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The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the performance of U.S. companies in the technology sector. The fund is non-diversified.

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iShares US Technology ETF

AI-themed exchange-traded funds (ETFs) are witnessing a significant surge as asset managers capitalize on the growing enthusiasm surrounding <a href="https://www.benzinga.com/topic/artificial-intelligence">artificial intelligence</a>. This year, over one-third of the two dozen AI-focused ETFs were launched, according to Morningstar.
What Happened: In the past week alone, three new ETFs have entered the AI sector, including one that was rebranded to specifically focus on artificial intelligence, Reuters reported on Monday. The total assets of AI ETFs have now reached $4.5 billion, approaching the $5.5 billion held by nuclear power-themed ETFs and surpassing the $1.37 billion in the cannabis sector.
Daniel Sotiroff, a senior analyst at Morningstar, remarked on the trend, stating, &#8220;I&#8217;m not surprised their ranks are multiplying.&#8221; 
He emphasized that the industry&#8217;s rapid pace attracts investors eager for quick returns, according to the report.
See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41560703/november-interest-rate-cut-almost-a-done-deal-as-blackout-begins-10-stocks-surging-the-most-sinc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">November Interest Rate Cut Almost A Done Deal As Blackout Begins: 10 Stocks Surging The Most Since Fed&#8217;s Last Decision</a>
As per Benzinga Pro data, here are how some of the AI-based ETFs performed over the past year:
Global X Robotics and Artificial Intelligence ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BOTZ#NASDAQ">BOTZ</a>): BOTZ, currently with net assets worth $2.51 billion and NAV of $31.59, climbed 40.39%. Its top AI-related holdings include Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and biotech firm Intuitive Surgical Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>).
Global X Artificial Intelligence &amp; Technology ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIQ#NASDAQ">AIQ</a>): AIQ, which has $2.27 billion in net assets and $37.36 NAV, increased by 43.64%. Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), and Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) are some of its top AI-related holdings.
iShares US Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>): IYW gained 50.72% in the past year. The ETF has an NAV of $155.42 and $19.24 billion in net assets. It also gives exposure to tech stocks like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Nvidia, Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) which have witnessed stellar growth, thanks to AI buzz.
Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>): The ETF witnessed a 48.55% growth while exposing to stocks like Apple, Microsoft, Nvidia, Alphabet and Broadcom. It holds $12.05 billion in net assets. 
Why It Matters: The surge in AI-themed ETFs is part of a broader trend driven by the increasing demand for artificial intelligence technologies. Recently, Nvidia briefly surpassed Apple to become the <a href="https://www.benzinga.com/markets/equities/24/10/41551461/nvidia-overtakes-apple-as-worlds-most-valuable-company-again">world&#8217;s most valuable company</a>, fueled by the demand for its AI supercomputing chips. This highlights the growing importance of AI in the tech sector.
Moreover, the <a href="https://www.benzinga.com/news/24/10/41351070/imf-warns-ai-in-stock-trading-can-boost-efficiency-but-warns-of-increased-market-volatility">International Monetary Fund</a> (IMF) has noted AI&#8217;s potential to enhance market efficiency but warns of increased volatility and cyber threats. The IMF&#8217;s Global Financial Stability Report suggests that AI-driven trading could revolutionize markets, although its adoption remains limited. The report also cautions about the potential shift of investments to less regulated nonbank financial intermediaries, complicating market oversight.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

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More Than A Third Of AI-Based ETFs Were Launched In 2024, Focusing On Nvidia, Microsoft, Apple And Meta, Among Others: Here's How Some Of Them Have Performed This Year So Far

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares may not rise very much when the tech giant debuts the iPhone 16 on Monday because much of the anticipation is already baked into the stock, but the new phone should give some <a href="https://www.benzinga.com/news/24/09/40680904/7-products-apple-will-likely-discontinue-next-week-after-iphone-16-launch">legs to the stock </a>over the next year, according to a tech expert. 
"I think the announcement is typically going to be a disappointment," Deepwater Asset Management managing partner Gene Munster told Benzinga on Tuesday. 
"I don't expect it to trade up on the event."
Munster&#8217;s expectation is the shares will start rising considerably after the company reports its third-quarter earnings in late October because consumers and investors will have had time to explore the iPhone&#8217;s expected artificial intelligence features, he said. 
&#8220;I think they&#8217;re really gonna catch on,&#8221; Munster said.
&#8220;Once that starts happening into next year, that&#8217;s when the excitement really goes, but this is going to be the disappointment before the excitement. I think this year is really going to be a great 12 months for Apple.&#8221;
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39696001/apples-app-store-revenue-surge-and-iphone-upgrades-set-to-drive-growth-in-2025-bofa">Apple&#8217;s App Store Revenue Surge and iPhone Upgrades Set to Drive Growth in 2025: BofA Analyst</a>
Sales for iPhone may grow as much as 15% next year versus Wall Street expectations of 7% because the iPhone 16 may convince 10% of iPhone users who planned on upgrading in 2026 to do so next year, he said. 
&#8220;I think it&#8217;s conservative to say 10% because there&#8217;s a group that&#8217;s just going upgrade this year because it&#8217;s time. Their phone is five years old they&#8217;re just gonna get a new phone.&#8221; 
The higher revenue will move the stock higher, Munster said, but he declined to predict a number. 
The question is how many users who initially planned to upgrade in 2026, 2027 and 2028 will go for the iPhone 16 in 2025 as a result of the new AI features, Munster said.
&#8220;These pools are so massive that just a small increase in that uptake has a measurable impact on revenue growth,&#8221; he said.
&#8220;I think the bottom line is if &nbsp;the AI features are as exciting as I believe, they&#8217;re going to have a massive wave of upgrades.&#8221;
Munster recalled iPhone sales growing 52% 10 years ago when the iPhone 6 came out with a bigger screen.
"Small changes to features can have big impact to growth,&#8221; he said.
&#8220;That&#8217;s the key question. Do you think these features are going to spur big upgrade cycle?&#8221;
AAPL Price Action: Apple lost 2.72% in Tuesday&#8217;s session, closing at $222.77. Exchange-traded funds that hold the stock performed as follows:
<ul>
<li>T-Rex 2X Long Apple Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/AAPX#BATS">AAPX</a>) fell 5.17%. </li>
<li>Direxion Daily AAPL Bull 2X Shares (NASADQ: AAPU) dropped 5.53%. </li>
<li>Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) declined 4.32%.</li>
<li>Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) slipped 4.4%. </li>
<li>IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>) fell 4.18%. </li>
</ul>
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<li><a href="https://www.benzinga.com/news/24/06/39267314/will-your-iphone-support-new-apple-intelligence-features-heres-what-you-need-to-know">Will Your iPhone Support New Apple Intelligence Features? Here&#8217;s What You Need To Know</a></li>
</ul>
Gene Munster of Deepwater Asset Management. Courtesy photo.

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ETF Opportunities Trust T-Rex 2X Long Apple Daily Target ETF

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EXCLUSIVE: Apple's iPhone 16 Launch Will Be 'Disappointment Before The Excitement,' Gene Munster Says

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) once again <a href="https://www.benzinga.com/news/earnings/24/08/40092219/apple-meta-platforms-and-3-stocks-to-watch-heading-into-thursday">offering lower prices </a>on its products for college students heading back to school in the fall through its yearly Higher Education Offer, formerly known as its Back To School promotion.
The global sales drive, which has a new name to communicate its exclusive focus on college students, began in the U.S., Canada and India in June and has been running in the U.K. and Europe since early July, MacWorld <a href="https://www.macworld.com/article/673191/apple-back-school-sale.html">reported</a>. Apple is handing out gift cards in the U.S., U.K. and Canada while giving discounts on AirPods in Europe and India.
The Higher Education Offer kicked off on June 20 and will end on Sept. 30 in the U.S., Canada and India. It began on July 3 and will stop on Oct. 21 in the U.K. and Europe.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40047546/apple-set-to-beat-q3-earnings-estimates-with-strong-services-growth-goldman-sachs">Apple Set To Beat Q3 Earnings Estimates With Strong Services Growth: Goldman Sachs</a>
The deal, which usually ends about a month after the first semester, has already taken place in Australia, New Zealand, Brazil and South Korea from January to mid-March. 
Higher Education Offer deals include getting $100 and $150 gift card for buying Mac computers and iPad tablets, a 20% discount off AppleCare technical support services and an Apple Pencil Pro for $119.
Apple&#8217;s Education Store also offers product discounts to students all year long.
Price Action: Apple Inc., which is scheduled to release third-quarter earnings after Thursday&#8217;s close, rose 1.01% to $224.32 in Thursday&#8217;s premarket trading, while exchange-traded funds that hold the stock also trended upward.
<ul>
<li>T-Rex 2X Long Apple Daily Target ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/AAPX#BATS">AAPX</a>) gained 1.73%</li>
<li>Direxion Daily AAPL Bull 2X Shares&nbsp;(NASADQ: AAPU) rose 2.24%</li>
<li>Fidelity MSCI Information Technology Index ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) went up 0.60%</li>
<li>Vanguard Information Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) edged up 0.77%</li>
<li>IShares U.S. Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>) increased 1.69%</li>
</ul>
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</ul>

Apple Higher Education Offer Spans Globe, Gives Discounts To College Students

Goldman Sachs expects Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) to <a href="https://www.benzinga.com/markets/equities/24/07/40029731/apple-operating-in-an-alternative-universe-says-top-analyst-as-cupertinos-strategy-will-likely-w">beat analyst expectations</a> when it reports third-quarter earnings after Thursday&#8217;s closing bell.
The tech giant should exceed Wall Street consensus of $1.33 earnings per share (EPS) by 3 cents on Thursday, according to Goldman Sachs analyst Michael Ng. He predicted revenue for the quarter to come in at $85.1 billion, up 4% from $81.8 billion in revenue posted a year ago.
&#8220;While Apple's iPad market share has lagged in recent quarters relative to history, we expect the recently announced new iPad models (May 7) should benefit market share in F3Q24,&#8221; he wrote in a note.
&#8220;The new iPad models represented the first new iPads since October 2022.&#8221;
Goldman Sachs maintains a Buy rating on Apple because it believes the company&#8217;s focus on slower product revenue growth does not reflect its growth in services and product innovation, Ng said.
Read Also:<a href="http://Apple Shares Are Surging Friday: What You Need To Know"> Apple Shares Are Surging Friday: What You Need To Know</a>
&#8220;The majority of gross profit growth over the next five years should be driven by services, which should mark an inflection point in the services investment narrative,&#8221; he wrote.
&#8220;The durability of Apple's installed base and the resulting revenue growth visibility from attaching more services and products is what underpins the recurring revenue &#8212; or Apple-as-a-Service &#8212; opportunity.&#8221;
But Apple is exposed to downside risks such as weakening consumer demand for products and services, supply chain disruption and growing competition, Ng said.
&#8220;Although Apple is the largest company and the most well resourced among its competitors, it is not the market leader in every single business line,&#8221; he wrote. &#8220;For instance, in video streaming, it faces several key competitors that invest more heavily than Apple in content.&#8221;
Price Action: Apple was down 0.3% to $217.54 at the time of publication Tuesday.
The decline in Apple shares also impacted related ETFs:
<ul>
<li>T-Rex 2X Long Apple Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/AAPX#BATS">AAPX</a>) slipped 1.51%.</li>
<li>Direxion Daily AAPL Bull 2X Shares (NASADQ: AAPU) fell 1.94%</li>
<li>Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) declined 1.51%.</li>
<li>Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) dropped 2.59%</li>
<li>IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>) lost 2.62%</li>
</ul>
Read Now: 
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<li><a href="http://Apple's App Store Revenue Surge and iPhone Upgrades Set to Drive Growth in 2025: BofA Analyst">Apple&#8217;s App Store Revenue Surge and iPhone Upgrades Set to Drive Growth in 2025: BofA Analyst</a></li>
</ul>
Photo: Shutterstock

Earnings

Reiteration

Apple Set To Beat Q3 Earnings Estimates With Strong Services Growth: Goldman Sachs

Apple Vision Pro‌ has upped its Digital Crown virtual reality feature with the launch of a <a href="https://www.benzinga.com/news/24/07/39961795/apple-to-rally-around-10-here-are-10-top-analyst-forecasts-for-thursday">new virtual environment </a>that takes the user to a picturesque lake in Norway.
Digital Crown already provides a dozen virtual environments that serve as backdrops to whatever apps and images the user is viewing through the Apple Vision Pro headset. 
The new release follow&#8217;s Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) announcement that Apple Vision Pro&#8217;s visionOS 2, which turns 2D images into 3D, will feature a Bora Bora environment later this year, MacRumors<a href="https://www.macrumors.com/2024/07/24/apple-vision-pro-lake-vrangla-environment/"> reported</a>.
Read Also: <a href="https://www.benzinga.com/news/earnings/24/07/39958982/apples-taiwanese-chip-supplier-ase-tech-clocks-modest-q2-growth-in-revenues">Apple&#8217;s Taiwanese Chip Supplier ASE Tech Clocks Modest Q2 Growth In Revenues</a>
The newest environment provides a pleasant foggy view of Lake Vrangla, a placid body of water near Oslo. It also showcases a calming sunset scene and videos that appear over the lake will reflect in the water.
Digital Crown provides a virtual alternative to the user&#8217;s actual surroundings, which Apple Vision Pro shows behind apps and other images via the headset&#8217;s passthrough cameras.
The new Lake Vrangla environment is available to users as a simple download that can be started from the Environments tab of Apple Vision Pro&#8217;s Home View, in either visionOS 1 or visionOS 2 beta.
Price Action: Apple slipped 0.48% to $217.49 on Thursday, while exchange-traded funds that track Apple also fell.
<ul>
<li>T-Rex 2X Long Apple Daily Target ETF (AAPX) slipped 1.24%.</li>
<li>Direxion Daily AAPL Bull 2X Shares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPU#NASDAQ">AAPU</a>) declined 0.98%.</li>
<li>Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) fell 0.90%.</li>
<li>Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) slid 0.94%.</li>
<li>IShares U.S. Technology ETF ARCA: IYW) lost 0.91%.</li>
</ul>
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<li><a href="https://www.benzinga.com/news/earnings/24/07/39955407/tesla-apple-chip-supplier-stmicroelectronics-q2-earnings-hit-by-weakness-in-industrial-and-automoti">Tesla, Apple Chip Supplier STMicroelectronics Q2 Earnings Hit by Weakness in Industrial and Automotive Sectors, Stock Plunges</a></li>
</ul>
Photo: Apple Vision Pro &#x7C; Photo courtesy: Apple

Apple Vision Pro Launches New Lake-Setting Environment For Digital Crown VR

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) shares are trading higher in the <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">premarket session</a> on Monday.
The company achieved record-breaking annual sales in India, nearing $8 billion, reflecting the tech giant's rapidly expanding presence in the country.
The milestone underscores Apple's growing market in India, where it has increased local assembly of its devices and <a target="_blank" href="https://in.benzinga.com/content/38369338/apple-india-stores-rank-among-best-globally-in-first-years-revenue" rel="noreferrer noopener">opened two flagship stores</a>.
India's revenue surged by about 33% in the 12 months ending in March, up from $6 billion the previous year.
Notably, high-priced iPhones accounted for over half of these sales, according to a report from <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-15/apple-sales-in-india-surge-33-to-8-billion-as-chinese-market-slows?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
Apple's growth in India highlights its efforts to capture users in the world's most populous nation. As India's economy strengthens, consumer purchasing power is rising.
Apple is leveraging this trend to diversify its manufacturing and revenue streams, particularly as trade tensions with China pose risks.
The Indian smartphone market is dominated by affordable Chinese brands running Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google's Android OS. iPhones represent only 3.5% of the nearly 690 million smartphones in use in India, based on data from Counterpoint Research.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39748257/apples-find-my-feature-the-brainchild-of-an-intern" rel="noreferrer noopener">Apple's ‘Find My' Feature: The Brainchild Of An Intern</a>
Despite this, India remains one of Apple's fastest-growing markets, contributing about 2% to its fiscal-year sales of $383 billion.
Apple's CEO Tim Cook <a target="_blank" href="https://in.benzinga.com/content/38605390/could-not-be-more-excited-tim-cook-on-apples-revenue-record-setting-operations-in-india" rel="noreferrer noopener">has prioritized India</a>, highlighted by his visit last year to inaugurate two Apple Stores.
India's expanding middle class, viewing Apple products as status symbols, could help reduce the company's dependency on Chinese sales.
Apple has been increasing its production capabilities in India, manufacturing models like the iPhone 15, though high-end models like the Pro and Pro Max are not yet produced locally.
The company exports most of its India-assembled devices. Apple's partners in India doubled production to $14 billion worth of iPhones last fiscal year, meaning roughly 14% of its devices are now made in India.
Morgan Stanley has maintained an Overweight rating on Apple and raised the price target from $216 to $273.
Apple stock has gained more than 12% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: At the last check on Monday, AAPL shares were trading higher by 1.98% at $235.10 in the premarket.
Read Next:
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Company

Emerging Markets

GOOGL

What's Going On With Tech Giant Apple's Stock On Monday?

Elon Musk seeks to dismiss a lawsuit filed by former Twitter shareholders who claim he delayed disclosing his substantial ownership stake in the <a target="_blank" href="https://www.benzinga.com/news/23/04/31810229/elon-musk-bought-twitter-1-year-ago-a-look-back-at-whats-happened-since-and-what-could-be-next" rel="noreferrer noopener">social media company in early 2022</a>.
Musk argues that "all indications" suggest any delay was unintentional.
In a recent filing in Manhattan federal court, Musk dismissed the idea that he aimed to deceive shareholders unaware of his 9.2% Twitter stake, which led them to miss out on significant gains when they sold their stock, Reuters reports.
Investors allege that Musk and his wealth manager, Jared Birchall, were aware of the U.S. Securities and Exchange Commission (SEC) rule requiring disclosure by March 24, 2022, after Musk acquired 5% of Twitter.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/07/39640751/tesla-model-y-features-on-chinese-governments-purchase-list-in-a-first-for-elon-musks-company" rel="noreferrer noopener">Tesla Model Y Features On Chinese Government's Purchase List In A First For Elon Musk's Company</a>
They claim he waited an additional 11 days, allowing him to purchase more shares at lower prices, saving over $200 million. Twitter's stock surged 27% on April 4, 2022, following <a target="_blank" href="https://www.benzinga.com/m-a/22/04/26444862/elon-musk-discloses-9-2-stake-in-twitter-weeks-after-criticizing-algorithm-what-you-need-to-know" rel="noreferrer noopener">Musk's announcement of his 9.2% stake</a>.
Musk stated in his filing that he initially planned to reveal his Twitter stake at the end of 2022 but did so promptly upon realizing his misunderstanding of the SEC rule. "This is not a scheme to defraud," Musk asserted.
He also denied allegations that a Morgan Stanley banker <a target="_blank" href="https://www.benzinga.com/news/large-cap/23/01/30485850/morgan-stanleys-role-in-musks-twitter-acquisition-advisers-not-owners" rel="noreferrer noopener">helped him develop a strategy</a> to amass Twitter shares secretly.
The investors, led by an Oklahoma public pension fund, have not commented on Musk's latest filing.
Musk acquired Twitter, now known as X, for $44 billion in October 2022. The SEC is also <a target="_blank" href="https://www.benzinga.com/news/24/02/37061910/us-judge-orders-elon-musks-testimony-in-sec-probe-of-44b-twitter-acquisition" rel="noreferrer noopener">investigating his Twitter stock purchases.</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Photo via Shutterstock

Media

TSLA

Elon Musk Argues Mistake, Not Fraud, In Twitter Stake Disclosure Lawsuit

Epic Games, the creator of &#8220;Fortnite,&#8221; has accused tech giant Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) of obstructing its efforts to establish a games store on iPhones and iPads in Europe.
This marks the latest development in the ongoing dispute over Apple&#8217;s control of the iOS app ecosystem.
Epic Games reported that Apple has twice denied its submission to launch the Epic Games Store, citing similarities in the design of certain buttons and labels to those used by the App Store, Reuters reports.
According to Epic, their use of &#8220;Install&#8221; and &#8220;In-app purchases&#8221; follows standard conventions seen across popular app stores on various platforms.
They argue that Apple&#8217;s rejection is arbitrary and violates the Digital Markets Act (DMA).
In March, under pressure from European regulators, Apple had agreed to allow Epic to set up its own game store on iOS devices in Europe. However, the current impasse suggests ongoing friction between the two companies.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/07/39611089/top-apple-executive-phil-schiller-to-join-openai-board-as-observer-giving-iphone-maker-equal-status" rel="noreferrer noopener">Top Apple Executive Phil Schiller To Join OpenAI Board As Observer, Giving iPhone Maker Equal Status With Microsoft After Landmark AI Agreement Reached: Report</a>
Epic has communicated its concerns about Apple&#8217;s actions to the European Commission, seeking intervention.
Previously, Epic was barred&nbsp;from selling its products and&nbsp;services on the App Store&nbsp;and briefly lost its<a target="_blank" href="https://www.benzinga.com/news/24/07/39567248/fortnite-could-return-back-to-apple-iphone-as-epic-moves-to-reintroduce-game-via-eu-alternative-app" rel="noreferrer noopener"> developer license for violating Apple&#8217;s rules.</a>
However, after the EU implemented&nbsp;its&nbsp;Digital Markets Act rules, the company regained its developer status.
Apple reversed its decision to ban Epic Games from launching its own app store on iOS in Europe, following <a target="_blank" href="https://www.benzinga.com/general/gaming/24/03/37567854/epic-victory-fortnite-returns-to-ios-in-europe-as-apple-relents-on-eu-ban" rel="noreferrer noopener">pressure from European Union officials.</a>
Apple stock has gained more than 15% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Photo via Shutterstock

Eurozone

Fortnite Maker Epic Games Accuses Apple Of Blocking Its Game Store Launch

Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) reportedly informed over a dozen Texas state agencies and public universities that Russian state-sponsored hackers accessed their emails through a breach disclosed in January.
The hackers, linked to Russian intelligence services, infiltrated Microsoft&#8217;s systems and stole emails from some company executives, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-28/microsoft-tells-texas-agencies-they-were-exposed-in-russian-hack?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
The affected Texas entities include the Texas Department of Transportation, Texas Workforce Commission, Texas Department of Motor Vehicles, Texas General Land Office, and Texas State Securities Board, the report mentioned.
The attack, attributed to a group known as Midnight Blizzard, has led to ongoing investigations by the state and Microsoft.
Steve Pier, an official with the Texas cybersecurity agency, acknowledged the breach, stating that so far, only routine administrative emails have been exposed, per the report.
Pier emphasized that the state itself was not breached, but Microsoft was, involving some state emails. The Texas Department of Information Resources is assessing the scope of the exposure.
Read Also: <a href="https://www.benzinga.com/news/24/06/39550891/microsofts-13b-investment-in-openai-under-eu-scrutiny" target="_blank" rel="noreferrer noopener">Microsoft&#8217;s $13B Investment In OpenAI Under EU Scrutiny</a>
Microsoft has been notifying affected customers and offering support to mitigate the breach&#8217;s impact. Microsoft told the General Land Office that hackers accessed 11 emails, primarily related to technical support, with no sensitive information compromised.
The breach, attributed to Midnight Blizzard, also known as APT 29 or Cozy Bear, has raised concerns about potential access to sensitive information.
Microsoft stock has gained more than 32% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and&nbsp;IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: MSFT shares are trading higher by 0.40% at $448.73 in premarket at last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: B_A from Pixabay
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Microsoft Hack Exposes Texas Agencies To Russian State-Sponsored Attack: Report

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has introduced Rich Communication Services (RCS) support in its Messages app with the latest update in the iOS 18 second developer beta, marking a major enhancement in <a href="https://www.benzinga.com/topic/iphone">cross-platform messaging capabilities</a>.
RCS allows for advanced messaging features like sending and receiving high-quality images, file sharing, seeing typing indicators, and getting read receipts, which were previously limited to iMessage interactions among Apple devices. 
This update enables iPhone users to communicate more effectively with Android users, as RCS is supported by most Android phones signaling a move towards more inclusive communication technology, reported TechCrunch.
Prior to this update, iPhone users were restricted to sending basic SMS or MMS messages to non-Apple devices. 
The new RCS functionality bridges this gap, allowing rich media exchanges and group chats across different device ecosystems.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/06/39372969/apple-revises-payment-options-reportedly-ends-buy-now-pay-later-service">Apple Revises Payment Options, Reportedly Ends &#8216;Buy Now, Pay Later&#8217; Service</a>
Currently, the RCS feature is available only through major U.S. carriers such as T-Mobile US Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>), AT&amp;T Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>), and Verizon Communications Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>).
It is operational only if the carrier supports RCS and has updated their network for iOS 18. Apple has indicated that it plans to expand support to additional regions pending carrier updates.
The integration of RCS in iOS 18 follows Apple&#8217;s announcement at the <a href="https://www.benzinga.com/news/24/06/39239622/apples-ai-strategy-could-trigger-three-year-iphone-sales-boost-says-top-tech-bull-dont-overthink-it">Worldwide Developer Conference earlier this month</a>, highlighting the company&#8217;s efforts to provide more seamless and inclusive communication options across different platforms.
Apple stock has gained more than 12% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: AAPL shares are trading higher by 0.82% at $210.64 in premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/news/24/06/39474703/tim-cooks-goal-to-slash-assembly-workers-by-up-to-50-faces-setback-apple-reportedly-facing-precision">Tim Cook&#8217;s Goal To Slash Assembly Workers By Up To 50% Faces Setback: Apple Reportedly Facing Precision Issues With Robots While Assembling iPhones</a>

TMUS

Apple Introduces iPhone Update, Improves Texting With Android Users

Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/markets/equities/24/06/39454317/nvidia-stock-slides-nearly-2-in-premarket-following-last-weeks-pullback-whats-going-on">gained over 6% </a>on Tuesday after losing a staggering $550 billion in market value since Thursday, June 20. The company had become the most valuable on the planet last week when it reached a market capitalization of $3.46 trillion.
The artificial-intelligence company has risen back to $3.10 trillion by Tuesday after falling 16% since Thursday, settling in as the third most valuable corporation behind Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), which is valued at $3.34 trillion, and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), which holds $3.22 trillion in value.
Concerns about Nvidia's grip on the S&amp;P 500 Index after soaring almost 140% this year have some analysts warning that a large enough sell-off for the chipmaker could spark a broader market slump, the Financial Times <a href="https://www.ft.com/content/7332b1f8-cf7c-4bfa-82f4-88d0deb23f98">reported</a>.
Also read: <a href="https://www.benzinga.com/trading-ideas/technicals/24/06/39482710/nvidia-stock-drops-over-12-in-3-trading-days-indicators-suggest-whats-next">Nvidia Stock Drops Over 12% In 3 Trading Days: Indicators Suggest What&#8217;s Next</a>
"If Nvidia corrects pretty hard in the coming months, it becomes very difficult for the [S&amp;P 500] to keep rising," Barry Bannister, chief equity strategist at Stifel, told FT. &#8220;And Nvidia will decelerate.&#8221;
Shares fell 4% on Monday, following disclosures on Friday that chief executive and co-founder, Jensen Huang, sold almost $95 million worth of the stock in the days around its climb to the world's most valuable company. The trades were part of a previously scheduled Rule 10b5-1 sale plan set up in March, filings show, according to the Financial Times.
Nvidia's fall from Thursday, June 20, to Tuesday has weighed on the broader chipmaking sector, with the PHLX Semiconductor Index (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOX#NASDAQ">SOX</a>) down 2.5% and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which tracks the tech-dominated Nasdaq Composite, was down 0.4% since Thursday.
On Tuesday the iShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>) gained 1.7%, Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>) jumped1.4% and First Trust Dow Jones Internet Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDN#NYSE">FDN</a>) rose by 1.4%.
Read now: <a href="https://www.benzinga.com/news/earnings/24/06/39476084/nasdaq-s-p-500-futures-firm-up-as-nvidia-poised-to-lead-tech-rebound-expert-says-a-major-gaffe-by-o">Nasdaq, S&amp;P 500 Futures Firm Up As Nvidia Poised To Lead Tech Rebound: Expert Says &#8216;A Major Gaffe By One Of The Candidates&#8217; In Presidential Debate Could Alter Market Trajectory</a>
Photo: Shutterstock

AMZN

First Trust Dow Jones Internet Index Fund

Nvidia Rebounds Over 6% After $550B Market Cap Loss

In a major pivot within its financial services offerings, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) will reportedly discontinue its &#8220;buy now, pay later&#8221; (BNPL) service in the U.S., coinciding with the introduction of a new loan program.
This adjustment is set to redefine how Apple integrates financial solutions into its ecosystem.
The new program, set to launch later this year, will allow users to utilize installment loans through various payment methods including credit and debit cards, directly through Apple Pay, reported Reuters.
Apple emphasized that while the BNPL service, known as Apple Pay Later, will be phased out, existing customers with open loans can continue to manage and repay their loans through the Wallet app.
The service, which was initially rolled out to select users in March of the previous year, offered a payment option of splitting purchases into four equal payments over six weeks, without incurring interest or fees.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39350130/apple-could-partner-with-japanese-firms-like-canon-to-amplify-vision-pros-reach-says-lead-developer" rel="noreferrer noopener">Apple Could Partner With Japanese Firms Like Canon To Amplify Vision Pro&#8217;s Reach, Says Lead Developer</a>
&#8220;This solution will enable us to bring flexible payments to more users, in more places across the globe in collaboration with Apple Pay-enabled banks and lenders,&#8221; stated the company, per the report.
The transition to a more versatile lending model highlights Apple&#8217;s commitment to expanding its financial services footprint worldwide, providing users with more flexible payment options in their financial transactions.
Apple stock has gained more than 17% in the last 12 months. Investors can gain exposure to the stock via Vanguard Information Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VGT#NYSE">VGT</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: AAPL shares are trading higher by 0.57% at $217.91 in premarket at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI, and was reviewed and published by Benzinga editors.
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Photo via Shutterstock

Apple Revises Payment Options, Reportedly Ends 'Buy Now, Pay Later' Service

The technology sector has been the clear leader of the 2024 market rally so far, driven by the artificial intelligence craze, hopes of rate cuts and the rising share of the &quot;Magnificent Seven&quot;. 
The &quot;Magnificent Seven&quot; is the biggest engine of growth for the technology sector. In particular, Apple (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and Microsoft (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) are racing for the spot of the most valuable company. Last week, Apple reclaimed the most valuable company title, edging out Microsoft, but is unable to sustain the momentum. The iPhone maker currently has a market cap of $3.26 trillion, whereas the software maker boasts $3.29 trillion. 
Apple 
Apple, which was way behind its competitors in adopting AI, is finally catching up following the launch of the latest AI features at its long-anticipated Worldwide Developers Conference. The introduction of numerous AI-powered features is expected to kickstart the next upgrade cycle, enhancing the company&#39;s performance and restoring investor confidence in Apple. 
The iPhone maker unveiled a brand-new AI feature called Apple Intelligence for iPhones, iPads and Macs. The technology will help summarize text, create original images and retrieve the most relevant data when users need it. Apple announced a partnership with ChatGPT-maker OpenAI, which provides customers access to ChatGPT via Siri at no extra cost. 
Apple reported robust second-quarter fiscal 2024 results, beating both earnings and revenue estimates. The tech giant unveiled the largest buyback in the company&#39;s history and lifted its dividend payment. 
Microsoft 
The world&#39;s largest software maker also reported strong third-quarter fiscal 2024 results, beating earnings and revenue estimates, driven by the strong demand for cloud and artificial intelligence offerings. 
Microsoft has invested billions of dollars into AI in a bid to turbocharge its growth, particularly its cloud computing services, and is now reaping the fruits. About 7% of the increase in Azure revenues came from AI. Microsoft CEO Satya Nadella said on the last reported quarter&#39;s earnings call that 65% of Fortune 500 companies are using the Azure service that delivers OpenAI&#39;s technology to businesses. Demand for generative AI will continue to fuel Microsoft&#39;s cloud business. 
Microsoft is now emphasizing AI transformation through its new offerings like Microsoft Copilot. &quot;Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry,&quot; Nadella added.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/36/68985.jpg?v=708911877" /> 
Image Source: Zacks Investment Research
Apple Vs. Microsoft 
Microsoft is leading the way this year, having gained 17.7% versus Apple&#39;s rise of 10.4%. Both stocks currently have a Zacks Rank #3 (Hold) and a Momentum Score of A, along with a solid Zacks Industry Rank in the top 23%. 
Though Microsoft has a Growth Score of B, meaning that it is primed for strong growth, Apple looks relatively cheaper at the current levels as it is trading at a P/E ratio of 32.30 versus 37.60 for Microsoft. Apple&#39;s earnings are expected to grow 7.3% for the fiscal year (ending Sep 2024), lower than the industry average of 30.68%. However, its revenues will likely increase 0.4%, much higher than the industry&#39;s growth of 0.03%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/0a/68986.jpg?v=612629436" /> 
Image Source: Zacks Investment Research
Apple currently has an average brokerage recommendation&nbsp;of 1.75, up from 1.82 a month ago, made by 30 brokerage firms. Of those deriving the current ABR, 18 are Strong Buy and three are Buy. Strong Buy and Buy, respectively, account for 60% and 10% of all recommendations. A month ago, Strong Buy made up 56.67%, whereas Buy represented 10%. 
Meanwhile, Microsoft has an ABR of 1.13 made by 39 brokerage firms. Of these deriving the current ABR, 35 are Strong Buy and three are Buy. Strong Buy and Buy, respectively, account for 89.74% and 7.69% of all recommendations. A month ago, Strong Buy made up 89.47%, whereas Buy represented 7.89%. The company&#39;s earnings and revenues are estimated to grow 19.98% and 15.33%, respectively, for the current fiscal year (ending June 2024), much higher than the average industry growth of 11.50% and 6.67%.
<h3>ETFs to Bet On</h3>
Based on the above discussion, Apple and Microsoft are in a tough battle and investors should include both stocks in their portfolios to tap growth. Good tidings are in the cards for Apple, given its cheap valuation, strong ABR and new AI innovations. Then again, Microsoft is poised for above-average growth, given its solid earnings and growth estimates. 
As such, investors seeking to invest in both companies at the same time could look at Select Sector SPDR Technology ETF (ARCA:XLK), MSCI Information Technology Index ETF (ARCA:FTEC), Vanguard Information Technology ETF (ARCA:VGT) and iShares Dow Jones US Technology ETF (ARCA:IYW). XLK has the largest 44.1% share in both AAPL and MSFT, followed by 33.7% for IYW, 32.8% for FTEC and 32.6% for VGT. All four ETFs sport a Zacks ETF Rank #1 (Strong Buy) and have been hitting new highs lately.
<a href="https://www.zacks.com/stock/news/2289363/tech-etfs-faceoff-apple-vs-microsoft?cid=CS-BENZ-FT-etf_news_and_commentary-2289363">To read this article on Zacks.com click here.</a>

Earnings Beats

Trading Ideas

Tech ETFs Faceoff: Apple Vs Microsoft

Apple Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) has regained its position as the world&#39;s most valuable company, topping Microsoft Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>). This achievement marks a significant milestone, driven by Apple&#39;s recent announcement related to its generative AI initiative called &quot;Apple Intelligence&quot;.
These potential AI initiatives generated optimism about future iPhone generations and likely revenue increases. Apple Intelligence will be available for the iPhone 15 Pro, iPads, and Macs running Apple&#39;s M1 series chips and newer models starting this fall. This could even result in a rebound in iPhone sales following recent declines in fiscal performance.
<h3>Market Capitalization and Recent Performance</h3>
Thanks to investor optimism surrounding its growth prospects, particularly in AI, Apple just logged its best three-day run since 2020, per Bloomberg. Following a robust rally, Apple closed with a market capitalization of $3.285 trillion on Jun 13, 2024, narrowly surpassing Microsoft at $3.282 trillion.
This is the first time since January that Apple has exceeded Microsoft in market value, reflecting recent reshufflings among Wall Street&#39;s top stocks. In fact, earlier in the week, Apple briefly fell behind Nvidia Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) in market capitalization. However, investors have shown confidence in Apple&#39;s potential as a likely AI winner, fueling its recent gains.
<h3>Analyst Insights</h3>
Bank of America analyst Wamsi Mohan highlighted the potential of AI functionalities to drive a significant upgrade cycle for Apple, potentially raising average selling prices and boosting revenue in the coming years, as quoted on Bloomberg.
<h3>Price Target</h3>
Based on short-term price targets offered by 30 analysts, the average price target for Apple comes to $206.96. The forecasts range from a low of $164.00 to a high of $275.00. And the current price of Apple is $214.24.
<h3>What Lies Ahead?</h3>
So far, Apple&#39;s AI initiatives have been well-received by investors. However, stiff competition awaits Apple in the AI space. Stocks with more direct exposure to AI, such as Microsoft, Amazon.com Inc., Alphabet Inc., and Meta Platforms Inc., have shown stronger performance in 2024. Nvidia, in particular, has seen immense gains due to its prominent role in AI development.
Plus, Apple&#39;s association With ChatGPT has received a mixed response. Ben Wood, chief analyst at CCS Insight, and Tesla chief Elon Musk believe that ChatGPT integration may create deeper problems for the firm, as quoted on BBC.
Investors should note that Apple&#39;s competitors have faced several AI hiccups during the initial phase of the rollout. Apple might also experience similar hiccups. Hence, it is better to track the company with the ETF approach. The basket approach minimizes the company-specific concentration risks.
Apple-heavy ETFs include the likes of Technology Select Sector SPDR Fund (ARCA:XLK), iShares Global Tech ETF (ARCA:IXN) and iShares U.S. Technology ETF (ARCA:IYW). Incidentally, these ETFs have solid exposure to Microsoft&mdash;the second-most valuable company and an AI winner.
<a href="https://www.zacks.com/stock/news/2288265/etfs-in-focus-as-apple-reclaims-most-valuable-title?cid=CS-BENZ-FT-etf_news_and_commentary-2288265">To read this article on Zacks.com click here.</a>

iShares Trust S&P Global Information Technology Sector Index Fund

ETFs in Focus as Apple Reclaims Most Valuable Title

Bain Capital&#8217;s plan to acquire PowerSchool Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWSC#NYSE">PWSC</a>) for $5.6 billion is under investigation for conflicts of interest and concerns <a href="https://www.benzinga.com/insights/analyst-ratings/24/05/38737311/demystifying-powerschool-holdings-insights-from-9-analyst-reviews">over an inadequate deal price</a>.
What Happened: Shareholder rights law firm Julie &amp; Holleman on Monday announced that it is probing the proposed transaction because private equity firms Vista Equity Partners and Onex, PowerSchool&#8217;s two largest shareholders, are posing conflicts of interest by &#8220;rolling over&#8221; shares into the post-close company while public shareholders are being cashed out.
The deal is expected to close in the second half of this year.
See Also: <a href="https://www.benzinga.com/markets/asia/24/01/36627149/global-giants-kkr-bain-capital-target-asias-rising-data-center-space-amid-ai-cloud-services-upswing">Global Giants KKR, Bain Capital Target Asia&#8217;s Rising Data Center Space Amid AI, Cloud Services Upswing</a>
Bain and PowerSchool didn&#8217;t immediately respond to Benzinga&#8217;s request for comment.
Why It Matters: PowerSchool, a California-based provider of cloud-based software for K-12 education in North America, announced on Friday that it had agreed to be acquired by Bain for $22.80 per share in cash.
Julie &amp; Holleman said that per-share deal price is less than what the company&#8217;s stock was trading at earlier this year, less than the average Wall Street analyst stock price target of $24.57 per share and well below the high-end price target of $30 per share. 
But PowerSchool said in its announcement that per-share purchase price represents a premium of 37 percent over PowerSchool's unaffected share price of $16.64 as of May 7, 2024, the last trading day prior to media reports regarding a potential transaction.
PowerSchool&#8217;s shares have declined $0.11 since Monday&#8217;s opening bell to $22.36 by the afternoon.
If you&#8217;re interested in investing in the education technology (EdTech) industry, here are three related ETFs to consider:&nbsp;Global X Education ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EDUT#NASDAQ">EDUT</a>),&nbsp;Amplify Transformational Data Sharing ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLOK#NYSE">BLOK</a>), and&nbsp;iShares U.S. Technology ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Read Now: <a href="https://www.benzinga.com/markets/equities/24/06/39230510/bain-capital-goes-big-in-edtech-powerschool-acquisition-valued-at-5-6b">Bain Capital Goes Big In EdTech: PowerSchool Acquisition Valued At $5.6 million</a>

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BLOK

EDUT

PWSC

Bain Capital's $5.6B PowerSchool Takeover Under Microscope

Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) unveiled a fresh line-up of all-digital Xbox Series X and S consoles along with trailers for more than a dozen <a href="https://www.benzinga.com//node/39232083">upcoming games at its annual Xbox Games Showcase on Sunday.</a>
The reveal included a disc-less version of the Series X and S, and a special edition Series X boasting 2 terabytes of storage. The move aims to invigorate console sales as the gaming industry grapples with declining revenues and numerous layoffs, reported Reuters.
In January, <a target="_blank" href="https://www.benzinga.com/news/24/01/36783057/microsofts-major-gaming-shake-up-1-900-layoffs-and-leadership-changes-in-post-acquisition-strategy" rel="noreferrer noopener">Microsoft laid off 1,900 employees</a> in its gaming division and continues to implement cost-cutting measures.
Last month, <a target="_blank" href="https://www.benzinga.com/news/24/05/38732093/microsoft-shakes-up-xbox-division-closes-renowned-studios-in-major-cost-cutting-move" rel="noreferrer noopener">Xbox closed three subsidiaries, including Tango Gameworks</a>, the studio behind the 2023 hit &#8220;Hi-Fi Rush.&#8221;
Microsoft showcased three new consoles and emphasized its competition with Sony Group Corp&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) PlayStation 5, the report added. Highlighting the event were new titles such as &#8220;Doom: The Dark Ages&#8221; and a preview of the much-anticipated &#8220;Gears of War&#8221; sequel, ending a five-year wait.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39201309/microsoft-under-ftc-investigation-for-inflection-ai-acquisition-strategy-report" rel="noreferrer noopener">Microsoft Under FTC Investigation For Inflection AI Acquisition Strategy: Report</a>
A large portion of these games, including the latest &#8220;Doom&#8221; and &#8220;Call of Duty,&#8221; will be available on Xbox Game Pass from their launch dates.
The showcase featured a special segment from Activision Blizzard&#8217;s studios on the new &#8220;Call of Duty: Black Ops 6,&#8221; set for an October release.
The gaming industry currently faces a downturn, with publishers dealing with softer sales and studio closures.
Microsoft&#8217;s strategy appears to heavily focus on <a target="_blank" href="https://www.benzinga.com/general/gaming/24/05/38859769/xbox-game-pass-may-2024-wave-2-hellblade-2-and-more-new-titles" rel="noreferrer noopener">Xbox Game Pass</a>, aiming to entice consumers by offering major titles on the subscription service at launch. This approach could be crucial in retaining and expanding its user base in a competitive and financially strained market.
Microsoft stock has gained more than 27% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Technology&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: MSFT shares are trading lower by 0.01% at $423.801 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39224832/antitrust-probes-target-ai-giants-microsoft-nvidia-openai-report" target="_blank" rel="noreferrer noopener">Antitrust Probes Target AI Giants Microsoft, Nvidia, OpenAI: Report</a>
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Microsoft's Xbox Division Unveils Game Releases And Expansions: Report

Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) is reportedly under scrutiny by the Federal Trade Commission (FTC) for a recent deal with Inflection AI.
The tech giant hired almost all of Inflection AI&#8217;s employees and agreed to pay the startup approximately $650 million as part of a licensing fee.
The FTC is examining the specifics of Microsoft&#8217;s agreement with Inflection AI to assess whether it should have been reported for antitrust review.
The FTC is looking into documents dating back two years, aiming to uncover if Microsoft deliberately designed the deal to bypass regulatory scrutiny, according to a <a target="_blank" href="https://www.wsj.com/tech/ai/ftc-opens-antitrust-probe-of-microsoft-ai-deal-29b5169a?mod=tech_lead_pos1" rel="noreferrer noopener">report </a>from the Wall Street Journal.
The FTC&#8217;s investigation is part of a broader effort to monitor AI investments by major tech companies, including Microsoft and Google&#8217;s parent company, Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>).
FTC Chair Lina Khan has raised concerns about large corporations potentially monopolizing the most promising AI technologies, which could affect competition and innovation in the industry.
If the FTC concludes that Microsoft should have reported its deal with Inflection AI, the company could face enforcement actions.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39174482/microsoft-to-fund-startup-that-enhances-ai-deployment" rel="noreferrer noopener">Microsoft To Fund Startup That Enhances AI Deployment</a>
Potential penalties include fines and suspension of the transaction while a comprehensive investigation is conducted. Tech firms, including Microsoft, often acquire startups primarily to hire their specialized workforce, a strategy known as &#8220;acquihire.&#8221;
In this case, Microsoft acquired Inflection AI&#8217;s talented team without purchasing the company. Inflection AI, known for developing one of the largest language models and an AI chatbot named Pi, continues to operate independently.
Ted Shelton, Inflection AI&#8217;s new chief operating officer, stated that the company remains independent and is not under Microsoft&#8217;s ownership.
Inflection AI, backed by entrepreneur Reid Hoffman and Greylock Partners, has shifted its focus under new management from consumer products to services aimed at business clients.
Microsoft stock has gained more than 27% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Technology&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: MSFT shares closed higher by 1.91% at $424.01 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/06/39156141/hitachi-and-microsoft-forge-multi-billion-dollar-ai-collaboration-details" target="_blank" rel="noreferrer noopener"> Hitachi And Microsoft Forge Multi-Billion Dollar AI Collaboration: Details</a>
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Microsoft Under FTC Investigation For Inflection AI Acquisition Strategy: Report

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) intends to increase its investments in Taiwan, emphasizing the critical role of the local chip supply chain and its long-standing partnership with Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>), stated CEO Jensen Huang in Taipei.
Despite geopolitical uncertainties, Nvidia plans to construct another supercomputer in Taiwan following the launch of Taipei-1 last year. The stock is trading higher on Wednesday.
Huang praised TSMC for its advanced technology and flexibility, highlighting its 25-year collaboration, the Nikkei Asia <a target="_blank" href="https://asia.nikkei.com/Business/Technology/Nvidia-CEO-to-increase-investment-build-2nd-supercomputer-in-Taiwan" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/06/39162545/nvidia-emails-reveal-musks-gpu-shuffle-whats-at-stake-for-teslas-ai-robotics-future" rel="noreferrer noopener">Nvidia Emails Reveal Musk&#8217;s GPU Shuffle: What&#8217;s At Stake For Tesla&#8217;s AI, Robotics Future</a>
Additionally, Huang expressed interest in evaluating Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) as a potential contract chipmaking service provider.
Recent reports indicated that TSMC is expecting a price hike, something Nvidia&#8217;s chief has <a target="_blank" href="https://www.benzinga.com/news/24/06/39170072/nvidia-amd-chips-to-get-dearer-as-taiwan-semi-eyes-ai-chip-price-hike" rel="noreferrer noopener">already discussed</a>.
The key contract chipmaker looks to raise the price of its AI chip production services. TSMC chief C.C. Wei cited the example of Nvidia, which was already charging a premium for its products.
Analysts maintained Nvidia as the <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39168191/nvidia-maintains-lead-as-key-ai-beneficiary-analyst-boosts-estimates-after-taiwan-e" rel="noreferrer noopener">lead AI beneficiary</a> after the recent Taiwan event Computex, citing opportunities with its Hopper platform, Blackwell B100/200, and the ASP boost from the GB200 NVL72 full rack solution.
<a target="_blank" href="https://www.benzinga.com/news/24/06/39167053/nvidia-nears-certification-of-samsungs-ai-chips-as-market-rivalry-with-sk-hynix-surges" rel="noreferrer noopener">Nvidia has also</a> contacted Samsung Electronics Co for high-bandwidth memory (HBM) chip supply as the industry battled supply chain constraints.
A <a target="_blank" href="https://www.benzinga.com/news/24/06/39177443/elon-musk-reveals-how-tesla-may-split-10b-ai-budget-nvidia-to-get-billions-but-in-house-efforts-take" rel="noreferrer noopener">separate report</a> indicated that Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) will earmark $3 billion &#8211; $4 billion in 2024 on hardware purchases from Nvidia.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/05032729/newplot-9.png" alt="" class="wp-image-371533" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/05032729/newplot-9.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/05032729/newplot-9-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Nvidia stock gained over 197% in the last 12 months as the AI frenzy is in no hurry to fizzle out. Investors can gain exposure to the stock via VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>) and iShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Price Action: NVDA shares traded higher by 2.96% at $1,198 at the last check on Wednesday.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/06/39157757/intel-targets-china-export-market-what-investors-should-know" rel="noreferrer noopener">Intel Targets China Export Market &#8211; What Investors Should Know</a>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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INTC

What's Going On With Nvidia Stock On Wednesday?

Touchcast Inc., a startup specializing in caching generative artificial intelligence queries, is set to raise $100 million from venture backers, including Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), an investor in OpenAI.
The New York-based company stores and delivers responses for frequently used AI prompts, aiming to reduce computational and energy requirements for models like OpenAI's GPT-4.
The initiative seeks to lower costs and enhance deployment efficiency for developers and businesses, according to a report from <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-04/microsoft-backs-startup-focused-on-making-ai-more-efficient?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
Accenture Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) backed Touchcast is expected to reach a valuation of at least $350 million after the new funding, according to CEO Edo Segal.
While details of Microsoft's investment remain undisclosed, Segal mentioned ongoing discussions with major Silicon Valley investors.
Businesses increasingly rely on AI to streamline daily operations, but the high demand has highlighted a critical shortage in GPUs, which are essential for training and running AI models, Bloomberg writes.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39156141/hitachi-and-microsoft-forge-multi-billion-dollar-ai-collaboration-details" rel="noreferrer noopener">Hitachi And Microsoft Forge Multi-Billion Dollar AI Collaboration: Details</a>
Segal noted that Touchcast's approach aims to optimize computing and energy resources.
Recently, Touchcast launched its cognitive cache content delivery technology, which Segal likens to having several small library desks spread out in a large library, making information access more efficient.
"When users ask the same question, they go to the large language model over and over," said Segal. In today's AI-driven web, "a new class of infrastructure is critical to deliver these magical experiences at internet scale, sustainably."
Touchcast is collaborating with Microsoft to enhance and expand the distribution of generative AI queries.
This involves deploying cognitive caching technology across Microsoft's Azure data centers, reducing costs for Azure OpenAI tools.
Microsoft stock has gained more than 22% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Technology&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) and IShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>).
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39153893/microsoft-faces-privacy-wrath-over-education-suite-report" target="_blank" rel="noreferrer noopener">Microsoft Faces Privacy Wrath Over Education Suite: Report</a>
Photo via Shutterstock

Microsoft To Fund Startup That Enhances AI Deployment

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) could become China&#8217;s sole U.S. streaming service.
In 2023, the iPhone maker discussed introducing its Apple TV+ video streaming service in the country via a deal with&nbsp;leading telecommunications provider China Mobile, the Information <a href="http://telecommunications provider" target="_blank" rel="noreferrer noopener">reports</a>.
China can help Apple&#8217;s streaming service reach over 200 million Chinese mobile broadband customers.
In the U.S., Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Amazon Prime Video and Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) command leading positions in the streaming industry with market shares of over 20% each. According to <a href="https://9to5mac.com/2023/10/11/heres-how-apple-tv-growth-compares-to-other-streaming-platforms-in-the-us/" target="_blank" rel="noreferrer noopener">reports</a>, Apple TV+ has a 7% market share.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04105552/newplot-8.png" alt="" class="wp-image-370277" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04105552/newplot-8.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/04105552/newplot-8-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
So far, Apple has succeeded in maintaining a balance with its most significant trading partner despite growing geopolitical tensions between the U.S. and China. The tensions were aggravated when the U.S. imposed advanced chip sanctions on China, restricting its access to sophisticated AI chips from Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and other U.S. chip designers.
In&nbsp;2023,&nbsp;Apple <a href="https://www.benzinga.com/government/24/04/38460042/apple-strengthens-supply-chain-in-china-while-growing-presence-in-southeast-asia-and-india" target="_blank" rel="noreferrer noopener">boosted its number</a> of China-based suppliers and manufacturing sites. The company <a href="https://www.benzinga.com/news/24/05/39038349/whats-going-on-with-apple-stock-on-tuesday" target="_blank" rel="noreferrer noopener">launched a new</a> Apple store in Shanghai, and company CEO Tim Cook attended the China Development Forum in Beijing, underscoring the market&#8217;s importance.
 iPhone sales in China grew by 52% year-on-year in April.
Apple <a target="_blank" href="https://www.benzinga.com/government/24/03/37892837/apple-wants-to-strengthen-presence-in-china-in-talks-with-baidu-over-ai-collaboration" rel="noreferrer noopener">also discussed integrating</a> Baidu Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) advanced generative artificial intelligence (AI) technology into&nbsp;Apple devices within China.
Apple stock gained over 8% in the past 12 months. Investors can gain exposure to the stock via iShares U.S. Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYW#NYSE">IYW</a>) and Fidelity MSCI Information Technology Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FTEC#NYSE">FTEC</a>).
AAPL Price Action: Apple shares were trading flat at $194.04 at the last check on Tuesday.
Read Next: <a href="https://www.benzinga.com/news/24/06/39162545/nvidia-emails-reveal-musks-gpu-shuffle-whats-at-stake-for-teslas-ai-robotics-future">Nvidia Emails Reveal Musk&#8217;s GPU Shuffle: What&#8217;s At Stake For Tesla&#8217;s AI, Robotics Future</a>
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Apple's Streaming Ambitions In China Continue Despite Geopolitical Tensions

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In this week's video, we'll review the latest charts and data to help us answer the question - will the election bring a sharp correction in stocks?

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