Mallinckrodt PLC Ordinary Shares - New Stock (OTC: MNKTQ)

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Silence Therapeutics reports narrower Q4 loss, data from zerlasiran study, and strengthened cash position. In March 2024, Mallinckrodt notified Silence that they will not pursue further development of SLN501 following the completion of the phase 1 clinical trial. 

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Google&#39;s AI Dilemma - Bard&#39;s Promise Versus Ethical Concerns

Google AI-Powered Chatbot&#39;s Ethical Concerns, MGM Hackers Waited For Days Before Issuing Financial Demands, Costco Accused Of Sharing Confidential Health Data With Facebook: Today&#39;s Top Stories

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Mallinckrodt plc (OTC: MNKTQ), one of the largest manufacturers of prescription opioids in the U.S., has secured court approval for a plan that erases over $1 billion in payments intended for peo

Mallinckrodt&#39;s Bankruptcy Plan Approved, Wiping Out Over $1B Meant for Opioid Overdose Crisis

Mallinckrodt PLC Ordinary Shares - New

The Dubai Police has introduced the Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/topic/cybertruck">Cybertruck</a> to its fleet of high-performance vehicles, and the company's CEO Elon Musk thinks it is "cool."
What Happened: The Dubai Police General Command revealed the new addition to its luxury patrol fleet, a Tesla Cybertruck in a distinctive green and white livery, <a href="https://www.khaleejtimes.com/uae/look-dubai-police-unveils-the-beast-tesla-cybertruck-joins-supercar-fleet">reported</a> Khaleej Times on Sunday.
The vehicle, with the unique plate number 5, was unveiled on social media, with the Crown Prince of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, in attendance.
Tesla&#8217;s CEO, Elon Musk, responded to the post with an emoji and the word &#8220;Cool&#8221;. The Cybertruck is known for its angular design, which is made from ultra-hard 30X cold-rolled stainless steel, providing exceptional durability and protection against dents and corrosion.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Cool &#x1f60e;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1802292237474378141?ref_src=twsrc%5Etfw">June 16, 2024</a></blockquote>
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The vehicle also features Tesla Armour Glass, which is designed to be highly durable and resistant to impacts.
The Cybertruck can tow up to 11,000 pounds and has an estimated driving range of up to 340 miles. It is available in three versions: the Single Motor RWD, Dual Motor AWD, and Tri-Motor AWD, each with different ranges and capabilities.
See Also: <a href="https://www.benzinga.com/24/06/39334018/yeehaw-musk-drives-tesla-incorporation-to-texas-after-shareholder-vote?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Yeehaw! Musk Drives Tesla Incorporation To Texas After Shareholder Vote</a>
Why It Matters: The Dubai Police&#8217;s addition of the Cybertruck to its fleet underscores the growing popularity of Tesla's latest vehicle. This also comes amid Tesla&#8217;s efforts to <a href="https://www.benzinga.com/news/24/06/39330272/tesla-ramping-up-cybertruck-production-to-touch-2-500-units-per-week-non-foundation-series-to-start">ramp up Cybertruck production</a>, aiming to reach a weekly production rate of 2,500 units by the end of 2024.
Earlier in May, the Cybertruck was in the spotlight when it was <a href="https://www.benzinga.com/news/24/05/38906969/tesla-cybertruck-seemingly-drives-to-saudi-royal-family-elon-musk-thinks-its-cool">seemingly delivered</a> to the Saudi Royal Family, with Musk expressing his approval. The vehicle has also gained <a href="https://www.benzinga.com/general/entertainment/24/02/37412516/they-clearly-have-great-taste-tesla-ceo-elon-musk-thrilled-by-growing-list-of-celebs-buying">attention from various celebrities</a>, with Musk praising their &#8220;great taste&#8221; in choosing the Cybertruck.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/06/39331612/elon-musk-teases-three-new-vehicles-at-teslas-annual-shareholder-meeting-more-affordable-model-incom?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Teases Three New Vehicles At Tesla&#8217;s Annual Shareholder Meeting: More Affordable Model Incoming</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.

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Tesla Cybertruck Joins Dubai Police Supercar Fleet: Elon Musk Calls It 'Cool'

Lightweight, multi-mission unmanned ground system represents the cutting edge in portable robotics
Teledyne FLIR Defense, part of Teledyne Technologies Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDY#NYSE">TDY</a>), announced today at Eurosatory the official launch of its new SUGV&trade; 325 portable and modular robot.

Teledyne FLIR Defense Unveils New SUGV 325 Portable, Modular Robot At Eurosatory

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Indonesia Stock Exchange Revamps With Nasdaq Tech, Aiming For Fourfold Trading Boost

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Reported Earlier, Chinese Unemployment Rate For May Unchanged At 5.0%

Reported Earlier, China Industrial Production Year to Date (YoY) For May 6.2% Vs. 6.3% Prior

Reported Earlier, China Industrial Production (YoY) For May 5.6% Vs. 6.2% Est.; 6.7% Prior

Reported Earlier, China Fixed Asset Investment (YoY) For May 4.0% Vs. 4.2% Est.; 4.2% Prior

U.S. Representative Marjorie Taylor Greene has raised alarms about the potential economic consequences for America as she claimed BRICS nations plan to move away from the U.S. dollar. On Wednesday, Greene tweeted that this shift could &#8220;destroy America's economy.&#8221;
What Happened: The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, is reportedly considering alternatives to the U.S. dollar in their transactions. Greene&#8217;s tweet reflects concerns over the impact such a move could have on the U.S. economy.
Rep. Greene&#8217;s comments were made on Sunday on Trump-ally Steve Bannon&#8217;s podcast &#8220;War Room.&#8221; She said, &#8220;They are going to start using their own currencies or they may come up with an agreed upon currency — not the dollar that they will trade with.&#8221;
Bannon then mentioned reports that the Saudis were getting out of a deal that bound them to the petro dollar.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"The BRICS nations have an agreement. They are going to move off of the dollar… This is going to destroy America's economy." &#8211; Rep. <a href="https://twitter.com/mtgreenee?ref_src=twsrc%5Etfw">@mtgreenee</a> <a href="https://twitter.com/hashtag/PEOPLES2024?src=hash&amp;ref_src=twsrc%5Etfw">#PEOPLES2024</a> Watch LIVE&#x27a1; <a href="https://t.co/aeKhZCtVbe">https://t.co/aeKhZCtVbe</a> Watch <a href="https://twitter.com/hashtag/WarRoom?src=hash&amp;ref_src=twsrc%5Etfw">#WarRoom</a> LIVE at <a href="https://twitter.com/TPAction_?ref_src=twsrc%5Etfw">@TPAction_</a>'s The People's Convention here:… <a href="https://t.co/ToHRdEkWmL">pic.twitter.com/ToHRdEkWmL</a>
&mdash; Real America&#39;s Voice (RAV) (@RealAmVoice) <a href="https://twitter.com/RealAmVoice/status/1801995250245771291?ref_src=twsrc%5Etfw">June 15, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/equities/24/06/39338718/stocks-ease-tech-rises-bonds-eye-strongest-week-of-the-year-as-consumer-sentiment-sinks-in-june-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Stocks Ease, Tech Rises, Bonds Eye Strongest Week Of The Year As Consumer Sentiment Sinks In June: What&#8217;s</a>
Why It Matters: The assertion by Rep. Greene comes amidst speculations that have been circulating on social media. These rumors suggest that a longstanding agreement, which required Saudi Arabia to price its crude oil exports in U.S. dollars, might be on the verge of collapse, potentially undermining the dollar&#8217;s global reserve currency status. However, experts have discredited these claims, clarifying that <a href="https://www.benzinga.com/news/24/06/39346495/end-of-dollar-dominance-analyst-addresses-rumors-saudi-arabia-will-replace-dollar-with-chinese-yuan">no such formal &#8220;petrodollar&#8221; agreement exists</a>.
However, it is noteworthy that previous reports have touched on the BRICS nations&#8217; <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38385726/brics-eye-stablecoins-cbdc-bridge-to-advance-financial-integration">ongoing efforts</a> to enhance their financial integration.
This includes exploring the use of stablecoins and a platform for Central Bank Digital Currency (CBDC) payments as alternatives to the U.S. dollar in global commerce.
Photo courtesy: Shutterstock
Read Next: <a href="https://www.benzinga.com/government/24/06/39314839/janet-yellen-disagrees-with-biden-says-inflation-is-due-to-supply-and-demand-not-corporate-greed?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Janet Yellen Disagrees With Biden, Says &#8216;Inflation Is Due To Supply And Demand,&#8217; Not Corporate Greed</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/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

Marjorie Taylor Greene Says BRICS Nations Are Moving To 'Destroy America's Economy' By Moving Away From The Greenback, But Is The Petro-Dollar Really Dead?

Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) new artificial intelligence offerings, <a href="https://www.benzinga.com/news/24/06/39256948/tim-cook-announces-apple-intelligence-for-iphones-calls-it-next-big-step-tremendously-excited">unveiled last week</a>, are set to roll out gradually, with some features not expected until 2025.
What Happened: In his latest weekly &#8220;Power On&#8221; newsletter, Bloomberg columnist Mark Gurman said that the Apple Intelligence service will be available for <a href="https://www.benzinga.com/news/24/06/39178450/siris-ai-awakening-ios-18-promises-iphone-upgrade-apple-users-have-been-craving-what-we-know-so-far">developers later this summer</a>, but it won&#8217;t be part of the initial&nbsp;beta releases of iOS 18,&nbsp;iPadOS 18, and macOS Sequoia. 
The software will launch as a preview in the fall, working only on a subset of Apple&#8217;s&nbsp;devices and only in American English.
&#8220;The keynote presentation at last week's Worldwide Developers Conference also didn't reflect the exact features that will be arriving in the fall. Instead, Apple essentially gave a road map of what's coming in late 2024 and the first half of 2025,&#8221; Gurman said.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39265691/a-day-after-shutting-down-tesla-phone-rumors-elon-musk-says-it-is-not-out-of-the-question?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">A Day After Shutting Down Tesla Phone Rumors, Elon Musk Says It Is &#8216;Not Out Of The Question&#8217;</a>
The initial version of Apple&nbsp;Intelligence <a href="https://www.benzinga.com/news/24/06/39291654/craig-federighi-explains-how-apple-intelligence-maintains-user-privacy-amid-concerns-over-chatgpt-in">will be packed with features</a>, including AI to prioritize notifications,&nbsp;summarize webpages, voice memos, meeting&nbsp;notes, and emails,&nbsp;new writing tools, image generation, and&nbsp;custom AI-spawned emoji called Genmoji.
However,&nbsp;many of the <a href="https://www.benzinga.com/news/24/06/39288308/craig-federighi-says-tim-cook-led-company-is-trying-to-find-a-way-to-bring-apple-intelligence-to-iph">AI features&nbsp;won&#8217;t be ready in time</a> for&nbsp;the new version of iOS, which typically releases publicly in September, said Gurman. Employees involved in Apple Intelligence&#8217;s development have indicated&nbsp;that a subset of the&nbsp;service won&#8217;t launch until next year.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38782396/biggest-upgrade-in-siris-13-year-history-top-analyst-strikes-bullish-note-on-apple-">Major enhancements to Apple&#8217;s</a> digital assistant, Siri, including&nbsp;the ability to find things&nbsp;on your devices based on&nbsp;context and take action, semantic indexing, precise control of your device and applications, and on-screen awareness, are likely not coming until 2025.
Apple Intelligence&#8217;s&nbsp;support for additional languages and&nbsp;regions, as well as the <a href="https://www.benzinga.com/news/24/06/39304229/apple-and-openai-chatgpt-partnership-wont-include-cash-payments-for-now-but-does-it-mean-you-will-ne">much-discussed integration</a> with ChatGPT, also won&#8217;t arrive until 2025.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Not all iPhone users will be able to <a href="https://www.benzinga.com/news/24/06/39267314/will-your-iphone-support-new-apple-intelligence-features-heres-what-you-need-to-know">access the new AI features</a>, as they require the A17 Pro chip. Currently, the A17 Pro chip is exclusive to the iPhone 15 Pro and iPhone 15 Pro Max, whereas the more affordable iPhone 15 and iPhone 15 Plus continue to use the older A16 Bionic chip.
Moreover, the AI initiative will <a href="https://www.benzinga.com/news/24/06/39262940/apple-intelligence-to-be-limited-to-iphone-ipad-and-macs-and-wont-make-its-way-to-watch-tv-and-visio">initially appear to be limited</a> to iPhone, iPad, and Mac models equipped with the M1 chip or later, excluding Apple Watch, Apple TV, and Vision Pro users at launch.
It was previously reported that Apple is looking to <a href="https://www.benzinga.com/news/24/06/39288308/craig-federighi-says-tim-cook-led-company-is-trying-to-find-a-way-to-bring-apple-intelligence-to-iph">establish more chatbot partnerships</a>, with potential partners including Alphabet Inc.&#8217;s Google and Anthropic in the U.S., and Baidu Inc. and Alibaba Group Holding Ltd. in China.
Photo courtesy: Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39285683/apple-analyst-says-you-dont-wanna-be-anywhere-near-the-stock-in-4-years-feels-wwdc-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Analyst Says &#8216;You Don&#8217;t Wanna Be Anywhere Near The Stock&#8217; In 4 Years, Feels WWDC Was Like A &#8216;Snap CEO Talking Like We&#8217;re Gonna Target 22-Year Olds&#8217;</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.

Media

AAPL

Apples AI Rollout Could Extend Beyond Fall, Much-Anticipated ChatGPT Integration May Not Come Until 2025, Says Mark Gurman: Here's What To Expect

The popular arbitrage trade involving Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is causing unexpected pain as the U.S. stock premium over its Taiwanese counterpart reaches a 15-year high.
What Happened: The premium of TSMC&#8217;s American depositary receipts over its Taiwan stock has surged to 22% this quarter, the highest average since 2009, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-17/a-popular-arbitrage-trade-backfires-as-tsmc-frenzy-grows-in-us">reported</a> on Monday. This surge is attributed to the U.S.&#8217;s growing enthusiasm for artificial intelligence.
Despite a 66% increase in ADRs and a 53% rise in Taipei shares this year, both are still trading below their 2021 valuation highs. The ADRs&#8217; accessibility to foreign investors and their inclusion in various indices and exchange-traded products have contributed to their outperformance.
Arbitrage involves simultaneously buying and selling the same or similar asset in different markets to profit from minor price differences. It exploits short-term variations in the price of identical or similar financial instruments across different markets or forms.
"It's supply/demand dynamics," said Brian Freitas, founder of research firm Periscope Analytics. "Not all foreign investors can hold the Taiwan stock so they just prefer owning the ADRs. Plus there are some indices which only reference the ADR, so ETFs then basically buy up the U.S. shares."
ADRs have historically traded at a premium due to their fungibility, unlike the Taiwan shares, which require special regulatory approval for conversion into the U.S. equivalent. The ADRs are also heavily owned by fund managers, making it challenging for them to increase their position further.
Jon Withaar, head of Asia special situations at Pictet Asset Management, noted that the AI sector remains strong, with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) alone valued at over $3 trillion. The ADRs&#8217; premium over the local stock has risen to an average of almost 17% this quarter, indicating a continued AI boom.
"The AI boom is not over," Withaar said. "I'm happy to wait for a crescendo widening and perhaps even panic unwinding."
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39345194/apple-nvidia-are-the-most-overbought-stocks-on-wall-street-amid-ai-frenzy-here-are-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple, Nvidia Are The Most Overbought Stocks On Wall Street Amid AI Frenzy: Here Are Other Stocks With Potential For Pullback</a>
Why It Matters: TSMC&#8217;s ADRs have been in high demand due to the global AI frenzy. Companies like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Nvidia, and Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) have almost fully booked TSMC&#8217;s 3nm <a href="https://www.benzinga.com/news/24/06/39310821/apple-nvidia-secure-future-with-taiwan-semis-advanced-chips-as-ai-demand-soars">chip production process until 2026</a>, reflecting the rapid evolution of AI technology.
Meanwhile, TSMC&#8217;s European subsidiary, European Semiconductor Manufacturing Co, plans to <a href="https://www.benzinga.com/news/24/06/39288408/taiwan-semiconductors-european-subsidiary-to-hire-2k-employees-in-semiconductor-push">hire nearly 2,000 employees</a> from Germany and other European countries. This move comes amid a trend of job cuts in the tech sector, as companies reallocate resources to meet the demands of advancing AI technology.
Taiwan Semiconductor stock gained over 64% in the last 12 months. Investors can gain exposure to the semiconductor sector via First Trust Exchange-Traded Fund VIII First Trust Active Global Quality Income ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGQI#NYSE">AGQI</a>) and First Trust S-Network Electric &amp; Future Vehicle Ecosystem ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARZ#NASDAQ">CARZ</a>)
Price Action: Taiwan Semiconductor Manufacturing Co. Ltd.&#8217;s U.S.-listed stock closed at $172.51 on Friday, down 0.23%. Year to date, it has increased by 69.91%, and over the past year, it has risen by 64.97%. Over the past five years, the U.S.-listed stock has surged by 355.89%. 
In comparison, TSMC&#8217;s Taipei-listed stock has increased by 55.31% year to date, 57.98% over the past year, and 270.22% over the past five years, according to the <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39328409/hedge-fund-manager-says-trumps-radical-tax-plan-is-hyperbole-useful-to-kick-the-hor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hedge Fund Manager Says Trump&#8217;s Radical Tax Plan Is &#8216;Hyperbole…Useful To Kick The Hornet&#8217;s Nest&#8217;: &#8216;Not Going To Be A Plan That Works&#8217;</a>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Asia

Global

ETFs

First Trust Exchange-Traded Fund VIII First Trust Active Global Quality Income ETF

AGQI

CARZ

NVDA

QCOM

Taiwan Semiconductor Arbitrage Trade Faces Challenges As US Stock Premium Hits 15-Year High: 'AI Boom Is Not Over'

In a bid to stabilize the yuan and manage liquidity, the People&#8217;s Bank of China has decided to keep its key interest rate unchanged for the tenth consecutive month.
What Happened: The PBOC has maintained the one-year policy loan rate, also known as the medium-term lending facility rate, at 2.5% for the tenth month in a row on Monday, <a href="https://www.bloomberg.com/news/articles/2024-06-17/china-leaves-key-rate-unchanged-on-currency-pressure-liquidity">reported</a> Bloomberg. 
This decision aligns with the forecast in a Bloomberg survey. The bank also withdrew a net 55 billion yuan ($7.6 billion) from the banking system to prevent excessive liquidity.
Despite a fragile recovery in the world&#8217;s second-largest economy, the PBOC has chosen to prioritize currency stability over reducing borrowing costs. This cautious approach may dampen market expectations for monetary easing, which have kept local bond yields near a two-decade low.
Despite growing calls for a rate cut, the PBOC has refrained from implementing one, aiming to maintain the yuan as a strong currency. The recent weakening of the onshore yuan, attributed to a significant U.S.-China rate gap, has not prompted the PBOC to alter its stance, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/06/39326723/chinas-top-memory-chip-maker-ymtc-defies-us-trade-restrictions-sees-soaring-demand-on-the-back-of-go?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">China&#8217;s Top Memory Chip Maker YMTC Defies US Trade Restrictions, Sees Soaring Demand On The Back Of Government Projects: Report</a>
Why It Matters: Market liquidity, coupled with cheaper borrowing costs for popular debt instruments, has also influenced the PBOC&#8217;s decision. The rate on one-year AAA-rated negotiable certificates of deposits has dropped to approximately 2%, compared to the MLF&#8217;s 2.5%. 
This has led to an influx of cash into the financial system from savings to wealth management products and other higher-yielding assets.
China&#8217;s economy has experienced a mixed recovery, with higher-than-anticipated exports in May and lower-than-expected inflation. However, official surveys indicate a surprising contraction in factory activity last month, and the long-standing <a href="https://www.benzinga.com/news/global/24/06/39217213/china-property-stocks-tumble-into-bear-market-despite-government-efforts-to-stabilize-sector">property slump continues</a> despite increased government bond sales to boost infrastructure spending.
The decision by the PBOC to maintain its key rate comes at a time when China is under increasing international scrutiny. The country&#8217;s industrial capacity and its support for Russia&#8217;s war efforts were key topics at the recent <a href="https://www.benzinga.com/news/24/06/39329281/g7-summit-wraps-up-china-takes-center-stage-pope-francis-makes-historic-visit">G7 summit in Italy</a>, with Western governments expressing concerns about China&#8217;s policies. 
ETFs provide investors with a convenient and diversified approach to capitalize on China&#8217;s growth potential, offering exposure to key sectors and market segments. Notable China ETFs to watch include KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>), KraneShares Bosera MSCI China A 50 Connect Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBA#NYSE">KBA</a>), iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>), and iShares China Large-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXI#NYSE">FXI</a>).
Read Next: <a href="https://www.benzinga.com/government/24/06/39319275/no-income-tax-yes-to-high-import-tariffs-trump-floats-idea-to-ceos-gop-lawmakers?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">No Income Tax, Yes To High Import Tariffs? Trump Floats Idea To CEOs, GOP Lawmakers</a>
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>

$BTC

KWEB

MCHI

China Keeps Interest Rates Unchanged Amid Economic Uncertainty To Stabilize The Yuan And Manage Liquidity

Cristiano Ronaldo, the renowned soccer player, has invested in the Portuguese porcelain manufacturer Vista Alegre Atlantis SGPS. This marks another strategic move by Ronaldo to diversify his investment portfolio.
What Happened: Ronaldo has agreed to purchase a 10% stake in Vista Alegre Atlantis SGPS from Grupo Visabeira, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-06-14/soccer-star-ronaldo-buys-stake-in-porcelain-maker-vista-alegre?srnd=homepage-asia">reported</a>. This investment is part of a broader plan by Ronaldo to acquire 30% of Vista Alegre Spain through his company, CR7 SA. Additionally, both parties have agreed to establish a 50-50 joint venture in the Middle East and Asia to promote the Vista Alegre brand and Bordallo Pinheiro, named after a 19th-century Portuguese artist renowned for his ceramics designs.
Vista Alegre, founded in 1824, which specializes in porcelain, ceramic items, and crystal glassware, did not disclose the value of Ronaldo&#8217;s investment.
See Also: <a href="https://www.benzinga.com/news/24/06/39330319/trumps-niece-says-ex-presidents-white-house-campaign-is-driven-by-revenge-he-hates-all-of-america?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Ex-President&#8217;s White House Campaign Is Driven By &#8216;Revenge:&#8217; &#8216;He Hates All Of America&#8217;</a>
Why It Matters: Ronaldo&#8217;s investment in Vista Alegre is the latest in a series of business ventures he has undertaken in recent years. In 2022, he joined the Saudi Arabian soccer club Al Nassr for a reported annual salary of around $200 million. Ronaldo, 39, has been strategically investing in various businesses as he prepares for life after his sports career.
The soccer player&#8217;s net worth is estimated to be $903 million, according to Forbes and he is classed as one of the world&#8217;s highest-paid athletes.
Earlier in 2015, Ronaldo and Portuguese hotel operator Grupo Pestana SGPS SA announced a plan to invest €75 million in four boutique hotels with a total of 400 rooms in Portugal, Spain, and the US. At the time, the footballer said this was his biggest-ever investment as he prepared for life after soccer, according to Bloomberg.
Ronaldo&#8217;s investment in Vista Alegre comes on the heels of his recent foray into the world of non-fungible tokens . Despite being embroiled in a legal tangle, Ronaldo <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39033962/cristiano-ronaldo-set-to-launch-yet-another-nft-collection-on-binance-despite-1b-lawsuit">launched his fourth NFT collection on Binance</a> in May 2024, paying tribute to his illustrious career.
Read Next: <a href="https://www.benzinga.com/news/24/06/39348022/new-york-city-clerks-mistakenly-approve-paperwork-that-falsely-tied-ivanka-trump-and-hillary-clinton?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">New York City Clerks Mistakenly Approve Paperwork That Falsely Tied Ivanka Trump And Hillary Clinton To $150 Million Real Estate Scam</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/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Sports

Cristiano Ronaldo Diversifies Portfolio — Acquires 10% Stake In This 200-Year-Old Company

Sharing a snippet of Geoffrey Hinton&#8217;s interview on social media over the weekend, the Tesla and SpaceX CEO Elon Musk, praised him for his superior intellect and shared concerns about <a href="https://www.benzinga.com/news/23/06/32880527/this-former-google-officer-predicts-ai-will-be-1-billion-times-smarter-than-us-1">AI&#8217;s potential to outsmart humans</a>.
What Happened: On Saturday, Musk took to X, formerly Twitter, and shared a video of Hinton, known to many as the &#8220;Godfather of AI,&#8221; <a href="https://www.bnnbloomberg.ca/50-50-chance-that-ai-outsmarts-humanity-geoffrey-hinton-says-1.2085394">appearing</a> on Bloomberg television, saying, &#8220;Wise words from a recent interview with @geoffreyhinton, one of the smartest people in the world regarding AI.&#8221;
Hinton has been vocal about the need for the tech industry to invest significantly in addressing the <a href="https://www.benzinga.com/news/23/05/32566930/former-google-ceo-echoes-musk-and-hintons-dire-warnings-on-ai-becoming-existential-risk">potential threat of AI</a> surpassing human intelligence. During the interview, He estimated a 50-50 chance of this happening within the next two decades.
&#8220;I think there's a 50-50 chance it will get more intelligent than us in the next 20 years,&#8221; he said.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39285683/apple-analyst-says-you-dont-wanna-be-anywhere-near-the-stock-in-4-years-feels-wwdc-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Analyst Says &#8216;You Don&#8217;t Wanna Be Anywhere Near The Stock&#8217; In 4 Years, Feels WWDC Was Like A &#8216;Snap CEO Talking Like We&#8217;re Gonna Target 22-Year Olds&#8217;</a>
Hinton supports his argument by giving the example of OpenAI&#8217;s ChatGPT. &#8220;If you take something like GPT-4, which is bigger than GPT-3, it is quite a lot smarter.  It answers a whole bunch of questions correctly that GPT-3 would get wrong.&#8221;
Hinton contrasted that risk with the potential financial gains from the technology, highlighting it as one of the main tensions that led OpenAI co-founder Ilya Sutskever <a href="https://www.benzinga.com/news/24/05/38834519/openai-chief-scientist-ilya-sutskever-steps-down-ceo-sam-altman-calls-him-a-guiding-light-of-ai-fiel">to leave the company</a>.
&#8220;The people interested in safety, like Ilya Sutskever, wanted significant resources to be spent on safety. People interested in profits, like Sam Altman, didn't want to spend too many resources on that,&#8221; he said, adding, &#8220;I think (Altman) would like big profits.&#8221;
He also suggested that companies dedicate 20% to 30% of their computing resources to study how this intelligence might eventually evade human control. Hinton also <a href="https://www.benzinga.com/news/24/05/38911101/universal-basic-income-was-a-good-idea-ai-godfather-geoffrey-hinton-warns-of-job-losses-and-extincti">called for urgent government intervention</a>.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Wise words from a recent interview with <a href="https://twitter.com/geoffreyhinton?ref_src=twsrc%5Etfw">@geoffreyhinton</a>, one of the smartest people in the world regarding AI <a href="https://t.co/11A7fJpLcs">pic.twitter.com/11A7fJpLcs</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1801976488251814048?ref_src=twsrc%5Etfw">June 15, 2024</a></blockquote>
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Why It Matters: Last year Hinton <a href="https://www.benzinga.com/news/23/05/32146221/ai-godfather-geoffrey-hinton-quits-google-hard-to-see-how-you-can-prevent-the-bad-actors-from-using">left his position</a> at Google to speak more freely about the risks posed by AI. At the time, he expressed regret over his role in the development of AI technology, stating, &#8220;If I hadn&#8217;t done it, somebody else would have.&#8221;
Earlier this year, he warned of potential job losses due to AI and called for the implementation of a universal basic income. In May 2024, a study by Microsoft and LinkedIn found that <a href="https://www.benzinga.com/news/24/05/38703371/ai-adoption-in-workplace-employees-concealing-use-of-ai-tools-for-fear-of-job-replacement-microsoft">75% of employees use AI in their work</a>. However, over half of these employees are reluctant to admit using AI for their most critical tasks, fearing it might make them seem replaceable.
<a href="https://www.benzinga.com/news/24/06/39319028/terminator-in-real-life-ai-godfather-warns-of-human-wipe-out-in-5-to-20-years">Hinton also predicted a possible</a> &#8220;human wipeout&#8221; in five to 20 years due to the rise of AI. &#8220;As soon as I thought it might wipe us out, I quit Google and started telling people it might wipe us out.&#8221;
During the interview with BBG, Hinton also said that the soaring stock market values and competitive pressures these companies face are rapidly diminishing the industry&#8217;s focus on safety concerns. However, this doesn&#8217;t mean all tech leaders are unconcerned about the risks.
&#8220;Some people in industry —  particularly Elon Musk — have said this is a real threat. I don't agree with much of what he says but that aspect I do agree with,&#8221; he stated.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/06/39331628/adobes-optimistic-forecast-for-new-ai-tech-infused-products-attract-investor-cheer-stock-soars?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Adobe&#8217;s Optimistic Forecast For New AI Tech Infused Products Attract Investor Cheer, Stock Soars</a>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Elon Musk Calls Geoffrey Hinton One Of The Smartest People After AI Godfather Says '50-50 Chance' The Technology Will Get 'More Intelligent Than Us In The Next 20 Years'

Wedbush Securities analyst Dan Ives has raised the price target for Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) from $500 to $550, citing positive AI customer feedback and the increasing monetization of Copilot and Azure.
What Happened: Ives took to X to announce the price target increase on Sunday. The analyst highlighted the growing interest in Microsoft&#8217;s AI offerings and the imminent monetization of Azure, a cloud computing service, as the primary reasons for the bullish outlook.
&#8220;We are raising our price target on Microsoft from $500 to $550 reflecting incrementally bullish recent AI customer checks with a tidal wave of Copilot and Azure monetization now on the doorstep for MSFT. We have seen AI deal conversions for the enterprise accelerating,&#8221; Ives wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We are raising our price target on Microsoft from $500 to $550 reflecting incrementally bullish recent AI customer checks with a tidal wave of Copilot and Azure monetization now on the doorstep for MSFT. We have seen AI deal conversions for the enterprise accelerating &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1802426258799919416?ref_src=twsrc%5Etfw">June 16, 2024</a></blockquote>
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Microsoft stock gained over 29% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Total Stock Market ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>) and&nbsp;SPDR Select Sector Fund – Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>).
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39344508/as-apple-nvidia-trade-near-all-time-highs-jim-cramer-tells-investors-to-cash-in-on-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">As Apple, Nvidia Trade Near All-Time Highs, Jim Cramer Tells Investors To Cash In On AI Stocks: &#8216;Let&#8217;s Not Be Too Greedy&#8217;</a>
Why It Matters: Microsoft has been making significant strides in the AI and cloud computing sectors. The company recently announced a $7.16 billion investment in the <a href="https://www.benzinga.com/news/24/06/39332010/microsoft-set-to-pour-7-16b-into-new-data-centres-in-spains-aragon-report">construction of new data centers in Aragon, Spain</a>, over the next ten years. This move is expected to bolster Microsoft&#8217;s cloud infrastructure and enhance its Azure services.
Despite a recent setback with its AI feature, Recall, Microsoft remains committed to AI innovation. CEO Satya Nadella has been driving the <a href="https://www.benzinga.com/news/24/06/39318448/microsoft-is-betting-big-on-ai-outpacing-rivals-with-new-strategy">company&#8217;s AI strategy</a>, making significant investments and partnerships.
Moreover, Microsoft&#8217;s decision to develop an Arm-based PC chip, in collaboration with MediaTek, is set to challenge Intel&#8216;s market dominance. This development aligns with <a href="https://www.benzinga.com/markets/equities/24/06/39292451/microsoft-set-to-receive-arm-based-pc-chip-developed-by-mediatek-to-challenge-intels-market-domi">Microsoft&#8217;s focus on AI applications</a>, potentially further boosting the company&#8217;s position in the AI and cloud computing markets.
Price Action: Microsoft Corp. closed at $442.57, up 0.22% on Friday; in after-hours trading, it dipped 0.036%. The stock has gained 19.33% year to date, according to the <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39345917/is-bitcoin-pricey-at-current-levels-rich-dad-poor-day-author-robert-kiyosaki-says-k?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Bitcoin Pricey At Current Levels? &#8216;Rich Dad, Poor Day&#8217; Author Robert Kiyosaki Says King Crypto &#8216;Not High As It&#8217;s Going To Go&#8217;</a>
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>

Analyst Ratings

MSFT

Wedbush Analyst Dan Ives Raises Microsoft's Price Target To $550: 'Tidal Wave Of Copilot And Azure Monetization Now On The Doorstep' For Redmond

Microsoft Corporation&#8216;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Japan president&nbsp;Miki Tsusaka&nbsp;has expressed her belief that the country&#8217;s rapid adoption of artificial intelligence could <a href="https://www.benzinga.com/markets/asia/24/02/37149323/japan-no-longer-worlds-third-largest-economy-as-aging-asian-powerhouse-concedes-position-to-germany">further boost its economy</a> and technology sector.
What Happened: Tsusaka highlighted Japan&#8217;s swift embrace of new AI tools, attributing it to the country&#8217;s digitalization push during the pandemic. She noted that Japan had made significant progress, despite previously lagging,&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-06-16/microsoft-s-japan-chief-sees-country-accelerating-its-use-of-ai?srnd=technology-vp">reported</a>&nbsp;Bloomberg.
&#8220;The&nbsp;Japanese have caught up. And&nbsp;I think it will continue&nbsp;to accelerate at this point&nbsp;because the technology enables things&nbsp;that we haven&#8217;t been able to do,&#8221; Tsusaka said, adding, &#8220;We don't have enough people, our population is aging, and yet generative AI has the power to accelerate growth.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/06/39348364/tim-cook-tells-mkbhd-blindly-ranking-apple-products-is-like-choosing-your-favorite-nieces-or-nephews?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tim Cook Tells MKBHD Blindly Ranking Apple Products Is Like Choosing &#8216;Your Favorite Nieces Or Nephews:&#8217; This Is What Cupertino Chief Thinks About MacBook, iPad, iPhone, Magic Mouse And Vision Pro</a>
Tsusaka is particularly interested in empowering&nbsp;more women in the local&nbsp;workforce, a key focus area for Microsoft in Japan. She also identified cybersecurity as a crucial priority, saying, &#8220;You can't use AI without security. It's security, security, security. And then you get to use AI.&#8221;
&#8220;We all were wowed when the internet came,&#8221; she said. &#8220;Mobile phones now are part of our bodies. But generative AI, I think, is a technology revolution that surpasses all of those.&#8221;
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Microsoft&#8217;s commitment to Japan&#8217;s AI development is <a href="https://www.benzinga.com/government/24/04/38169797/microsoft-announces-major-ai-expansion-and-cybersecurity-boost-in-japan">evident in its&nbsp;$2.9 billion investment</a> over the&nbsp;next two years to expand&nbsp;its AI data centers in&nbsp;the country. This investment, announced in April, coincided with Japanese Prime Minister&nbsp;Fumio Kishida&#8216;s visit to Washington.
Microsoft&#8217;s AI push in Japan has also attracted other major players in the industry. In the same month, ChatGPT-parent OpenAI, backed by Microsoft, <a href="https://www.benzinga.com/government/24/04/38245193/openai-launches-first-asian-office-in-tokyo-amid-microsofts-massive-ai-and-cloud-push-in-japan">opened its first Asian office in Tokyo</a>, aiming to engage with regional businesses and cultivate new revenue streams.
Photo Courtesy: Shutterstock.com
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/06/39331628/adobes-optimistic-forecast-for-new-ai-tech-infused-products-attract-investor-cheer-stock-soars?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Adobe&#8217;s Optimistic Forecast For New AI Tech Infused Products Attract Investor Cheer, Stock Soars</a>
Disclaimer: 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.

Microsoft Regional Chief Says This Country Has 'Caught Up' In AI Technology And Continues To Pick Up The Pace: 'I Think It Will Continue To Accelerate'

Renowned entrepreneur, Mark Cuban, recently criticized media personality, Piers Morgan, and hedge fund manager, Bill Ackman, for their perceived bias in political discourse.
What Happened: On Thursday, Cuban took to Twitter to express his views on the current political climate. He accused Morgan and Ackman of losing objectivity due to their focus on appeasing their X followers. The billionaire investor highlighted the age of the presidential candidates, hinting at their potential for memory lapses and physical frailties.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">You guys both, <a href="https://twitter.com/piersmorgan?ref_src=twsrc%5Etfw">@piersmorgan</a>, <a href="https://twitter.com/BillAckman?ref_src=twsrc%5Etfw">@BillAckman</a>, are so consumed with pandering to your twitter followers, you have lost all objectivity. I'll let you both in on a secret. BOTH CANDIDATES ARE OLD. VERY OLD. They both are going to have senior moments, mis-remember, forget… <a href="https://t.co/TVGpEDTGt4">https://t.co/TVGpEDTGt4</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1802503676730466735?ref_src=twsrc%5Etfw">June 17, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/06/39346691/trump-vs-biden-one-candidate-pulls-ahead-in-recent-poll-amid-legal-challenges?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: One Candidate Pulls Ahead In Recent Poll Amid Legal Challenges</a>
Why It Matters: Cuban&#8217;s post on X, the platform formerly known as Twitter, was a response to a video shared by Ackman, which was originally posted by Morgan. The post featured President Joe Biden and former President Barack Obama at a star-studded Democratic fundraiser. In the video, Obama can be seen walking Biden out of the stage.
The fundraiser, saw Biden, former President Obama, and several Hollywood celebrities <a href="https://www.benzinga.com/news/24/06/39349184/biden-obama-and-hollywood-a-listers-raise-over-30m-in-fundraiser-warn-of-second-trump-term-hes-liter">raise over $30 million</a>. The event was held amidst warnings of the potential threat of a second term for Trump.
On Saturday, during a campaign event in Detroit, Donald Trump, who just turned 78 on Friday, <a href="https://www.benzinga.com/news/24/06/39348388/donald-trump-challenges-joe-biden-to-take-cognitive-test-fumbles-own-doctors-name-in-process">questioned the mental acuity</a> of Biden, who is 81, and suggested that Biden should take a cognitive test. Ironically, Trump misnamed his own former doctor, calling Rep. Ronny Jackson &#8220;Ronny Johnson,&#8221; a slip that was quickly noted by critics and the Biden campaign.
Cuban has <a href="https://www.benzinga.com/news/24/05/39015615/mark-cuban-defends-bidens-economic-record-blames-trump-for-underperforming-obama-economy-he-inherite">previously defended</a> Biden&#8217;s economic policies and criticized Trump for underperforming the &#8216;Obama economy&#8217; he inherited.
However, Ackman has expressed his displeasure with Biden&#8217;s handling of his role, even <a href="https://www.benzinga.com/news/24/04/38423358/bill-ackman-says-not-voting-for-biden-slams-president-for-inaction-on-american-hostage-issue-too-foc">ruling out voting</a> for the incumbent, according to a Benzinga report.
Cuban&#8217;s tweet adds another layer to the ongoing political discourse, highlighting the potential for bias and the importance of objectivity in political discussions.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39328409/hedge-fund-manager-says-trumps-radical-tax-plan-is-hyperbole-useful-to-kick-the-hor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hedge Fund Manager Says Trump&#8217;s Radical Tax Plan Is &#8216;Hyperbole…Useful To Kick The Hornet&#8217;s Nest&#8217;: &#8216;Not Going To Be A Plan That Works&#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/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Mark Cuban Slams Bill Ackman, Piers Morgan For Pandering To Social Media Followers On 2024 Election: 'Both Candidates Are Old....Both Are Going To Have Senior Moments'

Editor's Note: The story has been updated with a response from Autodesk spokesperson on the report.
Activist investor Starboard Value has reportedly acquired a significant stake in Autodesk Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) and is advocating for changes within the company. Autodesk&#8217;s architecture, engineering, and construction solutions include AutoCAD and Revit, their flagship product for relational building information modeling.
What Happened: Starboard Value has invested approximately $500 million in Autodesk, a design-software company. The investment firm has expressed concerns about the company&#8217;s operational strategies, corporate governance, and handling a recent accounting investigation that led to a drop in the stock price, <a href="https://www.wsj.com/finance/activist-starboard-value-has-stake-in-autodesk-2b764e01?mod=latest_headlines">reported</a> to The Wall Street Journal on Sunday citing people familiar with the matter.
Starboard is urging Autodesk to enhance its profit margins and make modifications to its board. The activist investor has already met with the company&#8217;s executives to discuss these issues.
The San Francisco-based Autodesk, with a market capitalization of nearly $50 billion, has seen its shares decrease by 7% this year. The company, which provides engineering, 3D-design, and entertainment software and services, faced a significant stock drop following the revelation of an accounting probe and a delay in its annual financial report in April.
Starboard has criticized Autodesk for not disclosing the investigation and other material updates until after the company&#8217;s window for shareholders to nominate director candidates had closed in late March. 
The investment firm is reportedly considering legal action to demand the reopening of Autodesk&#8217;s director-nomination window and a delay in the company&#8217;s annual shareholder meeting, currently scheduled for Jul. 16, according to the report.
&#8220;Autodesk's Board and management maintain an open dialogue with our shareholders and welcome constructive input from them. We are confident in our strategic direction, significant margin opportunity, and our corporate governance," said Autodesk's spokesperson to <a href="http://pro.benzinga.com/">Benzinga</a>&#8216;s email request for comment on the report.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39345194/apple-nvidia-are-the-most-overbought-stocks-on-wall-street-amid-ai-frenzy-here-are-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple, Nvidia Are The Most Overbought Stocks On Wall Street Amid AI Frenzy: Here Are Other Stocks With Potential For Pullback</a>
Why It Matters: The investment by Starboard Value and its subsequent push for changes at Autodesk could significantly impact the company&#8217;s future. The activist investor&#8217;s involvement often leads to substantial shifts in a company&#8217;s operations and governance, potentially influencing its stock performance and overall market position.
New York-based Starboard invests across various sectors, with a strong focus on technology, including recent initiatives at Salesforce, Wix.com, and GoDaddy. Recently, the firm, led by Jeff Smith, has also secured board seats at Algonquin Power &amp; Utilities and Bloomin&#8217; Brands, the parent company of Outback Steakhouse.
Starboard&#8217;s move comes amid a challenging period for Autodesk. Goldman Sachs analyst in the last week questioned <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39296284/goldman-sachs-analyst-questions-autodesks-revenue-growth-and-total-addressable-mark">Autodesk&#8217;s revenue growth</a> and total addressable market targets. The analyst, Kash Rangan, maintained a Sell rating on Autodesk and lowered the price target from $230 to $225, citing the company&#8217;s strong competitive positioning and relative stickiness that could command operating margins north of 40% in the long term.
The company reported <a href="https://www.benzinga.com/news/earnings/24/06/39277546/whats-going-on-with-autodesk-stock-after-earnings">its first-quarter earnings</a> of $1.87 per share, which beat the analyst consensus estimate of $1.77 by 5.65%. Additionally, a purported stockholder derivative complaint was filed in the U.S. District Court that named the directors and Chief Strategy Officer as defendants and the company as a nominal defendant.
Price Action: Autodesk Inc.&#8217;s stock closed at $225.87 on Friday, up 1.24%; in after-hours trading, the stock price remained unchanged, with a year-to-date decline of 3.52%, according to the data <a href="https://pro.benzinga.com/dashboard">from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39346506/donald-trumps-planned-visit-to-black-church-in-detroit-draws-backlash-from-critics-who-say-he-di?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s Planned Visit To Black Church In Detroit Draws Backlash From Critics Who Say He Didn&#8217;t Do Enough As President</a>
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>

ADSK

AutoCAD-Maker Autodesk Receives $500M Investment From Starboard Value, Activist Investor Demands Changes: Report (UPDATED)

In a star-studded fundraiser, President Joe Biden, former President Barack Obama, and Hollywood celebrities raised over $30 million, warning of the unprecedented threat of a potential second term for Donald Trump.
What Happened: The fundraiser, held at the Peacock Theater in Los Angeles, featured a discussion between Biden and Obama, moderated by late-night host Jimmy Kimmel, <a href="https://www.washingtonpost.com/politics/2024/06/16/biden-obama-clooney-fundraiser/">reported</a> The Washington Post on Thursday.
Biden spoke about the potential for political violence if Trump is re-elected, stating, &#8220;Institutions matter. What he did on January 6th, and now he's literally saying if he doesn't win there'll be a bloodbath. It's outrageous — what he's talking about is outrageous.&#8221;
First Lady Jill Biden also criticized Trump, saying, &#8220;Or, we can choose someone who wakes up every morning caring about one person and one person only — himself.&#8221;
The event, hosted by Kimmel, Obama, and actors George Clooney and Julia Roberts, was described by the Biden campaign as the largest-ever Democratic fundraiser. This surpasses the March fundraiser at New York's Radio City Music Hall, which featured three living presidents and raised over $25 million.
Despite the ongoing fundraising efforts, polls show Biden and Trump in a deadlock, with both struggling to change the dynamics of the race. Trump has notably closed the fundraising gap with Biden in recent weeks, partly due to a historic verdict in which he was convicted on 34 counts of falsifying business records to conceal a hush money payment to an adult-film actress.
While the focus of the fundraiser was on Trump&#8217;s threats to democratic institutions, there were also moments of dissent. Pro-Palestinian protesters lined the outside of the theater, reflecting Biden&#8217;s political challenges due to his strong support of Israel.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39339704/michelle-obama-smokes-robert-kennedy-jr-in-presidential-race-match-up?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michelle Obama Smokes Robert Kennedy Jr. In Presidential Race Match-Up</a>
Why It Matters: The fundraiser&#8217;s success comes amid a close race between Biden and Trump, with Biden gaining support from independent voters in recent polls, as per a <a href="https://www.benzinga.com/general/politics/24/06/39348200/biden-back-on-top-president-beats-trump-by-1-point-in-latest-2024-election-poll-how-immigration-">Benzinga report</a>. Trump, on the other hand, has been challenging Biden&#8217;s mental acuity, even <a href="https://www.benzinga.com/news/24/06/39348388/donald-trump-challenges-joe-biden-to-take-cognitive-test-fumbles-own-doctors-name-in-process">proposing a cognitive test</a> for the current president.
Despite the fundraising efforts, the race remains tight, with both candidates hoping to make a new impression on voters during the upcoming debate on June 27.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39346506/donald-trumps-planned-visit-to-black-church-in-detroit-draws-backlash-from-critics-who-say-he-di?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s Planned Visit To Black Church In Detroit Draws Backlash From Critics Who Say He Didn&#8217;t Do Enough As President</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/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Biden, Obama And Hollywood A-Listers Raise Over $30M In Fundraiser, Warn Of Second Trump Term: 'He's Literally Saying If He Doesn't Win There'll Be A Bloodbath'

Rep. Byron Donalds (R-Fla.) has called on the Supreme Court to expedite the appeal process for former President Donald Trump&#8216;s hush money case, citing political motivations behind the legal proceedings.
What Happened: Donalds, who is reportedly on Trump&#8217;s shortlist for the vice-presidential candidate, expressed his views on the matter during an interview with NBC News&#8217; Peter Alexander on &#8220;Meet the Press&#8221; on Sunday, <a href="https://thehill.com/regulation/court-battles/4724964-donalds-says-supreme-court-should-intervene-in-trump-hush-money-case/">reported</a> The Hill.
Donalds&#8217; statement comes in the wake of Trump&#8217;s conviction on 34 felony counts of falsifying business documents in connection to hush money payments made to conceal an alleged affair just before the 2016 election. Trump is set to be sentenced next month.
Donalds, echoing an earlier call by Speaker Mike Johnson (R-La.), asserted that the Supreme Court should step in to expedite the appeal process, which could potentially take years. He labeled the legal case against Trump as a politically motivated effort.
&#8220;This is being done for political purposes,&#8221; Donalds remarked. &#8220;Everybody knows how the court system works in New York. The only ability for this to be overturned is going to be happening two or three years from now. That&#8217;s why what happened in lower Manhattan was to interfere with an election.&#8221;
Donalds&#8217; comments are in line with Johnson&#8217;s previous description of the conviction as &#8220;totally unprecedented.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/06/39345839/trumps-niece-says-ex-president-wants-to-be-free-and-clear-to-go-after-his-political-enemies-our-best?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Ex-President Wants To Be &#8216;Free And Clear&#8217; To Go After His Political Enemies: &#8216;Our Best Chance Forward Is To &#8230;&#8217;</a>
Why It Matters: Trump&#8217;s conviction has had a significant impact on the political landscape. Recent polls show that President Joe Biden has <a href="https://www.benzinga.com/general/politics/24/06/39348200/biden-back-on-top-president-beats-trump-by-1-point-in-latest-2024-election-poll-how-immigration-">regained support from independent voters</a> following Trump&#8217;s guilty verdict. This has led to a close race between the two front-running candidates in the 2024 presidential election.
Meanwhile, despite the legal challenges, Trump remains a <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39211388/donald-trump-vets-vice-presidential-candidates-gops-top-contenders-betting-odds">betting favorite to win the 2024 presidential election</a>. His decision on the vice-presidential candidate is eagerly anticipated, with Donalds reportedly being considered for the role.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39328409/hedge-fund-manager-says-trumps-radical-tax-plan-is-hyperbole-useful-to-kick-the-hor?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hedge Fund Manager Says Trump&#8217;s Radical Tax Plan Is &#8216;Hyperbole…Useful To Kick The Hornet&#8217;s Nest&#8217;: &#8216;Not Going To Be A Plan That Works&#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/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

'Everybody Knows How The Court System Works In New York,' Says Trump VP Contender Byron Donalds On Ex-President's Hush Money Case

Neel Kashkari, the President of the Minneapolis Federal Reserve, said it was a &#8220;reasonable prediction&#8221; that a single interest rate cut could take place by the end of 2024.
What Happened: Kashkari, speaking on CBS&#8217; &#8220;Face the Nation&#8221; program, stated that it is a &#8220;reasonable prediction&#8221; that the U.S. central bank will reduce interest rates once this year, with the most likely timing being December, reported Reuters on Sunday.
He emphasized the need for more evidence to ensure that inflation is on a downward trajectory toward the 2% target. The Fed has maintained its benchmark policy rate in the 5.25%-5.50% range since July 2023 to counter inflationary pressures.
&#8220;We&#8217;re in a strong position, but if you just said there&#8217;s going to be one cut, which is what the median indicated, that would likely be toward the end of the year,&#8221; said Kashkari.
The Fed&#8217;s projections, released last week, indicated that the median forecast of all 19 U.S. central bankers was for a single interest rate cut this year. Kashkari, who has been more cautious about easing monetary policy than his peers, did not specify the number of rate cuts he personally expects.
Despite the Fed&#8217;s aggressive rate hikes in 2022 and 2023, Kashkari expressed surprise at the resilience of the U.S. job market. He anticipates a cooling in the job market and hopes for a return to a more balanced economy.
See Also: <a href="https://www.benzinga.com/news/large-cap/24/06/39332520/french-stocks-set-for-worst-week-since-russias-war-in-ukraine-yields-versus-bund-hit-12-year-highs?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">French Stocks Set For Worst Week Since Russia&#8217;s War In Ukraine, Yields Versus Bund Hit 12-Year Highs On Snap Election Jitters</a>
Why It Matters: Kashkari&#8217;s prediction comes amid a series of developments that have influenced the U.S. rate cut prospects. Inflation in May <a href="https://www.benzinga.com/markets/equities/24/06/39289912/us-inflation-eases-more-than-expected-in-may-boosts-2024-rate-cut-prospects-ahead-of-wednesdays-">eased more than expected</a>, raising hopes for a gradual return to the Fed&#8217;s 2% target. This led to an increased expectation for a September rate cut and bolstered bets on a double rate cut by year-end.
However, the <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39298115/fed-holds-rates-steady-projections-show-fewer-rate-cuts-higher-inflation-outlook">Fed&#8217;s decision to hold rates steady</a> in June, coupled with a slightly higher inflation outlook, delivered a hawkish surprise to the markets. Despite this, <a href="https://www.benzinga.com/etfs/specialty-etfs/24/06/39317123/goldman-sachs-reaffirms-september-rate-cut-forecast-downplays-feds-hawkish-surprise">Goldman Sachs reaffirmed</a> its forecast for two interest rate cuts in 2024, starting in September, citing the cumulative progress on inflation.
These developments have led to a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39210617/central-banks-are-cutting-interest-rates-will-the-fed-be-the-next-to-move">speculation</a> about the Fed&#8217;s next move in the context of other central banks, such as the Bank of Canada and the European Central Bank, which have already initiated a phase of policy easing.
Photo Courtesy: Flickr
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39334146/consumer-sentiment-tumbles-in-june-reaches-7-month-low-high-prices-as-well-as-weakening-incomes-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Consumer Sentiment Tumbles In June, Reaches 7-Month Low: &#8216;High Prices As Well As Weakening Incomes&#8217; Raise Concerns</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/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Minneapolis Fed President Neel Kashkari Says 'Reasonable Prediction' That Fed Rate Cut Could Come At Year End: 'We're In A Strong Position'

Mallinckrodt gets access to $150M of new financing

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