La catena delle opzioni mostra i dati chiave delle opzioni azionarie di PERSHING SQ HLD LTD REG S by Pershing Square Holdings Ltd. a vari prezzi di esercizio e date di scadenza. I trader utilizzano queste informazioni per analizzare potenziali operazioni e valutare il sentiment del mercato per PERSHING SQ HLD LTD REG S by Pershing Square Holdings Ltd...

PERSHING SQ HLD LTD REG S by Pershing Square Holdings Ltd. (OTC:PSHZF) Azioni, Catena delle Opzioni

PERSHING SQ HLD LTD REG S by Pershing Square Holdings Ltd.

Outlook
For the full year of 2025, the Company currently expects total net revenues to increase by 25% to 30% compared with the full year of 2024.
This outlook is based on current market conditions and the Company's preliminary estimates, which are subject to changes.

News

Guidance

ATAT

CORRECTION: Atour Lifestyle Raises FY2025 Sales Guidance from $1.24B to $1.24B-$1.29B Vs. $1.26B Estimate

Needham analyst David Saxon reiterates Cooper Companies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COO#NASDAQ">COO</a>) from Hold to Hold.

Reiteration

Analyst Ratings

Needham Reiterates Hold on Cooper Companiesto Hold

As tariffs rattle retailers in the U.S., Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) is showing how years of quiet supply chain maneuvering can pay off.
What Happened: During its first-quarter earnings call on Wednesday, Target highlighted its commitment to keeping entry-level price points intact, even as it braces for widespread tariff-related impact on its margins and supply chain.
&#8220;We have many levers to use in mitigating the impact of tariffs, and price is the very last resort,&#8221; CEO Brian Cornell told investors.
The company&#8217;s efforts are most prominently visible at its Bullseye&#8217;s Playground storefront, where it sells a range of seasonal and trending items, with price points of $1, $3, and $5, which the company plans to hold firm on, despite tariff-related headwinds.
See Also: <a href="https://www.benzinga.com/25/05/45559653/steve-jobs-once-invited-marc-benioff-to-his-office-with-two-ipads-in-2010-the-lesson-that-shaped-a-270-billion-salesforce-empire">Steve Jobs Once Invited Marc Benioff To His Office With 2 iPads In 2010: The Lesson That Shaped A $270 Billion Salesforce Empire</a>
This is the result of years of effort by the company in reducing its reliance on Chinese imports. &#8220;Going back to 2017, we were 60% coming out of China. We brought that down to 30%, and we are well on our way to be less than 25% by the end of next year,&#8221; Chief Commercial Officer Rick Gomez said.
Target is now sourcing across Asia, the Western Hemisphere, and even domestically. &#8220;We're also exploring opportunities here in the U.S.,&#8221; Gomez said, noting the company is working closely with vendors to &#8220;provide the best value that we can for the consumer.&#8221;
Why It Matters: Analysts such as JPMorgan&#8217;s Christopher Horvers have raised concerns regarding the <a href="https://benzinga.com/25/05/45548732/target-under-strain-analyst-cautions-on-inventory-margins-amid-dei-and-tariff-issues">company&#8217;s rising inventory</a>, which rose 11% year-over-year, alongside weak same-store sales, and a miss on gross margin estimates during the first quarter.
This comes as the company&#8217;s chief rival, Walmart Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMT#NYSE">WMT</a>), <a href="https://www.benzinga.com/news/management/25/05/45473067/walmart-prices-will-rise-within-weeks-as-trump-tariffs-drive-up-costs-will-other-retailers-follow-suit">cautioned shoppers last week</a> that they could expect to see a rise in prices towards the end of May.
Price Action: Target shares were down 5.21% on Wednesday, trading at $93.01 per share, and down 0.35% after hours, following the company&#8217;s first quarter earnings results.
<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="136" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22060221/Screenshot-2025-05-22-at-3.32.10-PM-1024x136.png" alt="" class="wp-image-924109" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22060221/Screenshot-2025-05-22-at-3.32.10-PM-1024x136.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22060221/Screenshot-2025-05-22-at-3.32.10-PM-300x40.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22060221/Screenshot-2025-05-22-at-3.32.10-PM-768x102.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22060221/Screenshot-2025-05-22-at-3.32.10-PM-1536x205.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/22060221/Screenshot-2025-05-22-at-3.32.10-PM.png 1592w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Target shares score well on Value and Growth, but are ranked poorly when it comes to Momentum and Quality. The price trend is unfavorable in the short, medium, and long terms. You can find deeper insights on the stock <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a>.
Read More:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45559682/why-urban-outfitters-shares-are-trading-higher-by-18-here-are-20-stocks-moving-premarket">Why Urban Outfitters Shares Are Trading Higher By 18%; Here Are 20 Stocks Moving Premarket</a></li>
</ul>
Photo courtesy: bluestork / Shutterstock.com

Equities

Markets

$1 Items, Made Outside China: Here's How Target Has Been Tariff-Proofing Its Shelves, With Price Hikes 'The Very Last Resort'

Needham analyst Mike Matson upgrades Inogen (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INGN#NASDAQ">INGN</a>) from Hold to Buy and announces $12 price target.

Upgrades

Price Target

INGN

Needham Upgrades Inogen to Buy, Announces $12 Price Target

ADTN

Adtran Powers Netomnia's 50G PON Rollout, Delivering Ultra-High-Speed Broadband Over Existing Fiber Network

Needham analyst Mike Cikos maintains Snowflake (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) with a Buy and raises the price target from $215 to $230.

SNOW

Needham Maintains Buy on Snowflake, Raises Price Target to $230

Comstock Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LODE#NYSE">LODE</a>) ("Comstock" and the "Company") today announced that its executive chairman and chief executive officer, Corrado De Gasperis, issued the following letter to shareholders announcing major transformative milestones, including the separation of Comstock Fuels.
Dear Shareholders:
On behalf of our Board of Directors, Executive Officers, and the entire Comstock team, thank you for your continued support of our goals and bold strategies for achieving systemic decarbonization, establishing technological leadership in the massive global renewable fuels and renewable metals markets and positioning great value for all of our shareholders.
I am genuinely thrilled to announce the completion of the successful separation of our renewable fuels segment into a new independent entity, Bioleum Corporation ("Bioleum"), and its high-value capitalization, through the closing on the first $20 million in direct Series A equity investment. This investment is the first of $50 million planned this year.
This achievement fulfills the first phase of the plans we outlined earlier this year and positions us with two high-growth companies – one focused on renewable metals and mining here in Nevada, and the other on renewable fuels headquartered in Oklahoma – enabling two extremely different business and capital profiles and providing each the platform to thrive in their own markets. In doing so, we are unleashing unprecedented opportunities for growth and value creation.
Bioleum Separation Completed: A Bold New Chapter
We have officially separated and contributed the assets that formerly comprised Comstock's fuels segment into Bioleum, a newly formed company dedicated to accelerating and maximizing the production and use of lignocellulosic biomass – or Bioleum&#x2122;&nbsp;– derived fuels and attracting the necessary capitalization to do so. Bioleum's formation marks the next chapter in this rapid evolution – one where our renewable fuels platform can accelerate under its own banner with singular focus and clarity with the ultimate objective of also becoming a publicly traded company.
Comstock now owns $65 million of the preferred stock in Bioleum, convertible into 32.5 million common shares, nearly the exact number of total outstanding shares of LODE today. This represents the substantial majority of Bioleum, positioning an exceptional value for our shareholders today and preserving our ability to accelerate the growth of that value and the delivery of that value directly to our shareholders, ultimately through a future public offering and beyond.
This transaction was structured to give Bioleum operational independence, with direct governance from Comstock and the strategic Series A investors, while maintaining and ensuring exceptional alignment with Comstock's interests. Bioleum now has its own dedicated leadership and resources: Kevin Kreisler has been appointed Chief Executive Officer of Bioleum, and – in addition to my continuing role as Executive Chairman and Chief Executive Officer of Comstock, I will also serve as Bioleum's Executive Chairman and Chief Financial Officer to both guide and support the new enterprise. I will be the only professional employed directly by both companies. With an independent board and governance, including representatives of the Series A investors and independent board members of Comstock, Bioleum can effectively and efficiently accelerate its mission and critical financing strategy. We believe that this structure, combined with Comstock's ongoing governance and preferred equity interest, strikes the ideal balance to maximize Bioleum's potential and unlock the full value of its clean energy portfolio for all of our shareholders.
Critically, the separation and its aligned structure, satisfies key conditions of large, sophisticated investors for new investment in Bioleum. Concurrently with the separation, Bioleum has closed an initial $20 million tranche of its Series A preferred stock financing. This infusion of growth capital validates Bioleum's strategy and provides the resources to accelerate its next phase of development. These funds will support Bioleum's continuing development as it completes engineering, financing, and construction of its first planned 400,000 barrel per year commercial demonstration facility in Oklahoma. In short, Bioleum is now equipped, capitalized, and structured to move forward at full speed. This capital also immediately relieves Comstock of a substantial majority of its liquidity and capital resource demands and constraints.
Bioleum's Path to Full Commercialization
The initial objectives are clear. Bioleum will continue to focus on securing all approvals and agreements, including with top-tier Engineering, Procurement and Construction ("EPC") and other strategic relationships while engineering is completed to construct its flagship 400,000 barrel per year refinery in Oklahoma. This first facility will deliver over $30 million in annual operating income once up and running, showcasing its commercial viability. Bioleum has already advanced site selection and engineering, and is working on project-level financing, permitting, regulatory approvals, and all other site agreements, fueled by the Series A capital.
Bioleum's proprietary refining platform can convert underutilized woody biomass into a low-carbon, direct substitute for gasoline, diesel, and sustainable aviation fuel, effectively transforming waste biomass into high-value fuels with a carbon intensity as low as 15. In essence, we have uncovered a new kind of "oil well" – one that never runs dry because it is fed by renewable resources. As we often say, imagine an oil well that never stops producing – that is what Bioleum delivers. With market-leading yields of up to 140 gallons of fuel per ton of feedstock (on a gasoline gallon equivalent basis) and a platform designed to scale 10x beyond the first facility, Bioleum is poised to enlist major oil companies in accelerating and maximizing the production and use of Bioleum derived fuels.
Comstock Metals: Strength in Sustainable Innovation
While Bioleum separates, our Metals business will continue to grow stronger than ever. We are proud to report that Comstock Metals revenues are growing rapidly and achieving the highest levels of industry recognition. Recently, Comstock Metals became the first company in North America to earn the stringent R2v3 and RIOS certifications for zero-waste solar panel recycling. This groundbreaking certification validates that our recycling facility and processes meet the highest global standards for safety, environmental stewardship, and total waste elimination. In fact, under the R2v3/RIOS standard (including the specialized Appendix G), we demonstrated a 100% landfill-free recycling process – every component of an end-of-life solar panel (glass, aluminum, semiconductor fines, and other metals) is fully reclaimed and repurposed into new raw materials. Nothing goes to waste. This achievement is an extraordinary testament to our team's innovation and diligence. It proves that our proprietary thermal recycling technology can deliver commodity-grade outputs from solar trash, with all parts of the panel fully recycled into valuable products.
Importantly, this certification also provides assurance to our customers, partners, and regulators that Comstock Metals' operations meet the absolute highest bar for responsible recycling, without any reliance on government incentives. We have essentially built a new kind of mine above ground – one that harvests critical metals from retired solar panels instead of digging ore from the earth. As I've described before, it's like a "world-class silver mine using solar panel waste as ore" that never depletes and just keeps on producing. With this validation in hand, Comstock Metals is aggressively scaling up its services to meet surging demand. We have been ramping up our recycling throughput (a fourfold increase year-over-year in Q1) and expanding our partnerships, including world-class customers and a master services agreement with RWE Clean Energy all while maintaining our zero-landfill promise. We are securing expanded and new permits and are preparing to expand to industry-scale operations at our Nevada facility to process dramatically larger volumes of photovoltaic waste. In short, Comstock Metals is now a proven leader in sustainable metal recycling, with a robust pipeline of business and technology that positions us for exponential growth. We could not be prouder of our teams.
Strategic Rationale: Capital Efficiency, Risk Management, and Value Creation
I want to clearly articulate our thinking behind separating the Bioleum and Comstock entities at this time. This transaction was driven by opportunity – and by necessity. Both our Fuels and Metals businesses have matured to a point where they can attract significant investment and growth on their own. However, they each have very different capital needs, risk profiles, and operational focuses. By separating them, we enable each company to pursue tailored funding and growth strategies with maximum efficiency. Bioleum can now raise capital (such as the Series A financing) directly into its projects and technology, without competing with or being bottlenecked by Comstock's other needs. At the same time, Comstock Metals can seek its own strategic partnerships and financing faster and more efficiently (for new industry scale recycling facilities, for example) without having to dilute or divert resources to the Fuels business. This clear management, capital and growth focus in each company means more efficient use of funds and faster development cycles for both.
Separation also improves risk management. Renewable fuels and recyclable metals are adjacent in our mission, but they are fundamentally different businesses. Each business faces unique technical and market risks. By structurally isolating them, we ensure that challenges in one domain will not hinder the progress of the other. Investors and partners can now engage with a pure-play renewable metals producer or a pure-play renewable fuels developer, without ambiguity. This clarity reduces the perceived risk for stakeholders and allows each company to be evaluated on its own merits. Moreover, it grants each management team the autonomy to focus exclusively on its core mission – whether that is scaling up recycling operations or building biorefineries – thus sharpening execution and accountability.
Finally, and most importantly, this separation is about unlocking the full value and impact of the businesses we have built. We firmly believe that the combined value of Comstock and Bioleum as separate entities will exponentially exceed what might have been reflected as a single conglomerate. The market can now properly value our Metals business as the first mover in zero-waste solar recycling, and value Bioleum as a high-growth renewable fuels innovator, without one overshadowing the other. Early evidence of this value creation is clear: the separation and Bioleum's financing were completed at an implied valuation that significantly uplifts the recognized value of our Fuels segment. Comstock retains a substantial majority equity position in Bioleum, so our shareholders keep substantial upside in Bioleum's future success, while better protecting against downside risks and gaining all the benefits of a more focused parent company. We expect that as Bioleum reaches its milestones and as Comstock Metals rapidly expands, the sum-of-parts value to our shareholders will deliver dramatic and exponential returns.
Moving Forward
I want to emphasize the confidence I have in our bold path forward. We have spent the last four years investing in new technologies, overcoming challenges, and relentlessly driving toward commercialization of two revolutionary platforms. That effort has now culminated in a historic achievement: we launched Bioleum as an independent company and fortified Comstock Metals as a standalone powerhouse. We are now operating with a sharpened focus in each business. Our vision of enabling energy independence and a circular, decarbonized economy is not just alive – it's accelerating.
Comstock emerges from this separation as a more streamlined enterprise laser-focused on renewable metals, with a healthy balance sheet and a stake in one of the most promising renewable fuel ventures in the world. Bioleum, for its part, is charging ahead to reinvent how we produce fuels, armed with world-class technology, a passionate team of industry veterans, and the funding to realize its plans. Together, though operating separately, Comstock and Bioleum are advancing complementary missions that address two of the world's most pressing needs: clean energy and resource sustainability. We are leading – setting new standards, forging new partnerships, and capturing new markets.
I have never been more confident in our strategy or more excited looking to the future. We will continue executing with the same determination and ingenuity that brought us to this point. We look forward to creating extraordinary value together as we drive a true revolution in renewable fuels and sustainable materials.
Key Highlights
<ul>
<li>Completed Separation of Comstock Fuels into Bioleum – Successfully separated our renewable fuels business into Bioleum Corporation, an independent entity, satisfying all conditions for the capital needs of the business. Comstock retains a substantial majority in Bioleum to participate in its tremendous growth potential.</li>
<li>Comstock's Stake – $65M Preferred Equity – Comstock received $65 million in preferred equity in Bioleum, convertible into 32.5 million common shares, representing a well-protected and substantial majority ownership of Bioleum. This ensures Comstock shareholders benefit from Bioleum's future success.</li>
<li>Bioleum Funded and Positioned for IPO – Bioleum closed an initial $20 million Series A financing concurrent with the separation. Proceeds will fund critical growth milestones. Bioleum plans an IPO upon completing the construction of its first 400,000 barrel per year refinery and meeting key commercialization milestones.</li>
<li>Comstock Metals' Extraordinary First Mover Advantage – Comstock Metals recycling business is thriving. Comstock Metals achieved the first R2v3/RIOS certification in North America for 100% zero-waste solar panel recycling, validating our world-class, zero-landfill process. Comstock Metals is scaling up with new permits, major customers, and expanding revenues, fulfilling the vision of a "solar waste silver mine" that never depletes.</li>
<li>Strategic Benefits of Separation – The separation enhances capital efficiency (each company can raise and allocate capital optimally), improves risk management (distinct businesses are insulated from each other's risks), and unlocks value (investors can properly value each pure-play business, driving greater aggregate shareholder value). We expect this separation to accelerate growth and maximize shareholder returns for both companies. &nbsp;</li>
</ul>
I appreciate everyone's dedication and support in helping us get to this launching point. I am very much looking forward to discussing these achievements, our remarkable progress, and next steps with you during our 2025 Annual Meeting.
Kindest regards,&nbsp;
Corrado De Gasperis Executive Chairman and Chief Executive Officer Comstock Inc.&nbsp;

LODE

Comstock Spins Off Bioleum With $20M in Funding, Targets Fuel Market With 400K-Barrel Facility

CorVel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRVL#NASDAQ">CRVL</a>) reported quarterly earnings of $0.51 per share. This is a 37.84 percent increase over earnings of $0.37 per share from the same period last year. The company reported $231.51 million in sales this quarter. This is a 11.72 percent increase over sales of $207.23 million the same period last year.

Earnings

CRVL

CorVel Q4 EPS $0.51 Up From $0.37 YoY, Sales $231.51M Up From $207.23M YoY

Needham analyst Bernie McTernan reiterates Wix.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WIX#NASDAQ">WIX</a>) with a Buy and maintains $250 price target.

Needham Reiterates Buy on Wix.com, Maintains $250 Price Target

Atour Lifestyle Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATAT#NASDAQ">ATAT</a>) sees FY2025 Sales to increase by 25% to 30% YoY

Correction: Atour Lifestyle Holdings sees FY2025 Sales to increase by 25% to 30% YoY

Needham analyst Joshua Reilly reiterates ZoomInfo Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTM#NASDAQ">GTM</a>) with a Buy and maintains $15 price target.

Needham Reiterates Buy on ZoomInfo Technologies, Maintains $15 Price Target

AUPH

Aurinia's AURORA 1 Analysis Links Ultra-Low Proteinuria with Favorable Lipidomic Profiles in Lupus Nephritis

<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.beigene.com%2F&amp;esheet=54258273&amp;newsitemid=20250522213317&amp;lan=en-US&amp;anchor=BeiGene&amp;index=1&amp;md5=b2e553cdb745c6a1895871c2f5165006">BeiGene</a>, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONC#NASDAQ">ONC</a>, HKEX: 06160, SSE: 688235))), a global oncology company that will change its name to BeOne Medicines Ltd., today announced it will share 23 abstracts featuring new data across its hematology and solid tumor portfolio at the American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, IL, May 30 – June 3, 2025. With two abstracts selected for rapid oral presentation, these data reflect the Company's vision to address cancer across multiple fronts and provide innovative medicines to as many patients as possible worldwide.
"ASCO is a powerful platform for highlighting progress in cancer care, and we're proud to contribute 23 accepted abstracts that reflect our mission to improve outcomes for more patients around the world," said Mark Lanasa, M.D., Ph.D., Chief Medical Officer, Solid Tumors at BeiGene. "From long-term follow-up results for BRUKINSA in CLL to first-time clinical data for two promising breast cancer assets, our presentations this year speak to the depth and momentum of our oncology portfolio — and our commitment to delivering transformative medicines across a range of cancers."
Presentations feature the impressive clinical profile of BRUKINSA(zanubrutinib) across broad patient populations; notable highlights include:
<ul>
<li>Long-term data from SEQUOIA Arm C, which evaluated BRUKINSA in patients with treatment naïve (TN) chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) with del(17p) mutations.</li>
<li>First results from the full population from Arm D of the SEQUOIA study, which evaluated BRUKINSA plus venetoclax in patients with TN CLL/SLL with and without del (17p) and/or TP53 mutation.</li>
<li>Robust analyses across clinical trials and real-world evidence that deepen understanding of treatment patterns, safety, and outcomes in CLL and mantle cell lymphoma (MCL).</li>
<li>Highlights include new comparative efficacy data for BRUKINSA versus fixed-duration regimens based on a network meta-analysis, as well as real-world studies evaluating BTK inhibitor use, treatment disparities, and clinical outcomes across diverse patient populations.</li>
</ul>
Early phase data includes never-before-presented clinical data from BeiGene's emerging breast cancer pipeline; notable highlights include:
<ul>
<li>Preliminary results of the dose escalation study for BG-C9074, a topoisomerase inhibitor antibody-drug conjugate (ADC) targeting the B7-H4 protein, in patients with advanced solid tumors, including breast cancer.</li>
<li>Early clinical activity for BG-68501, a cyclin-dependent kinase-2 inhibitor (CDK2i), in HR+/HER2- breast cancer patients with prior CDK4/6i exposure, supporting its development as a next-line option for tumors with CDK2 dependency.</li>
</ul>
Results from the final analysis of the RATIONALE-213 study demonstrate that, using a PET-guided approach, TEVIMBRAplus chemotherapy or chemoradiotherapy showed promising efficacy and a tolerable safety profile in the neoadjuvant setting for resectable esophageal squamous cell carcinoma (ESCC), in both patients who responded and did not respond to preoperative chemotherapy. This adds further evidence to the PD-1 inhibitor's established ability to deliver clinically meaningful efficacy benefits as well as its consistent safety profile.

BeiGene to Present 23 Cancer Drug Studies at ASCO, Including Data on BRUKINSA and Breast Cancer Treatments

Gene Munster, Managing Partner at Deepwater Asset Management, warned Wednesday that OpenAI represents the first serious competitive threat to Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) in two decades following the artificial intelligence company&#8217;s $6.5 billion acquisition of former Apple design chief Jony Ive&#8216;s hardware startup.
What Happened: &#8220;The real risk for AAPL is whether the threat of these devices from OpenAI compresses Apple&#8217;s multiple,&#8221; Munster wrote on X, highlighting concerns about the iPhone maker&#8217;s premium valuation amid intensifying AI competition.
OpenAI announced plans to acquire io Products, Ive&#8217;s AI device startup, in an all-stock transaction that values the company at $6.5 billion despite having no revenue. The deal adds Ive and approximately 55 hardware engineers to OpenAI&#8217;s team as the ChatGPT maker pivots into consumer <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45550033/openai-teams-up-with-iphone-designer-jony-ive-as-chatgpt-maker-makes-push-into-hardware-apple-shares-slide">devices expected to launch in 2026</a>.
Munster characterized the move as part of a generational technology shift comparable to the internet and smartphone revolutions. &#8220;Before AI, there was no real threat to Apple&#8217;s or Google&#8216;s business,&#8221; he noted, emphasizing that OpenAI is &#8220;catalyzing this shift into something tangible.&#8221;
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<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The real risk for AAPL is whether the threat of these devices from OpenAI compresses Apple's multiple. <a href="https://t.co/z6CqfMGcpA">https://t.co/z6CqfMGcpA</a>
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1925245923694620994?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/25/05/45556607/bitcoin-clocks-110000-ethereum-dogecoin-extend-gains-experienced-trader-peter-brandt-speculates-btc-to-enter-this-range-by-august-end">Bitcoin Clocks $110,000, Ethereum, Dogecoin Extend Gains: Well-Known Trader Peter Brandt Says BTC Could Gain Another 37% As Soon As August</a>
Why It Matters: The acquisition triggered over 2% decline in Apple shares on Wednesday as investors weighed the competitive implications. Ive, who designed iconic Apple products including the iPhone, left the company in 2019 after nearly three decades.
However, Munster tempered concerns about Apple&#8217;s competitive position, citing the company&#8217;s ecosystem lock-in with an estimated 1.7 billion users across 2.35 billion active devices. &#8220;It&#8217;s going to take more than a great phone from OpenAI to get Apple users to walk away from a decade of investment in hardware and services,&#8221; he said.
The analyst suggested Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) faces greater risk, noting that Google&#8217;s ecosystem integration is &#8220;not nearly as strong&#8221; as Apple&#8217;s hardware-software integration.
OpenAI previously <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45550033/openai-teams-up-with-iphone-designer-jony-ive-as-chatgpt-maker-makes-push-into-hardware-apple-shares-slide">held a 23% stake in io Products</a> before moving to full acquisition. The transaction requires regulatory approval and is expected to close within months, positioning OpenAI to compete directly with established hardware manufacturers in the emerging AI device market.
Apple&#8217;s stock has a negative price trend over the short to long term, but it performs well on quality metrics, <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">according to Benzinga Edge Stock Rankings</a>. Growth and momentum performance for AAPL are modest, and the company&#8217;s valuation seems low. 
<figure class="wp-block-image aligncenter size-full is-resized"><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/2025/05/22060151/Screenshot-2025-05-22-at-3.25.02%E2%80%AFPM.png" alt="" class="wp-image-924108" style="width:628px;height:auto" /></a></figure>
Image Via Shutterstock 
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<li><a href="https://www.benzinga.com/markets/bonds/25/05/45557372/jim-cramer-says-bonds-will-overshoot-and-then-settle-predicts-turbocharged-economy-from-budget-agreement">Jim Cramer Says Bonds Will &#8216;Overshoot And Then Settle,&#8217; Predicts Turbocharged Economy From Budget Agreement</a></li>
</ul>
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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Apple Faces 'First Serious Threat In 20 Years' As OpenAI Acquires iPhone Maker's Former Design Chief Jony Ive's Hardware Startup, Says Gene Munster

Institutional investors are quietly ramping up bearish bets, signaling a level of caution that market watchers say hasn't been seen in years.
What Happened: On Wednesday, popular investment newsletter The Kobeissi Letter posted on X, showing the substantial rise in the short interest of a median S&amp;P 500 stock, which is now at 2.3%, the highest in 7 years.
The post notes that the short interest as a percentage of shares outstanding has risen 35% year-to-date, which it says is comparable with the move seen at the beginning of the 2008 financial crisis. 
See Also: <a href="https://www.benzinga.com/markets/equities/25/05/45559242/short-seller-andrew-lefts-citron-doubles-down-on-duolingo-short-says-googles-ai-tool-changes-the-business">Short Seller Andrew Left&#8217;s Citron Doubles Down On Duolingo Short, Says Google&#8217;s AI Tool Changes The Business</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BREAKING: Short interest on the median S&amp;P 500 stock has surged to ~2.3%, the highest in 7 years. Short interest as a % of shares outstanding has risen 35% year-to-date. This is a comparable move to the one seen at the beginning of the 2008 Financial Crisis, but starting from a… <a href="https://t.co/eLpi3vTkOq">pic.twitter.com/eLpi3vTkOq</a>
&mdash; The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1925302833928122689?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote>
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While the recent surge begins from a much lower base, the strength of the trend mirrors the defensive positioning seen just before the last major market collapse.
This also marks the first time short interest has breached its long-term historical average since the retail-fueled short squeeze frenzy in 2021, according to Goldman Sachs.
According to the post, hedge fund short interest on Nasdaq-listed stocks now accounts for 41% of total open interest, which is once again the highest level since February 2021. 
The post concludes by saying that &#8220;institutional investors are betting on a stock market decline.&#8221;
Why It Matters: On Wednesday, investor Jeremy Grantham warned that the stock market could plunge <a href="https://benzinga.com/markets/equities/25/05/45532892/legendary-investor-jeremy-grantham-warns-of-50-stock-market-crash">as much as 50%</a>, pointing to distortions fueled by pandemic-era liquidity and the AI-boom in a handful of &#8220;Mag 7&#8221; stocks as having skewed market dynamics.
&#8220;The market could easily go down by 50% and be well within its historical boundary. That would not be a colossal low,&#8221; Grantham said.
JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon warned early this week that <a href="https://www.benzinga.com/markets/equities/25/05/45535142/jamie-dimon-who-flagged-trouble-before-2008-lehman-brothers-collapse-now-warns-sp-earnings-could-fall-to-0rougher-time-for-markets-says-dan-niles">S&amp;P 500 earnings growth</a> could drop from 12% to 0%.
He also said that current asset prices were &#8220;kind of high,&#8221; while credit spreads remain &#8220;kind of low.&#8221;
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/25/05/45559059/trumps-big-beautiful-bill-could-be-3-1-trillion-jackpot-for-affluent-americans-like-elon-musk-and-jeff-bezos-report">Trump&#8217;s &#8216;Big Beautiful Bill&#8217; Could Be $3.1 Trillion Jackpot For Affluent Americans Like Elon Musk And Jeff Bezos: Report</a></li>
</ul>
Image Via Shutterstock

Short Interest Surges Across S&P 500: Institutional Investors Bet Against Market At Scale Not Seen Since 2008

PSNL

Personalis To Unveil Data Supporting ctDNA As Prognostic Tool In TNBC And Immunotherapy Response At Upcoming ASCO Sessions

Instil Bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIL#NASDAQ">TIL</a>, ", Instil", ))) and ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (HKEX Code: 1541.HK, "ImmuneOnco"), today announced clinical trial updates of ‘2510 and NSCLC clinical development strategy.
"We are delighted with the significant clinical advancements by our collaborator, ImmuneOnco, with ‘2510 for NSCLC in China," said Bronson Crouch, CEO of Instil. "We are confident that ‘2510 has the potential to emerge as a leading PD-(L)1xVEGF bispecific antibody, and we look forward to the initial results from the ongoing first-line chemotherapy combination trial in China. In parallel, we are advancing preparations to initiate U.S. clinical development later this year, and we look forward to bringing this potential important new medicine to patients globally."
Dr. Tian Wenzhi, CEO of ImmuneOnco, said, "Our collaboration on ‘2510 has achieved meaningful progress. We are actively conducting a Phase 2 clinical trial of ‘2510 in combination with chemotherapy in patients with first-line NSCLC. The data generated to date underscore its best-in-class potential within the promising PD-(L)1xVEGF class. We anticipate sharing further clinical data in the second half of 2025."
Phase 2 Trial of&nbsp;‘2510 in Combination with Chemotherapy in First-line NSCLC
<ul>
<li>ImmuneOnco expects to complete enrollment of approximately 60 patients in Q3 2025 in its Phase 2 trial of ‘2510 in combination with chemotherapy in patients with NSCLC in the first-line setting in China.</li>
<li>Among more than 30 NSCLC patients enrolled (including the safety run-in), more than 20 first-line NSCLC patients have been treated since the end of March.</li>
<li>ImmuneOnco anticipates sharing initial safety and efficacy results from this Phase 2 trial in the second half of 2025.</li>
</ul>
‘2510 Monotherapy Data in Relapsed/Refractory&nbsp;NSCLC (China)
<ul>
<li>The objective response rate (ORR) is similar to datasets from competitor PD-(L)1xVEGF bispecific antibodies at a similar stage of development in patients with previously treated NSCLC, showing ORR of 23% (efficacy evaluable n=13).</li>
<li>The updated clinical safety from the full ‘2510 monotherapy trial (n=106) and efficacy data in NSCLC are further detailed in a new corporate deck posted on Instil Bio's investor relations webpage at <a href="https://ir.instilbio.com/news-events/presentations">https://ir.instilbio.com/news-events/presentations</a>.</li>
</ul>
Other ‘2510 Clinical and Preclinical Updates
<ul>
<li>Instil's Phase 1b/2 trial of ‘2510 in the United States is expected to be initiated before the end of 2025, assuming the necessary regulatory approvals are obtained. The trial is expected to be a monotherapy dose optimization trial in relapsed/refractory solid tumors, which is intended to bridge the doses to the ongoing China trials and replaces the previously planned US ‘2510 and chemotherapy combination trial in first-line NSCLC.
<ul>
<li>Instil believes that this change may accelerate the path to initiating a potential global Phase 3 trial in first-line NSCLC.</li>
</ul>
</li>
<li>Preclinical assays demonstrate cooperative binding of ‘2510 to PD-L1 in the presence of VEGF in vitro. Further preclinical datasets demonstrating the unique and potentially best-in-class mechanism of action of ‘2510 are anticipated to be presented at future medical or scientific conferences.</li>
</ul>

Instil Bio, ImmuneOnco Advance Lung Cancer Drug '2510 With New Trials in China and US Plans Ahead

Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>) reported quarterly earnings of $1.37 per share which missed the analyst consensus estimate of $1.75 by 21.71 percent. This is a 8.67 percent decrease over earnings of $1.50 per share from the same period last year. The company reported quarterly sales of $15.98 billion which beat the analyst consensus estimate of $13.84 billion by 15.46 percent. This is a 56.85 percent increase over sales of $10.19 billion the same period last year.

Earnings Beats

Earnings Misses

Toronto-Dominion Bank Q2 Adj. EPS $1.37 Misses $1.75 Estimate, Sales $15.98B Beat $13.84B Estimate

Atour Lifestyle Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATAT#NASDAQ">ATAT</a>) reported quarterly earnings of $0.34 per share which beat the analyst consensus estimate of $0.32 by 6.25 percent. This is a 30.77 percent increase over earnings of $0.26 per share from the same period last year. The company reported quarterly sales of $262.63 million which beat the analyst consensus estimate of $259.06 million by 1.38 percent. This is a 29.15 percent increase over sales of $203.36 million the same period last year.

Atour Lifestyle Holdings Q1 Adj. EPS $0.34 Beats $0.32 Estimate, Sales $262.63M Beat $259.06M Estimate

Venture capitalist Marc Andreessen in 2023 said that artificial intelligence could function as an economic catalyst. However, Mark Cuban believes entrenched corporate interests will resist letting it flourish freely.
What Happened: In a sweeping essay and subsequent interviews, the a16z co-founder described AI as a productivity amplifier—one that could increase wages, reduce costs, and spark broad economic growth.
He predicted that capitalist incentives would eventually drive companies to scale AI access the way they did with smartphones and electric cars.
However, when the video resurfaced online on Wednesday, billionaire entrepreneur Cuban offered a stark rebuttal.
See Also:&nbsp;<a href="https://www.benzinga.com/media/25/03/44508019/tesla-and-other-us-robotics-giants-demand-federal-strategy-to-compete-with-chinas-138-billion-push-warn-america-will-lose-the-race-without-it" target="_blank" rel="noreferrer noopener">Tesla And Other US Robotics Giants Demand Federal Strategy To Compete With China's $138 Billion Push — Warn America Will Lose The Race Without It</a> "The issue is companies will do all they can to protect their IP and anything that impacts their competitiveness," Cuban wrote in a post on X, formerly Twitter, responding to Andreessen's optimism, adding they will do all they can to disrupt synthetic data creation.
While acknowledging the feasibility of Andreessen's vision, where optimization drives costs toward zero, Cuban compared it to the disruptive effect of fracking in the energy sector.
Still, he warned of intense corporate resistance. "Companies will spend unlimited amounts to create opacity and take adversarial actions to protect their margins. It will be nonstop fighting under the cloak of darkness."
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The issue is companies will do all they can to protect their IP and anything that impacts their competitiveness away from however AI consumes and accumulates training data. And will do all it can to disrupt synthetic data creation I think <a href="https://twitter.com/pmarca?ref_src=twsrc%5Etfw">@pmarca</a> is suggesting continuous… <a href="https://t.co/OSJUQYN9V3">https://t.co/OSJUQYN9V3</a>
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1925332797587169489?ref_src=twsrc%5Etfw">May 21, 2025</a></blockquote>
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Why It's Important: The debate underscores a broader tension over who will benefit from AI's rapid advancement. As governments grapple with how to regulate AI, the outcome could determine whether the technology becomes a public good or a walled-off asset benefiting only a few.
Earlier this month, Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang, in an interview, said that if he were a student today, he would leverage generative <a href="https://www.benzinga.com/tech/25/05/45485072/if-i-were-a-student-today-heres-how-id-use-ai-to-do-my-job-better-says-nvidia-ceo">AI to boost his career prospects</a>.
Although only 11% of young Americans use AI regularly, Huang remains confident that AI skills will remain relevant and valuable in the future.
Last month, during a discussion at Hamilton College in Upstate New York, former President Barack Obama cautioned that AI is now capable of outperforming "60–70% of programmers," implying that only "the best coders" may withstand the <a href="https://www.benzinga.com/news/25/05/45338146/obama-says-only-the-best-coders-will-survive-as-ai-takes-over-60-70-of-programming-jobs-you-just-wont-need-a-coder">impending wave of automation</a>.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/25/01/43373775/tim-cook-praises-chinas-deepseek-for-driving-efficiency-stresses-apples-prudent-and-deliberate-approach-toward-capital-expenditure" target="_blank" rel="noreferrer noopener">Tim Cook Praises China&#8217;s DeepSeek For Driving Efficiency, Stresses Apple&#8217;s ‘Prudent And Deliberate&#8217; Approach Toward Capital Expenditure</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

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