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Elon Musk is on a trajectory that could see him crowned as the world&#8217;s first trillionaire by 2027, according to a recent study by Informa Connect Academy.
What Happened: As of last month, Musk&#8217;s net worth is estimated to be around $265 billion, a figure that has been steadily climbing.
As per a report <a href="https://www.cnbc.com/2024/10/12/elon-musk-could-become-worlds-first-trillionaire.html">by</a> CNBC, the primary driver of Musk&#8217;s wealth has been the performance of Tesla&#8217;s stock. The stock experienced a significant surge during the pandemic, skyrocketing from approximately $30 per share in January 2020 to nearly $300 per share by January 2021.
James Pethokoukis, an economic policy analyst at the American Enterprise Institute, attributed the growth of companies like Tesla to their ability to produce valuable products that consumers desire. 
"If you look at the list of the richest Americans, whether we're talking about Elon Musk or Jeff Bezos, the reason people get super rich is they start a company and they grow that company," Pethokoukis told the outlet.
Wealthier individuals, such as Musk, often have larger portions of their assets invested in the stock market, which contributes to their increasing wealth.
However, this trend has also led to a rise in wealth inequality. The wealthiest 1% of Americans now own nearly 50% of all U.S. stocks. 
The role of taxation in this inequality is a contentious issue, with some arguing that changes in tax policy have made it more difficult to tax the wealthy.
Also Read: <a href="https://www.benzinga.com/general/education/24/09/40686893/elon-musk-is-so-rich-that-if-you-printed-1m-a-day-since-the-renaissance-you-still-wouldnt-catch">Elon Musk Is So Rich That If You Printed $1M a Day Since The Renaissance, You Still Wouldn&#8217;t Catch Up</a>
Why It Matters: The projection of Musk&#8217;s wealth reaching the trillion-dollar mark by 2027 underscores the significant impact of the stock market on individual wealth accumulation. 
The performance of Tesla&#8217;s stock has been a key factor in Musk&#8217;s wealth growth, demonstrating the potential for substantial wealth creation through stock market investments.
However, the rise in wealth inequality that accompanies such growth raises important questions about the role of tax policy in addressing this issue. 
As the wealth of individuals like Musk continues to increase, the debate over how to effectively tax the wealthy is likely to intensify.
Read Next
<a href="https://www.benzinga.com/news/24/04/38134183/tech-titans-clash-mark-zuckerberg-rises-as-elon-musk-falters-in-billionaire-rankings">Tech Titans Clash: Mark Zuckerberg Rises As Elon Musk Falters In Billionaire Rankings</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

News

Tech

General

TSLA

Elon Musk On Track To Become World's First Trillionaire Within Three Years

Vice President <a href="https://www.benzinga.com/real-estate/24/08/40441654/25-000-to-buy-your-first-home-harris-proposes-game-changing-assistance-for-new-buyers-but-will-it-wo">Kamala Harris </a>has endorsed a tax proposal that is lighting up debates everywhere. The 25% minimum tax on total income, including unrealized capital gains, targets the ultrawealthy, particularly those with over $100 million fortunes. While some see this as a bold move toward fairness, many financial experts and political voices are raising alarm bells.
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Jason Katz, managing director and senior portfolio manager at UBS, is among the most outspoken critics. In an <a href="https://www.youtube.com/watch?v=f3JX585JIMM">interview with Fox Business</a>, Katz didn't mince words, calling the proposal "an unmitigated disaster."&nbsp;
According to him, taxing unrealized gains – that is, gains on assets that haven't been sold yet – would create an &#8220;accounting nightmare.&#8221; He painted a grim picture of taxpayers facing massive bills for gains that could easily disappear the following year.&nbsp;
Trending: Studies show 50% of consumers think Financial Advisors cost much more than they do —<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a>
Katz illustrated his point with a hypothetical scenario, asking, "If you have an ultra high net worth person who bought, say, $100 million worth of Amazon and it goes to $150 million and the government taxes 23% on that $50 million in year one, if in year two, that $150 – because Amazon drops – goes back to $100 million, is the government going to rebate the tax from the previous year?"&nbsp;
"It would be an accounting nightmare, not to mention the fact it would suck money out of the capital markets," he said. He added that it ‘made no sense' applying the tax to other asset classes like real estate, where investors also see unrealized gains.&nbsp;
Trending: The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a>
While Katz and other critics warn of potential market disruptions, the Biden administration defends the proposal as a necessary step to close loopholes that allow the wealthiest Americans to avoid paying their fair share.&nbsp;
An entrepreneur and &#8220;Shark Tank&#8221; investor, Mark Cuban offered a somewhat different perspective. According to CNBC's Squawk Box, the billionaire entrepreneur and "Shark Tank" star claims to have spoken with Harris&#8217; team directly.&nbsp;
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He said Harris&#8217; aide told him that unrealized capital gains wouldn't be taxed, which contradicts what has been circulating about the proposal. Even within Harris' camp, there's a bit of a disconnect on what the plan entails.
However, tax proponents, such as Democratic Sen. <a href="https://www.benzinga.com/personal-finance/24/10/41199549/kevin-oleary-respects-aoc-and-elizabeth-warren-says-business-is-tough-but-politics-thats-a-whole">Elizabeth Warren</a>, argue that taxing unrealized capital gains could help close the wealth gap by ensuring that the ultrawealthy pay their fair share. According to a report from The New York Times, wealth inequality in the U.S. has reached levels not seen since the 1920s.&nbsp;
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From an economic perspective, critics, including former CKE Restaurants CEO Andy Puzder, have called the proposal "voodoo economics." Speaking on Fox Business's ‘Evening Edit,' he said, &#8220;The idea that we&#8217;re going to tax unrealized capital gains, that&#8217;s just absurd. This is voodoo economics … it's absolutely ridiculous.".
There are also logistical hurdles to consider. Analysts have pointed out that taxing unrealized gains would likely require new reporting systems and create huge compliance headaches for taxpayers and the IRS.&nbsp;
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</ul>

Startups

This Market Pro Says Kamala Harris' Unrealized Capital Gains Tax 'Makes No Sense' And Will 'Suck Money Out Of The Market'

In a <a href="https://www.youtube.com/live/AD5Y9IMENys?si=GY6m540YBuJGYLOc&amp;t=2257">recent episode</a> of The Ramsey Show, financial experts <a href="https://www.benzinga.com/personal-finance/24/10/41213012/dave-ramseys-bold-plan-to-fight-inflation-could-his-radical-approach-help-you-keep-more-cash-in-">Dave Ramsey</a> and Ken Coleman discussed an interesting dilemma presented by Phillip, a caller from Pittsburgh.&nbsp;
Phillip works full-time in tax planning and consulting and has been growing a $30,000-a-year side hustle in the same field. Now, he's been offered the opportunity to buy a $225,000 tax preparation and consulting business from an older owner.&nbsp;
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<li>How do billionaires pay less in income tax than you?<a href="https://www.benzinga.com/money/tax-deferring-adv"> Tax deferring is their number one strategy</a>.</li>
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The big question: Should he buy the established business or continue to grow his side hustle organically?
Phillip shared that his <a href="https://www.benzinga.com/general/education/24/08/40544061/young-entrepreneur-makes-354-000-a-month-tips-on-turning-side-hustle-into-big-business">side hustle</a> is relatively new, generating about $30,000 in revenue, of which he's kept around $5,000 after reinvesting in the business. His full-time job brings in a $90,000 salary, making his side hustle a <a href="https://www.benzinga.com/news/earnings/24/10/41271760/two-high-yield-etf-cash-machines-for-your-retirement-portfolio">supplementary income stream</a>. He's intrigued by the prospect of taking over the established business, but he would need to finance the deal through the current owner, as he doesn't have the cash to purchase it outright.
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Dave Ramsey immediately got down to the numbers. Phillip stated that the existing business bills between $175,000 and $180,000 per year, with an estimated net profit of $75,000. That's a roughly 50% profit margin, which sounds appealing.&nbsp;
However, Ramsey pointed out that those numbers hinge heavily on Phillip's ability to retain clients, manage the workload or hire someone to take over the tax preparation work.
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Ramsey said, &#8220;You don't want to buy a job; you want to buy a business." If Phillip were to purchase the practice, he would likely need to hire someone to manage the tax preparation. Ramsey estimated that this would cost Phillip around $50,000 annually, leaving him with a net profit of only $25,000 from the purchased business – on a $225,000 investment.
"Not a chance it&#8217;s worth that," Ramsey said.
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Ramsey didn't think the math added up. The potential net income wasn't worth the investment, especially considering the risk that Phillip might lose clients due to the transition. Phillip also commented that many clients are loyal to the current owner and any price increases could further drive them away.
Ken Coleman echoed Ramsey's concerns and encouraged Phillip to focus on his growing side hustle instead. Coleman highlighted Phillip's progress so far, noting how impressive it was that he had built up a business while maintaining a full-time job. With a strong salary and a growing side hustle, Coleman suggested Phillip take the more cautious route and avoid taking on debt to buy the larger business.
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"I don't see a huge windfall to take on this financing," Coleman said. "I don&#8217;t think it&#8217;s enough of a benefit to take on the debt. It doesn't make sense to me."
Both Ramsey and Coleman explored other options that Phillip could consider. Ramsey floated the idea of structuring a deal with the current business owner where Phillip wouldn't purchase the practice outright but would instead share revenue for a set period.&nbsp;
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Another suggested option was a "finder's fee" arrangement, where Phillip could take over the clients and pay the original owner a referral commission. This would allow him to grow his client base without taking on a large debt upfront.
In the end, Ramsey and Coleman's advice was clear: buying the $225,000 business didn't make financial sense. Instead, Phillip should continue to build his side hustle organically, avoiding <a href="https://www.benzinga.com/personal-finance/24/09/40838359/dave-ramsey-says-youre-wasting-5-000-a-year-if-you-spend-13-70-a-day-on-things-you-dont-need">unnecessary debt</a> and growing his business at his own pace.
For anyone considering a similar decision, Ramsey stresses the following take-away: don&#8217;t buy yourself a job. Instead, focus on creating a business that provides value and generates income without burdening you with overwhelming debt.&nbsp;
You may also contact a trusted <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a> to help outline the benefits and drawbacks unique to your situation. They can help you better understand the financial pros and cons to make the most informed decision.&nbsp;
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</ul>

Should I Buy A $225K Business Or Grow My $30K Side Hustle? – Dave Ramsey Weighs In

The stock of U.S.-listed&nbsp;Chinese&nbsp;companies gave up gains last week due to weakness. Chinese planning officials reportedly fell short of&nbsp;investor stimulus expectations, resulting in a dip after <a target="_blank" href="https://www.benzinga.com//node/41198527" rel="noreferrer noopener">two consecutive weeks of gains</a>.
These eleven large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol>
<li>NetEase, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) stock plummeted 13.66%, giving up gains after two weeks of upmove.</li>
<li>Futu Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>) stock dipped 13.25% after investors soured on China&#8217;s stimulus measures.</li>
<li>KE Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NYSE">BEKE</a>) shares were down 13.14%.</li>
<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares fell 12.91% last week following its Cybercab unveiling, with <a href="https://www.benzinga.com//node/41295072" target="_blank" rel="noreferrer noopener">investors assessing a potential</a> 2026 or 2027 timeline.</li>
<li>Toronto Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) stock lost 10.52% last week <a href="https://www.benzinga.com//node/41271816" target="_blank" rel="noreferrer noopener">following a report suggesting</a> the company is expected to pay approximately $3 billion in penalties and face growth limits as part of an anti-money-laundering settlement.</li>
<li>Vistra Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VST#NYSE">VST</a>) stock lost 9.48% last week after investors soured on China&#8217;s stimulus measures.</li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) stock fell 8.50% after Jefferies cut its price forecast <a href="https://www.benzinga.com/quote/FSLR/analyst-ratings" target="_blank" rel="noreferrer noopener">from $271 to $266.</a></li>
<li>The AES Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AES#NYSE">AES</a>) share dipped 8.41%.</li>
<li>Align Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALGN#NASDAQ">ALGN</a>) lost 8.00% last week after several analysts lowered the <a href="https://www.benzinga.com/quote/algn/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecasts on the stock</a>.</li>
<li>NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) shares were down 7.83%, giving up gains after two weeks of upmove.</li>
<li>Li Auto Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) shares declined 7.63%, giving up gains after two weeks of upmove.</li>
</ol>
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<li><a href="https://www.benzinga.com/news/24/10/41304776/uber-microstrategy-and-robinhood-are-among-top-11-large-cap-gainers-last-week-oct-7-oct-11-are-the-o" target="_blank" rel="noreferrer noopener">Uber, MicroStrategy And Robinhood Are Among Top 11 Large Cap Gainers Last Week (Oct 7-Oct 11): Are The Others In Your Portfolio?</a></li>
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Photo via Tesla

Movers

Trading Ideas

ALGN

BEKE

FSLR

FUTU

NTES

US Listed Chinese Stocks Give Up Gains - Li Auto, Tesla And Nio Are Among Top 11 Large Cap Losers Last Week (Oct 7-Oct 11): Are The Others In Your Portfolio?

Legendary National Basketball Association star and Hall of Famer Shaquille O'Neal surprised many when he shared on a 2020 podcast that he voted for the first time in <a href="https://www.benzinga.com/general/politics/24/09/41079936/shaq-called-trump-a-straight-up-guy-before-presidency-i-think-he-just-says-it-wrong-but-did-the-">that year's presidential election.</a>
O'Neal, who is best known as Shaq by many, admitted on a 2020 episode of his podcast "The Big Podcast with Shaq" that the 2020 election was the first time he voted.
"You know I always like being honest on my podcast. I've never voted before, America," O'Neal <a href="https://www.cbsnews.com/news/shaquille-o-neal-election-voting-first-time-at-48/">said</a>. "But, now I'm doing all these voting campaigns, and you know, one thing I never like to do is be a hypocrite."
O'Neal said he used a mail-in ballot in the 2020 election, but did not share on the podcast who he voted for.
"I voted for the first time, and it feels good."
O&#8217;Neal admitted to not understanding the electoral college system, mentioning that&nbsp;Hillary Clinton&nbsp;won the popular vote in the 2016 election, but lost to Trump, who had more electoral votes than her.
Despite not understanding the voting system, O'Neal said he had "no excuse" for not voting in earlier elections.
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</ul>
Shaq Praised Donald Trump: In a previous interview, Shaq acknowledged his friendship with Donald Trump and said he believed the then-presidential candidate was misunderstood before the 2016 election.
"Donald Trump speaks to an eclectic type audience," O'Neal previously said.
The former NBA star acknowledged that while Trump speaks his mind, he often delivers his messages poorly.
"I just think he says it wrong." O&#8217;Neal acknowledged that Trump has no problem telling people to tuck in their shirts or pointing things out.
&#8220;Donald&#8217;s like a straight-up guy. He&#8217;s a straight-forward guy.&#8221;
With Trump running again in the 2024 election, O'Neal has not publicly said if he will be voting for him in this year's election. Benzinga reached out to O'Neal's team for an update on his current views regarding Trump, but no comment was provided.
Another Late Voter Athlete: While O'Neal voted for the first time in the 2020 election, a race car driver will make their first vote in the upcoming 2024 presidential election.
Forty-two year old former NASCAR and IndyCar driver Danica Patrick recently revealed that she had never voted in an election before.
"I just want to say I've never voted before, but this time around, I have to vote," Patrick said during a town hall she hosted for vice-presidential candidate J.D. Vance. "It's that important."
Patrick said with "1,000%" certainty that she is voting for Trump and Vance in the 2024 election, as <a href="https://nypost.com/2024/10/11/us-news/danica-patrick-reveals-shes-never-voted-before-but-will-back-trump-this-year/">reported </a>by the New York Post.
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<li><a href="https://www.benzinga.com/general/entertainment/24/09/40971563/nba-legend-shaq-once-found-a-wallet-in-beverly-hills-usually-when-i-find-wallets-i-just-tak">NBA Legend Shaq Once Found A Wallet In Beverly Hills: &#8216;Usually When I Find Wallets I Just Take All The Money Out&#8217; — But This One Was David Beckham&#8217;s, So Here&#8217;s What He Did</a></li>
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Photo: Shutterstock

Politics

Sports

NBA Legend Shaq Admitted That He 'Never Voted' In Presidential Election Until 2020 As He Urged Others To Register: 'One Thing I Never Like To Do Is Be A Hypocrite'

New research by David Blanchett, managing director at PGIM DC Solutions, reveals significant disparities between the retirement planning services financial advisors believe they&#8217;re providing and what clients actually report receiving. This gap highlights areas where advisors need to improve their <a href="https://www.benzinga.com/personal-finance/financial-advisors/24/09/41082256/long-term-care-costs-are-reshaping-advisor-client-relationships">communication and service delivery.</a>
For <a href="https://www.linkedin.com/feed/update/urn:li:activity:7249372973982191616/">example</a>, while 97% of advisors claim to discuss Required Minimum Distributions (RMDs) regularly, only 54% of clients report experiencing such conversations. Advisors need to ensure clients understand the importance of RMD planning to avoid penalties and optimize tax strategies.
In terms of retirement lifestyle planning, 70% of advisors say they frequently discuss how clients will spend their retirement time, but only 29% of clients recall these conversations. Emphasizing the non-financial aspects of retirement planning, including social connections and healthy habits, is crucial in helping clients have a good retirement.
Also Read: <a href="https://www.benzinga.com/general/entertainment/24/10/41269219/michael-jordan-buys-a-new-private-jet-that-is-also-owned-by-tech-billionaires-elon-musk-and">Michael Jordan Buys A New Private Jet That Is Also Owned By Tech Billionaires Elon Musk And Jeff Bezos</a>
There&#8217;s also a gap in the perceived importance of wealth protection and lifetime income products between advisors and clients. Addressing this discrepancy will help advisors better align with their clients&#8217; needs and expectations.
Tax minimization is another area of concern, with 95% of advisors reporting they provide such strategies, but only 64% of clients acknowledging this guidance. Significant gaps also exist in discussions about monthly budgeting and account withdrawal strategies. Advisors should provide more granular guidance in these areas to help clients better prepare for their financial future.
To bridge these gaps, improving communication is crucial. Advisors should consider developing more tactical approaches to address specific retirement issues, ensuring clients understand and remember the guidance provided. Implementing comprehensive checklists or materials that cover all key aspects of retirement planning can help ensure thorough coverage of essential topics. Regular follow-ups to review and reinforce important retirement planning concepts can also help bridge memory gaps.
Ultimately, advisors should strive to provide more comprehensive retirement planning services that align with clients&#8217; expectations and needs. By addressing these areas, financial advisors can better meet their clients&#8217; retirement planning needs and ensure a more aligned understanding of the services provided.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41288103/elon-musks-fully-autonomous-driving-dreams-now-scheduled-for-2025-but-regulatory-hurdles-stand-in-th">Elon Musk&#8217;s Fully Autonomous Driving Dreams Now Scheduled For 2025, But Regulatory Hurdles Stand In The Way Of Tesla&#8217;s Robotaxi Rollout</a></li>
</ul>
Photo: Unsplash

Financial Advisors

Advisors Say They Cover Key Retirement Topics, But Clients Disagree — New Research Highlights The Disconnect

These eleven large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) shares jumped 27.42% after introducing new fabric <a href="https://www.benzinga.com//node/41250240" target="_blank" rel="noreferrer noopener">switches for AI infrastructure</a>. The stock may also be getting a lift from <a href="https://www.benzinga.com/analyst-stock-ratings" target="_blank" rel="noreferrer noopener">positive analyst coverage</a>.</li>
<li>Symbotic Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYM#NASDAQ">SYM</a>) stock gained 25.55% last week after the company announced on Thursday that it entered into agreements with Walmart de México y Centroamérica to implement its warehouse automation systems <a href="https://www.benzinga.com/pressreleases/24/10/g41268313/symbotic-announces-agreement-to-implement-multiple-industry-leading-warehouse-automation-systems-f" target="_blank" rel="noreferrer noopener">in two of the retailer's locations.</a></li>
<li>MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock gained 20.44% amid a rise in Bitcoin (CRYPTO: BTC/USD) price.</li>
<li>Affirm Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) shares gained 19.61% after Wells Fargo <a href="https://www.benzinga.com/quote/afrm/analyst-ratings" target="_blank" rel="noreferrer noopener">upgraded the stock</a> from Equal-Weight to Overweight and raised its price target from $40 to $52.</li>
<li>Uber Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) shares gained 16.24% last week in reaction to Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com//node/41288999" target="_blank" rel="noreferrer noopener">announcing that a rival offering</a>, the Cybercab, will go into production in 2026.</li>
<li>Super Micro Computer, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock gained 15.94% last week <a href="https://www.benzinga.com//node/41211823" target="_blank" rel="noreferrer noopener">after the company announced</a> it deployed 100,000+ GPUs with liquid cooling systems for AI factories.</li>
<li>Robinhood Markets Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) stock upped 14.77% after the company announced its investor day event on Dec. 4.</li>
<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) stock rose 14.66% after Citigroup upgraded the stock from Neutral to Buy and raised <a href="https://www.benzinga.com//node/41255765" target="_blank" rel="noreferrer noopener">its price target from $20 to $30</a>.</li>
<li>Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) shares surged 13.99%.</li>
<li>Carnival Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) shares increased 13.37%.</li>
<li>Cloudflare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>) shares upped 12.03%. The company announced the appointment of a <a href="https://www.benzinga.com//node/41276670" target="_blank" rel="noreferrer noopener">new president of product and engineering</a>.</li>
</ol>
Image via Shutterstock

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Uber, MicroStrategy And Robinhood Are Among Top 11 Large Cap Gainers Last Week (Oct 7-Oct 11): Are The Others In Your Portfolio?

The Internet Archive, a&nbsp;global digital library, has suffered a significant security breach and a DDoS attack, compromising <a target="_blank" href="https://www.benzinga.com/news/24/10/41266620/internet-archive-hit-by-major-security-breach-and-ddos-attack-31-million-accounts-compromised" rel="noreferrer noopener">data of 31 million accounts</a>.
Following a court ruling, Turkey has banned the widely-used instant messaging platform Discord, according to the country's Information Technologies and <a href="https://www.benzinga.com/news/24/10/41243847/erdo-ans-justice-minister-speaks-up-on-discord-ban-in-turkey-we-are-determined-to-protect-our-youth" target="_blank" rel="noreferrer noopener">Communication Authority or BTK</a>.
The U.N. revealed in a report that the messaging app&nbsp;Telegram, an&nbsp;encrypted messaging app, has been identified as a <a target="_blank" href="https://www.benzinga.com/news/24/10/41221289/telegram-the-new-frontier-for-criminal-gangs-un-report-uncovers-alarming-trends-in-organized-crime" rel="noreferrer noopener">major platform for criminal activities</a>.
In a cyberattack linked to the Chinese government, major U.S. broadband providers have reportedly been breached, potentially compromising systems used for <a href="https://www.benzinga.com/news/24/10/41200026/chinese-hackers-breach-at-t-verizon-networks-in-major-wiretap-data-theft-putting-us-national-securit" target="_blank" rel="noreferrer noopener">court-authorized wiretapping requests</a>.
Billionaire entrepreneur and&nbsp;Dallas Mavericks&nbsp;owner&nbsp;Mark Cuban&nbsp;has shed light on the future of linear television and streaming platforms, highlighting the <a target="_blank" href="https://www.benzinga.com/news/24/10/41219900/mark-cuban-on-how-tv-will-evolve-in-the-future-says-he-saw-the-rise-of-netflix-like-platforms-before" rel="noreferrer noopener">crucial&nbsp;role of sports media rights</a>.
Gaming
Nintendo Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTDOY#OTC">NTDOY</a>) has officially announced the "Nintendo Switch Online: Playtest Program," allowing up to 10,000 participants to test a new feature related to <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41280517/how-to-join-nintendos-playtest-program-to-experience-new-switch-online-feature" rel="noreferrer noopener">the&nbsp;Nintendo Switch Online service</a>.
FIFA has announced a fresh partnership with&nbsp;Konami Group ADR, marking the return of the<a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41279567/fifa-partners-with-konami-for-efootball-fifae-world-cup-revival" rel="noreferrer noopener">&nbsp;FIFAe World Cup tournament</a>.
Sony Group Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) has revealed the full slate of new additions coming to the PlayStation Plus Games Catalog for October 2024, giving subscribers a variety of games to look forward to across <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41277228/playstation-plus-october-2024-dead-island-2-leads-spooky-lineup-of-14-games" rel="noreferrer noopener">both the&nbsp;Extra and Premium tiers</a>.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41209970/netflix-analysts-turn-more-optimistic-ahead-of-earnings-expensive-for-a-reason" rel="noreferrer noopener">Netflix Analysts Turn More Optimistic Ahead Of Earnings: &#8216;Expensive For A Reason&#8217;</a>
Media, Communication &amp; Music
ByteDance-owned&nbsp;TikTok&nbsp;is facing legal action from&nbsp;13 U.S. states and the&nbsp;District of Columbia.&nbsp;The states accuse TikTok of&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/10/41243023/tiktok-gets-sued-13-states-and-dc-accuse-chinese-platform-of-boosting-corporate-profits-via-social-m" rel="noreferrer noopener">causing harm to its younger users</a>.
Following the success of "Oppenheimer," renowned director&nbsp;Christopher Nolan has reportedly joined forces with actor&nbsp;Matt Damon for a <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41266961/christopher-nolan-taps-matt-damon-for-mystery-2026-imax-epic-is-universals-big-bet-likely-t" rel="noreferrer noopener">new&nbsp;</a><a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41266961/christopher-nolan-taps-matt-damon-for-mystery-2026-imax-epic-is-universals-big-bet-likely-t" rel="noreferrer noopener">Imax Corporation</a><a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41266961/christopher-nolan-taps-matt-damon-for-mystery-2026-imax-epic-is-universals-big-bet-likely-t" rel="noreferrer noopener"> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMAX#NYSE">IMAX</a>)</a>.
Zoom Video Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZM#NASDAQ">ZM</a>) is gearing up to launch&nbsp;AI avatars&nbsp;that can communicate on behalf <a target="_blank" href="https://www.benzinga.com/news/24/10/41265317/zoom-custom-ai-avatars-can-now-deliver-messages-to-your-team-as-you-skipping-boring-remote-meetings" rel="noreferrer noopener">of users by posing as them</a>.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41215414/goldman-sachs-raises-forecast-on-spotify-cites-user-engagement-growth-and-potential" rel="noreferrer noopener">Goldman Sachs Raises Forecast On Spotify, Cites User Engagement Growth and Potential Deluxe Tier Revenue</a>
Technology
Advanced Micro Devices, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) disclosed plans for its next-gen&nbsp;MI350&nbsp;chip, aimed at competing with NVIDIA Corporation&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) new Blackwell system, with shipping anticipated&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/10/41284533/nvidias-blackwell-chip-faces-amds-mi350-challenge-in-2025-ceo-lisa-su-says-beginning-not-the-end-of" rel="noreferrer noopener">in the second half of&nbsp;2025</a>.
Advanced Micro Devices launched several new high-performance computing solutions at the event, including fifth Gen AMD EPYC server CPUs, AMD Instinct MI325X accelerators, AMD Pensando Salina DPUs, AMD Pensando Pollara 400 NICs and AMD Ryzen AI PRO 300 series <a target="_blank" href="https://www.benzinga.com/news/24/10/41282666/what-happened-with-amd-stock-today" rel="noreferrer noopener">processors for enterprise AI PCs</a>.&nbsp;
Taiwanese contract manufacturer Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>) the company, which is popularly called&nbsp;Foxconn&nbsp;is gearing up to construct the&nbsp;largest <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41221276/apple-supplier-foxconn-to-build-worlds-largest-nvidia-superchip-factory-amid-soaring-ai-demand" rel="noreferrer noopener">manufacturing facility&nbsp;for&nbsp;</a><a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41221276/apple-supplier-foxconn-to-build-worlds-largest-nvidia-superchip-factory-amid-soaring-ai-demand" rel="noreferrer noopener">Nvidia&#8217;s </a><a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41221276/apple-supplier-foxconn-to-build-worlds-largest-nvidia-superchip-factory-amid-soaring-ai-demand" rel="noreferrer noopener">GB200 chip</a>.
Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google&nbsp;is rolling out new AI-powered security features for Android devices aimed at preventing phone theft. These features, which were&nbsp;initially announced in May, are designed to <a href="https://www.benzinga.com/news/24/10/41204898/google-starts-rolling-out-ai-powered-security-features-to-combat-android-phone-theft" target="_blank" rel="noreferrer noopener">automatically secure a device if it is stolen</a>.
Following&nbsp;the antitrust verdict,&nbsp;Google has made moves to halt changes <a target="_blank" href="https://www.benzinga.com/news/24/10/41220186/google-will-continue-to-fight-epic-games-in-court-to-halt-epic-requested-changes-to-play-store-under" rel="noreferrer noopener">proposed by&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/10/41220186/google-will-continue-to-fight-epic-games-in-court-to-halt-epic-requested-changes-to-play-store-under" rel="noreferrer noopener">Epic Games</a>.
Amazon.com, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) cloud computing platform,&nbsp;Amazon Web Services&nbsp;CEO&nbsp;Matt Garman&nbsp;disclosed that the company had been delving into generative AI long&nbsp;before it <a target="_blank" href="https://www.benzinga.com/news/24/10/41201296/aws-ceo-matt-garman-once-an-intern-says-they-were-pioneering-generative-ai-at-amazon-long-before-cha" rel="noreferrer noopener">became a widely&nbsp;accepted concept</a>.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41257775/uber-well-positioned-despite-tesla-robotaxi-threat-analyst-says" rel="noreferrer noopener">Uber &#8216;Well Positioned&#8217; Despite Tesla Robotaxi Threat, Analyst Says</a>
Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>) formally rejected the accusations levied in a recent report by&nbsp;Hindenburg Research, an investment firm <a target="_blank" href="https://www.benzinga.com/general/gaming/24/10/41255828/roblox-denies-hindenburgs-accusations-of-inflating-metrics-failing-at-child-safety-calls-them-misl" rel="noreferrer noopener">known for&nbsp;activist short-selling</a>.
Smartphones
Earlier this year, tech giants&nbsp;Alphabet and&nbsp;Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) joined forces to simplify the process of moving photos and videos between <a href="https://www.benzinga.com/news/24/10/41265188/how-to-switch-from-google-photos-to-apples-icloud" target="_blank" rel="noreferrer noopener">their platforms by launching a tool</a>.
Amazon.com and&nbsp;Apple have announced a collaboration, as per which&nbsp;Apple TV+ will be <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/10/41264628/apple-tv-coming-to-amazon-prime-video-this-month-what-you-need-to-know-about-the-9-99-add-o" rel="noreferrer noopener">available through&nbsp;Prime Video</a>.
Apple&nbsp;is reportedly planning to launch a health-focused smart ring by 2026, according to a <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41222158/apples-smart-ring-could-launch-by-2026-in-line-with-tim-cooks-health-centric-vision" rel="noreferrer noopener">forecast by analysts at CCS Insight</a>.
Elon Musk &amp; Artificial Intelligence (AI)
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)&nbsp;Robotaxi is set to disrupt the autonomous driving market, <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41238300/tesla-robotaxi-ambitions-come-as-most-americans-grow-wary-of-autonomous-tech" target="_blank" rel="noreferrer noopener">currently led by </a><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41238300/tesla-robotaxi-ambitions-come-as-most-americans-grow-wary-of-autonomous-tech" target="_blank" rel="noreferrer noopener">Alphabet&#8217;s </a><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/10/41238300/tesla-robotaxi-ambitions-come-as-most-americans-grow-wary-of-autonomous-tech" target="_blank" rel="noreferrer noopener">Waymo</a>.
CEO&nbsp;Elon Musk's social media platform,&nbsp;X, formerly&nbsp;Twitter, has been granted permission by Brazil's Supreme Court to&nbsp;recommence<a target="_blank" href="https://www.benzinga.com/news/24/10/41242624/elon-musk-vows-to-defend-freedom-of-speech-but-within-the-boundaries-of-the-law-as-x-gets-brazil-gre" rel="noreferrer noopener"> its operations&nbsp;in the country</a>.
The Federal Communications Commission or FCC has temporarily authorized&nbsp;Elon Musk-led&nbsp;SpaceX and&nbsp;T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) to provide direct-to-cell service via Starlink satellites in <a target="_blank" href="https://www.benzinga.com/news/24/10/41200194/spacex-and-t-mobiles-direct-to-cell-satellite-service-for-hurricane-hit-areas-green-lighted-by-fcc-a" rel="noreferrer noopener">areas&nbsp;impacted by Hurricane Helene</a>.
Read:<a target="_blank" href="https://www.benzinga.com/news/24/10/41224028/elon-musk-talks-ai-woke-mind-virus-starlink-and-california-governor-gavin-newsom-with-tucker-carlson" rel="noreferrer noopener"> Elon Musk Talks AI, Woke Mind Virus, Starlink And California Governor Gavin Newsom With Tucker Carlson</a>
ChatGPT-parent&nbsp;OpenAI has disclosed that its platform is being misused by malicious entities to meddle with democratic <a href="https://www.benzinga.com/news/24/10/41267154/ahead-of-trump-vs-harris-faceoff-chatgpt-parent-openai-uncovers-election-interference-misuse-but-see" target="_blank" rel="noreferrer noopener">elections across the globe</a>.
Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41239978/s-p-500-earnings-season-kicks-off-why-analysts-call-this-quarter-a-stock-pickers-pa" target="_blank" rel="noreferrer noopener">S&amp;P 500 Earnings Season Kicks Off: Why Analysts Call This Quarter &#8216;A Stock Picker&#8217;s Paradise&#8217;</a>

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Consumer Tech News (Oct 7-Oct 11): Apple TV+ To Be Available Through Prime Video, Tesla Robotaxi To Disrupt Autonomous Driving Market & More

Donald Trump&#8216;s former White House Communications Director Anthony Scaramucci says Kamala Harris will <a href="https://www.benzinga.com/24/08/40429823/anthony-scaramucci-says-donald-trumps-divisive-tactics-will-lead-to-the-first-african-american-woman">win the upcoming election</a> and that her supporters need to stay calm and focused.
What Happened: In a post on X last week, Scaramucci, who will be the keynote speaker at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on November 19, predicted a decisive Harris victory despite the tight polls.
He urged his followers to remain calm and continue working towards this outcome. He also expressed his hope for a revamp of the Republican Party, stating it would only regain respectability if the GOP is dealt a significant defeat next month.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Stay calm. Let's keep working. Harris will win. This guy gets going at about the 2:30 mark. The Republican party will only again become a respectable party, which will support our democracy, if it gets BLOWN OUT in this election. <a href="https://t.co/sV3bbV1LzV">https://t.co/sV3bbV1LzV</a>
&mdash; Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1844595836568649811?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Also Read: <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">Scaramucci: &#8216;Trump Is In Trouble And He Knows It&#8217;, Slams Him On Conflicting Abortion Statements: &#8216;He&#8217;s Shotgunning Out Statements And Words&#8217;</a>
Scaramucci&#8217;s tweet included a link to a YouTube video titled &#8220;Harris Will Beat Trump Decisively; Most Polls Are WRONG &#8211; Here&#8217;s Why&#8221;. 
He highlighted a particular segment of the video, starting at the 2:30 mark, which he believes provides compelling arguments for Harris&#8217; potential victory.
Why It Matters: Scaramucci&#8217;s prediction comes amidst a highly charged political climate. His endorsement of Harris and call for a Republican defeat reflect the polarized views that have characterized this election season. 
His tweet, which has garnered significant attention, underscores the high stakes and intense scrutiny surrounding the election.
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.

Anthony Scaramucci Foresees Harris Win: 'Stay Calm, Let's Keep Working'

<a href="https://www.benzinga.com/insights/news/24/10/41215815/100-invested-in-costco-wholesale-20-years-ago-would-be-worth-this-much-today">Costco</a> is again venturing into the precious metals market, expanding its offerings beyond the gold and silver bars it sold to great success. The retail giant now offers 1-ounce platinum bars for $1,089.99 exclusively to members via its website. This move is part of Costco's broader strategy to diversify its product lineup and capitalize on the growing demand for collectible precious metals.
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<h2 class="wp-block-heading">A Continuation of Costco's Precious Metals Success</h2>
Costco entered the precious metals market in 2023, introducing gold bars. The retailer sold more than $100 million of these bars in just the first quarter of that year. More recently, it added silver coins, which sold for $675. Now, platinum joins the lineup with its Swiss-made bars engraved with an image of Lady Fortuna, the Roman goddess of fortune and prosperity.
While the price of platinum has seen modest increases year to date – up 15% from 2023 – the allure of precious metals remains strong for collectors and investors. <a href="https://www.benzinga.com/startups/24/08/40550668/jpmorgan-predicts-2-600-gold-prices-by-2025-what-a-1-million-gold-bar-means-for-the-market">Gold</a> has recently hit record highs and remains the more <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41279658/millennials-favor-crypto-etfs-as-top-investment-asset-schwab-reports-growing-bullish-senti">popular investment</a> due to its higher appreciation rate.&nbsp;
However, CNN reports that Costco's decision to sell platinum bars is less about competing with gold and more about continuing its "treasure hunt" retail strategy.&nbsp;
"We try to create an attitude that, if you see it, you ought to buy it because chances are it ain't going to be there next time," Costco's founder once said to the Wall Street Journal. "That's the treasure-hunt aspect. We constantly buy that stuff and intentionally run out of it from time to time."
Trending: <a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.
<h2 class="wp-block-heading">Why Platinum?</h2>
Platinum may not be as sought after as gold, but it uniquely appeals. It's a rarer metal used in industrial applications and as a form of <a href="https://www.benzinga.com/personal-finance/24/06/39255419/can-you-guess-what-percentage-of-their-wealth-the-rich-keep-in-cash">wealth preservation</a>. Costco's platinum bars are made of 999.5 pure platinum, which collectors and investors might find appealing as a diversification opportunity.&nbsp;
Kelly Bania, a senior research analyst at BMO Capital Markets, told ABC News that Costco's move to introduce platinum bars is consistent with its strategy of offering high-margin products. Platinum's market value fluctuates around $1,008 per ounce, so Costco&#8217;s $1,089.99 price tag reflects a small markup. However, buyers are willing to pay a premium for the convenience of purchasing precious metals from a trusted retailer.
Trending: The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a>
<h2 class="wp-block-heading">Should You Invest?</h2>
Investing in precious metals like platinum carries potential risks. Unlike stocks or bonds, precious metals don't generate income and are subject to price volatility. Additionally, selling these metals can involve fees, making them a more complex investment for the average buyer.&nbsp;
Those considering platinum as an investment should do thorough research and possibly consult a <a href="https://www.benzinga.com/money/best-online-financial-advisors">financial advisor</a> to ensure it fits their long-term goals.
Ultimately, Costco's venture into platinum sales may be more about marketing than moving large quantities of the metal. But for shoppers who enjoy the thrill of snagging exclusive items, platinum bars are another example of the unique finds that make Costco a popular destination.
Read Next:
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<li>Studies show 50% of consumers think Financial Advisors cost much more than they do —<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a></li>
<li>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></li>
</ul>

Platinum Hits Costco Shelves: Why The Retail Giant Is Selling $1,089 Bars To Its Members

This past week was a whirlwind of news, with artificial intelligence (AI) taking the spotlight. From election interference to superchip factories, AI was at the heart of many stories. Let&#8217;s dive into the top five stories that made headlines.
OpenAI Uncovers Election Interference Misuse
Ahead of the Trump vs. Harris faceoff, OpenAI, a subsidiary of Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), revealed that its platform is being exploited by malicious entities to disrupt democratic elections worldwide. The company&#8217;s 54-page report disclosed that it had prevented over 20 global operations and deceptive networks that sought to misuse its models. The threats varied from AI-generated website articles to social media posts by fake accounts.
<a href="https://www.benzinga.com/news/24/10/41267154/ahead-of-trump-vs-harris-faceoff-chatgpt-parent-openai-uncovers-election-interference-misuse-but-see">Read the full article here.</a>
Foxconn to Build World&#8217;s Largest Nvidia Superchip Factory
Taiwanese contract manufacturer Hon Hai Precision (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), also known as Foxconn, announced plans to construct the largest manufacturing facility for Nvidia Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) GB200 chip. This move is intended to meet the substantial demand for Nvidia's Blackwell platform, according to a senior executive. Foxconn, known for assembling products for Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), is also venturing into server production. <a href="https://www.benzinga.com/markets/equities/24/10/41221276/apple-supplier-foxconn-to-build-worlds-largest-nvidia-superchip-factory-amid-soaring-ai-demand">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41257775/uber-well-positioned-despite-tesla-robotaxi-threat-analyst-says?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Uber &#8216;Well Positioned&#8217; Despite Tesla Robotaxi Threat, Analyst Says</a>
AMD&#8217;s MI350 Chip to Challenge Nvidia&#8217;s Blackwell
Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) revealed plans for its next-gen MI350 chip, set to compete with Nvidia's upcoming Blackwell system. The chip is expected to ship in the second half of 2025 and offer up to 35 times better inference performance compared to their CDNA 3-based predecessors.
<a href="https://www.benzinga.com/news/24/10/41284533/nvidias-blackwell-chip-faces-amds-mi350-challenge-in-2025-ceo-lisa-su-says-beginning-not-the-end-of">Read the full article here.</a>
Cathie Wood Foresees Trillion-Dollar Opportunity for Tesla
ARK Invest CEO Cathie Wood predicted a &#8220;trillion-dollar-plus revenue opportunity for Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) in the next five years&#8221; in the autonomous vehicle market. Wood sees a "winner-takes-most" scenario unfolding in the autonomous driving space, emphasizing the high stakes in the race for autonomous technology supremacy.
<a href="https://www.benzinga.com/markets/equities/24/10/41200165/cathie-wood-predicts-trillion-dollar-revenue-opportunity-for-tesla-in-autonomous-vehicles-winner">Read the full article here.</a>
Palantir&#8217;s Shyam Sankar on AI Deployment
Shyam Sankar, CTO of Palantir Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>), stated that the company is experiencing a surge in demand. Sankar emphasized the value of enterprise automation and the increasing rate of AI adoption. He also highlighted the foundational investments Palantir made in an ontology as prerequisites for quickly putting workflows into production.
<a href="https://www.benzinga.com/markets/equities/24/10/41244462/palantirs-shyam-sankar-says-ai-is-experiential-and-if-you-pay-consultants-to-help-you-think-abou">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41292954/nvidia-stock-surges-as-ai-dominance-fuels-long-term-bull-run-gene-munster-waves-green-fl">Nvidia Stock Surges As AI Dominance Fuels Long-Term Bull Run: Gene Munster Waves Green Flag</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

GOOGL

MSFT

PLTR

Election Interference, Superchip Factories, And Trillion-Dollar Opportunities: AI Takes Center Stage

The week was quite eventful for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), with news ranging from potential new technology for its iPhone 17 Air Display, a leak of the unreleased M4 MacBook Pro, plans for a health-focused smart ring, a new iOS 18 feature, and a surprising revelation about its relationship with law enforcement. Let&#8217;s dive into these stories.
Apple&#8217;s Potential New Display Technology
Taiwan-based Novatek has announced plans to mass-produce OLED displays using Touch and Display Driver Integration (TDDI) technology by Q2 2025. This technology could significantly influence the design of future iPhones, with Apple potentially being among the first clients.
<a href="https://www.benzinga.com/news/24/10/41195325/apple-might-have-just-found-the-technology-to-power-its-thin-iphone-17-air-display">Read the full article here.</a>
Leaked M4 MacBook Pro
A Russian YouTuber reportedly tested the yet-to-be-announced M4 MacBook Pro, anticipated to launch in November. The video suggests that the M4 MacBook Pro comes with 512GB of storage and 16GB of RAM.
<a href="https://www.benzinga.com/news/24/10/41199834/unreleased-m4-macbook-pro-shown-off-by-russian-youtuber-weve-seen-prototypes-leak-early-but-never-a">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/news/24/10/41284533/nvidias-blackwell-chip-faces-amds-mi350-challenge-in-2025-ceo-lisa-su-says-beginning-not-the-end-of?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Blackwell Chip Faces AMD&#8217;s MI350 Challenge In 2025: CEO Lisa Su Says, &#8216;Beginning, Not The End Of The AI Race&#8217;</a>
Apple&#8217;s Health-Centric Vision
Analysts at CCS Insight forecast that Apple could launch a health-focused smart ring by 2026. The smart ring, similar to smartwatches, would be equipped with sensors to monitor health metrics such as heart rate.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41222158/apples-smart-ring-could-launch-by-2026-in-line-with-tim-cooks-health-centric-vision">Read the full article here.</a>
New iOS 18 Feature
With its latest iOS 18 update, Apple has finally brought T9 dialing to the iPhone. This feature, which Android users have enjoyed for years, promises to change the way iPhone owners interact with their device's Phone app.
<a href="https://benzinga.com/news/24/10/41287433/how-to-make-calls-faster-using-this-ios-18-feature-on-your-iphone">Read the full article here.</a>
Apple&#8217;s Relationship with Law Enforcement
In a surprising revelation, Apple has reportedly been secretly aiding law enforcement agencies in leveraging its products for surveillance purposes. This challenges the popular notion of Apple&#8217;s strained relationship with law enforcement.
<a href="https://www.benzinga.com/news/24/10/41286584/apple-goes-from-waging-encryption-war-with-fbi-to-holding-hush-hush-global-police-summits-an-evolvin">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41267154/ahead-of-trump-vs-harris-faceoff-chatgpt-parent-openai-uncovers-election-interference-misuse-but-see?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ahead Of Trump Vs. Harris Faceoff, ChatGPT Parent OpenAI Uncovers Election Interference Misuse</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Apple's Exciting Week: New Display Tech, MacBook Leaks, And A Health-Centric Vision

The past week has been a rollercoaster ride for the financial world. From a sudden shift in mortgage rates to unexpected inflation figures, the economic landscape has been anything but predictable. The Federal Reserve has been at the center of heated debates, while billionaire Mark Cuban has voiced his opinions about tariffs.
Here&#8217;s a quick recap of the top stories.
Mortgage Rates Take a U-Turn
Homebuyers were left in the cold as mortgage rates made a dramatic U-turn, causing a 5% drop in applications. This shift has led to a reevaluation of the Federal Reserve&#8217;s policy by the markets. The iShares Residential and Multisector Real Estate ETF is one to watch in this changing landscape.
<a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41249628/mortgage-rates-make-dramatic-u-turn-freezing-homebuyers-applications-fall-5-as-ma">Read the full article here.</a>
September Inflation Surprises
The U.S. inflation rate continued its six-month decline in September, albeit at a slower pace than economists had anticipated. Meanwhile, jobless claims saw their largest weekly increase since July 2023, complicating the outlook for interest rates. The SPDR Dow Jones Industrial Average ETF could be impacted by these developments.
<a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41270761/september-inflation-hotter-than-expected-jobless-claims-spike-the-most-in-over-a-">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/10/41268133/nasdaq-s-p-500-futures-slip-as-september-cpi-data-looms-tesla-on-radar-ahead-of-robotaxi-event-stra?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nasdaq, S&amp;P 500 Futures Slip As September CPI Data Looms, Tesla On Radar Ahead Of Robotaxi Event: Strategist Offers Stock Tips Aligned With Presidential Candidates&#8217; Trade Policies</a>
Controversy Over &#8216;Shadow Fed Chair&#8217;
A proposal by a Donald Trump advisor to establish a "shadow Fed chair" has been met with criticism from economist Claudia Sahm. The plan could potentially undermine current Federal Reserve Chair Jerome Powell, leading to uncertainty in the markets. JPMorgan Chase is one company that could be affected by this proposal.
<a href="https://www.benzinga.com/news/24/10/41264336/trump-advisors-proposal-of-shadow-fed-chair-turning-jerome-powell-into-a-lame-duck-gets-slammed-by-e">Read the full article here.</a>
Fed Minutes Reveal Heated Debate
Minutes from the September Federal Open Market Committee (FOMC) meeting revealed a heated debate over interest rate cuts. The discussion highlighted diverging views on the pace of monetary policy easing amid inflation concerns and solid economic growth. The Invesco DB USD Index Bullish Fund ETF and SPDR S&amp;P 500 could be influenced by these discussions.
<a href="https://www.benzinga.com/markets/equities/24/10/41257938/fed-minutes-reveal-heated-debate-over-september-interest-rate-move-traders-trim-november-easing-">Read the full article here.</a>
Mark Cuban Criticizes Trump&#8217;s Tariffs
Billionaire entrepreneur Mark Cuban has criticized former President Donald Trump's proposed tariffs, advocating instead for strategic approaches to boost U.S. manufacturing. Cuban&#8217;s comments have sparked a lively debate on global trade and domestic production.
<a href="https://www.benzinga.com/news/24/10/41203093/mark-cuban-criticizes-trumps-proposed-tariffs-advocates-for-robotics-to-boost-american-manufacturing">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41254642/s-p-500-hits-new-all-time-high-ahead-of-fed-minutes-as-lower-oil-prices-offer-relief-whats-driving-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">S&amp;P 500 Hits New All-Time High Ahead Of Fed Minutes As Lower Oil Prices Offer Relief: What&#8217;s Driving Markets Wednesday?</a></li>
</ul>
Photo courtesy: Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Economics

Mortgage Rates, Inflation, Fed Debates, And Mark Cuban's Take On Tariffs: This Week In Economics

Robert Lighthizer, a long-standing trade advisor to Donald Trump, is reportedly cautioning Wall Street investors to prepare for a rapid execution of Trump&#8217;s tariff proposals if he secures a second term in office.
What Happened: Lighthizer has been engaging with investor groups, alerting them to the possibility of an expedited introduction of Trump&#8217;s tariff plans. These could encompass a 60% tariff on Chinese goods and a 10% tariff across the board, shortly after Trump&#8217;s potential entry into the White House, CNBC <a href="https://www.cnbc.com/2024/10/12/trump-trade-tariffs-lighthizer-election-china.html">reported</a>, citing analysts at Piper Sandler.
While Trump&#8217;s campaign press secretary, Karoline Leavitt, did not refute these meetings, she underscored that no policy becomes official until Trump himself announces it, the report said. The specific investor groups that Lighthizer has been liaising with remain undisclosed.
Lighthizer, a key architect of Trump&#8217;s first-term trade policies, is currently advising Trump&#8217;s presidential campaign on economic matters, CNBC said. He also serves as the chair at the Center for American Trade at the Trump-aligned think tank America First Policy Institute.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41270606/kamala-harris-advises-on-howard-stern-show-dont-get-stoned-before-visiting-the-sphere-in-las-veg?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kamala Harris Advises On Howard Stern Show: Don&#8217;t Get Stoned Before Visiting The Sphere In Las Vegas</a>
Why It Matters: Trump&#8217;s tariff plans have faced criticism from economists, who warn of increasing inflation. Trump, however, has insisted that tariffs would bring in "trillions of dollars" for the U.S. government. 
Trump&#8217;s focus on tariffs was evident during his visit to Detroit earlier this month where he pushed for <a href="https://www.benzinga.com/general/politics/24/10/41279272/donald-trump-pushes-tariffs-on-chinese-cars-in-detroit-visit-vows-to-revamp-industry">tariffs on Chinese cars</a> and vowed to revamp the auto industry.
The former President&#8217;s approach to tariffs has been<a href="https://www.benzinga.com/startups/24/10/41197078/hes-just-not-very-serious-says-kamala-harris-you-dont-just-throw-around-the-idea-of-tariffs-across-t"> criticized by</a> Kamala Harris, who called his plan to impose tariffs on U.S. imports reckless and poorly thought out.
Read Next: <a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Maybe Musk Missed The Memo: Trump&#8217;s Plan To Ban Autonomous Vehicles Could Sour Friendship</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Flickr

Trump's Former Trade Advisor Warns Wall Street: Prepare For Swift Tariff Implementation If Ex-President Wins Second Term

The political landscape was buzzing over the week with significant developments. From a surprising poll result in Pennsylvania to billionaire Mark Cuban&#8216;s critique of Vice President Kamala Harris and Elon Musk, the weekend was filled with intriguing stories. Here&#8217;s a quick roundup of the top stories from the weekend.
Trump Takes the Lead in Pennsylvania &#8211; A recent poll suggests a shift in voter sentiment in the key swing state of Pennsylvania. The survey by InsiderAdvantage showed that Republican candidate Donald Trump is now leading Vice President Kamala Harris by a two percentage point margin. However, the lead is still fragile, being within the survey's margin of error of 3.46%. <a href="https://www.benzinga.com/news/24/10/41270224/trump-vs-harris-new-poll-shows-pennsylvania-may-flip-as-vice-presidents-support-among-this-key-group">Read the full article here.</a>
Mark Cuban&#8217;s Take on Harris&#8217; Policies &#8211; Billionaire entrepreneur Mark Cuban pointed out the division in tax policies between Vice President Kamala Harris and President Joe Biden. Cuban highlighted that Harris&#8217; tax plan would result in a reduction in the effective tax rate for 98 percent of startups. He also noted that Harris&#8217;s stance on fracking is definitely different from Biden&#8217;s. <a href="https://www.benzinga.com/news/24/10/41301812/mark-cuban-says-kamala-harris-likely-doesnt-believe-in-publicly-dunking-on-her-current-boss-biden-bu">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Maybe Musk Missed The Memo: Trump&#8217;s Plan To Ban Autonomous Vehicles Could Sour Friendship</a>
DeSantis Refutes Harris&#8217; Accusations &#8211; Florida Governor Ron DeSantis dismissed Vice President Kamala Harris&#8217; accusations of &#8220;political gamesmanship&#8221; amid Hurricane Milton preparations as &#8220;delusional&#8221;. DeSantis confirmed his commitment to the people of Florida and accused Harris of trying to politicize the storm for her campaign. <a href="https://www.benzinga.com/news/24/10/41242634/ron-desantis-says-kamala-harris-is-delusional-for-trying-to-say-his-sole-focus-on-people-of-florida">Read the full article here.</a>
Cuban Criticizes Musk&#8217;s Approach to Free Speech &#8211; Mark Cuban expressed concerns over Elon Musk&#8217;s approach to free speech on X, previously known as Twitter. While acknowledging Musk&#8217;s entrepreneurial prowess, Cuban labeled Musk a &#8220;troll&#8221; who engages in trolling for its own sake. He also noted that the association with hate speech and inappropriate content poses a problem for advertisers. <a href="https://www.benzinga.com/news/24/10/41229905/mark-cuban-says-elon-musk-advertisers-dont-want-to-be-associated-with-explicit-content-on-x-in-the-n">Read the full article here.</a>
Musk&#8217;s Bold Claims &#8211; Elon Musk suggested that certain billionaires are backing Kamala Harris due to their fear of Donald Trump releasing the Epstein Client list. He implied that venture capitalist Reid Hoffman and Microsoft co-founder Bill Gates are among those feeling uneasy. Musk also expressed his interest in seeing a matchup of the top 100 puppet masters of Kamala Harris and the Epstein client list. <a href="https://www.benzinga.com/news/24/10/41220104/elon-musk-says-billionaires-supporting-kamala-harris-are-scared-epstein-list-will-be-made-public-if">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41274321/trump-considers-pro-crypto-vivek-ramaswamy-for-key-administration-role-hell-do-a-better-jo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Considers Pro-Crypto Vivek Ramaswamy For Key Administration Role: &#8216;He&#8217;ll Do A Better Job Than Anybody&#8217;</a>
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a> 
Image via Shutterstock

Mark Cuban's Take on Harris' Tax Policies, Trump Takes Lead In Pennsylvania Poll, DeSantis Refutes Vice President's Accusations And More: Weekend Politics Roundup

The weekend was buzzing with noteworthy stories from the world of cryptocurrency. From the sudden surge in Donald Trump&#8217;s presidential election odds on Polymarket to speculations about the real identity of Bitcoin&#8217;s creator, and cryptic posts from Shiba Inu&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) lead developer, the crypto community had a lot to talk about. Let&#8217;s dive into the top stories that kept the crypto world on its toes over the weekend.
Trump&#8217;s Election Odds Surge on Polymarket
The sudden increase in Donald Trump&#8217;s chances to win the presidential election on Polymarket has sparked discussions beyond the crypto community. Nate Silver, the founder of FiveThirtyEight, attributes this shift to the &#8220;doldrums&#8221; of the presidential campaign. He believes that market sentiment can sometimes have a mind of its own, especially during periods of relative calm between major events. <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41231841/nate-silver-donald-trumps-election-odds-pump-could-be-noise-but-republicans-project-confid">Read the full article here.</a>
Is Len Sassaman Bitcoin&#8217;s Creator?
Bettors on Polymarket are considering a high probability of Len Sassaman being identified as Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) creator, Satoshi Nakamoto, in the upcoming HBO documentary titled ‘Money Electric: The Bitcoin Mystery&#8217;. Sassaman, a cypherpunk and developer of the PGP encryption and privacy technology, has often been linked to the mystery of Nakamoto&#8217;s identity. <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41200679/len-sassaman-is-bitcoin-creator-satoshi-nakamoto-in-hbo-documentary-polymarket-punters-see">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41262941/if-you-invested-1-000-in-dogecoin-when-rapper-meek-mill-grabbed-some-doge-heres-how-much-y?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Invested $1,000 In Dogecoin When Rapper Meek Mill ‘Grabbed Some Doge,' Here's How Much You'd Have</a>
Shiba Inu&#8217;s Lead Developer&#8217;s Cryptic Post
Shytoshi Kusama, the mysterious lead developer and co-founder of the Shiba Inu ecosystem, shared a cryptic post that sparked intrigue and speculation in the crypto community. The suspenseful figure reposted a message from another user, Tsukiyomi Mishima, captioned, &#8220;I think this will be the last chapter to my story…&#8221; <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41243296/shiba-inu-lead-developer-shytoshi-kusama-reshares-mysterious-post-about-the-last-chapter-t">Read the full article here.</a>
Peter Schiff&#8217;s Advice to MicroStrategy&#8217;s Founder
Renowned economist Peter Schiff suggested that Michael Saylor, the boss of MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), should buy the large stash of Bitcoin that the U.S. government plans to sell. Schiff&#8217;s comments followed the U.S. government&#8217;s decision to sell 69,370 BTC it had seized from the dark web marketplace Silk Road. <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41243108/peter-schiff-encourages-microstrategy-founder-micheal-saylor-to-borrow-another-4-3b-to-buy">Read the full article here.</a>
Gary Gensler&#8217;s Doubts About Cryptocurrency&#8217;s Future
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler expressed his doubts about the potential of cryptocurrencies, including Bitcoin, to become widely accepted forms of payment. Gensler believes that cryptocurrencies are likely to continue being seen primarily as a store of value rather than a widely accepted medium of exchange. <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41278873/gary-gensler-doubts-cryptocurrency-future-says-leading-figures-are-either-in-jail-or-await">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41267217/cybertruck-gets-dogecoin-makeover-tesla-owner-unveils-unique-elon-musks-favorite-cryptocur?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cybertruck Gets Dogecoin Makeover: Tesla Owner Unveils Unique Elon Musk&#8217;s Favorite Cryptocurrency-Inspired Vehicle Wrap</a>
Photo courtesy: Unsplash
 This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

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

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$SHIB

Trump's Election Odds On Polymarket, Gary Gensler's Doubts About Cryptocurrency's Future, Shiba Inu Lead Developer's Cryptic Post Sparks Intrigue And More: This Week In Crypto

Though Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/24/10/41285210/tesla-stock-falls-nearly-3-in-overnight-trading-on-robinhood-after-self-driving-cybercab-unveil">2-seater Cybercab</a> resembles the Cybertruck in its external structure and color, the vehicle does not have stainless steel exterior panels, according to an X account seemingly belonging to the company&#8217;s engineer Eric E. 
What Happened: &#8220;Exterior panels are not stainless steel. Mass and cost of SS (stainless steel) is undesirable on our high-efficiency Robotaxi,&#8221; an X profile wrote on social media platform X, formerly Twitter. 
The X profile seemingly belongs to Eric E, Principal Mechanical Design Engineer at the company. However, the profile is not verified on X or marked as affiliated with Tesla.
Tesla did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga's</a> request for comment.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Small correction. Exterior panels are not stainless steel. Mass and cost of SS is undesirable on our high efficiency Robotaxi.
&mdash; Eric (@EricETesla) <a href="https://twitter.com/EricETesla/status/1844796530869313581?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Why It Matters: Tesla <a href="https://www.benzinga.com/news/24/10/41284847/tesla-reveals-two-seater-cybercab-that-drives-itself">unveiled the Cybercab </a>dedicated to autonomous driving at an event near Los Angeles on Thursday. The 2-seater vehicle, Tesla CEO Elon Musk said, will be priced under $30,000 and start production in 2026. 
At first glance, the exterior design of the Cybercab resembles the Cybertruck's angular and steel body. The images shared by Tesla also show a metallic finish, leading to speculations that the exterior panels on the vehicle are made of stainless steel like the Cybertruck.
The Cybertruck with its stainless steel exoskeleton is, however, a higher-end EV product. The foundation series version of the Cybertruck starts at about $100,000. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
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Image via Tesla

Elon Musk's New Cybercab Does Not Have Stainless Steel Exterior Panels Like Cybertruck Despite Other Resemblances, Says Tesla Engineer: 'Mass And Cost…Is Undesirable'

Jim Cramer expressed his concerns regarding Boeing Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) financial health after the plane maker announced plans to<a href="https://www.benzinga.com/markets/equities/24/10/41301576/boeing-announces-10-workforce-reduction-amidst-ongoing-struggles-impacting-nearly-17k-employees"> lay off 17,000 employees</a> in the wake of ongoing safety issues and worker strikes. 
What Happened: Cramer, in <a href="https://www.cnbc.com/2024/10/11/cramers-lightning-round-im-worried-about-boeing.html">CNBC</a>&#8216;s Lightning Round on Saturday, voiced his worries about Boeing&#8217;s financial situation, stating, "I'm worried…The balance sheet's not great, and they should have raised capital when they had a chance to.&#8221;
&#8220;This was a very jarring series of news tonight, and I don't have any conviction whatsoever that they are getting this right," he added.
See Also: <a href="https://www.benzinga.com/news/24/10/41285210/tesla-stock-falls-nearly-3-in-overnight-trading-on-robinhood-after-self-driving-cybercab-unveil?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Stock Falls Nearly 3% In Overnight Trading On Robinhood After Self-Driving Cybercab Unveil</a>
Boeing&#8217;s CEO, Kelly Ortberg, disclosed the impending job cuts in an email to staff. The layoffs, which will affect a range of employees including executives and managers, represent about 10% of the company&#8217;s workforce and will be implemented over the coming months.
Why It Matters: The aerospace giant has been grappling with a series of challenges this year. In January, its 737 Max planes were grounded following a mid-flight incident. In July, Boeing <a href="https://www.benzinga.com/news/24/07/39658887/boeing-strikes-plea-deal-with-doj-for-defrauding-us-regulator-over-737-max-safety-victims-lawyer-cal">admitted guilt in crashes </a>involving the 737 Max in 2018 and 2019, which resulted in over 300 fatalities.
Further complications arose with Boeing's Starliner spacecraft, <a href="https://www.benzinga.com/news/24/09/40758526/boeing-starliner-returns-to-earth-without-sunita-williams-and-butch-wilmore-lands-in-new-mexico-afte">which returned from the International Space Station</a> in September without astronauts due to technical issues. Additionally, nearly 33,000 Boeing factory workers <a href="https://www.benzinga.com/news/24/09/40853982/boeings-stock-falls-as-33-000-aircraft-assembly-workers-strike" target="_blank" rel="noreferrer noopener">have been on strike</a> since mid-September, further complicating the company's situation. 
Ortberg stressed the need for the layoffs to align with Boeing&#8217;s financial reality and future recovery plans. The delivery of the first 777X airplane has now been postponed to 2026, as stated in Ortberg's memo.
Read Next: <a href="https://www.benzinga.com/news/24/10/41303300/mary-trump-because-donald-is-a-world-class-hypocrite-it-turns-out-his-interviews-have-been-edited?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mary Trump: &#8216;Because Donald Is A World-Class Hypocrite, It Turns Out His Interviews Have Been Edited&#8217;</a>
Image Credit: Shutterstock
This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Equities

Jim Cramer Says 'I'm Worried' About Boeing After Plane Maker Lays Off 17,000 Employees Amid Safety And Financial Woes: 'A Very Jarring Series Of News Tonight'

Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) gigafactory in Shanghai has touched a new production milestone of 3 million cars, the EV giant said on Friday.
What Happened: Tesla made the announcement via social media platform X.
&#8220;Giga Shanghai achieves 3 million production milestone,&#8221; the company wrote with an adjoining image of the employees at the gigafactory in China celebrating the milestone with a red Tesla car in their midst.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Giga Shanghai achieves 3 million production milestone &#x1f389; <a href="https://t.co/Eauqqs3bJC">pic.twitter.com/Eauqqs3bJC</a>
&mdash; Tesla Asia (@Tesla_Asia) <a href="https://twitter.com/Tesla_Asia/status/1844709411983655249?ref_src=twsrc%5Etfw">October 11, 2024</a></blockquote>
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Tesla&#8217;s gigafactory in Shanghai manufactures Model 3 and Model Y for sale in China as well as export to countries including the UK.
In September 2023, Tesla announced that the factory has touched a production milestone of 2 million EVs, meaning that the company has built a million vehicles at the factory in the nearly 13 months since. 
The first vehicles rolled out of the factory in 2019. It took the company 33 months to scale production and produce its&nbsp;<a href="https://www.benzinga.com/news/23/07/33208954/teslas-shanghai-gigafactory-hits-major-milestone-one-millionth-model-y-rolls-off-production-line" target="_blank" rel="noreferrer noopener">millionth vehicle</a>.
Why It Matters: In the last quarter, Tesla<a href="https://www.benzinga.com/news/24/10/41141444/tesla-stock-plunges-3-despite-q3-deliveries-exceeding-consensus-and-growing-year-over-year"> made more vehicles globally than it delivered. </a>
The company made 469,796 in the three months through the end of September, while it delivered just 462,890 units. 
Last month, Tesla CEO Elon Musk also informed his followers on X that the company factory in Shanghai is running at maximum capacity. According to Tesla&#8217;s second-quarter shareholder report, the gigafactory in Shanghai has an annual vehicle production capacity of over 950,000 vehicles, implying a daily maximum capacity of about 2,603 vehicles.
Late last month, the company also said that it exported its <a href="https://www.benzinga.com/news/24/09/41085917/tesla-exports-1-millionth-vehicle-from-its-giga-shanghai-facility-4-years-after-its-first-shipment">one-millionth vehicle</a> from the factory in China. 
Read More:
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<li><a href="https://www.benzinga.com/news/24/10/41301725/elon-musk-says-robovans-angular-design-inspired-by-art-deco-trains-unusually-low-ground-clearance-en" target="_blank" rel="noreferrer noopener">Elon Musk Says Robovan's Angular Design Inspired By Art Deco Trains, ‘Unusually Low' Ground Clearance Enabled By Automatic Load-Leveling Suspension</a></li>
</ul>
Image Via Shutterstock

Tesla's Giga Shanghai Hits 3 Million Production Milestone, Celebrates With Red Model Rollout

Silicon Valley billionaire and venture capitalist <a href="https://www.benzinga.com/news/24/09/41086806/elon-musk-mocks-vinod-khosla-after-openai-investor-mixes-up-argentinas-poverty-and-unemployment-rate">Vinod Khosla</a> has issued a bold prediction: artificial intelligence (AI) will replace most human jobs over the next 25 years.&nbsp;
In a recent blog post, Khosla wrote about the implications of AI and warned that "80% of 80% of all jobs, maybe more, can be done by AI, be it primary care doctors, psychiatrists, sales people, oncologists, farmworkers or assembly line workers, structural engineers, chip designers, you name it."
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Khosla's experience gives weight to his predictions. He cofounded Sun Microsystems and has invested heavily in tech giants like Amazon, Google and <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">OpenAI</a>. He has also spent over four decades studying disruptive technology and believes that AI will do most jobs "better, faster and cheaper" than humans, drastically changing the labor market.&nbsp;
<h2 class="wp-block-heading">A World Without Jobs</h2>
According to his blog, Khosla says that AI will create a world where human labor isn't necessary for most tasks. It can assist with and perform tasks like assembly line work, investment banking and even medical diagnosis.&nbsp;
Trending: The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a>
The warnings Khosla discusses surrounding AI aren't meant to spread fear but to advocate for proactive solutions as our world heads in this direction. He talks about the risk of an "economic dystopia," where wealth becomes increasingly concentrated at the top – more so than it is now – and both intellectual and physical labor lose their value.&nbsp;
Khosla states that if governments don't proactively identify this problem and devise solutions for AI taking over jobs, millions could face <a href="https://www.benzinga.com/markets/equities/24/09/40760261/biden-administration-says-unemployment-is-low-but-do-americans-see-it-that-way">unemployment</a>.&nbsp;
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<h2 class="wp-block-heading">The Case for Universal Basic Income (UBI)</h2>
According to Khosla, universal basic income (UBI) is one solution to the looming AI job crisis. UBI is a government program that regularly provides every adult citizen with a set amount of money to help alleviate poverty.&nbsp;
Khosla believes that UBI will become essential as AI replaces jobs. It can provide a safety net for those whose jobs become automated. "As AI reduces the need for human labor, UBI could become crucial, with governments playing a key role in regulating AI's impact and ensuring equitable wealth distribution," he wrote.
The concept of UBI isn't new, but it has gained renewed attention as automation accelerates. Khosla joins a growing list of Silicon Valley figures, including Sam Altman and Mark Zuckerberg, who advocate for UBI to cushion the economic disruption caused by AI.
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
<h2 class="wp-block-heading">A Shorter Workweek and More Meaningful Life</h2>
While Khosla spoke about AI&#8217;s challenges, he also presented several upsides, one of which is a shorter workweek. He envisions a world where AI handles mundane, labor-intensive jobs, freeing people up to take on more fulfilling activities. He believes that with the right policies, AI could bring about a three-day workweek, where people can focus more on hobbies, spend time with loved ones and enjoy life more.&nbsp;
"Life won't become less meaningful once we eradicate undesirable, toil-intensive jobs," he wrote. "Quite the opposite – life will become more meaningful as the need to work 40 hours per week could disappear within a few decades for those countries that adapt to these technologies."
Trending: Beating the market through ethical real estate investing' — t<a href="https://www.benzinga.com/money/invest-with-roots">his platform aims to give tenants equity in the homes they live in while scoring 17.17% average annual returns for investors – here&#8217;s how to join with just $100</a>
<h2 class="wp-block-heading">The Debate Continues</h2>
Many other prominent tech figures have made predictions about AI that align closely with Khosla's vision. <a href="https://www.benzinga.com/personal-finance/24/10/41145078/billionaire-bill-gates-has-a-bold-plan-to-shrink-the-wealth-of-the-rich-heres-how-he-intends-to-">Bill Gates</a> has also suggested that AI will lead to a three-day workweek. Elon Musk has gone further, predicting that work could become more of a "hobby" as AI handles the heavy lifting.
Despite these predictions, history has shown that technological advancements don't always mean less work. Economist John Maynard Keynes famously predicted in 1930 that people would be working only 15 hours per week in a century, thanks to improvements in productivity. As 2030 approaches, many people still engage in 40-hour workweeks, often more.Several factors contribute to this, including evolving economic demands, consumerism, the rise of service-based industries, and societal expectations. Technological progress often drives increased productivity, but it also creates new industries and job demands, maintaining or even increasing workloads.
AI will continue to advance, and the future of work will change. An AI-driven economy may be inevitable, but how we handle this societal shift will determine whether these changes lead to widespread prosperity or deeper inequality.&nbsp;
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