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Consumer tech giant Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) decades-long relationship with Taiwanese contract manufacturer Foxconn is undergoing a quiet but significant transition in recent months.
Check out the current price of&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/aapl" rel="noreferrer noopener">AAPL stock here</a>.
What Happened: On the ChinaTalk podcast <a href="https://podcasts.apple.com/us/podcast/apple-in-china/id1289062927?i=1000714353237">on</a> Tuesday, journalist and author of the book Apple in China, Patrick McGee, highlighted the shift in Apple&#8217;s expansive global supply chain, which is now increasingly leaning towards Luxshare, a Chinese manufacturer.
Once mainly known for supplying Apple with its cables and other accessories, that manufacturer is now taking on some of the most complex and valuable products in the tech giant&#8217;s value chain, such as the Vision Pro.
See Also: <a href="https://www.benzinga.com/markets/tech/25/06/46068152/whats-next-for-apple-chamath-palihapitiya-fires-back-dont-think-they-have-any-chance-of-anything-dismisses-glasses-and-ai-hopes">What&#8217;s Next For Apple — Chamath Palihapitiya Fires Back: &#8216;Don&#8217;t Think They Have Any Chance Of Anything,&#8217; Dismisses Glasses And AI Hopes</a>
According to McGee, this reflects a broader pivot inside Apple toward politically favored Chinese manufacturers, often referred to as the &#8220;red supply chain.&#8221; Luxshare is known for its close ties to the Chinese government and offers Apple the kind of manufacturing compliance and speed that few others can match.
&#8220;That's the rise of the red supply chain in action,&#8221; he says.
According to McGee, this is more than just a supply chain realignment. It&#8217;s a strategic recalibration in the face of rising geopolitical tension between the U.S. and China. 
&#8220;Apple thought they were wearing the pants in this relationship for the first two decades,&#8221; he says, before realizing that they were, in fact, &#8220;lured in by the siren call of an emerging superpower.&#8221;
Here, McGee is referring to the fact that Apple&#8217;s business decision for the sake of efficiency has, over the years, turned into a strategic vulnerability, with China now holding immense leverage in the relationship.
Foxconn's hold has loosened just as Luxshare and other Chinese firms, backed by favorable policy and massive state support, have scaled into national champions. &#8220;Luxshare is China-born, China-backed,&#8221; McGee added.
Why It Matters: A month ago, McGee said that Apple has <a href="https://www.benzinga.com/25/05/45510862/apple-unwittingly-powered-the-rise-of-huawei-xiaomi-oppo-and-vivo-says-apple-in-china-authorindia-pivot-a-decade-too-late">unwittingly powered the rise</a> of its own competitors, Oppo,&nbsp;Vivo,&nbsp;Huawei, and&nbsp;Xiaomi. &#8220;The reason their technology is so good is Apple trained all of their suppliers,&#8221; he said.
This comes as the company begins <a href="https://www.benzinga.com/markets/equities/25/05/45637672/apple-ramps-up-india-manufacturing-as-us-iphone-imports-surge-76-in-april-while-shipments-from-china-plunge">ramping up output in India</a>, as geopolitical tensions continue to flare between the United States and China. 
Recently, the company <a href="https://www.benzinga.com/markets/25/05/45599817/apple-would-rather-absorb-a-25-iphone-tariff-than-move-production-to-the-us-says-analyst-no-guarantee-they-wont-face-repeated-tariff-threats-during-his-term">deployed $1.5 billion</a> in a display production module in Chennai, through Foxconn, despite receiving pushback from President Donald Trump on the matter.
Price Action: Apple shares were down 0.60% on Tuesday, trading at $200.30, and are up 0.36% after hours.
<figure class="wp-block-image size-large is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="147" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25042707/Screenshot-2025-06-25-at-1.56.55-PM-1024x147.png" alt="" class="wp-image-961126" style="width:920px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25042707/Screenshot-2025-06-25-at-1.56.55-PM-1024x147.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25042707/Screenshot-2025-06-25-at-1.56.55-PM-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25042707/Screenshot-2025-06-25-at-1.56.55-PM-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25042707/Screenshot-2025-06-25-at-1.56.55-PM.png 1528w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Apple isn&#8217;t faring too well in Benzinga&#8217;s Edge Stock Rankings, with low scores and unfavorable price trends across the board. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the stock.
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<li><a href="https://www.benzinga.com/markets/tech/25/06/46045144/openai-scrubs-jony-ive-deal-from-website-after-trademark-lawsuit-threatens-6-5-billion-io-products-acquisition">OpenAI Scrubs Jony Ive Deal From Website After Trademark Lawsuit Threatens $6.5 Billion IO Products Acquisition</a></li>
</ul>
Photo courtesy: jamesteohart / Shutterstock.com

Government

Markets

AAPL

From Cables To Vision Pro: How Luxshare Is Replacing Foxconn In Apple's Ecosystem

OpenAI CEO Sam Altman dismissed a <a href="https://www.benzinga.com/markets/tech/25/06/46045144/openai-scrubs-jony-ive-deal-from-website-after-trademark-lawsuit-threatens-6-5-billion-io-products-acquisition">trademark lawsuit filed by</a> hardware startup Iyo as &#8220;silly&#8221; and &#8220;disappointing&#8221; after a judge ordered ChatGPT-parent to remove references to its collaboration with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) designer Jony Ive.
What Happened: Iyo, a startup led by Jason Rugolo, sued OpenAI for trademark infringement earlier this month, claiming the company's use of the name "io" for a new venture with Ive could confuse consumers and damage its brand.
The lawsuit follows OpenAI's May announcement that it was teaming up with Ive to launch an AI hardware project reportedly <a href="https://www.benzinga.com/tech/25/05/45640879/openais-sam-altman-says-6-5b-deal-with-jony-ive-to-build-ai-companions-could-add-1-trillion-in-company-value-report">valued at $6.4 billion</a>.
A federal judge granted Iyo a temporary restraining order barring OpenAI and its affiliates from using the name "io."
OpenAI has since removed the announcement from its website, replacing it with a note that says the page is "temporarily down due to a court order following a trademark complaint."
See Also:&nbsp;<a href="https://benzinga.com/analyst-stock-ratings/analyst-color/25/06/45888833/mcdonalds-just-got-hammered-by-weight-loss-drugs-twice" target="_blank" rel="noreferrer noopener">McDonald&#8217;s Just Got Hammered By Weight-Loss Drugs — Twice</a>
Altman posted emails from Rugolo on X, suggesting Iyo had previously pushed for OpenAI to invest or buy the company. This lawsuit is "silly, disappointing and wrong," Altman wrote.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">jason rugolo had been hoping we would invest in or acquire his company iyo and was quite persistent in his efforts. we passed and were clear along the way. now he is suing openai over the name. this is silly, disappointing and wrong. <a href="https://t.co/k5oKHGLw0s">pic.twitter.com/k5oKHGLw0s</a>
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1937606794362388674?ref_src=twsrc%5Etfw">June 24, 2025</a></blockquote>
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Rugolo responded on X, stating, "I won&#8217;t fight you guys in public, and honestly just think it&#8217;s super bad form for someone like you to be coming after me like this."
In another post, he said his communications with Altman date back to 2022, when he first pitched his startup to Apollo Projects. "This particular email from Sam was probably the worst email I&#8217;ve ever received in my professional life," he posted on X.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">sam and i have shared emails going back to 2022 when i pitched iyO to his personal firm apollo projects. this particular email from sam was probably the worst email i&#39;ve ever received in my professional life. when an investor you pitched everything to, especially such a…
&mdash; jason rugolo (@jasonRugolo) <a href="https://twitter.com/jasonRugolo/status/1937774113843740957?ref_src=twsrc%5Etfw">June 25, 2025</a></blockquote>
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Why It&#8217;s Important: The $6.5 billion acquisition represented <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45550033/openai-teams-up-with-iphone-designer-jony-ive-as-chatgpt-maker-makes-push-into-hardware-apple-shares-slide">OpenAI's boldest move</a> yet into the AI hardware space. Ive, celebrated for his work on iconic devices like the iPhone and MacBook, is at the center of the effort.
After the acquisition was announced, Gene Munster, managing partner at Deepwater Asset Management, remarked that OpenAI now represents the most significant competitive challenge Apple has <a href="https://www.benzinga.com/news/25/05/45599511/apple-faces-first-serious-threat-in-20-years-as-openai-acquires-iphone-makers-former-design-chief-jo">faced in the past two decades</a>.
Benzinga Edge Stock Rankings show an upward trend for Apple's stock in the short term, but a downward trajectory over the medium and long term. While the company scores high on quality metrics, it continues to exhibit weak growth and momentum, and its valuation remains notably low. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here for more details</a>.
<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25043732/Screenshot-2025-06-25-at-2.04.38%E2%80%AFPM.png" alt="" class="wp-image-961159" /></a></figure>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: jamesonwu1972 / Shutterstock.com

Tech

Sam Altman Slams Trademark Lawsuit Over 'io' As 'Silly' And 'Disappointing' After OpenAI Scrubs Jony Ive Deal From Website Under Judge's Order

Alvotech, a global biotech company specializing in the development and manufacturing of biosimilar medicines for patients worldwide, Kashiv Biosciences LLC ("Kashiv"), a fully integrated biopharmaceutical company headquartered in New Jersey, US, and Advanz Pharma Holdco Limited ("Advanz Pharma"), a UK-headquartered global pharmaceutical company with a strategic focus on specialty, hospital, and rare disease medicines, today announced positive topline results from a confirmatory efficacy study comparing AVT23 (ADL-018), a proposed biosimilar to Xolair&#xAE; (omalizumab), with the reference biologic.

News

ALVO

Alvotech, Kashiv, And Advanz Pharma Report Top Line Results For Xolair Biosimilar AVT23 In Confirmatory Efficacy Study

RKLB

Rocket Lab To Launch ESA's First LEO-PNT Navigation Satellites On Electron In December 2025

A Federal Court Judge in Washington State has ordered the Trump administration to release funds to build EV chargers in over 14 U.S. states.
What Happened: The ruling, delivered by U.S. District Judge Tana Lin in Seattle, Washington on Tuesday, states that the funds allocated to states like New York, Arizona and California are to be released by the administration.
The ruling also outlines that if the states were to sue the federal government for illegally withholding congressionally approved funds, they would succeed. The U.S. Transportation Department had withheld over $5 billion approved by the previous Biden administration awarded to states to create EV infrastructure.
"When the Executive Branch treads upon the will of the Legislative Branch, and when an administrative agency acts contrary to law, it is the Court's responsibility to remediate the situation and restore the balance of power," Lin said in the ruling.
However, the court has granted the Trump administration until July 2, 2025, to appeal the ruling.
Why It Matters: The ruling comes as U.S. President Donald Trump had recently doubled down on <a href="https://www.benzinga.com/news/politics/25/06/45943245/trump-says-he-was-amazed-that-tesla-ceo-elon-musk-endorsed-him-despite-his-anti-ev-stance">his anti-EV stance</a> by signing a resolution to overturn <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45911368/trump-signs-resolutions-to-overturn-californias-ev-mandate-report">California's EV mandate</a> aimed at phasing out ICE-powered vehicles by 2035.
The administration also wants to axe <a href="https://www.benzinga.com/markets/tech/25/06/45965638/amid-trumps-anti-ev-push-senate-republicans-propose-tax-bill-to-axe-7500-ev-credit">the $7500 Federal EV credit</a> as both Senate Republicans as well as <a href="https://www.benzinga.com/tech/25/05/45277309/house-gop-representatives-want-to-axe-federal-ev-credit-amid-trumps-tax-cuts-report">House Republicans</a> have proposed to repeal the credit in a new tax bill.
However, the Senate proposal axes <a href="https://www.benzinga.com/news/politics/25/06/45988847/senate-republicans-axe-250-annual-fee-on-evs-100-fee-on-hybrids-in-tax-bill-proposal-report">the $250 annual fee</a> for EV owners as well as a $100 annual fee for Hybrid owners that the House Republicans' proposal invokes, signaling different perspectives on the tax bill within the GOP.
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
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Photo courtesy: Shutterstock

Trump Administration Ordered To Release Billions In EV Charger Funds After Federal Judge Ruling

<h3>Companies Reporting Before The Bell</h3>
• Novagold Resources (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NG#AMEX">NG</a>) is projected to report earnings for its second quarter. 
• Daktronics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAKT#NASDAQ">DAKT</a>) is likely to report quarterly earnings at $0.14 per share on revenue of $189.10 million. 
• Winnebago Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WGO#NYSE">WGO</a>) is expected to report quarterly earnings at $0.79 per share on revenue of $774.81 million. 
• Paychex (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NASDAQ">PAYX</a>) is expected to report quarterly earnings at $1.19 per share on revenue of $1.43 billion. 
• General Mills (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) is projected to report quarterly earnings at $0.71 per share on revenue of $4.59 billion. 
• Crown Crafts (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWS#NASDAQ">CRWS</a>) is likely to report earnings for its fourth quarter. 
• Lotus Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOT#NASDAQ">LOT</a>) is expected to report earnings for its first quarter. 
<h3>Companies Reporting After The Bell</h3>
• Jefferies Financial Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>) is projected to report quarterly earnings at $0.44 per share on revenue of $1.56 billion. 
• Culp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CULP#NYSE">CULP</a>) is expected to report quarterly loss at $0.10 per share on revenue of $52.40 million. 
• Worthington Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>) is estimated to report quarterly earnings at $0.83 per share on revenue of $765.60 million. 
• H.B. Fuller (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUL#NYSE">FUL</a>) is likely to report quarterly earnings at $1.08 per share on revenue of $899.95 million. 
• MillerKnoll (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLKN#NASDAQ">MLKN</a>) is estimated to report quarterly earnings at $0.44 per share on revenue of $913.80 million. 
• Energy Transfer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ET#NYSE">ET</a>) is likely to report quarterly earnings at $0.16 per share on revenue of $126.55 million. 
• Micron Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) is projected to report quarterly earnings at $1.61 per share on revenue of $8.85 billion. 
• Euroholdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EHLD#NASDAQ">EHLD</a>) is projected to report earnings for its first quarter. 
• Steelcase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCS#NYSE">SCS</a>) is expected to report quarterly earnings at $0.13 per share on revenue of $759.90 million. 
• Kewaunee Scientific (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KEQU#NASDAQ">KEQU</a>) is projected to report earnings for its fourth quarter. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

CRWS

CULP

DAKT

EHLD

KEQU

MLKN

PAYX

Earnings Scheduled For June 25, 2025

Sen. Bernie Sanders (I-VT) is advocating for a 32-hour workweek, citing the potential for advancements in artificial intelligence and automation to provide workers with more personal time.
What Happened: Sanders, in a recent appearance on the Joe Rogan Experience podcast, outlined his vision for a future where AI and automation drive increased productivity and efficiency, leading to reduced working hours for employees. &#8220;Instead of throwing you out on the street, I&#8217;m going to reduce your workweek to 32 hours,&#8221; Sanders stated.
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The Vermont senator underscored the potential benefits of technology for workers, suggesting it could offer more time for family, friends and education. 
Sanders introduced the &#8220;Thirty-Two Hour Workweek Act&#8221; last year, which mandates overtime pay for any work beyond 32 hours in a week. The proposed change would be gradually implemented over a four-year period.
SEE ALSO:&nbsp;<a href="https://benzinga.com/news/legal/25/06/46087760/trumps-move-to-gut-financial-protection-agency-could-cost-consumers-15-billion-a-year-say-advocacy-gro" target="_blank" rel="noreferrer noopener">Trump&#8217;s Move To Gut Financial Protection Agency Could Cost Consumers $15 Billion A Year, Say Advocacy Groups</a>
Why It Matters:&nbsp;&nbsp;The proposal comes at a time when the impact of AI and automation on the workforce is a hot topic. Just days before Sanders&#8217; podcast appearance,&nbsp;<a href="https://www.benzinga.com/content/46083721/microsoft-stock-holds-steady-as-ai-drives-workforce-shift">Microsoft</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) announced its third round of layoffs for 2025, primarily targeting the sales team and other customer-facing roles. This move was attributed to AI-driven workforce shifts.
Similarly,&nbsp;<a href="https://www.benzinga.com/markets/tech/25/06/45990634/amazon-ceo-andy-jassys-ai-led-job-cuts-warning-sparks-backlash-as-employee-reportedly-says-its-clearly-part-of-the-plan">Amazon</a>&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) CEO Andy Jassy recently warned that AI would reduce the company's corporate workforce due to efficiency gains, sparking backlash from employees. Meanwhile, JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon admitted that U.S. companies are <a href="https://www.benzinga.com/news/education/25/06/46067954/jamie-dimon-says-these-are-the-3-skills-businesses-seek-admits-we-are-short-on-labor">short on workers </a>who can code software, secure networks and run complex projects.
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<li>READ MORE: <a href="https://www.benzinga.com/personal-finance/management/25/06/46042198/bernie-sanders-says-working-class-americans-die-10-years-earlier-than-the-rich-blames-enormous-stress-of-living-paycheck-to-paycheck">Bernie Sanders Says Working-Class Americans Die 10 Years Earlier Than the Rich — Blames &#8216;Enormous Stress of Living Paycheck to Paycheck&#8217; </a></li>
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Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

MSFT

Bernie Sanders Slams Job Cuts, Says AI Should Give Workers More Time Off: 'Instead Of Throwing You Out On The Street...'

The U.S. housing finance landscape may be on the brink of a huge shift as Federal Housing Finance Agency (FHFA) Director Bill Pulte, appointed in March 2025 under President Donald Trump, announced plans to study cryptocurrency holdings, including Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), for mortgage qualifications.
Check out the current price of <a href="https://benzinga.com/quote/fnma">FNMA stock here</a>.
What Happened: This move has sparked widespread interest and debate, with Strategy Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) Michael Saylor stepping forward to offer Strategy's (formerly MicroStrategy) Bitcoin Credit Model to support the initiative.
Pulte, a known Bitcoin advocate and grandson of Pulte Homes' founder, oversees the FHFA, which regulates $7.5 trillion in mortgage-backed securities through Fannie Mae (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FNMA#OTC">FNMA</a>) and Freddie Mac (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FMCC#OTC">FMCC</a>).
His post has ignited hope among crypto enthusiasts. &#8220;We will study the usage of cryptocurrency holdings as it relates to qualifying for mortgages,&#8221; with Saylor responding by sharing a model assessing BTC risk based on price volatility, loan duration, and collateral coverage.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We have developed a BTC Credit model that we are happy to share. It takes into account Loan Duration, Collateral Coverage, BTC Price, BTC Volatility, and BTC ARR outlook to generate statistical BTC Risk and BTC Credit spreads. Try it now on our website:<a href="https://t.co/uTlyGWdoMu">https://t.co/uTlyGWdoMu</a>
&mdash; Michael Saylor (@saylor) <a href="https://twitter.com/saylor/status/1937425039114272842?ref_src=twsrc%5Etfw">June 24, 2025</a></blockquote>
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Meanwhile, the Bitcoin Policy Institute <a href="https://www.btcpolicy.org/articles/the-powerful-fannie-mae-policy-change-to-unlock-bitcoin-based-mortgages">hails</a> this as a potential game-changer, noting that 14% of Americans own Bitcoin, while close to 28% of Americans are said to own some kind of cryptocurrency. 
A tweak to Fannie Mae's Selling Guide to recognize Bitcoin as collateral could unlock homeownership for millions, aligning with Trump's vision to make the U.S. the "Bitcoin Capital of the planet."
See Also: <a href="https://www.benzinga.com/real-estate/25/06/46088531/too-many-home-sellers-fewer-buyers-experts-predict-housing-prices-to-fall-in-2025-without-a-fed-put-i">Too Many Home Sellers, Fewer Buyers: Experts Predict Housing Prices To Fall In 2025 Without A Fed Put In Place</a>
Why It Matters: As highlighted by the Bitcoin Policy Institute, due to Fannie Mae and Freddie Mac&#8217;s significant financial influence in the mortgage market and indirect control by government entities, both set the industry standards that all other home lenders follow.
Fannie Mae and Freddie Mac&#8217;s securitization guidelines for lenders often become the unofficial rules for the entire mortgage industry.
&#8220;If Fannie Mae amended key language in their Selling Guide (SEL-2022-04) on virtual currencies, it would unlock the ability for Americans to use bitcoin as collateral for home loans,&#8221; stated the Bitcoin Policy Institute note.
Price Action: The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose on Tuesday. The SPY was up 1.10% at $606.78, while the QQQ advanced 1.53% to $539.78, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
The futures of the S&amp;P 500, Dow Jones and the Nasdaq 100 indices were flat on Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/markets/25/06/46042382/mark-cuban-corrects-elizabeth-warren-as-she-slams-jnj-pfe-for-higher-prices-and-zero-taxes-on-big-ph" target="_blank" rel="noreferrer noopener">Mark Cuban Corrects Elizabeth Warren As She Slams JNJ, PFE For Higher Prices And Zero Taxes On Big Pharma: ‘PBMs Corrupt Healthcare'</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

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

Cryptocurrency

$BTC

FMCC

FNMA

MSTR

Michael Saylor Offers BTC Credit Model As Bill Pulte Pushes Crypto For Fannie Mae, Freddie Mac: Could Bitcoin Soon Count Toward Mortgage Qualification?

Arthur Hayes, Chief Investment Officer of Maelstrom and co-founder of BitMEX, stuck to his $250,000 year-end price target and $1 million by 2028 for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) in a recent interview, driven by trillions worth of fiat liquidity injection.
What Happened: In an interview dated June 17, Hayes was asked if he maintains the projection he has made quite frequently in the last few months.
&#8220;I think that we get&nbsp;to $250,000 by the end&nbsp;of the year. It&#8217;ll&nbsp;be bumpy along the way,&nbsp;obviously, but that&#8217;s&nbsp;sort of my end-of-year price&nbsp;target,&#8221; the Bitcoin bull responded.
Hayes stated that the increase in credit and fiat liquidity, particularly from <a href="https://www.benzinga.com/money/fannie-mae-vs-ginnie-mae">U.S. mortgage entities</a> Fannie Mae (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FNMA#OTC">FNMA</a>) and Freddie Mac (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FMCC#OTC">FMCC</a>), would eventually find its way into the cryptocurrency market, driving up Bitcoin&#8217;s price.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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&#8220;They&#8217;re going to print in the realm of $9 trillion-ish dollars between now and and that period of time [2028]. Fanny and Freddy, the government support entities that are allowed to create mortgages in the US, will print $5 trillion,&#8221; he said.
He added that banks would end up purchasing somewhere around $1 trillion and due to the <a href="https://www.benzinga.com/etfs/sector-etfs/25/06/45716143/trump-administration-set-to-ease-big-bank-rules-in-major-rollback-since-2008-crisis-here-are-the-stocks-and-etfs-investors-could-consider">supplementary leverage ratio exemption</a>, they will be able to lend more. 
&#8220;And so you&#8217;re going to see the amount of loans going to manufacturing firms increase which is again an increase in credit and that will make its way into crypto as well,&#8221; Hayes remarked.
On the topic of Strategic Bitcoin Reserve, Hayes argued it won&#8217;t be &#8220;politically palable&#8221; for the government to buy Bitcoin. 
&#8220;If you create all this money and you could spend it on anything you want, surely spending it on buying Bitcoin is probably not going to be the best way to get votes,&#8221; he said. See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/24/12/42716882/dogecoin-could-surge-7185-in-2025-top-analyst-delivers-bold-forecast-is-23-in-the-cards-for-the-good-boy" target="_blank" rel="noreferrer noopener">Dogecoin Could Surge 7185% In 2025, Top Analyst Delivers Bold Forecast: Is $23 In The Cards For The Good Boy? &#8211; Benzinga</a>
Why It Matters: Hayes has emphasized the importance of <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44510762/arthur-hayes-on-bitcoin-trading-focus-on-fiat-liquidity-not-price-targets">fiat liquidity growth</a> over specific price targets for Bitcoin, advising traders to consider the expectations and realities of money printing.
He remains <a href="https://www.benzinga.com/crypto/25/06/46045060/bitcoin-ethereum-dogecoin-fall-as-us-involvement-in-iran-israel-war-threatens-oil-prices-spike-arthur-hayes-says-weakness-shall-pass-and-btc-will-show-its-safe-haven-status">confident about Bitcoin&#8217;s potential</a> despite the leading cryptocurrency&#8217;s recent dip below $100,000 due to geopolitical tensions.
&#8220;This weakness shall pass and BTC will leave no doubt as to its safe haven status,&#8221; he said.
Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $106,474.53, up 0.66% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46045741/rich-dad-poor-dad-author-robert-kiyosaki-warns-of-global-debt-collapse-urges-buying-gold-silver-bitcoin">&#8216;Rich Dad Poor Dad&#8217; Author Robert Kiyosaki Warns Of Global Debt Collapse, Urges Buying Gold, Silver, Bitcoin</a></li>
</ul>
Photo: Shutterstock

Macro Economic Events

Economics

Arthur Hayes Doubles Down On $250,000 Bitcoin Call — Sees $1 Million By 2028

Perplexity AI CEO Aravind Srinivas challenged 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>) Android operating system design on Tuesday, claiming the platform prioritizes advertising revenue over artificial intelligence capabilities.
What Happened: &#8220;Android needs to be rebuilt for AI. It&#8217;s currently optimized for preserving Google&#8217;s ad business rather than a truly agentic OS,&#8221; Srinivas wrote on X, targeting the tech giant&#8217;s mobile strategy amid intensifying AI competition.
<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">Android needs to be rebuilt for AI. It's currently optimized for preserving Google's ad business rather than a truly agentic OS.
&mdash; Aravind Srinivas (@AravSrinivas) <a href="https://twitter.com/AravSrinivas/status/1937732846543933569?ref_src=twsrc%5Etfw">June 25, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The critique emerges as Google faces mounting pressure across multiple fronts. Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) executives have held internal discussions about <a href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/06/46078928/apple-may-finally-catch-up-in-ai-analyst-sees-big-upside-from-perplexity-deal-smarter-siri-google-search-rivalry">potentially acquiring Perplexity AI</a>, with M&amp;A head Adrian Perica floating the idea to senior leaders, including services chief Eddy Cue, Bloomberg reported.
Apple shares have declined 17.86% year-to-date. The company is currently facing shareholder lawsuits over exaggerated AI progress claims.
Srinivas&#8217;s company has gained significant traction, securing a $14 billion valuation in May, up from $9 billion in November. The San Francisco-based startup, backed by Jeff Bezos and SoftBank Group, positions itself as a direct Google search competitor through AI-powered <a href="https://www.benzinga.com/news/financing/25/05/45358069/perplexitys-14-billion-valuation-ignites-google-search-engine-shakeup">query responses with inline citations</a>.
See Also: <a href="https://www.benzinga.com/markets/tech/25/06/46088008/elon-musk-agrees-google-had-all-the-tools-but-still-lost-the-ai-race-to-openai-echoes-social-media-post-having-the-pieces-isnt-the-same-as-playing-the-game">Elon Musk Agrees Google Had All The Tools But Still Lost The AI Race To OpenAI, Echoes Social Media Post: &#8216;Having The Pieces Isn&#8217;t The Same As Playing The Game&#8217;</a>
Why It Matters: Google&#8217;s vulnerability stems from its <a href="https://www.benzinga.com/25/05/45536887/this-is-the-first-time-in-two-decades-that-google-is-extremely-vulnerableperplexitys-ceo-breaks-down-search-giants-margin-trap">dependence on ultra-high-margin search advertising</a>, which generates significantly higher profits than YouTube, cloud services, or AI ventures. &#8220;This is the first time in two decades that Google is extremely vulnerable,&#8221; Srinivas said at the Sohn Investment Conference, describing the company as trapped by its own success.
The Department of Justice has simultaneously proposed forcing Google to divest its AdX advertising exchange and DoubleClick for Publishers ad server, following a federal ruling that found the company maintains an illegal monopoly over <a href="https://www.benzinga.com/25/05/45215631/google-faces-potential-ad-business-split-as-doj-pushes-for-adx-and-dfp-divestiture">online advertising technologies</a>.
Benzinga Edge Stock Rankings show a short-term uptrend for GOOG, but indicate weakness over the medium and long term. More <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">performance insights are available here</a>.
<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="880" height="642" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25031801/image-368.png" alt="" class="wp-image-961018" style="width:485px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25031801/image-368.png 880w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25031801/image-368-300x219.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25031801/image-368-768x560.png 768w" sizes="(max-width: 880px) 100vw, 880px" /></a></figure>
Read Next: 
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<li><a href="https://www.benzinga.com/markets/tech/25/06/46087567/uber-nears-all-time-high-as-waymo-partnership-expands-to-atlanta-gary-black-calls-it-low-risk-while-tesla-lags-in-supervised-autonomy">Uber Nears All-Time High As Waymo Partnership Expands To Atlanta — Gary Black Calls It &#8216;Low-Risk&#8217; While Tesla Lags In &#8216;Supervised Autonomy&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: JHVEPhoto / Shutterstock.com

Equities

GOOG

GOOGL

Google Built Android To Protect Its Ad Empire, Not AI, Says Perplexity's Aravind Srinivas: Says OS Must Be Reengineered For Agentic Future

Susan Li, the chief financial officer at Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), recounted a pivotal moment in late 2022 that reshaped how the company communicates with investors.
What Happened: Speaking on the Cheeky Pint podcast last week, Li, who&#8217;s been CFO of the social networking giant for nearly three years, discussed a tense post-earnings call with major shareholders following Meta's October 2022 third-quarter results.
The stock plunged over 20% following the results, amid plunging ad revenue, slowing e-commerce growth, and growing concerns over the company's costly metaverse ambitions.
Li says that at one point during the call, a portfolio manager told them, &#8220;We actually don't have any questions for you today. We just want you to hear feedback from us.&#8221;
See Also: <a href="https://www.benzinga.com/markets/tech/25/06/46041399/meta-tried-luring-openais-top-minds-with-massive-paychecks-but-sam-altman-neglected-to-mention-that-hes-countering-those-offers-says-andrew-bosworth">Meta Tried Luring OpenAI&#8217;s Top Minds With Massive Paychecks, But Sam Altman &#8216;Neglected To Mention That He&#8217;s Countering Those Offers,&#8217; Says Andrew Bosworth</a>
However, the most jarring comment, she says, came shortly after, with an investor asking, &#8220;Why should I invest in your stock today? Why don't I just wait until your bet pays off?&#8221;
This was aimed at the company&#8217;s growing capital expenditures, particularly aimed at its metaverse projects. Li said the comment struck a nerve internally and helped shift how Meta&#8217;s leadership, including CEO Mark Zuckerberg, thought about investor relations going forward.
Instead of asking markets to buy into long-term platform bets, she said the company began focusing more on near-term execution and financial clarity.
&#8220;We need people to invest with us along the way,&#8221; Li said, adding that &#8220;It's not enough to just pitch the future, we have to deliver in the present.&#8221;
At the time, in late 2022, Meta&#8217;s market capitalization had bottomed near $240 billion, compared to over $1 trillion the year before. Since then, the company has mounted a strong recovery, with its current market cap at $1.79 trillion, which Li says was driven by tighter cost controls, emphasis on free cash flows, and improvements in ad targeting.
This entire episode highlighted the growing demand from investors for accountability on big tech&#8217;s multi-billion-dollar moonshot spending. 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">2) The fall of <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> stock in 2022 really made <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> a stronger company. She explained how, because of 2022, she and Mark today think about delivering ROI for <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a>&#39;s shareholders despite making big long-term bets. <a href="https://t.co/PG1vFzCCpS">pic.twitter.com/PG1vFzCCpS</a>
&mdash; Rihard Jarc (@RihardJarc) <a href="https://twitter.com/RihardJarc/status/1937171598286451039?ref_src=twsrc%5Etfw">June 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: The company is now once again splurging on moonshots, with OpenAI CEO Sam Altman stating recently that the company dangled <a href="https://www.benzinga.com/markets/tech/25/06/45988600/mark-zuckerbergs-meta-dangled-100-million-signing-bonuses-to-openai-team-members-says-sam-altman-happy-none-of-our-best-people-took-them">nine-figure compensation deals</a> to poach members of their team.
This comes just days after the company picked up <a href="https://www.benzinga.com/markets/tech/25/06/45919069/meta-invests-in-scale-ai-at-29-billion-valuation-taps-ceo-alexandr-wang-to-drive-internal-ai-push-as-part-of-deepening-partnership">a minority stake</a> in Scale AI for $14 billion, valuing the artificial intelligence startup at $29 billion. 
It is, however, continuing to deliver in the present for investors, with the introduction of ads in WhatsApp expected to generate approximately $10.2 billion in <a href="https://www.benzinga.com/markets/tech/25/06/45969694/mark-zuckerbergs-meta-could-rake-in-over-10-billion-in-annual-ad-revenue-from-whatsapp-by-2028-says-analyst">annual advertising revenue</a> by 2028, according to analyst Mark Mahaney, from Evercore ISI. 
Price Action: Shares of Meta Platforms were up 1.96% on Tuesday, trading at $712.20, and are down 0.01% after hours.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="147" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25015221/Screenshot-2025-06-25-at-11.22.09-AM-1024x147.png" alt="" class="wp-image-960892" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25015221/Screenshot-2025-06-25-at-11.22.09-AM-1024x147.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25015221/Screenshot-2025-06-25-at-11.22.09-AM-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25015221/Screenshot-2025-06-25-at-11.22.09-AM-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25015221/Screenshot-2025-06-25-at-11.22.09-AM.png 1528w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Meta scores well on Benzinga&#8217;s Edge Stock Rankings across the board, and it has a favorable price trend in the short, medium and long terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the stock. 
Photo Courtesy: Skorzewiak on Shutterstock.com
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/06/46070157/meta-reportedly-tried-to-buy-ai-video-startup-runway-before-14-billion-scale-ai-bet-report">Meta Reportedly Tried To Buy AI Video Startup Runway Before $14 Billion Scale AI Bet: Report</a></li>
</ul>

Large Cap

Mark Zuckerberg And Meta Leaders Were So Rattled By This Single Investor Question That It Changed The Way They Spoke To Wall Street, CFO Reveals

Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) will release earnings results for the third quarter, after the <a href="https://www.benzinga.com/quote/mu/earnings">closing bell on Wednesday, June 25.</a>
Analysts expect the Boise, Idaho-based company to report quarterly earnings at $1.61 per share, up from 62 cents per share in the year-ago period. Micron Technology projects to report quarterly revenue at $8.85 billion, compared to $6.81 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Micron and the Trump Administration announced on June 12 that Micron plans to expand its U.S. investments to approximately $150 billion in domestic memory manufacturing and $50 billion in R&amp;D, potentially creating 90,000 direct and indirect jobs.
Micron shares rose 4.8% to close at $127.91 on Wednesday.
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/MU/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul class="wp-block-list">
<li>Rosenblatt analyst Kevin Cassidy maintained a Buy rating with a price target of $172 on June 23, 2025. This analyst has an accuracy rate of 75%.</li>
<li>Wells Fargo analyst Aaron Rakers maintained an Overweight rating and raised the price target from $130 to $150 on June 20, 2025. This analyst has an accuracy rate of 84%.</li>
<li>Citigroup analyst Christopher Danely maintained a Buy rating and increased the price target from $110 to $130 on June 9, 2025. This analyst has an accuracy rate of 80%.</li>
<li>Mizuho analyst Vijay Rakesh maintained an Outperform rating and boosted the price target from $124 to $130 on June 5, 2025. This analyst has an accuracy rate of 77%.</li>
<li>UBS analyst Timothy Arcuri maintained a Buy rating and raised the price target from $92 to $120 on June 5, 2025. This analyst has an accuracy rate of 80%.</li>
</ul>
Considering buying MU stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><a href="https://www.benzinga.com/quote/MU/analyst-ratings"><img loading="lazy" decoding="async" width="1024" height="545" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25034947/image-370-1024x545.png" alt="" class="wp-image-961081" style="width:612px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25034947/image-370-1024x545.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25034947/image-370-300x160.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25034947/image-370-768x409.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25034947/image-370.png 1142w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Read This Next: 
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<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/25/06/46072226/top-3-real-estate-stocks-you-may-want-to-dump-in-june">Top 3 Real Estate Stocks You May Want To Dump In June</a> </li>
</ul>
Photo via Shutterstock

Price Target

Analyst Ratings

Trading Ideas

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

Phoebe Gates says she and co-founder Sophia Kianni leaned on ChatGPT and spreadsheet sleuthing, rather than a big ad budget, to push their fashion-tech startup Phia onto social feeds.
What Happened: &#8220;We'll make an Excel sheet … then we'll reverse-engineer how to make that video,&#8221; Gates told The Burnouts podcast, adding she uses AI &#8220;almost every single day&#8221; to supercharge work.
Gates said the pair scoured Instagram and TikTok for high-performing reels, logged them in Excel and broke down "the hook … the middle … and how they ended it." Kianni then fed transcripts of two runaway-viral founder videos into ChatGPT to "reverse engineer how to make that video … and asked, ‘Can you turn this script into one that works for Phia?'"
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<iframe loading="lazy" title="The Marketing Hacks That Got Us 200K Downloads and Kris Jenner's Investment" width="500" height="281" src="https://www.youtube.com/embed/pWtCTIgOU2M?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
The model's pattern-spotting, she added, proves "you should not be starting anything from scratch. The internet exists for a reason."
See also: <a href="https://www.benzinga.com/markets/equities/25/06/46070157/meta-reportedly-tried-to-buy-ai-video-startup-runway-before-14-billion-scale-ai-bet-report">Meta Reportedly Tried To Buy AI Video Startup Runway Before $14 Billion Scale AI Bet: Report</a>
The former Stanford roommates launched Phia in April after raising about $850,000, including checks from Kris Jenner and Desiree Gruber. The browser extension compares prices across 40,000 retail sites to surface the best clothing deals. Gates says her father, Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) co-founder Bill Gates, "wouldn't let me drop out" the way he did and declined to bankroll the venture.
Why It Matters: Gates said Phia will continue to mine AI for insights as it develops personalized styling tools. There are patterns behind why things go viral and understanding them is crucial, Kianni tells listeners of The Burnouts podcast.
The founders' playbook mirrors a broader rush to embed generative AI in marketing. Big brands such as <a href="https://www.benzinga.com/startups/23/10/35145790/the-first-email-blast-went-out-45-years-ago-how-startup-appmail-uses-chatgpt-powered-ai-and-automati">AppMail</a> and <a href="https://www.benzinga.com/startups/23/03/31450981/this-startup-built-the-worlds-first-ai-marketing-platform-that-can-understand-emotion-and-some-of-th">AI-ad firm RAD AI</a> already rely on ChatGPT variants to craft A/B-tested copy and predict emotional resonance.
Wall Street banks have likewise <a href="https://www.benzinga.com/tech/25/04/44878856/bank-of-america-bets-big-on-ai-with-4-billion-investment-and-its-already-paying-off">rolled out chatbots</a> to jump-start pitch decks and compliance reviews, as part of a wider adoption wave.
Photo Courtesy: Ron Adar on Shutterstock.com
Read next: <a href="https://www.benzinga.com/news/25/06/46068948/barack-obama-warns-ai-revolution-is-not-hype-says-youre-going-to-start-seeing-shifts">Barack Obama Warns AI Revolution Is &#8216;Not Hype,&#8217; Says &#8216;You&#8217;re Going To Start Seeing Shifts&#8230;&#8217;</a>

Phoebe Gates Shares Clever ChatGPT Hack She Uses 'Almost Every Single Day' To Make Videos For Her Fashion-Tech Startup: 'The Internet Exists For A Reason'

Future Fund LLC's managing director, Gary Black, has slammed the lack of constructive feedback for Tesla Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Austin Robotaxi launch on Sunday.
What Happened: The investor took to social media platform X to express his disappointment on Tuesday.
Quoting a post that criticized Tesla's limited Robotaxi rollout in Austin, Black said that there was a "stunning" lack of constructive criticism for the event on X. It's worth noting that Elon Musk owns X, formerly Twitter, following October 2022's $44 billion acquisition of the platform by the Tesla CEO.
"I believe Tesla can resolve all of these issues but to suggest TSLA Robotaxi is years ahead of Waymo or Zoox or autonomous options Uber can offer with its partners on the Uber platform is nonsense," Black said in the post.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I am posting this not because I like <a href="https://twitter.com/RealDanODowd?ref_src=twsrc%5Etfw">@RealDanODowd</a> (in fact I usually find his commentary blatantly misleading), but because of the stunning lack of constructive feedback on X summarizing problematic issues associated with the TSLA robotaxi rides I saw on X. I believe <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> can… <a href="https://t.co/hWJukTBRpm">https://t.co/hWJukTBRpm</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1937620960510878115?ref_src=twsrc%5Etfw">June 24, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: The investor's criticism comes as the Robotaxi launch is under the scrutiny of the National Highway Traffic Safety Administration over <a href="https://www.benzinga.com/markets/tech/25/06/46067027/tesla-robotaxi-faces-nhtsa-scrutiny-over-traffic-violations-during-austin-launch">possible traffic violations</a> committed by the Robotaxis during Sunday's launch.
The regulator said it was reviewing the incidents after footage emerged of a Robotaxi speeding, as well as driving in the wrong lane during a separate incident at the launch.
Meanwhile, in a different inquiry into the company's Full Self-Driving or FSD tech's viability in poor weather conditions, Tesla has <a href="https://www.benzinga.com/markets/tech/25/06/46066530/tesla-wants-to-keep-its-texas-self-driving-data-private-amid-austin-robotaxi-launch-report">invoked a federal law</a>, which bars the NHTSA from making the EV giant's responses public due to confidentiality.
Tesla said that it has invoked the law to prevent any sensitive information about FSD from being out in public and used by competitors to improve their autonomous driving tech.
However, the EV giant is also facing <a href="https://www.benzinga.com/markets/tech/25/06/46068107/elon-musks-tesla-faces-wrongful-death-lawsuit-over-model-s-crash-which-claimed-3-lives-plaintiffs-call-cars-design-defective-and-unreasonably-dangerous">a wrongful death lawsuit</a> over a 2024 crash involving a Model S, which the plaintiffs of the case say has a "defective and unreasonable dangerous" design.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="201" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25023646/TSLA-JUN-25-2025-1-1024x201.jpg" alt="" class="wp-image-960960" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25023646/TSLA-JUN-25-2025-1-1024x201.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25023646/TSLA-JUN-25-2025-1-300x59.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25023646/TSLA-JUN-25-2025-1-768x151.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25023646/TSLA-JUN-25-2025-1-1536x301.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25023646/TSLA-JUN-25-2025-1.jpg 1549w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge Stock Rankings</a> today!
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/markets/tech/25/06/46087567/uber-nears-all-time-high-as-waymo-partnership-expands-to-atlanta-gary-black-calls-it-low-risk-while-tesla-lags-in-supervised-autonomy">Uber Nears All-Time High As Waymo Partnership Expands To Atlanta — Gary Black Calls It &#8216;Low-Risk&#8217; While Tesla Lags In &#8216;Supervised Autonomy&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

TSLA

Gary Black Calls Out 'Lack Of Constructive Feedback' On Tesla's Robotaxi Launch

Tom Lee, the head of research at Fundstrat Global Advisors, highlighted a crucial factor that could explain why the&nbsp;European Central Bank&nbsp;(ECB) has been able to cut interest rates while the&nbsp;U.S. Federal Reserve&nbsp;(Fed) has not.
What Happened: In a Monday interview with CNBC, Tom Lee explained that the European Central Bank's decision to cut interest rates stems from how it calculates core inflation—excluding housing costs. 
He emphasized that this contrasts sharply with the U.S., where housing plays a major role in inflation data. According to Lee, if the U.S. used Europe's approach, its core CPI would actually appear lower than Europe's, potentially justifying rate cuts.
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<iframe loading="lazy" title="Fundstrat&#039;s Tom Lee: Uncertainty about Iran&#039;s reaction is an overhang that markets are waiting on" width="500" height="281" src="https://www.youtube.com/embed/Hms8O8uy3ug?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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</figure>
On that note, Lee anticipates a &#8216;dovish&#8217; tilt from the Fed towards the end of the year. &#8220;I do think there should be a dovish tilt towards the Fed or it that&#8217;s the upside opportunity into year end as well,&#8221; stated Lee.
Notably, the ECB has reduced borrowing costs eight times since last June, amounting to a 2% decrease. This was done to support the struggling eurozone economy, which was already facing challenges before being further impacted by the U.S.&#8217;s unpredictable economic and trade policies.
SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/macro-economic-events/25/06/46051740/nearly-40-years-ago-donald-trump-blamed-this-country-for-his-tariff-push-and-its-no" target="_blank" rel="noreferrer noopener">Nearly 40 Years Ago, Donald Trump Blamed This Country For His Tariff Push — And It&#8217;s Not China: &#8216;I&#8217;d Make Our Allies Pay Their Fair Share&#8217;</a>
Why It Matters:&nbsp;Lee&#8217;s comments come in the wake of the Federal Reserve&#8217;s decision to hold on to the interest rates, a move that was widely anticipated.&nbsp;The Fed&#8217;s approach to interest rates has been a topic of much discussion recently.&nbsp;Federal Reserve Chair Jerome Powell&nbsp;stated that <a href="https://www.benzinga.com/markets/economic-data/25/06/46077396/powell-interest-rates-trump-inflation-tariffs">while inflation</a> has decreased from its 2022 peak, it remains &#8220;somewhat elevated,&#8221; and the central bank is not yet ready to make any adjustments. However, a &#8220;significant majority&#8221; of committee members expect rate cuts later this year.
On Monday,  <a href="https://www.benzinga.com/markets/macro-economic-events/25/06/46069125/fed-governor-michelle-bowman-backs-july-rate-cut-citing-contained-inflation-pressure-impact-of-tariffs-may-take-longer">Fed Governor Michelle Bowman</a> voiced her support for a potential rate cut in July, provided that inflation remains subdued, echoing the opinion of another Fed Governor, Christopher Waller.
Earlier this month, President Donald Trump renewed his criticism of Jerome Powell, urging him to cut interest rates following a report from ADP showing a slowdown in May job growth. Trump emphasized that Europe has already cut rates multiple times, saying, &#8220;‘Too Late' Powell must now lower the rate.&#8221;
<ul class="wp-block-list">
<li>READ MORE: <a href="https://www.benzinga.com/news/politics/25/06/46010639/elizabeth-warren-says-americans-deserve-lower-interest-rates-but-trumps-reckless-tariffs-stand-in-the-way-the-fed-is-getting-boxed-out">Elizabeth Warren Says Americans &#8216;Deserve&#8217; Lower Interest Rates, But Trump&#8217;s &#8216;Reckless&#8217; Tariffs Stand In The Way: &#8216;The Fed Is Getting Boxed Out&#8217;</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tom Lee On Why Fed's Holding Back While Europe Eases Aggressively: 'That's The Upside Opportunity Into Year End'

ECARX Signs Lidar Partnership With Global Robotic Lawn Mower Developer, Expanding Beyond Automotive Into AI-Driven Robotics

The U.S. Federal Reserve is bracing for potential Iranian cyberattacks following recent military actions, with Chair&nbsp;Jerome Powell&nbsp;confirming the central bank&#8217;s vigilance.
What Happened: The Fed is on high alert for potential retaliatory cyberattacks from Iran, Powell revealed during a congressional hearing on Tuesday. The U.S. military&#8217;s bombing of three Iranian nuclear facilities has raised concerns about possible cyber strikes, <a href="https://fortune.com/2025/06/24/jerome-powell-federal-reserve-iran-cyberattacks-united-states/">reported</a> Fortune.
&#8220;We&#8217;re on the alert because we&#8217;re a target as well,&#8221; Powell stated. &#8220;So you&#8217;re right to raise it. It&#8217;s a big issue.&#8221;
He assured that the Fed is well-equipped to fend off any potential cyber threats. Powell expressed confidence in the government&#8217;s ability to fend off a potential cyberattack, but warned against complacency, given the evolving nature of cyber threats.
 &#8220;&#8230;you can never, ever be comfortable in this area because the bad guys are always getting better," cautioned Powell.
Experts and government agencies have warned businesses, especially those in the financial sector, about the possibility of Iranian cyberattacks in response to the U.S. military actions.
SEE ALSO: <a href="https://benzinga.com/markets/tech/25/06/46046720/tesla-doubles-down-on-us-elon-musk-plans-another-8-billion-investment-after-spending-nearly-10-billi" target="_blank" rel="noreferrer noopener">Tesla Doubles Down On US — Elon Musk Plans Another $8 Billion Investment After Spending Nearly $10 Billion In 2024</a>
Why It Matters: Iranian cyberattacks have spanned multiple U.S. administrations. In 2016, the FBI charged seven Iranians linked to the Iranian government for cyberattacks targeting about 50 financial institutions and a New York dam between 2011 and 2013, using botnets and malicious code. 
The recent U.S. involvement in Israel&#8217;s conflict with Iran has led to a fragile geopolitical environment. Cybersecurity firms like CrowdStrike Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) are <a href="https://www.benzinga.com/markets/options/25/06/46061830/crwd-stock-gains-relevance-iran-cyberattack-threat">gaining relevance</a> as potential retaliatory cyberattacks from Iran are anticipated. This has led to an incentive among government and private institutions to strengthen their digital defenses.
Earlier, in June, an Israel-linked group claimed responsibility for<a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/46010734/israel-linked-predatory-sparrow-hackers-say-theyve-drained-millions-in-bitcoin-ethereum-from-irans-crypto-exchange"> a cyberattack </a>on Iranian cryptocurrency exchange, Nobitex, draining nearly $90 million. This incident further underscores the potential for cyber retaliation. 
Despite the rising tensions, a ceasefire was announced by President Donald Trump early Tuesday morning, which was later accused of being violated by both Iran and Israel. However, the President later stated via Truth Social that Israel <a href="https://www.benzinga.com/news/politics/25/06/46072859/trump-says-israel-is-not-going-to-attack-iran-after-ceasefire-violation-turn-around-and-head-home">would not </a>attack Iran again.
<ul class="wp-block-list">
<li>READ MORE: <a href="https://www.benzinga.com/markets/economic-data/25/06/46077396/powell-interest-rates-trump-inflation-tariffs">Will The Fed Cut Rates In 2025? Powell Says It All Depends On Tariffs</a></li>
</ul>
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

CRWD

Federal Reserve On 'Alert' Amid Potential Iranian Cyberattack Threats, Says Jerome Powell: 'It's A Big Issue'

In an official announcement on Tuesday, McDonald&#8217;s Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) and Krispy Kreme Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DNUT#NASDAQ">DNUT</a>) have decided to part ways. Concerns about profitability led to the termination of this association. Their US doughnut partnership will conclude on July 2, 2025.  
What Happened: The two companies have mutually agreed to end their partnership after thoughtful consideration, which began with much enthusiasm, according to the statement. 
McDonald&#8217;s USA&#8217;s Chief Marketing and Customer Experience Officer, Alyssa Buetikofer, expressed her satisfaction with the partnership, acknowledging Krispy Kreme&#8217;s delivery of a high-quality product. This decision comes amid a <a href="https://www.benzinga.com/news/25/03/44261266/whats-going-on-with-mcdonalds-mcd-stock-today">challenging period</a> for McDonald&#8217;s.
Krispy Kreme&#8217;s CEO, Josh Charlesworth, also appreciated the close collaboration between the two companies. He further added that the partnership was deemed unsustainable due to the inability to align costs with unit demand. The executive emphasized Krispy Kreme&#8217;s focus on expanding its doughnut availability through U.S. retail points and international franchise growth.
&#8220;Ultimately, efforts to bring our costs in line with unit demand were unsuccessful, making the partnership unsustainable for us,&#8221; said Charlesworth.
See Also: <a href="https://benzinga.com/news/health-care/25/06/46019662/houston-hospital-makes-history-with-nations-first-fully-robotic-heart-transplant-on-patient-who-said-do-what-youve-got-to-do-to-save-me">Houston Hospital Makes History With Nation&#8217;s First Fully Robotic Heart Transplant On Patient Who Said &#8216;Do What You&#8217;ve Got To Do To Save Me&#8217; &#8211; Benzinga</a>
Despite the end of the partnership, McDonald&#8217;s continues to prioritize its breakfast segment, which is a core pillar of its business strategy.
Why It Matters: The Golden Arches operator reported a <a href="https://www.benzinga.com/25/05/45135213/mcdonalds-q1-revenue-decline-34-as-war-in-the-middle-east-bites-stock-dips">3.4% decline in revenue</a> in the first quarter of 2025, attributed to the war in the Middle East and consumer uncertainty. This decline in revenue was part of a broader trend, with McDonald&#8217;s stock experiencing a <a href="https://www.benzinga.com/25/05/45145631/dow-surges-over-300-points-mcdonalds-posts-weak-revenue">period of weakness</a> in the stock market.
On the other hand, though Krispy Kreme's stock saw a slight dip after the announcement, reflecting profitability and growth concerns by the investors, the multinational doughnut company aspires to expand its global presence. The recent sale of a stake in <a href="https://www.benzinga.com/25/06/45938794/benzinga-bulls-and-bears-eli-lilly-okto-mcdonalds-and-israel-iran-conflict-sparks-oil-surge">Insomnia Cookies</a> and its <a href="https://www.benzinga.com/25/05/45145631/dow-surges-over-300-points-mcdonalds-posts-weak-revenue">profitable U.S. expansion</a> through high-volume retail points of distribution is evidence  to that.
Price Action: On Friday, McDonald&#8217;s stock closed nearly 0.7% higher at $291.47. Krispy Kreme shares closed 0.8% lower at $2.60, but gained 1.2% in after-hours trading to $2.63, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro.</a>
Benzinga's Edge Stock Rankings indicate that McDonald&#8217;s Price Trend doesn&#8217;t check out over the Short, Medium and Long periods. Here is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">how Krispy Kreme compares</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="442" height="281" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25025735/Screenshot-2025-06-25-at-15.57.22.png" alt="" class="wp-image-960986" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25025735/Screenshot-2025-06-25-at-15.57.22.png 442w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/25025735/Screenshot-2025-06-25-at-15.57.22-300x191.png 300w" sizes="(max-width: 442px) 100vw, 442px" /></a></figure>
Photo Courtesy: Morumotto on Shutterstock.com
Read Next: 
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<li><a href="https://www.benzinga.com/news/entertainment/25/06/46068875/from-squid-game-trials-to-bridgerton-balls-ex-insider-says-netflix-is-quietly-building-a-real-world-empire-a-disney-style-ecosystem-in-the-works">From &#8216;Squid Game&#8217; Trials To Bridgerton Balls: Ex-Insider Says Netflix Is Quietly Building A Real-World Empire — A Disney-Style Ecosystem In The Works</a></li>
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DNUT

McDonald's And Krispy Kreme To End Partnership In July, Doughnut Company CEO Says Efforts To Bring Costs Down With Unit Demand Were 'Unsuccessful'

<ul>
<li>NURTuRE-AKI is a novel observational study that collects longitudinal data and biological samples from fully consented acute kidney injury ("AKI") patients, developed as part of a research consortium led by Kidney Research UK</li>
<li>The study focuses on 3 clearly defined cohorts: AKI of iatrogenic origin (following cardiac surgery), AKI to chronic kidney disease ("CKD") transition and pediatric AKI.</li>
<li>This partnership will enable Evotec to understand human disease progression on a molecular level and to perform targeted drug discovery in the field of AKI.</li>
</ul>

Evotec Joins NURTuRE-AKI To Unlock Precision Medicine Approaches For Acute Kidney Injury Using PanOmics And Longitudinal Patient Data

The U.S. housing market is tilting sharply in favor of buyers, with a record 33.7% more sellers than buyers, according to the latest data.
What Happened: This imbalance, the largest since 2013, is driving expectations of a 1% decline in home prices by year-end, as <a href="https://www.redfin.com/news/sellers-vs-buyers-price-impact/">reported</a> by Redfin. 
With 1.9 million sellers compared to 1.5 million buyers, the market is experiencing its highest seller-to-buyer ratio since March 2020, fueled by high home prices, elevated mortgage rates, and easing "mortgage rate lock-in" effects.
Redfin's analysis highlights a stark buyer's market in 31 of the top 50 U.S. metros, with Miami, Florida, leading where sellers outnumber buyers nearly 3 to 1.
In contrast, Newark, New Jersey, remains the strongest seller's market, with home prices rising 12.2% year-over-year. Nationally, the median home sale price grew 1.6% to $431,931 in April, but Redfin predicts this growth will reverse as sellers compete for fewer buyers, expecting home prices to drop 1% by the end of the year as a result.
Bill Adams, Chief Economist at Comerica Bank, corroborates this trend, noting weaker-than-expected house price indices in April, with the S&amp;P CoreLogic Case-Shiller 20-City Index falling 0.3% month-over-month.
Adams points to &#8220;anemic&#8221; existing home sales and rising listings in May, alongside declining consumer confidence in June, as signals of a cooling market.
Despite some Federal Reserve governors advocating for rate cuts, Chair Jerome Powell's "wait-and-see" stance suggests no immediate relief from high rates, which averaged 6.73% in April. &#8220;Comerica forecasts for the Fed to hold rates unchanged in the second half of 2025,&#8221; said Adams.
See Also: <a href="https://www.benzinga.com/markets/25/06/46042382/mark-cuban-corrects-elizabeth-warren-as-she-slams-jnj-pfe-for-higher-prices-and-zero-taxes-on-big-ph" target="_blank" rel="noreferrer noopener">Mark Cuban Corrects Elizabeth Warren As She Slams JNJ, PFE For Higher Prices And Zero Taxes On Big Pharma: ‘PBMs Corrupt Healthcare&#8217;</a>
Why It Matters: Apart from benchmark house price indexes being weaker than expected in April, &#8220;the listings-to-sales ratio was the highest since 2016,&#8221; pointed Adams, also adding that &#8220;jobs data point to less labor demand.&#8221;
These variables, combined with the Fed&#8217;s stance to keep holding rates, could affect the housing demand, thus dampening the prices.
Price Action: Here is a list of some real estate and housing exchange-traded funds that investors could consider as a play on the evolving housing demand.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>ETFs</td>
<td>YTD Performance</td>
<td>One Year Performance</td>
</tr>
<tr>
<td>SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>)</td>
<td>-4.94%</td>
<td>-2.56%</td>
</tr>
<tr>
<td>Vanguard Real Estate Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>)</td>
<td>3.55%</td>
<td>9.38%</td>
</tr>
<tr>
<td>Schwab US REIT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHH#NYSE">SCHH</a>)</td>
<td>3.88%</td>
<td>9.22%</td>
</tr>
<tr>
<td>Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>4.89%</td>
<td>11.77%</td>
</tr>
<tr>
<td>iShares US Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYR#NYSE">IYR</a>)</td>
<td>4.29%</td>
<td>11.16%</td>
</tr>
<tr>
<td>iShares Core US REIT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USRT#NYSE">USRT</a>)</td>
<td>1.37%</td>
<td>9.47%</td>
</tr>
<tr>
<td>DFA Dimensional Global Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFGR#NYSE">DFGR</a>)</td>
<td>6.81%</td>
<td>9.58%</td>
</tr>
<tr>
<td>SPDR Dow Jones REIT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RWR#NYSE">RWR</a>)</td>
<td>0.02%</td>
<td>6.97%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose on Tuesday. The SPY was up 1.10% at $606.78, while the QQQ advanced 1.53% to $539.78, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
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