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Karsan Otomotiv Sanayii Ve Ticaret AS is engaged in production, import and export of motor vehicles to automotive brands. It provides industrial services to automotive companies and its activities include the production of spare parts for automotive and other vehicles. The operating segments are Bus segment reports production of buses for municipalities, Karsan segment reports the production of commercial vehicles with its own brand, Spare Parts segment represents the production of spare parts and Industrial Sales segment reports the cataphoresis processes and tractor cabin. The group operates in Turkey and internationally and generates the majority of the revenue from the Hyundai segment.

KARSAN OTOMOTIV SNAYII by KARSAN OTOMOTIV SANAYII VE TICARET AS

Karsan Otomotiv Sanayii Ve Ticaret AS

We recently came across an intriguing article that reported on the earnings of a black-market weed dealer the article referred to only as Frank. Using the numbers provided in the article, we decided to calculate just how much Frank could realistically make from selling cannabis on the black market.
<h3 class="wp-block-heading">The Scenario</h3>
According to the Herb.co <a href="https://herb.co/uncategorized/weed-dealer-profits">article</a>, Frank buys a quarter-pound (QP) of cannabis for about $1,000, which seems quite expensive, but we&#8217;ll roll with it.
In Frank's region, weed is typically sold at the following prices:
<ul>
<li>$50 for an eighth&nbsp;(3.5 grams)</li>
<li>$100 for a quarter&nbsp;(7 grams)</li>
<li>$350 for an ounce&nbsp;(28 grams)</li>
</ul>
If Frank sells his product by the ounce, he'll make&nbsp;$400 in profit per QP, netting&nbsp;$100 per ounce. However, if he breaks the quarter-pound into smaller eighths, he'll make a more lucrative&nbsp;$600 in profit per QP, gaining&nbsp;$150 per ounce. 
An impressive 40% return on investment (ROI) for the first scenario, an astonishing 60% for the second.
<h3 class="wp-block-heading">How We Calculated Frank&#8217;s Earnings</h3>
To estimate Frank&#8217;s potential monthly income, we first assumed that he sells one QP of cannabis per week. With this assumption, we calculated his total monthly profits based on both selling strategies: selling by the ounce and by the eighth.
<h4 class="wp-block-heading">Scenario 1: Selling by the Ounce</h4>
<ul>
<li>Cost of a quarter-pound: $1,000</li>
<li>Selling price of an ounce: $350</li>
<li>Profit per ounce: $100</li>
<li>Total profit per QP: 4 ounces × $100 =&nbsp;$400 per QP</li>
<li>Monthly profit: $400 per QP × 4 weeks =&nbsp;$1,600 per month</li>
</ul>
<h4 class="wp-block-heading">Scenario 2: Selling by the Eighth</h4>
<ul>
<li>Cost of a quarter-pound: $1,000</li>
<li>Selling price of an eighth: $50</li>
<li>Profit per ounce: $150 (if sold in eighths)</li>
<li>Total profit per QP: 4 ounces × $150 =&nbsp;$600 per QP</li>
<li>Monthly profit: $600 per QP × 4 weeks =&nbsp;$2,400 per month</li>
</ul>
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<h3 class="wp-block-heading">Impact Of Frequent Customers</h3>
But that's not the whole story. Frank reports having around 10-12 regular customers, with about 4-5 described as &#8220;good, frequent&#8221; customers who visit him every day or every other day. These frequent buyers account for a significant portion of his income. He says that $200 is the most he's made from a single transaction.
Using these details, we estimated Frank's additional monthly income from these frequent customers:
<ul>
<li>Frequent customers: An average of 4.5 customers</li>
<li>Transactions per month per customer: 15 (assuming every other day)</li>
<li>Income per transaction: $200</li>
<li>Monthly income from frequent customers: 4.5 customers × 15 transactions × $200 =&nbsp;$13,500 per month</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40176980/state-by-state-price-of-weed-across-the-u-s-in-august-2024">State By State: Price Of Weed Across The U.S. In August 2024</a>
<h3 class="wp-block-heading">Total Monthly Income</h3>
When we combine Frank's profit from selling his cannabis with the income from his frequent customers, his total monthly income looks like this:
<ul>
<li>Selling by the ounce: $1,600 (monthly profit) + $13,500 (income from frequent customers) =&nbsp;$15,100 per month</li>
<li>Selling by the eighth: $2,400 (monthly profit) + $13,500 (income from frequent customers) =&nbsp;$15,900 per month</li>
</ul>
This is assuming frank has no other associated costs, which are most likely to exist in illegal markets when operating at certain scales.
While these numbers may seem staggering, it's important to remember that Frank operates outside of the legal market. Typically illegal markets charge higher prices because of the implied risks.
In the regulated cannabis industry, businesses face operational costs, including taxes, compliance fees and overhead expenses such as storefronts, employee wages and security measures. These costs significantly reduce the profit margins of legal cannabis companies.
<h3 class="wp-block-heading">Comparing To Legal Cannabis Businesses</h3>
But legal dispensaries play a crucial role in ensuring the safety and health of consumers. By adhering to strict regulations, legal businesses offer products that are <a href="https://www.benzinga.com/24/07/39795191/are-cannabis-products-safer-now-inside-the-new-testing-standards">tested for quality</a>, potency, and <a href="https://www.benzinga.com/markets/cannabis/24/04/38392257/study-finds-unsafe-levels-of-toxic-metals-in-commercially-available-cannabis-rolling-papers">harmful contaminants</a>. While <a href="https://www.benzinga.com/general/biotech/24/06/39173830/cannabis-taxes-weight-potency-or-price-impact-on-businesses-patients-consumers">taxes</a> and compliance costs—such as licensing, packaging, and marketing—may seem high, they ensure that cannabis is sold responsibly, in environments that prioritize consumer safety. The costs of ensuring safety and accountability are well worth it when weighed against the risks of unregulated products.
Frank&#8217;s ability to pull in between&nbsp;$15,100 and $15,900 per month&nbsp;is a testament to the profitability of the <a href="https://www.benzinga.com/markets/cannabis/24/07/40045638/cannabis-shops-are-selling-like-crazy-one-year-after-legalization-in-maryland-but-black-market-p">black market</a>, despite growing legalization efforts. 
The black market thrives on its ability to bypass the regulatory and tax burdens that weigh down legal sellers. 
While the profits may be enticing, operating in the black market comes with its own set of risks, especially the potential legal penalties if caught.
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/08/40638186/in-amsterdam-style-california-senate-moves-to-legalize-cannabis-farmers-markets-and-cafes">In Amsterdam Style, California Senate Moves To Legalize Cannabis Farmers Markets And Cafes</a></li>
</ul>
Cover: AI generated image

Cannabis

News

Legal

Economics

How Much Does Cannabis Black Market Dealer 'Frank' Make Per Month?

Billionaire NFL owner Shahid Khan has made his superyacht available for charter, offering a unique opportunity for those willing to shell out a cool $3 million a week.
What Happened: The superyacht, christened Kismet, is the property of Khan, the owner of the NFL&#8217;s Jacksonville Jaguars. The yacht is all set to make its first appearance at the Monaco Yacht Show later this month. Khan, who boasts a net worth of $13.3 billion as per Forbes, has officially put his new yacht up for charter.
The 122-meter luxury vessel is designed to accommodate up to 12 guests, with a crew of 36 at their disposal. It features a Balinese-inspired spa, a gym, a basketball court, and a pickleball court among other amenities. 
According to the report <a href="https://www.businessinsider.com/billionaire-nfl-owner-shahid-khan-superyacht-available-to-charter-price-2024-9">by</a> Business Insider, The yacht also includes three pools, four bars, an outdoor cinema, a DJ booth, and a grand piano.
Khan&#8217;s former superyacht, also named Kismet, was purchased by ex-Google CEO Eric Schmidt last year. The new Kismet, constructed by German shipyard Lürssen, is the largest yacht to be showcased at the Monaco Yacht Show.
Also Read: <a href="https://www.benzinga.com/news/23/11/35863341/a-retiree-was-planning-to-pay-1-million-to-live-on-a-luxury-cruise-ship-until-he-changed-his-mind-is">A Retiree Was Planning To Pay $1 Million To Live On A Luxury Cruise Ship — Until He Changed His Mind: &#8216;Is This Going To Happen In My Lifetime?&#8217;</a>
&#8220;The yacht has exceeded all expectations of the client for whom we have built his third yacht in total,&#8221; said Peter Lürssen, a managing partner at Lürssen.
While the charter fee may appear steep, additional expenses such as provisions, gratuities, and taxes can inflate the total cost of a week aboard the Kismet to a staggering $5.4 million.
Why It Matters: This move by Khan signifies a growing trend among billionaires to monetize their luxury assets. It also highlights the increasing demand for ultra-luxury experiences among the super-rich, who are willing to pay premium prices for exclusive experiences. 
The charter of Kismet also underscores the popularity of superyachts as a symbol of opulence and status among the world&#8217;s wealthiest individuals. 
The fact that Khan&#8217;s previous yacht was bought by another high-profile billionaire, Eric Schmidt, further emphasizes this point.
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Entertainment

Sports

NFL Billionaire's Superyacht Up For Charter, Here's How Much It'll Cost You

In Berlin, a unique medical clinic has been quietly addressing the needs of a growing, underserved patient population: individuals experiencing lingering and disruptive effects from <a href="https://www.benzinga.com/markets/psychedelics">psychedelic substances</a>. Known as the Ambulanz Psychedelische Substanzen (Outpatient Clinic for Psychedelic Substances) and based at Charité, one of Germany's most prestigious university hospitals, the clinic was founded by psychiatrist Dr. Tomislav Majić in 2018. As The Guardian <a href="https://www.theguardian.com/wellness/article/2024/sep/06/psychedelics-side-effects-risks-clinic-berlin">reported</a>, since its inception, the clinic has become a rare haven for people suffering from conditions like hallucinogen persisting perception disorder (HPPD), anxiety and derealization after using psychedelics.
The surge in public interest surrounding psychedelics has largely focused on their potential therapeutic benefits. From treating depression and <a href="https://www.benzinga.com/topic/ptsd">PTSD</a> to aiding end-of-life anxiety, substances like psilocybin, <a href="https://www.benzinga.com/topic/mdma">MDMA</a>, and <a href="https://www.benzinga.com/topic/lsd">LSD</a> are becoming part of a new frontier in mental health treatment. However, as more people experiment with these substances recreationally or as part of self-exploration, some are left grappling with unexpected and sometimes long-term side effects.
<h3 class="wp-block-heading">When The Psychedelic Experience Persists</h3>
One such patient is James (a pseudonym to protect his privacy), who experienced a profound and distressing shift in his vision after taking psychedelic mushrooms. "I couldn't read the text on my computer screen," James recalled to The Guardian, adding that his entire visual field was filled with static. After seeking help from doctors in London, he found little support. "I was told, ‘This is why we don't do drugs,'" James said. It was clear that traditional medical professionals were not equipped to handle his symptoms.
Like many, James turned to online forums and self-diagnosed himself with HPPD, a condition where visual disturbances persist long after the drug's effects should have faded. Eventually, he found his way to Dr. Majić's clinic in Berlin. There, James received an official diagnosis and, for the first time, felt heard and understood. "The approach was completely different—nonjudgmental and focused on finding solutions," he said, per the outlet.
The clinic treats a wide range of symptoms stemming from psychedelic use. Patients arrive with conditions such as HPPD, depersonalization, psychosis, or even recurring panic attacks triggered by their drug experiences. "There are a lot of patients who suffer from psychedelic-related problems," Dr. Majić said. "They don't have anywhere to go."
<h3 class="wp-block-heading">The Clinic's Approach</h3>
The Berlin clinic operates with a harm reduction philosophy. The staff does not advise patients to stop using psychedelics entirely but rather helps them understand what might have led to their difficulties. By diagnosing the specific issue and offering a combination of medication, psychotherapy and support, they provide critical assistance to those in need. Many patients come to the clinic in search of answers after struggling for months—or even years—with their symptoms. The clinic serves about 10 to 15 patients per month, and Majić has noted the high demand despite no formal advertising.
Psychedelics have different risk profiles than traditional drugs, and while they are not known to be physically addictive or prone to causing overdose, they can lead to challenging psychological experiences. For some, a single difficult trip spirals into lasting mental health issues that they find impossible to shake without proper intervention.
<h3 class="wp-block-heading">Global Context: Persistent Side Effects</h3>
The effects of psychedelics, particularly those that persist long after the trip, are only now gaining attention from researchers. A 2023 <a href="https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0293349#sec001">study</a> by the Challenging Psychedelic Experiences Project surveyed 608 people about their long-term symptoms after psychedelic use. The findings were startling: about a third of respondents had been dealing with their symptoms for over a year. Emotional difficulties, including heightened anxiety and existential confusion, were common themes.
For some, the aftermath of a psychedelic experience leaves them grappling with existential questions that they struggle to integrate into their daily lives. Richard, another patient of the clinic, developed visual disturbances after using DMT. "I have sensitivity to light, which lingers in my vision like an afterglow," he shared with The Guardian. The anxiety that followed his trip evolved into what Dr. Majić referred to as ontological shock—an overwhelming confrontation with existential thoughts and the nature of reality.
"This type of experience is not a psychiatric disorder," explained Majić, "but it's disruptive, and people find it difficult to make sense of."
<h3 class="wp-block-heading">Expanding Support Beyond Berlin</h3>
While Berlin's psychedelic clinic is one of the few places offering specialized care for these conditions, other resources are emerging. Jules Evans, the director of the Challenging Psychedelic Experiences Project, runs an online peer <a href="https://www.ecstaticintegration.org/p/can-support-groups-make-psychedelic">support group</a> for people dealing with similar issues. Other organizations, like the Fireside Project, offer peer support hotlines. Additionally, groups dedicated to psychedelic integration, which help users process and understand their psychedelic experiences, are growing, though they often lack standardization.
The rise of psychedelics in mainstream consciousness has outpaced the infrastructure needed to support people when things go wrong. Most conventional psychiatrists lack the training to address issues that are not directly related to substance abuse but are tied to a single traumatic drug experience. "People are often told to go to addiction clinics, but that's not the problem," said Majić. "They're struggling with the aftereffects, not continued use."
<h3 class="wp-block-heading">A Future For Psychedelic Medicine</h3>
Despite these challenges, Dr. Majić remains optimistic about the future of psychedelics in medicine. He is also involved in clinical trials studying the use of <a href="https://www.benzinga.com/topic/psilocybin">psilocybin</a> for treatment-resistant depression and <a href="https://www.benzinga.com/topic/dmt">5-MeO-DMT</a>, a powerful psychedelic, for other <a href="https://www.benzinga.com/topic/psychedelic-assisted-therapies">mental health conditions</a>. "They can be beneficial," he said. "But they're also harmful for some."
Cover image made with AI

Psychedelics

Health Care

When Psychedelics Go Wrong: Inside Berlin's Specialized Clinic For Psychedelic Side Effects

Minnesota Timberwolves star Rudy Gobert has been under fire due to his perceived defensive limitations. Now, NBA legend Eddie Johnson has stepped up to defend Gobert.
What Happened: During a SiriusXM NBA Radio interview, Johnson expressed his bewilderment at the public&#8217;s perception of Gobert. He acknowledged that Gobert should address the criticism, but was puzzled by the focus on Gobert&#8217;s shortcomings rather than his strengths.
Gobert, a four-time Defensive Player of the Year winner, has been a significant defensive presence in the league. However, his performance has been under scrutiny, particularly in recent seasons, due to his struggle to adapt to the evolving requirements of the modern game, <a href="https://thesportsrush.com/nba-news-constant-hate-towards-rudy-gobert-has-nba-legend-dumbfounded/">reports</a> SportsRush.
<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">Why does Rudy Gobert get criticized at times by other players?<a href="https://twitter.com/Jumpshot8?ref_src=twsrc%5Etfw">@jumpshot8</a> would like an answer to that question <a href="https://t.co/tMBMlgtzql">pic.twitter.com/tMBMlgtzql</a>
&mdash; SiriusXM NBA Radio (@SiriusXMNBA) <a href="https://twitter.com/SiriusXMNBA/status/1832065526312686027?ref_src=twsrc%5Etfw">September 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
"This is something that Rudy Gobert has to address, because, obviously, his demeanor on the court, maybe he is saying stuff to players that we are not privy to hearing, and maybe that's part of it. But the vitriol against this man, it baffles me,&#8221; he said during the podcast. 
Also Read: <a href="https://www.benzinga.com/markets/cannabis/24/04/38433102/nba-all-star-rudy-gobert-becomes-brand-ambassador-for-cannabis-company-leef-brands-supporting-ch">NBA All-Star Rudy Gobert Becomes Brand Ambassador For Cannabis Company LEEF Brands, Supporting Children&#8217;s Charity</a>
He also said, "When you got a guy that's a defensive marvel of freaking nature. But he has people nitpick on the things that he can't do at a high level.&#8221;
His five-year, $205 million contract has been a source of mockery amidst his defensive struggles. Several NBA players, including Shaquille O&#8217;Neal, have publicly questioned the logic behind this deal.
O&#8217;Neal&#8217;s harsh criticism led to Gobert defending himself on social media, a rare occurrence that earned him some support. This incident may encourage Gobert to continue voicing his stance in the future.
Why It Matters: The criticism towards Gobert&#8217;s defensive abilities has been a hot topic in the NBA community. Despite being a four-time Defensive Player of the Year, Gobert&#8217;s struggles to adapt to the modern game&#8217;s demands have raised questions about his worth, especially considering his hefty contract.
Public figures like O&#8217;Neal questioning the rationale behind Gobert&#8217;s contract has added fuel to the fire. However, the support from NBA legend Eddie Johnson could potentially shift the narrative and bring more focus to Gobert&#8217;s strengths rather than his weaknesses.
As Gobert continues to face criticism, his response and performance in the upcoming seasons will be crucial in shaping his legacy in the NBA.
Read Next
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This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

NBA Legend Eddie Johnson Defends Rudy Gobert Amidst Mounting Criticism: 'The Vitriol Against This Man Baffles Me'

In the latest poll conducted by The New York Times/Siena College, Vice President Kamala Harris and former President Donald Trump are nearly tied, setting the <a href="https://www.benzinga.com/news/24/09/40669286/harris-vs-trump-this-candidate-leading-in-numerous-polls-transforming-political-landscape">stage for a riveting presidential debate</a> on Tuesday night.
What Happened: The poll, carried out between Sept. 3 and 6, shows a tight race between Harris and Trump. With 47% of likely voters backing Harris and 48% supporting Trump, the two are separated by just a single point.
This <a href="https://www.nytimes.com/2024/09/08/us/politics/trump-and-harris-times-siena-poll.html">poll</a> comes on the heels of the second presidential debate, and the first between Harris and Trump. The previous debate in June saw President Joe Biden and Trump face off, after which Biden withdrew from the 2024 race, endorsing Harris.
According to the Times/Siena poll, only 30% of likely voters believe the United States is heading in the right direction, while 60% disagree. Harris, however, leads Trump by 3.8 percentage points in an average of national polls from The Hill/Decision Desk HQ.
Also Read: <a href="https://www.benzinga.com/news/24/09/40761916/trump-vs-harris-majority-of-americans-anticipate-peaceful-2024-power-transfer-if-this-candidate-wins">Trump Vs Harris: Majority Of Americans Anticipate Peaceful 2024 Power Transfer If This Candidate Wins</a>
Despite her national lead, Harris faces a stiffer competition in swing states such as Georgia and Arizona. In these states, Harris holds a slim 0.4% lead and is neck-and-neck with Trump, respectively, according to averages of polls from The Hill/Decision Desk HQ.
The poll, which surveyed 1,695 registered voters, has a 2.8 percentage point margin of sampling error.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/08/40666453/scaramucci-trump-is-in-trouble-and-he-knows-it-slams-him-on-conflicting-abortion-statements-hes-shot" target="_blank" rel="noreferrer noopener">Scaramucci: ‘Trump Is In Trouble And He Knows It', Slams Him On Conflicting Abortion Statements: ‘He's Shotgunning Out Statements And Words'</a>
Why It Matters: The upcoming presidential debate is crucial for both candidates. The nearly equal support for Harris and Trump underscores the importance of their performances in the debate. With the race so close, every point counts, and the debate could be a game-changer.
The poll results also highlight the divided opinion among voters about the direction of the country. This could be a significant factor in the election, as candidates will need to address these concerns effectively to win over undecided voters.
Moreover, the tight race in swing states like Georgia and Arizona could determine the outcome of the election. These states have historically been decisive in close elections, and the candidates&#8217; ability to win over voters in these states could be pivotal.
Read Next:
<a href="https://www.benzinga.com/news/24/08/40301432/kamala-harris-surges-ahead-of-trump-in-key-states-young-americans-bank-on-harris-for-economic-reviva" target="_blank" rel="noreferrer noopener">Kamala Harris Surges Ahead Of Trump In Key States, Young Americans Bank On Harris For Economic Revival</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Politics

Trump Vs Harris: Candidates Tied In Key Poll As Crucial Debate Nears

Dave Ramsey doesn&#8217;t sugarcoat when it comes to debt. In a recent post on X (formerly Twitter), he said, "You're never going to win with money as long as you're paying payments." Plain and simple. Ramsey says it's no accident people are struggling with money. The system's designed to keep you in debt, and as long as you&#8217;re making payments, someone else is getting rich – just not you.
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In his Aug. 29 post, he didn't hold back. "Everyone else is getting rich with your money, and you're helping them," he wrote. He's calling it how he sees it. "THEY have a plan, and WE are just wandering around wondering why we're broke." According to Ramsey, so many people are stuck living paycheck to paycheck because they're playing by someone else's rules, and those rules are designed to keep you in debt.
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He paints a picture of what that looks like. You're on the hamster wheel, working hard, running nonstop, but getting nowhere. "You'll work your butt off and feel like a rat in a wheel," he says. As long as you're making payments – to banks, credit card companies, car loans – you'll never get ahead – end of story.
So, what's the fix? Ramsey says it's about using your most powerful <a href="https://www.benzinga.com/personal-finance/24/08/40583428/you-cant-earn-your-way-out-of-stupidity-dave-ramsey-on-why-60k-earning-teachers-often-become-mil">wealth-building tool: your income. </a>But if your money's all tied up in payments, you're just making everyone else rich instead of yourself.
See Also: <a href="https://www.benzinga.com/money/irs-finalizes-10-year-rule-adv">IRS Finalizes 10-Year Rule For Retirement Withdrawals, Making Things &#8216;Even More Insanely Complicated&#8217;</a>
In a video on Jul. 3, he digs deeper. Ramsey says, "When you give your income to someone else, you don't have it anymore." And without it, you can't save, can't invest. That's why his advice is clear: stay out of debt.
He doesn't pull punches. Borrowing money for granite countertops or that fancy car? "Stupid," he says. In his book,<a href="https://www.benzinga.com/startups/24/08/40628423/robert-kiyosaki-proudly-admits-i-am-1-2-billion-in-debt-while-dave-ramsey-warns-debt-always-equals-r"> there's no such thing as good debt.</a> "The only good debt is paid-off debt," he wrote in one of his blogs.
At the heart of Ramsey's message? Taking control of your money. "It's time to break the cycle," he says. Getting out of debt is like unlocking your potential. Trying to build wealth while still paying off debt? It's like running a marathon with your feet chained. Time to cut those chains, according to Ramsey.
Trending: The number of ‘401(k)' Millionaires is up 43% from last year —<a href="https://www.benzinga.com/money/401k-millionaires">Here are three ways to join the club.</a>
Ramsey's approach is about living intentionally with your money. When payments do not tie you down, he says, you're free to invest, save, and build wealth.
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Personal Finance

Dave Ramsey Says: 'You'll Never Win With Money While Paying Payments' – The Real Cost Of Debt

President Joe Biden has reportedly spent approximately 40% of his tenure on vacation, totaling 532 days in less than four years.
What Happened: According to data compiled by the Republican National Committee, the average American, who receives 11 vacation days annually, would need about 48 years to match the number of days off President Biden has taken.
Mark Paoletta, former general counsel of the White House budget office under ex-President Donald Trump, criticized Biden&#8217;s frequent vacations amidst national issues such as inflation, border security, and international tensions.
The RNC pointed out that Biden&#8217;s recent vacation in Rehoboth Beach, Delaware, marked his &#8220;16th straight day on vacation,&#8221; <a href="https://nypost.com/2024/09/07/us-news/biden-took-48-years-worth-of-vacation-while-president/">reports</a> The New York Post.
Speculation has been rife that Biden&#8217;s low public profile since late July is due to disagreements with fellow Democrats, including former House Speaker Nancy Pelosi.
Also Read: <a href="https://www.benzinga.com/general/biotech/24/07/39891746/bidens-exit-from-presidential-race-yet-another-curveball-for-equity-investors-analysts">Biden&#8217;s Exit From Presidential Race &#8216;Yet Another Curveball For Equity Investors&#8217;: Analysts</a>
Despite assurances from presidential aides that Biden continues to work remotely during his breaks, his vacation ratio significantly surpasses that of former Presidents Donald Trump, Ronald Reagan, and Barack Obama.
Why It Matters: President Biden&#8217;s frequent vacations have raised eyebrows, particularly in light of pressing national and international issues. His time off has been criticized by many, including former White House officials, who argue that the President&#8217;s focus should be on addressing these challenges.
The speculation around Biden&#8217;s low public profile and potential disagreements with fellow Democrats also adds to the controversy. These factors, combined with the comparison to former Presidents, underscore the significance of this issue.
The report&#8217;s findings could potentially impact public perception of the President and his administration, and may influence future political discourse and decision-making. 
The extent of this impact, however, remains to be seen.
Read Next
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Photo: Shutterstock

Biden Took 48 Years' Worth Of Average Worker's Vacation Days In Less Than Four Years As President

Bill Gates, co-founder of Microsoft, has addressed the widespread conspiracy theory that accuses <a href="https://www.benzinga.com/news/24/02/37058173/heres-what-bill-gates-said-he-would-ask-a-time-traveler-from-the-year-2100">him of implanting microchips in COVID-19 vaccines</a>.
What Happened: Gates was once confronted by a woman who believed in this theory. To this, Gates responded, &#8220;I really don&#8217;t need to track you in particular.&#8221;
Gates expressed his astonishment at being implicated in such conspiracy theories during an interview <a href="https://www.cnet.com/tech/services-and-software/bill-gates-talks-to-cnet-about-ai-misinformation-and-climate-change/">with</a> CNET. In 2022, he addressed the misinformation on X, stating, &#8220;Some of it like me putting chips in arms doesn&#8217;t make sense to me — why would I want to do that?&#8221;
Conspiracy theorists have also cast doubts on Gates&#8217; extensive farmland purchases. Gates, who owns approximately 275,000 acres, is the largest private farmland owner in the US. 
According to a report <a href="https://www.businessinsider.com/bill-gates-conspiracy-theory-covid-vaccine-microchips-response-2024-9">by</a> Business Insider, during a Reddit Ask Me Anything session, Gates clarified, &#8220;I own less than 1/4000 of the farmland in the U.S. I have invested in these farms to make them more productive and create more jobs. There isn&#8217;t some grand scheme involved — in fact all these decisions are made by a professional investment team.&#8221;
Also Read: <a href="https://www.benzinga.com/news/24/08/40429632/book-bill-gates-leadership-instills-fear-created-kings-court-like-atmosphere-at-foundation">Bill Gates&#8217; Leadership Instills Fear, Created &#8216;King&#8217;s Court-Like&#8217; Atmosphere At Foundation</a>
Gates has since developed a humorous outlook on these conspiracy theories, telling the BBC, &#8220;When people say that I want to track everyone — why do I want to track everyone?&#8221;
Why It Matters: Conspiracy theories surrounding Gates and the COVID-19 vaccine have been circulating for a while now. These theories have not only been a source of misinformation but have also led to a significant amount of public distrust in the vaccine. 
Gates&#8217; responses to these theories are crucial in debunking them and restoring public faith in the vaccine. 
His investments in farmland and his efforts to make them more productive also highlight his commitment to creating more jobs and contributing to the economy.
Read Next
<a href="https://www.benzinga.com/news/24/08/40147612/new-book-claims-bill-gates-was-banned-from-being-alone-with-interns-at-microsoft" target="_blank" rel="noreferrer noopener">New Book Claims Bill Gates Was Banned From Being Alone With Interns At Microsoft</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Tech

Woman Once Confronted Bill Gates On The Street Over Vaccine Conspiracy — Here's What He Said

Shortly ahead of Monday&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40696588/exclusive-apples-iphone-16-launch-will-be-disappointment-before-the-excitement-gene">iPhone 16 launch event</a>, Bloomberg columnist Mark Gurman delved into the supercycle which many are anticipating following the launch of the newest iteration of the Apple, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) flagship product.
Gurman Dampens Hopes: Expectations of some analysts that the Apple Intelligence will set off a long-awaited super cycle for the new iPhone 16 may not materialize, <a href="https://www.bloomberg.com/news/newsletters/2024-09-08/apple-event-staggered-ai-rollout-and-same-iphone-design-means-no-super-cycle-m0tkgzqg?srnd=undefined">said</a> Gurman in his latest Power On newsletter. These analysts foresee a rush of upgrades following pent-up demand on the premise that consumers are excited about AI right now, he said.
Providing a &#8220;dose of reality,&#8221; Gurman said, &#8220;a super cycle is simply unlikely this year.&#8221;
Macroeconomics may party hinder any potential super cycle, the columnist said, adding that smartphone softness is ongoing in China and other consumers elsewhere are also holding tight to their money. 
The bigger issue boils down to the AI technology itself, the Apple specialist said. The new iPhones will look nearly identical to last year&#8217;s models except for some minor camera upgrades and other features, he said. These upgrades may not motivate consumers to upgrade, he added. 
Thirdly, Apple Intelligence tools may be a big part of Monday&#8217;s launch event, but it will increasingly become clear that consumers will have to wait for the best AI features, Gurman said.
See Also: <a href="https://www.benzinga.com/money/best-artificial-intelligence-stocks">Best AI Stocks</a>
AI Pushbacks: Apple Intelligence isn&#8217;t fully baked and the initial version will likely miss many features, including OpenAI&#8217;s ChatGPT, said Gurman. He also noted that Apple Intelligence won&#8217;t be available in the European Union &#8211; a key market for Apple and which includes countries such as Italy, France, Spain, Sweden and Germany. It also won't be ready for China, another crucial overseas market, he added.
Many consumers aren&#8217;t well versed with AI and therefore they won&#8217;t understand why they would even need Apple Intelligence, the columnist said, adding that it may take several months for the company to explain the benefits of the technology.
The introduction of Apple Intelligence will be slow and staggered, and when the iPhone 16 ships later this month it won&#8217;t have the capabilities, Gurman said. He expects the features to start rolling out as part of the iOS 18.1 software updates in October.
The beta version of iOS 18.1 showed features that &#8220;summarize notifications and web content,&nbsp;tools to improve writing,&nbsp;a way to remove people or objects from images and automated transcriptions of phone calls, and prioritization of important emails&nbsp;within the Apple Mail app,&#8221; Gurman said.
Apple has decided to delay new image-generation features to iOS 18.2, which will release in December, he said. &#8220;That includes the Image Playground app and the Genmoji capability, which uses&nbsp;AI to make emoji&nbsp;based on inputted text,&#8221; he said.
&#8220;This spread-out&nbsp;approach means it's&nbsp;unlikely for the AI platform to be compelling enough to drive serious upgrades this year,&#8221; Gurman said. But Apple should be in a stronger position when it is time for the next iPhone, which is in the fall of 2025, he said.
&#8220;Don't&nbsp;believe the hype about an iPhone 16 super cycle. But you can start believing in one for the iPhone 17 next year,&#8221; he added.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/09/40744895/elon-musk-left-in-awe-as-apple-sells-1-4m-iphones-every-2-days-an-insane-growth-from-its-launch-">Elon Musk Left In Awe As Apple Sells 1.4M iPhones Every 2 Days — An &#8216;Insane&#8217; Growth From Its Launch Year</a></li>
</ul>

Media

AAPL

'Don't Believe The Hype About An iPhone 16 Super Cycle,' Gurman Says: 'Consumers Will Have To Wait For The Best AI Features'

These ten mid-cap stocks were the best performers in August. Are they in your portfolio?
<ol>
<li>Polestar Automotive Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) shares jumped 74.19%. It reported <a href="https://www.benzinga.com//node/40629765" target="_blank" rel="noreferrer noopener">strong second-quarter deliveries</a>.</li>
<li>Upstart Holdings, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>) stock escalated 67.32% after the company reported better-than-<a href="https://www.benzinga.com//node/40322490" target="_blank" rel="noreferrer noopener">expected second-quarter results</a>.</li>
<li>Lumen Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) shares rocketed 58.13%. It reported <a href="https://www.benzinga.com//node/40204727" target="_blank" rel="noreferrer noopener">mixed second-quarter results</a>.</li>
<li>GDS Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GDS#NASDAQ">GDS</a>) shares rose 52.46%. The company reported a better-than-consensus <a href="https://www.benzinga.com//node/40487035" target="_blank" rel="noreferrer noopener">second-quarter loss per share</a>.</li>
<li>Tempus AI, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEM#NASDAQ">TEM</a>) stock gained 51.17%. The stock got a boost from investments by Google<a href="https://www.benzinga.com//node/40419923" target="_blank" rel="noreferrer noopener"> and </a><a href="https://www.benzinga.com//node/40419923" target="_blank" rel="noreferrer noopener">SoftBank Group Corp</a><a href="https://www.benzinga.com//node/40419923" target="_blank" rel="noreferrer noopener"> (OTCPK: SFTBF)</a>.</li>
<li>Clear Secure, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOU#NYSE">YOU</a>) shares were up 46.81%. It reported <a href="https://www.benzinga.com//node/40181525" target="_blank" rel="noreferrer noopener">better-than-expected quarterly results</a>.</li>
<li>Iovance Biotherapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IOVA#NASDAQ">IOVA</a>) stock jumped 42.89%. The company issued upbeat guidance for 2024 and 2025 and better-than-<a href="https://www.benzinga.com//node/40288203" target="_blank" rel="noreferrer noopener">expected second-quarter earnings</a>.</li>
<li>Evolent Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVH#NYSE">EVH</a>) shares escalated 42.51%. The company initiated an auction process after receiving takeover inquiries from private<a href="https://www.benzinga.com//node/40529349" target="_blank" rel="noreferrer noopener"> equity firms and healthcare providers</a>.</li>
<li>Semtech Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>) stock rose 42.23%. It reported a <a href="https://www.benzinga.com//node/40587744" target="_blank" rel="noreferrer noopener">second-quarter earnings beat</a>.</li>
<li>AST SpaceMobile, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASTS#NASDAQ">ASTS</a>) shares grew 42.07%. The company announced that it&#8217;s on track to launch five <a href="https://www.benzinga.com//node/40398813" target="_blank" rel="noreferrer noopener">satellites in early September</a>.</li>
</ol>
Also Read:
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<li><a href="https://www.benzinga.com/news/large-cap/24/09/40764288/affirm-shopify-and-starbucks-were-among-top-10-large-cap-best-performers-for-august-are-the-others" target="_blank" rel="noreferrer noopener">Affirm, Shopify And Starbucks Were Among Top 10 Large Cap Best Performers For August: Are The Others In Your Portfolio?</a></li>
<li><a href="https://www.benzinga.com/news/large-cap/24/09/40764325/intel-moderna-and-dollar-general-were-among-top-10-large-cap-losers-in-august-are-the-others-in-yo" target="_blank" rel="noreferrer noopener">Intel, Moderna And Dollar General Were Among Top 10 Large Cap Losers In August: Are The Others In Your Portfolio?</a></li>
</ul>
Photo via Company

Asia

Mid Cap

Movers

ASTS

IOVA

LUMN

PSNY

SFTBF

SMTC

UPST

AST SpaceMobile And Polestar Automotive Are Among Top 10 Best Performing Mid-Cap Stocks in August: Are The Others In Your Portfolio?

Tesla Inc (NASDAQ: <a href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) CEO Elon Musk has identified successors for his companies and he&#8217;s leaving his children out of the picture. He doesn&#8217;t even plan to hand over any of his<a href="https://www.benzinga.com/news/24/05/38662366/heir-apparent-departs-elon-musks-rumored-tesla-successor-leaves-north-america-to-sharpen-focus-on-ch"> voting shares to his kids</a>. 
What To Know:&nbsp;According to a Business Insider&nbsp;<a href="https://www.businessinsider.com/elon-musk-doesnt-plan-to-give-companies-to-kids-2023-5?utm_medium=social&amp;utm_source=facebook&amp;utm_campaign=business-sf&amp;fbclid=IwAR1_jxbgNbyCpKFtOG-kp0bJglsVvlRk09gsTI3MmeWujLQrtzbDOTJutKk">report</a>&nbsp;citing an interview at the Wall Street Journal&#8217;s CEO Council, Musk has identified recommended successors for his companies if something were to happen to him, but none of the candidates are his children.
The Tesla CEO actually believes it&#8217;s wrong for executives to pass companies down or even give voting shares to their offspring.&nbsp;
&#8220;I am definitely not of the school of automatically giving my kids some share of the companies &#8230; I think that&#8217;s a mistake,&#8221; Musk reportedly said in the interview.&nbsp;
Musk&#8217;s son X Æ A-12 might be the most well-known of Musk&#8217;s kids, given all of the attention he got for his unique name, but the billionaire has several other children, including Exa Dark Sideræl (nicknamed Y), who he secretly had with singer Grimes (Claire Boucher), and Vivian Jenna Wilson who was recently granted a name change from <a href="https://x.com/elonmusk/status/1815519696424161361?lang=en">Xavier Alexander Musk</a>, no longer wanting to be related to Musk &#8220;in any way, shape or form,&#8221; per Reuters. 
Musk isn&#8217;t the only one in the camp that believes fortunes shouldn&#8217;t be passed to children. Apple&#8217;s Steve Jobs wasn&#8217;t interested in legacy wealth building, and billionaire investor Warren Buffett only plans to leave a small percentage of his wealth to his kids — the rest has been <a href="https://www.benzinga.com/news/23/02/30950109/warren-buffett-theres-only-1-measure-of-success-without-it-life-is-a-disaster">pledged to philanthropy</a>.
See Also: <a href="https://www.benzinga.com/startups/24/09/40693497/warren-buffett-admitted-he-was-too-dumb-and-an-idiot-for-not-investing-in-amazon-early-on-but-finall">Warren Buffett Admitted He Was &#8216;Too Dumb&#8217; And An &#8216;Idiot&#8217; For Not Investing In Amazon Early On – But Finally Took The Plunge 5 Years Ago</a>
The Tesla CEO&nbsp;has already named&nbsp;potential successors at each of his companies&nbsp;if something were to happen to him.&nbsp;
&#8220;There are particular individuals identified &#8230;&nbsp;So in all cases, the board is aware of who [is] my recommendation,&#8221; Musk said.&nbsp;
The bigger issue is who would take over his voting shares, he said. He&#8217;s floated around the idea of creating an &#8220;educational institution&#8221; of some sort to control his shares.&nbsp;
Musk&#8217;s succession plans have been in focus ever since he acquired Twitter (X) for $44 billion and took the company private. Tesla investors continue to worry that Musk has his hand in too many cookie jars. Musk&#8217;s companies currently include Tesla, SpaceX, X (formerly Twitter), The Boring Company, Neuralink and xAI.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40700524/mark-cuban-tells-elon-musk-delete-your-account-after-tech-billionaire-calls-tucker-carlsons-latest-e">Mark Cuban Tells Elon Musk &#8216;Delete Your Account&#8217; After Tech Billionaire Calls Tucker Carlson&#8217;s Latest Episode On WW2 And Churchill &#8216;Worth Watching&#8217;</a></li>
</ul>
Photo: Shutterstock
Some elements of this story were previously reported by Benzinga and it has been updated.

General

TSLA

Elon Musk's Children Will Not Get Shares Of Tesla, SpaceX Or Billionaire's Other Companies: 'I Think That's A Mistake'

Ahead of the much-anticipated debate Tuesday night between Donald Trump and Kamala Harris, Trump has voiced his <a href="https://www.benzinga.com/news/24/09/40669286/harris-vs-trump-this-candidate-leading-in-numerous-polls-transforming-political-landscape">opinion on the &#8220;no artificial lifts&#8221; rule</a>.
What Happened: On Saturday, Trump took to Truth Social to express his views on the prohibition of &#8220;artificial lifts&#8221; for the upcoming debate. 
The encounter at the National Constitution Center in Philadelphia will be the first face-to-face encounter between Trump and Harris in a debate.
In his <a href="https://truthsocial.com/@realDonaldTrump/posts/113095938489707017">post</a>, Trump stated that &#8220;artificial lifts,&#8221; which are intended to give Harris a taller appearance, will not be allowed on the debate stage. It is unclear whether this is an official rule set by ABC or merely Trump&#8217;s speculation.
&#8220;No boxes or artificial lifts will be allowed to stand on during my upcoming debate with Comrade Kamala Harris,&#8221; Trump wrote. 
He referred to a past incident involving former New York Mayor Michael Bloomberg, who was allegedly denied a &#8220;lift&#8221; during a debate.
Also Read: <a href="https://www.benzinga.com/news/24/09/40761916/trump-vs-harris-majority-of-americans-anticipate-peaceful-2024-power-transfer-if-this-candidate-wins">Trump Vs Harris: Majority Of Americans Anticipate Peaceful 2024 Power Transfer If This Candidate Wins</a>
However, Trump&#8217;s claim about Bloomberg using a box during the 2020 Democratic primary debate remains unverified. 
&#8220;We had this out previously with former NYC Mayor Michael Bloomberg when he was in a debate, and he was not allowed a &#8216;lift.&#8217; It would be a form of cheating, and the Democrats cheat enough. &#8216;You are who you are,&#8217; it was determined!&#8221; Trump added in his note on the Truth Social.
For the record, Harris has previously claimed to stand at 5&#8217;4 and a half, reaching 5&#8217;7 and a half with heels. Trump, on the other hand, reportedly stands between 6&#8217;2 and 6&#8217;3.
Read Also
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<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades?utm_source=BZprocontent090824" target="_blank" rel="noreferrer noopener">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It Matters: The &#8216;no artificial lifts&#8217; rule has become a topic of discussion ahead of the debate. While it&#8217;s unclear whether this is an official rule or Trump&#8217;s speculation, it&#8217;s evident that height has been a point of contention in past debates. 
The upcoming face-off between Trump and Harris will certainly be watched with keen interest, with viewers likely to scrutinize every detail, including the candidates&#8217; heights.
Read Next:
<a href="https://www.benzinga.com/news/24/08/40301432/kamala-harris-surges-ahead-of-trump-in-key-states-young-americans-bank-on-harris-for-economic-reviva" target="_blank" rel="noreferrer noopener">Kamala Harris Surges Ahead Of Trump In Key States, Young Americans Bank On Harris For Economic Revival</a>
This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Trump Vs Harris: The Controversy Over 'No Artificial Lifts' Rule In Tuesday Debate: 'A Form of Cheating!'

These ten large-cap stocks were the worst performers in August. Are they in your portfolio?
<ol>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock lost 34.89% in August. The company <a href="https://www.benzinga.com//node/40602417" target="_blank" rel="noreferrer noopener">delayed filing its 10-K</a>.</li>
<li>Dollar General Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) stock decreased 30.95%. The company posted worse-than-expected second-quarter earnings, and many analysts cut the <a href="https://www.benzinga.com//node/40656935" target="_blank" rel="noreferrer noopener">price target on the stock</a>.</li>
<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) stock dived 27.09%. The company posted a revenue miss for the second quarter, and <a href="https://www.benzinga.com//node/40132594" target="_blank" rel="noreferrer noopener">analysts slashed the price target</a>.</li>
<li>Temu parent PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) shares fell 24.81%. The company reported quarterly results, in which the CEO highlighted <a href="https://www.benzinga.com/news/earnings/24/08/40548945/temu-parent-pdd-posts-86-q2-topline-growth-stock-drops-after-ceo-flags-upcoming-challenges?_gl=1%2A2quf99%2A_gcl_au%2ANzQ5NDg4Nzg3LjE3MjI5NDg1NTA.%2A_ga%2AMTUwODg0NTczNy4xNzE1MTcxNjk4%2A_ga_V7ZK73W7N0%2AMTcyNTYyNjczNi4xMzIuMS4xNzI1NjQ0MzU2LjAuMC4w" target="_blank" rel="noreferrer noopener">challenges for the rest of the year</a>.</li>
<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) stock plummeted 24.13% after the company reported weak results and <a href="https://www.benzinga.com//node/40115276" target="_blank" rel="noreferrer noopener">a 15% headcount reduction plan</a>.</li>
<li>Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) stock declined 21.44%. It reported a second-quarter revenue miss and <a href="https://www.benzinga.com//node/40373910" target="_blank" rel="noreferrer noopener">analysts lowered the price target</a>.</li>
<li>Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) shares went down 18.99%. It disclosed the acquisition of<a href="https://www.benzinga.com//node/40309407" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.benzinga.com//node/40309407" target="_blank" rel="noreferrer noopener">Osisko Mining</a><a href="https://www.benzinga.com//node/40309407" target="_blank" rel="noreferrer noopener"> for $1.57 billion in cash</a>.</li>
<li>Charles River Laboratories International, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>) shares fell 18.57%. The company warned about softer demand trends from global biopharmaceutical <a href="https://www.benzinga.com//node/40222523" target="_blank" rel="noreferrer noopener">clients in the quarterly result</a>.</li>
<li>Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) <a href="https://www.benzinga.com//node/40514864" target="_blank" rel="noreferrer noopener">shares decreased 17.81%</a>.</li>
<li>Neurocrine Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NBIX#NASDAQ">NBIX</a>) stock dived 17.04%. It presented topline data for its Phase 2 clinical study of NBI-1117568 (NBI-‘568) in <a href="https://www.benzinga.com//node/40632561" target="_blank" rel="noreferrer noopener">adults with schizophrenia</a>.</li>
</ol>
Also Read:
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<li><a href="https://www.benzinga.com/news/large-cap/24/09/40764288/affirm-shopify-and-starbucks-were-among-top-10-large-cap-best-performers-for-august-are-the-others" target="_blank" rel="noreferrer noopener">Affirm, Shopify And Starbucks Were Among Top 10 Large Cap Best Performers For August: Are The Others In Your Portfolio?</a></li>
</ul>
Photo via Shutterstock

Large Cap

INTC

MRNA

NBIX

Citigourp Global Markets 2% Protected Notes Linked To The Djia

SMCI

SNAP

Intel, Moderna And Dollar General Were Among Top 10 Large Cap Losers In August: Are The Others In Your Portfolio?

<a href="https://www.benzinga.com/startups/24/09/40693497/warren-buffett-admitted-he-was-too-dumb-and-an-idiot-for-not-investing-in-amazon-early-on-but-finall">Warren Buffett</a>, the famously frugal billionaire with a nearly $138 billion net worth, is well-known for advocating fair taxation and social responsibility. However, despite his massive wealth, his potential Social Security benefit is pretty modest.
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<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
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</ul>
Social Security benefits are based on wages, not overall wealth or net worth. Buffett, who's kept his Berkshire Hathaway salary at a relatively low $100,000 a year, would receive around $3,245 a month if he were to claim Social Security. That's a far cry from the maximum benefit of $4,873 someone can get at age 70 in 2024.
<a href="https://www.benzinga.com/personal-finance/24/05/39011316/warren-buffett-was-asked-if-social-security-was-a-government-sponsored-ponzi-scheme-for-retirees">Buffett's perspective on Social Security</a> goes deeper than his benefit. During a 2005 Berkshire Hathaway annual shareholders meeting, he explained that if he ran the government, he would raise the Social Security wage taxation cap and "certainly increase the retirement age," reflecting his belief that wealthier Americans should contribute more to ensure the program's longevity. His views also align with the idea that a rich country should care for its young and old, ensuring financial security for all.
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
Many Americans share this view – 85% in a 2014 survey said Social Security is more crucial than ever for a reliable retirement income.
It's no secret <a href="https://www.benzinga.com/personal-finance/24/05/38943129/social-security-fears-go-viral-should-you-claim-early-like-dave-ramsey-says">Social Security is facing serious funding issues</a>. The 2024 Trustees Report warns that the trust fund could run out by 2033, which might lead to benefit cuts. This has sparked debate about what to do next, including ideas like:
<ul>
<li>Raising the payroll tax cap (income over $168,600 isn't taxed for Social Security).</li>
<li>Increasing the retirement age to keep up with longer life spans.</li>
<li>Means-testing benefits, reducing or eliminating benefits for the wealthy.</li>
<li>Investing part of the trust fund in stocks, which comes with market risks.</li>
</ul>
See Also: Can you guess how many retire with a $5,000,000 nest egg? &#8211;<a href="https://www.benzinga.com/money/retire-5mil-nest-egg">How does it compare to the average?</a>
Interesting research also suggests that when you factor in Social Security, the wealth gap isn't as extreme as it seems. A 2023 study found that <a href="https://www.benzinga.com/personal-finance/24/04/38439971/should-you-begin-collecting-social-security-at-62-67-or-70-the-right-answer-may-depend-on-your-b">Social Security benefits</a> somewhat soften the rise in wealth inequality at the top.
Despite the funding worries, Social Security still has broad support. Surveys show that 77% of Americans think keeping the program is crucial, even if it means higher taxes for workers. And 83% back raising taxes on the wealthy to preserve it. Gallup polls from late 2023 show a more optimistic view of Social Security's future, with more people expecting to receive benefits when they retire and current retirees feeling confident about their benefits.
Trending: This billion-dollar fund has invested in the next big real estate boom,<a href="https://www.benzinga.com/money/fundrise-flagship-fund">here's how you can join for $10.</a>
It's unclear if Buffett is actually taking Social Security benefits, given his philanthropic stance and belief in fair taxation. This raises a big question: Should wealthy people get benefits they've paid into, or should it be reserved for those who need it more?
While there are potential challenges ahead, voices like Buffett's remind us of the importance of Social Security in providing a safety net for everyone. The goal is to <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">find a balance</a> that ensures the program remains strong and fair so it can continue offering that crucial security for all Americans.
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<li>Elon Musk&#8217;s secret mansion in Austin revealed through court filings.<a href="https://www.benzinga.com/money/elon-musk-secret-mansion-austin-nada"> Here&#8217;s how to invest in the city&#8217;s growth before prices go back up.</a></li>
</ul>

Can You Guess How Big Billionaire Warren Buffett's Social Security Check Is? Here's A Hint – It's Not The Max

These ten large-cap stocks were the best performers in August. Are they in your portfolio?
<ol>
<li>Affirm Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) shares escalated 66.58% in August. It reported&nbsp;strong&nbsp;fourth-quarter&nbsp;earnings and <a href="https://www.benzinga.com//node/40630056" target="_blank" rel="noreferrer noopener">upbeat&nbsp;first-quarter&nbsp;guidance</a>.</li>
<li>CAVA Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAVA#NYSE">CAVA</a>) stock jumped 34.99%. The company reported better-than-expected&nbsp;second-quarter&nbsp;results, and analysts boosted <a href="https://www.benzinga.com//node/40528470" target="_blank" rel="noreferrer noopener">stock price forecasts</a>.</li>
<li>Fortinet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTNT#NASDAQ">FTNT</a>) shares rose 34.11%. It reported strong second-quarter results and <a href="https://www.benzinga.com//node/40599688" target="_blank" rel="noreferrer noopener">issued&nbsp;above-estimate guidance</a>.</li>
<li>Nu Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>) stock upped 29.95%. The company reported strong&nbsp;<a href="https://www.benzinga.com//node/40368174" target="_blank" rel="noreferrer noopener">results for the&nbsp;second quarter</a>.</li>
<li>Kellanova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/K#NYSE">K</a>) stock upped 29.91%. The company inked a deal to be bought by privately held <a href="https://www.benzinga.com//node/40364761" target="_blank" rel="noreferrer noopener">Mars</a><a href="https://www.benzinga.com//node/40364761" target="_blank" rel="noreferrer noopener"> for&nbsp;$83.50&nbsp;per share</a>.</li>
<li>Nutanix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NASDAQ">NTNX</a>) stock escalated 28.96%. It reported&nbsp;fourth-quarter results, and many analysts&nbsp;<a href="https://www.benzinga.com//node/40626089" target="_blank" rel="noreferrer noopener">boosted the stock's price target</a>.</li>
<li>Aspen Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZPN#NASDAQ">AZPN</a>) shares rose 28.64%. The company reported better-than-<a href="https://www.benzinga.com//node/40226872" target="_blank" rel="noreferrer noopener">expected&nbsp;fourth-quarter results</a>.</li>
<li>MercadoLibre, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MELI#NASDAQ">MELI</a>) stock rocketed 28.37%.</li>
<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) shares were up 27.33%. It posted a strong earnings report and several analysts&nbsp;<a href="https://www.benzinga.com//node/40268815" target="_blank" rel="noreferrer noopener">revised the price target</a>.</li>
<li>Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) stock was up 25.91%. Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) CEO and Chairman Brian Niccol was named Starbucks' new Chairman and <a href="https://www.benzinga.com//node/40338228" target="_blank" rel="noreferrer noopener">Chief Executive Officer, effective September 9</a>.</li>
</ol>
Also Read:
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<li><a href="https://www.benzinga.com/news/large-cap/24/09/40764325/intel-moderna-and-dollar-general-were-among-top-10-large-cap-losers-in-august-are-the-others-in-yo">Intel, Moderna And Dollar General Were Among Top 10 Large Cap Losers In August: Are The Others In Your Portfolio?</a></li>
</ul>
Photo via Shutterstock.

AFRM

AZPN

CAVA

FTNT

MELI

NTNX

SBUX

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Affirm, Shopify And Starbucks Were Among Top 10 Large Cap Best Performers For August: Are The Others In Your Portfolio?

Jeff Bezos, the founder of Blue Origin, wants to significantly lower the cost of space travel. His goal is to make it more accessible to aspiring entrepreneurs and innovators.
What Happened: Bezos shared his vision during a tour of the Blue Origin production facility and Glenn launch pad in Cape Canaveral, Florida. The tour was documented by YouTuber Tim Dodd, also known as &#8220;Everyday Astronaut.&#8221;
Bezos emphasized that the main obstacle in space travel is not the technology but the cost. He expressed his aspiration for Blue Origin to make space travel so affordable that it could stimulate the creation of the next big space company by &#8220;two kids in a dorm.&#8221;
&#8220;Space travel is a solved problem. It&#8217;s been solved for 50 years. What&#8217;s unsolved is the cost,&#8221; Bezos stated in the <a href="https://www.youtube.com/watch?v=Hu8SlfmpKM4">video</a>. He is confident that addressing the cost issue will &#8220;open the heavens to humanity&#8221; and ignite &#8220;entrepreneurial dynamism in space.&#8221;
During the interview, Bezos said that he wants Blue Origin to make space travel so cheap that people can fly to the moon &#8220;100 times cheaper.&#8221;
&#8220;Solving the problem of cheap and easy space travel is what will really open the heavens to humanity and make possible the entrepreneurial dynamism in space that I just got to witness up close and personal over the last 20 years on the internet,&#8221; Bezos added.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/01/36631415/this-amazon-applicants-interview-answer-earned-her-a-seat-3-feet-away-from-amazons-bezos" target="_blank" rel="noreferrer noopener">This Amazon Applicant's Interview Answer Earned Her A Seat 3 Feet Away From Jeff Bezos</a>
Bezos disclosed that the primary reason for his departure was to concentrate on Blue Origin. Although he remains involved with Amazon, especially in the AI sector, he is devoting the majority of his efforts to his space venture.
&#8220;If the minimum size to do any useful experiment is many, many millions of dollars, then you just can&#8217;t get, you know, two kids in a dorm room making the next amazing invention,&#8221; he said during the interview. &#8220;The barrier of entry is too high.&#8221;
Why It Matters: Bezos&#8217; vision for affordable space travel could revolutionize the industry, opening up new opportunities for innovation and entrepreneurship. 
By addressing the cost barrier, Blue Origin could potentially stimulate a new wave of space startups, fostering a new era of space exploration and commercialization. 
This could have far-reaching implications, not just for the space industry, but for various sectors that could benefit from space-based technologies and services.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

'Kids In A Dorm Room': Jeff Bezos' Blueprint for Tomorrow's Space Leaders

A recent episode of "<a href="https://www.benzinga.com/personal-finance/24/09/40669326/31-year-old-inherits-10m-from-parent-he-never-knew-ramsey-show-hosts-offer-critical-advice-on-wh">The Ramsey Show</a>" featured a caller, Sarah, discussing a harrowing story of financial infidelity. Before Sarah was married, she had amassed a net worth of $1 million. Due to vast differences in her and her (now) husband's net worth, they signed a prenuptial agreement in which he stated that his net worth was $160,000. 
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</ul>
During their marriage, Sarah started to notice discrepancies in their finances. When confronting her husband, he always assured her everything was fine. After about three years of marriage, Sarah expressed that a particular event led her to put more pressure on him about their finances. That's when he finally admitted to stealing from her.&nbsp;
Determined to get to the bottom of it, Sarah demanded access to her husband's business accounts. That's when the full extent of his betrayal became clear. Her husband had stolen $286,000 from her accounts – money that was legally protected by their prenuptial agreement. To make matters worse, Sarah discovered that her husband had lied on the prenuptial, falsely claiming that his $160,000 net worth was free and clear when it was tied up in loans and lines of credit.
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Sarah was in shock. Her husband had drained their savings, leaving only two months of emergency funds, and had also accumulated $130,000 in personal debt. To complicate matters further, the couple has two young children under two, making Sarah's decisions even more difficult.
<a href="https://www.benzinga.com/personal-finance/24/08/40288004/the-ramsey-show-hosts-tell-65-year-old-retiree-to-start-pulling-social-security-instead-of-livin">Rachel Cruze</a>, co-host of "The Ramsey Show," expressed concern for the deceit Sarah had faced for years. She likened the betrayal to <a href="https://www.benzinga.com/personal-finance/24/03/37879066/kevin-oleary-warns-couples-maintain-your-own-financial-identity-but-indiana-university-study-say">financial infidelity</a>, equating it to the emotional damage of an affair. &#8220;You&#8217;re married to a liar,&#8221; Cruze said bluntly. &#8220;There&#8217;s something wrong. Deeply, deeply, deeply wrong with him.&#8221;
Cruze then laid it all out and told Sarah she needed to see a lawyer and start separating their finances immediately. Sarah revealed that she had already started that process and was working on securing a postnuptial agreement that would legally separate their debts and assets, ensuring that her husband's <a href="https://www.benzinga.com/personal-finance/24/07/40001551/do-i-have-to-support-my-financially-irresponsible-75-year-old-mother-suze-ormans-take-on-priorit">financial irresponsibility</a> would not jeopardize her and her children's future. The post-nup would reaffirm that his debts were his alone and that if she provided him with financial assistance, it would be repaid in full. 
See Also: <a href="https://www.benzinga.com/money/irs-finalizes-10-year-rule-adv">IRS Finalizes 10-Year Rule For Retirement Withdrawals, Making Things &#8216;Even More Insanely Complicated&#8217;</a>
Despite the overwhelming betrayal, Sarah is hesitant to leave the marriage. "We have two very small children," she said. "And I know the statistics about growing up in a home with a broken household. I don&#8217;t want that for my children either. They&#8217;re just so young."
Cruze advised Sarah to start counseling if she wants to make the marriage work and said her husband would need to show a serious change of habit if she planned to stay with him.&nbsp;
While Sarah's story may have unique circumstances, financial infidelity is unfortunately common, particularly in younger generations. A recent study from Bankrate found that more than 40% of U.S. adults who are married or living together have kept financial secrets from their partners. 
Trending: The number of ‘401(k)' Millionaires is up 43% from last year —<a href="https://www.benzinga.com/money/401k-millionaires">Here are three ways to join the club.</a>
"It's not always easy to talk about money, but it's so important," says Bankrate's senior industry analyst Ted Rossman. "Financial secrets can take on a life of their own and undermine the relationship. In years of studying this, we've often found that the breach of trust has a greater impact than the dollars and cents. If you have a secret spending habit or undisclosed debt or a credit card or bank account that your spouse doesn't know about, I think it's best to come clean right away."
If you&#8217;re dealing with financial deception or safeguarding your assets in a marriage, consulting a <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a> can provide valuable guidance to secure your financial future and protect your interests.
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<li>Elon Musk and Jeff Bezos are bullish on one city that could dethrone New York and become the new financial capital of the US.<a href="https://www.benzinga.com/money/miami-take-new-yorks-place-financial-capital"> Investing in its booming real estate market has never been more accessible.</a></li>
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$1M Net Worth Shattered: Ramsey Hosts Tell Wife To Act Fast As Husband Steals $286,000 And Lies On Prenup

&nbsp;
Ivonescimab Monotherapy Reduced the Risk of Disease Progression or Death by 49% Compared to Pembrolizumab Monotherapy in First-Line Treatment of Patients with PD-L1 Positive Advanced NSCLC in China
Summit to Initiate HARMONi-7, a Phase III Trial in First-Line PD-L1 High, Advanced NSCLC, in Early 2025
Ivonescimab Is the First Drug to Achieve Clinically Meaningful Benefit over Pembrolizumab in a Randomized Phase III Clinical Trial in NSCLC
Median PFS of 11.14 Months vs. 5.82 Months, Respectively, for Patients Receiving Ivonescimab vs. Pembrolizumab; PFS Improvement Was Observed Broadly in Patients Across Subgroups, including PD-L1 High and Low Expressing Tumors, Squamous and Non-Squamous Histologies
Comparable Serious Treatment-Related Adverse Events and TRAE-Led Discontinuation Rates Were Observed; Serious TRAEs were 20.8% vs. 16.1%, Respectively, in Ivonescimab and Pembrolizumab Arms
Encouraging Perioperative NSCLC Phase II Data Also Featured in an Oral Presentation at WCLC 2024
Three Additional Phase II Solid Tumor Settings beyond NSCLC Featuring Ivonescimab to be Presented at ESMO 2024
Conference Call to be Held at 8:30am ET on Monday, September 9, 2024

SMMT

Summit Therapeutics Announced Ivonescimab Monotherapy Reduced the Risk of Disease Progression or Death by 49% Compared to Pembrolizumab Monotherapy in First-Line Treatment of Patients with PD-L1 Positive Advanced NSCLC in China

Taiwan's Economy Minister,&nbsp;Kuo Jyh-huei, expressed that former President&nbsp;Donald Trump&nbsp;misunderstood Taiwan's <a target="_blank" href="https://www.benzinga.com/news/24/09/40673345/trump-misunderstands-taiwans-role-in-chip-industry-says-economy-minister-the-president-has-a-lot-on" rel="noreferrer noopener">role in the semiconductor industry</a>.
The Brazilian government is considering taxing large tech companies. It may also implement a 15% global minimum tax on multinational corporations <a href="https://www.benzinga.com/news/24/09/40680965/brazil-considers-tax-on-big-tech-companies-to-meet-2025-fiscal-goals-after-banning-elon-musks-x-and" target="_blank" rel="noreferrer noopener">to achieve its 2025 fiscal target</a>.
Read: <a href="https://www.benzinga.com/news/24/09/40682766/while-bill-gates-elon-musk-and-sam-altman-debate-ais-impact-on-jobs-it-might-not-be-all-that-distres" target="_blank" rel="noreferrer noopener">While Bill Gates, Elon Musk, And Sam Altman Debate AI&#8217;s Impact On Jobs, It Might Not Be All That Distressing And Offer A Productivity Boost</a>
Gaming
Ubi Soft Entertainment ADR&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/UBSFY#OTC">UBSFY</a>) recent release of Star Wars Outlaws, developed by&nbsp;Massive Entertainment, has failed to deliver the <a target="_blank" href="https://www.benzinga.com/general/gaming/24/09/40717689/star-wars-outlaws-sales-slump-ubisoft-shares-hit-near-10-year-low" rel="noreferrer noopener">financial boost the&nbsp;company had hoped for</a>.
Rocksteady Studios&nbsp;has reportedly laid off several employees following the disappointing performance of its latest title,&nbsp;Suicide Squad: Kill the Justice League, which cost Warner Bros. Discovery Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) <a target="_blank" href="https://www.benzinga.com/general/gaming/24/09/40698283/warner-bros-discoverys-rocksteady-studios-cuts-jobs-after-suicide-squad-flop-report" rel="noreferrer noopener">$200 million in revenues</a>.
Sony Group Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) CFO&nbsp;Hiroki Totoki&nbsp;admitted that the company, despite its impressive portfolio, lacks enough intellectual properties (IP) that <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/09/40741541/sony-cfo-admits-we-dont-have-enough-ips-we-fostered-from-the-beginning-can-sony-compete-wit" rel="noreferrer noopener">it has&nbsp;&#8220;fostered from the beginning</a>.&#8221;
Read: <a target="_blank" href="https://www.benzinga.com/general/gaming/24/09/40740578/differentiation-is-key-nyan-heroes-ceo-talks-unique-ip-new-playtest-features-on-epic-games-store" rel="noreferrer noopener">&#8216;Differentiation Is Key&#8217;: Nyan Heroes CEO Talks Unique IP, New Playtest Features On Epic Games Store</a>
Smartphones
Amid ongoing debates about regulating teen smartphone use,&nbsp;Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly opposing legislative efforts requiring it to <a target="_blank" href="https://www.benzinga.com/government/24/09/40674661/apple-gears-up-to-push-back-against-legislation-enforcing-age-restrictions-in-app-store-report" rel="noreferrer noopener">enforce age restrictions on apps</a>.
Read: <a target="_blank" 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" rel="noreferrer noopener">Huawei Plans To One-Up Apple&#8217;s iPhone 16 With &#8216;Disruptive&#8217; Product Launch, Says It Has &#8216;Turned Science Fiction To Reality&#8217; After 5 Years Of Research</a>
Apple could likely discontinue some of its products&nbsp;following its annual iPhone event on Sept. 9. Following the keynote, these Apple products are expected to <a target="_blank" href="https://www.benzinga.com/news/24/09/40680904/7-products-apple-will-likely-discontinue-next-week-after-iphone-16-launch" rel="noreferrer noopener">be removed from the Apple Store</a>.
Apple has reportedly decided to incorporate&nbsp;organic light-emitting diode or OLED displays&nbsp;in all&nbsp;iPhone&nbsp;models, including the <a target="_blank" href="https://www.benzinga.com/news/24/09/40699698/apple-reportedly-plans-to-switch-to-oled-for-all-iphones-starting-2025-not-just-the-top-tier-flagshi" rel="noreferrer noopener">lower-priced&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/09/40699698/apple-reportedly-plans-to-switch-to-oled-for-all-iphones-starting-2025-not-just-the-top-tier-flagshi" rel="noreferrer noopener">iPhone SE</a><a target="_blank" href="https://www.benzinga.com/news/24/09/40699698/apple-reportedly-plans-to-switch-to-oled-for-all-iphones-starting-2025-not-just-the-top-tier-flagshi" rel="noreferrer noopener">, from 2025</a>.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40713896/apples-glowtime-event-will-the-iphone-16-shine-or-fizzle" rel="noreferrer noopener">Apple&#8217;s Glowtime Event: Will The iPhone 16 Shine Or Fizzle?</a>
TV, Streaming Platform &amp; Social Media
A failed distribution agreement between&nbsp;Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) and&nbsp;pay-TV provider&nbsp;DirecTV,&nbsp;owned by&nbsp;AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) and&nbsp;TPG Capital, has led to more than <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/09/40670016/disney-and-directv-fail-to-reach-deal-over-11m-subscribers-face-blackout-ahead-of-nfl-seaso" rel="noreferrer noopener">11 million&nbsp;subscribers losing access</a>.
Also Read:<a target="_blank" href="https://www.benzinga.com/general/entertainment/24/09/40670643/netflix-wants-to-keep-you-hooked-by-unleashing-the-power-of-dubbed-reality-shows-uses-south" rel="noreferrer noopener"> Netflix Wants To Keep You Hooked By Unleashing The Power Of Dubbed Reality Shows, Uses South Korea As Proving Ground</a>
South Korean law enforcement agencies&nbsp;have&nbsp;launched an investigation&nbsp;into&nbsp;the encrypted messaging platform&nbsp;Telegram for its alleged involvement in the dissemination of <a target="_blank" href="https://www.benzinga.com/news/24/09/40680081/alleged-deepfake-sex-crimes-south-korea-puts-telegram-under-the-microscope" rel="noreferrer noopener">sexually explicit deepfake content</a>.
Pavel Durov, the founder of&nbsp;Telegram, who is currently&nbsp;under investigation in France, has publicly criticized French authorities for detaining him instead o<a target="_blank" href="https://www.benzinga.com/news/24/09/40743743/telegram-founder-pavel-durov-slams-france-in-first-public-comments-since-detention-still-trying-to-u" rel="noreferrer noopener">f addressing their complaints to his company</a>.
YouTube&nbsp;has taken down the&nbsp;Tenet Media&nbsp;channel following a U.S. <a target="_blank" href="https://www.benzinga.com/news/24/09/40744282/youtube-shuts-down-tenet-media-channel-following-us-indictment-right-wing-influencers-say-victims-of" rel="noreferrer noopener">Department of Justice indictment</a>.
E-Commerce
In a significant move, Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is reportedly gearing up to revamp its voice assistant, Alexa, using&nbsp;Anthropic's Claude AI models to replace its own AI. The new version, set for an October release, is designed to <a target="_blank" href="https://www.benzinga.com/news/24/08/40650406/amazon-leverages-anthropics-claude-ai-to-transform-alexa-before-holiday-season-report" rel="noreferrer noopener">answer complex queries more efficiently</a>.
In recent developments, the U.S. Consumer Products Safety Commission (CPSC) has called for an investigation into e-commerce retailers&nbsp;Shein&nbsp;and PDD Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) owned&nbsp;Temu. The demand comes in light of allegations regarding the sale of &#8220;deadly baby <a target="_blank" href="https://www.benzinga.com/24/09/40701030/us-demands-probe-into-shein-and-temu-over-deadly-baby-products" rel="noreferrer noopener">and toddler products&#8221; on these platforms</a>.
Technology
In an effort to bolster supply chain resilience, Taiwan's leading chip manufacturers are set to begin domestic production of neon gas by 2025, in partnership with local steel and gas firms. Apple and NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) key chip suppliers, Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), Winbond, and United Microelectronics Corporation <a href="https://www.benzinga.com/news/24/09/40686890/apple-nvidia-key-supplier-tsmc-leads-taiwanese-chip-giants-to-localize-neon-gas-production-by-2025" target="_blank" rel="noreferrer noopener">(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UMC#NYSE">UMC</a>) are leading this initiative</a>.
Days after Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO&nbsp;Mark Zuckerberg said that the&nbsp;Joe Biden administration &#8220;pressured&#8221;&nbsp;Facebook to censor certain content on its platforms, the U.S. Department of Justice unveiled a fresh strategy <a target="_blank" href="https://www.benzinga.com/news/24/09/40700150/doj-revamps-social-media-strategy-on-combating-foreign-threats-days-after-meta-ceo-mark-zuckerberg-s" rel="noreferrer noopener">to deal with foreign threats</a>.
In a bold move to penetrate the U.S. point-of-sale (POS) payments market, PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) is integrating its debit card with&nbsp;Apple&#8216;s mobile wallet and <a target="_blank" href="https://www.benzinga.com/fintech/24/09/40731875/paypal-ventures-into-in-person-payments-with-apple-pay-integration-and-cashback-rewards" rel="noreferrer noopener">offering different cashback rewards</a>.
Elon Musk
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;and&nbsp;SpaceX&nbsp;CEO&nbsp;Elon Musk&nbsp;have threatened&nbsp;to seize Brazilian government assets&nbsp;unless property belonging to his companies&nbsp;X, <a target="_blank" href="https://www.benzinga.com/news/24/09/40679667/elon-musk-says-brazilian-government-assets-can-be-seized-after-x-spacex-property-confiscated-hope-lu" rel="noreferrer noopener">formerly&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/09/40679667/elon-musk-says-brazilian-government-assets-can-be-seized-after-x-spacex-property-confiscated-hope-lu" rel="noreferrer noopener">Twitter</a><a target="_blank" href="https://www.benzinga.com/news/24/09/40679667/elon-musk-says-brazilian-government-assets-can-be-seized-after-x-spacex-property-confiscated-hope-lu" rel="noreferrer noopener">&nbsp;and SpaceX, are returned</a>.
Elon Musk's satellite broadband company,&nbsp;Starlink, has decided to comply with a Brazilian&nbsp;court order to block access&nbsp;to social media platform&nbsp;X, formerly&nbsp;Twitter,&nbsp;in Brazil,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/09/40699448/elon-musks-starlink-bows-to-brazils-top-court-blocks-access-to-x-in-the-country-we-continue-to-pursu" rel="noreferrer noopener">reversing its previous stance</a>.
Related: <a target="_blank" href="https://www.benzinga.com/news/24/09/40680467/after-x-ban-elon-musks-starlink-defies-brazilian-court-order-to-block-social-media-platform" rel="noreferrer noopener">After X Ban, Elon Musk&#8217;s Starlink Defies Brazilian Court Order To Block Social Media Platform</a>
Twitter has won an appeal against a&nbsp;California law that mandates&nbsp;social media companies to disclose their policies <a target="_blank" href="https://www.benzinga.com/news/24/09/40722358/elon-musks-x-triumphs-in-appeal-over-california-law-on-content-moderation-policies-congrats-for-defe" rel="noreferrer noopener">against disinformation and hate speech</a>.
A significant number of advertisers plan to reduce their spending on X in 2025. This decision stems from concerns about the platform's <a href="https://www.benzinga.com/news/24/09/40724275/elon-musks-x-faces-26-ad-spend-decline-by-2025-amid-steep-decline-in-brand-safety-survey-reveals" target="_blank" rel="noreferrer noopener">association with contentious content</a>.
Elon Musk announced the beta launch of the X TV app, a new venture of the social media <a href="https://www.benzinga.com/news/24/09/40681098/elon-musks-x-tv-beta-version-now-live-on-android-tv-heres-everything-you-need-to-know" target="_blank" rel="noreferrer noopener">platform </a><a href="https://www.benzinga.com/news/24/09/40681098/elon-musks-x-tv-beta-version-now-live-on-android-tv-heres-everything-you-need-to-know" target="_blank" rel="noreferrer noopener">X</a><a href="https://www.benzinga.com/news/24/09/40681098/elon-musks-x-tv-beta-version-now-live-on-android-tv-heres-everything-you-need-to-know" target="_blank" rel="noreferrer noopener">, formerly </a><a href="https://www.benzinga.com/news/24/09/40681098/elon-musks-x-tv-beta-version-now-live-on-android-tv-heres-everything-you-need-to-know" target="_blank" rel="noreferrer noopener">Twitter</a>.
Artificial Intelligence (AI)
Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has managed to&nbsp;avoid a comprehensive U.K. probe&nbsp;into its recruitment<a target="_blank" href="https://www.benzinga.com/news/24/09/40722165/microsoft-avoids-uk-antitrust-investigation-into-acquisition-of-certain-assets-from-inflection-ai" rel="noreferrer noopener"> of staff from startup&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/09/40722165/microsoft-avoids-uk-antitrust-investigation-into-acquisition-of-certain-assets-from-inflection-ai" rel="noreferrer noopener">Inflection AI</a>.
Alibaba Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>)&nbsp;is stepping up its&nbsp;U.S. expansion&nbsp;with&nbsp;a new AI-powered sourcing tool&nbsp;designed&nbsp;to simplify the <a target="_blank" href="https://www.benzinga.com/news/24/09/40744024/alibaba-boosts-us-expansion-with-new-ai-sourcing-tool-despite-festering-tensions-between-beijing-and" rel="noreferrer noopener">sourcing process&nbsp;for American buyers</a>.
OpenAI&nbsp;CEO&nbsp;Sam Altman&nbsp;reportedly plans to target the U.S. for the expansion of the&nbsp;artificial intelligence infrastructure project, which could <a target="_blank" href="https://www.benzinga.com/news/24/09/40700567/openai-ceo-sam-altmans-ai-infrastructure-plan-worth-tens-of-billions-of-dollars-to-include-investors" rel="noreferrer noopener">cost "tens of billions of dollars."</a>
Safe Superintelligence&nbsp;(SSI),&nbsp;co-founded by&nbsp;Ilya Sutskever, has raised $1 billion to develop <a target="_blank" href="https://www.benzinga.com/news/24/09/40722123/openai-co-founder-ilya-sutskevers-ai-startup-raises-1b-from-andreessen-horowitz-sequoia-as-sam-altma" rel="noreferrer noopener">advanced artificial intelligence systems</a>.
Leading online dating platforms such as&nbsp;Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>), which owns&nbsp;Tinder&nbsp;and&nbsp;Hinge,&nbsp;Bumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMBL#NASDAQ">BMBL</a>), and&nbsp;Grindr Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRND#NYSE">GRND</a>) are either developing&nbsp;or testing AI tools and&nbsp;chatbot assistants designed to generate conversation starters, build user profiles, <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/09/40670481/struggling-to-connect-on-tinder-grindr-or-bumble-dating-apps-now-have-an-ai-wingman-for-you" rel="noreferrer noopener">and provide feedback on user interactions</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40673093/y-combinators-paul-graham-recalls-when-airbnb-ceo-brian-chesky-found-success-by-imitating-this-steve" rel="noreferrer noopener">Y Combinator&#8217;s Paul Graham Recalls When Airbnb CEO Brian Chesky Found Success By Imitating This Steve Jobs Strategy In Running Apple: Elon Musk Thinks It Is &#8216;Worth Reading&#8217;</a>

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Consumer Tech News (Sep 1-Sep 7): Elon Musk Launches Beta Version Of X TV, Alibaba Launches AI To Help American Buyers & More

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40699595/jim-cramer-still-thinks-nvidia-could-go-lower-but-cautions-investors-against-panic-">shares fell about 14% in the week ended Sept. 6</a> amid macro concerns. On Friday, portfolio manager and founder of Niles Investment Management Dan Niles weighed in on what&#8217;s in store for the artificial intelligence stalwart as well as the technology sector per se in the near and medium term.
What&#8217;s Ailing Techs: The weaker sentiment toward technology stocks is due to the fact that it is becoming clearer for investors that companies are spending a ton of money on AI, and even as the spending on AI climbs, revenue forecasts are going down, <a href="https://www.youtube.com/watch?v=iu0TcgvIJio">said</a> Niles in an interview with CNBC.
The quarterly reports from the three biggest hyperscalers – namely Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) – showed each of them upped the amount they were going to be spending on AI infrastructure, he noted. &#8220;So at a certain point, you are spending a lot of money but you will want to see a return,&#8221; he added.
To make his case, Niles noted that post COVID-19, Nvidia&#8217;s revenue growth surged to 80% year-over-year and then there was the hangover when demand started to slow down. These 3 big hyperscalers started to slow their spending and Nvidia&#8217;s revenue growth turned negative to a -20% and the stock went down 66% through the digestion phase, he said.
AI spending is much more rapid than what was seen during the Internet infrastructure build-out, Nile said. This is evident from the fact that Nvidia&#8217;s revenues rose by five times since the launch of the ChatGPT, he said. Much like post-COVID, things started to slow down at the big internet companies that were spending on infrastructure and the forward numbers are starting to come lower, he added. 
Time To Diversify Out Of Techs? Niles said he thinks there is still a lot of room to spend. &#8220;You have a phase you have to go through. I firmly believe in the next several years that Nvidia&#8217;s revenues will be able to double from current levels and the stock will be able to double as well,&#8221; he said.
Looking at areas outside the tech sector to put money in, Niles said it could be time for consumer staples, utilities, and telecom services to shine when the Federal Reserve begins to cut rates. He noted since July 16 when the S&amp;P 500 peaked, it is down about 5% or so and the equal-weighted S&amp;P 500, though, was down about 70 basis points. This compares to the Magnificent seven&#8217;s drop of about 11% or so, he said.
&#8220;So, I think investors need to think where is the wind at my sails,&#8221; Niles said. The portfolio manager said there is definitely going to be rate cuts and the only uncertainty there is the number of cuts between now and the end of the year. There would be more in the next year, he added.
Niles also said he does not foresee a recession as the job openings are now more than the number of people who want employment. &#8220;In a services-led economy, it&#8217;s hazard to see how you end up with a recession in that environment,&#8221; he said.

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