United States Cellular Corporation 5.500% Senior Notes due 2070 Stock (NYSE: UZE)

United States Cellular Corporation 5.500% Senior Notes due 2070 Stock (NYSE:UZE), Trade Ideas

United States Cellular Corporation 5.500% Senior Notes due 2070

Chinese EV giant, BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), backed by Warren Buffett‘s Berkshire Hathaway, is set to make a bold move in the luxury EV market with the unveiling of its premium brand&#8217;s first sedan at the Beijing auto show, posing a direct challenge to luxury automakers such as Mercedes-Benz.
What Happened: The Denza Z9GT, BYD&#8217;s new sedan, is the fruit of founder Wang Chuanfu&#8217;s persistence with the brand, Reuters reported on Thursday. This development follows Mercedes-Benz reducing its stake in their joint premium EV venture from 50% to 10%.
The Denza Z9GT will join Denza&#8217;s N7 and N8 SUVs and D9 multipurpose vehicles, all of which have seen increasing sales, contributing to BYD&#8217;s dominance in the EV market.
&#8220;In the past, traditional luxury brands were defined by their logos. Today, luxury for new energy brands are defined by technology,&#8221; said Denza general manager Zhao Changjiang.
However, the luxury vehicle will enter a saturated domestic market amid a price war. Overseas, governments are scrutinizing Chinese EVs, blaming Chinese overcapacity for market flooding.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38350014/elon-musk-reacts-to-teslas-pricing-debate-only-a-fool-thinks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tesla&#8217;s Pricing Debate: &#8216;Only A Fool Thinks ….&#8217;</a>
BYD&#8217;s success is crucial to its goal of competing with global leaders like Toyota and Volkswagen and shedding its image as a low-cost automaker.
The luxury push is also necessary to increase profitability as the price war squeezes the margins of mainstream models. Denza&#8217;s D9 has become the group&#8217;s most profitable model with annual sales of 119,000 units.
Why It Matters: Earlier this year, BYD <a href="https://www.benzinga.com/markets/asia/24/03/37776137/chinas-ev-market-charges-forward-warren-buffett-backed-byd-predicts-50-nev-penetration-as-top-player">predicted a significant shift</a> in the new energy vehicle (NEV) landscape. The company has been focusing on <a href="https://www.benzinga.com/news/24/03/37616662/teslas-chinese-rivals-are-coming-for-the-throat-byd-xiaomi-sharpen-knives-for-all-out-ev-price-war">making EVs more affordable</a> than their gasoline counterparts. 
Recently, <a href="https://www.benzinga.com/markets/asia/24/02/37305779/teslas-china-rival-byd-raises-luxury-game-with-233k-ev-supercar-to-rival-ferrari-and-lamborghini">BYD unveiled its most expensive vehicle to date</a>, a fully electric supercar valued at $233,450, challenging traditional supercar manufacturers like Ferrari NV and Lamborghini. The company also announced its <a href="https://www.benzinga.com/news/24/04/38352429/warren-buffett-backed-byd-names-cybertruck-challenger-shark-with-plug-in-hybrid-system-for-extra-bit">first electric pickup truck</a>, the BYD Shark.
In 2008, Berkshire invested around $230 million in BYD, obtaining 225 million shares and a 20.49% stake in Class H shares. Over time,<a href="https://www.benzinga.com/news/24/02/36904335/warren-buffett-backed-byd-reports-impressive-33-1-yoy-growth-in-january-sales-continues-to-scale-sal"> it has reduced its stake</a> and now holds approximately 87.6 million BYD H Shares, equivalent to a 7.98% stake.
Price Action: On Wednesday, BYD&#8217;s stock BYDDF closed at $25.65, up by 2.05% while its ADR BYDDY closed at $51.21, up by 1.2% on the same day.
Read Next: <a href="https://www.benzinga.com/general/education/24/04/38388530/heres-how-much-warren-buffett-could-have-made-investing-in-tesla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s How Much Warren Buffett Could Have Made Investing In Tesla</a>
Photo via Shutterstock
<div style="font-family: 'Lato', sans-serif">
<div>
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by Benzinga Neuro, Edited by 
 <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Pooja Rajkumari</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>
</div>

News

Tech

General

BYDDF

BYDDY

Warren Buffet-Backed BYD Takes On Luxury EV Market With New Premium Sedan, Posing Direct Challenge For Mercedes-Benz

Spotify Technology SA&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) second attempt to update its iOS app in the EU has been thwarted by Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) due to non-compliance with its App Store rules.
What Happened: The update for <a href="https://www.benzinga.com/markets/equities/24/03/37454551/apple-hit-with-a-1-95b-fine-in-eu-in-spotify-antitrust-case">Spotify&#8217;s app in the App Store</a> has been put on hold as the streaming service failed to adhere to the regulations allowing links to external sites for purchases, <a href="https://appleinsider.com/articles/24/04/24/spotify-second-ios-app-update-attempt-in-eu-fails-to-pass-app-store-review">reported</a> AppleInsider on Wednesday.
Apple has introduced new rules for developers&nbsp;to <a href="https://www.benzinga.com/news/24/03/37507425/from-search-to-flights-google-tweaks-everything-for-eus-digital-markets-act">comply with EU legislation</a>, such as the Digital Markets Act. However, not all apps have followed these guidelines.
Apple has&nbsp;created a Music Streaming Services&nbsp;Entitlement for the EEA storefronts, which&nbsp;allows streaming services to use&nbsp;external links, buttons, and calls&nbsp;to action to direct users to a developer&#8217;s website for purchases&nbsp;outside of Apple&#8217;s In-App Purchase&nbsp;mechanism.
See Also: <a href="https://www.benzinga.com/news/24/04/38368777/apple-planning-soccer-broadcasting-foray-with-fifa-after-major-league-rights-success-report">Apple Planning Soccer Broadcasting Foray With FIFA After Major League Rights Success: Report</a>
The App Review team at Apple sent an email to Spotify, stating&nbsp;that version 8.9.33 of Spotify&#8217;s&nbsp;app was stopped from being published to the App Store. This version of the app was designed&nbsp;for the European Economic Area&nbsp;or EEA storefronts.
&#8220;We note that your current submission includes a call to action to purchase a Spotify subscription on your website. As such, you must accept the terms of the Music Streaming Services Entitlement (EEA) and include the entitlement profile in your app for submission,&#8221; the email read. 
Adding, &#8220;To be clear, this entitlement is required even if your app does not include an external link (nor does it require that you offer an external link). We will, however, approve version 8.9.33 after you accept the terms of the Music Streaming Services Entitlement (EEA) and resubmit it for review.&#8221;
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
It is unclear if the&nbsp;app will be blocked in&nbsp;other territories, but since it&nbsp;is an EEA-specific issue, it&nbsp;should be allowed elsewhere.
Why It Matters: This development comes after Spotify&#8217;s&nbsp;<a href="https://www.benzinga.com/24/04/38388246/spotifys-first-quarter-tells-a-story-of-record-profit-and-an-epic-win">record-breaking first quarter</a>&nbsp;in 2024, where the company reported a 20% year-over-year increase in revenue to 3.64 billion euros. This was attributed to efficient cost-cutting initiatives that also brought significant margin improvements.
Spotify&#8217;s stock, however, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38414644/spotify-stock-sheds-all-gains-after-q1-earnings-but-analysts-are-impressed-with-the">shed all its gains</a> after the first quarter earnings report, but analysts were still impressed with the company&#8217;s performance. J.P. Morgan analyst Doug Anmuth maintained Spotify with an Overweight and raised the price target from $320 to $365.
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/24/04/38357333/elon-musk-reacts-to-tucker-carlson-saying-theres-ton-of-evidence-that-aliens-live-among-us-with-6000?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tucker Carlson Saying There&#8217;s &#8216;Ton Of Evidence&#8217; That Aliens Live Among Us: &#8216;With 6000 Satellites Orbiting Earth, I Think I Would Know&#8217;</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Social Media

Media

AAPL

SPOT

Spotify Tries To Push iOS Update In EU Again, Gets Rebuffed By Apple Over App Store Terms

Jeff Bezos shared his unconventional approach to productivity, which involves allowing his mind to wander during meetings. This strategy, he believes, fosters creativity and problem-solving.
What Happened: Bezos, the founder of Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Blue Origin, revealed his unique approach to productivity in a recent episode of the &#8220;Lex Fridman Podcast.&#8221;
Bezos, who is currently the second-richest person globally, <a href="https://www.forbes.com/profile/jeff-bezos/?sh=5ef8713b1b23">according</a> to Forbes, does not adhere to a strict schedule or time blocks for meetings. Instead, he encourages creative thinking by allowing his mind to wander during meetings, which can often extend beyond their planned duration.
"I don't keep to a strict schedule," Bezos said, in an episode first released in December. "My meetings often go longer than I plan for them to, because I believe in [mind] wandering."
 &#8220;A lot of people feel like wandering is inefficient," he added.
He advocates for &#8220;messy meetings&#8221; where ideas are freely exchanged, and there is no set end time. Bezos believes that this approach, which some may consider inefficient, can actually enhance productivity, creativity, and happiness.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Jeff Bezos: Amazon and Blue Origin &#x7C; Lex Fridman Podcast #405" width="500" height="281" src="https://www.youtube.com/embed/DcWqzZ3I2cY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
"When I sit down a meeting, I don't know how long the meeting is going to take if we're trying to solve a problem," Bezos said. "The reality is we may have to wander for a long time &#8230; I think there's certainly nothing more fun than sitting at a whiteboard with a group of smart people and spit-balling and coming up with new ideas and objections to those ideas, and then solutions to the objections and going back and forth." He added that "a lot of people feel like wandering is inefficient." 
Bezos&#8217;s approach is supported by a 2016 <a href="https://knowablemagazine.org/content/article/mind/2022/science-wandering-mind">study</a> that found allowing the mind to wander can significantly improve creativity. He suggests that taking breaks from a structured routine to let the mind wander can be an effective way to solve problems that seem unsolvable.
See Also: <a href="https://www.benzinga.com/news/24/04/38349837/elon-musk-agrees-every-american-household-will-have-a-1-000-per-month-home-robot-in-7-years-time?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Agrees Every American Household Will Have A $1,000-Per-Month Home Robot In 7 Years&#8217; Time</a>
Why It Matters: Bezos&#8217;s approach to productivity is in line with his innovative thinking and risk-taking, as evidenced by his recent ventures.
In January, it was <a href="https://www.benzinga.com/general/24/01/36578223/jeff-bezos-made-over-7-9-million-an-hour-every-hour-in-2023-in-under-13-minutes-he-brought-in-the-eq">reported</a> that Bezos&#8217;s net worth had increased by $70 billion in 2023, reaching $177 billion. This remarkable growth was attributed to his strategic investments and business decisions.
Bezos&#8217;s financial acumen was further demonstrated in March when he <a href="https://www.benzinga.com/general/24/03/37591221/jeff-bezos-sold-8-5-billion-worth-of-amazon-stock-and-saved-600-million-in-taxes-by-moving-to-florid">sold $8.5 billion worth of Amazon stock</a> and saved $600 million in taxes by relocating to Florida. This move allowed him to redirect a portion of his wealth into Blue Origin, his space exploration venture, showcasing his commitment to innovation and exploration.
Bezos&#8217; net worth has also been a topic of discussion. Despite a <a href="https://www.benzinga.com/news/24/03/37473160/jeff-bezos-overtakes-elon-musk-reclaims-worlds-richest-person-title-as-wealth-soars-to-200b">fierce competition</a> with Tesla CEO Elon Musk, Bezos reclaimed the title of the world&#8217;s wealthiest individual with a net worth of $200 billion.
Read Next: <a href="https://www.benzinga.com/news/24/04/38357333/elon-musk-reacts-to-tucker-carlson-saying-theres-ton-of-evidence-that-aliens-live-among-us-with-6000?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tucker Carlson Saying There&#8217;s &#8216;Ton Of Evidence&#8217; That Aliens Live Among Us: &#8216;With 6000 Satellites Orbiting Earth, I Think I Would Know&#8217;</a>
Image Via Shutterstock 
<div style="font-family: 'Lato', sans-serif">
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/topic/kaustubh-bagalkote" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>

Entrepreneurship

Success Stories

AMZN

Jeff Bezos Reveals His Unconventional Approach To Productivity: 'I Believe In Wandering'

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&#8217;s Vision Pro, despite a reduced sales forecast, has caught the attention of Jim Cramer, who believes the product could revolutionize the industrial sector.
What Happened: Cramer, the host of CNBC&#8217;s &#8220;Mad Money,&#8221; expressed his optimism about the potential of Apple&#8217;s Vision Pro in a recent episode, <a href="https://www.cnbc.com/2024/04/24/cramers-bullish-on-apples-vision-pro-highlights-enterprise-use.html">reported</a> CNBC. 
He suggested that the product, which is currently being marketed as a consumer device, could be repositioned as an enterprise product.
He pointed out that the Vision Pro could be a valuable tool for the industrial sector, especially with the digital twin technology, which allows users to simulate potential changes before implementing them in reality.
See Also: <a href="https://www.benzinga.com/news/24/04/38392548/ups-earnings-show-the-weight-of-170-000-salaries-while-it-learns-to-navigate-shipping-slump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UPS Earnings Show The Weight Of $170,000 Salaries While It Learns To Navigate Shipping Slump</a>
&#8220;The construction of factories is the largest business in the world,&#8221; Cramer said. &#8220;If you could cut waste and test out potential changes on the Vision Pro before you put them in reality — and that&#8217;s what&#8217;s known as a digital twin — then I say that $3,500 price tag is way too cheap.&#8221;
Despite a recent report that Apple is reducing its Vision Pro shipment forecast due to a decrease in demand, Cramer remains bullish on the product. 
He highlighted that Apple&#8217;s ability to sell 400,000 units of a $3,500 product, which is still in the process of having software developed for it, is a strong indicator of the product&#8217;s success.
Why It Matters: The Vision Pro has been a subject of interest for Cramer in the past. In June, he <a href="https://www.benzinga.com/markets/equities/23/06/32829441/apple-vision-pro-headset-too-expensive-jim-cramer-explains-why-the-3-499-price-tag-may-not-matte">argued that the steep price tag</a> of the Vision Pro could be justified by its potential to pave the way for more affordable headsets. 
However, in July, he <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/07/33136437/laser-eyes-why-jim-cramer-says-everyone-will-have-apple-vision">dismissed concerns about</a> Apple&#8217;s reduced production forecasts, stating that it wouldn&#8217;t affect the product&#8217;s success.
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta Platforms Q1 Earnings Highlights: Facebook Owner Beats Estimates, But Guidance, Higher Costs Ding Stock</a>
Image Via Shutterstock 
<div style="font-family: 'Lato', sans-serif">
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/topic/kaustubh-bagalkote" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>

Equities

Markets

Jim Cramer Sees Apple's Vision Pro As A Game-Changer For Industrial Sector: '$3,500 Price Tag Is Way Too Cheap'

Vietnamese billionaire Pham Nhat Vuong has announced plans to inject an additional $1 billion from his personal wealth into the Nasdaq-listed electric vehicle (EV) manufacturer VinFast Auto Ltd NASDAQ: VFS).
What Happened: At a shareholders&#8217; meeting of Vingroup, the conglomerate he chairs, Vuong, who directly owns 18% of its shares, expressed his intention to further bolster the investments in VinFast, which has been running at a loss, reported Reuters. 
&#8220;I plan to give VinFast $1 billion from my own pocket,&#8221; Vuong said.
He and Vingroup have already injected $11.4 billion into the company by the end of the previous year.
Vuong, who also serves as the CEO of VinFast, holds a 97% stake in the company through direct ownership and companies under his control. 
Despite the company&#8217;s stock price plummeting from $10 to $2.5 since its initial listing in August, Vuong remains optimistic about the EV market&#8217;s future.
He stated, &#8220;The electric vehicle market will continue to grow, surpassing combustion engine cars. I will not give up on VinFast.&#8221;
VinFast&#8217;s sales challenges have been well-documented, with the company failing to meet its sales targets last year and reporting significant losses. The company&#8217;s financial troubles have been exacerbated by its reliance on sales to associated companies and a declining global EV market.
Despite these challenges, Vuong remains committed to VinFast, with over 70% of the 35,000 cars sold last year going to an electric taxi company, GSM, which he owns. He is also considering listing GSM on the international market if conditions allow.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38395098/tesla-unveils-timeline-for-electric-semi-truck-production-first-units-to-external-customers-by-2?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Unveils Timeline For Scaling Up Electric Semi-Truck Production, First Units From New Factory To &#8216;Ex</a>
Why It Matters: The decision by Vuong to invest an additional $1 billion into VinFast comes at a time when the company is facing <a href="https://www.benzinga.com/markets/equities/24/04/38215061/emerging-tesla-challenger-vinfast-faces-sales-challenges-posing-risks-for-vietnam-billionaire-ph">significant sales challenges</a>. The company&#8217;s financial troubles have been amplified by its dependency on sales to associated companies and a declining global EV market. 
The company has accumulated <a href="https://www.benzinga.com/markets/equities/24/04/38238454/vingroups-vinfast-faces-financial-risks-amidst-global-ambitions-with-5-7b-loss-over-past-three-y">losses of $5.7 billion</a> over the past three years, leading to a 38% drop in Vingroup&#8217;s share price since VinFast&#8217;s U.S. listing in August.
Despite these challenges, Vuong&#8217;s commitment to VinFast is unwavering, and his decision to invest an additional $1 billion demonstrates his confidence in the company&#8217;s long-term prospects.
Back in August, VinFast&#8217;s <a href="https://www.benzinga.com/news/23/08/34081685/vinfasts-market-cap-skyrockets-with-20-stock-surge-securing-third-position-after-tesla-and-toyota">market cap skyrocketed</a> with a 20% stock surge, securing the third position after Tesla and Toyota. The company&#8217;s shares soared 20% in the U.S. market, pushing its market capitalization to $191.2 billion. Despite its U.S. operations not being fully operational, the EV boom prompted a buying frenzy among individual investors.
Read Next: <a href="https://www.benzinga.com/news/24/04/38373389/tesla-ceo-elon-musk-takes-swipe-at-waymo-says-cybertruck-might-be-needed-for-robotaxis-in-san-franci?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Takes Swipe At Waymo, Says Cybertruck Might Be Needed For Robotaxis In San Francisco Amid Vandalism Frenzy</a>
Image Via Shutterstock 
<div style="font-family: 'Lato', sans-serif">
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/topic/kaustubh-bagalkote" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>

Financing

Global

Emerging Tesla Challenger To Receive Another $1B From Vietnamese Billionaire: 'I Will Not Give Up On VinFast'

Northfield Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFBK#NASDAQ">NFBK</a>) reported quarterly earnings of $0.15 per share which met the analyst consensus estimate. This is a 42.31 percent decrease over earnings of $0.26 per share from the same period last year. The company reported quarterly sales of $27.884 million which missed the analyst consensus estimate of $28.990 million by 3.82 percent. This is a 20.09 percent decrease over sales of $34.896 million the same period last year.

Earnings

Earnings Misses

NFBK

Northfield Bancorp Q1 2024 GAAP EPS $0.15, Inline, Sales $27.884M Miss $28.990M Estimate

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO <a href="https://www.benzinga.com/topic/jensen-huang">Jensen Huang</a> hand-delivered the first DGX H200 GPU to OpenAI's Sam Altman and Greg Brockman, continuing the tradition of the close collaboration between the two companies.
What Happened: Huang donated the first DGX H200 GPU out in the world to OpenAI, after <a href="https://www.benzinga.com/news/24/03/37809836/nvidia-reveals-blackwell-gpu-highlights-partnerships-with-top-companies-at-gtc-the-whole-industry-is">announcing it in March</a> alongside the GB200 AI super chip.
Brockman, who is currently the president of OpenAI, posted a photo with Huang, Altman, and the DGX H200 GPU.
He noted that this is the first H200 GPU in the world. Combined with the fact that Huang hand-delivered it to OpenAI, this is a symbolic gesture.
Brockman noted that Huang's message while donating the H200 GPU to OpenAI was "to advance AI, computing, and humanity."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">First <a href="https://twitter.com/nvidia?ref_src=twsrc%5Etfw">@NVIDIA</a> DGX H200 in the world, hand-delivered to OpenAI and dedicated by Jensen &quot;to advance AI, computing, and humanity&quot;: <a href="https://t.co/rEJu7OTNGT">pic.twitter.com/rEJu7OTNGT</a>
&mdash; Greg Brockman (@gdb) <a href="https://twitter.com/gdb/status/1783234941842518414?ref_src=twsrc%5Etfw">April 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
OpenAI is a research organization that focuses on artificial intelligence. The company has been at the forefront of AI research and has been a key player in the development of AI technologies.
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.
Its ChatGPT launch in late 2022 kicked off a storm in the AI chatbot arena, leading to several companies unveiling their large language models and chatbots.
See Also: <a href="https://www.benzinga.com/news/24/04/38378083/whats-cooking-nvidias-jensen-huang-meets-jeff-bezos-backed-perplexity-ai-ceo-search-like-a-billionai">What&#8217;s Cooking? Nvidia&#8217;s Jensen Huang Meets Jeff Bezos-Backed Perplexity AI CEO: &#8216;Search Like A Billionaire&#8217;</a>
Why It Matters: Earlier in March, Nvidia unveiled the DGX H200 GPU alongside the GB200 AI super chip.
The H200 GPU is a successor to the widely popular H100 GPU – it offers 1.8 times the memory and 1.4 times the bandwidth that H100 did. This makes information processing much faster since it can store more data, reducing the dependency on external storage which is slower.
On the other hand, the <a href="https://www.benzinga.com/news/24/03/37848556/nvidias-new-superchip-delivers-8-470-times-the-computing-performance-of-supercomputer-that-jensen-hu">GB200 AI superchip is 8,470 times faster</a> than the DGX-1 supercomputer that Huang donated to OpenAI back in 2016. Huang calls it the "miracle" chip.
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/general/entertainment/24/04/38345794/mark-zuckerberg-spills-the-beans-on-his-bromance-with-nvidias-jensen-huang-hell-yeah-lets-m" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Spills The Beans On His Bromance With Nvidia's Jensen Huang: ‘Hell Yeah, Let's Make Cheesesteaks'</a>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photos courtesy: Shutterstock

NVDA

Jensen Huang Hand-Delivers Nvidia's First DGX H200 GPU To OpenAI's Sam Altman To 'Advance AI, Computing, And Humanity'

Donald Trump <a href="https://www.benzinga.com/general/politics/24/04/38366379/trump-committed-conspiracy-to-undermine-the-integrity-of-a-presidential-election-prosecution-all">continued to have a bad run this week,</a> and his niece Mary Trump, a clinical psychologist said, &#8220;the wheels of justice continue to grind.&#8221;
What Happened: Mary Trump commended the prosecutors in the New York hush-money case for emphasizing her uncle&#8217;s &#8220;extrajudicial statements&#8221; and highlighting them as a &#8220;very real threat&#8221; to the proceedings&#8217; integrity. She opined that unless Acting New York Supreme Court Justice Juan Merchan makes the consequences sufficiently severe, Donald Trump will have no reason to stop flouting the judge&#8217;s authority and his gag order.
The prosecution&#8217;s request, seeking the removal of his offending Truth Social posts, could be infuriating for Donald Trump, as he could see it as a loss of control beyond the courtroom, the psychologist said. Also, the prosecution&#8217;s request for a $1,000 fine for each violation and warning of imprisonment is beyond the ex-president&#8217;s comprehension, she said. 
&#8220;Being incarcerated for even a day would likely be beyond Donald's ability to manage,&#8221; she added.
Mary Trump also explored the logic of the prosecutors not seeking jail term for her uncle immediately. &#8220;It wouldn't be surprising if Donald saw a potential jail sentence as an opportunity rather than a punishment.&#8221; she said.
&#8220;In his eyes, it could be another chance to play the victim, to rally his supporters around a perceived injustice, and to raise funds for his cause. Prosecutors are depriving him of that narrative.&#8221;
The psychologist, however, said her uncle may see any confinement against his will as a &#8220;direct challenge to his sense of omnipotence and a serious blow to his extremely fragile ego.&#8221;
All said and done, Tuesday&#8217;s contempt hearing was another humiliation for Donald Trump, his niece said.
Mary Trump also said National Enquirer publisher, David Pecker provided &#8220;slam dunk testimony&#8221; as his statements went on to solidify the case that Donald Trump&#8217;s purpose was election interference.
&#8220;Donald is facing real-time consequences for his transgressions,&#8221; Mary Trump said, as she noted that in just 198 days he would not only face a jury but also has to answer the American public.
See Also: <a href="https://www.benzinga.com/news/24/04/38356833/liz-cheney-says-trump-doing-everything-possible-to-postpone-jan-6-case-beyond-election-deep-flaws-in">Liz Cheney Says Trump &#8216;Doing Everything Possible&#8217; To Postpone Jan. 6 Case Beyond Election: &#8216;Deep Flaws In Character&#8230;Make Him Unfit To Serve As President&#8217;</a>
Why It&#8217;s Important: The hush-money case is one of the four criminal cases Donald Trump is facing and this case assumes importance because it could be the only case for which verdict is pronounced ahead of the Nov. 5 election. 
Donald Trump, though not the official Republican nominee yet, has all but clinched the ticket, and will likely be set up for a rematch with President Joe Biden. Opinion polls have suggested that the <a href="https://www.benzinga.com/news/24/04/38401616/biden-vs-trump-one-candidate-outperforms-his-2020-numbers-as-the-other-loses-support-among-2-key-vot">2024 election could be one of the most closely contested races,</a> although a <a href="https://www.benzinga.com/news/24/04/38182671/biden-vs-trump-matchup-in-new-poll-shows-incumbents-lead-swelling-but-nearly-25-of-voters-dont-want">big chunk of voters wanted neither Trump nor Biden as their candidate.</a>
The hush-money case relates to falsifying records regarding payments made to adult movie star Stormy Daniels, who has alleged that Donald Trump had a sexual relationship with her ahead of the 2016 election. Prosecutors have argued that this was done with the motive of interfering with the election results.
The trial resumes in New York on Thursday when the U.S. Supreme Court is also set to deliberate on Donald Trump&#8217;s presidential immunity claims.
Photo via Wikimedia Commons
Read Also: <a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a>

Politics

Trump's Niece Says Ex-President Could See Potential Imprisonment As Opportunity: 'Donald Is Facing Real-Time Consequences For His Transgressions'

St. Joe (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOE#NYSE">JOE</a>) reported quarterly earnings of $0.24 per share. This is a 33.33 percent increase over earnings of $0.18 per share from the same period last year. The company reported $87.79 million in sales this quarter. This is a 20.26 percent increase over sales of $73.00 million the same period last year.

St. Joe Q1 EPS $0.24 Up From $0.18 YoY, Sales $87.79M Up From $73.00M YoY

Stora Enso (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SEOAY#OTC">SEOAY</a>) reported quarterly earnings of $0.10 per share which beat the analyst consensus estimate of $0.06 by 63.33 percent. This is a 60.8 percent decrease over earnings of $0.25 per share from the same period last year. The company reported quarterly sales of $2.350 billion which beat the analyst consensus estimate of $2.244 billion by 4.71 percent. This is a 19.52 percent decrease over sales of $2.920 billion the same period last year.

Earnings Beats

SEOAY

Stora Enso Q1 2024 Adj EPS $0.10 Beats $0.06 Estimate, Sales $2.350B Beat $2.244B Estimate

Coca-Cola European Partners plc Ordinary Shares

CCEP

Coca-Cola Europacific Q1 Revenue €4.733B (+4.3% YoY), Adjusted Comparable Volume +2%; Reaffirms 2024 Guidance

Indivior (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDV#NASDAQ">INDV</a>) reported quarterly earnings of $0.37 per share which missed the analyst consensus estimate of $0.41 by 9.76 percent. This is a 7.5 percent decrease over earnings of $0.40 per share from the same period last year. The company reported quarterly sales of $284.000 million which missed the analyst consensus estimate of $299.750 million by 5.25 percent. This is a 12.25 percent increase over sales of $253.000 million the same period last year.

INDV

Indivior Q1 2024 Adj EPS $0.37 Misses $0.41 Estimate, Sales $284.000M Miss $299.750M Estimate

Guidance
The Company reiterates its Total Revenue and Core EPS guidance for FY 2024 at CER, based on the average foreign exchange rates through 2023.
<ul>
<li>Total Revenue is expected to increase by a low double-digit to low teens percentage</li>
<li>Core EPS is expected to increase by a low double-digit to low teens percentage</li>
<li>Collaboration Revenue is expected to increase substantially, driven by success-based milestones and certain anticipated transactions</li>
<li>Other operating income is expected to decrease substantially (FY 2023 included a $241m gain on the disposal of&nbsp;Pulmicort Flexhaler&nbsp;US rights, and a $712m one-time gain relating to updates to contractual arrangements for&nbsp;Beyfortus)</li>
<li>The Core Tax rate is expected to be between 18-22%</li>
</ul>

Guidance

AstraZeneca Reiterates Its 2024 Guidance: Expects Total Revenue And Core EPS To Increase By A Low Double-Digit To Low Teens Percentage At CER

AstraZeneca (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) reported quarterly earnings of $1.03 per share which missed the analyst consensus estimate of $1.22 by 15.57 percent. This is a 7.29 percent increase over earnings of $0.96 per share from the same period last year. The company reported quarterly sales of $12.679 billion which beat the analyst consensus estimate of $11.833 billion by 7.15 percent. This is a 16.55 percent increase over sales of $10.879 billion the same period last year.

AstraZeneca Q1 2024 Adj EPADS $1.03 Misses $1.22 Estimate, Sales $12.679B Beat $11.833B Estimate

Macro Economic Events

Econ #s

Economics

Germany GfK Consumer Climate For May -24.2 Vs. -25.9 Est.; -27.3 (Revised) Prior

The U.S. Department of Agriculture&#8217;s Food Safety and Inspection Service (FSIS) issued a public health alert for ground beef products that may be contaminated with E. coli (Escherichia coli.)
The products, which were produced in March, were distributed to food service institutions and retailers across the country.
These products, which carry a packaging date of &#8220;032824&#8221; and a Use/Freeze by date of Apr. 22, were shipped to various food service institutions and retailers nationwide. The products also bear the establishment number &#8220;EST. 960A,&#8221; which can be found inside the USDA mark of inspection.
While the potential risk of illness is present, there have been no reports thus far. Consumers who have previously bought these products are advised not to consume or serve them.
However, the FSIS has advised anyone concerned about illness to contact their healthcare provider.
But what exactly is E. coli and how can you stay protected? Here's everything you need to know.
<h2 class="wp-block-heading">What Is E. coli?</h2>
E. coli are bacteria that are commonly found in the environment, foods, and the intestines of people and animals, as per the <a href="https://www.cdc.gov/ecoli/ecoli-prevention.html">Centers for Disease Control and Prevention</a>.
While most strains of E. coli are harmless, some can cause illnesses such as diarrhea, urinary tract infections, respiratory illnesses, and pneumonia.
This is caused by some strains of E. coli that make Shiga toxin. These bacteria are called "Shiga toxin-producing&nbsp;E. coli," or STEC for short.
<h2 class="wp-block-heading">5 Ways To Stay Protected From E. coli Infections</h2>
The types of E. coli that can cause illness are transmitted through contaminated water or food or contact with animals or people. The CDC notes that some E. coli infections can be severe or life-threatening.
Here are five ways you can stay protected from E. coli infections:
<h3 class="wp-block-heading">1. &nbsp;Check Your Risk Level</h3>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-1024x576.jpg" alt="" class="wp-image-306285" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072809/E.coli-2.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Check your risk level for illness &#x7C; Image generated using Dall-E</figcaption></figure>
Check what is your personal risk level.
Individuals at increased risk of foodborne illness include pregnant women, newborns, children, elderly individuals, and individuals with compromised immune systems, such as those with cancer, diabetes, or HIV/AIDS.
<h3 class="wp-block-heading">2. Follow Four Steps To Food Safety</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1-1024x576.jpg" alt="" class="wp-image-306275" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072459/E.coli-1.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Ensure your food is safe &#x7C; Image generated using Dall-E</figcaption></figure>
Follow the four steps to food safety, every time – clean, separate, cook, and chill.
<ul>
<li>Make sure your hands, utensils, surfaces, and food items are clean before you cook them.</li>
<li>Keep different types of food and their utensils separate.</li>
<li>Make sure you cook food to the right temperature. Use a food thermometer to ensure food has reached the right internal temperature.</li>
<li>Make sure you refrigerate perishable food items within two hours.</li>
</ul>
<h3 class="wp-block-heading">3. Proper Hygiene Is A Must</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3-1024x576.jpg" alt="" class="wp-image-306289" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072911/E.coli-3.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Follow proper hygiene &#x7C; Image generated using Dall-E</figcaption></figure>
Always wash hands thoroughly with soap and water after using the restroom, changing diapers, handling animals, preparing or eating food, and before touching infants or toddlers, their mouths, or their pacifiers.
<h3 class="wp-block-heading">4. Cook Meats Thoroughly</h3>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-1024x576.jpg" alt="" class="wp-image-306290" style="width:800px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072931/E.coli-4.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Cook meats thoroughly &#x7C; Image generated using Dall-E</figcaption></figure>
Ensure the safety of cooked meats by following recommended temperature guidelines.
Cook beef steaks and roasts to at least 145°F and let them rest for 3 minutes after cooking. Ground beef and pork should reach an internal temperature of 160°F.
Always use a food thermometer to confirm these temperatures as visual appearance alone cannot determine if meat is safely cooked.
<h3 class="wp-block-heading">5. Avoid These Things</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5-1024x576.jpg" alt="" class="wp-image-306291" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5-1536x864.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/24072955/E.coli-5.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Avoid raw milk and swallowing water while swimming &#x7C; Image generated using Dall-E</figcaption></figure>
Avoid consuming raw milk, unpasteurized dairy products, and juices. Also, make sure you don't swallow water while swimming or playing in lakes, ponds, beaches, and streams.
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.
Image Via Shutterstock

Health Care

Restaurants

US Warns Of E. Coli Risk With Eating Ground Beef: How To Keep Yourself Amid USDA Warning

Business EPS guidance reiterated
Sanofi expects 2024 business EPS(1) to remain roughly stable excluding the impact of an expected effective tax rate increase to 21% and decrease low single-digit(2) at CER including the higher expected tax rate, barring unforeseen major adverse events. Applying average April 2024 exchange rates, the currency impact on 2024 business EPS is estimated between -5.5% to -6.5%.

Sanofi Reiterates 2024 Business EPS Guidance, Expects It To Remain Roughly Stable; Applying Average April 2024 Exchange Rates, The Currency Impact Is Estimated To Be Between -5.5% And -6.5%

Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) reported quarterly earnings of $0.97 per share which beat the analyst consensus estimate of $0.94 by 2.77 percent. This is a 16.72 percent decrease over earnings of $1.16 per share from the same period last year. The company reported quarterly sales of $11.364 billion which beat the analyst consensus estimate of $11.044 billion by 2.90 percent. This is a 3.58 percent increase over sales of $10.971 billion the same period last year.

Sanofi Q1 2024 Adj EPS $0.97 Beats $0.94 Estimate, Sales $11.364B Beat $11.044B Estimate

<ul>
<li>We will now drive the Company based on a revised plan for FY24 revenues in the range of&nbsp;$14 billion&nbsp;to&nbsp;$15 billion. Within this plan, we expect a gross margin in the low 40&#39;s.&quot;</li>
<li>&quot;We plan to maintain our Net Capex1&nbsp;plan for FY24 at about&nbsp;$2.5 billion&nbsp;focusing on our strategic manufacturing initiatives.&quot;</li>
</ul>

STMicroelectronics Lowers Its 2024 Outlook: Now Expects Net Revenues Of $14B-$15B (Prior $15.9B-$16.9B) Vs. Consensus Of $16.12B; Sees Gross Margin In The Low 40's range

In a recent interview, billionaire investor Howard Marks cautioned against overconfidence in Artificial Intelligence (AI) stocks, stressing that the technology&#8217;s transformative potential does not make it immune to market crashes.
What Happened: Marks, the co-founder of Oaktree Capital Management, shared his thoughts on AI stocks with CNBC on Tuesday. He acknowledged the technology&#8217;s potential to revolutionize the world but warned that this alone does not guarantee the success of its underlying assets, <a href="https://www.businessinsider.in/investment/news/billionaire-investor-howard-marks-says-ais-impact-doesnt-make-it-immune-to-a-crash/articleshow/109570828.cms">reported</a> Business Insider.
&#8220;Every bubble starts from widespread conviction,&#8221; Marks said. &#8220;Everybody believes A, they bid the beneficiaries of A up to the moon. It turns out, it&#8217;s overdone.&#8221;
Marks drew parallels between the current AI investment trend and the dot-com bubble of the late &#8217;90s, where the internet&#8217;s emergence led to a surge in stock prices. However, many of these stocks ended up being worthless.
See Also: <a href="https://www.benzinga.com/news/earnings/24/04/38416273/meta-platforms-q1-earnings-highlights-facebook-owner-beats-estimates-but-guidance-higher-costs-ding?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Meta Platforms Q1 Earnings Highlights: Facebook Owner Beats Estimates, But Guidance, Higher Costs Ding Stock</a>
Despite recognizing AI&#8217;s potential, Marks emphasized the difficulty in determining the appropriate reflection of AI in investment portfolios. He also expressed skepticism towards macro predictions, warning against over-reliance on Wall Street forecasts.
Why It Matters: Marks&#8217; cautionary stance on AI stocks is in line with his previous skepticism towards market trends. Earlier this year, he <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/01/36694229/forget-bitcoin-and-gold-says-investment-guru-howard-marks-high-yield-bonds-offer-be">expressed skepticism</a> about the intrinsic value of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and gold, suggesting high-yield bonds as a safer investment option.
Other market veterans have also sounded the alarm on the current market climate. In February, investing veteran Bill Smead warned that the AI stocks mania <a href="https://www.benzinga.com/markets/equities/24/02/37356846/ai-stocks-mania-appears-to-be-headed-to-a-bad-ending-says-investing-veteran-fear-stock-market-fa">could be headed to a bad ending</a>, cautioning against the allure of popular stocks and the AI boom.
These warnings come in the wake of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38346847/nvidia-in-correction-territory-did-ai-led-tech-stock-bubble-just-burst-this-data-po">AI-led tech stock bubble</a> that has seen a significant sell-off since Apr. 12, raising concerns about the sustainability of the current market trend.
Read Next: <a href="https://www.benzinga.com/news/24/04/38392548/ups-earnings-show-the-weight-of-170-000-salaries-while-it-learns-to-navigate-shipping-slump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">UPS Earnings Show The Weight Of $170,000 Salaries While It Learns To Navigate Shipping Slump</a>
Image Via Shutterstock 
<div style="font-family: 'Lato', sans-serif">
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/topic/kaustubh-bagalkote" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>