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Patria Investments

Patria Investments Ltd is a private markets investment firm. It seeks to provide global and Latin American investors with attractive investment products that allows portfolio diversification and consistent returns.

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Inflation cooled slightly in January, but saw increases in some areas due to the impact of surging food, energy and shelter prices on consumers, the U.S Labor Department said Tuesday. 

Mixed Signals On Valentine&#39;s Day: How Stocks Are Reacting To January Inflation Data

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	RLX Technology Inc. (NYSE: RLX) shares jumped 145.9% to close at $29.51 on Friday after the company priced its IPO at $12 per share.


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Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) has appointed semiconductor industry veterans Eric Meurice and Steve Sanghi to its board of directors, the company announced Thursday, as it navigates through significant leadership transitions and market challenges.
What Happened: The appointments come days after CEO Pat Gelsinger&#8216;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42275410/intel-ceo-pat-gelsinger-forced-out-by-board-analysts-cheer-potential-strategy-shift-this-move-opens-the-door">reportedly forced departure</a>, due to the board&#8217;s frustration with his turnaround efforts. 
Under Gelsinger&#8217;s leadership, Intel&#8217;s stock declined over 56% year-to-date as the company struggled to compete with rivals like NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Taiwan Semiconductor Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).
Meurice, who led ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) from 2004 to 2013, oversaw a five-fold increase in the company&#8217;s market value and established the Customer Co-Investment Program, which included Intel&#8217;s investment in next-generation lithography technologies. 
Sanghi served as CEO of Microchip Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) for 30 years, during which the company achieved 121 consecutive profitable quarters and grew from a $10 million to $44 billion market value.
&#8220;Eric and Steve bring valuable perspectives as successful CEOs with proven track records,&#8221; said Frank Yeary, Intel&#8217;s interim executive chair, in the company&#8217;s press release.
See Also: <a href="https://www.benzinga.com/24/12/42356192/tim-cook-breaks-silence-on-defying-steve-jobs-design-philosophy-with-the-iphone-16s-camera-button-vision-pro-sales-airpods-disrupting-hearing-aids-and-whether-hell-lead-apple-into-the-next-era">Tim Cook Explains Why Apple Defied Steve Jobs&#8217; Design Philosophy With the iPhone 16&#8217;s Camera Button, Touches On Retirement Plans: &#8216;I&#8217;ll Do It Until…&#8217;</a>
Why It Matters: Currently, Intel is searching for a permanent CEO to replace Gelsinger. Recent reports suggest that former board member Lip-Bu Tan, known for his successful tenure at Cadence Design Systems Inc., is <a href="https://www.benzinga.com/24/12/42299694/intels-new-ceo-change-unlikely-to-help-gain-traction-versus-taiwan-semi-nvidia-analysts-say">among the candidates being considered</a>.
The appointments come as Intel works to regain its competitive edge in the semiconductor industry, particularly in AI-centric computing, while managing its manufacturing transformation and foundry business development.
Price Action: Intel&#8217;s stock closed at $20.80 on Thursday, down 5.28% for the day. In after-hours trading, the stock gained 0.15%. Year-to-date, Intel&#8217;s stock has dropped by 56.49%.
According to <a href="https://www.benzinga.com/quote/INTC/analyst-ratings">data from Benzinga Pro</a>, Intel has a consensus price target of $30.23, with a high of $66 and a low of $20. The most recent ratings from BofA, Northland Capital Markets, and Mizuho suggest an average target of $24, implying a 15.22% upside.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05233837/Screenshot-2024-12-06-at-10.07.38%E2%80%AFAM-1024x382.png" alt="" class="wp-image-679929" /></figure>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/12/42356725/alex-karp-supports-doge-as-trump-taps-palantirs-shyam-shankar-for-border-security-role-cannot-have-a-better-person-than-musk">Alex Karp Supports DOGE, As Trump Taps Palantir&#8217;s Shyam Shankar For Border Security Role: &#8216;Cannot Have A Better Person Than Musk&#8217;</a></li>
</ul>
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Global

ASML

CDNS

MCHP

NVDA

Intel Shakes Up Board With ASML And Microchip Technology Veterans Amid CEO Transition

Staunch Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) critic Peter Schiff questioned financial analyst Jim Cramer&#8217;s bullish stance on the cryptocurrency on Thursday, likening it to remarks made at market tops.
What Happened: Schiff took to X to share his thoughts on Cramer&#8217;s advocacy for Bitcoin after the digital asset <a href="https://www.benzinga.com/24/12/42331261/bitcoin-hits-historic-100000-milestone-michael-saylor-gets-ready-for-party">broke through $100,000 for the first time</a> in history. 
<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">CNBC&#39;s <a href="https://twitter.com/jimcramer?ref_src=twsrc%5Etfw">@jimcramer</a> just proclaimed <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> a can&#39;t-lose investment. He said buying it is a no-brainer and compared it to trading on insider information. These seem like the type of statements typically made at market tops!
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1864688410008408195?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Cramer <a href="https://www.youtube.com/watch?v=dVbJ7x70ysI&amp;list=PLVbP054jv0KpV2leJ9HHIMqZEkCPX-iPV&amp;index=1">celebrated</a> the historic milestone on his popular Mad Money show on CNBC, although he clarified that he was not calling Bitcoin&#8217;s top. 
&#8220;I would say I&#8217;ve been recommending it for years,&#8221; Cramer said, reminding everyone that he first bought into Bitcoin in Sept. 2020 when it traded around $10,000.
Cramer also dubbed Bitcoin as an alternative to gold as a store of value, supporting the idea of allocating 10% of one&#8217;s portfolio to the asset.
However, Schiff was not impressed, instead interpreting Cramer&#8217;s position as a sign of a market top. &#8220;These seem like the type of statements typically made at market tops!&#8221;
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42353047/exclusive-volt-etf-taps-7-trillion-electrification-boom-fueled-by-ai-power-demand">EXCLUSIVE: VOLT ETF Taps $7 Trillion Electrification Boom Fueled By AI Power Demand</a>
Why It Matters: Schiff, a long-standing Bitcoin skeptic and a gold bug, <a href="https://www.benzinga.com/general/education/24/12/42345466/if-you-invested-1000-in-bitcoin-when-peter-schiff-said-btc-would-never-hit-100k-heres-how-much-youd-have-now">notably dismissed the possibility</a> that the apex cryptocurrency would ever reach $100,000 back in 2019.
When Bitcoin eventually hit the milestone, he<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331507/happy-bitcoin-100k-day-heres-how-nayib-bukele-brian-armstrong-and-peter-schiff-reacted-to-the-historic-milestone"> attributed it to government interventions and political payoffs</a>. 
As for Cramer, he is known in the financial markets for the "Inverse Cramer" phenomenon, which hinges on the belief that doing the opposite of what Cramer advises could lead to profits. There has been no definitive proof, though, of counter-trading Cramer's predictions being a profitable strategy.
Price Action: That said, Bitcoin flash crashed to a low of $91,990 during overnight trading Thursday, before recovering to $97, 710, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">Trump Appoints Venture Capitalist David Sacks As White House Crypto And AI Czar: &#8216;He Will Work On A Legal Framework&#8217;</a></li>
</ul>

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

Cryptocurrency

$BTC

Peter Schiff Questions Jim Cramer's Bullish Bitcoin Take As It Slumps From $100K: These Are Statements 'Made At Market Tops'

Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) CEO Alex Karp expressed strong support for The Department of Government Efficiency and Tesla Inc. CEO Elon Musk during a Fox News interview on Thursday, highlighting the growing intersection of technology and government reform.
What Happened: &#8220;I wholeheartedly support DOGE, and you cannot have a better person than Musk,&#8221; Karp <a href="https://www.foxbusiness.com/video/6365598855112">stated</a>, aligning with DOGE co-lead Vivek Ramaswamy&#8216;s efforts for government reform. 
The company&#8217;s political influence continues to expand, with recent reports suggesting that Palantir&#8217;s Chief Technology Officer, Shyam Sankar, is reportedly being considered for the <a href="https://www.benzinga.com/news/global/24/12/42331892/trump-eyes-shyam-sankar-for-pentagon-role-while-palantir-gains-from-border-crisis-contracts-analyst-says-this-is-a-win-for-the-stock">Pentagon&#8217;s top research and engineering position</a> under President-elect Donald Trump&#8216;s administration.
This development comes as Palantir&#8217;s market value reached $159 billion, surpassing traditional defense contractor Lockheed Martin Corp.
The tech <a href="https://www.benzinga.com/startups/24/11/41865349/future-vice-president-jd-vance-has-a-powerful-silicon-valley-backer">giant&#8217;s influence extends through its founder</a> Peter Thiel&#8216;s strong ties to both Trump and Vice President-elect J.D. Vance. 
See Also: <a href="https://www.benzinga.com/24/12/42355879/federal-judge-rejects-boeings-plea-deal-in-737-max-fraud-case-cites-concerns-over-diversity-policies-and-monitor-selection">Federal Judge Rejects Boeing&#8217;s Plea Deal In 737 Max Fraud Case, Cites Concerns Over Diversity Policies And Monitor Selection</a>
Why It Matters: These connections, coupled with Palantir&#8217;s recent partnership with Amazon Web Services to provide Anthropic&#8217;s Claude AI models to U.S. intelligence agencies, underscore the company&#8217;s <a href="https://www.benzinga.com/24/11/41871055/jeff-bezos-backed-anthropic-ai-startup-to-partner-with-palantir-and-aws-for-us-defense-following-meta-and-microsoft">growing political and technological clout</a>.
Wedbush Securities Managing Director Dan Ives has identified Palantir as a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42307179/salesforce-palantir-and-oracle-spearhead-an-ai-revolution-says-wedbushs-dan-ives-a-renaissance-of-growth">frontrunner in enterprise AI transformation</a>, calling it &#8220;the biggest tech trend in the last 40 to 50 years.&#8221; 
During the interview, Karp emphasized the company&#8217;s AI capabilities: &#8220;We&#8217;ve managed our model in AI so that it actually delivers value—on the battlefield, to bring soldiers home, to kill enemies, or commercially, to change margins.&#8221;
The company&#8217;s expansion in government contracts and AI partnerships has driven significant growth, with its stock surging 93% since its inclusion in the S&amp;P 500 in September.
Price Action: Palantir stock closed at $71.87 on Thursday, up 2.89% for the day. In after-hours trading, the stock increased by 0.30%. Year to date, Palantir&#8217;s stock has surged by 333.47%.
According to <a href="https://www.benzinga.com/quote/PLTR/analyst-ratings">data from Benzinga Pro</a>, Palantir has a consensus price target of $30.22, based on 18 analysts. The highest target is $75, and the lowest is $7.50. The recent ratings from BofA, Wedbush, and Goldman Sachs suggest an average target of $63.67, implying an 11.68% downside.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05223955/Screenshot-2024-12-06-at-9.09.14%E2%80%AFAM-1024x373.png" alt="" class="wp-image-679882" /></figure>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">Trump Appoints Venture Capitalist David Sacks As White House Crypto And AI Czar: &#8216;He Will Work On A Legal Framework&#8217;</a></li>
</ul>
Palantir CEO Alex Karp. Photo by WEF on Flickr
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

TSLA

Alex Karp Supports DOGE, As Trump Taps Palantir's Shyam Shankar For Border Security Role: 'Cannot Have A Better Person Than Musk'

Bitcoin sharply fell on Thursday after its $100,000 milestone, even as other leading cryptocurrencies edged higher.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:15 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-0.64%</td>
<td>$97,587.81</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+2.13%</td>
<td>$3,852.73</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+2.42%</td>
<td>$0.4372</td>
</tr>
</tbody>
</table>
</figure>
What Happened: The world&#8217;s largest cryptocurrency plunged to $91,990 in a flash fall, a day after reaching a historic high of $100,000, before recovering to $97,000 overnight.
Ethereum rose beyond $3,950 for the first time since mid-March, before falling into the $3,800 zone later in the day.
The crash triggered cryptocurrency liquidations worth $969 million in the last 24 hours, with $774 million in leveraged longs getting wiped out.
The liquidation of overleveraged longs cooled down the market as funding rates dropped considerably.
Traders interpreted this as a bullish signal, as accounts on Binance placing long positions for Bitcoin surged sharply in comparison to those betting against the asset, per the Long/Shorts Ratio.
The market sentiment dropped from "Extreme Greed" to "Greed," per the Cryptocurrency Fear &amp; Greed Index, alleviating fears of more correction.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:15 p.m. ET)</td>
</tr>
<tr>
<td>JasmyCoin (JASMY)</td>
<td>+41.93%</td>
<td>$0.05756</td>
</tr>
<tr>
<td>Peanut the Squirrel (PNUT)</td>
<td>+16.03%</td>
<td>$1.46</td>
</tr>
<tr>
<td>Render (RENDER)</td>
<td>+15.48%</td>
<td>$9.92</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.57 trillion, following a slender increase of 0.10% in the last 24 hours.
Stocks snapped their record-breaking run Thursday. The Dow Jones Industrial Average fell 248.33 points, or 0.55%, to close at 44,765.71. The S&amp;P 500 dropped 0.19% to end at 6,075.11, while the tech-focused Nasdaq Composite closed down 0.17% at 19,700.72.
Cryptocurrency-related stocks like MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) gave up on early advances, plunging 4.8% during the regular trading session.
Investors <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42346164/november-jobs-report-preview-will-it-seal-the-deal-for-a-fed-interest-rate-cut">looked forward to the all-important November employment data</a> on Friday, which will provide insight into the Federal Reserve&#8217;s decision on a potential rate cut at its Dec. 18 meeting.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Well-known analyst and trader Michaël van de Poppe took note of Bitcoin's slump after the $100,000 milestone, projecting another one to come in the days ahead.
"Expecting another one to come, but this is what is likely going to happen more often in the markets," he stated.&nbsp;
Van de Poppe urged his followers to hold on to their positions and buy dips.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">There we go, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> fell beneath $98K and creates the first significant drop.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> even reaches $90K in that flash drop. Expecting another one to come, but this is what is likely going to happen more often in the markets. Stay calm. Hold your positions. Buy dips.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1864799762341404702?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Cryptocurrency analyst Ali Martinez drew attention to Bitcoin's historical movements between market tops and market bottoms.
"In the last 2 cycles, from the market bottom to the market top, it took 1,065 days, and from the market bottom to the next market bottom, it took 1,430 days," Martinez said.
Should the pattern repeat, he projected Bitcoin's market top in Oct. 2025 in the ongoing cycle.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Coincidence, or is it just how <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> works? In the last 2 cycles, from the market bottom to the market top, it took 1,065 days, and from the market bottom to the next market bottom, it took 1,430 days. If this pattern repeats again, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> will reach a market top in Oct 2025! <a href="https://t.co/MUStj836Fw">pic.twitter.com/MUStj836Fw</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1864734985569325544?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by CMP_NZ on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/24/12/42355841/gamestop-themed-memecoins-explode-as-roaring-kitty-returns-with-intriguing-x-post-gme-coin-shoots-up-over-80">GameStop-Themed Memecoins Explode As Roaring Kitty Returns With Intriguing X Post: GME Coin Shoots Up Over 80%</a></li>
</ul>

$DOGE

$ETH

MSTR

Bitcoin Flash Crashes, Ethereum, Dogecoin Gain As Overheated Crypto Market Takes A Breather: Top Analyst Asks Traders To Hold Positions And Buy Dips

On Thursday during a live-streamed session, Sam Altman-led OpenAI introduced a new subscription tier for its ChatGPT platform, priced at $200 per month.&nbsp;
What Happened: This new plan, called ChatGPT Pro, offers unlimited access to all of OpenAI&#8217;s models, including the advanced "o1" reasoning model.
ChatGPT Pro subscribers will also have access to an improved version of the o1 model, known as o1 pro mode.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">12 Days of OpenAI starts now. Day 1: An update on OpenAI o1<a href="https://t.co/zkZUaflb94">https://t.co/zkZUaflb94</a>
&mdash; OpenAI (@OpenAI) <a href="https://twitter.com/OpenAI/status/1864729936847868192?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The "o1" model has been improved since its preview <a href="https://www.benzinga.com/top-stories/24/09/40842891/openai-unveils-o1-model-a-step-closer-to-human-like-ai-but-not-without-flaws">release in September</a>. It now offers faster and more accurate performance, especially in coding and math tasks.
See Also: <a href="https://www.benzinga.com/markets/24/12/42286671/apples-foldable-iphone-could-spark-smartphone-market-revival-in-2026-says-expert?itm_source=parsely-api">Apple&#8217;s Foldable iPhone Could Spark Smartphone Market Revival In 2026, Says Expert</a>
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05222841/Screenshot-2024-12-06-at-8.52.15%E2%80%AFAM-1024x607.png" alt="" class="wp-image-679872" /><figcaption class="wp-element-caption">Source: OpenAI</figcaption></figure>
Internal testing showed a 34% reduction in major errors on difficult questions compared to the preview version. However, the full "o1" model still underperforms on some benchmarks like MLE-Bench.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Based on their own testing: o1 performs worse than o1-preview in &#8211; MLE-Bench &#8211; SWE-bench Verified &#8211; OpenAI RE Interviews &#8211; some of &quot;Agentic Task suite&quot; (like starting a Docker container) &#8211; CTF challenges cc <a href="https://twitter.com/aidan_mclau?ref_src=twsrc%5Etfw">@aidan_mclau</a> <a href="https://t.co/oytTlMAr6s">https://t.co/oytTlMAr6s</a>
&mdash; Xeophon (@TheXeophon) <a href="https://twitter.com/TheXeophon/status/1864737689423012197?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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Why It Matters: Following the announcement, Pierre Ferragu, an analyst at New Street Research and Grok investor, took to X, formerly Twitter, and shared his bullish outlook on AI infrastructure, noting the cost of running advanced AI models.
Addressing the concerns surrounding the $200 price tag, he said that running GPT-4 is 30 times more expensive than what users pay for ChatGPT Pro at $200/month.
However, strong adoption could drive both user growth and higher average revenue per user, fueling the rapid expansion of AI infrastructure, he said. &#8220;Most important task for investors in the next few months = monitor adoption.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">ChatGPT pro @ $200/mo. o1 is 30x more expensive to run, priced 10x. If the take rate is good, it means adoption x arpu growth and infra hyper growth in years to come. Hyper bull case for AI infra. Most important task for investors in the next few months = monitor adoption.
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1864807507337634218?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The launch of ChatGPT Pro is part of the <a href="https://www.benzinga.com/tech/24/12/42332451/sam-altman-teases-12-days-of-openai-christmas-magic-users-predict-unveiling-of-sora-o1-reasoning-model-and-more">&#8220;12 Days of OpenAI&#8221;</a> event, per Altman includes a series of new features and models. This event is also expected to include the launch of AI video generator Sora.
Earlier this week, <a href="https://www.benzinga.com/24/12/42334927/sam-altman-brushes-off-elon-musks-trump-ties-but-admits-xai-is-a-serious-threat-to-openai-i-may-turn-out-to-be-wrong-but">during an interview</a>, Altman also acknowledged a competitive race with Elon Musk&#8217;s xAI. However, he rejected rumors about Musk using his close ties with President-elect Donald Trump against rivals like OpenAI.
Previously, OpenAI executives also revealed the company's strategic goals including reaching <a href="https://www.benzinga.com/media/24/12/42259023/apple-partnership-ai-agents-and-major-infrastructure-investments-openai-executives-outline-strategy-to-attract-1b-users-by-2025">1 billion users by 2025</a>, supported by partnerships with companies like Apple Inc..
In October, OpenAI had secured over $6 billion in funding at a <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">valuation of $157 billion</a>.
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>.
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</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

OpenAI Unveils $200 ChatGPT Pro Subscription: Inside The 'o1' Reasoning Model And What It Means For Power Users

SpaceX faces opposition to its planned 22,488-satellite expansion from a prominent Ukrainian-American organization citing concerns over CEO Elon Musk&#8216;s Russian <a href="https://www.benzinga.com/24/12/42284383/spacex-in-talks-for-tender-offer-valuing-company-at-about-350b-report">connections and environmental impacts</a>. The Ukrainian Congress Committee of America petitioned the Federal Communications Commission on Wednesday, challenging SpaceX&#8217;s satellite deployment plans.
What Happened: The nonprofit, representing approximately 2 million Ukrainian-Americans, raised concerns about Starlink&#8217;s potential use by Russian forces in Ukraine, CNBC <a href="https://www.cnbc.com/2024/12/05/spacex-faces-opposition-to-starlink-expansion-from-ukrainian-group.html">reported</a> on Thursday.
The controversy intensified after Musk confirmed in September 2023 that he prevented Starlink activation over Crimea to thwart a Ukrainian attack on Russia&#8217;s Black Sea fleet in 2022. This admission came despite the Pentagon&#8217;s earlier agreement to purchase Starlink terminals for Ukraine&#8217;s defense efforts.
&#8220;We must determine if Starlink has been used to help a foreign adversary,&#8221; UCCA President Michael Sawkiw Jr. told CNBC. The organization&#8217;s concerns align with wider scrutiny following Wall Street Journal reports of alleged secret conversations between Musk and Russian President Vladimir Putin <a href="https://www.cnbc.com/2024/12/05/spacex-faces-opposition-to-starlink-expansion-from-ukrainian-group.html">before the 2024 presidential election</a>.
Environmental issues also feature prominently in the UCCA&#8217;s petition. The organization&#8217;s regulatory counsel, Arthur Belendiuk, highlighted concerns about SpaceX&#8217;s Boca Chica, Texas facility, citing damage to endangered species habitats and protected lands from rocket launches.
See Also: <a href="https://www.benzinga.com/24/12/42352997/santa-rally-here-are-10-sp-500-stocks-that-historically-outperformed-in-decembers-second-half">Santa Rally: 10 S&amp;P 500 Stocks That Outperform In December&#8217;s Second Half</a>
Why It Matters: The petition raises additional questions about potential conflicts of interest related to Musk&#8217;s anticipated role in the incoming administration&#8217;s <a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently">Department of Government Efficiency</a>, which could influence FCC oversight of SpaceX operations.
Musk previously <a href="https://www.benzinga.com/news/24/02/37062145/elon-musk-denies-use-of-starlink-by-russian-forces-says-no-terminals-sold-directly-or-indirectly">denied allegations of Starlink sales to Russia</a>, stating on social media that such claims were &#8220;categorically false.&#8221;
The opposition comes as SpaceX seeks to expand its Gen2 NGSO Satellite System for <a href="https://www.benzinga.com/general/space/24/12/42333605/elon-musks-spacex-completes-first-starlink-satellite-constellation-for-cell-phones">global internet coverage</a>. The FCC&#8217;s response to the UCCA&#8217;s petition could potentially pause SpaceX&#8217;s approval process pending environmental review and conflict of interest resolution.
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<li><a href="https://www.benzinga.com/24/12/42356067/venture-capitalist-david-sacks-appointed-as-white-house-ai-crypto-czar-by-trump">Trump Appoints Venture Capitalist David Sacks As White House Crypto And AI Czar: &#8216;He Will Work On A Legal Framework&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

SPACE

SpaceX's Satellite Expansion Challenged: Ukrainian-Americans Allege Elon Musk's Russian Ties And Environmental Risks In FCC Petition

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO Tim Cook has shared insights on the company&#8217;s future, touching on the iPhone 16&#8217;s new camera button, Vision Pro sales, and AirPods&#8217; evolution.
What Happened: In an <a href="https://www.wired.com/story/big-interview-tim-cook-wants-apple-to-literally-save-your-life/">interview</a> with WIRED published on Wednesday, Cook was asked about the decision to add a physical button to the iPhone 16 for camera control—a stark departure from Steve Jobs' aversion to buttons.
Cook replied,&nbsp; "I don't know what Steve would have thought," but believed the change was essential for improving user experience.
On generative AI, Cook described it as "a wave" that grew over time. He noted Apple's foresight in incorporating a neural engine into its products back in 2017, recognizing early that AI and machine learning would revolutionize technology.
See Also: <a href="https://www.benzinga.com/24/12/42309656/amazon-unleashes-powerful-ai-chip-clusters-to-supercharge-anthropics-models-while-challenging-nvidia-and-openais-dominance?itm_source=parsely-api">Jeff Bezos&#8217; Amazon Unveils Powerful AI Chip Clusters To Supercharge Anthropic&#8217;s Models, Challenging Nvidia And OpenAI&#8217;s Dominance</a>
The Apple CEO also addressed reports of slower-than-expected Vision Pro sales, describing it as a product for early adopters. "The ultimate test for us is the ecosystem."
Regarding AirPods' future role in addressing hearing loss, Cook framed it as a democratization of health. The tech giant aims to reduce the stigma of traditional hearing aids and encourage self-diagnosis.
When asked about his tenure as CEO, Cook admitted he hasn't set a firm timeline for his departure. "I'll do it until the voice in my head says, ‘It's time,'" he said. "But it's hard to imagine life without Apple."
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: Earlier this week, speculations rose about <a href="https://www.benzinga.com/news/24/05/38723115/tim-cooks-potential-retirement-sparks-successor-search-at-apple-not-clear-how-this-all-pans-out">Cook&#8217;s potential retirement</a> and the search for his successor. At 63, his tenure has surpassed that of many Fortune 500 CEOs.
Last month, Apple reported fiscal <a href="https://www.benzinga.com/news/earnings/24/10/41666494/apple-q4-earnings-revenue-beat-eps-beat-installed-base-hits-new-highs-iphone-sales-rise-as-apple-in">fourth-quarter revenue</a> of $94.9 billion, surpassing analysts&#8217; projections of $94.56 billion. The tech giant also reported adjusted earnings of $1.64 per share for the quarter, exceeding the anticipated $1.60 per share.
Price Action: Apple&#8217;s stock gained 0.021% on Thursday, closing at $243.04, before slipping 0.045% in after-hours trading to $242.93. Year-to-date, Apple shares have risen 30.92%, outpacing the Nasdaq 100 index, which has increased by 29.50% during the same timeframe, according to <a href="http://pro.benzinga.com/">data from Benzinga Pro</a>.
Apple&#8217;s consensus price target, based on assessments from 31 analysts, stands at $242.26, with the highest target of $300 issued by Wedbush on Nov. 29. Latest ratings from Wedbush, Morgan Stanley, and Maxim Group average $262.67, indicating a potential upside of 8.12%.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/AAPL/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05210538/Screenshot-2024-12-06-at-7.35.32%E2%80%AFAM-1024x376.png" alt="" class="wp-image-679810" /></a></figure>
Photo via Shutterstock/ photovanessacarvalho
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>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

AAPL

Tim Cook Explains Why Apple Defied Steve Jobs' Design Philosophy With the iPhone 16's Camera Button, Touches On Retirement Plans: 'I'll Do It Until…'

On Thursday, major U.S. indices closed in the red, with the Dow Jones Industrial Average slipping 0.5% to 44,765.71, the S&amp;P 500 declining nearly 0.2% to 6,075.11, and the tech-focused Nasdaq dropping 1.25% to 2,396.17.
These are the top stocks that gained the attention of retail traders and investors throughout the day.
GameStop Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) shares surged by 5.92% to $28.63. The stock traded within the range of $30.87 to $26.15 over the day. The 52-week high and low prices for GameStop are $64.83 and $9.95, respectively.
GameStop&#8217;s stock soared after Roaring Kitty a.k.a Keith Gill <a href="https://www.benzinga.com/general/social-media/24/12/42349100/gamestop-rockets-as-roaring-kitty-returns-to-x-what-does-his-tweet-signal-ahead-of-q3-earnings">returned to social media</a>. His previous return this year led to a surge in meme stock shares. The latest tweet from his X account has the financial world abuzz, with the potential to influence stock prices once again.
Lululemon Athletica Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) reported a 0.74% increase, closing at $344.81. The stock&#8217;s intraday high and low were $351.38 and $340.69, respectively. Lululemon&#8217;s 52-week high and low prices stand at $516.37 and $226.19.
Lululemon&#8217;s <a href="https://www.benzinga.com/news/buybacks/24/12/42352166/lululemon-q3-earnings-revenue-beat-eps-beat-1b-buyback-increase-continued-momentum-across-international-markets">third-quarter earnings</a> and revenue surpassed expectations. The company&#8217;s total revenue increased by 9% year-over-year, with a 4% rise in total comparable sales. The international market also saw a significant 33% year-over-year revenue jump.
Uber Technologies, Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) shares dropped by 9.60% to $65.23. The stock&#8217;s intraday high and low were $72.03 and $64.28, respectively. Uber&#8217;s 52-week high and low prices are $87 and $54.84.
Uber&#8217;s stock took a hit following reports of Alphabet Inc.-owned Waymo&#8217;s <a href="https://www.benzinga.com/trading-ideas/movers/24/12/42348287/whats-going-on-with-uber-shares-thursday">plans to launch</a> in Miami in 2026. This news could pose a significant challenge to Uber&#8217;s market share in the ride-hailing industry.
Ulta Beauty Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) experienced a 1.74% decline, closing at $392.87. The stock&#8217;s intraday high and low were $403.62 and $392.07, respectively. Ulta Beauty&#8217;s 52-week high and low prices are $574.76 and $318.17.
Ulta Beauty&#8217;s third-quarter results <a href="https://www.benzinga.com/news/earnings/24/12/42351981/ulta-beauty-shares-climb-on-better-than-expected-q3-results-raised-fy24-sales-outlook">surpassed expectations</a>, with quarterly earnings per share at $5.14 and revenue at $2.53 billion. The company also raised its full-year sales outlook, reflecting confidence in its continued growth trajectory.
Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) saw a 3.23% increase, closing at $369.49. The stock&#8217;s intraday high and low were $375.43 and $359.50, respectively. Tesla&#8217;s 52-week high and low prices are $375.43 and $138.80.
Tesla&#8217;s stock surged after Bank of America <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42344440/teslas-path-to-400-bank-of-america-highlights-ev-ai-growth">raised its 12-month price target</a> on the stock from $350 to $400. The investment bank cited the company&#8217;s improving growth prospects as the reason behind the price hike.
Prepare for the day&#8217;s trading&nbsp;<a href="https://editorial.benzinga.com/wp-admin/%E2%80%9CPremarket">with top premarket movers and news</a>&nbsp;by Benzinga.
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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>

LULU

UBER

ULTA

Gamestop, Lululemon, Uber, Ulta Beauty And Tesla: Why These 5 Stocks Are On Investors' Radars Today

President-elect Donald Trump announced the appointment of renowned venture capitalist David Sacks as the &#8220;White House A.I. &amp; Crypto Czar&#8221; on Thursday.
What Happened:&nbsp;In a Truth Social post, Trump revealed that Sacks&nbsp;will guide policy for the administration in two critical areas: artificial intelligence and cryptocurrency. Trump emphasized the importance of these sectors&nbsp;to the future of American&nbsp;competitiveness.
&#8220;David will focus on making America the clear global leader in both areas. He will safeguard free speech online and steer us away from big tech bias and censorship,&#8221; Trump wrote.
Regarding the cryptocurrency industry, Trump said that Sacks will develop a legal framework, providing&nbsp;the clarity it has been seeking and fostering its growth in the U.S.
&#8220;He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42350013/pepe-trailing-only-dogecoin-in-trading-volume-what-prices-whale-traders-are-targeting">Pepe Trailing Only Dogecoin In Trading Volume: What Prices Whale Traders Are Targeting</a>
Why It Matters: The appointment of a dedicated AI &amp; Crypto Czar at the White House signified the growing importance of these sectors in the U.S. economy.
Sacks actively endorsed Trump for the presidency and, along with fellow VC Chamath Palihapitiya, <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39239552/trump-declares-himself-crypto-president-after-raising-12m-at-vc-hosted-san-francisco-fundr">hosted a fundraiser at his residence</a>, which ended up raising $12 million for Trump&#8217;s campaign.
Interestingly, it was from here that Trump positioned himself as the "crypto president," <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42339670/youre-welcomedonald-trump-congratulates-bitcoins-100000-milestone-as-el-salvadors-president-nayib-bukele-takes-victory-lap">paving the way for industry backing</a> and triggering a mega bull rally that saw Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) hit the historic $100,000 milestone.
Image via Flickr/ TechCrunch
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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.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Trump Appoints Venture Capitalist David Sacks As White House Crypto And AI Czar: 'He Will Work On A Legal Framework'

A federal judge rejected Boeing Co.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) plea agreement on Thursday in the criminal fraud case stemming from two fatal 737 Max crashes, citing concerns over diversity, equity and inclusion policies in the selection of a government-appointed monitor.
What Happened: U.S. District Judge Reed O&#8217;Connor in Texas ruled that the court was not convinced the government would select a monitor &#8220;without race-based considerations,&#8221; <a href="https://www.cnbc.com/2024/12/05/court-rejects-boeing-plea-deal-tied-to-737-max-crashes.html">reported</a> CNBC.
The decision gives Boeing and the Justice Department 30 days to determine next steps in the case related to the crashes that killed 346 people in 2018 and 2019.
The ruling comes as Boeing faces intensifying pressure on multiple fronts. Emirates Airlines recently expressed frustration over five-year delays in the <a href="https://www.benzinga.com/general/travel/24/11/42223099/boeing-faces-heat-from-frustrated-emirates-over-52-billion-aircraft-delays">delivery of a $52 billion aircraft order</a>. At the same time, a DHL cargo plane crash in Lithuania last week involving a Boeing 737 added to scrutiny of the <a href="https://www.benzinga.com/news/global/24/11/42157100/dhl-cargo-plane-crash-in-lithuania-1-dead-2-injured-as-aircraft-strikes-house-near-vilnius-airport">manufacturer&#8217;s safety record</a>.
See Also: <a href="https://www.benzinga.com/24/12/42352997/santa-rally-here-are-10-sp-500-stocks-that-historically-outperformed-in-decembers-second-half">Santa Rally: 10 S&amp;P 500 Stocks That Outperform In December&#8217;s Second Half</a>
Why It Matters: The rejected plea deal would have allowed Boeing to avoid trial and pay a reduced fine of $243.6 million, half of the original $487.2 million penalty. The agreement emerged after Boeing violated a previous plea deal that was set to expire shortly after a door panel blew out during an Alaska Airlines 737 Max 9 flight in January.
Victims&#8217; family members opposed the agreement, with attorney Erin Applebaum calling for &#8220;real accountability&#8221; rather than what they termed a &#8220;sweetheart deal.&#8221; The families sought greater input in the monitor selection process.
Boeing&#8217;s challenges extend beyond legal issues. Under new CEO Kelly Ortberg, the company faces production delays exacerbated by a recent <a href="https://www.benzinga.com/news/24/11/41721968/boeings-striking-machinists-vote-on-new-contract-proposal-with-support-from-both-sides">seven-week worker strike</a>. The manufacturer plans to <a href="https://www.benzinga.com/news/global/24/11/42052735/boeing-to-lay-off-over-2500-workers-in-the-us-amid-global-workforce-reduction">cut 17,000 jobs globally</a>, including 2,500 U.S. positions, as it grapples with negative shareholder equity and over $57 billion in debt.
Price Action: Boeing&#8217;s stock closed at $156.67 on Thursday, down 1.02% for the day. In after-hours trading, the stock dipped 0.05%. Year to date, Boeing has declined 37.77%.
According to <a href="https://www.benzinga.com/quote/BA/analyst-ratings">data from Benzinga Pro</a>, Boeing&#8217;s consensus price target is $197.85 from 23 analysts, with a high of $260 and a low of $85. Recent ratings from JP Morgan, Wells Fargo, and RBC Capital average $158.33, implying a 1.11% upside.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05203150/Screenshot-2024-12-06-at-7.01.08%E2%80%AFAM-1024x380.png" alt="" class="wp-image-679786" /></figure>
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Image via Flickr
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Federal Judge Rejects Boeing's Plea Deal In 737 Max Fraud Case, Cites Concerns Over Diversity Policies And Monitor Selection

Legendary trader Keith Gill, popularly known as Roaring Kitty, returned to social media on Thursday, sparking a wild spike in cryptocurrencies related to GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>).
What happened: GameStop (GME) blasted nearly 65% in the last 24 hours to set new all-time highs.&nbsp;
The Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based coin lifted as high as $0.00025 when <a href="https://www.benzinga.com/general/social-media/24/12/42349100/gamestop-rockets-as-roar[%E2%80%A6]y-returns-to-x-what-does-his-tweet-signal-ahead-of-q3-earnin">Roaring Kitty's X post </a>first surfaced before swiftly pulling back to $0.00019, according to CoinMarketCap.
The token witnessed frantic trading activity with a 453% jump in volume.&nbsp;
Another coin based on BNB Chain (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>), namely GameStop Coin (GME), soared 82%, accompanied by a 14% jump in trading volume.
A memecoin named after Roaring Kitty himself shot as much as 25% on the development.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:00 p.m. EDT)</td>
</tr>
<tr>
<td>GameStop Coin (GME)</td>
<td>+82.23%</td>
<td>$0.00007312</td>
</tr>
<tr>
<td>GameStop (GME)</td>
<td>+65%</td>
<td>$0.0001994</td>
</tr>
<tr>
<td>Roaring Kitty (ROAR)</td>
<td>+25.78%</td>
<td>$0.006612</td>
</tr>
</tbody>
</table>
</figure>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331483/michael-saylors-bitcoin-strategy-drives-microstrategys-490-surge-hedge-fund-cio-says-its-an-extreme-example-of-volatility-monetization">Michael Saylor&#8217;s Bitcoin Strategy Drives MicroStrategy&#8217;s 490% Surge, Hedge Fund CIO Says It&#8217;s An &#8216;Extreme Example&#8217; Of Volatility Monetization</a>
The volatility was a result of a curiosity-inducing post by Roaring Kitty that showed a TIME magazine cover with a computer with a video screen. The video is paused at the 1:09 minute mark, for a total length of 4:20.
For the uninitiated, &#8220;420&#8221; is slang for smoking marijuana, especially around 4:20 PM in cannabis culture. It can also refer to <a href="https://www.benzinga.com/topic/420-0">cannabis-related celebrations</a> that take place on Apr. 20 every year
Time&#8217;s reference could suggest that investors have time to buy GameStop or another stock ahead of a key event.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/tXViICmVFG">pic.twitter.com/tXViICmVFG</a>
&mdash; Roaring Kitty (@TheRoaringKitty) <a href="https://twitter.com/TheRoaringKitty/status/1864742787197116887?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
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Note that these memecoins have no fundamental ties to GameStop or Roaring Kitty but are just playing on <a href="https://www.benzinga.com/news/24/07/39799183/whats-going-on-with-gamestop-stock">the speculations of a short squeeze of the meme stock </a>and a possible repetition of the historic 2021 event by the legendary trader.
The GameStop short squeeze began in January 2021 and was one of the biggest financial events of that year.
Roaring Kitty&#8217;s social posts have <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39807951/why-are-gamestop-and-kitty-themed-memecoins-trading-higher-today-read-on">drastically moved</a> the traditional and cryptocurrency markets this year.
Price Action: Shares of GameStop were up 3.04% in after-hours trading after closing up 5.92% during Thursday&#8217;s regular session, 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>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331507/happy-bitcoin-100k-day-heres-how-nayib-bukele-brian-armstrong-and-peter-schiff-reacted-to-the-historic-milestone">Happy Bitcoin $100K Day: Here&#8217;s How Nayib Bukele, Brian Armstrong, And Peter Schiff Reacted To The Historic Milestone</a></li>
</ul>

$BNB

GameStop-Themed Memecoins Explode As Roaring Kitty Returns With Intriguing X Post: GME Coin Shoots Up Over 80%

Schwazze (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SHWZ#OTC">SHWZ</a>), a Colorado-based cannabis company, announced it would restate its financial statements for FY 2022/23 and Q1-Q3 2023 to address several accounting errors.&nbsp;
Schwazze&#8217;s accounting issues included errors with preferred shares, operating leases and inventory valuations. Although management assured investors that key metrics like revenue and Adjusted EBITDA remained unaffected, the incident highlights how small mistakes can escalate.
In May, Schwazze replaced its auditor after the SEC flagged previous audit failures, mostly related to<a href="https://www.benzinga.com/cannabis/earnings"> balance sheet </a>reclassifications. This case underscores the importance of accurate accounting, especially in the highly scrutinized cannabis industry.
While Schwazze's <a href="https://www.globenewswire.com/news-release/2024/12/04/2991917/0/en/Schwazze-Provides-Update-on-Delayed-Filings.html">issue </a>may seem minor compared to past scandals, it serves as a reminder of how easily financial mistakes can spiral. Just consider the following infamous accounting blunders.&nbsp;
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h2 class="wp-block-heading">(In)famous Accounting Blunders</h2>
<h3 class="wp-block-heading">The Fannie Mae and Freddie Mac Accounting Mistakes (2003)</h3>
In 2003, Fannie Mae and Freddie Mac, two government-sponsored entities that play a critical role in the U.S. housing market, made significant accounting errors related to the way they reported income and expenses. The mistake was linked to the incorrect application of accounting methods for hedging activities—particularly how they handled derivatives used to manage interest rate risk. Fannie Mae, in particular, miscalculated the timing of its expenses related to these derivatives, leading to an overstatement of its earnings. This error ultimately resulted in a restatement of financial results and an SEC investigation.
<h3 class="wp-block-heading">The London Whale Trading Loss (2012) – JPMorgan Chase</h3>
In 2012, JPMorgan Chase incurred a massive trading loss of over $6 billion, which was initially attributed to a mistake in accounting. The loss stemmed from a complex <a href="https://www.benzinga.com/cannabis/earnings">financial strategy </a>involving credit default swaps (CDS), but a key accounting mistake was made when tracking the position in the spreadsheet used by the traders. A manual error occurred when inputting data into the spreadsheet, leading to the inaccurate reporting of the bank's exposure to risk. This error significantly overstated the bank's risk management capabilities and was not caught until it had spiraled into a huge loss.&nbsp;
Read Also: <a href="https://www.benzinga.com/24/12/42350875/ho-ho-holy-smokes-record-weed-sales-drive-dispensaries-to-stock-smart-this-holiday-season">Ho-Ho-Holy Smokes! Record Weed Sales Drive Dispensaries To Stock Smart This Holiday Season</a>
<h3 class="wp-block-heading">The Knight Capital Group Trading Glitch (2012)</h3>
Knight Capital Group, a major U.S. financial services firm, suffered a catastrophic loss of $440 million in just 45 minutes due to an accounting-related mistake in its trading software. The error occurred when the company improperly installed new software meant to improve its trading algorithms. A coding mistake triggered a massive number of erroneous trades, leading to unintended purchases and sales of <a href="https://www.benzinga.com/cannabis/earnings">stocks</a>. This glitch, which was technically a software error but had the same impact as an accounting mistake, caused significant financial losses for Knight Capital.
Read Next: <a href="https://www.benzinga.com/24/12/42301533/why-a-cannabis-company-recalled-over-3000-gummies-in-missouri">Why This Cannabis Company Recalled Over 3,000 Gummies In Missouri</a>

Cannabis

Entertainment

Education

Legal

Management

SHWZ

Ka-Ching! Schwazze's Cannabis Accounting Bloopers And Other Historic Missteps That Shook Up Big Business

ENSC

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

Rep. Alexandria Ocasio-Cortez (D-N.Y.), a prominent political figure, has responded to Elon Musk&#8217;s call for defunding the American Civil Liberties Union. In a social media post on Thursday, she also attacked proposed cuts by the Musk-headed Department of Government Efficiency. 
What Happened: She highlighted the disparity in funding priorities, pointing out that while the ACLU receives no taxpayer funds, proposals are being made by DOGE to cut funding for essential services like veteran healthcare, Medicare, and Social Security. This, according to her, targets some of the most vulnerable groups in society, including veterans, seniors, widows, and the disabled.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">They receive $0 in taxpayer funds. Meanwhile, y'all are proposing defunding Veteran's healthcare, Medicare, and Social Security when you think no one is watching. Doesn't get lower than gutting some of the only lifelines left for veterans, seniors, widows, and the disabled. <a href="https://t.co/IQAoJA5gnK">https://t.co/IQAoJA5gnK</a>
&mdash; Alexandria Ocasio-Cortez (@AOC) <a href="https://twitter.com/AOC/status/1864792353166250177?ref_src=twsrc%5Etfw">December 5, 2024</a></blockquote>
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Ocasio-Cortez was reacting to a post by Musk, who along with Vivek Ramaswamy is set to head the planned presidential advisory commission in Donald Trump&#8217;s second administration. 
See Also: <a href="https://www.benzinga.com/24/12/42306809/palantir-salesforce-okta-meta-and-tesla-why-these-5-stocks-are-on-investors-radars-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">PLTR, CRM, OKTA, META, TSLA: 5 Trending Stocks Today</a>
Why It Matters: This exchange comes amidst ongoing discussions about government spending and financial management. Recently, Sen. Bernie Sanders (I-Vt.) agreed with Musk on the issue of <a href="https://www.benzinga.com/24/12/42258137/bernie-sanders-elon-musk-is-right-on-wasteful-defense-spending">wasteful defense spending</a>, highlighting the Pentagon&#8217;s failure to pass audits for seven consecutive years. Notably, Sanders&#8217; implicit support of DOGE on the defense issue led to a <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42258934/dogecoin-bounces-9-after-bernie-sanders-views-align-with-elon-musks-doge-department">9% appreciation</a> for a similarly named Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) cryptocurrency.
Meanwhile, Musk&#8217;s strategy for X has been under scrutiny, with critics arguing that it favors speech he aligns with while sidelining dissenting voices. It should be noted that organizations like the ACLU had accused the X owner of <a href="https://www.benzinga.com/news/24/02/37301290/elon-musk-is-still-attempting-to-defend-hateful-speech-amid-xs-growing-pains-and-public-backlash-rep">attempting to suppress free speech.</a>
Photos via Shutterstock
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
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

AOC Challenges Musk's DOGE Agenda, Slams 'Defund The ACLU' Call By Trump's Efficiency Czar

President-elect Donald Trump has announced many of his picks for potential nominees for his Cabinet and other White House administration roles since winning the<a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election"> 2024 presidential election.</a>
While the picks still have to be officially nominated and approved in many cases, voters were recently asked to share whether they approve or disapprove of his current selections.
What Happened: Trump's announced picks have generated plenty of discussion on social media and across the political spectrum with the announced pick of Matt Gaetz as attorney general eventually saw the former Congressman <a href="https://www.benzinga.com/politics/24/11/42170037/elon-musk-said-matt-gaetz-would-be-hammer-of-justice-as-attorney-general-former-congressman-now-unemployed-sells-cameos-for-500">withdraw his name </a>due to concerns of being a distraction and fears of not getting approval.
A new Morning Consult poll asked voters for their approval ratings on Trump and his picks for the new White House administration.
The <a href="https://pro.morningconsult.com/analysis/rfk-jr-hhs-polling-november-2024">poll </a>found Trump had an approval rating of 53%, down from 54% in <a href="https://www.benzinga.com/politics/24/11/42077496/donald-trumps-personnel-picks-new-poll-finds-elon-musk-with-highest-approval-by-voters-matt-gaetz-with-highest-disapproval">the poll published</a> on Nov. 17. Split by political party, Republicans gave Trump a 91% approval rating, down from 93%, Independents gave an approval rating of 44%, down from 46% and Democrats gave an approval rating of 21%, up from 20%.
Personnel Pick Ratings: Here are the approval and disapproval ratings of recent personnel picks by Trump for his next White House term.
<ul>
<li>Marco Rubio, Secretary of State: 45% approval, 34% disapproval, 21% no opinion</li>
<li>Robert F. Kennedy Jr., Health and Human Services Secretary: 44% approval, 39% disapproval, 17% no opinion</li>
<li>Mike Huckabee, U.S. ambassador to Isreal: 44% approval, 31% disapproval, 25% no opinion</li>
<li>Mehmet Oz, CMS administrator: 41% approval, 38% disapproval, 20% no opinion</li>
<li>Tulsi Gabbard, Director of National Intelligence: 39% approval, 33% disapproval, 29% no opinion</li>
<li>Pam Bondi, Attorney General: 39% approval, 29% disapproval, 33% no opinion</li>
<li>Elise Stefanik, U.S. ambassador to the United Nations: 38% approval, 29% disapproval, 33% no opinion</li>
<li>Kristi Noem, Homeland Security secretary: 37% approval, 33% disapproval, 30% no opinion</li>
<li>Pete Hegseth, Defense secretary: 36% approval, 32% disapproval, 32% no opinion</li>
<li>Linda McMahon, Education secretary: 36% approval, 36% disapproval, 28% no opinion</li>
<li>Scott Bessent, Treasury secretary: 36% approval, 25% disapproval, 39% no opinion</li>
<li>Doug Collins, Veterans Affairs secretary: 35% approval, 25% disapproval, 40% no opinion</li>
<li>Doug Burgum, Interior secretary: 35% approval, 26% disapproval, 39% no opinion</li>
<li>Janette Nesheiwat, Surgeon General: 35% approval, 25% disapproval, 40% no opinion</li>
<li>Matt Whitaker, NATO ambassador: 34% approval, 28% disapproval, 38% no opinion</li>
<li>Sean Duffy, Transportation secretary: 34% approval, 28% disapproval, 38% no opinion</li>
<li>Chris Wright, Energy secretary, 34% approval, 29% disapproval, 37% no opinion</li>
<li>Lee Zeldin, EPA administrator: 34% approval, 29% disapproval, 37% no opinion</li>
<li>Brooke Rollins, Agriculture secretary: 34% approval, 24% disapproval, 43% no opinion</li>
<li>Marty Makary, FDA commissioner: 33% approval, 27% disapproval, 40% no opinion</li>
<li>Dave Weldon, CDC director: 33% approval, 27% disapproval, 40% no opinion</li>
<li>Howard Lutnick, Commerce secretary: 33% approval, 25% disapproval, 42% no opinion</li>
<li>Russell Vought, Office of Management and Budget director: 33% approval, 26% disapproval, 41% no opinion</li>
<li>Scott Turner, Housing and Urban Development secretary: 33% approval, 26% disapproval, 41% no opinion</li>
<li>Brendan Carr, FCC chair: 32% approval, 26% disapproval, 42% no opinion</li>
</ul>
The new results did not include Elon Musk and Vivek Ramaswamy, co-leaders of the Department of Government Efficiency. In the<a href="https://www.benzinga.com/politics/24/11/42077496/donald-trumps-personnel-picks-new-poll-finds-elon-musk-with-highest-approval-by-voters-matt-gaetz-with-highest-disapproval"> previous poll</a>, Musk had approval rating of 45%, 40% disapproval and 15% said no opinion. Ramaswamy had a 39% approval rating, 34% disapproval and 27% said no opinion.
Did You Know?
<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent120524">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: McMahon received a 36% approval and 36% disapproval as the only candidate to not have a higher approval than disapproval.
This could be bad news for the former WWE executive as the last poll saw Gaetz as the only person with a higher disapproval than approval rating at 41% and 34% respectively.
With Gaetz and Musk, who had a disapproval of 40% previously, no longer in the poll, it is Kennedy who has the highest disapproval followed by Oz and McMahon.
The highest approval ratings go to Rubio, Kennedy and Huckabee. The last poll also saw Rubio and Kennedy have the highest approval ratings.
Huckabee again has the highest net approval rating at 13 points, followed by Rubio at 11 points.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/11/42223923/trump-hhs-pick-robert-f-kennedy-jr-s-wealth-comes-from-family-law-practice-oil-bitcoin">Trump HHS Pick Robert F. Kennedy Jr.&#8217;s Wealth Comes From Family, Law Practice, Oil, Bitcoin</a></li>
</ul>
Photo: Shutterstock

Government

Donald Trump's Personnel Picks: Voters Like Huckabee, Rubio Picks, Disapprove Of Kennedy, Oz, McMahon

The NFL and NFL Players Association (NFLPA) have agreed on updates to the league&#8217;s substance abuse policy, making it more lenient toward <a href="https://www.benzinga.com/cannabis">marijuana use. </a> 
These changes include a significant increase in the THC testing threshold and reductions in financial penalties, reflecting a shift in how the league handles cannabis-related issues, NBC Sports <a href="https://www.nbcsports.com/nfl/profootballtalk/rumor-mill/news/nfl-takes-another-big-step-toward-legalizing-marijuana-use-by-players">reported.</a>
<h3 class="wp-block-heading">New THC Testing Limits</h3>
Players will now face fewer positive tests with the THC threshold rising from 150 nanograms per milliliter (ng/ml) to 350 ng/ml. 
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40558915/will-cannabis-be-a-game-changer-for-athletes-nfls-1m-study-suggests-it-could">Will Cannabis Be A Game-Changer For Athletes? NFL&#8217;s $1M Study Suggests It Could</a>
This adjustment, effective immediately, allows for a longer window after marijuana use before players might test positive (It typically takes about a week after regular use to drop below 350 ng/ml.).
<h3 class="wp-block-heading">Lower Fines For Violations</h3>
The financial penalties for positive tests have been reduced across the board:
<ul>
<li>First Violation: A fine of $15,000 instead of half a game check.</li>
<li>Second Violation: A $20,000 fine replaces a full game check penalty.</li>
<li>Third Violation: Players now face a single-game fine, down from two.</li>
<li>Fourth Violation or More: A two-game fine replaces the previous three-game penalty.</li>
</ul>
Missed tests will also result in lower fines under the revised policy.
<h3 class="wp-block-heading">Gradual Policy Shifts</h3>
These changes build on the NFL&#8217;s 2020 move to largely eliminate suspensions for marijuana use, making punishment less severe for players. While marijuana use isn't entirely unrestricted, the increase in THC limits and reduction in fines suggest a growing tolerance within the league.
Players must still meet the new THC threshold to avoid penalties, but the policy revisions signal a softer approach to cannabis testing.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/10/41403643/cannabis-can-be-a-great-tool-in-dealing-with-adversity-says-former-nfl-star-ricky-williams">Cannabis Can Be A &#8216;Great Tool In Dealing With Adversity,&#8217; Says Former NFL Star Ricky Williams</a></li>
</ul>
Cover image made with AI

Sports

NFL Eases Marijuana Rules: Is Full Legalization In The Game Plan?

MediciNova, Inc., a biopharmaceutical company traded on the NASDAQ Global Market (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNOV#NASDAQ">MNOV</a>) and the Standard Market of the Tokyo Stock Exchange (Code Number: 4875), today announces the study update and interim analysis results from the Company's COMBAT-ALS Phase 2b/3 clinical trial of MN-166 (ibudilast) in Amyotrophic Lateral Sclerosis (ALS) will be presented&nbsp;at the 35th International Symposium on ALS/MND held December 6-8, 2024 in Montreal, Canada.
The highlights of the presentation, titled, "COMBAT-ALS Phase 2b/3 Trial of MN-166 (Ibudilast) in ALS: Trial Update and Interim Analysis Results" (Abstract # 302), include:
<ul>
<li>Study Update: As of November 15, 2024, a total of 217 participants have been enrolled and 183 participants were assigned to either MN-166 or placebo group.</li>
<li>Pre-defined interim analysis was conducted to evaluate the correlation between the 6-month and 12-month data and assess the 12-month double-blind phase trial design.</li>
<li>A subset of patients from the full analysis set who had ALSFRS-R data at 6 months and at least one post-6-month data point. Correlation analysis of the Combined Assessment of Function and Survival (CAFS) scores at 6 and 12 months as well as modified CAFS scores and ALSFRS-R scores were evaluated.</li>
<li>Positive correlations were observed between the 6-month and 12-month data for CAFS score (0.71), modified CAFS score (0.70), and ALSFRS-R (0.69). [Note: Values in parentheses are Spearman Rank Correlation coefficients]</li>
<li>Positive correlations were also observed for Bulbar score (0.74), Fine motor score (0.71), and Gross motor score (0.67), but not for Respiratory score. [Note: Values in parentheses are Spearman Rank Correlation coefficients]</li>
<li>Interim analysis results were reviewed and validated by an external independent Data Safety Monitoring Board (DSMB), which recommended that the trial continue as per the protocol.</li>
</ul>

Biotech

MNOV

MediciNova Presents Study Update And Interim Analysis Of Phase 2/3 Clinical Trial Of MN-166 In ALS At The 35th International Symposium On ALS/MND

<ul>
<li>Teva entered into an agreement with JKI Co., Ltd. ("JKI") established by the fund managed and operated by private equity firm J-Will Partners Co., Ltd. ("J-Will"), through which JKI will acquire&nbsp;Teva-Takeda</li>
<li>The agreement is aligned with Teva's Pivot to Growth strategy to focus its business</li>
<li>The expected divestment of Teva-Takeda, Teva's business venture in Japan, which includes generics products and legacy products, will allow Teva to focus on bringing its innovative medicines to the Japanese market &nbsp;</li>
</ul>
TEL AVIV, Israel, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Today, Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) announced that it has entered into an agreement with JKI, established by the fund managed and operated by J-Will, whereby all shares of Teva Takeda Pharma Limited and its wholly owned subsidiary Teva Takeda Yakuhin Ltd. will be transferred to JKI.
Teva recently communicated that it was open to exploring new strategic approaches in Japan, including a possible divestment of its Teva-Takeda business venture, in alignment with its Pivot to Growth strategy. The divestment will allow Teva to focus on its innovative medicines business in Japan.
Teva expects the divestiture to be completed by 1 April, 2025, subject to standard closing conditions, including obtaining required regulatory approvals. All the employees of the business venture in Japan will remain employed, subject to the terms of the agreement.

Contracts

TEVA

Teva Entered Into An Agreement With JKI Co. Established By The Fund Managed And Operated By Private Equity Firm J-Will Partners Co., Through Which JKI Will Acquire Teva-Takeda; The Agreement Is Aligned With Teva's Pivot To Growth Strategy To Focus Its Business; No Financial Terms Disclosed

The Illinois Supreme Court has decided that the smell of raw cannabis is enough for police to <a href="https://www.benzinga.com/markets/cannabis/24/10/41537177/research-finds-no-clear-correlation-between-blood-thc-and-driving-skills">search a vehicle. </a>
The ruling, which contrasts with an earlier decision that the smell of burnt cannabis is not enough for a search, has sparked legal and public debate over how cannabis laws are applied in the state, the Chicago Tribune <a href="https://www.chicagotribune.com/2024/12/05/police-may-search-a-vehicle-based-on-the-smell-of-raw-cannabis-illinois-supreme-court-rules/">reported.</a>
<h3 class="wp-block-heading">Two Cases, Two Different Outcomes</h3>
The decision stems from a case involving Vincent Molina, a passenger in a car stopped for speeding on I-88 near the Illinois-Iowa border in December 2020.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/40055095/does-cannabis-affect-your-driving-university-of-colorado-researchers-find-out">Does Cannabis Affect Your Driving? University Of Colorado Researchers Find Out</a>
A state trooper claimed to smell cannabis through the open window, prompting a search that uncovered several joints and cannabis stored in a sealed box. While Illinois legalized small amounts of cannabis in 2020, Molina was charged with improper transport for not using an odor-proof container.
Initially, a court ruled the search unjustified. However, an appeals court reversed that decision, leading to <a href="https://www.benzinga.com/markets/cannabis/24/01/36593012/is-cannabis-odor-sufficient-cause-for-a-legal-vehicle-search-illinois-supreme-court-will-decide">the state Supreme Court's involvement.</a> The court ruled that the smell of raw cannabis strongly suggests a violation of Illinois law, which requires cannabis in vehicles to be stored in an odor-proof container.
In a separate case heard by the court, People v. Ryan Redmond, the justices ruled that the smell of burnt cannabis doesn't justify a vehicle search, as it could simply indicate prior use outside the vehicle.
<h3 class="wp-block-heading">Confusion Over Legal Standards</h3>
This split in rulings has drawn criticism. Justice Mary K. O'Brien, joined by Chief Justice Mary Jane Theis, dissented in the Molina case. "It makes no sense to treat raw cannabis as more probative when the odor of burnt cannabis may suggest recent use, whereas the odor of raw cannabis does not suggest consumption," O'Brien wrote.
Meanwhile, defense attorney James Mertes, stated: "This means that the privacy rights of motorists in Illinois have been turned over to the police officer's sense of smell," Mertes said. He plans to appeal the decision to the U.S. Supreme Court.
<h3 class="wp-block-heading">A Legislative Puzzle</h3>
Adding to the confusion,<a href="https://www.benzinga.com/markets/cannabis/23/03/31607966/wait-officer-weed-smell-no-longer-cause-for-vehicle-search-in-illinois-as-senate-approves-bill"> Illinois lawmakers previously removed</a> the odor-proof container requirement from the cannabis legalization law but left it in the vehicle code. The state Supreme Court suggested this legal mismatch needs fixing.
"I am discouraged by the Illinois Supreme Court's decision, but I am encouraged to now ask that this matter be decided by the United States Supreme Court," Molina said in a statement.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/02/36969871/is-weed-worse-than-alcohol-for-driving-new-study-challenges-common-dui-assumptions">Is Weed Worse Than Alcohol For Driving? New Study Challenges Common DUI Assumptions</a></li>
</ul>
Cover image made with AI.

Police Can Search Cars For Raw Cannabis Smell, Illinois Supreme Court Says

The National Football League is enjoying strong viewership for the 2024 season with some records set on Thanksgiving Day, news that streaming giant Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) likely welcomes as the company may be nervous after struggles with its<a href="https://www.benzinga.com/general/sports/24/11/42042640/netflix-crash-hits-jake-paul-mike-tyson-fight-can-streaming-platform-handle-christmas-day-nfl-action"> live boxing event.</a>
What Happened: While many people will be opening presents and enjoying time with families on Christmas Day, many will also tune into Netflix for <a href="https://www.benzinga.com/general/entertainment/24/05/38850110/netflix-to-stream-2-nfl-christmas-day-games-analyst-sees-strong-growth-potential">two exclusive NFL games</a>, similar to how they celebrated on Thanksgiving.
Netflix will stream its first-ever live NFL games on Christmas with two key matchups that could once again highlight the streaming giant's growth in sports.
At 1 p.m. ET, the Pittsburgh Steelers and Kansas City Chiefs game will stream on Netflix, followed by the 4:30 p.m. ET matchup between the Baltimore Ravens and Houston Texans.
NFL viewership has been good for the 2024 season, which could be good and bad for Netflix as the company struggled during its recent live boxing event that featured a headline match between Jake Paul and Mike Tyson.
Netflix reported that over 60 million homes tuned into the boxing event, with a peak of 65 million. That event saw hundreds of thousands of people report issues with the stream and a class action lawsuit filed against the company.
The NFL recently <a href="https://media.nfl.com/news-and-releases/corporate-communications/2024-thanksgiving-day-games-set-viewership-records">reported </a>the three games that aired on Thanksgiving set a new all-time record, with data dating back to 1988. The three games had 141 million viewers, a new record and an average of 34.2 million viewers per game, another record.
The early game between the Detroit Lions and Chicago Bears on CBS, a unit of Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>), set a record with 37.5 million viewers, the highest average for the early Thanksgiving Day game.
The midday game between the Dallas Cowboys and New York Giants on FOX, a unit of Fox Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>), averaged 38.8 million viewers, making it the fourth most watched Thanksgiving Day game ever and fifth most watched regular season NFL game ever.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41235640/netflix-to-become-default-choice-for-tv-movies-analyst-predicts-more-live-sports-pr">Netflix To Become &#8216;Default Choice&#8217; For TV, Movies? Analyst Predicts More Live Sports, Price Increases</a>
Why It's Important: Thanksgiving Day games have long been highly watched given the event-driven nature of the games on a holiday with people off work and watching games together.
This could be similar on Christmas, which means Netflix could be in store for high viewership for its inaugural NFL games.
For comparison, Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) has the exclusive streaming rights to Thursday Night Football games and is averaging 13.3 million viewers for those games this season, up 8% year-over-year.
Amazon also streamed an exclusive game on Black Friday for the second straight year. The matchup between the Las Vegas Raiders and Kansas City Chiefs <a href="https://frontofficesports.com/amazons-nfl-black-friday-game-ratings-up-41-from-2023/">averaged </a>13.51 million viewers, up 41% year-over-year.
The high viewership, which is above Amazon's average, came with a close battle and the Chiefs surviving a last-minute push from the Raiders. The Chiefs are the most-watched NFL team this season, having some of the more popular games and the highest average across national television games.
For Netflix the odds are likely stacked for and against the company to have huge viewership, the big question is if the company can handle the demand and show the games without the same troubles it had during the boxing event.
The Chiefs (11-1), Steelers (9-3), Ravens (8-5) and Texans (8-5) are among the best teams in the NFL with each team ranking first or second in their division and all four teams currently in the NFL Playoffs if the season ended today.
The Texans game will also feature a halftime performance from Beyoncé, adding in potential non-football fan viewership on the holiday.
Add it all up and you have two games with top NFL teams, a holiday where people watch sports together, a halftime performance from a global superstar, a game with the top-watched team in the NFL and the potential of Taylor Swift to be present at the Chiefs game and you have must-see television and sports.
NFLX Price Action: Netflix stock closed up 0.75% to $917.87 on Thursday after hitting new all-time highs of $927 during the intraday. Netflix stock is up 96% year-to-date in 2024.
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Photo: Shutterstock

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