and related fees, costs and expenses and/or (ii) general corporate purposes, including repayment of debt, other strategic acquisitions and growth initiatives. Pending such use, Ares may invest the net proceeds in short-term investments.

ARES

Reported Earlier, Ares Management Prices $750M 5.600% Senior Notes Due 2054

BW LPG Limited (&quot;BW LPG&quot; or the &quot;Company&quot;, OSE ticker code: &quot;BWLPG.OL&quot;, NYSE ticker code: &quot;BWLP&quot;) today provides an update on its Product Services&#39; (&quot;BW Product Services&quot;)&nbsp;Q3&nbsp;2024 segment performance. For the quarter ended 30 September 2024, BW Product Services reported an estimated gross profit of approximately USD 71 million. This gross profit was mainly a result of USD 86 million of unrealised marked to market value of open cargo contracts and hedging transactions, realised trading gains of USD 16 million, offset by hedging loss of USD 31 million on the realised positions. The open cargo value is reflected in the overall trading book value and will be gradually revalued and realised in the next 12 months, as per standard methodology.
After general and administrative expenses and income taxes, BW Product Services reported an estimated net profit of approximately USD 60 million for the quarter.
The average Value-At-Risk (VAR) for the quarter was approximately USD 5 million.
BW LPG will release its&nbsp;Q3&nbsp;2024 financial report on 2 December 2024.

BWLP

BW LPG's Product Services Reports $60M Net Profit For Q3 2024; Average VAR For The Quarter Stood At $5M

<ul>
<li>Proof of concept clinical trial will evaluate leniolisib in PIDs with immune dysregulation linked to altered PI3Kẟ signaling in lymphocytes</li>
<li>PIDs to include ALPS-FAS, CTLA4 haploinsufficiency, NFKB1 haploinsufficiency and PTEN deficiency, with prevalence approximately five times that of APDS&nbsp;</li>
<li>Clinical trial being conducted at the National Institutes of Health (NIH)</li>
</ul>

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