Direxion Work From Home ETF (ARCA:WFH), Trade Ideas

Direxion is a financial services firm known for its range of leveraged and inverse ETFs. These ETFs provide exposure to various market sectors, including technology, real estate, and commodities. Direxion's ETFs are designed for traders and investors looking to capitalize on market trends, volatility spikes, and news events.

Direxion

The fund, under normal circumstances, invests at least 80% of its assets in the securities that comprise the index or investments with economic characteristics similar to the securities included in the index. The index is comprised of 40 companies that provide products and services in one of the following industries that facilitate the ability of people to work from home: remote communications, cyber security, online project and document management, and cloud computing technologies (“WFH Industries”). The fund is non-diversified.

Direxion Work From Home ETF

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Movers

Tech

VERS

Xerox reported disappointing fiscal Q1 results with a 12.4% decline in sales. Adjusted EPS also missed expectations. Company expects steady revenue and free cash flow in FY24.

Xerox Loses Steam In Q1, Stock Dips

Cloud Services

ECNS

Kingsoft Cloud Holdings Ltd (NASDAQ: KC) reported Q4 revenue of $242.6M, beating consensus, but fell 19.2% Y/Y. Adjusted EPS was $(0.05) and stock price rose.

Kingsoft Cloud&#39;s Strong Performance Drives Stock Surge After Q4 Earnings Report

Real Estate

GOOGL

MSFT

The remote work trend has experienced an unprecedented surge in recent years. Workers enjoy the flexibility in managing their schedules and reduced commuting stress while companies get access to a broader talent pool as they can hire people from anywhere in the world.

But former PayPal Holdings Inc. executive David Sacks is not a fan of work-from-home (WFH) policies.

&#39;It&#39;s Time To Admit That Remote Work Doesn&#39;t Work&#39;: Former PayPal Executive Says WFH Is No Way To Build A Great Company — And He&#39;s Not Alone

WORLD FINL HLDG GROUP by World Financial Holding Group

WisdomTree U.S. High Yield Corporate Bond Fund

Former President Donald Trump&#8216;s ex-lawyer, Michael Cohen, testified on Monday that it was Melania Trump who suggested the infamous &#8220;locker room talk&#8221; defense to mitigate the fallout from the &#8220;Access Hollywood&#8221; tape.
What Happened: Cohen, testifying at Trump&#8217;s hush money trial, revealed that Trump credited his wife Melania for the &#8220;locker room talk&#8221; defense, ABC News <a href="https://abcnews.go.com/US/locker-room-talk-defense-melania-trumps-idea-michael/story?id=110184216">reported</a>. The tape, released in October 2016, featured Trump making lewd comments about women.
Trump&#8217;s response to the tape was to spin it as &#8220;locker room talk,&#8221; a phrase Melania had reportedly suggested. This was aimed at downplaying the tape&#8217;s potential impact on Trump&#8217;s presidential campaign, especially with women voters, Cohen testified.
Trump, who has denied any wrongdoing regarding the hush payment to adult film star Stormy Daniels, was reportedly &#8220;really angry&#8221; when he learned of the potential story surfacing. He instructed Cohen to delay the payment until after the election, which, according to prosecutors, was an attempt to influence the 2016 election.
&#8220;I want you to push it out as long as you can,&#8221; Cohen testified Trump told him. &#8220;Push it out past the election, because if I win, it has no relevance, and if I lose, I don't care.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/05/38780420/robert-kennedy-jr-a-maga-crazy-republican-who-could-draw-votes-away-from-gop-says-former-congressman?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Robert Kennedy Jr. A &#8216;MAGA Crazy Republican&#8217; Who Could Draw Votes Away From GOP, Says Former Congressman: &#8216;That&#8217;s Why Donald Trump Is &#8216;Attacking&#8217; Him</a>
Cohen also stated that Trump was solely concerned about the impact on his campaign, not his family, when news of the alleged affair surfaced.
Why It Matters: Cohen&#8217;s testimony adds another layer to the ongoing hush money trial, which has been shedding light on the efforts to manage damage control amid allegations of Trump&#8217;s inappropriate sexual behavior during the final weeks of his victorious White House bid. This trial has seen key witnesses like former Trump aide Hope Hicks <a href="https://www.benzinga.com/general/politics/24/05/38626165/hope-hicks-testifies-on-trumps-ex-lawyer-michael-cohens-mr-fix-it-moniker-only-because-he-broke-">testify about her role</a> in the campaign&#8217;s efforts to manage these allegations.
Trump&#8217;s alleged involvement in the hush money payment scheme has been a central focus of the trial, with Cohen testifying to Trump&#8217;s <a href="https://www.benzinga.com/general/politics/24/05/38803382/trumps-erstwhile-lawyer-testifies-to-former-presidents-involvement-in-hush-money-payment-dont-wo">involvement in making payments</a> to several parties to eliminate stories that could harm his chances in the 2016 election.
Despite the ongoing trial, <a href="https://www.benzinga.com/general/politics/24/05/38771094/trump-lashes-out-at-fake-hush-money-criminal-trial-ahead-of-michael-cohens-monday-testimony-id-b">Trump has remained defiant</a>, lashing out at the &#8220;fake&#8221; trial and expressing his willingness to go to jail for the Constitution.
Read Next: <a href="https://www.benzinga.com/news/24/05/38779447/biden-vs-trump-matchup-in-this-traditionally-red-state-shows-republican-partys-lead-could-shrink-due?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump Matchup In This Traditionally Red State Shows Republican Party&#8217;s Lead Could Shrink Due To This Factor</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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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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Politics

Global

Melania Trump Source Of Ex-President's 'Locker Room Talk' Defense, Testifies Michael Cohen

The return of famous retail trader "Roaring Kitty" on social media galvanized the memecoin market, with frog-themed token Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) becoming one of the biggest beneficiaries.
What Happened: PEPE soared 15.40% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>, breaking out of the rangebound price action that persisted over the week.&nbsp;
The rally saw the meme token surpass Uniswap (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/uni/usd">UNI</a>) and stablecoin First Digital USD (CRYPTO: FDUSD) in market capitalization, breaking into the top 25 coins by market cap list. The coin was also the seventh-most traded coin in the last 24 hours, with volumes hitting nearly $2 billion.
The rally triggered profit-taking opportunities for many traders. An early investor transferred a massive stash of 250 billion PEPE tokens, worth $2.4 million at prevailing prices, into cryptocurrency exchange Binance on Monday, according to Lookonchain. His PEPE portfolio returned nearly $3.6 million in profit.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">An early buyer of <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> deposited 250B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($2.67M) into <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> for profits 55 mins ago. He bought 474.95B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>($4.8M) with a cost of only $1K. His profit on <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> is ~$3.6M.<a href="https://t.co/w2J655MLUw">https://t.co/w2J655MLUw</a> <a href="https://t.co/4PBKdiGVdo">pic.twitter.com/4PBKdiGVdo</a>
&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1790077443757199607?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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Why It Matters: &nbsp;The frenzy was fueled by the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38797959/keith-gills-roaring-kitty-comeback-sparks-1400-surge-of-kitty-themed-meme-coin">social media comeback of Keith Gill</a>, popularly known as "Roaring Kitty," a retail trader famous for his role in the GameStop short squeeze of 2021.&nbsp;
PEPE' social volume rose significantly in the last 24 hours, according to on-chain analytics firm Santiment. The platform identified PEPE as one of several coins to keep an eye on, with substantial volatility likely in the coming days.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4c8;&#x1f63b; <a href="https://twitter.com/hashtag/Memecoins?src=hash&amp;ref_src=twsrc%5Etfw">#Memecoins</a> had an eyebrow raising start to the week, with breakouts and decouplings all over the place the past 24 hours. Among the top 50 assets in this sector, trading volumes exceeded a +34% rise.<a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a>, <a href="https://twitter.com/search?q=%24MAGA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MAGA</a>, <a href="https://twitter.com/search?q=%24MOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MOG</a>, $BITCOIN, <a href="https://twitter.com/search?q=%24PONKE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PONKE</a>, $PEPE2.0, <a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a>, and <a href="https://twitter.com/search?q=%24ANALOS&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ANALOS</a> are all… <a href="https://t.co/DLvbCY518K">pic.twitter.com/DLvbCY518K</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1790169149337178396?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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Large PEPE transactions worth more than 100,000 jumped more than 5x in the last 24 hours, while the daily active addresses more than doubled, <a href="https://app.intotheblock.com/?end_offset=20">according </a>to IntoTheBlock.
Price Action: At the time of writing, PEPE was exchanging hands at $0.000009989, following a 15% bump in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38806160/bitcoin-ethereum-dogecoin-edge-higher-on-spot-etf-holdings-disclosure-and-roaring-kitty-fr">Bitcoin, Ethereum, Dogecoin Edge Higher On Spot ETF Holdings Disclosure And &#8216;Roaring Kitty&#8217; Frenzy: Analyst Says $66,250 Next Hurdle For Bitcoin Before A New All-Time High</a>

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

Cryptocurrency

Markets

$FDUSD

$PEPE

$UNI

Pepe Becomes Hot Commodity on 'Roaring Kitty' Phenomenon: Analyst Says The Coin Should Be On Your Radar

OpenAI&#8217;s decision to offer its foundational model for free might hinder its growth, according to a prominent analyst.
What Happened: Pierre Ferragu, an analyst at New Street Research, took to social media platform X, to share his thoughts on OpenAI&#8217;s recent update. Ferragu highlighted three key points:
1) The foundational model is competitive and offered for free, which could make it difficult for OpenAI to charge for its services and grow.
2) OpenAI&#8217;s focus on entertainment use cases might indicate a strategy to capture a share of the consumer audience.
3) Despite having a user base of 100 million, Ferragu raised concerns about the lack of an S-curve, a graphical representation of the adoption of new technology. &#8220;Where is the S-curve?&#8221; he wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My immediate take on the ongoing <a href="https://twitter.com/hashtag/OpenAI?src=hash&amp;ref_src=twsrc%5Etfw">#OpenAI</a> update: 1) All free. Foundational model is competitive. Tough to charge &amp; grow? 2) Focus on inconsequential entertainment use cases. Fight for share of consumer audience first? 3) Still 100m users. Where is the S-curve?
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1790069145037398416?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38780639/bitcoin-ethereum-dogecoin-trade-mixed-after-turbulent-week-analyst-says-king-crypto-can-ri?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Trade Mixed After Turbulent Week: Analyst Says King Crypto Can Rise To $76K Level If It Reclaims This Crucial Support</a>
Why It Matters: OpenAI&#8217;s decision to offer its foundational model for free comes amid a series of strategic moves in the AI industry. Just a day before OpenAI&#8217;s update, <a href="https://www.benzinga.com/news/24/05/38806086/openai-tries-to-steal-googles-thunder-a-day-before-search-giants-event-unveils-gpt-4o-a-chatgpt-vers">the company unveiled GPT-4o</a>, a more efficient and cost-effective version of its AI model, GPT-4. This new model is trained on extensive internet data and is designed to handle text, audio, and images in real time more effectively. It also offers features that were previously limited to paid subscribers.
Meanwhile, OpenAI&#8217;s rival Anthropic, backed by Google and Amazon, has been making <a href="https://www.benzinga.com/news/24/05/38806315/google-amazon-backed-openai-rival-anthropic-launches-claude-chatbot-in-europe-amid-regulatory-challe">strides in the European market</a>, introducing its Claude chatbot and subscription plans. This move is part of Anthropic&#8217;s strategy to expand its user base and revenue.
These developments have led to speculation about the potential impact on <a href="https://www.benzinga.com/news/24/05/38806462/googles-search-business-could-be-challenged-by-openai-says-gene-munster-its-a-function-of-time">Google&#8217;s search business</a>. Prominent tech analyst Gene Munster has predicted that OpenAI could pose a significant challenge to Google in the search business, despite its ties with Microsoft. Munster&#8217;s forecast comes on the heels of Apple&#8217;s potential partnership with OpenAI.
Read Next: <a href="https://www.benzinga.com/news/24/05/38776670/the-disparate-treatment-of-trumps-fake-electors-is-a-serious-concern-says-legal-expert-its-so-unusua?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Disparate Treatment Of Trump&#8217;s Fake Electors Is A Serious Concern, Says Legal Expert: &#8216;It&#8217;s So Unusual To Have This Situation&#8217;</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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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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OpenAI's Free Model May Pose A Challenge To Its Growth, Says Analyst Pierre Ferragu: 'Where Is The S-Curve?'

MINISO Group Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NYSE">MNSO</a>) reported quarterly adjusted earnings of $0.27 per share which missed the analyst consensus estimate of $0.33 by 18.18 percent. This is a 22.73 percent increase over earnings of $0.22 per share from the same period last year. The company reported quarterly sales of $515.70 million which missed the analyst consensus estimate of $597.22 million by 13.65 percent. This is a 19.89 percent increase over sales of $430.16 million the same period last year.

MNSO

MINISO Group Holding Q3 Adj. EPADS $0.27 Misses $0.33 Estimate, Sales $515.70M Miss $597.22M Estimate

Tesla and SpaceX CEO Elon Musk has expressed skepticism about the capabilities of&nbsp;ChatGPT-parent OpenAI&#8217;s <a href="https://www.benzinga.com/news/24/05/38806086/openai-tries-to-steal-googles-thunder-a-day-before-search-giants-event-unveils-gpt-4o-a-chatgpt-vers">latest AI model development</a>. 
What Happened: On Monday, OpenAI unveiled GPT-4o,&nbsp;a more efficient and cost-effective&nbsp;version of its AI model, GPT-4, which was released last year.&nbsp;One of the ways, the GPT-4o can help users is with customer support. 
A user took to X, formerly Twitter, and shared a demo video of GPT-4o speaking on behalf of the user with another chatbot that was representing the company. 
Another user shared the video and remarked, &#8220;99% of the economy&nbsp;will be AIs talking to&nbsp;each other,&#8221; possibly referring that soon the majority of economic activity will be facilitated by artificial intelligence systems. 
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.
However, Musk&#8217;s reaction to a user&#8217;s post and interpretation was less than enthusiastic. He said AI will not be able to facilitate economic activities at &#8220;this ridiculously slow bit rate.&#8221; 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">And not at this ridiculously slow bit rate
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1790195560340726163?ref_src=twsrc%5Etfw">May 14, 2024</a></blockquote>
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Why It Matters: Despite Musk&#8217;s skepticism, OpenAI&#8217;s GPT-4o represents a major leap in AI capabilities. It can handle text, audio, and images in real-time, along with its rapid response to verbal questions, which could significantly enhance customer service and other AI-driven applications.
This development comes at a time when Musk&#8217;s own AI startup, xAI, is&nbsp;<a href="https://www.benzinga.com/news/24/05/38779188/elon-musks-ai-startup-could-reach-a-whopping-20-billion-valuation-exceeding-initial-expectations">projected to reach a valuation of $20 billion</a>, surpassing initial expectations and indicating a growing interest in AI technologies.
Musk co-founded OpenAI in 2015 and subsequently left it in 2018. In March earlier this year, <a href="https://www.benzinga.com/news/24/03/37415380/elon-musk-sues-sam-altman-and-openai-for-refining-agi-to-maximize-profits-for-microsoft-stark-betray">Musk filed a lawsuit against OpenAI</a> and its CEO Sam Altman, accusing the company of betraying the &#8220;Founding Agreement.&#8221; 
OpenAI executives <a href="https://www.benzinga.com/news/24/03/37438094/sam-altmans-openai-fires-back-at-elon-musks-lawsuit-stem-from-elons-regrets-about-not-being-involved">refuted the allegations</a> made by the tech billionaire. In an internal memo, OpenAI&#8217;s chief strategy officer&nbsp;Jason Kwon&nbsp;said, &#8220;We believe the claims in this suit may stem from Elon&#8217;s regrets about not being involved with the company today.&#8221;
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/24/05/38759440/elon-musk-gets-another-vote-of-confidence-from-twitter-co-founder-jack-dorsey-elon-made-the-right-ch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Gets Another Vote Of Confidence From Twitter Co-Founder Jack Dorsey: &#8216;Elon Made…The Right Choice&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.

Elon Musk Shrugs Off OpenAI's Latest Announcement After X User Says That 99% Of The Economy Will Be AI Chatbots Talking To Each Other: 'Not At This Ridiculously Slow Bit Rate'

Richard Branson, the founder of Virgin Group, has called for the withdrawal of a controversial bill in Georgia, amid widespread protests. The bill, if passed, would require organizations receiving over 20% of their funding from abroad to register as &#8220;agents of foreign influence.&#8221;
What Happened: Branson, a billionaire entrepreneur, took to social media platform X, to voice his concerns about the bill, which has sparked a political crisis in Georgia. 
He wrote, &#8220;The desire to be free and determine your own destiny is a force like few others. Georgia's leaders should listen to the will of the people and scrap this awful bill.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The desire to be free and determine your own destiny is a force like few others. Georgia's leaders should listen to the will of the people and scrap this awful bill: <a href="https://t.co/IWzPkBHONj">https://t.co/IWzPkBHONj</a>
&mdash; Richard Branson (@richardbranson) <a href="https://twitter.com/richardbranson/status/1789993434675032343?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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Branson&#8217;s statement comes in the wake of massive protests against the bill, with around 50,000 people marching through the streets of Tbilisi, Georgia&#8217;s capital, on May 11, <a href="https://edition.cnn.com/2024/05/12/europe/georgia-foreign-agents-bill-protests-intl/index.html">reported</a> CNN. The U.S. has also expressed concerns, with White House national security adviser Jake Sullivan warning of &#8220;democratic backsliding&#8221; in Georgia.
See Also: <a href="https://www.benzinga.com/news/24/05/38782831/trumps-niece-says-michael-cohens-testimony-will-be-extraordinarily-challenging-for-ex-president-what?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Michael Cohen&#8217;s Testimony Will Be &#8216;Extraordinarily Challenging&#8217; For Ex-President: &#8216;What Will Rattle Him The Most Is&#8230;&#8217;</a>
Despite the opposition, the bill is set to undergo its third and final reading in the Georgian parliament, which is controlled by the ruling Georgian Dream party. The bill has been met with strong resistance from various quarters, including opposition parties, civil society, and even the country&#8217;s president.
 Opponents of the Georgian bill have labeled it as &#8220;the Russian law,&#8221; drawing parallels to legislation aimed at silencing critics of President Vladimir Putin&#8216;s Kremlin.
The European Union, having granted Georgia candidate status in December, has warned that passing the bill could hinder further integration efforts.
Georgian Dream argues that the bill will enhance transparency and uphold Georgian national sovereignty.
Read Next: <a href="https://www.benzinga.com/news/24/05/38776544/trumps-niece-says-this-could-be-a-big-blow-to-ex-presidents-narcissistic-need-for-attention-right-no?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says This Could Be A Big Blow To Ex-President&#8217;s &#8216;Narcissistic Need For Attention&#8217;: &#8216;Right Now The Only Thing We Can Really Do&#8230;&#8217;</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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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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Richard Branson Urges Georgia To Revoke 'Awful Bill' Labeled 'The Russian Law' By Opponents As Mass Protests Hit Former Soviet Republic

Mark Cuban, the billionaire investor and television personality, criticized the U.S. Securities and Exchange Commission for its inaction following the Mt. Gox debacle. Cuban also lauded Japan&#8217;s regulatory response to the incident.
What Happened: Cuban took to social media platform X, to express his views on the SEC&#8217;s handling of the Mt. Gox situation. He contrasted this with Japan&#8217;s approach, which he commended for protecting its stakeholders.
&#8220;The SEC didn't learn sh&#x2A;t. Not a damn thing when MT Gox happened. They are still so stupid they think the mere process of registration protects investors. The only actions they take are after the fact. See Madoff. See FTX. See Chinese Stocks,&#8221; Cuban wrote.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38778908/if-you-bought-your-mom-100-in-bitcoin-dogecoin-and-ethereum-last-mothers-day-heres-how-muc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If You Bought Your Mom $100 In Bitcoin, Dogecoin And Ethereum Last Mother&#8217;s Day, Here&#8217;s How Much She&#8217;d Have Today</a>
He also criticized the SEC&#8217;s approach to innovation, stating that it is &#8220;completely the opposite of our technology history in the USA.&#8221; He further questioned the SEC&#8217;s ability to protect investors from scams, suggesting that the regulatory body is &#8220;really really bad&#8221; at it.
Cuban responded to a post by Mike Kelly, which questioned the potential of 65 tokens in Japan to be breakthrough applications. Cuban pointed out that even the &#8220;scammiest of the scammiest tokens&#8221; haven&#8217;t caused as much loss as other investments.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">And Japan famously learned from Mt Gox and renovated their regulations so that when the largest failures in crypto history happened, they didn't hurt Japanese stakeholders The SEC didn't learn shit. Not a damn thing when MT Gox happened. They are still so stupid they think… <a href="https://t.co/UWTTAfsmVY">https://t.co/UWTTAfsmVY</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1789742256741626341?ref_src=twsrc%5Etfw">May 12, 2024</a></blockquote>
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Why It Matters: Cuban&#8217;s criticism of the SEC&#8217;s regulatory approach comes amid a broader debate on the regulation of cryptocurrencies. In a recent exchange with James Love, Director of an NGO Knowledge Ecology International, Cuban highlighted the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38780932/mark-cuban-schools-crypto-critic-blames-sec-for-ftx-like-events-this-is-an-institutional-f">various benefits of digital assets</a>, including minimal transaction fees, easily accessible credit, and insulation against theft.
Meanwhile, the Mt. Gox incident has been a long-standing issue in the cryptocurrency space. The exchange, once the world&#8217;s leading Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exchange, <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38384156/mt-gox-creditors-see-repayment-light-at-the-end-of-the-tunnel">suffered a devastating hack</a> in 2011 and subsequently filed for bankruptcy in 2014. However, there is now a glimmer of hope for creditors, with some reportedly receiving updates on their claims.
At the same time, the SEC&#8217;s regulatory approach has been a source of frustration for many in the crypto space. Robinhood CEO Vlad Tenev recently expressed his <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38723057/gary-gensler-led-sec-a-source-of-frustration-for-robinhood-ceo-vlad-tenev-says-theyve-held">disappointment with the SEC&#8217;s response</a> to the company&#8217;s efforts to engage with the regulatory body.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38770455/bitcoin-clinging-on-to-60k-ethereum-dogecoin-bleed-bitcoins-final-move-will-be-the-most-ag?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin Clinging On To $60K, Ethereum, Dogecoin Bleed: &#8216;Bitcoin&#8217;s Final Move Will Be The Most Aggressive,&#8217; Predicts Trader</a>
Image Via Shutterstock 
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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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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Entrepreneurship

$BTC

Mark Cuban Says SEC Didn't Learn A Thing After Mt. Gox, Applauds Japan's Response: 'They Are Still So Stupid'

Home Depot, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) is set to release earnings results for its first quarter, before the <a href="https://www.benzinga.com/quote/HD/earnings">opening bell on May 14</a>.
Analysts expect the Atlanta, Georgia-based company to report quarterly earnings at $3.60 per share, up from $3.40 per share in the year-ago period. Home Depot is projected to post quarterly revenue of $36.67 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On April 11, Home Depot said it will continue its relationship with Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google Cloud. The two companies have collaborated closely since 2015 on retail technology, both in-store and online.
Home Depot shares fell 1.6% to close at $340.96 on Monday.
Benzinga readers can access the latest analyst ratings on the A<a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">nalyst 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/HD/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Wells Fargo analyst Zachary Fadem maintained an Overweight rating and cut the price target from $425 to $400 on May 9. This analyst has an accuracy rate of 87%.</li>
<li>Telsey Advisory Group analyst Joseph Feldman maintained a Market Perform rating with a price target of $360 on May 7. This analyst has an accuracy rate of 73%.</li>
<li>Truist Securities analyst Scot Ciccarelli maintained a Buy rating with a price target of $417 on April 17. This analyst has an accuracy rate of 73%.</li>
<li>Stifel analyst John Baugh maintained a Hold rating and boosted the price target from $355 to $366 on Feb. 16. This analyst has an accuracy rate of 79%.</li>
<li>Piper Sandler analyst Peter Keith upgraded the stock from Neutral to Overweight and increased the price target from $311 to $400 on Jan. 16. This analyst has an accuracy rate of 75%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/24/05/38789146/jim-cramer-likes-micron-and-its-ceo-recommends-buying-this-big-bank">Jim Cramer Likes Micron And Its CEO, Recommends Buying This Big Bank</a>

Price Target

Pre-Market Outlook

Trading Ideas

GOOG

Home Depot Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Gene Munster, a prominent tech analyst, at Deepwater Asset Management has predicted that OpenAI could pose a significant challenge to Alphabet Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google in the search business, despite its ties with Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>). Munster&#8217;s forecast comes on the heels of Apple Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) potential partnership with OpenAI.
What Happened: Munster, took to social media platform X, to express his views on OpenAI&#8217;s potential to disrupt the search business. He acknowledged that OpenAI had not yet announced a search product, but he remained convinced that OpenAI would eventually become a formidable competitor in the search market.
He also noted that OpenAI&#8217;s 49% ownership by Microsoft could complicate its path into the search business. Despite this, Munster expects OpenAI to make significant announcements by the end of the year.
&#8220;I still believe it's a function of time before OpenAI gets more aggressive with search,&#8221; Munster wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Let me wipe this egg off my face; OpenAI did not announce a search product. That said, while shares of <a href="https://twitter.com/search?q=%24GOOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOOG</a> breathe a sigh of relief (rallied 2%) I still believe it's a function of time before OpenAI gets more aggressive with search. The relationship with <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> (49% ownership)…
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1790091601986867352?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/news/24/05/38720217/wedbush-analyst-dan-ives-says-the-world-is-in-early-stages-of-a-fourth-industrial-revolution-and-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Wedbush Analyst Dan Ives Says The World Is In &#8216;Early Stages Of A Fourth Industrial Revolution&#8217; And It Is Led By Nvidia CEO Jensen Huang As &#8216;Godfather Of AI&#8217;</a>
He pointed out Google&#8217;s current advantages, including its 25 years of search data, global distribution, and massive infrastructure. However, he still sees OpenAI as a potential rival to Google in the search business.
Why It Matters: Munster&#8217;s prediction comes at a time when OpenAI is making significant strides in the AI and search sectors. Just days before Munster&#8217;s tweet, it was reported that OpenAI was on the verge of announcing its AI-powered search product, potentially intensifying its rivalry with Google. This product is an extension of OpenAI&#8217;s <a href="https://www.benzinga.com/news/24/05/38774065/apple-chooses-sam-altman-led-openai-to-integrate-chatgpt-into-iphone-deal-almost-done-report">AI-powered chatbot</a>, ChatGPT, and allows it to directly pull information from the web and include citations.
Moreover, Apple is reportedly finalizing a partnership with OpenAI that could bring significant AI features to its devices. This potential partnership is expected to be officially announced at Apple&#8217;s Worldwide Developers Conference (WWDC) in June. This development could further bolster OpenAI&#8217;s position as <a href="https://www.benzinga.com/news/24/05/38751052/googles-new-rival-may-finally-be-here-sam-altmans-openai-could-launch-it-just-ahead-of-search-giants">a potential challenger to Google</a> in the search business.
Meanwhile, Google is facing its own challenges, including the unsealing of court documents that revealed the company paid Apple a staggering $20 billion in 2022 to be the <a href="https://www.benzinga.com/markets/equities/24/05/38573998/how-much-is-google-really-paying-apple-to-be-default-search-engine-on-iphones-unsealed-court-pap">default search engine</a> on iOS. This deal is a central point in an ongoing antitrust lawsuit against Google, with regulators alleging that the company has unlawfully monopolized the online search and related advertising market.
Read Next: <a href="https://www.benzinga.com/news/24/05/38754725/elon-musk-going-for-youtube-billionaire-now-wants-you-to-post-your-movies-tv-shows-and-podcasts-on-x?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Going For YouTube? Billionaire Now Wants You To Post Your Movies, TV Shows And Podcasts On X To Monetize</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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Analyst Ratings

AAPL

Google's Search Business Could Be Challenged By OpenAI, Says Gene Munster: 'It's A Function Of Time'

KITT

Nauticus Robotics Q1 EPS $(0.11), Inline, Sales $464.35K

<ul>
<li>Acquisition brings together the companies' complementary merchant, delivery partner, and consumer bases into a single app, creating significant value</li>
<li>Deal is one of the largest-ever international acquisitions in Taiwan, highlighting its attractiveness for companies and investors</li>
</ul>
Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) and Delivery Hero SE (FSE: DHER) have reached an agreement for Uber to acquire Delivery Hero's foodpanda delivery business in Taiwan for $950 million in cash. The acquisition of foodpanda Taiwan is subject to regulatory approval and other customary closing conditions and is targeted to close in the first half of 2025. Separately, the companies have also entered into an agreement for Uber to purchase $300 million in newly issued ordinary shares of Delivery Hero.
Until closing, Delivery Hero is dedicated to continue operating foodpanda Taiwan as before, offering the best possible service for its customers and vendors. In the period following closing, foodpanda's local consumers, merchants, and delivery partners will be transitioned to Uber Eats.

UBER

Uber Eats Acquires Delivery Hero's foodpanda Delivery Business in Taiwan For $950M In Cash; Companies Have Also Entered Into An Agreement For Uber To Purchase $300M In Newly Issued Ordinary Shares Of Delivery Hero

<a href="https://www.cnbc.com/2024/05/14/walmart-to-reportedly-lay-off-hundreds-of-corporate-staff-and-relocate-others.html" title="https://www.cnbc.com/2024/05/14/walmart-to-reportedly-lay-off-hundreds-of-corporate-staff-and-relocate-others.html">https://www.cnbc.com/2024/05/14/walmart-to-reportedly-lay-off-hundreds-of-corporate-staff-and-relocate-others.html</a>
&nbsp;
<a href="https://www.cnbc.com/quotes/WMT/">Walmart</a> is cutting hundreds of corporate jobs and asking most remote workers to move to offices, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Meanwhile, workers at the U.S. retail giant's smaller offices in Dallas, Atlanta and Toronto are being asked to move to other central hubs such as Walmart's corporate headquarters in Bentonville as well as Hoboken or Southern California, the report added.
&nbsp;
Walmart will still let staff work remotely part time, as long as they are in offices a majority of the time, the report said.
Walmart employed approximately 2.1 million associates as of Jan. 31, 2024, according to regulatory&nbsp;<a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/104169/000010416924000056/wmt-20240131.htm">filings</a>.
The company has been making moves to shrink its workforce over the past year and had&nbsp;<a href="https://www.reuters.com/business/retail-consumer/walmart-says-65-stores-will-be-serviced-by-automation-2026-keeps-forecast-2023-04-04/">said</a>&nbsp;in April last year that it expects about 65% of its stores to be serviced by automation by the end of its fiscal year 2026.
In February 2023, it&nbsp;<a href="https://www.reuters.com/business/retail-consumer/walmart-close-three-tech-hubs-wsj-2023-02-13/">shut</a>&nbsp;three of its U.S. technology hubs and asked hundreds of workers to relocate to keep their jobs, pushing for more employees to report to work from office.
Walmart didn't immediately respond to a Reuters request for comment.

Management

'Walmart To Reportedly Lay Off Hundreds Of Corporate Staff And Relocate Others' - CNBC

Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) search arm Google and Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)-backed AI startup Anthropic has introduced its Claude chatbot and subscription plans in Europe.
What Happened: Anthropic, founded by former&nbsp;OpenAI&nbsp;employees in 2021, has unveiled&nbsp;Claude in Europe as part of the company&#8217;s strategy to expand its user base and revenue, <a href="https://www.bloomberg.com/news/articles/2024-05-13/openai-rival-anthropic-brings-claude-chatbot-to-europe?srnd=technology-vp">reported</a>&nbsp;Bloomberg. The company&#8217;s basic software offering has already gained traction in sectors such as&nbsp;finance and hospitality across Europe.
Anthropic&#8217;s CEO, Dario Amodei, highlighted the company&#8217;s cloud-computing partners, Amazon and Google, as key allies in navigating the stringent data usage regulations in the EU.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38689467/elon-musk-isnt-sure-apples-showed-its-entire-30b-r-d-prowess-with-new-ipads-maybe-they-have-some-sec?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Isn&#8217;t Sure If Apple Showed Its Entire $30B R&amp;D Prowess With New iPads: &#8216;Maybe They Have Some Secret Products…&#8217;</a>
&#8220;Our cloud providers are known for very strong security,&#8221; Amodei said. &#8220;We're well-positioned from a data security and privacy perspective.&#8221;
Anthropic, known for its focus on responsible and ethical AI, earlier this month&nbsp;introduced a Team plan for&nbsp;corporate clients. The company is now&nbsp;bringing similarly priced plans to&nbsp;Europe, where it will face competition from ChatGPT-parent OpenAI and local rivals like Mistral.
Despite the challenges <a href="https://www.benzinga.com/government/24/03/37656982/eu-leads-with-historic-ai-regulation-nvidia-and-tech-peers-face-new-era-of-innovation">posed by the EU&#8217;s AI Act</a>, Anthropic remains optimistic. The company&#8217;s largest model complies with the Act&#8217;s restrictions. &#8220;We are going to find out how they implement it,&#8221; said Jack Clark, Anthropic's co-founder and policy chief.
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: Anthropic&#8217;s expansion into Europe comes on the heels of several significant developments. In March, the company <a href="https://www.benzinga.com/news/24/03/37481165/this-google-backed-ai-model-could-help-sundar-pichai-achieve-what-gemini-couldnt-beat-openais-gpt-4">introduced its latest generative AI</a> model, Claude 3, which it said outperformed rivals like OpenAI&#8217;s GPT-4. 
Anthropic&#8217;s Claude AI platform was previously only accessible through its website and third-party model libraries. However, in May, the company&nbsp;<a href="https://www.benzinga.com/news/24/05/38577677/google-amazon-backed-anthropic-rolls-out-claude-ios-app-heres-how-you-can-use-it-on-your-iphone-and">launched an iOS app for Claude</a>, making the platform more accessible to users.
Despite its recent successes, <a href="https://www.benzinga.com/news/24/05/38607653/sam-altmans-openai-and-amazon-backed-anthropic-face-serious-competition-from-these-chinese-startups">Anthropic faces stiff competition</a> not only from OpenAI but also from Chinese AI startups. Earlier this month, it was reported that four Chinese AI startups, including Zhipu AI and Moonshot AI, have achieved &#8220;unicorn&#8221; status and are now set to compete with U.S. giants like OpenAI and Anthropic.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/05/38759440/elon-musk-gets-another-vote-of-confidence-from-twitter-co-founder-jack-dorsey-elon-made-the-right-ch?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Gets Another Vote Of Confidence From Twitter Co-Founder Jack Dorsey: &#8216;Elon Made…The Right Choice&#8217;</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.

Media

AMZN

Google, Amazon-Backed OpenAI Rival Anthropic Launches Claude Chatbot In Europe Amid Regulatory Challenges

On Monday, Cathie Wood&#8217;s Ark Invest made some significant trades, the most notable being the purchase of Shopify Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) shares and the sale of Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) shares.
The Shopify Trade
Ark Invest&#8217;s ETFs, including Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>), and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>), purchased a total of 313,923 shares of Shopify on Monday. This move came after the company released its first-quarter earnings report earlier in the month. The trade was valued at approximately $18.45 million, based on Shopify&#8217;s closing price of $58.78 on the day.
Earlier this month, <a href="https://www.benzinga.com/markets/equities/24/05/38721307/cathie-woods-ark-invest-purchases-over-30m-of-shopify-shares-amid-q1-numbers-driven-plunge-adds-">Benzinga reported</a> that Shopify&#8217;s shares had tanked after the company reported its first-quarter results, with analysts expressing concerns about the company&#8217;s profitability.
The Block Inc Trade
On the same day, Ark Invest sold a total of 110,334 shares of Block Inc across its ARKF, ARKK, and ARKW ETFs. This decision came after Block&#8217;s stock soared following its first-quarter earnings report and strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investment, as <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38599124/block-stock-soars-on-q1-earnings-strategic-bitcoin-investment-details">highlighted by Benzinga</a>. The value of this trade was approximately $7.7 million, based on Block&#8217;s closing price of $69.74 on Monday.
Other Key Trades:
<ul>
<li>Ark Invest&#8217;s ARKF and ARKK ETFs bought shares of Roblox Corp (RBLX). </li>
<li>ARKF sold shares of Global-E Online Ltd (GLBE). ARKG sold shares of Verve Therapeutics Inc (VERV) and bought shares of Recursion Pharmaceuticals Inc (RXRX). </li>
<li>ARKQ sold stock of Velo3D Inc (VLD). ARKX bought shares of Iridium Communications Inc (IRDM).</li>
</ul>
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38777196/amid-nvidia-craze-jim-cramer-sees-a-chip-stock-not-on-anyones-radar-about-to-break-out-heres-wha?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amid Nvidia Craze, Jim Cramer Sees A Chip Stock &#8216;Not On Anyone&#8217;s Radar&#8217; About To Break Out: Here&#8217;s What He Said</a>
<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"> 
 Shivdeep Dhaliwal</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>

Equities

ETFs

ARKF

ARKK

ARKW

SHOP

Cathie Wood's Ark Invest Buys $18M In Shopify Stock Amid Price Dip, Sells Shares In Bitcoin Bull Jack Dorsey's Block Inc

Top cryptocurrencies of the market lifted upward Monday, spurred by top banks' disclosure of investments in spot Bitcoin ETFs, and a social media post by retail trader "Roaring Kitty" that sent meme coins flying.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+2.19%</td>
<td>$63,021.64</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>+0.48%</td>
<td>$2,952.36</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>+4.72%</td>
<td>$0.1488</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin, the most valuable digital asset on the planet, rose above $63,000 after a subdued weekend. The disclosure of spot ETF holdings by banking titans such as Wells Fargo and JPMorgan Chase last week likely acted as the major trigger.&nbsp;
About $56 million in positions was wiped out in the last 24 hours, with nearly equal amounts of longs and shorts liquidated.
The uptick in spot prices drove investments in the derivatives market, as Bitcoin's Open Interest went to upwards of $30 billion, following a 2.94% increase over the last 24 hours.
The world's largest meme coin, Dogecoin, bounced 4.73% in the last 24 hours as popular retail trader Roaring Kitty posted a meme on social media after a nearly three-year absence.
The level of "Greed" in the market surged, according to Cryptocurrency Fear and Greed Index, an indication that buying pressure might improve in the days ahead.
Top Gainer (24 Hour)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Ethena (ENA)</td>
<td>+4.10%</td>
<td>$0.8947</td>
</tr>
<tr>
<td>Lido DAO (LDO)</td>
<td>+3.11%</td>
<td>$1.97</td>
</tr>
<tr>
<td>UNUS SED LEO (LEO)</td>
<td>+2.61%</td>
<td>$5.93</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market cap stands at $2.3 trillion, increasing by 1.42% in the past 24 hours.
Major stock indices closed lower on Monday. The Dow Jones Industrial Average lost 81.33 points, or 0.21%, to close at 39,431.51, snapping an eight-day winning run. The S&amp;P 500 slipped 0.02% to end the trading session at 5,221.42 points, while the tech-focused Nasdaq Composite gained 0.29% to finish at 16,388.24 points.
Investors await key inflation data numbers this week, beginning with the producer price index due on Tuesday, and the more significant consumer price index slated for Wednesday, with economists forecasting a month-over-month increase for both.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Prominent cryptocurrency analyst and trader, Ali Martinez drew attention to the importance of $66,250 as a "significant" resistance level for Bitcoin.
"Once BTC breaks past this level, it will be positioned for new all-time highs," Martinez predicted.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The most significant resistance level for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is at $66,250. Once <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> breaks past this level, it will be positioned for new all-time highs! <a href="https://t.co/8ieiU86wfT">pic.twitter.com/8ieiU86wfT</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1790001937871519818?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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On-chain analytics firm Santiment underlined that Bitcoin's funding rate on major derivatives exchanges was increasing, raising fears of an overleveraged market, and, subsequently, a market correction.
The research firm added that those wishing for a sustained rally would rather want FOMO to stay low, with short positions being on par with the longs, or higher.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4ca; <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>&#39;s funding rate is rising on exchanges like <a href="https://twitter.com/hashtag/DyDx?src=hash&amp;ref_src=twsrc%5Etfw">#DyDx</a> and <a href="https://twitter.com/hashtag/Deribit?src=hash&amp;ref_src=twsrc%5Etfw">#Deribit</a>. To avoid history repeating itself after last week&#39;s top, those <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw">#bullish</a> on <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> want to see <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw">#FOMO</a> staying low, with <a href="https://twitter.com/hashtag/shorts?src=hash&amp;ref_src=twsrc%5Etfw">#shorts</a> opening at the same (or higher) rate than longs. <a href="https://t.co/xlipAPHZPL">https://t.co/xlipAPHZPL</a> <a href="https://t.co/oD2qglaWvb">pic.twitter.com/oD2qglaWvb</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1790053558139732064?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by FellowNeko on Shutterstock
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38796814/gamestop-stock-pumped-but-what-about-the-gamestop-meme-coin-its-gonna-get-wild-predicts-tr">GameStop Stock Pumps, But What About The GameStop Meme Coin?</a>

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Edge Higher On Spot ETF Holdings Disclosure And 'Roaring Kitty' Frenzy: Analyst Says $66,250 Next Hurdle For Bitcoin Before A New All-Time High

On Monday, ChatGPT-parent OpenAI introduced a more efficient and cost-effective version of its AI model, GPT-4, which <a href="https://www.benzinga.com/news/23/04/31804758/want-to-try-openais-gpt-4-heres-a-step-by-step-guide-on-how-to-try-this-internet-breaking-ai-tool">has been in existence for over a year</a>.
What Happened: The new model is called GPT-4o. It is trained on&nbsp;extensive internet data and is designed to handle text, audio, and images in real-time more effectively. GPT-4o can also respond to verbal questions with audio replies in milliseconds. 
Moreover, it now offers features that were previously limited to paid subscribers. This includes web searches, multilingual responses, and data storage.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Say hello to GPT-4o, our new flagship model which can reason across audio, vision, and text in real time: <a href="https://t.co/MYHZB79UqN">https://t.co/MYHZB79UqN</a> Text and image input rolling out today in API and ChatGPT with voice and video in the coming weeks. <a href="https://t.co/uuthKZyzYx">pic.twitter.com/uuthKZyzYx</a>
&mdash; OpenAI (@OpenAI) <a href="https://twitter.com/OpenAI/status/1790072174117613963?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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</figure>
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/05/38775893/sundar-pichai-finally-responds-to-microsoft-ceos-comments-about-making-google-dance-one-of-the-ways?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Sundar Pichai Finally Responds To Microsoft CEO&#8217;s Comments About Making Google Dance: &#8216;One Of The Ways You Can Do The Wrong Thing Is By &#8230; Playing To Someone Else&#8217;s Dance Music&#8217;</a>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">hope you enjoyed! the new voice mode will be live in the coming weeks for plus users. we&#39;ll have more stuff to share soon &#x1f642;
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1790071830427930788?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
OpenAI&#8217;s CTO Mira Murati, demonstrated the model&#8217;s capabilities during the launch event. &#8220;This is the first time that we're making a huge leap in the interaction and ease of use," she <a href="https://www.bloomberg.com/news/articles/2024-05-13/openai-launches-faster-and-cheaper-ai-model-with-gpt-4o?srnd=technology-vp">told</a> Bloomberg News. &#8220;We're really making it possible for you to collaborate with tools like ChatGPT.&#8221;
Instead of depending on separate AI models for various inputs, GPT-4o, where the &#8220;o&#8221; signifies omni, integrates voice, text, and vision capabilities into one model. 
&#8220;When you have three different models that work together, you introduce a lot of latency in the experience, and it breaks the immersion of the experience,&#8221; Murati said. &#8220;But when you have one model that natively reasons across audio, text and vision, then you cut all of the latency out and you can interact with ChatGPT more like we're interacting now.&#8221;
However, the new model encountered some difficulties. The audio was frequently interrupted as the researchers spoke during their demonstration.
ChatGPT-maker has already rolled out the&nbsp;new text and image capabilities&nbsp;to&nbsp;paying ChatGPT Plus and Team&nbsp;users, with enterprise users to follow soon. The company intends to release the latest iteration of its &#8220;voice mode&#8221; assistant to ChatGPT Plus users in the coming weeks.
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: OpenAI&#8217;s announcement comes just a day before&nbsp;Google&#8217;s&nbsp;I/O developer conference, where the search and advertising giant is <a href="https://www.benzinga.com/news/24/05/38751052/googles-new-rival-may-finally-be-here-sam-altmans-openai-could-launch-it-just-ahead-of-search-giants">expected to unveil its own AI updates</a>. This launch could potentially intensify the competition between the companies.
OpenAI&#8217;s recent developments have been closely watched by the tech industry. Speculation about the company&#8217;s next launch had been rife, with rumors of a <a href="https://www.benzinga.com/news/24/05/38751052/googles-new-rival-may-finally-be-here-sam-altmans-openai-could-launch-it-just-ahead-of-search-giants">new search product</a> and the highly anticipated GPT-5. However, OpenAI&#8217;s CEO,&nbsp;Sam Altman, earlier&nbsp;<a href="https://www.benzinga.com/news/24/05/38774244/openais-sam-altman-shoots-down-search-engine-and-gpt-5-rumors-teases-may-13-event-some-new-stuff-peo">dismissed these rumors</a>&nbsp;and teased &#8220;some new stuff&#8221; for the May 13 event.
ChatGPT-parent has also been in discussions with&nbsp;Apple&nbsp;to&nbsp;<a href="https://www.benzinga.com/news/24/05/38774065/apple-chooses-sam-altman-led-openai-to-integrate-chatgpt-into-iphone-deal-almost-done-report">integrate ChatGPT into iPhones</a>, as part of the iPhone maker&#8217;s strategy to introduce AI features to its devices.
In a rare blog post on Monday, Altman also spoke about the latest model saying, &#8220;The original ChatGPT showed a hint of what was possible with language interfaces; this new thing feels viscerally different. It is fast, smart, fun, natural, and helpful.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">too long for a tweet, some thoughts on GPT-4o:<a href="https://t.co/6FIdBUn539">https://t.co/6FIdBUn539</a>
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1790074770324639933?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo via Shutterstock.
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:&nbsp;<a href="https://www.benzinga.com/news/24/05/38779672/whats-new-in-consumer-tech-world-last-week-news-that-you-should-know-may-5-may-11-2024?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s New In Consumer Tech World Last Week? News That You Should Know (May 5-May 11, 2024)</a>
Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.

OpenAI Tries To Steal Google's Thunder A Day Before Search Giant's Event, Unveils GPT-4o, A ChatGPT Version That Can Reason Across Audio, Vision And Text: 'A Huge Leap In Interaction'

Elon Musk&#8216;s Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is facing a significant challenge in the uptake of its Full Self-Driving technology, with only 2% of free trial users opting for the subscription. This has raised concerns about the future of the technology.
What Happened: Gary Black of Future Fund took to social media platform X, to express his concerns about the low subscription rate of Tesla&#8217;s FSD service. 
He cited data from Yipit, a credit card data provider, which showed that only 2% of the Tesla owners who received a free 30-day trial of the FSD service actually subscribed to it after the trial period ended. This figure is significantly lower than the 6% Black had assumed in his Tesla model.
Black also noted that the sample size was relatively small, only 3,500 users out of 1.8 million trials, and might not be representative of the entire Tesla owner population. He suggested that Tesla needs to understand whether the low subscription rate is due to the perceived low value added by the FSD service or the $99/month subscription fee.
Black wrote, &#8220;Some bulls were predicting take rates of 20% or more &#8211; estimates we thought were absurd. The sample size was only 3,500 users out of 1.8M trials so could be unrepresentative of the TSLA owner population. Still, TSLA needs to understand whether the low take rate was due to low perceived value added or the $99/month rate.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yipit credit card data showed that just 2% of <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> owners with free FSD 30-day trials actually subscribed to it after the 30-day trial expired. My assumption in my <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> model was that 6% of trial users would subscribe. If just 2% subscribed after a month, that would be…
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1790140670876815764?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Black&#8217;s concerns were further highlighted by a <a href="https://www.benzinga.com/news/24/05/38754787/elon-musk-claims-tesla-fsd-is-half-a-decade-ahead-or-more-compared-to-mercedes">community feedback forum</a> by Moomoo Technology, which questioned the market expectations of the FSD service, given the low subscription rate.
See Also: <a href="https://www.benzinga.com/news/24/05/38798863/tesla-defies-auto-industry-trends-with-0-99-apr-model-y-financing-offer?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla Defies Auto Industry Trends With 0.99% APR Model Y Financing Offer</a>
Why It Matters: The low uptake of Tesla&#8217;s FSD subscription service is a significant concern for the company, especially considering the high expectations surrounding the latest FSD version, FSD v12.3. The tepid subscription rate, as reported by YipitData, raises doubts about the market&#8217;s expectations for the new FSD system.
Just days before the subscription data was revealed, Musk asserted that Tesla&#8217;s FSD technology is <a href="https://www.benzinga.com/news/24/05/38754787/elon-musk-claims-tesla-fsd-is-half-a-decade-ahead-or-more-compared-to-mercedes">&#8220;half a decade ahead or more&#8221; compared to Mercedes</a>, amid ongoing debates about the effectiveness and safety of Tesla&#8217;s autonomous driving technology.
Black&#8217;s concerns come in the wake of Tesla&#8217;s <a href="https://www.benzinga.com/news/24/05/38724721/cybertruck-owners-youll-have-to-wait-a-few-months-for-fsd-because-tesla-is-focusing-on-other-99-of-t">decision to delay</a> the deployment of its FSD driver assistance software on Cybertruck vehicles, indicating potential hurdles in the broader acceptance of FSD among consumers.
Earlier, Musk had also hinted at the imminent launch of the <a href="https://www.benzinga.com/news/24/05/38692792/tesla-robotaxis-hitting-chinas-streets-soon-ev-giant-reportedly-welcomed-to-do-some-trials-but-no-fu">FSD feature in China</a>. These developments, coupled with the disappointing subscription uptake, raise questions about the future of Tesla&#8217;s FSD technology and its impact on the company&#8217;s stock performance.
Read Next: <a href="https://www.benzinga.com/news/24/05/38729359/hertz-customer-fumes-after-car-rental-company-charges-him-277-for-refueling-tesla-and-refuses-to-rei?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hertz Customer Fumes After Being Billed $277 For &#8216;Refueling&#8217; Tesla, Car-Rental Company Says It Will Refund &#8216;Erroneous&#8217; Charge</a>
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Social Media

TSLA

Elon Musk's Tesla Faces FSD Uptake Challenge As Only 2% Of Free Trial Users Subscribe, Gary Black Terms The Figure 'Disappointing'

The major U.S. indices had a mixed performance on Monday. The Dow Jones Industrial Average fell by 0.2% to close at 39,431.51, and the S&amp;P 500 declined by 0.02% to finish at 5,221.42. Conversely, the Nasdaq ended the day up nearly 0.3%, closing at 16,388.24.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
GameStop Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>)
GameStop&#8217;s shares soared by a whopping 74.40% to close at $30.45. The stock hit an intraday high of $38.20 and a low of $24.77, with a 52-week range of $9.95 to $38.2. This surge can be traced back to a social media post from Keith Gill, best known as &#8220;Roaring Kitty&#8221; on YouTube and Reddit. After three years of silence, Gill&#8217;s post sparked a rally in <a href="https://www.benzinga.com/news/24/05/38801786/gamestop-trader-roaring-kitty-sparks-wall-street-rally-in-heavily-shorted-stocks-what-you-need-to-kn">heavily shorted stocks</a>, leading to GameStop&#8217;s significant gain.
AMC Entertainment Holdings, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>)
AMC Entertainment&#8217;s stock climbed by 78.35% to close at $5.19. The shares reached an intraday high of $5.88 and a low of $3.16, with a 52-week range of $2.38 to $62.30. This surge was also influenced by the return of &#8220;Roaring Kitty&#8221; on social media, sparking questions about the <a href="https://www.benzinga.com/news/24/05/38789552/are-meme-stocks-back-heres-whats-going-on-with-shares-of-gamestop-amc-entertainment-koss-corp-and-mo">resurgence of meme stocks</a>.
See Also: <a href="https://www.benzinga.com/news/24/05/38776732/biden-chief-economic-advisor-promises-relief-for-middle-class-sets-sights-on-overturning-corporate-t?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Chief Economic Advisor Promises Relief For Middle Class, Sets Sights On Overturning Corporate Tax C</a>
Alibaba Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>)
Alibaba&#8217;s shares rose by 5.70% to close at $84.60. The stock hit an intraday high of $85 and a low of $82.60, with a 52-week range of $66.63 to $102.5. As the company prepares to release its earnings, Goldman Sachs analyst Ronald Keung <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38798436/what-to-expect-from-alibabas-earnings-heres-what-goldman-sachs-is-watching">highlighted key factors</a> that could drive the share price.
Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>)
Rivian&#8217;s shares increased by 9.11% to close at $10.90. The stock reached an intraday high of $11.19 and a low of $10.03, with a 52-week range of $8.26 to $28.06. The company reported better-than-expected first-quarter revenue last week and maintained its 2024 production forecast of 57,000 units, leading to a <a href="https://www.benzinga.com/news/24/05/38797005/whats-going-on-with-rivians-stock">rise in its stock</a>.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s shares rose by 2.03% to close at $171.89. The stock hit an intraday high of $175.4 and a low of $169, with a 52-week range of $138.80 to $299.29. The company recently received <a href="https://www.benzinga.com/markets/asia/24/05/38782261/china-greenlights-another-big-tesla-factory-this-time-for-megapack-project">approval for a new megafactory project</a> in China, which will be its second megafactory after the one in California. 
Photo by WHYFRAME on Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: <a href="https://www.benzinga.com/government/24/05/38781945/chuck-schumer-says-trump-might-be-hosting-dinners-for-big-oil-execs-but-ftc-should-side-with-consume?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Chuck Schumer Says Trump Might Be &#8216;Hosting Dinners For Big Oil Execs&#8217; But FTC Should Side With Consumers</a>
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BABA

RIVN

GameStop, AMC, Alibaba, Rivian, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Editor&#8217;s note: This story has been updated to remove an embedded tweet containing an offensive term. 
Keith Gill&#8216;s social media reappearance has pushed the GameStop stock 35% higher, but the buzz around a <a href="https://www.benzinga.com/news/24/05/38789552/are-meme-stocks-back-heres-whats-going-on-with-shares-of-gamestop-amc-entertainment-koss-corp-and-mo">comeback of meme stocks</a> pales compared to the 2,000% spike of the GameStop meme coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">GME</a>).
What Happened: The GameStop-inspired meme coin on Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) is trading at a market capitalization of $74 million compared to under $4 million less than 24 hours ago, according to DexScreener <a href="https://dexscreener.com/solana/9tz6vykibdlyx2rngwc5tesu4pyve4jd6tm56352ugte">data</a>. Gill has followed up his tweet that set the frenzy in motion with several new tweets.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/YgjVqtgcNS">pic.twitter.com/YgjVqtgcNS</a>
&mdash; Roaring Kitty (@TheRoaringKitty) <a href="https://twitter.com/TheRoaringKitty/status/1789807772542067105?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The resurgence attracted the likes and comments of notable traders, such as Hsaka, who <a href="https://twitter.com/HsakaTrades/status/1790015905381965891">acknowledged</a> the surge by tweeting &#8220;gm(e).&#8221;
The news even went beyond the cryptocurrency and stocks world, with controversial influencer Andrew Tate <a href="https://twitter.com/cobratate/status/1790023218138325159?s=46">saying</a> &#8220;Diamond Hands Until I've Stopped Breathing.&#8221; 
Also Read: <a href="https://www.benzinga.com/news/24/05/38764657/whats-going-on-with-gamestop-stock-is-roaring-kitty-active-again">What&#8217;s Going On With GameStop Stock: Is Roaring Kitty Active Again?</a>
Why It Matters: The GameStop meme coin peaked at close to $100 million in market capitalization In February, which sparked talks of whether it could come close to the valuation of the stock. 
That never materialized and the meme coin appeared to fall out of traders&#8217; sights, only for Gill&#8217;s reappearance to spike a surge in discussions about whether meme stocks are back for good. 
One commentator, in a humorous <a href="https://twitter.com/contrariandesk/status/1789974245868519871">tweet</a>, alluded that all the tactics from the book &#8220;Intelligent Investor&#8221; by Benjamin Graham may not be relevant anymore.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24GME&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GME</a> is up 20% because Roaring Kitty posted a photo on X after 3 years of silence. <a href="https://t.co/1UsTV1BWQa">pic.twitter.com/1UsTV1BWQa</a>
&mdash; The Contrarian Desk (@contrariandesk) <a href="https://twitter.com/contrariandesk/status/1789974245868519871?ref_src=twsrc%5Etfw">May 13, 2024</a></blockquote>
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The surge of GameStop also prompted other Solana meme coins with company themes, such as AMC (AMC/SOL) and Reddit to spike 5,400% and 56%, respectively.
Meme coins are up 6.9% on the day with Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) trading 6% higher, while Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) surged by 10%. 
Dog-themed meme coins Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>) and Bonk (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BONK</a>) are also up 4%, respectively, while Floki Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">FLOKI</a>) spiked 7%.
What&#8217;s Next: The influence of meme coins and&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;are topics expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.
Read Next: <a style="font-style: italic;" href="https://www.benzinga.com/general/education/24/05/38793704/who-is-roaring-kitty-why-does-his-return-to-social-media-matter-for-gamestop-stock">Who Is Roaring Kitty? Why Does His Return To Social Media Matter For GameStop Stock?</a>
Image: Shutterstock

$BONK

$FLOKI

$GME

$SHIB

$SOL

$WIF

GameStop Stock Pumps, But What About The GameStop Meme Coin? (UPDATED)

Nigel Farage, the former leader of the Brexit Party, has reportedly been offered a position in Donald Trump&#8216;s U.S. re-election campaign.
What Happened: Farage, who has been contemplating a new role in the U.S., disclosed during an interview with U.K. broadcaster Talk that he has received a &#8220;very firm job offer&#8221; from America. The role, though undisclosed, would see him playing a significant part in Trump&#8217;s election campaign, <a href="https://www.politico.eu/article/nigel-farage-gets-donald-trump-job-offer-us-election-campaign/">reported</a> Politico.
&#8220;It's a confidential offer, obviously, but it would be very heavily involved with the election campaign,&#8221; said Farage.
After stepping down from his populist Reform U.K. party in 2021, Farage has turned his attention to broadcasting, hosting a show on the right-leaning GB News. His political future has been a subject of conjecture in Westminster, with rumors of a possible return to lead the challenger party Reform.
See Also: <a href="https://www.benzinga.com/news/24/05/38776258/tesla-ceo-elon-musk-draws-parallel-between-netflixs-decision-to-focus-on-streaming-over-renting-dvds?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Draws Parallel Between Netflix&#8217;s Decision To Focus On Streaming Over Renting DVDs To</a>
Farage, known for his close ties with Trump and his frequent praise for him, clarified that the job offer was not for any diplomatic positions, such as the soon-to-be-vacant role of British ambassador to the U.S. Instead, it would &#8220;indirectly&#8221; support Trump&#8217;s campaign.
While Farage hasn&#8217;t dismissed a political comeback in the U.K., he admitted, &#8220;At the minute I'm leaning towards America.&#8221;
Why It Matters: Farage&#8217;s potential involvement in Trump&#8217;s campaign comes as no surprise, given his <a href="https://www.benzinga.com/general/politics/22/04/26492561/nigel-farage-wants-trump-back-on-twitter-says-musk-joining-board-is-a-step-in-the-right-directio">vocal support</a> for the former president.
In July 2023, Farage announced his plans to launch an initiative to tackle the issue of individuals being de-banked. Farage&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/23/07/33437300/trump-supporter-nigel-farage-aims-to-tackle-de-banking-theres-solution-at-the-ready-bitcoi">proposed exercise</a> involves identifying the worst offenders among the banks.
Photo Courtesy: Lev Radin On Shutterstock.com
Read Next: <a href="https://www.benzinga.com/news/24/05/38782831/trumps-niece-says-michael-cohens-testimony-will-be-extraordinarily-challenging-for-ex-president-what?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Niece Says Michael Cohen&#8217;s Testimony Will Be &#8216;Extraordinarily Challenging&#8217; For Ex-President: &#8216;What Will Rattle Him The Most Is…&#8217;</a>
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