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Fiverr International Ltd is involved in buying and selling digital services in the same fashion as physical goods on an e-commerce platform. It is set out to design a digital marketplace that is built with a comprehensive SKU-like services catalog and a search, finds, and order process that mirrors a typical e-commerce transaction. The service offerings of the company include Graphics and Design, Digital Marketing, Wiring and Translation, and Video and Animation among others.

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The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock&#39;s price. Do they really matter, though?

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Anthony Scaramucci, CEO of investment firm&nbsp;SkyBridge Capital and a vocal cryptocurrency advocate, predicted a significant role for Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) in the impending layer-1 blockchain revolution, while also revealing his substantial exposure to the fifth-largest cryptocurrency.
What Happened: During the recent Breakpoint 2024 conference, Scaramucci highlighted the potential of tokenization to revolutionize the current financial system. He pointed out that approximately $7 trillion is spent annually on transaction verification, a cost that could be significantly reduced through tokenization.
He stressed on the need for eliminating third parties and utilizing blockchain&#8217;s trustless technology to verify transactions.
&#8220;This system is actually a flawless and a near perfect system, and hopefully the tokenization will happen on Solana,&#8221; Scaramucci stated. The former White House Communications Director added that he owns &#8220;a lot of&#8221; Solana.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">$7 TRILLION a year is spent on transaction verification &#8211; tokenization solves that. The future is tokenized and <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw">@Solana</a> will be a major player in the layer-1 blockchain financial revolution. Enjoyed my not-so-heated debate with <a href="https://twitter.com/FTI_DA?ref_src=twsrc%5Etfw">@FTI_DA</a>&#39;s Christopher Jensen at Breakpoint 2024. <a href="https://t.co/E8EH2aQEbB">pic.twitter.com/E8EH2aQEbB</a>
&mdash; Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1837536131350499633?ref_src=twsrc%5Etfw">September 21, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40971599/well-its-crypto-its-ai-its-some-of-the-other-things-says-donald-trump-unsure-of-what-his-n?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Well, It&#8217;s Crypto, It&#8217;s AI, It&#8217;s Some Of The Other Things,&#8217; Says Donald Trump, Unsure Of What His New Crypto Project Even Is</a>
Why It Matters: Solana is often dubbed as an &#8220;Ethereum Killer&#8221; and its proponents favorably compare the network with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) on parameters such as transaction speed and cost.
Tokenization of real-world assets was emerging as a hot new narrative in the Web3 realm, with the industry having $5.72 billion in total locked as of this writing, <a href="https://defillama.com/protocols/RWA" target="_blank" rel="noreferrer noopener">according </a>to DeFiLlama.
In layman&#8217;s terms, tokenization can be defined as the process of bringing off-chain assets like bonds, real estate, commodities, and much more on blockchain rails,&nbsp; opening up new avenues of growth for both traditional and decentralized finance.
Price Action: At the time of writing, SOL was exchanging hands at $148.87, up 0.21% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Photo by World Economic Forum on Flickr
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Disclaimer:&nbsp;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.

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

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$SOL

Anthony Scaramucci Discloses Holding 'A Lot Of' Solana, Backs The 'Ethereum Killer' Network To Lead Tokenization Revolution

A two-and-a-half-year-old Siamese cat named Rayne Beau was reunited with his owners, Susanne and Benny Anguiano, after disappearing in Yellowstone National Park. The cat lost in the national park traveled over 900 miles to return home after two months.
What Happened: The Anguianos, from Salinas, California, were visiting the park in Wyoming when Rayne Beau wandered off on Jun. 4. Despite daily searches by Benny, the cat could not be found, and the couple had to leave without him.
Two months later, the couple received a notification that Beau had been found in Roseville, California, approximately 190 miles from their home. The cat was identified through his microchip and taken to the Placer Society for the Prevention of Cruelty to Animals.
Leilani Fratis, CEO of the Placer SPCA, confirmed the cat&#8217;s identity and emphasized the importance of microchipping pets. Rayne Beau was initially in poor health but is now back home with his grateful owners.
Susanne Anguiano expressed her joy, saying, &#8220;We are ecstatic to have him back. I look at him every day and am so grateful.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/09/40950674/data-scientist-who-called-2020-election-correctly-says-its-gone-from-drastic-landslide-in-trumps-dir?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Data Scientist Who Called 2020 Election Correctly Says Its Gone From &#8216;Drastic Landslide In Trump&#8217;s Direction To A Drastic Landslide For Harris&#8217;</a>
Why It Matters: The reunion of Rayne Beau with his owners highlights the significance of microchipping pets, a point emphasized by Leilani Fratis of the Placer SPCA. 
This incident also brings to light the diverse range of events occurring in Yellowstone National Park. For instance, in June 2022, a tourist was gored by a bison after getting too <a href="https://www.benzinga.com/news/22/06/27506856/a-woman-got-too-close-to-a-bison-at-yellowstone-what-do-you-think-happened-to-her">close to the animal</a>, underscoring the need for visitors to adhere to park regulations.
Additionally, the story of Rayne Beau&#8217;s journey comes at a time when <a href="https://www.benzinga.com/news/24/09/40937559/jd-vances-unverified-rumors-about-haitian-immigrants-stir-gop-discomfort-distracting-from-real-issue">pet-related news is gaining attention</a> in the political arena. Recently, Sen. JD Vance (R-Ohio) and former President Donald Trump have made unverified claims about immigrants abducting and eating pets, which have been widely debunked. 
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<li><a href="https://www.benzinga.com/24/09/40954613/kim-jong-uns-show-of-force-with-missiles-indicates-north-korea-is-no-longer-interested-in-negotiatio?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un&#8217;s &#8216;Show Of Force&#8217; With Missiles Indicates North Korea Is No Longer Interested In Negotiations With US, Say Analysts</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Siamese Cat That Wandered Off In Yellowstone, Miraculously Travels Over 900 Miles To Be Reunited With Owners After Two Months

Apple design legend&nbsp;Sir Jony Ive has confirmed his collaboration with&nbsp;OpenAI&nbsp;CEO&nbsp;Sam Altman, on a new <a href="https://www.benzinga.com/news/23/09/34966565/iphone-of-ai-openais-sam-altman-apple-design-legend-jony-ive-and-softbanks-masayoshi-son-explore-a-n">AI hardware project</a>.
What Happened: Ive confirmed his involvement in the project during a profile <a href="https://www.nytimes.com/2024/09/21/technology/jony-ive-apple-lovefrom.html">interview</a> with The New York Times that was published on Saturday, <a href="https://www.theverge.com/2024/9/21/24250867/jony-ive-confirms-collaboration-openai-hardware">reported</a> The Verge.
The project, which was first rumored nearly a year ago, is still shrouded in mystery with few details available. As per the report, Ive met Altman through Airbnb CEO Brian Chesky.
Funding for the venture is being provided&nbsp;by Ive and the Emerson&nbsp;Collective, a company owned by Laurene Powell Jobs. The project is expected to&nbsp;<a href="https://www.benzinga.com/news/24/04/38130224/sam-altman-and-former-apple-design-maestro-seek-funding-from-laurene-powell-jobs-masayoshi-son-for-t">raise $1 billion in funding&nbsp;by year-end</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40970948/elon-musk-and-nvidia-ceo-share-vision-of-ai-powered-personal-assistants-linkedin-under-scrutiny-and?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk And Nvidia CEO Share Vision Of AI-Powered Personal Assistants, LinkedIn Under Scrutiny And More: This Week In AI</a>
The team, currently consisting of 10 employees, <a href="https://www.benzinga.com/news/23/12/36393129/apple-iphone-design-executive-joins-forces-with-jony-ive-and-sam-altman-for-groundbreaking-ai-projec">includes key figures</a> like Tang Tan and Evans Hankey who previously&nbsp;worked with Ive on the&nbsp;iPhone.
The project is being led by LoveFrom, Ive&#8217;s company, and is based in&nbsp;a 32,000-square-foot office building in&nbsp;San Francisco.
According to The Times, the device will leverage generative AI to handle complex requests, offering more to users than traditional software. However, specifics about the AI product and its market launch are still being determined.
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: Previously, it was reported that Altman and Ive intend to develop a more intuitive and seamless way for users to engage with AI. Their goal is to create a transformative experience akin to the impact the original iPhone had on the smartphone industry.
When Apple introduced the first iPhone in 2007, it revolutionized the market, which had been dominated by bulky phones with physical keyboards, by offering a touchscreen-only interface.
In a similar vein, current AI interactions still require manual input, whether through text prompts or voice commands.
Photo courtesy: Wikimedia
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>.
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<li><a href="https://www.benzinga.com/news/24/09/40914747/jpmorgan-ceo-jamie-dimon-thinks-social-media-platforms-like-tiktok-and-facebook-are-a-total-stupid-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">JPMorgan CEO Jamie Dimon Thinks Social Media Platforms Like TikTok And Facebook Are ‘A Total Stupid Waste Of Time&#8217;</a></li>
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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.

Tech

Media

Apple's Former Design Maestro Jony Ive Confirms He's Joined Forces With OpenAI's Sam Altman For A New AI Hardware Project

Popular dog-themed memecoin Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) recorded a significant jump in its burn rate in the last 24 hours, although the community remained unimpressed.
What happened: About 15.08 million SHIB tokens were kicked out of circulation, according to the official burn tracker, <a href="https://www.shibburn.com/">Shibburn</a>, marking a surge of 772% over the last 24 hours.
As is well known, coin burning is the process of purposely sending a cryptocurrency token to an unusable wallet address to remove it from circulation. This is done to generate scarcity and increase the market value of the token.
As of this writing, nearly 410.728 trillion SHIB tokens have gone up in smoke.
Despite the substantial increase in burn rate, many members of the Shiba Inu community were dissatisfied and vented their frustrations to none other than the ecosystem&#8217;s pseudonymous leader, Shytoshi Kusama.
While responding to an altogether different X post by Kusama, a user urged them to accelerate the burn rate.&nbsp;To this, Kusama replied, "Requires funds to do so. Every time you see a partnership, we get closer."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Requires funds to do so. Every time you see a partnership, we get closer.
&mdash; Shytoshi Kusama&#x2122; (@ShytoshiKusama) <a href="https://twitter.com/ShytoshiKusama/status/1837820942002577920?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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However, the user was still not convinced and went on to say, &#8220;What about that auto-burn mechanism ?! We wait till 4 years. It&#8217;s in YOUR hands ! Dont fool us boss.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40950912/bitcoins-reserve-asset-appeal-increased-due-to-state-of-us-federal-deficit-and-debt-says-b">Bitcoin&#8217;s Reserve Asset Appeal Increased Due To State Of US Federal Deficit And Debt, Says BlackRock: A Hedge Against &#8216;Possible Future Events&#8217; Affecting The Dollar</a>
Why It Matters: The debate around burn rates came even as the highly anticipated liquid staking platform, K9 Finance, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40913080/shiba-inu-team-says-launching-k9-finance-liquid-staking-on-shibarium-tomorrow-are-shib-bur">went live</a> on Shiba Inu's Layer-2 network, Shibarium.&nbsp;
The launch was expected to boost transaction volume on the network, in turn accelerating SHIB token burns.&nbsp;
Since its launch in August last year, the Shibarium blockchain has facilitated over 418 million transactions, according to <a href="https://www.shibariumscan.io/stats">on-chain</a> data.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001479, up 0.22% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
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$SHIB

'Dogecoin Killer' Shiba Inu's Burn Rate Shoots Up 772%, Shytoshi Kusama On Picking Up The Pace: 'Requires Funds To Do So'

Chinese electric vehicle manufacturer BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rival plans to establish its <a href="https://www.benzinga.com/markets/equities/24/09/40946478/chinas-nio-says-40-of-its-store-managers-are-ex-tesla">first South Asian assembly plant in Pakistan</a>. The move follows a rejection from India.
What Happened: The plant, expected to be operational by 2026, is a collaboration with Pakistan&#8217;s largest private electricity producer, Hub Power (Hubco). Hubco&#8217;s subsidiary, Mega Motor, will partner with BYD to set up the facility near Karachi's Port Qasim, <a href="https://www.ft.com/content/bf1e6817-5313-4b6e-8e47-9e2960d30ecc">reported</a> Financial Times on Sunday. 
Hubco CEO Kamran Kamal said that the goal is for Pakistan to begin exporting vehicles from the plant. The government is encouraging BYD to target markets in Africa and South Asia, including Bangladesh and Sri Lanka.
"We have big ambitions to be the leading carmaker in this country by the end of the decade," Kamal said. "For any industry in Pakistan to be competitive, they should be focused on the export market."
BYD&#8217;s expansion into Pakistan comes amid broader international growth, with new factories planned in Turkey, Hungary, Thailand, and Brazil. The company is also considering a new factory in Mexico.
BYD declined to comment further on the specifics of the Pakistan project, which is still under discussion. The company aims to sell 100,000 plug-in hybrid and fully electric cars annually in Pakistan by 2030, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/09/40899599/elon-musk-said-spacex-competitors-only-take-up-less-than-we-do-and-they-take-nothing-down-and-they-g?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Said SpaceX Competitors Only &#8216;Take Up Less Than We Do, And They Take Nothing Down, And They Get Paid Twice As Much&#8217; — 10 Years Later, Its Rival In Space Boeing Has Frozen Hiring And Is Weighing Furloughs</a>
Why It Matters: The decision by BYD to establish a plant in Pakistan follows a series of global strategic moves by Chinese automakers to counteract increasing trade barriers and tariffs. 
Recently, the President Joe Biden administration imposed <a href="https://www.benzinga.com/markets/asia/24/09/40886450/50-of-new-car-sales-in-china-are-electric-but-in-the-us-its-only-10-are-protectionist-policies-widen">a 100% tax on electric vehicles made in China</a>, affecting companies like BYD and Geely. This move is part of a broader effort to relocate manufacturing and boost U.S. jobs.
China has also advised its automakers to keep advanced EV technology within the country, even as they expand globally. This includes exporting knock-down kits for assembly abroad, and ensuring <a href="https://www.benzinga.com/news/24/09/40825946/china-wants-automakers-to-safeguard-their-ev-technology-and-keep-it-within-the-country-as-companies">key parts remain produced in China</a>.
BYD&#8217;s expansion is not just limited to Pakistan. The company has been making significant strides in Europe, showcasing their vehicles at trade fairs like the Automechanika in Frankfurt, <a href="https://www.benzinga.com/markets/equities/24/09/40818732/chinese-ev-manufacturers-byd-and-geely-storm-frankfurt-fair-as-eu-tariffs-threaten-to-crimp-thei">despite looming EU tariffs</a>.
Furthermore, the competitive <a href="https://www.benzinga.com/markets/equities/24/09/40946478/chinas-nio-says-40-of-its-store-managers-are-ex-tesla">landscape in China is intensifying</a>. Companies like NIO are also expanding aggressively, with a significant portion of their management coming from Tesla.
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Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

BYDDF

BYDDY

TSLA

Tesla's Chinese Rival BYD Plans To Assemble EVs In Pakistan After India Said No: 'We Have Big Ambitions'

NBA legend Shaquille O&#8217;Neal has been falsely accused of ejecting Governor Tim Walz&nbsp;(D-Minn), the running mate of Democratic presidential nominee Kamala Harris, from his restaurant.
What Happened: Earlier this month, a Facebook post from an account named &#8220;WNBA News Daily,&#8221; falsely shared a post stating that Shaq, had thrown out Walz from his restaurant in Georgia.
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This false story was shared by many other people on social media platforms too including one by Vernon Jones, a former state representative from Georgia.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/22224217/Screenshot-2024-09-23-at-8.10.36%E2%80%AFAM-1024x678.png" alt="" class="wp-image-560145" /></figure>
However, lo and behold, this entire incident was written by a satirical website.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40968413/elon-musk-reacts-after-cathie-wood-labels-gavin-newsoms-threat-to-sue-tesla-ceo-over-memes-unconstit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Cathie Wood Labels Gavin Newsom&#8217;s Threat To Sue Tesla CEO Over Memes &#8216;Unconstitutional&#8217;: &#8216;…But That Didn&#8217;t Stop Them&#8217;</a>
The original article was published on &#8220;Esspots,&#8221; a self-proclaimed &#8220;one-stop&nbsp;destination for satirical news and&nbsp;commentary about the United States&nbsp;of America.&#8221;
&#8220;Our team of writers and editors is dedicated to bringing you the latest and greatest in fake news and absurdity, all with a healthy dose of humor and satire,&#8221; the website states in the &#8220;About Us&#8221; section.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/22224639/Screenshot-2024-09-23-at-8.16.27%E2%80%AFAM-1024x653.png" alt="" class="wp-image-560150" /></figure>
Shaq&#8217;s restaurant chain, Big Chicken, does not have a location in Georgia, according to Big Chicken&#8217;s official website.
This fact check was first <a href="https://factcheck.afp.com/about-afp">done</a> by AFP Fact Check, a department within&nbsp;Agence France-Presse, which also noted that campaign schedules for the candidates did not mention any planned visit by Walz&nbsp;to a Big Chicken outlet.
Why It Matters: Walz has been a target&nbsp;of misinformation since joining the&nbsp;Democratic ticket. This incident serves as another example of misleading claims circulating on social media.
Earlier, a false claim that Harris was involved in a 2011 hit-and-run accident in San Francisco, which allegedly paralyzed a 13-year-old girl, circulated widely on social media platforms.
This incident also comes amid a <a href="https://www.benzinga.com/general/entertainment/24/09/40807445/taylor-swift-says-i-will-be-casting-my-vote-for-kamala-harris-and-tim-walz-takes-a-dig-at-j">politically charged climate</a>, with celebrities like&nbsp;Taylor Swift&nbsp;publicly endorsing Vice President Kamala Harris and Walz for the 2024 presidential race.
Meanwhile, Shaq has previously revealed that he voted for the first time at the age of 48 in 2020. The retired NBA star supported President Joe Biden in the presidential election that year, <a href="https://thehill.com/homenews/campaign/560538-shaq-endorses-candidate-in-race-for-demings-house-seat/">according</a> to The Hill.
Image via Flickr/ Cubahora
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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

Politics

NBA Star Shaquille O'Neal Threw Tim Walz Out From His Big Chicken Restaurant And Said, 'Don't Come Back' — Fact Or Fiction

Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) are discussing the construction of massive chip-making complexes in the United Arab Emirates. These projects could be valued at over $100 billion.
What Happened: Executives from TSMC have recently visited the UAE to explore the possibility of establishing a plant complex comparable to their largest facilities in Taiwan. Similarly, senior leaders from Samsung have also visited the UAE to discuss potential chip-making operations in the region, The Wall Street Journal <a href="https://www.wsj.com/tech/ai/chip-giants-tsmc-and-samsung-discuss-building-middle-eastern-megafactories-65adc854?mod=hp_lead_pos3">reported</a> citing, people familiar with the interactions.
These discussions are in the preliminary stages and face significant technical and logistical challenges. The UAE would fund these projects, with Abu Dhabi-based sovereign development vehicle Mubadala playing a central role. Mubadala is eager to develop a domestic tech industry and increase global chip production.
The UAE&#8217;s ambitions reflect a broader global push to expand chip production to meet the demands of the AI boom. However, substantial technical and political hurdles remain, including the need for super-clean water and the availability of engineering talent.
Both TSMC and Samsung have had discussions with U.S. government officials regarding concerns about shipments of advanced AI chips to China, a trading partner of the UAE. These concerns need to be resolved before construction can begin, according to the report.
&#8220;We are always open to constructive discussion on ways to promote development of the semiconductor industry, but we remain focused on our current global expansion projects and&nbsp;have no new investment plans to disclose at this time,&#8221; a TSMC spokesperson told Benzinga in an email inquiry. 
Samsung did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40946963/bitcoin-worth-63-000-pulled-in-33-pack-of-trading-cards-at-gamestop-mind-boggling-story-go?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Worth $63,000 Pulled In $33 Pack Of Trading Cards At GameStop: ‘Mind-Boggling' Story Goes Viral, Highlights Crypto Redemption Card</a>
Why It Matters: The discussions between TSMC and Samsung come at a time when the Middle East is becoming increasingly significant in the global semiconductor landscape. 
Microsoft Corp. recently called for <a href="https://www.benzinga.com/news/24/09/40912608/microsoft-wants-clarity-on-chip-exports-to-middle-east-amid-1-4b-deal-with-uae-firm">more transparency on U.S. export controls</a> that have delayed the delivery of AI chips to the region. The company had invested $1.5 billion in G42, the largest AI company in the UAE, to use it as a gateway to markets in Africa and Asia.
Additionally, NVIDIA Corp has begun supplying its <a href="https://www.benzinga.com/news/24/09/40912608/microsoft-wants-clarity-on-chip-exports-to-middle-east-amid-1-4b-deal-with-uae-firm">advanced chips to Saudi Arabia</a>, positively influencing market sentiment in the Middle East and Asia. This move came after the U.S. reassessed its advanced semiconductor sanctions on Saudi Arabia, initially imposed in 2023 due to national security concerns.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40912814/amazon-told-its-staff-they-must-come-to-office-five-days-a-week-but-its-primary-healthcare-subsi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Told Its Staff They Must Come To Office Five Days A Week, But Its One Medical Subsidiary Workers Reportedly Have It Easier: E-commerce Giant Denies Report</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

SSNLF

TSMC And Samsung Explore $100B Chip Megafactories In UAE Amid AI Boom And Global Expansion Plans: Report

Leading coins were among the gains Sunday overnight after Democratic presidential nominee Kamala Harris mentioned cryptocurrencies for the first time during her election campaign.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:45 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+1.13%</td>
<td>$63,890.89</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+0.04%</td>
<td>$2,611.43</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.64%</td>
<td>$0.1077</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin broke out of its sideways movement and nearly touched $64,000 as news of <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40972902/kamala-harris-finally-mentions-crypto-and-that-too-on-wall-street-promises-to-encourage-in">Harris' endorsement</a> started tricking in. The leading cryptocurrency experienced volatile price swings over the past few hours.
Ethereum too breached past $2,600, witnessing a substantial spike in trading volumes.
In the past 24 hours, 53,409 traders were liquidated, with the total liquidations at $131.21 million. Upside bets accounted for $86 million of the total liquidations.
Bitcoin's Open Interest rose marginally by 0.88% in the last 24 hours to $34.94 billion. The number of traders placing bearish bets on the coin surpassed those going long, as per Long/Short Ratio.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:45 p.m. EDT)</td>
</tr>
<tr>
<td>Helium (HNT)</td>
<td>+13.11%</td>
<td>$7.82</td>
</tr>
<tr>
<td>Sui (SUI)</td>
<td>+6.85%</td>
<td>$1.57</td>
</tr>
<tr>
<td>Bittensor (TAO)</td>
<td>+5.82%</td>
<td>$493.14</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market stood at $2.23 trillion, following an increase of 0,54% in the last 24 hours.
Stock futures rose slightly overnight on Sunday. The Dow Jones Industrial Average Futures lifted 63 points, or 0.15%, as of 9:45 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 were up 0.27%, while Nasdaq 100 Futures gained 0.53%.
The uptick followed a record-breaking week that saw blue-chip indexes like the Dow and the S&amp;P 500 clocking new all-time highs <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead">after the Federal Reserve dropped interest rates</a> for the first time in more than four years.
Investors would keep an eye out for the manufacturing and service sector data due on Monday to further assess the soft landing scenario.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency analyst Kingpin Crypto indicated a probable retreat to the $60,000 range if $64,000 holds as resistance.&nbsp;&nbsp;
"If price starts closing above supply, then it&#8217;s game over for the bears as I see no resistance above until 70,000," the analyst remarked.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> &#8211; As long as price respects $64k resistance I still expect a brief rejection towards the red box. If price starts closing above supply, then it&#39;s game over for the bears as I see no resistance above until 70k. TL;DR. long either at redbox or above $64k, no shorts. <a href="https://t.co/zyBnU8UgZn">https://t.co/zyBnU8UgZn</a> <a href="https://t.co/VVED1JLwkA">pic.twitter.com/VVED1JLwkA</a>
&mdash; Kingpin Crypto (@Kingpincrypto12) <a href="https://twitter.com/Kingpincrypto12/status/1838037450007986376?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Prominent analyst Ali Martinez predicted an &#8220;altcoin season,&#8221; with the overall market capitalization reaching $1 trillion sooner rather than later.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/hashtag/altcoin?src=hash&amp;ref_src=twsrc%5Etfw">#altcoin</a> market cap looks primed to surpass $1 trillion&#8230; It is just a matter of time before <a href="https://twitter.com/hashtag/altcoinseason?src=hash&amp;ref_src=twsrc%5Etfw">#altcoinseason</a>! <a href="https://t.co/NRRa6v3ZOk">pic.twitter.com/NRRa6v3ZOk</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1837927091267834099?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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He also noted the diminishing Bitcoin dominance that would pave the way for an altcoin rally.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> dominance seems to be topping out, hinting at a possible dip to 47% — setting the stage for an <a href="https://twitter.com/hashtag/altcoinseason?src=hash&amp;ref_src=twsrc%5Etfw">#altcoinseason</a>! <a href="https://t.co/qkz4IziP8r">pic.twitter.com/qkz4IziP8r</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1837986986331947251?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Avi Rozen on Shutterstock
Read Next:    
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40971599/well-its-crypto-its-ai-its-some-of-the-other-things-says-donald-trump-unsure-of-what-his-n">&#8216;Well, It&#8217;s Crypto, It&#8217;s AI, It&#8217;s Some Of The Other Things,&#8217; Says Donald Trump, Unsure Of What His New Crypto Project Even Is</a></li>
</ul>

$BTC

$DOGE

Bitcoin, Ethereum Rise, Dogecoin Slips As Market Reacts To Harris' Crypto Mention: Analyst Believes It'll Be 'Game Over' For Bears If King Crypto Breaches $64K

Editor's Note: The headline of this story has been updated for factual accuracy.
Sen. Lindsey Graham (R-S.C.) has called for a new approach to Middle East policy, advocating for either a &#8220;game changing peace&#8221; or a &#8220;game changing military strategy.&#8221;
What Happened: On Thursday, Graham expressed his views on Middle East policy via X. He suggested that a significant shift in strategy is needed, either through Saudi Arabia recognizing Israel, or Israel taking military action against Iran.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In the Middle East, we need game changing peace or game changing military strategy. Game changing peace begins with Saudi Arabia recognizing the state of Israel. Game changing military strategy begins with Israel targeting Iran, the source of chaos in the region. <a href="https://t.co/qFD9ZxQY1t">pic.twitter.com/qFD9ZxQY1t</a>
&mdash; Lindsey Graham (@LindseyGrahamSC) <a href="https://twitter.com/LindseyGrahamSC/status/1837981953150345568?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Graham&#8217;s tweet comes in the wake of a series of deadly escalation between Israel and Hezbollah. Israel and Hezbollah exchanged heavy fire, with Hezbollah launching over 100 rockets into northern Israel in response to Israeli strikes on Lebanon, <a href="https://apnews.com/article/israel-lebanon-hezbollah-news-09-22-2024-fb1aa8ae061885ba86855f7fe9ec5be7">reported</a> AP on Sunday.
The conflict escalated after an Israeli airstrike in Beirut killed several people, including a senior Hezbollah commander. Hezbollah declared an "open-ended battle," while Israel launched hundreds of strikes, targeting militant sites. Both sides suffered casualties, and the situation raised concerns about the potential for a broader conflict.
See Also: <a href="https://www.benzinga.com/news/24/09/40969584/trump-vs-harris-this-candidate-has-the-edge-in-latest-swing-state-polls?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs Harris: This Candidate Has The Edge In Latest Swing State Polls</a>
Why It Matters: The recent <a href="https://www.benzinga.com/news/24/09/40924166/hezbollah-hit-in-new-round-of-explosions-across-lebanon-casualties-climb">wave of explosions</a> in Lebanon have escalated tensions in the region. The attacks, believed to be targeted at Hezbollah, an Iran-backed group, have resulted in significant casualties and damage.
Lebanon recently grappled with a <a href="https://www.benzinga.com/news/24/09/40924166/hezbollah-hit-in-new-round-of-explosions-across-lebanon-casualties-climb">second wave of deadly explosions</a> targeting Hezbollah, as wireless devices like walkie-talkies detonated across the country, killing at least nine and injuring over 300. The attacks, which Hezbollah blamed on Israel, followed an earlier wave of pager explosions that killed 12 and injured nearly 2,800.
Graham&#8217;s tweet and the recent events in Lebanon highlight the urgent need for a resolution to the ongoing conflict in the Middle East. Whether this will involve diplomatic recognition or military action remains to be seen.
Photo via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Lindsey Graham Says Either Saudi Arabia Recogonizes Israel Or Tehran Gets Targeted: 'We Need Game Changing Peace Or Game Changing Military Strategy' (UPDATED)

Sen. Bernie Sanders (I-Vt.) has once again criticized Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) for the high price of its diabetes drug, Ozempic, in the United States.
What Happened: On Sunday, Sanders took to X to express his concerns about the pricing disparity of Ozempic in the U.S. compared to other countries. 
He highlighted that generic drug companies can sell Ozempic at a profit for less than $100, while Americans are paying almost $1,000 a month for the drug. Sanders attributed this price discrepancy to corporate greed and called on Novo Nordisk to reduce the price of Ozempic.
He said, &#8220;So why does your prescription cost more than a luxury handbag?&#8221;
Sanders&#8217; post featured a video in which Zain Rizvi a Senior Health Counsel at the Senate Committee on Health, Education, Labor, and Pensions stated that the rich, powerful and famous could get access to such drugs, but everyone else struggled due to the high costs of such prescriptions.
Among the issues addressed in the video was the cost of manufacturing of drugs such as Ozempic and Wegovy, which according to Rizvi&#8217;s video could be made under $5. Rizvi said that major pharmaceutical companies had told HELP committee that they can sell Ozempic to Americans for less than $100 a month.
&#8220;The problem? Novo Nordisk is taking companies to court to stop them from selling low-cost generic versions.&#8221;
He accused Novo Nordisk of following the big pharma playbook by putting &#8220;patents above public health.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Generic drug companies can sell Ozempic — at a profit— for less than $100. But Americans are paying almost $1,000 a month for the drug. So why does your prescription cost more than a luxury handbag? Corporate greed. Novo Nordisk must lower the price of Ozempic. <a href="https://t.co/oCROGpVxtU">pic.twitter.com/oCROGpVxtU</a>
&mdash; Bernie Sanders (@SenSanders) <a href="https://twitter.com/SenSanders/status/1838005900717494781?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
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Benzinga has reached out to Novo Nordisk and this story will be updated as soon as we receive a response.
See Also: <a href="https://www.benzinga.com/news/24/09/40969978/mary-trump-says-americans-pay-the-price-as-her-uncle-sets-world-on-fire-with-his-provocations-i-worr?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mary Trump Says Americans Pay The Price As Her Uncle Sets World On Fire With His Provocations: &#8216;I Worry About What Will Happen&#8217;</a>
Why It Matters: This is <a href="https://www.benzinga.com/news/24/03/38012469/bernie-sanders-slams-outrageous-prices-of-miracle-weight-loss-drug-ozempic-mulls-meeting-with-novo-n">not the first time</a> Sanders has targeted Novo Nordisk over the pricing of Ozempic. In March it was reported that Sanders, who chairs the HELP committee, was considering holding hearings on the issue and seeking a meeting with the company's CEO to discuss reducing the drug's price. 
Ozempic is a popular diabetes drug that is also used for weight loss by suppressing appetite. Sanders expressed confidence that Novo Nordisk could be persuaded to lower U.S. prices for its weight-loss drugs, Ozempic and Wegovy, by <a href="https://www.benzinga.com/general/biotech/24/07/39736330/bernie-sanders-targets-high-prices-of-ozempic-and-wegovy-in-us">exposing price disparities</a>.
He has also predicted that Ozempic will likely become one of the <a href="https://www.benzinga.com/news/24/06/39515914/bernie-sanders-ozempic-will-likely-become-one-of-the-best-selling-pharmaceutical-products-in-history">best-selling pharmaceutical products</a> in history. The high cost of the drug has been a point of contention, with Sanders arguing that Americans should not be charged excessively for this drug compared to people in other countries.
Image via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Health Care

Bernie Sanders Questions Why Your Monthly Ozempic Prescription Costs More Than A Luxury Handbag When It Can Be Sold For Less Than $100

Democratic presidential candidate Kamala Harris formally referenced cryptocurrency for the first time during her election campaign, promising to safeguard the industry&#8217;s interests.
What happened: During a fundraiser at Cipriani Wall Street in Manhattan, the incumbent vice president marketed her pro-emerging technology agenda, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-09-22/harris-vows-to-grow-ai-crypto-industries-in-pitch-to-nyc-donors?utm_source=twitter&amp;utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_content=crypto">reported </a>Sunday.&nbsp;
"We will partner together to invest in America's competitiveness, to invest in America's future. We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors," Harris said.
The first public mention of cryptocurrency elicited cheers from Harris campaign supporters.&nbsp;
Rep. Wiley Nickel (D-N.C.) dubbed it a "huge" policy development and a significant reset on her positions on cryptocurrencies and blockchains.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f6a8;Huge policy news! <a href="https://twitter.com/KamalaHarris?ref_src=twsrc%5Etfw">@KamalaHarris</a> signals a very significant reset on crypto and blockchain technology. This new policy position puts her in line with <a href="https://twitter.com/hashtag/FIT21?src=hash&amp;ref_src=twsrc%5Etfw">#FIT21</a> House and Senate Democrats working to protect consumers and keep digital innovation in the United States. &#x1f1fa;&#x1f1f8; <a href="https://t.co/tSNudVGJsw">https://t.co/tSNudVGJsw</a>
&mdash; Rep. Wiley Nickel &#x1f1fa;&#x1f1f8; (@WileyNickel) <a href="https://twitter.com/WileyNickel/status/1837966805970964686?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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Anthony Scaramucci, CEO of investment firm SkyBridge Capital, said, "Kamala means Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in every language."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Kamala means Bitcoin in every language
&mdash; Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1838016216645914765?ref_src=twsrc%5Etfw">September 23, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40950912/bitcoins-reserve-asset-appeal-increased-due-to-state-of-us-federal-deficit-and-debt-says-b">Bitcoin&#8217;s Reserve Asset Appeal Increased Due To State Of US Federal Deficit And Debt, Says BlackRock: A Hedge Against &#8216;Possible Future Events&#8217; Affecting The Dollar</a>
Why It Matters: Cryptocurrency has emerged as a significant election issue this year, with <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39136615/survey-crypto-stance-could-sway-one-third-of-2024-voters">one survey indicating that one-third of voters</a> will consider a candidate's stance on digital assets before making their political choices.&nbsp;
Former President Donald Trump has taken the lead in courting the expanding population, and the Republican contender even <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40905315/donald-trumps-new-crypto-project-world-liberty-financial-everything-you-need-to-know">launched a cryptocurrency project</a> right before the November elections.
Until the latest acknowledgment, Harris's stance on cryptocurrencies was unclear, though <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40385566/mark-cuban-gets-an-assurance-out-of-chuck-schumer-will-pass-sensible-and-long-lasting-cryp">advocacy groups like &#8220;Crypto for Harris&#8221;</a> have been trying to muster support for her and counterbalance Trump's campaign.
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,887.21, up 1.07% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Image via Wikimedia Commons
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Kamala Harris Finally Mentions Crypto And That Too On Wall Street: Promises To Encourage 'Innovative Technologies' Like Digital Assets

Peter Schiff, a prominent gold advocate and vocal critic of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), has raised concerns about former President Donald Trump&#8216;s recent promise of a Mars landing. Schiff&#8217;s critique draws parallels between current economic challenges and historical spending on space exploration and social programs.
What Happened: In a post on social media platform X, Schiff <a href="https://x.com/PeterSchiff/status/1837640136600801783">stated</a>, &#8220;The reason we had so much inflation during the 1970s was the deficit spending during the 1960s on the Great Society, the War on Poverty, the Vietnam War (we lost both wars), and going to the moon. Now, with the U.S. in worse financial shape, Trump has promised a Mars landing.&#8221;
Schiff&#8217;s remarks follow Trump&#8217;s recent <a href="https://x.com/elonmusk/status/1837592820338905214">declaration</a> that the U.S. is leading in space over Russia and China, with plans to collaborate with Elon Musk to expedite a Mars landing before the end of his term.
Meanwhile, SpaceX and Tesla Inc CEO Musk has outlined ambitious plans for Mars exploration. Musk detailed a timeline that includes launching five uncrewed Starships to Mars within two years, with potential crewed missions in four years if these initial landings prove successful.
Musk emphasized the importance of making Mars travel accessible, stating, &#8220;We want to enable anyone who wants to be a space traveler to go to Mars!&#8221; He also expressed concerns about regulatory hurdles, noting that &#8220;the Starship program is being smothered by a mountain of government bureaucracy that grows every year.&#8221;
In response to Musk&#8217;s post, Schiff commented, &#8220;I have no issues with SpaceX going to Mars. I just don&#8217;t want the government to do it.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I agree that democrats are worse than republicans. But there are plenty of republican supported regulations that also need to be repealed. Hopefully you will be able to help bring that about. I have no issues with SpaceX going to Mars. I just don&#39;t want the government to do it.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1837922682081366157?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/news/24/09/40970828/data-scientists-election-prediction-kamala-harris-receives-historic-endorsement-from-magazine-elon-m">Data Scientist&#8217;s Election Prediction, Kamala Harris Receives Historic Endorsement From Magazine, Elon Musk Suggests Warren Buffett Is Preparing For A Harris Win And More: Top Political Update This Week</a>
Why It Matters: The debate over space exploration has intensified recently, with Musk facing regulatory hurdles for SpaceX. Rep.&nbsp;Kevin Kiley&nbsp;(R-Calif.) recently <a href="https://www.benzinga.com/government/24/09/40972034/elon-musk-responds-as-california-congressman-slams-bureaucratic-roadblocks-for-spacex-program-agenci">praised SpaceX&#8217;s Polaris Dawn</a> mission but criticized bureaucratic obstacles. The mission, which launched on Sept. 10, saw a private crewed spaceflight reach the farthest distance from Earth since NASA&#8217;s Apollo program.
Additionally, Musk&#8217;s recent endorsement of Trump for the <a href="https://www.benzinga.com/24/09/40971977/elon-musk-says-biden-belied-his-2020-expectations-and-turned-out-to-be-a-radical-leftist-puppet-why">2024 presidential race</a> has added another layer to the political discourse. Musk, who previously leaned towards Joe Biden, now describes him as a &#8220;radical leftist puppet.&#8221;
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Images via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

SPACE

Trump's Mars Landing Promise Gets Slammed By Peter Schiff Even As Elon Musk Says SpaceX Plans 5 Launches To Red Planet In 2 Years: 'Just Don't Want The Government To Do It'

Jeff Bezos-backed Perplexity AI, <a href="https://www.benzinga.com/news/24/03/37421021/this-jeff-bezos-backed-ai-tool-can-replace-search-engine-for-many-people-says-top-ex-googler-but-the">a&nbsp;startup challenging</a>&nbsp;Alphabet Inc.‘s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, is in discussions with top brands like Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) and Marriott International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>).
What Happened: Perplexity&nbsp;is developing a &#8220;sponsored&#8221; question system to challenge Google&#8217;s auction-based ads model, as it plans to <a href="https://www.benzinga.com/news/24/08/40523773/jeff-bezos-backed-perplexity-ai-gears-up-to-integrate-ads-in-search-results-taking-a-leaf-out-of-goo">disrupt the tech giant&#8217;s dominance</a> in&nbsp;the $300 billion digital ads industry, <a href="https://www.ft.com/content/ecf299f4-e0a9-468b-af06-8a94e5f0b1f4">reported</a> Financial Times.
The San Francisco-based startup has been in talks with a select group of top-tier companies, including&nbsp;Nike&nbsp;and&nbsp;Marriott, with plans to launch the ads system by year-end.
Perplexity&#8217;s new model allows brands to bid for a &#8220;sponsored&#8221; question featuring&nbsp;an AI-generated answer approved by&nbsp;the advertiser.
See Also:&nbsp;<a href="https://www.benzinga.com/news/23/05/32623067/how-to-take-the-perfect-moon-shot-using-an-iphone-14?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Take The Perfect Moon Shot Using An iPhone 15</a>
Perplexity CEO Aravind Srinivas, a former Google intern, stated, &#8220;Ads are really useful when they are relevant and coming from brands that are high quality, and a lot of people make purchases based on that.&#8221;
Srinivas expressed his ambition for the advertising system to become &#8220;a money-printing machine.&#8221;
The startup&#8217;s ad system will charge marketers on a CPM basis, costing&nbsp;above $50 for every 1,000&nbsp;impressions generated by these sponsored&nbsp;posts.
This is in stark contrast to Google&#8217;s&nbsp;estimated $1,100 for the same&nbsp;number of impressions, the report noted.
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:&nbsp;In April earlier this year, <a href="https://www.benzinga.com/news/24/04/38398735/jeff-bezos-backed-perplexity-ai-is-now-a-unicorn-after-latest-fundraise-softbanks-masayoshi-son-nvid">Perplexity&nbsp;became a unicorn</a>, following a successful funding round that more than doubled its valuation to over $1 billion.
The startup&#8217;s revenue and usage have grown 700% since the start of the year, with the AI-powered search engine answering about <a href="https://www.benzinga.com/general/entrepreneurship/24/08/40292703/perplexity-ais-revenue-usage-skyrocket-as-it-enters-into-advertising">250 million questions in the last month</a>, up from 500 million queries for all of last year.
Perplexity investors include AI chipmaker&nbsp;Nvidia Corporation, Amazon&nbsp;founder&nbsp;Bezos,&nbsp;OpenAI&nbsp;co-founder&nbsp;Andrej Karpathy, and&nbsp;Meta Platform Inc.&#8216;s chief AI scientist&nbsp;Yann LeCun.
In June, Forbes and Wired accused Perplexity of plagiarism, alleging that the AI startup replicated articles without proper attribution and accessed websites that had specifically blocked its crawlers.
Perplexity acknowledged the claims in response, stating that the company had updated its user interface to highlight citations more clearly and adjusted its system to avoid summarizing content from such websites.
Photo courtesy: 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:
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<li><a href="https://www.benzinga.com/news/24/09/40851084/mark-cuban-was-once-tending-a-bar-in-dallas-but-quickly-realized-he-wasnt-great-at-working-for-peopl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Was Once Tending A Bar In Dallas But Quickly Realized He Wasn&#8217;t Great At Working For People</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

GOOG

GOOGL

Jeff Bezos-Backed Perplexity AI In Discussion With Marriott And Nike As It Prepares To Challenge To Google's Dominance

&#8220;Shark Tank&#8221; fame billionaire Mark Cuban recently slammed hedge fund manager and founder of Pershing Square Capital Management Bill Ackman&#8217;s views on the candidacy of Kamala Harris.
What Happened: Cuban responded to a post by Bill Ackman, which criticized Harris&#8217;s candidacy and the circumstances surrounding her rise to the presidential nominee position. Ackman accused Harris of being complicit in what he called &#8220;the greatest lie ever told to the American people by our government,&#8221; referring to the health status of former President Joe Biden.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Let's not forget that <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> Biden was the Democratic presidential candidate 63 days ago. We were told by the administration and the media that Biden was in perfect health and that videos of him exhibiting serious deterioration were ‘right wing propaganda.' Then, threatened… <a href="https://t.co/QHtVdhawJY">https://t.co/QHtVdhawJY</a>
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1837777743464865852?ref_src=twsrc%5Etfw">September 22, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/09/40953535/anybody-who-votes-for-a-democrat-or-kamala-worst-you-should-have-your-head-examined-trump-tells-vote?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Anybody Who Votes For A Democrat Or Kamala, Worst…You Should Have Your Head Examined:&#8217; Trump Tells Voter</a>
Ackman also expressed his disappointment with Harris&#8217;s campaign strategy, accusing her of evading direct questions about the economy, the border, or foreign policy. He suggested that her campaign was a blatant attempt to say what she needs to say to get elected.
Cuban said in <a href="https://x.com/mcuban/status/1837833875571069414?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1837833875571069414%7Ctwgr%5E8e4c71f4fa37fc5a73a1c473e778646c0b22e9c3%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Feditorial.benzinga.com%2Fwp-admin%2Fpost.php%3Fpost%3D560083action%3Dedit">response</a>: &#8216;When the competition hires a new CEO and she is kicking your a&#x2A;&#x2A; …&#8217;
Why It Matters: Cuban&#8217;s critical response to Ackman&#8217;s thread comes amidst a <a href="https://www.benzinga.com/news/24/09/40971721/voters-warm-to-kamala-harris-as-election-nears">surge in Harris&#8217;s popularity</a> Recent polls suggest a slight advantage for Harris over Trump, with a Morning Consult poll showing Harris leading by 6 percentage points nationwide.
Notably, Cuban, a supporter of the vice president, had previously expressed some skepticism about Harris&#8217;s economic proposals. In August, he engaged in a storm of posts about Harris&#8217;s economic plans, particularly around the <a href="https://www.benzinga.com/personal-finance/24/08/40544099/mark-cuban-responds-to-kamala-harris-economic-plan-with-dozens-of-tweets-says-she-didnt-mention-">issue of price controls</a>.
Cuban&#8217;s relationship with Donald Trump, the other presidential candidate, has been <a href="https://www.benzinga.com/startups/24/08/40582769/mark-cuban-now-calls-trump-a-snake-oil-salesperson-but-reveals-they-were-once-so-friendly-that-trump">complicated</a>. He once referred to Trump as a &#8220;snake oil salesperson,&#8221; but admitted they were once on good terms, with the former president even seeking his advice on stocks at one point.
Photo courtesy: Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Mark Cuban Issues A Stinging Retort To Bill Ackman's Attack On Kamala Harris: 'She Is Kicking Your A**…'

Former President Donald Trump has declared that he will not pursue another presidential run if he is defeated in the forthcoming November election.
What Happened: Trump, in a conversation with Sinclair Broadcast Group&#8217;s &#8220;Full Measure&#8221; on Sunday, dismissed the idea of another presidential run if he loses the upcoming election, as reported by <a href="https://abcnews.go.com/Politics/trump-run-loses-november/story?id=113910212">ABC News</a>.
When asked by host Sharyl Attkisson about another run, he replied, &#8220;I don&#8217;t see that at all. I think that, hopefully, we&#8217;re going to be successful.&#8221;
Trump, currently the oldest presidential nominee in history, is in the race following President Biden&#8217;s decision not to run for the 2024 election. Age and mental acuity have been significant concerns in this election cycle.
Amid his third presidential bid, Trump has been balancing his campaign activities with court appearances related to four criminal cases against him.
See Also: <a href="https://www.benzinga.com/24/09/40954613/kim-jong-uns-show-of-force-with-missiles-indicates-north-korea-is-no-longer-interested-in-negotiatio?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kim Jong Un&#8217;s &#8216;Show Of Force&#8217; With Missiles Indicates North Korea Is No Longer Interested In Negotiations</a>
Why It Matters: The 2024 presidential election has seen a tight contest between Trump and Vice President Kamala Harris. Recent polling data, including over 20 swing-state polls conducted post the September 10 debate, suggests a <a href="https://www.benzinga.com/news/24/09/40969584/trump-vs-harris-this-candidate-has-the-edge-in-latest-swing-state-polls">slight lead</a> for Harris over Trump. 
Despite Harris trending upwards in the polls, Trump has been <a href="https://www.benzinga.com/general/politics/24/09/40949853/harris-in-trouble-new-swing-state-poll-shows-trump-gains-ground-in-key-battleground-areas-for-20">gaining ground</a> in key battleground areas. The election could hinge on the results from these swing states. 
Meanwhile, Harris has seen a surge in popularity with a <a href="https://www.benzinga.com/news/24/09/40971721/voters-warm-to-kamala-harris-as-election-nears">significant uptick</a> in her favorability. This shift is noteworthy, given her previously low polling figures. 
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Trump Says No To Another Run If He Loses 2024 Election To Kamala Harris: 'Hopefully, We're Going To Be Successful'

House GOP leaders have put forth a three-month plan to keep the government funded, in the wake of Speaker Mike Johnson&#8217;s (R-La.) initial plan failing due to Republican opposition.
What Happened: The continuing resolution (CR) was a product of bipartisan negotiations in the House and Senate. The resolution, which maintains current funding levels until December 20, sets the stage for a holiday funding battle. The three-month timeframe is a reduction from Johnson&#8217;s initial six-month proposal and notably omits a Donald Trump-endorsed measure requiring proof of citizenship to vote, <a href="https://thehill.com/homenews/house/4892931-government-funding-continuing-resolution-deal-mike-johnson/">reported</a> The Hill.
Republican leaders aim to bring the bill to a floor vote by Wednesday, with the goal of sending it to the Senate before the September 30 shutdown deadline. Johnson warned Republicans against a shutdown, stating in a &#8220;Dear Colleague&#8221; letter, &#8220;As history has taught and current polling affirms, shutting the government down less than 40 days from a fateful election would be an act of political malpractice.&#8221;
The bill also earmarks $231 million for the Secret Service, which has recently come under scrutiny following an apparent second assassination attempt against former President Trump. Johnson characterized the legislation as &#8220;a very narrow, bare-bones CR including only the extensions that are absolutely necessary.&#8221;
House Republicans will likely require Democratic support to pass the legislation, as many GOP lawmakers are anticipated to oppose the bill due to the lack of spending cuts, shorter timeframe, and exclusion of the voting bill. The bill&#8217;s passage may face obstacles as it will need to clear a procedural vote, which are traditionally party-line affairs.
See Also: <a href="https://www.benzinga.com/news/24/09/40967938/jpmorgan-ceo-jamie-dimon-calls-for-federal-employees-to-return-to-office-says-empty-buildings-bother?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">JPMorgan CEO Jamie Dimon Calls For Federal Employees To Return To Office, Says Empty Buildings &#8216;Bother&#8217; Him: &#8216;I Can&#8217;t Believe&#8230;&#8217;</a>
Why It Matters: This development follows the <a href="https://www.benzinga.com/news/24/09/40931809/house-republicans-reject-their-own-funding-bill-as-government-shutdown-looms-mike-johnson-says-we-ha">rejection</a> of Speaker Johnson&#8217;s initial funding bill by House Republicans. The failure of the bill complicated efforts to avert a government shutdown at the end of the month.
Earlier, Senate Majority Leader, Chuck Schumer (D-N.Y.), had warned of potential blame for a government shutdown due to "Republican poison pills." He cautioned that the American public would hold Republicans accountable if a shutdown occurs.
Photo via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

House GOP Leaders Pitch 3-Month Funding Plan, Drop Trump-Backed Voter ID Proposal: Mike Johnson Says Shutting Government Down 40 Days From Election Is 'Political Malpractice'

With over 100 patents and 30 years of experience in food, pharmaceutical, and cannabis packaging, Jim Sanfilippo is transforming cannabis safety.
His groundbreaking cryogenic pasteurization technology at VIST Labs is solving one of the industry&#8217;s dirtiest secrets: microbial contamination.
Operating in a $35 billion market, Sanfilippo's innovations are crucial for cannabis brands striving to maintain product integrity while navigating complex regulatory challenges.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
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<h3 class="wp-block-heading">From Nuts To Frozen Nuggs</h3>
Sanfilippo's expertise in packaging dates back to his family's food business, where his innovations in oxygen-free packaging for nuts led to breakthroughs in the food and pharmaceutical sectors. He has spent decades optimizing shelf life and safety. In 2017, after selling two divisions of his business to packing behemoth Sonoco, he turned his attention to cannabis.
&#8220;Cannabis is a $35 billion industry in the U.S.,&#8221; Sanfilippo said, noting that its microbial contamination issues are particularly concerning​.
<h3 class="wp-block-heading">Cryogenic Pasteurization: The Cannabis Industry's Dirty Little Secret</h3>
At the heart of <a href="https://vistlabs.com/">VIST Labs' breakthrough</a> is the cryogenic pasteurization process, which leverages medical-grade cryogenic vapor to<a href="https://www.benzinga.com/general/biotech/24/09/40820581/want-organic-cannabis-operators-are-turning-to-this-tech-to-save-millions-and-get-certified"> sterilize cannabis products</a> while preserving their natural properties. "Cannabis is heavily contaminated with yeast, mold, and pathogens like Aspergillus," Sanfilippo explained.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="685" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21191401/DSC06585-1024x685.jpg" alt="" class="wp-image-559846" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21191401/DSC06585-1024x685.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21191401/DSC06585-300x201.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21191401/DSC06585-768x513.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21191401/DSC06585.jpg 1300w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Courtesy of VIST </figcaption></figure>
He says that traditional methods, such as gamma <a href="https://www.benzinga.com/general/biotech/23/02/30699860/from-food-to-cannabis-buds-x-rays-are-transforming-supply-chains-an-expert-explains-how-and-why">radiation</a> or ozone, can damage cannabinoids and terpenes, leading to degraded quality.
How does it work?
<h3 class="wp-block-heading">Freeze Microbes! </h3>
VIST&#8217;s solution reduces oxygen levels to a point where oxidation and microbial growth are halted, without affecting the product's integrity​. The process begins by placing cannabis into a product cassette, holding 4-5 pounds. This cassette is loaded into the pasteurization machine &#8211; a refrigerator-sized unit &#8211; where the chamber is then prepared with cryogenic vapor.
In the next step, the vapor-induced sterilization chamber (VIST chamber) is activated. Inside this chamber, cryogenic vapor, which is created by boiling off liquid nitrogen at -320 degrees Fahrenheit, mixes with a medical-grade atmosphere.
Within 90 to 150 seconds, the vapor floods the chamber, bringing oxygen levels to extremely low concentrations (around 95% cryogenic vapor), which kills harmful microbial organisms like <a href="https://www.benzinga.com/markets/cannabis/24/07/39584632/mold-and-yeast-sixth-marijuana-recall-this-year-hits-colorado-cannabis-dispensaries">Aspergillus, E. coli, and Salmonella</a>.
After the sterilization, the product is quickly cools down using liquid nitrogen, preventing oxidation during the process. Finally, the cannabis is purified with a HEPA filtration system, removing any remaining airborne contaminants and ensuring stability as the product is packaged in aseptic, low-oxygen conditions​.
Read Also: <a href="https://www.benzinga.com/news/24/09/40941818/how-this-cheese-aging-tech-is-boosting-profits-for-cannabis-growers-stop-throwing-cheddar-out-the-do">How This Cheese-Aging Tech Is Boosting Profits For Cannabis Growers: Stop Throwing Cheddar Out The Door</a>
<h3 class="wp-block-heading">A Modular Solution For Cannabis Business</h3>
VIST Labs' cryogenic pasteurization machines are designed to be modular, offering flexibility for mid-sized cultivators as well as large-scale operations. "We can run it in cassette mode at 25 pounds per hour, or upgrade to our high-output configuration, reaching up to 40 pounds per hour," Sanfilippo told Benzinga.
VIST Labs' cryogenic pasteurization system isn't just a machine, it's a<a href="https://www.benzinga.com/general/biotech/23/08/33579692/cannabis-robots-meet-the-company-boosting-efficiency-and-margins-through-packaging-automation"> fully integrated packaging solution</a>. After the sterilization process, the product is transferred into a bulk device that packs cannabis into different bag sizes, from one to ten-pound bags, or a pouch line for smaller quantities like an eighth-ounce. &#8220;We have the cooler, a pouch bagger, and other parts working together to maintain the product in a near-zero oxygen atmosphere," Sanfilippo explained.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="600" height="600" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21190952/AMAPS-Equipment.png" alt="" class="wp-image-559842" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21190952/AMAPS-Equipment.png 600w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21190952/AMAPS-Equipment-300x300.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/21190952/AMAPS-Equipment-150x150.png 150w" sizes="(max-width: 600px) 100vw, 600px" /><figcaption class="wp-element-caption">Courtesy of VIST </figcaption></figure>
This scalability makes VIST's technology accessible to a wide range of businesses, whether they are aiming for compliance in medical markets or looking to protect their medical-grade level crop for export.
The company's aseptic packaging solutions meet European Pharmacopoeia standards, ensuring <a href="https://www.benzinga.com/markets/cannabis/24/06/39442869/2-9b-european-cannabis-market-a-strategic-blueprint-for-cross-border-transportation-logistics">compliance </a>in both domestic and international markets.
VIST's technology is also forward-thinking, preparing cannabis brands for potential federal legalization. With the increasing possibility of federal oversight, Sanfilippo notes that stricter regulations, especially around truth-in-labeling, will make compliance technologies like theirs essential for long-term success.
&#8220;With our system, we're offering crop-year protection and complete microbial control for up to a year," Sanfilippo said, noting that VIST expects to pack close to 150 million pounds of outdoor-grown cannabis in 2023 alone​.
<h3 class="wp-block-heading">Contamination And Mislabeling&#8230;Not A Problem</h3>
Beyond decontamination, VIST's system tackles a major issue in the cannabis industry: the degradation of THC potency over time. Inconsistent oxygen levels in packaging lead to mislabeled products, which can result in recalls and regulatory action.
&#8220;Within 45 to 50 days, THC levels can degrade by 10% or more, rendering the label claims false,&#8221; said Sanfilippo. VIST's modified atmosphere packaging (MAP) ensures stability for up to a year, keeping products compliant and safe.
Read Next: <a href="https://www.benzinga.com/general/biotech/24/08/40298228/think-you-can-do-it-all-20-000-reasons-why-automation-outperforms-a-broad-approach-in-cannabis">Think You Can Do It All? 20,000 Reasons Why Automation Outperforms A Broad Approach In Cannabis</a>

Cannabis

Entrepreneurship

Management

Success Stories

Small Business

Exclusives

Interview

X-Rays, Microwaves And Now What? This Company Freezes Weed At -320°F To Kill Mold And Save A Ton

This week, the Federal Reserve's decision to reduce interest rates by 50 basis points boosted share prices across the technology, construction, <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40937291/bank-stocks-hit-inflection-point-after-feds-50-basis-point-cut-analyst-reveal-top-p" rel="noreferrer noopener">industrial, machinery, and financial sectors</a>.
These seven mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Edgewise Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWTX#NASDAQ">EWTX</a>) shares rocketed 50.19% after the company announced topline data of EDG-7500 from the Phase 1 trial in healthy subjects and the single-dose arm of the Phase 2 CIRRUS-<a href="https://www.benzinga.com//node/40940696" target="_blank" rel="noreferrer noopener">HCM trial in patients with obstructive HCM</a>.</li>
<li>Bausch + Lomb Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>) stock gained 28.36% after <a href="https://www.benzinga.com//node/40884021" target="_blank" rel="noreferrer noopener">reportedly considering a sale</a>.</li>
<li>Bausch Health Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHC#NYSE">BHC</a>) shares upped 27.06%. The company's subsidiary Bausch + Lomb Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>) <a href="https://www.benzinga.com//node/40884021" target="_blank" rel="noreferrer noopener">is reportedly considering a sale</a>.</li>
<li>Ascendis Pharma A/S (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASND#NASDAQ">ASND</a>) stock gained 26.87% last week after the company announced <a href="https://www.benzinga.com//node/40882593" target="_blank" rel="noreferrer noopener">topline data from</a> its pivotal approach trial of a rare dwarfism candidate.</li>
<li>Nuvalent Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUVL#NASDAQ">NUVL</a>) stock gained 23.50% after the company <a href="https://www.benzinga.com//node/40865049" target="_blank" rel="noreferrer noopener">highlighted results for its ROS1 and ALK-Positive NSCLC programs</a> and accelerated its development timeline. The company also announced a $350 million public offering, and multiple firms raised their respective <a href="https://www.benzinga.com/quote/nuvl/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecasts on the stock</a>.</li>
<li>Powell Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POWL#NASDAQ">POWL</a>) stock gained 22.61% last week as stocks in the broader industrial space jumped following the Fed's announcement to cut rates by 50 basis points, which could support investment and economic growth.</li>
<li>GDS Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GDS#NASDAQ">GDS</a>) shares jumped 21.28%.</li>
</ol>
Also Read:
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<li><a href="https://www.benzinga.com/news/large-cap/24/09/40972008/constellation-energy-li-auto-and-carvana-are-among-top-11-large-cap-gainers-last-week-sept-16-sept" target="_blank" rel="noreferrer noopener">Constellation Energy, Li Auto And Carvana Are Among Top 11 Large Cap Gainers Last Week (Sept 16-Sept 20): Are The Others In Your Portfolio?</a></li>
<li><a href="https://www.benzinga.com/news/large-cap/24/09/40972060/novo-nordisk-chewy-and-fedex-are-among-top-10-large-cap-losers-last-week-sept-15-sept-21-are-the-o" target="_blank" rel="noreferrer noopener">Novo Nordisk, Chewy And FedEx Are Among Top 10 Large Cap Losers Last Week (Sept 15-Sept 21): Are The Others In Your Portfolio?</a></li>
</ul>
Photo by JHVEPhoto via Shutterstock

Mid Cap

ASND

BLCO

EWTX

NUVL

Bausch & Lomb And Edgewise Therapeutics Are Among Top 7 Mid Cap Stock Gainers Last Week (Sept 15-Sept 21): Are The Others In Your Portfolio?

These ten large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol>
<li>Summit Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMMT#NASDAQ">SMMT</a>) stock declined 23.61%. The company announced that data for the novel, potential first-in-class investigational bispecific antibody, ivonescimab, was presented <a href="https://www.benzinga.com//node/40873837" target="_blank" rel="noreferrer noopener">at the 2024 ESMO Annual Meeting</a>.</li>
<li>Joint Stock Company Kaspi.kz (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KSPI#NASDAQ">KSPI</a>) stock tumbled 21.66% after Culper Research <a href="https://www.benzinga.com//node/40943334" target="_blank" rel="noreferrer noopener">issued a short report on the company</a>.</li>
<li>BioMarin Pharmaceutical Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMRN#NASDAQ">BMRN</a>) stock lost 16.74% last week <a href="https://www.benzinga.com//node/40885653" target="_blank" rel="noreferrer noopener">following strong dwarfism drug data</a> from rival Ascendis Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASND#NASDAQ">ASND</a>).</li>
<li>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) lost 13.26% <a href="https://www.benzinga.com//node/40961732" target="_blank" rel="noreferrer noopener">last week</a>.</li>
<li>FedEx Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) stock fell 11.08% after the company reported worse-than-expected Q1 financial results and <a href="https://www.benzinga.com//node/40948046" target="_blank" rel="noreferrer noopener">cut FY25 guidance</a>.</li>
<li>BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>) stock decreased 9.01%. Pfizer, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) and BioNTech received positive CHMP opinion for omicron KP.2-adapted <a href="https://www.benzinga.com//node/40956192" target="_blank" rel="noreferrer noopener">COVID-19 vaccine in the European Union</a>.</li>
<li>Arthur J. Gallagher &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AJG#NYSE">AJG</a>) stock fell 7.17%. Several analysts raised <a href="https://www.benzinga.com/quote/ajg/analyst-ratings" target="_blank" rel="noreferrer noopener">the price target on the stock</a>.</li>
<li>Chewy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) shares declined 6.97% after the company announced a selling stockholder&#8217;s public offering of shares <a href="https://www.benzinga.com//node/40949015" target="_blank" rel="noreferrer noopener">and a concurrent share repurchase</a>.</li>
<li>Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) stock fell 6.93% after <a href="https://www.benzinga.com//node/40961934" target="_blank" rel="noreferrer noopener">headline results from the mid-stage study</a> of monlunabant in obese patients.</li>
<li>Murphy USA Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MUSA#NYSE">MUSA</a>) shares fell 6.90% after JP Morgan downgraded the stock from Neutral to Underweight but raised its <a href="https://www.benzinga.com/quote/musa/analyst-ratings" target="_blank" rel="noreferrer noopener">price target from $415 to $435</a>.</li>
</ol>
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/09/40972008/constellation-energy-li-auto-and-carvana-are-among-top-11-large-cap-gainers-last-week-sept-16-sept" target="_blank" rel="noreferrer noopener">Constellation Energy, Li Auto And Carvana Are Among Top 11 Large Cap Gainers Last Week (Sept 16-Sept 20): Are The Others In Your Portfolio?</a></li>
</ul>
Photo via Shutterstock

Large Cap

BMRN

BNTX

CHWY

KSPI

MUSA

RIVN

SMMT

Novo Nordisk, Chewy And FedEx Are Among Top 10 Large Cap Losers Last Week (Sept 15-Sept 21): Are The Others In Your Portfolio?

Many people in their 20s deal with credit card debt or student loans, sometimes thinking they'll figure it out later. But what happens when that debt piles up to nearly a million dollars? That's the reality a 29-year-old named Channing from Washington D.C. faced during an episode of <a href="https://www.benzinga.com/personal-finance/24/09/40838359/dave-ramsey-says-youre-wasting-5-000-a-year-if-you-spend-13-70-a-day-on-things-you-dont-need">The Dave Ramsey Show.</a>
Don't Miss:
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<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
<li>Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg"> How does it compare to the average?</a></li>
</ul>
Channing and her husband were grappling with nearly $1 million in debt, a number that had Ramsey quickly diving into tough-love mode. Sure, he's seen scenarios where people are in over their heads with debt, but at just 29, this was particularly alarming to Ramsey.&nbsp;
Channing, who recently married, explained, "My husband and I have probably just under a million dollars in debt and we want to know how to get debt-free without filing for bankruptcy." The breakdown included <a href="https://www.benzinga.com/personal-finance/24/08/40420920/we-have-the-highest-credit-card-debt-in-the-history-of-earth-says-grant-cardone-america-needs-to">$335,000 in student loans</a>, $136,000 in credit cards and $44,000 in personal loans. Their combined household income was about $230,000 a year.
Trending: Founder of Personal Capital and ex-CEO of PayPal<a href="https://www.benzinga.com/money/evergreen-money"> re-engineers traditional banking with this new high-yield account — start saving better today.</a>
Ramsey didn't hold back. After calculating the staggering numbers, he addressed the couple's situation bluntly. "You guys have been living at about 10x where you're going to get to live for the next three years," Ramsey said. "I'm getting ready to destroy your life as you know it."
"You've gotten used to spending like you&#8217;re in Congress," he scolded. He was clear that their lifestyle needed a complete overhaul. Ramsey emphasized that their financial habits would have to change drastically, stating, "You're not gonna see the inside of a restaurant unless it's your extra job or you're waiting on someone you work with during the day." He added, "You're gonna be living on beans and rice, rice and beans."
See Also: <a href="https://www.benzinga.com/money/charlie-munger-100k">Charlie Munger said if you want to be rich, &#8220;find a way to get your hands on $100,000&#8221; — here&#8217;s what he means.</a>
Ramsey went on to stress the emotional and spiritual challenges ahead. "Your friends are going to think you've lost your mind and your mother is going to think you need counseling," he warned, adding that both Channing and her husband would need to stop caring what others think if they wanted to tackle their debt successfully.
He also shared a <a href="https://www.benzinga.com/personal-finance/24/03/37588475/dave-ramsey-shares-he-went-bankrupt-and-lost-everything-years-ago-while-empathizing-with-caller-">personal connection to their situation</a>, saying, "This is exactly what I did in my 20s. I bought and purchased a lifestyle that was 5x to 10x what I had. It was all because of crap inside of me that caused me to do that."
Trending: Elon Musk&#8217;s secret mansion in Austin revealed through court filings.<a href="https://www.benzinga.com/money/elon-musk-secret-mansion-austin-nada"> Here&#8217;s how to invest in the city&#8217;s growth before prices go back up.</a>
Ramsey's advice wasn't just about cutting expenses but about confronting the mindset that had led to their financial missteps. "The problem is what's going on inside you guys," Ramsey said. "You're on a suicide mission right now."
The tough conversation ended on a hopeful note, though. Ramsey assured Channing that while the journey would be difficult, it was possible. "You can do it, though," he said. "I know. I'll help you."
Channing and her husband are now facing a major lifestyle change to climb out of their nearly $1 million debt, with Dave Ramsey's guidance <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">pointing them toward a more financially stable future</a>. Sometimes debt happens, but at least they're taking steps to address the issue and make changes before they're left resorting to more extreme options such as bankruptcy.
Read Next:
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<li>How do billionaires pay less in income tax than you?<a href="https://www.benzinga.com/money/tax-deferring-adv"> Tax deferring is their number one strategy</a>.</li>
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Personal Finance

Dave Ramsey Tells 29-Year-Old $1M In Debt And Spending Like She's In Congress: 'I'm Getting Ready To Destroy Your Life As You Know It'

The gig economy has revolutionized the employment landscape by reshaping traditional employment models and creating new opportunities for employers and employees. Hence, it could be wise to buy top gig economy stocks, PayPal (PYPL), eBay (EBAY), and Fiverr International (FVRR) in a post-pandemic world. Read more... The gig economy has grown exponentially in the past few years, driven by the digital revolution, changing workforce preferences, and a strong need for flexible and cost-effective employment solutions. 
Given the industry's tailwinds, investors could consider buying fundamentally sound gig economy stocks, PayPal Holdings, Inc. (<a href="https://stocknews.com/stock/PYPL/">PYPL</a>), eBay Inc. (<a href="https://stocknews.com/stock/EBAY/">EBAY</a>), and Fiverr International Ltd. (<a href="https://stocknews.com/stock/FVRR/">FVRR</a>), which are thriving in a post-pandemic world.
The gig economy is a relatively new term for businesses and individuals participating in short-term, project-based work instead of conventional full-time jobs. According to the International Federation of Accountants, the economic impact of the gig economy will result in <a href="https://www.positiveaccountant.com/gig-economy-trends">gig workers outnumbering traditional workers by 2027</a>.
Post-pandemic, more than 16% of global organizations have embraced new work platforms, allowing freelance workers to secure gig engagements successfully. The American workforce is one of the biggest benefactors of the gig economy, with Generation Z being the most willing to embrace these changes.
Considering these encouraging trends, let's take a look at the fundamentals of the three best gig economy stocks.
PayPal Holdings, Inc. (<a href="https://stocknews.com/stock/PYPL/">PYPL</a>)
PYPL operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. It operates a two-sided network at scale that connects merchants and consumers, and enables its customers to connect, transact, and send and receive payments online and in person, as well as transfer and withdraw funds using various funding sources.
On August 6, 2024, PYPL announced that Fastlane by PYPL was available for U.S. businesses of all sizes, helping to increase their sales and drive customer loyalty in time for the upcoming holiday shopping season.
PYPL's trailing-12-month levered FCF margin of 20.65% is 13.9% higher than the industry average of 18.13%. Also, the stock's trailing-12-month ROCE and ROTC of 22.03% and 10.32% are favorably compared to the industry averages of 10.26% and 6.90%, respectively.
For the second quarter that ended June 30, 2024, PYPL's net revenues increased 8% year-over-year to $7.89 billion. Its non-GAAP <a href="https://www.investopedia.com/terms/n/netincome.asp">net income</a> and non-GAAP earnings per share came in at $1.24 billion and $1.19, respectively. In addition, as of June 30, 2024, the company's total assets stood at $84.02 billion, compared to $82.17 billion as of December 31, 2023.
Analysts expect PYPL's revenue for the third quarter ending September 2024 to increase 6.2% year-over-year to $7.88 billion. Street expects its EPS to be $1.06 for the same quarter. Moreover, the company surpassed consensus revenue estimates in each of the trailing four quarters, which is promising.
PYPL's stock has soared 22.8% over the past nine months to close the last trading session at $69.43.
PYPL's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect this robust outlook. The stock has an overall rating of B, which translates to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
The stock has a B grade for Momentum and Sentiment. It is ranked #17 in the 47-stock <a href="https://stocknews.com/category/consumer-finance/">Consumer Financial Services</a> industry.
Beyond what is stated above, we've also rated PYPL for Growth, Value, Stability, and Quality. Get all PYPL ratings <a href="https://stocknews.com/stock/PYPL/">here</a>.
eBay Inc. (<a href="https://stocknews.com/stock/EBAY/">EBAY</a>)
EBAY operates marketplace platforms that connect buyers and sellers in the United States, the United Kingdom, China, Germany, and internationally. The company's marketplace platform includes its online marketplace at eBay.com, off-platform businesses, and the eBay suite of mobile apps.
EBAY's trailing-12-month gross profit margin of 72.03% is 95.3% higher than the industry average of 36.89%. Its trailing-12-month EBIT margin of 21.45% is 172.4% higher than the 7.88% industry average. Also, the stock's trailing-12-month net income margin of 26.41% is 477.8% higher than the 4.57% industry average.
During the fiscal second quarter that ended June 30, 2024, EBAY's net revenues increased 32% year-over-year to $2.57 billion. Its non-GAAP net income from continuing operations stood at $602 million and $1.18 per share, up 8% and 15% over the prior-year quarter, respectively.
Analysts expect EBAY's revenue for the third quarter (ending September 2024) to increase 1.7% year-over-year to $2.54 billion. For the same quarter, the company's EPS is expected to increase by 14.5% year-over-year to $1.18. Moreover, the company surpassed the consensus revenue and EPS estimates in each of the trailing four quarters.
Shares of EBAY have gained 41.2% over the past nine months to close the last trading session at $56.68.
EBAY's POWR Ratings reflect bright prospects. The stock has an overall rating of B, which equates to a Buy in our proprietary rating system.
EBAY has an A grade for Quality and a B for Momentum. It is ranked #15 out of 51 stocks in the B-rated <a href="https://stocknews.com/category/internet/">Internet</a> industry.
In addition to the POWR Ratings highlighted above, one can access EBAY's ratings for Growth, Value, Stability, and Sentiment <a href="https://stocknews.com/stock/EBAY/">here</a>.
Fiverr International Ltd. (<a href="https://stocknews.com/stock/FVRR/">FVRR</a>)
Headquartered in Tel Aviv, Israel, FVRR operates an online marketplace worldwide. Its platform enables sellers to sell their services and buyers to buy them. The company's platform includes approximately 600 categories in ten verticals, including graphic design, digital marketing, writing, translation, video, and more.
FVRR's trailing-12-month gross profit margin of 83.34% is 165.3% higher than the industry average of 31.41%. Likewise, its trailing-12-month levered FCF margin of 18.49% is 181.9% higher than the industry average of 16.56%.
FVRR's revenues for the fiscal second quarter that ended June 30, 2024, increased 5.9% year-over-year to $94.66 million. Its gross profit rose 6.6% year-over-year to $78.64 million.
Moreover, its net income stood at $3.27 million, up considerably from the year-ago quarter. Also, its net income per share attributable to ordinary shareholders increased 800% over the prior-year quarter to $0.08.
Analysts expect FVRR's revenue for the quarter ending September 2024 to increase 4.2% year-over-year to $96.39 million. Its EPS for the same quarter is expected to increase 10.1% year-over-year to $0.61. Moreover, the company surpassed the consensus EPS estimates in each of the trailing four quarters.
Over the past three months, the stock has gained 3.3%, closing the last trading session at $25.96.
FVRR's strong fundamentals are reflected in its POWR Ratings. It has an overall rating of B, which equates to a Buy in our proprietary rating system.
FVRR has an A grade for Growth and a B for Value and Quality. The stock is ranked #7 in the Internet industry.
<a href="https://stocknews.com/stock/FVRR/">Click here</a> to access the additional FVRR ratings (Momentum, Stability, and Sentiment).
What To Do Next?
Discover 10 widely held stocks that our proprietary model shows have tremendous downside potential. Please make sure none of these "death trap" stocks are lurking in your portfolio:
<a href="https://report.stocknews.com/free-report/10-stocks-to-sell/?formplacement=artbotad_10sell">10 Stocks to SELL NOW! &gt;</a>

<hr />
PYPL shares were trading at $71.75 per share on Tuesday afternoon, up $2.32 (+3.34%). Year-to-date, PYPL has gained 16.84%, versus a 18.18% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Nidhi Agarwal</h2> <img src='https:/wp-content/uploads/2023/03/Nidhi-Agarwal_Headshot-3.jpg' style="float:left; padding:5px;width:125px;">Nidhi is passionate about the capital market and wealth management, which led her to pursue a career as an investment analyst. She holds a bachelor's degree in finance and marketing and is pursuing the CFA program.

Her fundamental approach to analyzing stocks helps investors identify the best investment opportunities.<a href="https://stocknews.com/authors/?author=nidhi-agarwal">More...</a>The post <a href=https://stocknews.com/news/pypl-ebay-fvrr-3-gig-economy-stocks-thriving-in-a-post-pandemic-world/>3 Gig Economy Stocks Thriving in a Post-Pandemic World</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Gig Economy Stocks Thriving in a Post-Pandemic World

Fiverr: Long-Term Thesis Remains Intact

In a report released today, Matthew Farrell CFA from Piper Sandler reiterated a Hold rating on Fiverr International (FVRR – Research Report), with ...

Piper Sandler Sticks to Its Hold Rating for Fiverr International (FVRR)

Fiverr International Ltd. (FVRR) Management presents at Goldman Sachs Communacopia + Technology Conference (Transcript)

Upwork gains after report activist Engine Capital takes stake

The gig is up and in a good way! The global gig economy is set to surge to nearly $2 trillion by 2031. With increasing demand for flexible work and rising global participation, platforms like Fiverr International (FVRR) are leading the charge. Read on to explore why this stock is worth watching as the gig economy expands. The gig economy has been on an unstoppable rise, thanks to the rise of tech-driven freelance marketplaces and on-demand services. What started with ride-sharing apps has now become a full-fledged marketplace for virtually every service imaginable (from food delivery and groceries to finding a plumber or a graphic designer), all with just a few taps on your smartphone.
As digital technologies advance and the work-from-anywhere trend becomes the norm, the gig economy continues to expand. In the past two years alone, about 35 venture-backed companies have raised nearly $800 million, underscoring this space's booming interest and potential. Developing economies also see a surge in gig participation, further fueling this growth.
In this evolving landscape, should you keep an eye on Fiverr International Ltd. (<a href="https://stocknews.com/stock/FVRR/">FVRR</a>)? Let's find out.
Fiverr is a bustling freelance marketplace where people can hire talent from web design to video production, with job postings starting as low as $5. The platform charges a commission on each transaction and offers various subscription options for buyers and sellers. Freelancers on Fiverr can even turn their gigs into full-time careers.
During the Q2 earnings call, CEO Micha Kaufman shared that the company has navigated a challenging macro environment by maintaining operational excellence and delivering profitable growth. He stated, "We've made remarkable strides in our product evolution with the introduction of profession-based catalog and hourly contracts."
Although FVRR saw a dip in traffic in mid-2024, especially in the programming and tech sectors, the company remains optimistic. "Despite a 7% year-over-year decline in U.S. job openings and a 17% drop in the information sector, AI continues to drive growth for Fiverr, particularly in complex services, and is expected to be a growth driver moving forward", Kaufman added.
Shares of FVRR have gained 13.1% over the past six months to close the last trading session at $24.81.
Now, let's look at factors that could influence FVRR's performance in the upcoming months:
Positive Developments
On July 31, FVRR announced <a href="https://investors.fiverr.com/news-releases/news-release-details/fiverr-deepens-ecommerce-solutions-acquisition-leading">the acquisition of AutoDS</a>, a subscription-based drop-shipping platform. AutoDS, which offers tools for product research, inventory management, and automated fulfillment, is expected to significantly boost FVRR's eCommerce capabilities while introducing a new, recurring revenue stream through subscriptions.
Kaufman said the acquisition of AutoDS, which manages over 150 million products and serves tens of thousands of subscribers, supports the company's transition from a marketplace to a platform offering talent and software solutions. Moreover, with the global drop-shipping market expected to soar from $285 billion to over <a href="https://www.oberlo.com/statistics/dropshipping-market">$2 trillion by 2033</a>, AutoDS' automation tools and expansive network are set to enhance FVRR's position in the growing digital services space.
In addition to the acquisition, the company also rolled out new features, including a profession-based <a href="https://www.fiverr.com/news/summer_product_release_2024">catalog and hourly contracts</a>. These additions are designed to expand its market presence and further align with its goal of becoming a full-service platform for talent and software.
Solid Financial Performance
For the second quarter that ended June 30, 2024, FVRR reported revenue of $94.66 million, up 5.9% year-over-year and slightly above the analyst's estimate of $94.63 million. Its non-GAAP gross profit increased by 6.2% year-over-year to $79.93 million, with a margin of 84.4%.
Further, the company's <a href="https://www.investopedia.com/terms/a/adjusted-ebitda.asp">adjusted EBITDA</a> rose 16.8% from the year-ago value to $17.85 million, while its cash outflow from operating activities grew 11.9% from the prior year's quarter to $20.97 million. FVRR's non-GAAP net income amounted to $23.83 million and $0.58 per share, reflecting an increase of 18.9% and 18.4%, respectively, from the same quarter last year.
Also, its free cash flow stood at $20.66 million, up 12.5% year-over-year. Additionally, its cash and cash equivalents increased to $188.73 million as of June 30, 2024, compared to $183.67 million as of December 31, 2023.
Favorable Analyst Estimates
The consensus revenue estimate of $96.39 million for the fiscal third quarter (ending September 2024) represents a 4.2% increase year-over-year. The consensus EPS estimate of $0.61 for the current quarter indicates a 10.1% improvement year-over-year. The company has an excellent earnings surprise history, surpassing the consensus EPS estimates in each of the trailing four quarters.
For the fiscal year ending December 2024, the company's EPS is anticipated to grow 20% year-over-year to $2.34, while its revenue is expected to increase 6.6% from the prior year period to $385.17 million.
In addition, Street expects its revenue and EPS for the fiscal year 2025 to grow 9.8% and 10.5% from the same period last year to $423.02 million and $2.59, respectively.
Lower-Than-Industry Valuation
In terms of forward non-GAAP P/E, FVRR is currently trading at 10.52x, 45.4% lower than the industry average of 19.28x. Similarly, the stock's forward EV/EBIT and EV/EBITDA multiples of 9.32 and 8.74 are 41.3% and 23.5% lower than the industry averages of 15.88x and 11.42x, respectively.
Additionally, the stock's 1.63x forward EV/Sales is 10.4% lower than the industry average of 1.82x.
High Profitability
FVRR's trailing-12-month gross profit margin of 83.34% is 165.7% higher than the 31.36% industry average. Likewise, its trailing-12-month levered FCF margin of 18.49% is 181.8% higher than the industry average of 6.56%.
POWR Ratings Reflect Promise
FVRR's promising outlook is reflected in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has an overall rating of B, which translates to Buy in our proprietary rating system. The POWR Ratings are calculated by taking into account 118 different factors, with each factor weighted to an optimal degree.
Our proprietary rating system also evaluates each stock based on eight distinct categories.
FVRR boasts an A grade for Growth, consistent with its solid financial performance in the last reported quarter. Additionally, its B grade for Value and Quality is in sync with its discounted valuation and robust profitability.
The stock is ranked #7 in the <a href="https://stocknews.com/category/internet/">Internet</a> industry. <a href="https://stocknews.com/stock/FVRR/">Click here</a> to access FVRR's Momentum, Stability, and Sentiment ratings.
Bottom Line
The global gig economy isn't just a passing trend; it's on track to become a <a href="https://ssir.org/articles/entry/gig-economy-startups-workers#:~:text=The%20global%20gig%20economy%20is,workers'%20increasing%20demands%20for%20flexibility.">nearly $2 trillion</a> industry by 2031. With a global job shortage and the rising demand for flexible work, gig platforms are thriving. As of March 2024, <a href="https://institute.bankofamerica.com/content/dam/economic-insights/consumer-morsel-gig-economy-is-up.pdf">over 3.8%</a> of Bank of America customers received income from gig platforms, surpassing previous highs. Moreover, the share of gig workers earning monthly income has steadily increased since 2021, underscoring the increasing commitment to freelance work.
As the gig economy continues to grow, FVRR is well-positioned to benefit. With strong financials, increasing profitability, and a bright long-term growth outlook, it could be wise to invest in this stock.
How Does Fiverr International Ltd. (FVRR) Stack Up Against Its Peers?
While FVRR has an overall grade of B, equating to a Buy rating, you may also check out these other stocks within the <a href="https://stocknews.com/category/internet/">Internet</a> industry: Meituan (<a href="https://stocknews.com/stock/MPNGY/">MPNGY</a>), Dingdong (Cayman) Limited (<a href="https://stocknews.com/stock/DDL/">DDL</a>), and Yelp Inc. (<a href="https://stocknews.com/stock/YELP/">YELP</a>), carrying A (Strong Buy) or B (Buy) ratings. To explore more Internet stocks, <a href="https://stocknews.com/category/internet/">click here</a>.
What To Do Next?
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<a href="https://report.stocknews.com/free-report/10-stocks-to-sell/?formplacement=artbotad_10sell">10 Stocks to SELL NOW! &gt;</a>

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FVRR shares were trading at $25.40 per share on Friday afternoon, up $0.79 (+3.21%). Year-to-date, FVRR has declined -6.69%, versus a 19.17% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Shweta Kumari</h2> <img src='https:/wp-content/uploads/2022/03/Shweta-Kumari_Image-2.jpg' style="float:left; padding:5px;width:125px;">Shweta's profound interest in financial research and quantitative analysis led her to pursue a career as an investment analyst. She uses her knowledge to help retail investors make educated investment decisions.<a href="https://stocknews.com/authors/?author=shweta-kumari">More...</a>The post <a href=https://stocknews.com/news/fvrr-mpngy-ddl-yelp-is-fiverr-a-good-stock-to-watch-as-gig-economy/>Is Fiverr a Good Stock to Watch as Gig Economy Expands?</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

Is Fiverr a Good Stock to Watch as Gig Economy Expands?

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Fiverr Intl (FVRR) Forecast

Fiverr Intl (NYSE:FVRR) Stock, Quote.Headers.trade-ideas