American Century ETF Trust Avantis Emerging Markets Small Cap Equity ETF (ARCA: AVEE)

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Autohome reports Q1 FY24 revenues of RMB1,609.1M, beating consensus of $220.6M. Adjusted net income of RMB493.9M. CEO highlights user growth and expansion of new businesses. 

China&#39;s Autohome Floors It On Sales, User-Base: Details

Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) former head of the &#8220;Global Growth Content&#8221; team,&nbsp;Alex Ingram, is currently exploring opportunities for his former team members who&nbsp;were laid off&nbsp;as part of&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38361822/tesla-layoffs-hit-marketing-team-retracts-advertising-push" rel="noreferrer noopener">the EV giant&#8217;s drive</a>&nbsp;to cut costs.
What Happened:&nbsp;In April, as part of Tesla&#8217;s ongoing layoffs, the U.S. growth content team, led by Ingram and overseen by&nbsp;Jorge Milburn, faced cutbacks, resulting in the termination of both Ingram and Milburn&#8217;s positions.
During his tenure, Ingram led a global team of 30 creatives dedicated to Tesla&#8217;s initial advertisements and livestreams.&nbsp;He now seeks opportunities for his former team, comprising copywriters, designers, editors, creative directors, production managers, cinematographers, photographers, and&nbsp;creative&nbsp;project managers, both&nbsp;in the U.S. and Europe.
&#8220;These creatives were intensely vetted out of thousands of applicants for both ability/talent as well as the grit/drive to make it within Tesla,&#8221; Ingram stated on X, encouraging those with opportunities to contact him to connect with the right individuals. He also shared the same message on LinkedIn.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">With the end of the global growth content function at Tesla, I&#39;ve got an impressive set of creatives from my former team that are now open to work—both across the US and Europe: copywriters, designers, editors, creative directors, production managers, cinematographers,… <a href="https://t.co/LIRhI2u3H1">pic.twitter.com/LIRhI2u3H1</a>
&mdash; Alex Ingram (@Alex_M_Ingram) <a href="https://twitter.com/Alex_M_Ingram/status/1790070435109024077?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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In April, announcing his departure, Ingram reflected on Tesla&#8217;s work culture, stating, &#8220;Tesla is a hard,&nbsp;and&nbsp;sometimes ruthless, place to work.&nbsp;But&nbsp;the thing that&nbsp;makes it special is you will repeatedly be handed massive projects way outside&nbsp;of&nbsp;your comfort zone.&#8221;&nbsp;
Why It Matters:&nbsp;Tesla CEO&nbsp;Elon Musk&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38370123/elon-musk-admits-tesla-ads-were-far-too-generic-after-laying-off-us-marketing-team-couldve-been-any" rel="noreferrer noopener">criticized the team&#8217;s work</a>&nbsp;on the company&#8217;s advertisements following the layoffs, deeming them &#8220;far too generic&#8221; and lacking distinctiveness.
Ingram is part of a list of several executives <a href="https://www.benzinga.com/news/24/05/38807839/another-tesla-exec-departs-as-musk-downsizes-cybertruck-manufacturing-head-marks-end-of-adventure-wi" target="_blank" rel="noreferrer noopener">who have departed the company</a> amidst Musk&#8217;s efforts to streamline Tesla&#8217;s workforce. Notable departures include Senior Director of Charging Infrastructure Rebecca Tinucci, AI Manager Paril Jain, Director of New Product Introduction Daniel Ho, Senior Vice President of Powertrain and Energy Engineering Drew Baglino, And Vice President of Public Policy and Business Development Rohan Patel.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/38835767/in-musk-we-trust-tesla-enthusiast-says-ev-giants-market-cap-would-be-way-lower-with-a-vanilla-play-i">In Musk We Trust: Tesla Enthusiast Says EV Giant&#8217;s Market Cap Would Be Way Lower With &#8216;A Vanilla, Play-It-Safe, Don&#8217;t Rock The Boat CEO&#8217;</a>&#8216;
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Tech

TSLA

Tesla's Ex-Content Head Makes Public Hiring Pitch For Laid-Off Team Whose Work Musk Criticized As 'Too Generic'

International Monetary Fund Managing Director Kristalina Georgieva has issued a dire warning about the potential ramifications of the AI revolution on the global job market.
What Happened: Georgieva, in a speech at the Swiss Institute of International Studies in Zurich, cautioned that the AI revolution could have a catastrophic effect on the global job market, <a href="https://www.businessinsider.com/imf-chief-ai-revolution-striking-job-market-like-a-tsunami-2024-5">reported</a> Business Insider. She likened the impact to a &#8220;tsunami&#8221; and stressed the urgent need for individuals and businesses to prepare for it.
&#8220;We have very little time to get people ready for it, businesses ready for it,&#8221; she said. &#8220;It could bring tremendous increase in productivity if we manage it well, but it can also lead to more misinformation and, of course, more inequality in our society.&#8221;
The IMF chief predicted in January that AI would affect nearly 40% of jobs globally. She emphasized that while AI could significantly boost productivity if managed effectively, it could also exacerbate misinformation and inequality.
Georgieva&#8217;s recent warnings coincide with the launch of OpenAI&#8216;s <a href="https://www.benzinga.com/news/24/05/38806086/openai-tries-to-steal-googles-thunder-a-day-before-search-giants-event-unveils-gpt-4o-a-chatgpt-vers">latest AI model</a>, GPT-4o, which can handle tasks such as teaching and translation in real-time. This has reignited concerns about AI&#8217;s potential to disrupt the job market.
See Also: <a href="https://www.benzinga.com/government/24/05/38779387/joe-manchin-expresses-disappointment-in-congress-inaction-over-nations-rising-35-trillion-debt-its-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Joe Manchin Expresses Disappointment In Congress&#8217; Inaction Over Nation&#8217;s Rising $35 Trillion Debt: &#8216;It&#8217;s A Shame &#8230; No One Cares About It&#8217;</a>
Even OpenAI&#8217;s CEO, Sam Altman, has been vocal about the potential impact of AI on the job market. He recently warned that people may be underestimating AI&#8217;s economic impact.
Despite these warnings, some experts believe that the AI revolution could also create new job opportunities. Annesh Raman, vice president of LinkedIn, has suggested that while AI may devalue technical skills, it could also make soft skills more crucial.
Why It Matters: The warnings from Georgieva come at a time when the AI revolution is already making significant waves in the tech world. The recent earnings season has made it clear that the AI revolution is not just knocking on the door but has forcefully entered the tech world, with tech giants such as Microsoft, Alphabet, and Amazon reporting <a href="https://www.benzinga.com/news/large-cap/24/05/38770955/ai-revolution-on-the-doorstep-the-tidal-wave-is-well-underway-analyst-says">impressive results</a> driven by generative AI.
Despite the ongoing adoption of AI tools in the workplace, a <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">recent study</a> by Microsoft and LinkedIn revealed that employees are concealing their use of AI tools for fear of being replaced. This suggests that the potential impact of AI on the job market is already a concern for many workers.
However, the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38091433/ai-revolution-is-underway-yet-its-economic-impact-is-several-years-off-goldman-sach">economic impact</a> of the AI revolution is still &#8220;several years off,&#8221; according to analysts at Goldman Sachs. Despite the warnings from Georgieva and others, some experts believe that the rise of AI will also provide job seekers with different opportunities.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38818809/meme-stock-surge-bothers-former-sec-chair-as-gamestop-amc-shares-rise-nearly-80-on-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meme Stock Surge &#8216;Bothers&#8217; Former SEC Chair As GameStop, AMC Shares Rise Nearly 80% On Tuesday: &#8216;A Lot Closer To Gambling…Certainly Not Investing&#8217;</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Global

IMF Chief Warns Of AI's 'Tsunami' Impact On Job Market: 'Can Also Lead To...More inequality In Our Society'

The stock market has recently shown a bullish signal, indicating that the S&amp;P 500 may reach record highs this summer, according to Bank of America.
What Happened: The S&amp;P 500 and the NYSE advance-decline lines both hit new all-time highs on Friday, as per a note from the bank on Tuesday, <a href="https://markets.businessinsider.com/news/stocks/stock-market-flashes-bullish-signal-suggesting-record-highs-this-summer-2024-5">reported</a> Business Insider. 
The advance-decline line gauges the breadth or participation in the stock market&#8217;s gains among individual stocks, and is seen as a leading indicator by technical analysts.
&#8220;New highs for the S&amp;P 500 and NYSE Comp advance-decline lines provide a potential bullish leading indicator for new highs on the SPX and NYA,&#8221; said Bank of America technical strategist Stephen Suttmeier.
&#8220;This points to solid market breadth and supports for the case for a summer rally in 2024.&#8221;
&#8220;The case is for a breakout above 5265 that targets 5560 on a summer rally,&#8221; said Suttmeier. The forecast indicates a potential 6% upside from current levels. 
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38805886/gamestop-amc-alibaba-rivian-tesla-why-these-5-stocks-are-on-investors-radars-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">GME, AMC, BABA, RIVN, TSLA: Top 5 Trending Stocks Today</a>
Why It Matters: The stock market has been presenting a series of positive signals. Veteran Wall Street investor Ed Yardeni recently stated that the market is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38643266/why-veteran-wall-street-investor-believes-were-still-in-a-bull-market">still in a bull run</a>, backed by strong economic indicators and a less aggressive approach from the Federal Reserve. 
This sentiment is echoed by the Bank of America&#8217;s Global Fund Manager Survey, which shows that <a href="https://www.benzinga.com/markets/equities/24/05/38820970/expect-rate-cuts-not-a-recession-fund-managers-most-bullish-on-stocks-in-over-2-years">investors are optimistic</a> about the stock market&#8217;s future, expecting a decrease in inflation and short-term interest rates.
Moreover, the stock market has been presenting a <a href="https://www.benzinga.com/news/24/05/38662059/stock-market-presents-buying-opportunity-as-inflation-is-going-to-cool-pretty-dramatically-says-fund">buying opportunity</a>, according to Tom Lee, the head of research at Fundstrat, who advised investors to consider purchasing stocks this month, citing a forthcoming significant decline in inflation.
These bullish signals are further supported by the <a href="https://www.benzinga.com/news/24/05/38575037/world-economy-seeks-to-avoid-stagflation-as-oecd-lifts-global-growth-forecast-for-2024">OECD&#8217;s revised global growth forecast</a> for 2024, indicating a potential escape from a stagflationary rut. The global economy is showing signs of resilience, with the U.S., China, and India contributing to this improved outlook.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38818809/meme-stock-surge-bothers-former-sec-chair-as-gamestop-amc-shares-rise-nearly-80-on-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meme Stock Surge &#8216;Bothers&#8217; Former SEC Chair As GameStop, AMC Shares Rise Nearly 80% On Tuesday: &#8216;A Lot Closer To Gambling…Certainly Not Investing&#8217;</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Markets

Stock Market Flashes Bullish Signal, Bank Of America Predicts Record Highs This Summer

A core developer working for Solana-based (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) decentralized exchange, Cypher, admitted to misappropriating funds worth more than $300 million meant to compensate victims of a sensational hack on the platform last year.
What Happened: In a public statement shared on X, the developer, under the alias &#8220;Hoak,&#8221; said, "To address the elephant in the room, the allegations are true, I took the funds and gambled them away."&nbsp;
"I would like to deeply apologize to all affected parties, I know at this point nothing is going to take back my actions and I have to face the consequences," the regretful developer added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My statement on the situation. TLDR: I fucked up way too hard, way too many times. I don't expect anyone to forgive me or let this go unpunished.<a href="https://t.co/CNq8UFKCkc">https://t.co/CNq8UFKCkc</a>
&mdash; hoak (@hoakbuilds) <a href="https://twitter.com/hoakbuilds/status/1790434490877129007?ref_src=twsrc%5Etfw">May 14, 2024</a></blockquote>
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&#8220;TLDR: I fucked up way too hard, way too many times. I don't expect anyone to forgive me or let this go unpunished,&#8221; he said on X.
The public acknowledgment of their crimes comes a day after another core contributor at the now-collapsed protocol accused Hoak of stealing redemption funds.
"This is incredibly saddening to me. I never thought this would be a possibility,&nbsp; having a core contributor who stayed on after the exploit to try and rebuild the project be the one who rugged funds from the redemption contract," the developer with the pseudonym "Cobra" claimed.&nbsp;
Cobra revealed that the crime had been happening for months, and said they would pursue legal action against Hoak.
Why It Matters: Cypher, a trading platform on the Solana blockchain, was robbed of more than $1 million in cryptocurrencies last August after a hacker exploited a bug in the protocol, <a href="https://defillama.com/protocol/cypher#information">according </a>to DeFiLlama. 
The hacking incident and subsequent defrauding by its own members raised concerns over the lack of integrity of those working in the ecosystem. However, timely tracking by on-chain sleuths raised hopes that such foul play would eventually be uncovered.
Price Action: At the time of writing, SOL was exchanging hands at $143.64, following a 1.88% decline in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38835469/gamestop-might-have-outperformed-bitcoins-yearly-returns-in-a-single-day-but-heres-why-kin">GameStop Might Have Outperformed Bitcoin&#8217;s Yearly Returns In A Single Day But Here&#8217;s Why King Crypto Evokes More Optimism</a>

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

Cryptocurrency

$SOL

Solana DEX Developer Admits To Stealing And Gambling Away $300M Meant For Hack Victims: 'I F***ed Up Way Too Hard'

EV powerhouse&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38823888/shifting-gears-tesla-rivian-accelerate-in-ev-market-lucid-hits-a-bump" rel="noreferrer noopener">Tesla Inc</a>.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) maintains a robust brand image, defying a spate of recalls and negative press, according to a recent survey.&nbsp;However, a stark contrast emerges between perceptions of owners and non-owners, underscoring the polarization surrounding a company helmed by a bold and unapologetic CEO.
What Happened: Tesla has been grappling with&nbsp;numerous recalls recently&nbsp;due to issues ranging from steering problems to malfunctioning rearview cameras and defective parts.&nbsp;
Despite these challenges, Tesla&#8217;s brand image has shown resilience, according to a&nbsp;<a target="_blank" href="https://business.yougov.com/content/49308-tesla-brand-health-performance-safety-recalls-2024" rel="noreferrer noopener">YouGov BrandIndex</a>&nbsp;report that&nbsp;shows&nbsp;that the EV giant&#8217;s Buzz scores (what consumers have&nbsp;been hearing&nbsp;about a brand) averaged a negative score of -7.1 in 2023, indicating a general negative sentiment.&nbsp;
However, among Tesla&#8217;s current customer base, the Buzz scores were considerably more positive, averaging a net score of 61.8.
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See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" rel="noreferrer noopener">Everything You Need to Know About Tesla Stock</a>
Consideration scores, which measure the likelihood of a consumer considering a brand for a future purchase, remained relatively stable throughout 2023. Among current Tesla owners, 70% indicated they would consider&nbsp;buying a Tesla again.&nbsp;
Furthermore, 7.7% of the US population stated they would consider Tesla for their next car purchase, showing that the brand&#8217;s recalls have not significantly impacted consumer consideration.
Why It Matters:&nbsp;The recent recalls, including the&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/12/36317969/teslas-massive-2m-vehicle-recall-raises-questions-about-autopilot-techs-reliability" rel="noreferrer noopener">massive recall of 2 million vehicles</a>&nbsp;in December 2023 due to Autopilot system issues and the&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/04/38331377/tesla-recalls-over-3-800-cybertrucks-citing-unintended-acceleration-risk" rel="noreferrer noopener">recall of 3,878 Cybertrucks</a>&nbsp;in April 2024 over unintended acceleration risk, have&nbsp;put Tesla&#8217;s reliability under scrutiny.
However, Tesla&#8217;s resilience can probably be attributed to its&nbsp;<a target="_blank" href="https://www.benzinga.com/tech/24/04/38362474/tesla-tops-consumer-reports-for-lowest-maintenance-repair-costs" rel="noreferrer noopener">low maintenance and repair costs</a>, coupled with&nbsp;CEO&nbsp;Elon Musk&#8216;s&nbsp;<a target="_blank" href="https://www.benzinga.com/personal-finance/24/04/38441047/elon-musk-admits-i-really-didnt-think-tesla-would-be-successful-but-says-if-something-is-importa" rel="noreferrer noopener">commitment to the brand</a>&nbsp;despite initial doubts about its success, even though many analysts and investors have strongly criticized&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38573241/private-investment-firm-ceo-spots-cracks-in-elon-musks-tesla-leadership-style-cultu" rel="noreferrer noopener">his leadership style</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38835767/in-musk-we-trust-tesla-enthusiast-says-ev-giants-market-cap-would-be-way-lower-with-a-vanilla-play-i" target="_blank" rel="noreferrer noopener">In Musk We Trust: Tesla Enthusiast Says EV Giant&#8217;s Market Cap Would Be Way Lower With &#8216;A Vanilla, Play-It-Safe, Don&#8217;t Rock The Boat CEO&#8217;</a>
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Media

Tesla: Love Or Hate It? Survey Shows Huge Brand Image Gap Between Owners And Non-Owners

Former White House Communications Director Anthony Scaramucci weighed in on Donald Trump&#8217;s <a href="https://www.benzinga.com/news/24/05/38834200/marjorie-taylor-greene-slams-mike-johnson-for-observing-trump-hush-money-case-instead-of-defunding-j">hush-money case trial </a>and the testimony of star witness Michael Cohen.
Trump&#8217;s Mistake: The mistake Trump made was that he didn&#8217;t take care of his &#8220;made&#8221; guys, Scaramucci <a href="https://twitter.com/RestPoliticsUS/status/1790414497628279238">said</a> in an episode of the &#8220;The Rest Is Politics US&#8221; podcast he co-hosts with Katty Kay. Calling it a &#8220;cardinal sin,&#8221; he said, &#8220;So, Michael Cohen is one of his &#8216;made&#8217; guys and he never took care of him and he left him hanging.&#8221;
&#8220;Michael Cohen did to him the same thing Sammy Gravano did to John Gotti.&#8221; 
Scaramucci referred to former mobster Gravano, who agreed to testify as a government witness against the Gambino crime family boss Gotti, which resulted in the latter&#8217;s prosecution.
Cohen returned to the court system and exposed Trump, the former White House aide said. &#8220;If he is guilty here, which he likely will be, this will be a problem for Mr. Trump,&#8221; he said. Scaramucci said Trump may not be put in jail. &#8220;Don't rule out Trump having to campaign from Mar-A-Lago with an ankle bracelet,&#8221; he said.
The learning lesson, according to Scaramucci, is &#8220;you got to protect the people that are working with you, whether you like them or not.&#8221; 
&#8220;Mr. Trump has an asymmetric view of loyalty. He&#8217;s paying the price for that in the court,&#8221; he said.
Scaramucci also dispelled views that Trump was acquitted due to a hung jury. Citing his law school experience and working with several lawyers, he said, &#8220;There&#8217;s a group think that overtakes the jury and if there are 11 people pushing for the guilty verdict, they will be able to convince that one person,&#8221; he said.
See Also: <a href="https://www.benzinga.com/news/24/05/38791491/biden-vs-trump-incumbent-fails-to-win-voter-confidence-to-steer-economy-as-new-poll-identifies-infla">Biden Vs. Trump: Incumbent Fails To Win Voter Confidence To Steer Economy As New Poll Identifies Inflation As Major Pushback</a>
Why It&#8217;s Important: The New York hush-money criminal case Trump is fighting assumes importance because it is one of the four criminal cases that would conclude before the Nov. 5 election.
Opinion polls have shown that if the former president were to be found guilty, voters&#8217; disposition toward him would likely change to one of negative. <a href="https://www.benzinga.com/news/24/05/38779447/biden-vs-trump-matchup-in-this-traditionally-red-state-shows-republican-partys-lead-could-shrink-due">A conviction could cost Trump between 2% and 9% of his support in Louisiana, </a>a recent poll found.
Commenting on Cohen&#8217;s testimony, MSNBC host Lawrence O'Donnell said, &#8220;You got to remember that when lives end up in a criminal courtroom, and you are the key witness for a criminal prosecution, yours is a broken life… So, Michael Cohen&#8217;s life was broken by all of this and what you saw on the witness stand was this broken man.&#8221;
In August 2018, Cohen <a href="https://www.justice.gov/usao-sdny/pr/michael-cohen-pleads-guilty-manhattan-federal-court-eight-counts-including-criminal-tax">pleaded guilty</a> to eight counts including campaign finance violations, tax fraud, and bank fraud. Cohen said he violated campaign finance laws at Trump&#8217;s direction &#8220;for the principal purpose of influencing&#8221; the 2016 presidential election. He was sentenced to three years in federal prison in December 2018 and ordered to pay a fine of $50,000, and he completed the sentence in November 2021.
Read Next: <a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a>
Photo by World Economic Forum on Flickr

Politics

Legal

Anthony Scaramucci Says Trump May Campaign With Ankle Bracelet From Mar-A-Lago As Former White House Aide Points Out Ex-President's 'Cardinal Sin'

OpenAI Chief Scientist Ilya Sutskever has announced his departure from the company. This development comes after a series of significant events at the artificial intelligence giant.
What Happened: Sutskever, a key member of the company&#8217;s founding team, revealed his decision to leave OpenAI after nearly a decade. He expressed confidence in the company&#8217;s ability to develop artificial general intelligence under the leadership of the current CEO, Sam Altman, and other executives. 
"After almost a decade, I have made the decision to leave OpenAI," Sutskever wrote on X. "The company's trajectory has been nothing short of miraculous."<a href="https://archive.is/o/g4MYb/https://twitter.com/ilyasut/status/1790517455628198322?ref_src=twsrc^tfw&#x7C;twcamp^tweetembed&#x7C;twterm^1790517455628198322&#x7C;twgr^94e06983e93aa4c55de44874a0dc2ee1536f7e26&#x7C;twcon^s1_&amp;ref_url=https://www.bloomberg.com/news/articles/2024-05-14/openai-chief-scientist-ilya-sutskever-is-leaving-the-company" target="_blank" rel="noreferrer noopener"></a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">After almost a decade, I have made the decision to leave OpenAI.  The company's trajectory has been nothing short of miraculous, and I'm confident that OpenAI will build AGI that is both safe and beneficial under the leadership of <a href="https://twitter.com/sama?ref_src=twsrc%5Etfw">@sama</a>, <a href="https://twitter.com/gdb?ref_src=twsrc%5Etfw">@gdb</a>, <a href="https://twitter.com/miramurati?ref_src=twsrc%5Etfw">@miramurati</a> and now, under the…
&mdash; Ilya Sutskever (@ilyasut) <a href="https://twitter.com/ilyasut/status/1790517455628198322?ref_src=twsrc%5Etfw">May 14, 2024</a></blockquote>
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Altman, in a post on X, said, &#8220;Ilya and OpenAI are going to part ways. This is very sad to me.&#8221; He described Sutskever as &#8220;easily one of the greatest minds of our generation, a guiding light of our field, and a dear friend.&#8221; Sutskever has revealed that he is working on a project that is &#8220;very personally meaningful&#8221; for him.
Sutskever&#8217;s position will be assumed by the current Research Director, Jakub Pachocki.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Ilya and OpenAI are going to part ways. This is very sad to me; Ilya is easily one of the greatest minds of our generation, a guiding light of our field, and a dear friend. His brilliance and vision are well known; his warmth and compassion are less well known but no less…
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1790518031640347056?ref_src=twsrc%5Etfw">May 14, 2024</a></blockquote>
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Sutskever, who was initially hired by Elon Musk when the company was established in 2015, played a pivotal role in the <a href="https://www.benzinga.com/news/23/11/35867612/elon-musk-very-worried-about-openai-boardroom-battle-ilya-sutskever-wouldnt-take-such-drastic-action">removal of Altman</a> as CEO in November. However, after Altman&#8217;s reinstatement, Sutskever announced that he would not return to his former position as a board member. The company was reportedly discussing alternative roles for him.
Pachocki, who has been with OpenAI since 2017, will now take over as the new chief scientist. The company has not yet provided any comments on Sutskever&#8217;s departure.
Jan Leike, co-leading Superalignment at OpenAI, has also resigned without citing any reason, following Sutskever&#8217;s departure. He wrote, &#8220;I resigned,&#8221; on X.<a href="https://twitter.com/janleike/status/1790603862132596961"></a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I resigned
&mdash; Jan Leike (@janleike) <a href="https://twitter.com/janleike/status/1790603862132596961?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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See Also: <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>
Why It Matters: Sutskever&#8217;s departure comes at a time when OpenAI is making significant strides in the AI industry. The company <a href="https://www.benzinga.com/news/24/05/38809935/openai-just-dropped-gpt-4o-and-these-10-examples-show-it-could-completely-change-ai-chatbot-game">recently unveiled GPT-4o</a>, a new and improved version of its chatbot, which has the potential to revolutionize the AI chatbot game.
However, Sutskever&#8217;s departure could raise questions about the company&#8217;s future direction, especially given his influential role in OpenAI&#8217;s history. His exit follows a period of speculation about his whereabouts, which arose after the <a href="https://www.benzinga.com/news/24/03/37814793/sam-altman-laughs-off-speculation-about-openais-ilya-sutskevers-whereabouts-i-really-hope-we-work-to">dramatic ouster</a> of Altman in November. The company&#8217;s future trajectory and its ability to maintain its position as an AI industry leader will be closely watched in the wake of this development.
Read Next: <a href="https://www.benzinga.com/news/24/05/38806678/elon-musk-shrugs-off-openais-latest-announcement-after-x-user-says-that-99-of-the-economy-will-be-ai?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Shrugs Off OpenAI&#8217;s Latest Announcement After X User Says That 99% Of The Economy Will Be AI Chatbots Talking To Each Other: &#8216;Not At This Ridiculously Slow Bit Rate&#8217;</a>
Image Via Shutterstock 
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.

Management

OpenAI's 'Guiding Light' Ilya Sutskever And Jan Leike Resign One After The Other: CEO Sam Altman Says, 'This Is Very Sad'

Floki (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">FLOKI</a>) gained significant positive momentum this week, fueled largely by the combination of the "Roaring Kitty" hype, and a fresh proposal to kick a large portion of the supply out of circulation.
What Happened: The memecoin soared 23% since the week began, riding high on the social media comeback of retail trader "Roaring Kitty," an event that has also pumped meme stocks in the traditional markets.
To top it up, a proposal by the Floki DAO–an organization that votes on decisions concerning the project– to burn a whopping 15.24 billion tokens, boosted the coin further.&nbsp;
The proposal, polling for which ends on May 16, gained an overwhelming 99.84% votes in favor of the burn.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">NEW DAO PROPOSAL: BURN 15,246,000,000 <a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FLOKI</a> TOKENS A new Floki DAO proposal just went live on whether or not to burn 15,246,000,000 <a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FLOKI</a> tokens. Please read the proposal and vote here &#x1f447;&#x1f447;&#x1f447;<a href="https://t.co/UVzQdYQUpu">https://t.co/UVzQdYQUpu</a> <a href="https://t.co/j1mi6XrVZ0">pic.twitter.com/j1mi6XrVZ0</a>
&mdash; FLOKI (@RealFlokiInu) <a href="https://twitter.com/RealFlokiInu/status/1790099285502988368?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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Why It Matters: Cryptocurrency holders view burning events with optimism, anticipating that the supply squeeze would drive the price of the asset upward.
In March, the passage of a proposal to burn 190 billion FLOKI tokens was met with similar euphoria, sending the coin 50% higher within a day.&nbsp;
In the last 24 hours, FLOKI's large transaction volume soared by 88%, <a href="https://app.intotheblock.com/?end_offset=40">according </a>to IntoTheBlock, reflecting increased participation from cryptocurrency whales. Additionally, long-term supply dipped by 0.03%, suggesting increased profit-taking.&nbsp;
Price Action: At the time of writing, FLOKI was exchanging hands at $$0.0002021, witnessing a 6.22% jump in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Photo by Maurice NORBERT on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38835469/gamestop-might-have-outperformed-bitcoins-yearly-returns-in-a-single-day-but-heres-why-kin">GameStop Might Have Outperformed Bitcoin&#8217;s Yearly Returns In A Single Day But Here&#8217;s Why King Crypto Evokes More Optimism</a>

$FLOKI

Floki Soars As Holders Buoyed By Proposal to Remove 15.24B Tokens Out Of Circulation: The Burn Is Real

With the launch of 20 Starlink satellites to low-Earth orbit on Tuesday, Elon Musk&#8216;s SpaceX has completed 50 launches this year, <a href="https://www.benzinga.com/news/24/01/36860379/one-month-into-2024-spacex-is-already-falling-short-of-its-own-launch-targets-temporary-setback-or-c">more than half of its total launches</a> last year. 
What Happened: &#8220;Congratulations to the SpaceX team on launching our 50th Falcon mission of the year!&#8221; SpaceX President Gwynne Shotwell wrote on social media platform X, formerly Twitter. &#8220;&#8230;it's been an extraordinary year so far and we&#8217;re not even halfway done yet!&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">From flying customer satellites, cargo and astronauts to orbit and deploying additional <a href="https://twitter.com/Starlink?ref_src=twsrc%5Etfw">@Starlink</a> satellites to connect millions of people around the world, it's been an extraordinary year so far and we&#39;re not even halfway done yet!
&mdash; Gwynne Shotwell (@Gwynne_Shotwell) <a href="https://twitter.com/Gwynne_Shotwell/status/1790468333374214568?ref_src=twsrc%5Etfw">May 14, 2024</a></blockquote>
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The company has launched customer satellites, cargo, astronauts, and also its own Starlink satellites to orbit since the start of 2024. The company had its first launch of the year on Jan. 2, when it launched 21 Starlink satellites to low-Earth orbit from California. In its latest mission, SpaceX launched 20 Starlink satellites, also from California.
The 50 launches do not include <a href="https://www.benzinga.com/news/24/05/38782522/spacex-starship-likely-to-fly-for-4th-time-next-month-as-elon-musk-reaffirms-new-goals">Starship&#8217;s third test flight in March</a> when the spacecraft lost contact and broke down while re-entering the planet's atmosphere instead of splashing down as planned in the Indian Ocean. 
Why It Matters: CEO Elon Musk has said the company is aiming for 12 launches per month in 2024, <a href="https://www.benzinga.com/news/24/01/36690656/spacex-plans-for-equipment-that-never-sleeps-to-achieve-record-144-launches-this-year">totaling 144 launches.</a> However, to touch the targeted 144 launches, the company will have to ramp up the number of launches in the upcoming months.
For the entirety of 2023, SpaceX only completed 96 launches, marking a 57% year-on-year increase, not including two Starship test flights. The company's launch numbers have been steadily increasing, with 26 launches in 2020, 31 in 2021, and 61 in 2022.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38814656/gms-cruise-restarts-self-driving-tests-in-phoenix-with-safety-drivers-on-board">GM&#8217;s Cruise Restarts Self-Driving Tests In Phoenix With Safety Drivers On Board</a>
Image: Created with artificial intelligence on MidJourney and Official SpaceX Photos on Flickr

SPACE

Elon Musk's SpaceX On Fire: 50 Launches Done Before Halfway Through Year, 94 More To Go

Nuveen California Dividend Advantage Municipal Fund 2

Reported Earlier, PowerCo Partners With NOVONIX For Development And Testing Of Synthetic Graphite Anodes

Upon closing, the Company expects that the transaction will add 65 basis points to the CET1 capital ratio, as converted for the preferred, resulting in a pro-forma CET1 capital ratio of&nbsp;10.8%&nbsp;as of&nbsp;March 31, 2024.&nbsp; It will also bolster our liquidity profile as the proceeds of the sale will be reinvested into cash and securities.&nbsp; On a pro-forma basis, the ratio of cash and securities to total assets is projected to improve to&nbsp;24%&nbsp;from&nbsp;20%&nbsp;at&nbsp;March 31, 2024.&nbsp; Similarly, the Bank&#39;s pro-forma loan-to-deposit ratio is expected to decline to&nbsp;104%&nbsp;compared to&nbsp;110%&nbsp;at the end of the&nbsp;first quarter&nbsp;of 2024.

NYCB

Reported Earlier, New York Community Bancorp Agrees To Sell $5B In Warehouse Loans To JPMorgan Chase Bank, Aiming For Improved Loan-To-Deposit Ratio

The meme stock frenzy&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/options/24/05/38825760/gamestop-option-traders-active-before-roaring-kittys-tweets-might-have-made-millions" rel="noreferrer noopener">reignited on Wall Street this week</a>, fueled by the return of &#8220;Roaring Kitty,&#8221; a key player in the 2021 surge. This resurgence sparked a discussion on the psychology driving these volatile investments, with economist and former hedge fund manager&nbsp;Raoul Pal&nbsp;offering his insights.
What Happened:&nbsp;A social media user&nbsp;took aim at&nbsp;traditional finance theories suggesting low interest rates caused the meme stock phenomenon surrounding&nbsp;GameStop Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>).&nbsp;
&#8220;One of the funniest things is&nbsp;tradfi&nbsp;assigning the GME/meme phenomena to low interest rates.&nbsp;Well&nbsp;guess what&#8230;interest rates are at multi-decade highs and they running it back again lmao,&#8221; the user said.
Pal agreed with this argument. &#8220;Yeah,&nbsp;its&nbsp;nothing to do with interest rates but the need for speculation to get ahead&nbsp;because&nbsp;of interest rates, debasement, jobs, etc,&#8221; he said. &#8220;The clock is ticking on the 25 to&nbsp;40 year olds&#8230;&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yeah, its nothing to do with interest rates but the need for speculation to get ahead because of interest rates, debasement, jobs, etc. The clock is ticking on the 25 to 40 year olds&#8230;
&mdash; Raoul Pal (@RaoulGMI) <a href="https://twitter.com/RaoulGMI/status/1790371455118569765?ref_src=twsrc%5Etfw">May 14, 2024</a></blockquote>
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See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-inflation-stocks" rel="noreferrer noopener">Best Inflation Stocks</a>
Why It Matters:&nbsp;The Fed funds rate, a key benchmark impacting borrowing costs, currently sits at a 22-year high of 5.25%-5.50%.
Pal&#8217;s point resonates with the current economic climate. The post-pandemic period has brought significant uncertainty, with inflation rising and the Fed raising rates to combat it.&nbsp;
Companies struggling to grow revenue have resorted to layoffs, impacting personal finances.
Millennials, the first generation raised on the internet,&nbsp;<a target="_blank" href="https://www.benzinga.com/personal-finance/24/03/37869282/i-am-not-prepared-for-life-millennials-blame-their-boomer-parents-for-not-teaching-them-how-to-b" rel="noreferrer noopener">are particularly affected</a>&nbsp;by these financial anxieties. A 2023 Northwestern Mutual study revealed that 54% of respondents belonging to this category experience depression due to financial uncertainty, compared to 34% of the general population.
New Meme Wave:&nbsp;Amidst this backdrop, meme stocks like GameStop and&nbsp;AMC Entertainment Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) have experienced a dramatic rise. So far this week, GameStop has gained 179% and AMC 135%, with trading halts interrupting the rallies.&nbsp;
Before Monday, GameStop was down slightly for the year, while AMC was down a steeper 52%. The stocks closed Tuesday at $48.75 and $6.85, respectively, with whopping gains, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/register174" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38815078/jim-cramer-bets-cash-strapped-amc-gamestop-may-issue-shares-to-capitalize-on-new-me"> Jim Cramer Bets Cash-Strapped AMC, GameStop May Issue Shares To Capitalize On New Meme Stock Frenzy: &#8216;It Makes Too much Sense Not To&#8217;</a>

Analyst Color

Economics

Macro Guru Raoul Pal Says Fresh GameStop-Led Meme Stock Frenzy Has Nothing To Do With Interest Rates: 'Clock Is Ticking On The 25-40-Year-Olds'

- Median Overall Survival of 5.49 months observed in patients with a TP53 mutation receiving an&nbsp;Iomab-B led allogeneic bone marrow transplant compared to 1.66 months in patients that did not receive Iomab-B (hazard ratio=0.23, p=0.0002) in the Phase 3 SIERRA Trial
- Long-term efficacy results in older patients with active relapsed or refractory acute myeloid leukemia also observed in the SIERRA trial

ATNM

Reported Earlier, Actinium To Present Improved Survival Outcomes In TP53 Positive Patients At The EHA 2024 and Long-Term Efficacy Results In Older Patients Receiving An Iomab-B Led Bone Marrow Transplant In The Phase 3 SIERRA Trial

The de-SPAC is expected to close on or around December 31, 2024. At the consummation of the de-SPAC, HUDA&#39;s shareholders will become minority and non-controlling shareholders in the combined entity.
This business combination marks a significant milestone in establishing a robust and enduring presence in Europe. The integration with HUDA will equip Aiways Europe with efficient access to growth capital, close alignment with European design concepts, and the strong commitment of a revered management team of industry leaders.

HUDA

Reported Earlier, Hudson Acquisition I And Aiways Europe Enter Agreement For Business Combination Valued At $400M

Macro Economic Events

Econ #s

France Harmonised Index of Consumer Prices (MoM) For April 0.6% Vs. 0.6% Est.; 0.2% Prior

France Consumer Price Index (MoM) For April 0.5% Vs. 0.5% Est.; 0.2% Prior

LEQEMBI is now approved in the U.S., Japan and China, and applications have been submitted for review in the European Union, Australia, Brazil, Canada, Hong Kong, Great Britain, India, Israel, Russia, Saudi Arabia, South Korea, Taiwan, Singapore and Switzerland. Eisai submitted to the FDA a Supplemental Biologics License Application (sBLA) for monthly LEQEMBI intravenous (IV) maintenance dosing in March 2024.
Eisai serves as the lead for lecanemab&#39;s development and regulatory submissions globally with both companies co-commercializing and co-promoting the product and Eisai having final decision-making authority.

BIIB

ESAIY

Reported Earlier, Biogen And Eisai Initiated Rolling Biologics License Application With US FDA For Subcutaneous LEQEMBI (lecanemab-irmb) To Treat Early Alzheimer's Disease Under Fast Track Status

In a significant development, Chinese chipmakers are making headway in producing high bandwidth memory (HBM) semiconductors, a crucial component in artificial intelligence (AI) chipsets. This progress marks a key step in China&#8217;s efforts to diminish its dependence on foreign suppliers amid ongoing tensions with the U.S.
What Happened: China&#8217;s leading DRAM chip manufacturer, CXMT, has successfully developed sample HBM chips in collaboration with chip packaging and testing company Tongfu Microelectronics, Reuters reported on Wednesday. These chips are currently being showcased to clients. 
Another Chinese firm, Wuhan Xinxin, is constructing a factory capable of producing 3,000 12-inch HBM wafers per month. This initiative, which commenced in February, is a clear indication of China&#8217;s commitment to advancing its chip sector.
Both CXMT and Wuhan Xinxin are private companies that have received local government funding to drive technological advancements in China&#8217;s chip sector.
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38814718/happy-40-zuckerberg-if-you-invested-1000-in-meta-platforms-stock-when-mark-zuckerberg-turned-30-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Happy 40, Zuckerberg! If You Invested $1000 In Meta Platforms Stock When Mark Zuckerberg Turned 30, Here&#8217;</a>
Why It Matters: The recent progress in China&#8217;s chip sector is a significant development in the global semiconductor industry, especially considering the country&#8217;s <a href="https://www.benzinga.com/markets/asia/24/05/38800273/chinas-semiconductor-spending-tops-us-with-142b-commitment-global-chip-race-heats-up">topped the U.S. in semiconductor spending</a>. This is part of the broader trend of China&#8217;s increasing efforts to <a href="https://www.benzinga.com/markets/equities/24/05/38809034/china-urges-tech-giants-to-shift-away-from-nvidia-and-other-foreign-chip-makers-boost-domestic-a">reduce its reliance on foreign-made chips</a>, particularly those from NVIDIA Corp.
Moreover, the recent progress in the chip sector follows another significant breakthrough. Chinese researchers have developed a cost-effective technique for <a href="https://www.benzinga.com/news/24/05/38789719/beating-us-sanctions-chinese-scientists-achieve-mass-production-of-optical-chips-at-low-cost">mass-producing optical chips</a>, which could potentially soften the impact of U.S. sanctions.
Read Next: <a href="https://www.benzinga.com/news/24/05/38779672/whats-new-in-consumer-tech-world-last-week-news-that-you-should-know-may-5-may-11-2024?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s New In Consumer Tech World Last Week? News That You Should Know (May 5-May 11, 2024)</a>\
Picture by blickpixel on Pixabay and Karolina Grabowska on Pexels and Osman Bugra Nuvasil on Shutterstock
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General

Xi Jinping's China Forges Ahead With Better In-House AI Chips To Cut Reliance On Nvidia, Other Foreign Sources Amid US Curbs

Reported Earlier, Richtech Robotics Introduces Medbot To Revolutionize Medication Delivery In Healthcare Facilities

YouTuber and&nbsp;Tesla Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) enthusiast&nbsp;Dillon Loomis&nbsp;believes the EV giant needs&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38399275/no-choice-elon-musk-reacts-as-x-user-reveals-main-reason-why-the-billionaire-is-re-organizing-te" rel="noreferrer noopener">CEO&nbsp;</a><a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38399275/no-choice-elon-musk-reacts-as-x-user-reveals-main-reason-why-the-billionaire-is-re-organizing-te" rel="noreferrer noopener">Elon Musk</a>&nbsp;to drive its market value and future vision of making the auto world fully electric.
What Happened:&nbsp;In a post on X on Tuesday, Loomis said he is &#8220;sick&#8221; of people commenting on how Musk is&nbsp;bad&nbsp;for Tesla and the company needs a more stable CEO. Loomis, for one, is convinced otherwise.&nbsp;
&#8220;Tesla would not be anywhere close to where it is today if it had some risk-averse leader calling the shots the past decade,&#8221; Loomis said, adding that those wanting more traditional CEOs should invest in ETFs or bond funds to avoid the risks involved with Tesla. 
It was not immediately clear if Loomis was a Tesla investor.
&#8220;$TSLA has always been a high beta, risk-on stock with the mission of transitioning the world&nbsp;to sustainable energy. Doing so requires a bit of &#8216;crazy&#8217;,&#8221; Loomis said. The YouTuber thinks that the criticism faced by the CEO is &#8220;out of control&#8221;&nbsp;and obstructs&nbsp;the &#8220;bigger picture&#8221; of Tesla potentially becoming a multi-trillion dollar company selling robotaxis and robots profitably.&nbsp;
&#8220;Tesla&#8217;s market cap ceiling with a vanilla, play-it-safe, don&#8217;t rock the boat CEO would be significantly&nbsp;lower than what it is with Elon steering the ship,&#8221; Loomis wrote. &#8220;Even if the direction at times in the short-term doesn&#8217;t make sense with the limited information we have.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I&#39;m sick of reading comments online about how Elon is bad for Tesla and the company needs a more stable or traditional CEO No, it actually doesn&#39;t. If anything, you need to go invest in a different company Tesla would not be anywhere close to where it is today if it had some…
&mdash; Dillon Loomis (@DillonLoomis22) <a href="https://twitter.com/DillonLoomis22/status/1790448504889901322?ref_src=twsrc%5Etfw">May 14, 2024</a></blockquote>
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Why It Matters:&nbsp;Many of Musk&#8217;s decisions for Tesla and&nbsp;his&nbsp;other companies have faced significant flak.&nbsp;Most recently, his decision to focus all of Tesla&#8217;s resources on vehicle autonomy and robotaxis has&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38130387/gene-munster-backs-teslas-focus-on-robotaxis-over-low-cost-ev-gary-black-skeptical-" rel="noreferrer noopener">left analysts and investors</a>&nbsp;divided.&nbsp;
Some investors have also disagreed with the company&#8217;s price-cutting strategy to retain demand instead of relying on advertising to boost sales. Price cuts, they say, have been eroding margins.&nbsp;
Late last year, Musk courted controversy for endorsing an antisemitic conspiracy theory, drawing swift responses&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/11/35854972/elon-musk-twitter-face-backlash-over-antisemitic-claims-i-once-admired-musk-for-his-anti-establishme" rel="noreferrer noopener">from advertisers</a>&nbsp;on X, Tesla investors, and Tesla drivers alike. While Musk later apologized for the post, it left&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/11/35862235/have-elon-musks-recent-antisemitic-posts-shaken-tesla-communitys-loyalty-heres-what-theyre-saying-ab" rel="noreferrer noopener">a few Tesla owners uncomfortable</a>&nbsp;and pushed them away from the brand.
Showdown For Musk:&nbsp;Tesla shareholders&nbsp;in&nbsp;a meeting on June 13, 2024, will again vote on&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38774504/tesla-analyst-sees-annual-shareholder-meeting-as-key-to-determining-elon-musk-led-c" rel="noreferrer noopener">Musk&#8217;s rescinded pay package</a>, which will play a&nbsp;key&nbsp;factor in determining the company&#8217;s long-term strategy.
Price Action: Tesla stock closed 3.3% higher on Tuesday at $177.55, giving the company a market cap of $566.24 billion. The stock is down 28.5% year-to-date, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a> 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/38817313/tesla-ceo-elon-musk-says-making-new-roadster-only-as-fast-as-model-s-plaid-would-be-ridiculous">Tesla CEO Elon Musk Says Making New Roadster Only As Fast As Model S Plaid Would Be &#8216;Ridiculous&#8217;</a>
Photo via Shutterstock

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Latest News for American Century ETF Trust Avantis Emerging Markets Small Cap Equity ETF (ARCA:AVEE)

Wednesday, May 08, 2024