Latest news for  (OTC:GBBEF) Stock

HC Wainwright &amp; Co. analyst Kevin Dede reiterates Gryphon Digital Mining (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) with a Neutral.

News

Reiteration

Analyst Ratings

GRYP

HC Wainwright & Co. Reiterates Neutral on Gryphon Digital Mining

EQNR

Standard Lithium And Equinor Said That Jointly-owned U.S. Subsidiary, SWA Lithium Has Been Selected For Up To $225M Award Negotiation From The U.S. Department Of Energy

At Thursday&#8217;s Geeked Week event, Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) revealed several new games coming to its gaming service.
What Happened: Among the new titles announced were Street Fighter IV: Championship Edition, and Civilization VI. These games will be available to Netflix subscribers without ads or in-app purchases, <a href="https://www.cnet.com/tech/gaming/netflix-announced-all-these-games-at-its-geeked-week-presentation/">reported</a> CNET on Friday.
Netflix, known for streaming movies and TV shows, also offers mobile games for iOS and Android devices. Subscribers can access these games at no additional cost.
Other games announced include a Spongebob Squarepants puzzle game, a nautical board game, and a new installment in the Monument Valley series. Some of these titles are available now, while others will be released later this year and in 2025.
Additionally, a game based on the popular series Squid Game is in development, though its release date remains unconfirmed. Netflix has a history of releasing games alongside new seasons of its shows.
Subscribers can download these games by accessing the Netflix app on their mobile devices and navigating to the Mobile Games section.
See Also: <a href="https://www.benzinga.com/news/24/09/40911877/jeff-bezos-had-a-habit-of-keeping-an-empty-chair-for-the-most-important-person-in-the-room-at-compan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Had A Habit Of Keeping An Empty Chair For The Most Important Person In The Room At Company Meetings</a>
Why It Matters: Netflix&#8217;s foray into gaming is part of a broader strategy to <a href="https://www.benzinga.com/general/entertainment/24/09/40945053/netflix-hits-new-52-week-highs-engagement-report-shows-bridgerton-international-titles-domi">diversify its offerings and maintain its competitive edge</a> in the streaming industry. 
Recently, Netflix hit new 52-week highs, driven by a diverse mix of international titles and genres, as highlighted in its first-half 2024 engagement report. The company ended the second quarter with 277.65 million paid members, with future growth expected from international expansion, ad-supported subscribers, and live content. 
Netflix CEO Ted Sarandos recently emphasized that there&#8217;s no such <a href="https://www.benzinga.com/general/entertainment/24/09/40901664/netflix-ceo-says-theres-no-such-thing-as-too-much-content-embraces-steve-jobs-cannibalizati">thing as too much content</a>, embracing a strategy of continuous innovation. This approach has seen Netflix evolve from a DVD-by-mail service to one of the largest streaming platforms globally. 
Additionally, Netflix&#8217;s recent <a href="https://www.benzinga.com/general/entertainment/24/09/40866331/bill-gates-new-netflix-series-features-mark-cuban-voted-most-anticipated-guest-benzinga-pol">ventures include a new docuseries</a> featuring Bill Gates, which premiered on Wednesday. The series, titled &#8220;What&#8217;s Next? The Future With Bill Gates,&#8221; covers topics such as climate change, artificial intelligence, and social media. 
Analysts like Doug Anmuth from JP Morgan have maintained an &#8220;Overweight&#8221; rating on Netflix, citing mid-teens revenue growth <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40860759/netflixs-ad-tier-expansion-and-password-crackdown-fuel-revenue-growth-jp-morgan-ana">driven by organic growth</a>, paid sharing, and price increases. The ad-tier expansion and password crackdown are expected to fuel revenue growth in the coming years.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/40897716/elon-musk-reacts-after-mark-cuban-says-he-would-buy-x-in-a-heartbeat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After Mark Cuban Says He Would Buy X &#8216;In A Heartbeat&#8217;</a></li>
</ul>
Photo courtesy: 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>

Entertainment

Gaming

Global

Tech

NFLX

Netflix Boosts Its Burgeoning Game Library With Civilization VI And Street Fighter IV, And You Can Play Them At No Extra Cost

HC Wainwright &amp; Co. analyst Scott Buck reiterates LightPath Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LPTH#NASDAQ">LPTH</a>) with a Buy and maintains $3 price target.

Price Target

LPTH

HC Wainwright & Co. Reiterates Buy on LightPath Technologies, Maintains $3 Price Target

HC Wainwright &amp; Co. analyst Kevin Dede reiterates Digihost Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGHI#NASDAQ">DGHI</a>) with a Buy and maintains $2.5 price target.

DGHI

HC Wainwright & Co. Reiterates Buy on Digihost Technology, Maintains $2.5 Price Target

Needham analyst Laura Martin maintains DoubleVerify Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DV#NYSE">DV</a>) with a Buy and lowers the price target from $33 to $22.

Needham Maintains Buy on DoubleVerify Hldgs, Lowers Price Target to $22

Stephens &amp; Co. analyst Jim Salera maintains Darden Restaurants (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) with a Equal-Weight and raises the price target from $159 to $164.

Stephens & Co. Maintains Equal-Weight on Darden Restaurants, Raises Price Target to $164

Salesforce CEO Marc Benioff has criticized Microsoft Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Copilot by comparing it to the infamous &#8220;Clippy&#8221; assistant, which was <a href="https://www.benzinga.com/news/23/05/32607457/elon-musk-thinks-this-little-guy-could-be-leader-if-ai-ever-takes-over-he-might-actually-be">ultimately removed in 2007</a>.
What Happened: On Thursday,&nbsp;in an interview with Bloomberg&#8217;s Emily Chang at the Salesforce Dreamforce conference, Benioff said that Microsoft&#8217;s Copilot has not offered any value to customers. 
&#8220;Microsoft co-pilot is basically the new Microsoft Clippy that customers have not gotten value from it,&#8221; he said, adding, &#8221; These LLMs .. this is like we&#8217;re selling science projects to companies and they&#8217;re tired of it they have not gotten the value.&#8221;
Earlier this year in July, Microsoft CEO Satya Nadella disclosed that <a href="https://www.benzinga.com/news/24/07/40061358/satya-nadella-says-microsofts-copilot-drives-40-of-githubs-revenue-growth-we-are-also-enabling-anyon">Copilot has been adopted</a> by over 77,000 organizations, marking a 180% increase year-over-year.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/40911877/jeff-bezos-had-a-habit-of-keeping-an-empty-chair-for-the-most-important-person-in-the-room-at-compan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Had A Habit Of Keeping An Empty Chair For The Most Important Person In The Room At Company Meetings: This Strategy Helped The Amazon Founder Build The E-Commerce Giant We Know Today</a>
Benioff stated that customers are tired of not receiving the value they expect, which has resulted in them turning to Salesforce&#8217;s next-generation platform, Agentforce.
According to him, the company&#8217;s newly introduced AI software offers everything that customers need to create and fine-tune an agent, making it easier for them to integrate the agent into their existing workflows.
Salesforce has&nbsp;onboarded tens of thousands of&nbsp;customers, convincing them that they don&#8217;t need to &#8220;DIY their AI,&#8221; he said, adding, &#8220;You&#8217;re going to get the best AI, the highest accuracy, the lowest hallucination rate.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Salesforce CEO Marc Benioff told <a href="https://twitter.com/emilychangtv?ref_src=twsrc%5Etfw">@emilychangtv</a> his company's newly introduced artificial intelligence software is a complete package for business customers seeking to take advantage of the emerging technology <a href="https://t.co/ZXOk6iUYpe">https://t.co/ZXOk6iUYpe</a> <a href="https://t.co/ITBIM7YHbC">pic.twitter.com/ITBIM7YHbC</a>
&mdash; Bloomberg TV (@BloombergTV) <a href="https://twitter.com/BloombergTV/status/1836929194757894244?ref_src=twsrc%5Etfw">September 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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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: Earlier this week, Salesforce unveiled Agentforce Partner Network, the world's <a href="https://www.benzinga.com/markets/equities/24/09/40901921/salesforce-unveils-new-agentforce-partner-network-partners-with-google-cloud">first agent ecosystem</a>. The open platform enables Agentforce to handle complex tasks by connecting actions across Salesforce and a vast network of external systems and agents.
Salesforce has also <a href="https://www.benzinga.com/news/large-cap/24/09/40910569/nvidia-salesforce-announce-strategic-ai-collaboration-what-to-know">announced a collaboration</a> with Nvidia Corporation to develop advanced AI capabilities for enterprises with autonomous agents and interactive avatar experiences.
During the announcement, the companies said that the intention is to optimize predictive and generative AI workflows by putting together the Nvidia AI platform, the Salesforce Platform, and Agentforce.
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:
<ul>
<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 &#8216;A Total Stupid Waste Of Time&#8217;</a></li>
</ul>
Photo Via Shutterstock

MSFT

Salesforce CEO Marc Benioff Slams Microsoft's Copilot, Compares It To Failed 'Clippy' Assistant: '…Like We're Selling Science Projects To Companies'

The Federal Bureau of Investigation (FBI) has arrested two people suspected of stealing and laundering over $230 million in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
What Happened: Malone Lam and Jeandiel Serrano were taken into custody on Wednesday night, according to a press release by the U.S. Department of Justice. The duo is accused of attempting to launder thousands of pilfered Bitcoins via mixing services.
They were slated to appear in separate federal courts in California and Florida on Thursday, the Justice Department said in a statement.
The authorities unearthed a sophisticated plan wherein the alleged thieves would drain cryptocurrencies out of victims&#8217; accounts and then launder the proceeds through various mixers and exchanges using "peel chains," pass-through wallets, and virtual private networks to conceal their identities.
The laundered funds were subsequently spent on extravagances such as international travel, nightclubs, pricey accessories, and luxury automobiles.
In the current case, the culprits robbed off 4,100 Bitcoin, worth $230 million, from a victim in Washington, D.C., last month. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40945847/donald-trump-now-trails-kamala-harris-by-4-points-after-9-point-election-odds-turnaround-i">Donald Trump Now Trails Kamala Harris By 4 Points After 9-Point Election Odds Turnaround In Only 9 Days</a>
The theft was first reported by prominent on-chain detective ZachXBT, who, in a joint effort with security firms like CFInvestigators, zeroshadow, and the Binance Security team, helped investigators trace some of the stolen funds. 
ZachXBT added that over $9 million of the stolen assets have been frozen, and more than $500,000 have been returned to the victim.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">1/ An investigation into how Greavys (Malone Iam), Wiz (Veer Chetal), and Box (Jeandiel Serrano) stole $243M from a single person last month in a highly sophisticated social engineering attack and my efforts which have helped lead to multiple arrests and millions frozen. <a href="https://t.co/dcY1e9xsPd">pic.twitter.com/dcY1e9xsPd</a>
&mdash; ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1836752923830702392?ref_src=twsrc%5Etfw">September 19, 2024</a></blockquote>
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Why It Matters: This case underscores the increasing sophistication of cybercriminals and the challenges faced by law enforcement agencies in tracking and recovering stolen cryptocurrencies. 
Earlier this month, the Federal Bureau of Investigation's Internet Crime Complaint Center (IC3) revealed that <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40799485/cryptocurrency-scams-cost-americans-5-6b-in-2023-fbi-report-shows">Americans lost a staggering $5.6 billion</a> to&nbsp;cryptocurrency-related frauds&nbsp;in 2023. 
Alarmingly, the report indicated that while cryptocurrency-related complaints accounted for only 10% of all financial fraud reports, they represented nearly half of total financial losses.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40913998/jamie-dimon-says-jpmorgan-is-likely-one-of-the-bigger-users-of-blockchain-technology-but-c?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jamie Dimon Says JPMorgan Is Likely &#8216;One Of The Bigger Users&#8217; Of Blockchain Technology, But Calls Cryptocurrencies A &#8216;Pet Rock&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

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

Cryptocurrency

Markets

$BTC

FBI Arrests 2 People Allegedly Behind $230M Bitcoin Heist: Laundered Proceeds Were Spent On Globetrotting, High-End Wheels, And Designer Handbags

RBC Capital analyst Matthew Hedberg initiates coverage on CyberArk Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>) with a Outperform rating and announces Price Target of $328.

Initiation

CYBR

RBC Capital Initiates Coverage On CyberArk Software with Outperform Rating, Announces Price Target of $328

VSTO

Vista Outdoor Board Of Directors Sends Letter To Stockholders Highlighting Reasons To Vote For Value Maximizing Transaction With Czechoslovak Group To Acquire The Kinetic Group And Invest In Revelyst At September 27th Special Meeting

The collaboration will include several&nbsp;Call of Duty&nbsp;titles, beginning with the launch of the highly-anticipated&nbsp;Call of Duty&reg;: Black Ops 6, releasing on October 25. The collaboration will extend across multiple product categories at CORSAIR including Drop, Elgato, ORIGIN PC and SCUF Gaming. Specific products, additional categories and more details will be announced over time.

CRSR

CORSAIR Enters Exclusive Multi-year, Full Cross-brand Partnership With Call Of Duty Franchise

Shares of NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) rose sharply in today's pre-market trading after the company announced a CEO transition.
After the market close on Thursday, Nike announced that longtime Nike veteran Elliott Hill will become president and CEO of Nike, effective Oct. 14. Hill will also become a director on the board and a member of <a href="https://www.benzinga.com/news/24/09/40948580/nike-stock-jumps-9-after-the-bell-ceo-set-to-retire">the executive committee</a>.
NIKE shares gained 7% to $86.64 in the pre-market trading.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Banzai International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNZI#NASDAQ">BNZI</a>) gained 148.1% to $7.12 in pre-market trading. Banzai International shares fell around 18% on Thursday after the company announced a 1-for-50 reverse stock split.</li>
<li>Battalion Oil Corporation  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BATL#NASDAQ">BATL</a>) gained 119.4% to $6.45 in the pre-market trading session after the company announced it has amended its merger agreement with Fury Resources for the acquisition of all outstanding shares of Battalion at $7.00 per share in cash.</li>
<li>Leafly Holdings, Inc.  (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFLY#NASDAQ">LFLY</a>) gained 76.7% to $3.18 in pre-market trading.</li>
<li>SRIVARU Holding Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SVMH#NASDAQ">SVMH</a>) rose 53.2% to $0.19 in pre-market trading after gaining 11% on Thursday. SRIVARU Holding, on Thursday, secured Nasdaq Panel approval for continued listing amid compliance efforts.</li>
<li>Tenon Medical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TNON#NASDAQ">TNON</a>) shares rose 41.2% to $7.10 in pre-market trading  after the company announced the issuance of three notices of allowance for patent applications from the UPSTO.</li>
<li>Alliance Entertainment Holding Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AENT#NASDAQ">AENT</a>) gained 25.5% to $2.56 in pre-market trading after the company reported better-than-expected full-year 2024 adjusted EPS results.</li>
<li>Genfit S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GNFT#NASDAQ">GNFT</a>) gained 13% to $4.88 in pre-market trading after posting H1 results.</li>
<li>Kidpik Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIK#NASDAQ">PIK</a>) rose 10.4% to $2.66 in pre-market trading.</li>
<li>Joint Stock Company Kaspi.kz (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KSPI#NASDAQ">KSPI</a>) shares gained 6.3% to $106.10 in pre-market trading. Joint Stock Company Kaspi.Kz shares fell 16% on Thursday after Culper Research issued a report on the company.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Signing Day Sports, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SGN#NYSE">SGN</a>) fell 24.5% to $0.40 in pre-market trading. Signing Day Sports shares jumped 308% on Thursday after the company announced it will acquire sports gaming technology company Swifty Global.</li>
<li>Society Pass Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOPA#NASDAQ">SOPA</a>) shares fell 17.4% to $0.85 in pre-market trading after gaining 22% on Thursday.</li>
<li>Neo-Concept International Group Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCI#NYSE">NCI</a>) shares dipped 16.7% to $0.70 in pre-market trading after surging 72% on Thursday.</li>
<li>TOMI Environmental Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TOMZ#NASDAQ">TOMZ</a>) fell 15.8% to $0.6398 in pre-market trading.</li>
<li>E-Home Household Service Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EJH#NASDAQ">EJH</a>) shares declined 14.1% to $0.0839 in pre-market trading after falling 8% on Thursday.</li>
<li>Exicure, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) fell 13.2% to $3.41 in today's pre-market trading after jumping 72% on Thursday. Exicure recently announced it received an extension from the Nasdaq Hearings Panel.</li>
<li>FedEx Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) declined 13.1% to $260.92 in pre-market trading after the company reported weaker-than-expected results for the first quarter of fiscal 2025 and lowered its full-year guidance.</li>
<li>Kopin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KOPN#NASDAQ">KOPN</a>) shares declined 11.8% to $0.85 in pre-market trading after the company announced a public offering of common stock and pre-funded warrants.</li>
<li>Rezolve AI Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RZLV#NASDAQ">RZLV</a>) shares fell 11.3% to $6.21 in pre-market trading after jumping around 47% on Thursday.</li>
<li>Veea Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VEEA#NASDAQ">VEEA</a>) shares fell 7.6% to $10.22 in pre-market trading after declining around 10% on Thursday. Veea recently announced a strategic partnership with Crowdkeep to integrate their respective technologies into a singular, tailored solution to track assets, people, and conditions across a variety of use cases.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/09/40952252/nvidia-tesla-rally-as-dow-s-p-500-surge-to-fresh-highs-after-fed-cuts-rates-fear-index-remains-in-g">Nvidia, Tesla Rally As Dow, S&amp;P 500 Surge To Fresh Highs After Fed Cuts Rates: Fear Index Remains In &#8216;Greed&#8217; Zone</a></li>
</ul>

Pre-Market Outlook

Movers

Trading Ideas

AENT

BATL

BNZI

GNFT

KOPN

KSPI

LFLY

RZLV

SOPA

SVMH

TNON

TOMZ

VEEA

XCUR

Why Nike Shares Are Trading Higher By Around 7%; Here Are 20 Stocks Moving Premarket

RBC Capital analyst Matthew Hedberg downgrades Rapid7 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RPD#NASDAQ">RPD</a>) from Outperform to Sector Perform and lowers the price target from $50 to $40.

Downgrades

RBC Capital Downgrades Rapid7 to Sector Perform, Lowers Price Target to $40

Keybanc analyst Steve Barger initiates coverage on Amkor Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMKR#NASDAQ">AMKR</a>) with a Overweight rating and announces Price Target of $38.

AMKR

Keybanc Initiates Coverage On Amkor Tech with Overweight Rating, Announces Price Target of $38

JMP Securities analyst Silvan Tuerkcan downgrades Notable Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTBL#NASDAQ">NTBL</a>) from Market Outperform to Market Perform.

NTBL

JMP Securities Downgrades Notable Labs to Market Perform

Ahead of the highly anticipated launch, Huawei Technologies&#8216; new $2,800 tri-fold smartphone, the Mate XT, has hit the market, but many eager buyers were left <a href="https://www.benzinga.com/24/09/40912367/huaweis-trifold-is-now-fetching-7-000-as-buyers-flip-apple-rivals-device-on-online-marketplaces-in-c">disappointed due to limited availability</a>.
What Happened: Huawei and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) launched their latest smartphones in China on Friday. However, many Huawei fans were disappointed as the $2,800 Mate XT was only available for pre-order customers, Reuters reported.
At Huawei&#8217;s flagship store in Shenzhen, &#8220;super fans&#8221; expressed frustration after learning that only confirmed pre-orders could purchase the new tri-foldable Mate XT. A university student surnamed Ye, who had been waiting since 10 p.m. the previous night, said, &#8220;They should have made it clear we can't buy.&#8221;
Similar scenes unfolded at Huawei&#8217;s Wangfujing store in Beijing, where access to the Mate XT was also limited to pre-order customers. Reuters reported around 30 people queuing outside the Beijing store and a similar number in Shenzhen early on Friday.
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.
Analysts had previously warned that supply chain constraints might leave many potential buyers empty-handed. Huawei executive director Richard Yu stated that sales were &#8220;better than expected&#8221; and the company was working to expand capacity. However, the exact number of phones produced or delivered on launch day remains undisclosed.
Pre-orders for the Mate XT have exceeded 6.5 million, nearly double the foldable smartphones shipped worldwide in the second quarter of this year, according to IDC. Despite the high demand, production constraints are causing significant delays.
See Also: <a href="https://www.benzinga.com/news/24/09/40812318/samsung-to-reportedly-slash-global-workforce-by-up-to-30-in-certain-divisions-amid-intense-competiti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Samsung To Reportedly Slash Global Workforce By Up To 30% In Certain Divisions Amid Intense Competition Competition From Apple, Huawei</a>
Why It Matters: Huawei&#8217;s latest tri-fold smartphone, the Mate XT, has been generating significant buzz even before its official release. On Tuesday, it was reported that the Mate XT was <a href="https://www.benzinga.com/24/09/40912367/huaweis-trifold-is-now-fetching-7-000-as-buyers-flip-apple-rivals-device-on-online-marketplaces-in-c">being listed for over $7,000 on online marketplaces</a>, more than double its list price, highlighting the high demand and limited availability.
The launch of the Mate XT comes amid Huawei&#8217;s ongoing efforts to challenge Apple&#8217;s dominance in the Chinese smartphone market. The Mate XT, priced at $2,800, is <a href="https://www.benzinga.com/news/24/09/40845772/huaweis-2-800-tri-fold-phone-has-the-potential-to-eat-apples-lunch-in-china-here-is-how-it-compares">significantly more expensive</a> than Apple&#8217;s iPhone 16 Pro Max, which starts at $1,199 for 256 GB storage. 
Huawei&#8217;s strategic timing for the Mate XT&#8217;s <a href="https://www.benzinga.com/news/24/09/40674140/huawei-plans-to-one-up-apples-iphone-16-with-disruptive-product-launch-says-it-has-turned-science-fi">launch also plays a crucial role</a>. Huawei scheduled its product launch event on the same day as Apple&#8217;s iPhone 16 reveal, aiming to capture consumer attention and market share.
Furthermore, Huawei&#8217;s focus on using more <a href="https://www.benzinga.com/news/24/05/38723677/us-sanctioned-huawei-brags-chinas-tech-self-sufficiency-with-latest-smartphone-built-with-more-homem">components from Chinese suppliers</a>, as seen in its Pura 70 series, reflects its commitment to tech self-sufficiency. A teardown analysis revealed that the Pura 70 series incorporated more homemade parts, showcasing Huawei&#8217;s resilience amid U.S. sanctions.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: 
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<li><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></li>
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Photo courtesy: Huawei
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>

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Huawei's $2,800 Tri-Fold Mate XT Sparks Frustration As Limited Stock Fails To Meet Demand

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