AS-IP Tech Stock (OTC:IPTK), Trade Ideas

AS-IP Tech Inc is engaged in creating in-flight connectivity systems that utilize Bluetooth Smart technology as a low-cost alternative to the traditionally expensive Wi-Fi platform. The company's technology consists of two products BizjetMobile and fflya. BizjetMobile provides corporate jets with an alternative global inflight connectivity solution and is marketed under the brand names CHiiMP and BizjetInternet. These are mobile apps that deliver optimized inflight text and email for passengers and crew; and fflya provides airlines with an inflight connectivity approach based on the latest mobile app technology, narrowband satellite links, and BlueTooth technology. The fflya platform reduces the installation, certification and equipment costs by up to 90% compared to inflight broadband.

AS-IP Tech Inc

BTIG analyst Ryan Zimmerman maintains RxSight (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RXST#NASDAQ">RXST</a>) with a Buy and raises the price target from $61 to $72.

News

Price Target

Analyst Ratings

RXST

BTIG Maintains Buy on RxSight, Raises Price Target to $72

Tom Zhu,&nbsp;long rumored to be&nbsp;Elon Musk&#8216;s successor at&nbsp;Tesla&nbsp;Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), is set to return to his role in China, coinciding&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38648277/tesla-lays-off-more-employees-over-weekend-report" rel="noreferrer noopener">with ongoing layoffs</a>&nbsp;within the company.
What Happened: Zhu, who joined Tesla in 2014, is leaving his North American post to reassume his position as Senior Vice President of Greater China,&nbsp;<a target="_blank" href="https://driveteslacanada.ca/news/tom-zhu-returns-to-role-in-china-as-tesla-layoffs-continue/" rel="noreferrer noopener">Drive Tesla</a>&nbsp;reported.
This move is part of a broader executive shake-up at Tesla, with several other top officials stepping down.
Zhu, who had a successful tenure in China before his North American assignment in 2022, was instrumental in the construction and operations of Giga Shanghai, Tesla&#8217;s&nbsp;main&nbsp;vehicle export hub.&nbsp;
Zhu&#8217;s return to China has been confirmed by local media.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38635317/its-an-obvious-move-elon-musk-nudges-warren-buffett-again-to-take-position-in-tesla-heres-why-th?itm_source=parsely-api" rel="noreferrer noopener">&#8216;It&#8217;s An Obvious Move:&#8217; Elon Musk Nudges Warren Buffett Again To Take Position In Tesla</a>
Tesla is also implementing another round of layoffs affecting thousands of employees across various departments, including software, sales, and service teams.&nbsp;This&nbsp;marks the fourth week of layoffs, following Musk&#8217;s mid-April announcement of more than a 10% reduction in&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38516190/elon-musk-cracks-whip-harder-2-more-senior-tesla-execs-reportedly-exit-as-ceo-demands-absolutely-har" rel="noreferrer noopener">Tesla&#8217;s global workforce</a>.
<a target="_blank" href="https://www.benzinga.com/news/24/05/38541246/tesla-ceo-elon-musk-says-supercharger-network-will-still-grow-but-at-a-slower-pace-for-new-locations" rel="noreferrer noopener">The Supercharger team</a>&nbsp;has been particularly affected, with over 500 members departing the company following a reported disagreement between Musk and&nbsp;Rebecca Tinucci, Senior Director of EV Charging.
Why It Matters: Zhu&#8217;s return to China comes just over a year after&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/04/31709750/tesla-officially-names-tom-zhu-global-head-of-automotive-business-analyst-says-all-falling-into-plac" rel="noreferrer noopener">he was appointed</a>&nbsp;the head of Tesla&#8217;s automotive business.
Zhu&#8217;s diverse operational roles and successful stint as VP of Greater China have positioned him as a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/03/31188572/tom-zhu-who-all-you-need-to-know-about-the-tim-cook-of-tesla" rel="noreferrer noopener">potential successor to Musk</a>, as some investors have been calling for a succession plan due to Musk&#8217;s increasing focus on Twitter since he took over the platform in October 2022.&nbsp;
Zhu&#8217;s return to China, Tesla&#8217;s&nbsp;biggest&nbsp;geography in&nbsp;terms of&nbsp;production and sales, could be a strategic move to strengthen the company&#8217;s foothold in the world&#8217;s biggest EV market.
Read Next: <a href="https://www.benzinga.com/news/24/05/38661398/tesla-semi-scores-another-s-p-500-name-after-pepsi-and-walmart-video-shows-big-box-retailer-using-ev" target="_blank" rel="noreferrer noopener">Tesla Semi Scores Another S&amp;P 500 Name After Pepsi And Walmart? Video Shows Big-Box Retailer Using EV Giant&#8217;s Heavy Truck</a>
Photo courtesy: Tesla
<div style="font-family: 'Lato', sans-serif">
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Ramakrishnan M</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>

Management

Tech

Media

TSLA

Heir Apparent Departs? Elon Musk's Rumored Tesla Successor Leaves North America To Sharpen Focus On China Amid Mass Layoffs

Redburn Atlantic analyst Oliver Davies downgrades Vestis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSTS#NYSE">VSTS</a>) from Buy to Neutral and announces $13.4 price target.

Downgrades

VSTS

Redburn Atlantic Downgrades Vestis to Neutral, Announces $13.4 Price Target

Wolfe Research analyst Mike Polark upgrades Insulet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PODD#NASDAQ">PODD</a>) from Peer Perform to Outperform and announces $200 price target.

Upgrades

PODD

Wolfe Research Upgrades Insulet to Outperform, Announces $200 Price Target

U.S. stock futures were mostly higher this morning, with the Dow futures gaining around 80 points on Tuesday.
Shares of AudioCodes Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUDC#NASDAQ">AUDC</a>) fell sharply in today's pre-market trading after the company reported worse-than-expected <a href="https://www.benzinga.com/quote/AUDC/earnings">first-quarter financial results</a>.
AudioCodes posted adjusted earnings of 17 cents per share, missing market estimates of 23 cents per share. The company's quarterly sales came in at $60.076 million versus expectations of $62.452 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
AudioCodes shares dipped 11.3% to $10.10 in pre-market trading in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Trupanion, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRUP#NASDAQ">TRUP</a>) shares fell 13% to $20.68 in pre-market trading following first-quarter results.</li>
<li>Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) shares dipped 9.3% to $22.85 pre-market trading following soft revenue guidance.</li>
<li>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) shares fell 8.5% to $2.79 in pre-market trading after the company reported mixed first-quarter financial results.</li>
<li>Beyond, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYON#NYSE">BYON</a>) fell 8.3% to $20.08 in pre-market trading following weaker-than-expected quarterly results.</li>
<li>Fresenius Medical Care AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FMS#NYSE">FMS</a>) shares declined 7.9% to $19.73 in pre-market trading.</li>
<li>Bilibili Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BILI#NASDAQ">BILI</a>) shares fell 5.4% to $13.97 in pre-market trading.</li>
<li>Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) shares slipped 5.1% to $15.71 in pre-market trading.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/05/38661465/investor-optimism-decreases-slightly-but-dow-records-gains-for-4th-day">Investor Optimism Decreases Slightly, But Dow Records Gains For 4th Day</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>

Pre-Market Outlook

Markets

Movers

AUDC

BILI

BYON

LCID

PLTR

TRUP

AudioCodes Reports Downbeat Earnings, Joins Trupanion, Palantir Technologies And Other Big Stocks Moving Lower In Tuesday Pre-Market Session

Needham analyst Serge Belanger reiterates BioCryst Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCRX#NASDAQ">BCRX</a>) with a Buy and maintains $12 price target.

Reiteration

BCRX

Needham Reiterates Buy on BioCryst Pharma, Maintains $12 Price Target

Needham analyst Ryan MacDonald reiterates Model N (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MODN#NYSE">MODN</a>) with a Hold.

MODN

Needham Reiterates Hold on Model N

Needham analyst Gil Blum reiterates Arcellx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACLX#NASDAQ">ACLX</a>) with a Buy and maintains $81 price target.

ACLX

Needham Reiterates Buy on Arcellx, Maintains $81 Price Target

Stifel analyst Shlomo Rosenbaum initiates coverage on UL Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ULS#NYSE">ULS</a>) with a Buy rating and announces Price Target of $40.

Initiation

Stifel Initiates Coverage On UL Solutions with Buy Rating, Announces Price Target of $40

Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk couldn&#8217;t resist poking fun at rival EV maker Lucid Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>), following the latter&#8217;s report of a staggering&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38653616/lucid-q1-earnings-highlights-revenue-beat-eps-miss-production-update-and-more" rel="noreferrer noopener">net loss of $680.9 million</a>&nbsp;for the first quarter after generating just $172.7 million in revenue.
What Happened: In response to a Twitter user&#8217;s suggestion that Lucid might mitigate its losses by giving away free Tesla Model 3s and halting its&nbsp;own&nbsp;car production, Musk simply replied with a laughing emoji.&nbsp;
Lucid incurred a net loss of over $346,000 for every vehicle delivered in the first quarter.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787589219583680512?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Musk also reacted similarly to comments made by Lucid CEO&nbsp;Peter Rawlinson&nbsp;during the company&#8217;s first-quarter earnings call, particularly regarding their in-house technology and partnership with Saudi Arabia&#8217;s Public Investment Fund.
&#8220;Now I believe there are two key factors that&nbsp;really&nbsp;set Lucid apart. Our superior in-house technology and our partnership with the PIF, who have been steadfast investors and partners,&#8221; Rawlinson said.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787587585302561202?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: This ongoing banter highlights Musk&#8217;s long-standing criticism of Lucid and its CEO. Last year, Musk warned of potential bankruptcy for Lucid due to excessive spending and predicted they would &#8220;end up in the cemetery&#8221; unless they slashed costs.&nbsp;
Earlier this year, he remarked that &#8220;Their Saudi sugar daddy is the only thing keeping them alive,&#8221; referring to the significant investment from PIF, totaling about $6.4 billion since 2018.
Musk has also&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/02/37173595/elon-musk-isnt-impressed-by-lucids-approval-of-6m-cash-bonus-for-its-ceo-his-comp-is-inversely-propo" rel="noreferrer noopener">questioned Rawlinson&#8217;s compensation</a>, considering it excessive given the company&#8217;s performance. He criticized a $6 million cash bonus approved for the CEO in February, claiming it was disproportionate to Rawlinson&#8217;s actual contributions.
Moreover, Musk has disputed Rawlinson&#8217;s claimed role as the&nbsp;<a target="_blank" href="https://www.benzinga.com/news/21/05/20929658/elon-musk-plays-down-lucid-ceos-role-with-tesla-says-rawlinson-was-never-chief-engineer" rel="noreferrer noopener">chief engineer for Tesla&#8217;s Model S</a>, alleging that Rawlinson joined the company after the Model S prototype phase and left before production began.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/38628520/tesla-launches-model-y-rwd-variant-that-can-go-upto-320-miles-on-a-single-charge-elon-musk-promises" target="_blank" rel="noreferrer noopener">Tesla Launches Model Y RWD Variant That Can Go Upto 320 Miles On A Single Charge: Elon Musk Promises More Range On Discontinued Variant For Additional $1500 To $2000</a>
Photo courtesy: Shutterstock

Elon Musk ROFLs Over Lucid's Ginormous Q1 Loss And CEO Rawlinson's Claims About What Really Sets Tesla Rival Apart

Elon Musk, the CEO of SpaceX, has expressed skepticism about the immediate utility of artificial intelligence in space exploration. However, this has not deterred him from investing heavily in AI development.
What Happened: During the 27th annual Milken Institute Global Conference on Monday, Musk discussed the potential of AI and its role in human civilization. When asked if AI could accelerate his space exploration efforts, Musk revealed that SpaceX currently uses almost no AI, and there is no immediate use for it.
During the discussion, Michael Milken, acting as the moderator, posed questions about the potential for AI to enhance space-related efforts and its role in achieving specific objectives.
&#8220;I mean, oddly enough, one of the areas where there&#8217;s almost no AI used is space exploration,&#8221; Musk replied. &#8220;So&nbsp;SpaceX&nbsp;uses basically no AI,&nbsp;Starlink&nbsp;does not use AI. I&#8217;m not against using it. We haven&#8217;t seen a use for it.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Watch LIVE: <a href="https://twitter.com/MilkenInstitute?ref_src=twsrc%5Etfw">@MilkenInstitute</a> Chairman Mike Milken in conversation with <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> at <a href="https://twitter.com/hashtag/MIGlobal?src=hash&amp;ref_src=twsrc%5Etfw">#MIGlobal</a> <a href="https://t.co/P30xoZkExA">https://t.co/P30xoZkExA</a>
&mdash; Milken Institute (@MilkenInstitute) <a href="https://twitter.com/MilkenInstitute/status/1787635180121084044?ref_src=twsrc%5Etfw">May 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
He also mentioned that the AI language models he has been testing have been disappointing when asked questions about space, the Fermi paradox, rocket engine design, and electrochemistry.
Despite his reservations about AI in space exploration, Musk&#8217;s startup company, xAI, is focused on using AI to accelerate human scientific discovery. Musk has previously predicted that AI will <a href="https://www.benzinga.com/news/24/03/37641748/elon-musk-foresees-ai-surpassing-human-intelligence-by-next-year-entire-humanity-by-2029">surpass human intelligence</a> by the end of 2026.
See Also: <a href="https://www.benzinga.com/news/24/05/38572315/elon-musk-finds-smoking-gun-constitutional-violation-as-jim-jordan-challenges-mark-zuckerbergs-faceb?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Finds &#8216;Smoking Gun&#8217; Constitutional Violation As Jim Jordan Challenges Mark Zuckerberg&#8217;s Facebook To Tell Truth Behind White House Censorship Of Lab Leak Theory</a>
At his other companies, AI is more integrated. At X, Musk has integrated his AI chatbot Grok into the social media platform. He is also considering using AI to help summarize news on the site. 
At Tesla, Musk has paused AI development for his cars because he does not hold <a href="https://www.benzinga.com/news/24/01/36652560/elon-musk-wants-to-own-25-of-tesla-heres-how-much-of-the-ev-stock-the-ceo-owns">a 25% stake</a> in the company, which he believes would give him more control over the direction of AI at the company.
Why It Matters: Musk&#8217;s skepticism about AI in space exploration is noteworthy given his other AI ventures. Earlier this year, Musk&#8217;s xAI.Corp was <a href="https://www.benzinga.com/startups/24/05/38593193/elon-musks-xai-valued-at-18-billion-in-latest-funding-round-as-musk-looks-to-take-on-80-billion-open">valued at $18 billion</a> in a funding round. The company aims to use AI to accelerate human scientific discovery.
Despite his reservations about AI, Musk has been a vocal advocate for its potential. In a recent interview, Musk called AI the <a href="https://www.benzinga.com/general/24/04/38258816/elon-musk-calls-artificial-intelligence-greatest-potential-breakthrough-in-lifetime-with-caveat-a-sm">greatest potential breakthrough</a> in our lifetime, although he also acknowledged the small chance that AI could end humanity.
His skepticism about AI in space exploration also comes at a time when SpaceX is <a href="https://www.benzinga.com/news/24/03/37768437/elon-musks-spacex-is-secretly-building-a-huge-spy-satellite-network-for-the-us-government">reportedly developing a network of spy satellites</a> for a U.S. intelligence agency. 
This initiative, which involves constructing hundreds of satellites under a classified contract valued at $1.8 billion with the National Reconnaissance Office, underscores the growing partnership between SpaceX and national security agencies.
Read Next: <a href="https://www.benzinga.com/news/24/05/38542692/tesla-ceo-elon-musk-is-impressed-by-the-fact-that-jeff-bezos-aws-12-month-revenue-is-higher-than-466?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Is Impressed By The Fact That Jeff Bezos&#8217; AWS 12-Month Revenue Is Higher Than 466 S&amp;P 500 Companies: &#8216;Wow&#8217;</a>
Image Via Shutterstock 
<hr class="wp-block-separator has-alpha-channel-opacity" />
Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />

Elon Musk Says AI Has No Use At SpaceX, But Still Bets Big On Its Potential: 'I'm Not Against Using It'

Piper Sandler analyst Yasmeen Rahimi upgrades Design Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DSGN#NASDAQ">DSGN</a>) from Neutral to Overweight and raises the price target from $6 to $12.

DSGN

Piper Sandler Upgrades Design Therapeutics to Overweight, Raises Price Target to $12

Mizuho analyst John Roberts initiates coverage on Corning (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>) with a Neutral rating and announces Price Target of $36.

Mizuho Initiates Coverage On Corning with Neutral Rating, Announces Price Target of $36

Tom Lee, the head of research at Fundstrat, has advised investors to consider purchasing stocks this month, citing a forthcoming significant decline in inflation.
What Happened: Lee highlighted that the recent inflation figures for March have been higher than expected for the third consecutive month, in a <a href="https://youtu.be/rjm6F8LYRwE?feature=shared">conversation</a> with CNBC on Monday. 
However, he attributed the elevated readings to delays in official statistics, pointing out that real-time home and rent prices are stabilizing.
These real-time price drops will eventually be reflected in the official inflation report, which Lee believes will be bullish for stocks. A decrease in price growth will provide the Federal Reserve with more flexibility to cut interest rates and adjust its monetary policy.
&#8220;I think inflation is going to cool pretty dramatically. I don&#8217;t know when, but it&#8217;ll be sometime in the second half of this year,&#8221; Lee predicted.
Lee also suggested that the Fed might succumb to pressure to cut interest rates, especially considering the potential negative impact of maintaining high rates for an extended period.
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38634310/tesla-retail-shareholder-who-poured-3-5b-into-ev-stock-screams-foul-over-magician-elon-musks-pay?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Retail Shareholder Who Poured $3.5B Into EV Stock Screams Foul Over &#8216;Magician&#8217; Elon Musk&#8217;s Pay Package Plan, Urges Other Investors To Vote No: &#8216;Don&#8217;t Be A Sucker&#8217;</a>
Lee, who is among the most bullish Wall Street forecasters in 2024, previously forecasted that the S&amp;P 500 could rise as high as 5,500 by the end of the year, indicating a further 6% gain for the benchmark index.
Why It Matters: The stock market has been showing signs of resilience despite concerns over inflation and interest rates. The traditional Wall Street adage &#8220;sell in May and go away&#8221; <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38572139/sell-in-may-and-go-away-a-fading-tradition-in-stock-market">may not hold water this year</a>, as analysts debunk the myth with strong evidence of positive stock market performance during the historically weak May-October period.
Other experts, such as veteran Wall Street investor Ed Yardeni, have also expressed confidence in the market&#8217;s continued growth potential, citing a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38643266/why-veteran-wall-street-investor-believes-were-still-in-a-bull-market">less aggressive approach</a> by the Federal Reserve and a positive earnings season.
The global economy is also showing signs of resilience, with the Organization for Economic Cooperation and Development revising its <a href="https://www.benzinga.com/news/24/05/38575037/world-economy-seeks-to-avoid-stagflation-as-oecd-lifts-global-growth-forecast-for-2024">2024 growth forecast upwards</a>, indicating a potential escape from a stagflationary rut.
However, concerns over inflation and interest rates persist, with the <a href="https://www.benzinga.com/news/24/04/38453174/us-economy-faces-worst-of-both-worlds-as-stagflation-threat-looms-large">U.S. economy facing a potential stagflation threat</a> due to slower-than-expected growth and higher-than-expected inflation.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38630402/teslas-dogecoin-adoption-sends-crypto-market-into-frenzy-meme-coin-surges-by-over-21?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Dogecoin Adoption Sends Crypto Market Into Frenzy, Meme Coin Surges By Over 21%</a>
Photo Generated Using Midjourney
<hr class="wp-block-separator has-alpha-channel-opacity" />
Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />

Economics

Federal Reserve

Stock Market Presents Buying Opportunity As 'Inflation Is Going To Cool Pretty Dramatically,' Says Fundstrat's Tom Lee

Earlier Reuters Reported Tesla Sold 62,167 China-made Vehicles In April, Down 18% YoY, Citing China Passenger Car Association

Baird analyst Andrew Wittmann initiates coverage on UL Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ULS#NYSE">ULS</a>) with a Outperform rating and announces Price Target of $40.

Baird Initiates Coverage On UL Solutions with Outperform Rating, Announces Price Target of $40

The United States government is currently paying an unprecedented $2 million per minute in interest on its national debt, a figure that is expected to continue rising. This development has sparked a debate on Wall Street about the impact of higher interest rates on the economy.
What Happened: The U.S. Treasury shelled out a staggering $89 billion in interest expenses in March, equating to about $2 million per minute, <a href="https://www.bloomberg.com/news/articles/2024-05-06/at-2-million-per-minute-treasuries-mint-cash-like-never-before?srnd=homepage-americas&amp;sref=LspfQlRv">reported</a> Bloomberg. This trend is anticipated to persist as the government shows no signs of reining in its spending, and the Federal Reserve is not expected to reduce interest rates in the near future.
The government&#8217;s interest payments are projected to exceed $1 trillion this year, nearly double the amount paid before the Fed began aggressively raising interest rates, according to data from&nbsp;<a href="https://fred.stlouisfed.org/series/A091RC1Q027SBEA" target="_blank" rel="noreferrer noopener">the St. Louis Fed</a>. 
This surge in interest payments has coincided with a shift in the investment landscape, with the 10-year U.S. Treasury yield currently at around 4.50%, providing a stable return without the risk of capital loss.
This situation has led to some paradoxical thinking on Wall Street, with some arguing that higher interest rates have actually contributed to a more resilient consumer, thereby fueling inflation rather than curbing it.
See Also: <a href="https://www.benzinga.com/news/24/05/38613581/uber-and-lyft-drivers-future-hangs-in-balance-as-massachusetts-supreme-court-deliberates?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Uber And Lyft Drivers&#8217; Future Hangs In Balance As Massachusetts Supreme Court Deliberates</a>
JPMorgan&#8216;s Jack Manley recently suggested that to effectively lower inflation, the Fed should consider reducing interest rates, not raising them. This has sparked a debate about the potential consequences of the current interest rate environment, <a href="https://markets.businessinsider.com/news/bonds/us-government-interest-payments-soar-2-million-per-minute-rates-2024-5">according</a> to Business Insider.
&#8220;I think we&#8217;re in this funny, peculiar chicken-and-the-egg type situation where you&#8217;re not going to see meaningful downward pressure on inflation until you see meaningful downward pressure on shelter costs. And you&#8217;re not going to see meaningful downward pressure on shelter costs, until the Fed lowers interest rates,&#8221; Manley said.
Why It Matters: The U.S. national debt has been a topic of concern for several experts. Wharton professor Joao Gomes has warned that if Congress does not take immediate action, the <a href="https://www.benzinga.com/news/24/04/38104382/serious-debate-needed-to-avert-2025-us-debt-crisis-warns-wharton-expert">U.S. could face a debt crisis</a> by 2025.
The U.S. national debt has been <a href="https://www.benzinga.com/general/24/03/37851477/u-s-national-debt-has-increased-by-nearly-8-5-billion-per-day-over-the-past-year">escalating at a staggering pace</a>, increasing by nearly $8.5 billion per day over the past year. This has raised concerns about the nation&#8217;s economic stability.
Even IMF deputy chief Gita Gopinath has emphasized the urgency of <a href="https://www.benzinga.com/general/macro-notification/24/04/38337484/is-the-us-national-debt-unsustainable-we-cant-have-a-deficit-of-7-of-the-gdp">reducing the federal deficit</a> from its current 7% of GDP, warning that the U.S. cannot sustain such a large deficit.
These warnings have been <a href="https://www.benzinga.com/news/24/05/38628113/elon-musk-issues-stark-warning-amid-rising-national-debt-the-dollar-will-be-worth-nothing">echoed by prominent figures</a> like Tesla Inc. CEO Elon Musk, who has expressed concern about the future of the U.S. dollar amid the escalating national debt.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38624536/federal-reserve-dismisses-rate-hike-fears-labor-market-cools-apple-lures-investors-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Federal Reserve Dismisses Rate Hike Fears, Labor Market Cools, Apple Lures Investors With Record-Breaking Buyback: This Week In The Market</a>
Image Via Shutterstock 
<hr class="wp-block-separator has-alpha-channel-opacity" />
Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />

Global

US Pays $2M Interest Per Minute On National Debt: 'Funny, Peculiar Chicken-And-The-Egg Type Situation'

Hermitage Capital Management CEO, Bill Browder, proposed a potential solution to the ongoing Ukraine-Russia conflict. Browder suggested that the war could be halted by allocating the $300 billion in frozen Russian central bank assets to Ukraine.
What Happened: In a recent discussion with CNBC&#8217;s &#8220;Last Call&#8221; host, Brian Sullivan, Browder emphasized that Russia would emerge victorious if Ukraine exhausts its resources. 
&#8220;At the end of the day, this is a war of resources. If Ukraine runs out of resources, Russia wins. One way to stop Ukraine from running out of resources is to give them the $300 billion that was frozen of Russian central bank assets,&#8221; he said.
He dismissed fears of nuclear threats from Russian leader Vladimir Putin in response to the confiscation of Russian foreign assets. Browder argued that the world has been &#8220;appeasing him by running scared&#8221; every time Putin mentions nuclear warfare. 
He firmly stated, &#8220;I don&#8217;t believe there is any chance he is going to start a nuclear war if we confiscate his money.&#8221;
&#8220;Of course, we know it makes him very mad, we know that the Ukrainians need that money but we should absolutely not give in to this ridiculous nuclear blackmail.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/05/38628346/chief-of-staff-in-trump-aides-inner-circle-pleads-guilty-to-1b-fraud-scheme?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chief Of Staff In Trump Aide&#8217;s Inner Circle Pleads Guilty To $1B Fraud Scheme</a>
Why It Matters: Browder&#8217;s proposal echoes earlier sentiments expressed by <a href="https://www.benzinga.com/news/24/03/37421177/russias-frozen-assets-should-be-used-to-arm-ukraine-says-european-commission-president">European Commission President Ursula von der Leyen</a> and <a href="https://www.benzinga.com/news/24/02/37305212/uk-pm-backs-plan-to-divert-billions-from-frozen-russian-assets-to-aid-ukraine-we-must-be-bolder-with">U.K. Prime Minister Rishi Sunak</a>. Both leaders have previously advocated for the use of Russia&#8217;s frozen assets to aid Ukraine, especially as Western financial aid to Ukraine has been dwindling. 
However, this proposal has been met with <a href="https://www.benzinga.com/news/24/04/38376263/russia-threatens-retaliation-over-potential-seizure-of-frozen-assets-to-aid-ukraine">threats of retaliation from Russia</a>, as reported by Valentina Matviyenko, the speaker of the Russian upper house of parliament. Despite these threats, Browder insists that the world should not succumb to &#8220;this ridiculous nuclear blackmail.&#8221;
Read Next: <a href="https://www.benzinga.com/news/24/05/38635052/house-minority-leader-hakeem-jeffries-warns-of-dire-consequences-for-womens-reproductive-rights-if-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">House Minority Leader Hakeem Jeffries Warns Of Dire Consequences For Women&#8217;s Reproductive Rights If Trump</a>
Image via Shutterstock
<div style="font-family: 'Lato', sans-serif">
<div>
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by Benzinga Neuro, Edited by 
 <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Pooja Rajkumari</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>
</div>

Politics

General

Hermitage Capital CEO Urges Use Of $300B Frozen Russian Assets To Stop Ukraine War: 'Don't Believe There's Any Chance He Is Going To Start A Nuclear War If We Confiscate His Money'

Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), the meme cryptocurrency proclaimed as the ‘Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) Killer,' saw a drastic decline in its burn rate in the last 24 hours, slowing down the rate at which tokens are pushed out of circulation.
What happened: In an X post on Tuesday, Shiba Inu's official burn tracker, Shibburn reported the burning of 12.47 million coins in the 24-hour timeframe, marking a drastic 84% drop.&nbsp;&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> Price: $0.00002366 (1hr -0.08% ▼ &#x7C; 24hr -4.78% ▼ ) Market Cap: $13,925,352,580 (-4.91% ▼) Total Supply: 589,273,754,870,776 TOKENS BURNT Past 24Hrs: 12,473,704 (-84.72% ▼) Past 7 Days: 132,749,094 (28.27% ▲)
&mdash; Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1787739192035840087?ref_src=twsrc%5Etfw">May 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The decline reversed the upward trend of the previous seven days when more than 132 million tokens were burned at an impressive weekly growth rate of 28.27%.
A big factor behind the burn rate dip was low activity on the project's layer-2 blockchain, Shibarium. The number of transactions on the network plunged following an exponential increase in mid-April, <a href="https://www.shibariumscan.io/stats">according</a> to Shibarium Explorer.&nbsp;
Even the much-publicized hard fork failed to jack up transaction numbers.&nbsp;
Why it matters: Coin burning has become one of the most keenly-watched events in the cryptocurrency space. Most projects look for ways to remove tokens from circulation to apply deflationary pressure to the asset. 
As far as SHIB is concerned, a small portion of the fees is burned every time a transaction is made on the network. Shibarium, with its growing popularity and utility, is a vital cog in SHIB's deflationary ambitions.&nbsp;
Price action: SHIB was trading at $0.00002381 at the time of publication, falling nearly 5% in the last 24 hours, according to data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>. Trading volume jumped 70% to $602 million.
Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38661166/bitcoin-ethereum-dogecoin-dip-after-robinhood-gets-wells-notice-from-sec-analyst-says-eths"> Bitcoin, Ethereum, Dogecoin Dip After Robinhood Gets Wells Notice From SEC — Analyst Says ETHs Weak Fundamentals A &#8216;Roadblock&#8217; For King Crypto</a>
Photo by Dennis Diatel on Shutterstock

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

Cryptocurrency

$DOGE

$SHIB

'Dogecoin Killer' Shiba Inu's Burn Rate Dips 84% Amid Sluggish Shibarium Transactions

Tesla and SpaceX CEO Elon Musk has expressed dissatisfaction with the Met Gala 2024. 
What Happened: On Monday, the tech billionaire took to X, formerly Twitter, and suggested that the event needs to do something different.&nbsp;
Despite the event&#8217;s &#8220;The Garden of Time&#8221; dress code for this year, Musk believes that the Met Gala should consider a new approach.&nbsp;&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Met Gala needs to do something refreshing
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787600331322638472?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/general/entertainment/24/04/38508967/not-only-mark-zuckerberg-elon-musk-too-is-enamored-by-taylor-swift-tesla-ceo-lauds-pop-sens">Not Only Mark Zuckerberg, Elon Musk Too Is Enamored By Taylor Swift — Tesla CEO Lauds Pop Sensation For Creating History By Occupying All 14 Spots Of Hot100</a>
One person commented on his post, suggesting a &#8220;Cyberpunk-themed gala,&#8221; to which Musk did not respond.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I would dig a really classy, crystalline cyberpunk theme for sure!
&mdash; Melissa Merencillo (@seeMOUSErun) <a href="https://twitter.com/seeMOUSErun/status/1787628619071893988?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: The Met Gala is a prestigious annual fundraising event for the benefit of the Metropolitan Museum of Art&#8217;s Costume Institute in Manhattan. It is known for its extravagant fashion and celebrity attendance.
In a separate post, Musk&#8217;s mother, Maye Musk, posted pictures from the 2016 and 2022 Meta Gala, expressing her fond memories and wishing everyone a fun night.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Happy 1st Monday in May. Tonight is the Met Gala &#x1f929;&#x1f929; <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> and I won't be there but here are my memories from 2016 and 2022. Hope everyone has fun tonight. Follow the fashion on <a href="https://twitter.com/voguemagazine?ref_src=twsrc%5Etfw">@voguemagazine</a> <a href="https://twitter.com/XFashion?ref_src=twsrc%5Etfw">@XFashion</a> <a href="https://twitter.com/hashtag/AWomanMakesAPlan?src=hash&amp;ref_src=twsrc%5Etfw">#AWomanMakesAPlan</a> &#x1f4d6; Advice for a Lifetime of Adventure, Beauty, and… <a href="https://t.co/wt6QEgGj1X">pic.twitter.com/wt6QEgGj1X</a>
&mdash; Maye Musk (@mayemusk) <a href="https://twitter.com/mayemusk/status/1787540727896871006?ref_src=twsrc%5Etfw">May 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In 2016, when the theme was &#8220;Manus x Machina,&#8221; she shared the red carpet with her son. The 2022 Met Gala also saw <a href="https://www.benzinga.com/general/entertainment/22/05/26980550/elon-musk-brings-mom-as-date-to-met-gala">Maye Musk as Musk&#8217;s date</a>, as he didn&#8217;t have a significant other to take to the event.&nbsp;
Musk also attended the 2018 and 2021 Met Gala. In 2018, when the theme was &#8220;Heavenly Bodies,&#8221; the tech mogul introduced singer Grimes as his girlfriend. The duo also attended the 2021 Meta Gala together, but only Grimes walked the red carpet.&nbsp;
Read Next: <a href="https://www.benzinga.com/news/24/03/37500497/elon-musks-x-in-hot-water-faces-255m-copyright-lawsuit-over-taylor-swift-beyonc-songs">Elon Musk&#8217;s X In Hot Water, Faces $255M Copyright Lawsuit Over Taylor Swift, Beyoncé Songs</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Image via photos on Shutterstock