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Meridian

Meridian Corp is a bank holding company. Through its banking subsidiary, it operates as a full-service, state-chartered commercial bank providing personal, business lending, and deposit services. It operates in three reportable segments including Bank, Wealth, and Mortgage. The company generates maximum revenue from the Bank segment which consists of commercial and retail banking. It generates interest income from its lending (including leasing) and investing activities and is dependent on the gathering of lower-cost deposits from its branch network or borrowed funds from other sources for funding its loans.

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Descubre las acciones que lideran los movimientos en la apertura del mercado, incluyendo repuntes destacados y caídas sorprendentes.

Acciones de Evaxion Biotech (EVAX) suben alrededor del 62%; 20 acciones que se mueven en el premercado

Meridian Corp

News

Reported Saturday, HII's Ingalls Shipbuilding Division Christens Future USS Jeremiah Denton, Merging Naval Tradition With Advanced Maritime Defense

Reported Sunday, Torrent Pharma To Acquire Controlling Stake In JB Chemicals From KKR At INR 25,689 Cr Valuation

Hyperbolic Co-founder and Chief Technology Officer Yuchen Jin on Sunday said that OpenAI plans to release an open-source artificial intelligence model next month that reportedly outperforms existing ChatGPT options, potentially intensifying competition with Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>).
What Happened: &#8220;Sorry to hype — but having a few friends at OpenAI makes it hard not to hear how wild their open-source model dropping next month is,&#8221; Jin wrote on social media platform X . &#8220;It won&#8217;t run on a phone, but let&#8217;s just say it edges out one of the models in the ChatGPT dropdown. Meta&#8217;s gonna need some time to catch up.&#8221;
Jin clarified in subsequent posts that the upcoming release represents &#8220;a reasoning model&#8221; rather than a lightweight mobile version, addressing speculation about device optimization. 
Box Inc. CEO Aaron Levie supported this approach, stating that the intelligence level should remain the primary focus over device compatibility.
<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">Sorry to hype — but having a few friends at OpenAI makes it hard not to hear how wild their open-source model dropping next month is. It won't run on a phone, but let's just say it edges out one of the models in the ChatGPT dropdown. Meta's gonna need some time to catch up.
&mdash; Yuchen Jin (@Yuchenj_UW) <a href="https://twitter.com/Yuchenj_UW/status/1939462191302033757?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The revelation comes amid escalating talent acquisition battles between major AI companies. Meta CTO Andrew Bosworth recently countered OpenAI CEO Sam Altman&#8216;s claims about $100 million signing bonuses, stating during a company meeting that &#8220;Sam is just being dishonest here&#8221; and accused Altman of creating a <a href="https://www.benzinga.com/markets/tech/25/06/46157544/meta-exec-dismisses-openais-sam-altmans-claims-of-100-million-signing-bonuses-sam-is-just-being-dishonest-here">selective market for senior leadership roles</a>.
OpenAI 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:&nbsp;<a href="https://www.benzinga.com/news/politics/25/06/46159125/elon-musk-calls-trumps-megabill-political-suicide-says-it-is-utterly-insane-and-destructive-will-destroy-millions-of-jobs-in-america" target="_blank" rel="noreferrer noopener">Elon Musk Calls Trump's Megabill ‘Political Suicide,' Says ‘It Is Utterly Insane and Destructive,' Will ‘Destroy Millions of Jobs in America'</a>
Why It Matters:&nbsp;Several OpenAI researchers, including Lucas Beyer, Alexander Kolesnikov, and Xiaohua Zhai, <a href="https://www.benzinga.com/markets/tech/25/06/46132953/fake-news-former-engineer-joining-meta-refutes-sam-altmans-100m-golden-pass-accusation-to-poach-openai-talent">recently joined Meta</a>&#8216;s &#8220;superintelligence team&#8221; after establishing OpenAI&#8217;s Zurich office. However, Beyer publicly denied receiving the rumored $100 million signing bonus, calling such reports &#8220;fake news.&#8221;
The competitive dynamics reflect broader industry tensions as companies vie for AI supremacy. OpenAI&#8217;s annualized revenue run rate doubled to $10 billion in 2025, while ChatGPT reached 500 million weekly active users. Meanwhile, OpenAI and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) <a href="https://www.benzinga.com/markets/tech/25/06/46109371/openai-and-microsoft-reportedly-at-odds-over-access-to-artificial-general-intelligence-talks-are-ongoing-and-we-are-optimistic">reportedly dispute contractual terms</a> regarding artificial general intelligence access.
Meta stock has gained momentum with analysts predicting potential increases toward $800, supported by the company&#8217;s aggressive AI recruitment strategy and Mark Zuckerberg&#8216;s personal <a href="https://www.benzinga.com/markets/tech/25/06/46132953/fake-news-former-engineer-joining-meta-refutes-sam-altmans-100m-golden-pass-accusation-to-poach-openai-talent">leadership of the superintelligence initiative</a>.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/46161059/apple-has-the-potential-to-crush-metas-ray-ban-smart-glasses-says-ming-chi-kuo-but-the-tech-giant-has-been-surprisingly-slow" target="_blank" rel="noreferrer noopener">Apple Has the Potential To Crush Meta's Ray-Ban Smart Glasses, Says Ming-Chi Kuo, But The Tech Giant Has Been ‘Surprisingly Slow'</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Svet foto / Shutterstock.com

Tech

MSFT

Meta Is 'Gonna Need Time To Catch Up,' Says Hyperbolic CTO Yuchen Jin As OpenAI's Upcoming Open-Source Release Outperforms Existing ChatGPT Model

Reported Sunday, WeRide Hosts Singapore Transport Leaders To Advance Autonomous Public Transport Vision

Riliprubart granted orphan drug designation in Japan for chronic inflammatory demyelinating polyneuropathy
<ul>
<li>Two phase 3 studies are currently underway testing riliprubart in people with CIDP as a potential first-in-class treatment</li>
<li>Japanese Ministry of Health, Labour and Welfare decision adds to similar designations in the US and Europe, underscoring global regulatory recognition of the potential for riliprupart to address significant unmet medical needs for people living with this rare neurological condition</li>
</ul>

Sanofi's Riliprubart Granted Orphan Drug Designation In Japan For Chronic Inflammatory Demyelinating Polyneuropathy, Reinforcing Global Regulatory Momentum

<ul>
<li>Phase 1b study supports proof-of-concept in DOK7 congenital myasthenic syndromes</li>
<li>Decision informed by favorable safety profile and consistent functional improvement over time across multiple efficacy measures</li>
<li>Advancing ARGX-119 further validates strong track record of Immunology Innovation Program (IIP), argenx's collaborative discovery model</li>
</ul>

ARGX

argenx Moves Forward With First-In-Class MuSK Agonist ARGX-119 For CMS After Proof-of-Concept Achieved In Phase 1b Study

SpaceX and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk&#8216;s vision for Mars as a political project was reportedly thwarted in 2024 due to concerns about AI and political interference, according to a conversation revealed by Peter Thiel.
What Happened:&nbsp;Peter Thiel, the co-founder of PayPal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), disclosed a conversation he had with Elon Musk in 2024 in an <a href="https://www.nytimes.com/2025/06/26/opinion/peter-thiel-antichrist-ross-douthat.html">interview </a>with The New York Times on Thursday.
Elon Musk reportedly told Thiel &#8220;There's nowhere to go&#8221; after the PayPal co-founder said he wanted to leave the U.S. if Donald Trump doesn&#8217;t become the President. 
&#8220;It was about two hours&nbsp;after we had dinner and&nbsp;I was home that I&nbsp;thought of: &#8220;Wow, Elon, you&nbsp;don&#8217;t&nbsp;believe in going to Mars&nbsp;anymore,&#8221; Thiel said. 
Thiel claimed that Demis Hassabis&nbsp;CEO of Google&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) DeepMind,&nbsp; warned Musk that his AI could follow humans to Mars. This revelation reportedly led to Musk&#8217;s silence and a shift in his perspective on the Mars project.
According to Thiel, it took Musk until 2024 to fully process the implications of this conversation. He began to view Mars not just as a scientific endeavor, but as a political project that could be influenced by external factors like AI and government policies.
&#8220;2024 is the year where&nbsp;Elon stopped believing in Mars&nbsp;— not as a silly&nbsp;science tech project, but as&nbsp;a political project,&#8221; stated Thiel.
&#8220;And in 2024 Elon came to believe that if you went to Mars, the socialist U.S. government, the woke A.I. would follow you to Mars.&#8221;
SpaceX did not immediately respond to <a href="http://pro.benzinga.com">Benzinga&#8217;s</a> request for comment. 
SEE ALSO:&nbsp;<a href="https://benzinga.com/news/politics/25/06/46160509/irans-top-diplomat-to-un-says-uranium-enrichment-to-continue-an-inalienable-right" target="_blank" rel="noreferrer noopener">Iran&#8217;s Top Diplomat To UN Says Uranium Enrichment To Continue: An &#8216;Inalienable Right&#8217;</a>
Why It Matters: Despite Theil&#8217;s claims, reports in May indicated that Musk&#8217;s SpaceX was <a href="https://www.benzinga.com/government/regulations/25/05/45606144/after-fiery-setbacks-elon-musks-spacex-doubles-down-on-starship-for-bold-2026-mars-push-report">intensifying efforts</a>&nbsp;to prepare its experimental Starship rocket for a potential Mars mission in 2026.
Moreover, Musk has long been an advocate for Mars colonization, citing it as humanity&#8217;s &#8220;life insurance&#8221; policy. In a separate interview in May 2025, Musk warned that Earth&nbsp;<a href="https://www.benzinga.com/startups/25/05/45480331/elon-musk-says-earth-only-has-10-of-its-life-left-before-its-incinerated-by-the-sun-calls-colonizing-mars-humanitys-life-insurance-polic">only has 10% of its life left</a>&nbsp;before it&#8217;s &#8220;incinerated&#8221; by the sun, making Mars colonization essential for humanity&#8217;s survival.
Despite his concerns about AI, Musk has also invested in several AI startups, including DeepMind, following a warning from Hassabis about the <a href="https://www.benzinga.com/news/topics/25/05/45710311/elon-musk-called-ai-an-existential-risk-for-human-civilization-yet-he-invested-early-in-deepmind-after-this-warning-from-co-founder-demis-hassabis">dangers </a>of advanced AI to human civilization. This apparent contradiction in Musk&#8217;s actions and beliefs raises questions about the future of his Mars ambitions.
<ul class="wp-block-list">
<li>READ MORE:<a href="https://www.benzinga.com/news/space/25/06/46090664/india-may-have-been-to-mars-and-moon-but-an-indian-hasnt-been-in-space-for-41-years-elon-musk-just-changed-that"> India May Have Been To Mars And Moon, But An Indian Hasn&#8217;t Been In Space For 41 Years: Elon Musk Just Changed That</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

SPACE

GOOG

GOOGL

PYPL

TSLA

Elon Musk Stopped Believing In Mars Dream As A 'Political Project' In 2024, Says Peter Theil Amid 'Woke AI' And 'Socialist Government' Fears

Economist Craig Shapiro has been calling for a national housing policy overhaul, as he believes the housing market is &#8220;rigged,&#8221; amid New York City mayoral candidate Zohran Mamdani&#8216;s ambitious housing reform agenda.
What Happened: In a detailed Substack <a href="https://substack.com/home/post/p-167096016">essay</a> and an X thread, the macro strategist at the Bears Trap Report, Shapiro, highlights how the housing market has become an &#8220;over-subsidized, under-scrutinized asset class in America.&#8221;
According to him, &#8220;Housing is no longer just shelter,&#8221; it's an asset class, and &#8220;It's time for a reset — one that unwinds the monetary premium embedded in home prices and redirects policy toward making shelter accessible again.&#8221;
This comes amid the rising popularity of the Democratic primary winner for <a href="https://www.benzinga.com/news/politics/25/06/46087359/zohran-mamdani-leads-nyc-mayoral-primary-andrew-cuomo-concedes-race">mayor of New York City</a>, Mamdani. Apart from affordable childcare, taxing the rich, free buses, and raising minimum wages, his ambitious agenda also includes a $70 billion dream of building 200,000 units of affordable housing and freezing rent on the city's nearly one million rent-stabilized apartments.
Meanwhile, Shapiro explains that housing policy in the U.S. is not just economic — it's political. The current regime benefits several powerful groups:
<ul class="wp-block-list">
<li>Homeowners who rely on home appreciation for retirement security.</li>
<li>Real estate agents and lenders earn more from higher prices.</li>
<li>Institutional landlords benefit from the limited supply and rising rents.</li>
<li>Local governments fear voter backlash if property values fall.</li>
</ul>
&#8220;And so, despite growing unaffordability, tax advantages for homeowners persist. Zoning laws continue to restrict supply. Investors still enjoy favorable treatment through 1031 exchanges and depreciation loopholes. All while 36% of Americans — renters — receive almost none of these benefits,&#8221; he adds.
<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">I put together a long form post this morning on housing this morning on my substack (link in bio) Here are the highlights &#x1f3e1; The housing market isn't just broken — it's rigged. It's time we talk about the most over-subsidized, under-scrutinized asset class in America. Here's…
&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1939437993242046832?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/real-estate/25/06/46088531/too-many-home-sellers-fewer-buyers-experts-predict-housing-prices-to-fall-in-2025-without-a-fed-put-in-place">Too Many Home Sellers, Fewer Buyers: Experts Predict Housing Prices To Fall In 2025 Without A Fed Put In Place</a>
Why It Matters: As a solution to the crisis, Shapiro advocates for a &#8220;Great Housing Reset&#8221; to shift the focus from housing as a speculative asset to affordable shelter.
It includes gradually phasing out mortgage interest deductions and capping capital gains exclusions for high-income earners on primary residences, eliminating 1031 exchanges for residential investment properties, and linking federal infrastructure funding to local zoning reforms that encourage multifamily housing.
Furthermore, he suggests redirecting federal support from homeowners to renters through universal housing vouchers and renter equity programs, believing these changes would lead to a &#8220;soft landing&#8221; for housing prices and a more equitable, accessible housing market.
Price Action: Here is a list of some<a href="https://www.benzinga.com/real-estate/25/06/46088531/too-many-home-sellers-fewer-buyers-experts-predict-housing-prices-to-fall-in-2025-without-a-fed-put-in-place"> real estate and housing exchange-traded funds</a> that investors could consider as a play on the evolving housing demand. 
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>ETFs</td>
<td>YTD Performance</td>
<td>One Year Performance</td>
</tr>
<tr>
<td>SPDR S&amp;P Homebuilders ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XHB#NYSE">XHB</a>)</td>
<td>-4.85%</td>
<td>-0.06%</td>
</tr>
<tr>
<td>Vanguard Real Estate Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>)</td>
<td>0.23%</td>
<td>6.65%</td>
</tr>
<tr>
<td>Schwab US REIT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHH#NYSE">SCHH</a>)</td>
<td>0.62%</td>
<td>6.12%</td>
</tr>
<tr>
<td>Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>2.06%</td>
<td>8.10%</td>
</tr>
<tr>
<td>iShares US Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYR#NYSE">IYR</a>)</td>
<td>1.99%</td>
<td>8.28%</td>
</tr>
<tr>
<td>iShares Core US REIT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USRT#NYSE">USRT</a>)</td>
<td>-0.95%</td>
<td>5.99%</td>
</tr>
<tr>
<td>DFA Dimensional Global Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFGR#NYSE">DFGR</a>)</td>
<td>5.12%</td>
<td>7.58%</td>
</tr>
<tr>
<td>SPDR Dow Jones REIT ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RWR#NYSE">RWR</a>)</td>
<td>-2.14%</td>
<td>3.79%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended higher on Friday. The SPY was up 0.50% at $614.91, while the QQQ advanced 0.34% to $548.09, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
After hitting a fresh record on Friday, the futures of the S&amp;P 500, Nasdaq 100, and Dow Jones indices were trading higher on Monday.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/06/46108861/microsoft-is-playing-chess-and-others-are-playing-checkers-dan-ives-says-msft-could-be-a-5-trillion-company-in-18-months">Microsoft Is &#8216;Playing Chess, And Others Are Playing Checkers:&#8217; Dan Ives Says MSFT Could Be A $5 Trillion Company In 18 Months</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Politics

DFGR

iShares Trust Dow Jones US Real Estate Fund Index

SCHH

USRT

XLRE

US Housing Market Is 'Not Just Broken, It's Rigged,' Says Craig Shapiro As Mamdani Vows To Build 200,000 Publicly Subsidized Homes, Freeze Rent In NYC

LAES

SEALSQ Acquires 28.30% Stake In WECAN To Drive Quantum-Resilient Blockchain Innovation For Finance and IoT

President Donald Trump has issued a warning that New York City&#8217;s federal funding could be in jeopardy if Democratic candidate Zohran Mamdani doesn&#8217;t do the &#8220;right thing&#8221; if he wins the mayoral election.
What Happened: Trump expressed that Mamdani must &#8220;do the right thing&#8221; if elected, or the city could face a reduction in its federal funding. The President made these comments during a Fox News <a href="https://www.foxnews.com/video/6375019938112">interview </a>with Maria Bartiromo that aired on Sunday.
"Let's say this, if he does get in, I'm going to be president and he's going to have to do the right thing, or they're not getting any money&#8230;He's got to do the right thing," stated Trump.
Trump warned that any future mayor of New York must &#8220;behave themselves,&#8221; or else the federal government will impose severe financial consequences.
He has previously threatened to cut federal funding for local politicians in blue states with whom he disagrees. For instance, he threatened to withdraw funding from California due to Governor&nbsp;Gavin Newsom&#8216;s policies on transgender athletes in women&#8217;s sports.
Trump&#8217;s warning is not only directed at Mamdani, who recently defeated former New York Governor Andrew Cuomo in the city&#8217;s Democratic mayoral primary, but also extends to all mayoral candidates in New York City.
Trump has repeatedly labeled Mamdani, a Democratic socialist, as a communist. Mamdani, however, has rejected this label.
SEE ALSO: <a href="https://benzinga.com/news/sports/25/06/46159984/mark-cuban-raises-employee-wages-after-learning-of-government-aid-dependence" target="_blank" rel="noreferrer noopener">Mark Cuban Raises Employee Wages After Learning Of Government Aid Dependence</a>
Why It Matters: Mamdani&#8217;s victory in the Democratic primary for New York City mayor has sparked strong political reactions. Trump has <a href="https://www.benzinga.com/news/politics/25/06/46107353/trump-says-democrats-have-crossed-the-line-with-zohran-mamdani-bernie-sanders-elizabeth-warren-back-new-york-mayoral-candidates-grassroots-suppo">condemned </a>the win as a sign that the Democratic Party has veered too far left.
Despite the criticism, prominent senators such as Bernie Sanders (I-VT) and Elizabeth Warren (D-Mass) have thrown their <a href="https://www.benzinga.com/news/politics/25/06/46107353/trump-says-democrats-have-crossed-the-line-with-zohran-mamdani-bernie-sanders-elizabeth-warren-back-new-york-mayoral-candidates-grassroots-suppo">support </a>behind Mamdani, citing his &#8220;grassroots&#8221; approach.
Meanwhile, Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, has expressed reluctance to support a candidate against Mamdani in the New York City mayoral race, suggesting that the city must &#8220;learn the hard way&#8221; the <a href="https://www.benzinga.com/news/politics/25/06/46108180/no-point-fighting-against-the-tide-by-opposing-zohran-mamdani-says-gemini-co-founder-cameron-winklevoss-things-will-have-to-get-worse-in-nyc-before-they-get-better">consequences </a>of Marxist and socialist ideologies.
<ul class="wp-block-list">
<li>READ MORE: <a href="https://benzinga.com/personal-finance/financial-advisors/25/06/46159972/us-faces-financial-heart-attack-ray-dalio-warns-shares-investment-strategies-the-safest-investment-that-you-can-get-right-now-is-an-inflation-indexed-bond" target="_blank" rel="noreferrer noopener">US Faces ‘Financial Heart Attack,' Ray Dalio Warns — Shares Investment Strategies: &#8216;The Safest Investment That You Can Get Right Now Is An Inflation-Indexed Bond&#8217; &#8211; Benzinga</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Threatens To Cut Federal Funding For NYC If Zohran Mamdani Doesn't Do The 'Right Thing' As Future Mayor: 'If He Does Get In, I'm Going To Be President...'

Tesla researcher Troy Teslike has highlighted Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) struggle to adapt to lower sales in Canada, predicting GAAP losses for the company starting in Q1 2026.
What Happened: In a post on X on Sunday, Teslike pointed out that Tesla is grappling with a significant drop in sales in Canada, largely due to political controversy.
He cited that sales have nearly hit rock bottom, while the company continues to operate 35 stores across the country, thereby keeping SG&amp;A (Selling, General, and Administrative) costs high.
<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">Tesla is struggling to adapt to the new reality of lower sales. For example, sales in Canada have dropped to nearly zero, largely due to political controversy (source: <a href="https://t.co/AxsXyLJrFI">https://t.co/AxsXyLJrFI</a>), but Tesla continues to operate 35 stores across the country (source:…
&mdash; Troy Teslike (@TroyTeslike) <a href="https://twitter.com/TroyTeslike/status/1939392513460097102?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:<a href="https://www.benzinga.com/markets/large-cap/25/06/46161226/gary-black-warns-tesla-q2-deliveries-will-disappoint-says-cheaper-models-could-cannibalize-sales-and-see-ideal-re-entry-22-below-current-levels"> Gary Black Warns Tesla Q2 Deliveries Will &#8216;Disappoint&#8217; — Says Cheaper Models Could Cannibalize Sales</a>
Tesla&#8217;s sales had<a href="https://www.benzinga.com/news/topics/25/05/45692018/general-motors-tops-canadian-ev-market-in-q1-as-tesla-sales-tank-87-in-quebec-report"> plummeted by 87% in Quebec</a>, Canada, in Q1 2025. This was a two-year low for the company, amid incentive cuts and criticism around Elon Musk's political ties with the Donald Trump administration.
Why It Matters: Tesla&#8217;s sales decline in Canada comes at a time when its competitor, General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), is<a href="https://www.benzinga.com/news/topics/25/05/45692018/general-motors-tops-canadian-ev-market-in-q1-as-tesla-sales-tank-87-in-quebec-report"> experiencing a 252% surge in sales</a> in the country. Tesla&#8217;s sales woes have been attributed to an 87% decline in deliveries in Quebec, as per data obtained by Le Devoir.
Furthermore, Tesla has been<a href="https://www.benzinga.com/25/03/44213295/tesla-suspected-of-ev-rebate-manipulation-in-canada-amid-sudden-sales-surge-tesla-gamed-the-system-says-industry-body"> suspected of exploiting Canada&#8217;s EV rebate</a> program, with four of its stores allegedly selling an average of 30 cars per hour over three days, thereby claiming over 50% of the rebate funds.
Investor Gary Black, founder of The Future Fund, has also issued a<a href="https://www.benzinga.com/markets/large-cap/25/06/46161226/gary-black-warns-tesla-q2-deliveries-will-disappoint-says-cheaper-models-could-cannibalize-sales-and-see-ideal-re-entry-22-below-current-levels"> cautious outlook on Tesla&#8217;s upcoming second-quarter deliveries</a>, predicting that the company is likely to miss estimates.
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">&nbsp;following this link.</a>
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<li><a href="https://www.benzinga.com/markets/tech/25/06/46087914/teslas-europe-sales-slide-for-5th-straight-month-elon-musk-led-ev-giants-market-share-shrinks-to-1-3">Tesla&#8217;s Europe Sales Slide For 5th Straight Month: Elon Musk-led EV Giant&#8217;s Market Share Shrinks To 1.3%</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Ken Wolter / Shutterstock.com

Tesla Sales In Canada Have Dropped To 'Nearly Zero,' Says Researcher, Expects Elon Musk-Led EV Giant May Report Losses Starting 2026

<ul>
<li>Vodafone and AST SpaceMobile's new joint venture company (SatCo) focused on delivering space-based cellular broadband connectivity to be headquartered in Luxembourg.</li>
<li>Mobile operators covering 21 EU member states and other European countries have already expressed an interest in using the service; commercial launches expected from 2026.</li>
<li>SatCo aims to provide a scalable European satellite service for the benefit of European citizens, businesses and public sector organisations</li>
</ul>

ASTS

Vodafone And AST SpaceMobile Launch SatCo In Luxembourg To Pioneer Space-Based Cellular Broadband Across Europe

AKRTF

CTSH

Cognizant And Aker Solutions Forge Multi-Year Deal To Advance IT Agility And Efficiency Using The Cognizant Neuro Platform

Venture capitalist Chamath Palihapitiya says Jeff Bezos reached out for a last-minute splash of premium spirits, prompting him to "send my plane with a case of our tequila to Venice as a wedding present," he wrote on X Sunday.
What Happened: Palihapitiya and his "All-In" podcast co-hosts unveiled their ultra-premium tequila in Los Angeles on June 21, pricing each of the 750 poker-chip-shaped bottles at about $1,200, according to a TechCrunch <a href="https://techcrunch.com/2025/06/24/the-all-in-podcasts-1200-tequila-has-already-sold-out/">report</a>. The entire run sold out in hours. The Social Capital founder has since peppered social media with photos of celebrity fans and hinted at broader distribution plans.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Apropos of celebrity drinkers of our tequila, I just got a text from Bezos. Sent my plane with a case of our tequila to Venice as a wedding present. Congratulations Jeff+Lauren! <a href="https://t.co/C9KU7G9GAI">https://t.co/C9KU7G9GAI</a>
&mdash; Chamath Palihapitiya (@chamath) <a href="https://twitter.com/chamath/status/1939049133362319363?ref_src=twsrc%5Etfw">June 28, 2025</a></blockquote>
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"Celebrity drinkers of our tequila" inspired Sunday's post, Palihapitiya wrote, adding that the Amazon founder's request arrived via text and that he obliged by dispatching his jet. Neither side disclosed how many bottles flew, but aviation-tracking data show dozens of private jets shuttling VIPs into Venice last week.
See also: <a href="https://www.benzinga.com/markets/tech/25/06/46161608/reddit-turns-20-cto-explains-why-the-platform-is-no-google-or-openai-but-is-also-unlike-x-instagram-and-tiktok">Reddit Turns 20, CTO Explains Why The Platform Is No Google Or OpenAI But Is Also Unlike X, Instagram And TikTok</a>
The gesture capped a $50 million, <a href="https://www.benzinga.com/news/entertainment/25/06/46156709/jeff-bezos-lauren-sanchez-get-married-in-a-50-million-wedding-in-venice-from-foam-party-on-his-500-million-yatch-to-goodie-bags-heres-what-we-know">three-day celebration</a> in which Bezos and Lauren Sánchez married on the island of San Giorgio Maggiore.
Why It Matters: Bezos, 61, and Sánchez, 55, hosted about 200 guests for a Thursday welcome at Madonna dell'Orto, a Friday ceremony inside the 16th-century basilica and a Saturday pajama-themed dance party headlined by Usher.
Oprah Winfrey, Kim Kardashian, Tom Brady and Leonardo DiCaprio were spotted boarding water taxis to the events. The high-profile wedding also <a href="https://www.benzinga.com/news/events/25/06/46136092/jeff-bezos-lauren-sanchez-wedding-draws-star-studded-guest-list-to-venice-here-are-the-celebs-who-showed-up-so-far">featured business heavyweights</a> and other prominent celebrities like Bill Gates and Ivanka Trump.
Local <a href="https://www.benzinga.com/news/entertainment/25/06/46062022/protests-rock-jeff-bezos-gondola-want-to-rent-venice-for-a-wedding-pay-more-tax">activists marched</a> under the banner "No Space for Bezos," calling the extravaganza an emblem of widening wealth gaps even as officials touted its tourism windfall.
Photo Courtesy: Lev Radin on Shutterstock.com
Read next: <a href="https://www.benzinga.com/news/education/25/06/46160981/ivy-league-mba-was-a-waste-of-time-says-veteran-banker-lists-two-key-traits-far-more-relevant-in-the-ai-age">Ivy League MBA Was A &#8216;Waste Of Time,&#8217; Says Veteran Banker, Lists Two Key Traits Far More Relevant In The AI Age</a>

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Jeff Bezos Texted And Then Chamath Palihapitiya Sent A Plane Loaded With Bottles Of His $1,200 Tequila To Venice As Wedding Present

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The S&amp;P 500 hit record highs on Friday as prominent investment manager Dan Niles advised investors to temporarily ignore traditional valuation metrics while positioning for continued market gains through the second-quarter earnings season.
What Happened: Niles, founder of Niles Investment Management, reversed his earlier bearish stance after the index rallied 27% from April lows following President Donald Trump&#8216;s 90-day tariff reprieve announcement. The benchmark index surpassed its previous February closing high, rebounding from a 21% selloff that began in early April amid tariff fears and recession concerns.
&#8220;In my 35 years on Wall Street I have NEVER said that before,&#8221; Niles wrote on X, clarifying his CNBC interview comments about forgetting valuations. He emphasized that this tactical approach reflects how he believes investors will behave until Thanksgiving, not his personal investment philosophy.
The veteran money manager cited seven factors driving continued market strength: U.S. dollar weakness helping foreign sales that comprise 40% of S&amp;P 500 revenues, demand pull-forward ahead of potential tariffs, reduced geopolitical tensions, anticipated Federal Reserve rate cuts, institutional performance chasing, and retail fear-of-missing-out with $7 trillion parked in money market funds.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Mid Year Update I came into the year negative which is why cash in money market funds that yielded over 4% was my lead Top 5 Pick. Poor Q4:2024 earnings results during which six of the seven Magnificent 7 had forward revenue forecasts go down and volatility caused by tariffs…
&mdash; Dan Niles (@DanielTNiles) <a href="https://twitter.com/DanielTNiles/status/1939481563147772037?ref_src=twsrc%5Etfw">June 30, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/equities/25/06/46161262/chinas-ant-group-boosts-rd-spending-to-record-3-26-billion-in-2024-amid-ai-push">China&#8217;s Ant Group Boosts R&amp;D Spending To Record $3.26 Billion In 2024 Amid AI Push</a>
Why It Matters: Niles maintains positions in Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), and Cisco Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>). He highlighted Microsoft&#8217;s re-accelerating Azure growth after three quarterly disappointments and Nvidia&#8217;s demand strength following a $5.5 billion writeoff. Cisco trades at 17x forward earnings versus 24x for the S&amp;P 500, despite its emerging AI networking capabilities.
However, Niles warned of potential 10-20% correction risks approaching Thanksgiving due to holiday demand disappointment from the first-half demand pull-forward. He noted the S&amp;P 500&#8217;s 24x forward price to earnings ratio exceeds historical averages during 2.4-3.0% inflation periods.
The index closed Friday at 6,190, with <a href="https://www.benzinga.com/markets/economic-data/25/06/46124290/sp-500-hits-record-highs-and-history-says-the-best-is-yet-to-come">technical analysts noting</a> an approaching &#8220;golden cross&#8221; signal when the 50-day moving average crosses above the 200-day average—historically preceding strong rallies 73% of the time since World War II.
Read Next:
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<li><a href="https://www.benzinga.com/markets/tech/25/06/46161059/apple-has-the-potential-to-crush-metas-ray-ban-smart-glasses-says-ming-chi-kuo-but-the-tech-giant-has-been-surprisingly-slow" target="_blank" rel="noreferrer noopener">Apple Has the Potential To Crush Meta's Ray-Ban Smart Glasses, Says Ming-Chi Kuo, But The Tech Giant Has Been ‘Surprisingly Slow'</a></li>
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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: Shutterstock

Equities

Markets

CSCO

NVDA

As S&P 500 Charges Off April Lows, Dan Niles Says Investors Will 'Forget About Valuations'—Holds Microsoft, Nvidia, Cisco But Sees Holiday Demand Crash Risk

Over the weekend, Yun-Ta Tsai, a former Nokia Telecommunications (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) researcher and current Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) senior staff engineer, shared his perspective on Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/markets/tech/25/06/45851232/apples-lack-of-new-ai-features-at-wwdc-is-startling-expert-says">slow adoption of artificial intelligence</a> (AI) and autonomous vehicles.
What Happened: Tsai took to X, formerly Twitter, and recalled his time at Nokia, where engineers debated the transition from physical keyboards to touchscreens.
While U.S. engineers pushed for touchscreens to lead the way, he said, Finnish engineers were hesitant, believing the transition was too risky. Tsai noted the same "legacy crutches" that <a href="https://www.benzinga.com/news/24/10/41307048/elon-musks-spacex-was-once-called-a-dream-seller-by-this-potent-rival-now-pierre-ferragu-warns-compa">held Nokia back</a> are now plaguing Apple.
Pierre Ferragu, an analyst with New Street Research, corroborated Tsai's sentiments, recalling a conversation in 2007 when Nokia's CTO dismissed touchscreens.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/06/45830549/pierre-ferragu-takes-apple-to-task-for-dismissing-the-ai-revolution-has-its-head-in-the-sand" target="_blank" rel="noreferrer noopener">Pierre Ferragu Takes Apple To Task For Dismissing The AI Revolution: ‘Has Its Head In The Sand&#8217;</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I can confirm. I experienced this from very close, as an analyst (with a sell rating) Nokia's CTO told me in 2007 "we have tried touchscreens, consumers don't like it" and "whatever we miss and Apple gets right, we can catch up in under six months." I didn't buy it… <a href="https://t.co/WPpBoGazMX">https://t.co/WPpBoGazMX</a>
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1939351867777245498?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
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Tsai went on to discuss Apple's attitude toward emerging technologies like AI and <a href="https://www.benzinga.com/news/24/10/41309072/apple-poured-1b-a-year-into-its-car-project-before-abandoning-it-tim-cooks-company-now-pulls-plug-on">autonomous vehicles</a>, pointing out that despite having competitive hardware, the company is struggling with execution.&nbsp;
"The problem of Apple is that they have every pieces they need to be dominant," but the tech giant doesn't feel the urgency, Tsai said.
He referenced Apple's attitude toward Full-Self Driving (FSD), where the company's machine learning manager dismissed the technology's potential. "They believed their models were superior and they were taking their time," Tsai noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The problem of Apple is that they have every pieces they need to be dominant and they don't feel like they don't need to hurry. One of their ML managers did not think Full-self Driving was real. When asked if they would catch up the competition, they believed their models were…
&mdash; Yun-Ta Tsai (@YunTaTsai1) <a href="https://twitter.com/YunTaTsai1/status/1939414624207532284?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
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</figure>
Tsai acknowledged that Apple has competitive chips (System on Chips, or SoCs) and technology but said they have execution issues.
&#8220;I think their chips are quite competitive in my opinion,&#8221; Tsai said, adding, &#8220;What they lack, is not technology, but execution.&#8221;
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I think their chips are quite competitive in my opinion. They did pretty much everything right for a power efficient SoC — memory buses, ASIC and connectivity all that. The CPU is gorgeous. What they lack, is not technology, but execution.
&mdash; Yun-Ta Tsai (@YunTaTsai1) <a href="https://twitter.com/YunTaTsai1/status/1939420265227931931?ref_src=twsrc%5Etfw">June 29, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It's Important: Apple's ambitious plan to transform the auto industry came to a sudden halt after ten years of development and billions in spending. The secretive effort — dubbed "Titan" inside the company — faced constant challenges, from leadership uncertainty to technical obstacles and evolving goals, before being <a href="https://www.benzinga.com/news/24/03/37528093/apple-poured-1b-a-year-into-car-project-concocted-by-steve-jobs-for-a-decade-before-realizing-it-nee">officially scrapped</a> in February 2024.
Now <a href="https://www.benzinga.com/media/25/05/45486193/why-is-apple-still-behind-on-ai-expert-dissects-reasons-behind-iphone-maker-lagging-likes-of-microsoft-and-amazon-despite-poaching-googles-ai-chief">doubts are mounting</a> over Apple's ability to have an edge in fast-evolving fields like AI and spatial computing, especially as nimble startups and tech giants like Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google and Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) push ahead.
Reports have also emerged that suggested that Apple executives had <a href="https://www.benzinga.com/markets/tech/25/06/46041473/apple-eyes-perplexity-ai-acquisition-while-facing-shareholder-lawsuit-over-exaggerated-ai-progress-report">considered acquiring</a> Perplexity AI, but the startup has since stated it has no knowledge of any ongoing or planned acquisition discussions.
Benzinga's Edge Stock Rankings indicate that Apple's shares continue to trend downward across short, medium and long-term periods. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Additional performance details are available here</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 decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/30031356/Screenshot-2025-06-30-at-8.29.11%E2%80%AFAM-1.png" alt="" class="wp-image-966370" /></a></figure>
Photo Courtesy: Prathmesh T on Shutterstock.com
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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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.

AAPL

Apple's Biggest Mistake? Ex-Nokia And Tesla Engineer Explains What's Really Going Wrong

Autoliv Retires 510,361 Repurchased Shares, Lowering Issued Share Count To 79,404,229

Nokia signs revolving credit facility with its pricing mechanism linked to the company's sustainability targets
<ul>
<li>Nokia's financing strategy maintains steadfast link with its sustainability strategy with EUR 1.5 billion multicurrency revolving credit facility.</li>
<li>New facility builds on previous work in this area including sustainability-linked guarantee facility and sustainable finance framework.</li>
<li>Pricing mechanism linked to reduction of Nokia's Scope 1, 2 and 3 greenhouse gas emissions.</li>
</ul>

Nokia Signs €1.5B Revolving Credit Facility With Margin Tied To Climate Targets

Earnings

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Meridian Corporation Reports Second Quarter 2024 Results and Announces a Quarterly Dividend of $0.125 per Common Share

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