Latest News for Quebec Nickel Stock (OTC:QNICF)

Quebec Nickel Corp is engaged in the acquisition and exploration of mineral property assets. The company is involved in a single project namely the Ducros project.

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BBJP

WisdomTree Trust Japan Total Dividend Fund

Japan Industrial Production (MoM) For March 4.4% Vs. 3.8% Est.; -0.6% Prior

Reported Earlier, Australia Unemployment Rate For April 4.1% Vs. 3.9% Est.; 3.9% (Revised) Prior

Reported Earlier, Australia Full Employment Change For April -6.1K Vs. 26.6K (Revised) Prior

Reported Earlier, Australia Employment Change For April 38.5K Vs. 22.4K Est.; -5.9K (Revised) Prior

Reported Earlier, Japan Gross Domestic Product (GDP) Price Index (YoY) Preliminary For Q1 3.7% vs. 3.3% Est.; 3.9% Prior

Reported Earlier, Japan Gross Domestic Product (QoQ) Preliminary For Q1 -0.5% Vs. -0.3% Est.; 0.0% (Revised) Prior

Reported Earlier, Japan Gross Domestic Product (YoY) Preliminary For Q1 -2.0% Vs. -1.5% Est.; 0.0% (Revised) Prior

Warren Buffett&#8216;s enduring success secret has been revealed by a Harvard University expert, offering a unique insight into the legendary investor&#8217;s approach.
What Happened: Bill George, a leadership expert at Harvard University, has identified a crucial factor that has contributed to Buffett&#8217;s extraordinary success, <a href="https://www.cnbc.com/2024/05/14/harvard-expert-bill-george-heres-the-key-to-warren-buffetts-success.html">reported</a> CNBC Make It.
George, who is also a former CEO of Medtronic, believes that Buffett&#8217;s ability to find the &#8220;sweet spot&#8221; between doing something he&#8217;s good at and something he enjoys has been the key to his success.
"To be truly successful, to do anything great, you have to use your strengths. You can't just correct your weaknesses," George said. If your work "doesn't excite you, it just becomes a time attack."
George emphasizes the importance of leveraging one&#8217;s strengths and maintaining motivation. He explains that this balance makes it easier to stay motivated over time. He also notes that both intrinsic and extrinsic motivations are essential for true success.
See Also: <a href="https://www.benzinga.com/news/24/05/38804009/diesel-takes-another-hit-and-may-be-driving-down-broader-oil-market?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Diesel Takes Another Hit and May be Driving Down Broader Oil Market</a>
George, who co-authored the book &#8220;True North: Emerging Leader Edition,&#8221; suggests that understanding one&#8217;s intrinsic and extrinsic motivations is the first step to achieving Buffett&#8217;s level of self-awareness.
Why It Matters: Warren Buffett, who turned 93 in 2023, has been one of the <a href="https://www.benzinga.com/general/movers-shakers/21/08/17298128/warren-buffett-turns-91-a-highlight-for-each-decade-of-his-life-1">most successful investors</a> of the last six decades. His career, from buying his first stock to acquiring Berkshire and Apple investments, has been nothing short of remarkable. Buffett&#8217;s father, a former stockbroker, had a significant influence on his decision to enter the business.
Buffett&#8217;s success underscores the importance of capitalizing on strengths and maintaining motivation. In his early Microsoft days, Bill Gates, known for his <a href="https://www.benzinga.com/news/23/02/30971943/bill-gates-regrets-being-overly-intense-in-his-early-microsoft-career-i-didnt-believe-in-weekends">intense work ethic</a>, disregarded weekends and vacations.
Understanding one&#8217;s motivations and strengths is crucial not only for career success but also for overall well-being. This approach is also in line with the unconventional productivity strategy of Jeff Bezos, who encourages creative thinking by allowing his <a href="https://www.benzinga.com/news/24/04/38422720/jeff-bezos-reveals-his-unconventional-approach-to-productivity-i-believe-in-wandering">mind to wander during meetings</a>. This strategy fosters creativity and problem-solving, ultimately leading to better outcomes.
Read Next: <a href="https://www.benzinga.com/markets/asia/24/05/38786554/nio-ceo-william-li-breaks-8-year-brand-loyalty-streak-as-he-takes-delivery-from-rival-chinese-ev-sta?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nio CEO William Li Breaks 8-Year Brand Loyalty Streak As He Takes Delivery From Rival Chinese EV Startup</a>
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Global

Success Stories

Warren Buffett's Unique Formula To Success Unveiled By Harvard Expert: 'You Can't Just Correct Your Weaknesses'

Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) racked up impressive gains this week, prompting cryptocurrency analysts to raise their bullish expectations for the memecoin.
What Happened: A widely followed technical analyst, operating under the pseudonym World Of Charts, drew attention to DOGE's falling wedge pattern, which is typically construed by experts as bullish.
The analyst remarked, "On verge of another breakout expecting move towards 0.27-0.30$ in case of successful breakout." Notably, such a move would mean a 74-100% jump from the current prices.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Doge</a> On Verge Of Another Breakout Expecting Move Towards 0.27-0.30$ In case Of Successful Breakout <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Doge?src=hash&amp;ref_src=twsrc%5Etfw">#Doge</a> <a href="https://t.co/zRc7ypOhXy">pic.twitter.com/zRc7ypOhXy</a>
&mdash; World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1790822674299764888?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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Another prominent analyst, Kevin, gave more conservative estimates, flagging $0.18 and $0.22 as the next key levels for the coin.&nbsp;
"We need to hold this area on any potential back test and then .18 cents and the inverse head n shoulders target of .22 cents if right in reach," Kevin emphasized.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Update on the <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> chart. We have officially broken above the .153 level and the 200 sma on the 4HR. We need to hold this area on any potential back test and then .18 cents and the inverse head n shoulders target of .22 cents if right in reach. <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://t.co/CjdWApVcas">https://t.co/CjdWApVcas</a>
&mdash; Kevin (@Kev_Capital_TA) <a href="https://twitter.com/Kev_Capital_TA/status/1790935655255511235?ref_src=twsrc%5Etfw">May 16, 2024</a></blockquote>
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Why It Matters: DOGE has been energized by the <a href="https://www.benzinga.com/24/05/38840689/who-is-roaring-kitty-and-is-his-return-bullish-for-cat-meme-coins">"Roaring Kitty" phenomenon</a> and the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38862693/bitcoin-ethereum-dogecoin-see-long-sought-relief-rally-on-favorable-inflation-data-numbers">overall improvement in the market</a> spurred by healthy macroeconomic data.&nbsp;
Since the start of the week, the king of meme coins has increased by 16%, with positive changes in several of its major parameters.
DOGE's Open Interest spiked 10.76% to $876 million in the last 24 hours, the highest in a month, according to <a href="https://www.coinglass.com/BitcoinOpenInterest">Coinglass </a>data. Additionally, its positive funding rate increased, signaling that most of the new positions created were gunning for DOGE's price pump.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1556, following a 6.38% rise in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38852191/this-trader-sees-a-barbell-portfolio-of-btc-and-memes-as-most-profitable-trading-strategy">This Trader Sees A &#8216;Barbell Portfolio Of BTC And Memes&#8217; As Most Profitable Trading Strategy</a>

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

Cryptocurrency

Markets

$DOGE

Dogecoin Open Interest Hits Monthly Highs As Memecoin Gains In Market Rally, Analyst Forecasts 74-100% Jump

Samsung Electronics Co. Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) has released a new ad, &#8220;UnCrush,&#8221; to counter&nbsp;Apple Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/markets/equities/24/05/38723492/apples-new-ipad-ad-draws-fierce-backlash-from-creator-community-as-it-allegedly-celebrates-destr">controversial &#8220;Crush&#8221; ad</a>. However, the attempt has been met with some major criticism.
What Happened: On Wednesday, Samsung released its new ad in response to Apple&#8217;s &#8220;Crush&#8221; ad, which was pulled after sparking controversy. Cupertino&#8217;s &#8220;Crush&#8221; ad depicted various creative tools being crushed by an industrial crusher, leaving only the new iPad Pro intact. 
The ad was met with criticism from the creative community, who interpreted it as a grim representation of technology crushing human creativity. 
The new &#8220;UnCrush&#8221; ad by Samsung features&nbsp;a person playing a broken&nbsp;guitar on a paint-covered industrial&nbsp;press, using a Samsung Galaxy&nbsp;Tab S9 to read sheet&nbsp;music. The ad concludes with a promotion of&nbsp;the tablet, displaying &#8220;with Galaxy AI.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/05/38814718/happy-40-zuckerberg-if-you-invested-1000-in-meta-platforms-stock-when-mark-zuckerberg-turned-30-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Happy 40, Zuckerberg! If You Invested $1000 In Meta Platforms Stock When Mark Zuckerberg Turned 30, Here&#8217;s How Much You&#8217;d Have</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We would never crush creativity. <a href="https://twitter.com/hashtag/UnCrush?src=hash&amp;ref_src=twsrc%5Etfw">#UnCrush</a> <a href="https://t.co/qvlUqbRlnE">pic.twitter.com/qvlUqbRlnE</a>
&mdash; Samsung Mobile US (@SamsungMobileUS) <a href="https://twitter.com/SamsungMobileUS/status/1790824457365594487?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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However, Samsung&#8217;s &#8220;UnCrush&#8221; ad has failed to resonate with the audience. The ad has been criticized for ignoring&nbsp;the foundation of the complaints&nbsp;about Apple&#8217;s &#8220;Crush&#8221; ad like the increased usage of artificial intelligence.
One person on X, formerly Twitter, said that Samsung overlooked the primary cause of the backlash as they boasted by Galaxy AI, triggering the ire of many creatives who believe AI is &#8220;crushing creative industries.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Samsung, you completely missed the main reason for the outrage against Apple's "Crush" ad &#x1f926;&#x1f3fc;&#x200d;&#x2642;&#xfe0f; In the last second of this commercial, you brag that it comes "with Galaxy AI&#x2728;" AI is the whole reason why many creatives are so upset—in their view, it's crushing creative industries. <a href="https://t.co/YFRfOKoe1X">https://t.co/YFRfOKoe1X</a>
&mdash; Josh Long (the JoshMeister) (@theJoshMeister) <a href="https://twitter.com/theJoshMeister/status/1790910622869369092?ref_src=twsrc%5Etfw">May 16, 2024</a></blockquote>
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Here&#8217;s how others reacted:
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">You think this will make people switch? I&#39;ve got some swamp land in Florida I&#39;d like to sell you.
&mdash; Will It Work? (@BasicInteger) <a href="https://twitter.com/BasicInteger/status/1790908203351343215?ref_src=twsrc%5Etfw">May 16, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Samsung&#39;s inspiration lies in Apple&#39;s creativity &#x1f60e;
&mdash; Breej (@thetech_wiz) <a href="https://twitter.com/thetech_wiz/status/1790893366894546958?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Apple still living in Samsung&#39;s head rent free.
&mdash; jean (@jeanbutinfrench) <a href="https://twitter.com/jeanbutinfrench/status/1790895369238274084?ref_src=twsrc%5Etfw">May 16, 2024</a></blockquote>
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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: Competitors, particularly Samsung, have a history of criticizing Apple. Interestingly, they often end up adopting the very features they mock in their ads, as seen with Samsung eventually embracing the notch.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;Imagine still having a notch in 2021.&quot; &#8211; <a href="https://twitter.com/hashtag/GalaxyZFold3?src=hash&amp;ref_src=twsrc%5Etfw">#GalaxyZFold3</a> 5G
&mdash; Samsung Mobile US (@SamsungMobileUS) <a href="https://twitter.com/SamsungMobileUS/status/1437844739794083857?ref_src=twsrc%5Etfw">September 14, 2021</a></blockquote>
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Apple&#8217;s &#8216;Crush&#8217; ad, which was unveiled during the launch of the new iPad, was&nbsp;criticized for its portrayal&nbsp;of creative tools being crushed and replaced by the new iPad. The ad was seen as a symbol of Apple&#8217;s power and the potential replacement of human creativity by AI.
The tech giant later <a href="https://www.benzinga.com/news/24/05/38751398/apple-says-sorry-and-pulls-controversial-ipad-pro-crush-ad-from-tv-we-missed-the-mark-with-this-vide">issued an apology for the same</a> saying, &#8220;Our goal is to always celebrate the myriad of ways users express themselves and bring their ideas to life through iPad. We missed the mark with this video, and we&#8217;re sorry.&#8221;
Photo Courtesy: Unsplash
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/general/entertainment/24/05/38840134/competition-for-disney-comcast-to-offer-streaming-bundle-of-apple-tv-netflix-peacock-at-vas?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Competition For Disney? Comcast To Offer Streaming Bundle Of Apple TV+, Netflix, Peacock At &#8216;Vastly Reduced&#8217; Price</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.

Tech

AAPL

SSNLF

Samsung's 'UnCrush' Ad Mocking Apple Invites Barrage Of Criticism Online: 'You Think This Will Make People Switch?'

Rep. Thomas Massie (R-Ky.), is seeking public opinion on whether he should propose a bill to abolish the Federal Reserve. The majority of his followers on X, formerly Twitter, voted in favor of the move.
What Happened: On Wednesday, Massie asked his nearly 780,000 followers on X if he should introduce a bill to abolish the Federal Reserve. An overwhelming 87.4% of 97,987 voters were in favor of abolishing the Federal Reserve, while only 2.5% voted to keep it.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Should I introduce a bill to abolish the Federal Reserve?
&mdash; Thomas Massie (@RepThomasMassie) <a href="https://twitter.com/RepThomasMassie/status/1790717269162561600?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/05/38836381/anthony-scaramucci-says-trump-may-campaign-with-ankle-bracelet-from-mar-a-lago-as-former-white-house?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Trump May Campaign With Ankle Bracelet From Mar-A-Lago As Former White House Aide</a>
The proposition comes amidst a backdrop of recent economic developments. The U.S. inflation data for April came in line with analyst estimates, breaking a three-month streak of higher-than-expected readings. This reignited hopes for a return to the Federal Reserve's 2% inflation target.
Why It Matters: Massie&#8217;s poll comes on the heels of his recent alliance with Rep. Marjorie Taylor Greene (R-Ga.) in her <a href="https://www.benzinga.com/news/24/04/38284071/marjorie-taylor-greene-bid-to-oust-speaker-mike-johnson-joined-by-thomas-massie-its-a-clusterf-k">campaign to unseat</a> House Speaker Mike Johnson (R-La.).
On Wednesday, the Consumer Price Index showed a <a href="https://www.benzinga.com/markets/equities/24/05/38842603/us-inflation-falls-as-expected-in-april-bolsters-fed-rate-cut-bets">year-over-year increase</a> of 3.4% last month. This news, along with slowing price pressures and weaker-than-expected consumer spending.
Data showed that prices of gasoline rose nearly 2.8% in April, a pace quicker than April&#8217;s 1.5% rise. Excluding energy and food, the core CPI inflation eased from 3.8% to 3.6% year-over-year, according to the report.
Meanwhile, Federal Reserve Chair Jerome Powell indicated that <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38840668/gold-bull-peter-schiff-says-inflation-headed-far-higher-as-powell-refuses-to-acknow">interest rates may remain higher</a> for longer but reassured that the next rate increase is unlikely. Economist Peter Schiff criticized Powell for not acknowledging that the Fed&#8217;s easy monetary policy during the pandemic caused the current inflation problem, suggesting inflation may rise further due to repeated policy mistakes.
Photo via Shutterstock.
Read Next: <a href="https://www.benzinga.com/general/politics/24/05/38794046/michael-cohen-says-he-never-wanted-to-go-into-law-was-offered-375k-to-work-for-donald-trump-goin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Cohen Says He Never Wanted To Go Into Law, Was Offered $375K To Work For Donald Trump: &#8216;Going To Be A Lot Of Women Coming Forward&#8217;</a>
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Politics

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Marjorie Taylor Greene Ally Thomas Massie Polls X Users On Whether He Should Introduce A Bill To Abolish The Federal Reserve — Receives Overwhelming Support

The stock market rally for 2024 has reached its peak, according to Goldman Sachs. The firm&#8217;s chief U.S. equity strategist, David Kostin, has predicted a flat return for the S&amp;P 500 for the remainder of the year.
What Happened: Kostin mentioned in an interview with Bloomberg TV that there is no economic, valuation, or earnings rationale for additional upside. The S&amp;P 500 has already surpassed Goldman&#8217;s year-end target of 5,200.
This suggests &#8220;a flat return from now till the end of the year,&#8221; Kostin said, leaving open the possibility for a change in forecast if variables change.
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Goldman&#8217;s team currently projects real GDP growth of just under 3% and earnings growth of about 8%. However, valuations are currently high and unlikely to boost stocks further. 
&#8220;They&#8217;re at an index level basis almost 21 times earnings. So the probability of a multiple expansion, while possible, is less probable,&#8221; Kostin said. &#8220;The idea of earnings being much greater than we&#8217;re assuming we think is pretty low.&#8221;
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/38807245/big-short-fame-investor-expects-elon-musks-tesla-shares-to-plunge-70-people-are-going-to-start-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Big Short&#8217; Fame Investor Expects Elon Musk&#8217;s Tesla Shares To Plunge 70%: &#8216;People Are Going To Start To Lose Patience&#8217;</a>
Despite this, Kostin hasn&#8217;t entirely dismissed the possibility of a bullish turnaround. He noted that if the Federal Reserve has to cut interest rates more dramatically than assumed, this could lead to more upside. However, Goldman&#8217;s base case still considers two cuts as the most likely scenario for this year.
Why It Matters: Recently, the stock market showed a <a href="https://www.benzinga.com/news/24/05/38836638/stock-market-flashes-bullish-signal-bank-of-america-predicts-record-highs-this-summer">bullish signal</a>, with the S&amp;P 500 and the NYSE advance-decline lines hitting new all-time highs. This was seen as a leading indicator by technical analysts. However, Kostin&#8217;s recent comments suggest that this bullish trend may not continue.
Meanwhile, Mohamed El-Erian, the Chief Economic Advisor at Allianz, has suggested that the latest inflation data could prompt the U.S. Federal Reserve to consider an earlier <a href="https://www.benzinga.com/news/24/05/38862552/mohamed-el-erian-says-bond-and-equity-prices-getting-a-boost-after-softer-than-expected-headline-cpi">interest rate cut</a>, potentially boosting bond and equity prices. This could be a factor in the stock market&#8217;s future performance.
Additionally, investment strategist Ed Yardeni has warned that the Fed&#8217;s potential monetary easing through interest rate cuts could lead to a <a href="https://www.benzinga.com/news/24/05/38720656/feds-rate-cut-could-trigger-stock-market-melt-up-warns-investment-strategist">stock market melt-up</a>, potentially propelling the S&amp;P 500 to record highs by the year&#8217;s end. 
Read Next: <a href="https://www.benzinga.com/government/24/05/38781945/chuck-schumer-says-trump-might-be-hosting-dinners-for-big-oil-execs-but-ftc-should-side-with-consume?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chuck Schumer Says Trump Might Be &#8216;Hosting Dinners For Big Oil Execs&#8217; But FTC Should Side With Consumers On $53B Chevron-Hess Merger</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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Equities

Stock Market Rally For 2024 Has Peaked, Goldman Sachs Forecasts 'Flat Return From Now Till The End Of The Year'

Floki (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">FLOKI</a>) extended its winning streak Wednesday, notching up impressive gains on the price charts and ranking high on social interactions.&nbsp;
What Happened: The memecoin, named after Tesla and Space X CEO Elon Musk&#8217;s Shiba Inu dog, bagged the 1st spot on LunarCrush AltRank&#x2122;–a social analytics platform that evaluates cryptocurrencies based on social activity and market performance. 
The asset was ranking higher than bigger and more popular coins like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f977;Cryptocurrencies &#x2734;&#xFE0F;Trending social activity &#x2734;&#xFE0F;Leading market performance Floki <a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FLOKI</a> Fetch <a href="https://twitter.com/search?q=%24FET&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FET</a> THORChain <a href="https://twitter.com/search?q=%24RUNE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RUNE</a> Jupiter <a href="https://twitter.com/search?q=%24JUP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$JUP</a> Stacks <a href="https://twitter.com/search?q=%24STX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$STX</a> Arweave <a href="https://twitter.com/search?q=%24AR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AR</a> BOOK OF MEME <a href="https://twitter.com/search?q=%24BOME&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BOME</a> Solana <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> Avalanche <a href="https://twitter.com/search?q=%24AVAX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AVAX</a> Shiba Inu <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> View social and market data on all coins at… <a href="https://t.co/DDgFa62hC7">pic.twitter.com/DDgFa62hC7</a>
&mdash; LunarCrush (@LunarCrush) <a href="https://twitter.com/LunarCrush/status/1790870141745643776?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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FLOKI clocked double-digit gains in the last 24 hours, and more than 23% over the week, emerging as one of the best performers in the cryptocurrency market.
Apart from the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38862693/bitcoin-ethereum-dogecoin-see-long-sought-relief-rally-on-favorable-inflation-data-numbers">broader bullish sentiment</a> in the sphere, the dog-themed token reacted to the passage of the proposal to burn nearly 15.24 billion FLOKIs with an overwhelming majority. The Floki DAO said that all the tokens would be burned within a week, potentially leading to more upward pressure.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">IT&#39;S OFFICIAL: FLOKI DAO PASSES VOTE TO BURN 15,246,000,000 FLOKI TOKENS The <a href="https://twitter.com/hashtag/Floki?src=hash&amp;ref_src=twsrc%5Etfw">#Floki</a> DAO has voted in favor of burning 15,246,000,000 <a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FLOKI</a> tokens, with an overwhelming majority of 99.84% voting in favor of the burn. In line with the decision of the Floki DAO, the tokens will… <a href="https://t.co/zrnytjJ6N2">https://t.co/zrnytjJ6N2</a> <a href="https://t.co/TGRA8hzVj4">pic.twitter.com/TGRA8hzVj4</a>
&mdash; FLOKI (@RealFlokiInu) <a href="https://twitter.com/RealFlokiInu/status/1790835679364006220?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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Why It Matters: FLOKI's outperformance signaled the emergence of another memecoin, which remained subdued during much of 2023. Conversely, it has grown 6X year-to-date.&nbsp;
A popular cryptocurrency trader who goes by the alias Captain Faibik, projected a 180–200% bullish rally for the coin up to $0.000366, noting that it has already begun its ascent.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24FLOKI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$FLOKI</a> <a href="https://twitter.com/hashtag/FLOKI?src=hash&amp;ref_src=twsrc%5Etfw">#FLOKI</a> +20% &#x1f4c8; <a href="https://t.co/1lIVNuMKcn">https://t.co/1lIVNuMKcn</a> <a href="https://t.co/Gbe99tdcP0">pic.twitter.com/Gbe99tdcP0</a>
&mdash; Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1790730124175757712?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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Price Action: At the time of writing, FLOKI was exchanging hands at $0.0002161, following a 12% surge in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38852755/dogecoin-layer-2-developments-boost-trader-outlooks-worth-keeping-an-eye-on-here">Dogecoin Layer-2 Developments Boost Trader Outlooks: &#8216;Worth Keeping An Eye On Here&#8217;</a>

$FLOKI

$SHIB

$SOL

Floki Surpasses Heavyweights Shiba Inu And Solana In Popularity, Emerges As Market's Largest Gainer — Analyst Hopeful Of A 180-200% Bullish Rally

The future of NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock might not be as promising as its recent performance suggests, according to a prominent analyst.
What Happened: DA Davidson analyst Gil Luria has cautioned that Nvidia&#8217;s stock might not be able to sustain its meteoric rise due to a potential decline in demand for its GPUs, according to an <a href="https://www.bnnbloomberg.ca/investing/video/i-m-worried-about-nvidia-in-the-long-term-demand-decline-may-be-inevitable-analyst~2921599">interview</a> on BNN Bloomberg.
Luria predicts that Nvidia&#8217;s profits for the last quarter will exceed $25 billion. However, he foresees a long-term decline for the chipmaker as it faces increasing competition, even from its own major customers.
&#8220;The reason we&#8217;re not quite as bullish as everybody else is we&#8217;re looking at the horizon. What&#8217;s going to happen next year? What&#8217;s going to happen in 2026? We think there&#8217;s accumulating more and more evidence this can&#8217;t continue,&#8221; Luria said. &#8220;Whenever one company extracts this much profit out of the market, competition does come in, and in Nvidia&#8217;s case, it&#8217;s coming in from its customers.&nbsp;
He noted that the majority of Nvidia&#8217;s business comes from its five largest customers, including Amazon, Meta, Microsoft, Alphabet, and Tesla, all of which are also major players in the AI sector. These firms are reportedly developing their own AI chips, posing a potential threat to Nvidia&#8217;s future.
Luria also pointed out that despite some customers stockpiling Nvidia&#8217;s GPUs, demand is likely to taper off eventually, leading to a decline in revenue. This could catch investors off guard, potentially resulting in a significant drop in the stock price.
See Also: <a href="https://www.benzinga.com/news/24/05/38781510/redditors-predict-economic-doom-brace-for-us-collapse-only-time-will-tell-how-bad-it-will-truly-get?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Redditors Predict Economic Doom, Brace For US Collapse: &#8216;Only Time Will Tell How Bad It Will Truly Get&#8217;</a>
Why It Matters: The warning from Luria comes at a time when Nvidia&#8217;s stock has been the subject of much discussion. The company&#8217;s stock has been on a remarkable rise, with a 240% surge in 2023 and an additional 80% increase in 2024. 
This has led to a debate among investors on whether to buy now or wait for a potential drop in the stock price. The recent performance of Nvidia&#8217;s stock has sparked a debate among fund managers. Some, like Trent Masters, a portfolio manager at Alphinity Investment Management, suggest that the <a href="https://www.benzinga.com/markets/equities/24/05/38781377/is-now-the-right-time-to-invest-in-nvidia-fund-managers-are-split-one-of-the-hardest-things-ive-">stock is still a good buy</a> despite its significant rise. He points to the chipmaker&#8217;s strong market share and sustainable earnings as reasons for his bullish stance.
On the other hand, Luria&#8217;s warning is not the only one to have been issued recently. Chinese regulators have reportedly instructed <a href="https://www.benzinga.com/government/24/05/38793179/nvidia-in-spotlight-as-chinese-tech-giants-push-for-domestic-ai-solutions">local tech firms</a>, including TikTok parent ByteDance, Tencent Holding Ltd, Alibaba Group Holding Limited, and Baidu Inc, to reduce their consumption of Nvidia&#8217;s AI chips and invest in more domestically made AI chips instead. This could potentially impact Nvidia&#8217;s future business in China.
However, not all analysts share Luria&#8217;s caution. HSBC Global Research recently maintained <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38798378/hsbc-analyst-sees-nvidia-stock-climbing-another-50-on-strong-pricing-power-ai-roadm">Nvidia with a Buy rating</a> and lifted its 12-month price target, suggesting that the chipmaker&#8217;s strong pricing power will allow it to continue delivering upside surprises through fiscal-year 2026.
Despite the warnings, some analysts remain optimistic about Nvidia&#8217;s future. KeyBanc analyst John Vinh maintained an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38854520/nvidias-new-blackwell-gpus-expected-to-boost-future-revenues-analyst-forecasts">Overweight rating on Nvidia</a> and a price target of $1,200, expecting Nvidia to report fiscal first-quarter results and second-quarter guidance meaningfully above expectations.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38807245/big-short-fame-investor-expects-elon-musks-tesla-shares-to-plunge-70-people-are-going-to-start-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Big Short&#8217; Fame Investor Expects Elon Musk&#8217;s Tesla Shares To Plunge 70%: &#8216;People Are Going To Start To Lose Patience&#8217;</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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Analyst Ratings

NVDA

Nvidia Stock Faces Decline In Coming Years As AI Chip Demand Softens, Warns Analyst: 'We're Looking At The Horizon'

To prioritize streaming services,&nbsp;Walt Disney Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) has significantly reduced its investment in traditional television networks, CEO&nbsp;Bob Iger&nbsp;revealed on Wednesday.
What Happened: Speaking at Moffett Nathanson&#8217;s 2024 Media, Internet,&nbsp;and Communications Conference in New&nbsp;York, Iger said that conventional mediums like ABC will continue to function as vital marketing avenues. They will enable the engagement of older audiences who aren&#8217;t tuning into series like &#8220;Abbott Elementary&#8221; on Disney&#8217;s streaming services, reported Reuters. 
However, the company has reduced &#8220;pretty dramatically our investment in content specifically aimed at those traditional networks.&#8221;
&#8220;We feel comfortable with our hand right now, because we're using those networks efficiently and effectively,&#8221; he stated. 
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38789719/beating-us-sanctions-chinese-scientists-achieve-mass-production-of-optical-chips-at-low-cost?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Beating US Sanctions, Chinese Scientists Achieve Mass Production Of Optical Chips At Low Cost</a>
Shows such as &#8220;Abbott Elementary&#8221; and &#8220;Grey&#8217;s Anatomy&#8221; are swiftly moved&nbsp;to Disney&#8217;s Hulu streaming service,&nbsp;where they attract a younger&nbsp;audience. This strategy allows Disney to spread costs across platforms, according to Iger.
&#8220;We&#8217;re basically aggregating greater audience, and we&#8217;re amortizing costs and we&#8217;re using the marketing of the traditional network, really, to help in some cases,&#8221; he said, adding, &#8220;We&#8217;re doing that across the board, Disney Channel, ABC, National Geographic, and it&#8217;s working.&#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: <a href="https://www.benzinga.com/news/earnings/24/05/38669929/walt-disney-q2-earnings-profit-beat-moderating-parks-growth-password-sharing-crackdown-and-more">Disney&#8217;s second-quarter earnings</a> showed a 1% year-on-year revenue growth to $22.08 billion, slightly missing the consensus of $22.11 billion. The company&#8217;s entertainment revenue declined by 5% year-over-year to $9.8 billion, while sports revenue grew 2% year-over-year to $4.3 billion. 
During the earnings call, <a href="https://www.benzinga.com/general/entertainment/24/05/38689906/bob-iger-says-this-streaming-platform-is-the-gold-standard-praises-rival-for-cracking-down-">Iger announced a global crackdown</a> on password-sharing, citing&nbsp;Netflix Inc. as the &#8220;gold standard&#8221; in streaming. 
&#8220;We're heartened by the results that Netflix has delivered in their password-sharing initiative and believe that it will be one of the contributors to growth,&#8221; he said then, adding, &#8220;I think it's also important to note, Netflix is in many respects a gold standard when it comes to streaming.&#8221;
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/24/05/38781739/elon-musk-says-not-trying-to-win-anything-after-australia-lifts-temporary-ban-on-x?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says &#8216;Not Trying To Win Anything&#8217; After Australia Lifts Temporary Ban On X</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.

Entertainment

Media

NFLX

Bob Iger Says Disney Slashed Traditional TV Spending 'Pretty Dramatically' As Streaming Takes Center Stage: 'Feel Comfortable With Our Hand Right Now…'

Major U.S. indices surged on Wednesday, with the Dow Jones Industrial Average climbing 0.9% to 39,908, the S&amp;P 500 increasing almost 1.2% to 5,308.15, and the Nasdaq rising 1.4% to 16,742.39.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
NVIDIA shares closed up 3.58% at $946.30. The stock&#8217;s intraday high was $948.62 and low was $915.99. The 52-week high and low are $974 and $288.32 respectively. A recent collaboration between NVIDIA and academic researchers has been <a href="https://www.benzinga.com/markets/equities/24/05/38851428/whats-going-on-with-nvidia-stock-today">training robots for surgery</a>, which has garnered attention.
MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>)
MicroStrategy shares soared 15.86% to close at $1503.47. The stock&#8217;s intraday high was $1520.34 and low was $1351.09. The 52-week high and low are $1999.99 and $266 respectively. The company&#8217;s shares traded higher amid a <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38848026/whats-going-on-with-microstrategy-stock">rise in the price</a> of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
See Also: <a href="https://www.benzinga.com/news/24/05/38781510/redditors-predict-economic-doom-brace-for-us-collapse-only-time-will-tell-how-bad-it-will-truly-get?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Redditors Predict Economic Doom, Brace For US Collapse: &#8216;Only Time Will Tell How Bad It Will Truly Get&#8217;</a>
Cisco Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>)
Cisco shares rose 1.47% to close at $49.67. The stock&#8217;s intraday high was $49.73 and low was $48.73. The 52-week high and low are $58.19 and $45.7 respectively. The company reported <a href="https://www.benzinga.com/news/earnings/24/05/38857365/cisco-q3-earnings-revenue-beat-eps-beat-splunk-tailwinds-stabilization-of-demand-and-more">financial results for the third quarter</a> of fiscal 2024, beating consensus estimates of $12.53 billion as revenue came in at $12.7 billion.
Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>)
Chubb shares closed down 0.08% at $252.97. The stock&#8217;s intraday high was $253.72 and low was $251.99. The 52-week high and low are $260.58 and $183.71 respectively. The company&#8217;s shares traded higher after Berkshire Hathaway <a href="https://www.benzinga.com/news/24/05/38859697/chubb-stock-climbs-after-berkshire-hathaway-purchases-shares">purchased shares of the stock</a>.
Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla shares fell 2.01% to close at $173.99. The stock&#8217;s intraday high was $180 and its low was $173.11. The 52-week high and low are $299.29 and $138.8 respectively. The electric vehicle leader lost its position as the <a href="https://www.benzinga.com/short-sellers/24/05/38858945/tesla-loses-most-crowded-short-stock-crown-to-this-oil-giant">most crowded short stock</a> after three straight months.
Photo by WHYFRAME on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/news/24/05/38846223/elon-musk-fired-supercharger-chief-rebecca-tinucci-and-her-entire-team-after-she-refused-to-lay-off?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Fired Supercharger Chief Rebecca Tinucci And Her Entire Team After She Refused To Lay Off More Workers Than Planned: Report</a>
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 Benzinga Neuro, Edited by 
 
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 Shivdeep Dhaliwal</a> 
 
 
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 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
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$BTC

CSCO

MSTR

TSLA

Nvidia, MicroStrategy, Cisco, Chubb, Tesla: Why These 5 Stocks Are On Investors' Radars Today

OpenAI&#8216;s chief scientist Ilya Sutskever, who <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">announced departure from his post</a> on Wednesday, might now be heading to Elon Musk&#8217;s xAI, according to Deepwater Asset Management&#8216;s managing partner, Gene Munster.
What Happened: Munster took to X, formerly Twitter, and suggested that Sutskever&#8217;s departure from OpenAI could lead him to Musk&#8217;s xAI. He pointed out that Sutskever had already planned his next move and expressed excitement about a project that is personally significant to him.
&#8220;My sense is the writing was on the wall since Nov-23 when Ilya regrettably recommended the board remove Sam Altman. Despite that misstep, he is still one of the world&#8217;s greatest AI talents,&#8221; Munster stated. 
He added, &#8220;My sense is there&#8217;s a 60% chance he ends up at xAI. Elon&#8217;s determined to advance Grok, his &#8216;truth seeking&#8217; foundation model, and needs world-class talent. The question is; is building a truth-seeking model &#8216;personally meaningful&#8217; to Ilya? I don't know the answer,&#8221; Munster wrote.
See Also: <a href="https://www.benzinga.com/news/24/05/38809935/openai-just-dropped-gpt-4o-and-these-10-examples-show-it-could-completely-change-ai-chatbot-game?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI Just Dropped GPT-4o And These 10 Examples Show It Could Completely Change AI Chatbot Game</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Ilya Sutskever to xAI? OpenAI&#39;s Chief Scientist Ilya Sutskever is leaving the company. My sense is the writing was on the wall since Nov-23 when Ilya regrettably recommended the board remove Sam Altman. Despite that misstep, he is still one of the world&#39;s greatest AI talents.…
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1790755388821774710?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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OpenAI CEO Sam Altman also reacted to Sutskever leaving the company saying that it&#8217;s &#8220;very sad.&#8221; On the other hand, Musk replied to a meme video making fun of Altman&#8217;s mixed feelings about Sutskever&#8217;s departure, showing that he doesn&#8217;t believe that the OpenAI CEO is sad.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f3af;&#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1790776224832512445?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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Why It Matters: Sutskever&#8217;s departure from OpenAI comes after a series of significant events at the artificial intelligence giant. Last year in November, amidst a rebellion by its staff and top executives, Sutskever <a href="https://www.benzinga.com/news/23/11/35872963/deeply-regret-my-participation-openais-chief-scientist-who-voted-to-oust-altman-vows-to-reunite-the">led OpenAI&#8217;s board in firing</a> CEO Altman and removing Greg Brockman as the company&#8217;s president. 
He later expressed regret for his actions and vowed to reunite the company. &#8220;I deeply regret my participation in the board's actions. I never intended to harm OpenAI,&#8221; Sutskever said at the time. 
His departure also led to Musk recalling how he holds <a href="https://www.benzinga.com/news/24/05/38849496/elon-musk-recalls-breaking-friendship-with-googles-larry-page-over-ilya-sutskever-linchpin-for-opena">Sutskever in such high regard</a> that he broke his friendship with Alphabet Inc.&#8216;s co-founder Larry Page over it. That being said, the Tesla CEO did not give any direct answer to users asking him to hire Sutskever. 
Musk co-founded OpenAI in 2015 and subsequently left it in 2018 over a difference of opinion about the company&#8217;s leadership. The <a href="https://www.benzinga.com/news/24/03/37415380/elon-musk-sues-sam-altman-and-openai-for-refining-agi-to-maximize-profits-for-microsoft-stark-betray">tech mogul filed a lawsuit against</a> the company and its CEO in March earlier this year, alleging that OpenAI betrayed its &#8220;Founding Agreement.&#8221;
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/24/05/38789719/beating-us-sanctions-chinese-scientists-achieve-mass-production-of-optical-chips-at-low-cost?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Beating US Sanctions, Chinese Scientists Achieve Mass Production Of Optical Chips At Low Cost</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.

OpenAI Chief Scientist That Quit Months After Participating In Coup Against Sam Altman, Likely To Join Elon Musk's xAI, Says Gene Munster: 'There's A 60% Chance'

The cryptocurrency market ushered in a strong rally Wednesday, following lower-than-expected retail inflation data.&nbsp;
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<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+7.37%</td>
<td>$66,241.50</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>+4.86%</td>
<td>$3,029.94</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>+7.91%</td>
<td>$0.1555</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin soared past $66,000 for the first time in three weeks, lifting more than 7% in the last 24 hours. The second-largest cryptocurrency, Ethereum, followed suit, breaking $3,000 following gains of nearly 5%.
The rally brought commotion to the market, triggering liquidations worth more than $150 million in the last 24 hours. Short liquidations surged past $110 million.
The surge boosted speculative interest, with Open Interest for Bitcoin Futures reaching a one-month high of $32 billion, an 8.64% gain in the last 24 hours.
The market rallied as monthly inflation in the U.S. grew 0.3% from March, below analysts' estimates of 0.4%, according to data released by the Bureau of Labor Statistics. The softer-than-expected numbers raised expectations of easing monetary policy, resulting in increased capital inflows in the risk-on markets.
Top Gainer (24 Hour)
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<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Floki (FLOKI)</td>
<td>+9.53%</td>
<td>$0.0002103</td>
</tr>
<tr>
<td>Lido DAO (LDO)</td>
<td>+6.81%</td>
<td>$0.00001133</td>
</tr>
<tr>
<td>Arweave (AR)</td>
<td>+5.43%</td>
<td>$41.10</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market cap stands at $2.39 trillion, expanding 6.56% in the past 24 hours.
The stock market reacted with the same fervor, reaching record highs on Wednesday. The S&amp;P 500 breached 5,300 for the first time, ending at 5,308.15 following a 1.17% uptick. The Dow Jones Industrial Average gained 349.89 points, or 0.88%, to close at 39,908.00, while the tech-heavy Nasdaq Composite also ended at a record high of 16,742.39, gaining 1.4% during the trading session.
U.S. Treasury yields sank lower, with the rate on the 10-year note dropping by 3 basis points to 4.323%, providing a further boost to the stocks.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular cryptocurrency analyst Kevin highlighted Bitcoin's falling wedge/bull flag pattern, predicting the next target as $68,000–$69,0000, a level that could offer significant resistance.
"Looking good thanks to the solid macro data we got the last two days from last month&#8217;s inflation revisions to Core CPI today," the analyst remarked.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Update on the <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> falling wedge/bull flag that we have been tracking. If we hold this breakout the next expected targets are 68K-69K which will be big resistance. Looking good thanks to the solid macro data we got the last two days from last months inflation revisions to Core… <a href="https://t.co/iGmswZLKTT">https://t.co/iGmswZLKTT</a> <a href="https://t.co/W0uzs8TdUd">pic.twitter.com/W0uzs8TdUd</a>
&mdash; Kevin (@Kev_Capital_TA) <a href="https://twitter.com/Kev_Capital_TA/status/1790785142765625506?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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Another noted technical analyst, Rekt Capital, discussed the beginning of the altcoin market&#8217;s bottom, which might lead to an altcoin season that traders have long sought.
"Whether Altcoins start bottoming now in mid-May or a little later in end of May, early June&#8230;The window for Altcoin bottoming has just begun."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ALTS&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ALTS</a> Like clockwork We&#39;re already starting to see a market-wide recovery literally in mid-May Whether Altcoins start bottoming now in mid-May or a little later in end of May, early June&#8230; The window for Altcoin bottoming has just begun<a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/JA8JQ48zr1">https://t.co/JA8JQ48zr1</a> <a href="https://t.co/hEA7Atu0fD">pic.twitter.com/hEA7Atu0fD</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1790845377802834411?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
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Photo by Matt Benzero on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38840285/spot-bitcoin-etfs-see-100m-inflows-on-wednesday-amid-institutional-adoption">Spot Bitcoin ETFs See $100M Inflows On Wednesday Amid Institutional Adoption</a>

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Bitcoin, Ethereum, Dogecoin See Long-Sought Relief Rally On Favorable Inflation Data Numbers: Analyst Forecasts $68K-$69K As Next Test For King Crypto

In the ongoing criminal trial against former President Donald Trump, his ex-personal attorney Michael Cohen is reportedly set to testify once more.
What Happened: Cohen will face cross-examination by Trump&#8217;s defense attorney on Thursday. Cohen, the last witness for the prosecution, had previously testified about his change of allegiance against Trump in 2018 and his wish for Trump&#8217;s conviction, <a href="https://www.voanews.com/a/cohen-to-testify-again-at-trump-s-criminal-trial/7613823.html">reported</a> Voice Of America News.
Trump&#8217;s defense lawyer, Todd Blanche, has cast doubt on the reliability of Cohen&#8217;s testimony, citing his apparent fixation on Trump, which includes profiting from anti-Trump merchandise and books. Blanche aims to expose Cohen&#8217;s hostility towards the former president through his line of questioning.
Cohen has confessed to earning $3.4 million in royalties from two Trump-related books and selling anti-Trump items on his website. He also hosts a podcast where he regularly criticizes Trump.
Blanche has challenged Cohen&#8217;s selective memory, pointing out his ability to remember damaging conversations with Trump from 2016, but not recent interactions with prosecutors. Cohen, however, maintains that he remembers all phone conversations with Trump.
Trump is facing 34 charges and could be sentenced to up to four years in prison if convicted. The charges include falsifying business records at his Trump Organization to conceal a $130,000 reimbursement to Cohen in 2017.
See Also: <a href="https://www.benzinga.com/general/politics/24/05/38794046/michael-cohen-says-he-never-wanted-to-go-into-law-was-offered-375k-to-work-for-donald-trump-goin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Cohen Says He Never Wanted To Go Into Law, Was Offered $375K To Work For Donald Trump: &#8216;Going To Be A Lot Of Women Coming Forward&#8217;</a>
Why It Matters: Cohen&#8217;s testimony has been a significant part of the trial. He has <a href="https://www.benzinga.com/general/politics/24/05/38832464/michael-cohen-says-he-was-knee-deep-into-the-cult-of-donald-trump-when-he-admired-lied-for-forme">admitted to lying multiple times</a> to protect Trump and has facilitated payments between Trump and several parties to maintain their silence.
His testimony has been <a href="https://www.benzinga.com/news/24/05/38844560/michael-cohen-remarkably-good-at-ny-hush-money-trial-says-ex-doj-attorney-slams-defenses-beyond-thin">praised by political experts</a> and former Department of Justice Attorney Andrew Weissmann, who called Cohen&#8217;s performance &#8220;remarkably good&#8221; and criticized the defense&#8217;s cross-examination as &#8220;beyond thin-skinned, rude.&#8221;
Trump has <a href="https://www.benzinga.com/news/24/05/38805336/trump-slams-judge-defends-actions-following-michael-cohens-testimony-in-hush-money-trial-really-a-ve">publicly criticized</a> the judge presiding over the case, calling it a &#8220;very sad day for the country.&#8221;
Photo Courtesy: Shutterstock.com
Read Next: <a href="https://www.benzinga.com/general/politics/24/05/38804590/trump-vs-biden-new-swing-state-poll-reveals-winner-one-key-2024-election-issue-could-influence-r?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: New Swing State Poll Reveals Winner, One Key 2024 Election Issue Could Influence Result</a>
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Michael Cohen, Whose Testimony Attracted Praises By Experts, Set To Appear Again In Trump Hush Money Case

Mohamed El-Erian, the Chief Economic Advisor at Allianz, suggested that the latest inflation data could prompt the U.S. Federal Reserve to consider an earlier interest rate cut, potentially boosting bond and equity prices.
What Happened: El-Erian took social media platform X, to share the latest U.S. inflation figures, indicating a potential shift in the Fed&#8217;s interest rate policy. 
&#8220;At 0.3%, the monthly increase in headline US CPI was better than the consensus forecast of 0.4%. The core measure was in line with the 0.3% forecast. These #inflation numbers and softer-than-expected retail sales data —unchanged for the headline measure and down 0.3% for the &#8220;control group&#8221;—are fueling hopes for an earlier interest rate cut by the #FederalReserve, thereby boosting bond and equity prices,&#8221; El-Erian&#8217;s post read.
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">At 0.3%, the monthly increase in headline US CPI was better than the consensus forecast of 0.4%. The core measure was in line with the 0.3% forecast. These <a href="https://twitter.com/hashtag/inflation?src=hash&amp;ref_src=twsrc%5Etfw">#inflation</a> numbers and softer-than-expected retail sales data —unchanged for the headline measure and down 0.3% for the…
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1790756974021206130?ref_src=twsrc%5Etfw">May 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38818809/meme-stock-surge-bothers-former-sec-chair-as-gamestop-amc-shares-rise-nearly-80-on-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meme Stock Surge &#8216;Bothers&#8217; Former SEC Chair As GameStop, AMC Shares Rise Nearly 80% On Tuesday: &#8216;A Lot Closer To Gambling…Certainly Not Investing&#8217;</a>
Why It Matters: The latest inflation data has been a topic of keen interest, with <a href="https://www.benzinga.com/markets/equities/24/05/38842603/us-inflation-falls-as-expected-in-april-bolsters-fed-rate-cut-bets">April&#8217;s figures aligning with analyst estimates</a>, breaking a concerning three-month streak of higher-than-expected readings and reigniting hopes for a return to the Federal Reserve's 2% inflation target. This has led to speculation about a potential shift in the Fed&#8217;s interest rate policy, as hinted by El-Erian.
However, Fed Chair Jerome Powell has <a href="https://www.benzinga.com/markets/equities/24/05/38821976/fed-chair-powell-signals-patience-in-rate-policy-labels-producer-inflation-data-as-mixed">signaled patience in rate policy</a>, suggesting that the next move by the Fed would likely be to maintain the policy rate rather than increase it. This has added to the uncertainty surrounding the Fed&#8217;s future decisions.
While the potential for an earlier rate cut has sparked optimism in the bond and equity markets, it also reflects broader concerns about inflation and its impact on the economy. These concerns have been highlighted by El-Erian in a recent poll, where <a href="https://www.benzinga.com/news/24/05/38780665/mohamed-el-erian-highlights-voter-concerns-over-inflation-income-and-housing-costs-in-latest-poll-im">voter worries about inflation</a> were shown to be affecting President Joe Biden&#8216;s economic policy approval ratings.
Meanwhile, some Reddit users are increasingly predicting an <a href="https://www.benzinga.com/news/24/05/38781510/redditors-predict-economic-doom-brace-for-us-collapse-only-time-will-tell-how-bad-it-will-truly-get">economic collapse in the U.S.</a>, with some even preparing for a scenario similar to the Soviet Union's demise after the Cold War. The growing concern is being fueled by factors such as inflation, debt, and job market instability.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38836000/macro-guru-raoul-pal-says-fresh-gamestop-led-meme-stock-frenzy-has-nothing-to-do-wi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Macro Guru Raoul Pal Says Fresh GameStop-Led Meme Stock Frenzy Has Nothing To Do With Interest Rates: &#8216;Clock Is Ticking On The 25-40-Year-Olds&#8217;</a>
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Mohamed El-Erian Says Bond And Equity Prices Getting A Boost After Softer-Than-Expected Headline CPI Numbers And Fueling 'Hopes For An Earlier Interest Rate Cut'