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IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) has announced that it will be releasing a new set of artificial intelligence models as open-source software. Additionally, the company has secured a deal with Saudi Arabia to aid in the training of an AI system in Arabic.
What Happened: IBM, based in Armonk, New York, has decided to take a different approach to AI monetization than its competitors. While companies like Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) are keeping their AI models under tight wraps and charging for access, IBM is opting for open access to its models, Reuters reported. 
The company has now introduced its &#8220;Granite&#8221; family of AI models for customization by businesses.
The Granite tools are designed to help software developers write code more efficiently. IBM offers a paid tool, Watsonx, to run the models smoothly within a data center after customization, thereby generating revenue from the models.
IBM&#8217;s CEO, Arvind Krishna, stated, &#8220;We believe we&#8217;re in the early days of generative AI models. Competition at the end of the day is good for buyers. We also want to be safe and responsible.&#8221;
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38906790/bitcoin-price-predicted-to-rise-due-to-demand-and-supply-dynamics-says-analyst-as-k?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Price Predicted To Rise Due To &#8216;Demand And Supply Dynamics,&#8217; Says Analyst As King Crypto Rebounds</a>
Moreover, the Saudi Data and Artificial Intelligence Authority will employ Watsonx to train its &#8220;ALLaM&#8221; Arabic language model, expanding IBM&#8217;s language capabilities to include multiple Arabic dialects.
Why It Matters: This move by IBM to make its AI models open source comes in the wake of a <a href="https://www.benzinga.com/general/social-media/24/05/38897342/reddits-inclusion-of-chatgpt-triggers-ibm-watson-fiasco-d-j-vu-a-recipe-for-disaster">recent controversy</a> surrounding Reddit&#8216;s decision to partner with OpenAI&#8216;s ChatGPT. The move sparked a comparison to the &#8220;infamous IBM Watson fiasco,&#8221; raising concerns about potential pitfalls.
Earlier in April, IBM&#8217;s CEO, Arvind Krishna, <a href="https://www.benzinga.com/news/earnings/24/04/38421190/ibm-ceo-arvind-krishna-teams-up-with-nvidia-to-accelerate-clients-ai-journeys-amid-1b-in-bookings">highlighted the increasing importance</a> of technology in the global economy, particularly in driving productivity and enhancing customer experience. This comes as the company's AI bookings surpass the $1 billion mark, with more clients expected to transition from experimenting to deploying AI at scale for productivity gains.
IBM&#8217;s decision to make its AI models open source also aligns with the global trend of increasing AI adoption. This is particularly relevant in Saudi Arabia, where the need for data centers and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38577767/semiconductors-are-the-new-oil-wealth-manager-says-saudi-arabias-need-for-data-cent">semiconductors is nudging the country</a> towards historic U.S. talks.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38908102/dogecoin-rises-4-45-amidst-anonymous-120-million-doge-transfer-to-robinhood?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Rises 4.45% Amid Anonymous 120 Million DOGE Transfer To Robinhood</a>
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IBM Ventures Into Open-Source AI With 'Granite' Models, Strikes Training Deal With Saudi Arabia For Arabic AI System

The alleged owner of the darknet narcotics marketplace Incognito Market, Rui-Siang Lin, has been arrested and charged in the U.S. for running a multimillion-dollar illegal narcotics operation.
What Happened: Lin, a 23-year-old Taiwanese national, was arrested at the John F. Kennedy Airport in New York on Saturday, <a href="https://www.justice.gov/opa/pr/incognito-market-owner-arrested-operating-one-largest-illegal-narcotics-marketplaces">according</a> to the Department of Justice.
He is accused of operating Incognito Market under the alias &#8220;Pharoah&#8221; from October 2020 to its closure in March, overseeing all aspects of the operation.
Lin faces charges of engaging in a continuing criminal enterprise, narcotics conspiracy, money laundering, and conspiracy to sell adulterated and misbranded medication. 
The first charge, also known as the &#8220;kingpin statute,&#8221; carries a mandatory life sentence. The narcotics conspiracy charge has a mandatory minimum sentence of 10 years and a maximum potential sentence of life in prison. The other two charges carry a combined maximum of 25 years in prison, <a href="https://www.coindesk.com/policy/2024/05/20/alleged-owner-of-darknet-narcotics-bazaar-incognito-market-arrested-in-new-york/?utm_medium=referral&amp;utm_source=feedly&amp;utm_campaign=headlines">according</a> to CoinDesk.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38906790/bitcoin-price-predicted-to-rise-due-to-demand-and-supply-dynamics-says-analyst-as-k?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Price Predicted To Rise Due To &#8216;Demand And Supply Dynamics,&#8217; Says Analyst As King Crypto Rebounds 10% In Last 7 Days</a>
Lin allegedly made millions from the market, which took a 5% cut of every sale. The market had its own &#8220;bank,&#8221; which provided an additional layer of anonymity by allowing users to deposit cryptocurrency into their accounts, which the site then automatically transferred from buyers to sellers, minus the fee.
Why It Matters: The arrest of Lin is the latest in a series of crackdowns on illegal activities in the cryptocurrency space. Earlier in May, a descendant of the Cartier jewelry lineage was <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38645800/this-cartier-descendant-allegedly-used-crypto-to-launder-drug-money">charged with money laundering</a> through cryptocurrency. This case underscores the ongoing efforts to track and dismantle sophisticated financial networks that launder narcotics profits.
These events are in line with the concerns raised by Sen. Elizabeth Warren (D-Mass.), who has been vocal about the <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37356562/elizabeth-warren-takes-a-fresh-jab-at-crypto-industry-asks-why-it-needs-space-for-drug-tra">potential misuse of cryptocurrencies</a> by drug traffickers and other illicit actors. She has proposed legislation to close loopholes in anti-money laundering rules and cut off drug suppliers and cartels from using crypto to fuel their illegal business.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38909768/the-dogecoin-explosion-made-something-click-in-me-veteran-trader-shares-secrets-to-turning?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;The Dogecoin Explosion Made Something Click In Me:&#8217; Veteran Trader Shares Secrets To Turning Pennies Into Millions With Meme Coins</a>
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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>
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Alleged Owner Of Darknet 'Incognito Market' Arrested In New York, Faces Life In Prison For Running Multimillion-Dollar Narcotics Operation

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JD.com Posts Interim Q1 Revenue Of $36M, EPS Of $0.31

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JD.com Announces Proposed Offering Of $1.5B Convertible Senior Notes

SpaceX&#8216;s Starlink internet service is now available across 99 countries and connects 3 million customers, the company said on Monday. 
What Happened: &#8220;Starlink is connecting more than 3M people with high-speed internet across nearly 100 countries, territories and many other markets,&#8221; the company announced on Monday. 
SpaceX CEO Elon Musk took to X to congratulate the team at SpaceX, as well as customers for purchasing Starlink. Ordering Starlink takes just two minutes online and no long-term contract is required, Musk added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congratulations to the <a href="https://twitter.com/SpaceX?ref_src=twsrc%5Etfw">@SpaceX</a> team on passing 3 million customers in 99 countries! And thanks to you for buying <a href="https://twitter.com/Starlink?ref_src=twsrc%5Etfw">@Starlink</a>!
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1792690117947314323?ref_src=twsrc%5Etfw">May 20, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Easy to order online in 2 minutes at <a href="https://t.co/Q1VvqV5G0i">https://t.co/Q1VvqV5G0i</a>. No long-term contract required. <a href="https://t.co/F1XXmZWoRP">https://t.co/F1XXmZWoRP</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1792778957529710727?ref_src=twsrc%5Etfw">May 21, 2024</a></blockquote>
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Musk inaugurated <a href="https://www.benzinga.com/news/24/05/38912234/spacex-ceo-elon-musk-sri-lankan-president-explore-starlink-opportunities-in-fruitful-indonesia-meeti">Starlink in Indonesia over the weekend</a> in person. Starlink also recently went live across over 300 islands in the Republic of Fiji.
&#8220;Bringing connectivity to remote communities radically improves access to education&nbsp;and economic opportunities," Musk said about the<a href="https://www.benzinga.com/news/24/05/38912234/spacex-ceo-elon-musk-sri-lankan-president-explore-starlink-opportunities-in-fruitful-indonesia-meeti"> launch in Indonesia. </a>
Why It Matters: Starlink aims to provide high-speed internet around the world with the help of satellites in low-Earth orbit. According to an analysis by astronomer Jonathan McDowell, SpaceX has launched nearly 6500 satellites, of which nearly 6000 are working. 
Musk&#8217;s SpaceX was<a href="https://www.benzinga.com/news/24/05/38807360/elon-musks-spacex-reportedly-leaves-trail-of-unpaid-bills-worth-at-least-2-5m-amid-texas-expansion"> valued at $180 billion</a> in a tender offer in December. The Starlink segment achieved a <a href="https://www.benzinga.com/news/23/11/35583773/spacex-ceo-elon-musk-says-starlink-business-has-achieved-breakeven-cash-flow-is-an-ipo-on-the-cards">breakeven cash flow </a>a month before in November 2023.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/38932200/elon-musk-hopeful-of-spacex-launching-over-90-of-earths-payload-to-orbit-in-2024-nothing-stopping-co">Elon Musk Hopeful Of SpaceX Launching Over 90% Of Earth&#8217;s Payload To Orbit In 2024: &#8216;Nothing Stopping Competition From Copying Us&#8217;</a>
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SPACE

Elon Musk's Starlink Hits 3M Users Across Nearly 100 Countries

Ahead of Nvidia&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) upcoming earnings report, traders are gearing up for a significant shift in the company&#8217;s stock price.
What Happened: Traders are bracing for a significant shift in Nvidia shares following the company&#8217;s earnings report on Wednesday, Reuters reported on Tuesday. 
Options markets in the U.S. indicate an expected 8.7% swing in Nvidia&#8217;s stock by Friday, as per data from Trade Alert. This move could equate to a market cap fluctuation of $200 billion, surpassing the market cap of about 90% of S&amp;P 500 companies.
Despite this, the anticipated volatility is less than the 16.4% jump seen after Nvidia&#8217;s last quarterly earnings report and lower than the average 12% move priced over the past eight quarters. 
&#8220;Volatility and expectations had been a fair amount higher the last time around,&#8221; said Chris Murphy, co-head of derivative strategy at Susquehanna Financial Group.
Nvidia, which has surged approximately 87% this year, is a key player in the AI industry with a market value of around $2.3 trillion. Wall Street is optimistic about a strong quarterly report from the company. Investor interest has also extended to other sectors benefiting from AI advancements.
BofA strategists, including Gonzalo Asis, noted that AI benefits are expanding to power, commodities, and utilities. They expect Nvidia to contribute 9% of the S&amp;P 500 earnings growth over the next year, compared to 37% in the past year.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38910906/bitcoin-dogecoin-ethereum-retrace-on-profit-taking-by-retail-investors-analyst-predicts-pa?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Dogecoin, Ethereum Retrace On Profit-Taking By Retail Investors: Analyst Predicts Parabolic Rise</a>
Matt Amberson, founder of ORATS, highlighted that implied volatility for out-of-the-money calls and puts is roughly equal, indicating traders are not dismissing the potential for further stock gains. 
&#8220;Traders expect up moves to be as violent as down moves,&#8221; Amberson stated.
Nvidia is projected to report earnings of $5.59 per share and a rise in quarterly revenue to $24.65 billion from $7.19 billion a year ago, according to LSEG data. Steve Sosnick, chief strategist at Interactive Brokers, mentioned that a downturn in Nvidia could challenge investor confidence in the broader AI market. 
&#8220;There is a lot riding on the AI trade,&#8221; Sosnick said.
Why It Matters: Nvidia&#8217;s earnings report is highly anticipated, with analysts expecting strong results. Analysts predict Nvidia will <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38928987/nvidia-q1-earnings-preview-analysts-anticipate-strong-results-top-ai-stock-best-sec">report first-quarter revenue</a> of $24.60 billion. This aligns closely with the LSEG data projections, underscoring the high expectations surrounding Nvidia&#8217;s performance.
Additionally, Nvidia has been a <a href="https://www.benzinga.com/news/24/05/38917167/nvidia-to-rally-around-30-here-are-10-top-analyst-forecasts-for-monday">focal point for analysts</a>, with some predicting a potential rally of around 30%. This optimism reflects the broader market sentiment that Nvidia&#8217;s advancements in AI technology could significantly impact its stock performance.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38908102/dogecoin-rises-4-45-amidst-anonymous-120-million-doge-transfer-to-robinhood?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Rises 4.45% Amidst Anonymous 120 Million DOGE Transfer To Robinhood</a>
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Traders Brace For Major Swing In Nvidia Stock Ahead Of Earnings Report: '...Expect Up Moves To Be As Violent As Down Moves'

Donald Trump&#8217;s ex-lawyer Michael Cohen, who testified in the <a href="https://www.benzinga.com/general/politics/24/05/38920782/will-donald-trump-testify-in-hush-money-criminal-trial">New York hush-money criminal trial, </a>has been forthright with the prosecution team,&#8221; said Danya Perry, the latter&#8217;s counsel in the case, on Monday.
Changed Man: Cohen has been nothing but forthright with the prosecution team, Perry said in an interview on MSNBC&#8217;s ‘Inside&nbsp;with&nbsp;Jen&nbsp;Psaki' show. &#8220;Some of the so-called aha or gotcha moments were given to the defense, care of Michael Cohen,&#8221; she said.
Perry noted that it was Cohen who turned over his phone voluntarily to the District Attorney&#8217;s office, and that is where the defense got the text messages between Cohen and Keith Schiller, who served as Deputy Assistant to President Donald and Director of Oval Office Operations. 
&#8220;And so I think all of this is very much in keeping with, you know, the top line, and the takeaway here is that he has made his peace with his admittedly checkered past and has decided to turn his loyalties away from Mr. Trump and toward his family, his country and to &#8212; and to be cooperative and to be truthful as of the time he made the decision,&#8221; his attorney said. She also noted that Cohen was truthful about the many lies and mistakes he has made along the way.
See Also: <a href="https://www.benzinga.com/24/05/38909586/trump-faces-greater-threat-not-from-michael-cohen-but-from-this-person-says-scaramucci-this-wreckage">Trump Faces Greater Threat Not From Michael Cohen, But From This Person, Says Scaramucci: &#8216;This Wreckage Is Going To Come Back To Haunt Him Come November&#8217;</a>
Pat On Back For Prosecution: Perry also lauded the prosecution, stating that Susan Hoffinger from the prosecution side did a masterful job doing &#8220;what we called drawing the sting and frontloading of that damaging information.&#8221; 
Defense team&#8217;s Todd Blanche may have felt there was only damage he could do by going back to it and revisiting it, she said. A lot of the cross-examination related to collateral matters that really had nothing to do with the core facts of this case and the core testimony from Cohen, she added.
&#8220;It's a sideshow. It's smoke and mirrors, is what defense lawyers sometimes do and I don&#8217;t fault them for doing it, but they really didn&#8217;t want to go to too close to the actual facts and the testimony,&#8221; Perry said.
When asked whether the outcome of the case rests on Cohen&#8217;s credibility, his lawyer said, &#8220;There is a very attentive, very smart jury. I &#8212; I've watched them keenly. They are paying very close attention and they &#8212; they are not missing a beat here.&#8221;
&#8220;So, ultimately, of course, this would be in their hands as soon as next week. And they will decide.&#8221;
Read Next: <a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a>
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Politics

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Trump Fixer Michael Cohen Has Decided To Shift Loyalties From Ex-President To His Country, Says His Counsel: 'Has Made Peace With His Checkered Past'

Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38928987/nvidia-q1-earnings-preview-analysts-anticipate-strong-results-top-ai-stock-best-sec" target="_blank" rel="noreferrer noopener"> earnings, due this week,</a> have put macro and rate concerns on the back burner, with investor attention solely focused on the AI bellwether&#8217;s fiscal-year 2025 first-quarter report. Deepwater Asset Management Managing Partner Gene Munster on Monday offered his take on what to expect from the report when it drops in after the market close on Wednesday.
Disappointment In The Cards?&nbsp;The impending launch of Blackwell, Nvidia&#8217;s new flagship GPU platform, this fall creates a risk for the April, July and even October quarters, said Munster in a post on X, formerly Twitter. Customers may delay or cancel orders for the current H200 flagship chip and wait for the new chips this fall, he said, terming it as the &#8220;Osborne Effect.&#8221;&nbsp;
Osborne Effect refers to customers canceling or deferring orders for the current product in anticipation of the next iteration that would launched imminently.&nbsp;
Munster expects the company to go all out in dampening the Osborne Effect. &#8220;There are rumors that Nvidia will push any customers who delay or cancel orders to the back of the waitlist for any Blackwell,&#8221; he said, adding that he believes the rumors are true.&nbsp;
&#8220;Nvidia is doing what it can to manage the product transition without a blow-up,&#8221; the venture capitalist said. He expects investors to react negatively at first to any potential disappointment and then quickly realize &#8220;today&#8217;s pain is for next quarter&#8217;s gain.&#8221;&nbsp;
Munster expects orders to rebound once the&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38854520/nvidias-new-blackwell-gpus-expected-to-boost-future-revenues-analyst-forecasts" rel="noreferrer noopener">Blackwell series, namely B100 B200, and GB200, are released.</a>
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/how-to-buy-nvidia-stock" rel="noreferrer noopener">How To Buy Nvidia (NVDA) Stock</a>
Forward Outlook:&nbsp;&nbsp;Munster sees any commentary about the July quarter to be extrapolated to what it would mean for calendar year 2025 earnings and revenue growth. The tech investor expects Nvidia to grow by about 85% this year. The current consensus calls for 2025 calendar year earnings growth of about 30% and revenue growth of 28%.
Nvidia shares traded at a surprisingly conservative price-earnings growth ratio of one time and forward price-earnings multiple of 29 times.&nbsp;
&#8220;My sense is results in CY25 will comfortably exceed the 30%. In other words, the AI build is still just starting, and Nvidia will grow faster for longer,&#8221; Munster said.
Analysts, on average, expect Nvidia to report first-quarter non-GAAP earnings per share of $5.12, sharply higher than the 98 cents per share reported a year ago. The consensus calls for nearly 247% revenue growth to $22.58 billion.
Nvidia shares ended Monday&#8217;s session up 2.49% at $947.80, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/register174" rel="noreferrer noopener">Benzinga Pro data.</a>&nbsp;The stock has soared over 91% this year.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38910434/will-nvidias-earnings-stoke-market-rally-further-strategist-weighs-in-i-would-think">Will Nvidia&#8217;s Earnings Stoke Market Rally Further? Strategist Weighs In: &#8216;I Would Think Investors Are Going To Be Nervous&#8217;</a>
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Will Nvidia Q1 Print Disappoint? Munster Sees Near-Term Hit From 'Osborne Effect' But Says AI Stalwart Will 'Grow Faster For Longer'

LOGI

Logitech Launches MeetUp 2, The AI-Driven, Sustainably-Designed Next Generation of Bestselling Video Bar For Huddle Rooms

The Fremont Fire Department on Monday extinguished a fire at&nbsp;Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/01/36820985/teslas-fremont-factory-once-left-for-dead-by-gm-and-toyota-during-great-recession-tops-north-america" rel="noreferrer noopener">Fremont factory</a>, where the company manufactures its Model 3, Y, S, and X vehicles.
What Happened: The 2-alarm fire started in an oven in a two-story building at Tesla&#8217;s Fremont factory, the Fire Department reported. No injuries were reported, and all employees were safe and accounted for.
The department is currently investigating the cause of the fire.
Tesla did not immediately respond to Benzinga&#8217;s request for comment on the incident.
Why It Matters: Tesla&#8217;s Fremont factory, located in California, is one of the largest manufacturing sites in the state. The facility has an installed annual vehicle capacity of 650,000 vehicles, including 100,000 for its premium Model S and X.
Earlier this year, Tesla attributed an&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38068997/elon-musk-dwells-on-wokeness-geopolitics-population-crisis-but-mostly-stays-silent-on-teslas-gloomy" rel="noreferrer noopener">8.5% year-on-year decline</a>&nbsp;in its first-quarter vehicle deliveries to difficulties in ramping up production of the refreshed Model 3 at the Fremont factory, among other reasons.
Price Action: Tesla shares closed 1.4% down at $174.95 in the previous session but were up marginally after the closing bell, according to&nbsp;<a target="_blank" href="https://benzinga.grsm.io/register174" rel="noreferrer noopener">data from Benzinga Pro</a>.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/38931797/countdown-for-starships-4th-flight-begins-as-elon-musk-stresses-effort-in-reworking-shuttle-worth-no">Countdown For Starship&#8217;s 4th Flight Begins As Elon Musk Stresses Effort In Reworking Shuttle: &#8216;Worth Noting No One Has Ever Succeeded In&#8230;&#8217;</a>
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TSLA

Blaze At Tesla's Fremont Factory Quickly Contained: No Injuries Reported

Management

Houlihan Lokey Expands Capital Markets Team With Senior European Hire

Southern California Edison and Lotus Infrastructure Partners today announced they were chosen by the California Independent System Operator (CAISO) to develop, permit, own, operate and maintain new transmission infrastructure that will deliver energy from renewable sources, such as utility-scale solar, wind and battery installations, to Southern California. The companies will build a high-voltage transmission line from Serrano Substation in north-central Orange County to a substation in the vicinity of the retired San Onofre Nuclear Generating Station (SONGS), largely utilizing existing rights of way for the line.

Reported Earlier, Southern California Edison And Lotus Infrastructure Partners Selected By CAISO To Build Major Transmission Project Between San Diego And Orange Counties

MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) co-founder and one of the biggest Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advocates, Michael Saylor, deemed the King Crypto's recent surge as just the beginning, subtly hinting at its enormous potential.
What Happened: Saylor took to social platform X to remark, "The price of $BTC is still less than $0.08M." In other words it was less than $80,000.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The price of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is still less than $0.08M.
&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/1792700888332796278?ref_src=twsrc%5Etfw">May 20, 2024</a></blockquote>
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One of the biggest Bitcoin whales, Saylor cheered other proponents like him, many of whom believe in the cryptocurrency&#8217;s million-dollar potential.
Why It Matters: It is noteworthy that previously Saylor has made <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37085524/with-a-1m-target-for-bitcoin-michael-saylor-reminds-everyone-that-btc-is-still-less-than-0">similar declarations</a>. In February, he reminded his followers on X that the value of Bitcoin was less than $0.05 million. His method of valuing the cryptocurrency in decimals underscores his belief in the asset&#8217;s upside.
He had previously said, &#8220;If Bitcoin is not going to zero then it&#8217;s going to $1 million. If it&#8217;s a legitimate institutional asset then everybody is under-allocated to it.&#8221;
Bitcoin came <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38930747/bitcoin-ethereum-dogecoin-shoot-up-on-one-of-the-best-days-for-crypto-in-2024-amid-ether-e">close to breaking its all-time high on Monday</a>, following a rip above $71,000 for the first time in 7 weeks. The prize digital asset was up 15% over the week, and more than 9% over the month, as investors' risk appetite for cryptocurrencies rose sharply.
Top analysts amped up their bullish expectations for the apex cryptocurrency following the launch of spot Bitcoin ETFs earlier this year. British multinational bank Standard Chartered <a href="https://x.com/CryptoAmb/status/1744636410509066625?s=20">forecasted </a>a surge to $100,000 by the end of the year, and close to $200,000 by the end of 2025.
These predictions appear conservative in comparison to former <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38754464/jack-dorsey-predicts-bitcoin-price-to-hit-at-least-1m-by-2030-hits-that-number-and-goes-be">Twitter Boss' Jack Dorsey's belief</a> in the cryptocurrency hitting $1 million by 2030 or <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38517674/cathie-wood-raises-her-bitcoin-prediction-by-2-3-million-what-1-000-invested-could-be-wort">Ark Invest CEO Cathie Wood's</a> $2.3 million bet by 2030.
Price Action: At the time of writing, Bitcoin was trading at $71,161.22, following a 7.60% increase in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;12gfrli&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNjI1MTA3NC4yMC4xLjE3MTYyNTY3NDUuMC4wLjA.">data from Benzinga Pro.</a> MicroStrategy shares closed Monday's trading session 9% higher at $1,727.24.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38931990/sec-chair-gary-gensler-mocked-by-popular-crypto-analyst-after-spot-ethereum-etf-progress-h">SEC Chair Gary Gensler Mocked By Popular Crypto Analyst After Spot Ethereum ETF Progress: &#8216;His Meltdown Would Be Historic&#8217;</a>
Editor&#8217;s Note: The headline has been updated to correct the spelling of Michael Saylor&#8217;s name.

$BTC

MSTR

Michael Saylor Says 'The Price Of BTC Is Still Less Than $0.08M' As King Crypto Within Touching Distance Of A New ATH

The new nonstop service would provide airline consumers with much-needed choices and competition on the DCA to LAS nonstop route that currently has only one flight per day operated by another airline. If awarded the route, Southwest&reg;&nbsp;projects significantly lower average fares from DCA to LAS, where Southwest offers more than 260 departures a day this summer, creating convenient connecting opportunities from LAS for communities across the western&nbsp;United States, including&nbsp;Hawaii.

Reported Earlier, Southwest Airlines Seeks U.S. Department Of Transportation's Approval For Daily Nonstop Service Between Washington National Airport And Las Vegas

The dividend will be payable on June 14, 2024 to shareholders of record as of June 3, 2024.

Dividends

Reported Earlier, Nicolet Bankshares Increases Quarterly Cash Dividend By 12% To $0.28, Payable June 14, 2024

The net proceeds to OBGC from the Offering are expected to be approximately $297 million, after deducting commissions but before offering expenses payable by OBGC. OBGC&#39;s obligations under the Notes will be guaranteed on a joint and several basis by Owens-Illinois Group, Inc. (&quot;OI Group&quot;) and certain U.S. domestic subsidiaries of OI Group that are guarantors under OI Group&#39;s credit agreement. The Offering is expected to close on May 30, 2024, subject to the satisfaction of customary closing conditions

Reported Earlier, Owens-Brockway Glass Container Prices Private Offering Of $300M  7.375% Senior Notes Offering Due 2032

ALVO

TEVA

Reported Earlier, Teva And Alvotech Announce U.S. Launch Of Simlandi (adalimumab-ryvk), The First Interchangeable High-Concentration, Citrate-Free Biosimilar To Humira

The Company intends to use the net proceeds from the Offering (i) to fund the $21.6 million cost of entering into the capped call transactions (as described below), (ii) to repurchase approximately $50 million of shares of common stock of Parent (&quot;Parent Common Stock&quot;) concurrently with the pricing of the offering of the Exchangeable Notes in privately negotiated transactions effected through one of the initial purchasers or its affiliates and (iii) for general corporate purposes.

Reported Earlier, Spectrum Brands Prices Private Offering Of $300M 3.375% New Exchangeable Senior Notes

SpaceX CEO Elon Musk on Monday reiterated his goal to have his satellite launch company <a href="https://www.benzinga.com/news/23/09/34196320/spacex-sets-new-annual-launch-record-with-62-successful-missions-this-year-aims-for-more-in-remainin">take over 90% of all of Earth&#8217;s payload to orbit</a> later this year while adding that competitors are free to copy the company and its products.
What Happened: &#8220;SpaceX might exceed 90% of all Earth payload to orbit later this year,&#8221; Musk wrote on X, formerly Twitter. &#8220;We file almost no patents, so nothing stopping competition from copying us.&#8221;
The CEO was responding to a report from analytics firm Bryce Tech which pegged the number of launches by SpaceX in the first quarter at 31, China&#8217;s China Aerospace Science and Technology Corporation&nbsp;(CASC) at 9, and Russia&#8217;s Roscosmos at 5.
As per the report, SpaceX launched about 429,125 kgs of spacecraft upmass in Q1, seconded by CASC after launching just 29,426 kgs. SpaceX&#8217;s American rival United Launch Alliance, meanwhile, launched only 1,285 kgs of spacecraft upmass in the quarter. ULA is a joint venture between Lockheed Martin and Boeing.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">SpaceX might exceed 90% of all Earth payload to orbit later this year. Once Starship is launching at high rate, probably &gt;99%. Has to be or we can't build a city on Mars or base on moon. We file almost no patents, so nothing stopping competition from copying us. <a href="https://t.co/XbisD1S5Wy">https://t.co/XbisD1S5Wy</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1792689139470704718?ref_src=twsrc%5Etfw">May 20, 2024</a></blockquote>
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Why It Matters: SpaceX&#8217;s goal of delivering 90% of Earth&#8217;s payload to orbit this year is higher than the 80% payload goal it set last year. SpaceX is also looking to <a href="https://www.benzinga.com/news/23/12/36250824/elon-musks-spacex-envisions-rapid-scaling-aiming-for-144-launches-in-2024">complete 144 launches this year.</a>
For the entirety of 2023, SpaceX only completed 96 launches, marking a 57% year-on-year increase, not including two Starship test flights. The company&#8217;s launch numbers have been steadily increasing, with 26 launches in 2020, 31 in 2021, and 61 in 2022.
Last week, SpaceX President&nbsp;Gwynne Shotwell&nbsp;confirmed on X that the company has<a href="https://www.benzinga.com/news/24/05/38836240/elon-musks-spacex-on-fire-50-launches-done-before-halfway-through-year-94-more-to-go"> already completed 50 missions</a> this year, not including the <a href="https://www.benzinga.com/news/24/03/37737774/starships-hour-long-third-flight-leaves-spacex-ceo-elon-musk-nasa-hopeful-despite-breakdown-over-ind">Starship test flight in March</a>.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/38916065/topgear-says-nearly-bankrupt-fiskers-ocean-arguably-better-built-than-teslas-blockbuster-model-y-but">TopGear Says Nearly Bankrupt Fisker's Ocean ‘Arguably Better Built' Than Tesla's Blockbuster Model Y — But Needs To Come With This Label</a>
Image Credit &#8211; SpaceX

Elon Musk Hopeful Of SpaceX Launching Over 90% Of Earth's Payload To Orbit In 2024: 'Nothing Stopping Competition From Copying Us'

Tesla and SpaceX CEO Elon Musk has <a href="https://www.benzinga.com/news/24/02/37297493/elon-musk-slams-disneys-ad-spending-on-meta-amid-instagrams-child-exploitation-allegations">once again taken a swipe</a> at Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), questioning the advertising choices of companies, including Walt Disney Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>).
What Happened: On Monday, a user on X, formerly Twitter, shared the screenshot of a January 2024 news article titled &#8220;Meta documents show 100,000 kids sexually harassed daily on Facebook, Instagram.&#8221; The user then asked why companies like Disney choose to advertise on Mark Zuckerberg-led Meta and not on <a href="https://www.benzinga.com/news/23/04/31810229/elon-musk-bought-twitter-1-year-ago-a-look-back-at-whats-happened-since-and-what-could-be-next">Musk&#8217;s social media platform X</a>. 
In response, the tech billionaire said, &#8220;Disney is perhaps understandable, but why the others too.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/05/38910973/elon-musk-endorses-this-apple-product-as-great-and-no-its-not-iphone-or-vision-pro?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Endorses This Apple Product As &#8216;Great&#8217; — And, No It&#8217;s Not iPhone Or Vision Pro</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Disney is perhaps understandable, but why the others too
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1792754395597480199?ref_src=twsrc%5Etfw">May 21, 2024</a></blockquote>
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Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: This is not the first time Musk has <a href="https://www.benzinga.com/news/23/12/36165050/elon-musk-has-this-real-question-for-bob-iger-after-disney-halts-ads-on-x">criticized Disney&#8217;s decision</a> to advertise on Meta&#8217;s platforms. It all started in November 2023, when a controversial post by Musk sparked criticism from investors and advertisers. The post in question suggested that Jewish communities were promoting &#8220;hatred against whites,&#8221; to which Musk replied affirming the statement as &#8220;the actual truth.&#8221; 
This started a chain reaction and after International Business Machine <a href="https://www.benzinga.com/news/23/11/35842015/ibm-pulls-adverts-from-elon-musks-x-following-antisemitic-content-allegations">paused advertisements on X</a>, companies like Lions Gate Entertainment, Apple Inc., Oracle, and Disney also pulled the plug. Musk later expressed regret for engaging with the post, labeling it as &#8220;one of the most foolish&#8221; actions he&#8217;s taken on the platform. However, this apology did not reverse the damage completely. 
Since then, Musk has repeatedly targeted Disney CEO Iger and Meta Platforms. For instance, in February earlier this year, he questioned Disney&#8217;s ad spending on Meta amid Instagram&#8217;s child exploitation allegations. The tech mogul also called for <a href="https://www.benzinga.com/news/23/12/36138901/elon-musk-criticizes-real-stand-up-guy-bob-iger-says-disney-ceo-should-be-fired-immediately">Iger to be &#8220;fired immediately&#8221;</a> for continuing to advertise on Facebook and Instagram. 
The Tesla CEO has also been <a href="https://www.benzinga.com/news/24/04/38509476/while-mark-zuckerberg-led-meta-battles-advertiser-complaints-elon-musk-continues-to-thrash-facebook">critical of Zuckerberg&#8217;s Meta citing</a> allegations of Meta&#8217;s Instagram enabling child exploitation on the platform. In November also it was reported that Instagram was suggesting sexualized content of minors via Reels. At the time also, Musk provoked advertisers to take similar actions against Meta as they took with X.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38911195/tesla-ceo-elon-musk-gets-praise-for-launching-starlink-services-in-worlds-largest-archipelagic-natio?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Gets Praise For Launching Starlink Services In World&#8217;s Largest Archipelagic Nation Indonesia: &#8216;Changing The World One Day At A Time&#8217;</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Social Media

Elon Musk Says 'Understandable' Disney Advertises On Mark Zuckerberg's Meta But Questions Why Others Are Going Down The Same Path

PGIM US Large-Cap Buffer 12 ETF - January