China Renaissance Hldgs Stock (OTC: CSCHF)

Latest News for China Renaissance Hldgs Stock (OTC:CSCHF)

China Renaissance Holdings Ltd is an investment banking and investment management company that combines private placement advisory, Merger and Acquisition advisory, securities underwriting, research, sales and trading, investment management, and other financial services. Its segments include Investment Banking, Investment Management, CR Securities, and Others. The company generates maximum revenue from the Investment Management segment.

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CSCHF

Missing Investment Banker Cooperating With Chinese Authorities In An Investigation

Xi Jinping Photo by Gil Corzo on Shutterstock

General

Chinese Banker Was Reportedly Moving Wealth To Singapore Before Going Missing Amid Potential Xi Jinping&#39;s Crackdown

Xi Jinping Photo by Alexander Khitrov on Shutterstock

Tech

Xi Jinping&#39;s Pursuit Of Total Control In China Sparks Fears Of Crackdown As Investment Banker Goes Missing

CHINA RENAISSANCE HLDGS by CHINA RENAISSANCE HLDGS LTD

China Renaissance Holdings Ltd

GSK (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>) reported quarterly adjusted earnings of $1.09 per share which beat the analyst consensus estimate of $0.91 by 20.11 percent. This is a 21.44 percent increase over earnings of $0.90 per share from the same period last year. The company reported quarterly sales of $9.33 billion which beat the analyst consensus estimate of $8.92 billion by 4.64 percent. This is a 10.55 percent increase over sales of $8.44 billion the same period last year.

Earnings

GSK Q1 Adj. EPS $1.09 Beats $0.91 Estimate, Sales $9.33B Beat $8.92B Estimate

Tesla Inc has released a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/12/36039263/did-tesla-overpromise-and-underdeliver-with-the-cybertruck">guide for its Cybertruck</a>, detailing tips and guidelines for going offroading with the stainless steel vehicle touted by the EV maker as built for &#8220;anywhere.&#8221;
What Happened: The 22-page document details the vehicle&#8217;s features, lists best practices for going off-road, details the different modes ideal for different terrains, and even offers tips for when you get stuck. 
&#8220;Roads? Where we&#8217;re going, we don&#8217;t need roads,&#8221; Cybertruck lead engineer Wes Morrill wrote on X while explaining that the guide is meant to detail the different functionalities available on the vehicle while also increasing approachability to off-roading.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Roads? Where we&#39;re going, we don&#39;t need roads We put together this detailed guide for two reasons: 1. Deep dive into all the functionality, how and why to use it 2. Make off-roading approachable for those who had never considered it until getting their truck <a href="https://t.co/7oAirlraQE">https://t.co/7oAirlraQE</a>
&mdash; Wes (@wmorrill3) <a href="https://twitter.com/wmorrill3/status/1785304393858130038?ref_src=twsrc%5Etfw">April 30, 2024</a></blockquote>
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The Cybertruck, Tesla says, is &#8220;tough enough to go anywhere.&#8221; CEO Elon Musk has previously even hinted that the vehicle can thrive <a href="https://www.benzinga.com/news/24/03/37555561/watch-tesla-cybertruck-conquers-hells-revenge-in-utah-lead-engineer-hints-at-off-road-control-upgrad">on the fictional Star Wars ice planet Hoth.</a>&nbsp;
However, there are rules to follow when driving on rock, sand, snow, or water. Driving slow is key and employing the right off-road mode will allow the vehicle to better adapt to the environment around, Tesla says. 
Knowing the depth and bottom condition before entering water bodies and maintaining momentum in snow or sand will help the vehicle not to get stuck. While driving through shallow bodies of water in wade mode, one ought to be sure that the water is only up to 32 inches deep. Further, Wade mode duration is limited to 30 minutes. 
While climbing a large obstacle or an incline, a large steering angle or high acceleration with lockers engaged will cause the vehicle to jerk and may damage the drivetrain, the company warned in the guide. 
Why It Matters: Cybertruck is the latest offering from Tesla. The vehicle starts at $79,990 for its all-wheel drive variant and $99,990 for its higher-end Cyberbeast variant. 
The company is currently looking <a href="https://www.benzinga.com/news/24/04/38396608/tesla-exec-says-1-000-cybertrucks-a-week-prove-4680-cell-production-isnt-a-bottleneck-we-expect-to-s">to ramp up production</a> to meet the high demand for the vehicle. The company aims to deliver 250,000 units of the truck annually starting in 2025. 
Deliveries, however, are currently limited to the United States. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/04/38516918/california-love-fadin-for-tesla-ev-giants-registrations-plummet-as-rivian-mercedes-and-bmw-gain-grou">California Love Fadin&#8217; For Tesla? EV Giant&#8217;s Registrations Plummet As Rivian, Mercedes And BMW Gain Ground</a>
Photo courtesy: Tesla

Cybertruck Can Go Anywhere — But Conditions Apply: Tesla Releases Off-Road Guide

The CNN Money Fear and Greed index showed a decline in the overall market sentiment, but the index remained in the &#8220;Fear&#8221; zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the Dow Jones index dipping more than 550 points during the session. All three major indices recorded losses in April, ending a streak of five consecutive months of gains. The Dow dipped 5% to record its weakest monthly performance since Sept. 2022, while the S&amp;P 500 tumbled around 4.2% last month.
Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) reported better-than-expected first-quarter results on Tuesday, while McDonald&#8217;s Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) reported mixed first-quarter results. 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) reported better-than-expected first-quarter 2024 results.
On the economic data front, the Labor Department said the employment cost index rose 1.2% in the first quarter, higher than market estimates of 1%. The S&amp;P CoreLogic Case-Shiller 20-city home price index rose by 7.3% year-over-year in February. The US Federal Reserve will announce its latest interest rate decision on Wednesday.
All sectors on the S&amp;P 500 closed on a negative note, with energy, information technology and consumer discretionary stocks recording the biggest losses on Tuesday
The Dow Jones closed lower by around 570 points to 37,815.92 on Tuesday. The S&amp;P 500 fell 1.57% at 5,035.69, while the Nasdaq Composite dipped 2.04% at 15,657.82 during Tuesday's session.
Investors are awaiting earnings results from Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>), Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) and QUALCOMM Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) today.
At a current reading of 40.5, the index remained in the &#8220;Fear&#8221; zone on Tuesday, versus a prior reading of 43.7.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: <a href="https://www.benzinga.com/news/24/04/38520037/jim-cramer-rejects-illumina-as-its-not-well-run-recommends-buying-this-tech-stock-right-here-right-n">Jim Cramer Rejects Illumina As &#8216;It&#8217;s Not Well-Run,&#8217; Recommends Buying This Tech Stock &#8216;Right Here, Right Now&#8217;</a>

Pre-Market Outlook

Trading Ideas

QCOM

Investor Sentiment Falls, Dow Snaps Five-Month Win Streak

With U.S. stock futures trading lower this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) to report quarterly earnings at 54 cents per share on revenue of $14.20 billion before the opening bell, according to data from Benzinga Pro. Pfizer shares rose 0.2% to $25.68 in after-hours trading.</li>
<li>Leggett &amp; Platt, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEG#NYSE">LEG</a>) posted weaker-than-expected results for its first quarter. Leggett &amp; Platt shares fell 13.1% to $15.70 in the after-hours trading session.</li>
<li>Analysts are expecting Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) to post quarterly earnings at $1.20 per share on revenue of $1.71 billion. The company will release earnings before the markets open. Yum! Brands shares fell 0.6% to $140.45 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) reported upbeat results for its first quarter on Tuesday, but issued weak sales forecast for the second quarter. The company reported first-quarter net sales of $143.3 billion, up 13% year-over-year. The net sales total beat a Street consensus estimate of $142.5 billion, according to <a href="https://www.benzinga.com/pro/feature/newsfeed?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348">data from Benzinga Pro.</a> Amazon reported earnings per share of 98 cents in the first quarter, beating a Street consensus estimate of 82 cents per share. Amazon shares gained 1.3% to $177.20 in the after-hours trading session.</li>
<li>Analysts expect Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) to post quarterly earnings at $3.24 per share on revenue of $6.34 billion before the opening bell. Mastercard shares rose 0.7% to $454.50 in after-hours trading.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/04/38520037/jim-cramer-rejects-illumina-as-its-not-well-run-recommends-buying-this-tech-stock-right-here-right-n">Jim Cramer Rejects Illumina As &#8216;It&#8217;s Not Well-Run,&#8217; Recommends Buying This Tech Stock &#8216;Right Here, Right Now&#8217;</a>

AMZN

Amazon, Pfizer And 3 Stocks To Watch Heading Into Wednesday

Short-seller Muddy Waters Research founder Carson Block in a bare-it-all interview aired on Monday discussed his foray into the world of investing and how his firm sees through fraudulent corporate practices and actions.
In The Blood: Block was initiated into investing by his equity analyst dad at a very young age and when the youngster realized that he wasn&#8217;t going to be a basketball player, he decided Wall Street would be his ultimate playground, he <a href="https://podcasts.apple.com/us/podcast/the-investopedia-express-with-caleb-silver/id1529322197">said </a>in the &#8220;Investopedia Express with Caleb Silver&#8221; podcast.
After a stint in investment banking, he began working for his father, covering U.S.-centric micro-cap equities from 1999 through 2002. 
Disillusionment And Sabbatical: They were astute enough to avoid stocks that were frothy during the Internet bubble. But one of the companies Block&#8217;s dad followed for over four years, namely Rentaway was adjudicated as fraud.
This fraud, Carson said, happened at larger corporations too, with companies such as Worldcom, Enron, HealthSouth and Adelphia blowing up on accounting scandals.
"And it was a very disillusioning time for me because I realized that as much as I wanted to be an investor, I just hated being dependent on people who have these short-term incentives to investors to pump their stock prices so they can unload stock,&#8221; the investor said.
That was when Block decided to leave the market for a stint at law school to better equip himself. He worked as a lawyer in China and founded the first self-storage business in mainland China.
See Also: <a href="https://www.benzinga.com/best-penny-stocks">Best Penny Stocks</a>
The Return: As destiny would have it, he was forced a return to investing. His dad led him back this time around too, as he wanted Block to evaluate one of the Chinese companies listed in the U.S. via reverse merger. Ornian Paper, the company he was asked to do due diligence, was found to be a total fraud.
He then put together a report and sent it out to people whom he was in touch with about a decade ago. His disclosure took the stock down about 55% and recognition followed. 
Block realized then this rottenness seen in the corporate world &#8211; a function of mediocrity in the industry and laziness and overcompensation, was prevalent across geographies.
Making Money: Muddy Waters, founded in 2010, initially operated with internal capital, taking a short position in stock ahead of the firm&#8217;s publications of short reports. Since 2015, the firm has been managing outside capital. 
On behalf of these funds, the firm takes short positions and publishes reports.
CRE Short Bet: Block noted that his short bets on the commercial real estate sector started with Blackstone Mortgage Trust. He also said Muddy Waters wasn&#8217;t generally thematic and some of the bets become thematic in hindsight.
&#8220;Now, occasionally, we&#8217;ll look in the rearview mirror and say, oh, yeah, it turns out that within this period of time, we did a bunch of shorts in this space. And, hmm, okay, I guess there was a theme there,&#8221; he said. 
Zeroing In On Shorts: Block said his firm does not run screens to look for metrics that seem out of place, as these return a lot of false negatives and false positives. &#8220;There&#8217;s so much context that you really need to understand to figure out whether a metric being out of line is significant,&#8221; he said. 
&#8220;But a lot of what we do is really, what we look for is behavioral. So we&#8217;re really interested when companies are involved in related party transactions. We&#8217;re interested when companies that are seemingly profitable are undertaking financing, especially debt financing.&#8221;
<a href="https://www.google.com/search?q=ai+mania+benzinga&amp;oq=ai+mania+benzinga&amp;gs_lcrp=EgZjaHJvbWUyCwgAEEUYChg5GKAB0gEIMzAxM2owajeoAgCwAgA&amp;sourceid=chrome&amp;ie=UTF-8">Being highly promotional or latching on to the latest trend </a>could also be red flags, he said, adding that right now it would be AI. 
&#8220;Several years ago, that was cloud or SaaS. So when you see those catchphrases or words suddenly appear in filings and speech of the CEOs, that&#8217;s something that does get our attention,&#8221; Block said.
The short-seller said his firm would also look for the &#8220;me toos&#8221; in a given space. If there were a bunch of IPOs in a given space just because the space is hot, the first one or two companies were probably okay, he said. &#8220;But number three, four, five companies to go public, that&#8217;s when you start getting the guys who are thinking, &#8216;okay, I see all this money flowing into this area, so let me put some lipstick on some pigs and we&#8217;ll use the buzz phrase and let&#8217;s go public.&#8217; And that&#8217;s also what gets our attention,&#8221; he added.
Block said he would also follow individuals who have been involved in stock blowups. &#8220;Once you&#8217;re in crap stock land, nobody respectable is going to hire you,&#8221; he said. &#8220;If somebody hires a person who&#8217;s been involved in a stock disaster, you&#8217;d really have to question the judgment,&#8221; he added.
 He mentioned &#8220;AI,&#8221; &#8220;level three fair value gains,&#8221; and &#8220;related parties&#8221; as three catchphrases that raise red flags. &#8220;A good way to look for that is to compare the present filings to a year ago and see whether there was just a global find and replace. What did they take out in order to drop that in?&#8221; he said.
&#8220;And if the incidence rate has gone up significantly, it might be on to something.&#8221;
A company that&#8217;s generating a lot of level three fair value gains is often a red flag, Block said. Level 3 fair value, according to SEC, includes unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the related assets or liabilities.&nbsp;
On related parties, Block said, &#8220;If we see a pattern, a number of these related party transactions disclosed, it&#8217;s always a red flag, even if it seems small dollar because it&#8217;s never a good look.&#8221;
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund tracking the broader S&amp;P 500 Index, ended Monday&#8217;s session 1.58% to $501.98, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>
Read Next: <a href="https://www.benzinga.com/fintech/24/02/37013908/muddy-waters-shorts-fairfax-financial-holdings-not-the-berkshire-hathaway-of-canada">Muddy Waters Shorts Fairfax Financial Holdings: &#8216;Not The Berkshire Hathaway Of Canada&#8217;</a>
Photo by Overearth on Shutterstock.

Short Sellers

Education

Media

How A Famous, Polarizing Wall Street Short-Seller Sniffs Out Corporate Frauds: 'What We Look For Is Behavioral'

The European Unified Patent Court (UPC) today announced a finding that Curio Seeker does not infringe main claim 1 of EP 2697391 asserted by 10x Genomics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>). The UPC has also ordered Curio Bioscience not to offer any product that would violate claim 14 of the &lsquo;391 patent in France, Germany, and Sweden. Accordingly, Curio Bioscience will comply with the order and expects no impact to its commercial business.
The decision arises from 10x&#39;s request for provisional measures and is open to appeal. The main action remains pending.

The European Unified Patent Court Clears Curio Seeker With Respect To Claim 1 Of EP 2697391 Asserted By 10x Genomics

Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is set to significantly scale up its advertising business, according to MNTN CEO Mark Douglas.
What Happened: Douglas shared his opinion about Amazon&#8217;s growing focus on performance advertising on its homepage and in Amazon Prime, during <a href="https://www.cnbc.com/video/2024/04/30/amazons-ad-business-is-going-to-grow-significant-scale-and-be-very-profitable-mntn-ceo-mark-douglas.html">CNBC&#8217;</a>s &#8220;Last Call&#8221; on Tuesday. This strategy, Douglas said, was previously employed by Google and Meta.
&#8220;It [Amazon&#8217;s advertising] in itself is creating a huge business that is differentiated from all the other advertisers and it&#8217;s going to grow significant scale and be very, very profitable,&#8221; he said.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38519395/goldman-sachs-tempers-investor-excitement-on-tesla-self-driving-not-yet-an-eyes-off?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Goldman Sachs Tempers Investor Excitement On Tesla Self-Driving Tech In China: &#8216;Not Yet An Eyes-Off, Unsupervised Product&#8217;</a>
Why It Matters: Amazon&#8217;s <a href="https://www.benzinga.com/news/earnings/24/04/38534302/amazon-q1-earnings-highlights-revenue-beat-eps-beat-aws-hits-100-billion-annual-run-rate-and-more">first-quarter earnings report</a> indicated net sales of $143.3 billion, a 13% increase year-over-year. The net sales total surpassed the Street consensus estimate of $142.5 billion.
Amazon&#8217;s CEO Andy Jassy <a href="https://www.benzinga.com/news/24/04/38539518/amazons-andy-jassy-remains-bullish-on-aws-sees-very-large-opportunity-and-expects-meaningful-capex-i">expressed optimism about the future</a> of Amazon Web Services (AWS) during the earnings call. Jassy highlighted the potential for AWS, stating that despite the segment's $100 billion-plus annualized revenue run rate, over 85% of the global IT spend is still on-premises.
Price Action: Amazon&#8217;s stock closed at $175.0 on Tuesday, down by 3.29% from the previous close, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>. However, the company&#8217;s Q1 GAAP earnings per share (EPS) of $0.98 surpassed the estimated $0.78, indicating a strong financial performance.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38478293/shiba-inus-burn-rate-soars-cathie-wood-believes-ethereum-could-catch-up-to-bitcoin-and-mor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu&#8217;s Burn Rate Soars, Cathie Wood Believes Ethereum Could Catch Up To Bitcoin And More: Top Crypto&nbsp;Updates This Week</a>
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Amazon's Advertising Business Is 'Going To Grow Significant Scale,' Says Mark Douglas: '...And Be Very, Very Profitable'

Italian hypercar builder&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/08/33910832/the-worlds-most-expensive-ev-is-an-open-top-supercar-that-costs-4-8m" rel="noreferrer noopener">Automobili Pininfarina</a>&nbsp;has teamed up with&nbsp;Wayne Enterprises, a fictional luxury brand inspired by the Batman franchise, to unveil four exclusive electric vehicles (EVs) inspired by the Dark Knight.
Electrifying Partnership: The all-electric Italian brand said in a statement that it collaborated with Wayne Enterprises, a creation of Warner Bros., to craft these custom-made EVs. These hypercars target high-end consumers, mirroring the taste of Bruce Wayne, Batman&#8217;s civilian persona.
Billionaire&#8217;s Batmobile:&nbsp;Automobili Pininfarina took two existing models, the&nbsp;Battista hyper GT&nbsp;and the&nbsp;B95 Barchetta, and transformed them into four Batman-themed EVs: &#8220;Gotham&#8221; and &#8220;Dark Knight.&#8221; Both models boast a 120kWh lithium-ion battery and four electric motors, generating a staggering 1,900 horsepower – exceeding the performance of any current Formula 1 car.
These exclusive vehicles feature unique design elements that pay homage to the Batman universe. Wayne Enterprises-inspired HMI display enhancements and performance-boosting specifications set them apart. The interiors boast a completely revamped door and roof design, with a significant portion of the roof made of curved glass.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight-1024x576.jpeg" alt="B95 Dark Knight" class="wp-image-316772" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight-1024x576.jpeg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight-300x169.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight-768x432.jpeg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031038/B95-Dark-Knight.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">B95 Dark Knight</figcaption></figure>
See Also: <a href="https://www.benzinga.com/money/best-ev-battery-stock" target="_blank" rel="noreferrer noopener">8 Best EV Battery Stocks</a>
Limited Edition, Luxury Price Tag:&nbsp;Automobili Pininfarina will only manufacture a limited number of these hypercars, with the exact production quantity determined by customer demand. Pricing details for these exclusive vehicles are available on a dedicated website: BruceWayneX.com.
<ul>
<li>Battista Dark Knight: €3,400,000 ($3,631,438)</li>
<li>Battista Gotham: €3,400,000 ($3,631,438)</li>
<li>B95 Dark Knight: €4,900,000 ($5,234,596)</li>
<li>B95 Gotham: €4,900,000 ($5,234,596)</li>
</ul>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight-1024x576.jpeg" alt="Battista Dark Knight" class="wp-image-316776" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight-1024x576.jpeg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight-300x169.jpeg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight-768x432.jpeg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/01031340/Battista-Dark-Knight.jpeg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Battista Dark Knight</figcaption></figure>
Catering to the High-End EV Market: This launch follows Automobili Pininfarina&#8217;s announcement in August 2023 regarding the world&#8217;s first pure-electric, open-top hyper Barchetta, the B95. 
Based on the PURA Vision design concept, the B95 is set for production and delivery in 2025, with only 10 unique units available globally, starting at EUR 4.4 million ($4.8 million).&nbsp;&nbsp;
Both the B95 and the Batman-themed EVs showcase Automobili Pininfarina&#8217;s strategy of catering to the high-end electric vehicle market.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38480932/billionaire-investor-chamath-palihapitiya-ranks-teslas-non-ev-businesses-picks-this?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Billionaire Investor Chamath Palihapitiya Ranks Tesla&#8217;s Non-EV Businesses</a>
Photo courtesy: Automobili Pininfarina
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Entertainment

Closest Thing To A Real-Life Batmobile: Italian Hypercar Maker Unveils Million-Dollar EVs Fit For Bruce Wayne's Lifestyle

Reed Hastings, the co-founder of Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>), recently revealed that he has been following a business philosophy inspired by Jeff Bezos, the former CEO of Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).
What Happened: Hastings, who co-founded Netflix in 1997 and now chairs the $260 billion streaming giant, shared his approach to taking risks in a recent <a href="https://tim.blog/2024/04/03/reed-hastings/">conversation</a> on entrepreneur Tim Ferriss&#8216; podcast.
He emphasized the importance of taking &#8220;recoverable risks&#8221; to boost productivity and creativity. This approach, according to Hastings, is borrowed from Bezos&#8217; leadership style at Amazon, where risks are categorized as &#8220;one-way doors&#8221; or &#8220;two-way doors.&#8221;
&#8220;A two-way door risk is easy to take because it&#8217;s reversible, so you can come back in and pick another door,&#8221; Bezos <a href="https://www.youtube.com/watch?v=DcWqzZ3I2cY">explained</a> in a &#8216;Lex Fridman Podcast&#8216; last year. &#8220;But a one-way door risk probably can&#8217;t be undone. You go in that door, you&#8217;re not coming back.&#8221;
Hastings agreed: "I think that's a great business philosophy. I share it."
At Netflix, greenlighting new shows that aren&#8217;t guaranteed hits is considered a recoverable risk. If a show proves unpopular, the streaming giant can cancel it, using revenue from safer, lower-risk programming to cover the financial losses.
See Also: <a href="https://www.benzinga.com/news/24/04/38479283/ex-trump-aide-says-melania-trump-not-happy-with-latest-revelations-in-hush-money-trial?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ex-Trump Aide Says Melania Trump &#8216;Not Happy&#8217; With Latest Revelations In Hush-Money Trial</a>
In 2017, Hastings <a href="https://www.cnbc.com/2017/05/31/cnbc-transcript-netflix-founder-and-ceo-reed-hastings-speaks-with-cnbcs-julia-boorstin-on-squawk-alley-today-from-the-code-conference.html">told</a> CNBC he was pushing his content team to &#8220;take more risk.&#8221; This strategy can lead to surprise hits or valuable lessons from failures.
Why It Matters: Hastings&#8217; business philosophy is in line with Bezos&#8217; unconventional approach to productivity. Bezos, who stepped down as Amazon&#8217;s CEO, revealed that he believes in allowing his mind to <a href="https://www.benzinga.com/news/24/04/38422720/jeff-bezos-reveals-his-unconventional-approach-to-productivity-i-believe-in-wandering">wander during meetings</a> to foster creativity and problem-solving.
However, Bezos has also been embroiled in controversy, with the Federal Trade Commission or <a href="https://www.benzinga.com/news/24/04/38451439/jeff-bezos-and-amazon-ceo-andy-jassy-accused-of-deleting-chats-amid-antitrust-probe-the-ftcs-content">FTC accusing him</a> and Amazon CEO Andy Jassy of deleting text messages that could have been used as evidence in an ongoing antitrust investigation.
Despite this, Bezos has continued to make headlines, with his fiancée, Lauren Sánchez, recently sparking a debate over a <a href="https://www.benzinga.com/general/entertainment/24/04/38234990/jeff-bezos-fianc-e-lauren-s-nchez-turns-heads-at-white-house-state-dinner-in-2-3k-dress-but">bold fashion statement</a> at a White House state dinner.
Read Next: <a href="https://www.benzinga.com/news/24/04/38479082/elon-musk-gives-one-word-response-to-joe-bidens-dig-at-donald-trump-at-white-house-correspondents-di?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Gives One-Word Response To Joe Biden&#8217;s Dig At Donald Trump At White House Correspondents&#8217; Dinner</a>
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Entrepreneurship

Success Stories

Interview

NFLX

Jeff Bezos Has A 'Great Business Philosophy,' According to Netflix CEO Reed Hastings, Gives Amazon Chairman Credit For His Success

ESRT

Reported Earlier, Empire State Building Teams Up With WhatsApp And Mercedes-AMG For Spectacular F1 Show And More

- CN (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CNR#TSX">CNR</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) today announced a public debt offering of C$700 million&nbsp;4.60%&nbsp;Notes due 2029, and C$550 million&nbsp;5.10%&nbsp;Notes Due 2054. CN expects to close the offering on May 2, 2024, subject to customary closing conditions. 
&nbsp;
CN plans to use the net proceeds from the offering for general corporate purposes, which may include the redemption and refinancing of outstanding indebtedness, share repurchases, acquisitions and other business opportunities.
The debt offering is being made in Canada under CN&#39;s base shelf prospectus dated April 2, 20

TSX:CNR

Reported Earlier, CN Launches C$1.25B Debt Offering To Fuel Corporate Initiatives

VSME

VS Media Fiscal 2023 EPS $(0.33) Down From $(0.09) YoY, Revenue $7.99M Down From $9.03M YoY

At the end of the first quarter, Tesla had 57,579 Supercharger connectors and 6,249 stations around the globe.
Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk on Tuesday detailed plans for the company&#8217;s charging infrastructure segment after the <a href="https://www.benzinga.com/news/24/04/38516190/elon-musk-cracks-whip-harder-2-more-senior-tesla-execs-reportedly-exit-as-ceo-demands-absolutely-har">departure of its head</a>, Rebecca Tinucci. 
What Happened: &#8220;Tesla still plans to grow the Supercharger network,&#8221; Musk said while adding that it would be at a &#8220;slower pace for new locations.&#8221;
The company would instead focus on 100% uptime and expanding existing locations, he said. 
<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">Tesla still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1785406795814510785?ref_src=twsrc%5Etfw">April 30, 2024</a></blockquote>
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&#8220;Sites under construction will be completed and we will add additional Superchargers anywhere where there are gaps,&#8221; Musk wrote. 
<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's definitely going to open. Sites under construction will be completed and we will add additional Superchargers anywhere where there are gaps.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1785461086688256361?ref_src=twsrc%5Etfw">May 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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At the end of the first quarter, Tesla had 57,579 Supercharger connectors and 6,249 stations around the globe. The company also started opening its supercharger network in North America to rival EV makers including Ford and Rivian in February.
Why It Matters: Earlier this week, The Information reported that Tesla Senior Director of Charging Infrastructure&nbsp;Rebecca Tinucci&nbsp;will leave the company as of Tuesday morning. 
The report further added, citing a mail to other Tesla executives from Musk, that about 500 people will be laid off from Tinucci&#8217;s supercharger group. Some will also be reassigned, it said. 
The executive&#8217;s departure follows Tesla&#8217;s <a href="https://www.benzinga.com/news/24/04/38244436/breaking-tesla-said-to-be-laying-off-over-14-000-employees">decision to lay off 10% or 14,000</a> of its global workforce in a bid to cut costs and focus all efforts on <a href="https://www.benzinga.com/news/24/04/38286437/tesla-ceo-elon-musk-says-going-balls-to-the-wall-for-autonomous-driving-is-blindingly-obvious-as-eve">developing vehicle autonomy.</a> 
&#8220;About every 5 years, we need to reorganize and streamline the company for the next phase of growth,&#8221; Musk said on X about the sweeping job cuts.&nbsp;
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38511618/tesla-researcher-thinks-ev-giants-biggest-challenge-in-q2-comes-from-one-of-its-cas" target="_blank" rel="noreferrer noopener">Tesla Researcher Thinks EV Giant's ‘Biggest Challenge' In Q2 Comes From One Of Its Cash Cows Due To A Tax Credit Twist</a>
Photo via Shutterstock

TSLA

Tesla CEO Elon Musk Says Supercharger Network Will Still Grow But 'At A Slower Pace For New Locations' After Firing Entire Unit's Team

Li Auto Inc.&nbsp;delivered 25,787 vehicles in April 2024, up&nbsp;0.4%&nbsp;year over year. The cumulative deliveries of Li Auto vehicles reached 739,551 as of the end of April 2024.

Li Auto Delivered 25,787 Vehicles In April 2024, Up 0.4% YoY

Macro Economic Events

Econ #s

Economics

U.K. Nationwide House Price Index (MoM) For April -0.4% Vs. 0.2% Est.; -0.2%

U.K. Nationwide House Price Index (YoY) For April 0.6% Vs. 1.2% Est.; 1.6% Prior

Amazon.com, Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Twitch has introduced a short-form video platform, directly competing with ByteDance-owned TikTok, amidst the <a href="https://www.benzinga.com/news/24/04/38460175/tiktok-would-rather-shutdown-than-opt-for-sale">latter&#8217;s uncertain future in the U.S.</a>
What Happened: Twitch, a popular live-streaming platform, has unveiled a new feature called Discovery Feed. It appears as a new tab on Twitch&#8217;s mobile app, allowing users to browse through short clips extracted from longer videos,&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-04-30/amazon-s-twitch-starts-rival-to-tiktok-in-short-form-video?srnd=technology-vp">reported</a>&nbsp;Bloomberg reported on Wednesday. 
Unlike TikTok, where creators upload their own short-form content, Twitch users select entertaining segments from live streams and convert&nbsp;them into clips. The Discovery&nbsp;Feed will be &#8220;personalized&#8221; based on a viewer&#8217;s watch history and real-time interactions, potentially including mature content that complies with Twitch&#8217;s guidelines.
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 future of TikTok in the U.S. <a href="https://www.benzinga.com/news/24/04/38372058/analyst-predicts-tiktok-shutdown-in-us-by-next-year-ahead-of-senate-vote-will-not-operate-here">has been uncertain</a> due to concerns related to data privacy and national security.
Last week, President Joe Biden signed legislation that gives <a href="https://www.benzinga.com/news/24/04/38394855/biden-set-to-sign-tiktok-ban-into-law-after-senate-passes-bill-supported-by-gop-democrats">TikTok's parent company, ByteDance, nine months</a>, with the possibility of a 90-day extension, to either sell the app or face a national ban. 
This has sparked a strong reaction from TikTok, with <a href="https://www.benzinga.com/markets/asia/24/04/38418913/tiktok-fights-back-we-arent-going-anywhere-whats-next-for-users">its CEO vowing to fight the ban</a> in court. &#8220;Make no mistake, this is a ban, a ban on TikTok and a ban on you and your voice,&#8221; TikTok CEO Shou Zi Chew said in a video last week. 
Meanwhile, the situation has also drawn attention from global leaders, with the European Commission president suggesting that a <a href="https://www.benzinga.com/news/24/04/38508391/after-biden-signs-tiktok-ban-into-law-top-eu-leader-says-not-ruling-out-action-against-chinese-platf">ban on TikTok in the EU</a> is also a possibility. 
Photo by salarko on Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38511556/what-is-going-on-with-apple-iphone-sales-drop-by-staggering-9-3m-units-globally-in-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What Is Going On With Apple? iPhone Sales Drop By Staggering 9.3M Units Globally In Q1 2024 Because Of This Even As Industry Grows 10%: Report</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.

Social Media

Amazon's Twitch Launches Short-Form Video Platform To Challenge TikTok As Chinese Platform's Future Remains Uncertain

Former employees of Google (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) have accused the tech giant of unlawful termination. The employees claim that Google dismissed approximately 50 staff members who were protesting its cloud contract with the Israeli government.
What Happened: The workers complained to the U.S. National Labor Relations Board (NLRB) late Monday, Reuters reported. They allege that Google violated their rights under U.S. labor law to advocate for better working conditions by terminating them.
The workers argue that Project Nimbus supports Israel&#8217;s military tool development. Google, however, maintains that the Nimbus contract &#8220;is not directed at highly sensitive, classified, or military workloads relevant to weapons or intelligence services.&#8221;
Zelda Montes, a former Google employee arrested during a Project Nimbus protest, accused Google of firing workers to suppress organizing and send a message to its workforce that dissent would not be tolerated. 
&#8220;Google is attempting to instill fear in employees,&#8221; Montes said.
The workers involved in the NLRB complaint are seeking reinstatement to their jobs with back pay and a statement from Google affirming it will not violate workers&#8217; rights to organize.
See Also: <a href="https://www.benzinga.com/government/24/04/38488235/supreme-court-drivers-hauling-baked-goods-are-in-transportation-not-baking?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Supreme Court: Drivers Hauling Baked Goods Are in Transportation, Not Baking</a>
Why It Matters: This incident follows a series of events that began with Google&#8217;s decision to terminate 28 employees<a href="https://www.benzinga.com/markets/equities/24/04/38306735/google-reportedly-fires-28-staff-members-over-israel-cloud-contract-protests-majority-of-our-emp"> following sit-in protests </a>at Google's New York and California offices. The protests were against Google's involvement in Project Nimbus.
The company stated last week that about 20 more workers were dismissed for protesting the contract at the office.
Google defended its actions, stating that the workers&#8217; behavior was &#8220;completely unacceptable&#8221; and made others feel threatened and unsafe. The company reiterated that every individual whose employment was terminated was directly involved in disruption inside their buildings.
Later, Google's CEO, Sundar Pichai, <a href="https://www.benzinga.com/news/24/04/38334324/sundar-pichai-announces-restructure-after-google-fires-protesting-employees-too-important-a-moment-a">announced a restructuring of Google's devices and mobile software</a> divisions in an email. Pichai emphasized the need for focus, collaboration, and respectful disagreements within the company.
Read Next: <a href="https://www.benzinga.com/general/macro-notification/24/04/38491988/federal-reserve-meeting-preview-high-interest-rates-need-more-time-to-work-bank-of-ame?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Federal Reserve Meeting Preview: High Interest Rates &#8216;Need More Time To Work,&#8217; Bank of America Says</a>
Image via Shutterstock
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GOOGL

Former Google Employees Allege Unlawful Dismissals Over Protests Against Israeli Contract

The CEO of Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), Laxman Narasimhan, recently unveiled a surprising success story amid the company&#8217;s <a href="https://www.benzinga.com/news/24/04/38534321/starbucks-q2-earnings-revenue-miss-eps-miss-comps-down-4-and-more">lackluster second-quarter</a> performance.
What Happened: Despite a quarter marked by economic challenges, Starbucks found a bright spot in the unexpected popularity of its new Lavender Latte. 
The beverage, featuring a trendy botanical twist, resonated with Gen Z and Millennial customers, providing a much-needed boost to the company&#8217;s otherwise disappointing quarterly results
The CEO, however, highlighted the surprising success of the Lavender Latte, which performed almost as well as the iconic Pumpkin Spice Latte (PSL).
&#8220;Our new Lavender platform performed nearly as well this past quarter as the PSL,&#8221; Narasimhan said during the earnings call.
Despite economic and weather-related challenges, the Lavender Latte&#8217;s popularity provided a much-needed morale boost. Narasimhan even hinted at future &#8220;texture-based innovations,&#8221; suggesting that the executive team may be exploring new and unconventional flavors.
&#8220;When we innovate well, it&#8217;s meeting our own expectations,&#8221; said CFO Rachel Ruggeri.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38478293/shiba-inus-burn-rate-soars-cathie-wood-believes-ethereum-could-catch-up-to-bitcoin-and-mor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu&#8217;s Burn Rate Soars, Cathie Wood Believes Ethereum Could Catch Up To Bitcoin And More: Top Crypto Updates This Week</a>
Why It Matters: Starbucks&#8217; <a href="https://www.benzinga.com/news/24/04/38534321/starbucks-q2-earnings-revenue-miss-eps-miss-comps-down-4-and-more">second quarter results</a> were indeed disappointing, with a 2% year-over-year drop in revenue to $8.6 billion, a 4% decline in global comparable store sales, and a 7% decrease in overall earnings per share. These results were attributed to a 3% comp growth decline in North America, an 11% comp growth decrease in China, and other economic and weather-related challenges.
Starbucks&#8217; ability to innovate and adapt to changing consumer tastes has been a recurring theme. In 2023, the company partnered with K-pop group BLACKPINK to introduce <a href="https://www.benzinga.com/general/entertainment/23/07/33312486/starbucks-teams-up-with-k-pop-stars-blackpink-for-drinks-merchandise-here-are-the-countries">limited-time beverages</a> and merchandise, a move aimed at tapping into new customers. 
In 2022, Starbucks introduced a <a href="https://www.benzinga.com/news/22/05/27116045/starbucks-debuts-chocolate-beverage-while-james-cromwell-glues-himself-to-a-store-counter">chocolate-flavored beverage</a> inspired by &#8220;nostalgic summer moments,&#8221; showcasing its commitment to staying relevant and appealing to customer sentiments.
Price Action: Starbucks experienced a significant decline in after-hours trading on Tuesday, dropping 11.57% to $78.25, according to the data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/government/24/04/38488235/supreme-court-drivers-hauling-baked-goods-are-in-transportation-not-baking?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Supreme Court: Drivers Hauling Baked Goods Are in Transportation, Not Baking</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.

Restaurants

SBUX

Move Over Pumpkin Spice, Lavender Is The New Queen Bee — Starbucks CEO Finds A Silver Lining In Disappointing Q2 Results, Drops Hints Of Future 'Texture-Based Innovations'

An internal email from Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has surfaced, indicating that the company&#8217;s investment in ChatGPT-parent OpenAI was driven by <a href="https://www.benzinga.com/news/24/04/38474688/goodbye-google-gemini-apple-in-talks-with-microsoft-backed-openai-for-iphone-ai-features-report">concerns about falling behind</a> Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) AI capabilities.
What Happened: The email, disclosed as part of the <a href="https://www.benzinga.com/news/23/08/33587101/google-antitrust-lawsuit-us-judge-upholds-key-claims-made-by-federal-government">Justice Department&#8217;s antitrust case</a> against Google on Tuesday, was written by Microsoft&#8217;s chief technology officer Kevin Scott in 2019. Scott expressed deep concern about the gap in AI model-training capabilities between Google and Microsoft, <a href="https://www.bloomberg.com/news/articles/2024-05-01/microsoft-concern-about-google-s-lead-drove-investment-in-openai?srnd=technology-vp">reported</a> Bloomberg.
He wrote, &#8220;We are multiple years behind the competition in terms of machine learning scale.&#8221; The email also highlighted the lack of infrastructure and development speed at Microsoft compared to OpenAI and Google&#8217;s DeepMind.
See Also: <a href="https://www.benzinga.com/news/24/04/38480373/musk-vs-moskovitz-rages-on-as-tesla-ceo-trolls-facebook-co-founders-company-why-would-anyone-pay-mon?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Musk Vs. Moskovitz Rages On As Tesla CEO Trolls Facebook Co-Founder&#8217;s Company: &#8216;Why Would Anyone Pay Money For Functionality That Comes For Free On Your Phone?&#8217;</a>
Microsoft CEO Satya Nadella addressed inquiries regarding the email during his testimony at the trial last fall. &#8220;As it relates to search, we wanted to sort of ensure that we could think about innovation&#8221; within the search domain using large language models such as those developed by OpenAI, he said. Adding, that the investment, however, &#8220;was not made with the narrow focus on just search.&#8221;
The Justice Department has argued that Google&#8217;s monopoly in the search market may have delayed the release of OpenAI&#8217;s innovations. Closing arguments in the case will be presented by Google and the Justice Department on Thursday and Friday, with Judge Amit Mehta anticipated to deliver his decision later this year, the report noted. 
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Why It Matters: The email&#8217;s release sheds light on the intense competition in the AI space, particularly between Microsoft and Google. Microsoft has <a href="https://www.benzinga.com/government/24/04/38299939/eu-clears-microsofts-13b-openai-investment-from-formal-probe-a-relief-for-tech-giants">invested over $13 billion in OpenAI</a>, leveraging the startup&#8217;s generative-AI technology to enhance its Bing search service, Edge internet browser, and integrate an AI Copilot service into Windows.
In December 2022, almost a month after OpenAI released ChatGPT to public and received massive appreciation, <a href="https://www.benzinga.com/news/22/12/30170477/chatgpt-popularity-reportedly-leads-to-google-declaring-code-red-as-sundar-pichai-increases-involvem-1">Google reportedly declared a &#8220;code red.&#8221;</a> At the time, it was reported that Google CEO Sundar Pichai was involved in a flurry of meetings to define the tech giant&#8217;s AI strategy. 
In February 2023, Google introduced Bard (now rebranded as Gemini), as an answer to ChatGPT, however, the chatbot <a href="https://www.benzinga.com/news/23/02/30813210/ai-might-not-be-the-answer-for-your-homework-yet-google-bard-gives-this-wrong-answer-at-launch">gave an incorrect answer</a> during the launch event, making it a laughingstock. On Google&#8217;s internal forum &#8220;Memegen,&#8221; employees characterized the troubled launch as &#8220;rushed,&#8221; &#8220;botched,&#8221; <a href="https://www.benzinga.com/news/23/02/30870003/un-googley-google-employees-ridicule-ceo-sundar-pichai-for-rushing-bard-ai-chatbot-announcement">and &#8220;un-Googley.&#8221;</a>
Earlier this year, <a href="https://www.benzinga.com/24/02/37356467/google-ceo-sundar-pichai-admits-gemini-ai-errors-completely-unacceptable-no-ai-is-perfect-we-got-it">Google also faced backlash for its Gemini AI</a>, after the chatbot generated historically inaccurate images and text.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/04/38510070/apple-co-founder-steve-wozniak-reveals-his-unique-obsession-with-this-weird-object-many-of-the-best?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Co-Founder Steve Wozniak Reveals His Unique Obsession With This Weird Object: &#8216;Many Of The Best Things… Aren&#8217;t Super Functional But They Are Cool&#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.

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