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Cristiano Ronaldo, the renowned soccer player, has invested in the Portuguese porcelain manufacturer Vista Alegre Atlantis SGPS. This marks another strategic move by Ronaldo to diversify his investment portfolio.
What Happened: Ronaldo has agreed to purchase a 10% stake in Vista Alegre Atlantis SGPS from Grupo Visabeira, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-14/soccer-star-ronaldo-buys-stake-in-porcelain-maker-vista-alegre?srnd=homepage-asia">reported</a>. This investment is part of a broader plan by Ronaldo to acquire 30% of Vista Alegre Spain through his company, CR7 SA. Additionally, both parties have agreed to establish a 50-50 joint venture in the Middle East and Asia to promote the Vista Alegre brand and Bordallo Pinheiro, named after a 19th-century Portuguese artist renowned for his ceramics designs.
Vista Alegre, founded in 1824, which specializes in porcelain, ceramic items, and crystal glassware, did not disclose the value of Ronaldo&#8217;s investment.
See Also: <a href="https://www.benzinga.com/news/24/06/39330319/trumps-niece-says-ex-presidents-white-house-campaign-is-driven-by-revenge-he-hates-all-of-america?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Ex-President&#8217;s White House Campaign Is Driven By &#8216;Revenge:&#8217; &#8216;He Hates All Of America&#8217;</a>
Why It Matters: Ronaldo&#8217;s investment in Vista Alegre is the latest in a series of business ventures he has undertaken in recent years. In 2022, he joined the Saudi Arabian soccer club Al Nassr for a reported annual salary of around $200 million. Ronaldo, 39, has been strategically investing in various businesses as he prepares for life after his sports career.
The soccer player&#8217;s net worth is estimated to be $903 million, according to Forbes and he is classed as one of the world&#8217;s highest-paid athletes.
Earlier in 2015, Ronaldo and Portuguese hotel operator Grupo Pestana SGPS SA announced a plan to invest €75 million in four boutique hotels with a total of 400 rooms in Portugal, Spain, and the US. At the time, the footballer said this was his biggest-ever investment as he prepared for life after soccer, according to Bloomberg.
Ronaldo&#8217;s investment in Vista Alegre comes on the heels of his recent foray into the world of non-fungible tokens . Despite being embroiled in a legal tangle, Ronaldo <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39033962/cristiano-ronaldo-set-to-launch-yet-another-nft-collection-on-binance-despite-1b-lawsuit">launched his fourth NFT collection on Binance</a> in May 2024, paying tribute to his illustrious career.
Read Next: <a href="https://www.benzinga.com/news/24/06/39348022/new-york-city-clerks-mistakenly-approve-paperwork-that-falsely-tied-ivanka-trump-and-hillary-clinton?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">New York City Clerks Mistakenly Approve Paperwork That Falsely Tied Ivanka Trump And Hillary Clinton To $150 Million Real Estate Scam</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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Sports

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Cristiano Ronaldo Diversifies Portfolio — Acquires 10% Stake In This 200-Year-Old Company

Sharing a snippet of Geoffrey Hinton&#8217;s interview on social media over the weekend, the Tesla and SpaceX CEO Elon Musk, praised him for his superior intellect and shared concerns about <a href="https://www.benzinga.com/news/23/06/32880527/this-former-google-officer-predicts-ai-will-be-1-billion-times-smarter-than-us-1">AI&#8217;s potential to outsmart humans</a>.
What Happened: On Saturday, Musk took to X, formerly Twitter, and shared a video of Hinton, known to many as the &#8220;Godfather of AI,&#8221; <a href="https://www.bnnbloomberg.ca/50-50-chance-that-ai-outsmarts-humanity-geoffrey-hinton-says-1.2085394">appearing</a> on Bloomberg television, saying, &#8220;Wise words from a recent interview with @geoffreyhinton, one of the smartest people in the world regarding AI.&#8221;
Hinton has been vocal about the need for the tech industry to invest significantly in addressing the <a href="https://www.benzinga.com/news/23/05/32566930/former-google-ceo-echoes-musk-and-hintons-dire-warnings-on-ai-becoming-existential-risk">potential threat of AI</a> surpassing human intelligence. During the interview, He estimated a 50-50 chance of this happening within the next two decades.
&#8220;I think there's a 50-50 chance it will get more intelligent than us in the next 20 years,&#8221; he said.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39285683/apple-analyst-says-you-dont-wanna-be-anywhere-near-the-stock-in-4-years-feels-wwdc-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Analyst Says &#8216;You Don&#8217;t Wanna Be Anywhere Near The Stock&#8217; In 4 Years, Feels WWDC Was Like A &#8216;Snap CEO Talking Like We&#8217;re Gonna Target 22-Year Olds&#8217;</a>
Hinton supports his argument by giving the example of OpenAI&#8217;s ChatGPT. &#8220;If you take something like GPT-4, which is bigger than GPT-3, it is quite a lot smarter.  It answers a whole bunch of questions correctly that GPT-3 would get wrong.&#8221;
Hinton contrasted that risk with the potential financial gains from the technology, highlighting it as one of the main tensions that led OpenAI co-founder Ilya 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">to leave the company</a>.
&#8220;The people interested in safety, like Ilya Sutskever, wanted significant resources to be spent on safety. People interested in profits, like Sam Altman, didn't want to spend too many resources on that,&#8221; he said, adding, &#8220;I think (Altman) would like big profits.&#8221;
He also suggested that companies dedicate 20% to 30% of their computing resources to study how this intelligence might eventually evade human control. Hinton also <a href="https://www.benzinga.com/news/24/05/38911101/universal-basic-income-was-a-good-idea-ai-godfather-geoffrey-hinton-warns-of-job-losses-and-extincti">called for urgent government intervention</a>.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Wise words from a recent interview with <a href="https://twitter.com/geoffreyhinton?ref_src=twsrc%5Etfw">@geoffreyhinton</a>, one of the smartest people in the world regarding AI <a href="https://t.co/11A7fJpLcs">pic.twitter.com/11A7fJpLcs</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1801976488251814048?ref_src=twsrc%5Etfw">June 15, 2024</a></blockquote>
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Why It Matters: Last year Hinton <a href="https://www.benzinga.com/news/23/05/32146221/ai-godfather-geoffrey-hinton-quits-google-hard-to-see-how-you-can-prevent-the-bad-actors-from-using">left his position</a> at Google to speak more freely about the risks posed by AI. At the time, he expressed regret over his role in the development of AI technology, stating, &#8220;If I hadn&#8217;t done it, somebody else would have.&#8221;
Earlier this year, he warned of potential job losses due to AI and called for the implementation of a universal basic income. In May 2024, a study by Microsoft and LinkedIn found that <a href="https://www.benzinga.com/news/24/05/38703371/ai-adoption-in-workplace-employees-concealing-use-of-ai-tools-for-fear-of-job-replacement-microsoft">75% of employees use AI in their work</a>. However, over half of these employees are reluctant to admit using AI for their most critical tasks, fearing it might make them seem replaceable.
<a href="https://www.benzinga.com/news/24/06/39319028/terminator-in-real-life-ai-godfather-warns-of-human-wipe-out-in-5-to-20-years">Hinton also predicted a possible</a> &#8220;human wipeout&#8221; in five to 20 years due to the rise of AI. &#8220;As soon as I thought it might wipe us out, I quit Google and started telling people it might wipe us out.&#8221;
During the interview with BBG, Hinton also said that the soaring stock market values and competitive pressures these companies face are rapidly diminishing the industry&#8217;s focus on safety concerns. However, this doesn&#8217;t mean all tech leaders are unconcerned about the risks.
&#8220;Some people in industry —  particularly Elon Musk — have said this is a real threat. I don't agree with much of what he says but that aspect I do agree with,&#8221; he stated.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/06/39331628/adobes-optimistic-forecast-for-new-ai-tech-infused-products-attract-investor-cheer-stock-soars?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Adobe&#8217;s Optimistic Forecast For New AI Tech Infused Products Attract Investor Cheer, Stock Soars</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Tech

Media

TSLA

Elon Musk Calls Geoffrey Hinton One Of The Smartest People After AI Godfather Says '50-50 Chance' The Technology Will Get 'More Intelligent Than Us In The Next 20 Years'

Wedbush Securities analyst Dan Ives has raised the price target for Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) from $500 to $550, citing positive AI customer feedback and the increasing monetization of Copilot and Azure.
What Happened: Ives took to X to announce the price target increase on Sunday. The analyst highlighted the growing interest in Microsoft&#8217;s AI offerings and the imminent monetization of Azure, a cloud computing service, as the primary reasons for the bullish outlook.
&#8220;We are raising our price target on Microsoft from $500 to $550 reflecting incrementally bullish recent AI customer checks with a tidal wave of Copilot and Azure monetization now on the doorstep for MSFT. We have seen AI deal conversions for the enterprise accelerating,&#8221; Ives wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We are raising our price target on Microsoft from $500 to $550 reflecting incrementally bullish recent AI customer checks with a tidal wave of Copilot and Azure monetization now on the doorstep for MSFT. We have seen AI deal conversions for the enterprise accelerating &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1802426258799919416?ref_src=twsrc%5Etfw">June 16, 2024</a></blockquote>
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Microsoft stock gained over 29% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>) and&nbsp;SPDR Select Sector Fund – Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>).
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39344508/as-apple-nvidia-trade-near-all-time-highs-jim-cramer-tells-investors-to-cash-in-on-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Apple, Nvidia Trade Near All-Time Highs, Jim Cramer Tells Investors To Cash In On AI Stocks: &#8216;Let&#8217;s Not Be Too Greedy&#8217;</a>
Why It Matters: Microsoft has been making significant strides in the AI and cloud computing sectors. The company recently announced a $7.16 billion investment in the <a href="https://www.benzinga.com/news/24/06/39332010/microsoft-set-to-pour-7-16b-into-new-data-centres-in-spains-aragon-report">construction of new data centers in Aragon, Spain</a>, over the next ten years. This move is expected to bolster Microsoft&#8217;s cloud infrastructure and enhance its Azure services.
Despite a recent setback with its AI feature, Recall, Microsoft remains committed to AI innovation. CEO Satya Nadella has been driving the <a href="https://www.benzinga.com/news/24/06/39318448/microsoft-is-betting-big-on-ai-outpacing-rivals-with-new-strategy">company&#8217;s AI strategy</a>, making significant investments and partnerships.
Moreover, Microsoft&#8217;s decision to develop an Arm-based PC chip, in collaboration with MediaTek, is set to challenge Intel&#8216;s market dominance. This development aligns with <a href="https://www.benzinga.com/markets/equities/24/06/39292451/microsoft-set-to-receive-arm-based-pc-chip-developed-by-mediatek-to-challenge-intels-market-domi">Microsoft&#8217;s focus on AI applications</a>, potentially further boosting the company&#8217;s position in the AI and cloud computing markets.
Price Action: Microsoft Corp. closed at $442.57, up 0.22% on Friday; in after-hours trading, it dipped 0.036%. The stock has gained 19.33% year to date, according to the <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39345917/is-bitcoin-pricey-at-current-levels-rich-dad-poor-day-author-robert-kiyosaki-says-k?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Bitcoin Pricey At Current Levels? &#8216;Rich Dad, Poor Day&#8217; Author Robert Kiyosaki Says King Crypto &#8216;Not High As It&#8217;s Going To Go&#8217;</a>
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>

Equities

Global

Markets

Analyst Ratings

MSFT

Wedbush Analyst Dan Ives Raises Microsoft's Price Target To $550: 'Tidal Wave Of Copilot And Azure Monetization Now On The Doorstep' For Redmond

Microsoft Corporation&#8216;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Japan president&nbsp;Miki Tsusaka&nbsp;has expressed her belief that the country&#8217;s rapid adoption of artificial intelligence could <a href="https://www.benzinga.com/markets/asia/24/02/37149323/japan-no-longer-worlds-third-largest-economy-as-aging-asian-powerhouse-concedes-position-to-germany">further boost its economy</a> and technology sector.
What Happened: Tsusaka highlighted Japan&#8217;s swift embrace of new AI tools, attributing it to the country&#8217;s digitalization push during the pandemic. She noted that Japan had made significant progress, despite previously lagging,&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-06-16/microsoft-s-japan-chief-sees-country-accelerating-its-use-of-ai?srnd=technology-vp">reported</a>&nbsp;Bloomberg.
&#8220;The&nbsp;Japanese have caught up. And&nbsp;I think it will continue&nbsp;to accelerate at this point&nbsp;because the technology enables things&nbsp;that we haven&#8217;t been able to do,&#8221; Tsusaka said, adding, &#8220;We don't have enough people, our population is aging, and yet generative AI has the power to accelerate growth.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39348364/tim-cook-tells-mkbhd-blindly-ranking-apple-products-is-like-choosing-your-favorite-nieces-or-nephews?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tim Cook Tells MKBHD Blindly Ranking Apple Products Is Like Choosing &#8216;Your Favorite Nieces Or Nephews:&#8217; This Is What Cupertino Chief Thinks About MacBook, iPad, iPhone, Magic Mouse And Vision Pro</a>
Tsusaka is particularly interested in empowering&nbsp;more women in the local&nbsp;workforce, a key focus area for Microsoft in Japan. She also identified cybersecurity as a crucial priority, saying, &#8220;You can't use AI without security. It's security, security, security. And then you get to use AI.&#8221;
&#8220;We all were wowed when the internet came,&#8221; she said. &#8220;Mobile phones now are part of our bodies. But generative AI, I think, is a technology revolution that surpasses all of those.&#8221;
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&#8217;s commitment to Japan&#8217;s AI development is <a href="https://www.benzinga.com/government/24/04/38169797/microsoft-announces-major-ai-expansion-and-cybersecurity-boost-in-japan">evident in its&nbsp;$2.9 billion investment</a> over the&nbsp;next two years to expand&nbsp;its AI data centers in&nbsp;the country. This investment, announced in April, coincided with Japanese Prime Minister&nbsp;Fumio Kishida&#8216;s visit to Washington.
Microsoft&#8217;s AI push in Japan has also attracted other major players in the industry. In the same month, ChatGPT-parent OpenAI, backed by Microsoft, <a href="https://www.benzinga.com/government/24/04/38245193/openai-launches-first-asian-office-in-tokyo-amid-microsofts-massive-ai-and-cloud-push-in-japan">opened its first Asian office in Tokyo</a>, aiming to engage with regional businesses and cultivate new revenue streams.
Photo Courtesy: Shutterstock.com
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>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/06/39331628/adobes-optimistic-forecast-for-new-ai-tech-infused-products-attract-investor-cheer-stock-soars?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Adobe&#8217;s Optimistic Forecast For New AI Tech Infused Products Attract Investor Cheer, Stock Soars</a>
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.

Microsoft Regional Chief Says This Country Has 'Caught Up' In AI Technology And Continues To Pick Up The Pace: 'I Think It Will Continue To Accelerate'

Renowned entrepreneur, Mark Cuban, recently criticized media personality, Piers Morgan, and hedge fund manager, Bill Ackman, for their perceived bias in political discourse.
What Happened: On Thursday, Cuban took to Twitter to express his views on the current political climate. He accused Morgan and Ackman of losing objectivity due to their focus on appeasing their X followers. The billionaire investor highlighted the age of the presidential candidates, hinting at their potential for memory lapses and physical frailties.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">You guys both, <a href="https://twitter.com/piersmorgan?ref_src=twsrc%5Etfw">@piersmorgan</a>, <a href="https://twitter.com/BillAckman?ref_src=twsrc%5Etfw">@BillAckman</a>, are so consumed with pandering to your twitter followers, you have lost all objectivity. I'll let you both in on a secret. BOTH CANDIDATES ARE OLD. VERY OLD. They both are going to have senior moments, mis-remember, forget… <a href="https://t.co/TVGpEDTGt4">https://t.co/TVGpEDTGt4</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1802503676730466735?ref_src=twsrc%5Etfw">June 17, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/06/39346691/trump-vs-biden-one-candidate-pulls-ahead-in-recent-poll-amid-legal-challenges?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: One Candidate Pulls Ahead In Recent Poll Amid Legal Challenges</a>
Why It Matters: Cuban&#8217;s post on X, the platform formerly known as Twitter, was a response to a video shared by Ackman, which was originally posted by Morgan. The post featured President Joe Biden and former President Barack Obama at a star-studded Democratic fundraiser. In the video, Obama can be seen walking Biden out of the stage.
The fundraiser, saw Biden, former President Obama, and several Hollywood celebrities <a href="https://www.benzinga.com/news/24/06/39349184/biden-obama-and-hollywood-a-listers-raise-over-30m-in-fundraiser-warn-of-second-trump-term-hes-liter">raise over $30 million</a>. The event was held amidst warnings of the potential threat of a second term for Trump.
On Saturday, during a campaign event in Detroit, Donald Trump, who just turned 78 on Friday, <a href="https://www.benzinga.com/news/24/06/39348388/donald-trump-challenges-joe-biden-to-take-cognitive-test-fumbles-own-doctors-name-in-process">questioned the mental acuity</a> of Biden, who is 81, and suggested that Biden should take a cognitive test. Ironically, Trump misnamed his own former doctor, calling Rep. Ronny Jackson &#8220;Ronny Johnson,&#8221; a slip that was quickly noted by critics and the Biden campaign.
Cuban has <a href="https://www.benzinga.com/news/24/05/39015615/mark-cuban-defends-bidens-economic-record-blames-trump-for-underperforming-obama-economy-he-inherite">previously defended</a> Biden&#8217;s economic policies and criticized Trump for underperforming the &#8216;Obama economy&#8217; he inherited.
However, Ackman has expressed his displeasure with Biden&#8217;s handling of his role, even <a href="https://www.benzinga.com/news/24/04/38423358/bill-ackman-says-not-voting-for-biden-slams-president-for-inaction-on-american-hostage-issue-too-foc">ruling out voting</a> for the incumbent, according to a Benzinga report.
Cuban&#8217;s tweet adds another layer to the ongoing political discourse, highlighting the potential for bias and the importance of objectivity in political discussions.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39328409/hedge-fund-manager-says-trumps-radical-tax-plan-is-hyperbole-useful-to-kick-the-hor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hedge Fund Manager Says Trump&#8217;s Radical Tax Plan Is &#8216;Hyperbole…Useful To Kick The Hornet&#8217;s Nest&#8217;: &#8216;Not Going To Be A Plan That Works&#8217;</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

Mark Cuban Slams Bill Ackman, Piers Morgan For Pandering To Social Media Followers On 2024 Election: 'Both Candidates Are Old....Both Are Going To Have Senior Moments'

Activist investor Starboard Value has reportedly acquired a significant stake in Autodesk Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) and is advocating for changes within the company. Autodesk&#8217;s architecture, engineering, and construction solutions include AutoCAD and Revit, their flagship product for relational building information modeling.
What Happened: Starboard Value has invested approximately $500 million in Autodesk, a design-software company. The investment firm has expressed concerns about the company&#8217;s operational strategies, corporate governance, and handling a recent accounting investigation that led to a drop in the stock price, <a href="https://www.wsj.com/finance/activist-starboard-value-has-stake-in-autodesk-2b764e01?mod=latest_headlines">reported</a> to The Wall Street Journal on Sunday citing people familiar with the matter.
Starboard is urging Autodesk to enhance its profit margins and make modifications to its board. The activist investor has already met with the company&#8217;s executives to discuss these issues.
The San Francisco-based Autodesk, with a market capitalization of nearly $50 billion, has seen its shares decrease by 7% this year. The company, which provides engineering, 3D-design, and entertainment software and services, faced a significant stock drop following the revelation of an accounting probe and a delay in its annual financial report in April.
Starboard has criticized Autodesk for not disclosing the investigation and other material updates until after the company&#8217;s window for shareholders to nominate director candidates had closed in late March. 
The investment firm is reportedly considering legal action to demand the reopening of Autodesk&#8217;s director-nomination window and a delay in the company&#8217;s annual shareholder meeting, currently scheduled for Jul. 16, according to the report.
Autodesk did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment. 
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39345194/apple-nvidia-are-the-most-overbought-stocks-on-wall-street-amid-ai-frenzy-here-are-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple, Nvidia Are The Most Overbought Stocks On Wall Street Amid AI Frenzy: Here Are Other Stocks With Potential For Pullback</a>
Why It Matters: The investment by Starboard Value and its subsequent push for changes at Autodesk could significantly impact the company&#8217;s future. The activist investor&#8217;s involvement often leads to substantial shifts in a company&#8217;s operations and governance, potentially influencing its stock performance and overall market position.
New York-based Starboard invests across various sectors, with a strong focus on technology, including recent initiatives at Salesforce, Wix.com, and GoDaddy. Recently, the firm, led by Jeff Smith, has also secured board seats at Algonquin Power &amp; Utilities and Bloomin&#8217; Brands, the parent company of Outback Steakhouse.
Starboard&#8217;s move comes amid a challenging period for Autodesk. Goldman Sachs analyst in the last week questioned <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39296284/goldman-sachs-analyst-questions-autodesks-revenue-growth-and-total-addressable-mark">Autodesk&#8217;s revenue growth</a> and total addressable market targets. The analyst, Kash Rangan, maintained a Sell rating on Autodesk and lowered the price target from $230 to $225, citing the company&#8217;s strong competitive positioning and relative stickiness that could command operating margins north of 40% in the long term.
The company reported <a href="https://www.benzinga.com/news/earnings/24/06/39277546/whats-going-on-with-autodesk-stock-after-earnings">its first-quarter earnings</a> of $1.87 per share, which beat the analyst consensus estimate of $1.77 by 5.65%. Additionally, a purported stockholder derivative complaint was filed in the U.S. District Court that named the directors and Chief Strategy Officer as defendants and the company as a nominal defendant.
Price Action: Autodesk Inc.&#8217;s stock closed at $225.87 on Friday, up 1.24%; in after-hours trading, the stock price remained unchanged, with a year-to-date decline of 3.52%, according to the data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39346506/donald-trumps-planned-visit-to-black-church-in-detroit-draws-backlash-from-critics-who-say-he-di?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s Planned Visit To Black Church In Detroit Draws Backlash From Critics Who Say He Didn&#8217;t Do Enough As President</a>
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>

ADSK

AutoCAD-Maker Autodesk Receives $500M Investment From Starboard Value, Activist Investor Demands Changes: Report

In a star-studded fundraiser, President Joe Biden, former President Barack Obama, and Hollywood celebrities raised over $30 million, warning of the unprecedented threat of a potential second term for Donald Trump.
What Happened: The fundraiser, held at the Peacock Theater in Los Angeles, featured a discussion between Biden and Obama, moderated by late-night host Jimmy Kimmel, <a href="https://www.washingtonpost.com/politics/2024/06/16/biden-obama-clooney-fundraiser/">reported</a> The Washington Post on Thursday.
Biden spoke about the potential for political violence if Trump is re-elected, stating, &#8220;Institutions matter. What he did on January 6th, and now he's literally saying if he doesn't win there'll be a bloodbath. It's outrageous — what he's talking about is outrageous.&#8221;
First Lady Jill Biden also criticized Trump, saying, &#8220;Or, we can choose someone who wakes up every morning caring about one person and one person only — himself.&#8221;
The event, hosted by Kimmel, Obama, and actors George Clooney and Julia Roberts, was described by the Biden campaign as the largest-ever Democratic fundraiser. This surpasses the March fundraiser at New York's Radio City Music Hall, which featured three living presidents and raised over $25 million.
Despite the ongoing fundraising efforts, polls show Biden and Trump in a deadlock, with both struggling to change the dynamics of the race. Trump has notably closed the fundraising gap with Biden in recent weeks, partly due to a historic verdict in which he was convicted on 34 counts of falsifying business records to conceal a hush money payment to an adult-film actress.
While the focus of the fundraiser was on Trump&#8217;s threats to democratic institutions, there were also moments of dissent. Pro-Palestinian protesters lined the outside of the theater, reflecting Biden&#8217;s political challenges due to his strong support of Israel.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39339704/michelle-obama-smokes-robert-kennedy-jr-in-presidential-race-match-up?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michelle Obama Smokes Robert Kennedy Jr. In Presidential Race Match-Up</a>
Why It Matters: The fundraiser&#8217;s success comes amid a close race between Biden and Trump, with Biden gaining support from independent voters in recent polls, as per a <a href="https://www.benzinga.com/general/politics/24/06/39348200/biden-back-on-top-president-beats-trump-by-1-point-in-latest-2024-election-poll-how-immigration-">Benzinga report</a>. Trump, on the other hand, has been challenging Biden&#8217;s mental acuity, even <a href="https://www.benzinga.com/news/24/06/39348388/donald-trump-challenges-joe-biden-to-take-cognitive-test-fumbles-own-doctors-name-in-process">proposing a cognitive test</a> for the current president.
Despite the fundraising efforts, the race remains tight, with both candidates hoping to make a new impression on voters during the upcoming debate on June 27.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39346506/donald-trumps-planned-visit-to-black-church-in-detroit-draws-backlash-from-critics-who-say-he-di?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s Planned Visit To Black Church In Detroit Draws Backlash From Critics Who Say He Didn&#8217;t Do Enough As President</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Biden, Obama And Hollywood A-Listers Raise Over $30M In Fundraiser, Warn Of Second Trump Term: 'He's Literally Saying If He Doesn't Win There'll Be A Bloodbath'

Rep. Byron Donalds (R-Fla.) has called on the Supreme Court to expedite the appeal process for former President Donald Trump&#8216;s hush money case, citing political motivations behind the legal proceedings.
What Happened: Donalds, who is reportedly on Trump&#8217;s shortlist for the vice-presidential candidate, expressed his views on the matter during an interview with NBC News&#8217; Peter Alexander on &#8220;Meet the Press&#8221; on Sunday, <a href="https://thehill.com/regulation/court-battles/4724964-donalds-says-supreme-court-should-intervene-in-trump-hush-money-case/">reported</a> The Hill.
Donalds&#8217; statement comes in the wake of Trump&#8217;s conviction on 34 felony counts of falsifying business documents in connection to hush money payments made to conceal an alleged affair just before the 2016 election. Trump is set to be sentenced next month.
Donalds, echoing an earlier call by Speaker Mike Johnson (R-La.), asserted that the Supreme Court should step in to expedite the appeal process, which could potentially take years. He labeled the legal case against Trump as a politically motivated effort.
&#8220;This is being done for political purposes,&#8221; Donalds remarked. &#8220;Everybody knows how the court system works in New York. The only ability for this to be overturned is going to be happening two or three years from now. That&#8217;s why what happened in lower Manhattan was to interfere with an election.&#8221;
Donalds&#8217; comments are in line with Johnson&#8217;s previous description of the conviction as &#8220;totally unprecedented.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/06/39345839/trumps-niece-says-ex-president-wants-to-be-free-and-clear-to-go-after-his-political-enemies-our-best?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Ex-President Wants To Be &#8216;Free And Clear&#8217; To Go After His Political Enemies: &#8216;Our Best Chance Forward Is To &#8230;&#8217;</a>
Why It Matters: Trump&#8217;s conviction has had a significant impact on the political landscape. Recent polls show that President Joe Biden has <a href="https://www.benzinga.com/general/politics/24/06/39348200/biden-back-on-top-president-beats-trump-by-1-point-in-latest-2024-election-poll-how-immigration-">regained support from independent voters</a> following Trump&#8217;s guilty verdict. This has led to a close race between the two front-running candidates in the 2024 presidential election.
Meanwhile, despite the legal challenges, Trump remains a <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39211388/donald-trump-vets-vice-presidential-candidates-gops-top-contenders-betting-odds">betting favorite to win the 2024 presidential election</a>. His decision on the vice-presidential candidate is eagerly anticipated, with Donalds reportedly being considered for the role.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39328409/hedge-fund-manager-says-trumps-radical-tax-plan-is-hyperbole-useful-to-kick-the-hor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hedge Fund Manager Says Trump&#8217;s Radical Tax Plan Is &#8216;Hyperbole…Useful To Kick The Hornet&#8217;s Nest&#8217;: &#8216;Not Going To Be A Plan That Works&#8217;</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

'Everybody Knows How The Court System Works In New York,' Says Trump VP Contender Byron Donalds On Ex-President's Hush Money Case

Neel Kashkari, the President of the Minneapolis Federal Reserve, said it was a &#8220;reasonable prediction&#8221; that a single interest rate cut could take place by the end of 2024.
What Happened: Kashkari, speaking on CBS&#8217; &#8220;Face the Nation&#8221; program, stated that it is a &#8220;reasonable prediction&#8221; that the U.S. central bank will reduce interest rates once this year, with the most likely timing being December, reported Reuters on Sunday.
He emphasized the need for more evidence to ensure that inflation is on a downward trajectory toward the 2% target. The Fed has maintained its benchmark policy rate in the 5.25%-5.50% range since July 2023 to counter inflationary pressures.
&#8220;We&#8217;re in a strong position, but if you just said there&#8217;s going to be one cut, which is what the median indicated, that would likely be toward the end of the year,&#8221; said Kashkari.
The Fed&#8217;s projections, released last week, indicated that the median forecast of all 19 U.S. central bankers was for a single interest rate cut this year. Kashkari, who has been more cautious about easing monetary policy than his peers, did not specify the number of rate cuts he personally expects.
Despite the Fed&#8217;s aggressive rate hikes in 2022 and 2023, Kashkari expressed surprise at the resilience of the U.S. job market. He anticipates a cooling in the job market and hopes for a return to a more balanced economy.
See Also: <a href="https://www.benzinga.com/news/large-cap/24/06/39332520/french-stocks-set-for-worst-week-since-russias-war-in-ukraine-yields-versus-bund-hit-12-year-highs?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">French Stocks Set For Worst Week Since Russia&#8217;s War In Ukraine, Yields Versus Bund Hit 12-Year Highs On Snap Election Jitters</a>
Why It Matters: Kashkari&#8217;s prediction comes amid a series of developments that have influenced the U.S. rate cut prospects. Inflation in May <a href="https://www.benzinga.com/markets/equities/24/06/39289912/us-inflation-eases-more-than-expected-in-may-boosts-2024-rate-cut-prospects-ahead-of-wednesdays-">eased more than expected</a>, raising hopes for a gradual return to the Fed&#8217;s 2% target. This led to an increased expectation for a September rate cut and bolstered bets on a double rate cut by year-end.
However, the <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39298115/fed-holds-rates-steady-projections-show-fewer-rate-cuts-higher-inflation-outlook">Fed&#8217;s decision to hold rates steady</a> in June, coupled with a slightly higher inflation outlook, delivered a hawkish surprise to the markets. Despite this, <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39317123/goldman-sachs-reaffirms-september-rate-cut-forecast-downplays-feds-hawkish-surprise">Goldman Sachs reaffirmed</a> its forecast for two interest rate cuts in 2024, starting in September, citing the cumulative progress on inflation.
These developments have led to a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39210617/central-banks-are-cutting-interest-rates-will-the-fed-be-the-next-to-move">speculation</a> about the Fed&#8217;s next move in the context of other central banks, such as the Bank of Canada and the European Central Bank, which have already initiated a phase of policy easing.
Photo Courtesy: Flickr
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39334146/consumer-sentiment-tumbles-in-june-reaches-7-month-low-high-prices-as-well-as-weakening-incomes-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Consumer Sentiment Tumbles In June, Reaches 7-Month Low: &#8216;High Prices As Well As Weakening Incomes&#8217; Raise Concerns</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Economics

Minneapolis Fed President Neel Kashkari Says 'Reasonable Prediction' That Fed Rate Cut Could Come At Year End: 'We're In A Strong Position'

<a href="https://www.wsj.com/finance/activist-starboard-value-has-stake-in-autodesk-2b764e01?mod=hp_lead_pos4" title="https://www.wsj.com/finance/activist-starboard-value-has-stake-in-autodesk-2b764e01?mod=hp_lead_pos4">https://www.wsj.com/finance/activist-starboard-value-has-stake-in-autodesk-2b764e01?mod=hp_lead_pos4</a>

Insider Trades

Wall Street Journal, Citing Sources, Reported Starboard Value Has ~ $500M Stake In Autodesk And Is Pushing For Changes At The Company

Billionaire entrepreneur Mark Cuban thinks that efforts by the U.S. government and investors in proprietary large-language models to regulate artificial intelligence (AI) will end up giving the lead in this <a href="https://www.benzinga.com/news/24/06/39245450/mark-cuban-warns-us-ai-regulations-could-give-china-the-edge-after-openais-sora-faces-new-threat-fro" target="_blank" rel="noreferrer noopener">critical field to Chinese companies</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39246035/linkedin-vp-aneesh-raman-stresses-importance-of-soft-skills-in-ai-era-engaging-with-ai-is-not-a-digi" rel="noreferrer noopener">LinkedIn VP Aneesh Raman Stresses Importance Of Soft Skills In AI Era: &#8216;&#8230;Engaging With AI Is Not A Digital Skill Set. It&#8217;s A Communication Skill Set&#8217;</a>
A series of data breaches at a $20 billion internet company co-owned by Japan&#8217;s SoftBank Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) and South Korea&#8217;s Naver (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NHNCF#OTC">NHNCF</a>) is causing diplomatic <a href="https://www.benzinga.com/news/24/06/39266985/data-leak-in-masayoshi-sons-softbank-backed-internet-company-causes-strain-in-japan-south-korea-rela" target="_blank" rel="noreferrer noopener">tensions between the two nations</a>.
Read: <a href="https://www.benzinga.com/general/gaming/24/06/39300006/fromsoftwares-miyazaki-admits-room-for-improvement-if-players-rely-on-guides-in-elden-ring" target="_blank" rel="noreferrer noopener">FromSoftware&#8217;s Miyazaki Admits &#8216;Room For Improvement&#8217; If Players Rely On Guides In Elden Ring</a>
The launch of a new gossip app,&nbsp;Fizz, at a Vermont high school has reportedly led to widespread bullying and controversy, reigniting concerns about the&nbsp;<a href="https://www.benzinga.com/news/24/06/39251360/new-gossip-app-fizz-leads-to-widespread-high-school-bullying-raises-concerns-over-teen-anxiety-repor" target="_blank" rel="noreferrer noopener">impact of social media&nbsp;on teen mental health</a>.
Vrio Corporation, the parent company of DIRECTV Latin America and Sky Brasil, has partnered with&nbsp;Amazon.com, Inc&#8217;s. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Project Kuiper to offer satellite broadband in <a href="https://www.benzinga.com/markets/latin-america/24/06/39306491/amazons-project-kuiper-partners-with-vrio-corporation-to-deliver-satellite-broadband-in-7-s" target="_blank" rel="noreferrer noopener">seven South American countries</a>.
Gaming
Microsoft Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) revealed during Xbox Games Showcase and the Call of Duty Direct event that &#8220;Call of Duty: Black Ops 6&#8221; will require a constant internet connection for all game modes on consoles, <a href="https://www.benzinga.com/general/gaming/24/06/39257159/call-of-duty-black-ops-6-requires-constant-internet-connection-on-consoles-for-first-time" target="_blank" rel="noreferrer noopener">marking a first for the series</a>.
Related: <a target="_blank" href="https://www.benzinga.com/general/gaming/24/06/39277761/activision-confirms-call-of-duty-black-ops-6-wont-require-massive-300-gb-download" rel="noreferrer noopener">Activision Confirms Call Of Duty: Black Ops 6 Won&#8217;t Require Massive 300 GB Download</a>
Electronic Arts Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) EA Sports&nbsp;unveiled&nbsp;San Francisco 49ers running back&nbsp;Christian McCaffrey&nbsp;as <a target="_blank" href="https://www.benzinga.com/general/gaming/24/06/39280444/unveiling-madden-nfl-25-christian-mccaffreys-cover-debut-game-updates" rel="noreferrer noopener">the cover athlete for&nbsp;Madden NFL 25</a>.
Read: <a target="_blank" href="https://www.benzinga.com/general/gaming/24/06/39277698/resident-evil-village-hits-10m-sales-fastest-selling-game-in-series-history" rel="noreferrer noopener">Resident Evil Village Hits 10M Sales: Fastest-Selling Game In Series History</a>
Smartphones
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) announced the first major update to visionOS at the WWDC 2024, bringing some important usability improvements to Apple Vision Pro users. Among these changes are memories, immersive <a href="https://www.benzinga.com/news/24/06/39256085/apples-vision-pro-to-debut-outside-us-markets-for-the-first-time-these-are-countries-on-tim-cooks-li" target="_blank" rel="noreferrer noopener">experiences and productivity improvements</a>.
Apple announced its new artificial intelligence&nbsp;initiative,&nbsp;Apple <a target="_blank" href="https://www.benzinga.com/news/24/06/39262940/apple-intelligence-to-be-limited-to-iphone-ipad-and-macs-and-wont-make-its-way-to-watch-tv-and-visio" rel="noreferrer noopener">Intelligence</a><a target="_blank" href="https://www.benzinga.com/news/24/06/39262940/apple-intelligence-to-be-limited-to-iphone-ipad-and-macs-and-wont-make-its-way-to-watch-tv-and-visio" rel="noreferrer noopener">, at the WWDC 2024</a>. Also, the company highlighted new features for iPads and iPhones and a deeper push to&nbsp;integrate <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39274000/7-apple-analysts-mixed-on-wwdc-2024-iphone-upgrade-cycle-coming-but-when" rel="noreferrer noopener">artificial intelligence on products</a>.
Related: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39285683/apple-analyst-says-you-dont-wanna-be-anywhere-near-the-stock-in-4-years-feels-wwdc-" rel="noreferrer noopener">Apple Analyst Says &#8216;You Don&#8217;t Wanna Be Anywhere Near The Stock&#8217; In 4 Years, Feels WWDC Was Like A &#8216;Snap CEO Talking Like We&#8217;re Gonna Target 22-Year Olds&#8217;</a>
Apple kicked off the iOS 18 update with some important quality-of-life improvements, including customization, smarter email organization, a <a href="https://www.benzinga.com/news/24/06/39256556/apple-unveils-ios-18-with-satellite-messaging-home-screen-customization-privacy-improvements-and-mor" target="_blank" rel="noreferrer noopener">better messaging experience and more</a>.
Apple revealed that it is partnering with Microsoft-backed OpenAI to integrate ChatGPT into iOS 18, <a href="https://www.benzinga.com/news/24/06/39258186/apple-integrates-new-chatgpt-features-in-iphone-mac-and-ipad-sam-altman-thinks-you-will-really-like" target="_blank" rel="noreferrer noopener">iPadOS 18 and macOS 15 Sequoia</a>.
Related: <a target="_blank" href="https://www.benzinga.com/news/24/06/39284760/tesla-ex-ai-chief-andrej-karpathy-really-liked-wwdc-2024-announcements-but-grok-investor-pierre-ferr" rel="noreferrer noopener">Tesla Ex-AI Chief Andrej Karpathy &#8216;Really Liked&#8217; WWDC 2024 Announcements But Grok-Investor Pierre Ferragu Skeptical On Execution: &#8216;Can Apple Make It Work?&#8217;</a>
Apple&#8217;s Tim Cook&nbsp;has expressed uncertainty about the company&#8217;s ability to completely&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/06/39285737/tim-cook-admits-he-has-doubts-about-apples-ability-to-prevent-ai-hallucinations-i-would-never-claim" rel="noreferrer noopener">prevent AI hallucinations</a>.
CEO&nbsp;Tim Cook&nbsp;said that the company&#8217;s objective is not to increase device usage but to enable users to achieve things they couldn&#8217;t without their devices, after&nbsp;unveiling <a target="_blank" href="https://www.benzinga.com/news/24/06/39305868/tim-cook-aims-to-help-apple-users-accomplish-more-without-extending-screen-time-we-want-to-empower-y" rel="noreferrer noopener">Apple Intelligence&nbsp;earlier this week</a>.
Apple has revealed its plans to integrate&nbsp;Alphabet Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)&nbsp;Google Gemini&nbsp;AI model into its&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/06/39271592/apple-may-introduce-google-gemini-ai-model-for-iphone-mac-and-ipad-says-craig-federighi" rel="noreferrer noopener">Apple Intelligence feature set</a>.
Apple has rejected the submission of UTM, a generic PC system emulator, from the iOS App Store and&nbsp;third-party app stores, despite the European Union&#8217;s recent efforts to loosen its <a target="_blank" href="https://www.benzinga.com/news/24/06/39250102/apple-blocks-emulator-app-for-iphones-from-app-store-and-alternative-stores-showing-it-still-exerts" rel="noreferrer noopener">control using the Digital Markets Act, or DMA</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39244134/ming-chi-kuo-says-iphone-16-shipments-to-fall-5-yoy-ios18s-unveiling-at-apples-wwdc-2024-will-have-l" rel="noreferrer noopener">Ming-Chi Kuo Says iPhone 16 Shipments To Fall 5% YoY: iOS18&#8217;s Unveiling At Apple&#8217;s WWDC 2024 Will Have Limited Impact On Replacement Demand</a>
Tech
The Turkish Competition Board has fined Google approximately $14.85 million (482 million Turkish Lira) for non-compliance <a href="https://www.benzinga.com/news/24/06/39250744/google-hit-with-14-85m-fine-by-turkish-authority-over-local-search-compliance" target="_blank" rel="noreferrer noopener">with local competition regulations</a>.
Alphabet has been hit with a privacy complaint by Austrian advocacy group NOYB. The complaint alleges that Google tracks users of its <a target="_blank" href="https://www.benzinga.com/news/24/06/39305523/another-setback-for-google-alphabet-faces-austrian-privacy-complaint-over-chrome-tracking" rel="noreferrer noopener">Chrome browser without proper consent</a>.
The new head of search of Google, Liz Reid, has conveyed that the company will not always be able to detect errors in AI searches. This statement was made <a href="https://www.benzinga.com/news/24/06/39313168/google-search-chief-tells-employees-dont-hold-back-features-just-because-there-might-be-occasional-p" target="_blank" rel="noreferrer noopener">at a recent all-hands meeting</a>. 
Dexcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>), a&nbsp;leading glucose monitor manufacturer, has enabled&nbsp;direct&nbsp;Apple&#8217;s AAPL&nbsp;Watch connectivity for&nbsp;its&nbsp;G7 model <a href="https://www.benzinga.com/news/24/06/39244233/apple-watch-now-directly-syncs-with-dexcoms-g7-glucose-monitor" target="_blank" rel="noreferrer noopener">in the&nbsp;United States</a>.
Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>)&nbsp;has reportedly combined its two North American AI research centers and appointed a former&nbsp;Apple Inc.&nbsp;AAPL&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/06/39284417/ex-apple-siri-guru-to-lead-samsungs-north-american-ai-division" rel="noreferrer noopener">executive to head the newly formed division</a>.
The chairman of Samsung Electronics, Jay Y. Lee, has been in discussions with the heads of Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Amazon.com and Qualcomm (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>). The discussions revolved around potential areas of cooperation, including artificial intelligence, <a href="https://www.benzinga.com/news/24/06/39310074/samsung-chairman-engages-in-strategic-talks-with-meta-amazon-and-qualcomm" target="_blank" rel="noreferrer noopener">cloud services and semiconductors</a>.
Meta Platforms has been hit with a complaint in Norway for using user images and posts from <a href="https://www.benzinga.com/news/24/06/39307741/meta-platforms-under-fire-in-norway-for-using-private-user-data-from-facebook-instagram-for-ai-train" target="_blank" rel="noreferrer noopener">Facebook and Instagram to train AI models</a>.
Elon Musk
Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and&nbsp;SpaceX&nbsp;CEO&nbsp;Elon Musk&nbsp;on Sunday put an end to the&nbsp;speculation <a target="_blank" href="https://www.benzinga.com/news/24/06/39244688/elon-musk-shuts-down-smartphone-rumors-we-are-not-going-to-do-a-tesla-phone" rel="noreferrer noopener">about a potential&nbsp;Tesla smartphone</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39246781/elon-musk-thinks-humanoid-robots-will-one-day-exceed-human-population-from-nvidias-project-gr00t-to" rel="noreferrer noopener">Elon Musk Thinks Humanoid Robots Will One Day Exceed Human Population: From Nvidia&#8217;s Project GR00T To Tesla&#8217;s Optimus, Here Are Top 7 Projects Currently Underway</a>
Presumptive Republican candidate&nbsp;Donald Trump&#8217;s&nbsp;niece&nbsp;Mary Trump&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/09/34306743/trumps-niece-slams-elon-musk-for-his-anti-woke-comments-blames-him-for-destroying-twitter" rel="noreferrer noopener">has once again criticized</a>&nbsp;Tesla and&nbsp;SpaceX CEO&nbsp;Elon Musk for allegedly destroying&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/06/39303823/trumps-niece-slams-latest-improvement-to-x-elon-musk-is-even-stupider-than-i-thought" rel="noreferrer noopener">Twitter</a><a target="_blank" href="https://www.benzinga.com/news/24/06/39303823/trumps-niece-slams-latest-improvement-to-x-elon-musk-is-even-stupider-than-i-thought" rel="noreferrer noopener">, now rebranded as&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/06/39303823/trumps-niece-slams-latest-improvement-to-x-elon-musk-is-even-stupider-than-i-thought" rel="noreferrer noopener">X</a>.
Musk&#8217;s&nbsp;X, formerly&nbsp;Twitter, is set to roll out a new feature that will allow users to&nbsp;keep their likes private. This move is aimed at protecting users from <a target="_blank" href="https://www.benzinga.com/news/24/06/39284004/elon-musk-introduces-private-likes-to-protect-users-but-people-want-to-know-about-the-rampant-adult" rel="noreferrer noopener">potential backlash for their online activity</a>.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39264633/as-elon-musk-blasts-apples-partnership-with-chatgpt-parent-openai-analysts-say-theres-definitely-an" rel="noreferrer noopener">As Elon Musk Blasts Apple&#8217;s Partnership With ChatGPT-Parent OpenAI, Analysts Say There&#8217;s Definitely &#8216;An Unanswered Question&#8217;</a>
Artificial Intelligence (AI)
Elon Musk withdrew his lawsuit against OpenAI and its co-founders, Sam Altman and Greg Brockman. His decision came a day after he went on a tirade and criticized Apple <a href="https://www.benzinga.com/news/24/06/39283661/elon-musk-drops-openai-lawsuit-involving-sam-altman-greg-brockman-a-day-after-blasting-apple-for-par" target="_blank" rel="noreferrer noopener">for partnering with the </a><a href="https://www.benzinga.com/news/24/06/39283661/elon-musk-drops-openai-lawsuit-involving-sam-altman-greg-brockman-a-day-after-blasting-apple-for-par" target="_blank" rel="noreferrer noopener">ChatGPT</a><a href="https://www.benzinga.com/news/24/06/39283661/elon-musk-drops-openai-lawsuit-involving-sam-altman-greg-brockman-a-day-after-blasting-apple-for-par" target="_blank" rel="noreferrer noopener"> parent</a>.
Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39304829/ai-is-helping-cat-owners-in-tokyo-keep-their-feline-friends-healthier-app-can-reportedly-detect-pain" rel="noreferrer noopener">AI Is Helping Cat Owners In Tokyo Keep Their Feline Friends Healthier: App Can Reportedly Detect Pain With More Than 95% Accuracy</a>
Apple&#8217;s Craig Federighi&nbsp;has revealed that users will be able to opt&nbsp;out of the integration&nbsp;of&nbsp;OpenAI&#8217;s ChatGPT, a move that could alleviate <a target="_blank" href="https://www.benzinga.com/news/24/06/39287140/elon-musk-reacts-as-apple-offers-opt-out-option-for-openais-chatgpt-integration-easing-privacy-conce" rel="noreferrer noopener">mounting concerns about AI privacy</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39284426/google-engineer-says-sam-altman-led-openai-set-back-ai-research-progress-by-5-10-years-llms-have-suc" rel="noreferrer noopener">Google Engineer Says Sam Altman-Led OpenAI Set Back AI Research Progress By 5-10 Years: &#8216;LLMs Have Sucked The Oxygen Out Of The Room&#8217;</a>
OpenAI&#8217;s Mira Murati&nbsp;responded to&nbsp;Elon Musk&#8217;s&nbsp;criticism of the&nbsp;company&#8217;s partnership&nbsp;with&nbsp;Apple&#8217;s emphasizing OpenAI&#8217;s <a target="_blank" href="https://www.benzinga.com/news/24/06/39290929/key-openai-executive-defends-apple-partnership-against-elon-musks-creepy-spyware-accusation-we-care" rel="noreferrer noopener">commitment to user privacy</a>.
Related: <a href="https://www.benzinga.com/news/24/06/39291654/craig-federighi-explains-how-apple-intelligence-maintains-user-privacy-amid-concerns-over-chatgpt-in" target="_blank" rel="noreferrer noopener">Craig Federighi Explains How Apple Intelligence Maintains User Privacy Amid Concerns Over ChatGPT Integration</a>
Photo: Shutterstock

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GOOG

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What's New In the Consumer Tech World Last Week? News That You Should Know (June 9-June 15, 2024)

Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares saw a bounce last Thursday after CEO Elon Musk hinted at shareholders&#8217; overwhelming support for his 2018 compensation plan. However, the shares pulled back sharply on Friday after the <a href="https://www.benzinga.com/news/24/06/39323339/tesla-shareholders-approve-elon-musk-56b-pay-package-other-company-proposals">approval was officially confirmed.</a> A bearish analyst delved into the investment worthiness of the stock in an interview aired last week.
Hugely Dangerous: &#8220;Tesla is the biggest stock market bubble in world history and we have just seen the start of it,&#8221;<a href="https://finance.yahoo.com/video/tesla-biggest-market-bubble-world-151926652.html"> said</a> Per Lekander, Clean Energy Transition&#8217;s CEO and portfolio manager, in an interview with Yahoo Finance. He said Tesla&#8217;s models are outdated, the valuation is insane and earnings are plummeting.
The Tesla bear said he estimates earnings to fall 50% this year. The consensus estimate for 2024 has dropped from $5 at the start of the year to $2.65, he noted, adding that he estimates $1.40 per share. The analyst has a $15 price target for Tesla.
Lekander also flagged other risks, such as class action lawsuits and questions regarding the Tesla board paying itself enormous money. 
&#8220;I think this is hugely dangerous, and in the end, it&#8217;s going to prove to be the next Enron,&#8221; he added.
<a href="https://www.benzinga.com/news/24/04/38474626/tesla-is-now-enron-folks-facebook-co-founder-claims-musks-ev-giant-is-cooking-up-some-fsd-data">The Enron parallel was previously used by Dustin Moskovitz, </a>co-founder of Facebook (now Meta), who expressed uneasiness over cooked-up data regarding full self-driving capabilities. The infamous Enron saga stemmed from the company inflating its financial performance and hiding billions in debt with complex financial instruments. This eventually led to one of the biggest corporate scandals in U.S. history.
See Also: Everything You Need to Know About Tesla Stock
Retail Prop: Lekander said that retail traders are holding up the stock right now. While the broader market is up about 20%-25%, Tesla has fallen about 60% this year and the downward spiral is materializing step by step, he said.
&#8220;The retail crowd needs to to give up because that is what&#8217;s holding up this stock [which] in evaluation makes absolutely no sense,&#8221; the analyst said, adding he sees the stock going down further due to downward pressure on the bottom line, given the cyclical impact of the company&#8217;s price cuts.
Lekander said the first quarter had terrible deliveries but not bad earnings. In the second quarter, the company did everything to boost car sales, including offering financing at nearly 0% interest. He also raised the specter of the company making a loss in the second quarter and potentially in the third quarter. 
&#8220;I think many fanboys will run for the hills,&#8221; he said.
Tesla ended Friday&#8217;s session down 2.44% at $178.01, according to <a href="https://benzinga.grsm.io/register174">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39345986/elon-musks-super-difficult-tesla-goal-fiskers-troubles-just-got-worse-faraday-future-eyes-afford">Elon Musk&#8217;s &#8216;Super Difficult&#8217; Tesla Goal, Fisker&#8217;s Troubles Just Got Worse, Faraday Future Eyes Affordable Segment And More: Biggest EV Stories Of The Week</a>
Photo: Shutterstock<a href="https://login.yahoo.com/manage_account?src=finance&amp;.done=https%3A%2F%2Ffinance.yahoo.com%2F&amp;pspid=&amp;activity=ybar-addacct"></a><a href="https://login.yahoo.com/account/logout?logout_all=1&amp;.direct=2&amp;crumb=bgsOzg/MQoM&amp;.done=https%3A%2F%2Ffinance.yahoo.com%2F"></a>

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Short Ideas

Trading Ideas

Tesla Analyst Explains Why EV Marker Is 'Going To Prove To Be The Next Enron': 'Many Fanboys Will Run For The Hills'

Treasury Secretary Janet Yellen publicly criticized a proposal by former President Donald Trump to replace parts of the U.S. income tax with increased <a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti">tariffs on imported goods.</a>
What Happened: Trump proposed the idea during a meeting with Republican lawmakers on Capitol Hill last week. 
The former president is attempting to unify GOP leaders ahead of the July Republican National Convention, according to Reps. Thomas Massie (R-Ky.) and Marjorie Taylor Greene (R-Ga), <a href="https://www.usatoday.com/story/news/politics/elections/2024/06/16/janet-yellen-donald-trump-income-tax-tariffs/74117456007/">reported</a> USA Today.
Yellen, however, dismissed the proposal during an interview with ABC. Talking about the feasibility of the idea, Yellen said, "It would require tariffs well over 100%. The impact would be to make life unaffordable for working class Americans, and it would harm American businesses."
Trump&#8217;s proposal came as President Joe Biden&#8216;s approval rating has dropped among voters without college degrees and those earning $50,000 or less annually. During Trump&#8217;s presidency, tariffs played a crucial role in his economic strategy, with many Chinese imports facing tariffs as high as 25%.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39346542/donald-trump-had-several-discussions-about-executing-people-says-ex-trump-official-how-do-you-ration" target="_blank" rel="noreferrer noopener">Donald Trump Had Several Discussions About ‘Executing' People, Says Ex-Trump Official: ‘How Do You Rationalize That Is A Person Fit … To Be President Of The United States?'</a>
Why It Matters: Trump&#8217;s proposal to eliminate income tax and replace it with an &#8220;all tariff policy&#8221; has raised eyebrows. The former president, who reportedly paid little to no income taxes over a decade, pitched the idea during a meeting with Republican lawmakers at the Capitol Hill Club in Washington, D.C. This was Trump's first time on Capitol Hill since Jan. 6, 2021, <a href="https://www.benzinga.com/government/24/06/39337568/trumps-plan-to-kill-income-taxes-whiffs-critics-say-its-a-sure-way-to-hit-low-and-middle-income-amer">when his supporters caused an insurrection</a>.
Experts from both political sides have expressed concerns about Trump's proposal. A report from the Tax Foundation think tank suggested that new tariffs could actually harm working class Americans and negatively impact international trade.
Now Read: <a href="https://www.benzinga.com/news/24/06/39348388/donald-trump-challenges-joe-biden-to-take-cognitive-test-fumbles-own-doctors-name-in-process">Donald Trump Challenges Joe Biden To Take Cognitive Test, Fumbles Own Doctor&#8217;s Name In Process</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Janet Yellen Dismisses Donald Trump's Proposal To Replace Income Tax With Tariffs: 'The Impact Would Be To Make Life Unaffordable ...'

Republican Representative Marjorie Taylor Greene made a commitment to put every effort into prosecuting Dr. Anthony Fauci, accusing him of <a href="http://www.benzinga.com/news/24/04/38237873/marjorie-taylor-greene-isnt-backing-down-on-criticism-of-house-speaker-despite-donald-trumps-efforts">committing &#8220;crimes against humanity.&#8221;</a>
What Happened: Greene made the statements at a political gathering over the weekend. She was speaking at the People Convention organized by Turning Point USA in Dallas. 
During her speech, she criticized President Joe Biden, former Speaker Nancy Pelosi and Fauci for the COVID-19 lockdown measures, <a href="https://www.thedailybeast.com/marjorie-taylor-greene-promises-to-lock-up-fauci-for-crimes-against-humanity">reported</a> The Daily Beast.
Greene insinuated that the U.S. government was involved in creating the virus in a lab in Wuhan, China. She then shifted her focus to Fauci, who was the director of the National Institute of Allergy and Infectious Diseases during the pandemic, accusing him of committing &#8220;crimes against humanity.&#8221;
Her remarks stirred the crowd into a &#8220;lock him up!&#8221; chant. Greene responded by saying, &#8220;If I have anything to do with it, we will lock him up.&#8221;
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/03/38012721/marjorie-taylor-greene-claims-she-has-proof-that-votes-for-donald-trump-in-2020-were-lost-in-the-mai" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene Claims She Has Proof That Votes For Donald Trump In 2020 Were &#8216;Lost In The Mail&#8217;: &#8216;I Think He&#8217;ll Be Vindicated Easily&#8217;</a>
&#8220;They attacked the very core of our freedoms, all for a virus that they made in a lab in Wuhan, China. And yes, Doctor Anthony Fauci should be tried for crimes against humanity,&#8221; the representative also said. 
"I'll never forget when the Biden administration and Nancy Pelosi, as speaker of the House, brought in nearly 30,000 National Guardsmen and turned our Capitol complex into a military base," she said. "They masked schoolchildren. They shut down schools. They closed beaches. They silenced your speech."
Why It Matters: Greene&#8217;s latest attack adds to the ongoing political discourse surrounding the handling of the Covid-19 pandemic. Her accusations reflect a growing divide in the perception of the government&#8217;s response to the pandemic.
Her remarks also underscore the contentious relationship between certain political figures and scientific authorities during the global health crisis. The implications of these accusations could potentially influence future policy decisions and public sentiment regarding the handling of similar crises.
Now Read: <a href="https://www.benzinga.com/news/24/05/39021116/marjorie-taylor-greenes-motion-to-vacate-speaker-mike-johnsons-position-has-fallen-flat">Marjorie Taylor Greene&#8217;s Motion To Vacate Speaker Mike Johnson&#8217;s Position Has Fallen Flat</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.
Photo: Shutterstock

Health Care

Marjorie Taylor Greene Promises To 'Lock Up' Anthony Fauci For Handling Of Pandemic: 'Should Be Tried For Crimes Against Humanity'

Hedge Funds

Lions Gate Entertainment Corporation Class A Voting Shares

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LGF/B

Steven Mnuchin's Liberty 77 Capital Reported A Purchase Of 698,858 Shares Of Lions Gate Entertainment @ Avg Price Of $8.10/Share In A Form 4 Filing On Friday

Keith Gill, the trading influencer popularly known as &#8220;Roaring Kitty,&#8221; has accumulated a $262 million stake in GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>), leading to discussions about market manipulation in the meme-stock era.
What Happened: Gill&#8217;s substantial stake in GameStop Corp and its call options reached over $550 million on June 6. Despite his acquisition of more stock, the value of his holdings has decreased due to a slump in the company&#8217;s shares.
As the stock&#8217;s value remains relatively stable, apprehensions are mounting among Wall Street and retail traders. The 2021 GameStop rally, which challenged short-selling, has led to inquiries about what constitutes market manipulation in the current meme-stock era, <a href="https://www.bloomberg.com/news/articles/2024-06-15/roaring-kitty-s-262-million-stirs-skeptics-in-meme-stock-era?srnd=homepage-asia&amp;sref=TBDibEcD">reported </a>Bloomberg. 
See Also: <a href="https://www.benzinga.com/news/24/06/39346549/trump-vs-biden-latest-poll-results-in-key-state-of-virginia-spells-trouble-for-one-candidate-and-his?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Latest Poll Results In Key State Of Virginia Spells Trouble For One Candidate And His Pa</a>
Commenting on the development, Steve Sosnick, chief strategist at Interactive Brokers, said, "The original meme stock craze was us versus them, with ‘them' being the guys who would short-sell millennials' favorite companies like GameStop. But I'm not sure who ‘them' is anymore."
Gill, who spearheaded the 2021 short squeeze that rattled Wall Street, is now reportedly under increased scrutiny. Doubts have been raised about whether his comeback is a simple pump-and-dump scheme.
Also Read: <a href="https://www.benzinga.com/news/24/06/39322648/roaring-kitty-claws-back-gamestop-stock-pops-on-position-update-from-keith-gill-what-you-need-to-kno">Roaring Kitty Claws Back: GameStop Stock Pops On Position Update From Keith Gill — What You Need To Know</a>
As Gill&#8217;s actions pushed the price up again, GameStop seized the opportunity by selling more than $2 billion worth of stock, leading to further discussions about market manipulation and the role of influencers in shaping stock market trends.
According to Bloomberg, by Thursday,&nbsp;Gill&#8217;s brokerage account details indicated he had sold off a previous holding of 120,000 call options and increased his stake in GameStop. This brought his portfolio to approximately 9 million shares of the video game retailer, valued at over $262 million. 
By the end of 2021, Gill&#8217;s last update revealed he held 200,000 shares worth more than $30 million, a figure adjusted by a four-for-one stock split in July 2022.
Don Steinbrugge, chief executive officer of Agecroft Partners, told Bloomberg, "Some of the quantitative managers have models to look at the trends in price and those models are extremely quick to get out of the stock if they see significant downside volatility. At some point retail investors are going to wise up and realize there's a lot of danger."
Why It Matters: Gill&#8217;s return to social media and his significant stake in GameStop have reignited the meme-stock phenomenon reminiscent of the 2021 short squeeze.
Gill&#8217;s actions, including sharing various memes and videos, have helped boost GameStop shares. His recent position in the video game retailer has once again inspired confidence in the stock, <a href="https://www.benzinga.com/markets/options/24/06/39277622/roaring-kittys-options-in-the-spotlight-will-gamestop-investor-sell-or-exercise-for-more-shares">leading to a surge in meme stocks like GameStop.</a> 
This has raised questions about the influence of social media influencers on stock market trends and potential market manipulation.
Now Read:&nbsp;<a href="https://www.benzinga.com/general/education/24/05/38793704/who-is-roaring-kitty-why-does-his-return-to-social-media-matter-for-gamestop-stock" target="_blank" rel="noreferrer noopener">Who Is Roaring Kitty? Why Does His Return To Social Media Matter For GameStop Stock?</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Market Manipulation Or Meme-Stock Mastery? 'Roaring Kitty' Rakes In $262 Million GameStop Stake

Former President Donald Trump, who is currently running for the presidency again, recently proposed a cognitive test for President Joe Biden. However, Trump ended up misnaming his own <a href="https://www.benzinga.com/general/politics/24/06/39127315/latest-poll-of-independents-and-republicans-could-spell-trouble-for-donald-trump-following-his-h">doctor in the process.</a>
What Happened: Trump, during a campaign event in Detroit on Saturday, questioned Biden&#8217;s mental acuity and suggested that the latter should take a cognitive test. In a twist of irony, Trump misnamed his own doctor, referring to Rep. Ronny Jackson, who served as the White House physician during part of Trump&#8217;s presidency, as &#8220;Ronny Johnson,&#8221; reported the Associated Press.
&#8220;He doesn't even know what the word ‘inflation' means. I think he should take a cognitive test like I did,&#8221; Trump, who took a cognitive test in 2018 at his own behest, said of Biden.
"Doc Ronny Johnson. Does everyone know Ronny Johnson, congressman from Texas? He was the White House doctor, and he said I was the healthiest president, he feels, in history, so I liked him very much indeed immediately," the former president further said. 
Trump&#8217;s slip of the tongue was promptly picked up by online critics and the Biden campaign, which has consistently defended the Democratic president against criticism about his verbal missteps.
Also Read: <a href="https://www.benzinga.com/news/24/06/39346542/donald-trump-had-several-discussions-about-executing-people-says-ex-trump-official-how-do-you-ration">Donald Trump Had Several Discussions About &#8216;Executing&#8217; People, Says Ex-Trump Official: &#8216;How Do You Rationalize That Is A Person Fit &#8230; To Be President Of The United States?&#8217;</a>
Why It Matters: Trump&#8217;s latest challenge comes on the heels of his previous demand for Biden to undergo a drug test ahead of their debates scheduled for June and September. Trump claimed that Biden was under the influence of drugs during <a href="https://www.benzinga.com/news/24/05/38907865/donald-trump-issues-eyebrow-raising-demand-ahead-of-proposed-debates-with-joe-biden-i-just-wanna-deb">the latter&#8217;s State of the Union address in March.</a>
Trump, who celebrated his 78th birthday on Friday, has made questioning whether the 81-year-old Biden is fit for a second term a focal point of his campaign.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/24/06/39124499/following-trumps-guilty-verdict-legal-experts-say-he-could-face-this-punishment-instead-of-prison-ti" target="_blank" rel="noreferrer noopener">Following Trump's Guilty Verdict, Legal Experts Say He Could Face This Punishment Instead Of Prison Time</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

Donald Trump Challenges Joe Biden To Take Cognitive Test, Fumbles Own Doctor's Name In Process

These mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Avidity Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) shares jumped 50.15% following the announcement that the Phase 1/2 trial data for muscle disorder therapy <a href="https://www.benzinga.com//node/39294405" target="_blank" rel="noreferrer noopener">yielded positive results</a>.</li>
<li>Iris Energy Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IREN#NASDAQ">IREN</a>) shares surged 24.31% after Cantor Fitzgerald assumed an Overweight rating on the stock and <a href="https://www.benzinga.com//node/39277415" target="_blank" rel="noreferrer noopener">announced a $23 price target</a>.</li>
<li>Hims &amp; Hers Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) <a href="https://www.benzinga.com//node/39317941" target="_blank" rel="noreferrer noopener">shares rose 15.29%</a>.</li>
<li>John Wiley &amp; Sons, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WLY#NYSE">WLY</a>) shares rose 14.07%  after the company reported Q4 <a href="https://www.benzinga.com//node/39321000" target="_blank" rel="noreferrer noopener">adjusted EPS and sales that beat estimates</a>.</li>
<li>Element Solutions Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESI#NYSE">ESI</a>) shares grew 13.46%  after the company raised Q2 and FY24 guidance. Mizuho and BMO Capital also raised <a href="https://www.benzinga.com/quote/ESI/analyst-ratings" target="_blank" rel="noreferrer noopener">their price forecasts for the stock</a>.</li>
<li>CleanSpark, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) shares gained 13.31% amid strength in Bitcoin following <a href="https://www.benzinga.com//node/39289772" target="_blank" rel="noreferrer noopener">softer-than-expected May CPI figures</a>.</li>
<li>Enovix Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENVX#NASDAQ">ENVX</a>) stock price escalated 12.97% as shares of several industrial companies gained amid overall market strength following positive inflation data.</li>
<li>Axcelis Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACLS#NASDAQ">ACLS</a>) shares advanced 12.70% last week. Semiconductor stocks gained on softer-than-expected CPI figures, which lifted stocks on Wednesday, while AI optimism also continues to boost the sector.</li>
<li>Intellia Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTLA#NASDAQ">NTLA</a>) stock price upped 12.08%.</li>
<li>Korn Ferry (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KFY#NYSE">KFY</a>) shares increased 8.13% following the company&#8217;s <a href="https://www.benzinga.com//node/39316062" target="_blank" rel="noreferrer noopener">Q4 earnings</a>. A couple of analysts raised the <a href="https://www.benzinga.com/quote/Kfy/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecasts on the stock</a>.</li>
</ol>
<ol></ol>
Also Read: <a href="https://www.benzinga.com/news/24/06/39348319/celsius-and-paypal-were-among-the-10-biggest-large-cap-losers-last-week-june-9-june-15-are-these-in">Celsius And PayPal Were Among The 10 Biggest Large Cap Losers Last Week (June 9-June 15): Are These In Your Portfolio?</a>
Image: 15958319 from Pixabay

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Avidity Biosciences And CleanSpark Were Among The 10 Biggest Mid-Cap Stock Gainers Last Week (June 9-June 15): Are These In Your Portfolio?

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO Tim Cook recently participated in a blind ranking of five iconic Apple products, during an interview. The lineup included the MacBook Air, iPad, iPhone 4 and 5, Magic Mouse, and <a href="https://www.benzinga.com/news/24/06/39256085/apples-vision-pro-to-debut-outside-us-markets-for-the-first-time-these-are-countries-on-tim-cooks-li">Vision Pro.</a>
What Happened: Cook was recently<a href="https://www.benzinga.com/news/24/06/39306083/who-will-be-next-apple-ceo-tim-cook-spills-the-beans-about-his-legacy-i-dont-think-about-it-to-me-a"> interviewed by YouTuber</a> Marques Brownlee, better known as MKBHD, during the Worldwide Developers Conference 2024 (WWDC 24). The Apple CEO was asked to rank each Apple product without knowing the rest of the products.
&#8220;It is a tough one. It&#8217;s like asking your favorite kids or nephews or nieces,&#8221; Cook joked.
Although Cook didn&#8217;t rank the products, he praised them in retrospect.
<h3 class="wp-block-heading">MacBook Air</h3>
Cook recalled the first time his predecessor and Apple co-founder Steve Jobs had revealed the Macbook Air out of an envelope. 
&#8220;It wasn&#8217;t about how many people would buy it. It was about establishing the foundation,&#8221; Cook said.
<h3 class="wp-block-heading">iPad</h3>
When asked about the iPad, Cook acknowledged its success despite initial skepticism and rumors. First revealed in 2010, this year, Apple has partnered with OpenAI to integrate&nbsp;<a href="https://www.benzinga.com/news/24/06/39256948/tim-cook-announces-apple-intelligence-for-iphones-calls-it-next-big-step-tremendously-excited" target="_blank" rel="noreferrer noopener">ChatGPT into iOS 18, iPadOS 18, and macOS 15 Sequoia</a>.
&#8220;You know, tablets had been in the market for a long time. Our objective is never to be first. Our objective is to be best,&#8221; Cook said.
&#8220;People thought many things that weren&#8217;t too nice about it in the beginning, including the name, and yet I couldn&#8217;t live without my iPad today.&#8221;
<h3 class="wp-block-heading">Magic Mouse</h3>
Cook reflected on the Magic Mouse&#8217;s ergonomic significance. 
&#8220;People don&#8217;t think of that as much as they would the MacBook Air and the iPad and whatever else you&#8217;re going to name probably, but getting the ergonomics well done was key,&#8221; Cook said.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Talking Tech and AI with Tim Cook!" width="500" height="281" src="https://www.youtube.com/embed/pMX2cQdPubk?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>
</div>
</figure>
<h3 class="wp-block-heading">iPhone</h3>
&#8220;Oh my God. It changed the world,&#8221; Cook exclaimed, reflecting upon how it changed the way people thought about things that were on the phone. He added that the App Store released in 2008, a year after the first iPhone was released, also paved the way for new and upcoming developers.
&#8220;There were no students in the developer community at that particular point in time. Now, the developer population is very diverse from an age point of view and everything else, and it just, fundamentally, became an economic miracle for people and got well outside of just doing it for a hobby. You look at all the businesses that came out of it,&#8221; Cook added.
<h3 class="wp-block-heading">Vision Pro</h3>
Lastly, Cook expressed his personal fondness for the Vision Pro, which he uses for entertainment and multitasking. He highlighted its popularity among Fortune 100 companies and its unique ability to convert old photos into 3D.
&#8220;I find that it&#8217;s still an emotional experience to look at your photos, and with VisionOS 2, being able to take your old photos. And make them 3D, I think is a big, big thing,&#8221; Cook said.
&#8220;You know, I lost both of my parents before Vision Pro came out, and being able to go back and look at those photos differently is something that, you know, it&#8217;s an experience you can&#8217;t replicate.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/06/39306083/who-will-be-next-apple-ceo-tim-cook-spills-the-beans-about-his-legacy-i-dont-think-about-it-to-me-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Who Will Be Next Apple CEO? Tim Cook Spills The Beans About His Legacy: &#8216;I Don&#8217;t Think About It. To Me, A</a>
Why It Matters: At this year&#8217;s WWDC, Cook announced the integration of AI-powered personal intelligence features, <a href="https://www.benzinga.com/news/24/06/39256948/tim-cook-announces-apple-intelligence-for-iphones-calls-it-next-big-step-tremendously-excited">dubbed &#8220;Apple Intelligence</a>,&#8221; into the operating systems for iPhones, iPads, and Macs.
Following the WWDC 2024 keynote, Wedbush analyst Dan Ives lauded Apple&#8217;s venture into AI, <a href="https://www.benzinga.com/news/24/06/39263188/wedbush-analyst-dan-ives-says-apples-wwdc-2024-keynote-lived-up-to-its-hype-i-think-it-was-a-home-ru">calling it a game changer.</a> He stated that Apple had delivered on every item, especially in terms of OpenAI and privacy, laying out the stack for developers. This positive feedback underscores the significance of Apple&#8217;s ongoing innovations, even as Cook nostalgically ranks the company&#8217;s iconic products.
Price Action: On Friday, Apple&#8217;s stock was trading 0.34% lower at $213.52 after it closed at $214.24 on Thursday, according to <a href="https://pro.benzinga.com">Benzinga Pro.</a>
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38582049/ai-adoption-a-do-or-die-moment-for-companies-says-sandboxaq-ceo-theres-going-to-be-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI Adoption A &#8216;Do Or Die&#8217; Moment For Companies, Says SandboxAQ CEO: &#8216;There&#8217;s Going To Be Winners And Losers</a>&#8216;
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 of Apple

Tim Cook Tells MKBHD Blindly Ranking Apple Products Is Like Choosing 'Your Favorite Nieces Or Nephews:' This Is What Cupertino Chief Thinks About MacBook, iPad, iPhone, Magic Mouse And Vision Pro

In the week leading up to June 12, U.S. equity funds witnessed their largest weekly outflow in 18 months. This comes as investors tread carefully in anticipation of the Federal Reserve&#8217;s policy decision.
What Happened: Data from LSEG reveals that investors pulled out a net $21.93 billion from U.S. equity funds during the week, the biggest weekly net disposal since mid-December 2022.
Despite the Federal Reserve&#8217;s decision to maintain interest rates, the S&amp;P 500 and the Nasdaq Composite continued to reach record closing highs for the third consecutive session. This was bolstered by data indicating a deceleration in inflation, reported Reuters.
See Also: <a href="https://www.benzinga.com/news/24/06/39346549/trump-vs-biden-latest-poll-results-in-key-state-of-virginia-spells-trouble-for-one-candidate-and-his?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Latest Poll Results In Key State Of Virginia Spells Trouble For One Candidate And His Pa</a>
Large-cap equity funds were the most affected, experiencing outflows of $14.94 billion, the largest weekly outflow since Dec. 21, 2022. Multi-cap, mid-cap, and small-cap funds also faced net withdrawals of $2.37 billion, $1.43 billion and $816 million, respectively.
In contrast, investors directed their attention towards U.S. bond and money market funds, pouring in $1.72 billion and $20 billion, respectively. U.S. sector-specific equity funds experienced a second straight week of inflows, accumulating approximately $1.85 billion, with the majority, $1.8 billion, being invested in the technology sector.
U.S. bond funds experienced a net inflow of $4.82 billion, continuing their positive trend for the second week in a row. General domestic taxable fixed income funds in the U.S. attracted $2.44 billion, the largest amount in five weeks. Additionally, short/intermediate investment-grade funds and loan participation funds saw inflows of $841 million and $546 million, respectively.
Why It Matters: The significant outflows from U.S. equity funds highlight investor caution ahead of the Federal Reserve&#8217;s policy decision. 
Despite the decision to keep interest rates unchanged, investors are showing a preference for safer investment vehicles like bond funds and money market funds. 
This shift in investor behavior could potentially impact the performance of equity markets in the coming weeks.
Read Next: <a href="https://www.benzinga.com/news/24/06/39285670/elon-musk-agrees-with-nvidia-ceo-jensen-huangs-unconventional-management-style-no-scheduled-1-on-1-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees With Nvidia CEO Jensen Huang&#8217;s Unconventional Management Style: No Scheduled 1-On-1 Meet</a>
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo: Shutterstock

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