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Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is reportedly in advanced talks to invest in a quantum computing startup.
What Happened: Nvidia is considering a major investment in PsiQuantum, reported Reuters (<a href="https://www.theinformation.com/articles/nvidia-talks-invest-quantum-startup-psiquantum">via</a> The Information).
Quantum technology could handle computations far beyond the capabilities of today's most advanced AI systems powered by Nvidia chips. PsiQuantum is working with the U.S. and Australian governments to build quantum computers in Chicago and Brisbane.
Unlike other quantum computing startups that depend on exotic materials, PsiQuantum leverages standard semiconductor manufacturing methods, the report said.
In March, Reuters reported that PsiQuantum is securing a minimum of $750 million in funding from investors such as BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), valuing the company at a $6 billion pre-money valuation.
See Also: <a href="https://www.benzinga.com/media/25/05/45460918/jensen-huang-led-nvidia-plans-new-shanghai-research-hub-to-stay-competitive-in-china-as-us-export-curbs-threaten-ai-chip-sales-report">Jensen Huang-Led Nvidia Plans New Shanghai Research Hub To Stay Competitive In China As US Export Curbs Threaten AI Chip Sales: Report</a> Why It&#8217;s Important: This would mark a notable change in direction for Nvidia. The chip giant's CEO, Jensen Huang, previously suggested practical quantum <a href="https://www.benzinga.com/25/03/44433571/jensen-huang-admits-mistake-says-i-was-wrong-about-quantum-computing-at-gtc-apology-fails-to-lift-rigetti-ionq-d-wave-qubt">computing was decades away</a>.
In March, however, Nvidia announced a quantum research lab in Boston in collaboration with Harvard and MIT.&nbsp;
Nvidia is scheduled to release its first-quarter earnings on May 28 after the market closes. According to <a href="https://www.benzinga.com/pro/login">Benzinga Pro</a>, analysts expect the company to post earnings of 89 cents per share on revenue of $43.07 billion.
Price Action: On Friday, Nvidia&#8217;s stock ended 0.4% higher at $135.40. 
Benzinga Edge Stock Rankings gives Nvidia a growth score of 95.02%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares with other leading tech companies</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/2025/05/18233710/Screenshot-2025-05-19-at-9.07.05%E2%80%AFAM.png" alt="" class="wp-image-919141" /></a></figure>
Photo Courtesy: Hepha1st0s 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.

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Nvidia's Quantum Pivot? Jensen Huang-Led Chip Giant Reportedly Mulls Major Stake In PsiQuantum

Moody&#8216;s downgrade of U.S. debt from Aaa to Aa1 marks the country&#8217;s loss of its last <a href="https://www.benzinga.com/news/econ-s/25/05/45479078/moodys-downgrades-us-credit-rating-over-debt-deficit-concerns">remaining top-tier rating</a>, prompting market experts to weigh in on potential impacts.
What Happened: CNBC&#8217;s Jim Cramer recalled on Sunday that &#8220;the market dropped 6.7% after the last downgrade back in 2011 but it, ultimately, meant nothing.&#8221; Despite weeks of market decline following that event, Cramer emphasized investors &#8220;had to stay the course.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As I write a draft for the CNBC investing club for our meeting on Wednesday i am mindful that the market dropped 6.7% after the last downgrade back in 2011 but it, ultimately, meant nothing and while the market kept falling for weeks you had to stay the course
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1924128885228085605?ref_src=twsrc%5Etfw">May 18, 2025</a></blockquote>
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Dan Niles, founder of Niles Investment Management, expects less severe market reactions this time. &#8220;Prior debt downgrades have been followed by S&amp;P drops of 8-10%,&#8221; Niles noted, adding that &#8220;today, tariff rollbacks is driving a pickup in the economy &amp; the decline should be less.&#8221;
Moody&#8217;s joins Fitch and Standard &amp; Poor&#8217;s in downgrading U.S. debt below the highest &#8220;triple-A&#8221; level. Fitch downgraded U.S. debt in August 2023, while S&amp;P&#8217;s historic first downgrade occurred in August 2011.
The 2011 S&amp;P downgrade shocked markets, coming after the S&amp;P 500 had doubled from its 2009 Great Financial Crisis lows. The index plunged 6.7% the following trading day, ultimately falling 8% from the downgrade in October 2011.
Fitch downgrade contributed to a 10% S&amp;P 500 decline from July to October 2023, exacerbated by inflation concerns and rising 10-year yields.
Niles believes current conditions differ significantly. &#8220;Unlike in 2023 or 2011, the economic environment is improving around this debt downgrade,&#8221; he wrote, citing reduced China tariffs driving trade resumption.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Prior debt downgrades have been followed by S&amp;P drops of 8-10%. In 2023 inflation concerns drove 10yr yields to the highest in a decade. In 2011, there were fears of a renewed EU debt crisis. Today, tariff rollbacks is driving a pickup in the economy &amp; the decline should be less.…
&mdash; Dan Niles (@DanielTNiles) <a href="https://twitter.com/DanielTNiles/status/1924261985887096946?ref_src=twsrc%5Etfw">May 19, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/25/05/45485137/bitcoin-skyrockets-soars-past-105000-mark-triggers-a-250-billion-market-rally">Bitcoin Skyrockets Past $105,000 Mark, Triggers $250 Billion Crypto Market Rally</a>
Why It Matters: Market support could come from retail investors experiencing FOMO (fear of missing out) and professional investors who missed the recent 20% rally from April lows. The AAII survey recently showed bulls surpassing bears for the first time during this rally, according to Niles.
Moody&#8217;s cited persistent fiscal deficits and rising government debt as key factors in its decision. The agency projects U.S. debt-to-GDP ratio will climb from <a href="https://www.benzinga.com/news/econ-s/25/05/45479078/moodys-downgrades-us-credit-rating-over-debt-deficit-concerns">nearly 100% in 2025 to around 130% by 2035</a>.
&#8220;Even in a very positive and low probability economic and financial scenario, debt affordability remains materially weaker than for other Aaa-rated sovereigns,&#8221; Moody&#8217;s stated.
The SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) both slipped in Friday&#8217;s after-hours trading following the announcement.
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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: katz / Shutterstock.com

Equities

Jim Cramer Recalls 2011's 6.7% Market Decline After US Debt Downgrade, Says It 'Ultimately Meant Nothing:' Dan Niles Sees Limited Downside Amid Tariff Rollbacks, FOMO

As criticism mounts over the Donald Trump administration's <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45390422/trump-unveils-historic-and-transformative-600-billion-saudi-deal-predicts-markets-will-go-a-lot-higher">AI chip deals with Gulf states</a>, David Sacks and Sam Altman are pushing back, calling the partnerships a strategic win over China.
What Happened: Trump announced multibillion-dollar AI partnerships between U.S. companies and Gulf nations, including Saudi Arabia and the UAE.
The deals involve major players like Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>).
Despite <a href="https://www.benzinga.com/25/05/45459318/chuck-schumer-blasts-trump-for-backing-ai-chip-sales-to-saudi-arabia-uae-warns-deal-risks-us-tech-secrets-falling-into-chinas-hands">concerns from lawmakers</a> about potential Chinese access to U.S. AI chips via Gulf allies, Sacks, a tech investor and White House AI advisor, defended the initiative in a post on X, formerly Twitter.
"I'm genuinely perplexed how any self-proclaimed ‘China Hawk' can claim that President Trump's AI deals with UAE and Saudi Arabia aren't hugely beneficial for the United States," Sacks wrote.
See Also:&nbsp;<a href="https://benzinga.com/news/25/04/45090231/elon-musk-says-will-come-as-a-surprise-to-most-as-chinas-economy-surpasses-us-and-eu-amid-rising-tariffs-and" target="_blank" rel="noreferrer noopener">Elon Musk Says Will Come As A ‘Surprise To Most&#8217; As China&#8217;s Economy Surpasses US And EU Amid Rising Tariffs And Growing Recession Fears</a>
He cited semiconductor analyst Dylan Patel that the partnerships "will noticeably shift the balance of power" in the U.S.'s favor and asked critics: "Does China wish it had made these deals? Yes of course it does. But President Trump got there first and beat them to the punch."
Altman shared Sacks&#8217; post on X and echoed his view, stating, "This was an extremely smart thing for you all to do and I'm sorry naive people are giving you grief."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">this was an extremely smart thing for you all to do and i'm sorry naive people are giving you grief. <a href="https://t.co/iTkQj9c9QW">https://t.co/iTkQj9c9QW</a>
&mdash; Sam Altman (@sama) <a href="https://twitter.com/sama/status/1923428713095479437?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote>
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Why It's Important: The Joe Biden administration had previously implemented <a href="https://www.benzinga.com/news/24/10/41323155/nvidia-amd-face-chip-export-curbs-as-biden-administration-considers-restrictions-on-middle-east-coun">rules to restrict AI chip exports</a> to countries like Saudi Arabia and the UAE, citing national security risks.
However, those limits have now been rolled back, with new policies still in development, <a href="https://www.axios.com/2025/05/16/trump-ai-deals-gulf-chips-china-trade-policy">reported</a> Axios.
On Thursday, Senate Minority Leader Chuck Schumer (D-N.Y.) cautioned that Trump's backing of efforts to export sensitive U.S. AI chip technology to allies in the Persian Gulf might ultimately give an advantage to China.
Earlier, Nvidia CEO Jensen Huang warned that limiting access to China's AI market could <a href="https://www.benzinga.com/markets/25/05/45243129/nvidia-ceo-jensen-huang-says-losing-access-to-chinas-potential-50-billion-ai-market-would-be-a-tremendous-loss">harm the company, U.S. jobs</a>, and overall technological progress.
His remarks followed a report revealing that Nvidia has notified key Chinese clients — including Alibaba Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), ByteDance and Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) — that it is developing a <a href="https://www.benzinga.com/25/05/45182565/nvidia-designing-new-ai-chips-for-alibaba-bytedance-tencent-after-warning-us-export-ban-on-h20-could-cost-the-company-55-billion-report">modified version of its AI chip designed</a> to meet U.S. export restrictions.
Nvidia has earned a growth score of 95.02% from Benzinga Edge Stock Rankings. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against other top tech firms</a> like AMD, Qualcomm, Alibaba and Tencent.
<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/2025/05/18231701/Screenshot-2025-05-19-at-8.46.56%E2%80%AFAM.png" alt="" class="wp-image-919127" /></a></figure>
Photo Courtesy: twenty1studio 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.

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David Sacks Hails Trump's AI Strategy In Middle East As Power Move Over China — OpenAI CEO Sam Altman Backs Him: 'Sorry Naive People Are Giving You Grief'

As shares of UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) witness a steep decline, company insiders are stepping up to the plate with a series of insider buys, which analysts and experts say is &#8220;a strong signal.&#8221;
What Happened: On Saturday, popular investment newsletter The Kobeissi Letter shared a post on X highlighting UnitedHealth&#8217;s new CEO, Stephen Hemsley, acquiring a significant stake in the company, worth $25 million, according to filings with the Securities and Exchange Commission.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is interesting: Stephen Hemsley, the new CEO of UnitedHealth, <a href="https://twitter.com/search?q=%24UNH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$UNH</a>, bought $25 million worth of the stock on Friday. He is the latest of multiple insiders to begin buying shares amid the historic decline. What does it tell you if insiders are buying here? <a href="https://t.co/BqM4Ksabsy">pic.twitter.com/BqM4Ksabsy</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1923782787909197829?ref_src=twsrc%5Etfw">May 17, 2025</a></blockquote>
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&#8220;He is the latest of multiple insiders to begin buying shares amid the historic decline,&#8221; the post says, referring to the three directors, Timothy Flynn, Kristen Gil and John Noseworthy, who purchased shares worth $491,786, $1,003,329 and $93,647, respectively, in the company last week. 
This is in addition to UnitedHealth&#8217;s CFO, John Rex, who bought shares worth $5 million, according to SEC filings.
See Also: <a href="https://www.benzinga.com/25/05/45485704/joe-biden-diagnosed-with-advanced-prostate-cancer-trump-wishes-former-president-a-fast-and-successful-recovery">Joe Biden Diagnosed With Advanced Prostate Cancer, Trump Wishes Former President A &#8216;Fast And Successful Recovery&#8217;</a>
Replying to the post, investment manager&nbsp;Mike Shell&nbsp;says that investing personal capital after a sharp decline is a &#8220;strong signal&#8221; that&nbsp;management perceives &#8220;positive asymmetry&#8221; in the stock, suggesting limited downside risks, relative to its recovery potential.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Investing personal capital after a sharp decline is a strong signal they perceive positive asymmetry: limited further downside versus potential recovery gains.
&mdash; Mike Shell (@MikeWShell) <a href="https://twitter.com/MikeWShell/status/1924108362909733063?ref_src=twsrc%5Etfw">May 18, 2025</a></blockquote>
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Why It Matters: UnitedHealth shares have witnessed a steep decline since its disappointing <a href="https://benzinga.com/analyst-ratings/price-target/25/04/44902410/unitedhealth-group-stock-is-getting-crushed-whats-fueling-the-selloff">first quarter results</a> last month, when the company narrowly missed expectations, posting earnings of $7.20 per share versus the consensus estimate of $7.29.
However, it&#8217;s been under scrutiny <a href="https://www.benzinga.com/general/health-care/24/12/42316904/unitedhealthcare-ceo-brian-thompson-fatally-shot-outside-nyc-hotel">ever since the assassination</a> of its insurance unit CEO, Brian Thompson, in December 2024, by a disgruntled insurance patient, Luigi Mangione.
The stock once again <a href="https://www.benzinga.com/25/05/45373368/unitedhealth-stock-plunges-names-new-ceo-suspends-2025-guidance">witnessed a pullback</a> last week, following the abrupt departure of its CEO, Andrew Witty. Former CEO Hemsley was reinstated, and the company subsequently withdrew its full-year guidance.
To make matters worse, a Wall Street Journal report claimed that UnitedHealth was under a <a href="https://benzinga.com/general/health-care/25/05/45426769/unitedhealth-stock-plunges-over-8-in-after-hours-trading-as-doj-criminal-probe-adds-to-turmoil-after-ceo-shake-up">federal criminal investigation</a> focusing on its Medicare Advantage business practices. The company refuted these claims, stating that it has not been notified of any supposed criminal investigation by the Department of Justice.
While several experts see this string of insider buying as a sign of a turnaround to come, investor Jeremy Lefebvre posted on X, calling the company &#8220;straight trash.&#8221; 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">People want to know my opinion on <a href="https://twitter.com/search?q=%24UNH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$UNH</a> Straight trash. They are going to go thru years of investigations and it will be a mess. Doesn't mean it can't work for short term trade but it reminds me of <a href="https://twitter.com/search?q=%24BA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BA</a> stock many year ago. Boeing is still a mess even now. Your opinion? <a href="https://t.co/1eMPaXrAJJ">pic.twitter.com/1eMPaXrAJJ</a>
&mdash; Jeremy Lefebvre (@HolySmokas) <a href="https://twitter.com/HolySmokas/status/1923806928951775450?ref_src=twsrc%5Etfw">May 17, 2025</a></blockquote>
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Lefebvre says the company will go through years of investigation, and that it will &#8220;be a mess,&#8221; before drawing parallels with Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), which he says &#8220;is still a mess even now.&#8221;
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td class="has-text-align-center" data-align="center">UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>)</td>
<td class="has-text-align-center" data-align="center">7 Days</td>
<td class="has-text-align-center" data-align="center">Month</td>
<td class="has-text-align-center" data-align="center">Year-To-Date</td>
<td class="has-text-align-center" data-align="center">12 Months</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center"></td>
<td class="has-text-align-center" data-align="center">-23.41%</td>
<td class="has-text-align-center" data-align="center">-31.37%</td>
<td class="has-text-align-center" data-align="center">-42.14%</td>
<td class="has-text-align-center" data-align="center">-43.56</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">UnitedHealth shares have witnessed steep declines across multiple periods in recent months.</figcaption></figure>
Price Action: Shares of UnitedHealth were up 6.40% on Friday, following news of insider buying, but are down 1.46% pre-market. The stock remains down by 42.14% year-to-date, and 53.8% from its all-time high in November last year.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="139" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18221810/Screenshot-2025-05-19-at-7.47.57-AM-1024x139.png" alt="" class="wp-image-919079" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18221810/Screenshot-2025-05-19-at-7.47.57-AM-1024x139.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18221810/Screenshot-2025-05-19-at-7.47.57-AM-300x41.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18221810/Screenshot-2025-05-19-at-7.47.57-AM-768x104.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18221810/Screenshot-2025-05-19-at-7.47.57-AM-1536x208.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18221810/Screenshot-2025-05-19-at-7.47.57-AM.png 1592w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
According to Benzinga&#8217;s Edge Stock Rankings, UnitedHealthcare group has an unfavorable price trend in the short, medium, and long term. You can check more comprehensive metrics <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a>. 
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Health Care

Insider Trades

UnitedHealth CEO, Other Insiders Buy Millions In Stock As It Sinks Over 23% In A Week: Move Gets 'Mixed' Reaction

Nearly 23 million Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) were kicked out of circulation Sunday, applying further deflationary pressure on the popular dog-themed meme coin.
What happened: The burn rate exploded 588.22% in the last 24 hours, resulting in a supply squeeze of 22.94 million SHIB tokens, <a href="https://www.shibburn.com/">according</a> to Shibburn, the coin&#8217;s official burn tracker.
At the time of writing, about 410.74 trillion SHIBs have been burned, with the circulating supply at 584.45 trillion.
Coin burning entails sending a cryptocurrency to an unusable wallet address to remove it from circulation. This is done to create scarcity and boost its demand and market value over time.
Interestingly, the burn spike came despite a sharp drop in <a href="https://www.shibariumscan.io/stats">transactions </a>on the ecosystem's Layer-2 blockchain, Shibarium. It's worth pointing out that a portion of transaction fees paid on Shibarium is set aside and burned through an automated burn mechanism.
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/25/05/45427302/anthony-scaramucci-forecasts-bitcoin-will-be-deemed-asset-class-akin-to-gold-when-it-reaches-500000">Anthony Scaramucci Says Once Bitcoin Hits $500,000 It Will Be Considered An Asset Class Just Like Gold</a>
Meanwhile, the Open Interest in SHIB derivatives rose over 2% in the last 24 hours, <a href="https://www.coinglass.com/LongShortRatio">according </a>to Coinglass. That said, the majority of Binance traders with open SHIB positions were positioned short.
On the technical front, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a "Buy" signal for SHIB, <a href="https://in.tradingview.com/symbols/SHIBUSD/technicals/">according </a>to TradingView.
Price Action:&nbsp; At the time of writing, SHIB was exchanging hands at $0.00001453, up 1.73% 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>. Year-to-date, the coin has plunged 31%.
Photo Courtesy: Digital Pixel on Shutterstock.com
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45428552/peter-schiff-once-questioned-wisdom-of-hodling-ethereum-at-1200-since-then-the-second-largest-crypto-has-soared-116">Peter Schiff Once Questioned Wisdom Of HODLing Ethereum At $1,200 —Since Then, The Second-Largest Crypto Has Soared 116%</a></li>
</ul>

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

Cryptocurrency

$SHIB

Shiba Inu's Burn Rate Fires 588%, Key Indicators Flash 'Buy' — What Up?

Seven years ago, Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) poached Alphabet Inc. (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>)-owned Google's <a href="https://www.benzinga.com/tech/25/04/45029758/apples-ai-team-undergoes-major-restructuring-amidst-performance-concerns">AI chief</a> John Giannandrea. However, the tech giant is still struggling to catch up in the artificial intelligence race.
What Happened: In 2018, Giannandrea's arrival at Apple was seen as a turning point, with executives hoping to revamp Siri and build a foundation for future AI products.
However, today the positive wave Giannandrea brought has dissipated as Apple continues to fall behind rivals like OpenAI, Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), <a href="https://www.bloomberg.com/news/features/2025-05-18/how-apple-intelligence-and-siri-ai-went-so-wrong?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTc0NzYwMjI4NiwiZXhwIjoxNzQ4MjA3MDg2LCJhcnRpY2xlSWQiOiJTV0g2Q1NEV1JHRzAwMCIsImJjb25uZWN0SWQiOiJDNEVEQ0FFMUZBMDU0MEJFQTI0QTlGMjExQzFFOTA4MCJ9.YT_s8wxHKtdrfLqfjQbcgxZeRLetExNf84jgg1mpcHM">according</a> to Bloomberg Businessweek.
See Also:&nbsp;<a href="https://www.benzinga.com/general/entertainment/25/05/45311978/tim-cooks-apple-tv-cameo-rejected-by-seth-rogen-opts-for-netflixs-ted-sarandos-instead-we-said-no" target="_blank" rel="noreferrer noopener">Tim Cook's Apple TV+ Cameo Rejected By Seth Rogen, Opts For Netflix's Ted Sarandos Instead: ‘We Said No'</a>
Last year at the WWDC, Apple promised a major overhaul of its voice assistant. However, this has been repeatedly delayed with many of the promised features still not functioning properly.
Eddy Cue, a senior Apple executive, reportedly told AI could do what iPhone did to Nokia's business. Last month, during his testimony in a DOJ case against Alphabet, Cue said that iPhones could lose relevance over the next 10 years: "As crazy as that sounds," the report noted.
However, during Apple's earnings call in May, CEO Tim Cook defended the slow progress, saying Apple Intelligence features simply need more time to meet the company's quality standards.
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.
So, Why Is Apple Still Behind? As per the report, which cited multiple employees and people close to the company, much of the blame has been put on Giannandrea, who, according to the sources, did not fight for adequate funding.
Some also said that the ex-Google executive lacked a sense of urgency. But, Giannandrea reportedly thinks that the blame should be with marketing and advertising teams for hyping unfinished projects.
The acquisition of a lower number of GPUs than its competitors, its long-standing commitment to privacy and the tendency to perfect a feature before launching also hindered the company's progress in the AI race, the report said.
Why It's Important: Apple is now working on iOS 19, which will reported pack significant AI updates, including <a href="https://www.benzinga.com/25/05/45367075/apple-reportedly-leans-on-ai-to-solve-iphone-battery-woes-in-ios-19-update-ahead-of-thinner-iphone-17-launch-this-fall">battery optimization</a> and a virtual health coach.
Apple is also planning to split Apple Intelligence from Siri to escape the voice assistant's reputation, the report added, citing sources. The tech giant also reportedly intends to let Siri access the open web, just like OpenAI's ChatGPT.
Price Action: As per <a href="http://pro.benzinga.com/">Benzinga Pro</a>, Apple shares have declined by 1.58% in after-hours trading.
Benzinga Edge Stock Rankings gave Apple a growth score of 45.98%, reflecting strong market momentum. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares to other leading stocks</a> such as Alphabet, Microsoft and Amazon.
<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/2025/05/18221819/Screenshot-2025-05-19-at-7.48.11%E2%80%AFAM.png" alt="" class="wp-image-919080" /></a></figure>
Photo Courtesy: Prathmesh T on Shutterstock.com
Check out more of Benzinga&#8217;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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</ul>

AAPL

GOOG

GOOGL

MSFT

Why Is Apple Still Behind On AI? Expert Dissects Reasons Behind iPhone Maker Lagging Likes Of Microsoft And Amazon Despite Poaching Google's AI Chief

Leading cryptocurrencies rallied sharply on Sunday as investors awaited new all-time highs for Bitcoin.
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+2.53%</td>
<td>$105,868.99</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>-1.57%</td>
<td>$2,438.87</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>+6.63%</td>
<td>$0.2293</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin tapped $107,000, the highest in nearly four months, in a sharp evening rally that saw trading volumes increase by almost 50%. The apex cryptocurrency was already up 11% in the month
Ethereum, on the other hand, sold off, plunging to an intraday low of $2,344.67 before recovering to the mid-$2,400s by late evening.
Over $575 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish leveraged bets accounting for $350 million.&nbsp;
That said, about $465 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rallied to $108,000.
Bitcoin's Open Interest surged 5.31% in the last 24 hours to levels not seen since December 2024. Meanwhile, bearish bets against Bitcoin spiked, with over 60% of Binance traders with open BTC positions shorting the cryptocurrency.
The "Greed" barometer increased to 74, according to the Crypto Fear and Greed Index, indicating a potential surge in buying pressure in the days to come.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. ET)</td>
</tr>
<tr>
<td>Virtuals Protocol (VIRTUAL)</td>
<td>+19.00%</td>
<td>$2.00</td>
</tr>
<tr>
<td>Pepe (PEPE)</td>
<td>+12.56%</td>
<td>$0.00001372</td>
</tr>
<tr>
<td>dogwifhat (WIF)</td>
<td>+11.65%</td>
<td>$1.04</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.35 trillion, following an increase of 2.36% in the last 24 hours.
Stock futures dipped Sunday night. The Dow Jones Industrial Average Futures fell 287 points, or 0.67%, as of 8:37 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 slid 0.82%, while Nasdaq 100 Futures lost 1.06%.
The sell-offs come after <a href="https://www.benzinga.com/markets/25/05/45484954/treasury-secretary-bessent-addresses-moodys-downgrade-and-tariff-impact-n-walmart">Moody's downgraded the U.S. long-term credit rating</a>, raising fears about government debt and inflation. Treasury Secretary Scott Bessent dismissed these concerns, calling Moody's a "lagging indicator."&nbsp;&nbsp;
The S&amp;P 500 extended its gains on Wednesday. The broad-based index rose 0.10% to close at 5,892.58, while the tech-focused Nasdaq Composite gained 0.72% to end at 19,146.81. The Dow Jones Industrial Average fell for the second straight day, losing 89.37 points, or 0.21%, to end at 42,051.06.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Cryptocurrency market commentator Michaël van de Poppe highlighted the potential for altcoins to outperform Bitcoin in the next days.
"M2 Supply goes up and Bitcoin is primed for a new ATH. Altcoins are outperforming Bitcoin on every move upwards. I think we're in for a great 6-8 week period," Van De Poppe stated. Notably, Bitcoin touched an all-time high of $109,114.88 on Jan. 20, 2025. It is currently trading 3.72% below those levels.
<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">All the <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> are making higher lows and confirming buying pressure. M2 Supply goes up and <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is primed for a new ATH. Altcoins are outperforming Bitcoin on every move upwards. I think we&#39;re in for a great 6-8 week period.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1924200569276920143?ref_src=twsrc%5Etfw">May 18, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Cryptocurrency analyst and trader Ali Martinez commented on Ethereum's outlook, painting $3,000 and $4,000 as the next upside targets if the cryptocurrency holds above $2,200.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">According to the pricing bands, as long as <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> holds above $2,200, the next upside targets could be $3,000 and possibly $4,000 as bullish momentum builds. <a href="https://t.co/Y8goRUPaAj">https://t.co/Y8goRUPaAj</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1924145073006018858?ref_src=twsrc%5Etfw">May 18, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo Courtesy: Yalcin Sonat On Shutterstock.com
Read Next:&nbsp;&nbsp;&nbsp;&nbsp;
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Movers

Trading Ideas

$BTC

$DOGE

$ETH

Bitcoin Breaks $107,000, Ethereum Dips, Dogecoin Rallies As 'Greed' Sentiment Takes Over: Analyst Predicts BTC 'Primed' For A New All-Time High

Sen. Chuck Schumer (D-N.Y.) expressed concerns on Sunday about the impact of President Donald Trump and the Department of Government Efficiency on U.S. Coast Guard operations. The Senate minority leader&#8217;s comments came in the wake of a Mexican naval vessel colliding with the Brooklyn Bridge on Saturday night.
What Happened: The accident resulted in the deaths of two crew members. The ship was on a goodwill tour, according to a <a href="https://www.nytimes.com/2025/05/17/nyregion/brooklyn-bridge-ship-crash-nyc.html">report</a> from The New York Times.
The Cuauhtémoc, carrying 277 individuals, drifted into the iconic bridge, damaging its masts and rigging. Eric Adams, the Mayor of New York City, confirmed the fatalities through a social media post, noting that the ship had lost power prior to the crash.
The deceased were identified as crew members by Mexican President&nbsp;Claudia Sheinbaum. The Mexican Navy reported that 22 individuals sustained injuries, with 11 in critical condition. The ship, initially docked at Pier 17, was intended to head south from New York Harbor but instead veered off course, as reported by&nbsp;the city's Office of Emergency&nbsp;Management.
Verified videos by Reuters depicted the chaotic aftermath, with individuals hanging from the wreckage and a tugboat nearby. The ship eventually docked at Brooklyn Bridge Park with severely damaged masts. Authorities are investigating potential mechanical failures that may have led to the incident, with the&nbsp;National Transportation Safety Board&nbsp;spearheading the investigation.
Schumer highlighted issues with water traffic control, citing Trump&#8217;s decision to relieve Admiral Linda Fagan from her position as Commandant of the USCG, which remains vacant. He also pointed out that a hiring freeze has hindered the USCG&#8217;s ability to staff the Vehicle Traffic Service, crucial for managing water traffic.
Schumer&#8217;s post on X emphasized the need for action to safeguard national security, infrastructure, and public safety. He stated, &#8220;We need action for our national security, infrastructure protection, and public safety.&#8221;
The Senator said he was &#8220;fighting for answers&#8221; adding that &#8220;We know they've been meddling with U.S. Coast Guard staffing.&#8221;
<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">With the Brooklyn Bridge strike last night: I'm fighting for answers about whether Trump and DOGE have impacted water traffic control. We know they've been meddling with U.S. Coast Guard staffing. Trump relieved Admiral Linda Fagan as Commandant of the USCG, and that position…
&mdash; Chuck Schumer (@SenSchumer) <a href="https://twitter.com/SenSchumer/status/1924192523087384764?ref_src=twsrc%5Etfw">May 18, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://benzinga.com/news/25/05/45484392/grant-cardone-proposes-no-property-taxes-for-65-and-over-says-it-would-provide-relief-to-social-security-and" target="_blank" rel="noreferrer noopener">Grant Cardone Proposes &#8216;No Property Taxes For 65 And Over&#8217;—Says It Would Provide Relief To Social Security And Protect Seniors&#8217; Homes</a>
Why It Matters: Schumer&#8217;s remarks come amid heightened scrutiny of transportation safety following recent incidents, including a <a href="https://www.benzinga.com/25/01/43328465/no-survivors-yet-to-plane-crash-near-reagan-national-airport-american-airlines-ceo-heads-to-washington">plane crash</a> near Reagan National Airport in January. 
The following month, a Delta Air Lines plane met with an accident at Toronto&#8217;s Pearson Airport, and Schumer at that time had emphasized the FAA's responsibility in <a href="https://www.benzinga.com/25/02/43771492/chuck-schumer-blasts-trump-faa-layoffs-after-delta-plane-overturns-on-landing-in-toronto-president-fired-safety-specialists">inspecting aviation equipment</a>, regardless of the plane's destination. He had pointed out that Trump had let go of FAA safety specialists.
Elon Musk, who spearheaded the Trump Administration&#8217;s cost-cutting agency DOGE, said he <a href="https://www.benzinga.com/25/05/45381782/elon-musk-vows-to-spend-less-time-in-white-house-doge-office-investors-warn-the-damage-is-done-and-teslas-troubles-are-far-from-over">would cut back on his time</a> spent on government work and refocus on Tesla starting in May, but a recent <a href="https://edition.cnn.com/2025/05/17/politics/musk-doge-future">report</a> from CNN indicates that the agency&#8217;s work is set to continue even as Musk takes a backseat.
Check out more of Benzinga's Future Of Mobility coverage by <a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a> 
Photo Courtesy: Bumble Dee On Shutterstock.com
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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>

Politics

General

Chuck Schumer Raises Concerns Over Trump And DOGE Impact On US Coast Guard After Mexican Ship Collides With Brooklyn Bridge: 'We Know They've Been Meddling'

<ul class="wp-block-list">
<li>The U.S. is set to lose $12.5 billion in travel revenue this year, according to data from the World Travel &amp; Tourism Council </li>
<li>The findings, which were shared exclusively with Bloomberg, have been attributed to a number of factors including the rising American dollar and President Donald Trump's "America first" attitude</li>
<li>If the predictions hold, revenues will be down 22% compared to 2019</li>
</ul>
The U.S. is on track to lose $12.5 billion in travel revenue this year, according to data from the World Travel &amp; Tourism Council shared with <a href="https://www.bloomberg.com/news/articles/2025-05-13/the-us-travel-economy-is-headed-for-a-12-billion-slump-this-year">Bloomberg</a>.&nbsp;
The estimate represents a 7% decline in visitor spending year over year, and a 22% decline from 2019, when tourism in the U.S. reached its peak. If the projection holds, traveler spending in the U.S. will fall below $169 billion by year end.
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According to the WTTC, the U.S. is the only country out of the 184 surveyed that is projected to lose tourism dollars this year.
"Other countries are really rolling out the welcome mat, and it feels like the US is putting up a ‘we are closed' sign at their doorway," WTTC CEO Julia Simpson told Bloomberg.&nbsp;
The consequences of this shift could be devastating for the economy, Simpson warns. According to data collected by the WTTC and Oxford Economics, direct and indirect tourism represents 9% of the American economy. In total, the sector employs around 20 million people and creates $585 billion in tax dollars each year, which amounts to about 7% of all tax revenues.&nbsp;
"The US travel and tourism sector is the biggest sector globally compared to any other country, worth almost $2.6 trillion," Simpson says. It's a "major mainstay of the U.S. economy."
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Some of the challenges the American tourism industry is facing are years in the making. For example, Simpson says restrictions from COVID-era travel lingered in the U.S. longer than they did in many other countries. Then the rising U.S. dollar started pricing people out, she told Bloomberg. These things kept visitors from places like Japan and Europe, countries who typically have a lot of tourists in the U.S., from making the trip.
Other challenges the industry faces are new and have seemingly sprung up overnight. Simpson says many travelers are now shifting their behaviors as a result of the "America first" rhetoric and policy.&nbsp;
"What we are seeing now is a sentiment shift that's really very sad," Simpson told Bloomberg. "Legislators need not confuse the tourism sector with issues around illegal immigration. A sophisticated system can balance both without turning [the country] into an island that no one wants to visit."
See Also: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.&nbsp;
The WTTC predicts that it will take until 2030 for tourism to bounce back to pre-pandemic levels. "The thing about tourism is it's extremely resilient," Simpson says. "If you push the right buttons, it will bounce back."
But it might be too little, too late. Simpson told Bloomberg that while the U.S. is making it more difficult to visit, every other country is making it easier. "India is gaining, the Middle East is gaining, China is gaining, Europe is doing quite well. It's only Americans that are being left behind and losing out," she said.
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Personal Finance

The US Could Lose $12.5 Billion In Travel Revenue In 2025 Due To Political Uncertainties

Former U.S. President Joe Biden has been diagnosed with an aggressive form of prostate cancer that has metastasized to his bones, as reported by Reuters on Sunday. 
What Happened: The diagnosis was made on Friday after Biden, 82, experienced urinary symptoms. He and his family are currently considering treatment options with medical professionals.
The cancer is described as hormone-sensitive, which allows for effective management, his office stated. Prostate cancers that have spread are classified as Stage 4, the most advanced stage. The&nbsp;Centers for Disease Control and&nbsp;Prevention notes that in 2021, 70% of prostate cancer cases were detected before spreading beyond the prostate.
Biden&#8217;s health has been under scrutiny during his presidency from 2021 to 2025. He ended his reelection campaign last July following a debate performance against&nbsp;Donald Trump&nbsp;that concerned Democrats. Trump expressed sympathy for Biden and his family on Truth Social.
Biden&#8217;s cancer scored a nine on the Gleason score, indicating a very high risk. Dr. Herbert Lepor from NYU Langone mentioned&nbsp;that many men can live&nbsp;five to 10 years and beyond with metastatic prostate cancer. Dr. Chris George from Northwestern Health Network stated that while the&nbsp;cancer is no longer curable&nbsp;once spread to the bones, treatments are available to control it.
President Donald Trump said on Truth Social Sunday that he and Melania were &#8220;saddened to hear about Joe Biden's recent medical diagnosis. We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery.&#8221;
See Also: <a href="https://benzinga.com/markets/equities/25/05/45484990/voice-of-america-purge-trump-appointed-chief-fires-600-reporters-with-j-1-visa-face-deportation" target="_blank" rel="noreferrer noopener">Voice of America Purge? Trump-Appointed Chief Fires 600; Reporters With J-1 Visa Face Deportation</a>
Why It Matters Last year, Biden announced a substantial $240 million investment to combat cancer, enhancing the administration's <a href="https://www.benzinga.com/etfs/23/12/36101788/bidens-million-dollar-moonshot-240-million-is-a-boon-for-cancer-research-will-it-be-a-boost-for-phar">"Cancer Moonshot"</a> initiative. This funding, distributed through the Advanced Research Projects Agency for Health (ARPA-H), supports projects aimed at cancer prevention, detection, and treatment.
Additionally, Biden&#8217;s administration has been actively involved in healthcare cost reforms. In August, the Centers for Medicare and Medicaid Services revealed the first ten drugs <a href="https://www.benzinga.com/general/biotech/23/08/34087337/biden-targets-cancer-diabetes-drugs-in-controversial-medicare-price-battle-wants-to-cut-billions-">subject to price negotiations</a> under Biden&#8217;s Inflation Reduction Act. This move targets reducing the costs of cancer and diabetes drugs, among others, which accounted for a significant portion of prescription drug costs.
Photo Courtesy: OogImages On Shutterstock.com
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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>

Joe Biden Diagnosed With Advanced Prostate Cancer, Trump Wishes Former President A 'Fast And Successful Recovery'

A viral Reddit <a href="https://www.reddit.com/r/MiddleClassFinance/comments/1klaciy/how_are_there_still_so_many_people_who_think_that/">post</a> in the r/MiddleClassFinance community recently sparked a passionate discussion about luxury cars and what they really say about someone&#8217;s finances.
The original post reads: &#8220;How are there still so many people who think that driving an expensive car means you&#8217;re rich these days? It&#8217;s common knowledge that anyone can <a href="https://www.benzinga.com/personal-finance/24/05/38555548/suze-orman-calls-car-leasing-the-biggest-waste-of-money-and-advises-to-buy-rather-than-lease">finance or lease a luxury car</a>, yet many still see it as a symbol of success.&#8221;
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<h2 class="wp-block-heading">Just Because You Drive a BMW Doesn&#8217;t Mean You&#8217;re Rich</h2>
One of the most repeated sentiments: owning a luxury car <a href="https://www.benzinga.com/personal-finance/25/05/45336111/warren-buffett-didnt-buy-a-new-car-for-years-heres-why-you-might-want-to-wait-even-with-looming-tariffs">doesn&#8217;t automatically mean</a> you&#8217;re wealthy. Many commenters pointed out that leasing or financing a high-end vehicle is accessible to many, regardless of their actual financial stability.
&#8220;I drive a BMW and I&#8217;m not rich nor bankrupt,&#8221; one user wrote. &#8220;It&#8217;s not hard to prioritize something that makes you happy.&#8221;
Another chimed in: &#8220;People spending 80-100k on a truck nowadays is mind-blowing.&#8221;&nbsp;
Several people shared personal stories about coworkers or friends who drive flashy cars while living paycheck to paycheck or renting apartments. Just because a bank says they&#8217;ll finance you doesn't mean it&#8217;s a good idea.
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<h2 class="wp-block-heading">The Quiet Reality of Wealth</h2>
On the flip side, others emphasized that many wealthy people purposely avoid looking rich.
&#8220;We have two paid-off Hondas, buy our kids&#8217; clothes at consignment sales, use our local buy-nothing group, and have a (much) higher net worth than everyone we know,&#8221; one user shared.
Another pointed out: &#8220;Costco clothes are for both rich and poor. I call it the final destination of fashion.&#8221;
And one popular quote summed it up: &#8220;Money talks; wealth whispers.&#8221;
<h2 class="wp-block-heading">Preferences vs. Posturing</h2>
Plenty of users agreed that it often comes down to personal values. Some love nice cars and are willing to sacrifice elsewhere in their budget. Others simply want reliable transportation and prefer to invest their money.
&#8220;I wear Costco clothes but drive high-end cars because I have been obsessed with cars since I was a kid,&#8221; one Redditor explained. &#8220;The only one I&#8217;m trying to impress is myself.&#8221;
Trending: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.&nbsp;
Another person, a lawyer married to a physician, said: &#8220;I could never finance a luxury vehicle. It&#8217;s not a question of being able to afford it.&#8221;
<h2 class="wp-block-heading">Debt Culture and &#8216;Status Spending&#8217;</h2>
Many pointed fingers at debt culture and the influence of social media and influencer lifestyles.
&#8220;EVERYONE I knew [in Miami] drove a leased base model BMW/Mercedes/Lexus that they parked at their parents&#8217; houses where they still lived in their childhood bedrooms with $10 in their bank accounts,&#8221; one commenter wrote.
&#8220;I have a $2,425 car payment,&#8221; said another. &#8220;I make $170,000 a year&#8230; and the car makes me feel like a million bucks every time I drive it.&#8221; Adding, &#8220;I already own a million-dollar home with $600,000 equity, so what the hell else am I going to spend my money on?&#8221;
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<h2 class="wp-block-heading">So, Who Actually Buys These Cars?</h2>
A cited <a href="https://hedgescompany.com/blog/2019/03/new-bmw-owner-demographics/">stat</a> from 2019 said the average household income of a new BMW 7-Series buyer was $184,170. Reactions were mixed. Some said that income could justify the purchase; others argued that even at that level, dropping $100,000 on a depreciating asset is a bad financial move.
&#8220;$184k is more than &#8216;decent money.&#8217; Not $100k car money, but it's more than triple the median income,&#8221; a user noted.
In the end, the debate circled back to a central idea: what someone drives or wears doesn&#8217;t always reflect their net worth. Sometimes it shows what they prioritize. Other times, it might just be debt in disguise.
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Someone Asks, Why Do People Still Equate Luxury Cars With Being Rich When 'It's Common Knowledge Anyone Can Finance Or Lease A Luxury Car'

A younger federal employee says he was wrongly assumed to be a <a href="https://www.benzinga.com/25/03/44186261/doge-staffers-reportedly-draw-hefty-salaries-funded-by-taxpayers-while-musk-pushes-for-wasteful-spending-cuts">Department of Government Efficiency operative</a> after returning to the office following remote work, and it resulted in weeks of isolation, awkward interactions and straight-up hostility.
<h2 class="wp-block-heading">Mistrust in the Office</h2>
&#8220;From the day I started coming in, I've been feeling out of place,&#8221; wrote the employee on <a href="https://www.reddit.com/r/fednews/comments/1klkrkz/my_coworkers_think_im_doge/">Reddit</a>. &#8220;I receive mean looks, conversations straight-up dying when I walk by&#8230; or even just ignoring me when I say &#8216;Hi&#8217;.&#8221;
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The post, which gained thousands of upvotes and sparked hundreds of replies, hit a nerve with federal workers across multiple agencies. The central issue? <a href="https://www.benzinga.com/politics/25/04/44683851/elon-musks-secretive-doge-team-using-ai-and-disappearing-messages-to-monitor-federal-workers-for-anti-trump-sentiment-bypassing-records-laws-and-locking-out-agencies-report">Growing suspicion</a> around DOGE — a much-discussed, loosely defined internal enforcement body reportedly tied to layoffs and oversight during the return-to-office push.
The OP explained that he had only recently started working in the office after remote onboarding. &#8220;I finally managed to strike up a conversation with someone,&#8221; he said, &#8220;and before we got friendly, he kind of checked me — asked what office I was with and all that.&#8221;
When the coworker realized OP was just a regular federal employee and not with DOGE, things changed quickly: &#8220;After that, he was super cool and even told me his team had been talking about me a lot because they thought I was a DOGE plant.&#8221;
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<h2 class="wp-block-heading">Everyone Is on Edge</h2>
Once the misunderstanding was cleared up on his floor, he started getting smiles instead of suspicion. But that goodwill hasn&#8217;t reached other parts of the building: &#8220;As for the other floors? I doubt they interact with this guy enough to know.&#8221;
The story resonated with hundreds who replied with similar experiences or office-wide paranoia. One user wrote, &#8220;My office is probably much much smaller than yours, but my supervisor tends to send out emails with name, picture, and a little blurb about new staff. Not just new feds, but new faces in general to just make it less weird.&#8221;
Others joked that OP should lean into it: &#8220;I&#8217;d get a &#8216;Hi my name is&#8217; sticker and fill in &#8216;NOT DOGE&#8217;,&#8221; one commenter suggested. Another said, &#8220;This is exactly what DOGE would do.&#8221;
The topic triggered a larger conversation about the distrust plaguing federal workplaces in the current political climate. &#8220;People are super paranoid now,&#8221; wrote one user. Another added, &#8220;This is how it was in Nazi Germany and Stalin Russia&#8230; people turning each other in to protect themselves.&#8221;
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<h2 class="wp-block-heading">Fear, Paranoia and Office Culture</h2>
According to Reddit comments, suspicion toward new hires, especially younger ones, has been growing. Many said appearance matters more than it should: dressing too formally, smiling too much or simply being unfamiliar could result in cold shoulders. &#8220;If you look too young and preppy/WASP-y&#8230; you might inadvertently give off that impression,&#8221; one commenter said.
The OP admitted he dresses well because his father taught him to, but said he might consider &#8220;reading the room&#8221; more. Still, he maintained that he shouldn&#8217;t have to change who he is to be treated with basic respect.
&#8220;Just because you&#8217;re paranoid doesn&#8217;t mean you have to sh&#x2A;t on other feds,&#8221; he wrote in an edit. &#8220;I shouldn&#8217;t be treated as other just because I am young and in government.&#8221;
Others agreed, blaming the administration for creating an atmosphere of fear. &#8220;They want the kind of environments where coworkers don't trust each other&#8230; instead of cooperate and band together to weather the storm,&#8221; one person commented.
For now, OP is trying to laugh about the whole thing. &#8220;What if DOGE are the friends we made along the way?&#8221; he joked.
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'My Coworkers Think I'm DOGE'—A Federal Worker Says, 'I Receive Mean Looks And Conversations Are Straight-Up Dying When I Walk By'

Most parents would be thrilled if their 23-year-old had already stacked a quarter of a million dollars in investments. Not this mom.
Julie, a listener of "Suze Orman's Women &amp; Money" podcast", <a href="https://www.suzeorman.com/blog/Podcast-Episode-Ask-KT-Suze-Anything-Is-My-Daughter-a-Miser">wrote in with a dilemma</a> that had both Suze and her cohost KT raising eyebrows—and laughing a little too.
"Have we created a monster?" Julie asked, in what Suze Orman called one of the best subject lines they'd seen.
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Julie and her husband, who've lived below their means for decades and now boast a net worth of over $6 million, made it their mission to teach their kids how to save and invest early. And it worked—almost too well. Their 23-year-old daughter, a full-time grad student, already has over $250,000 saved in a Roth IRA and non-retirement investment accounts.
How? "She has accumulated this through jobs she's had for years, as well as our annual gift of a match to what she <a href="https://www.benzinga.com/personal-finance/24/11/41991146/suze-orman-says-this-investment-can-make-your-kids-rich-by-retirement-you-have-a-golden-opportunity-to-launch-them-to-their-first-million">contributes to her Roth</a>," Julie explained.
But here's the problem: their daughter refuses to spend money on, well… anything.
"In my opinion, she has a toxic attitude towards money," the mom wrote. "She constantly says she cannot afford things and never offers to pay for anything when she's on a date with her boyfriend or when she's with friends or family."
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Julie added that while her daughter studies hard and is always hustling to earn more, she's also become what she calls "miserly."
Cue co-host KT's reaction: "Mom thinks her daughter's a miser," she said, laughing. But KT didn't see anything wrong with a <a href="https://www.benzinga.com/personal-finance/25/05/45306698/will-i-have-more-money-in-the-long-run-by-taking-out-student-loans-instead-of-paying-cash-suze-orman-weighs-in">23-year-old who's obsessed with saving</a>. "I wouldn't do a thing, mom," she added. "Any kid that's 23 that wants to work and earn money and save money and accumulate money is a good thing."
Orman, however, wasn't ready to let the daughter completely off the hook. "Mom's saying she's miserly because she never pays for anything because she doesn't think she can afford it," she clarified.
Still, Orman made it crystal clear that this kind of saving habit is not a red flag—it's a financial flex.
"These are her compounding years," she said. "For every dollar she saves over the next 40 years, when she's in her 60s, it's going to multiply so much because of compounding… She's on the path to being far wealthier than both you and your husband."
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So what should parents do when their daughter's on the fast track to millionaire status but won't split a dinner bill?
Orman suggested one tactical move: stop matching her Roth IRA contributions.
"She has enough," she said. "You can simply say, ‘You're doing so great, we're not going to match you anymore. You're on your own.'" It's not about punishing her—it's about letting her feel the <a href="https://www.benzinga.com/money/are-you-rich">difference between earned money and gifted money.</a> "Let's just see what that does to her," she added.
As for the boyfriend footing the bill? "Let them decide that between themselves," Orman added. "But you have not created a monster. You've created a money maven, if you ask me."
Bottom line: <a href="https://www.benzinga.com/personal-finance/25/03/44130633/you-just-talk-about-life-and-money-is-part-of-life-rachel-cruze-talks-on-teaching-finances-to-kids-based-on-how-dave-ramsey-raised-her">Teaching your kids to save</a> might just work better than expected—but don't be surprised when frugality shows up at the dinner table.
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Mom Asks Suze Orman: 'Did We Create A Monster?' 23-Year-Old Daughter Has $250K Saved But Refuses To Pay For Dates Or Family Outings

A new Republican tax proposal backed by President Donald Trump and Sen. Ted Cruz (R-TX) could give every newborn in the U.S. a head start with a $1,000 investment account.
<h2 class="wp-block-heading">What Are MAGA Accounts?</h2>
The accounts are called &#8220;MAGA Accounts,&#8221; short for &#8220;money account for growth and advancement.&#8221; While the name echoes Trump's famous campaign slogan, the idea came from Cruz, who spent over a year promoting the concept inside the GOP and who initially used the name "Invest America."
"You can call it anything you like,&#8221; Cruz told <a href="https://www.semafor.com/article/05/12/2025/the-new-republican-maga-account-has-a-surprising-architect-ted-cruz">Semafor</a> on Monday. &#8220;What is powerful is enabling every child in America to have an <a href="https://www.benzinga.com/money/best-investment-accounts-for-kids">investment account</a> and a stake in the American free enterprise system.&#8221;
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Under the proposal, the federal government would contribute $1,000 to an account for every baby born between 2025 and 2028. Families, friends, and even employers could contribute up to $5,000 each year. Children wouldn't be able to access the funds until they turn 18, and the money would accumulate interest.
Cruz said the goal is to help more Americans benefit from the <a href="https://www.benzinga.com/general/market-summary/25/05/45399940/warren-buffett-shows-how-patience-pays-98-of-his-160-billion-wealth-came-after-turning-65-thanks-the-power-of-compound-interest">power of compound interest</a> and grow up with a financial stake in the economy. "This will give everyone a stake," he said. &#8220;When every child has invested, it's no longer an abstract idea.&#8221;
<h2 class="wp-block-heading">Trump's Imprint</h2>
The MAGA accounts are part of a much larger piece of legislation dubbed &#8220;THE ONE, BIG, BEAUTIFUL BILL&#8221; — in all capital letters. Trump used the phrase on <a href="https://truthsocial.com/@realDonaldTrump/posts/114495946485549840">Truth Social</a>, writing, &#8220;The Bill is GREAT.&#8221;
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The <a href="https://waysandmeans.house.gov/wp-content/uploads/2025/05/SMITMO_017_xml.pdf">bill</a> includes around $4.9 trillion in tax cuts and aims to follow through on Trump's campaign promises. It includes breaks for tipped and overtime workers, retirement-age Americans, and new taxes on private university endowments. It also includes significant cuts to programs like Medicaid, food stamps, and clean energy initiatives.
<h2 class="wp-block-heading">Cruz vs. &#8216;Baby Bonds&#8217;</h2>
Cruz emphasized that the MAGA accounts are different from Democratic &#8220;baby bond&#8221; proposals, which are more restrictive and don't allow private market investments. &#8220;That is just a government program,&#8221; Cruz said. &#8220;This is very much designed to get the next generation to invest in the market.&#8221;
Business leaders appear to be on board. Investor Brad Gerstner told <a href="https://www.youtube.com/watch?v=XpWyUqBYJfA">CNBC</a> on May 5 that companies like Uber (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), Dell (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), and Oracle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) are already interested in contributing to their employees&#8217; children's accounts. &#8220;You will have an account in the S&amp;P 500 that&#8217;s worth upwards of $50,000 to $60,000. It changes the game by getting everybody. This is the president&#8217;s Main Street agenda.&#8221;
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<h2 class="wp-block-heading">What's Next?</h2>
House Speaker Mike Johnson (R-LA) is pushing for passage by Memorial Day. If it clears the House, the Senate is expected to make revisions.
Meanwhile, Democrats have slammed the broader bill, especially the proposed Medicaid cuts. Sen. Dick Durbin (D-IL) told Semafor, "Even a stopped watch is right twice a day,&#8221; giving faint praise to Cruz's MAGA account idea while criticizing the rest of the GOP proposal.
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DELL

ORCL

UBER

'The One, Big, Beautiful Bill' Would Create 'MAGA' Savings Accounts—With A $1,000 Gift From The Government At Birth

These large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol class="wp-block-list">
<li>CoreWeave, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) stock surged 56.32%  after Nvidia disclosed it added a stake in the company via a 13F filing equating to approximately 24.18 million shares. JP Morgan and Needham also raised their respective <a href="https://www.benzinga.com//node/45472274" target="_blank" rel="noreferrer noopener">price forecasts on the stock</a>.</li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock escalated 44.26% after the company announced that it entered into a strategic partnership under a <a href="https://www.benzinga.com//node/45471297" target="_blank" rel="noreferrer noopener">memorandum of understanding</a> with DataVolt.</li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) stock jumped 33.68% after the company announced a partnership with Webull Pay to power crypto experiences. Additionally, Benchmark raised its price forecast <a href="https://www.benzinga.com//node/45471661" target="_blank" rel="noreferrer noopener">on the stock from $252 to $301</a>.</li>
<li>NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) shares rose 33.41% after announcing a $12 billion acquisition of LS (Luminus Systems) <a href="https://www.benzinga.com//node/45388224" target="_blank" rel="noreferrer noopener">Power&#8217;s generation assets</a>.</li>
<li>Astera Labs, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALAB#NASDAQ">ALAB</a>) stock rose 27.19% amid overall market strength following softer-than-expected April inflation readings. Additionally, investors continue to weigh the progress of the U.S.-China trade and President Trump&#8217;s Middle East trip.</li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) shares increased 26.86% on reports indicating the House GOP budget will cut but not remove <a href="https://www.benzinga.com//node/45385748" target="_blank" rel="noreferrer noopener">wind and solar tax credits</a>.</li>
<li>Exelixis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) stock grew 25.52% after the company recently reported better-than-expected financial results and raised its FY25 sales guidance with its midpoint above estimates. The company, acting as a collaboration partner of Invenra, initiated the dose-escalation stage of the first-in-human Phase 1 clinical study of XB628. Citigroup raised its <a href="https://www.benzinga.com//node/45418036" target="_blank" rel="noreferrer noopener">price forecast from $45 to $56</a>.</li>
<li>Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) stock rose 24.67%. The company announced that NASA had chosen it to launch its Aspera mission and disclosed the return of its Pioneer spacecraft <a href="https://www.benzinga.com//node/45434506" target="_blank" rel="noreferrer noopener">to Varda Space Industries</a>.</li>
<li>Hims &amp; Hers Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) has gained 24.42% in the last week. The stock has rallied since reporting strong first-quarter financial results on May 5. However, the company has a high short float and may be <a href="https://www.benzinga.com//node/45297555" target="_blank" rel="noreferrer noopener">facing a short squeeze</a>.</li>
<li>On Holding AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONON#NYSE">ONON</a>) shares escalated 21.71% after the company reported its first-quarter results, and analysts<a href="https://www.benzinga.com//node/45413809" target="_blank" rel="noreferrer noopener"> revised the price forecast</a>.</li>
<li>Gap, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) stock gained 20.87% after the U.S. and China agreed to reduce most tariffs on each other&#8217;s goods temporarily. A reduction in tariffs could alleviate supply chain and macroeconomic uncertainty and help boost consumer sentiment.</li>
</ol>
Photo via Shutterstock

Large Cap

ALAB

COIN

CRWV

EXEL

FSLR

Hims & Hers Health, Inc. Class A Common Stock

HIMS

ONON

RKLB

SMCI

CoreWeave, Super Micro Computer And Coinbase Are Among Top 11 Large-Cap Gainers Last Week (May 12-May 16): Are The Others In Your Portfolio?

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) urged a federal judge to dismiss the significant antitrust case filed by the Federal Trade Commission (FTC) during an ongoing trial that could potentially lead to the breakup of the tech behemoth.
What Happened: Meta has requested the court to dismiss the FTC&#8217;s antitrust case. The FTC has contended that Meta unlawfully dominates the social media market, particularly those apps that rely on friends-and-family connections.
Meta has refuted these allegations in a court filing, arguing that the FTC&#8217;s attorneys have inaccurately&nbsp;defined the market. The company&nbsp;maintains that it faces robust competition from platforms like TikTok, YouTube, and Elon Musk&#8217;s X, reports <a href="https://nypost.com/2025/05/16/business/mark-zuckerbergs-meta-asks-judge-to-throw-out-ftcs-antitrust-case/">The </a>New York Post. 
&#8220;After&nbsp;five weeks of trial, it&nbsp;is clear that the FTC&nbsp;has failed to meet the&nbsp;legal standard required under antitrust&nbsp;law,&#8221; a Meta spokesperson stated on Friday. The company intends to present its case, underlining that Instagram competes with other popular apps like TikTok, YouTube, and X.
Also Read: <a href="https://www.benzinga.com/tech/25/05/45338301/zuckerberg-foresees-tech-industry-revolution-with-ai-an-ai-that-can-effectively-be-a-sort-of-midlevel-engineer">Zuckerberg Foresees Tech Industry Revolution With AI: &#8216;An AI That Can Effectively Be a Sort of Midlevel Engineer&#8217;</a>
The FTC&#8217;s case is predicated on the argument that&nbsp;Meta acquired Instagram and WhatsApp&nbsp;as part of a &#8220;buy or bury&#8221;&nbsp;strategy to prevent them from&nbsp;threatening its empire. The FTC&nbsp;is seeking to persuade&nbsp;US District Judge James Boasberg&nbsp;to compel&nbsp;Zuckerberg to spin off the&nbsp;two apps.
The nonjury trial is anticipated to conclude in June,&nbsp;followed by final briefs filed&nbsp;by both FTC and Meta.&nbsp;If Judge Boasberg&nbsp;sides with the FTC and&nbsp;determines Meta has a monopoly,&nbsp;a second trial will be&nbsp;held to determine appropriate remedies.
Why It Matters: This trial is of significant importance as it could potentially reshape the tech industry and set a precedent for future antitrust cases. The outcome of this case could influence how tech giants operate and acquire smaller companies. 
Furthermore, it could also impact the competitive landscape of the social media market. The FTC&#8217;s push for Meta to spin off Instagram and WhatsApp indicates a broader regulatory effort to curb the power of tech giants. 
This case is being closely watched by industry stakeholders, regulators, and consumers alike.
<a href="https://www.benzinga.com/news/22/08/28389257/mark-zuckerberg-is-a-bad-person-he-is-creepy-controlling-this-is-what-metas-new-ai-bot-says-about-hi" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Is ‘Kind Of Creepy And Controlling' – This Is What Meta's New AI Chatbot Says About Its Boss</a>
Image: Shutterstock/Skorzewiak

Meta Pleads With Judge To Dismiss FTC's Antitrust Case in High-Stakes Trial

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has surged beyond the&nbsp;$105,000 mark, setting off a $250 billion rally in the wider cryptocurrency market.
On Sunday, Bitcoin&#8217;s climb to $105,424.45 has pushed its market value over $2.05 trillion and significantly lifted altcoin prices. 
According to reports, this surge follows a mix of inflation data, increased confidence regarding interest rate cuts, and significant&nbsp;fund inflows from both retail&nbsp;and institutional investors.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="656" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18152345/Screenshot-2025-05-19-005306-1024x656.png" alt="" class="wp-image-918981" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18152345/Screenshot-2025-05-19-005306-1024x656.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18152345/Screenshot-2025-05-19-005306-300x192.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18152345/Screenshot-2025-05-19-005306-768x492.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/18152345/Screenshot-2025-05-19-005306.png 1052w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The rise in Bitcoin&#8217;s price,&nbsp;a 37.5% increase from its&nbsp;April low of less than $75,000, is propelled by a combination of strong&nbsp;technical breakouts and positive macro&nbsp;conditions. 
Open interest in Bitcoin futures has reached&nbsp;a record high of over&nbsp;$36 billion, indicating growing trader conviction.
The broader crypto market is&nbsp;benefiting from Bitcoin&#8217;s surge, with total capitalization exceeding $2.65 trillion—an increase of&nbsp;over $250 billion in just&nbsp;five trading days. 
Bitcoin&#8217;s dominance is now over 53.2%, its highest in more than&nbsp;three years, as capital continues&nbsp;to shift&nbsp;into large-cap digital assets amid&nbsp;increasing&nbsp;regulatory clarity in major markets.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45335892/decade-old-bitcoin-whale-emerges-transfers-207-51-million-btc-with-nearly-112000-profit">Decade-Old Bitcoin Whale Emerges, Transfers $207.51 Million BTC With Nearly 112,000% Profit</a>
Several&nbsp;macroeconomic and market catalysts are&nbsp;contributing to Bitcoin's parabolic move. These converging factors seem&nbsp;to have set the stage&nbsp;for Bitcoin's current breakout and&nbsp;may continue to support price&nbsp;appreciation in the short to&nbsp;medium term.
While Bitcoin is grabbing headlines, altcoins are also making a comeback.&nbsp;Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) jumped 12% in&nbsp;24 hours, breaking over important&nbsp;resistance at $6,000.
Analysts monitoring the $110,000–$115,000 area&nbsp;as the next main obstacle&nbsp;believe Bitcoin's breach over $105K&nbsp;could pave the way for&nbsp;more upside. 
The present increase&nbsp;could still have legs given&nbsp;ETF inflows ongoing and macro&nbsp;conditions staying good; particularly, if&nbsp;Ethereum ETFs become popular in&nbsp;the next weeks.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45485038/robert-kiyosaki-predicts-bitcoin-to-reach-250000-buy-more-do-not-sell">Robert Kiyosaki Predicts Bitcoin To Reach $250,000: &#8216;Buy More. Do Not Sell.&#8217;</a>
Image: Shutterstock

Bitcoin Skyrockets Past $105,000 Mark, Triggers $250 Billion Crypto Market Rally

JPMorgan Chase&#8216;s chief global strategist suggests that the US economy, while likely to dodge a recession, should brace for slower growth.
What Happened:&nbsp;David Kelly, the chief global strategist at&nbsp;JPMorgan Chase &amp; Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), anticipates a deceleration in the US economy due to&nbsp;tariffs and other economic factors. 
Despite these challenges, Kelly remains optimistic about the economy&#8217;s resilience to stave off a full-scale recession.
&#8220;No, we&#8217;re not [seeing impacts now]. At the moment, I&#8217;d have to say the tariff pullback and also this big tax bill, which is going to put stimulus into 2026 and a little stimulus in 2025, that takes us from more than likely going to have a recession to less than likely we&#8217;re going to have a recession this year,&#8221; Kelly stated during an <a href="https://www.youtube.com/watch?v=7ghzpDDdne8">with</a> CNBC.
However, Kelly also cautioned about a potential dip in consumer spending due to economic uncertainty and possible inflation resulting from tariff impacts. 
Also Read: <a href="https://www.benzinga.com/markets/25/04/44891073/donald-trumps-trade-war-jpmorgan-predicts-deals-higher-taxes-and-potential-recession-avoidance">Donald Trump&#8217;s Trade War: JPMorgan Predicts Deals, Higher Taxes and Potential Recession Avoidance</a>
He said, &#8220;Consumers&nbsp;are resilient, but there comes&nbsp;a point where you squeeze&nbsp;them enough in terms of&nbsp;tariffs, you&#8217;re&nbsp;collecting on the student loans&nbsp;again, and then just the&nbsp;general worry, and, of course,&nbsp;the cutbacks to the government&nbsp;sector, all these things I&nbsp;think are beginning to weigh&nbsp;on consumers. I think it is slowing the economy down, still not willing to say recession.&#8221;
Why It Matters: Kelly&#8217;s forecast comes at a time when the US economy is grappling with multiple challenges, including tariffs and economic uncertainty. 
His prediction of slower growth, while avoiding a recession, suggests a mixed economic outlook. The potential contraction in consumer spending and inflation from tariff impacts underscore the need for strategic economic planning and policy-making. 
While the resilience of the US economy is a positive sign, the anticipated slowdown underscores the importance of continued vigilance and proactive economic measures.
Read Next
<a href="https://www.benzinga.com/markets/25/04/44780349/trumps-tariff-policies-fuel-economic-concerns-economists-expect-slower-growth-ahead" target="_blank" rel="noreferrer noopener">Trump's Tariff Policies Fuel Economic Concerns, Economists Expect Slower Growth Ahead</a>
Image: Shutterstock

JPMorgan Chase: US Economy Likely To Skirt Recession, Forecasts Sluggish Growth

Elon Musk is facing a lawsuit filed by three swing state voters. The plaintiffs allege that Musk failed to fulfill his promise of payment&nbsp;for signing a petition from&nbsp;his political action committee, America PAC.
What Happened: The lawsuit claims that Musk had committed to paying voters in seven states&nbsp;for signing a petition and&nbsp;referring others to do the&nbsp;same, in the lead-up to the 2024 presidential election. 
The plaintiffs assert that&nbsp;America PAC&nbsp;did not meet its contractual obligations by failing to fully compensate the petition-signers.
The lawsuit, lodged in a federal court in Pennsylvania, anticipates the inclusion of more than &#8220;100 class members&#8221;, with the total amount owed exceeding $5 million, <a href="https://fortune.com/2025/05/16/elon-musk-america-pac-lawsuit-petition-signature-payments-2024-presidential-election/">reports</a> Fortune.
<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">For every person you refer who is a swing state voter, you get $47! Easy money. <a href="https://t.co/5jCNuXIaui">https://t.co/5jCNuXIaui</a>
&mdash; Kekius Maximus (@elonmusk) <a href="https://twitter.com/elonmusk/status/1843133043961381178?ref_src=twsrc%5Etfw">October 7, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
&#8220;This&nbsp;case is about a broken&nbsp;promise: Elon Musk promised supporters&nbsp;that they would be paid&nbsp;for signing a petition and&nbsp;referring others to do the&nbsp;same,&#8221; stated Shannon Liss-Riordan, the plaintiffs&#8217; representative.
Also Read: <a href="https://www.benzinga.com/news/25/05/45484920/more-than-a-feud-elon-musk-bill-gates-spat-sheds-light-on-competing-views-of-efficiency">More Than a Feud: Elon Musk-Bill Gates Spat Sheds Light on Competing Views of Efficiency</a>
America PAC, which Musk established in May 2024, raised over $200 million for Donald Trump&#8217;s presidential campaign. A similar lawsuit was filed in April by a Pennsylvania man who alleged that he was owed $20,000 for gathering signatures.
Despite these allegations, America PAC spokesperson Andrew Romeo has denied any misconduct, asserting that the PAC is committed to compensating for every legitimate petition signature.
Why It Matters: This lawsuit against Musk and America PAC could potentially tarnish their reputations and raise questions about their ethical practices. It also highlights the ongoing legal challenges faced by political action committees in their fundraising and campaign efforts. 
The outcome of this case could have significant implications for future PAC operations and campaign strategies.
Read Next
<a href="https://www.benzinga.com/general/sports/25/05/45483236/shaq-rolls-up-in-a-cybertruck-elon-musk-has-this-one-word-response">Shaq Rolls Up In A Cybertruck — Elon Musk Has This One-Word Response</a>
Image: Shutterstock

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