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Chinese automakers are accelerating plans to eliminate foreign semiconductors from their vehicles by 2027, with at least two brands preparing mass production of cars using 100% domestic chips by 2026.
What Happened: Major Chinese automakers, including SAIC Motor, BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), Geely Automobile Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYF#OTC">GELYF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GELYY#OTC">GELYY</a>), Great Wall Motor Co (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GWLLY#OTC">GWLLY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GWLLF#OTC">GWLLF</a>), Li Auto (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>) and Changan are developing models with entirely homemade semiconductors, <a href="https://asia.nikkei.com/Business/Technology/China-s-automakers-aim-for-cars-with-100-domestic-chips-from-2026">reported</a> Nikkei Asia, citing sources. 
China&#8217;s Ministry of Industry and Information Technology is shepherding the initiative, regularly requiring self-assessments of domestic chip adoption rates.
The push comes as Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/markets/equities/25/06/45918580/nvidia-drops-china-from-guidance-after-2-5-billion-q1-revenue-hit-ceo-jensen-huang-says-hes-not-">announced it will exclude China from future revenue</a> guidance after U.S. export controls cost the chipmaker $2.5 billion in first-quarter revenue. CEO Jensen Huang told CNN the company won&#8217;t count on China sales, saying, &#8220;if it happens, then it will be a great bonus.&#8221;
Automakers mentioned in the report did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/markets/tech/25/06/45965638/amid-trumps-anti-ev-push-senate-republicans-propose-tax-bill-to-axe-7500-ev-credit">Amid Trump&#8217;s Anti-EV Push, Senate Republicans Propose Tax Bill To Axe $7500 EV Credit</a>
Why It Matters: The 2027 target represents a dramatic acceleration from Beijing&#8217;s previous goal of 25% domestic chip usage this year. While not mandatory, the framework incentivizes companies to demonstrate progress toward technological self-reliance.
Chinese electric vehicle makers currently rely heavily on foreign chips, particularly Nvidia&#8217;s AI processors for autonomous driving and Qualcomm Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) solutions for smart cockpits. Progressive U.S. restrictions have raised concerns about component access.
GAC Group is collaborating with domestic contract manufacturers Semiconductor Manufacturing International Corp. and CanSemi Technology to review supply chains and verify local alternatives, according to the report.
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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: Jack Hong / Shutterstock.com

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After Nvidia Pauses China Outlook, Top Chinese Automakers Race To Ditch Foreign Chips, Aim For 100% Domestic Supply By 2027: Report

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Social Capital CEO Chamath Palihapitiya believes Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is one of the safest car choices for parents with teenage drivers.
What Happened: "My 16yo is in the process of getting his drivers license. CA requires someone under 18yo to get 50 hours of driving experience before they can take their drivers exam," the investor said, quoting a post on social media platform X on Monday that showcased Tesla's crashes per million miles data.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Number of accidents per million miles: • Tesla: 0.15 • Waymo: 1.16 • US Average 3.90 via Bloomberg Intelligence <a href="https://t.co/fMcwjVRgxh">pic.twitter.com/fMcwjVRgxh</a>
&mdash; Sawyer Merritt (@SawyerMerritt) <a href="https://twitter.com/SawyerMerritt/status/1934667924691689616?ref_src=twsrc%5Etfw">June 16, 2025</a></blockquote>
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According to the chart, Tesla vehicles recorded just 0.15 crashes per million miles, compared to 1.16 for Alphabet Inc.&#8217;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>) Waymo and 3.90 for the U.S. average.
Palihapitiya noted that while he doesn't allow his son to drive with any driver-assist features yet, he plans to make him try Tesla's Full Self-Driving (FSD) once he's licensed. "As soon as he gets his license he MUST drive our Model Y with FSD on," Palihapitiya said.
Palihapitiya made a case for the FSD technology, citing the data. "Obviously safety isn't guaranteed," the investor said. He then said that it was "foolish" to review this data and wonder why parents should opt for anything other than a Tesla for their teenager to drive.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My 16yo is in the process of getting his drivers license. CA requires someone under 18yo to get 50 hours of driving experience before they can take their drivers exam. My rule is only that my son learn to drive with no aids so he has that skill BUT as soon as he gets his… <a href="https://t.co/4bStCx5X1r">https://t.co/4bStCx5X1r</a>
&mdash; Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/status/1934764869687066732?ref_src=twsrc%5Etfw">June 17, 2025</a></blockquote>
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Why It Matters: The investor's comments come in as Elon Musk's EV giant will roll out its <a href="https://www.benzinga.com/markets/tech/25/06/45854273/elon-musks-tesla-officially-named-av-operator-in-austin-ahead-of-robotaxi-launch">robotaxi service in Austin</a> on June 22. The company's FSD technology is a crucial aspect of its robotaxi ambitions.
Speaking of which, the National Highway Traffic Safety Administration, or NHTSA, <a href="https://www.benzinga.com/markets/tech/25/06/45942936/elon-musks-cybercab-ambitions-just-got-a-boost-as-nhtsa-eases-regulations-for-autonomous-vehicles">recently announced exemptions</a> from the safety regulations for autonomous vehicles, which can pave the way for Tesla to develop its Cybercab at a much quicker pace.
Still, the technology isn't flawless. A recent incident involving a Model 3 reportedly using FSD saw the <a href="https://www.benzinga.com/markets/tech/25/06/45945298/tesla-model-3-on-fsd-mode-struck-by-train-after-getting-trapped-on-railroad-tracks-report">car stuck on train tracks and hit by a train</a>. The driver escaped unharmed, but the event highlights ongoing risks.
<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="208" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17010223/TSLA-JUN-17-2025-1024x208.jpg" alt="" class="wp-image-951601" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17010223/TSLA-JUN-17-2025-1024x208.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17010223/TSLA-JUN-17-2025-300x61.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17010223/TSLA-JUN-17-2025-768x156.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17010223/TSLA-JUN-17-2025-1536x312.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17010223/TSLA-JUN-17-2025.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>
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Photo courtesy: Ken Wolter / Shutterstock.com

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Tesla Crashes Significantly Lower Than National Average: Chamath Palihapitiya Weighs In On Why It's The Ideal Choice For Teenage Drivers

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Geoffrey Hinton, the deep-learning pioneer popularly dubbed the "Godfather of AI," says young job seekers should consider a career as a plumber as software continues to eclipse routine office work.
What Happened: &#8220;AI is just going to replace everybody" doing "mundane intellectual labor," Hinton told "The Diary of a CEO" podcast, adding he would be "terrified" today in a call-center or paralegal post.
Hinton said physical trades remain safer because "it's going to be a long time&#8221; before AI is as good at &#8220;physical manipulation,&#8221; even though he concedes that artificial intelligence models will eventually be "better than us at everything.&#8221;
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<iframe loading="lazy" title="Godfather of AI: I Tried to Warn Them, But We've Already Lost Control! Geoffrey Hinton" width="500" height="281" src="https://www.youtube.com/embed/giT0ytynSqg?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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Plumbing, electrical work and similar hands-on roles demand dexterity robots still lack, he noted, mirroring earlier <a href="https://medium.com/ai-disruption/hinton-forget-ai-become-a-plumber-c831603f5e8b">advice</a> he gave a parent in November 2024 to have their child "learn plumbing. Stay away from AI."
See also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45965595/eric-trump-says-he-doesnt-have-public-involvement-in-justin-suns-mstr-type-public-venture-but-admits-hes-a-fan-of-tron-and-its-founder">Eric Trump Says He Doesn&#8217;t Have &#8216;Public Involvement&#8217; In Justin Sun&#8217;s MSTR-Type Public Venture, But Admits He&#8217;s A &#8216;Fan&#8217; Of Tron And Its Founder</a>
The emeritus 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 scientist warned that displacement is already underway. AI copilots will soon let one worker do what used to be the work of ten people, prompting mass layoffs in sectors with little elastic demand. Industries such as health care may absorb automation because "there's almost endless demand," but "most jobs … are not like that," he said.
Why It Matters: Hinton, who <a href="https://www.benzinga.com/news/23/05/32146221/ai-godfather-geoffrey-hinton-quits-google-hard-to-see-how-you-can-prevent-the-bad-actors-from-using">left Google</a> in 2023 to speak freely about AI risks, called large-scale unemployment the most immediate threat to human happiness. Even with a <a href="https://www.benzinga.com/news/24/05/38911101/universal-basic-income-was-a-good-idea-ai-godfather-geoffrey-hinton-warns-of-job-losses-and-extincti">universal basic income</a>, an idea he has pressed U.K. officials to study, people could lose purpose without meaningful work.
Policy makers should pair rapid reskilling with much more serious discussion of income guarantees before automation accelerates, he said, <a href="https://www.benzinga.com/25/05/45530155/unless-youre-sure-it-wont-kill-you-worry-about-it-says-ai-godfather-geoffrey-hinton-warning-of-superintelligence-risks">echoing earlier comments</a> that governments must act "unless you're sure [AI] won't kill you, worry about it."
For now, Hinton's counsel is blunt. He suggests choosing careers that combine adaptability, dexterity and judgment, skills algorithms still struggle to copy, because as he recently <a href="https://www.linkedin.com/pulse/conversation-godfather-ai-collision-2023-nicholas-thompson/">explained</a> to The Atlantic&#8217;s Nick Thompson back in 2023, "that's where the jobs that survive AI for a long time are going to be."
Photo Courtesy: Stokkete on Shutterstock.com
Read next: <a href="https://www.benzinga.com/news/politics/25/06/45965629/trump-exits-g7-summit-early-citing-obvious-reasons-amid-escalating-iran-israel-conflict-gold-oil-etfs-spike-in-after-hours-trading">Trump Exits G7 Summit Early Citing &#8216;Obvious Reasons&#8217; Amid Escalating Iran-Israel Conflict: Gold, Oil ETFs Spike In After-Hours Trading</a>

Geoffrey Hinton Says Be A 'Plumber' If You Want To Have A Safe Job, 'Godfather Of AI' Says Everyone Doing 'Mundane Intellectual Labor' Will Be Replaced

Sen. Elizabeth Warren (D-Mass.) took potshots at billionaires Elon Musk and Jeff Bezos on Monday, warning that stablecoin legislation would enable them to "exploit" user data and engage in unfair trade practices.
What happened: In an X post, Warren argued that the GENIUS Act, also known as the stablecoin bill, has a &#8220;major loophole&#8221; that allows Big Tech and major retailers to issue their own stablecoins, which, according to her, could lead to significant risks for consumers and the economy.
"If Congress doesn't fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors," Warren alleged.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If Congress doesn't fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors. These billionaires will come begging for a taxpayer bailout when it inevitably blows up. <a href="https://t.co/viKxVhdcsd">pic.twitter.com/viKxVhdcsd</a>
&mdash; Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1934686954588700893?ref_src=twsrc%5Etfw">June 16, 2025</a></blockquote>
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The senator further predicted that if the stablecoin endeavors fail, the billionaires will come "begging for a taxpayer bailout."
Benzinga didn&#8217;t immediately hear back from Amazon and Musk&#8217;s companies, Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), and SpaceX, for a response.
See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45740537/forget-dollars-willy-woo-says-bitcoin-will-be-priced-against-global-gdp-gold-used-to-be-that-money-btc-is-the-challenger">Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — &#8216;Gold Used To Be That Money, BTC Is The Challenger&#8217;</a>
Why It Matters: Warren's attack comes after reports that Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) <a href="https://www.benzinga.com/crypto/25/06/45923585/walmart-amazon-eye-stablecoin-adoption-in-a-potential-shift-from-traditional-currencies-report">were exploring the possibility of issuing their own stablecoins</a>.
Warren had also raised concerns over Meta Platforms Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45923283/elizabeth-warren-slams-mark-zuckerberg-over-reported-stablecoin-ambitions-citing-national-security-threat-meta-says-no-such-plans">potential stablecoin revival plans</a> in a letter to CEO Mark Zuckerberg last week. Meta denied any such plans in a note to Benzinga.
The senior lawmaker has been waging a battle against the GENIUS Act, stating that passing the legislation without necessary amendments would <a href="https://www.benzinga.com/25/05/45509721/elizabeth-warren-urges-congress-to-vote-against-genius-act-citing-potential-for-trumps-corruptionanthony-scaramucci-warns-democrats-against-political-suicide">enable corruption and illegal activities</a>. She has specifically spoken about the involvement of President Donald Trump and his family in the space.
The GENIUS Act aims to transform stablecoins from a crypto settlement tool into a mainstream financial rail. It is <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45947687/stablecoins-set-to-be-internets-digital-cash-genius-act-may-position-us-as-global-hub-says-bernstein">scheduled for a Senate vote this week</a> and is expected to pass by the end of summer.
Price Action:&nbsp; Shares of Amazon were down 1.14% in after-hours trading after closing 1.89% higher at $216.10 during Monday&#8217;s regular trading session, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;Walmart shares fell 0.20% in after-hours trading.
AMZN demonstrated a very high growth score as of this writing. To find out how it stacks up against Walmart on this metric, click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</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="562" height="415" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17005423/image-249.png" alt="" class="wp-image-951592" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17005423/image-249.png 562w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17005423/image-249-300x222.png 300w" sizes="(max-width: 562px) 100vw, 562px" /></a></figure>
 Photo courtesy: Sheila Fitzgerald / Shutterstock.com
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Cryptocurrency

Politics

AMZN

Elizabeth Warren Says Billionaires Like Jeff Bezos And Elon Musk Will 'Track Your Purchases' If Allowed To Launch Stablecoins, And Stick You With The Bill When It 'Blows Up'

Israel&#8217;s attacks on Iran&#8217;s energy infrastructure is causing a run-up in global energy prices, with futures markets, and ETFs, all seeing substantial inflows.
What Happened: Attacks on Iran&#8217;s Shahran oil depot in Tehran, alongside a natural gas field and multiple oil refineries by Israeli forces over the weekend, are sending global energy prices soaring, with Brent crude oil futures trading at $73.54 a barrel, up 9.1% over the past week.
The attacks that are part of Israel&#8217;s ongoing campaign against Iran have been focused on the nation&#8217;s energy infrastructure, and not just its military assets. This is aimed at sowing further discontent among the Iranian populace, who are already dealing with blackouts and power cuts due to mismanagement, according to a <a href="https://www.telegraph.co.uk/world-news/2025/06/15/israel-is-attacking-iran-where-the-regime-fears-most/">report</a> by The Telegraph, a U.K.. daily.
See Also: <a href="https://www.benzinga.com/news/politics/25/06/45965629/trump-exits-g7-summit-early-citing-obvious-reasons-amid-escalating-iran-israel-conflict-gold-oil-etfs-spike-in-after-hours-trading">Trump Exits G7 Summit Early Citing &#8216;Obvious Reasons&#8217; Amid Escalating Iran-Israel Conflict: Gold, Oil ETFs Spike In After-Hours Trading</a>
Brent crude for August delivery surged more than 7% Friday to settle above $78 a barrel, its largest one-day gain in nearly six months. WTI futures also jumped 6.69% over the past week, before paring gains on Monday as ceasefire rumors circulated.
Energy ETFs such as the ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>), the United States Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), and the SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) all saw outsized gains over the past week, at 13.61%, 8.90%, and 5.59%, respectively.
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<tr>
<th>ETF</th>
<th class="has-text-align-center" data-align="center">1-Week Performance</th>
<th class="has-text-align-center" data-align="center">YTD Performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>)</td>
<td class="has-text-align-center" data-align="center">+13.61%</td>
<td class="has-text-align-center" data-align="center">-8.61%</td>
</tr>
<tr>
<td>United States Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>)</td>
<td class="has-text-align-center" data-align="center">+8.90%</td>
<td class="has-text-align-center" data-align="center">+2.16%</td>
</tr>
<tr>
<td>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>)</td>
<td class="has-text-align-center" data-align="center">+5.59%</td>
<td class="has-text-align-center" data-align="center">-1.28%</td>
</tr>
<tr>
<td>Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td class="has-text-align-center" data-align="center">+3.88%</td>
<td class="has-text-align-center" data-align="center">+1.36%</td>
</tr>
</tbody>
</table>
</figure>
Why It Matters: On Monday, President Donald Trump asked all U.S. citizens to &#8220;immediately&#8221; <a href="https://www.benzinga.com/news/events/25/06/45964856/trump-asks-everyone-to-immediately-evacuate-tehran-odds-of-us-striking-iran-spike-on-crypto-betting-platform">evacuate the city</a> of Tehran, highlighting the seriousness of the crisis, while increasing the likelihood of the United States joining Israel in its war against Iran.
The crisis has since led to a <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/06/45948662/iran-israel-tensions-fuel-oil-rally-investors-are-piling-into-energy-etfs">rally in energy ETFs</a>, with the likes of the Energy Select Sector SPDR Fund seeing their biggest inflows since October 2024, at $470 million. 
Analysts at ING and JPMorgan have warned that a <a href="https://www.benzinga.com/markets/commodities/25/06/45924154/the-120-oil-shock-just-became-a-real-risk-are-we-back-in-2022">protracted supply hit</a> could send prices to upwards of $120 a barrel, adding that &#8220;Iran is a meaningful oil producer, pumping 3.3 million barrels per day and exporting around 1.7 million.&#8221;
<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="190" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17000014/Screenshot-2025-06-17-at-9.29.59-AM-1024x190.png" alt="" class="wp-image-951559" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17000014/Screenshot-2025-06-17-at-9.29.59-AM-1024x190.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17000014/Screenshot-2025-06-17-at-9.29.59-AM-300x56.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17000014/Screenshot-2025-06-17-at-9.29.59-AM-768x143.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/17000014/Screenshot-2025-06-17-at-9.29.59-AM.png 1174w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
According to Benzinga&#8217;s Edge Stock Rankings, the United States Oil Fund has a strong momentum, along with a favorable price trend in the short, medium, and long term. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights.
Read More: 
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<li><a href="https://www.benzinga.com/news/events/25/06/45964856/trump-asks-everyone-to-immediately-evacuate-tehran-odds-of-us-striking-iran-spike-on-crypto-betting-platform">Trump Asks &#8216;Everyone&#8217; To Immediately Evacuate Tehran, Odds Of US Striking Iran Spike On Crypto Betting Platform</a></li>
</ul>

Commodities

Israel Is Pounding Iran's Energy Infrastructure And It's Sending These Oil ETFs Soaring, But It Maybe Bad News At The Gas Pump

Macro Economic Events

Econ #s

Economics

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Interest Rate Decision Unchanged At 0.50%

Senate Republicans seek to end the $7500 EV credit currently available on EV purchases amid U.S. President <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">Donald Trump's crackdown</a> on all-electric mobility in the country.&nbsp;
What Happened: The GOP representatives in the Senate want to end the Federal EV credit within 180 days after the proposal is signed into law, Reuters reported on Monday.
The proposal also seeks to end the $4000 credit on used EVs within 90 days of the bill's approval, as well as an immediate end to the $7500 credit on EVs manufactured outside of the U.S., the report suggests.
According to the report, Senate Republicans&#8217; tax proposal differs from the bill proposed by House Republicans, which states that automakers that have yet to hit the 200,000 EV units sold can still avail the credit till the end of 2026.
Why It Matters: The proposal is in line with the Trump administration's crackdown on EVs, as a part of which, the President <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45911368/trump-signs-resolutions-to-overturn-californias-ev-mandate-report">signed a resolution</a> that overturned California's EV mandate that sought to phase out ICE-powered vehicles by 2035. 11 other states also adopted the California bill.
Trump's reversal of the resolution could be a major boost for General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), which was against the California mandate due to it not reflecting the reality of the market, according to a <a href="https://www.benzinga.com/25/05/45488137/general-motors-wants-to-overturn-californias-aggressive-ev-mandate-as-demand-slows-in-the-us-report">company-wide email</a> the management shared.
The President also hinted that he <a href="https://www.benzinga.com/markets/tech/25/06/45919154/trump-says-he-may-hike-auto-tariffs-again-to-boost-domestic-production-the-higher-you-go-they-build-a-plant-here">may hike automotive tariffs</a> in a bid to boost domestic production in the U.S., casting more uncertainty over the auto industry, which is already grappling with supply chain issues and <a href="https://www.benzinga.com/tech/25/05/45217767/ford-ceo-jim-farley-says-trumps-tariffs-could-cost-ford-1-5-billion-pulls-its-earnings-guidance">tariff-related woes</a>.
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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<li><a href="https://www.benzinga.com/markets/tech/25/06/45942936/elon-musks-cybercab-ambitions-just-got-a-boost-as-nhtsa-eases-regulations-for-autonomous-vehicles">Elon Musk&#8217;s Cybercab Ambitions Just Got A Boost As NHTSA Eases Regulations For Autonomous Vehicles</a></li>
</ul>
Photo courtesy: Joey Sussman / Shutterstock.com

Amid Trump's Anti-EV Push, Senate Republicans Propose Tax Bill To Axe $7500 EV Credit

President Donald Trump cut short his Group of Seven summit attendance in Canada&#8217;s Kananaskis, citing escalating Iran-Israel hostilities that demanded immediate attention in Washington. 
What Happened: &#8220;I have to be back early for obvious reasons,&#8221; Trump said on Monday before departing after dinner.
<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://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> on his early departure from the G7 Summit: &quot;I have to be back early — for obvious reasons.&quot; <a href="https://t.co/vtM4wwy1r9">pic.twitter.com/vtM4wwy1r9</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1934773306324042177?ref_src=twsrc%5Etfw">June 17, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The president&#8217;s early exit coincided with significant market volatility as safe-haven assets surged. Gold futures climbed to approximately $3,390 per ounce Monday, gaining 0.09% amid Middle East tensions.
WTI crude oil futures rose to around $72.8 per barrel as Israel vowed continued strikes against Iran, raising concerns about potential energy supply disruptions.
See Also: 
Why It Matters: Gold ETFs demonstrated strong after-hours performance. SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) gained 0.55% to $313.48 after closing down 1.43%. iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>) added 0.36% after hours, while SPDR Gold MiniShares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLDM#NYSE">GLDM</a>) rose 0.51%.
Oil-related ETFs showed even stronger momentum. United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) surged 2.66% after hours to $80.68 following a 2.03% regular session decline. ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) jumped 3.30% after hours, recovering from earlier losses.
The president previously posted on Truth Social, <a href="https://www.benzinga.com/crypto/25/06/45965340/bitcoin-ethereum-dogecoin-lose-early-gains-after-trumps-immediately-evacuate-warning-amid-iran-israel-conflict-analyst-sees-great-signal-for-risk-on-app">urging Tehran&#8217;s resident</a>s to &#8220;immediately evacuate&#8221; without elaboration.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

GLDM

Trump Exits G7 Summit Early Citing 'Obvious Reasons' Amid Escalating Iran-Israel Conflict: Gold, Oil ETFs Spike In After-Hours Trading

Eric Trump, the executive vice president of The Trump Organization, denied any involvement with Justin Sun's Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) venture on Monday, which is purportedly planning to go public in the U.S.
What happened: Trump spoke highly of the controversial cryptocurrency billionaire in an X post.
"I'm the biggest fan of Tron and love Justin Sun—he is a great friend and an icon in the crypto space," he wrote.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/tier10k?ref_src=twsrc%5Etfw">@tier10k</a> I'm the biggest fan of Tron and love <a href="https://twitter.com/justinsuntron?ref_src=twsrc%5Etfw">@justinsuntron</a> &#8211; he is a great friend and an icon in the crypto space. That said the below is inaccurate &#8211; I don't have public involvement. <a href="https://t.co/CDt0uudY1s">https://t.co/CDt0uudY1s</a>
&mdash; Eric Trump (@EricTrump) <a href="https://twitter.com/EricTrump/status/1934669116046029272?ref_src=twsrc%5Etfw">June 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
However, in the next breath, he categorically denied an earlier Financial Times report that claimed he is expected to join Justin Sun&#8217;s upcoming venture in an official role.
"That said the below is inaccurate &#8211; I don't have public involvement," he said.
The Financial Times didn't immediately return Benzinga's request for comment.
See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45740537/forget-dollars-willy-woo-says-bitcoin-will-be-priced-against-global-gdp-gold-used-to-be-that-money-btc-is-the-challenger">Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — &#8216;Gold Used To Be That Money, BTC Is The Challenger&#8217;</a>
Why It Matters: Trump's denial comes hours after the Financial Times reported that <a href="https://www.benzinga.com/crypto/25/06/45951049/justin-suns-tron-plans-us-public-listing-amid-deepening-ties-with-trump-family-and-crypto-political-shift">Tron is planning to go public</a> in the U.S. through a reverse merger with collectibles company SRM Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRM#NASDAQ">SRM</a>).
The report also mentioned that a New York-based investment firm linked to President Donald Trump‘s sons, Eric and Donald Jr., is facilitating the deal, which mirrors the playbook used by Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holding company Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>).
Sun has strengthened his relationship with the Trumps lately.&nbsp; Apart from being a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42198909/trump-linked-crypto-platform-world-liberty-financial-appoints-justin-sun-as-advisor-after-30-million-investment">leading investor and advisor</a> at World Liberty Financial, the decentralized finance platform backed by the Trump family, he was invited to an exclusive dinner with Trump <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45367052/trump-memecoin-exclusive-dinner-guest-list-revealed-with-justin-sun-shining-at-the-top-rep">as the largest investor</a> in Official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) memecoin.
Notably, Sun and the SEC had <a href="https://www.benzinga.com/content/44543856/justin-sun-features-on-forbes-cover-talks-crypto-and-trump-linked-investments">stopped litigation early this year</a> to resolve claims of unregistered securities sales and market manipulation against Sun and his companies.
Price Action:&nbsp; At the time of writing, TRX was exchanging hands at $0.2761, up 2.07% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Shares of SRM tumble 11% in after-hours trading after closing an eye-popping 537.9% higher at $9.249 during Monday&#8217;s regular trading session.
SRM demonstrated a very high momentum score—a measure of the stock's relative strength based on its price movement patterns and volatility over multiple timeframes—as of this writing. To find out how it stacks against MSTR and other cryptocurrency-related companies, visit <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="565" height="408" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16235246/Screenshot-2025-06-17-091110.png" alt="" class="wp-image-951554" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16235246/Screenshot-2025-06-17-091110.png 565w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16235246/Screenshot-2025-06-17-091110-300x217.png 300w" sizes="(max-width: 565px) 100vw, 565px" /></a></figure>
Photo Courtesy: Maxim Elramsisy On Shutterstock.com
Read Next:&nbsp;
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$BTC

$TRUMP

$TRX

MSTR

Eric Trump Says He Doesn't Have 'Public Involvement' In Justin Sun's MSTR-Type Public Venture, But Admits He's A 'Fan' Of Tron And Its Founder

OpenAI has secured a $200 million defense contract to develop artificial intelligence capabilities for national security applications, according to contracts released by the Department of Defense on Monday.
What Happened: The Chief Digital and Artificial Intelligence Office awarded the fixed-amount prototype agreement for &#8220;frontier AI capabilities to address critical national security challenges in both warfighting and enterprise domains,&#8221; the Pentagon stated. Work will be performed primarily in the National Capital Region through July 2026.
The contract represents OpenAI&#8217;s largest known government deal as the company simultaneously pursues a $40 billion funding round led by SoftBank Group Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>). Reuters reported that Saudi Arabia&#8217;s Public Investment Fund and India&#8217;s Reliance Industries could each contribute <a href="https://www.benzinga.com/markets/tech/25/06/45898547/openai-looks-to-raise-40-billion-from-global-investors-including-saudi-arabias-pif-indias-reliance-industries-to-accelerate-ai-models-and-stargate-report">several hundred million dollars to the financing</a>.
OpenAI&#8217;s revenue growth has accelerated dramatically, reaching a $10 billion annualized run rate in June, nearly doubling from $5.5 billion at 2024&#8217;s end, <a href="https://www.benzinga.com/markets/tech/25/06/45852700/openai-surges-past-10-billion-in-annualized-revenue-amid-record-chatgpt-use-leaves-rivals-like-amazon-backed-anthropic-behind">according to company statements</a>. The figure excludes Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) licensing revenue and one-time deals.
See Also: <a href="https://www.benzinga.com/markets/treasuries/25/06/45960637/treasury-yields-near-5-after-soft-foreign-demand-a-red-flag-for-stocks">Treasury Yields Near 5% After Soft Foreign Demand: A Red Flag For Stocks?</a>
Why It Matters: ChatGPT usage has surged to 500 million weekly active users as of March, driving the revenue expansion. The company targets $12.7 billion in 2025 revenue after <a href="https://www.benzinga.com/markets/tech/25/06/45852700/openai-surges-past-10-billion-in-annualized-revenue-amid-record-chatgpt-use-leaves-rivals-like-amazon-backed-anthropic-behind">posting a $5 billion loss in 2024</a>.
The defense contract coincides with OpenAI&#8217;s <a href="https://www.benzinga.com/news/legal/25/05/45665394/openais-300-billion-public-benefit-shift-faces-scrutiny-as-delaware-ag-moves-to-hire-investment-bank-for-independent-valuation-report">complex $300 billion corporate restructuring</a> into a public-benefit corporation. Delaware&#8217;s attorney general is independently valuing the nonprofit parent&#8217;s equity stake, while Microsoft disputes its ownership percentage in the new structure.
OpenAI faces a year-end deadline to <a href="https://www.benzinga.com/news/legal/25/05/45665394/openais-300-billion-public-benefit-shift-faces-scrutiny-as-delaware-ag-moves-to-hire-investment-bank-for-independent-valuation-report">complete the restructuring or risk losing</a> up to $20 billion from SoftBank. The funding supports AI model development and <a href="https://www.benzinga.com/25/03/44188361/nvidia-powers-openai-and-oracles-100-billion-stargate-first-ai-data-center-set-to-launch-in-texas">the $100 billion Stargate infrastructure project</a><a href="https://www.benzinga.com/25/03/44188361/nvidia-powers-openai-and-oracles-100-billion-stargate-first-ai-data-center-set-to-launch-in-texas" target="_blank" rel="noopener">,</a> featuring Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) GB200 chips, at facilities in Texas.
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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: Svet foto / Shutterstock.com

MSFT

ORCL

SFTBY

OpenAI Wins $200 Million US Defense Contract For AI Warfare Capabilities As The Company Looks To Raise $40 Billion

The Pentagon has denied Wisconsin&#8217;s $18 million grant application for noise mitigation funding to address F-35 fighter jet noise affecting Madison residents, while simultaneously cutting Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45890410/lockheed-martin-stock-slides-wednesday-whats-going-on">aircraft orders in half amid broader defense budget reductions</a>.
What Happened: Rep. Mark Pocan (D-Wis.) expressed disappointment over the Office of Local Defense Community Cooperation&#8217;s decision to reject Wisconsin Department of Military Affairs&#8217; funding request. 
The grant would have provided sound insulation for over 160 homes near Truax Field, along with new windows and HVAC systems for residents impacted by elevated noise levels from F-35 operations.
Since F-35 deployment at Truax Field began in 2020, Pocan&#8217;s office has documented consistent resident complaints about noise levels and concerns over potential property damage and health impacts.
The congressman secured $50 million in fiscal 2021 appropriations for the Noise Mitigation Community Partnership Program specifically to address these Madison-area concerns.
See Also: <a href="https://www.benzinga.com/markets/market-summary/25/06/45918802/middle-east-tensions-rattle-markets-us-stock-futures-slide-oil-jumps-8-gold-surges-above-3400-after-israel-strikes-iran">Middle East Tensions Rattle Markets: US Stock Futures Slide, Oil Jumps 8%, Gold Surges Above $3,400 After Israel Strikes Iran</a>
Why It Matters: The grant denial coincides with Pentagon budget cuts that have <a href="https://www.benzinga.com/news/politics/25/06/45877736/lockheed-martin-hit-as-pentagon-slashes-air-forces-f-35-order-in-half-amid-budget-cuts">significantly impacted Lockheed Martin&#8217;s F-35 program</a>.
Defense Secretary Pete Hegseth&#8216;s directive mandates 8% annual spending reductions over five years, leading to the Air Force&#8217;s F-35A request being slashed from 48 to 24 aircraft for fiscal 2026.
Congressional procurement documents show the Air Force will request $3.5 billion for F-35 purchases plus $531 million for advance procurement, down from previous projections. The Navy&#8217;s request dropped to 12 carrier variants from 17, while Marine Corps orders fell by two aircraft.
Pocan has requested detailed explanations for the grant denial and demanded that Pentagon officials visit Madison to meet directly with affected residents.
LMT gained 2.33% during Thursday's regular session. According to Benzinga Edge Stock Rankings, the stock shows modest strength in momentum, growth, and quality factors. However, it scores poorly on valuation and exhibits a negative price trend over the short to long term. See the <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">full stock breakdown 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="610" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/13043512/image-216.png" alt="" class="wp-image-948660" style="width:374px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/13043512/image-216.png 880w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/13043512/image-216-300x208.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/13043512/image-216-768x532.png 768w" sizes="(max-width: 880px) 100vw, 880px" /></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.
Image Via Shutterstock

Lockheed Martin's F-35 Jets Spark Outcry In Madison As Pentagon Rejects $18 Million Noise Mitigation Grant

Scale AI founder Alexandr Wang says he will hold off on parenthood until children can be born into a world where brain-computer interfaces such as Elon Musk's Neuralink are routine.
What Happened: "When we get Neuralink and we get these other technologies, kids who are born with them are gonna learn how to use them in like crazy, crazy ways," Wang told The Shawn Ryan Show, calling the devices "superintelligence&#8221; for the next generation.
Wang argued that the first seven years of life offer unmatched "neuroplastic" potential and therefore the best window to fuse biology with silicon. "Your brain is more neuroplastic than at any other point in your life," he said, adding that early adopters will leverage interfaces in ways adults can't. Scientists at NIH define &#8216;neuroplasticity&#8217; as the brain&#8217;s ability to adapt and change.
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<iframe loading="lazy" title="Alexandr Wang - CEO, Scale AI &#x7C; SRS #208" width="500" height="281" src="https://www.youtube.com/embed/QvfCHPCeoPw?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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His stance comes as Neuralink's first three human patients, one of whom can edit video by thought alone, drew headlines and scrutiny alike. Musk's coin-size implant is still in U.S. clinical trials, but he recently touted 100 days of "full recovery" for the inaugural participant even while acknowledging a signal-drop malfunction.
Rivals Synchron, backed by Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) co-founder Bill Gates and Amazon.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder Jeff Bezos, and Motif Neurotech have logged similar breakthroughs, suggesting commercial options could arrive before the decade's end.
See also: <a href="https://www.benzinga.com/markets/large-cap/25/06/45946614/boeing-projects-demand-for-43600-jets-over-next-20-years-asia-single-aisle-planes-to-lead-the-charge">Boeing Projects Demand For 43,600 Jets Over Next 20 Years—Asia, Single-Aisle Planes To Lead The Charge</a>
Why It Matters: Wang's timeline dovetails with his professional leap. Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), last week, agreed to buy a <a href="https://www.benzinga.com/news/topics/25/06/45939001/meta-in-talks-to-invest-over-10b-in-scale-ai-possibly-the-biggest-private-ai-deal-this-year">49% stake</a> in Scale AI for $15 billion and <a href="https://www.benzinga.com/markets/tech/25/06/45880561/meta-on-the-verge-of-a-15-billion-deal-with-scale-ai-report">tapped him</a> to help lead a "superintelligence" lab aimed at closing the gap with OpenAI and Alphabet Inc.&#8217;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.
A report earlier today revealed that Google has begun <a href="https://www.benzinga.com/markets/tech/25/06/45943342/google-microsoft-elon-musks-xai-reportedly-cut-ties-with-scale-ai-after-mark-zuckerbergs-meta-buys-stake">shifting its data-labeling contracts</a> to Scale AI's rivals after Meta bought a stake in the startup. The search giant had planned to pay Scale about $200 million for human-labeled training data this year, but it is now negotiating with alternative vendors. Microsoft and Elon Musk's xAI have also cooled their ties, leaving Scale's $870 million-a-year business vulnerable just as CEO Alexandr Wang heads to Meta.
Benzinga's Edge Stock&nbsp;Rankings&nbsp;show that Meta has a positive Price Trend in the Short, Medium and Long term. Here is how the stock is&nbsp;<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener">ranked</a>&nbsp;on other metrics.
<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="141" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16094054/image-243-1024x141.png" alt="" class="wp-image-950803" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16094054/image-243-1024x141.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16094054/image-243-300x41.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16094054/image-243-768x106.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16094054/image-243.png 1376w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Photo Courtesy: Kemarrravv13 on Shutterstock.com Read next: <a href="https://www.benzinga.com/personal-finance/management/25/06/45948610/a-newlywed-tells-dave-ramsey-her-husbands-spending-is-a-problem-when-he-gets-paid-he-wants-to-get-his-hair-done">A Newlywed Tells Dave Ramsey Her Husband&#8217;s Spending Is A Problem—&#8217;When He Gets Paid, He Wants To Get His Hair Done&#8217;</a>

Meta's 'Superintelligence' Lab Hire Alexandr Wang Says He'll Wait for Elon Musk's Neuralink Before Having Kids — Here's Why

Leading cryptocurrencies erased early gains Monday as President Donald Trump asked citizens of Tehran, Iran's capital, to "immediately" evacuate the city amid escalating Iran-Israel conflict.
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Cryptocurrency</th>
<th>Gains +/-</th>
<th>Price (Recorded at 10:30 p.m. ET)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+0.90%</td>
<td>$106,721.09</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-0.29%</td>
<td>$2,561.52</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.29%</td>
<td>$0.1731</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin nearly hit $109,000 late evening, marking a sharp recovery from the downsides triggered due to the Iran-Israel war.&nbsp;&nbsp;
Investors have been on edge since the beginning of the hostilities between the two regional rivals. However, the<a href="https://www.benzinga.com/markets/equities/25/06/45952716/stock-market-today-sp500-rises-iran-israel-nasdaq-near-record-highs"> jitters were eased</a> after reports said that Iran wants to de-escalate tensions and return to negotiations.
But the optimism seems to have faded after Trump ordered residents of the Iranian capital, Tehran, <a href="https://www.benzinga.com/news/events/25/06/45964856/trump-asks-everyone-to-immediately-evacuate-tehran-odds-of-us-striking-iran-spike-on-crypto-betting-platform">to immediately evacuate</a>, sending stock futures and cryptocurrencies tumbling. Bitcoin fell below $107,000 on the news.
Ethereum saw a similar trajectory, rising to an intraday high of $2,680.09 only to fall below $2,500.
About $381 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $204 million.&nbsp;
Bitcoin&#8217;s Open Interest rose 2.91% after days of decline and flat movement. Over 60% of Binance traders with open BTC positions were positioned short, according to the long/short ratio, indicating expectations of further downside.
The "Greed" sentiment strengthened from 61 to 68, according to the Crypto Fear &amp; Greed Index.
Top Gainers (24 Hours)
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Cryptocurrency</th>
<th>Gains +/-</th>
<th>Price (Recorded at 10:30 p.m. ET)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Pendle (PENDLE)</td>
<td>+10.20%</td>
<td>$4.02</td>
</tr>
<tr>
<td>Aerodrome Finance (AERO) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+9.07%</td>
<td>$0.7948</td>
</tr>
<tr>
<td>Uniswap (UNI)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+7.03%</td>
<td> $7.56 </td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.32 trillion, following an increase of 1.03% in the last 24 hours.
Stocks made a sharp recovery on Monday. The Dow Jones Industrial Average climbed 317.30 points, or 0.75%, to close at 42,515.09. The S&amp;P 500 spiked 0.94% to end at 6,033.11. The tech-focused Nasdaq Composite gained 1.52% to close at 19,701.21.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Cryptocurrency analyst and trader Rekt Capital highlighted Bitcoin&#8217;s six-week streak of holding $104,400 as support, a critical level following a breakout from a re-accumulation range
"To reiterate, this is a post-breakout retest in an effort to fully confirm the breakout from the re-accumulation range," Rekt Capital added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> Bitcoin has officially entered its 6 consecutive week of successfully retesting $104400 as support To reiterate, this is a post-breakout retest in an effort to fully confirm the breakout from the Re-Accumulation Range<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/WzBXbOKM7D">https://t.co/WzBXbOKM7D</a> <a href="https://t.co/aeF6Go9y1M">pic.twitter.com/aeF6Go9y1M</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1934717582835114177?ref_src=twsrc%5Etfw">June 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Another widely followed cryptocurrency analyst, Michaël van de Poppe, noticed the <a href="https://www.benzinga.com/markets/equities/25/06/45956228/aggressive-stock-buying-on-oil-drop-and-israel-gaining-control-of-tehran-skies">pullback</a> in gold and oil prices.
"If, this week, if Gold breaks more south and sub $3,400, that would be a great signal for risk-on appetite," Van De Poppe predicted.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A small update here. Gold corrects slightly, and also oil is coming down. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> continues to go upwards, while <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> are outperforming. If, this week, if Gold breaks more south and sub $3,400, that would be a great signal for risk-on appetite. <a href="https://t.co/gMt8RKh8Fy">pic.twitter.com/gMt8RKh8Fy</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1934649672242802998?ref_src=twsrc%5Etfw">June 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo Courtesy: Yalcin Sonat On Shutterstock.com
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
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Bitcoin, Ethereum, Dogecoin Lose Early Gains After Trump's 'Immediately Evacuate' Warning Amid Iran-Israel Conflict: Analyst Sees 'Great' Signal For Risk-On Appetite If This Happens

Japan&#8217;s SoftBank Group Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) is reportedly looking to raise $4.9 billion via a sizable overnight stake sale.
What Happened: On Tuesday, it was revealed that the Japanese investment holding company would be raising these funds via an unregistered overnight block sale of its stake in T Mobile US Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>), according to a <a href="https://www.bloomberg.com/news/articles/2025-06-16/softbank-seeks-to-raise-4-9-billion-in-t-mobile-share-sale-mbzn3ujs">report</a> by Bloomberg News, which saw the terms of the deal.
SoftBank is offering 21.5 million shares in the telecom giant at a price range of $224 to $228 per share, representing a 3% discount to T-Mobile&#8217;s closing price on Monday, at $230.99.
The deal, when completed, is set to be the largest U.S. equity block sale since Toronto-Dominion Bank's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) $13.1 billion <a href="https://www.benzinga.com/ma/25/01/42921113/deal-dispatch-td-bank-charles-schwab-eyenovia-smart-share-hit-auction-block">divestiture of its stake</a> in Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) in February. It also adds to the growing wave of equity offerings by new and existing shares, reaching $91.4 billion so far in 2025, up from $75.9 billion last year.
See Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45962262/jpmorgan-files-trademark-jpmd-crypto-trading-digital-asset-services">Dimon Called Crypto A &#8216;Ponzi Scheme&#8217;—Now JPMorgan Is Building JPMD To Trade It</a>
As of March 31, 2025, SoftBank held 85.4 million T-Mobile shares, equivalent to a 7.52% stake, which was originally acquired as part of Sprint Corp.&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/12/14912449/what-the-sprint-t-mobile-merger-trial-means-for-investors">$26.5 billion merger</a> with T-Mobile in 2020. SoftBank had acquired a majority stake in T-Mobile back in 2013.
Following the proposed transaction, SoftBank&#8217;s stake will shrink by 1.9 percentage points, leaving it with a roughly 5.6% stake in the company. 
The transaction is being managed by Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), and neither SoftBank nor T-Mobile has immediately responded to Benzinga&#8217;s request for a comment.
Why It Matters: This move might prompt T-Mobile&#8217;s majority stakeholder, Deutsche Telekom AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DTEGY#OTC">DTEGY</a>), to vie for greater control of the company, something that it&#8217;s been pursuing for the <a href="https://www.benzinga.com/m-a/21/05/21199432/deutsche-telekom-eyeing-majority-stake-in-t-mobile-by-acquiring-softbanks-share-bloomberg">past several years</a>. 
SoftBank continues to pursue investment opportunities in the U.S., having led a <a href="https://www.benzinga.com/media/25/01/43374528/softbank-may-lead-openais-40-billion-funding-round-at-a-300-billion-valuation-despite-deepseek-disruption-report">$40 billion investment round</a> in OpenAI early this year.
The company&#8217;s CEO, Masayoshi Son, had earlier committed to <a href="https://www.benzinga.com/news/24/12/42505666/softbanks-masayoshi-son-to-reportedly-announce-100b-us-investment-during-meeting-with-trump">investing $100 billion</a> in the United States during a meeting with the then President-Elect Donald Trump at Mar-a-Lago late last year.
Price Action: T-Mobile shares were up 1.31% on Monday, ending the day at $230.99, but are down 3.89% after hours following news of the stake sale.
<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="143" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16220626/Screenshot-2025-06-17-at-7.36.11-AM-1024x143.png" alt="" class="wp-image-951496" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16220626/Screenshot-2025-06-17-at-7.36.11-AM-1024x143.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16220626/Screenshot-2025-06-17-at-7.36.11-AM-300x42.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16220626/Screenshot-2025-06-17-at-7.36.11-AM-768x108.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/16220626/Screenshot-2025-06-17-at-7.36.11-AM.png 1528w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The company&#8217;s shares show strong Momentum, and rank well on Quality according to Benzinga&#8217;s Edge Stock Rankings, but only have a favorable price trend in the long term. See <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, the company, its peers, and competitors.
Photo Courtesy: Koshiro K on Shutterstock.com
Read More: 
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<li><a href="https://www.benzinga.com/news/events/25/06/45964856/trump-asks-everyone-to-immediately-evacuate-tehran-odds-of-us-striking-iran-spike-on-crypto-betting-platform">Trump Asks &#8216;Everyone&#8217; To Immediately Evacuate Tehran, Odds Of US Striking Iran Spike On Crypto Betting Platform</a></li>
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