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StepStone intends to use all of the net proceeds from the Offering, after underwriting discounts and commissions and expenses, to purchase shares of Class A common stock from certain holders thereof and to pay cash upon exchange of Class B units (together with an equal number of shares of Class B common stock of StepStone) and Class C units, as applicable, by certain holders thereof. As a result, StepStone will not retain any net proceeds from the Offering, and StepStone expects the Offering will result in no dilution to existing stockholders

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STEP

Reported Earlier, StepStone Prices Secondary Offering Of 4,099,997 Shares At $50/Share

In a recent exchange on the social media platform X, Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk and Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) founder Joe Lonsdale engaged in a discussion about government efficiency and the potential for significant cost savings through technological intervention. 
What Happened: The exchange began with Lonsdale, known for founding the data analytics company Palantir, posting a comment about government spending. 
&#8220;It&#8217;s impractical to cut the budget, we need to tax you more&#8221; they insist, as they hand out 100&#8217;s of billions of dollars to their progressive friends to recruit more progressive activists,&#8221; Lonsdale wrote on Sunday.
Musk, never one to shy away from controversial topics, responded to Lonsdale&#8217;s post with an intriguing proposal. &#8220;Joe, perhaps you would be interested in joining the Dept of Govt Efficiency,&#8221; Musk suggested. 
He accompanied this invitation with an AI-generated image depicting himself seated on a chair labeled &#8220;D.O.G.E&#8221; &#8211; an acronym for the Department of Government Efficiency. 
This proposed department is reportedly part of former President Donald Trump&#8216;s plans for his administration if he were to be reelected, aligning with Trump&#8217;s publicly expressed interest in including industry experts in advisory roles within the U.S. government to maximize efficiency.
The conversation took an interesting turn when another user suggested that Palantir&#8217;s software could facilitate the process of identifying inefficiencies. 
Lonsdale agreed enthusiastically, stating, &#8220;Yep. We could quickly find tens of billions of dollars of fraud and waste in Medicare and Medicaid alone.&#8221; 
He went on to reveal a surprising historical tidbit, claiming, that 44th U.S. President Barack Obama, &#8220;even verbally agreed to let us do it back in the day but then his people stopped it from going ahead; wasn&#8217;t politically useful to find all that for some reason.&#8221; 
This claim suggests that there may have been previous attempts to leverage Palantir&#8217;s technology for government efficiency, which were ultimately not pursued.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Joe, perhaps you would be interested in joining the Dept of Govt Efficiency <a href="https://t.co/7yKQLban1B">pic.twitter.com/7yKQLban1B</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1832853069786452472?ref_src=twsrc%5Etfw">September 8, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/news/24/09/40758753/in-2020-elon-musk-predicted-that-100-cars-produced-by-2040-will-be-electric-and-fully-autonomous-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">In 2020 Elon Musk Predicted That 100% Cars Produced By 2040 Will Be Electric And Fully Autonomous. Now He Says &#8216;99% Is Probably Right&#8217;</a>
Why It Matters: The collaboration between Musk and Trump has been gaining momentum as the 2024 election approaches. In early September, reports surfaced that Trump is considering appointing Musk to a <a href="https://www.benzinga.com/markets/equities/24/09/40679572/elon-musk-cant-wait-to-work-with-trump-in-cutting-waste-and-needless-regulation-as-reports-sugge">commission to audit U.S. federal agencies</a>. 
This plan has been under discussion for several months, highlighting the growing political synergy between the two influential figures.
Moreover, Lonsdale and fellow Palantir co-founder Peter Thiel have publicly endorsed <a href="https://www.benzinga.com/general/politics/24/06/39557155/palantir-co-founders-thiel-lonsdale-back-trump-in-2024-election-id-rather-have-him-than-biden">Trump for the 2024 election</a>, reflecting a broader trend of Silicon Valley leaders aligning with Trump&#8217;s policies.
This partnership between Musk and Trump has raised questions about the future of the electric vehicle industry and other sectors, given their combined <a href="https://www.benzinga.com/news/24/08/40303828/cnbc-speculates-reasons-why-elon-musk-and-donald-trump-are-teaming-up-to-win-the-white-house-is-the">influence and resources</a>. 
In a further sign of his political engagement, Musk recently hired a Republican strategist to <a href="https://www.benzinga.com/news/24/08/40619332/after-endorsing-trump-for-president-elon-musk-now-hires-republican-strategist-signaling-a-deeper-div">guide his political activities</a>, indicating a deeper involvement in Republican politics and voter mobilization efforts.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40767860/mark-cuban-praises-elon-musks-ai-chatbot-grok-for-answering-kamala-harris-pov-on-immigration-i-think?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Praises Elon Musk&#8217;s AI Chatbot Grok For Answering Kamala Harris&#8217; POV On Immigration: &#8216;I Think It&#8217;s Accurate&#8217;</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Global

Markets

PLTR

TSLA

Elon Musk Invites Joe Lonsdale To Join D.O.G.E, But Palantir Founder Points Out Failure Of Similar Idea To Boost Government Efficiency During Obama Era

This store, located on George Street in&nbsp;Sydney, marks the brand&#39;s first-ever Sanrio-themed IP collection shop in&nbsp;Australia&nbsp;and its first flagship shop in the country. With over 2,500 SKUs and an area of approximately 300 square meters, this new store is set to offer a brand-new and joyful shopping experience to the Australian market.

MNSO

Reported Earlier, MINISO Debuts First Sanrio-Themed Flagship Store In Australia

In what could be a concerning trend for the industry, a Federal Reserve survey found that the cryptocurrency market&#8217;s growth this year has not resulted in an equivalent rise in cryptocurrency ownership.
What Happened: A survey by the Consumer Finance Institute of the Federal Reserve Bank of Philadelphia revealed a disconnect between Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) market price and ownership over the last two years.
The survey indicated a drop in ownership rates from 24.6% in January 2022 to 19.1% in October 2022, during the bearish crypto winter. Around this time, the price of Bitcoin tumbled nearly 60%.
Even with the market&#8217;s recovery over the subsequent months, the ownership rates did not see a corresponding increase. By October 2023, only 17.1% of the respondents owned cryptocurrency.
Prices started accelerating in October 2023, and by January 2024, more than half of the value lost during the cryptocurrency winter was regained. The ownership, however, dropped to 15.5%.
By the next survey in April 2024, ownership slightly increased to 16.1%, a disproportionate rise compared to the impressive 66% jump in price. Bitcoin also hit its all-time high in this period.
Between April and July, the price fluctuated around highs, but the survey reported a drastic decrease in ownership to 14.7%.
Interestingly, the low ownership contradicted the findings of the April 2024 survey, when more than 21% of respondents indicated a willingness to purchase cryptocurrencies in the future. In October 2022, this number was just over 10%
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40776328/microstrategys-bitcoin-strategy-has-outperformed-every-s-p-500-company-and-even-nvidia-sin">MicroStrategy&#8217;s Bitcoin Strategy Has Outperformed Every S&amp;P 500 Company And Even Nvidia Since 2020, Says Michael Saylor</a>
Why It Matters: The findings of the CFI survey raised concerns about the prevailing sentiment around the asset class and the lasting impact of the cryptocurrency winter.
Bitcoin has jumped 28.85% year-to-date, offering better returns than blue-chip equity indices like the S&amp;P 500, and gold. However, its declining ownership pointed to possible concerns over its <a href="https://in.tradingview.com/chart/XlzxagWe/?symbol=BITSTAMP%3ABTCUSD">price fluctuations</a>, instances of which have increased this year.
Price Action: At the time of writing, Bitcoin was exchanging hands at $54,632.87, up 3.71% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Photo by Igor Faun on Shutterstock
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40773784/bitcoin-etfs-are-not-an-adoption-vehicle-with-holders-on-2b-unrealized-losses-analyst-says">Bitcoin ETFs Are &#8216;Not An Adoption Vehicle&#8217; With Holders On $2B Unrealized Losses, Analyst Says</a></li>
</ul>

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

Cryptocurrency

$BTC

Crypto Winter Of 2022 Dealt A Death Blow To Bitcoin And Other Coins? Fed Report Indicates A Lasting Impact

In a bold move to counter domestic profitability challenges and global trade barriers, nearly 900 Chinese auto suppliers and several EV manufacturers are showcasing their products at a Frankfurt trade fair.
What Happened: Chinese automakers like BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>), Geely (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>), Hongqi, and GAC International are set to present their vehicles at the Automechanika fair. This marks a new trend for the event, which has traditionally been a platform for suppliers.
Despite the emergence of trade barriers in Europe and North America, aimed at limiting the influx of China-made EVs, China&#8217;s auto sector continues to invest heavily in overseas expansion. The &#8220;EV Expo&#8221;, which opens on Tuesday, was established in partnership with the China Council for the Promotion of International Trade.
See Also: <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?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Boeing Starliner Returns To Earth Without Sunita Williams And Butch Wilmore, Lands In New Mexico After 6-Hour Flight</a>
Automechanika&#8217;s director, Olaf Musshoff, expressed at a press conference, &#8220;We want EVs made by Chinese carmakers which are currently to some extent unknown to gain trust in the industry.&#8221;
Moody&#8217;s data shows that the auto sector&#8217;s share of China&#8217;s total outbound investments rose from 16% in 2018 to 22% in 2023, and car exports have hit record highs this year. The significant presence of Chinese suppliers at the fair, almost double the number of German suppliers, highlights their expanding role in the global supply chain. Chinese automakers are increasingly planning local production in Europe and other regions to circumvent trade tariffs limiting imports.
Why It Matters: The Chinese auto industry&#8217;s move to expand globally comes in the wake of European Commission&#8217;s <a href="https://www.benzinga.com/news/24/07/39635158/eu-imposes-provisional-duties-of-as-much-as-37-6-on-chinese-ev-imports">additional tariffs of up to 37.6% </a>on EV imports from China in July. The tariffs were a response to concerns that state-subsidized, cheaper EVs from China could push domestic players out of the market. The EU&#8217;s steps are similar to the ones taken by the U.S. and Canada to restrict access of Chinese EVs into these markets.
In response to these tariffs, Chinese EV manufacturers began <a href="https://www.benzinga.com/news/24/07/39662998/chinese-ev-makers-pivot-to-africa-amid-eu-and-us-tariff-hurdles">exploring Africa as a potential market</a>. However, China also <a href="https://www.benzinga.com/news/24/08/40484760/china-hits-back-at-eus-unfair-ev-tariffs-that-gave-relief-to-chinese-made-tesla-will-take-all-necess">voiced strong opposition </a>to these tariffs in August, labeling them as "unfair" and assuring its commitment to safeguard its EV industry against such actions.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40758753/in-2020-elon-musk-predicted-that-100-cars-produced-by-2040-will-be-electric-and-fully-autonomous-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">In 2020 Elon Musk Predicted That 100% Cars Produced By 2040 Will Be Electric And Fully Autonomous. Now He</a></li>
</ul>
Photo via Shutterstock
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Eurozone

Tech

General

BYDDF

BYDDY

GELYF

BYD, Geely And Other Chinese EV Makers Make A Strong Showing At Frankfurt Trade Fair Amid Restrictions From EU, US, Canada

Businessman Anthony Scaramucci, who very briefly served as White House Communications Director during former President Donald Trump&#8217;s tenure, on Friday weighed in on whether the ripple created by Vice President Kamala Harris&#8217; entry into the race is slowly settling down and what she should be doing in <a href="https://www.benzinga.com/general/politics/24/09/40782598/harris-vs-trump-how-to-watch-2024-presidential-debate-rule-disputes-and-key-topics-for-voters">the Sept. 10 debate hosted by Disney-owned ABC News.</a>
Honeymoon Over? Harris&#8217; campaign is not a proper campaign, suggested Scaramucci in the latest episode of the Rest Is Politics US <a href="https://www.youtube.com/watch?v=FTGzGR-OG0o&amp;t=67s">podcast</a> he cohosts with British journalist Katty Kay. When his co-hosts brought up the point that some Democrats are sending feelers that they are nervous, Scaramucci said Harris was going to rallies and was speaking off prompters but the confrontational element of the campaign was missing.
&#8220;There&#8217;s the confrontation that the American public wants to see whether people like it or not, they want you in a heated position; they want you in a hot seat and they want you to subject yourself to questions,&#8221; he said. &#8220;The American public has decided that if you can answer questions extemporaneously, you&#8217;re so showing a depth of knowledge, some level of wisdom and some level of experience,&#8221; he said.
If the vice president doesn&#8217;t start doing that it is going to hurt her not only with the right-wing media but also with the general public, the ex-White House aide said. The general public will begin wondering whether a race in the U.S. can be of a teleprompter and whether it be without holding press conferences, he added.
If that is the case, Scaramucci sees it as creating a lot of murkiness, and a lot of good opposition research people will begin to make up policies for the vice president that are not hers&#8217;. The Democratic camp might be thinking they can do this without interviews, banking on their confidence in internal polling averages, he said.
Scaramucci said the situation is similar to what prevailed just after Labor Day during Hillary Clinton&#8217;s campaign in 2016. The former secretary of state was well ahead but she went on to lose, he noted. &#8220;I would be worried if I were them,&#8221; he said. Referring to Trump, he said, &#8220;This guy is formidable,&#8221; adding &#8220;You may not like him. He does things that are misogynistic; he does things that are absurd.&#8221;
Co-host Kay said Harris had an almost perfect five weeks from her launch up to the Democratic National Convention even as her rival Trump had a pretty few bad weeks over August. Yet his poll numbers didn&#8217;t crash, which has caused nervousness among the Democratic camp, who were looking for a strong lead and much better poll numbers after the DNC, she said. 
The area where Harris is the weakest is on the economic message and immigration &#8211; two issues on which Trump is still ahead in the polls, Kay said.
See Also: <a href="https://www.benzinga.com/news/24/09/40767879/veteran-pollster-weighs-in-on-new-trump-vs-harris-poll-that-shows-ex-president-closing-in-if-you-sup">Veteran Pollster Weighs In On New Trump Vs. Harris Poll That Shows Ex-President Closing In: &#8216;If You Support Policies That 60% Of The Country Opposes…You&#8217;re Asking For Trouble&#8217;</a>
The Presidential Debate: Scaramucci thinks the campaign starts in earnest on Sept. 10, the date of the first debate. Offering her a piece of advice, the SkyBridge Capital founder said, &#8220;Be careful, don&#8217;t Hillary Clintonize the debate. Do not be the policy wonk. Do not study the policy,&#8221; he said.
The American people are looking for a &#8220;verbal sparring match,&#8221; adding that &#8220;What they want is they want you to best Donald Trump; they want you to parry him and they want you to explain to people that you&#8217;re more confident and you&#8217;re a safer pair of hands.&#8221;
If Harris can stand up to Trump, it will give people the confidence that she can stand up to people such as<a href="https://www.benzinga.com/topic/vladimir-putin"> Russian President Vladimir Putin</a>, Scaramucci said. If she chooses to go to her policy book and list every policy, she is really going to get hurt by Trump, he said.
His co-host said Harris has to stay calm and focused in the light of the theatrics Trump will display, and then he needs to be needled with words like &#8220;old&#8221; or &#8220;small.&#8221;
Scaramucci, meanwhile, the vice president has to be offensive on California, describing it as an amazing economy. She shouldn&#8217;t take the bait when Trump personally attacks her, he said. &#8220;If I was her media coach I&#8217;d say&#8230;..we&#8217;re gonna get you in front of a camera in front of a microphone in front of a zoom, get the microphone in your face and we&#8217;re going to work on eliminating the cackle or the laugh or whatever you want to call.&#8221; 
Did You Know?
<ul>
<li>Congress Is Making Huge Investments.&nbsp;<a href="https://www.benzinga.com/gov-trades" 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>
Image via Shutterstock

Politics

Media

Anthony Scaramucci Tells Kamala Harris Not To Be 'Policy Wonk' And 'Hillary Clintonize' Tuesday's Debate: 'They Want You To Best Donald Trump'

Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) and Tata Advanced Systems Limited have entered into a teaming agreement to expand upon the companies' business relationship through the C-130J Super Hercules tactical airlifter. This announcement marks a significant step in enhancing India's defence and aerospace capabilities while also deepening India-U.S. strategic ties.
&nbsp;
This agreement provides a framework for collaboration on future potential business opportunities to include:
<ul>
<li>Establishing a Maintenance, Repair and Overhaul (MRO) facility in India to support the Indian Air Force's (IAF) existing fleet of 12 C-130Js as well as other global Super Hercules fleets;</li>
<li>Expanding C-130J manufacturing and assembly in India to produce aircraft for the IAF's Medium Transport Aircraft (MTA) program, subject to U.S. and Indian government approvals.</li>
</ul>
Lockheed Martin will continue to build C-130Js for the U.S. government and other global operators at the existing Super Hercules production facility in&nbsp;Marietta, Georgia, USA. Lockheed Martin will establish additional production and assembly capacity in India if awarded the MTA contract.

Government

Regulations

Lockheed Martin Teams Up with Tata to Boost India's Defense with C-130J Airlifter Production

TSMC ((TWSE: 2330, NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) today announced its net revenue for August 2024: On a consolidated basis, revenue for August 2024 was approximately NT$250.87 billion, a decrease of 2.4 percent from July 2024 and an increase of 33.0 percent from August 2023. Revenue for January through August 2024 totaled NT$1,773.97 billion, an increase of 30.8 percent compared to the same period in 2023.
 &nbsp;

Earnings

Taiwan Semiconductor Manufacturing Co Reported 33% Topline Growth YoY In August 2024, Net Revenue Declined 2.4% QoQ

NXP Semiconductors N.V.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>) today announced the Trimension&#xAE; SR250, the industry's first single-chip solution that integrates on-chip processing capabilities with both short-range UWB radar and secure ranging. This is the next leap forward in NXP's work to enable a world that anticipates and automates, enabling a wide variety of new user experiences based on location, presence or motion detection across consumer or industrial IoT applications.
The Trimension SR250 combines low-power short-range UWB radar operating at 6-8.5 GHz, secure ranging and angle-of-arrival (AoA) calculations to enable new use cases based on UWB mapping, human or object detection and secure positioning. This allows it to deliver convenience, efficiency, safety and privacy features in a smart home, such as turning lights or TVs on or off based on presence, enabling secure home access capabilities, or even monitoring the safety of an elderly person living alone without intrusive cameras. It also supports safety, security and productivity applications in industrial environments, being capable of tracking location for workers, goods or assets, access control, collision avoidance, danger zone detection and more.

NXPI

NXP's New Chip Combines UWB Radar and Secure Ranging for Smarter, Safer Homes and Workplaces

International Game Technology PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) ("IGT")&nbsp;today announced a benchmark offering of senior secured notes denominated in euros due 2030 (the "Notes"), by IGT Lottery Holdings B.V., a wholly-owned subsidiary of IGT,&nbsp;subject to customary market and closing conditions (the "Offering").&nbsp;Application has been made for the Notes to be listed on the Official List of Euronext Dublin and admitted to trading on the Global Exchange Market of Euronext Dublin.
IGT intends to use the proceeds from the Offering to redeem the $499,999,000 of IGT's 6.500% Senior Secured Notes due 2025 outstanding at par, to pay certain debt issuance costs incurred in connection with the Offering and for general corporate purposes.

Offerings

IGT Plans to Redeem $500M in 2025 Notes with New Euro Bond Issuance

Concurrent with the closing of the Offering, the Company intends to purchase from the selling stockholder in a private transaction&nbsp;$25 million&nbsp;of common stock at a price per share equal to the public offering price (the &quot;Share Repurchase&quot;). The Offering is not conditioned upon the closing of the Share Repurchase, but the Share Repurchase is conditioned upon the closing of the Offering.

Reported Earlier, Kodiak Gas Services Prices Of 6,086,957 Common Share Offering By Selling Stockholder At $25/Share

<ul>
<li>Industry&#39;s first complete 40G UCIe IP solution, including controller, PHY, and verification IP, enables fast connectivity between heterogeneous and homogeneous dies</li>
<li>Synopsys 40G UCIe PHY IP offers&nbsp;25%&nbsp;higher bandwidth than the UCIe specification without impact on energy efficiency and silicon footprint</li>
<li>Integrated signal integrity monitors and testability features improve multi-die package reliability and enable in-field monitoring throughout the silicon lifecycle</li>
<li>Synopsys 40G UCIe IP is built on a silicon-proven architecture with interoperability success in multiple advanced foundry processes</li>
</ul>

SNPS

Reported Earlier, Synopsys Unveils Industry-First 40G UCIe IP Solution, Revolutionizing Die-to-Die Connectivity For AI Data Centers

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Frxo.com%2F&amp;esheet=54119755&amp;newsitemid=20240909533505&amp;lan=en-US&amp;anchor=RXO&amp;index=1&amp;md5=aa95f5f41eb6b0bd9a16ed92fafab788">RXO</a>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RXO#NYSE">RXO</a>), a leading provider of asset-light transportation solutions,today announced that is has upsized its previously announced public offering of common stock to&nbsp;$500 million&nbsp;in total gross proceeds, pricing 19,230,770 shares of its common stock at a price of&nbsp;$26.00&nbsp;per share. The offering is expected to close on September 11, 2024, subject to customary closing conditions.
RXO has granted the underwriters of the offering an option to purchase up to an additional 2,884,615 shares of common stock at the public offering price less underwriting discounts and commissions.
RXO intends to use the net proceeds from the offering to finance a portion of the pending acquisition of Coyote Logistics, UPS&#39;s technology-driven, asset-light freight brokerage business. The offering is not contingent on the consummation of the acquisition. RXO expects that the acquisition will be consummated by September 20, 2024. If the acquisition is not consummated, RXO intends to use the net proceeds from the offering for general corporate purposes.

RXO Prices $500M Upsized Upsizing Common Stock Offering Of 19,230,770 Shares At $26/Share, For Coyote Logistics Purchase

INFY

Infosys Partners With Proximus Group To Unlock New Business Opportunities Through AI-Driven And CPaaS Solutions

MGNI

TF1 PUB Teams Up With Magnite To Enhance Programmatic Advertising And Fuel Digital Growth

American EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) reportedly witnessed 16,200 insurance registrations in China last week, marking a jump of 12.5% from the week before, and its <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39473004/tesla-chinas-weekly-insurance-registrations-hit-highest-since-start-of-2024-bull-ga">third-highest weekly registrations this year</a>, despite increased competition from domestic automakers. 
What Happened: For the week of September 2-8, Tesla saw its highest weekly insurance registrations since the third week of June when it witnessed 17,400 registrations, CnEVPost <a href="https://cnevpost.com/2024/09/10/china-ev-insurance-registrations-week-ending-sept-8-2024/">reported</a>. Insurance registrations in China are considered a proxy for sales.
For the month of August, Tesla sold 63,456 vehicles in China, marking its best month this year, and up 37% from July, according to data from the China Passenger Car Association (CPCA). 
Bull Weighs In: The surge in weekly insurance registrations has left Tesla Bull and The Future Fund managing partner Gary Black optimistic.
&#8220;With 3 weeks left in the quarter, TSLA China 3Q registrations are on track for their best quarter ever, and are +15% YoY and +25% QoQ,&#8221; Black wrote on social media platform X. 
<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"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> China posted a very strong 16.2K insured registrations for the week of Sept 2-8. This was TSLA China's 3rd highest weekly registrations this year. With 3 weeks left in the quarter, TSLA China 3Q registrations are on track for their best quarter ever, and are +15% YoY and… <a href="https://t.co/1YSjOoybqx">pic.twitter.com/1YSjOoybqx</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1833366089876533656?ref_src=twsrc%5Etfw">September 10, 2024</a></blockquote>
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Why It Matters: Earlier this week, Tesla CEO Elon Musk said that Tesla&#8217;s gigafactory in Shanghai is <a href="https://www.benzinga.com/news/24/09/40768611/elon-musk-shoots-down-reports-of-teslas-china-woes-amid-intense-competition-says-giga-shanghai-is-ru">running at maximum capacity</a>. 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.
Tesla makes both the Model 3 sedan and the Model Y SUV at its gigafactory in Shanghai. The vehicles made at the factory are sold within China as well as exported to foreign markets including Europe.
Tesla also dismissed the impact of intense competition in China in its second-quarter earnings report in July and said, "While the automotive market in China remains among the most competitive globally, we feel that our cost structure and focus on core functionality that drives value for customers – including autonomy – position us well for the long-term."
Tesla, in China, is faced with heightened competition from domestic automakers who are introducing newer, lower-cost models at a rapid pace. Tesla has not introduced a new vehicle into the market since the Model Y SUV. The company started selling the Model Y in China in 2021 and has not introduced another model since. 
However, the company is reportedly planning to produce a six-seat version of its Model Y SUV <a href="https://www.benzinga.com/news/24/09/40679900/tesla-plans-6-seat-model-y-production-in-china-starting-in-2025-report" target="_blank" rel="noreferrer noopener">starting next year</a> in the country. China is Tesla's <a href="https://www.benzinga.com/news/24/06/39393504/tesla-rolls-out-upgraded-model-3-performance-to-chinese-customers" target="_blank" rel="noreferrer noopener">second-largest market </a>after the U.S. 
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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<li><a href="https://www.benzinga.com/news/24/09/40767440/spacex-set-to-launch-all-civilian-polaris-dawn-mission-on-september-10-after-multiple-delays" target="_blank" rel="noreferrer noopener">SpaceX Set To Launch All-Civilian Polaris Dawn Mission On September 10 After Multiple Delays</a></li>
</ul>
Photo via Shutterstock

Tesla's Weekly Insurance Registrations Cross 16K In China: '...On Track For Their Best Quarter Ever,' Says Bull Gary Black

Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iPhone 16 <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">series launch</a> has disappointed China due to its lack of AI features, amid the growing competition from Huawei Technologies in the world&#8217;s largest smartphone market.
What Happened: On Monday, at the &#8220;Glowtime&#8221; event, Apple unveiled the AI-enhanced iPhone 16 to stimulate consumer upgrades amid a slowdown in smartphone sales.
However, the tech giant has not yet announced an <a href="https://www.benzinga.com/markets/asia/24/06/39434301/apples-ai-strategy-faces-hurdles-in-china-talks-with-local-firms-are-ongoing">AI partner in China</a> for the iPhone 16, and its AI software, Apple Intelligence, will only be available in Chinese language next year, reported Reuters.
See Also: <a href="https://www.benzinga.com/news/24/09/40767860/mark-cuban-praises-elon-musks-ai-chatbot-grok-for-answering-kamala-harris-pov-on-immigration-i-think?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Praises Elon Musk&#8217;s AI Chatbot Grok For Answering Kamala Harris&#8217; POV On Immigration: &#8216;I Think It&#8217;s Accurate&#8217;</a>
The iPhone 16 launch was a trending topic on Chinese social media, with AI features being a key point of discussion. 
The hashtag &#8220;iPhone 16 Chinese version doesn&#8217;t support AI yet&#8221; garnered over 11.33 million views and more than 1,500 comments on Weibo, China&#8217;s social media platform.
&#8220;Whether iPhone 16 has AI or not doesn&#8217;t affect me, because I&#8217;m going to buy Huawei&#8217;s tri-fold phone,&#8221; one Weibo user wrote on the platform.
Despite the criticism, some analysts believe the lack of AI features in the iPhone 16 will not significantly impact near-term sales. However, they suggest that Apple needs to swiftly establish an AI application and service ecosystem in China to remain competitive, the report noted.
Anisha Bhatia, senior technology analyst at GlobalData, noted that while Apple intends to roll out its AI integration gradually, Google is set to lead by deploying Gemini AI to 200 million Android devices by the end of 2024.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Apple&#8217;s struggle in the Chinese market is not new. The company&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/39954971/apple-drops-from-3rd-to-6th-in-china-amid-intensifying-competition-huawei-shipments-surge-41-in-">market share in China</a> has been declining, dropping from third to sixth place, while Huawei&#8217;s smartphone shipments surged by 41% in the second quarter.
Earlier in January, Apple had to <a href="https://www.benzinga.com/news/24/01/36629629/huawei-heats-up-competition-as-apple-slashes-iphone-prices-by-70-for-a-limited-time-in-china">slash iPhone 15 prices by $70</a> for a limited time in China, which suggested a weakening demand for its flagship product.
Meanwhile, Huawei has ramped up its efforts in the smartphone arena. Just two days before the iPhone 16 launch, Huawei&#8217;s new tri-fold smartphone, the Mate XT, attracted 1.3 million orders within <a href="https://www.benzinga.com/news/24/09/40765746/apples-iphone-16-launch-parade-on-monday-gets-rained-on-by-huawei-chinese-companys-tri-fold-phone-ge">seven hours of opening reservations</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AAPL

iPhone 16 Fails To Sway Some Chinese Buyers: 'I'm Going To Buy Huawei's Tri-Fold Phone' — Missing AI Features A Sore Point

Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) CEO Lisa Su highlighted the start of an artificial intelligence supercycle during the Goldman Sachs Communacopia &amp; Technology Conference on Monday.
What Happened: Su highlighted that AMD has accelerated its AI roadmap, aiming to release new AI chips annually. The company plans to unveil the MI325 AI chip later this year, followed by the MI350 in 2025 and the MI400 in 2026, challenging NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), <a href="https://finance.yahoo.com/news/the-ai-supercycle-is-just-beginning-amd-ceo-222338313.html">reported</a> Yahoo Finance on Monday.
Su stated, &#8220;We believe we can have a very significant piece of the training and inference of these large language models.&#8221; The MI300x, launched last year, features 192GB of memory and 153 billion transistors, making it suitable for training large language models like OpenAI&#8216;s ChatGPT.
AMD anticipates $4.5 billion in sales from the MI300x in 2024, a significant increase from $100 million in AI-related chip revenue last year. Jefferies analyst Blayne Curtis noted that AMD&#8217;s MI300 guidance raise is positive, with expectations of $5 billion in sales this year.
Second quarter sales and earnings for <a href="https://www.benzinga.com/news/earnings/24/07/40051646/amd-shares-rebound-after-chipmaker-posts-q2-beat-guidance-tops-expectations-ceo-lisa-su-says-ai-bus">AMD rose 9% and 19% year over year</a>, respectively. The company projects a 16% year-over-year growth in third-quarter revenue. Su emphasized, &#8220;AI is a much larger cycle than I would have expected five years ago,&#8221; according to the report.
In an interview <a href="https://www.tomshardware.com/pc-components/gpus/amd-deprioritizing-flagship-gaming-gpus-jack-hyunh-talks-new-strategy-for-gaming-market?utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=socialflow">with</a> Tom&#8217;s Hardware, AMD&#8217;s computing and graphics chief, Jach Huynh, underscored the company&#8217;s focus is on AI GPUs. According to AMD&#8217;s new strategy, it has merged its RDNA gaming graphics and CNDA data center efforts into a new one called &#8220;UDNA&#8221; that has AI at the center of it. 
When asked about flagship gaming GPUs that AMD was chasing, Huynh explained that the priority is to &#8220;build scale&#8221; first to take on rival Nvidia, instead of focusing only on the flagship segment. 
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40755035/u-s-court-says-this-cannabinoid-is-legal-rejects-deas-position-on-controlled-substances?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Stock Hits 4-Week Low After iPhone 16 Launch; Analyst Previously Noted 30-60 Day Recovery Trend</a>
Why It Matters: The announcement from Su comes at a crucial time for the semiconductor industry. Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) is reportedly under pressure to overhaul its AI strategy to <a href="https://www.benzinga.com/markets/equities/24/09/40745734/intel-ceo-pat-gelsinger-under-growing-pressure-as-chipmaker-evaluates-major-ai-strategy-overhaul">keep pace with competitors</a> like AMD and Nvidia. Intel is evaluating significant strategic shifts to regain its competitive edge in the AI chip market.
Additionally, CNBC&#8217;s &#8220;Mad Money,&#8221; host Jim Cramer recently highlighted that Intel is &#8220;getting whacked&#8221; by AMD, emphasizing the latter&#8217;s growing <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40526660/jim-cramer-praises-l3harris-technologies-says-intel-is-getting-whacked-by-amd-i-much-pre">dominance in the AI sector</a>.
Earlier this year, Su had already indicated that AI is the &#8220;most important&#8221; technology of <a href="https://www.benzinga.com/markets/equities/24/03/37601308/amd-ceo-lisa-su-says-ai-is-most-important-technology-of-last-50-years-everyone-will-want-an-ai-p">the last 50 years</a> and predicted that &#8220;everyone&#8221; would want an AI PC in the future. 
Price Action: Advanced Micro Devices closed at $138.15 on Monday, up 2.83% for the day. In after-hours trading, the stock edged higher by 0.47%. Year to date, AMD&#8217;s stock is down 0.31%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
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</ul>
Photo courtesy: AMD
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

INTC

NVDA

Nvidia Rivalry Pushes AMD To Shift Focus Away From Flagship Gaming GPUs As Lisa Su Chases AI Supercycle: $4.5B In MI300X AI Chip Sales Projected For 2024

Dave &amp; Buster&#8217;s Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLAY#NASDAQ">PLAY</a>) will release earnings results for its second quarter, after the <a href="https://www.benzinga.com/quote/PLAY/earnings">closing bell on Tuesday, Sept. 10.</a>
Analysts expect the Coppell, Texas-based company to report quarterly earnings at 84 cents per share, up from 60 cents per share. Dave &amp; Buster&#8217;s projects to report quarterly revenue of $560.65 million for the quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On June 13, Dave &amp; Buster&#8217;s reported worse-than-expected first-quarter financial results.
Dave &amp; Buster&#8217;s shares fell 2.2% to $30.11 in after-hours trading.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TJX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/589dc33d43eaaa000122c591/jake-bartlett">Truist Securities analyst Jake Bartlett</a> maintained a Buy rating and cut the price target from $64 to $59 on Aug. 22. This analyst has an accuracy rate of 74%.</li>
<li>BMO Capital analyst Andrew Strelzik maintained an Outperform rating and lowered the price target from $75 to $65 on June 13. This analyst has an accuracy rate of 65%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/592423cf290fa700011180e7/nicole-miller%20regan">Piper Sandler analyst Nicole Miller Regan</a> downgraded the stock from Overweight to Neutral and raised the price target from $50 to $71 on April 4. This analyst has an accuracy rate of 75%.</li>
<li>UBS analyst Dennis Geiger maintained a Neutral rating and raised the price target from $60 to $66 on April 3. This analyst has an accuracy rate of 69%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58b579d9b85e930001267b2f/brian-vaccaro">Raymond James analyst Brian Vaccaro </a>downgraded the stock from Outperform to Market Perform on March 25. This analyst has an accuracy rate of 82%.</li>
</ul>
Considering buying PLAY stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="523" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/10021235/image-1-18-1024x523.png" alt="" class="wp-image-538878" style="width:642px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/10021235/image-1-18-1024x523.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/10021235/image-1-18-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/10021235/image-1-18-768x392.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/10021235/image-1-18.png 1296w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Analyst Ratings

Trading Ideas

PLAY

Dave & Buster's Gears Up For Q2 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, but the index remained in the &#8220;Fear&#8221; zone on Monday.
U.S. stocks settled higher on Monday, with the Dow Jones index surging more than 1% during the session after losing over 1,200 points last week.
NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares jumped 3.5% on Monday after the AI darling fell around 14% last week. Relay Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RLAY#NASDAQ">RLAY</a>) shares jumped 52% on Monday after the company reported interim data for its breast cancer treatment.
On the economic data front, U.S. wholesale inventories increased by 0.2% month-over-month to $903.5 billion in July compared to a preliminary reading of a 0.3% rise, and versus a revised flat reading a month ago.
All sectors on the S&amp;P 500 closed on a positive note, with industrials, information technology and consumer discretionary stocks recording the biggest gains on Monday.
The Dow Jones closed higher by around 484 points to 40,829.59 on Monday. The S&amp;P 500 rose 1.16% to 5,471.05, while the Nasdaq Composite jumped 1.16% at 16,884.60 during Monday's session.
Investors are awaiting earnings results from Academy Sports and Outdoors, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASO#NASDAQ">ASO</a>), GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) and Dave &amp; Buster&#8217;s Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLAY#NASDAQ">PLAY</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 42.1, the index remained in the &#8220;Fear&#8221; zone on Monday, versus a prior reading of 39.3.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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Pre-Market Outlook

RLAY

Dow Jumps Over 1% Following Last Week's Selloff: Investor Sentiment Improves, But Fear & Greed Index Remains In 'Fear' Zone

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