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SpaceX&#8216;s&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38558840/elon-musks-starlink-nears-yemen-license-report" rel="noreferrer noopener">Starlink</a><a target="_blank" href="https://www.benzinga.com/news/24/05/38558840/elon-musks-starlink-nears-yemen-license-report" rel="noreferrer noopener">&nbsp;satellite network</a>&nbsp;is set&nbsp;to generate an astounding $6.6 billion in revenue by 2024, a report by&nbsp;Quilty Space&nbsp;revealed.&nbsp;This projection, which has reportedly&nbsp;taken the industry by surprise, reflects a remarkable achievement for&nbsp;Elon Musk&#8216;s satellite internet venture.
What Happened: The report, presented by Quilty Space analysts during a May 9 webinar, highlights Starlink&#8217;s rapid growth over the past three years.&nbsp;The network, which currently&nbsp;comprises nearly 6,000 satellites, is providing&nbsp;internet access to over 2.7 million subscribers across 75 countries,&nbsp;<a target="_blank" href="https://spacenews.com/starlink-soars-spacexs-satellite-internet-surprises-analysts-with-6-6-billion-revenue-projection/" rel="noreferrer noopener">Space News</a>&nbsp;reported.
Despite initial industry skepticism, Starlink has managed to outperform expectations. Its subscriber base has surpassed&nbsp;that of&nbsp;established players like&nbsp;Viasat&nbsp;and&nbsp;Hughes, who have been dominant in the consumer GEO satellite internet market for over two decades.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-aerospace-defense-stocks" rel="noreferrer noopener">Best Aerospace And Defense Stocks</a>
Quilty Space attributed Starlink&#8217;s success to its focus on wealthier countries, where customers are willing to pay a premium for the service. The company has also expanded into enterprise, mobility, and government markets, with an estimated 50,000 users in these sectors.
Another key factor behind Starlink&#8217;s financial success is&nbsp;SpaceX&#8216;s efficient satellite manufacturing. The company&#8217;s cost advantage&nbsp;is attributed&nbsp;to aggressive vertical integration and high-volume production. Despite the increased power burden of its more powerful spacecraft, Starlink has managed to keep costs down.
Why It Matters: Starlink&#8217;s rapid growth and financial success have been evident in recent developments.&nbsp;
In March, reports&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37983701/want-to-invest-in-spacex-an-ipo-looks-inevitable-but-in-the-meantime-go-private-equity" rel="noreferrer noopener">pegged SpaceX&#8217;s valuation</a>&nbsp;at around $175 billion, suggesting a potential IPO would attract eager institutional and private investors. Though SpaceX hasn&#8217;t set a timeline for going public, rumors and scams have swirled. The company has also teased investors with the possibility of a Starlink IPO.
The company&#8217;s satellite internet service is now available&nbsp;for purchase&nbsp;at&nbsp;<a target="_blank" href="https://www.benzinga.com/general/space/24/05/38553398/starlink-is-for-sale-at-target-consumers-have-another-way-to-buy-satellite-internet-from-elon-musk" rel="noreferrer noopener">Target Corporation</a>, offering customers another way to access the service.&nbsp;Additionally,&nbsp;SpaceX has also begun offering&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38263489/waiting-to-get-a-starlink-connection-elon-musks-spacex-offers-refurbished-dishes-for-200-discount" rel="noreferrer noopener">refurbished Starlink dishes</a>&nbsp;at a discounted price, making the service more accessible to potential customers.&nbsp;
Read Next:&nbsp;<a href="https://www.benzinga.com/general/biotech/24/05/38751782/neuralink-rival-backed-by-jeff-bezos-and-bill-gates-broaden-horizons-with-plans-to-treat-parkinso" target="_blank" rel="noreferrer noopener">Neuralink Rival Backed By Jeff Bezos And Bill Gates Broadens Horizons With Plans To Treat Parkinson&#8217;s, Epilepsy</a>
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Tech

Media

Who Saw This Coming? Elon Musk's Starlink Projected To Rake In $6.6B Revenue This Year As Users Flock To Satellite Internet Service

Chinese President Xi Jinping concluded his trip to Serbia without visiting the site of the former Chinese embassy, which was bombed by NATO forces. This decision comes after Xi&#8217;s public vow to &#8220;<a href="https://www.benzinga.com/news/24/05/38668133/xi-jinping-says-he-would-never-forget-natos-bombing-of-chinese-embassy-25-years-ago-will-never-allow">never forget</a>&#8221; the attack, raising speculation about a possible visit.
What Happened: Xi&#8217;s trip to Serbia, which coincided with the 25th anniversary of the bombing, did not include a visit to the embassy site, <a href="https://www.bloomberg.com/news/articles/2024-05-09/xi-skips-visit-to-bombed-embassy-after-vowing-to-never-forget">reported</a> Bloomberg. The omission of this visit is seen as a strategic move by Beijing to prevent further deterioration of its ties with the West.
The official account of Xi&#8217;s trip did not mention any plans for a visit to the site. This decision is significant given the timing of Xi&#8217;s arrival in Serbia, which was on the anniversary of the bombing. The attack resulted in the deaths of three Chinese journalists, a mistake later attributed to faulty maps by the White House.
The Chinese leader&#8217;s decision to not publicly visit the site may indicate a cautious approach by Beijing to prevent further strain on its relations with the West, as per the report.
Despite ongoing tensions, the relationship between China and the U.S. has shown signs of stabilization over the past year, with diplomatic exchanges addressing trade and human rights disputes.
Xi&#8217;s visit to Serbia was part of a larger tour that also included France and Hungary. During his time in Serbia, Xi emphasized the inevitability of increased trade with China, signing 28 agreements with the country on various areas of cooperation.
See Also: <a href="https://www.benzinga.com/markets/asia/24/05/38728220/chinese-ev-startup-nios-stock-jumps-premarket-amid-weak-stock-futures-whats-going-on?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chinese EV Startup Nio&#8217;s Stock Jumps Premarket Amid Weak Stock Futures: What&#8217;s Going On?</a>
Why It Matters: Xi&#8217;s decision to skip the visit to the bombed embassy comes after his vow to &#8220;never forget&#8221; the attack, published in Serbia&#8217;s Politika newspaper on the day of his arrival. This was seen as <a href="https://www.benzinga.com/news/24/05/38668133/xi-jinping-says-he-would-never-forget-natos-bombing-of-chinese-embassy-25-years-ago-will-never-allow">a strong statement</a> of China&#8217;s stance on the incident. His visit to Serbia was part of a larger European tour, which also included stops in France and Hungary.
Xi&#8217;s visit to France was significant due to <a href="https://www.benzinga.com/news/24/05/38634327/chinese-president-xi-jinping-begins-two-day-state-visit-to-france-amid-escalating-trade-disputes-and">escalating trade disputes</a> between China and the EU, as well as the ongoing conflict in Ukraine. This visit was seen as an opportunity for France to address its concerns and seek China&#8217;s support in influencing Russia&#8217;s actions in Ukraine.
These developments come amid escalating tensions between China and the U.S., as seen in a recent incident where <a href="https://www.benzinga.com/news/24/04/38288119/chinese-fighter-jets-shadow-us-navy-aircraft-over-taiwan-strait-amid-escalating-tensions-will-resolu">Chinese fighter jets shadowed a U.S. Navy aircraft</a> over the Taiwan Strait. This move was seen as a demonstration of China&#8217;s commitment to defending its national sovereignty and security.
Read Next: <a href="https://www.benzinga.com/news/24/05/38607615/russian-troops-enter-us-military-base-in-niger-amid-rising-tensions?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Russian Troops Enter US Military Base In Niger Amid Rising Tensions</a>
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Politics

Global

Xi Jinping Ends Up Skipping Visit To China Embassy In Serbia Despite Pledge To 'Never Forget' Its NATO Bombing

A cryptocurrency themed around former U.S. President&nbsp;Donald Trump&nbsp;surged this week as the firebrand leader&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/05/38723503/trump-pledges-to-make-sure-you-can-donate-using-crypto-to-his-2024-campaign-unwittingly-se" rel="noreferrer noopener">stepped up his endorsement of&nbsp;digital currencies</a>.&nbsp;A rival coin, however, saw its fortunes tank.
What Happened:&nbsp;MAGA Coin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) saw a 5% increase in the last 24 hours and a 23% rise since the beginning of the week, as per data from Coinmarketcap.
This uptick coincided with Trump&#8217;s amplified crypto-friendly rhetoric, particularly notable at a recent NFT event where he emphatically endorsed cryptocurrencies,&nbsp;even&nbsp;proclaiming, &#8220;If you&#8217;re in favor of crypto, you better vote for Trump.&#8221;&nbsp;
Santiment data confirms a surge in Trump&#8217;s mentions across major crypto-centric social platforms, reflecting his growing advocacy for digital assets.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f1fa;&#x1f1f8; Much of the attribution to these latest <a href="https://twitter.com/hashtag/memecoin?src=hash&amp;ref_src=twsrc%5Etfw">#memecoin</a> rises are going to <a href="https://twitter.com/hashtag/DonaldTrump?src=hash&amp;ref_src=twsrc%5Etfw">#DonaldTrump</a> and his pro-<a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> endorsements. As shown, mentions of <a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> soared near the <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw">#cryptocurrency</a> local bottom, along with <a href="https://twitter.com/hashtag/Biden?src=hash&amp;ref_src=twsrc%5Etfw">#Biden</a>, who traders fear anti-crypto policies. <a href="https://t.co/YlPLTa048q">https://t.co/YlPLTa048q</a> <a href="https://t.co/tA5xWiINTh">pic.twitter.com/tA5xWiINTh</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1788750340730605709?ref_src=twsrc%5Etfw">May 10, 2024</a></blockquote>
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See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-altcoins" rel="noreferrer noopener">Best 10 Altcoins In May 2024</a>
Conversely, mentions of President&nbsp;Joe Biden&nbsp;escalated amidst concerns over potential stringent crypto regulations. This negative sentiment impacted&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/04/38461329/biden-inspired-jeo-boden-dogwifhat-and-other-memecoins-are-aiming-for-new-highs-says-crypt" rel="noreferrer noopener">Jeo Boden</a>&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BODEN</a>), a cryptocurrency parodying the incumbent president, which experienced an 18.88% drop in the last 24 hours and a 28% decrease over the week.
Why It Matters:&nbsp;MAGA Coin, inspired by the &#8220;Make America Great Again&#8221; movement, has skyrocketed 25x year-to-date, signaling the potential rise of a new category of political finance cryptocurrencies, colloquially termed &#8220;Politi-Fi.&#8221;&nbsp;
This trend underscores Trump&#8217;s strategic alignment with the growing crypto demographic in the U.S., as highlighted in a Visual Capitalist&nbsp;<a target="_blank" href="https://www.visualcapitalist.com/countries-with-the-highest-rates-of-crypto-ownership/#:~:text=%F0%9F%87%BA%F0%9F%87%B8%20U.S.&amp;text=Note%20that%20if%20we%20were,third%20at%2052%20million%20people." rel="noreferrer noopener">report</a>&nbsp;revealing approximately 53 million Americans as crypto owners in 2023, the highest in absolute numbers and the third-highest by population share.
Since its launch on&nbsp;Aug. 11, 2023, MAGA has surged by an astonishing 35,211%, while BODEN, launched on&nbsp;March 10, 2024, has seen a 768% increase.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38736514/donald-trump-says-you-better-vote-for-him-if-youre-pro-crypto-but-has-he-always-been-fine-">Donald Trump Says &#8216;You Better Vote&#8217; For Him If You&#8217;re Pro-Crypto: But Has He Always Been &#8216;Fine With It&#8217;?</a>
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Markets

$BODEN

$TRUMP

TRUMP

Trump-Inspired MAGA Coin Leaves Parody Biden Memecoin In The Dust With 23% Weekly Gain As Ex-President Warms Up More To Crypto

In a move to address the unchecked influence of social media platforms, the Australian government has announced a parliamentary inquiry into the operations of major players like Meta Platforms Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Facebook, ByteDance&#8216;s TikTok, and X, owned by Elon Musk.
What Happened: The Australian government has expressed concerns over the lack of regulation and oversight on social media platforms, which have a significant impact on the content viewed by Australians. The inquiry will specifically focus on the platforms&#8217; handling of violent content and their withdrawal from paying for news in Australia, Reuters reported.
&#8220;Across a range of issues, whether it be the issue of domestic violence, whether it be the radicalization of our young people, across a range of areas, something that keeps popping up over and over again is the role of social media,&#8221; Australian Prime Minister Anthony Albanese said. &nbsp;
The government is also embroiled in a legal battle with X over the platform&#8217;s refusal to take down videos of a recent stabbing attack in Sydney.
X stated that it has restricted the posts for Australian users. However, Australia&#8217;s e-Safety Commissioner has advocated for the removal of the content for all users due to its depiction of explicit violence. Musk responded by sharing memes criticizing Albanese, characterizing the government&#8217;s action as censorship.
See Also: <a href="https://www.benzinga.com/news/24/05/38722034/teslas-head-of-product-launches-departs-after-feeling-ev-giant-took-pound-of-flesh-amid-mass-firings?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Head Of Product Launches Departs After Feeling EV Giant Took &#8216;Pound Of Flesh&#8217; Amid Mass Firings:</a>
&#8220;This inquiry will provide opportunity and resources for parliamentarians to closely scrutinize these companies and make recommendations on how we can make these platforms accountable for their decisions,&#8221; said Communications Minister Michelle Rowland.
Why It Matters: The Australian government&#8217;s decision to investigate social media platforms comes amid a series of clashes between Elon Musk&#8216;s X and the Australian government over <a href="https://www.benzinga.com/markets/equities/24/04/38477389/elon-musk-take-fight-for-free-speech-abroad-feuds-with-australia-and-brazil-over-content-restric">content restrictions</a>. Musk has been a vocal advocate for free speech and has been involved in legal disputes with several governments over their content regulations.
Earlier in April, Musk <a href="https://www.benzinga.com/news/24/04/38460718/elon-musk-weighs-in-after-x-user-says-banning-tiktok-sets-a-precedent-that-government-can-ban-any-ap">criticized the potential ban of TikTok</a> in the U.S., arguing that it could set a dangerous precedent for the government to ban any app under the guise of national security.
Despite the ongoing legal battles, Musk&#8217;s X has <a href="https://in.benzinga.com/content/37612394/elon-musks-x-axed-over-5-lakh-accounts-in-india-for-policy-breaches">taken decisive action to enforce its community standards</a>, purging over 5 lakh user accounts in India for policy violations related to child safety and terrorism.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38698967/wise-indeed-tesla-ceo-elon-musk-concurs-as-billionaire-investor-stanley-druckenmill?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Wise Indeed:&#8217; Tesla CEO Elon Musk Concurs As Billionaire Investor Stanley Druckenmiller Gives Bidenomics</a>
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Government

Social Media

Legal

Australia Calls For Inquiry Into Meta's Facebook, Elon Musk's X, TikTok To 'Make These Platforms Accountable For Their Decisions'

Synchron Inc., a competitor to Elon Musk&#8216;s Neuralink Corp. backed by Jeff Bezos and Bill Gates, has revealed plans to extend its brain-device technology to treat conditions such as epilepsy and Parkinson&#8217;s disease.
What Happened: On Thursday at the Bloomberg Tech Summit, Synchron&#8217;s founder,&nbsp;Tom Oxley, disclosed the company&#8217;s expansion strategy saying that it intends to adapt its existing device, the Stentrode, for these new treatments,&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-05-10/neuralink-rival-synchron-aims-to-expand-to-treat-parkinson-s?srnd=technology-vp">reported</a> Bloomberg.
Oxley stated that the company intends to initiate a review by the U.S. Food and Drug Administration for its Parkinson's and epilepsy treatment, but refrained from specifying the timeline.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38696261/prominent-apple-bull-reveals-surprise-takeaway-from-apples-ipad-launch-tim-cooks-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Prominent Apple Bull Reveals Surprise Takeaway From Apple&#8217;s iPad Launch: Tim Cook&#8217;s AI Ambitions Now &#8216;Lot Faster&#8230;With Announcement Of M4 Chip&#8217;</a>
Unlike Neuralink, Synchron&#8217;s approach does not require brain surgery. The Stentrode is implanted&nbsp;into a vein in the&nbsp;neck, and blood vessels transport&nbsp;it to the top of&nbsp;the brain&#8217;s motor cortex. Patients can&nbsp;then use the device to&nbsp;control external tools, such as computer cursors, using their thoughts.
The Stentrode is currently implanted&nbsp;in a small number of U.S. patients and&nbsp;is in the early feasibility&nbsp;stage of the review process.
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: This development comes on the heels of a milestone for Neuralink. Just a day before Synchron&#8217;s announcement, Musk celebrated the successful 100-day milestone since the first human implant of Neuralink&#8217;s brain-computer interface (BCI). However, the company also&nbsp;<a href="https://www.benzinga.com/news/24/05/38720669/elon-musk-touts-successful-100-days-of-first-neuralink-implant-even-as-company-admits-malfunction-th">acknowledged a malfunction in the system</a>.
Noland Arbaugh, <a href="https://www.benzinga.com/general/24/04/38110574/elon-musks-first-human-neuralink-patient-says-he-was-assured-no-monkey-has-died-as-a-result-of-a-neu">the first participant</a>, underwent the implant procedure at the Barrow Neurological Institute in Phoenix, Arizona. Following a successful surgery, Arbaugh was discharged the next day. However, Neuralink has now disclosed that a portion of the implant experienced malfunctioning post-surgery.
Meanwhile, Synchron had announced its plans to challenge Neuralink with an upcoming large-scale brain implant trial. Last month, it was reported that the company was&nbsp;<a href="https://www.benzinga.com/news/24/04/38142235/jeff-bezos-bill-gates-backed-synchron-set-to-challenge-elon-musks-neuralink-with-upcoming-large-scal">advancing toward a pivotal clinical trial</a>&nbsp;for its innovative brain implant technology.
Read Next:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/05/38660790/is-apple-back-in-the-ev-game-tech-giant-reportedly-eyes-rivian-partnership?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Apple Back In The EV Game? Tech Giant Reportedly Eyes Rivian Partnership</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.
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Biotech

Health Care

Topics

General

Neuralink Rival Backed By Jeff Bezos And Bill Gates Broadens Horizons With Plans To Treat Parkinson's, Epilepsy

In a recent episode of CNBC&#8217;s &#8220;Mad Money,&#8221; host Jim Cramer advised investors to adopt a long-term approach and remain invested in good companies, even in the face of short-term losses.
What Happened: Cramer suggested that investors should not emulate the trading habits of large hedge funds. Instead, he recommended a long-term investment strategy, emphasizing the need to anticipate and endure market declines, <a href="https://www.cnbc.com/2024/05/09/cramer-stick-with-good-companies-even-when-facing-short-term-losses.html">reported</a> CNBC on Thursday.
&#8220;You need to think about these kinds of challenges before you buy any stock, and most certainly before you sell any stock,&#8221; Cramer said. &#8220;You don&#8217;t need to swap in and out of stocks constantly like a hedge fund manager, you just need to figure out which companies deserve your confidence and you stick with them.&#8221;
He cautioned that even solid companies may experience share price declines, but it&#8217;s unwise to immediately exit. Cramer highlighted that stocks can drop for various reasons and it may be difficult to re-enter before a rebound.
He reviewed the cases of NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), describing them as companies with compelling narratives and volatile stocks. 
Cramer expressed confidence in Nvidia&#8217;s long-term potential, Apple&#8217;s recent performance, and Amazon&#8217;s improving metrics. However, he admitted to having less faith in Tesla due to declining sales and estimates.
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38635874/elon-musk-is-astonished-by-warren-buffetts-berkshire-hathaway-amassing-as-much-cash-as-tesla-ceo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Is Astonished By Warren Buffett&#8217;s Berkshire Hathaway Amassing As Much Cash As Tesla CEO&#8217;s Wealth: &#8216;Wow&#8217;</a>
Why It Matters: Cramer&#8217;s advice comes amid a volatile market. He recently emphasized the significance of a company's future guidance in determining its stock's fate, stating that if a company fails to offer a healthy, sharply <a href="https://www.benzinga.com/news/earnings/24/05/38721972/welcome-back-to-a-very-skittish-market-says-jim-cramer-highlighting-importance-of-company-guidance-">better-than-expected forecast</a>, its stock is instant roadkill.
He also warned investors about the current state of the economy and suggested strategies to navigate the challenging period, urging <a href="https://www.benzinga.com/news/24/05/38691510/jim-cramer-advises-investors-to-brace-for-economic-slowdown-shares-tips-to-maintain-balanced-portfol">investors to be prepared</a> for potential losses and diversify their holdings.
Meanwhile, investment strategist Ed Yardeni has warned about the potential for a <a href="https://www.benzinga.com/news/24/05/38720656/feds-rate-cut-could-trigger-stock-market-melt-up-warns-investment-strategist">stock market "melt-up</a>" driven by Federal Reserve rate cuts, suggesting that the Fed's potential monetary easing through interest rate cuts could unleash a surge in the stock market, potentially propelling the S&amp;P 500 to record highs by the year's end.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38634310/tesla-retail-shareholder-who-poured-3-5b-into-ev-stock-screams-foul-over-magician-elon-musks-pay?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Retail Shareholder Who Poured $3.5B Into EV Stock Screams Foul Over &#8216;Magician&#8217; Elon Musk&#8217;s Pay Package Plan, Urges Other Investors To Vote No: &#8216;Don&#8217;t Be A Sucker&#8217;</a>
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Jim Cramer Advises Investors To Stick With Good Companies Despite Short-Term Losses: 'You Just Need To Figure Out Which Companies Deserve Your Confidence'

New Jersey Senator Cory Booker (D-NJ) paid a visit to the Natura cannabis manufacturing facility in Sacramento, California this week and immersed himself in discussions around cannabis cultivation and regulation. In the backdrop of marijuana grow rooms, Booker greeted the room full of marijuana workers, praising them for taking legal and personal risks to pioneer the industry and set the standard for the rest of the country.
Drawing from his Newark roots, Booker lamented the enduring impact of cannabis prohibition, <a href="https://hightimes.com/news/politics/senator-cory-booker-visits-sacramento-cannabis-giant-amid-decriminalization-push/">reported</a> High Times Magazine. "I'm from Newark where marijuana enforcement is disproportionately focused on low-income people, people of color, people who are suffering, people who are struggling. And we have this perverse reality in America where we have people with criminal convictions who are doing things that presidents and congresspeople and senators have admitted to doing. The hypocrisy of that is maddening."
Booker recently collaborated with Senators Chuck Schumer (D-NY) and Ron Wyden (D-OR) and 13 others to reintroduce the <a href="https://www.benzinga.com/topic/cannabis-administration-and-opportunity-act">Cannabis Administration and Opportunity Act</a> (CAOA) on May 1. This landmark legislation aims to dismantle federal cannabis prohibition, offering pathways to expunge past convictions and promote restorative justice. "These common-sense policies will ensure a more equitable criminal justice system and promote public safety," Booker said in a <a href="https://www.booker.senate.gov/news/press/booker-schumer-wyden-lead-reintroduction-of-cannabis-administration-and-opportunity-act-legislation-to-end-federal-prohibition-of-cannabis">press release</a> at the time. 
The announcement of the CAOA coincided with the <a href="https://www.benzinga.com/markets/cannabis/24/04/38530190/breaking-dea-reportedly-moves-to-reschedule-cannabis-stocks-rise-sharply-on-the-news">DEA&#8217;s decision to reschedule cannabis</a>, marking a significant shift in federal drug policy though uncertainties linger regarding its impact on existing state markets and people still incarcerated for cannabis offenses. Other provisions within the CAOA include the establishment of federal regulatory frameworks and FDA standards for cannabis products.
Read also: <a href="https://www.benzinga.com/markets/cannabis/24/05/38678043/dea-and-cannabis-rescheduling-a-rollercoaster-ride-you-dont-want-to-miss-but-keep-your-seatbelts">DEA And Cannabis Rescheduling: A Rollercoaster Ride You Don&#8217;t Want To Miss, But Keep Your Seatbelts On</a>
<h2 class="wp-block-heading">Booker: Long Years In The Trenches For Cannabis Reform</h2>
Booker&#8217;s advocacy for cannabis reform is nothing new, he told the workers at Natura. "I've been in the trenches on this. When I first got to the Senate 11 years ago, I put forth a major piece of legislation called the Marijuana Justice Act, and I'm not joking I literally got laughed at by senators saying that we shouldn't do that or it's a career ender to come out like that," Booker said.
The senator ended his visit by commending the Natura workers for their resilience amid regulatory challenges, affirming their role in shaping a more just and equitable future. 
"I came here to, not learn, but connect with these people that are part of a larger movement in America for justice and I've just seen that each and every one of you are willing to work in an industry that's not easy, but also wants to be in a country where freedom's never been easy," Booker said. "Justice has never been easy but we need people like us to stand up for it. It's what makes it possible."
Pro tip: Learn all about the&nbsp;future of the cannabis industry at the Benzinga Cannabis Capital Conference&nbsp;this October in Chicago where we&#8217;ll talk about all these complicated issues. Hear directly from key industry players, advocates and policymakers. Get your tickets now by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this&nbsp;link</a>,&nbsp;and access a 20% discount using the code JAVI20
Photo: Courtesy of Gage Skidmore by Commons and Kindel Media by Pexels

Cannabis

Cory Booker Lights Up California Cannabis Facility In Drive for Federal Legalization, Tells Workers 'I've Been in the Trenches'

Planet 13 Holdings Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/plth#OTC">PLTH</a>), a leading vertically integrated multi-state cannabis company, unveiled its financial performance for the first quarter ending March 31, 2024. The company reported <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37810714/cannabis-company-planet-13-endures-setbacks-embezzlement-claims-precede-discounted-">revenue</a> of $22.9 million, with a net loss of $5.9 million and an adjusted EBITDA loss of $0.0 million.
<h3>Revenue</h3>
Despite challenges, the company achieved revenue of $22.9 million in Q1 2024, a slight decrease from $24.9 million in the previous year.
<h3>Gross Profits</h3>
Gross profit for Q1 2024 amounted to $10.5 million, reflecting a marginal decline from $10.9 million in Q1 2023.
<h3>Gross Margin</h3>
Planet 13 experienced a higher <a href="https://www.benzinga.com/markets/cannabis/24/03/37680463/how-company-planet-13-cannabis-company-stays-green-amid-23m-revenue-and-red-ink-q4-2023-financia">gross margin </a>of 45.8% in Q1 2024, compared to 43.7% in the same period the previous year. The improvement was driven by a decrease in product discounting <a href="https://www.benzinga.com/markets/cannabis/23/12/36159509/las-vegas-based-planet-13-expands-retail-portfolio-into-illinois-with-waukegan-dispensary">at retail</a>.
<h3>Net Loss</h3>
Planet 13 reported a net loss of $5.9 million for the first quarter of 2024, compared to a net loss of $8.5 million in the same period the previous year.
<h3>Adjusted EBITDA</h3>
Adjusted EBITDA for Q1 2024 showed a neutral position, with no reported loss compared to a loss of $1.3 million in Q1 2023, indicating better performance in cost control.
Co-CEO Larry Scheffler <a href="https://www.benzinga.com/pressreleases/24/05/g38745294/planet-13-announces-q1-2024-financial-results">highlighted</a> the positive impact of the rescheduling news, anticipating improved cash flow and net income potential. Scheffler outlined a growth plan focusing on expanding the Neighborhood store network to counteract pricing pressures in the Nevada market.
Bob Groesbeck, co-CEO, <a href="https://www.benzinga.com/pressreleases/24/05/g38745294/planet-13-announces-q1-2024-financial-results">emphasized</a> significant strides in growth objectives, including the opening of the DAZED! cannabis lounge and the impending closure of the VidaCann acquisition, positioning Planet 13 in the top 10 in the Florida market.
With cash reaching $20.8 million and total assets at $157.4 million, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36913913/weed-galaxy-watch-pro-analysis-planet-13-stock-vision-cash">Planet 13 </a>demonstrated financial stability amidst strategic expansions. Recent developments include the sale of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/09/34689246/gov-rescheduling-suggestion-lights-up-floridas-cannabis-consolidation-planet-13-vid">Planet 13 Florida Inc.</a>, leadership team expansion, and the launch of new Medizin Branded Topicals.
Scanning through cannabis spreadsheets can take some time. To learn more about investing, don&#39;t miss the opportunity to join us at the&nbsp;<a href="https://www.benzinga.com/events/cannabis-conference/?UTM_source=article" target="_blank">19th Benzinga Cannabis Capital Conference</a>&nbsp;in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry&#39;s future. Secure your tickets now before prices increase by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank">this link</a>.
Photo: AI-Generated Image.&nbsp;

Earnings

PLTH

Vegas-Based Planet 13 First Quarter: $22.9M Revenue, $5.9M Net Loss, Gears Up For Florida Expansion

A judge has denied a mistrial request by&nbsp;Donald&nbsp;Trump&#8216;s&nbsp;lawyers, marking their second unsuccessful attempt in three days to halt the former&nbsp;president&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/general/politics/24/05/38749159/stormy-daniels-says-she-never-asked-for-money-in-trump-hush-money-case-former-president-declares" rel="noreferrer noopener">criminal hush money trial</a>.
What Happened: On Thursday, Judge&nbsp;Juan Merchan&nbsp;rejected the request for a&nbsp;mistrial,&nbsp;following a failed attempt to relax&nbsp;Trump&#8217;s&nbsp;gag order, which would have allowed him to discuss the testimony of porn star&nbsp;Stormy Daniels,&nbsp;<a target="_blank" href="https://www.cnbc.com/2024/05/09/trump-trial-stormy-daniels-testimony-hush-money-case.html" rel="noreferrer noopener">reported</a>&nbsp;CNBC.
During her second day of testimony, Daniels stated that publicly discussing her alleged sexual encounter with Trump has hurt her life.&nbsp;
In a tense courtroom exchange, Daniels faced rigorous questioning from Trump attorney&nbsp;Susan Necheles&nbsp;regarding her alleged one-night stand with the then-married businessman in 2006.&nbsp;
The adult film star rebuffed&nbsp;Necheles&#8217;&nbsp;insinuation that she would willingly disclose her affair with the former president, stating,&nbsp;&#8220;Nobody would ever want&nbsp;to publicly say that.&#8221;&nbsp;
See Also:&nbsp;<a href="https://www.benzinga.com/money/best-broadcasting-tv-stocks" target="_blank" rel="noreferrer noopener">Best Broadcasting TV Stocks Right Now</a>
Necheles suggested Daniels had a history of fabricating sexual stories, to which Daniels countered,&nbsp;&#8220;The sex in the films is very much real, just like what happened to me in that room.&#8221;&nbsp;She asserted that if her claim about Trump&nbsp;was&nbsp;false,&nbsp;&#8220;I&nbsp;would've&nbsp;written it to be a lot better.&#8221;
Trump&#8217;s&nbsp;defense attorney,&nbsp;Todd Blanche, argued that&nbsp;Daniels&#8217;&nbsp;testimony was irrelevant to the case and could prejudice the jury.&nbsp;
Why It Matters: The&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38604557/trumps-hush-money-trial-lawyer-who-represented-stormy-daniels-reveals-payment-details-reads-out-fund" rel="noreferrer noopener">trial against Trump</a>&nbsp;alleges that he falsified business records to conceal money paid to Daniels. This case is increasingly likely&nbsp;to be&nbsp;the only one to go to trial before the Nov. 5 presidential election, as other criminal indictments against Trump are facing delays.
On Tuesday, a federal Judge indefinitely postponed&nbsp;Trump&#8217;s&nbsp;trial on charges that he illegally took classified documents and then tried to conceal them from authorities.&nbsp;
A federal election interference case against Trump in Washington, D.C., is also on hold&nbsp;while&nbsp;the Supreme Court considers whether Trump is immune from the charges because he was president&nbsp;at the time&nbsp;the alleged crimes occurred.
Read Next:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38750997/trumps-son-in-law-back-in-political-arena-jared-kushner-reportedly-making-calls-to-potential-donors" rel="noreferrer noopener">Trump&#8217;s&nbsp;Son-In-Law Back In Political Arena? Jared Kushner Reportedly Making Calls To Potential Donors To Attend&nbsp;Ex-President&#8217;s&nbsp;New York Fundraiser</a>
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Stormy Daniels Says 'Nobody Would Ever Want To Publicly Say' They Had Sex With Trump As Ex-President's Request For Mistrial Denied Again

China&#8217;s Semiconductor Manufacturing International Corp has reported a significant drop in its profit margin, reaching its lowest level since 2009. The company expects further decline as it expands its capacity to meet the growing demand from Huawei Technologies Co. and other clients.
What Happened: Despite a 19.7% increase in revenue to $1.75 billion for the first quarter of 2024, SMIC&#8217;s profit plummeted by 68.9% from the previous year to $71.7 million. This led to a gross margin of 13.7%, the lowest since the global financial crisis in 2009, <a href="https://asia.nikkei.com/Business/Technology/China-s-top-chipmaker-SMIC-profit-margin-sinks-to-lowest-since-2009">reported</a> Nikkei Asia on Thursday.
The company anticipates a further decline in its gross margin, to approximately 9% to 11% for the current quarter. This is attributed to the increased depreciation of equipment as the company expands its production capacity. Despite this, the rising revenue is driven by clients&#8217; growing willingness to build up inventory.
See Also: <a href="https://www.benzinga.com/partner/markets/24/05/38581492/how-can-small-investors-access-private-deals-with-big-potential?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How Can Small Investors Access Private Deals With Big Potential?</a>
SMIC&#8217;s primary focus now is not on generating a substantial profit but on aiding China in supplying essential semiconductors amid escalating U.S. export controls aimed at impeding Beijing&#8217;s technological advancement.
Huawei has partnered with SMIC to produce crucial 5G mobile chipsets, aiming to revitalize its consumer electronics division. SMIC&#8217;s revenue from Chinese clients accounted for 81.6% of its quarterly earnings, up from 75.5% in the previous year&#8217;s corresponding period.
Why It Matters: SMIC&#8217;s struggles are reflective of the challenges faced by the Chinese chip industry in the face of U.S. sanctions. Despite these challenges, China has been pushing forward in <a href="https://www.benzinga.com/markets/asia/24/02/37063060/despite-us-sanctions-china-pushes-forward-in-advanced-chip-development-but-challenges-persist-report">advanced chip development</a>, with SMIC managing to produce more sophisticated chips despite U.S. sanctions.
Despite the tensions, Beijing remains a <a href="https://www.benzinga.com/news/24/04/38219726/despite-us-china-tensions-beijing-remains-crucial-market-for-nvidia-intel-and-other-american-chipmak">crucial market for U.S.</a> semiconductor companies, with firms like Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Broadcom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), and Qualcomm (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) reporting greater revenues from China than from the U.S.
However, SMIC has been facing significant challenges, with an 80% profit drop in its <a href="https://www.benzinga.com/news/23/11/35722108/tsmc-rival-smic-reports-significant-80-profit-drop-in-q3-earnings-amid-weak-global-demand">third-quarter earnings</a> amid weak global demand.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38720330/bitcoin-ethereum-dogecoin-continue-to-slip-analyst-says-king-crypto-network-fundamentals-i?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Continue To Slip: Analyst Says King Crypto Network Fundamentals Indicate 300% Upside, Could Top Between $250K-$275K</a>
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China's Top Chipmaker SMIC Sees Profit Margin Plummet To 15-Year Low Amid US Export Controls

Former President Donald Trump has reportedly asked oil industry executives to contribute $1 billion to his campaign for the White House. This request, while controversial, is likely legal, according to industry experts.
What Happened: Trump made this request during a meeting with industry executives at his Palm Beach, Florida home last month, Politico <a href="https://www.politico.com/news/2024/05/09/trump-asks-oil-executives-campaign-finance-00157131">reported</a>, citing three people familiar with the conversation. 
The executives present represented companies like Exxon Mobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), Continental Resources, EQT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>), and Cheniere Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>), as well as the American Petroleum Institute, as per the report.
Trump&#8217;s request is seen as a reflection of the issues with the current campaign finance laws, according to Erin Chlopak, senior campaign finance director at the watchdog group Campaign Legal Center. 
Although the request is seen as &#8220;shocking,&#8221; it is unlikely to violate bribery laws as currently interpreted by the Supreme Court, as per Meredith McGehee, an independent expert on government ethics and campaign finance.
"The state of the law and the state of the enforcement agency is abysmal," McGehee said in an interview. "But this is a scandal, and the notion that our government works where candidates go to industry and promise government action in exchange for large amounts of money is an indictment of the system."
See Also: <a href="https://www.benzinga.com/news/23/10/35215410/trumps-son-in-law-jared-kushner-says-my-hope-and-prayers-are-for-former-presidents-reelection-in-202?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Son-In-Law Jared Kushner Says &#8216;My Hope And Prayers Are&#8217; For Former President&#8217;s Reelection In 2024</a>
Why It Matters: Trump&#8217;s request for campaign funding from oil executives comes amid a flurry of political activity. His son-in-law, Jared Kushner, is reportedly <a href="https://www.benzinga.com/news/24/05/38750997/trumps-son-in-law-back-in-political-arena-jared-kushner-reportedly-making-calls-to-potential-donors">actively promoting his potential re-election</a> and has been reaching out to donors to support the former president&#8217;s 2024 campaign.
Trump has also been using legal troubles as a <a href="https://www.benzinga.com/general/politics/24/05/38569790/trump-uses-gag-order-fines-as-fundraising-opportunity-they-want-to-silence-me-they-think-they-ca">fundraising opportunity</a>. After being fined $9,000 for violating a gag order in his criminal trial, Trump asked for financial help from supporters.
Trump&#8217;s request for campaign funding from oil executives also comes after he <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38736514/donald-trump-says-you-better-vote-for-him-if-youre-pro-crypto-but-has-he-always-been-fine-">publicly endorsed cryptocurrency</a> as a significant election issue, contrasting with President Joe Biden&#8216;s perceived unfamiliarity with the crypto world.
Trump&#8217;s request for campaign funding from oil executives also comes after a meeting with Elon Musk in Florida, where the former President <a href="https://www.benzinga.com/news/24/03/37786306/did-donald-trump-ask-elon-musk-for-money-in-florida-tesla-ceo-spills-the-beans-on-don-lemon-show-im">reportedly did most of the talking</a>. When asked if Trump asked him for money, Musk said &#8220;I&#8217;m not paying his legal bills.&#8221;
Read Next: <a href="https://www.benzinga.com/news/23/09/35016975/donald-trump-says-jimmy-carter-wasnt-a-great-president-while-roasting-joe-biden-darling-im-no-longer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Says Carter &#8216;Wasn&#8217;t A Great President&#8217; While Roasting Biden</a>
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Trump Reportedly Seeks $1B In Campaign Funds From Exxon Mobil, Chevron, Other Big Oil Execs: Expert Calls It 'Shocking' But Perfectly Legal

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has issued an apology for a <a href="https://www.benzinga.com/markets/equities/24/05/38723492/apples-new-ipad-ad-draws-fierce-backlash-from-creator-community-as-it-allegedly-celebrates-destr">controversial advertisement</a> for its new iPad Pro, which has now been pulled from TV.
What Happened: The ad, titled &#8220;Crush,&#8221; was released on Tuesday and was met with criticism from the creative community. It depicted various creative tools —from a piano, to a camera, to cans of paint— being crushed by an industrial crusher, leaving only the new iPad Pro intact.
The ad was intended to showcase the <a href="https://www.benzinga.com/news/24/05/38673436/apple-launches-ipad-pro-with-m4-chip-oled-display-at-999-ipad-air-6-now-comes-in-two-sizes-for-the-f">creative potential of the new iPad Pro</a>, but it was interpreted by many&nbsp;as a grim representation of&nbsp;technology crushing human creativity,&nbsp;<a href="https://adage.com/article/digital-marketing-ad-tech-news/apple-apologizes-ipad-pro-crushed-ad-it-missed-mark/2559321">reported</a>&nbsp;Ad Age.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38725610/chatgpt-creator-sam-altman-feels-its-a-massive-massive-issue-that-we-dont-take-ais-threat-to-jobs-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">ChatGPT Creator Sam Altman Feels It&#8217;s A &#8216;Massive, Massive Issue&#8217; That We Don&#8217;t Take AI&#8217;s Threat To Jobs And Economy &#8216;Seriously Enough&#8217;</a>
Apple&#8217;s VP of marketing communications, Tor Myhren, issued an apology, stating, &#8220;Our goal is to always celebrate the myriad of ways users express themselves and bring their ideas to life through iPad. We missed the mark with this video, and we're sorry.&#8221;
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Although the advert remains online on Cook's X account and YouTube, Apple has canceled plans to show it on TV.&nbsp;
Several social media users also made unfavorable comparisons with&nbsp;Ridley Scott's <a href="https://www.benzinga.com/general/education/24/02/37042612/if-you-invested-1-000-when-apple-aired-its-famous-1984-super-bowl-commercial-heres-how-much-you">iconic 1984 Apple Macintosh ad</a>, which portrayed an Orwellian future being challenged by a sledgehammer-wielding heroine and had the tagline "You'll see why 1984 won't be like ‘1984'."&nbsp;
<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">It is a heartbreaking, uncomfortable, and egotistic advertisement. When I see this result, I&#39;m ashamed to buy Apple products since nineteen years.
&mdash; Hiroki Akiyama (@akiroom) <a href="https://twitter.com/akiroom/status/1787897864183759236?ref_src=twsrc%5Etfw">May 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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: The new&nbsp;<a href="https://www.benzinga.com/news/24/05/38673436/apple-launches-ipad-pro-with-m4-chip-oled-display-at-999-ipad-air-6-now-comes-in-two-sizes-for-the-f">iPad Pro comes with an M4 chip and OLED display</a>, and the iPad Air 6 has also received a hardware update as it is now available in two screen sizes for the first time.
Apple&#8217;s iPad sales are expected to&nbsp;<a href="https://www.benzinga.com/news/24/05/38692648/apples-ipad-sales-to-get-a-nice-boost-this-year-but-expect-a-decline-in-2025-says-gene-munster">surge this year</a>, but Deepwater Asset Management&#8217;s Gene Munster has predicted a decline in 2025. &#8220;Looking into 2025, I expect the iPad to be on a steady decline of around 2% as the segment is impacted by the reality of infrequent upgrades,&#8221; he said earlier.
Meanwhile, tech YouTuber Marques Brownlee said that while the <a href="https://www.benzinga.com/news/24/05/38693493/youtube-tech-reviewer-mkbhd-scoffs-at-apples-new-ipad-lineup-its-a-spec-bump">new iPads come with impressive spec bumps</a>, their software prowess is still lacking. "We have these&nbsp;really&nbsp;impressive spec-bumped iPad Pros, the most powerful iPads of all time the thinnest Apple devices&nbsp;literally&nbsp;ever made, but the list of things it can do, is the same as my 3-year-old M1," he said.
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/24/05/38689467/elon-musk-isnt-sure-apples-showed-its-entire-30b-r-d-prowess-with-new-ipads-maybe-they-have-some-sec?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Isn&#8217;t Sure If Apple Showed Its Entire $30B R&amp;D Prowess With New iPads: &#8216;Maybe They Have Some Secret Products…&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.
Photo courtesy: Apple

Apple Says Sorry And Pulls Controversial iPad Pro 'Crush' Ad From TV: 'We Missed The Mark With This Video'

Leading cryptocurrencies surged late on Thursday as <a href="https://www.benzinga.com/markets/equities/24/05/38734795/unemployment-claims-surge-more-than-expected-hit-8-month-peak-dollar-falls-as-traders-bet-on-rat" target="_blank" rel="noreferrer noopener">the latest jobless claims data</a> fueled hopes of rate cuts among risk-on investors.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:45 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+2.43%</td>
<td>$62,817</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>+1.39%</td>
<td>$3,025.76</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>+4.60%</td>
<td>$0.151</td>
</tr>
</tbody>
</table>
</figure>
What Happened:&nbsp;Bitcoin, the market bellwether, rebounded above $62,000, reversing a three-day corrective phase that had seen it dip to $60,000.
The rally sparked speculative interest in the coin, with open interest on&nbsp;Bitcoin's&nbsp;largest derivatives exchange, the Chicago Mercantile Exchange, rising by 1.83% in the last 24 hours.
However, derivatives traders opted to bet against the market, with the number of traders taking bearish short positions on the apex cryptocurrency significantly outnumbering those betting on its price increase in the last 24 hours.
The largest memecoin by market cap,&nbsp;Dogecoin&nbsp;gained 4.6% in the last 24 hours.
Top Gainers (24 Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:45 p.m. EDT)</td>
</tr>
<tr>
<td>Akash Network (AKT)</td>
<td>+29.32%</td>
<td>$5.89</td>
</tr>
<tr>
<td>The Graph (GRT)</td>
<td>+12.87%</td>
<td>$0.297</td>
</tr>
<tr>
<td>THORChain (RUNE)</td>
<td>+10.70%</td>
<td>$6.33</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market cap stood at $2.32 trillion at the last check, rising 2% in 24 hours.
Stock markets saw an uptick during the day following higher-than-expected U.S. jobless claims data. The Dow Jones Industrial Average rose for the seventh consecutive day, up 0.85% to close at 39,387.76 points. The S&amp;P 500 gained 0.51% to end at 5,214.08, while the tech-heavy Nasdaq Composite added 0.27% to finish at 16,346.26.
New data revealed initial claims for unemployment benefits at 231,000 for the week ending May 4, higher than the&nbsp;market's&nbsp;estimate and the highest since late August 2023.
See&nbsp;More:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-crypto-scanners" rel="noreferrer noopener">Best Cryptocurrency Scanners</a>
Analyst Notes:&nbsp;Rekt Capital, a prominent cryptocurrency analyst and trader, described&nbsp;Bitcoin&#8217;s&nbsp;current decline as the deepest, at 23.6%, surpassing the 22.9% retrace from early 2023.
The analyst also noted that this was one of the longest pullbacks in the cycle, with the corrective phase lasting nearly 50 days.
<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/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Deepest pullback in this cycle? This current retrace is officially the deepest (-23.6%), recently eclipsing the -22.9% retrace from early 2023 Longest pullback in this cycle? 63 days This current pullback is -23.6% deep and almost 50 days long Bitcoin has already… <a href="https://t.co/vAz7N16ZdE">pic.twitter.com/vAz7N16ZdE</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1788635937552900359?ref_src=twsrc%5Etfw">May 9, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
On-chain analytics firm Santiment observed that sentiment toward leading coins in the market was still negative.
The mood dramatically shifted since&nbsp;Bitcoin's&nbsp;latest halving, the firm added, before which an overtly&nbsp;"Greed"&nbsp;vibe dominated the market.
<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">&#x1f612; The sentiment toward <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a>&#39;s top cap assets is still rather negative. This has been the case since the April 19th <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/halving?src=hash&amp;ref_src=twsrc%5Etfw">#halving</a> didn&#39;t immediately result in rising market caps throughout <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw">#cryptocurrency</a>. With uncertainty high, small wallets dropping out of the sector may be… <a href="https://t.co/7FXYheGnX0">pic.twitter.com/7FXYheGnX0</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1788600960090341440?ref_src=twsrc%5Etfw">May 9, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
However, just as super bullishness prepared the way for a correction then, the current Fear, Uncertainty, and Doubt (FUD) might ultimately lead to a rebound.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38736514/donald-trump-says-you-better-vote-for-him-if-youre-pro-crypto-but-has-he-always-been-fine-">Donald Trump Says &#8216;You Better Vote&#8217; For Him If You&#8217;re Pro-Crypto: But Has He Always Been &#8216;Fine With It&#8217;?</a>
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Movers

Trading Ideas

$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Surge After Jobless Claims Data Boosts Risk-On Sentiment: Analyst Wonders If Apex Crypto Is Undergoing 'Deepest Pullback' In This Cycle

ChatGPT parent OpenAI is reportedly set to announce its AI-powered search product on Monday, <a href="https://www.benzinga.com/news/23/04/31828459/google-reportedly-goes-into-panic-as-samsung-considers-microsofts-bing-ai-for-default-search-engine">potentially intensifying its rivalry</a> with Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google.
What Happened: The announcement, which is&nbsp;subject to change, has not&nbsp;been previously disclosed. It might coincide with the day preceding <a href="https://www.benzinga.com/news/large-cap/23/05/32324579/google-io-2023-highlights-ai-progress-palm-2-challenges-chatgpt-and-introduces-cutting-edge-ai-pow">Google&#8217;s annual I/O conference</a>, scheduled to commence on Tuesday, during which the technology powerhouse is anticipated to reveal numerous AI-related products,&nbsp;reported&nbsp;Reuters, citing two people familiar with the matter. 
Previously, it was reported that Sam Altman-led OpenAI&#8217;s search&nbsp;<a href="https://www.benzinga.com/news/24/02/37151060/openai-could-be-preparing-for-what-its-moneybags-microsoft-failed-to-do-defeat-google-at-the-search">product is an extension of&nbsp;the company&#8217;s</a> AI-powered chatbot, ChatGPT, and allows it to directly pull information from the web and include citations.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38723527/elon-musk-agrees-meta-cant-be-trusted-after-zuckerberg-led-social-media-giant-hit-with-37m-fine-over?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees &#8216;Meta Can&#8217;t Be Trusted&#8217; After Zuckerberg-Led Social Media Giant Hit With $37M Fine Over Data Sharing Practices</a>
OpenAI&#8217;s ChatGPT, a chatbot product that uses advanced&nbsp;AI models to generate human-like&nbsp;responses to text prompts, has been considered&nbsp;an alternative for gathering online&nbsp;information. However, it has faced <a href="https://www.benzinga.com/news/23/07/33192580/elon-musk-highlights-chatgpts-hallucinations-but-not-everyone-is-convinced">challenges in&nbsp;providing accurate</a> and real-time information&nbsp;from the web.
OpenAI&#8217;s ChatGPT product was previously integrated&nbsp;with Microsoft Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Bing for paid&nbsp;subscribers. The Satya Nadella-led company initially invested $1 billion into OpenAI in 2019, followed by another investment in 2021. Last year, the tech giant further bolstered its support by <a href="https://www.benzinga.com/news/23/01/30526359/microsoft-forges-10b-investment-deal-with-chatgpt-maker-openai-bloomberg">adding $10 billion to the investment tally</a>.
Meanwhile, Google has also <a href="https://www.benzinga.com/news/23/08/34135016/following-us-debut-google-unveils-generative-ai-powered-search-in-india-and-japan">introduced&nbsp;generative AI features</a> for its&nbsp;search engine.
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.&nbsp;
Why It Matters: OpenAI&#8217;s move to develop a web search tool was&nbsp;first reported&nbsp;in February. At the time it was reported that OpenAI was taking assistance from Bing, to work on a web search tool aimed at offering direct competition to Google.
As of July 2023, Bing maintains roughly 10.51% of the global desktop search market, whereas Google, its primary competitor, holds approximately 81.95%. Concurrently, Yahoo represents 2.67% of the market share, according to German database company Statista.
Previously, Aravind Srinivas, the CEO of AI search engine startup Perplexity AI voiced assurance in the <a href="https://in.benzinga.com/content/36691348/perplexity-ai-ceo-confident-in-rivaling-giants-like-google-chatgpt-heres-why?_gl=1&#x2A;1tv7dve&#x2A;_ga&#x2A;OTA2NzIyOTE2LjE2OTk0MDk1NDQ.&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNTMwMjk0NS41OTAuMS4xNzE1MzA0ODg0LjAuMC4w">platform&#8217;s generative AI search capabilities</a>, aiming to compete with industry giants like Google Bard (now called Gemini) and OpenAI&#8217;s ChatGPT.
In January 2024, The Browser Company unveiled Arc Search, an iOS application merging a browser, search engine, and AI to deliver a distinctive search experience.
Check out more of Benzinga's Future Of Consumer Tech 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/24/05/38664076/elon-musk-says-there-should-be-more-to-life-than-just-solving-one-problem-after-another-if-you-ask-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says There Should Be More To Life Than Just &#8216;Solving One Problem After Another:&#8217; &#8216;If You Ask A Kid Anywhere Around The World&#8230;&#8217;</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.
Photo via Shuttershock

Rumors

GOOG

GOOGL

MSFT

Google's New Rival May Finally Be Here — Sam Altman's OpenAI Could Launch It Just Ahead Of Search Giant's I/O Conference

<a target="_blank" href="https://www.benzinga.com/news/24/04/38197094/trumps-niece-says-jared-kushner-should-be-held-accountable-for-nexus-with-authoritarian-governments" rel="noreferrer noopener">Jared Kushner</a>,&nbsp;former White House adviser and son-in-law to&nbsp;Donald Trump,&nbsp;is reportedly&nbsp;reaching out to&nbsp;donors to support the former&nbsp;president&#8217;s&nbsp;2024 campaign.
What Happened: Kushner, who had previously distanced himself from politics, is now actively&nbsp;involved in&nbsp;promoting his&nbsp;<a target="_blank" href="https://www.benzinga.com/general/politics/24/05/38718471/trump-vs-biden-2024-election-poll-shows-tie-broken-which-candidate-gains-support-from-his-party-" rel="noreferrer noopener">father-in-law&#8217;s&nbsp;potential re-election</a>, Reuters reported, citing two sources familiar with the matter.
Kushner, who founded the Miami-based private equity firm&nbsp;Affinity Partners&nbsp;after&nbsp;Trump&#8217;s&nbsp;term ended in 2021, is&nbsp;now&nbsp;reportedly encouraging donors to attend a Trump fundraiser in New York.
It is unclear whether&nbsp;Kushner&#8217;s&nbsp;recent fundraising efforts are a one-time occurrence or a sign of his increased involvement in&nbsp;Trump&#8217;s&nbsp;2024 campaign.&nbsp;
The operation&nbsp;this time&nbsp;around&nbsp;is reportedly more disciplined and leaner than in the previous elections, as per Reuters, with&nbsp;Trump&#8217;s&nbsp;family members playing key roles.
The fundraiser&nbsp;is scheduled&nbsp;for May 14 in Manhattan, and&nbsp;Kushner&#8217;s&nbsp;parents,&nbsp;Seryl&nbsp;and&nbsp;Charles Kushner&nbsp;— who&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/08/33514320/ivankas-father-in-law-a-trump-pardonee-his-biggest-super-pac-donor-heres-how-much-he-reportedly-paid" rel="noreferrer noopener">donated $1 million to&nbsp;Trump&#8217;s&nbsp;super PAC</a>&nbsp;last year — are among the&nbsp;event&#8217;s&nbsp;co-hosts.&nbsp;Kushner has been personally reaching out to potential donors, according to sources quoted by Reuters.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-consumer-defensive-stocks" rel="noreferrer noopener">Best Consumer Defensive Stocks Right Now</a>
Why It Matters: Despite his significant role in&nbsp;Trump&#8217;s&nbsp;previous campaign and administration, Kushner had earlier stated&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/02/37113015/jared-kushner-opts-for-quiet-life-over-trump-administration-return-hell-be-able-to-build-a-really-in" rel="noreferrer noopener">his current obligations</a>&nbsp;are to his&nbsp;"investors, to my firm, to my employees, to my partners&nbsp;and&nbsp;that&#8217;s&nbsp;what&nbsp;I&#8217;m&nbsp;planning to do."
This shift in focus could indicate a significant change in&nbsp;Kushner&#8217;s&nbsp;priorities.
Furthermore, Affinity Partners has received substantial investments from the Middle East, including a reported $2 billion from the Saudi Arabian government.&nbsp;This&nbsp;has raised concerns about potential conflicts of interest, given the political implications of these investments.
Despite his public commitment to his firm,&nbsp;Kushner&#8217;s&nbsp;recent involvement in&nbsp;Trump&#8217;s&nbsp;campaign could&nbsp;potentially&nbsp;raise further questions about his business interests and political ties.
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38743773/trumps-china-tariff-hikes-could-smother-us-economic-growth-fitch-ratings-sounds-ala" target="_blank" rel="noreferrer noopener">Trump&#8217;s&nbsp;China Tariff Hikes Could Smother US Economic Growth: Fitch Ratings Sounds Alarm</a>
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Trump's Son-In-Law Back In Political Arena? Jared Kushner Reportedly Making Calls To Potential Donors To Attend Ex-President's New York Fundraiser For 2024 Run

In a recent interview, Jack Dorsey disclosed his reasons for leaving Bluesky, the decentralized social media platform he co-founded as an alternative to Twitter, now known as X.
What Happened: In a recent interview with journalist Mike Solana on his Pirate Wires <a href="https://www.piratewires.com/p/interview-with-jack-dorsey-mike-solana">site</a>, Dorsey explained that Bluesky was &#8220;literally repeating all the mistakes [Twitter] made as a company.&#8221;
He further elaborated that Bluesky was not following his original vision of an open-source protocol that wasn&#8217;t controlled by anyone. Instead, it was adopting similar practices to those of Twitter, such as raising money, moderating content, and having a board, on which Dorsey sat.
Dorsey then decided to shift his focus to Nostr, another Twitter alternative that promises to be a genuine open-source protocol.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38736514/donald-trump-says-you-better-vote-for-him-if-youre-pro-crypto-but-has-he-always-been-fine-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Says &#8216;You Better Vote&#8217; For Him If You&#8217;re Pro-Crypto: But Has He Always Been &#8216;Fine With It&#8217;?</a>
He also discussed the issues with Twitter, attributing them to the company&#8217;s shift from an open-source protocol to a venture-backed, for-profit company that went public with an advertising-based business model, positioning itself as a competitor to Facebook.
Why It Matters: This interview provides a rare insight into Dorsey&#8217;s perspective on the challenges faced by social media platforms. It also sheds light on his vision for a decentralized social media future and the difficulties he encountered in realizing this vision with Bluesky. This departure from Bluesky comes after a <a href="https://www.benzinga.com/news/24/05/38634153/jack-dorsey-steps-down-from-bluesky-board-amidst-controversy-at-block-refers-to-elon-musks-x-as-free">controversial period</a> at the company, which saw Dorsey stepping down from the board amid criticism of the platform&#8217;s direction.
Despite this, Dorsey&#8217;s vision for a decentralized social media future has found support from Elon Musk, who <a href="https://www.benzinga.com/news/24/05/38669520/elon-musk-is-all-hearts-for-jack-dorsey-calling-x-freedom-technology-after-quitting-twitter-killer-b">praised Dorsey&#8217;s endorsement</a> of his X platform as &#8220;freedom technology.&#8221; This further underscores the potential for a shift in the social media landscape.
Meanwhile, Dorsey has also been addressing <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38605350/bitcoin-transaction-investigation-by-doj-addressed-by-block-ceo-jack-dorsey-we-take-compli">compliance issues</a> at his other company, Block, indicating a broader trend of accountability and transparency in the tech industry.
Read Next: <a href="https://www.benzinga.com/news/24/05/38723100/elon-musk-says-2024-will-probably-be-last-election-actually-decided-by-us-citizens-after-dems-oppose?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says 2024 Will Probably Be &#8216;Last Election Actually Decided By US Citizens&#8217; After Dems Oppose Census Citizenship Question</a>
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Jack Dorsey Says He Left Twitter Alternative He Helped Create Because It Was 'Literally Repeating All The Mistakes'

TerrAscend Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tsndf#OTC">TSNDF</a>), a cannabis company with a presence in several states, reported its financial performance for the first quarter that ended March 31, 2024&nbsp;with gains in revenue and operational efficiency.
TerrAscend announced an increase in net revenue to $80.6 million, marking a 16.1% rise compared to the same period last year. The company also announced&nbsp;a cash flow from operations of $13.3 million and a healthy free cash flow of $10.5 million.
Despite the positive revenue growth, the company recorded a net loss from continuing <a href="https://www.benzinga.com/markets/cannabis/24/03/37925568/terrascend-cannabis-co-shares-expansion-plans-on-water-tower-research-podcast">operations </a>of $14.9 million, which, while substantial, is an improvement from the $19.2 million loss reported in Q1 2023.
<h3>Profitability And Efficiency</h3>
TerrAscend&#39;s gross profit margin slightly decreased to 48.0% from 48.8% year-over-year.
However, adjusted EBITDA from continuing operations rose by 33% to $16.2 million, reflecting a more efficient operational structure with an adjusted EBITDA Margin of 20.1%, up from 17.6% in Q1 2023.
<h3>Strategic Growth And Operational Achievements</h3>
The company continues to expand its<a href="https://www.benzinga.com/markets/cannabis/24/03/37723973/terrascend-rides-legal-weed-wave-despite-q4-dip-as-new-markets-offset-revenue-slide"> market reach</a>, having opened four new dispensaries and initiated adult-use sales in Maryland. This expansion, coupled with an 80% increase in <a href="https://www.benzinga.com/topic/pennsylvania-cannabis">Pennsylvania wholesale sales</a>, drove the company&#39;s revenue growth.
Jason Wild, executive chair&nbsp;of TerrAscend, <a href="https://www.benzinga.com/pressreleases/24/05/g38743684/terrascend-reports-first-quarter-2024-financial-results">highlighted</a> the company&#39;s strategic position and upcoming opportunities that could further enhance performance. &quot;With legislative movements favoring adult use in Pennsylvania and potential DEA rescheduling, we are poised for significant advancements,&quot; he said.
Scanning through cannabis spreadsheets can take some time. To learn more about investing, don&#39;t miss the opportunity to join us at the&nbsp;<a href="https://www.benzinga.com/events/cannabis-conference/?UTM_source=article" target="_blank">19th Benzinga Cannabis Capital Conference</a>&nbsp;in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry&#39;s future. Secure your tickets now before prices increase by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank">this link</a>.
Photo: AI-Generated Image.&nbsp;

Small Cap

TSNDF

Cannabis Company TerrAscend Posts Q1 2024 Gains In Revenue And Operational Efficiency

<a href="https://nypost.com/2024/05/09/business/trump-media-investor-bruce-garelick-convicted-of-insider-trading/?utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=nypost_business">Trump Media investor Bruce Garelick convicted of insider trading (nypost.com)</a>
&nbsp;
A financial executive was convicted Thursday of enabling his boss and others to <a href="https://nypost.com/2023/06/29/three-charged-with-insider-trading-tied-to-merger-with-donald-trumps-truth-social-parent-company/">make over $22 million illegally by trading off his tips</a> ahead of the public announcement that an acquisition firm was taking former President Donald Trump's media company public.
An agitated Bruce Garelick dropped his head and repeatedly wiped his face with his hands after a jury convicted him of all charges in Manhattan federal court.
Garelick, who had testified in his defense, was convicted of tipping others in 2021 to news that the special purpose acquisition company, Digital World Acquisition Corp., or DWAC, was <a href="https://nypost.com/2024/03/26/business/donald-trumps-truth-social-parent-company-goes-on-volatile-ride-in-debut-definitely-the-latest-meme-stock/">merging with Trump Media &amp; Technology Group</a>. Garelick sat on DWAC's board.
His <a href="https://nypost.com/2024/04/03/business/two-plead-guilty-to-insider-trading-tied-to-trumps-truth-social-merger/">co-defendants pleaded guilty before trial</a>, admitting that they made over $22 million illegally.
The indictment against the men did not implicate Trump, who is seeking the presidency again this year as a Republican; or Trump Media &amp; Technology Group, which owns his&nbsp;<a href="https://apnews.com/article/truth-social-donald-trump-djt-ipo-digital-world-7437d5dcc491a1459a078195ae547987">Truth Social</a>&nbsp;platform and began trading on the NASDAQ stock market on March 26.
When the events that led to the charges took place in 2021, Garelick, of Providence, RI, was chief investment officer of the New York-based venture capital firm Rocket One Capital LLC, though he has primarily worked in the Boston area throughout his career.
The firm was owned by Michael Shvartsman of Sunny Isles Beach, Florida. Shvartsman and his brother, Gerald Shvartsman of Aventura, Florida, pleaded guilty several weeks ago to insider trading charges, admitting that they made over $22 million illegally. They are scheduled to be sentenced in July.
During his testimony earlier this week, Garelick insisted that he did not possess any secrets about the potential merger when he bought securities in DWAC that eventually enabled him to earn nearly $50,000 in profits. And he said he followed the law by not sharing secrets with others.
On cross-examination, though, a prosecutor confronted him with the fact that he said, "We made $20 million dollars" after the public announcement of the merger deal.
 &nbsp;

Earlier Reported, "Trump Media Investor Convicted Of Insider Trading, Helped Others Make $22M Before Merger" - NY Post

Leafly Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFLY#NASDAQ">LFLY</a>) reported quarterly losses of $(1.09) per share which missed the analyst consensus estimate of $(0.81) by 34.57 percent. This is a 60.93 percent increase over losses of $(2.79) per share from the same period last year. The company reported quarterly sales of $9.05 million which missed the analyst consensus estimate of $9.10 million by 0.57 percent. This is a 19.57 percent decrease over sales of $11.25 million the same period last year.

Guidance

LFLY

CORRECTION: Leafly Holdings Q1 EPS $(1.09) Misses $(0.81) Estimate, Sales $9.05M Miss $9.10M Estimate

Curaleaf Holdings, Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/curlf#OTC">CURLF</a>), a leading international cannabis company, reported its financial results for the first quarter of 2024. Curaleaf&rsquo;s CEO, Matt Darin, highlighted the company&#39;s focus on expanding its brand globally, leveraging significant market catalysts such as legislative changes in key regions like New York, Germany&nbsp;and several U.S. states.
<h3>Financial Performance</h3>
Curaleaf announced a first-quarter revenue of $339 million, reflecting a 2% increase year-over-year.
The adjusted gross margin rose to 48%, showcasing efficient cost management and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38386324/whos-winning-in-weed-analyst-looks-at-cannabis-markets-big-players-where-are-the-be">operational improvements</a>.
The company&#39;s Adjusted EBITDA stood at $77 million, representing 23% of the revenue.&nbsp;This figure indicates a 40 basis point enhancement compared to the same period last year, illustrating subtle yet positive <a href="https://www.benzinga.com/markets/cannabis/24/05/38559933/billions-on-the-move-tracking-market-cap-changes-in-top-cannabis-firms-after-dea-rescheduling-an">financial shifts</a>.
Despite these gains, Curaleaf reported a significant net loss of $48.3 million, signaling <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38656307/big-players-in-u-s-cannabis-could-play-the-stock-value-card-in-m-a-new-report-shows">ongoing investments</a> and expansion costs that impact short-term profitability.
<h3>Strategic Developments</h3>
The quarter saw the launch of innovative products such as Stir by Zero Proof, a fast-acting THC beverage in Illinois&nbsp;and Stiq, a new vape product in Arizona. An there was the acquisition of Northern Green Canada (NGC).
The company ended the quarter with $105 million in cash as well as&nbsp;generating $46 million in operating cash flow and $33 million in free cash flow.
<h3>Global Expansion And Market Dynamics</h3>
With the cannabis industry&#39;s <a href="https://www.benzinga.com/markets/cannabis/24/04/38531355/cannabis-stocks-and-etfs-surge-as-dea-moves-to-reschedule-marijuana">landscape evolving</a>, Curaleaf&#39;s<a href="https://www.benzinga.com/markets/cannabis/24/04/38358224/curaleaf-boosts-international-presence-with-another-cannabis-acquisition"> transition</a> from a multi-state operator (MSO) to a multi-country pperator (MCO) is timely. The company now operates in over 15 countries, with recent regulatory advancements likely to bolster its <a href="https://www.benzinga.com/markets/cannabis/24/05/38603896/credit-check-what-does-dea-rescheduling-mean-for-cannabis-credit-ratings-big-companies-risk-retu">market position</a>.
Scanning through cannabis spreadsheets can take some time. To learn more about investing, don&#39;t miss the opportunity to join us at the&nbsp;<a href="https://www.benzinga.com/events/cannabis-conference/?UTM_source=article" target="_blank">19th Benzinga Cannabis Capital Conference</a>&nbsp;in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry&#39;s future. Secure your tickets now before prices increase by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank">this link</a>.
Photo: AI-Generated Image.&nbsp;

CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

CURLF

Curaleaf Reports Q1 2024 Revenue Of $339M, 48% Gross Margin Amid Strategic Global Expansion

Athena Technology Acquisition to transfer securities listing to NYSE American

Athena Technology Acquisition Corp II Class A (ATEK) has released an update. Athena Technology Acquisition Corp. II has injected an additional $60,...

Athena Technology Secures Final Extension for Business Combination

An update from Athena Technology Acquisition Corp II Class A (ATEK) is now available. Athena Technology Acquisition Corp. II is facing noncomplianc...

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Latest News for Athena Technology Stock (AMEX:ATEK)

Wednesday, April 24, 2024

Thursday, April 20, 2023