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The Philippines has pledged to abstain from escalating tensions in the South China Sea, rejecting the use of water cannons or any other offensive weapons. The announcement was made by the country&#8217;s President, Ferdinand Marcos Jr.
What Happened: Marcos emphasized that the country&#8217;s primary goal is to reduce, not intensify, tensions in the strategic waterway, Reuters reported on Monday. 
&#8220;We will not follow the Chinese coast guard and Chinese vessels down that road,&#8221; Marcos said.
He added that the mission of the Philippine Navy and coast guard is to de-escalate tensions, with no plans to equip vessels with water cannons.
The South China Sea, a crucial conduit for over $3 trillion of annual ship-borne commerce, has parts claimed by China, Vietnam, Indonesia, Malaysia, and Brunei. China&#8217;s expansive claim was ruled as lacking legal basis by an international tribunal in 2016, a decision that Beijing has since dismissed.
See Also: <a href="https://www.benzinga.com/markets/equities/24/04/38510252/jim-cramer-says-tesla-stock-will-keep-running-until-all-shorts-are-crushed-praises-elon-musks-ch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Says Tesla Stock Will &#8216;Keep Running Until All Shorts Are Crushed,&#8217; Praises Elon Musk&#8217;s China FSD Deal As &#8216;Perfect Example Of Redefining Narrative&#8217;</a>
Why It Matters: This declaration comes in the wake of <a href="https://www.benzinga.com/news/24/05/38542482/philippines-slams-xi-jinpings-coast-guard-of-escalating-south-china-sea-tensions-they-dont-hesitate">Manila&#8217;s protest last week </a>against Beijing&#8217;s use of water cannons on Filipino vessels at a disputed shoal in the South China Sea. The Philippines labeled this act as harassment and &#8220;dangerous maneuvers,&#8221; following a recent increase in tensions. This incident marked the first time the Chinese Coast Guard had directly used a water cannon against a Philippine vessel.
Earlier in March, amid escalating tensions, the U.S. had <a href="https://www.benzinga.com/news/24/03/37847298/us-reaffirms-ironclad-commitment-to-defend-philippines-amid-tensions-with-china-most-important-is-we">reaffirmed its &#8220;ironclad commitment&#8221; </a>to defend the Philippines against any provocative actions. This was followed by a warning from <a href="https://www.benzinga.com/news/24/03/37929467/china-warns-of-crossroads-in-relations-with-philippines-amid-escalating-tensions-over-maritime-dispu">China about a potential crossroads</a> in their bilateral relations with the Philippines due to maritime disputes.
Read Next: <a href="https://www.benzinga.com/news/24/05/38542482/philippines-slams-xi-jinpings-coast-guard-of-escalating-south-china-sea-tensions-they-dont-hesitate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Philippines Slams Xi Jinping&#8217;s Coast Guard Of Escalating South China Sea Tensions: &#8216;They Don&#8217;t Hesitate To Use Brute Force&#8230;&#8217;</a>
Image by Andy.LIU via Shutterstock
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Politics

Global

General

Philippines Vows To De-Escalate South China Sea Tensions, Dismisses Use Of Water Cannons: 'Will Not Follow The Chinese Coast Guard...Down That Road'

China&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/24/04/38141148/chinas-newest-ev-entrant-ignites-another-fierce-price-war-even-small-fry-feel-the-heat" rel="noreferrer noopener">homegrown EV makers</a>&nbsp;are making waves overseas while facing a slowdown at home.&nbsp;&nbsp;
What Happened:&nbsp;In the first quarter of 2024, local car brands saw a 40% increase in overseas sales compared to the same period last year, reaching a total of 470,000 units exported, as per&nbsp;<a target="_blank" href="https://cnevpost.com/2024/05/06/local-chinese-carmakers-overseas-sales-q1-2024/" rel="noreferrer noopener">CnEVPost</a>, which cited data from the China Passenger Car Association.
Who&#8217;s Leading The Charge?&nbsp;Leading the pack are established Chinese automakers like&nbsp;SAIC,&nbsp;Chery,&nbsp;Great Wall Motor, and&nbsp;BYD Co.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>).&nbsp;
SAIC, the biggest exporter among them, contributed a quarter of all local brand exports with over 126,000 units shipped overseas. Chery, Great Wall Motor, and BYD followed closely behind, collectively accounting for over half of the total exports from local brands.
Europe &amp; Asia Take Notice: The success story extends to the electric vehicle (NEV) market as well. Chinese NEVs are finding eager buyers abroad, evidenced by the $11.1 billion worth of NEVs exported in the first quarter, an 18% year-on-year jump. Europe and Asia are the primary destinations, with over 337,000 Chinese-made cars finding new homes in these regions.
See Also: <a href="https://www.benzinga.com/money/best-chinese-stocks" target="_blank" rel="noreferrer noopener">5 Best Chinese Stocks Right Now</a>
In terms of NEV sales overseas, BYD, SAIC, Geely and Great Wall Motor were the leaders, with Xpeng (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) and Nio (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) witnessing modest success.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>EV Maker</td>
<td>NEV Overseas Sales Q1 2024</td>
</tr>
<tr>
<td>BYD</td>
<td>47,238</td>
</tr>
<tr>
<td>SAIC</td>
<td>31,018</td>
</tr>
<tr>
<td>Geely</td>
<td>13,384</td>
</tr>
<tr>
<td>Xpeng</td>
<td>1,432</td>
</tr>
<tr>
<td>Nio</td>
<td>388</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data from CPAC</figcaption></figure>
Innovation Driving Sales?&nbsp;Facing a slowdown in the domestic market, some Chinese EV manufacturers are&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37578779/tesla-rivals-in-china-are-tempting-buyers-with-in-car-beds-kitchens-and-drones-amid-ev-industry-slow" rel="noreferrer noopener">introducing unconventional features</a>&nbsp;like in-car beds and kitchens, aiming to entice overseas buyers and stand out from the competition.&nbsp;
BYD&#8217;s Premium Strategy:&nbsp;BYD, China&#8217;s top EV maker, is taking&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/24/04/38480400/why-tesla-rival-byd-charges-up-to-3x-more-for-evs-in-europe-while-china-prices-remain-shockingly-low" rel="noreferrer noopener">a different approach in Europe</a>. Instead of flooding the market with budget-friendly options, BYD is commanding premium prices, a strategy that appears to be paying off with healthy profits.
Chinese EV traders are also reportedly using a unique way <a href="https://www.benzinga.com/markets/asia/24/02/37062412/how-chinese-ev-traders-are-beating-global-barriers-with-a-stealthy-tactic-to-conquer-new-markets" target="_blank" rel="noreferrer noopener">to navigate trade barriers</a> in key markets such as the United States, by capitalizing on a policy that allows used car exports without manufacturer authorization. This loophole lets them register new cars in China and then immediately ship them overseas, technically making them &#8220;used&#8221; and bypasses export restrictions.
Photo via Shutterstock
Read Next: <a href="https://www.benzinga.com/news/24/05/38634852/global-gasoline-demand-growth-to-halve-by-2024-amid-rising-ev-demand-in-china-us" target="_blank" rel="noreferrer noopener">Global Gasoline Demand Growth To Halve By 2024 Amid Rising EV Demand In China, US</a>
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Markets

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BYDDF

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XPEV

Tesla's Chinese Rivals Conquer Overseas Markets At Crazy Growth Rates As Domestic Sales Sputter: No Surprise Who's Leading EV Chart

In an attempt to curb immigration, Texas Governor Greg Abbott has implemented stringent measures along the Texas-Mexico border. However, this strategy has not only affected the lives of migrants but has also led to severe environmental degradation.
What Happened: The Rio Grande&#8217;s ecosystem, in particular, has been significantly impacted by the anti-immigration measures, <a href="https://www.theguardian.com/us-news/article/2024/may/05/texas-mexico-border-immigration-strategy-environmental-devastation">reported</a> The Guardian. The environmental damage is particularly evident in Eagle Pass, where the lush riverbanks have been replaced with roads for patrol vehicles, rusty shipping containers, and razor wire.
Abbott recently announced the construction of a new $170 million, 80-acre facility, named Camp Eagle, to house up to 2,300 Texas National Guards. This move signifies a more permanent presence of such troops in the area, despite immigration enforcement being a federal jurisdiction.
The environmental changes in Eagle Pass, a direct result of Abbott&#8217;s Operation Lone Star initiative, have been devastating. The area has been ravaged by the initiative, which has cost Texas taxpayers over $11 billion.
Residents, such as retired teacher and kayaking business owner Jessie Fuentes, are deeply concerned about the environmental damage. Fuentes highlighted the false pretext of security under which the ecosystem is being destroyed. "The environment has always existed untouched here, and over the last three years, it's been destroyed," he said, then asked: "Why doesn't anybody care about the environmental damage being done here?"
See Also: <a href="https://www.benzinga.com/news/24/05/38632767/ex-doj-attorney-says-former-trump-aides-testimony-sinks-ex-presidents-criminal-defense-big-fat-nail?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Ex-DOJ Attorney Says Former Trump Aide&#8217;s Testimony Sinks Ex-President&#8217;s Criminal Defense: &#8216;Big Fat Nail In The Coffin&#8217;</a>
Abbott&#8217;s strategy includes adding obstacles to the riverfront to deter migrants. Despite the legal challenges and concerns raised by environmentalists, the governor continues to defy federal law, citing an &#8220;invasion&#8221; by migrants to justify his actions.
Why It Matters: The environmental devastation caused by Abbott&#8217;s anti-immigration strategy raises concerns about the long-term impact on the region&#8217;s ecosystem. This issue is particularly significant in light of the ongoing debate about immigration policies and their broader implications.
Earlier this month, Sundar Pichai, the CEO of Google&#8217;s parent company Alphabet Inc., urged the U.S. government to <a href="https://www.benzinga.com/news/24/05/38554757/sundar-pichais-google-knocks-bidens-door-for-immigration-reform-to-draw-global-ai-talent">update its immigration policies</a> to attract more AI and tech talent from abroad. The current policies, he warned, could lead to a loss of valuable talent in the AI and cybersecurity sectors.
Meanwhile, Elon Musk, the CEO of Tesla Inc., has advocated for making the legal <a href="https://www.benzinga.com/news/24/04/38488525/elon-musk-advocates-for-easier-and-simplified-legal-immigration-process-amid-migrant-influx">immigration process easier and quicker</a>, especially for skilled labor. Musk has emphasized the need to separate the issue of legal immigration from illegal immigration, which often complicates the debate.
Meanwhile, other political figures have proposed unconventional solutions to border security. Rep. Marjorie Taylor Greene (R-Ga.) suggested using space lasers for U.S. border security in April. These diverse approaches to border security reflect the complex and contentious nature of the issue.
On the political front, former U.S. President Donald Trump has also weighed in on the immigration debate, <a href="https://www.benzinga.com/news/24/05/38603980/trump-says-london-paris-no-longer-recognizable-we-cant-let-that-happen-here">expressing concerns</a> about the transformation of European cities due to their openness to &#8220;jihad.&#8221; These comments have sparked controversy and added to the ongoing discourse about immigration policies and their potential impact on society.
Read Next: <a href="https://www.benzinga.com/news/24/05/38614771/former-trump-lawyer-was-very-despondent-and-saddened-for-not-getting-top-role-in-administration-hush?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Former Trump Lawyer Was &#8216;Very Despondent And Saddened&#8217; For Not Getting Top Role In Administration, Hush Money Trial Reveals</a>
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Texas Governor Abbott's Anti-Immigration Measures Spark Environmental Crisis Along Texas-Mexico Border: 'It's Been Destroyed,' Says A Resident

The global gasoline demand growth is projected to halve by 2024 due to the surge in electric vehicles (EVs) in China and the United States. This shift is anticipated to put a squeeze on second-half refinery margins.
What Happened: Analytics firm Wood Mackenzie (WoodMac) forecasts that demand will rise by 340,000 barrels per day (bpd) this year, marking the lowest growth since 2020, Reuters reported on Monday. This is a notable decline from last year&#8217;s growth of 700,000 bpd.
The decelerating demand is linked to the growing penetration of EVs in the U.S. and China, according to WoodMac analyst Sushant Gupta. 
This year, Chinese demand is expected to grow by only 10,000 bpd due to higher EV uptake.
According to the International Energy Agency (IEA), China, once the world&#8217;s driver of gasoline demand, is projected to account for more than half of all EV sales this year. As falling prices spur demand, the share of electric cars sold this year could reach 45% in China, about 25% in Europe and more than 11% in the U.S.
See Also: <a href="https://www.benzinga.com/news/24/05/38573262/cash-strapped-fiskers-ceo-lists-luxurious-hollywood-mansion-for-more-than-companys-worth-as-bankrupt?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cash-Strapped Fisker&#8217;s CEO Lists Luxurious Hollywood Mansion For More Than Company&#8217;s Worth As Bankruptcy</a>
Meanwhile, the U.S. gasoline consumption fell to about 376 million gallons per day in 2023, and demand in 2024 is expected to be flat. This is likely to keep U.S. refining margins under pressure after the peak summer driving season.
Why It Matters: The incentives for<a href="https://www.benzinga.com/news/24/05/38607404/death-of-evs-or-rise-of-hybrids-expert-says-better-narrative-is-the-death-of-the-explosive-growth"> EVs are improving</a>, which was $6,000 as compared to $2,000 for ICE vehicles. Moreover, there is a boom in demand for hybrids.
Gas prices at the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37824586/gas-prices-set-for-summer-spike-west-coast-consumers-already-paying-more-than-4-a-g">pump are on the rise</a> and could lead to a higher national average next month, exacerbating inflation concerns and lowering the prospect of interest rate cuts during the first half of 2024.
The U.S. car market saw a fascinating shift in 2023. While Ford Motor solidified its lead, Tesla&#8217;s<a href="https://www.benzinga.com/news/24/03/37866798/forget-california-tesla-goes-national-electric-domination-spreads-across-7-states-in-one-year"> surge in each state </a>was the most eye-catching, suggesting a growing appetite for electric vehicles despite an overall slowdown in demand.
Read Next: <a href="https://www.benzinga.com/news/24/05/38628520/tesla-launches-model-y-rwd-variant-that-can-go-upto-320-miles-on-a-single-charge-elon-musk-promises?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Launches Model Y RWD Variant That Can Go Upto 320 Miles On A Single Charge: Elon Musk Promises More</a>
Image via Shutterstock
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Commodities

Tech

Global Gasoline Demand Growth To Halve By 2024 Amid Rising EV Demand In China, US

North Korea has administered loyalty oaths to its citizens on the birthday of leader Kim Jong Un, marking a shift in the country&#8217;s political landscape. This development, along with other recent actions, is seen as an effort to consolidate Kim&#8217;s authority.
What Happened: The South and North Development Institute, a Seoul-based organization, disclosed that North Koreans were required to pledge their loyalty to Kim Jong Un on his 40th birthday, Jan. 8. This is the first time such oaths have been administered since Kim took power in 2011, reported Reuters.
The SAND, which released photos of the ceremony, suggested that this move signifies a shift towards a more assertive political approach under Kim&#8217;s leadership. The institute&#8217;s president, Choi Kyong-hui, hinted that North Korea might soon declare Kim&#8217;s birthday as an official anniversary.
North Korea has never officially confirmed Kim&#8217;s birth date. Traditionally, oath ceremonies like this have occurred on the birthdays of his father and grandfather, who were the country&#8217;s previous rulers.
&#8220;Kim Jong Un&#8217;s choice to host a loyalty oath ceremony on his 40th birthday, as he begins his 13th year in power, signals a shift towards political assertiveness, departing from his predecessors&#8217; approach,&#8221; SAND said in an analysis.
See Also: <a href="https://www.benzinga.com/news/24/05/38607615/russian-troops-enter-us-military-base-in-niger-amid-rising-tensions?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Russian Troops Enter US Military Base In Niger Amid Rising Tensions</a>
North Korea has traditionally held such ceremonies on the birthdays of Kim&#8217;s father and grandfather, the country&#8217;s previous rulers. This change, along with other recent actions, is seen as an attempt to further solidify the Kim family&#8217;s grip on power.
&#8220;We should view this as part of North Korea's effort to further bolster Kim Jong Un&#8217;s leadership propaganda campaign,&#8221; said Rachel Minyoung Lee of the Washington-based 38 North programme.
Why It Matters: This development comes amid a series of significant events in North Korea. In April, Kim Jong Un&#8217;s sister, Kim Yo Jong, pledged to <a href="https://www.benzinga.com/news/24/04/38395938/kim-jong-uns-sister-pledges-to-build-north-koreas-overwhelming-military-power-amid-rising-regional-t">build an &#8220;overwhelming&#8221; military power</a> to safeguard the country&#8217;s sovereignty and regional peace. 
This announcement followed a <a href="https://www.benzinga.com/news/24/04/38358710/kim-jong-uns-north-korea-conducts-fourth-missile-test-in-2024-alarms-south-korea-japan">series of missile tests</a> by North Korea, which had raised concerns among neighboring countries and the international community.
Additionally, a <a href="https://www.benzinga.com/news/24/04/38394348/kim-jong-uns-minister-who-worked-on-north-koreas-syria-relations-visits-iran-amid-festering-middle-e">delegation from North Korea</a>, led by the cabinet minister for international trade, visited Iran amid long-standing suspicions of covert military ties between the two nations. 
This visit took place against the backdrop of <a href="https://www.benzinga.com/news/24/04/38290092/us-and-asian-allies-propose-new-panel-to-monitor-sanctions-imposed-on-kim-jong-uns-north-korea">efforts by the U.S. and its allies</a> to create a new body to oversee sanctions enforcement on North Korea, following hindrances at the U.N. due to Russia&#8217;s refusal to renew the mandate for the existing panel of experts and China&#8217;s abstention from the vote.
Read Next: <a href="https://www.benzinga.com/news/24/05/38630115/trump-vs-biden-latest-polls-dont-bode-well-for-one-candidate-in-tight-presidential-race?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Vs. Biden: Latest Polls Don&#8217;t Bode Well For One Candidate In Tight Presidential Race</a>
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New Era In North Korea? Kim Jong Un Got Citizens To Pledge Loyalty Oath To Him For 40th Birthday

A recent video posted by&nbsp;Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) showcases the latest developments in its&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38395385/elon-musk-says-tesla-optimus-humanoid-robot-might-be-available-externally-by-the-end-of-next-year-he" rel="noreferrer noopener">Optimus humanoid robot</a>&nbsp;as it performs another real-world task: precisely inserting battery cells into a tray.
What Happened: This iteration of Optimus utilizes a neural network trained on 2D camera footage and sensor data. This allows the robot to directly generate the necessary joint movements for the task, demonstrating progress from previous demonstrations.
Further advancements are planned. CEO&nbsp;Elon Musk&nbsp;revealed plans for a new hand with 22 degrees of freedom (DOF), compared to the current 11 DOF.&nbsp;
<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">The new Optimus hand later this year will have 22 DoF
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787157110804910168?ref_src=twsrc%5Etfw">May 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Additionally, Musk said the actuators will be positioned within the forearm, mimicking human anatomy for a more streamlined design.
Why It Matters: According to Tesla, several Optimus robots are now deployed in their factories, undergoing daily testing and refinement on actual workstations.&nbsp;
The robots have also reportedly achieved proficiency in navigating office environments for extended periods, although faster movement remains a development focus.
In January, Tesla showed off Optimus neatly folding a shirt after taking it out of a small basket and Musk said it could "<a target="_blank" href="https://www.benzinga.com/startups/24/02/37183065/elon-musk-walks-his-spooky-tesla-humanoid-robot-around-that-will-be-able-to-do-everything-better-tha" rel="noreferrer noopener">eliminate dangerous, repetitive, boring tasks</a>,&#8221; suggesting a future where robots integrate into daily lives, helping people with both mundane chores like doing the dishes to working in hazardous conditions.
Musk has suggested the possibility of selling Optimus robots externally by the end of 2025. Cost efficiency appears to be a key factor. According to Musk, producing an Optimus robot costs roughly half as much as manufacturing a car, translating to a potential initial price range of $25,000 to $30,000, with potential reductions over time.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38634543/ai-boom-puts-nvidia-suppliers-sk-hynix-samsung-in-spotlight-experts-discuss-best-so" target="_blank" rel="noreferrer noopener">AI Boom Puts Nvidia Suppliers SK Hynix, Samsung In Spotlight: Experts Discuss Best South Korean Chipmaker Investment</a>

WATCH: Tesla's Optimus Robot Steps Up Game By Inserting Battery Cells Into Tray As Musk Promises Dexterity Boost

Macro Economic Events

Econ #s

Economics

Reported Earlier, China Caixin Services Purchasing Managers Index For April 52.5 Vs. 52.5 Est.; 52.7 Prior

The ongoing artificial intelligence boom has put two South Korean chipmakers, Samsung Electronics Co&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) and SK Hynix, in the spotlight. Industry experts are now discussing which company is the better investment in this AI-driven market.
What Happened: The AI boom has significantly benefitted major tech companies like NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). This has also brought attention to the supply chain for AI, especially the producers of AI graphics processing units and memory chips, <a href="https://www.cnbc.com/2024/05/06/samsung-or-sk-hynix-ones-a-better-play-on-the-ai-boom-say-pros.html">reported</a> CNBC on Sunday.
Both Samsung and SK Hynix have been at the forefront of the memory chip market. Samsung, the world&#8217;s leading DRAM chip manufacturer, recently reported a more than 900% increase in first-quarter operating profit. On the other hand, SK Hynix, after five consecutive quarters of net losses, recorded a net profit of 1.92 trillion South Korean won ($1.39 billion) in the first quarter.
When it comes to better AI investment, experts are divided. Trent Masters, global portfolio manager at Alphinity Investment Management, favors SK Hynix due to its early leadership in HBM3 and its pure memory play. He said, "While Samsung and Micron are starting to close the technology gap, the trust and dependability of SK Hynix during the initial HBM ramp will ensure that they will retain a strong presence with these customers into the future."&nbsp;
Nam Hyung Kim, partner at Arete Research, also prefers SK Hynix, citing its higher profit margins and Samsung&#8217;s ongoing challenges in its foundry business. "A view of memory market strength (HBM demand and tight legacy DRAM markets leading to pricing strength) is best reflected through ownership of SK Hynix," he said.
See Also: <a href="https://www.benzinga.com/partner/commodities/24/04/38487807/gold-stocks-outperformed-bullion-during-gold-bull-runs-over-past-20-years-junior-miners-like-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Gold Stocks Outperformed Bullion During Gold Bull Runs Over Past 20 Years – Junior Miners Like Austin Gol</a>
However, Sung Kyu Kim, analyst at Daiwa Capital Markets, sees a buying opportunity for both companies. He anticipates Samsung catching up in the near term and potentially offering more upside to its stock price.
Why It Matters: The AI boom has led to a surge in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38634160/nvidias-ai-dominance-evident-as-tech-behemoths-from-microsoft-to-meta-and-google-ke">demand for memory chips</a>, particularly those used in AI chipsets. This has been a significant factor in the strong performance of Samsung and SK Hynix, both of which are key suppliers to Nvidia, a major player in the AI market.
SK Hynix&#8217;s HBM chips, crucial for AI chipsets, are almost sold out for 2025 due to the increasing demand for AI services, primarily driven by the <a href="https://www.benzinga.com/news/24/05/38573299/nvidia-supplier-sk-hynix-says-hbm-chipsets-crucial-for-ai-are-all-nearly-sold-out-for-2025-amid-boom">AI industry&#8217;s expansion</a>. This surge in demand has been attributed to the rapid expansion of AI services by businesses.
Moreover, SK Hynix&#8217;s plans to invest <a href="https://www.benzinga.com/government/24/03/37942967/nvidia-supplier-sk-hynix-to-launch-4b-semiconductor-facility-in-indiana-aims-to-revitalize-us-semico">approximately $4 billion</a> to establish an advanced chip-packaging facility in West Lafayette, Indiana, aligns with the Biden administration&#8217;s goals to reestablish the U.S. as a semiconductor powerhouse. This investment is expected to further strengthen SK Hynix&#8217;s position in the AI-driven market.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38630402/teslas-dogecoin-adoption-sends-crypto-market-into-frenzy-meme-coin-surges-by-over-21?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Dogecoin Adoption Sends Crypto Market Into Frenzy, Meme Coin Surges By Over 21%</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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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="noreferrer noopener">Learn more.</a>
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Analyst Color

Equities

Analyst Ratings

NVDA

SSNLF

AI Boom Puts Nvidia Suppliers SK Hynix, Samsung In Spotlight: Experts Discuss Best South Korean Chipmaker Investment

Former President Donald Trump has refuted claims of him dozing off during his New York criminal hush money trial, dismissing the reports as &#8220;FAKE NEWS MEDIA.&#8221;
What Happened: Trump, 77, took to his Truth Social account to address the allegations of him sleeping during his trial. He wrote, &#8220;I simply close my beautiful blue eyes, sometimes, listen intensely, and take it ALL in!!!&#8221; according to a CNBC <a href="https://www.cnbc.com/2024/05/02/trump-trial-lawyer-behind-stormy-daniels-hush-money-payment-testifies.html">report</a> on Thursday.
This response came after several media outlets, including The New York Times, reported that Trump appeared to have nodded off during the trial.
"Contrary to the FAKE NEWS MEDIA, I don't fall asleep during the Crooked D.A.'s Witch Hunt, especially not today," Trump wrote. 
During the 2024 presidential election, any suggestion of Trump being asleep holds particular weight, especially considering his long-standing nickname for President Joe Biden as &#8220;Sleepy Joe.&#8221;
The trial, which has now entered its 10th day, is expected to last six weeks. Trump&#8217;s presence in court is mandatory each day.
Trump&#8217;s post came after the trial lawyer, Keith Davidson, who was involved in the hush money deals with Trump, testified on Thursday. He revealed that he had texted &#8220;What have we done?&#8221; to a tabloid editor, Dylan Howard, on the night Trump won the 2016 presidential election.
Davidson and Howard were aware that their actions &#8220;may have in some way assisted the presidential campaign of Donald Trump,&#8221; Davidson said in his testimony.
See Also: <a href="https://www.benzinga.com/news/24/05/38632362/russian-troops-enter-us-military-base-in-niger-trumps-views-on-presidential-immunity-and-more-top-po?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Russian Troops Enter US Military Base In Niger, Trump&#8217;s Views On Presidential Immunity And More: Top Poli</a>
Why It Matters: The trial, which revolves around a $130,000 payment to adult film actress Stormy Daniels, is a crucial element of Trump&#8217;s legal challenges. Despite the ongoing trial, Trump has <a href="https://www.benzinga.com/news/24/05/38633129/donald-trump-says-hes-not-concerned-about-his-legal-challenges-in-a-way-i-dont-care-life-is-life">publicly expressed his nonchalance</a> about the legal issues he&#8217;s facing.
Trump&#8217;s former aide, Hope Hicks, also testified in the trial, which former Department of Justice Attorney Andrew Weissmann called a &#8220;<a href="https://www.benzinga.com/news/24/05/38632767/ex-doj-attorney-says-former-trump-aides-testimony-sinks-ex-presidents-criminal-defense-big-fat-nail">big fat nail in the coffin</a>&#8221; for Trump&#8217;s criminal defense.
Trump&#8217;s legal challenges have not deterred his political ambitions. He is the presumptive Republican presidential nominee for the 2024 election. He has been vocal about his plans to address what he perceives as &#8220;anti-white sentiment&#8221; in the United States. This stance has sparked <a href="https://www.benzinga.com/news/24/05/38630888/donald-trumps-pledge-to-tackle-anti-white-sentiment-sparks-debate-on-countrys-policies-promoting-rac">debate on the country&#8217;s policies</a> promoting racial diversity and equity.
Read Next: <a href="https://www.benzinga.com/news/24/05/38630517/trumps-niece-says-ex-president-has-made-it-clear-he-wants-to-be-authoritarian-upon-returning-to-offi?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Ex-President Has Made It Clear He Wants To Be Authoritarian Upon Returning To Office: &#8216;Once That Happens, He Will Not Be Stopped&#8217;</a>
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
<hr class="wp-block-separator has-alpha-channel-opacity" />
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="noreferrer noopener">Learn more.</a>
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Legal

Trump Denies Dozing Off During New York Trial, Insists He Sometimes Simply Closes His 'Beautiful Blue Eyes' To 'Take It ALL In!'

Tesla&nbsp;and&nbsp;SpaceX&nbsp;CEO&nbsp;Elon Musk&nbsp;has sparked a conversation about childhood obesity and potential solutions after giving his seal of approval for&nbsp;Novo Nordisk&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/03/37989566/how-much-does-it-cost-to-make-novo-nordisks-ozempic-shockingly-low-against-1-000-price-tag-study-" rel="noreferrer noopener">Ozempic</a>, a&nbsp;GLP-1&nbsp;agonist primarily prescribed to manage&nbsp;Type 2&nbsp;diabetes.
What Happened: On Sunday, Musk responded to a post on&nbsp;X&nbsp;about childhood obesity in the U.S. and Japan. The post by&nbsp;Calley Means,&nbsp;co-founder of health startup&nbsp;Truemed,&nbsp;suggested five policies to address the issue, including banning TV pharma ads and reforming agriculture subsidies.&nbsp;
It was re-shared by billionaire investor&nbsp;Bill Ackman, who tagged&nbsp;Joe Biden,&nbsp;Donald Trump, and&nbsp;Robert Kennedy Jr.&nbsp;— the three major presidential candidates for the 2024 elections, saying, &#8220;This is great advice.&#8221;
Musk responded to Ackman&#8217;s post, saying, &#8220;Ozempic&nbsp;ftw,&#8221; indicating his support for the drug.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38631821/apples-q2-earnings-iphone-sales-slump-and-a-massive-110b-stock-buyback-this-week-in-appleverse?itm_source=parsely-api" rel="noreferrer noopener">Apple&#8217;s Q2 Earnings, iPhone Sales Slump, And A Massive $110B Stock Buyback: This Week In Appleverse</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Ozempic ftw &#x1f937;&#x200d;&#x2642;&#xfe0f;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1787233865758548345?ref_src=twsrc%5Etfw">May 5, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Musk&#8217;s tweet has brought attention to the growing issue of childhood obesity in the U.S. and Japan.&nbsp;Obesity has been a significant&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/12/36113639/obesity-drugs-greater-weight-loss-linked-to-prolonged-use-of-novo-nordisks-wegovy" rel="noreferrer noopener">public health concern</a>, with long-term implications for the affected individuals and the healthcare system.
This is not the first time the tech mogul has seemingly backed the blockbuster drug. Last year, Musk claimed that Ozempic&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/10/35138623/elon-musk-claims-ozempic-has-impacted-walmarts-sales-seemingly-gives-endorsement-to-drug" rel="noreferrer noopener">was affecting food sales</a>&nbsp;at Walmart.
In March, Novo Nordisk announced the&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/asia/24/03/37527875/ozempic-maker-novo-nordisk-to-introduce-obesity-drug-wegovy-in-japan-acknowledging-countrys-rising-w" rel="noreferrer noopener">launch of Ozempic&#8217;s sister drug</a>,&nbsp;Wegovy, in Japan, in response to the country&#8217;s rising obesity rates. However, the drug has also faced criticism for its high cost.&nbsp;
Previously, Senator&nbsp;Bernie Sanders&nbsp;(I-Vt.) expressed concerns about the&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/09/34970749/despite-being-costly-ozempic-wegovy-prescriptions-surge-300-over-three-years" rel="noreferrer noopener">high price of Ozempic</a>, which is sometimes used controversially for weight loss by suppressing appetite.
Earlier, the&nbsp;World Health Organization&nbsp;or&nbsp;WHO&nbsp;also cautioned that relying solely on potent and widely used&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37413349/ozempic-wegovy-other-weight-loss-drugs-wont-solve-global-obesity-crisis-affecting-1b-people-who-warn" rel="noreferrer noopener">medications for obesity won&#8217;t adequately</a>&nbsp;tackle the escalating global obesity epidemic, which currently impacts more than a billion indivi
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38605878/tim-cook-blasts-dojs-antitrust-lawsuit-against-apple-says-hes-going-to-make-sure-it-doesnt-become-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tim Cook Blasts DOJ&#8217;s Antitrust Lawsuit Against Apple, Says He&#8217;s Going To Make Sure It Doesn&#8217;t Become A Distraction: &#8216;We&#8217;re Going To Fight It&#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.
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Health Care

'Ozempic Ftw:' Elon Musk Touts Novo Nordisk's Blockbuster Drug As Solution To Childhood Obesity Problem

Tyson Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) is set to release earnings results for its second quarter before the <a href="https://www.benzinga.com/quote/TSN/earnings">opening bell on May 6, 2024</a>.
Analysts expect the Springdale, Arkansas-based company to report quarterly earnings at 39 cents per share, versus a year-ago loss of 4 cents per share in the year-ago period. Tyson Foods is projected to report quarterly revenue of $13.16 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On March 14, Cal-Maine Foods completed acquisition of assets from Tyson Foods, Inc
Tyson Foods shares rose 1.8% to close at $62.02 on Friday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TSN/analyst-ratings">analysts have rated the company </a>in the recent period.
<ul>
<li>Goldman Sachs analyst Adam Samuelson maintained a Neutral rating and raised the price target from $49 to $54 on April 17. This analyst has an accuracy rate of 65%.</li>
<li>JP Morgan analyst Kenneth Goldman maintained a Neutral rating and boosted the price target from $55 to $58 on Feb. 6. This analyst has an accuracy rate of 73%.</li>
<li>BMO Capital analyst Andrew Strelzik maintained a Market Perform rating and raised the price target from $52 to $55 on Feb. 6. This analyst has an accuracy rate of 83%.</li>
<li>B of A Securities analyst Bryan Spillane upgraded the stock from Underweight to Neutral and boosted the price target from $47 to $62 on Feb. 6. This analyst has an accuracy rate of 68%.</li>
<li>Piper Sandler analyst Michael Lavery maintained a Neutral rating and increased the price target from $44 to $48 on Jan. 26. This analyst has an accuracy rate of 70%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/05/38613917/jim-cramer-says-youre-in-good-hands-with-this-very-good-regional-bank-likes-general-motors">Jim Cramer Says &#8216;You&#8217;re In Good Hands&#8217; With This &#8216;Very Good&#8217; Regional Bank, Likes General Motors</a>

Price Target

Pre-Market Outlook

Trading Ideas

Tyson Foods Likely To Report Q2 Profit; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

With U.S. stock futures trading higher this morning on Monday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Tyson Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) to report quarterly earnings at 39 cents per share on revenue of $13.16 billion before the opening bell, according to data from Benzinga Pro. Tyson Foods shares rose 0.1% to $62.05 in after-hours trading.</li>
<li>Analysts are expecting The Williams Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>) to post quarterly earnings at 48 cents per share on revenue of $2.69 billion. The company will release earnings after the markets close. Williams shares gained 0.4% to $38.82 in after-hours trading.</li>
<li>Luminar Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAZR#NASDAQ">LAZR</a>) announced a reduction in its workforce by 20% and filed for a mixed shelf. Luminar shares fell 9.5% to $1.52 in the after-hours trading session.</li>
</ul>
Check out our <a href="http://&quot;https://www.benzinga.com/premarket/">premarket coverage here</a> 
<ul>
<li>After the closing bell, The Goodyear Tire &amp; Rubber Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GT#NASDAQ">GT</a>) is projected to post quarterly earnings at 1 cent per share on revenue of $4.82 billion. Goodyear Tire shares fell 1.5% to $12.06 in after-hours trading.</li>
<li>Analysts expect Spirit Airlines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAVE#NYSE">SAVE</a>) to post a quarterly loss at $1.45 per share on revenue of $1.27 billion before the opening bell. Spirit Airlines shares rose 3% to $3.8198 in after-hours trading.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/05/38613917/jim-cramer-says-youre-in-good-hands-with-this-very-good-regional-bank-likes-general-motors">Jim Cramer Says &#8216;You&#8217;re In Good Hands&#8217; With This &#8216;Very Good&#8217; Regional Bank, Likes General Motors</a>

Earnings

LAZR

SAVE

Tyson Foods, Spirit Airlines And 3 Stocks To Watch Heading Into Monday

The CNN Money Fear and Greed index showed slight improvement in the overall market sentiment, while the index remained in the &#8220;Fear&#8221; zone on Friday.
U.S. stocks settled higher on Friday, with the Dow Jones index surging 450 points following the release of jobs data.
U.S. employers added 175,000 nonfarm payrolls in April, marking a reduction from the upwardly revised 315,000 reading in March and missing the expected 238,000, the Bureau of Labor Statistics said Friday. The unemployment rate went from 3.8% to 3.9%, more than the expected 3.8%. Average hourly earnings edged down from 4.1% to 3.9% compared to April 2023, falling more than the expected dip to 4%.
Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares gained 6% on Friday after the company reported better-than-expected results for its second quarter. The company announced a $110-billion stock buyback program and a one-penny-per-share increase in its quarterly dividend. Owens &amp; Minor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMI#NYSE">OMI</a>) dipped more than 25% on Friday following first-quarter results
Most sectors on the S&amp;P 500 closed on a positive note, with communication services, materials and information technology stocks recording the biggest gains on Friday. However, energy stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 450 points to 38,675.68 on Friday. The S&amp;P 500 rose 1.26% at 5,127.79, while the Nasdaq Composite jumped 1.99% at 16,156.33 during Friday's session.
Investors are awaiting earnings results from The Goodyear Tire &amp; Rubber Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GT#NASDAQ">GT</a>), The Williams Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMB#NYSE">WMB</a>), and Tyson Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) today.
At a current reading of 39.6, the index remained in the &#8220;Fear&#8221; zone on Friday, versus a prior reading of 39.1.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: <a href="https://www.benzinga.com/news/24/05/38611902/wall-streets-most-accurate-analysts-views-on-3-tech-telecom-stocks-delivering-high-dividend-yields">Wall Street&#8217;s Most Accurate Analysts&#8217; Views On 3 Tech &amp; Telecom Stocks Delivering High-Dividend Yields</a>

AAPL

Investor Optimism Improves Slightly Following Jobs Data; Dow Jumps 450 Points

Chinese President Xi Jinping arrived in France on Sunday, commencing a two-day state visit. The visit comes at a time of escalating trade disputes between China and the European Union and against the backdrop of the ongoing conflict in Ukraine.
What Happened: President Xi&#8217;s visit to France is notable for several reasons. The Chinese leader&#8217;s arrival in Paris coincides with mounting trade tensions between China and the EU. France, in particular, has been vocal about its concerns regarding trade imbalances and the impact of the conflict in Ukraine, reported Reuters.
French President Emmanuel Macron is expected to address these issues during his discussions with Xi. Macron is also likely to seek China&#8217;s support in influencing Russia&#8217;s actions in Ukraine. The EU, including France, has been divided on its approach towards China, which could potentially weaken the EU&#8217;s ability to influence the Asian powerhouse.
Prior to Xi&#8217;s two-day tour, Macron stated in an interview with the French newspaper La Tribune, &#8220;We want to obtain reciprocity of exchanges and have the elements of our economic security taken into account.&#8221;&nbsp;
See Also: <a href="https://www.benzinga.com/news/24/05/38607615/russian-troops-enter-us-military-base-in-niger-amid-rising-tensions?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Russian Troops Enter US Military Base In Niger Amid Rising Tensions</a>
During his visit, Xi is scheduled to meet with Macron and Ursula von der Leyen, the President of the European Commission, to discuss these pressing matters. The visit also presents an opportunity for France to address concerns related to its agricultural exports and the French cosmetic industry&#8217;s intellectual property rights in China.
&#8220;If the Chinese seek to deepen the relationship with European partners, it is really important that they hear our point of view and start taking it seriously,&#8221; a French diplomatic source told Reuters.
Why It Matters: Xi&#8217;s visit to France is part of a larger European tour, which also includes stops in Serbia and Hungary. This tour is seen as an attempt to strengthen economic ties with the EU, especially in light of the growing tensions between the U.S. and China. The EU has been aligning itself more closely with the U.S., as evidenced by recent warnings from U.S. officials about the potential consequences of aiding Russia&#8217;s military capacity.
Earlier in April, U.S. Treasury Secretary Janet Yellen warned Chinese banks and exporters against aiding Russia's military capacity, <a href="https://www.benzinga.com/news/24/04/38138081/janet-yellen-threatens-beijing-with-us-sanctions-standing-in-mainland-china-if-they-assist-russia-in">citing potential sanctions</a>. This warning came amid concerns over China's support for Russia during the ongoing conflict in Ukraine, a topic that Macron is expected to raise during Xi&#8217;s visit.
Xi&#8217;s visit to the EU also comes in the wake of warnings from China&#8217;s special envoy for climate change, Liu Zhenmin, that the U.S. and Europe&#8217;s attempts to curb China's dominance in green technologies could impede the global <a href="https://www.benzinga.com/news/24/05/38575142/xi-jinping-climate-change-envoy-warns-us-europe-that-their-efforts-could-stall-global-warming-fight">fight against climate change</a>. This issue, along with trade and geopolitical tensions, is likely to be on the agenda during Xi&#8217;s visit to France.
Read Next: <a href="https://www.benzinga.com/news/24/05/38632362/russian-troops-enter-us-military-base-in-niger-trumps-views-on-presidential-immunity-and-more-top-po?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Russian Troops Enter US Military Base In Niger, Trump&#8217;s Views On Presidential Immunity And More: Top Poli</a>
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Chinese President Xi Jinping Begins Two-Day State Visit To France Amid Escalating Trade Disputes And Ukraine Conflict

<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/23/01/30325643/is-tesla-elon-musks-private-company-masquerading-as-a-public-company-board-under-pr" rel="noreferrer noopener">Leo KoGuan</a>, one of the largest individual shareholders of&nbsp;Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), has publicly voiced his disapproval of CEO&nbsp;Elon Musk&#8216;s compensation package, in the wake of an investor vote currently being held by Tesla.
What Happened: KoGuan expressed his criticism on social media late on Sunday, following a Delaware judge&#8217;s decision in January to invalidate Musk&#8217;s 2018 compensation package, which was then worth $55.8 billion.&nbsp;
Tesla is now holding an investor vote to decide on Musk&#8217;s pay plan approval during its forthcoming Annual Shareholder Meeting.
Musk, who has sold nearly $39 billion worth of Tesla shares since the stock&#8217;s peak in 2021, still owns a 13.4% stake in the company. He is also seeking an additional 10%.&nbsp;
KoGuan, who has invested approximately $3.5 billion for a 0.8% stake in Tesla, termed Musk&#8217;s request for more voting control as a &#8220;robbery attempt.&#8221;
&#8220;Paid $3.5 billion for measly 0.8% of Tesla in the market. What is your skin in Tesla? Whereas the Magician is minus -$39 billion and already got 13.4% of Tesla,&#8221; he posted on X. &#8220;Robbery of ten thousand years! But he wanted 10% more. Brainless SUCKERS cluelessly are assisting this robbery attempt.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Paid $3.5 billion for measly 0.8% of Tesla in the market. What is your skin in Tesla? Whereas the Magician is minus -$39 billion and already got 13.4% of Tesla. Robbery of ten thousand years! But he wanted 10% more. Brainless SUCKERS cluelessly are assisting this robbery attempt. <a href="https://t.co/SxGfrbjtCY">https://t.co/SxGfrbjtCY</a>
&mdash; KoGuan Leo (@KoguanLeo) <a href="https://twitter.com/KoguanLeo/status/1786918504987496897?ref_src=twsrc%5Etfw">May 5, 2024</a></blockquote>
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See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/money/everything-you-need-to-know-about-tesla-stock" rel="noreferrer noopener">Everything You Need to Know About Tesla Stock</a>
KoGuan also took a jab at Musk for selling shares over the past few years and sarcastically labeled him a &#8220;magician.&#8221;&nbsp;
He referred to Musk&#8217;s supporters as &#8220;brainless suckers&#8221; and accused Tesla&#8217;s mission to accelerate the world&#8217;s transition to sustainable energy as a &#8220;ruse to suck in naive investors and engineers.&#8221; He urged shareholders to vote against the proposed package.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Don't be a sucker, just vote NO <a href="https://t.co/kBBV0ESfVO">https://t.co/kBBV0ESfVO</a>
&mdash; KoGuan Leo (@KoguanLeo) <a href="https://twitter.com/KoguanLeo/status/1786942715411972167?ref_src=twsrc%5Etfw">May 5, 2024</a></blockquote>
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Tesla&#8217;s Annual Shareholder Meeting is slated for June 13, and shareholders have until then to vote on the ratification of Musk&#8217;s 2018 pay plan.
Why It Matters: Musk in March&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37474203/elon-musk-thanks-tesla-shareholders-after-they-write-to-delaware-court-against-voiding-his-56b-pay-p" rel="noreferrer noopener">thanked some shareholders</a>&nbsp;for writing to the Delaware Chancery Court, which voided his pay plan, calling it &#8220;unfathomable.&#8221;
Robyn Denholm, Tesla&#8217;s board chair, last week&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/05/38630179/teslas-board-chair-pleads-for-reapproval-of-elon-musks-controversial-47-billion-compensation-incredi" rel="noreferrer noopener">pleaded with shareholders</a>&nbsp;to reapprove Musk&#8217;s billion pay package, arguing that a single judge&#8217;s ruling should not override the collective will of Tesla&#8217;s millions of owners.
Many observers, however, have&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38575395/is-musk-worth-160-of-teslas-total-profits-esg-expert-thinks-ceos-pay-package-is-lunacy-and-compl" rel="noreferrer noopener">questioned the rationale</a>&nbsp;behind the proposed compensation for Musk, with one going so far as to call it &#8220;lunacy and completely detached from reality.&#8221;&nbsp;&nbsp;
Last week, the S&amp;P lowered Tesla&#8217;s management and governance score due to Musk&#8217;s dominant role in the company. The rating agency suggested that Tesla increase board independence and nominate new independent directors to reduce key-person risk.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38633307/warren-buffett-comments-on-whether-elon-musks-fsd-will-impact-berkshires-auto-insurance-business" target="_blank" rel="noreferrer noopener">Warren Buffett Comments On Whether Elon Musk&#8217;s FSD Will Impact Berkshire&#8217;s Auto Insurance Business. Will Oracle Of Omaha Bet On Tesla?</a>
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Tesla Retail Shareholder Who Poured $3.5B Into EV Stock Screams Foul Over 'Magician' Elon Musk's Pay Package Plan, Urges Other Investors To Vote No: 'Don't Be A Sucker'

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is <a href="https://www.benzinga.com/news/24/03/38000809/new-ipad-pro-and-ipad-air-on-the-way-apples-longest-pause-on-new-models-might-end-in-may">set to launch</a> new&nbsp;iPads&nbsp;on Tuesday, and according to a prominent tech journalist, the tech giant should focus on transforming them into genuine laptop substitutes.
What Happened: In the latest installment of his weekly &#8220;Power On&#8221; newsletter, Bloomberg columnist Mark Gurman suggested that Apple should <a href="https://www.benzinga.com/news/24/02/37233468/apples-2024-ipad-lineup-to-feature-larger-ipad-air-thinner-ipad-pro-report">prioritize making the iPad</a> a true laptop replacement. He argued that Apple has been taking half-measures in this direction and needs to make a firm commitment.
&#8220;From a business standpoint, there's always been a fear that the iPad will cannibalize Mac sales if it gets too powerful. So what? Neither category is doing that hot right now,&#8221; Gurman said, adding, &#8220;Apple should just make the best iPad it can, while also making the best Mac it can. The days of purposely holding back the iPad need to end.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38574286/palantir-ceo-says-american-tech-industry-maximally-tolerant-of-any-personality-im-like-a-hyper-inexp?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Palantir CEO Says American Tech Industry &#8216;Maximally Tolerant&#8217; Of Any Personality: &#8216;I&#8217;m Like A Hyper Inexplicably Dyslexic Outsider&#8217;</a>
According to Gurman, Apple has made some progress in this area, such as introducing the Magic Keyboard and trackpad. However, these changes were not enough to&nbsp;make the iPad feel like&nbsp;a laptop replacement. 
He also mentioned that Apple&#8217;s attempts to improve multitasking on the iPad, such as the Stage Manager feature, have been unsuccessful. Moreover, equipping the iPad with Mac-level chips was largely a marketing exercise, the columnist said. 
The tech analyst said Apple needs to clarify its vision for the iPad and make it&nbsp;as capable as a laptop,&nbsp;but in a form that tablet users prefer. He suggested that the&nbsp;Mac should be for consumers&nbsp;who prefer working on a traditional computer, while&nbsp;the iPad should be for&nbsp;people who want the option&nbsp;of a touch screen.
&#8220;Now it's time for Apple to take a stand. Does it want the iPad to be a half-baked laptop alternative or a real computing replacement,&#8221; he asked, and then stated, &#8220;Fixing the situation starts with making the high-end iPad range look more like their Mac counterparts. And that's just what Apple seems poised to do.&#8221;
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Apple&#8217;s upcoming iPad launch follows a significant overhaul of its iPad lineup. On Tuesday, the company plans to announce the launch of new iPad Pro and iPad Air models, <a href="https://www.benzinga.com/news/24/04/38135554/apple-preps-biggest-ipad-overhaul-in-years-after-18-months-pause-with-new-pro-air-models">ending an 18-month drought</a>. 
The new models, including 11-inch and 12.9-inch OLED iPad Pro models with M4 chips, 11-inch and an enlarged 12.9-inch iPad Air with M2 chips, and updated Magic Keyboard and Apple Pencil accessories, are expected to be unveiled.
&#8220;It's also high time for Apple to give the iPad a more intuitive and useful multitasking experience. If the company can pull that off — combined with the new hardware and a focus on AI — Apple could once again make the iPad feel like the future,&#8221; according to Gurman. 
Check out more of&nbsp;Benzinga&#8217;s&nbsp;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/24/05/38605055/apple-ceo-tim-cook-says-china-is-the-most-competitive-market-in-the-world-as-iphone-sales-take-a-hit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple CEO Tim Cook Says China Is &#8216;The Most Competitive Market In The World&#8217; As iPhone Sales Take A Hit</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.
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Apple Should Turn This Device Into Laptop Replacement, Says Mark Gurman: 'The Days Of Purposely Holding Back The iPad Need To End'

The American middle class is grappling with a financial crisis despite earning six-figure incomes, with inflation eroding their purchasing power and threatening their traditional way of life.
What Happened: Despite earning $130,000 annually as a 29-year-old medical sales representative, Vincent from Santa Barbara, California, struggles to save for a home or other middle-class milestones. This dilemma was highlighted in a recent <a href="https://www.businessinsider.in/policy/economy/news/inflation-is-scrambling-americans-perceptions-of-middle-class-life/articleshow/109861257.cms">report</a> by Business Insider.
&#8220;I was like, if I could make six figures, I&#8217;d have a nice life. I can save up the down payment on a home and start to begin my life,&#8221; said Vincent. 
Vincent belongs to an expanding demographic of middle-class Americans, as <a href="https://www.pewresearch.org/short-reads/2020/07/23/are-you-in-the-american-middle-class/">defined</a> by the Pew Research Center in 2022 as households earning between $48,500 and $145,500 annually. Many in this group, including Vincent, feel they cannot afford the traditional middle-class lifestyle, which includes owning a home and securing a comfortable retirement.
According to Eoin Sheehan, a senior research analyst at Redfield &amp; Wilton, inflation has caused many Americans to overlook the overall strength of the U.S. economy. 
While higher costs pose challenges to retiring or buying a home, those goals aren&#8217;t out of reach with careful planning, according to Chris Collins, a wealth advisor at Northwestern Mutual&#8217;s Collins Financial.
&#8220;I&#8217;m not telling people, &#8216;You are going to die broken and alone.&#8217; It&#8217;s, &#8216;Hey, with a little bit of work here, you&#8217;re going to be all right,'&#8221; Collins said. &#8220;They don&#8217;t feel like they can relax until somebody runs the financial plan, runs the modeling and says, &#8216;you&#8217;re going to be fine.'&#8221;
See Also: <a href="https://www.benzinga.com/news/24/05/38613581/uber-and-lyft-drivers-future-hangs-in-balance-as-massachusetts-supreme-court-deliberates?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Uber And Lyft Drivers&#8217; Future Hangs In Balance As Massachusetts Supreme Court Deliberates</a>
However, many middle-class Americans are feeling increasingly anxious about their financial situation. Financial anxiety has reached an all-time high, with inflation being the biggest obstacle to financial security for 51% of respondents in a survey by Northwestern Mutual.
According to a recent report by Zillow, with mortgage rates nearing a 23-year high and home prices at nearly record levels, Americans now require an income that is 80% higher than pre-pandemic levels to comfortably afford a home. Additionally, data from the National Association of Realtors <a href="https://cdn.nar.realtor/sites/default/files/documents/2023-profile-of-home-buyers-and-sellers-highlights-11-13-2023.pdfhttps://cdn.nar.realtor/sites/default/files/documents/2023-profile-of-home-buyers-and-sellers-highlights-11-13-2023.pdf">shows</a> that first-time homebuyers accounted for less than a third of all home purchases in 2023, marking one of the lowest shares on record.
Why It Matters: The struggles of the American middle class come at a time when the global economy is showing signs of resilience. The Organization for Economic Cooperation and Development <a href="https://www.benzinga.com/news/24/05/38575037/world-economy-seeks-to-avoid-stagflation-as-oecd-lifts-global-growth-forecast-for-2024">revised its 2024 growth forecast upwards</a>, indicating a potential escape from a stagflationary rut. The U.S., China, and India are among the countries contributing to this improved outlook.
However, concerns about stagflation persist. Renowned economist Peter Schiff has criticized Federal Reserve Chair Jerome Powell for <a href="https://www.benzinga.com/news/24/05/38571216/peter-schiff-blasts-jerome-powell-for-not-seeing-the-stag-in-stagflation-same-type-of-blindness-that">dismissing stagflation concerns</a>. Schiff compared this to previous Federal Reserve misstatements, such as underestimating the subprime crisis and inflation rates.
These concerns are further exacerbated by recent economic data, which suggests a potential slowdown in growth, consistent inflation, and labor costs. Bank of America strategist Michael Hartnett has warned that a <a href="https://www.benzinga.com/news/24/05/38611768/soft-us-jobs-data-could-trigger-stock-selloff-bofa-strategist-warns">disappointing jobs report could indicate stagflation</a>, thereby increasing the risk of a stock market selloff.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38624536/federal-reserve-dismisses-rate-hike-fears-labor-market-cools-apple-lures-investors-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Federal Reserve Dismisses Rate Hike Fears, Labor Market Cools, Apple Lures Investors With Record-Breaking</a>
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Personal Finance

Real Estate

The Vanishing American Dream? Inflation Hits Even Six-Figure Earners And Threatens Middle-Class Stability: 'They Don't Feel Like They Can Relax...'

AMZN

GOOG

MSFT

NTDOF

PLTR

Sony Group Corporation American Depositary Shares

SONY

UBSFF

Let's Spill The Tea: Top Consumer Tech News From Last Week That You Should Know (April 28-May 4, 2024)

NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is set to release its first-quarter earnings, and the company is already making waves in the AI sector. The tech giant&#8217;s AI infrastructure is in high demand, as evidenced by the increased capital expenditures of its major clients.
What Happened: Mega-cap tech companies are making substantial investments in Nvidia&#8217;s AI technology. According to an <a href="https://www.businessinsider.in/tech/news/how-nvidia-is-dominating-an-ai-obsessed-earnings-season-without-even-reporting-yet/articleshow/109861713.cms">analysis</a> from Business Insider, Nvidia&#8217;s H100 GPU chip, priced at over $40,000, plays a crucial role in powering AI advancements like ChatGPT and Anthropic.
Notably, Elon Musk announced on Tesla&#8216;s earnings call that the company will double its H100 GPU chips by the end of the year. This expansion will further enhance Tesla&#8217;s Full Self-Driving software.
&#8220;We&#8217;ve installed and commissioned, meaning they&#8217;re actually working, 35,000 H100 computers or GPUs,&#8221; Musk said last month. &#8220;Roughly 35,000 H100s are active, and we expect that to be probably 85,000 or thereabouts by the end of this year.&#8221;
Meta Platforms has also increased its capex forecast for 2024, citing the buildout of its &#8220;infrastructure investments to support our AI roadmap.&#8221; The company has already purchased 850,000 H100 GPUs from Nvidia, with a retail value of approximately $30 billion.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38630402/teslas-dogecoin-adoption-sends-crypto-market-into-frenzy-meme-coin-surges-by-over-21?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla&#8217;s Dogecoin Adoption Sends Crypto Market Into Frenzy, Meme Coin Surges By Over 21%</a>
Microsoft and Alphabet have similar plans, with Microsoft aiming to amass 1.8 million GPUs by the end of 2024, according to an internal document. Alphabet&#8217;s first-quarter CAPEX doubled from the prior year, driven primarily by investment in technical infrastructure.
Amazon didn&#8217;t provide specifics about its capital expenditure plans, but it did mention an anticipated increase in spending. &#8220;We anticipate our overall capital expenditures to meaningfully increase year-over-year in 2024, primarily driven by higher infrastructure capex to support growth in AWS, including generative AI,&#8221; said Amazon CFO Brian Olsavsky.
In total, Microsoft, Alphabet, Meta, and Amazon are projected to allocate $205 billion towards capital expenditures this year, marking a 40% rise from 2023 figures as reported by UBS. A significant portion of these funds is expected to be directed toward Nvidia for its H100 and Blackwell AI chips.
Recent earnings reports from Nvidia&#8217;s competitor, Advanced Micro Devices, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), indicate that Nvidia is capturing the majority of this market share, outpacing its rivals. AMD projected that its MI300 AI chip would generate around $4 billion in revenue for 2024, significantly less than Nvidia&#8217;s anticipated revenue of over $100 billion this year.
In a similar vein, Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) has introduced its Gaudi 3 AI chip as a competitor to Nvidia, but it forecasts sales of only $500 million for this year.
Investors will need to wait until after the market closes on May 22 to find out Nvidia&#8217;s actual earnings results.
Why It Matters: Despite the impending earnings report, Nvidia&#8217;s stock has been the subject of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38617600/nvidia-stock-analysts-are-bullish-while-reddit-user-predicts-nvda-will-drop-to-800">contrasting opinions among analysts and Reddit users</a>. While analysts maintain a bullish stance, predicting a 31.50% potential upside, some Reddit users foresee a drop to $800.
Amid this, Nvidia has been <a href="https://www.benzinga.com/news/24/05/38583155/nvidia-supercharges-ai-chatbot-with-advanced-models-from-google-and-openai">enhancing its experimental ChatRTX chatbot</a> by adding more AI models for RTX GPU owners. This update includes Google&#8217;s Gemma, ChatGLM3, and OpenAI&#8217;s CLIP model, expanding the chatbot&#8217;s capabilities.
Furthermore, Nvidia&#8217;s supplier SK Hynix is <a href="https://www.benzinga.com/news/24/05/38573299/nvidia-supplier-sk-hynix-says-hbm-chipsets-crucial-for-ai-are-all-nearly-sold-out-for-2025-amid-boom">experiencing a surge in demand</a> for its high-bandwidth memory chips, crucial for AI chipsets. The company&#8217;s HBM chips are already sold out for 2024 and are nearly sold out for 2025, reflecting the booming demand for AI services.
Despite these positive developments, Nvidia&#8217;s stock has been on a <a href="https://www.benzinga.com/trading-ideas/24/05/38569426/nvidias-roller-coaster-ride-through-early-2024-sets-the-stage-for-a-potential-market-shakeup-as-inv">roller coaster ride through early 2024</a>, experiencing a 96% bull rally that halted at $974, leading to a 13% dip in value. The company is currently in a consolidation phase, with its stock price oscillating between $756 and $974.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38623527/bitcoin-ethereum-dogecoin-rally-as-market-sentiment-soars-on-macro-data-above-67-000-we-fl?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Rally, As Market Sentiment Soars On Macro Data: &#8216;Above $67,000 We Fly Like A Bird,&#8217; Claims Trader</a>
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INTC

Nvidia's AI Dominance Evident As Tech Behemoths From Microsoft To Meta And Google Keep Pumping Billions Into Chipmaker, Analysis Reveals

In a surprising turn of events, Twitter co-founder Jack Dorsey has stepped down from the board of Bluesky, the <a href="https://www.benzinga.com/news/23/09/34892537/jack-dorsey-backed-bluesky-thrives-as-user-engagement-drops-on-musks-x-and-zuckerbergs-threads">decentralized social media platform</a> he backed. 
What Happened: Bluesky confirmed Dorsey&#8217;s departure in two posts on Sunday, expressing gratitude toward Dorsey and announcing its search for a new board member who shares its vision of a user-controlled social network.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/05214346/Screenshot-2024-05-06-at-7.13.37%E2%80%AFAM-1024x839.png" alt="" class="wp-image-323006" /></figure>
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38605346/dogecoin-co-creator-and-mkbhd-slam-siri-after-apples-q2-earnings-its-such-a-piece-of-garbage?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Co-Creator And MKBHD Slam &#8216;Siri&#8217; After Apple&#8217;s Q2 Earnings: &#8216;It&#8217;s Such A Piece Of Garbage&#8217;</a>
Bluesky&#8217;s announcement came a day after Dorsey, in response to a user&#8217;s query on X, formerly Twitter, replied &#8220;no&#8221; to being on the company&#8217;s board. TechCrunch <a href="https://techcrunch.com/2024/05/05/jack-dorsey-says-hes-no-longer-on-the-bluesky-board/">noted</a> this first and pointed out Dorsey&#8217;s recent activity on X, where he unfollowed all but three accounts and praised X, which was acquired by Elon Musk in 2022, as &#8220;freedom technology.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">don't depend on corporations to grant you rights. defend them yourself using freedom technology. (you're on one)
&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1786773074232107424?ref_src=twsrc%5Etfw">May 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f6ab; <a href="https://twitter.com/jack?ref_src=twsrc%5Etfw">@jack</a> has unfollowed well over 2000 people, so this bot won&#39;t send an alert for each. These are the 3 remaining accounts: <a href="https://twitter.com/Stella_Assange?ref_src=twsrc%5Etfw">@stella_assange</a>, <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> and <a href="https://twitter.com/Snowden?ref_src=twsrc%5Etfw">@Snowden</a> <a href="https://t.co/N28DlDv4Qt">pic.twitter.com/N28DlDv4Qt</a>
&mdash; Big Tech Alert (@BigTechAlert) <a href="https://twitter.com/BigTechAlert/status/1786919454422516133?ref_src=twsrc%5Etfw">May 5, 2024</a></blockquote>
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Neither Bluesky nor Dorsey has disclosed the reasons for his departure. The current board members are CEO Jay Graeber and Jabber/XMPP inventor Jeremie Miller.
Dorsey initially supported Bluesky in 2019 as a project to create an open-source social media standard for Twitter. He joined the board when Bluesky separated from Twitter in 2022. However, Dorsey&#8217;s involvement with the company has been minimal. 
In March 2024, Graeber <a href="https://www.theverge.com/2024/3/25/24108872/bluesky-ceo-graber-federation-social-media-decoder-interview">stated</a> in an interview that Dorsey provided occasional feedback but was otherwise &#8220;being Jack Dorsey on a cloud.&#8221; 
Why It Matters: Dorsey&#8217;s departure from Bluesky comes amidst ongoing controversy surrounding his other venture, Block. Federal authorities are <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38579045/jack-dorseys-block-under-examination-from-authorities-over-alleged-sanctions-violations">investigating Block&#8217;s cryptocurrency</a> operations over alleged sanctions violations. These allegations have prompted a closer examination of the company&#8217;s compliance standards.
During Block&#8217;s first-quarter earnings call, <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38605350/bitcoin-transaction-investigation-by-doj-addressed-by-block-ceo-jack-dorsey-we-take-compli">Dorsey addressed the potential</a> Department of Justice investigation, stating that the company had proactively investigated potential threats in 2022, leading to a thorough review of transactions possibly linked to sanctioned countries.
&#8220;As it relates to preventing tariffs financing via Bitcoin, we have a robust control environment in place to mitigate exposure from adversaries,&#8221; he stated then. 
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next: <a href="https://www.benzinga.com/news/24/05/38605055/apple-ceo-tim-cook-says-china-is-the-most-competitive-market-in-the-world-as-iphone-sales-take-a-hit?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple CEO Tim Cook Says China Is &#8216;The Most Competitive Market In The World&#8217; As iPhone Sales Take A Hit</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.

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