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Jack Dorsey, co-founder and executive chair of Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>), reiterated the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-only strategy of its "Cash App" digital wallet service on Tuesday.
What happened: Dorsey took to X, stating, "We are Bitcoin only. And improving rapidly,&#8221; in response to a post that praised Cash App's Bitcoin features
The quoted post, by a Bitcoin maxi named HFSP.eth &#x7C; ₿itcoin Only, said that Cash App allows users to convert their direct deposits (e.g., paychecks)&nbsp; into Bitcoin without any fees or spread, i.e., the difference between buy and sell prices that platforms often charge.&nbsp;
"It&#8217;s the absolute best way to accumulate Bitcoin," the user said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">we are bitcoin only. and improving rapidly. <a href="https://t.co/BbqBUSmhId">https://t.co/BbqBUSmhId</a>
&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1929974987093393442?ref_src=twsrc%5Etfw">June 3, 2025</a></blockquote>
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The post also mentioned that the withdrawal caps on Bitcoin increased to $10,000 per day and $25,000 per week, calling it a &#8220;huge improvement.&#8221; Previously, users were allowed to withdraw up to $2,000 worth of Bitcoin in a day and up to $5,000 in a week.
See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45740537/forget-dollars-willy-woo-says-bitcoin-will-be-priced-against-global-gdp-gold-used-to-be-that-money-btc-is-the-challenger">Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — &#8216;Gold Used To Be That Money, BTC Is The Challenger&#8217;</a>
Why It Matters: Dorsey's commitment aligned with the company's push to expand its Bitcoin-related offerings.
The fintech firm <a href="https://www.benzinga.com/25/04/44727594/jack-dorseys-block-is-making-it-easy-for-companies-to-manage-their-bitcoin-treasuryheres-how">launched a dashboard</a> in April to help companies effectively manage their Bitcoin corporate holdings. It also announced <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44942475/jack-dorsey-says-major-changes-coming-to-blocks-self-custody-bitcoin-wallet-what-to-expect">major changes</a> to its self-custody Bitcoin wallet, focusing on improved safety, privacy, and usability.
Block was also gearing up for the delivery of its<a href="https://www.benzinga.com/25/05/45158116/jack-dorsey-upbeat-on-blocks-bitcoin-mining-chip-delivery-in-h2-2025-as-industry-faces-disruptions-due-to-high-chinese-equipment-tariffs"> first Bitcoin mining hardware</a> in the second half of the year.
Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $105,431.31, down 0.03% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Shares of Block rose 0.14% in after-hours trading after closing 2.83% higher at $63.51 during Tuesday&#8217;s regular session.
The stock exhibited a very high growth score—a measure of the stock's combined historical expansion in earnings and revenue across multiple periods. How does it compare with Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and other cryptocurrency-related stocks? Visit&nbsp;<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound" target="_blank" rel="noreferrer noopener">Benzinga Edge Stock Rankings</a> and find out.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="445" height="186" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/04020443/image-39.png" alt="" class="wp-image-937634" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/04020443/image-39.png 445w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/04020443/image-39-300x125.png 300w" sizes="(max-width: 445px) 100vw, 445px" /></a></figure>
Photo Courtesy: Frederic Legrand &#8211; COMEO on Shutterstock.com
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45739199/american-politicians-dont-believe-bitcoin-can-co-exist-peacefully-with-the-dollar-says-this-popular-btc-maximalist-heres-why">American Politicians Don&#8217;t Believe Bitcoin Can &#8216;Co-Exist Peacefully&#8217; With The Dollar, Says This Popular BTC Maximalist: Here&#8217;s Why</a></li>
</ul>

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

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$BTC

COIN

Jack Dorsey Touts 'Bitcoin Only' Cash App, Says Block's Wallet 'Improving Rapidly'

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TRVI

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MIELY

Reported Earlier, Mitsubishi Electric Backs AT PARTNERS III Fund To Boost Global Startup Collaboration

Federal prosecutors say two Chinese researchers tried to sneak a crop-killing fungus through Detroit's airport so they could study it at a University of Michigan lab.
What Happened: Agents with the FBI and U.S. Customs and Border Protection arrested Yunqing Jian, 33, on Tuesday and unsealed a criminal complaint accusing her and boyfriend Zunyong Liu, 34, of conspiracy, smuggling, making false statements and visa fraud.
Court papers allege Liu first denied, then admitted, hiding the samples so the couple could continue Jian's government-funded research inside a campus laboratory where she worked as a visiting scholar. Prosecutors also say Jian "expressed loyalty to the Chinese Communist Party," and investigators found documentation of Chinese grants backing her work on the same pathogen.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Chinese Nationals Charged with Conspiracy and Smuggling a Dangerous Biological Pathogen into the U.S. for their Work at a University of Michigan Laboratory <a href="https://t.co/WJVF8sDrs0">https://t.co/WJVF8sDrs0</a>
&mdash; U.S. Attorney EDMI (@USAO_MIE) <a href="https://twitter.com/USAO_MIE/status/1929928505673830511?ref_src=twsrc%5Etfw">June 3, 2025</a></blockquote>
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The Justice Department says the fungus causes "head blight" in wheat, barley, maize and rice, triggering billions of dollars in crop losses and producing toxins that can sicken humans and livestock.
"These two aliens have been charged with smuggling a fungus that has been described as a ‘potential agroterrorism weapon' into the heartland of America," U.S. Attorney Jerome Gorgon Jr. said in announcing the case.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">New&#8230; I can confirm that the FBI arrested a Chinese national within the United States who allegedly smuggled a dangerous biological pathogen into the country. The individual, Yunqing Jian, is alleged to have smuggled a dangerous fungus called &quot;Fusarium graminearum,&quot; which is an…
&mdash; FBI Director Kash Patel (@FBIDirectorKash) <a href="https://twitter.com/FBIDirectorKash/status/1930044884284523001?ref_src=twsrc%5Etfw">June 3, 2025</a></blockquote>
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See also: <a href="https://www.benzinga.com/markets/tech/25/06/45763345/amid-us-china-trade-war-global-automakers-warn-beijings-curbs-on-rare-earth-metals-could-significantly-impact-production">Amid US-China Trade War, Global Automakers Warn Beijing&#8217;s Curbs On Rare Earth Metals Could Significantly Impact Production</a>
FBI Director Kash Patel amplified those allegations on X, writing, "This case is a sobering reminder that the CCP is working around the clock to deploy operatives and researchers to infiltrate American institutions and target our food supply, which would have grave consequences." Patel added that the bureau "will continue working tirelessly to be on guard against it."
Jian appeared in federal court in Detroit on Tuesday; Liu is expected to follow later this week. If convicted, each faces up to 20 years in prison on the top count of smuggling. The University of Michigan said it is cooperating with investigators and has found no evidence that the fungus entered its facilities.
Why It Matters: The arrests land amid escalating U.S.–China tensions. Last week, the Trump administration said it would "<a href="https://www.benzinga.com/general/education/25/05/45664141/trump-administration-to-revoke-visas-of-chinese-students-tied-to-ccp-or-critical-fields-tightens-screening">aggressively revoke</a>" visas held by many Chinese students in sensitive research fields. Meanwhile, China, on Monday, <a href="https://www.benzinga.com/news/politics/25/06/45715447/xi-jinpings-china-dismisses-trumps-groundless-accusations-on-geneva-trade-deal-breach-vows-strong-retaliation">refuted</a> U.S. President Donald Trump‘s claims of breaching the Geneva trade agreement, labeling them as unfounded.
U.S. Treasury Secretary Scott Bessent said trade talks between the United States and China <a href="https://www.benzinga.com/markets/25/05/45510198/scott-bessent-says-us-will-continue-trading-with-china-while-strategically-reshoring-semiconductors-steel-and-pharmaceuticals-to-protect-national-security">have stalled</a>. In a Sunday interview, he added that he is confident President Trump and Chinese President Xi Jinping will meet soon to iron out their differences.
Photo Courtesy: Mark Van Scyoc on Shutterstock.com
Read next: <a href="https://www.benzinga.com/markets/equities/25/06/45763260/jim-cramer-says-trump-is-distorting-pretty-much-everything-and-thats-making-it-difficult-to-value-stocks-people-would-just-rather-be-short">Jim Cramer Says Trump Is &#8216;Distorting Pretty Much Everything&#8217; And That&#8217;s Making It Difficult To Value Stocks: &#8216;People Would Just Rather Be Short&#8217;</a>

Health Care

General

FBI Arrests Chinese Researchers For Attempting To Smuggle 'Potential Agroterrorism Weapon' — Kash Patel Says One Expressed Loyalty To Chinese Communist Party

MRUS

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CBL International Launches $5M Share Repurchase Program, Citing Confidence In Long-Term Growth

Editor&#8217;s Note: A typographical error in the headline has been corrected.
Senator&nbsp;Cynthia Lummis&nbsp;(R-Wyo.) stated Tuesday that even the U.S. military sees the strategic value of having a national Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve.
What Happened: During an interview with Bloomberg, Lummis&nbsp;was asked about JPMorgan Chase CEO Jamie Dimon&#8217;s remark that the <a href="https://www.benzinga.com/crypto/cryptocurrency/25/05/45709673/us-should-stockpile-bullets-not-bitcoin-jamie-dimon-says">U.S. should prioritize stockpiling</a> traditional defense resources over Bitcoin.
&#8220;I would say even the U.S. Military disagrees with him,&#8221; Lummis replied. &#8220;There are Generals, especially in Southeast Asia, who believe it is important to have strategic Bitcoin stockpiles.&#8221;
Lummis claimed that the U.S. was at an &#8216;economic war&#8217; with China, emphasizing that, in addition to guns and bullets, Bitcoin would be required to counter the Chinese threat.
&#8220;We need both,&#8221; she added. &#8220;All we need to do is look to the leadership of the current U.S. Military to find support for a strategic Bitcoin Reserve.&#8221;
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The U.S. Department of Defense didn&#8217;t immediately return Benzinga&#8217;s request for comment on Lummis&#8217; claims.
See Also:&nbsp;<a href="https://benzinga.com/news/ipos/25/05/45448399/trump-insiders-want-a-piece-of-crypto-spac-action-is-a-merger-coming" target="_blank" rel="noreferrer noopener">Trump Insiders Want A Piece Of Crypto, SPAC Action: Is A Merger Coming?</a>
Why It Matters: While the Defense Department has not formally endorsed a Bitcoin reserve, there have been instances of branches of the military<a href="https://www.benzinga.com/markets/cryptocurrency/23/02/30673164/us-air-force-boosts-blockchain-adoption-with-30m-investment-in-simba-chain"> exploring blockchain technology</a> for various applications.
Lummis&#8217; claims come at a time when she is advocating for clear regulatory frameworks for digital assets and the establishment of a U.S. Strategic Bitcoin reserve—an idea that has already <a href="https://in.benzinga.com/markets/cryptocurrency/25/03/44491124/strategic-bitcoin-reserve-eliminates-last-threat-says-bitwises-matt-hougan">received executive approval</a>. 
Lummis has been a staunch supporter of Bitcoin and has proposed legislation called the BITCOIN Act, advocating for the purchase of <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42080839/cynthia-lummis-says-strategic-bitcoin-reserve-could-take-shape-soon-after-trump-raises-his-hand-and-is-sworn-in">1 million Bitcoins over five years</a> by the Treasury Department.
Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $105,525.76, up 0.23% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Photo Courtesy: Bukhta Yurii On Shutterstock.com Read Next:&nbsp;
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<li><a href="https://benzinga.com/markets/cryptocurrency/25/03/44450232/white-house-says-gold-reserves-may-be-used-to-purchase-bitcoin" target="_blank" rel="noreferrer noopener">White House Says Gold Reserves May Be Used to Purchase Bitcoin</a></li>
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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.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Politics

Jamie Dimon Said US Should Buy Bullets, Not Bitcoin — Cynthia Lummis Says The US Military 'Disagrees' With Him (CORRECTED)

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BBJP

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Opposition candidate Lee Jae-myung, a prominent supporter of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), secured a decisive win in South Korea&#8217;s snap presidential election, paving the way for major digital asset reforms in Asia&#8217;s fourth-largest economy.
What Happened: The 61-year-old Democratic Party leader defeated the ruling People Power Party candidate Kim Moon-soo following months of political chaos triggered by his predecessor Yoon Suk Yeol&#8216;s failed martial law declaration in December. Voter turnout reached 79.4%, the highest since 1997, as citizens sought to restore democratic stability, <a href="https://www.bbc.com/news/articles/c861yyqxg4do">reported</a> the BBC.
Lee&#8217;s crypto-friendly agenda includes legalizing spot cryptocurrency exchange-traded funds and allowing South Korea&#8217;s $884 billion National Pension Service to invest in digital assets.
&#8220;We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,&#8221; Lee stated during May policy discussions, <a href="https://cointelegraph.com/news/south-korea-presidential-election-crypto-industry-gains">reported</a> CoinTelegraph. 
&#8220;I will create a safe investment environment so that young people can build assets and plan for the future,&#8221; Lee said in May, signaling priority focus on financial modernization.
See Also: <a href="https://www.benzinga.com/news/politics/25/06/45763037/marjorie-taylor-greene-says-shes-adamantly-opposed-to-trumps-big-beautiful-bill-over-this-ai-provision-i-would-have-voted-no-if-i-had-kn">Marjorie Taylor Greene Says She&#8217;s &#8216;Adamantly Opposed&#8217; To Trump&#8217;s &#8216;Big Beautiful&#8217; Bill Over This AI Provision: &#8216;I Would Have Voted NO If I Had Known This Was In There&#8217;</a>
Why It Matters: Lee faces immediate challenges beyond cryptocurrency policy. His <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44686417/wall-street-soars-as-trump-teases-trade-deals-magnificent-seven-add-over-500-billion-in-market-value">administration must navigate trade negotiations</a> with President Donald Trump&#8216;s administration while managing domestic political divisions. 
The victory represents a remarkable political comeback for Lee, who lost the 2022 presidential race by a narrow margin. 
He still faces Supreme Court proceedings over alleged election law violations, though sitting presidents typically receive immunity from criminal prosecution except for insurrection or treason charges, according to the BBC report.
Read Next: 
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<li><a href="https://www.benzinga.com/news/politics/25/06/45762787/peter-schiff-backs-musks-furious-attack-on-trumps-disgusting-budget-bill-slams-gop-hypocrisy-so-glad-hopefully-elon-can-persuade-trump-to-veto-it">Peter Schiff Backs Musk&#8217;s Furious Attack On Trump&#8217;s &#8216;Disgusting&#8217; Budget Bill, Slams GOP Hypocrisy: &#8216;So Glad &#8230; Hopefully Elon Can Persuade Trump To Veto It&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Courtesy: LegoCamera / Shutterstock.com

Global

Pro-Bitcoin Lee Jae-myung Secures Decisive Win In South Korea's Snap Election

On Tuesday, Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) reclaimed the title of the <a href="https://www.benzinga.com/news/large-cap/24/11/41761849/nvidia-blows-past-apple-to-become-worlds-most-valuable-company">world's most valuable</a> publicly traded company, surpassing Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
What Happened: Shares of Nvidia rose 2.80% during Tuesday's regular session and closed at $141.22, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
This boosted Nvidia's market capitalization to $3.444 trillion, slightly ahead of Microsoft's $3.441 trillion.
Apple, once the longtime market cap leader, now ranks third at $3.036 trillion, followed by Amazon and Alphabet.
Also Read:&nbsp;<a href="https://www.benzinga.com/tech/25/05/45602719/openais-acquisition-of-jony-ives-startup-poses-threat-to-apples-dominance" target="_blank" rel="noreferrer noopener">OpenAI&#8217;s Acquisition Of Jony Ive&#8217;s Startup Poses Threat To Apple&#8217;s Dominance</a>
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<thead>
<tr>
<th class="has-text-align-center" data-align="center">Rank</th>
<th class="has-text-align-center" data-align="center">Company Name</th>
<th class="has-text-align-center" data-align="center">Market Cap</th>
<th class="has-text-align-center" data-align="center">Closing Share Price (Tuesday)</th>
</tr>
</thead>
<tbody>
<tr>
<td class="has-text-align-center" data-align="center">1</td>
<td class="has-text-align-center" data-align="center">NVIDIA</td>
<td class="has-text-align-center" data-align="center">$3.444 trillion</td>
<td class="has-text-align-center" data-align="center">$141.22</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">2</td>
<td class="has-text-align-center" data-align="center">Microsoft</td>
<td class="has-text-align-center" data-align="center">$3.441 trillion</td>
<td class="has-text-align-center" data-align="center">$462.97</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">3</td>
<td class="has-text-align-center" data-align="center">Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)</td>
<td class="has-text-align-center" data-align="center">$3.036 trillion</td>
<td class="has-text-align-center" data-align="center">$203.27</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">4</td>
<td class="has-text-align-center" data-align="center">Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>)</td>
<td class="has-text-align-center" data-align="center">$2.183 trillion</td>
<td class="has-text-align-center" data-align="center">$205.71</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">5</td>
<td class="has-text-align-center" data-align="center">Alphabet (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>)</td>
<td class="has-text-align-center" data-align="center">$2.024 trillion</td>
<td class="has-text-align-center" data-align="center">$166.18/$167.71</td>
</tr>
</tbody>
</table>
</figure>
Why It's Important: The rally follows <a href="https://www.benzinga.com/news/earnings/25/05/45657660/nvidia-q1-highlights-china-export-ban-hits-results-but-jensen-huang-says-demand-incredibly-strong">Nvidia's first-quarter earnings</a> last week. The company reported a revenue of $44.1 billion, marking a 69% increase year-over-year and a 12% rise from the previous quarter. The results surpassed Wall Street&#8217;s consensus estimate of $43.2 billion.
The surge reflects booming demand for its AI chips, used in everything from data centers to generative AI platforms.
Morgan Stanley has also reaffirmed its <a href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/06/45742324/nvidia-stock-seen-as-unique-opportunity-amid-chip-sector-volatility-says-morgan-stanley-we-are-materially-under-shipping-demand">"Overweight" rating on Nvidia</a>, calling it a "unique opportunity" in the semiconductor industry and maintaining it as its top pick. Despite sector slowdown concerns, analysts remain confident in Nvidia's growth.
Meanwhile, Microsoft, which reported <a href="https://www.benzinga.com/25/04/45117886/microsoft-q3-earnings-highlights-revenue-beat-eps-beat-cloud-revenue-up-20">third-quarter revenue</a> of $70.07 billion and exceeded the Street consensus estimate of $68.43 billion, has been going through massive layoffs.
On Monday, it was reported that Microsoft has announced<a href="https://www.benzinga.com/markets/tech/25/06/45738506/microsoft-fires-hundreds-more-workers-amid-ai-fueled-growth-calls-it-positioning-the-company-for-success"> another round of layoffs</a>, cutting over 300 jobs just weeks after its largest workforce reduction in years.
Price Action: In the after-hours trading, Nvidia gained an additional 0.19% and had reached $141.49 at the time of writing.
According to Benzinga&#8217;s Edge Stock Rankings, Nvidia shows a strong price trend 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 detailed metrics can be found 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/2025/06/04001632/Screenshot-2025-06-04-at-9.45.39%E2%80%AFAM.png" alt="" class="wp-image-937572" /></a></figure>
Photo Courtesy: Evolf on Shutterstock.com
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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.

Tech

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GOOGL

MSFT

NVDA

Nvidia Overtakes Microsoft As The World's Most Valuable Company With $3.4 Trillion Market Cap As Morgan Stanley Reaffirms Top Pick Status

Automakers worldwide have criticized China's restrictions on rare earth minerals and magnets, which are crucial to automotive production, amid ongoing U.S.-China trade tensions.
What Happened: Automakers from the U.S., Europe, Japan, and India have raised alarms over China's export curbs on raw materials critical to vehicle production, Reuters reported on Tuesday.
Beijing's decision to restrict exports came in as a retaliatory measure to U.S. President Donald Trump's 145% tariffs levied on Chinese goods imported into the country. The ongoing trade tensions have severely disrupted the global economy.
A trade group representing General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), Toyota Motor Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TM#NYSE">TM</a>) and other manufacturers had written to the Trump administration about the threat of China's curbs on exports, the report suggests.
"If the situation is not changed quickly, production delays and even production outages can no longer be ruled out," an expert representing German automakers said in the report.
The report also suggests that a business delegation from Japan will arrive in the country in the coming days to meet with Chinese officials, while officials from the EU are also expected to meet with the Chinese government over the curbs.
Why It Matters: The news comes in as talks between the Trump administration and Beijing have <a href="https://www.benzinga.com/25/05/45685544/scott-bessent-says-us-china-trade-talks-at-stalemate-need-trump-and-xi-jinping-touch-to-break-the-deadlock">currently hit a stalemate</a>, according to U.S. Treasury Secretary Scott Bessent.
The current escalating tensions follow a temporary 90-day truce in the trade war that was reached following negotiations between the two governments, which <a href="https://www.benzinga.com/markets/equities/25/05/45341884/apple-amazon-nvidia-rise-in-monday-premarket-as-us-china-agree-to-90-day-tariff-truce-neither-side-wants-a-decoupling">sent stocks on the rise</a>.
However, Trump has since accused China of violating the <a href="https://www.benzinga.com/news/politics/25/06/45715447/xi-jinpings-china-dismisses-trumps-groundless-accusations-on-geneva-trade-deal-breach-vows-strong-retaliation">Geneva trade agreement </a>following its decision to impose curbs on the exports. Beijing has called the accusations groundless and has vowed to retaliate.
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link</a>.
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<li><a href="https://www.benzinga.com/news/politics/25/06/45740331/trumps-man-to-man-diplomacy-wont-work-with-xi-jinping-warns-former-white-house-chief-of-staff-as-tariff-deadlock-continues">Trump&#8217;s &#8216;Man-To-Man&#8217; Diplomacy Won&#8217;t Work With Xi Jinping, Warns Former White House Chief Of Staff As Tariff Deadlock Continues</a></li>
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Image via Shutterstock

Amid US-China Trade War, Global Automakers Warn Beijing's Curbs On Rare Earth Metals Could Significantly Impact Production

Jim Cramer warned that President Donald Trump&#8216;s unpredictable trade policies are distorting stock valuations and emboldening short sellers who expect daily market declines. 
What Happened: CNBC&#8217;s &#8220;Mad Money&#8221; host <a href="https://www.cnbc.com/2025/06/03/jim-cramer-trump-market-stocks-correctly-.html">said</a> Trump&#8217;s tariff threats and confrontational global approach are &#8220;continually confounding traders and investors alike,&#8221; making accurate stock pricing nearly impossible. 
The market uncertainty coincides with <a href="https://www.benzinga.com/markets/macro-economic-events/25/06/45741617/chinas-manufacturing-activity-crashes-to-2022-lows-in-may-amid-trump-tariff-woes">deteriorating economic fundamentals</a>. China&#8217;s manufacturing activity crashed to its lowest level since September 2022, with the Caixin PMI dropping to 48.3 in May from 50.4 in April—the first contraction in eight months.&nbsp;
New orders fell at their fastest pace in over two years, while U.S. manufacturing also contracted, with the ISM PMI slipping to 48.5%.
Cramer noted markets have been opening lower recently as traders anticipate Trump&#8217;s abrupt statements about trade, China, or major stocks like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).
See Also: <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/06/45758803/sp-500-q1-earnings-stun-again-the-street-with-broad-based-beats-double-digit-growth">S&amp;P 500 Q1 Earnings Stun Wall Street Again With Broad-Based Beats, Double-Digit Growth</a>
Why It Matters: The administration has reportedly set a July 8 deadline for trade deals, demanding countries submit their best offers by Wednesday as <a href="https://www.benzinga.com/markets/economic-data/25/06/45740592/trump-sets-july-8-deadline-for-trade-deals-demands-best-offers-from-global-partners-by-wednesday-report">Trump&#8217;s 90-day tariff pause expires</a>. 
Cramer argued Trump has &#8220;almost single-handedly revived the short-selling business,&#8221; with hedge funds heavily shorting stocks like Nvidia and CoreWeave Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>), confident they can profit from Trump-induced volatility. While short sellers aren&#8217;t &#8220;in charge,&#8221; they possess &#8220;a lot of firepower and conviction,&#8221; believing they can&#8217;t lose with Trump in the White House.
While short sellers aren&#8217;t &#8220;in charge,&#8221; they possess &#8220;a lot of firepower and conviction,&#8221; believing they can&#8217;t lose with Trump in the White House, Cramer noted. 
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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

CRWV

Jim Cramer Says Trump Is 'Distorting Pretty Much Everything' And That's Making It Difficult To Value Stocks: 'People Would Just Rather Be Short'

The&nbsp;New York Stock Exchange submitted a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exchange-traded filing Tuesday on behalf of&nbsp;Truth Social, the social media platform owned by President Donald Trump.
What Happened: NYSE Arca, a subsidiary of the NYSE, filed a Form 19b-4 with the SEC, seeking to list and trade shares of the proposed &#8220;Truth Social Bitcoin ETF,&#8221; designed to track the price of the apex cryptocurrency.
The filing stated, &#8220;The shares are intended to constitute a simpler means of making an investment similar to an investment in Bitcoin rather than by acquiring, holding and trading Bitcoin directly.&#8221; 
The trust&#8217;s sponsor is&nbsp;Yorkville America Digital, LLC, with&nbsp;Foris DAX Trust Company, LLC&nbsp;serving as the custodian.
See Also:&nbsp;<a href="https://benzinga.com/crypto/cryptocurrency/25/06/45762633/anthony-scaramucci-agrees-bitcoin-skeptic-jamie-dimon-would-be-a-welcome-alternative-as-pre" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Agrees Bitcoin Skeptic Jamie Dimon Would Be A &#8216;Welcome Alternative&#8217; As President</a>
Why It Matters: The&nbsp;Trump Media and Technology Group&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>),&nbsp;operator of Truth Social, is co-founded and&nbsp;<a href="https://in.benzinga.com/25/03/44268596/trumps-net-worth-plummets-by-nearly-300m-as-djt-stock-drops-to-its-lowest-since-october" target="_blank" rel="noreferrer noopener">majority-owned by</a>&nbsp;Trump.
The move was the latest in a series of steps geared at increasing the Trump family&#8217;s engagement with the world&#8217;s largest cryptocurrency. 
Last week, TMTG said it <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45635335/donald-trump-jr-says-we-are-seriously-long-bitcoin-and-after-tmtg-reveals-treasury-strategy">would use the proceeds</a> of a $2.5 billion private offering to create a Bitcoin reserve. Donald Trump Jr., Trump&#8217;s eldest son, stated that the Trumps were "seriously long" on Bitcoin.
Notably, <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44467984/trump-media-surges-9-in-after-hours-trading-after-announcing-partnership-with-crypto-com-to-launch-made-in-america-focused-etfs-cro-also-rallies">TMTG entered into a partnership</a>&nbsp;with Crypto.com to launch a series of ETFs under the Truth.Fi brand earlier in May. The ETFs were expected to comprise a blend of digital assets and securities with a ‘Made in America' emphasis.
Price Action: At the time of writing, BTC was exchanging hands at $105,740.91, up 0.13% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
The DJT stock rose was up 0.46% in after-hours trading after closing 2.10% higher at $21.84 on Tuesday.
As of this writing, the DJT stock exhibited a low value score—&nbsp;a metric that evaluates an asset's relative worth by comparing its market price to fundamental measures. In case you&#8217;re looking to pack your portfolio with high-value equities, check out&nbsp;<a href="https://www.benzinga.com/screener/top-value-stocks" target="_blank" rel="noreferrer noopener">Benzinga&#8217;s proprietary Edge Rankings score</a>.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/screener/top-value-stocks"><img loading="lazy" decoding="async" width="440" height="182" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03231948/image-38.png" alt="" class="wp-image-937551" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03231948/image-38.png 440w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03231948/image-38-300x124.png 300w" sizes="(max-width: 440px) 100vw, 440px" /></a></figure>
Photo Courtesy: mundissima on Shutterstock.com
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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.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

Trump's Truth Social Files For Bitcoin ETF As Family Goes 'Seriously Long' On Crypto

Palantir Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) CEO Alex Karp says real achievement in the age of artificial intelligence depends on sacrificing early social perks for obsessive focus on one's best skill.
What Happened: "I've never met someone successful who had a great social life at 20," Karp told the Economic Club of Chicago recently, urging young employees to &#8220;find the thing you're uniquely good at, and then make sure your whole life is organized around allowing you to do it.&#8221;
Karp said most new hires stall in two ways: they refuse to admit what they're good at and they fail to reorder their lives around that talent. The first failure mode, he explains, is not accepting what you're truly good at, even though that might not be &#8220;what you want to be good at&#8221;. The second trap is not organizing your life around that ability, he says, adding that the adjustment often means fewer parties and more late nights refining craft.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Alex Karp, Co-Founder, CEO &amp; Director, Palantir, 5/22/2025" width="500" height="281" src="https://www.youtube.com/embed/lvLxM6kQK7Y?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
See also: <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/06/45746797/is-a-bond-market-crash-coming-jamie-dimon-blackrock-ray-dalio-and-others-sound-the-alarm">Is A Bond-Market Crash Coming? Jamie Dimon, BlackRock, Ray Dalio And Others Sound The Alarm</a>
"If that's what you want, that's great. But you're not going to be successful, and don't blame anyone else," he warns.
Karp also advised brutal honesty in relationships, asking recruits to consider, &#8220;How are they going to feel when you dedicate the next ten years of your life to building what you think is valuable?&#8221;
Why It Matters: The comments fit a pattern of blunt counsel from the Ph.D.-trained philosopher who co-founded Palantir with Peter Thiel in 2003. The Denver-based data analytics firm has ridden the AI boom to a market value above $310 billion and a 515% share price surge over the past year, according to data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Over the past few months, Karp has <a href="https://www.benzinga.com/markets/equities/25/02/43806845/palantir-ceo-alex-karp-backs-elon-musks-government-efficiency-efforts-calls-him-most-important-builder">backed Elon Musk's</a> government-efficiency push to warning lawmakers that rivals such as China's DeepSeek <a href="https://www.benzinga.com/markets/equities/25/02/43420511/palantir-ceo-alex-karp-sounds-alarm-on-chinas-deepseek-could-this-threaten-palantirs-ai-dominance">threaten U.S. AI dominance</a>.
Price Action: Palantir shares closed 0.86% higher at $133.17 on Wednesday, according to Benzinga Pro.
Benzinga&#8217;s Edge Rankings place Palantir in the 99th percentile for momentum and the 97th percentile for growth. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Check the detailed report&nbsp;here</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="150" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03115126/pltr-edge-1-1024x150.png" alt="" class="wp-image-937014" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03115126/pltr-edge-1-1024x150.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03115126/pltr-edge-1-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03115126/pltr-edge-1-768x113.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03115126/pltr-edge-1.png 1376w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Photo: Shutterstock/Hiroshi-Mori-Stock
Read next: <a href="https://www.benzinga.com/personal-finance/management/25/06/45749341/my-parents-are-financially-abusing-me-a-college-kid-used-his-3999-school-refund-to-pay-off-debt-but-his-parents-say-it-belongs-to-them">&#8216;My Parents Are Financially Abusing Me&#8217;—A College Kid Used His $3,999 School Refund To Pay Off Debt, But His Parents Say It Belongs To Them</a>

PLTR

Palantir CEO Alex Karp Says You Can Have A 'Great Social Life' At 20 Or Be Successful But You Can't Do Both

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