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Rubrik Inc is a company that offers data security solutions to organizations ranging from the largest companies worldwide to mid-sized smaller customers. Its platform is architected to help organizations achieve cyber resilience, which encompasses cyber posture and cyber recovery. They enable organizations to confidently accelerate digital transformation and leverage the cloud to realize business agility.

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Rubrik (RBRK) has a potential for long-term growth in the backup and recovery market, analysts say, initiating coverage with bullish ratings.  

&#39;Well-Positioned&#39; Rubrik Faces $34-Billion Cybersecurity Opportunity: 2 Analysts Bullish After IPO

Rubrik Inc

The Chinese authorities have banned a prominent social media influencer nicknamed &#8220;China's Kim Kardashian,&#8221; sparking a debate on the Xi Jinping-led government&#8217;s <a href="https://www.benzinga.com/news/23/10/35388541/chinas-twitter-like-social-media-weibo-pulls-the-mask-off-top-influencers-to-push-online-transparenc">control over online content</a>.
What Happened:&nbsp;Wang Hongquanxing, a social media influencer known for his extravagant lifestyle including expensive clothing and jewelry, has been banned from various Chinese social media platforms, <a href="https://www.ft.com/content/aa8f30f4-d3ef-4188-b64d-82bab354f187">reported</a> Financial Times. 
The sudden online disappearance this week of Wang, who once claimed he never left home in jewelry and clothes worth less than Rmb10mn ($1.4mn), is part of the government's latest effort to assert control over <a href="https://www.benzinga.com/markets/asia/24/05/38956682/chatgpt-meet-xigpt-china-unveils-new-ai-model-that-speaks-xi-jinpings-thoughts-spouts-official-party">China's dynamic social media landscape</a>.
Wang, along with several other influencers, has been banned from platforms such as&nbsp;Weibo,&nbsp;Douyin, and&nbsp;Xiaohongshu. Their profile pages have been declared inaccessible due to &#8220;violation of self-discipline&#8221; rules.
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&#8220;This is a highly visible spectacle that reminds people of the authority's power,&#8221; said Carwyn Morris, assistant professor of digital China at Leiden University, adding, &#8220;It is likely that many people do see this sort of content as vulgar, particularly during an economic slowdown.&#8221; 
The campaign began in April when the Cyberspace Administration of China, the internet watchdog, announced plans to curb behaviors such as &#8220;deliberately showcasing a lavish lifestyle built on wealth.&#8221;
&#8220;Once materialism starts spreading, it can have a bad influence on teenagers . . . Hence this trend of luxury on the internet needs to be stopped,&#8221; state media Beijing News wrote on Wednesday.
Why It Matters: Beijing&#8217;s efforts to regulate social media influencers date back to at least 2012, when it shut down the accounts of prominent opinion leaders, according to Luwei Rose Luqiu, an associate professor at Hong Kong Baptist University.
&#8220;The focus has shifted to grassroots internet celebrities . . . to strengthen control of the internet due to the concern about losing the ability to control public opinion and the behavior of the people,&#8221; Luqiu stated.
The latest crackdown has also elicited mixed reactions, with some praising influencers like Wang—a charity sponsor admired for his candid style—while others criticize them.
One person commented, &#8220;Internet celebrities are already pretty boring, and flaunting wealth just makes them even more annoying.&#8221; However, another opposed the development saying, &#8220;It's hilarious — it turns out [the government's] method for solving the wealth gap is to blindfold the poor so they can't see it.&#8221;
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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/24/05/39015642/elon-musk-finds-mrbeasts-survive-100-days-trapped-win-500k-challenge-impressive-great-show?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Finds MrBeast&#8217;s &#8216;Survive 100 Days Trapped, Win $500K&#8217; Challenge Impressive: &#8216;Great Show!&#8217;</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.

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China's 'Kim Kardashian' Banned From Social Media For Flaunting Wealth, Sparking Debate: 'Trend Of Luxury On The Internet Needs To Be Stopped'

California-based EV maker&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38694651/rivian-aims-to-churn-out-215k-evs-from-illinois-factory-with-r2-leading-charge-and-save-over-2b" rel="noreferrer noopener">Rivian Automotive, Inc.</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) is reducing prices on existing inventory in the United States and Canada to compete in the increasingly heated electric vehicle market. These discounts apply to&nbsp;both&nbsp;2023 and 2024 model year R1T and R1S vehicles.
Focus On Upgraded Features: Importantly, the discounts target optional upgrades like the drive system and battery pack, not the base price of the vehicle, Drive Tesla <a href="https://driveteslacanada.ca/news/rivian-slashes-prices-across-2023-and-2024-r1t-and-r1s-models-in-canada-and-the-us/" target="_blank" rel="noreferrer noopener">reported</a>.
Key&nbsp;US Price Reductions:
<ul>
<li>R1S:&nbsp;Quad-Motor upgrade: $6,000 (down from $8,000), Large battery: $7,100 (down from $9,100), Max battery: $15,100 (down from $19,100).</li>
<li>R1T:&nbsp;Performance Dual-Motor upgrade: Free (down from $5,000), Large battery: $5,100 (down from $9,100).</li>
<li>2024 R1T:&nbsp;Large battery: $3,100 (Dual-Motor), $5,100 (Performance Dual-Motor and Quad-Motor) (all down from $9,100).</li>
</ul>
Key&nbsp;Canadian Price Adjustments:
<ul>
<li>2023 R1T/R1S:&nbsp;Quad-Motor upgrade: C$8,000 (down from C$12,500).</li>
<li>2024 R1T:&nbsp;Quad-Motor upgrade: C$11,000 (down from C$12,500).</li>
<li>2024 R1S:&nbsp;Quad-Motor upgrade: C$5,000 (down from C$12,500).</li>
<li>Large Battery Pack:&nbsp;Significant reductions (over 50%) across all models and years. Prices now range from C$2,500 to C$6,000 (previously C$14,500).</li>
</ul>
Why It Matters: These discounts reportedly follow Rivian opening its R1 Shop in Canada, allowing all customers to purchase vehicles from existing inventory with delivery within a week. Previously, only those with reservations could access this option.
Rivian&#8217;s R1T and R1S are&nbsp;currently&nbsp;their only production vehicles besides electric delivery vans. Both models have&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38957629/whats-new-for-rivians-r1t-and-r1s-next-year-leaked-documents-hint-at-efficiency-boost-with-heat-pump" rel="noreferrer noopener">a starting price point</a>&nbsp;of around $70,000. In the first quarter, Rivian produced 13,980 vehicles and delivered 13,588. The company aims to produce approximately 57,000 vehicles for the entire 2024 year, similar to 2023.
EV Price War: The discounts reflect the ongoing price war in the EV market, largely driven by Tesla&#8216;s adjustments since the beginning of 2023. Rivian and other competitors are adapting their strategies to stay competitive.
Price Action: Rivian stock closed up nearly 5% at $10.44 on Friday, before dipping 0.86% in after-hours trading, according to&nbsp;<a href="https://benzinga.grsm.io/register174" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read More: <a href="https://www.benzinga.com/news/24/05/39005808/tesla-receives-more-job-applications-in-2023-despite-reports-of-poor-working-conditions-and-layoff">Tesla Receives More Job Applications In 2023 Despite Reports Of Poor Working Conditions And Layoff</a>
Disclaimer: 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.
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RIVN

Tesla's Shadow Looms: Rivian Discounts US, Canada Inventory To Stay Competitive

Chinese Premier Li Qiang praised the renewal of relations with Japan and South Korea during their first trilateral talks in four years on Monday.
What Happened: The summit, held in Seoul, aimed to revive trade and security dialogues that have been stalled by global tensions, Reuters reported. Li met with South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida to discuss resuming three-party free trade agreement negotiations, which have been on hold since 2019.
Li emphasized the need to separate politics from economic and trade issues, calling for an end to protectionism and the decoupling of supply chains. He stated that the close ties and cooperative spirit among the three nations would remain unchanged.
Despite the ongoing rivalry between Beijing and Washington, and tensions over Taiwan and North Korea&#8217;s nuclear program, the meeting itself is seen as a significant step in improving relations among the three countries.
See Also: <a href="https://www.benzinga.com/general/social-media/24/05/38994982/rfk-jr-asks-elon-musk-to-host-presidential-debate-on-x-musk-responds-with-1-word?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">RFK Jr. Asks Elon Musk To Host Presidential Debate On X, Musk Responds With 1 Word</a>
Yoon and Kishida have been working closely with the United States on military and other measures, while U.S. President Joe Biden has <a href="https://www.benzinga.com/news/24/05/39006664/elon-musk-slams-biden-administration-over-100-tariffs-on-chinese-ev-imports-things-that-distort-the">imposed tariffs on Chinese imports.</a> Donald Trump, a contender in the upcoming presidential election, has proposed even higher tariffs on Chinese goods.
On the issue of North Korea, Yoon and Kishida urged Pyongyang to halt its planned rocket launch, while Li called for restraint and the prevention of further complications on the Korean peninsula.
The leaders also attended a forum with top business executives from the three countries, agreeing to support trade and stabilize supply chains despite global challenges. The summit follows separate bilateral talks held a day earlier, where agreements were made to resume free trade talks and discuss security issues.
Why It Matters: The summit comes at a time of heightened tensions in the region. Just days before the meeting, <a href="https://www.benzinga.com/news/24/05/38979780/china-launches-strong-punishment-drills-near-taiwan-after-new-presidents-inauguration-warning-agains">China conducted military drills near Taiwan</a> as a warning against external interference. 
Moreover, the significance of China in the global economy cannot be understated. According to <a href="https://www.benzinga.com/markets/asia/24/05/38980045/you-cant-ignore-says-jpmorgan-apac-ceo-highlighting-beijings-significance-in-global-economy-you-have">JPMorgan APAC CEO</a>, &#8220;You can&#8217;t ignore China,&#8221; highlighting the necessity for businesses to engage with Beijing despite geopolitical challenges.
Adding to the complexity, <a href="https://www.benzinga.com/news/24/05/39024402/kim-jong-uns-north-korea-informs-japan-about-launch-of-satellite-rocket-believed-to-be-spy-mission">North Korea recently informed Japan</a> about its plan to launch a satellite rocket, believed to be a spy mission. This development further complicates the security landscape in the region.
Earlier this year, <a href="https://www.benzinga.com/news/24/02/37025667/kim-jong-un-says-he-has-lawful-right-to-destroy-its-primary-enemy-south-korea-peace-is-not-something">Kim Jong Un declared</a> that North Korea has the lawful right to destroy its &#8220;primary enemy,&#8221; South Korea, emphasizing that peace is not something to be begged for. 
Read Next: <a href="https://www.benzinga.com/news/24/05/39020560/heres-what-to-expect-if-donald-trump-is-convicted-as-jury-deliberations-begin-next-week?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s What To Expect If Donald Trump Is Convicted As Jury Deliberations Begin Next Week</a>
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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/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Politics

Global

General

Chinese Premier Li Qiang Holds First Trilateral Summit With Japan And South Korea In Four Years To Discuss Renewed Relations

The <a href="https://www.benzinga.com/24/05/38819007/mercedes-worker-advocates-for-better-work-life-balance-amid-unionization-efforts-in-alabama-plant-so" target="_blank" rel="noreferrer noopener">United Auto Workers</a> (UAW) union is pushing for a new election at the Mercedes-Benz (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGAF#OTC">MBGAF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGYY#OTC">MBGYY</a>) plant in Alabama, following its recent defeat in a unionization vote.
What Happened: The UAW has filed a petition with the National Labor Relations Board (NLRB) for a fresh election at the Mercedes-Benz plant in Alabama,&nbsp;<a target="_blank" href="https://www.autonews.com/manufacturing/uaw-asks-us-board-new-unionization-vote-mercedes-alabama-plant" rel="noreferrer noopener">Automotive News</a>&nbsp;reported.&nbsp;
The union alleges that Mercedes-Benz engaged in unfair labor practices, including the dismissal of pro-union workers and conducting anti-union meetings, which influenced the outcome of the initial vote.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-auto-manufacturers-stocks" rel="noreferrer noopener">Best Auto Manufacturer Stocks Right Now</a>
Despite the UAW&#8217;s efforts, approximately 56% of the 5,000 workers at the Vance, Alabama plant and the adjacent battery factory voted against unionization.&nbsp;
Mercedes-Benz, however, maintains that it adhered to the NLRB&#8217;s guidelines during the election process and will continue to do so as the situation unfolds. The UAW contends that Mercedes-Benz&#8217;s actions prevented a free choice by employees, justifying the need for a new election.
Why It Matters: The UAW&#8217;s defeat in the Alabama Mercedes-Benz plant is a blow to the union&#8217;s efforts to expand its reach in the southern United States.&nbsp;
The UAW had been riding high on the heels of <a href="https://www.benzinga.com/news/24/05/38906520/alabama-mercedes-benz-workers-reject-uaw-unionization-bid-in-a-blow-to-organized-labors-southern-str">a significant wi</a>n at a Volkswagen plant in Tennessee. The setback at the Alabama plant could have broader implications for the UAW&#8217;s strategy in the region.
Read Next: <a href="https://www.benzinga.com/news/24/05/39024981/elon-musks-starlink-gets-nod-to-roll-out-in-100th-country-an-african-nation-with-only-35-internet-pe" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Starlink Gets Nod To Roll Out In 100th Country — An African Nation With Only 35% Internet Penetration</a>
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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/ramakrishnan-m" target="_blank" rel="noreferrer noopener">Ramakrishnan M</a>

MERCEDES BENZ GROUP AG by Mercedes Benz Group AG

MBGAF

MERCEDES-BENZ UNSP / ADR by Mercedes Benz Group AG

MBGYY

UAW Rallies For Second Union Vote At Mercedes-Benz Alabama Plant, Cites Foul Play In First Election

The latest Israeli air strikes in Rafah, a city in the southern Gaza Strip, have resulted in at least 35 Palestinian deaths and multiple injuries. Among the casualties were the Hamas chief of staff of the Gaza Strip and another senior official.
What Happened: The Israeli military launched an air strike on a Hamas compound in Rafah, Reuters reported on Sunday. The attack, based on &#8220;precise intelligence,&#8221; used &#8220;precise ammunition&#8221; and led to the death of two high-ranking Hamas officials. The Israeli Defense Forces (IDF) acknowledged reports of civilian casualties and stated that the incident is under review. The health ministry in the Hamas-run Gaza confirmed that 35 people were killed and dozens, primarily women and children, were wounded.
The strike took place in the Tel Al-Sultan neighborhood in western Rafah, a refuge for thousands of displaced individuals. The International Committee of the Red Cross reported a surge of casualties at its field hospital in Rafah, with other hospitals also experiencing a significant influx of patients.
See Also: <a href="https://www.benzinga.com/news/24/05/39023959/trump-makes-appearance-at-coca-cola-600-nascar-race-crowd-chants-youre-our-man?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Makes Appearance At Coca-Cola 600 NASCAR Race, Crowd Chants &#8216;You&#8217;re Our Man&#8217;</a>
Senior Hamas official Sami Abu Zuhri described the attack as a &#8220;massacre,&#8221; blaming the United States for providing Israel with weapons and financial support. The Israeli military, however, stated that eight projectiles were identified crossing from Rafah, with a number of them intercepted. No casualties were reported from these projectiles.
Prime Minister Benjamin Netanyahu convened his war cabinet on Sunday to discuss continued operations in Rafah, despite a ruling by the top U.N. court ordering Israel to cease attacks on the city. Israel argues that the U.N. court&#8217;s ruling allows room for some military action there.
Over 36,000 Palestinians have been killed in Israel&#8217;s offensive, according to Gaza&#8217;s health ministry. Israel launched the operation after Hamas-led militants attacked southern Israeli communities on Oct. 7, killing around 1,200 people and seizing more than 250 hostages, according to Israeli tallies.
Why It Matters: The recent air strikes follow a period of escalating tension in the Middle East. <a href="https://www.benzinga.com/general/politics/24/05/38968880/middle-east-tensions-rise-european-nations-recognize-palestine-israel-presses-on-egypt-border-bl">European nations recognized Palestine,</a> and Israel continued to press on the Egypt border. 
This was followed by a mandate from the International Court of Justice<a href="https://www.benzinga.com/markets/asia/24/05/39008688/international-court-of-justice-mandates-israel-halt-operations-in-rafah-why-it-matters"> ordering Israel to halt operations </a>in Rafah. Despite this, Israel has continued its operations, arguing that the court&#8217;s ruling allows for some military action.
Read Next: <a href="https://www.benzinga.com/news/24/05/39023320/trump-vs-biden-young-voters-are-leaning-toward-one-candidate-more-than-other-citing-concerns-over-is?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Young Voters Are Leaning Toward One Candidate More Than Other, Citing Concerns Over Israel-Hamas War And More</a>
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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/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Israel Claims It Took Out 2 Hamas Leaders In Rafah Airstrikes That Killed 35 Palestinians

Zimbabwe&#8217;s telecom regulator has reportedly&nbsp;permitted&nbsp;<a href="https://www.benzinga.com/news/24/05/38912234/spacex-ceo-elon-musk-sri-lankan-president-explore-starlink-opportunities-in-fruitful-indonesia-meeti" target="_blank" rel="noreferrer noopener">Elon Musk</a><a href="https://www.benzinga.com/news/24/05/38912234/spacex-ceo-elon-musk-sri-lankan-president-explore-starlink-opportunities-in-fruitful-indonesia-meeti" target="_blank" rel="noreferrer noopener">&#8216;s Starlink</a>&nbsp;to operate in the country.
What Happened: The approval&nbsp;is expected&nbsp;to facilitate the rollout of high-speed, low-cost, low-Earth-orbit (LEO) internet infrastructure across Zimbabwe, especially in rural areas, President&nbsp;Emmerson Mnangagwa&nbsp;stated, according to Reuters.
Starlink will reportedly collaborate with its exclusive local partner,&nbsp;IMC Communications, to provide the services.&nbsp;
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/best-telecommunications-stocks" rel="noreferrer noopener">Best Telecommunication Stocks Right Now</a>
Status Quo: A 2021 World Bank report highlighted that only 34.8% of Zimbabwe&#8217;s population had internet access, with services currently dominated by three major mobile network operators.&nbsp;
The approval also comes amid a government crackdown on unregistered users smuggling Starlink kits from neighboring countries like Zambia.
Starlink is&nbsp;already&nbsp;available in several African countries, including Nigeria, Mozambique, Zambia, Kenya, and Malawi.&nbsp;
Last month, Cameroon ordered the seizure of Starlink equipment at its ports due to the provider&#8217;s lack of a license, as per Reuters.
Why It Matters: The approval of Starlink in Zimbabwe is a significant development as Starlink rapidly expands across the globe, with parent SpaceX&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38836240/elon-musks-spacex-on-fire-50-launches-done-before-halfway-through-year-94-more-to-go" rel="noreferrer noopener">relentlessly launching the satellites</a>&nbsp;with an ambitious goal in mind.&nbsp;&nbsp;
Earlier this month,&nbsp;it was reported&nbsp;that&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38752150/who-saw-this-coming-elon-musks-starlink-projected-to-rake-in-6-6b-revenue-this-year" rel="noreferrer noopener">Starlink&nbsp;is projected&nbsp;to generate $6.6 billion in revenue</a>&nbsp;this year as users flock to its satellite internet service.
Just days ago,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38934160/elon-musks-starlink-hits-3m-users-across-nearly-100-countries" rel="noreferrer noopener">Starlink reached a milestone of 3 million users</a>&nbsp;across 99 countries.&nbsp;This rapid growth highlights the increasing reliance on satellite internet, especially in regions with limited terrestrial infrastructure.
Read Next:&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/05/39024178/barbie-and-oppenheimer-wouldve-hit-just-as-big-on-netflix-says-ted-sarandos-but-social-medi" target="_blank" rel="noreferrer noopener">&#8216;Barbie&#8217; And &#8216;Oppenheimer&#8217; Would&#8217;ve Hit &#8216;Just As Big&#8217; On Netflix, Says Ted Sarandos But Social Media Users Call Him &#8216;Delusional&#8217;</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ramakrishnan-m" target="_blank" rel="noreferrer noopener">Ramakrishnan M</a>

SPACE

Elon Musk's Starlink Gets Nod To Roll Out In 100th Country — An African Nation With Only 35% Internet Penetration

The approval of spot Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETF products may spur the creation of more cryptocurrency-linked investment funds in the near future, according to investment bank TD Cowen. 
What Happened: TD Cowen&#8216;s Washington Research Group viewed the approval of Ether ETFs as a marquee event, paving the way for more institutional interest in digital assets, The Block&nbsp;<a href="https://www.theblock.co/post/296769/td-cowen-says-ethereum-etfs-clear-the-way-for-more-crypto-funds?utm_source=twitter&amp;utm_medium=social">reported</a>.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39013406/bitcoin-dogecoin-bounce-back-with-ethereum-lagging-trader-sees-price-discovery-next-week-u?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Dogecoin Bounce Back With Ethereum Lagging: Trader Sees &#8216;Price Discovery Next Week&#8217; Under One Co</a>
Jaret Seiberg from TD Cowen&#8217;s Washington Research Group stated, &#8220;This comes about six months faster than we expected&#8230;yet this decision was also inevitable once the SEC approved cryptocurrency futures ETFs.&#8221;
Seiberg further noted that within a year, there might be offerings that include a &#8220;basket of cryptocurrency tokens,&#8221; potentially just featuring Bitcoin and Ether, or many more.
Why It Matters: The approval of Ethereum ETFs is a significant milestone in the cryptocurrency industry. According<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39006731/ethereum-etfs-will-trade-well-ahead-of-november-says-jpmorgan-debate-around-staking"> to a report by JPMorgan</a>, Ethereum ETFs are expected to trade well ahead of November, indicating strong market interest and potential growth.
Furthermore, the approval marks a new era for digital assets. The <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39013537/ethereum-etfs-a-new-dawn-for-digital-assets">introduction of these ETFs could lead to increased mainstream adoption </a>and investment in cryptocurrencies.
Despite this approval, the SEC&#8217;s overall stance on cryptocurrency remains unchanged. SEC Chair Gary Gensler <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38961215/sec-chair-gensler-criticizes-fit-21-crypto-bill-warns-of-new-regulatory-gaps">issued a critical statement against new crypto legislation</a>, emphasizing the industry&#8217;s issues with compliance.
Interestingly, Chair Gensler <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38998814/unlike-bitcoin-sec-chief-gary-gensler-didnt-vote-on-spot-ethereum-etf-approvals">was not part of the team</a> that voted to approve the ETFs.
TD Cowen predicts that the SEC will maintain its Democratic majority until 2026, continuing its litigation against cryptocurrency trading platforms that trade what it considers unregistered securities.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39023300/donald-trump-i-will-ensure-that-the-future-of-crypto-and-bitcoin-will-be-made-in-the-usa">Donald Trump: &#8216;I Will Ensure That The Future Of Crypto And Bitcoin Will Be Made In The USA&#8217;</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<a href="https://benzinga.com/apis" target="_blank" rel="noreferrer noopener"></a>

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

Cryptocurrency

$ETH

Ethereum ETF Approval To Spur 'A Basket Of Crypto Tokens Within A Year,' Says TD Cowen

Bill Gross, the co-founder of&nbsp;PIMCO, also known as "Bond King", has expressed concerns about the potential impact of a Donald Trump re-election on the bond markets.
What Happened: Gross suggested that a Trump victory in the upcoming presidential election would be &#8220;more bearish&#8221; and &#8220;disruptive&#8221; for the bond markets than a win by the incumbent, Joe Biden, Gross said this in a recent <a href="https://www.ft.com/content/79b56af5-1490-4753-957f-378f37864881">interview</a> with the Financial Times. 
Gross, who is famous for his bond investments, pointed out that Trump&#8217;s proposed tax cuts could worsen the already rising U.S. deficits.
He stated, &#8220;Trump is the more bearish of the candidates simply because his [programs] advocate continued tax cuts and more expensive things. Trump&#8217;s election would be more disruptive.&#8221;
These comments come at a crucial time, with the U.S. presidential election just months away. Despite Trump&#8217;s lead in national opinion polls and key swing states, Gross&#8217;s remarks challenge Trump&#8217;s claims of being a better economic steward than Biden.
See Also: <a href="https://www.benzinga.com/news/24/05/39015881/jim-cramer-who-once-called-gamestop-arguably-the-worst-company-in-america-says-it-now-has-enough-cas?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer, Who Once Called GameStop &#8216;Arguably The Worst&#8217; Company In America, Says It &#8216;Now Has Enough Cash To Become Something Other Than&#8217; A Meme Stock</a>
Gross&#8217;s concerns are rooted in the growing U.S. deficits, which have led him to move away from the bond strategy that made him famous. He also expressed skepticism about the US equity markets, advising investors to &#8220;temper their expectations.&#8221;
Why It Matters: Gross&#8217;s warning about the potential impact of a Trump re-election on the bond markets comes in the wake of his previous comments on the U.S. economy. Earlier in the year, he warned that <a href="https://www.benzinga.com/news/24/02/36904136/bond-king-bill-gross-warns-us-34-trillion-debt-deficit-to-fuel-inflation-like-global-warming-over-ne">the $34 trillion debt deficit</a> could fuel inflation, likening it to a &#8220;significant problem&#8221; like global warming over the next decade. His recent remarks add to the growing concerns about the economic implications of the upcoming election.
Despite these concerns, the stock market has been performing well, hitting milestones under Biden&#8217;s presidency. This raises questions about the potential <a href="https://www.benzinga.com/markets/equities/24/05/38890222/biden-hands-out-big-l-to-trump-as-dow-hits-40k-for-first-time-and-ex-presidents-stock-market-cra">impact of the election on the markets</a>, especially in light of Gross&#8217;s warnings.
Meanwhile, Gross has been making strategic moves in the market, including betting against <a href="https://www.benzinga.com/markets/equities/24/03/38011930/bond-king-bill-gross-bets-against-trumps-newly-listed-stock-genius-with-the-courage-to-sell-djt-">Trump&#8217;s newly-listed</a> Trump Media &amp; Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) and shifting his fixed-income allocation to a closed-end fund. His recent comments provide valuable insights for investors navigating the current economic landscape.
Read Next: <a href="https://www.benzinga.com/m-a/24/05/38982445/google-acquiring-hubspot-for-31b-to-take-market-share-from-microsoft-says-expert?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Acquiring HubSpot For $31B To &#8216;Take Market Share From Microsoft,&#8217; Says Expert</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Bonds

Markets

Trump Victory 'More Bearish' For Debt Market Than A Biden Win, Warns 'Bond King' Bill Gross

In an intriguing turn of events, a cryptocurrency with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) in its name has outperformed the original blue-chip currency in weekly gains.
What Happened: Ethereum Name Service (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ENS</a>) nearly doubled over the week, <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">according to data from Benzinga Pro</a>, becoming the market's largest gainer in the said time period. The coin outperformed heavyweights like Bitcoin (CRYPTO: Bitcoin) and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) on its way to the top.
Ethereum, the world&#8217;s second-largest cryptocurrency, meanwhile, saw its weekly gains pale in comparison, growing by 27% during the last seven days.
The 24-hour trading volumes also present a telling contrast. While ENS soared 170%, Ethereum saw a 72% rise in trades.
Why It Matters: ENS is a token associated with Ethereum Name Service, a decentralized naming system that converts complex, machine-readable names to ones that could be more easily comprehended by humans. Think of it as similar to the role played by the internet&#8217;s Domain Name Service.
Its recent success, though, could be tied <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38995513/sec-approves-spot-ethereum-etfs-opening-door-for-mainstream-investors">to the approval of Ethereum's spot ETFs</a> last week.&nbsp;
While bullish sentiment around Ether grew manifold, its high price, around $3,900 for one unit, could be a big deterrent for retail investors.&nbsp;
Instead, they might have chosen to invest in a cheaper coin with Ethereum in the name. A <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38997594/ethereum-classic-often-considered-a-cheaper-play-outshines-eth-on-spot-etf-approval-day-wh">similar surge was seen for</a> Ethereum Classic (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/etc/usd">ETC</a>) on the ETF approval day.
Well-known cryptocurrency trader Doğu Tekinoğlu Doğu talked about his strategy to buy ENS at the bottom, which was vindicated because of the latest uptick.&nbsp;
"I said their time would come, I don&#8217;t like bulky coins, but these two are an exception," he added.
The trader stated that he was positioned for ENS&#8217; next goal of $40.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ENS&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENS</a> YANIYOR &#x1f525; Bizi sabır taşı yaptığı doğru, ancak özellike ENA ve ENS ikilisini diplerde akümüle ettik. Vakitlerinin geleceğini, hantal coinleri sevmediğimi ancak bu ikisinin bir istisna olduğunu söylemiştim. Son hafta <a href="https://twitter.com/search?q=%24ENS&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENS</a> &#39;de 2x <a href="https://twitter.com/search?q=%24ENA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ENA</a>&#39;da ise %37&#39;lik bir yükseliş gördük.… <a href="https://t.co/4Lceq27uMR">pic.twitter.com/4Lceq27uMR</a>
&mdash; Doğu Tekinoğlu (@TekinogluDogu) <a href="https://twitter.com/TekinogluDogu/status/1794761202691633173?ref_src=twsrc%5Etfw">May 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Photo by Avi Rozen on Shutterstock
Price Action: At the time of writing, ENS was trading at $26.25 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/24/05/39024607/pepe-becomes-only-the-third-memecoin-after-dogecoin-and-shiba-inu-to-reach-7b-market-cap-a">Pepe Becomes Only The Third Memecoin After Dogecoin And Shiba Inu To Reach $7B Market Cap, Adds $4B In May Alone</a>

$DOGE

$ENS

$ETC

What Is Ethereum Name Service And Why Has It Pipped BTC, ETH To Nearly Double In Value Over This Week

A small Massachusetts pension fund has outperformed its peers, thanks to a bold move by its manager, a former schoolteacher.
What Happened: The Plymouth County Retirement Association, a $1.4 billion pension fund, has seen a remarkable rise in its performance, landing it in the top 10% of U.S. pensions over the past three years. This success can be attributed to an early and astute bet on rising interest rates, <a href="https://www.wsj.com/finance/investing/how-an-ex-teacher-turned-a-tiny-pension-into-a-giant-killer-91ede455?mod=wknd_pos1">reported</a> The Wall Street Journal.
Peter Manning, the fund&#8217;s investment director, made the call that interest rates would increase, which proved to be a lifeline for the fund during the last two years when rising rates negatively impacted both stocks and bonds.
Despite the recent market rally, Manning remains steadfast in his belief that rates will not fall soon. He asserts that the best way to grow the pension fund in the long term is by avoiding significant losses rather than chasing high returns.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39022596/ethereum-etf-approved-elon-musk-mourns-kabosus-death-trump-embraces-crypto-donations-and-m?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ethereum ETF Approved, Elon Musk Mourns Kabosu&#8217;s Death, Trump Embraces Crypto Donations And More</a>
Under Manning&#8217;s leadership, the fund delivered an average annual net return of 5.7% over the last three years, outperforming 92% of U.S. public retirement funds. This success was achieved by reducing exposure to Treasurys and public stocks before their decline in 2022 and reinvesting the funds in infrastructure, private equity, and inflation-protected debt.
&nbsp;"A lot of our clients made moves on the margin," Daniel Dynan, a managing principal at Meketa Investment Group and Plymouth County&#8217;s investment consultant, remarked. "The difference in Plymouth is the magnitude of the change."
The fund, comprising just 10,500 members, stands as an unexpected trendsetter. Nationally, U.S. public pensions, serving 34 million members, ensure retirement and benefit payments, as reported by the Urban Institute, a nonprofit think tank. Plymouth County, located south of Boston, includes predominantly middle-class suburbs, alongside affluent enclaves and urban areas marked by grit. The county&#8217;s political landscape is divided between Democratic and Republican voters.
Why It Matters: The Plymouth County Retirement Association&#8217;s success is a testament to the impact of unconventional investment strategies. This comes at a time when the investment landscape is undergoing significant changes, with even the world&#8217;s largest pension fund <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37820232/worlds-largest-pension-fund-eyes-bitcoin-for-portfolio-diversification">considering diversifying its portfolio</a> with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
Moreover, Manning&#8217;s approach is in stark contrast to the <a href="https://www.benzinga.com/markets/equities/24/05/38820970/expect-rate-cuts-not-a-recession-fund-managers-most-bullish-on-stocks-in-over-2-years">current market sentiment</a>, with many fund managers expecting rate cuts and being bullish on stocks.
Read Next: <a href="https://www.benzinga.com/news/24/05/39015615/mark-cuban-defends-bidens-economic-record-blames-trump-for-underperforming-obama-economy-he-inherite?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Defends Biden&#8217;s Economic Record, Blames Trump For Underperforming &#8216;Obama Economy He Inherited&#8217;</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Success Stories

$BTC

Ex-Teacher-Turned-Fund Manager's Bold Bet On Rising Rates Propels Turned A Small Pension Fund Into A Top Performer — Here's How

Users with compatible Android phones and tablets can now get their hands on AirTag-like trackers within a relatively short time frame,&nbsp;thanks to <a href="https://www.benzinga.com/markets/equities/24/05/38801095/apple-google-announce-unwanted-bluetooth-tracking-prevention-collaboration-what-you-need-to-know">the wider rollout&nbsp;of</a> the Find My Device&nbsp;network. 
What Happened: Pebblebee,&nbsp;one of the two brands&nbsp;launching trackers for Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) owned Android&#8217;s Find My Device network, has announced&nbsp;that new orders will ship&nbsp;within 2-4 weeks. This includes the company&#8217;s s&nbsp;Tag,&nbsp;Clip, and&nbsp;Card&nbsp;trackers.
<figure class="wp-block-image size-full"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/26233943/Screenshot-2024-05-27-at-9.09.17%E2%80%AFAM.png" alt="" class="wp-image-356540" /></figure>
<a href="https://www.benzinga.com/news/24/05/38985210/steve-jobs-turned-around-apples-fortunes-27-years-ago-not-by-making-mac-better-than-windows-but-by-u?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Subscribe to the&nbsp;</a><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.
This is a significant improvement in the delivery time frame, as the company had previously&nbsp;only mentioned that trackers would&nbsp;begin to ship on May&nbsp;27, <a href="https://9to5google.com/2024/05/26/android-find-my-device-trackers-new-order-timing/">reported</a> 9To5Google
Chipolo, the other brand launching trackers for Android&#8217;s Find My Device network, will be shipping orders placed before July 2023 this coming week. The second batch of Chipolo trackers is scheduled to&nbsp;ship starting on June 10&nbsp;over four&nbsp;weeks, potentially taking&nbsp;until nearly July to arrive.
Eufy is also set&nbsp;to launch its trackers in&nbsp;June, but there is no ETA on shipping or even pre-orders.
Why It Matters: The&nbsp;wider rollout of the Find&nbsp;My Device network for Android comes after&nbsp;Apple Inc. and Google announced a collaboration&nbsp;<a href="https://www.benzinga.com/news/23/01/30446236/apple-airtags-and-bluetooth-trackers-are-officially-a-billion-dollar-industry-heres-what-to-know-tre">to prevent unwanted</a> Bluetooth tracking earlier this month. Bluetooth trackers are designed to help users easily locate personal items. However, previously, AirTags were discovered among the belongings of third parties, seemingly used by <a href="https://www.benzinga.com/news/23/10/35237271/apple-airtags-are-stalkers-weapon-of-choice-dozens-of-victims-allege-in-a-new-class-action-lawsuit">malicious actors for stalking purposes</a>.
Google&#8217;s Find My feature <a href="https://in.benzinga.com/content/38155235/how-to-use-googles-new-find-my-device-feature-for-android-devices">enables the location of offline devices</a>. Users with compatible Android phones or tablets, such as the Pixel 8 and Pixel 8 Pro, can locate their devices even when they&#8217;re offline, turned off, or have a dead battery. They can ring their devices or view their location on a map within the Find My Device app.
Find My Device is compatible with devices running Android 9 or later, and Google intends to expand support to headphones from JBL, Sony, and other brands through future software updates, thereby broadening the range of Find My Device-compatible products.
Photo via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/39015789/elon-musk-reveals-tough-problem-battling-russian-jamming-efforts-on-starlink-amid-ukraine-war-spendi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reveals &#8216;Tough Problem&#8217; Battling Russian Jamming Efforts On Starlink Amid Ukraine War: &#8216;Spending Significant Resources&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

GOOG

GOOGL

Android Users Can Get Apple AirTag-Like Trackers That Work With Find My Device, But Pebblebee Says They'll Have To Wait 2-4 Weeks

The recent surge in NVIDIA Corp&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock price has led some analysts to caution investors about the company&#8217;s future growth prospects. This has prompted them to suggest alternative investments for a more balanced portfolio.
What Happened: The AI-driven boom of Nvidia has been reflected in its recent earnings, which surpassed expectations. This led to the company&#8217;s shares crossing the $1,000 mark for the first time, <a href="https://www.cnbc.com/2024/05/27/overinvested-in-nvidia-here-are-some-alternative-growth-stocks.html">reported</a> CNBC on Sunday.
Despite this, some analysts are concerned about a potential slowdown in growth, particularly in the latter part of the year. Lucas Keh, an analyst at Third Bridge, highlighted the impending shift of AI workloads in the cloud from training to inference, which could challenge Nvidia&#8217;s dominant market position.
"When the majority of AI workloads in the cloud move over from training to inference, Nvidia's dominant market share position will be tested. Most use cases in inference do not require the depth/amount of computing provided by Nvidia's top GPUs," he said.
Nancy Tengler, Chief Investment Officer at Laffer Tengler Investments, also expressed her surprise at the stock&#8217;s performance following the earnings report, suggesting that the market may have already priced in the positive results.
See Also: <a href="https://www.benzinga.com/markets/equities/24/05/39021107/donald-trump-floats-idea-of-bringing-back-adviser-peter-navarro-for-potential-second-term-despit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Floats Idea Of Bringing Back Adviser Peter Navarro For Potential Second Term Despite Prison Sentence: &#8216;I Would Absolutely Have Peter Back&#8217;</a>
These concerns have led some analysts to suggest diversifying portfolios by considering alternative investments with low correlation to Nvidia. Four exchange-traded funds were identified using FactSet, which have shown a negative or low correlation to Nvidia in the past month. 
These ETFs are Vanguard S&amp;P 500 Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOOG#NYSE">VOOG</a>), Schwab U.S. Large-Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHG#NYSE">SCHG</a>), Vanguard Russell 1000 Growth ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VONG#NASDAQ">VONG</a>), and Fidelity Covington Trust Fidelity Enhanced Large Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FELG#NYSE">FELG</a>).
Why It Matters: Nvidia&#8217;s recent performance has been nothing short of remarkable. The company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/05/38982843/nvidia-at-the-center-of-global-sovereign-ai-wave-heres-what-it-means">first-quarter earnings report</a> indicated its pivotal role in the global AI industry, with its technology being at the forefront of the &#8220;Sovereign AI&#8221; wave.
Moreover, the company&#8217;s <a href="https://www.benzinga.com/top-stories/24/05/39011237/exclusive-nvidia-dow-jones-inclusion-a-matter-of-when-will-it-replace-intel">potential inclusion in the Dow Jones Index</a> has been a hot topic, with experts suggesting that it&#8217;s only a matter of time before Nvidia replaces Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>).
Despite these positive indicators, the concerns raised by analysts highlight the need for a diversified investment approach. This is particularly important given the <a href="https://www.benzinga.com/markets/equities/24/05/39002763/wow-elon-musk-reacts-as-nvidias-eye-popping-market-cap-leaves-entire-german-stock-market-gdps-of">staggering market cap of Nvidia</a>, which has even caught the attention of tech mogul Elon Musk. In light of this, the suggestion of alternative growth stocks could provide investors with a more balanced and secure investment strategy.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39014019/nvidia-tech-stocks-propel-nasdaq-100-to-record-high-solar-sector-shines-meme-stock-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia, Tech Stocks Propel Nasdaq 100 To Record High; Solar Sector Shines, Meme Stock Bubble Bursts</a>
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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

FELG

INTC

NVDA

SCHG

VONG

VOOG

Nvidia's Soaring Stock Price Prompts Analysts To Suggest A Diversified Portfolio Approach: Tech Giant's 'Dominant Market Share Position Will Be Tested'

In a significant milestone, frog-themed memecoin Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) hit $7 billion in market cap, with $4 billion added in May alone.&nbsp;
What Happened: PEPE became just the third memecoin after blue-chip currencies like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) to achieve this feat.&nbsp;
The token outpaced not only rival memecoins, but also the wider cryptocurrency market, gaining roughly 135% over the month. Year-to-date, the Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based cryptocurrency has returned 12X to its holders.&nbsp;&nbsp;
The mad rush for PEPE could be gauged by its high trading volumes in the last 24 hours, nearing $2.5 billion, making it the most-traded memecoin in the said time period.
The rally garnered the interest of wealthy investors. According to on-chain tracking platform Spot On Chain, a whale withdrew a whopping 1.32 trillion PEPE tokens from Binance over the last five days. At the current price, their PEPE portfolio generated a 21% return.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">In the past 5 days, a whale withdrew 1.323T <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> at ~$0.00001378 (est. cost: $18.2M). Now, with the price surging 81% (7D) to a new ATH, the whale's PEPE holding is worth $22.1M (+21%)! Will the whale dump with these <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> soon? Follow <a href="https://twitter.com/spotonchain?ref_src=twsrc%5Etfw">@spotonchain</a> and set alerts… <a href="https://t.co/nsTpdLwlzu">pic.twitter.com/nsTpdLwlzu</a>
&mdash; Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1794920357780238658?ref_src=twsrc%5Etfw">May 27, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: The coin's blockbuster performance <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38995513/sec-approves-spot-ethereum-etfs-opening-door-for-mainstream-investors">amid an optimistic mood in the industry</a> with the passage of spot Ethereum ETFs.
The last bull market saw a significant capital movement towards memecoins, with assets created out of internet jokes skyrocketing to multi-billion dollar valuations. Memecoin aficionados would be hoping for a similar story this year. 
PEPE's daily active addresses rose 17% in the last 24 hours, <a href="https://app.intotheblock.com/?end_offset=20">according </a>to IntoTheBlock. Supply held by long-term investors increased 0.53%, indicating accumulation.
Price Action: At the time of writing, PEPE was trading at $0.00001672, following a 12.29% 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>.&nbsp;
Read Next: <a href="https://www.benzinga.com/24/05/39024283/bitcoin-dogecoin-stay-weak-ethereum-revels-in-spot-etf-euphoria-analyst-says-king-crypto-needs-to-cr">Bitcoin, Dogecoin Stay Weak, Ethereum Revels In Spot ETF Euphoria — Analyst Says King Crypto Needs To Cross $70K To Hit New Highs</a>

$PEPE

$SHIB

Pepe Becomes Only The Third Memecoin After Dogecoin And Shiba Inu To Reach $7B Market Cap, Adds $4B In May Alone

Last week, the Ace headphones from Sonos Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SONO#NASDAQ">SONO</a>) were released. Now Bloomberg columnist Mark Gurman reports that users who have tried these $499 headphones think they have &#8220;decidedly superior <a href="https://www.benzinga.com/news/23/03/31451769/apple-expanding-its-airpods-lineup-ios-16-4-beta-teases-new-airpods-max-and-airpods-lite">sound&#8221; compared to</a> Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) AirPods Max.
What Happened: In his latest installment of the weekly &#8220;Power On&#8221; newsletter, Gurman stated that Sonos&#8217; Ace headphones come with contemporary features like active noise cancellation and Wi-Fi-based syncing with the Sonos Arc sound bar. 
This feature enables users to access TV content with the Arc acting as an intermediary. The headphones also feature faux leather earcups and, according to initial users, provide superior sound quality compared to the AirPods Max.
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&#8220;Can Sonos win over consumers in an entrenched market like headphones? That's hard to say, but the company can tout the price ($100 less than the AirPods Max) and the Ace's better comfort and weight balance,&#8221; Gurman stated.
He also predicted that AirPods Max will get a USB-C port later this year. &#8220;But I wouldn't hold my breath for any major new features. In other words, the Ace has a real opportunity to succeed.&#8221;
Why It Matters: Back in 2020, it was reported that Apple has cleared its shelves of rival products including those from Sonos, Bose Corporation, and Logitech International SA, as it geared up to launch a new line of headphones and speakers. At the time, the move was seen as a strategic <a href="https://www.benzinga.com/news/20/10/17793482/apple-clears-the-shelves-of-rival-products-as-it-gears-to-launch-new-line-of-headphones-speakers">step to dominate the market</a>. 
Earlier this year, it was reported that Sonos had appointed Apple veteran executive Saori Casey as its CFO. Casey had an <a href="https://www.benzinga.com/news/24/01/36569778/apple-veteran-saori-casey-to-take-over-as-sonos-cfo-report">impressive track record with Apple</a>, having served as vice president of finance for over a decade. She oversaw financial planning, forecasting, and investor relations during her tenure.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38985210/steve-jobs-turned-around-apples-fortunes-27-years-ago-not-by-making-mac-better-than-windows-but-by-u?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Steve Jobs Turned Around Apple&#8217;s Fortunes 27 Years Ago, Not By Making Mac Better Than Windows, But By Using This Technique Nike Is Known For</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.

AAPL

SONO

Apple Analyst Notes Users Are Lavishing Praise On Sonos' New $449 Headphones For Superior Sound Quality Over Airpods Max: 'Ace Has a Real Opportunity To Succeed'

Bill Ackman, a billionaire investor, and hedge fund manager, has supported Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) in the ongoing employee hostage crisis. He has urged the public to remain patient and has emphasized the company&#8217;s ethical and responsible nature.
What Happened: Ackman took X to voice his thoughts on the situation. He stated that the safety and well-being of Amazon&#8217;s employees are the top priority for the company. Ackman also acknowledged that Amazon is not making any public statements about the crisis, which he believes is a strategic decision made in the best interest of the situation.
&#8220;One would therefore assume that Amazon is doing everything it can to help, but it has said nothing publicly. One must therefore conclude that Amazon does not believe it is advisable to say anything about the situation. It must believe that speaking publicly is harmful rather than helpful,&#8221; Ackman wrote.
Ackman, in a separate post, questioned Amazon CEO Andy Jassy and former CEO Jeff Bezos about the situation.
Earlier, Ackman had shared a post by Dr. Eli David, which highlighted the case of an Amazon employee, Sasha Troufanov, being held hostage by Hamas. The post also mentioned Amazon&#8217;s alleged refusal to acknowledge its &#8220;Jewish Affinity&#8221; employee group, while recognizing the &#8220;Arabs at Amazon&#8221; group.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Thinking more about the Amazon employee hostage situation: I believe <a href="https://twitter.com/amazon?ref_src=twsrc%5Etfw">@amazon</a> is a responsible and ethical company. The first priority of every CEO is the health and safety of his/her employees. One of Amazon's employees is being held hostage by Hamas. One would therefore… <a href="https://t.co/sMLKODFhiP">https://t.co/sMLKODFhiP</a>
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1794863504819626136?ref_src=twsrc%5Etfw">May 26, 2024</a></blockquote>
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Sasha, who was kidnapped by Hamas, represents the thousands affected by the escalating tensions. Close acquaintances like Shiri Grosbard and Ilan Shusterman fervently advocate for Sasha&#8217;s safe return, underscoring the pressing need for resolution amid the region&#8217;s mounting challenges, according to the NBC News <a href="https://www.nbcnews.com/news/world/israels-assault-gaza-adds-uncertainty-fragile-hostage-talks-rcna124832">report</a> in November.
Amazon did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/news/24/05/38999210/trumps-niece-says-scotus-goal-is-to-advance-gops-agenda-of-ensuring-ex-president-is-installed-in-whi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says SCOTUS&#8217; Goal Is To Advance GOP&#8217;s Agenda Of Ensuring Ex-President Is Installed In White House: &#8216;America Cannot Survive This&#8217;</a>
Why It Matters: This development comes in the wake of a series of events in the region. Just two days before Ackman&#8217;s tweet, the International Court of Justice mandated Israel to <a href="https://www.benzinga.com/markets/asia/24/05/39008688/international-court-of-justice-mandates-israel-halt-operations-in-rafah-why-it-matters">halt operations in Rafah</a>, a move that could have significant implications for the Israel-Hamas conflict.
Furthermore, the Israel-Hamas conflict has led to widespread boycotts in the <a href="https://www.benzinga.com/news/24/05/39003612/mcdonalds-kfc-bearing-brunt-of-boycotts-in-asia-middle-east-amid-israel-gaza-conflict">Middle East and Asia</a>, with major fast-food chains like McDonald&#8216;s and KFC being among the hardest hit.
Earlier in the year, Ackman, along with his wife Neri Oxman, made headlines for acquiring a 5% stake in the <a href="https://www.benzinga.com/news/24/01/36752539/bill-ackman-and-wife-neri-oxman-acquire-5-stake-in-tel-aviv-stock-exchange-amid-israel-hamas-conflic">Tel Aviv Stock Exchange</a> amid the Israel-Hamas conflict.
Before that, Ackman had publicly criticized President Joe Biden for his inaction on the <a href="https://www.benzinga.com/news/24/04/38423358/bill-ackman-says-not-voting-for-biden-slams-president-for-inaction-on-american-hostage-issue-too-foc">American hostage issue</a>, stating that the President was too focused on other talking points to get re-elected.
Read Next: <a href="https://www.benzinga.com/news/24/05/39020760/trumps-niece-says-troubling-rhetoric-from-republican-campaign-would-be-something-unthinkable-four-ye?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says &#8216;Troubling Rhetoric&#8217; From Republican Campaign &#8216;Would Be Something Unthinkable Four Years Ago&#8217;: &#8216;We Are At The Doorstep Of&#8230;&#8217;</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

AMZN

Bill Ackman Supports Amazon's Response To Employee Kidnapping By Hamas, Advocates for Patience: 'Speaking Publicly Is Harmful'

Kim Jong Un&#8216;s North Korea has notified Japan of its plans to launch a satellite, a move that is likely to escalate tensions in the region.
What Happened: Japan&#8217;s coast guard has been informed by North Korea about the upcoming launch of a &#8220;satellite rocket,&#8221; with safety warnings issued for the waters between the Korean Peninsula and China, as well as the east of the Philippine island of Luzon. The launch is expected to occur by early next week, <a href="https://apnews.com/article/north-korea-spy-satellite-japan-3065fd4f1ade7dd0e0a5924cc9a906e2">reported</a> Associated Press on Monday. 
The launch is believed to be North Korea&#8217;s second military spy satellite.
The announcement coincided with a trilateral meeting in Seoul, where the leaders of South Korea, Japan, and China were in attendance. The Japanese coast guard was informed of the launch and cautioned about safety in the waters between the Korean Peninsula and China, as well as east of the Philippine island of Luzon.
North Korea&#8217;s first military reconnaissance satellite was launched in November, as part of its efforts to establish a space-based surveillance network to counter perceived U.S.-led military threats.
See Also: <a href="https://www.benzinga.com/news/24/05/39023186/donald-trump-goes-on-full-blown-rant-over-hush-money-trial-mocks-charges-over-legal-expense-it-is-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Goes On Full-Blown Rant Over Hush-Money Trial, Mocks Charges Over &#8216;Legal Expense&#8217;: &#8216;It Is Another Crooked Joe Biden Election Interference Hoax!&#8217;</a>
Why It Matters: The latest move by North Korea comes amid a series of concerning developments. Just a few days ago, North Korea conducted a <a href="https://www.benzinga.com/news/24/05/38891536/kim-jong-uns-north-korea-conducts-missile-test-a-day-after-top-leaders-sister-denies-supplying-weapo">missile test</a>, despite denials from the top leader&#8217;s sister about supplying weapons to Russia amid the Ukraine war. This has raised further concerns about North Korea&#8217;s military activities.
Furthermore, despite resistance from Russia and China, Western nations have been seeking a new eye to <a href="https://www.benzinga.com/news/24/05/38835478/western-nations-seek-a-new-watchful-eye-over-north-korea-despite-resistance-from-russia-china">watch over North Korea</a>. The latest satellite launch notification will likely intensify these efforts and discussions.
North Korea&#8217;s continued military activities have also had <a href="https://www.benzinga.com/news/24/05/38784002/amid-rising-threats-from-china-north-korea-japans-military-faces-setback-due-to-drop-in-female-recru">a significant impact</a> on regional security. In response to rising threats from China and North Korea, Japan&#8217;s military has faced setbacks, including a drop in female recruits and an increase in harassment cases within the Self-Defence Forces.
These developments are also likely to have an <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38459625/kim-jong-uns-liaison-faces-heat-from-us-for-violating-sanctions-says-he-is-not-afraid-im-j">impact on international relations</a>. North Korea&#8217;s liaison has already faced heat from the U.S. for violating sanctions.
Read Next: <a href="https://www.benzinga.com/news/24/05/39021116/marjorie-taylor-greenes-motion-to-vacate-speaker-mike-johnsons-position-has-fallen-flat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene&#8217;s Motion To Vacate Speaker Mike Johnson&#8217;s Position Has Fallen Flat</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Kim Jong Un's North Korea Informs Japan About Launch Of 'Satellite Rocket', Believed To Be Spy Mission

Popular content creator&nbsp;Jimmy Donaldson, better known as MrBeast, on Sunday announced a massive $5 million giveaway in what he has dubbed the &#8220;largest game show ever in&nbsp;history.&#8221; 
What Happened: Over the weekend, MrBeast took to X, formerly Twitter, and invited people to compete in his Beast Games. Eligible contestants must be at least 18 years old, possess a valid passport through April 2025, and be available from late June to potentially as late as September 2024, although these dates may change.
Contestants are urged to submit a one-minute video introducing themselves and explaining their desire to compete in Beast Games. While not mandatory, the video should be compelling and can be uploaded directly or via an unlisted YouTube link. The video file size should not exceed 100 megabytes.
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.
Applicants must also upload two recent photos: a selfie and a full-length picture. MrBeast has cautioned applicants to be vigilant about potential scams and confirmed that no banking or financial information will be requested during the application process.
&#8220;I&#8217;m giving away $5,000,000 in the largest game show ever in history. If you want to compete in Beast Games (I need 5,000 people lol) apply here &#8211; <a href="https://t.co/Cy2XVKCLHe" target="_blank" rel="noreferrer noopener">http://beastgames.com</a>,&#8221; he said on X.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Im giving away $5,000,000 in the largest game show ever in history. If you want to compete in Beast Games (I need 5,000 people lol) apply here &#8211; <a href="https://t.co/Cy2XVKCLHe">https://t.co/Cy2XVKCLHe</a>
&mdash; MrBeast (@MrBeast) <a href="https://twitter.com/MrBeast/status/1794892274859696430?ref_src=twsrc%5Etfw">May 27, 2024</a></blockquote>
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Why It Matters: This isn&#8217;t the first time MrBeast has made headlines with <a href="https://www.benzinga.com/general/entertainment/24/05/38683232/mrbeast-is-giving-away-26-tesla-vehicles-for-his-26th-birthday-including-a-cybertruck-heres">his extravagant giveaways</a>. Just earlier this month, he celebrated his 26th birthday by giving away 26 Tesla vehicles, including a Cybertruck.
Meanwhile, earlier in March 2024, <a href="https://www.benzinga.com/general/entertainment/24/03/37809533/mrbeast-confirms-beast-games-on-amazon-prime-video-with-1-000-contestants-5m-prize-its-gonn">MrBeast confirmed a game show deal</a> with Amazon Prime Video. &#8220;Big news gamers I&#8217;m going to be filming the largest game show in history and releasing it on Prime Video! Over 1,000 contestants, $5,000,000 prize, and many other world records,&#8221;&nbsp;he stated at the time. This latest announcement seems to be an extension of his March announcement.
MrBeast&#8217;s main YouTube channel currently has more than 261 million subscribers. In the list of most subscribed channels on YouTube, <a href="https://in.benzinga.com/content/38890480/mr-beast-asks-t-series-ceo-to-put-on-his-boxing-gloves-as-battle-for-top-youtuber-crown-heats-up">he is second only</a> to T-Series, which at the time of writing had 266 million subscribers.
Photo courtesy: Wikimedia
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38985210/steve-jobs-turned-around-apples-fortunes-27-years-ago-not-by-making-mac-better-than-windows-but-by-u?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Steve Jobs Turned Around Apple&#8217;s Fortunes 27 Years Ago, Not By Making Mac Better Than Windows, But By Using This Technique Nike Is Known For</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.

MrBeast Unveils 'Largest Game Show Ever' With $5M Prize: Here's How You Can Enter

The cryptocurrency market witnessed downsides during the weekend while Ethereum continued to build strength on its spot ETF approvals.
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<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>-0.95%</td>
<td>$68,538.60</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>+2.53%</td>
<td>$3,841.60</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>-3.00%</td>
<td>$0.1669</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Ethereum consolidated in the $3,800 zone as significant volatility was on the show for the world's second-largest cryptocurrency. The coin gained 24% over the last week over the bullish anticipation and eventual greenlighting of investment avenues tracking its spot price in the U.S.
Bitcoin moved sideways in the $68,000 zone, as much of King Crypto's limelight was stolen by Ethereum last week.&nbsp;
The underwhelming price action dampened the sentiment of derivatives traders as the Open Interest fell 0.34% in the last 24 hours.&nbsp;
That said, the majority of Bitcoin futures traders were betting on its price increase, as evidenced by the jump in Long-to-Shorts Ratio for the coin. 
The Cryptocurrency Fear &amp; Greed Index cooled from "Extreme Greed" to "Greed" over the weekend, potentially paving the way for increased buying pressure in the days to come.&nbsp;
The market was galvanized by<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39023300/donald-trump-i-will-ensure-that-the-future-of-crypto-and-bitcoin-will-be-made-in-the-usa"> </a>former President Donald Trump's yet another<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39023300/donald-trump-i-will-ensure-that-the-future-of-crypto-and-bitcoin-will-be-made-in-the-usa"> passionate endorsement </a>for cryptocurrencies, as he promised to build a safeーhaven for the industry in the U.S.
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>JasmyCoin (JASMY)</td>
<td>+18.44%</td>
<td>$0.02574</td>
</tr>
<tr>
<td>Ethereum Name Service (ENS)</td>
<td>+11.51%</td>
<td>$25.87</td>
</tr>
<tr>
<td>Pepe (PEPE)</td>
<td>+9.41%</td>
<td>$0.0000166</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market cap stands at $2.57 trillion, shrinking narrowly by 0.10% in the last 24 hours.
Stock market futures were trading lower as of this writing. The Dow Jones Industrial Average Futures fell 40 points, or 0.10%, as of 8:30 p.m. EDT. Futures tied to the S&amp;P 500 were down 0.11%, while Nasdaq 100 Futures sank 0.18%.
Stocks finished last week on a record high as shares of tech giant Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) sailed on its smashing first-quarter earnings report.
The Federal Reserve policymakers have already signaled they want to see more progress on inflation before moving to decrease interest rates. Investors will pay close attention to key macroeconomic statistics, such as Personal Consumption Expenditures, which is due on Friday. 
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely-followed cryptocurrency analyst Michaël van de Poppe underlined a breakout above $70,000 as a necessary criterion to justify a new all-time high for Bitcoin.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> needs to break through $70K on the LTF basis. Once that happens, I think we&#39;ll see a new ATH. Lower timeframe regions at $67K were holding too. Still, almost three months have passed in this range. A long consolidation. <a href="https://t.co/ZT1gn4KPVK">pic.twitter.com/ZT1gn4KPVK</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1794776007905325202?ref_src=twsrc%5Etfw">May 26, 2024</a></blockquote>
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Another popular analyst, Rekt Capital, drew attention to the significance of Ethereum's weekly close.
Pointing out $2791 on the price chart, the researcher noted that this level has historically preceded upward momentum to $4,000. He added, "Weekly Close above the orange box seems inevitable and will confirm that bulls have reclaimed momentum."&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> spent plenty of time around the orange circled lows (~$2791) This is the level that has historically preceded upside back into ~$4000 (green) Weekly Close above the orange box seems inevitable and will confirm that bulls have reclaimed momentum<a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://t.co/YAIr1sI1so">https://t.co/YAIr1sI1so</a> <a href="https://t.co/M5YiRdSfXQ">pic.twitter.com/M5YiRdSfXQ</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1794753827213844503?ref_src=twsrc%5Etfw">May 26, 2024</a></blockquote>
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Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38985314/what-would-an-ethereum-etf-approval-mean-for-the-price-of-eth">What Would Ethereum ETF Approval Mean For The Price Of ETH?</a>

Bitcoin, Dogecoin Stay Weak, Ethereum Revels In Spot ETF Euphoria — Analyst Says King Crypto Needs To Cross $70K To Hit New Highs

In an interview last week, Netflix, Inc.(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) co-CEO Ted Sarandos suggested that the 2023 blockbusters <a href="https://www.benzinga.com/general/entertainment/23/07/33351922/barbie-oppenheimer-set-box-office-records-its-the-first-top-10-weekend-missing-this-key-ing">&#8220;Barbie&#8221; and &#8220;Oppenheimer&#8221;</a> would have been just as successful on the streaming platform as they were in theaters. His comments have since sparked a debate on social media.
What Happened: In an interview with the New York Times, Sarandos was asked about the type of content that isn&#8217;t suitable for Netflix, to which he replied saying, &#8220;I don&#8217;t think that there&#8217;s a clean answer because the best version of something may work really well for Netflix but just hasn&#8217;t worked to date.&#8221;
He also mentioned that Netflix doesn&#8217;t do breaking news and similar content because there are other outlets for it, <a href="https://variety.com/2024/film/news/ted-sarandos-barbie-oppenheimer-netflix-streaming-1236016921/">reported</a> Variety.
See Also: <a href="https://www.benzinga.com/news/24/05/39019043/elon-musk-says-ozempic-will-become-very-cheap-after-new-comedy-special-paints-it-as-weight-loss-drug?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Says Ozempic &#8216;Will Become Very Cheap&#8217; After New Comedy Special Paints It As Weight Loss Drug Only Wealthy People Can Afford</a>
The interviewer then brought up the theatrical releases of &#8220;Barbie&#8221; and &#8220;Oppenheimer,&#8221; which were both highly successful at the box office. In response, Sarandos stated, &#8220;Both of those movies would be great for Netflix,&#8221; adding, &#8220;They definitely would have enjoyed just as big an audience on Netflix.&#8221;
He went on to say, &#8220;And so I don't think there's any reason to believe that certain kinds of movies do or don't work. There's no reason to believe that the movie itself is better in any size of screen for all people. My son's an editor. He is 28 years old, and he watched ‘Lawrence of Arabia' on his phone.&#8221;
When the interview made its way to social media, some users criticized Sarandos&#8217; comments. One user said, &#8220;I wish I was this delusional.&#8221; Another commented, &#8220;Not him literally saying that cinemas are NOT important. Depressing.&#8221;
Another user said that Netflix wouldn&#8217;t have been able to match the same &#8220;going into the theater dressing up&#8221; experience.
Why It Matters: &#8220;Barbie&#8221; and &#8220;Oppenheimer&#8221; both enjoyed impressive box office success, giving rise to the cultural <a href="https://www.benzinga.com/general/entertainment/24/01/36742998/academy-award-nominations-disney-oppenheimer-dominate-list-while-barbie-gets-smaller-billin">phenomenon known as &#8220;Barbenheimer.&#8221;</a> Warner Bros.&#8217; &#8220;Barbie&#8221; earned $1.44 billion worldwide, while Universal&#8217;s &#8220;Oppenheimer&#8221; grossed $951 million.
Last month, Netflix reported its <a href="https://www.benzinga.com/news/earnings/24/04/38324337/netflix-q1-earnings-highlights-revenue-beat-eps-beat-9-33-million-paid-subs-added-ad-tier-plan-upda">first-quarter revenue of $9.37 billion</a>, marking a 14.8% increase year-over-year. This figure surpassed the Street consensus estimate of $9.275 billion, according to<a href="https://www.benzinga.com/pro/feature/newsfeed?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348" target="_blank" rel="noreferrer noopener"> data from Benzinga Pro.</a> The company reported quarterly earnings per share of $5.28, exceeding the Street consensus estimate of $4.51.
Netflix gained 9.33 million net new paid subscribers in the first quarter, bringing its total to 269.60 million, representing a 16.0% year-over-year increase in subscriber growth.
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/general/entertainment/24/05/38689906/bob-iger-says-this-streaming-platform-is-the-gold-standard-praises-rival-for-cracking-down-">Bob Iger Says This Streaming Platform Is The Gold Standard, Praises Rival For Cracking Down On Password Sharing: &#8216;We&#8217;re Heartened By The Results That Netflix Has Delivered&#8217;</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.

Entertainment

NFLX

'Barbie' And 'Oppenheimer' Would've Hit 'Just As Big' On Netflix, Says Ted Sarandos But Social Media Users Call Him 'Delusional'

Peter Schiff criticized the media&#8217;s portrayal of President Donald Trump&#8217;s reception at the Libertarian Party Convention, emphasizing the likely harsher response for President Joe Biden.
What Happened: Schiff took to X, formerly Twitter, on Sunday to express his views on the media&#8217;s coverage of Trump&#8217;s speech at the Libertarian Party Convention. He pointed out the media&#8217;s focus on the booing Trump received during his address.
<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">The left-wing media is making a huge deal out of the fact that some people booed <a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> during his speech at the <a href="https://twitter.com/hashtag/Libertarian?src=hash&amp;ref_src=twsrc%5Etfw">#Libertarian</a> Party Convention. They&#39;re using this lack of support to make Trump look bad. But if <a href="https://twitter.com/hashtag/Biden?src=hash&amp;ref_src=twsrc%5Etfw">#Biden</a> had spoken at that convention far more people would have booed.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1794831157026328913?ref_src=twsrc%5Etfw">May 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/05/39021116/marjorie-taylor-greenes-motion-to-vacate-speaker-mike-johnsons-position-has-fallen-flat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Marjorie Taylor Greene&#8217;s Motion To Vacate Speaker Mike Johnson&#8217;s Position Has Fallen Flat</a>
He said, &#8220;They&#8217;re using this lack of support to make Trump look bad. But if [Biden] had spoken at that convention far more people would have booed.&#8221;
Why It Matters: Schiff&#8217;s comments come in the wake of reports that Trump&#8217;s speech at the convention was met with <a href="https://www.benzinga.com/news/24/05/39024041/robert-kennedy-jr-fails-to-secure-libertarian-party-presidential-nomination-gets-eliminated-in-first">boos and jeers</a>. Trump had vowed to commute the sentence of Silk Road founder Ross Ulbricht at the convention.
Trump&#8217;s reception at the convention was notably worse than that of Robert Kennedy Jr., who also <a href="https://www.benzinga.com/news/24/05/39024041/robert-kennedy-jr-fails-to-secure-libertarian-party-presidential-nomination-gets-eliminated-in-first">failed to secure the Libertarian Party&#8217;s presidential nomination</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/39020560/heres-what-to-expect-if-donald-trump-is-convicted-as-jury-deliberations-begin-next-week?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s What To Expect If Donald Trump Is Convicted As Jury Deliberations Begin Next Week</a>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Peter Schiff Says Trump Getting Jeered At Libertarian Convention Made Into A 'Huge Deal' — If Biden Had Participated, 'More People Would Have Booed'

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
This year could prove to be a turning point for the Initial Public Offering (IPO) markets, which have struggled over the past two years. Amid high interest rates and geopolitical tensions, there&rsquo;s a growing sense of optimism, making it an opportune time to scout for IPO stocks to buy. The renewed enthusiasm suggests the potential for significant market shifts



Last year&rsquo;s rally in the markets resulted in U.S. IPO proceeds <a href="https://www.whitecase.com/insight-our-thinking/global-ipos-2024-us-stock-markets#:~:text=There%20are%20signs%20that%20a,value%20of%20US%2423.02%20billion." target="_blank">reaching $23.94 billion,</a> an increase from $8.6 billion in 2022, according to White &amp; Case. However, the number of IPOs decreased from 180 in 2022 to 154.



The increase in IPO proceeds last year does not overshadow the difficulties faced by the U.S. IPO markets in the recent past. The 2023 proceeds, while an improvement from 2022, were significantly lower than the peak of $316.63 billion in 2021 and less than half of the $62.56 billion seen in 2019, before the pandemic.



Investors and companies in the United States are cautiously hopeful that IPO activity will pick up pace in 2024. That optimism is supported by a strong start to the year, with global stock markets, including the MSCI index of global stocks, showing their best first-quarter performance in five years.&nbsp;



The S&amp;P 500 also hit record highs, buoyed by a soft landing for the U.S. economy and a surge in the artificial intelligence (AI) sector. At the end of 2023, there were two successful IPOs &mdash; Germany&rsquo;s Birkenstock (NYSE:<a href="https://investorplace.com/stock-quotes/birk-stock-quote/">BIRK</a>) on the New York Stock Exchange (NYSE) and U.K.-based Arm Holdings (NASDAQ:<a href="https://investorplace.com/stock-quotes/arm-stock-quote/">ARM</a>) on Nasdaq.&nbsp;



While not every IPO has seen stock prices rise post-listing, the general trend has been positive, bolstering investor confidence. Here, we look at the three successful, recent IPOs attracting attention across Wall Street.



Let&rsquo;s now look at the top three IPO stocks to buy this year, each with impressive debuts and promising prospects for growth.



<h2>Rubrik (RBRK)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/03/cybersecurity-1600-300x169.jpg" alt="internet security and data protection concept, blockchain and cybersecurity"><div>Source: Song_about_summer / Shutterstock</div></div>Rubrik (NYSE:<a href="https://investorplace.com/stock-quotes/rbrk-stock-quote/">RBRK</a>), a cybersecurity firm supported by Microsoft (NASDAQ:<a href="https://investorplace.com/stock-quotes/msft-stock-quote/">MSFT</a>), saw its shares surge nearly 21% during its initial public offering (IPO) on the NYSE. This robust entrance into the public market reflects a broader rebound in IPOs, making Rubrik a standout choice for investors exploring IPO stocks to buy, especially in the cybersecurity domain.



The burgeoning demand for cloud applications, which has increased the risk of internet-based cyber threats, has heightened the necessity for cybersecurity services. Rubrik addresses this need by offering data security solutions to a diverse clientele, including notable names such as Whirlpool (NYSE:<a href="https://investorplace.com/stock-quotes/whr-stock-quote/">WHR</a>), PepsiCo (NASDAQ:<a href="https://investorplace.com/stock-quotes/pep-stock-quote/">PEP</a>) and Goldman Sachs (NYSE:<a href="https://investorplace.com/stock-quotes/gs-stock-quote/">GS</a>).&nbsp;



With over 6,000 customers, the company has established itself as a key player in the cybersecurity landscape. Competing against a range of data management and protection firms like Cohesity, Commvault (NASDAQ:<a href="https://investorplace.com/stock-quotes/cvlt-stock-quote/">CVLT</a>), Veeam, IBM (NYSE:<a href="https://investorplace.com/stock-quotes/ibm-stock-quote/">IBM</a>) and Dell EMC (NYSE:<a href="https://investorplace.com/stock-quotes/dell-stock-quote/">DELL</a>), Rubrik, originally known as ScaleData, has carved out a significant presence in the industry.&nbsp;



The company&rsquo;s shares opened at $38.6, notably higher than the IPO price of $32. The IPO allowed Rubrik to raise a substantial $752 million.



Microsoft&rsquo;s equity investment in 2021 further bolstered its growth during a financing round that valued Rubrik at $4 billion. Venture capital firms Greylock Partners and Lightspeed are among the company&rsquo;s backers.



<h2>Reddit (RDDT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/02/reddit-ipo-rddt1600-300x169.png" alt="In this photo illustration the Reddit logo seen displayed on a smartphone and on the background. RDDT and the Reddit IPO"><div>Source: rafapress / Shutterstock.com</div></div>Reddit (NYSE:<a href="https://investorplace.com/stock-quotes/rddt-stock-quote/">RDDT</a>) is an online social media platform where users submit content, such as text posts or direct links, to discuss different topics. The company went public in March, initially increasing its valuation by nearly 50% to $10.5 billion. However, as investors reassessed its fundamentals, the <a href="https://tokenist.com/3-interesting-ipos-worth-checking-out-in-2024/" target="_blank">share price declined</a> by 34%, reducing the market cap to $6.9 billion. This event underscored significant investor interest in newly public companies.



Reddit&rsquo;s prominence surged during the meme stock phenomenon in 2021 when retail investors on its &ldquo;wallstreetbets&rdquo; forum banded together to influence the stock prices of heavily shorted companies like GameStop (NYSE:<a href="https://investorplace.com/stock-quotes/gme-stock-quote/">GME</a>).&nbsp;



Major Wall Street brokerage firms initiated coverage on Reddit stock a few weeks after the IPO was finalized. Goldman Sachs and JPMorgan (NYSE:<a href="https://investorplace.com/stock-quotes/jpm-stock-quote/">JPM</a>) assigned a Neutral rating to the company with price targets of $40 and $47, respectively, while Morgan Stanley (NYSE:<a href="https://investorplace.com/stock-quotes/ms-stock-quote/">MS</a>) gave an Equal-Weight rating and set a price target of $45. That conservatism on the analyst side is understandable, given that Reddit shares closed 48% higher on the company&rsquo;s first day of trading.



JPM analysts <a href="https://www.reuters.com/technology/wall-street-brokerages-start-reddit-coverage-with-skepticism-user-growth-2024-04-15/" target="_blank">highlighted</a> the acceleration in Reddit&rsquo;s daily active unique user growth but said the platform&rsquo;s current user base of 73 million is relatively small compared to peers such as Facebook (NASDAQ:<a href="https://investorplace.com/stock-quotes/meta-stock-quote/">META</a>) and X. They projected Reddit&rsquo;s user count could reach 109 million by 2026.&nbsp;



Despite Reddit&rsquo;s reliance on ad revenue, the brokerage underscored the potential of AI, as emphasized during its IPO. On a more bullish note, brokerages such as Deutsche Bank (NYSE:<a href="https://investorplace.com/stock-quotes/db-stock-quote/">DB</a>), Raymond James (NYSE:<a href="https://investorplace.com/stock-quotes/rjf-stock-quote/">RJF</a>), Needham, Piper Sandler (NYSE:<a href="https://investorplace.com/stock-quotes/pipr-stock-quote/">PIPR</a>) and Roth MKM have expressed strong confidence in Reddit, with Needham setting the highest price target on Wall Street at $55.&nbsp;



Reddit was described as an &ldquo;iconic internet asset&rdquo; by Piper and the &ldquo;front page of the Internet&rdquo; by Roth, with both suggesting the company deserves a premium valuation due to its large and unique user-generated content, which is increasingly valuable for AI model training.



<h2>Ibotta (IBTA)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/04/ibta1600-300x169.png" alt="Closeup of mobile phone screen with logo lettering of ibotta (IBTA) cashback app on computer keyboard (focus on left letter t upper lettering)"><div>Source: Ralf Liebhold / Shutterstock.com</div></div>Ibotta (NYSE:<a href="https://investorplace.com/stock-quotes/ibta-stock-quote/">IBTA</a>) is a mobile technology company that offers a cashback and rewards app, primarily used for grocery shopping. Users earn cash back on purchases by performing simple tasks, submitting receipts or linking store loyalty accounts.&nbsp;



Wall Street analysts initiated mostly positive research coverage on IBTA stock, making it one of the promising IPO stocks to buy. Citi (NYSE:<a href="https://investorplace.com/stock-quotes/c-stock-quote/">C</a>)&nbsp;and Wells Fargo (NYSE:<a href="https://investorplace.com/stock-quotes/wfc-stock-quote/">WFC</a>) analysts initiated with a rating equivalent to Buy, as they saw upside for IBTA shares. On the other hand, Goldman Sachs started with a Neutral rating.



The firm believes Ibotta is well-positioned to benefit from long-term growth trends in the digital advertising and grocery sectors, particularly as spending shifts from offline to online channels. Goldman <a href="https://www.streetinsider.com/Analyst+Comments/Goldman+Sachs+Starts+Ibotta+Inc+%28IBTA%29+at+Neutral%2C+Long-Term+Growth+%26+Margin+Opportunity/23211140.html" target="_blank">suggested</a> that Ibotta&rsquo;s stock could experience volatility in the coming year due to macroeconomic factors impacting digital advertising, the rate of third-party (3P) redeemer additions and the effects of Ibotta&rsquo;s partnership with Walmart (NYSE:<a href="https://investorplace.com/stock-quotes/wmt-stock-quote/">WMT</a>).



The analysis anticipates a large and growing addressable market for Ibotta, the potential for the company to sustain over 20% revenue growth, and steady margin expansion due to scale and fixed cost leverage.



On the date of publication, Shane Neagle did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://protect-us.mimecast.com/s/XtC3C1wq33iErOvYSGOsXg?domain=investorplace.com/">Publishing Guidelines.</a>
<div>Shane Neagle is fascinated by the ways in which technology is poised to disrupt investing. He specializes in fundamental analysis and growth investing.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/05/ipo-icons-3-freshman-stocks-earning-wall-streets-adoration/">IPO Icons: 3 Freshman Stocks Earning Wall Street&#8217;s Adoration</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

IPO Icons: 3 Freshman Stocks Earning Wall Street's Adoration

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