Forum Energy Technologies Stock (NYSE: FET)

Forum Energy Technologies (NYSE:FET) Stock, Quote.Headers.trade-ideas

Forum Energy Technologies

Forum Energy Technologies Inc is a products company, serving the oil, natural gas, industrial and renewable energy industries. The company designs, manufactures, and distributes products and engages in aftermarket parts supply and services that complement its product offering. Its products include engineered capital equipment, as well as products that are consumed in the drilling, well construction, production, and transportation of oil and natural gas. It operates in three reporting segments, namely drilling and downhole which is also its key revenue generating segment, completions, and production. Revenue largely comes from consumable products and activity-based equipment. Consumable products include valves, centrifugal pumps, mud pump fluid end components, rig sensors among others.

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Artificial intelligence-related cryptocurrencies were among the market’s biggest weekly gainers as the focus shifted to AI chip-making giant NVIDIA Corp. (NASDAQ:NVDA) upcoming second-quarter earnings.

Nvidia Effect? AI-Based Cryptos Post Handsome Weekly Gains As Countdown For Tech Giant&#39;s Q2 Earnings Begins

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Artificial Intelligence (AI)-related cryptocurrencies were among the market&#39;s biggest weekly gainers, seemingly riding high on the rally of AI giant NVIDIA Corp. (NASDAQ:NVDA).

These AI-Related Cryptos Have Outperformed Bitcoin, Ethereum Over A Week: Nvidia Effect Or Something Else?

Forum Energy Technologies, Inc. Common Stock

Forum Energy Technologies Inc

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FENTURA FINANCIAL INC by Fentura Financial, Inc.

Fentura Financial Inc

Buybacks

Forum Energy Technologies Announces $75M Share Repurchase Program Subject To Leverage Ratio Conditions And Completes $20M Sale-Leaseback Transactions For Texas Manufacturing Facilities, Retaining Long-Term Operational Use

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) sees Q4 sales of $190.000 million-210.000 million vs $214.50 million estimate.

Guidance

Forum Energy Technologies Sees Q4 Sales $190.000M-210.000M vs $214.50M Est

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly losses of $(0.19) per share which missed the analyst consensus estimate of $0.06 by 416.67 percent. This is a 480 percent decrease over earnings of $0.05 per share from the same period last year. The company reported quarterly sales of $207.80 million which missed the analyst consensus estimate of $214.50 million by 3.12 percent. This is a 15.90 percent increase over sales of $179.30 million the same period last year.

Earnings

Earnings Misses

Forum Energy Technologies Q3 Adj $(0.19) Misses $0.06 Estimate, Sales $207.80M Miss $214.50M Estimate

These preliminary&nbsp;Third Quarter&nbsp;2024 revenue and Adjusted EBITDA results are within its previously announced&nbsp;guidance&nbsp;ranges.&nbsp;&nbsp;

Forum Energy Technologies Reports Preliminary Q3 Revenue Of Approximately $208M (Est $214.5M), Bookings Of $205M

Offerings

Forum Energy Technologies Reports Commencement Of Backstopped Private Offering Of $100M Of 5-year Senior Secured Bonds

Artificial intelligence-related cryptocurrencies were among the market&#8217;s biggest weekly gainers as the focus shifted to AI chip-making giant NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) upcoming second-quarter earnings.
What happened: The AI-based collaborative token, FET, pumped 50% over the week, emerging as the best-performing cryptocurrency over the past week.
For the curious, the universal token is the result of a strategic merger between three AI-based cryptocurrencies, namely, Fetch.ai (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/fet/usd">FET</a>), SingularityNET (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">AGIX</a>), and Ocean Protocol (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ocean/usd">OCEAN</a>).
Similarly, Render soared 38%, rising as the third-biggest gainer over the week. The cryptocurrency erased all the losses endured since the beginning of the month.
The Render Network is a peer-to-peer network that rents out idle GPU power to content creators and AI applications.
<figure class="wp-block-table"> 
<table>
<thead>
<tr>
<th>Cryptocurrency</th>
<th>Weekly Gains +/-</th>
<th>Price (Recorded at 11:00 p.m. EDT)</th>
</tr>
<tr>
<th>Artificial Superintelligence Alliance (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/fet/usd">FET</a>)</th>
<th>+49.07%</th>
<th>$1.36</th>
</tr>
<tr>
<th>Render (CRYPTO: RENDER)</th>
<th>+38.45%</th>
<th>$6.36</th>
</tr>
<tr>
<th>Bittensor (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TAO</a>)</th>
<th>+14.99%</th>
<th>$349.75</th>
</tr>
</thead>
</table>
</figure>
Additionally, Bittensor, known for its decentralized AI offerings, rose 15%. It's worth recalling that a <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40244865/grayscale-which-offers-bitcoin-and-ethereum-exposure-through-etfs-launches-new-crypto-fund">cryptocurrency fund tracking the price of the native token</a>, TAO, was launched earlier this month.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40546223/bitcoins-consolidation-a-prelude-to-a-big-breakout-predicts-popular-crypto-trader-heres-wh">Bitcoin&#8217;s Consolidation A Prelude To A Big Breakout, Predicts Popular Crypto Trader: Here&#8217;s What Next For King Crypto</a>
Why It Matters: The rally was likely in anticipation of the second-quarter earnings of Nvidia,&nbsp; slated for Wednesday after market close.
Previously, <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39041515/nvidias-influence-on-ai-tokens-market-reactions-highlight-role-of-render-ethereum">AI tokens rallied sharply </a>after the behemoth reported positive numbers, prompting traders to take bullish positions on the cryptocurrencies.&nbsp;
According to <a href="https://www.coinglass.com/LongShortRatio">Coinglass</a>, long positions taken for AI tokens such as FET and RENDER significantly exceeded shorts in the last 24 hours.&nbsp;&nbsp;
Price Action: Shared of Nvidia closed 2.25% lower at $126.46 during Monday&#8217;s regular trading session, 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 Igor Faun on Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40545146/telegram-founder-pavel-durovs-arrest-in-france-sparks-reactions-from-ethereum-creator-vita">Telegram Founder Pavel Durov&#8217;s Arrest In France Sparks Reactions From Ethereum Creator Vitalik Buterin And Tron Founder Justin Sun</a></li>
</ul>

$TAO

Nvidia Effect? AI-Based Cryptos Post Handsome Weekly Gains As Countdown For Tech Giant's Q2 Earnings Begins

Although U.S. stocks closed higher on Friday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#8217;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out<a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#8217;s insider transaction</a>s platform.
<h3 class="wp-block-heading">AnaptysBio</h3>
<ul>
<li>The Trade: AnaptysBio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ANAB#NASDAQ">ANAB</a>) 10% owner Ecor1 Capital, LLC <a href="https://www.benzinga.com/quote/ANAB/analyst-ratings">acquired a total of 273,972 shares </a> at an average price of $36.50. To acquire these shares, it cost around $10 million.</li>
<li>What's Happening: On Aug. 14, the company announced a public offering of 2,750,498 shares of common stock at $36.50 per share.</li>
<li>What AnaptysBio Does: AnaptysBio Inc is a clinical-stage biotechnology company. The company is focused on developing antibody product candidates for unmet medical needs in inflammation and immuno-oncology.</li>
</ul>
<h3 class="wp-block-heading">Forum Energy Technologies</h3>
<ul>
<li>The Trade: Forum Energy Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) President and CEO Neal Lux acquired a total of 13,500 shares at an average price of $15.82. To acquire these shares, it cost around $213,570.</li>
<li>What's Happening: On Aug. 1, Forum Energy Technologies posted downbeat quarterly results.</li>
<li>What Forum Energy Technologies Does: Forum Energy Technologies Inc is a products company, serving the oil, natural gas, industrial and renewable energy industries.</li>
</ul>
<h3 class="wp-block-heading">Yum China</h3>
<ul>
<li>The Trade: Yum China Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>) General Manager, KFC Warton Wang <a href="https://www.benzinga.com/sec/insider-trades/">bought a total of 3,700 shares</a> at an average price of $34.67. To acquire these shares, it cost around $128,267.</li>
<li>What's Happening: On Aug 5, Yum China reported a second-quarter earnings beat and announced a CFO transition.</li>
<li>What Yum China Does: With almost 13,000 units and USD 10 billion in systemwide sales in 2022, Yum China is the largest restaurant chain in China.</li>
</ul>
Read More<a href="https://www.benzinga.com/markets/24/08/40420521/jim-cramer-recommends-buying-clorox-ceo-has-done-remarkable-job">: </a>
<ul>
<li><a href="https://www.benzinga.com/markets/24/08/40420521/jim-cramer-recommends-buying-clorox-ceo-has-done-remarkable-job">Jim Cramer Recommends Buying Clorox: &#8216;CEO Has Done Remarkable Job&#8217;</a></li>
</ul>

Neal Lux, President and Chief Executive Officer, remarked, "Revenue and adjusted EBITDA both came within our guidance range, and adjusted EBITDA margins held steady at approximately 13%. We delivered robust free cash in the quarter of $21 million and announced the redemption and repurchase of $73 million of our 2025 Notes. Following our strong first half results, we are raising our full year 2024 free cash flow guidance to between $50 and $70 million. We are committed to retiring the outstanding balance of our 2025 Notes and the Variperm Seller Term Loan around the middle of 2025.
"Canadian and international market outlook remains in line with our expectations. U.S. rig count and hydraulic fracturing activity trended down during the second quarter and are expected to continue their decline in the second half. For the year, we now expect U.S. rig count to be down 15%. This represents a greater decline compared with our initial expectation of a 5% decrease. However, our international footprint, the Variperm acquisition, and benefits from our "beat-the-market" strategy should mitigate this U.S. industry softness. Therefore, we are maintaining the bottom end of our guidance, but adjusting down the top end by $10 million. Our full year 2024 adjusted EBITDA guidance is now $100 to $110 million."

Forum Energy Technologies Raising FY24 Free Cash Flow Guidance $50M-$70M; Adjusted EBITDA Guidance $100M-110M

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly losses of $(0.07) per share which missed the analyst consensus estimate of $0.04 by 275 percent. The company reported quarterly sales of $205.200 million which missed the analyst consensus estimate of $209.100 million by 1.87 percent. This is a 10.68 percent increase over sales of $185.400 million the same period last year.

Forum Energy Technologies Q2 2024 Adj. EPS $(0.07) Misses $0.04 Estimate, Sales $205.200M Miss $209.100M Estimate

Artificial Intelligence (AI)-related cryptocurrencies were among the market's biggest weekly gainers, seemingly riding high on the rally of AI giant NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
What Happened: Fetch.ai (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/fet/usd">FET</a>), SingularityNET (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">AGIX</a>), and Ocean Protocol (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ocean/usd">OCEAN</a>) are up 8.24%, 8.39%, and 5.21% respectively over the week, outperforming market-heavyweights Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).&nbsp;
For the majority of the month, both coins followed a downward trend. However, the rebound began last week, on June 18, when <a href="https://www.benzinga.com/news/24/06/39392932/nvidias-rise-to-surpass-microsoft-and-apple-as-worlds-most-valuable-company-linked-to-once-in-a-gene">Nvidia eclipsed Big Tech as the world&#8217;s most valuable company</a>.
Interestingly, shares of the company have fallen 6.6% since the milestone, and the company slipped to the third position in terms of market cap as of this writing. However, AI-linked cryptocurrencies have continued to ascend.&nbsp;
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39516624/ethereum-spot-etfs-on-the-horizon-regulatory-approval-expected-by-fourth-of-july-report">Ethereum Spot ETFs On The Horizon: Regulatory Approval Expected By Fourth Of July: Report</a>
Why It Matters: The excitement surrounding the three AI-based tokens was linked to the grand token merger of FET, OCEAN, and AGIX to create an Artificial Superintelligence Alliance (ASI) token.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f916; Important news for the <a href="https://t.co/kJ9URVpOul">https://t.co/kJ9URVpOul</a> and <a href="https://twitter.com/search?q=%24ASI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ASI</a> community: the <a href="https://twitter.com/ASI_Alliance?ref_src=twsrc%5Etfw">@ASI_Alliance</a> token merger begins on July 1, 2024. Here's what you need to know: <a href="https://t.co/2idP9fPSNA">pic.twitter.com/2idP9fPSNA</a>
&mdash; Fetch.ai (@Fetch_ai) <a href="https://twitter.com/Fetch_ai/status/1806045089984135241?ref_src=twsrc%5Etfw">June 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The merger will commence from July 1 and comprise two phases. During phase 1, AGIX and OCEAN tokens will merge into FET, while FET trading remains uninterrupted.&nbsp;The deposits of AGIX and OCEAN will close and two coins will be delisted from exchanges.
The second phase, beginning mid-July, will mark the final upgrade from FETCH to ASI.
The motive of the endeavor was to create a decentralized alternative and challenge Big Tech&#8217;s dominance in AI development.&nbsp;&nbsp;
Price Action: At the time of writing, FET was exchanging hands at $1.67, 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>, while AGIX and OCEAN were valued at $0.6838 and $0.682, respectively.
Photo by Fernando Cortes on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39516076/bitcoin-ethereum-dogecoin-retrace-on-fears-of-240m-sale-by-us-government-king-crypto-shoul">Bitcoin, Ethereum, Dogecoin Retrace On Fears Of $240M Sale By US Government: King Crypto Should Reclaim $62K Soon To Avoid Another Pullback, Says Analyst</a>

Editor&#8217;s note: This story has been updated with comments from Binance.
India&#8217;s Financial Intelligence Unit (FIU) has levied a fine of 188.2 million rupees ($2.25 million) on Binance, the world&#8217;s largest cryptocurrency exchange, for violating local <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39414114/uk-busts-illegal-crypto-exchange-for-allegedly-facilitating-1-26b-worth-trades">anti-money laundering regulations</a>.
What Happened: The Indian government mandates that virtual digital asset service providers, including crypto exchanges, must register with the FIU as reporting entities and adhere to its stringent anti-money laundering policies.
Binance has responded to Benzinga&#8217;s request for comment with the following statement:
&#8220;We are aware of the FIU&#8217;s order and are reviewing it now to determine next steps. We are grateful to have the opportunity to continue our mission to serve the vibrant Indian crypto community. We wish to work with the FIU as a reporting entity and we are enthusiastic about reentering the Indian market to contribute positively, should we be able to do so in the near future. We remain dedicated to maintaining transparency, fostering cooperation, and ensuring compliance with regulatory authorities.&#8221;
In an effort to resume operations in India, Binance registered with the FIU in May, following the watchdog&#8217;s issuance of show-cause notices to nine offshore exchanges that were found to be operating without compliance with local laws. 
The FIU also requested the Ministry of Electronics and Information Technology to block online access to these non-compliant exchanges.
In a similar situation, the crypto exchange KuCoin registered with the FIU in March but incurred a smaller penalty of 3.45 million rupees.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="EXCLUSIVE: Promising Use Cases For AI And Blockchain With SingularityNET CEO Ben Goertzel - Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) - Benzinga">EXCLUSIVE: Promising Use Cases For AI And Blockchain With SingularityNET CEO Ben Goertzel
Why It Matters: The scrutiny on Binance is not limited to India.
In May, Canada's anti-money laundering agency imposed a fine of $4.38 million on the exchange for breaches of its anti-money laundering regulations.
Additionally, Binance&#8217;s former CEO, Changpeng Zhao, faced legal repercussions in the United States. 
In May, U.S. District Judge Richard Jones in Seattle sentenced Zhao to four months in prison after he pleaded guilty to violating the country&#8217;s anti-money laundering laws.
As the global regulatory landscape tightens around cryptocurrency operations, these developments highlight the increasing scrutiny and enforcement actions against major crypto exchanges. 
What&#8217;s Next: This trend and its implications for the future of digital assets will be a focal point at Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, offering critical insights into the <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39354760/biden-admin-officials-mark-cuban-to-attend-crypto-roundtable-in-july">evolving regulatory environment</a> and its impact on the crypto market.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39385472/solana-down-floki-bonk-crashing-what-is-going-on-with-altcoins">Solana Down, Floki, Bonk Crashing: What Is Going On With Altcoins?</a>

Binance Fined $2.25M By India's Financial Intelligence Unit For Anti-Money Laundering Violations (UPDATED)

Roger Stone, a long-time friend and former political advisor to Donald Trump, has officially denied any involvement of the former president or his son, Barron, in the (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">DJT</a>) Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) meme coin, which has <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39410022/trumpcoin-was-launched-by-barron-trump-with-donald-trumps-approval-martin-shkreli-alleges">recently stirred significant attention.</a>
What Happened: The DJT meme coin, launched just a month ago, had been rumored to be an official project endorsed by Trump.
These rumors, although baseless, propelled the coin&#8217;s market cap to over $300 million at its peak.
It was later revealed that the token was actually created by Martin Shkreli, who claimed collaboration with 18-year-old Barron Trump.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> and son Barron NOT involved in any way with <a href="https://twitter.com/search?q=%24DJT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DJT</a> <a href="https://t.co/0O8IASO9UB">https://t.co/0O8IASO9UB</a>
&mdash; Roger Stone (@RogerJStoneJr) <a href="https://twitter.com/RogerJStoneJr/status/1803671562522075347?ref_src=twsrc%5Etfw">June 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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As speculation continued, Stone took to Twitter to clear the air, stating, &#8220;[Donald Trump] and son Barron NOT involved in any way with DJT.&#8221; 
This clarification came shortly after Shkreli had participated in a Twitter Spaces session, asserting that Barron was indeed involved.
Shkreli, known as &#8220;Pharma Bro,&#8221; stated during the session, &#8220;We did this on [Barron's] computer. He ran the programs. We spoke every day for 10 hours a day for the last week.&#8221; 
He also mentioned consulting with crypto influencer Ansem about the distribution of the tokens, originally proposing 70% for Trump. 
Ansem suggested this amount should be added to the liquidity pool instead, a decision that Shkreli eventually agreed was more strategic.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39413461/dogecoin-funding-rates-turn-negative-as-short-sellers-eye-further-losses#google_vignette">Dogecoin Funding Rates Turn Negative As Short Sellers Eye Further Losses</a>
Mario Nawfal, the host of the Twitter Spaces, shared these clips, prompting Stone's public denial. 
This development raises questions about a recent bet Shkreli made with pseudonymous crypto trader GiganticRebirth (GCR). 
Shkreli wagered $100 million that the DJT token had ties to the Trump family. 
GCR stipulated that for Shkreli to win, Trump himself would need to confirm his involvement.
With Stone's denial, it seems GCR might win the bet, but neither Shkreli nor GCR have commented on the outcome. 
Despite the controversy, the DJT token surged 15% to $0.01747 following Stone's tweet. 
It has gained 87% in the past 24 hours, reaching a market cap of $175 million.
What&#8217;s Next: The rise of meme coins like DJT will be among the many topics discussed at Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.
Read Next:<a href="EXCLUSIVE: Promising Use Cases For AI And Blockchain With SingularityNET CEO Ben Goertzel - Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) - Benzinga"> EXCLUSIVE: Promising Use Cases For AI And Blockchain With SingularityNET CEO Ben Goertzel
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.

$DJT

$SOL

Roger Stone Denies Trump Family Involvement In DJT 'TrumpCoin'

Ben Goertzel, CEO of SingularityNET on Tuesday shed light on the promising <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39399129/bitcoin-whales-unload-over-1b-in-shift-towards-ai">use cases for AI</a> and blockchain technology in the near future, asserting that the most significant impact will be felt on finance, healthcare and entertainment sectors.
In an interview with Benzinga, Goertzel emphasized the ethical and democratic deployment of Artificial General Intelligence (AGI) and Artificial Superintelligence (ASI) through the newly formed Artificial Superintelligence Alliance. 
This alliance aims to counteract the narrow focus of Big Tech by promoting a diverse array of AI algorithms working together, fostering robust AI systems with a wide variety of capabilities.
Ethical Deployment And Democratization Of AI
Goertzel highlighted the ethical approach of the ASI Alliance in compensating individuals fairly for their data contributions, unlike Big Tech&#8217;s often exploitative practices. 
&#8220;We promote a greater diversity of AI algorithms, all working together, rather than narrow-focusing on a small set of algorithms as Big Tech is going,&#8221; he said. 
This approach includes utilizing a variety of compute resources, from home computers to data centers, ensuring a decentralized network for advanced AI purposes.
Challenges And Overcoming Adoption Barriers
Addressing the challenges of developing decentralized AI systems, Goertzel noted, &#8220;We have already overcome all the major technical challenges in creating decentralized AI protocols with a high level of transparency and security.&#8221; 
The main hurdle now is growing adoption in a market where Big Tech has already secured significant mindshare and financial resources.
Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> will explore how emerging internet technologies will continue to intertwine with and boost the digital asset ecosystem in a separate agenda point.
Technical And Strategic Advantages Of Token Mergers
The merger of FET (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/fet/usd">FET</a>), OCEAN (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ocean/usd">OCEAN</a>) and AGIX (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">AGIX</a>) tokens into a single $ASI token is a strategic move to create unprecedented scale and power in the AI ecosystem.
Goertzel explained, &#8220;Ocean Protocol excels in decentralized data management, Fetch.ai has an advanced approach to decentralized agent systems, and SingularityNET has focused on decentralized infrastructure for general intelligence.&#8221; 
This integration will accelerate the path to decentralized AGI by effectively managing data and connecting with commercial applications.
Applications Across Various Industries
The decentralized neural-symbolic AGI system being developed by the alliance is expected to have significant impacts across finance, healthcare, and entertainment. 
Goertzel pointed out that such a system will excel in areas requiring complex multi-step reasoning and creativity, making it highly valuable in industries where accuracy and innovation are critical. 
&#8220;For any business or humanitarian application where truth is important and AI &#8216;hallucinations&#8217; are not acceptable, this sort of system will have dramatically more economic and customer value,&#8221; he stated.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39382770/inside-elon-musks-plan-to-add-payments-to-x">Inside Elon Musk&#8217;s Plan To Add Payments To X</a>
Ensuring Ethical Use And Development Of AGI
Goertzel believes that decentralized AI systems are inherently more reliable and ethical than centralized ones.
&#8220;Decentralized systems have more people with a sense of personal vesting in ethical system performance than centralized ones,&#8221; he said, emphasizing the importance of diverse involvement in assessing and improving ethical behavior.
Engaging Communities And Navigating Regulatory Challenges
Engaging with and gaining the trust of respective communities is crucial for the alliance&#8217;s success. Goertzel noted that their communities understand the need to join forces to compete with Big Tech&#8217;s centralized AI systems. 
Regarding regulatory challenges, he said, &#8220;Regulators are more comfortable with blockchain networks that are more thoroughly decentralized,&#8221; suggesting that the alliance&#8217;s decentralized approach will help navigate these complexities.
Promising Use Cases And Future Prospects
The alliance sees numerous promising use cases for decentralized AI across various vertical markets. 
Projects like Jam Galaxy, Mind Children, and Rejuve.AI are applying decentralized AI to music, robotics, media, and medical applications, respectively. 
The alliance&#8217;s foundational technology is well-positioned to serve as decentralized AI infrastructure across these verticals and more.
As the ASI Alliance advances towards a future where machines vastly exceed human intelligence, Goertzel envisions a transition to an open, decentralized, and democratized economy driven by powerful AI systems. 
&#8220;The ASI Alliance is ideally configured to play a leadership role in the coming transition toward an economy driven by AI systems that are both more powerful and more democratic and open than anything we see today,&#8221; he said.
The discussion with Ben Goertzel aligns with the themes to be explored at Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry leaders will delve into the evolving landscape of digital assets and AI integration.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39364831/deutsche-telekom-t-mobiles-parent-company-will-mine-bitcoin">Deutsche Telekom, T-Mobile&#8217;s Parent Company, Will Mine Bitcoin</a>

EXCLUSIVE: Promising Use Cases For AI And Blockchain With SingularityNET CEO Ben Goertzel

"Our 2024 market outlook remains unchanged. Therefore, we reaffirm our full year 2024 guidance of $100 to $120 million in adjusted EBITDA and free cash flow between $40 and $60 million. We anticipate second quarter adjusted EBITDA in the range of $24 to $28 million, with flat U.S. and international market activity, and lower Canadian demand due to the seasonal impact of break up."

Forum Energy Technologies Reaffirms FY24 Adjusted EBITDA Guidance Of $100M-$120M And Free Cash Flow Between $40M-$60M; Anticipates Q2 Adjusted EBITDA In The Range Of $24M-$28M, With Flat U.S. And International Market Activity, And Lower Canadian Demand Due To The Seasonal Impact Of Break Up

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly losses of $(0.12) per share which beat the analyst consensus estimate of $(0.20) by 40 percent. This is a 233.33 percent decrease over earnings of $0.09 per share from the same period last year. The company reported quarterly sales of $202.400 million which missed the analyst consensus estimate of $212.050 million by 4.55 percent. This is a 7.09 percent increase over sales of $189.000 million the same period last year.

Earnings Beats

Forum Energy Technologies Q1 2024 Adj EPS $(0.12) Beats $(0.20) Estimate, Sales $202.400M Miss $212.050M Estimate

Forum Energy Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FET#NYSE">FET</a>) reported quarterly losses of $(0.39) per share. This is a 13.33 percent increase over losses of $(0.45) per share from the same period last year. The company reported $185.20 million in sales this quarter. This is a 2.88 percent decrease over sales of $190.70 million the same period last year.

Forum Energy Technologies Q4 Adj $(0.39) Up From $(0.45) YoY, Sales $185.20M Down From $190.70M YoY

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Melco Resorts & Entertainment Limited - American Depositary Shares

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Earnings Scheduled For February 29, 2024

Tokens associated with artificial intelligence soared on Wednesday as technology giant Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) reported a smashing fourth fiscal <a href="https://www.benzinga.com/news/earnings/24/02/37247922/nvidia-q4-earnings-highlights-revenue-beat-eps-beat-q1-guidance-and-more">quarter</a>, surpassing Wall Street predictions for both earnings and revenue.&nbsp;
What Happened: The company&#8217;s announcement that revenue is expected to continue its upward trajectory in the current quarter added further fuel to the AI token rally.
Among the AI tokens capitalizing on the upbeat sentiment was Fetch.AI, with its token FET (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/fet/usd">FET</a>)&nbsp; jumping more than 5%. Other notable increases included SingularityNET (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">AGIX</a>) which saw a 25% climb, and Render (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">RNDR</a>), which enjoyed a 7% uptick in the span of just 24 hours.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price</td>
</tr>
<tr>
<td>Fetch.AI　</td>
<td>+5%</td>
<td>$6.91</td>
</tr>
<tr>
<td>SingularityNET </td>
<td>+7%</td>
<td>$1.07</td>
</tr>
<tr>
<td>Render </td>
<td>+25%</td>
<td>$0.70</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">AI tokens experience market rally following Nvidia&#8217;s Q4 earnings uptick.</figcaption></figure>
Nvidia&#8217;s graphics processors, essential for developing these models, have helped secure its financial windfall. These advanced processors, particularly favored for server use, have become increasingly associated with AI development.
See More: <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35771375/dogecoin-hodlers-are-beating-shiba-inu-with-57-landing-in-profits-intotheblock-data-reveal?utm_campaign=partner_feed&amp;utm_source=InvestingUK&amp;utm_medium=partner_feed&amp;utm_content=cryptocurrency">Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals</a>
Why It Matters: The surge in AI token value followed Nvidia&#8217;s reporting of a net income of $12.29 billion for the quarter, converting to $4.93 per share. This marks a notable increase of 769% compared to last year's $1.41 billion, equivalent to 57 cents per share.
Despite the positive outcome for Nvidia and the crypto sector, Singapore-based QCP Capital in a note to clients, hinted at potential volatility: &#8220;A key event today that could trigger a wider correction is Nvidia earnings which will be released after the US close. As a major part of the S&amp;P500 Index, Nvidia&#8217;s performance could set the tone for US equities in the near-term.&#8221;
Price Action: As the trading day concluded on Wednesday, Nvidia shares saw a dramatic 9.2% leap to $736.93 in after-hours trading, following a slight 2.85% decline to close at $674.72 during regular trading hours, according to<a href="http://pro.benzinga.com"> data from Benzinga Pro.</a>
Photo by Matt Benzero on Shutterstock
Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34195479/bitcoin-ethereum-dogecoin-trade-mixed-as-investors-weigh-august-job-report-analyst-predict"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34615277/heres-how-much-you-should-invest-in-shiba-inu-today-for-a-1m-payday-if-shib-hits-1-cent">Here&#8217;s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?</a>

$RNDR

Nvidia Q4 Earnings Boost Some Crypto; This AI-Token Is Rallying 25%

First Quarter&nbsp;and Full Year 2024&nbsp;Guidance
<ul>
<li>First Quarter&nbsp;2024 Revenue and Adjusted EBITDA:&nbsp;$200&nbsp;to&nbsp;$220 million&nbsp;and&nbsp;$23&nbsp;to&nbsp;$27 million</li>
<li>2024 Adjusted EBITDA and Free cash flow:&nbsp;$100&nbsp;to&nbsp;$120 million&nbsp;and&nbsp;$40&nbsp;to&nbsp;$60 million</li>
</ul>

Reported Monday, Forum Energy Technologies Provides Q1 2024 Guidance: Expects Revenue Of $200M-$220M And Adjusted EBITDA Of $23M-$27M

Forum Energy Technologies&nbsp;delays the issuance of its&nbsp;fourth quarter&nbsp;and full year 2023 earnings release and investor conference call. Additional time is required to quantify, if any, the impact to income tax and net income from adjusting valuation allowance reserves in an international jurisdiction. No meaningful impact to revenue, adjusted EBITDA, or free cash flow is expected. FET expects to issue its&nbsp;fourth quarter&nbsp;and full year 2023 results and host its investor conference call around March 1, 2024.

Fourth quarter&nbsp;2023 revenue was&nbsp;$185 million, a&nbsp;$6 million&nbsp;increase from the&nbsp;third quarter. Adjusted EBITDA for the&nbsp;fourth quarter&nbsp;2023 is expected to be in the range of&nbsp;$15&nbsp;to&nbsp;$17 million. Free cash flow for the&nbsp;fourth quarter&nbsp;2023 was&nbsp;$9 million.

Reported Monday, Forum Energy Technologies Q4 Preliminary Results: Revenue $185M, A $6M Increase Qoq; Expects Adjusted EBITDA Of $15M-$17M

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Forum Energy Technologies (NYSE:<a href="https://investorplace.com/stock-quotes/fet-stock-quote/">FET</a>) just reported results for the second quarter of 2024.<ul><li>Forum Energy Technologies reported earnings per share of -7 cents. This was below the analyst estimate for EPS of 4 cents.</li><li>The company reported revenue of $205.20 million.</li><li>This was 2.05% worse than the analyst estimate for revenue of $209.50 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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									</ul>The post <a href="https://investorplace.com/earning-results/2024/08/fet-stock-earnings-forum-energy-technologies-for-q2-of-2024/">FET Stock Earnings: Forum Energy Technologies Misses EPS, Misses Revenue for Q2 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

FET Stock Earnings: Forum Energy Technologies Misses EPS, Misses Revenue for Q2 2024

Forum Energy Technologies, Inc. (FET) Q2 2024 Earnings Call Transcript

Forum Energy prices $100M senior secured bond issuance

Forum Energy Non-GAAP EPS of -$0.19 misses by $0.25, revenue of $208M misses by $6.5M

Reports Q3 revenue $208M, two estimates $214.5M. Neal Lux, President and Chief Executive Officer, remarked, "FET will significantly bolster our bal...

Forum Energy reports Q3 adjusted EPS (19c) vs (7c) in Q2

Sees Q4 adjusted EBITDA $22M-$26M. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> ...

Forum Energy sees Q4 revenue $190M-$210M, two estimates $209.65M

Forum Energy Technologies, Inc. (FET) Q3 2024 Earnings Call Transcript

Forum Energy ( ($FET) ) has released its Q3 earnings. Here is a breakdown of the information Forum Energy presented to its investors. Forum Energy ...

Forum Energy Technologies Boosts Cash Flow Outlook

Forum Energy Tech ( ($FET) ) has issued an update. Forum Energy Technologies successfully closed a $100 million senior secured bond offering at 10....

Forum Energy Tech Strengthens Financial Position with Bond Offering

Forum Energy Technologies announces $75M share repurchase program

Press Releases

Forum Energy Technologies Announces Timing of Third Quarter 2024 Earnings Conference Call

Forum Energy Technologies to Participate in Water Tower Fireside Chat

Forum Energy Technologies Announces $100 Million Bond Issuance

Forum Energy Technologies Provides Preliminary Third Quarter 2024 Selected Financial Results

Forum Energy Technologies Announces Pricing of $100 Million Senior Secured Bond Issuance

Forum Energy Technologies Announces Third Quarter 2024 Results; Raises Free Cash Flow Guidance

Forum Energy Technologies Announces Closing of $100 Million Senior Secured Bond Issuance

Events

Forum Energy Technologies to Present at November 21st Virtual Investor Summit Microcap Event

Management

Appointment of Evelyn Angelle to Bird's Board of Directors

Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions

Comments

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