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SiriusPoint

SiriusPoint Ltd provides property and casualty reinsurance coverage to insurance and reinsurance companies in the United States, Canada, Bermuda, the United Kingdom, and Europe. The company operates through two operating segments: Reinsurance and Insurance & Services. The company's product portfolio consists of reinsurance contracts for property insurance including both residential and commercial properties, workers' compensation, personal automobile, businesses' general liability insurance, professional liability insurance to protect professional advisors and service providers, agriculture insurance, and mortgage insurance. The majority of the revenue is generated from its Insurance & Services segment.

SiriusPoint Ltd. 8.00% Resettable Fixed Rate Preference Shares, Series B, $25.00 liquidation preference per share

SiriusPoint Ltd

The U.S. Air Force is purchasing two Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Cybertrucks specifically for missile target practice at White Sands Missile Range in New Mexico.
<h2 class="wp-block-heading">Military Seeks Unconventional Testing Approach</h2>
Unlike typical military vehicle testing, this brand-specific procurement reflects anticipated battlefield realities, according <a href="https://www.twz.com/land/air-force-wants-tesla-cybertrucks-to-launch-missiles-at">to</a> defense industry publication The War Zone. 
&#8220;In the operating theater, it is likely the type of vehicles used by the enemy may transition to Tesla Cybertrucks, as they have been found not to receive the normal extent of damage expected upon major impact,&#8221; the Air Force stated in procurement documents.
<h2 class="wp-block-heading">Cybertruck&#8217;s Declining Market Performance</h2>
Tesla&#8217;s Cybertruck faces mounting sales challenges despite initial fanfare. The company sold just 4,306 units in second quarter of 2025, marking a 51% quarterly decline and trailing Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) F-150 Lightning&#8216;s 5,842 units and General Motors Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) Hummer EV&#8216;s 4,508 units.
Current annual sales run at approximately 20,000 units—just 8% of CEO Elon Musk&#8216;s original 250,000 <a href="https://www.benzinga.com/news/topics/25/07/46252465/cybertruck-dreams-shatter-as-musks-250k-goal-unravels">annual production target</a>.
See Also: <a href="https://www.benzinga.com/markets/equities/25/08/47019048/amazons-rising-ad-power-pressures-trade-desk-as-shares-plunge-over-38-on-growth-concerns">Amazon&#8217;s Rising Ad Power Pressures Trade Desk As Shares Plunge Over 38% On Growth Concerns</a>
<h2 class="wp-block-heading">Inventory Concerns Mount</h2>
Tesla maintains nearly $200 million worth of unsold Cybertrucks across U.S. lots, according to Tesla-Info data. The vehicle launched at $60,990, significantly above the <a href="https://www.benzinga.com/news/25/04/44670296/tesla-has-over-200-million-worth-of-cybertrucks-in-inventory-and-thats-raising-questions-about-demand-again">originally promised $39,900 price point</a>.
Eight recalls in 14 months, including issues with accelerator pedals and detaching trim pieces, have contributed to customer skepticism.
<h2 class="wp-block-heading">Military Purchase Details</h2>
The Air Force requires non-functional vehicles with intact bodies, glass, and mirrors for realistic combat simulation. Officials plan to purchase 31 additional vehicles of various types for similar testing purposes, according to the report.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/08/47018924/tesla-scores-texas-robotaxi-permit-pitting-elon-musks-fleet-against-uber-lyft-in-autonomous-ride-hailing-race">Tesla Scores Texas Robotaxi Permit, Pitting Elon Musk&#8217;s Fleet Against Uber, Lyft In Autonomous Ride-Hailing Race</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

News

TSLA

Tesla Cybertrucks Picked By US Air Force As Missile Targets To Simulate Real-World Combat Threats

President Donald Trump has reportedly removed Billy Long as Internal Revenue Service commissioner just two months after his Senate confirmation. Treasury Secretary Scott Bessent will serve as acting IRS commissioner while the administration searches for a permanent replacement.
What Happened: Long, a former Republican congressman, is expected to receive an ambassadorial nomination to Iceland, sources <a href="https://edition.cnn.com/2025/08/08/politics/billy-long-ousted-irs-commissioner">told</a> CNN. &#8220;I&#8217;m excited to take on my new role as the ambassador to Iceland,&#8221; Long posted on X, without addressing his IRS departure.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"It is a honor to serve my friend President Trump and I am excited to take on my new role as the ambassador to Iceland. I am thrilled to answer his call to service and deeply committed to advancing his bold agenda. Exciting times ahead!" &#8211; Billy Long
&mdash; Billy Long (@auctnr1) <a href="https://twitter.com/auctnr1/status/1953917753854759307?ref_src=twsrc%5Etfw">August 8, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The leadership change marks unprecedented turmoil for the tax agency. Seven different officials have led the IRS since Trump&#8217;s 2024 election victory, representing the highest commissioner-level turnover in agency history. The rapid succession began when former President Joe Biden&#8216;s appointee, Danny Werfel, resigned despite having three years remaining on his statutory five-year term.
Acting commissioner Doug O&#8217;Donnell retired in February after policy clashes with Trump appointees. Melanie Krause resigned in April following pressure to share taxpayer data with immigration agencies. Gary Shapley, briefly appointed as acting commissioner, was ousted within days after Bessent opposed his selection.
See Also: <a href="https://www.benzinga.com/markets/macro-economic-events/25/08/47018610/lockheed-boeing-general-dynamics-deals-reportedly-delayed-as-india-pauses-us-defense-talks-over-trump-tariffs">Lockheed, Boeing, General Dynamics Deals Reportedly Delayed As India Pauses US Defense Talks Over Trump Tariffs</a>
Why It Matters: Long&#8217;s removal comes amid broader IRS budget pressures. A House Appropriations subcommittee approved legislation cutting IRS funding <a href="https://www.benzinga.com/news/politics/25/07/46578895/irs-budget-axed-2-8-billion-cut-sparks-partisan-clash">by $2.8 billion to $9.5 billion for fiscal 2026</a>, representing a 20% reduction. The deepest cuts target enforcement activities, dropping from $5.4 billion to $3 billion.
The agency has lost 25% of its workforce under Trump through government cuts and buyouts, according to inspector general reports. Recent controversies include Department of Homeland Security access to <a href="https://www.benzinga.com/news/politics/25/07/46564464/adam-schiff-says-your-irs-data-may-have-been-breached-and-not-by-a-hacker-but-donald-trump-consider-this-your-warning">taxpayer records for immigration enforcement</a>, drawing privacy concerns from lawmakers including Sen. Adam Schiff (D-CA).
Trump also moved to eliminate the IRS Direct File program, which allowed free online tax filing without private companies. The program <a href="https://www.benzinga.com/personal-finance/crowdsourcing/25/06/46160616/congressman-says-nobody-asked-for-the-irs-to-be-americans-tax-preparer-applauds-efforts-to-shut-down-the-irs-direct-file-program">served 32 million eligible users across 25 states</a>, with 90% of users rating their experience as excellent or above average.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://benzinga.com/markets/macro-economic-events/25/08/47018610/lockheed-boeing-general-dynamics-deals-reportedly-delayed-as-india-pauses-us-defens">Lockheed, Boeing, General Dynamics Deals Reportedly Delayed As India Pauses US Defense Talks Over Trump Tariffs</a></li>
</ul>
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Events

Trump Removes IRS Commissioner Billy Long After 2 Months, Appoints Treasury Secretary Scott Bessent As Acting Chief Amid Agency Leadership Crisis

Elon Musk&#8216;s fortune has taken a massive hit in 2025, losing over $60 billion, with his net worth shrinking amid Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) struggles, while Bill Gates, the second billionaire to see a similar decline, has committed to <a href="https://www.benzinga.com/news/25/02/43524417/bill-gates-says-he-donated-100-billion-of-his-wealth-for-charitable-causes-but-he-didnt-order-less-hamburgers-or-less-movies">giving away his entire fortune</a>.
<h2 class="wp-block-heading">Musk's Wealth Decline Amid Tesla Struggles</h2>
In 2025, Musk&#8217;s net worth plunged by $61.2 billion, according to Bloomberg's Billionaire <a href="https://www.bloomberg.com/billionaires/">Index</a>.
It dropped from $432 billion at the end of 2024 to $371 billion now, marking one of the most significant losses among the world&#8217;s wealthiest individuals, according <a href="https://fortune.com/2025/08/05/elon-musk-net-worth-tesla-stock-bill-gates-philanthropy/">to</a> Fortune.
Much of Musk's fortune is tied to Tesla, whose stock has fallen 13.08% year-to-date, <a href="https://www.benzinga.com/markets/tech/25/08/46851874/elon-musk-led-teslas-woes-deepen-as-uk-sales-plunge-60-in-july-rival-byd-surges-over-300">reflecting declining sales</a> in key markets like Europe and China.
Despite offering discounts to boost sales, Tesla posted <a href="https://www.benzinga.com/markets/earnings/25/07/46587882/tesla-q2-earnings-highlights-revenue-and-earnings-fall-short-new-models-still-set-for-2025-2026">second-quarter revenue</a> of $22.5 billion, marking a 12% decline from the same period last year and falling short of the Street consensus estimate of $22.8 billion. Automotive revenue came in at $16.66 billion, down 16% year-over-year.
Adding to Tesla's troubles are political protests against Musk's relationship with President Donald Trump, which led to <a href="https://www.benzinga.com/markets/equities/25/03/44455245/tesla-vandalism-no-coordinated-efforts-detected-experts-dispute-elon-musk-and-trumps-allegations">widespread vandalism targeting</a> Tesla vehicles, further eroding the company's brand value.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/07/46435552/larry-ellison-surges-past-mark-zuckerberg-to-become-worlds-second-richest-person-as-oracles-ai-deals-with-openai-us-government-drive-massive-stock-surge" target="_blank" rel="noreferrer noopener">Larry Ellison Surges Past Mark Zuckerberg To Become World's Second-Richest Person As Oracle's AI Deals With OpenAI, US Government Drive Massive Stock Surge</a>Play
<h2 class="wp-block-heading">Bill Gates' Loss Linked To Philanthropy</h2>
While Musk's losses are attributed to business challenges, Gates&#8217; significant drop in net worth has been due to his philanthropic efforts.
Gates' fortune dropped by $35.7 billion this year, reaching $123 billion. However, this loss reflects a recalculation that accounts for his commitment to donate most of his wealth to the Gates Foundation.
In an announcement earlier this year, Gates confirmed that he would give away approximately <a href="https://www.benzinga.com/tech/25/05/45600753/bill-gates-couldve-left-elon-musk-in-the-dust-with-a-1-2-trillion-fortune-if-he-hadnt-sold-his-microsoft-stock-or-given-it-away">$100 billion to support global causes</a>, with the foundation planning to spend this amount over the next 20 years before closing its doors.
<h2 class="wp-block-heading">Billionaires Like Larry Ellison, Mark Zuckerberg Making Waves</h2>
Several other <a href="https://www.benzinga.com/markets/tech/25/08/46939782/larry-ellison-once-said-he-had-all-the-disadvantages-necessary-for-success-as-he-aimed-to-beat-amazon-in-cloud-where-the-oracle-ceo-stands-today">billionaires have watched their wealth</a> swell amid an AI-fueled market surge. Oracle Corp's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) Larry Ellison has climbed from $192 billion at the close of last year to $302 billion today.
Meta Platforms, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Mark Zuckerberg has also seen a jump, rising from $207 billion at the end of 2024 to $270 billion currently.
Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) founder Jeff Bezos has experienced a modest gain, from $239 billion at the end of 2024 to $244 billion now.
Former Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) CEO Steve Ballmer has added $32.4 billion to his fortune in 2025, and Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) co-founder Larry Page's wealth has edged up $11.6 billion this year.
Read Next:
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<li><a href="https://www.benzinga.com/markets/tech/25/07/46410415/oracle-to-invest-3-billion-in-ai-and-cloud-infrastructure-expansion-across-germany-netherlands" target="_blank" rel="noreferrer noopener">Oracle To Invest $3 Billion In AI And Cloud Infrastructure Expansion Across Germany, Netherlands</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock

AMZN

GOOG

GOOGL

MSFT

ORCL

Elon Musk's Wealth Takes More Than $60 Billion Hit In 2025, As Bill Gates Also Sees Huge Losses—But One Of Them Has Been Donating His Entire Fortune

The Trade Desk Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) shares plummeted 38.6% on Friday to close at $54.23, despite reporting second-quarter revenue that exceeded analyst expectations. 
Check out the current price of <a href="https://www.benzinga.com/quote/ttd">TTD stock here</a>.&nbsp;
What Happened: The dramatic selloff followed the company&#8217;s first earnings report as an S&amp;P 500 member, raising questions about its premium valuation amid intensifying competition from Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), the he Wall Street Journal <a href="https://www.wsj.com/articles/ad-tech-company-trade-desk-downgraded-as-amazon-ai-reshape-digital-market-e65b020b">reported</a> on Friday.
The demand-side platform operator <a href="https://www.benzinga.com/analyst-stock-ratings/price-target/25/08/47005013/trade-desk-beats-so-why-the-jitters-guidance-growth-questions-linger">reported 19% year-over-year revenue growt</a>h to $694 million, beating consensus estimates of $685 million. Adjusted EBITDA reached $270.8 million, topping expectations of $261 million.
&#8220;Trade Desk can&#8217;t realistically maintain its current rate of revenue growth for the long term,&#8221; said Brian Wieser, founder of Madison and Wall consulting firm, according to WSJ, highlighting concerns about the company&#8217;s 66.32 price-to-earnings ratio.
Check out the current price of <a href="https://www.benzinga.com/quote/AMZN">AMZN stock here</a>.&nbsp;
Amazon&#8217;s expanding advertising business poses the biggest competitive threat. The e-commerce giant&#8217;s ad revenue surged 23% year-over-year to $15.69 billion in the second quarter, driven partly by making ad-supported video the default Prime setting, according to the report. Amazon plans to sell ad inventory from Roku Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>) and has secured new NBA streaming rights.
See Also: <a href="https://benzinga.com/crypto/25/08/46861936/fundstrats-tom-lee-owning-bitcoin-is-like-owning-land-under-a-mcdonalds">Fundstrat&#8217;s Tom Lee: Owning Bitcoin Is Like Owning Land Under A McDonald&#8217;s</a>
Why It Matters: &#8220;Amazon is more of a potential partner, honestly, than it is a long-term competitor,&#8221; Trade Desk CEO Jeff Green said during Thursday&#8217;s earnings call. However, Amazon&#8217;s significantly lower ad fees of approximately 1% compared to Trade Desk&#8217;s 12%-15% range creates pricing pressure.
Bank of America downgraded TTD to &#8220;underperform&#8221; and slashed its price target from $130 to $55, according to WSJ. MoffettNathanson cut its target to $45 from $75, both citing valuation concerns and growth deceleration.
Benzinga&#8217;s Edge Stock Rankings indicate, TTD stocks have negative trends across all time frames.  <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Find out</a> how rivals in the digital advertising space rank.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="511" height="366" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/09035105/Screenshot-2025-08-09-125931.png" alt="" class="wp-image-1021244" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/09035105/Screenshot-2025-08-09-125931.png 511w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/09035105/Screenshot-2025-08-09-125931-300x215.png 300w" sizes="(max-width: 511px) 100vw, 511px" /></a></figure>
Read Next:&nbsp;
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<li><a href="https://benzinga.com/analyst-stock-ratings/analyst-color/25/08/46963503/eli-lillys-rare-weight-loss-data-miss-could-benefit-competitors">Why Are Weight-Loss Stocks Gaining On Thursday?</a></li>
</ul>
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Markets

ROKU

Amazon's Rising Ad Power Pressures Trade Desk As Shares Plunge Over 38% On Growth Concerns

The past week has been a rollercoaster ride for the financial markets. From President Donald Trump&#8216;s surprising tariffs on gold to Eli Lilly&#8217;s worst day in 25 years, the week was filled with unexpected turns. Let&#8217;s dive into the top stories that shaped the week.
<h2 class="wp-block-heading">Trump&#8217;s Gold Tariffs Shake The Market</h2>
Aug. 7, 2025, marked a significant shift for the bullion market as Trump imposed new tariffs on one-kilogram gold bars. The move, which could bifurcate the global bullion market, has also set the stage for a potential shift in U.S. monetary policy. The U.S. has imposed tariffs of up to 39% on imported kilobars and 100-ounce gold bars, significantly impacting Switzerland, the world&#8217;s largest refining hub.
<a href="https://www.benzinga.com/markets/macro-economic-events/25/08/46999430/trump-tariffs-gold-switzerland-federal-reserves">Read the full article here.</a>
Eli Lilly&#8217;s Worst Day In 25 Years
U.S. equities took a hit midday Thursday as corporate earnings and fresh tariff announcements from Trump led to divergent moves in heavyweight names. The S&amp;P 500 dropped 0.3% to 6,328, the Dow Jones Industrial Average slid 0.8% to 43,865, while the Nasdaq 100 remained nearly unchanged at 23,307.
<a href="https://www.benzinga.com/markets/economic-data/25/08/46974170/eli-lilly-weight-loss-pill-market-crash-wall-street-thursday-stocks-today">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/markets/macro-economic-events/25/08/46999430/trump-tariffs-gold-switzerland-federal-reserves" target="_blank" rel="noreferrer noopener">Trump Puts Tariffs On Gold Bars—Now The Fed Could Trigger A Shock</a>
Oil Prices Crash On US-Russia Deal
U.S. and Russian negotiators are working to finalize a potential agreement that would freeze the war in Ukraine and secure Moscow&#8217;s control over key territories. This development is causing ripple effects across markets with oil prices dropping, gold trimming earlier gains, and stocks rising to near record highs.
<a href="https://www.benzinga.com/markets/macro-economic-events/25/08/47003189/us-russia-deal-ukraine-peace-gold-oil-nasdaq">Read the full article here.</a>
Jobs Data Flashes Recession Risk
A surprisingly weak labor report reignited Wall Street&#8217;s recession fears. However, Corporate America might be telling a different story—one that shows signs of strength not seen in years. The July nonfarm payrolls report came in far below expectations, with the U.S. economy adding just 73,000 jobs.
<a href="https://www.benzinga.com/markets/large-cap/25/08/46842171/july-jobs-report-recession-sp500-earnings-insights">Read the full article here.</a>
Fed Split Over Rate Cuts Widens
The July Federal Reserve meeting may be remembered as the most divided in over three decades. Two key board members, Michelle Bowman and Christopher Waller, voted for a rate cut, while Chair Jerome Powell and the majority held rates steady. However, a dismal July jobs report has sparked new urgency among central bankers and Wall Street analysts to pull forward rate cuts.
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/08/46908946/fed-rate-cut-september-kashkari-goldman-outlook-2025">Read the full article here.</a>
Read Next:
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<li><a href="https://benzinga.com/markets/macro-economic-events/25/08/47003189/us-russia-deal-ukraine-peace-gold-oil-nasdaq" target="_blank" rel="noreferrer noopener">Oil Prices Crash As US-Russia Push Ukraine War Truce, Nasdaq 100 Nears Record</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>
Image via Shutterstock

Trump's Gold Tariffs Shake Markets, Eli Lilly Plunges, Oil Dips On US-Russia Deal, Jobs Miss Fuels Recession Fears — This Week In Economy

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has been granted a permit to operate a ride-hailing service in Texas through its subsidiary, Tesla Robotaxi LLC.
Check out the current price of <a href="https://www.benzinga.com/quote/tsla">TSLA stock here</a>.&nbsp;
What Happened: Tesla's Robotaxi LLC has been authorized to operate as a "transportation network company" in Texas through Wednesday, according to the Texas Department of Licensing and Regulation's website. A CNBC <a href="https://www.cnbc.com/2025/08/08/tesla-robotaxi-scores-permit-to-run-ride-hailing-service-in-texas.html">report</a> said the permit, issued this week, allows Tesla to compete with ride-hailing giants Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) and Lyft Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>).
The electric vehicle manufacturer&#8217;s autonomous ride-hailing service has been operational in Austin since late June, with human safety supervisors on board to intervene when necessary. The fleet comprises Model Y vehicles, all equipped with Tesla&#8217;s latest partially automated driving systems. These vehicles are also remotely monitored by employees in an operations center.
See Also: <a href="https://benzinga.com/markets/tech/25/08/46899902/jim-cramer-calls-out-intels-18-8-billion-foundry-loss-despite-subsidies-we-sell-your-stock">Jim Cramer Calls Out Intel&#8217;s $18.8 Billion Foundry Loss Despite Subsidies: &#8216;We Sell Your Stock&#8217;</a>
The Texas permit is the first of its kind for Tesla, enabling the company to operate a ride-hailing business anywhere in the state without the need for a human safety driver or valet on board.
Why It Matters: This news comes in the wake of <a href="https://www.benzinga.com/markets/tech/25/07/46361254/elon-musks-robotaxi-push-expands-to-phoenix-as-tesla-seeks-arizona-approval">Tesla&#8217;s expansion of its Robotaxi service</a> to Phoenix, Arizona, where the company applied for both autonomous vehicle testing/operating with a driver and testing/operating without a driver. Elon Musk, CEO of Tesla, believes the move to Texas is a significant step in Tesla&#8217;s pursuit of autonomous ride-hailing services. It could serve half of the U.S. population by the end of 2025.
Uber CEO Dara Khosrowshahi <a href="https://www.benzinga.com/markets/tech/25/08/46948181/uber-ceo-welcomes-teslas-robotaxi-entry-but-says-there-will-be-no-winner-take-all-could-be-a-competitor-could-be-a-partner">welcomed Tesla&#8217;s Robotaxi entry</a> into the market, stating that there will be no winner-take-all and that the future market is large enough for multiple players to succeed.
Price Action: According to <a href="https://www.benzinga.com/quote/tsla">Benzinga Pro</a> data, after closing at $329.65 with a 2.29% gain, TSLA stock saw a modest uptick in after-hours trading, rising 0.14% to $330.10.
With momentum in the 80th percentile, Benzinga's Edge Stock Rankings show Tesla's stock trending higher in both the medium and long term. Here's how it <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">performs on other key metrics</a>.
<figure class="wp-block-image 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/2025/08/09025040/Screenshot-2025-08-09-at-12.20.09%E2%80%AFPM.png" alt="" class="wp-image-1021206" style="width:438px;height:auto" /></a></figure>
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/05/45667369/jim-cramer-praises-defense-contractor-as-great-deal-says-buy-interactive-brokers-too">Jim Cramer Praises Defense Contractor As &#8216;Great Deal,&#8217; Says Buy Interactive Brokers Too</a></li>
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Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

LYFT

UBER

Tesla Scores Texas Robotaxi Permit, Pitting Elon Musk's Fleet Against Uber, Lyft In Autonomous Ride-Hailing Race

Nexstar Media Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXST#NASDAQ">NXST</a>) is reportedly in advanced discussions to acquire fellow television broadcaster Tegna Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGNA#NYSE">TGNA</a>).
Check out the current price of <a href="https://www.benzinga.com/quote/NXST">NXST stock here</a>.&nbsp;
What Happened: The Wall Street Journal <a href="https://www.wsj.com/business/deals/nextar-tegna-deal-talks-0e1d7524">reported</a>, citing sources, the deal, if successful, would be a significant move in the media industry and a test for the Federal Communications Commission&#8217;s (FCC) deregulation efforts.
The potential acquisition is currently in advanced stages, as per the report. The deal could be valued at around $8 billion, including debt.&nbsp;
Nexstar Media and Tegna did not immediately respond to <a href="http://pro.benzinga.com/">Benzinga</a>'s request for comment.
See Also: <a href="https://benzinga.com/markets/cryptocurrency/25/01/43244653/bitcoin-ethereum-solana-crash-heres-why-chinas-low-cost-ai-model-deepseek-may-be-to-blame">Bitcoin, Ethereum, Solana Crash — Here&#8217;s Why China&#8217;s Low-Cost AI Model DeepSeek May Be To Blame</a>
Check out the current price of <a href="https://www.benzinga.com/quote/TGNA">TGNA stock here</a>.&nbsp;
Tegna has a market capitalization of $2.46 billion with a trading volume of 2,742,935 shares, while Nexstar's market cap stands at $5.63 billion on a volume of 534,578 shares.
Why It Matters: The news of the potential acquisition comes on the heels of Tegna&#8217;s announcement of its expected revenue decline for the third quarter of 2025. The company projected an 18% to 20% year-over-year decrease in revenue for the quarter.
Tegna also experienced a 5% drop in revenue to $675 million, in line with its earlier guidance, in the second quarter. Distribution revenue also held steady at $370 million, as subscriber losses were balanced out by rate increases.
Price Actions: Tegna closed at $15.31, up 1.80% on Friday, then jumped 30.57% to $19.99 in after-hours trading, while Nexstar Media Group closed at $186.80, up 1.23%, before dipping 0.43% to $186.00 after hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Benzinga&#8217;s Edge Stock Rankings indicates Tegna stock has a negative price trend across all time frames. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Additional performance details are available here</a>.
<figure class="wp-block-image size-full is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="898" height="636" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/09015300/image-159.png" alt="" class="wp-image-1021181" style="width:411px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/09015300/image-159.png 898w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/09015300/image-159-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/08/09015300/image-159-768x544.png 768w" sizes="(max-width: 898px) 100vw, 898px" /></a></figure>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

NXST

TGNA

Tegna Stock Soars Over 30% In After-Hours As Nexstar Nears Acquisition Deal, Raising Stakes For FCC Deregulation Fight: Report

India has reportedly paused plans to procure U.S. defense equipment, including arms and aircraft from Lockheed Martin (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>), Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and General Dynamics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), as the <a href="https://www.benzinga.com/markets/asia/25/08/46908150/trump-tariffs-india-russian-oil-imports-2025">diplomatic fallout from</a> President Donald Trump's tariffs strains bilateral ties.
<h2 class="wp-block-heading">US-India Defense Talks Reportedly Stall</h2>
India has delayed its defense procurement plans following the imposition of steep tariffs by Trump, reported Reuters, citing three Indian officials.
The move has affected talks on purchasing U.S. weapons, including combat vehicles and reconnaissance aircraft. India was set to send Defense Minister Rajnath Singh to Washington to finalize deals on items such as Stryker combat vehicles, Javelin missiles, and Boeing P-8I reconnaissance aircraft.&nbsp;
However, those talks have stalled, the report said, citing the sources.
According to the report, the negotiations indicated that the defense purchases could still proceed once there is clarity on tariffs and the direction of bilateral ties, but "not as soon as they were expected."
The cancellation of Singh's trip is the first concrete sign of India's displeasure over the 50% tariff burden imposed on its exports.
India's Ministry of Defence called media reports of a pause in the talks "false and fabricated," according to the report. It added that the procurement was proceeding in accordance with "extant procedures."
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/07/46682004/weride-and-uber-expand-robotaxi-reach-in-abu-dhabi" target="_blank" rel="noreferrer noopener">WeRide And Uber Expand Robotaxi Reach In Abu Dhabi</a>
<h2 class="wp-block-heading">Trump's Tariffs And Their Impact On Bilateral Relations</h2>
The tariffs, which include a 25% additional duty imposed on Indian goods as punishment for India's oil imports from Russia, have escalated tensions between the U.S. and India.
India has called the tariffs unfair and criticized Washington's selective stance on trading with Russia. Despite this, India has not formally suspended procurement talks but is waiting for a clearer understanding of the future of U.S.-India relations before proceeding.
An Indian government source remarked that they are being unfairly targeted, while the West continues to trade with Russia when it suits their interests.
India's shift in defense procurement from Russia to Western suppliers, including the U.S., has been in response to both <a href="https://www.benzinga.com/news/politics/25/08/47017815/trump-putin-alaska-summit-set-for-august-15-as-market-eyes-ukraine-peace-talks">Russia's ongoing conflict in Ukraine</a> and its inability to meet demand for modern weapons.
India's Ministry of Defence did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
<h2 class="wp-block-heading">Modi Defends Farmers Amid Trade Tensions</h2>
Meanwhile, on Thursday, Indian Prime Minister Narendra Modi doubled down on his commitment to <a href="https://www.benzinga.com/news/politics/25/08/46954702/india-is-ready-for-it-says-pm-narendra-modi-on-trumps-tariff-threats-will-never-compromise-on-farmer-interests">protecting the interests of Indian farmers</a>. Speaking at the MS Swaminathan Centenary International Conference, Modi said that &#8220;the interest of our farmers is our top priority&#8221; and that he would &#8220;never compromise&#8221; on their welfare.
<h2 class="wp-block-heading">Potential BRICS Coordination In The Future</h2>
The broader U.S.-India relationship remains strained, but India continues to explore alternatives, including strengthening ties with other BRICS nations.
Brazilian President Lula da Silva on Wednesday suggested that <a href="https://www.benzinga.com/markets/macro-economic-events/25/08/46941302/brazils-president-says-wont-humiliate-myself-by-calling-trump-seeks-joint-brics-response-with-china-india-to-counter-tariffs">BRICS could work together</a> to counter U.S. trade pressures.
Price Action: Lockheed Martin fell 1.19% to $425.63 on Friday, while Boeing gained 0.79% to $229.12 and General Dynamics rose 0.45% to $314.13 during the same session, according to <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0717">Benzinga Pro</a>.
Benzinga's Edge Stock Rankings indicate that LMT has maintained a negative price trend across the short, medium and long term. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Additional performance insights are available here</a>.
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Lockheed, Boeing, General Dynamics Deals Reportedly Delayed As India Pauses US Defense Talks Over Trump Tariffs

World Liberty Financial, the Trump family&#8217;s crypto venture, is reportedly preparing to launch a publicly traded treasury company that will hold the family&#8217;s WLFI token and cash.
<h2 class="wp-block-heading">$1.5 Billion Fundraising Target</h2>
The plan calls for raising $1.5 billion to fund a shell company already acquired and listed on NASDAQ, according to deal documents <a href="https://fortune.com/crypto/2025/08/08/donald-trump-world-liberty-financial-digital-asset-treasury-public-company/">viewed</a> by Fortune. Eric Trump and Donald Trump Jr. would serve on the board of the new treasury vehicle.
<h2 class="wp-block-heading">Growing Trump Crypto Empire</h2>
The initiative represents the latest expansion of the Trump family&#8217;s crypto holdings. World Liberty launched last fall, generating $550 million in WLFI token sales alongside its USD1 stablecoin offering.
President Donald Trump&#8216;s media company, Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), <a href="https://www.benzinga.com/trading-ideas/movers/25/07/46518216/trump-media-stock-rises-as-bitcoin-purchases-cross-2-billion">purchased $2 billion</a> in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) for its treasury earlier this summer. The First Family has also launched separate memecoins.
World Liberty Financial did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46989435/trump-greenlights-bitcoin-in-40-trillion-401ks-peter-schiff-calls-it-a-gamble-with-retirement-savings-what-others-said">Trump Greenlights Bitcoin In $40 Trillion 401(k)s: Peter Schiff Calls It A &#8216;Gamble&#8217; With Retirement Savings — What Others Said</a>
<h2 class="wp-block-heading">Treasury Company Boom</h2>
The concept follows MicroStrategy Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) successful Bitcoin accumulation strategy. The software company, rebranded as Strategy in 2025, holds over $72 billion in Bitcoin and <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/08/46804754/microstrategys-14-billion-bitcoin-gain-becomes-a-footnote-in-bold-treasury-vision">reached a $113 billion market cap</a> despite $115 million quarterly revenue.
Treasury companies now exist for Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Litecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>), and other digital assets, allowing traditional investors to gain crypto exposure through regulated brokerages.
<h2 class="wp-block-heading">Policy Support Strengthens</h2>
The announcement comes as Trump signed executive orders Thursday expanding <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46984531/trump-opens-401k-plans-to-crypto-cracks-down-on-crypto-banking-discrimination">crypto access to 401(k) retirement plans</a> and prohibiting federal regulators from using &#8220;reputational risk&#8221; to restrict crypto banking services.
House Financial Services Chair French Hill (R-AR) called the orders &#8220;an important step&#8221; against politically motivated financial discrimination, while Senator Cynthia Lummis (R-WY) praised their &#8220;transparency and accountability.&#8221;
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$BTC

$ETH

$LTC

MSTR

Trump Family Eyes $1.5 Billion Nasdaq Treasury Company To Hold WLFI Token: Report

Wedbush Securities' Dan Ives has warned that Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) failure to innovate in artificial intelligence could tarnish CEO Tim Cook's legacy, as other tech giants race ahead in the AI revolution.
<h2 class="wp-block-heading">Dan Ives Highlights Apple&#8217;s Urgent AI Crisis</h2>
On Friday, Ives, global head of technology research at Wedbush Securities, raised a critical alarm on CNBC's Fast Money regarding Apple's lack of progress in the AI sector.
Describing the current situation as a &#8220;BlackBerry moment,&#8221; Ives warned that Apple&#8217;s failure to keep up with the rapid advances in AI could severely harm the company's prospects.
&#8220;Everything that we see in big tech across the board it&#8217;s an F1 race passing them by. And Apple is essentially in Cook on a park bench drinking lemonade,&#8221; Ives stated.
He then spoke about Apple CEO's leadership.
&#8220;I think Cook should be CEO. We believe he&#8217;s been a Hall of Fame CEO and should continue to be, but it will tarnish his legacy and the Apple future if they miss out on the fourth Industrial Revolution,&#8221; the analyst said.
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<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">Time is ticking for Apple to jumpstart their AI strategy..tariff situation resolved this week now it's time for Cook to address the elephant in the room…the invisible AI strategy <a href="https://twitter.com/CNBCFastMoney?ref_src=twsrc%5Etfw">@CNBCFastMoney</a> &#x23f3; <a href="https://t.co/we2yEZ0wCZ">https://t.co/we2yEZ0wCZ</a> <a href="https://t.co/qyznmbdIh1">pic.twitter.com/qyznmbdIh1</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1954000750054359200?ref_src=twsrc%5Etfw">August 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h2 class="wp-block-heading">Apple's Missed Opportunities In AI</h2>
He pointed out that Apple&#8217;s current AI strategy lacks visibility and innovation, leaving the company trailing behind competitors like Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google and Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), which are aggressively advancing in AI.
The biggest issue is that Apple's AI strategy is essentially invisible right now, Ives said, adding that without a significant shift, Apple risks becoming irrelevant in the AI race, especially with other tech giants pulling ahead.
Ives&#8217; Three-Part Plan To Save Apple
Ives earlier highlighted that despite <a href="https://www.benzinga.com/markets/tech/25/08/46996349/apples-blackberry-moment-looms-without-these-3-bold-ai-moves-warns-dan-ives">Apple&#8217;s massive 2.4 billion</a> iOS devices in play, the company is not capitalizing on its lead in consumer technology. To turn things around, Ives proposed a three-step plan for Apple to regain its footing in the AI space:
Acquire Perplexity: A <a href="https://www.benzinga.com/markets/equities/25/07/46216283/dan-ives-urges-apple-to-make-a-move-saying-that-perplexity-acquisition-is-a-no-brainer-its-a-matter-of-when-and-not-if">$30 billion AI</a> search engine, Perplexity, could help Apple improve Siri and other AI functions.
Hire AI Talent: Apple needs to bring in real AI experts to refresh its management team.
Partner With Google's Gemini: Instead of relying on OpenAI, Ives suggested that Apple should integrate Google's AI system, Gemini, to stay competitive.
<h2 class="wp-block-heading">Apple&#8217;s Financials And Future Outlook</h2>
Despite the concerns, Apple in July reported strong <a href="https://www.benzinga.com/markets/earnings/25/07/46776239/apple-q3-earnings-revenue-eps-smash-estimates-as-iphone-sales-jump-active-installed-base-reaches-new-highs">third-quarter earnings</a>, with $94 billion in revenue and $44.58 billion in iPhone sales. However, Ives stressed that without a clear AI strategy, Apple&#8217;s stock may face limitations in growth.
The company has until the <a href="https://www.benzinga.com/markets/tech/25/07/46680504/apple-faces-18-month-deadline-to-deliver-on-ai-says-analyst">end of 2026 to redefine</a> its AI strategy, according to other analysts like TD Cowen, who also warned about the risks of failing to act quickly.
Price Action: Apple Inc. shares rose 4.24% on Friday, closing at $229.35, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Benzinga's Edge Stock Rankings show that AAPL maintains an upward trend in the short and medium term, while trending downward over the long term. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound'">Additional performance details are available here</a>.
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Photo Courtesy: Ringo Chiu on Shutterstock.com

AAPL

NVDA

Apple's In F1 Race While Tim Cook Sips 'Lemonade' On 'Park Bench' — Dan Ives Warns AI Misstep Could Stain His Legacy

On Friday, Texas Attorney General Ken Paxton filed a lawsuit to remove 13 Democratic lawmakers from office after they fled the state to block a Republican-backed redistricting plan aimed at securing <a href="https://www.benzinga.com/news/politics/25/08/46949190/trump-backs-fbi-intervention-as-texas-republicans-hunt-democrats-amid-quorum-crisis">more GOP congressional seats</a>.
<h2 class="wp-block-heading">Legal Action Over Absent Lawmakers</h2>
Texas Democrats continued their defiance against the Republican-led redistricting plan on Friday by refusing to attend a special session of the state legislature, <a href="https://abcnews.go.com/Politics/texas-democrats-face-republican-deadline-stop-standoff-face/story?id=124480936">reported</a> ABC News.
More than 50 Democratic lawmakers <a href="https://www.benzinga.com/news/politics/25/08/46846883/greg-abbott-deploys-state-troopers-as-dozens-of-texas-democrats-flee-to-stall-gop-favored-maps">fled the state to deny</a> the GOP a quorum needed to pass the new congressional maps, which would add five pro-GOP districts ahead of the 2026 elections.
In response, Paxton filed a lawsuit with the Texas Supreme Court to remove 13 of these absent Democrats, accusing them of deliberately sabotaging the legislative process.
Paxton stated that the lawmakers had "absented themselves from the State with the express purpose of denying the House a quorum," adding that "their out-of-state rebellion cannot go unchecked."
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<h2 class="wp-block-heading">Governor Abbott's Pressure On Democrats</h2>
Republican Gov. Greg Abbott has also taken a firm stance against the absent Democrats, calling for their arrest and seeking the Texas Supreme Court's involvement in removing them from office.
Abbott had earlier threatened to restrict pay for the absent lawmakers and highlighted that they must return for the state's legislative work to continue.
"People expect their representatives to go to work," Paxton told Fox News. "If they do not show up, we will be in an Illinois courtroom… [trying] to get them back to the state of Texas, hold them in contempt, and if they refuse to come, hopefully put them in jail."
<h2 class="wp-block-heading">Democrats Stand Firm On Redistricting Protest</h2>
Despite the growing pressure, the Texas Democrats are standing firm. House Minority Leader Gene Wu indicated that the Democrats would remain absent until they receive assurances that the special session will focus on issues like flood mitigation and disaster preparedness, rather than redistricting.
Democrats argue that the GOP's proposed maps unfairly target urban and Latino districts.
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Texas AG Ken Paxton Sues To Oust 13 Democrats Who Fled State To Block GOP-Backed Redistricting Adding 5 Pro-Republican Seats Ahead Of 2026 Elections

As President Donald Trump continues to push for lower interest rates, the search for a successor to Federal Reserve Chair Jerome Powell has expanded, with U.S. Treasury Secretary Scott Bessent at the helm.
<h2 class="wp-block-heading">Bessent Leads Search For New Fed Chair</h2>
Bessent is leading the search for a new Federal Reserve chair, following Trump&#8217;s repeated calls for the central bank to lower interest rates.
The list of potential candidates has grown to include prominent figures like St. Louis Fed President James Bullard and Marc Sumerlin, a former economic adviser to President George W. Bush, Reuters reported, citing a source.
It was also confirmed by the publications that the expanded list now includes around 10 candidates.
Trump has long criticized Powell's handling of interest rates, calling for cuts throughout 2025 and tensions between the two have escalated.
Powell's term is set to expire in May 2025 and while Trump has pressured Powell to reduce rates, <a href="https://www.benzinga.com/news/politics/25/07/46647787/kevin-oleary-warns-trumps-powell-criticism-threatens-us-financial-credibility-whacking-the-fed-is-not-a-good-idea">critics have argued</a> that Powell should be allowed to serve out his term without political interference.
See Also: <a href="https://www.benzinga.com/markets/economic-data/25/08/46961905/jobless-claims-august-fed-interest-rates-labor-market-inflation" target="_blank" rel="noreferrer noopener">Unemployment Claims Rise–And That's A Problem For The Fed</a>
<h2 class="wp-block-heading">Who Are Candidates Under Consideration For Fed Chair</h2>
In addition to Bullard and Sumerlin, <a href="https://www.benzinga.com/news/politics/25/08/46966504/christopher-waller-trump-jerome-powell-fed-chair">the expanded list includes</a> National Economic Council Director Kevin Hassett, former Fed governor Kevin Warsh and current Fed governor Christopher Waller.
These candidates are seen as aligning with Trump's agenda of lower rates.
Bullard, who left the St. Louis Fed in 2024 to become dean of Purdue University's business school, previously indicated that the Fed could likely cut rates by September 2025.
Waller, Hassett and Warsh have also expressed support for rate cuts, making them favorable candidates in Trump's eyes.
<h2 class="wp-block-heading">Trump's Influence On Fed Policy</h2>
Trump's influence over the Federal Reserve has become a focal point of the search for Powell's successor. His criticism of Powell for not lowering rates sooner has led to growing calls for change.
Despite these tensions, Trump previously stated that <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46621837/trump-says-not-necessary-to-fire-jerome-powell-but-presses-fed-chair-on-rate-cuts-and-2-5-billion-renovation-id-love-him-to-lower-interest-rates">he does not plan to remove</a> Powell from his position, acknowledging that such a move would be significant.
Meanwhile, two days afterPowell declined to commit to a September rate cut, a weak July jobs report—with the largest two-month downward revisions since 2020—had economists and markets aligning with <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/08/46798768/july-jobs-report-interest-rates-odds-trump-powell">Trump's call for lower interest rates</a>.
The U.S. added only 73,000 jobs in July, missing the 110,000 forecast, while May and June payrolls were revised down by a combined 258,000—the biggest two-month downgrade since the 2020 COVID-19 shock.
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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.
Image via Shutterstock

Federal Reserve

Trump-Backed Push For Rate Cuts Intensifies As Scott Bessent Leads Search For Fed Chair To Succeed Jerome Powell: Report

Nvidia Corporation's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) plans to ship its H20 artificial intelligence chips to China have received a significant boost, as the U.S. Commerce Department has reportedly granted the company licenses to resume exports, potentially preventing an $8 billion loss.
<h2 class="wp-block-heading">Nvidia Wins Key Export Licenses For H20 Chips To China</h2>
On Friday, Nvidia overcame a major hurdle after the U.S. granted it export licenses to resume shipments of its H20 graphics processing units (GPUs) to China, reported Reuters.
This decision followed a reversal of the previous ban imposed in April due to U.S. export controls targeting China's AI and defense technology sectors. Nvidia had <a href="https://www.benzinga.com/markets/tech/25/07/46749624/china-questions-nvidias-ai-chip-as-us-export-controls-stoke-tensions">tailored its H20 chip</a> specifically for the Chinese market to comply with these restrictions.
Also Read:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/07/46682004/weride-and-uber-expand-robotaxi-reach-in-abu-dhabi" target="_blank" rel="noreferrer noopener">WeRide And Uber Expand Robotaxi Reach In Abu Dhabi</a>
<h2 class="wp-block-heading">Financial Impact: Nvidia's Losses And Potential Gains</h2>
The decision is timely, as Nvidia had previously warned that the export restrictions could result in a loss of up to $8 billion in sales during the July quarter.
The company had also revealed that it expected <a href="https://www.benzinga.com/25/04/44830406/nvidia-to-take-55-billion-hit-over-china-chip-export-restrictions-but-top-analyst-dan-ives-says-hes-not-overly-concerned-all-part-of-the-high-game-of-poker">a charge of $5.5 billion</a> due to the restrictions, though it was able to mitigate some of the impact by reusing materials.
In May, Nvidia reported that the first-quarter charge related to these restrictions was $1 billion less than anticipated.
Nvidia CEO Jensen Huang had also expressed concerns that the company's leadership position could be jeopardized without continued access to China, <a href="https://www.benzinga.com/markets/tech/25/06/45855054/nvidias-jensen-huang-once-called-huawei-chinas-most-formidable-tech-company-but-ceo-ren-zhengfei-says-its-chips-still-lag-behind-us-rivals">where rival companies</a> like Huawei Technologies are aggressively targeting developers with locally produced chips.
<h2 class="wp-block-heading">China&#8217;s Growing Local Chip Market Poses Challenges For Nvidia</h2>
Despite the license approval, Nvidia faces growing competition from Chinese chipmakers such as Huawei, Cambricon and Hygon.
Analysts at Bernstein have projected that <a href="https://www.benzinga.com/markets/tech/25/08/46824951/rising-competition-in-china-threatens-nvidias-comeback">Nvidia's market share in China's AI chip</a> sector will decline, from 66% in 2024 to 54% in 2025, largely due to local companies' aggressive growth and the impact of U.S. sanctions.
Still, analysts like Needham's N. Quinn Bolton remain optimistic. The analyst predicted strong demand for Nvidia's H20 and upcoming China-specific GPUs, forecasting significant future revenue in the Chinese data center market.
<h2 class="wp-block-heading">Geopolitical Tensions Continue Over AI Chips</h2>
The approval of Nvidia's export licenses is also set against the <a href="https://www.benzinga.com/markets/tech/25/08/46883566/nvidia-ai-chips-worth-28-million-illegally-shipped-to-china-two-chinese-citizens-charged-in-california-smuggling-case">backdrop of continuing geopolitical tensions</a> between the U.S. and China.
The U.S. government has maintained strict controls over the export of cutting-edge semiconductor technologies, citing national security concerns related to China's AI and defense capabilities.
This has sparked retaliatory actions from China, including trade barriers aimed at U.S. semiconductor firms.
Price Action: On Friday, Nvidia's stock rose 1.09% in regular trading and inched up an additional 0.05% after hours, finishing at $182.83, according to <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0717">Benzinga Pro</a>.
Benzinga's Edge Stock Rankings show NVDA&#8217;s positive price trend across short, medium and long-term periods. However, despite this solid growth, its overall value score remains comparatively low. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Additional performance insights are available here</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Evolf on Shutterstock.com

Nvidia's $8 Billion Loss May Be Averted As US Approves H20 Chip Exports To China Amid Trad Tensions: Report

President Donald Trump announced on Friday on Truth Social that he will host Russian President Vladimir Putin in Alaska on August 15, marking the first meeting between <a href="https://www.benzinga.com/news/politics/25/08/46998091/putin-trump-meeting-could-happen-in-hungary-xi-jinping-backs-us-russia-dialogue-report">sitting U.S. and Russian presidents since June 2021</a>.
What Happened: &#8220;The highly anticipated meeting between myself, as President of the United States of America, and President Vladimir Putin, of Russia, will take place next Friday, August 15, 2025, in the Great State of Alaska,&#8221; Trump wrote.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f6a8; <a href="https://t.co/ClTl6TjL0S">pic.twitter.com/ClTl6TjL0S</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1953940364290572777?ref_src=twsrc%5Etfw">August 8, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Trump&#8217;s Friday sanctions deadline for Russia created immediate market pressure. The president doubled tariffs on Indian imports to 50% over New Delhi&#8217;s Russian oil purchases, causing the iShares MSCI India ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDA#NASDAQ">INDA</a>) to decline 0.82% on Friday. India imported 2 million barrels <a href="https://www.benzinga.com/news/politics/25/08/46944712/trump-eyes-putin-meeting-after-great-progress-in-moscow-zelenskyy-talks-also-on-the-table">daily of Russian crude in June</a>.
See Also: <a href="https://www.benzinga.com/news/politics/25/08/47011875/trump-mulls-fannie-freddie-share-sale-backed-by-bill-ackman">Trump Mulls Fannie, Freddie Share Sale—Backed By Bill Ackman</a>
Why It Matters: U.S.-Russia negotiations reportedly focus on freezing the Ukraine conflict along current battle lines. Bloomberg sources indicate the proposal would cede Donbas and Crimea to Russia while <a href="https://www.benzinga.com/markets/macro-economic-events/25/08/47003189/us-russia-deal-ukraine-peace-gold-oil-nasdaq">halting Moscow&#8217;s offensive</a> in Kherson and Zaporizhzhia regions.
Chinese President Xi Jinping welcomed <a href="https://www.benzinga.com/news/politics/25/08/46998091/putin-trump-meeting-could-happen-in-hungary-xi-jinping-backs-us-russia-dialogue-report">continued U.S.-Russia contac</a>t, according to South China Morning Post reporting. Ukrainian President Volodymyr Zelenskyy stressed that any territorial concessions require constitutional referendum approval.
Energy markets showed volatility ahead of sanctions. The iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) gained 0.50% to $87.01, while the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) declined 0.80% to $73.30 on Friday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

INDA

Trump-Putin Alaska Summit Set For August 15 As Market Eyes Ukraine Peace Talks

Location isn't the only factor that determines if a house is a good investment. There's a lot that goes into finding a great deal, but real estate investor Graham Stephan recently identified <a href="https://www.tiktok.com/@grahamstephan/video/7532673054422568222?lang=en">the top factor</a> investors should look for in a home.
"The best houses are the ones that are really dated," Stephan said in a recent clip.&nbsp;
Buying a new home limits your profit potential, and investing in a nightmare home can result in a lot of sunk costs and very little to show for it. However, if you focus on dated homes, the profits can be promising. Stephan expanded on this point and shared a valuable lesson for real estate investors.
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<h2 class="wp-block-heading">Buy Undervalued Properties That You Can Fix Up</h2>
Stephan emphasizes buying undervalued properties that you can fix up. Some sellers won't want to waste their time renovating a home and prefer to sell it at a discount. These types of opportunities allow investors to step in with sweat equity and boost the property's value.
The issue with buying a new property is that an investor doesn't have as many ways to enhance that property and boost its value. If the kitchen is state-of-the-art, you have fewer options to improve it than a kitchen that hasn't been changed in more than 40 years.&nbsp;
However, not every fixer-upper is a great deal. Stephan encourages investors to focus on properties that need cosmetic upgrades. These properties should be structurally sound. It's best to avoid properties that have issues with the roof or foundation.
Trending: Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora &amp; MGM—<a href="https://www.benzinga.com/money/rad-intel">Secure $0.63 Shares Before 8/14</a>
<h2 class="wp-block-heading">Compare The Listing To Other Properties</h2>
Before you buy a property that needs some fixing, you should compare its market price with a similar property in the area that doesn't need any fixing. For instance, if a fixer-upper costs $500,000, and a similar, up-to-date property costs $600,000, there is a $100,000 gap.
If it only costs $70,000 to get the property in good condition, your $500,000 property will become a $600,000 property.. However, if it costs $150,000 to update the same $500,000 property, you're under $50,000.
Anticipating the total costs of bringing the home up to date and calculating the gap between the current price and how much the home can be worth with some upgrades can help you make better investment decisions. Keeping these numbers in mind can help you distinguish the difference between profitable fixer-uppers and homes with no shot at profitability.
See Also: $100k+ in investable assets? <a href="https://www.benzinga.com/money/wiseradvisor-retirement-planning">Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes</a> – no cost, no obligation.
<h2 class="wp-block-heading">Flip Or Rent</h2>
Some people fix up properties and proceed to flip them right away, while others fix a property and then list it as a rental unit. Stephan likes to have tenants so his properties can generate cash flow, but there are pros and cons to both approaches.
Flipping a property gets it off your hands sooner. You get the capital, which you can reinvest into another fixer-upper and repeat the process. Fixing and flipping properties isn't passive, but you don't have to deal with any tenant nightmares. However, if you flip a property within one year, your profits will be subject to the short-term capital gains tax rate.&nbsp;
If you are comfortable working with tenants or have a good property manager, you can make more money in the long run with a rental property. You will generate cash flow that can go toward paying off the mortgage and building equity in your home. Some investors decide to convert the fixed property into a rental for a few years before putting it back on the market. Other investors want to hand the property off to their children so their heirs can benefit from step-up basis.&nbsp;
Flipping or renting is a big decision, but you only get to make that decision if you invest in a worthwhile fixer-upper. Stephan's advice to focus on properties that need cosmetic improvements can save you plenty of headaches.&nbsp;
Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $10.</a>
Image: Shutterstock

Personal Finance

'The Best Houses Are The Ones That Are Really Dated' — Graham Stephan's Surprising Wealth-Building Strategy

WATT

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

NCNA

Sterling Infrastructure (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STRL#NASDAQ">STRL</a>) has outperformed the market over the past 15 years by 11.42% on an annualized basis producing an average annual return of 23.97%. Currently, Sterling Infrastructure has a market capitalization of $9.21 billion. 
Buying $100 In STRL: If an investor had bought $100 of STRL stock 15 years ago, it would be worth $2,511.95 today based on a price of $302.75 for STRL at the time of writing.
<h3>Sterling Infrastructure's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1754696714_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

STRL

Here's How Much $100 Invested In Sterling Infrastructure 15 Years Ago Would Be Worth Today

Zelman &amp; Assoc downgrades Zillow Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/Z#NASDAQ">Z</a>) from Outperform to Neutral.

Downgrades

Analyst Ratings

Zelman & Assoc Downgrades Zillow Gr to Neutral

Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) has outperformed the market over the past 15 years by 6.86% on an annualized basis producing an average annual return of 19.4%. Currently, Chipotle Mexican Grill has a market capitalization of $55.58 billion. 
Buying $100 In CMG: If an investor had bought $100 of CMG stock 15 years ago, it would be worth $1,452.71 today based on a price of $41.45 for CMG at the time of writing.
<h3>Chipotle Mexican Grill's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1754694023_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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