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Sidus Space

Sidus Space Inc is a Space and Defense as-a-Service company focused on providing complex space hardware, satellite/spacecraft design, manufacture, launch, and data solutions for both government and commercial in-space missions for all destinations through the solar system. This includes a Space-based infrastructure of multi-mission satellites with hyperspectral, multi-spectral, and other sensors to provide monitoring services and solutions to multiple sectors and industries. The company supports Commercial Space, Aerospace, Defense, Underwater Marine, and other commercial and government customers.

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An influential member of the Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) developer ecosystem has openly challenged renowned whistleblower Edward Snowden to prove his claims about the blockchain&#8217;s centralization, sparking a heated debate in cryptocurrency circles.
What Happened: Mert Mumtaz, CEO of Solana-based developer platform Helius, took to X to challenge Snowden&#8217;s assertion that Solana is a centralized network and asked him to provide concrete data to back the claim.
Mumtaz argued that it would be impossible for a single entity to gain control over Solana&#8217;s network, given its vast distribution across different jurisdictions, countries, and governments. 
&#8220;If you can&#8217;t do this and you call Solana centralized, you are full of baloney,&#8221; Mumtaz commented.
He also pointed out that while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) might be more decentralized than Solana, it doesn&#8217;t imply that Solana is centralized. Mumtaz invited Snowden to a live debate on the issue.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Snowden seems to think Solana is centralized — while giving 0 data to back it up I challenge anyone to show me the precise attack vector that would let a single entity exercise a loss of funds, or prolonged power over the network show me, with real data, how you will subdue… <a href="https://t.co/xAfy2pL46L">pic.twitter.com/xAfy2pL46L</a>
&mdash; mert &#x7C; helius.dev (@0xMert_) <a href="https://twitter.com/0xMert_/status/1841424790407520580?ref_src=twsrc%5Etfw">October 2, 2024</a></blockquote>
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The rebuttal was in response to Snowden&#8217;s remarks at the Token 2049 cryptocurrency conference in Singapore, where he touched on Solana&#8217;s operations.
&#8220;A lot of people and you know I don&#8217;t want to name names but Solana are taking good ideas and they&#8217;re just going, &#8216;Well, what if we just centralized everything? It&#8217;ll be faster, it&#8217;ll be more efficient, (and) it&#8217;ll be cheaper.&#8217; Yeah sure, it is. You&#8217;re right, but nobody&#8217;s using it but for like meme coins and scams.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41142958/ripple-etf-could-it-happen-bitwises-filing-faces-uncertain-path-amid-regulatory-concerns">Ripple ETF: Could It Happen? Bitwise&#8217;s Filing Faces Uncertain Path Amid Regulatory Concerns</a>
Why It Matters: Snowden is one of the biggest decentralization advocates, praising Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and cryptocurrencies for their role in resisting state interference. During the Token 2049 conference, he cautioned against <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41102207/edward-snowden-cautions-crypto-industry-not-to-dilute-principles-we-should-defy-bureaucrac">diluting these principles to appease</a> institutional investors.
His remarks questioning Solana&#8217;s challenge come at a time when a prominent cryptocurrency commentator predicted that the network&#8217;s native token SOL <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41084752/solana-to-skyrocket-5x-by-q4-2025-analyst-says-project-has-the-best-chance-of-delivering-t">would jump fivefold by the fourth quarter of 2025</a>.
Last month, Anthony Scaramucci, CEO of SkyBridge Capital, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40973470/anthony-scaramucci-discloses-holding-a-lot-of-solana-backs-the-ethereum-killer-network-to-">highlighted the potential</a> of tokenization to revolutionize the financial system, a sector he believed Solana is well-positioned to lead.
The debate between Mumtaz and Snowden could provide further insights into Solana&#8217;s decentralization and its potential to reshape the future of the internet.
Price Action: At the time of writing, SOL was exchanging hands at $142.07, down nearly 4% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41141073/microstrategys-returns-are-3x-higher-than-bitcoin-time-to-buy">MicroStrategy&#8217;s Returns Are 3X Higher Than Bitcoin: Time to Buy?</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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

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$SOL

Edward Snowden Under Fire: Solana Developer Challenges NSA Whistleblower — 'You Are Full Of Baloney' If You Can't Back Up Your Centralization Claims!

Rakesh Gangwal, a director at Southwest Airlines Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>), has made a significant investment in the company by acquiring 3.6 million shares, valued at over $100 million. This purchase comes amid mounting pressure from activist investor Elliott Investment Management for <a href="https://www.benzinga.com/news/24/08/40187798/activist-investor-elliott-who-criticized-southwest-airlines-for-poor-execution-now-announces-7-stake">changes in leadership</a>.
What Happened: Gangwal, who co-founded InterGlobe Aviation, bought the shares between Sep. 30 and Oct. 1, at prices ranging from $29 to $30 per share, as per the Securities and Exchange Commission filings. 
Appointed to the board in July, Gangwal&#8217;s entry coincided with Elliott&#8217;s push for strategic shifts to boost financial performance. Recently, Southwest announced significant board changes, including the retirement of Executive Chairman Gary Kelly and six other directors. 
Despite Elliott&#8217;s demands for further changes, including the removal of CEO Bob Jordan, Gangwal told Reuters that additional leadership alterations would not benefit shareholders. 
&#8220;I believe changing the board structure and top leadership beyond what has been already announced, would be counterproductive and not in the best interest of shareholders,&#8221; Gangwal said. 
See Also: <a href="https://www.benzinga.com/markets/asia/24/10/41141152/cramer-says-hot-money-flowing-from-nvidia-apple-into-china-focus-on-alibaba-if-you-must?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cramer Says &#8216;Hot Money&#8217; Flowing From Nvidia, Apple Into China, Focus On Alibaba &#8216;If You Must&#8217;</a>
Why It Matters: The backdrop to Gangwal&#8217;s investment is a period of intense scrutiny and pressure from Elliott Investment Management, which has been vocal about its <a href="https://www.benzinga.com/news/24/08/40187798/activist-investor-elliott-who-criticized-southwest-airlines-for-poor-execution-now-announces-7-stake">dissatisfaction with Southwest&#8217;s management</a>. In August, Elliott disclosed a 7% stake in the airline, advocating for a management overhaul, including the replacement of CEO Jordan and Executive Chairman Kelly.
In a strategic move, Elliott nominated <a href="https://www.benzinga.com/m-a/24/06/39252593/elliott-investment-criticizes-southwest-airlines-execution-in-letter-promises-77-stock-return-potent">ten independent candidates for the board</a>, aiming to reshape Southwest&#8217;s leadership. This came after Elliott criticized the airline&#8217;s outdated strategies and poor execution, promising a 77% stock return potential if changes were implemented.
Amid these developments, Southwest Airlines <a href="https://www.benzinga.com/markets/equities/24/09/41045875/whats-going-on-with-southwest-airlines-stock-after-guidance-update">announced a new $2.5 billion share repurchase program</a>, signaling a focus on shareholder value. The airline&#8217;s stock has experienced fluctuations, reflecting investor reactions to these ongoing boardroom dynamics.
Price Action: Southwest Airlines&#8217; stock closed at $29.57 on Wednesday, down 1.04% for the day. In after-hours trading, the stock rose by 2.19%. Year to date, Southwest Airlines has gained 3.83%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/09/41084992/nvidia-stock-could-touch-800-by-2030-bgg-executive-predicts-550-upside-driven-by-ai-revolution-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Stock Could Touch $800 By 2030, BGG Executive Predicts 550% Upside Driven By AI Revolution And Web3 Transition</a></li>
</ul>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Equities

Management

Southwest Airlines Director Rakesh Gangwal Invests Over $100M In Shares Amid Elliott Management's Pressure For Leadership Changes

Nora Volkow, director of the National Institute on Drug Abuse (NIDA), has raised concerns over the cannabis industry&#8217;s marketing strategies, drawing parallels with tactics used by the alcohol and <a href="https://www.benzinga.com/markets/cannabis/23/03/31607995/cannabis-vs-tobacco-the-battle-for-market-share-and-public-health">tobacco industries. </a>
In a blog post <a href="https://nida.nih.gov/about-nida/noras-blog/2024/09/commercial-interests-contribute-to-drug-use-addiction">published</a> last week, Volkow highlighted that older adults &#8211; specifically those aged 65 and above &#8211; are increasingly being &#8220;targeted&#8221; by advertisements promoting the therapeutic benefits of cannabis, a demographic showing the most rapid growth in usage.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/07/39806162/federal-drug-official-treating-drug-addiction-with-incarceration-is-ineffective-and-dangerous-ca">Federal Drug Official: Treating Drug Addiction With Incarceration Is Ineffective And &#8216;Dangerous,&#8217; Calls For Overhaul</a>
"Cannabis products are often sold in colorful packages that mimic kid-friendly snack foods, for example, making them appealing to children and to young people," Volkow said. "The legalization of cannabis by the states and the diversification of cannabis products have led to significant increases in the number of users and the amount of cannabis consumed by them in the U.S."
<h3 class="wp-block-heading">Cannabis Industry&#8217;s Marketing Echoes Past Practices</h3>
"Lessons learned from alcohol and tobacco are also being applied to the sale, marketing, and taxation of cannabis products in states that have legalized the drug for adult use, but policies vary widely by state,&#8221; Volkow said.
While youth usage rates have remained stable despite initial concerns, her primary focus is now on young adults aged 18-30 and the elderly, with a noticeable uptick in consumption in the latter group. 
According to Volkow, "This older age group is being targeted with advertising touting cannabis' alleged therapeutic benefits. As expected, the expanded use of cannabis and the higher doses used have resulted in an increase in the number of individuals suffering from adverse health consequences from these exposures."
The NIDA director has previously expressed concerns over youth exposure to cannabis marketing, and while these fears haven't materialized as initially anticipated, the data suggests that older adults are being influenced by commercial messaging. 
In addition, the Mexican-American psychiatrist called for more research to explore the risks and therapeutic applications of cannabis to inform policies that could help mitigate its harms and ensure safe access for therapeutic use.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/06/39419818/cannabis-and-seniors-new-study-finds-sizable-reduction-in-pain-severity-improved-general-health-">Cannabis And Seniors: New Study Finds &#8216;Sizable Reduction In Pain Severity,&#8217; Improved General Health, Mood, Sleep</a></li>
<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40536603/can-thc-turn-back-the-clock-cannabis-reverses-brain-aging-boosts-mental-capacity-new-study-sugge">Can THC Turn Back The Clock? Cannabis Reverses Brain Aging, Boosts Mental Capacity, New Study Suggests</a></li>
</ul>
Cover image made with AI.

Cannabis

Fed Health Official: Cannabis Industry Borrowing Marketing Tactics From Tobacco, Alcohol Industries

Tesla and SpaceX CEO Elon Musk has accused OpenAI of unfair funding practices after a report suggested that the <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">AI startup</a> has been discouraging investors from backing rival startups, including xAI.
What Happened: On Wednesday, OpenAI announced that it had <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">completed its latest fundraising</a> at a staggering $150 billion valuation.
During the negotiations, OpenAI insisted on an exclusive funding arrangement, <a href="https://www.ft.com/content/66e0653e-c446-47b2-8a7f-baa54ccbfb9a">reported</a> the Financial Times, citing three people with knowledge of the matter.
This indicates that ChatGPT-maker doesn&#8217;t want investors to support rival startups such as Anthropic and Musk&#8217;s xAI. Naturally, this move has intensified existing tensions with Musk, who is currently suing OpenAI.
See Also: <a href="https://www.benzinga.com/news/24/09/41084112/mark-zuckerberg-says-orion-is-probably-going-to-be-the-next-major-platform-after-phones-metas-new-ar?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Says, Orion &#8216;Is Probably Going To Be The Next Major Platform After Phones&#8217; — Meta&#8217;s New AR Wearables Real-Life Tony Stark Glasses In The Making?</a>
When the news reached Musk on X, formerly Twitter, the Tesla CEO, who co-founded OpenAI in 2015 but stepped down three years later, said, &#8220;OpenAI is evil.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">OpenAI is evil
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1841531329575268457?ref_src=twsrc%5Etfw">October 2, 2024</a></blockquote>
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Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: OpenAI&#8217;s demand for exclusivity is unusual, as venture capital firms typically diversify their investments across various companies in a sector.
Thrive, a venture capital firm founded by Joshua Kushner, led the funding round, committing $750 million from its own funds and approximately $550 million from its partners.
Other firms, including early OpenAI backer Khosla Ventures, Tiger Global, Altimeter Capital, and the California Public Employees&#8217; Retirement System, have also <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">invested in the company</a>.
Notably, Cathie Wood's Ark Venture Fund and SoftBank Group Corporation have also invested in <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">OpenAI&#8217;s latest funding</a> round.
Other possible participants speculated to be involved include major tech firms like Microsoft Corporation, which has already poured around $13 billion into the AI company over the past five years, as well as Nvidia Corporation.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/10/41141844/after-googles-2-7b-acquisition-of-founders-and-staff-this-ai-startup-abandons-large-language-model-p?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Google&#8217;s $2.7B Acquisition Of Founders And Staff, This AI Startup Abandons Large Language Model Plans And Shifts Focus Away From Chatbots</a></li>
</ul>
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.

Tech

Media

Elon Musk Says 'OpenAI Is Evil' After ChatGPT-Parent Reportedly Asked Investors Not To Invest In Rivals, Including xAI

On Wednesday, Jensen Huang, CEO of&nbsp;Nvidia Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) said that the demand for the company&#8217;s next-gen Blackwell GPU <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41149666/nvidias-blackwell-gpu-sets-new-ai-benchmark-with-over-100-system-configurations-ana">platform is &#8220;insane.&#8221;</a>
What Happened: Huang was on CNBC&#8217;s Closing Bell Overtime,&nbsp;alongside&nbsp;Julie Sweet, CEO of&nbsp;Accenture, to discuss their expanded partnership.
During the conversation, he confirmed that Blackwell is in full production and progressing as planned. Huang introduced Blackwell in March as&nbsp;&#8220;a processor for the generative&nbsp;AI era.&#8221; 
&#8220;Blackwell is in full production, Blackwell is as planned, and the demand for Blackwell is insane,&#8221; he said on the show, adding, &#8220;Everyone wants to have the most, and everyone wants to be first.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/41020589/tech-youtuber-mkbhd-responds-after-facing-massive-backlash-over-his-new-12-a-month-wallpaper-app?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tech YouTuber MKBHD Responds After Facing Massive Backlash Over His New $12 A Month Wallpaper App</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;The demand for Blackwell is insane&quot; <a href="https://twitter.com/nvidia?ref_src=twsrc%5Etfw">@Nvidia</a> CEO Jensen Huang gives <a href="https://twitter.com/jonfortt?ref_src=twsrc%5Etfw">@jonfortt</a> an update on the company&#39;s upcoming chip platforms.<a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> <a href="https://t.co/WcIFeHJEJs">pic.twitter.com/WcIFeHJEJs</a>
&mdash; CNBCOvertime (@CNBCOvertime) <a href="https://twitter.com/CNBCOvertime/status/1841579028530036848?ref_src=twsrc%5Etfw">October 2, 2024</a></blockquote>
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Nvidia is set to commence sales of&nbsp;Blackwell <a href="https://www.benzinga.com/news/24/08/40616711/nvidias-blackwell-gpu-set-for-q4-shipments-jensen-huang-confirms-mask-change-completion-and-incredib">products in the fourth&nbsp;quarter</a>. These new processors are expected to&nbsp;deliver 2.5 times the performance&nbsp;of Nvidia&#8217;s Hopper chips, which were launched two years ago.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The Blackwell chip platform has been a topic of interest among investors and analysts. Last month, Nvidia faced&nbsp;<a href="https://www.benzinga.com/news/24/09/40800236/nvidia-faces-investor-scrutiny-over-blackwell-chip-delays-big-revenue-expected-report">investor scrutiny</a>&nbsp;over delays in the chip&#8217;s rollout.
Despite these concerns, the company expects &#8220;several billion dollars&#8221; of revenue from Blackwell in its fiscal fourth quarter.
Previously, Huang admitted that the surging demand for Blackwell chips was causing&nbsp;<a href="https://www.benzinga.com/news/large-cap/24/09/40820349/nvidia-ceo-jensen-huang-admits-its-tense-as-surging-demand-for-blackwell-chips-sparks-customer-fru">tension and frustration</a> among some of Nvidia&#8217;s customers due to limited supply.
Having said that, analysts predict a bright future for Nvidia.
Beth Kindig, lead tech analyst at I/O Fund, projected that Nvidia could surge to a $10 trillion valuation, largely due to the potential of the Blackwell chip.
JPMorgan analyst Harlan Sur also asserted that the company is on track for a spectacular fiscal fourth quarter, thanks to the&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41149666/nvidias-blackwell-gpu-sets-new-ai-benchmark-with-over-100-system-configurations-ana">Blackwell GPU platform</a>.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Image via Flickr/ Maurizio Pesce
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/10/41141844/after-googles-2-7b-acquisition-of-founders-and-staff-this-ai-startup-abandons-large-language-model-p?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">After Google&#8217;s $2.7B Acquisition Of Founders And Staff, This AI Startup Abandons Large Language Model Plans And Shifts Focus Away From Chatbots</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

NVDA

Nvidia CEO Jensen Huang Says Demand For Next-Gen Blackwell GPU Platform Insane: 'Everyone Wants To Have The Most, And Everyone Wants To Be First'

<h3 class="wp-block-heading">Spain Unveils Framework For Prescribing Cannabis-Based Medications</h3>
Spain&#8217;s Ministry of Health revealed this week a draft royal decree for public consultation, outlining the suggested regulations for prescribing cannabis-based medications, <a href="https://businessofcannabis.com/spain-proposes-regulations-for-long-awaited-medical-cannabis-framework-but-patients-warn-it-is-too-restrictive/">reported</a> Business of Cannabis.
The news comes after years of negotiation and an increase in the legal production of medical cannabis, as <a href="https://www.benzinga.com/markets/cannabis/24/02/36941500/spains-medical-marijuana-law-to-function-soon-first-cannabis-club-in-malta-more-euro-weed-update">earlier reported.</a>
In June 2022, the Health Committee of the Spanish Congress of Deputies initially endorsed a draft report from a subcommittee, which outlined a series of recommendations for regulating cannabis-derived medicines for therapeutic purposes.
Following a delay in the process caused by a change of government in 2023, Health Minister Monica Garcia said during her first appearance in Congress in early January, that the process of setting up a medical cannabis framework will be rebooted.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02143524/ccc-oct-24-banner__1_-1-3.gif" alt="" class="wp-image-577225" /></a></figure>
Aligned with the Health Committee's recommendations, the latest framework permits:
<ul>
<li>The prescription of cannabis medicines in the form of &#8220;master formulas;&#8221;</li>
<li>Specialist doctors prescribe medical cannabis for qualifying conditions such as spasticity in multiple sclerosis (MS), severe forms of refractory epilepsy, nausea and vomiting due to chemotherapy, and refractory chronic pain.</li>
</ul>
Medical cannabis flower is not included in the legislation.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/05/39114421/one-spanish-politician-calls-cannabis-the-most-dangerous-of-drugs-while-another-defends-it-pushe">One Spanish Politician Calls Cannabis &#8216;The Most Dangerous Of Drugs&#8217; While Another Defends It, Pushes Tougher Alcohol Laws</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">This Cannabis Company Achieves Record Growth In Germany: 50% Revenue Increase And Here's Why</h3>
In the meantime, IM Cannabis Corp. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#CSE">IMCC</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMCC#NASDAQ">IMCC</a>) reported on Wednesday the preliminary sales results in Germany by its subsidiary operating in the country, Adjupharm GmbH, for the third quarter of 2024. The results have significantly exceeded expectations, the medical cannabis company with operations in Israel and Germany said, reporting a 50% increase in revenue compared to the previous quarter.
Oren Shuster, CEO of IMC, said that's due to a partial legalization of cannabis in Germany <a href="https://www.benzinga.com/markets/cannabis/24/04/38023610/heres-what-you-need-to-know-about-weed-legalization-in-germany-that-just-took-effect">taking effect this spring.</a>
&#8220;Since April 1, one of our key objectives was to ensure a supply chain strong enough to meet the increase in demand," Shuster said.&nbsp;"This preliminary 50% growth is testament, in part, to delivering on this objective. We are thrilled with our Q3 performance, which not only surpassed our own targets but also highlights the dedication and hard work of our entire team.&#8221;
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40325566/these-3-cannabis-companies-hold-cultivation-licenses-in-germany-a-1-8b-market-opportunity">These 3 Cannabis Companies Hold Cultivation Licenses In Germany: A ~$1.8B Market Opportunity?</a></li>
</ul>

Government

Regulations

Politics

CSE:IMCC

IMCC

How Cannabis Legalization In Germany Boosted This Company's Revenue, Will Spain's Medical Marijuana Framework Do The Same?

Levi Strauss &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) revealed on Wednesday its consideration of selling the Dockers brand. Following this announcement, the company&#8217;s shares <a href="https://www.benzinga.com/news/earnings/24/10/41151280/levi-strauss-co-stock-falls-after-mixed-q3-results-eps-beat-revenues-miss">experienced a 10% drop in after-hours trading</a>.
What Happened: The iconic denim company is concentrating on expanding its core Levi&#8217;s brand and Beyond Yoga activewear line, Reuters reported. 
&#8220;We are narrowing our focus to realize the full potential of the Levi&#8217;s brand as well as accelerate Beyond Yoga. Accordingly, we are undertaking an evaluation of strategic alternatives for the global Dockers business,&#8221; CEO Michelle Gass said&nbsp;during a post-earnings call.
Levi Strauss is in the mid of a transformation strategy, aiming to streamline its offerings and enhance sales through direct-to-consumer channels. The company has already exited less profitable ventures, including the Denizen brand and certain footwear lines, as part of cost-cutting measures.
In the third quarter, Dockers&#8217; sales declined by 15%, contributing only 5% to Levi&#8217;s total revenue of $1.52 billion, which fell short of analysts&#8217; expectations, according to the report. Despite this, Levi&#8217;s direct-to-consumer sales saw a 10% increase, fueled by strong demand for women&#8217;s denim apparel.
Levi Strauss has engaged Bank of America as its financial adviser for the Dockers review, with no set timeline for completion. The company anticipates mid-single-digit revenue growth in the fourth quarter, below the estimated 7.36% due to Dockers&#8217; weakness and reduced consumer spending in China.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/41084992/nvidia-stock-could-touch-800-by-2030-bgg-executive-predicts-550-upside-driven-by-ai-revolution-a?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Stock Could Touch $800 By 2030, BGG Executive Predicts 550% Upside Driven By AI Revolution And Web3 Transition</a>
Why It Matters: The announcement comes on the heels of <a href="https://www.benzinga.com/news/earnings/24/10/41151280/levi-strauss-co-stock-falls-after-mixed-q3-results-eps-beat-revenues-miss">Levi Strauss&#8217; mixed third-quarter financial results</a>, where the company reported earnings of 33 cents per share, surpassing the analyst consensus estimate of 31 cents. However, the quarterly revenue of $1.516 billion missed the expected $1.55 billion.
LEVI Price Action:&nbsp;According to&nbsp;<a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, Levi Strauss shares are down 10.92%% after-hours at $19.75 after dropping 2.86% in Wednesday's regular trading session.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/09/41086177/amazon-ceo-andy-jassy-faces-employee-revolt-over-full-time-return-to-office-mandate-73-consider-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon CEO Andy Jassy Faces Employee Revolt Over Full-Time Return To Office Mandate, 73% Consider Quitting: Survey</a></li>
</ul>
Photo via Wikimedia Commons
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

LEVI

Levi Strauss Considers Dockers Sale: What This Means For The Iconic Denim Brand

Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) filed a defamation lawsuit on Wednesday, accusing the Florida Republican Party of intentionally misleading voters with a deceptive TV campaign ad against the cannabis legalization initiative, known as <a href="https://www.benzinga.com/markets/cannabis/24/04/38034138/florida-supreme-court-approves-cannabis-legalization-proposal-for-november-election-in-blow-to-d" target="_blank" rel="noreferrer noopener">Amendment 3</a> that will go before the voters this coming <a href="https://www.benzinga.com/topic/2024-election" target="_blank" rel="noreferrer noopener">November</a>. 
The lawsuit alleges that the ad misleads voters by falsely implying that only large cannabis companies, like Trulieve will benefit from the legalization measure, while ordinary Floridians would be prohibited from growing their own marijuana.
The ad features a gardener apparently excited by the news of marijuana legalization but is then interrupted by a character called &#8220;Big Weed,&#8221; who claims that only large corporations can legally grow cannabis under the proposed amendment.
Trulieve's legal team argues that the &#8220;Big Weed&#8221; character is a clear reference to their company, Florida's largest medical marijuana operator, which has <a href="https://www.benzinga.com/markets/cannabis/24/08/40486924/ken-griffins-12m-donation-and-desantiss-anti-cannabis-pacs-face-off-against-pro-legalization-gro">contributed more than $90 million</a> to the cannabis legalization campaign. The lawsuit contends that this narrative is not only false but strategically designed to deceive voters into believing that Amendment 3 would create a monopoly for already established cannabis companies.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41149545/trump-harris-vance-and-walz-agree-on-this-end-cannabis-criminalization-in-florida">Trump, Harris, Vance And Walz Agree On This: End Cannabis Criminalization In Florida</a>
<h3 class="wp-block-heading">Home Cultivation Controversy</h3>
The issue of home cultivation <a href="https://www.benzinga.com/markets/cannabis/24/08/40496563/ron-desantis-staffer-peeved-flordias-cannabis-legalization-initiative-has-no-home-grow-provision">has become a point of contention</a> in the debate over Amendment 3. Opponents say the amendment will solidify the dominance of the state's licensed medical marijuana operators like Trulieve by allowing them to control the recreational weed market.
However, Trulieve's lawsuit contends that the proposed amendment does not address nor change the existing ban on home cultivation of marijuana. According to the company, the controversial TV ad falsely suggests otherwise.
<h3 class="wp-block-heading">DeSantis And Florida GOP On The War Path</h3>
The lawsuit also highlights a mailer distributed by the Republican Party of Florida, which accuses "mega marijuana corporations" of orchestrating a &#8220;power grab&#8221; to eliminate competition and cement their monopoly. 
Florida Governor Ron DeSantis (R) <a href="https://www.benzinga.com/markets/cannabis/24/08/40642418/florida-cannabis-legalization-gains-momentum-64-of-likely-voters-support-amendment">has claimed that Trulieve authored</a> the amendment and is creating a "de facto monopoly&#8221; and &#8220;weed cartel.&#8221;
Trulieve's lawyers assert, <a href="https://www.miamiherald.com/news/politics-government/state-politics/article293383819.html">according</a> to the Miami Herald, that this claim is equally misleading, and that the amendment would actually enable the state Legislature to expand the number of licensed marijuana operators, thereby increasing competition in the market.
<h3 class="wp-block-heading">GOP: Lawsuit Is &#8216;Overreaction&#8217;</h3>
Republican Party of Florida representative Anthony Power dismissed the lawsuit as an overreaction. "It's funny that a company that spends almost $100 million on a political campaign is so sensitive about honest TV ads," Power said in a statement, per the outlet. He characterized the lawsuit as an attempt to silence critics and vowed to continue opposing the measure.
In filing the lawsuit, Trulieve said it is seeking "to set the record straight, to vindicate its rights under civil law, to hold the defendants accountable for deceiving voters, and to recover compensatory and punitive damages."  
With voting by mail already underway in Florida, this will surely be an ongoing story, so stay tuned.
Now Read:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/09/41036799/desantis-provokes-outrage-over-taxpayer-funded-ads-linking-marijuana-legalization-to-car-crashes">DeSantis Provokes Outrage Over Taxpayer-Funded Ads Linking Marijuana Legalization To Car Crashes</a></li>
</ul>

Legal

TCNNF

Trulieve Sues Florida GOP For Defamation Over 'False And Misleading' Claims As Cannabis Legalization Vote Looms

The U.S. indices closed Wednesday in positive territory, with the Dow Jones Industrial Average increasing by 0.09% to 42,196.52, while the S&amp;P 500 inched up 0.01% to reach 5,709.54. The Nasdaq also rose, up 0.08% to 17,925.12.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)
Nvidia closed the day with a 1.58% gain at $118.85, with an intraday high and low of $119.38 and $115.14 respectively. The company&#8217;s 52-week high and low are $140.76 and $39.23. Nvidia and Accenture PLC have <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41151741/nvidias-ai-leadership-to-drive-1-trillion-market-growth-with-accenture-partnership-">announced a partnership</a> aimed at accelerating AI adoption within enterprises. According to Wedbush Securities&#8217; analyst Dan Ives, this collaboration paints a promising picture for Nvidia's stock.
Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>)
Palantir&#8217;s stock rose 2.83% to close at $37.49. The stock hit an intraday high of $37.68 and a low of $36.15. Its 52-week high and low are $38.19 and $14.48. The company&#8217;s shares were lifted following a report that Palantir co-founder and chairman Peter Thiel has <a href="https://www.benzinga.com/news/24/10/41145602/palantir-stock-is-moving-higher-wednesday-whats-going-on">completed selling</a> the maximum number of shares under a trading plan he adopted in May.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41083834/bitcoin-ethereum-flat-dogecoin-falls-ahead-of-fed-chair-jerome-powells-speech-price-target?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Flat, Dogecoin Falls Ahead Of Fed Chair Jerome Powell&#8217;s Speech: Price Target For King Crypto Could Be $194K-$352K, Says Top Analyst</a>
Clover Health Investments, Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLOV#NASDAQ">CLOV</a>)
Clover Health surged 29.14% to close at $3.59. The stock&#8217;s intraday high and low were $3.65 and $2.74, with a 52-week high and low of $3.82 and $0.61. The company&#8217;s shares traded higher amid increased trading volume and traction across social media platforms. Last month, Clover Health's subsidiary, Counterpart Health, announced a <a href="https://www.benzinga.com/news/24/10/41150683/clover-health-stock-surges-over-29-on-high-volume-recap">multi-year agreement with The Iowa Clinic</a>.
Joby Aviation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>)
Joby Aviation&#8217;s shares climbed 27.92% to close at $6.14, with an intraday high of $6.32 and a low of $5.19. The 52-week high and low are $7.69 and $4.5. The company&#8217;s stock rose after it announced that Toyota Motor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) will <a href="https://www.benzinga.com/markets/equities/24/10/41146425/toyota-doubles-down-on-joby-aviation-500m-investment-powers-us-electric-air-taxi-certification-p">invest an additional $500 million</a> to support electric air taxi certification and commercial production.
Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock fell 3.49% to close at $249.02. The stock&#8217;s intraday high and low were $251.16 and $241.50, with a 52-week high and low of $271 and $138.80. After two consecutive quarters of declining sales, Tesla reported third-quarter deliveries exceeding expectations, despite a subsequent drop in stock price attributed to lower-than-expected whisper numbers and concerns over sales of its top models. Analysts <a href="https://www.benzinga.com/news/24/10/41141444/tesla-stock-plunges-3-despite-q3-deliveries-exceeding-consensus-and-growing-year-over-year">anticipate positive earnings for the quarter</a>, but mixed views remain about upcoming events, such as the Robotaxi unveil and their potential impact on future sales and stock performance.
Image via Shutterstock
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/09/41087674/openais-searchgpt-set-to-disrupt-googles-search-empire-as-former-engineer-sounds-alarm-on-deteriorat?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s SearchGPT Set To Disrupt Google&#8217;s Search Empire As Former Engineer Sounds Alarm On Deteriorating User Experience Amid Rising Competition</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

CLOV

JOBY

PLTR

TSLA

Nvidia, Palantir, Clover Health, Joby Aviation, Tesla: Why These 5 Stocks Are On Investors' Radars Today

Leading cryptocurrencies continued to trade in the red as geopolitical tensions kept risk appetite in check.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-0.26%</td>
<td>$61,070.39</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-3.27%</td>
<td>$2,386.46</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.73%</td>
<td>$0.1061</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin chopped between $60,000 and $62,000 during the day, a day after falling to a nearly two-week low, as <a href="https://www.benzinga.com/news/global/24/10/41126038/iran-attacks-israel-with-missiles-middle-east-tensions-escalates-s-p-500-stocks-bitcoin-fall-as-oil">Iran's missile attack</a> and Israel's <a href="https://www.benzinga.com/news/24/10/41133292/netanyahu-promises-retaliation-for-missile-attack-on-israel-iran-responds-by-promising-vast-destruct">retaliation promise</a> squeezed demand.
Ethereum sank further, dipping below $2,400 during afternoon hours, and was down more than 7% over the week, compared to Bitcoin's 3.18% weekly losses.
In the past 24 hours, the total cryptocurrency liquidations increased to $243.36 million, with long liquidations accounting for $181.22 million.
That said, Bitcoin's funding rate on top exchanges like Binance, Bybit, and OKX continued to be positive, indicating the dominance of bullish traders.
The coin's Long/Short Ratio also surged to 1.09, indicating a higher number of traders placing bullish bets as compared to those gunning for price declines.
The market sentiment remained in the "Fear" zone, according to the popular Cryptocurrency Fear &amp; Greed Index.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 9:15 p.m. EDT)</td>
</tr>
<tr>
<td>Flare (FLR)</td>
<td>+21.54%</td>
<td>$0.01762</td>
</tr>
<tr>
<td>Conflux (CFX)</td>
<td>+13.38%</td>
<td>$0.1833</td>
</tr>
<tr>
<td>Wormhole (W)</td>
<td>+11.11%</td>
<td>$0.3505</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency stood at $2.12 trillion in the last 24 hours, following a drop of 1.27% in the last 24 hours.
Stocks ended Wednesday just above the flatline. The Dow Jones Industrial Average gained 39.55 points, or 0.09%, to end at 42,196.52. The S&amp;P 500 rose 0.01% to close at 5,709.54, while the tech-focused Nasdaq Composite closed 0.08% higher at 17,925.12.
Geopolitical tensions continued to boost crude oil prices, as the West Texas Intermediate (WTI) rose 1.17% to $70.93 a barrel.&nbsp;
Investors also parsed the <a href="https://www.benzinga.com/markets/equities/24/10/41142845/us-stocks-edge-lower-private-employment-beats-expectations">better-than-expected private employment data</a>, with 143,000 workers getting added to payrolls in September, compared to 103,000 in August.&nbsp;
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular cryptocurrency trader Michaël van de Poppe revealed he was "heavily long" on Bitcoin and the broader cryptocurrency market despite war fears.
"Last night, the markets corrected due to a panic reaction, but once things calmed down, markets quickly reversed back up. The bigger picture: liquidity is tremendously being added, fiat currencies devaluating, and such," Van De Poppe remarked.
<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">Wars aren&#39;t for selling. Last night, the markets corrected due to a panic reaction, but once things calmed down, markets quickly reversed back up. The bigger picture: liquidity is tremendously being added, fiat currencies devaluating, and such. Heavily long on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> &amp;…
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1841538856732004768?ref_src=twsrc%5Etfw">October 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In response to his post, another widely followed investor, Crypto Yapper, said that such dips are "lifetime opportunities."
However, away from the positivity, prominent market observer Ali Martinez issued a bearish forecast, saying, "Bitcoin could drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel!"
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> could drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel! <a href="https://t.co/CEAbdWXCrB">pic.twitter.com/CEAbdWXCrB</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1841625964222283916?ref_src=twsrc%5Etfw">October 2, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Avi Rozen via Shutterstock
Read Next:    
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41142958/ripple-etf-could-it-happen-bitwises-filing-faces-uncertain-path-amid-regulatory-concerns">Ripple ETF: Could It Happen? Bitwise&#8217;s Filing Faces Uncertain Path Amid Regulatory Concerns</a></li>
</ul>

$DOGE

Bitcoin, Ethereum, Dogecoin Remain Weak Thanks To Iran-Israel Tensions: 'Wars Aren't For Selling,' Says Noted Trader

NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang and Accenture (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) CEO Julie Sweet revealed details of their transformative partnership, in an announcement to reshape the landscape of artificial intelligence in business. The collaboration aims to deploy AI agents across corporations, potentially ushering in a <a href="https://www.benzinga.com/news/24/10/41152629/what-happened-with-accenture-stock-today">new era of digital productivity</a>.
What Happened:  Huang, known for his visionary leadership in the tech industry, described Accenture as a &#8220;transformer&#8221; in connecting Nvidia&#8217;s cutting-edge AI technology with real-world business applications. Huang and Sweet <a href="https://www.cnbc.com/video/2024/10/02/nvidia-ceo-jensen-huang-were-looking-at-the-beginning-of-the-next-wave-of-ai.html">appeared</a> together on CNBC&#8217;s Closing Bell Overtime
This partnership comes at a crucial juncture in AI development, as companies worldwide seek to harness the power of generative AI to boost efficiency and innovation.
&#8220;We&#8217;re seeing the beginning of the next and largest wave of AI, which is about companies around the world using AI to become more productive,&#8221; Huang explained. He highlighted the concept of AI as &#8220;digital employees&#8221; or &#8220;co-pilots,&#8221; terms that are gaining traction in the corporate world to describe AI-powered assistants designed to augment human capabilities.
The Nvidia chief outlined two key operating systems at the heart of this AI revolution:
<ol>
<li>Nemo: A system for large language models, forming the backbone of their AI factory work.</li>
<li>Omniverse: A platform that represents digital information in the realm of space and time.</li>
</ol>
These technologies, while powerful, require a bridge to connect them with practical business outcomes. This is where Accenture&#8217;s expertise comes into play.
Sweet shed light on Accenture&#8217;s role in this partnership, revealing the development of a new platform called AI Refinery. This innovative tool is designed to help customers build AI agents, co-pilots, and tools that can access proprietary information, perform tasks, and drive productivity.
To illustrate the potential of this collaboration, Sweet provided a compelling example from Accenture&#8217;s own operations. &#8220;We have a million square feet of manufacturing space where we produce customized automation robotics,&#8221; she said. By leveraging Nvidia&#8217;s AI Foundry and Omniverse technologies, Accenture has managed to reduce the design time for these customized robotic automations by an impressive 50%.
See Also: <a href="https://www.benzinga.com/markets/equities/24/09/41097541/amazon-apple-tesla-brace-for-supply-chain-disruptions-as-potential-east-coast-dockworkers-strike?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon, Apple, Tesla Brace For Supply Chain Disruptions As Potential East Coast Dockworkers Strike Nears</a>
Why It Matters: The collaboration between Nvidia and Accenture is poised to significantly impact the AI landscape. Recently, Accenture launched the <a href="https://www.benzinga.com/news/24/10/41152629/what-happened-with-accenture-stock-today">Accenture Nvidia Business Group</a>, training 30,000 professionals globally to help clients scale AI adoption. This initiative will integrate with other Accenture Business Groups to accelerate AI across the SaaS and Cloud AI ecosystem.
Nvidia AI leadership is expected to drive a $1 trillion market growth, as noted by Wedbush Securities&#8217; analyst Dan Ives. The collaboration aims to equip enterprises with the tools <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41151741/nvidias-ai-leadership-to-drive-1-trillion-market-growth-with-accenture-partnership-">needed to efficiently scale AI adoption</a>.
Additionally, Nvidia&#8217;s upcoming <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41149666/nvidias-blackwell-gpu-sets-new-ai-benchmark-with-over-100-system-configurations-ana">Blackwell GPU platform</a> is set to set new AI benchmarks, with over 100 system configurations. This development is expected to bolster Nvidia&#8217;s financials, as noted by JPMorgan analyst Harlan Sur.
Price Action: Nvidia stock closed at $118.85 on Wednesday, up 1.58% for the day. In after-hours trading, the stock increased further by 1.51%. Year to date, Nvidia has surged by an impressive 146.73%.
Meanwhile, Accenture ended the trading day at $356.29, up 1.22%. After hours, the stock rose an additional 2.30%. Year to date, Accenture has gained 2.70%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
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Courtesy of Accenture Plc
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Jensen Huang On Transformative Partnership With Accenture: AI As 'Digital Employees' Will Revolutionize Productivity

Cathie Wood&#8217;s Ark Venture Fund&nbsp;has reportedly invested in&nbsp;OpenAI&#8217;s latest funding round, making it&nbsp;one of the largest in&nbsp;startup history.
What Happened: On Wednesday, Ark Venture Fund committed to investing a minimum of $250 million in OpenAI&#8217;s latest funding round, <a href="https://www.businessinsider.in/tech/news/cathie-woods-ark-is-doubling-down-on-openai-with-at-least-250-million-in-its-new-funding-round/articleshow/113884973.cms">reported</a> Business Insider, citing three people familiar with the round.
This marks Ark&#8217;s second investment in the AI firm which has made a new wave of generative AI technology since launching ChatGPT.
Previously in April also, Ark announced that it had <a href="https://www.benzinga.com/markets/mutual-funds/24/04/38213342/cathie-wood-ark-invest-announce-stake-in-openai-heres-how-you-can-get-exposure-to-chatgpt-pa">acquired a stake in OpenAI</a>, although it did not disclose the amount of the investment or the valuation it assigned to the company.
The Ark Venture Fund, which&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/22/02/25420755/ark-funds-launching-new-fund-that-could-invest-in-private-companies" target="_blank" rel="noreferrer noopener">launched in 2022</a>, has a history of investing in high-profile startups, including OpenAI&#8217;s competitors&nbsp;Anthropic, Elon Musk&#8217;s xAI and SpaceX, FigureAI, and&nbsp;Databricks.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/09/41108345/apples-satellite-messaging-feature-emerges-as-lifeline-after-hurricane-helene-leaves-thousands-witho?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple&#8217;s Satellite Messaging Feature Emerges As Lifeline After Hurricane Helene Leaves Thousands Without Cell Phone Service: Here&#8217;s How You Can Use It</a>
OpenAI&#8217;s latest funding round was reportedly led by Thrive Capital and has now reached a whopping $6.6 billion.
Other potential participants rumored to be involved include tech giants Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), which has already invested about $13 billion in the AI company over the last five years, Nvidia Corporation, and Altimeter.
Apple withdrew from the talks early, but <a href="https://www.benzinga.com/news/24/10/41134540/after-apple-reportedly-backed-out-softbank-eyes-500m-investment-in-chatgpt-parent-pushing-valuation">separate reports indicated</a> that Masayoshi Son-led SoftBank Group Corporation was considering stepping in.
Ark Invest did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comment.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: OpenAI&#8217;s valuation has skyrocketed to <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">$157 billion in its latest funding</a> round. Despite <a href="https://www.benzinga.com/news/24/09/41059344/sam-altman-hits-back-at-trolls-after-mira-muratis-openai-exit-explains-executive-drain-as-natural-we">notable exits</a> from OpenAI and possible corporate restructuring, investors are still confident in the company&#8217;s capacity to advance AI technology.
Meanwhile, Amazon.com Inc. has launched a new AI chatbot named &#8220;Cedric,&#8221; designed to be <a href="https://www.benzinga.com/news/24/10/41136796/amazon-reportedly-urges-employees-to-use-in-house-ai-chatbot-safer-than-chatgpt">safer than ChatGPT created</a> by OpenAI for internal use.
Amazon has reportedly been wary of using third-party AI tools like ChatGPT due to security concerns. Earlier this year, the e-commerce giant implemented formal guidelines prohibiting the use of external AI tools for business purposes.
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: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

MSFT

Cathie Wood-Led Ark Venture Fund Agrees To Invest At Least $250M In OpenAI's Historic Funding Round, ChatGPT-Parent's Now Valued At $157B: Report

Billionaire entrepreneur Elon Musk has reportedly been secretly funding a conservative political group, Building America&#8217;s Future, for years. This comes before his public endorsement of former President Donald Trump&#8217;s re-election bid.
What Happened: Musk&#8217;s contributions to the right-wing organization started as early as 2022. These donations, reportedly in millions, have significantly empowered the group known for its criticism of the Biden administration and progressive political platforms, reported Reuters.
Building America&#8217;s Future, a non-profit 501(c)(4) group, is not obligated by federal law to disclose its financial backers. These organizations, often referred to as &#8220;dark money&#8221; groups, can support political causes without revealing the source of their funding.
Despite Musk&#8217;s previous public stance of not favoring either major U.S. political party, his donations to Building America&#8217;s Future indicate his financial support for right-wing causes. This revelation comes after Musk&#8217;s recent public endorsement of Trump and his announcement to finance a political action committee to work against Democrats.
Building America&#8217;s Future has been critical of the Biden administration on various issues, including illegal immigration, a topic frequently commented on by Musk. The organization also recently initiated a $10 million advertising campaign aimed at undermining Black support for Vice President Kamala Harris.
Musk, the founder of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), SpaceX, and the social media platform X, has seen his political leanings shift rightward in recent years. He has become an outspoken critic of the current administration and a strong opponent of identity politics.
See Also: <a href="https://www.benzinga.com/news/24/09/41083814/mark-cuban-warns-elon-musk-that-when-the-time-comes-he-needs-trump-the-most-he-will-find-out-the-tru?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Warns Elon Musk That When The Time Comes He Needs Trump The Most He Will Find Out The Truth: &#8216;His Loyalty Is Only To Himself&#8217;</a>
Why It Matters: Musk's financial support for Republican causes began earlier and was more extensive than previously known, <a href="https://www.wsj.com/politics/policy/elon-musk-political-donations-stephen-miller-desantis-39464294">reported</a> The Wall Street Journal. 
He quietly contributed tens of millions to groups linked to Trump aide Stephen Miller and Florida Governor Ron DeSantis's presidential campaign. Musk&#8217;s contributions, largely through anonymous channels, positioned him as a major donor to conservative causes, influencing U.S. politics despite a mixed track record in backing winning candidates.
Transgender issues hold personal significance for Musk, as his transgender daughter publicly severed ties with him in April 2022, just months before he financially supported Miller's group, noted the Journal.
Musk <a href="https://www.benzinga.com/news/22/11/29606000/elon-musk-says-hes-been-historically-independent-but-suggests-voting-for-republican-congress-ahead-o">emphasized his independent political stance</a> in November 2022, stating that while his historical party affiliation was independent, his voting record had been entirely Democrat until that year.
Musk&#8217;s political affiliations have been under scrutiny in recent years. In August, it was reported that a PAC established by Musk was <a href="https://www.benzinga.com/news/24/08/40147580/heres-how-an-elon-musk-backed-pac-harnesses-voter-data-to-support-donald-trump">using voter data</a> to favor Trump over Kamala Harris. Later that month, it was revealed that the PAC was <a href="https://www.benzinga.com/news/24/08/40154553/elon-musk-backed-america-pac-under-scrutiny-for-voter-data-collection-in-michigan-after-tesla-ceo-de">under investigation</a> for its voter data collection activities.
In September, Musk&#8217;s support for Trump was further highlighted when he was labeled an &#8216;outspoken&#8217; Trump supporter after a journalist was banned on X for <a href="https://www.benzinga.com/news/24/09/41078347/elon-musk-gets-labelled-as-an-outspoken-trump-supporter-after-journalist-gets-banned-on-x-for-publis">publishing leaked documents</a> related to Trump&#8217;s running mate.
This was followed by a <a href="https://www.benzinga.com/news/24/09/41083814/mark-cuban-warns-elon-musk-that-when-the-time-comes-he-needs-trump-the-most-he-will-find-out-the-tru">warning</a> from billionaire Mark Cuban to Musk about Trump&#8217;s loyalty, as reported by Benzinga.
Image via Shutterstock
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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.

General

Elon Musk's Earlier Independent Status In Doubt As Reports Surface Of Donations To Right-Wing Group That Supports Trump

Former President Donald Trump reaffirmed his pledge to commute the sentence of Ross Ulbricht, the creator of the online illegal drug marketplace Silk Road.
What happened: In a Truth Social Post Wednesday, the Republican presidential hopeful wrote, I will save Ross Ulbricht," in response to Ulbricht talking about the start of his 12th year in prison. 
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="610" height="587" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02212632/Screenshot-2024-10-03-at-10.26.08.png" alt="" class="wp-image-577613" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02212632/Screenshot-2024-10-03-at-10.26.08.png 610w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/02212632/Screenshot-2024-10-03-at-10.26.08-300x289.png 300w" sizes="(max-width: 610px) 100vw, 610px" /></figure>
Screenshot From Donald Trump&#8217;s Account On Truth Social
Ulbricht has been serving a double life sentence since 2013 for his part in creating the infamous darknet website, which received roughly $1 billion in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) for the sale of heroin, cocaine, LSD, and other illegal drugs. The FBI shut down Silk Road shortly after Ross Ulbricht&#8217;s arrest.
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The topic returned to the limelight earlier in March at the Libertarian National Convention when Trump vowed to commute Ulbricht's sentence if voted back to power.&nbsp;
"And if you vote for me, on Day One, I will commute the sentence of Ross Ulbricht,&#8221; he said.
Why It Matters: Trump&#8217;s remarks were seen as a bid to court Libertarian voters, who have <a href="https://www.lp.org/libertarian-party-calls-for-pardoning-of-ross-ulbricht/">long lobbied for Ulbricht&#8217;s release</a>.
It's one of the things we wanted from his first term," Katherine Yeniscavich, a national committee member of the party, said during the convention, as <a href="https://www.politico.com/news/2024/05/25/trump-commute-ross-ulbricht-sentence-libertarian-convention-00160025">reported </a>by Politico.
Meanwhile, in a bipartisan consensus, Trump, along with Democratic rival Kamala Harris, respective running mates Sen. JD Vance (R-Ohio.) and Minnesota Governor Tim Walz (D), <a href="https://www.benzinga.com/markets/cannabis/24/10/41149545/trump-harris-vance-and-walz-agree-on-this-end-cannabis-criminalization-in-florida">featured in an ad supporting marijuana legalization</a> in Florida.
Image via Shutterstock
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Trump Vows To 'Save' Silk Road Creator Ulbricht, Now 12 Years Into Sentence For Bitcoin-Fueled Dark Web Crimes

In a recent development, former House Speaker Nancy Pelosi (D-Calif.) has publicly criticized Sen. J.D. Vance&#8217;s (R-Ohio) comments on reproductive rights made during the <a href="https://www.benzinga.com/news/24/10/41134015/jd-vance-tim-walz-debate-sets-a-different-tone-candidates-discuss-israel-iran-escalation-immigration">vice presidential debate</a>. Pelosi dismissed Vance&#8217;s personal connection to the issue as &#8220;clever&#8221; but not &#8220;real&#8221;.
What Happened: In a conversation with CNN&#8217;s Dana Bash on Tuesday, Pelosi shared her thoughts on Vance&#8217;s remarks about a woman he knew who had an abortion. As reported by <a href="https://thehill.com/homenews/house/4912966-nancy-pelosi-jd-vance-reproductive-rights-vp-debate/">The Hill</a>, Pelosi stated, &#8220;I think that that was clever to use that personal connection, but it isn't real in terms of women having the right to make their own decisions and not politicians making their decisions for them.&#8221;
During the debate, Vance had spoken about his personal connection to the issue, saying, &#8220;I grew up in a working-class family in a neighborhood where I knew a lot of young women who had unplanned pregnancies and decided to terminate those pregnancies because they feel like they didn't have any other options.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/09/41108029/hillary-clinton-warns-harris-of-possible-october-surprise-that-could-dent-her-standing-with-the-publ?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hillary Clinton Warns Harris Of Possible &#8216;October Surprise&#8217; That Could Dent Her Standing With The Public: Don&#8217;t Know What It&#8217;s Going To Be But &#8216;It Will Be Something&#8217;</a>
Pelosi also took a jab at the Trump-Vance ticket&#8217;s stance on a national abortion ban. &#8220;This administration is for an abortion ban — a national abortion ban — and when they say leave it up to the states, the states have their own abortion bans. We need to protect them by having Roe v. Wade be the national policy of our country,&#8221; Pelosi said.
Former President Donald Trump posted on Truth Social that he would veto a federal abortion ban, a topic that was discussed during the debate. He had previously refused to say whether he would do so.
Why It Matters: The issue of abortion has been a major point of contention in this election cycle, especially since this is the first presidential election since Roe v. Wade was overturned. 
Recent polling data from KFF shows that 61% of voters believe the outcome of this year&#8217;s presidential election will significantly impact access to abortion in the country. 
Vance and Democratic VP candidate Tim Walz clashed over the 2020 election results, with Vance <a href="https://www.benzinga.com/news/24/10/41134206/jd-vance-and-tim-walz-lock-horns-over-trumps-2020-election-defeat-jan-6-was-not-facebook-ads">sidestepping questions</a> about Trump&#8217;s loss. The debate covered key topics such as immigration, Israel, and the economy, with both candidates sharply criticizing each other&#8217;s policies.
Image via Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Nancy Pelosi Says JD Vance Was 'Clever' But Not 'Real' On Abortion During The Debate: They Are For A National Ban

Special Counsel Jack Smith has laid out the specifics of his election interference case against former President Donald Trump. This follows the Supreme Court&#8217;s ruling on presidential immunity, with the case focusing on Trump&#8217;s alleged efforts to overturn the 2020 election results.
What Happened: Smith&#8217;s 165-page filing was unsealed on Wednesday. The Supreme Court had previously ruled that former presidents retain immunity for official acts, but left it to U.S. District Judge Tanya Chutkan to decide if Trump&#8217;s actions are protected from prosecution, <a href="https://thehill.com/regulation/court-battles/4912579-jack-smith-trump-jan-6-immunity/">reported</a> The Hill.
Smith contended that Trump&#8217;s plan to overturn the election results was a &#8220;private criminal effort,&#8221; involving private individuals and his campaign infrastructure. The filing offers more insight into the evidence against Trump than the 45-page indictment disclosed last year.
Smith wrote, &#8220;When the defendant lost the 2020 presidential election, he resorted to crimes to try to stay in office. With private co-conspirators, the defendant launched a series of increasingly desperate plans to overturn the legitimate election results in seven states that he had lost.&#8221;
The document also uncovers new evidence of Trump&#8217;s attempts to sway election officials in crucial swing states. Trump&#8217;s spokesperson, Steven Cheung, dismissed the brief as &#8220;falsehood-ridden&#8221; and &#8220;unconstitutional.&#8221;
&#8220;President Trump is dominating, and the Radical Democrats throughout the Deep State are freaking out,&#8221; said&#8221; Cheung, according to the report.
See Also: <a href="https://www.benzinga.com/news/24/09/41083814/mark-cuban-warns-elon-musk-that-when-the-time-comes-he-needs-trump-the-most-he-will-find-out-the-tru?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Warns Elon Musk That When The Time Comes He Needs Trump The Most He Will Find Out The Truth: &#8216;His Loyalty Is Only To Himself&#8217;</a>
Why It Matters: This case has been evolving over time. In August 2024, <a href="https://www.benzinga.com/general/politics/24/08/40588095/trump-faces-revised-indictment-as-special-counsel-adjusts-charges-in-jan-6-case">Smith filed a revised indictment</a> against Trump in response to the Supreme Court's immunity ruling. The new indictment maintained all four original charges against Trump, excluding certain allegations related to Trump's alleged attempts to use the Justice Department to propagate his unsubstantiated claims of election fraud.
In December 2023, <a href="https://www.benzinga.com/news/23/12/36406071/jack-smith-moves-to-block-trumps-political-attacks-in-election-subversion-case">Smith sought to restrict Trump</a> from introducing certain evidence and making "political attacks" about his federal 2020 election subversion criminal prosecution. This was in anticipation of the trial scheduled for March 4.
The unsealing of Smith&#8217;s detailed filing is the latest step in this ongoing legal saga, shedding more light on the specifics of the case against the former president.
Image via Wikimedia Commons
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Jack Smith Makes Case Against Trump: 'He Resorted To Crimes To Try To Stay In Office' After Losing Elections — Ex President's Campaign Hits Back By Saying 'Radical Democrats...Are Freaking Out'

Elon Musk, the high-profile CEO of Tesla Inc. and the owner of X, applauded a court decision to block a <a href="https://www.benzinga.com/news/24/09/40912021/gavin-newsom-signs-laws-aimed-at-curbing-deepfakes-around-elections-critical-that-we-ensure-ai-is-no">California law</a> he deemed as infringing on freedom of speech.
What Happened: On Wednesday, Musk took to X to express his relief at the court&#8217;s decision. The law in question, signed by California Governor Gavin Newsom, aimed to curb the use of artificial intelligence in creating misleading political advertisements, specifically deepfakes. The law made it illegal to create and distribute such materials related to elections 120 days before Election Day and 60 days thereafter. The courts had the power to halt the distribution of such materials and impose civil penalties.
the enforcement of a California law that aimed to restrict the use of digitally manipulated political &#8220;deepfakes&#8221; has been blocked by a federal judge. The law had been enacted by Gov.Newsom only a fortnight ago, <a href="https://www.politico.com/news/2024/10/02/california-law-block-political-deepfakes-00182277">reported</a> Politico.
Senior U.S. District Judge John A. Mendez said that the law was a &#8220;blunt tool&#8221; that hindered humorous expression and unconstitutionally blocked the free exchange of ideas. However, the court made an exception for the &#8220;not unduly burdensome&#8221; part of the law that would necessitate verbal disclosure of digitally changed content in audio-only recordings.
The lawsuit against the state was filed by Chris Kohls, a social media influencer known as &#8220;Mr Reagan&#8221;, who sought to prevent the law&#8217;s enforcement, citing First Amendment protections for a parody video he had posted.
Theodore Frank, Kohls&#8217; attorney, expressed satisfaction with the court&#8217;s decision. On the other hand, Newsom&#8217;s spokesperson Izzy Gardon expressed confidence that the courts would uphold California&#8217;s ability to regulate deepfakes, arguing that the law was in line with similar measures passed in other states.
<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">California's unconstitutional law infringing on your freedom of speech has been blocked by the court. Yay! <a href="https://t.co/dRihErTsJ9">https://t.co/dRihErTsJ9</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1841632709895987519?ref_src=twsrc%5Etfw">October 3, 2024</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/news/24/10/41113339/elon-musk-resumes-slamming-fccs-decision-to-deny-starlink-885m-subsidy-after-fema-sends-its-terminal?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Resumes Slamming FCC&#8217;s Decision To Deny Starlink $885M Subsidy After FEMA Sends Its Terminals T</a>
Why It Matters: This court decision comes in the wake of an escalating feud between Musk and Newsom. The dispute began when Newsom signed the stringent law banning political deepfakes. Musk, known for his active social media presence and use of memes, had fired back at Newsom&#8217;s threat of legal action, calling it an infringement on his freedom of speech. This latest court decision appears to be a victory for Musk in this ongoing battle.
Musk <a href="https://www.benzinga.com/news/24/09/40968413/elon-musk-reacts-after-cathie-wood-labels-gavin-newsoms-threat-to-sue-tesla-ceo-over-memes-unconstit">criticized Newsom</a> after the governor signed laws banning political deepfakes, accusing him of trying to outlaw parody. Newsom denied any intent to suppress parodies, clarifying that the laws target deepfakes and election manipulation. Musk dismissed Newsom&#8217;s legal threats as &#8220;amazing&#8221; on social media.
Check out more of Benzinga's Consumer Tech coverage by following this link.
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Elon Musk Can't Contain His Joy After California Deepfakes Law Supported By Gavin Newsom Blocked By Court: 'Yay!'

Warning: SIDU is at high risk of performing badly

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
In April&rsquo;s report, McKinsey &amp; Company projected that the global space ecosystem will rise to a $1.79 trillion inflation-adjusted value by 2035 from $630 billion in 2023.&nbsp;This&nbsp;encompasses the entire infrastructure that leverages the space economy, including undervalued&nbsp;<a target="_blank" href="https://investorplace.com/industries/industrial/space/">space stocks</a>, from software and telecommunications to manufacturing and terrestrial equipment.



While SpaceX is pushing the technological envelope and setting new standards, the company is still not publicly listed.&nbsp;In turn, this&nbsp;makes investors hesitant to&nbsp;hold a stake&nbsp;in the emerging space economy.&nbsp;



These undervalued <a href="https://investorplace.com/industries/industrial/space/">space stocks</a> should be considered&nbsp;in your portfolio.



<h2>Sidus Space (SIDU)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/02/sidu1600-300x169.png" alt="Smartphone with logo of American aerospace company Sidus Space (SIDU) on screen in front of website. Focus on center-right of phone display. Unmodified photo."><div>Source: T. Schneider / Shutterstock.com</div></div>What Tesla turned into for the EV sector,&nbsp;Sidus Space&nbsp;(NASDAQ:<a target="_blank" href="https://investorplace.com/stock-quotes/sidu-stock-quote/">SIDU</a>) shows nascent signs of growing into a similar role for the space satellite sector.&nbsp;From the Cape Canaveral facility in Florida,&nbsp;Sidus has an engineering and manufacturing division to churn out multi-mission LizzieSat microsatellites.



From life cycle designs and prototypes to precision engineering and safety analysis, the company&nbsp;has&nbsp;a multidisciplinary approach to&nbsp;deploy&nbsp;mission-critical hardware, using&nbsp;the&nbsp;hybrid 3D printing&nbsp;approach. On the other end of that equation, Sidus combines Space-as-a-Service with Data-as-a-Service business model.



Once the LizzieSat satellites are in low-Earth orbit (<a href="https://investorplace.com/stock-quotes/leo-stock-quote/">LEO</a>), Sidus employs machine learning and analytics to process raw sensor data and deliver actionable insights for subscription fees. With the first LizzieSat launched in Q1 from the SpaceX Transporter-10 Rideshare Mission, this ranges from agriculture and maritime to gas exploration and government contracts for&nbsp;<a target="_blank" href="https://payloadspace.com/sidus-space-nabs-noaa-remote-sensing-license/">NOAA</a>.



Following that milestone, in Q1 &lsquo;24 earnings, Sidus Space reported a $3.8 million net loss, a loss increase of 11% from the year-ago quarter. After two capital fundraisings, the company increased its cash reserves from $1.2 million to $6.17 million&nbsp;during the period.



From the&nbsp;<a target="_blank" href="https://thetradinganalyst.com/what-is-spot-price/#:~:text=52%2Dweek%20high%20of%20%2418.85">52-week high of $18.85</a>, SIDU stock returned to the penny stock zone. Presently priced at $2.59 per share, SIDU shares are down 63% year-to-date.&nbsp;



<h2>Boeing Company (BA)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/02/shutterstock_1212299986-300x169.jpg" alt="BA stock: a blue and white Boeing 787 flying in the sky above the clouds"><div>Source: vaalaa / Shutterstock</div></div>The saga of&nbsp;Boeing&rsquo;s&nbsp;(NYSE:<a target="_blank" href="https://investorplace.com/stock-quotes/ba-stock-quote/">BA</a>) shadiness, revolving whistleblowers, quality control and DEI prioritization has resulted in a dual investing stance. On one hand, it is easy to make the case that Boeing&rsquo;s moat is too&nbsp;wide, just as it can be said of&nbsp;JPMorgan Chase&nbsp;(NYSE:<a target="_blank" href="https://investorplace.com/stock-quotes/jpm-stock-quote/">JPM</a>) for the banking sector.



On the other hand, more headwinds could be hiding under Boeing&rsquo;s hood. While the Federal Aviation Administration (FAA) is still investigating Spirit AeroSystems&rsquo; falsified titanium documentation, Boeing&nbsp;<a target="_blank" href="https://apnews.com/article/boeing-acquisition-spirit-aerosystems-c6956d6f22355c95aa39a79eb384ff41">agreed to buy the supplier on June 30th for $4.7 billion</a>.



Most importantly, the company&nbsp;was convicted&nbsp;of criminal fraud conspiracy related to 737 MAX crashes that resulted in 346 deaths. On July 7th, Boeing&rsquo;s guilty plea included a&nbsp;<a target="_blank" href="https://apnews.com/article/boeing-acquisition-spirit-aerosystems-c6956d6f22355c95aa39a79eb384ff41">$243.6 million fine</a>&nbsp;in addition to the $455 million required for compliance and safety programs.&nbsp;



Such low fines, simultaneous with a major acquisition, reaffirm that Boeing is&nbsp;indeed&nbsp;too big to fail.&nbsp;In turn, the company&rsquo;s&nbsp;major&nbsp;role in the space economy is unlikely to be thwarted&nbsp;despite setbacks.&nbsp;For investors, this translates into a proverbial &ldquo;buy the dip&rdquo; for BA as an undervalued space stock.



At the present price of $186, BA stock is significantly under the 52-week average of $203.62 per share.&nbsp;Nasdaq&rsquo;s forecasting data points to&nbsp;a $213.21&nbsp;average BA price target with a ceiling of $270 per share.&nbsp;



<h2>Redwire Corporation (RDW)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/02/rocket-ship-planets-space-300x169.png" alt="An image of a rocket flying past another planet"><div>Source: Swill Klitch/Shutterstock</div></div>What&nbsp;TSMC&nbsp;(NYSE:<a target="_blank" href="https://investorplace.com/stock-quotes/tsm-stock-quote/">TSM</a>) is to&nbsp;Nvidia&nbsp;(NASDAQ:<a target="_blank" href="https://investorplace.com/stock-quotes/nvda-stock-quote/">NVDA</a>) and&nbsp;AMD&nbsp;(NASDAQ:<a target="_blank" href="https://investorplace.com/stock-quotes/amd-stock-quote/">AMD</a>),&nbsp;Redwire Corporation(NYSE:<a target="_blank" href="https://investorplace.com/stock-quotes/rdw-stock-quote/">RDW</a>) is poised to become to nascent space infrastructure.&nbsp;Initially formed from the&nbsp;merger ofAdcole Space and Deep Space Systems, the Jacksonville company emerged from nine strategic acquisitions since 2020, heading to supply the space economy with critical building blocks.&nbsp;



These include next-gen solar arrays, navigation, imaging and control equipment, components for space habitats,&nbsp;3D printing&nbsp;payloads and design/engineering. Based on Redwire&rsquo;s connections with the DoD,&nbsp;Lockheed Martin&nbsp;(NYSE:<a target="_blank" href="https://investorplace.com/stock-quotes/lmt-stock-quote/">LMT</a>), NASA and DARPA, it is clear that Redwire is another Boeing in the making where state and private interests coordinate.



Accordingly, RDW stock has gone up 140% year-to-date.&nbsp;While this&nbsp;is not the best entry point, investors should put RDW stock on a watchlist.&nbsp;Considering its borderline penny stock territory, presently priced at $7.10, a&nbsp;major&nbsp;price correction is almost&nbsp;certain.&nbsp;Nasdaq&rsquo;s&nbsp;<a target="_blank" href="https://www.nasdaq.com/market-activity/stocks/rdw/analyst-research">average RDW price target</a>&nbsp;is $7.25&nbsp;with&nbsp;a ceiling of $10 per share.



On the&nbsp;date of publication, Shane Neagle did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a target="_blank" href="https://protect-us.mimecast.com/s/XtC3C1wq33iErOvYSGOsXg?domain=investorplace.com/">Publishing Guidelines</a>.



On the&nbsp;date of publication, the responsible editor held a long position in NVDA.
<div>Shane Neagle is fascinated by the ways in which technology is poised to disrupt investing. He specializes in fundamental analysis and growth investing.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/07/the-3-most-undervalued-space-stocks-to-buy-in-july-2024/">The 3 Most Undervalued Space Stocks to Buy in July 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

The 3 Most Undervalued Space Stocks to Buy in July 2024

Sidus Space secures contract with Xiomas Technologies

Sidus Space GAAP EPS of -$0.99, revenue of $0.93M

Sidus Space, Inc. (SIDU) Q2 2024 Earnings Call Transcript

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Sidus Space (NASDAQ:<a href="https://investorplace.com/stock-quotes/sidu-stock-quote/">SIDU</a>) just reported results for the second quarter of 2024.<ul><li>Sidus Space reported earnings per share of -99 cents.</li><li>The company reported revenue of $927,570.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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									</ul>The post <a href="https://investorplace.com/earning-results/2024/08/sidu-stock-earnings-sidus-space-for-q2-of-2024/">SIDU Stock Earnings: Sidus Space Reported Results for Q2 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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Sidus Space awarded $2 million contract for U.S. Navy propulsion program

Sidus Space receives additional contract for NASA ASTRA

Small private steps are a giant leap for commercial space

Sidus Space signs agreement with Neuraspace

ARKX

ASTS

BKSY

FOUR

KULR

LLAP

LUNR

MDALF

MNTS

RKLB

SATS

SIDU

SPCE

SPIR

TSAT

Press Releases

Sidus Space Founder and CEO Carol Craig Named to Forbes 50 Over 50 List

Sidus Space Secures Contract with Xiomas Technologies to Supply FeatherEdge Computing System for Fire Detection via High-Altitude Infrared Imaging

Sidus Space to Host Second Quarter 2024 Financial Results Conference Call on August 19th at 5:00 p.m. ET

Sidus Space Reports Second Quarter 2024 Financial Results and Provides Business Update

Sidus Space Awarded $2 Million Contract for U.S. Navy Propulsion Program

Sidus Space to Attend World Satellite Business Week 2024; CEO Carol Craig to Present on Key Panel

Sidus Space Appoints Former Airbus US Space & Defense Executive Director, Lavanson (LC) Coffey III, to its Board of Directors

Sidus Space Announces an Additional Contract Award for NASA ASTRA

Sidus Space Enhances LizzieSat™ Constellation Operations via Agreement with Neuraspace

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