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It's not every day a billionaire says a product idea makes him "want to die." But leave it to Elon Musk to put a stake in the smartphone hype—while still keeping one hand on the shovel.
At a <a href="https://youtu.be/2ffHMNuOTQQ?si=fxLrU9uuBV-FFMQb">Pennsylvania town hall in October</a>, someone cut straight to the point:
"I want to know when the X phone's coming out."
Musk didn't hesitate. "Man, I sure hope we don't have to make a phone. That's a lot of work," he said. "The idea of making a phone makes me want to die. But if we have to make a phone, we will. But we will aspire not to make a phone."
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The crowd laughed. Musk didn't. He made it clear this wasn't about competition—it was about pressure. Specifically, pressure from <a href="https://www.benzinga.com/markets/25/05/45483794/apple-iphone-production-in-us-not-feasible-samsungs-surprise-launch-and-more-this-week-in-appleverse">tech giants like Apple</a> and Google.
"They need to make sure they don't have a heavy hand in the App Store… or they will create a forcing function for there to be a competitor."
This wasn't the first time Musk toyed with the idea. Back in November 2023 at the New York Times DealBook Summit, he gave the same energy when asked if he'd ever make a phone—especially as <a href="https://www.benzinga.com/news/24/09/40973399/apples-former-design-maestro-jony-ive-confirms-hes-joined-forces-with-openais-sam-altman-for-a-new-a">rumors swirled</a> about <a href="https://www.benzinga.com/tech/25/05/45338125/openais-sam-altman-reaches-out-o-elon-musk-amid-ongoing-social-media-spat-lets-be-friends">OpenAI CEO Sam Altman</a> teaming up with legendary Apple designer Jony Ive on a sleek AI-powered device.
"I don't think there's a real need to make a phone," Musk told Times journalist and CNBC host Andrew Ross Sorkin.
"If there's an essential need to make a phone, I'll make a phone. But I've got a <a href="https://www.benzinga.com/markets/equities/25/04/45063886/elon-musk-wants-tesla-to-be-most-valuable-company-in-the-world-but-top-investor-doubts-ev-giants-rise-without-apple-style-marketing-strategy">lot of fish to fry</a>."
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
And if you're wondering what a Musk-designed phone might look like? Don't. He's already mentally past it.
"You've got basically a black rectangle. How do you make that better?"
His answer: skip the screen altogether. When asked what the future of communication looks like in his head, he pointed there literally.
"Yeah, good phrase—in the head. A Neuralink."
"The best interface would be a neural interface directly to your brain. So that would <a href="https://www.benzinga.com/25/05/45160705/elon-musk-says-neuralink-will-ultimately-be-available-to-all-as-fda-grants-breakthrough-status-for-speech-restoring-brain-tech">be a Neuralink</a>."
So no, Musk doesn't want to build a phone. He thinks it's a "black rectangle" dead-end. He'd rather hook your brain up to a chip than join the smartphone war.
But if Apple picks a fight?
He'll sigh. He'll grumble. And then—he just might build it.
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<li><a href="https://www.benzinga.com/money/this-ai-imaging-technology-has-been-used-in-more-than-500-surgeries-now-you-can-be-part-of-the-ai-imaging-revolution">Be part of the next med-tech breakthrough for only $350 — 500+ surgeries already done with nView's AI system.</a></li>
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Image: Shutterstock

Personal Finance

Elon Musk Says The Idea Of Creating A Phone Makes Him 'Want To Die' But He Will If There's A Need — Although He's 'Got A Lot Of Fish To Fry'

On-chain reinsurance firm OnRe has unveiled a product that offers digital asset investors a stable yield tied to real-world assets.
On Saturday,&nbsp;OnRe&nbsp;launched an innovative structured product that connects $225 billion&nbsp;of stable assets to the&nbsp;vast $750 billion reinsurance market. The product is engineered to provide investors with direct access to diversified, uncorrelated returns.
The initiative, supported by industry giants like&nbsp;Ethena (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ENA</a>),&nbsp;Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), and&nbsp;RockawayX,&nbsp;offers returns of up to&nbsp;36.5% from reinsurance performance, collateral&nbsp;yield, and token incentives.
By leveraging&nbsp;the speed and efficiency of&nbsp;Solana&#8217;s blockchain, OnRe aims to facilitate a seamless flow of capital and boost operational efficiency, thereby allowing a new breed of investors to access real-world returns on a large scale.
&#8220;OnRe signifies our dedication to transparency, efficiency, and innovation,&#8221; stated&nbsp;Ted Georgas,&nbsp;Co-Founder and CTO of OnRe.&nbsp;
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44884378/ethereums-2024-gains-erased-in-q1-2025-as-solana-reigns-supreme-in-dex-space-report">Ethereum&#8217;s 2024 Gains Erased In Q1 2025 as Solana Reigns Supreme in DEX Space: Report</a>
&#8220;With this single, structured product, we&#8217;re eradicating friction and opacity, offering&nbsp;investors a clear, scalable path&nbsp;to consistent, uncorrelated returns,&#8221; he added. 
The rise in frequency and impact of natural disasters necessitates efficient capital deployment. Protocols like OnRe, with their innovative approach, are set to play a pivotal role in this space. 
By linking digital assets to the reinsurance market, OnRe is not only diversifying investment opportunities but also enhancing the efficiency of capital flow. 
This could potentially reshape the reinsurance market, making it more accessible and transparent for investors.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43901226/robert-kiyosaki-says-everything-bubble-will-cause-historic-market-crash-bitcoin-will-be-fastest-to-recover" target="_blank" rel="noreferrer noopener">Robert Kiyosaki Says ‘Everything Bubble&#8217; Will Cause Historic Market Crash, Bitcoin Will Be Fastest To Recover</a>
Image: Shutterstock/Sutthiphong Chandaeng

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Tech

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$SOL

OnRe's Blockchain-Driven Yield Revolutionizes Reinsurance Market

Grief alone is enough. But imagine adding a five-figure bill from the federal government on top of it. That's what Ruth Podmanik, a 65-year-old widow from Sheffield Lake, Ohio, is dealing with—more than a decade after her husband passed away.
In an <a href="https://www.news5cleveland.com/news/local-news/investigations/local-woman-fighting-for-answers-after-social-security-wants-70k-clawback">interview with WEWS-TV in&nbsp; Cleveland</a>, Ruth shared her story: her husband Ed died in 2012 after battling leukemia. Now, she's being told she owes the Social Security Administration nearly $70,000 in alleged overpayments tied to him.
"He liked spending time with his family and especially my grandson," Ruth said. "He was a good guy and I really miss him."
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The issue? While Ed was out of work during treatment, he received disability payments. But when he eventually returned to work, the checks kept coming—and not because he wanted them to.
"Did he ever question…," the reporter began.
"Yes, he called them constantly," Ruth said. "(He) said ‘I'm back to work. Why am I getting this?' They said because you have Leukemia."
That was over a decade ago. And no one said anything—until now.
Ruth recently retired and applied for her husband's Social Security benefits. That's when she was blindsided with a notice from the SSA: they want $69,087.50 back.
"Not once did they say anything to me about, ‘Hey, you know you still got an overpayment here?'" she told WEWS, pointing to the document.
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Now, she's stuck in bureaucratic limbo, still waiting for clarity and fearing what's next. "I feel scared," she said. "Am I going to have to sell my house?"
While Ruth's case is deeply personal, it points to a broader question: how do these overpayments happen at all—and why are some being discovered so long after the fact?
According to the <a href="https://www.cbpp.org/blog/setting-the-record-straight-on-social-security">Center on Budget and Policy Priorities</a>, Social Security has a payment accuracy rate of over 99%, with only 0.3% of benefit payments considered improper. That statistic—backed by government-reported data—suggests most payments are accurate. But when something does go wrong, it's often due to what advocates and policy experts say are administrative delays, outdated systems, or communication breakdowns inside the SSA.
In cases like Ruth's, the system may have failed to properly flag her husband's return to work, despite his reported efforts to notify the agency. It's a scenario that legal aid groups say happens more often than the public realizes—not because of fraud, but because of bureaucracy.
And while the mistake occurred years ago, the collection effort is still legally sound. The <a href="https://www.ssa.gov/pubs/EN-05-10098.pdf?utm_source=chatgpt.com">SSA has specific timeframes</a> to determine overpayments:
<ul class="wp-block-list">
<li>Title II (Social Security retirement, survivors, disability): The SSA generally has four years to reopen or revise a previous benefits decision.</li>
<li>Supplemental Security Income: The timeframe is two years.</li>
</ul>
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These periods are outlined in SSA regulations and are intended to limit the window for reassessing benefit determinations.
However, <a href="https://www.benzinga.com/general/health-care/25/05/45222153/social-security-halves-overpayment-clawbacks-after-outcry-but-advocates-say-50-cut-still-stings">once an overpayment is identified</a> within these timeframes, the SSA can pursue recovery indefinitely. There is no statute of limitations on collecting overpayments, meaning the agency can seek repayment years, even decades, later. This policy has led to situations where beneficiaries are notified of overpayments long after the fact, as <a href="https://www.cbsnews.com/news/social-security-overpayment-mistakes-can-become-your-responsibility-60-minutes-transcript/">highlighted in a CBS News report</a>.&nbsp;
The SSA provides an appeal process, waiver options, and payment plans—but in many cases, the burden is on beneficiaries to prove they're not at fault.
For Ruth, the paperwork, confusion, and stress keep piling up. She's grieving, retired, and now staring down a bill that she and her husband <a href="https://www.benzinga.com/money/smartasset">tried to prevent from the start</a>.
And she's not the only one asking: if he called "constantly," why is she the one being left to clean it up?
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Image: Shutterstock

'I Feel Scared' — 65-Year-Old Widow Hit With $70K Social Security Bill A Decade After Husband's Death, He Called SSA 'Constantly' To Fix  Overpayment

President Donald Trump's push to bring back manufacturing to the U.S. from abroad has forced major companies to rethink their entire business models and invest in the country.
Earlier this year, Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) announced plans to invest $500 billion in the U.S. to expand its manufacturing in the country, while Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) said last month that it will produce AI servers worth up to $500 billion in the U.S. Other major tech giants, including Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>, GOOGL)) and IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), have also announced their U.S. investment plans.
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In an interview with <a href="https://www.cnbc.com/2025/04/29/cnbc-transcript-united-states-commerce-secretary-howard-lutnick-speaks-with-cnbcs-brian-sullivan-on-the-exchange-today.html">CNBC</a> last month, U.S. Commerce Secretary Howard Lutnick talked about the progress the Trump administration has made so far in reshoring key manufacturing. Lutnick said the U.S. needs to cut its reliance on foreign manufacturing for national security and economic progress.&nbsp;
<h2 class="wp-block-heading">‘Jobs of the Future'</h2>
Asked how the U.S. would secure the workforce needed for manufacturing, Lutnick said community colleges need to start training people for "jobs of the future" based on a "new model" where American families would work in major manufacturing plants.
"It's time to train people not to do the jobs of the past, but to do the great jobs of the future," Lutnick said. "You know, this is the new model where you work in these kinds of plants for the rest of your life and your kids work here and your grandkids work here."&nbsp;
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Lutnick called his proposed model the "future" of American manufacturing and said it would create job opportunities with salaries starting around $80,000 and rising to as much as $200,000.
"This is tradecraft. This is high school-educated, great jobs that start in the 80s and 90s and go up to one hundred and fifty to two hundred thousand dollars," according to Lutnick. "We are going to drive the high-value, high-performance jobs to America."
Lutnick's model assumes that the "rest of the world" will make "low-value" products and sell to the U.S. "inexpensively," he said.
When asked about the potential impact of automation and robotics on manufacturing, Lutnick said that even highly automated plants need humans to operate and fix equipment.
"What you're going to see is a highly automated plant that employs three thousand people per plant," he said. "You&#8217;ve got to remember these plants, all these automated arms and stuff. They need to be fixed. They all need a technician to fix them."
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Lutnick emphasized that bringing critical manufacturing back to the U.S. has national security significance, adding that without domestic semiconductor production, the country cannot build drones or fighter jets for its defense.
He also highlighted the importance of automobile manufacturing, connecting it to the production of military equipment.
"Why do you need to make autos? Because if you decide you want to make tanks and you want to make trucks and in military, if you don't have steel, if you don't have aluminum, if you don't have cars, you know what you are? You're nowhere," he said.
Americans are <a href="https://www.benzinga.com/personal-finance/25/05/45336111/warren-buffett-didnt-buy-a-new-car-for-years-heres-why-you-might-want-to-wait-even-with-looming-tariffs">scrambling</a> to buy new cars as Trump&#8217;s tariffs on imported vehicles and auto parts are expected to drive up prices. Some analysts <a href="https://www.usatoday.com/story/money/cars/2025/05/05/economists-tariff-costs-per-vehicle/83446003007/">estimate</a> the tariff impact to range from $2,000 to $15,000 per vehicle in the U.S.
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Image: Shutterstock

AAPL

AMZN

GOOG

NVDA

Trump's Commerce Secretary Says Future of American Manufacturing is 'Tradecraft' Jobs That Only Require High School Education - 'Great jobs that Start in $80,000'

Benzinga examined the prospects for<a href="http://www.benzinga.com/trading-ideas" target="_blank" rel="noreferrer noopener"> many investors' favorite stocks</a> over the last week — here's a look at some of our top stories.
U.S. markets experienced heightened volatility this week as President Donald Trump intensified trade tensions by threatening a 25% tariff on foreign-made Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) products and announcing a 50% tariff on European Union imports starting June 1. These announcements led to a decline in major indices, with the S&amp;P 500 falling 0.7%, the Dow Jones dropping 0.6%, and the Nasdaq decreasing by 1%. Apple shares were particularly affected, losing 3% in value.
Investor concerns over the U.S. fiscal outlook grew as the 30-year Treasury yield briefly surpassed 5.15%, reflecting apprehensions about rising deficits and debt sustainability. A weak 20-year Treasury auction further exacerbated these fears, indicating diminished demand for long-term U.S. debt.
Looking ahead, market participants are closely monitoring upcoming U.S.-China trade negotiations and potential adjustments to existing tariffs. The Federal Reserve's stance on interest rates remains a focal point, especially as real borrowing costs rise, tightening broader financial conditions. Additionally, corporate earnings reports and economic indicators will continue to influence market dynamics in the coming weeks.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.

The Bulls
<a href="https://www.benzinga.com/trading-ideas/technicals/25/05/45544614/google-could-smart-glasses-smart-speech-spark-the-stocks-next-big-leap">"Google: Could smart glasses, speech spark the stock's next big leap?"</a>, by Surbhi Jain, reports that Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) is gaining investor attention as its partnership with Warby Parker to develop AI-powered smart glasses and advancements in speech recognition technology signal a potential new growth narrative beyond search.
<a href="https://www.benzinga.com/government/regulations/25/05/45574763/goldman-sachs-defense-stock-golden-dome">"Goldman Sachs: Golden Dome is big win for this defense stock"</a>, by Piero Cingari, reports that Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) analyst Noah Poponak reiterated a Buy rating on L3Harris Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>), highlighting its potential to secure billions in contracts from the Trump administration's $175 billion "Golden Dome" missile defense initiative.
<a href="https://www.benzinga.com/trading-ideas/movers/25/05/45531583/amd-nvidia-shares-jump-after-musk-highlights-xais-gpu-needs-we-expect-to-still-buy-a-lot">"AMD, Nvidia shares jump after Musk highlights xAI's GPU needs: ‘We expect to still buy a lot'"</a>, by Adam Eckert, reports that Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) and NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares rose after Elon Musk stated that Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and xAI plan to purchase "a lot" of GPUs from both companies to support AI initiatives like robotaxis and the Optimus robot.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/trading-ideas/movers/25/05/45541780/d-wave-quantum-stock-extends-rally-as-momentum-builds-following-launch-of-new-quantum-system">D-Wave Quantum Stock Extends Rally As Momentum Builds Following Launch Of New Quantum System</a>
<a href="https://www.benzinga.com/25/05/45517783/magnificent-7-stun-the-street-with-the-best-earnings-beat-since-2021">Magnificent 7 Stun The Street With Best Earnings Beat Since 2021</a>
<a href="https://www.benzinga.com/25/05/45540768/medtronic-beats-q4-forecasts-hikes-dividend-plans-diabetes-spinoff">Medtronic Beats Q4 Forecasts, Hikes Dividend, Plans Diabetes Spinoff</a>

The Bears
<a href="https://www.benzinga.com/news/legal/25/05/45568107/solar-energy-stocks-drop-as-house-approves-major-rollback-of-climate-incentives">"Solar energy stocks drop as House approves major rollback of climate incentives"</a>, by Erica Kollmann, reports that Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>) shares fell after the House passed President Trump's "One Big, Beautiful Bill," which rolls back key climate incentives, leaving the solar industry facing uncertainty as the bill moves to the Senate.
<a href="https://www.benzinga.com/25/05/45540759/target-stock-slips-as-q1-earnings-miss-estimates-fy2025-outlook-cut-amid-slowing-sales">"Target stock slips as Q1 earnings miss estimates, FY2025 outlook cut amid slowing sales"</a>, by Nabaparna Bhattacharya, reports that Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) shares fell after the company missed Q1 earnings expectations and lowered its FY2025 outlook, citing a 3.8% drop in comparable sales driven by tariffs, weakened consumer sentiment, and backlash from scaling back diversity, equity, and inclusion initiatives.
<a href="https://www.benzinga.com/news/rumors/25/05/45555558/wolfspeed-stock-plunges-59-on-bankruptcy-fears-options-traders-cash-in">"Wolfspeed stock plunges 59% on bankruptcy fears: Options traders cash in"</a>, by Erica Kollmann, reports that Wolfspeed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) shares plummeted 59% to $1.28 after reports emerged that the company is preparing to file for Chapter 11 bankruptcy, with options traders profiting from heavy put activity ahead of the news.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/government/regulations/25/05/45554854/health-care-stocks-like-unitedhealth-cvs-tank-on-wednesday-heres-why">Health Care Stocks Like UnitedHealth, CVS Tank On Wednesday: Here's Why</a>
<a href="https://www.benzinga.com/25/05/45567780/hims-hers-health-stock-is-tumbling-thursday-whats-happening">Hims &amp; Hers Health Stock Is Tumbling Thursday: What's Happening?</a>
<a href="https://www.benzinga.com/markets/equities/25/05/45532892/legendary-investor-jeremy-grantham-warns-of-50-stock-market-crash">Legendary Investor Jeremy Grantham Warns Of 50% Stock Market Crash</a>

Keep up with all the latest breaking news and trading ideas by following <a href="https://twitter.com/Benzinga" target="_blank" rel="noreferrer noopener">Benzinga</a><a href="http://twitter.com/Benzinga" target="_blank" rel="noreferrer noopener"> on X</a>.
Image created using artificial intelligence via Midjourney.

Markets

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Hims & Hers Health, Inc. Class A Common Stock

HIMS

QBTS

TSLA

WOLF

Benzinga Bulls And Bears: Alphabet, L3Harris, Target — And Latest Tariff News Roils Markets

Rain AI, a San Francisco-based chip startup backed by OpenAI CEO <a href="https://www.benzinga.com/news/25/05/45230322/worldcoins-orb-mini-launches-in-u-s-backed-by-sam-altman-visa-and-match-group-to-distinguish-humans-from-ai">Sam Altman</a>, is exploring a sale after its ambitious $150 million Series B funding round failed to secure investors.
Despite early backing from Altman in a $25 million seed round in 2022, Rain AI has struggled to convert technical ambition into scalable business outcomes. The company, which aimed to rival industry giants like Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) with its energy-efficient <a href="https://www.benzinga.com/25/05/45427189/tencent-says-it-has-enough-high-end-ai-chips-to-train-models-for-generations-after-trump-administration-bans-huawei-tech-anywhere-in-the-world">chips</a>, is now in discussions with potential buyers, including OpenAI, according to<a href="https://nypost.com/2025/05/15/business/sam-altman-backed-chipmaking-startup-rain-ai-explores-sale-after-150m-fundraising-flops-sources/"> New York Post</a>.
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<h2 class="wp-block-heading">Inside Rain AI's Pivot</h2>
<a href="https://www.wired.com/story/openai-buy-ai-chips-startup-sam-altman/">Wired</a> reports that Rain AI aimed to develop neuromorphic chips designed to process AI workloads more efficiently by mimicking how the human brain functions. According to Wired, the company hoped these chips would deliver better performance at a fraction of the power consumption compared to traditional graphics processing units, making them ideal for generative AI models.
According to the Post, testing showed promising results, but the company failed to secure major commercial contracts or letters of intent, a problem that hampered investor confidence. One source close to the company told the Post that the founders were talented engineers but lacked the sales acumen to close enterprise deals.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
Rain AI&#8217;s co-founder, Jack Kendall, acknowledged to stakeholders that the company was rapidly depleting its cash reserves and urgently required a $3 million bridge fund to sustain operations while negotiating a potential acquisition. The Post says that the company has since secured the emergency funding and entered what was described as &#8220;good progress&#8221; in acquisition talks with multiple interested parties.
These talks involve several high-profile technology firms that view Rain AI's hardware as a strategic foothold in the increasingly competitive chip market. While the company had originally planned to launch its Series B round in December, the raise was delayed repeatedly due to leadership instability and difficulty closing large institutional checks, the Post reports.
The company also hired former Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) veteran Jean-Didier Allegrucci to lead chip development efforts, bringing experience from Apple's custom silicon division, the Post says.
See Also: The team behind $6B+ in licensing deals is now building the next billion-dollar IP empire — <a href="https://www.benzinga.com/money/elf-labs-ym?v=123">invest early at $2.25/share.</a>
<h2 class="wp-block-heading">Executive Reshuffle and Emergency Capital</h2>
Will Passo, Rain AI's co-founder and original CEO, stepped down citing personal reasons, and Kendall has since taken over as CEO, the Post reports.
Rain AI is now in discussions with multiple technology giants about a potential acquisition. OpenAI, which has begun interviewing Rain employees to assess talent fit, is a top contender. Altman had previously pitched OpenAI investors to support Rain AI's Series B, aiming for a $600 million valuation, according to the Post.
Rain AI's uncertain future unfolds against a backdrop of aggressive expansion in the AI hardware ecosystem. The Post reports that Nvidia, Elon Musk's xAI, Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) are among the giants investing more than $30 billion to build the next generation of AI infrastructure.
Rain AI may not have achieved its original vision, but its core technology and its team remain valuable assets for any player looking to gain ground in the competitive AI chip race.
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Sam Altman's $150M AI Chip Bet Crashes: Rain AI Faces Sale As OpenAI, Nvidia, And Microsoft Circle The Wreckage

Each week, Benzinga's Stock Whisper Index uses a combination of proprietary data and pattern recognition to showcase five stocks that are just under the <a href="https://www.benzinga.com/topic/stock-whisper-index" target="_blank" rel="noreferrer noopener">surface and deserve attention</a>.
Investors are constantly on the hunt for undervalued, under-followed and emerging stocks. With countless methods available to retail traders, the challenge often lies in sifting through the abundance of information to uncover new opportunities and understand why certain stocks should be of interest.
Read Also:&nbsp;<a href="https://www.benzinga.com/trading-ideas/25/05/45171636/exclusive-aprils-20-most-searched-tickers-on-benzinga-pro-where-do-tesla-apple-palantir-nvidia-stocks-rank" target="_blank" rel="noreferrer noopener">EXCLUSIVE: April's 20 Most-Searched Tickers On Benzinga Pro — Where Do Tesla, Apple, Palantir, Nvidia Stocks Rank?</a>
Here&#8217;s a look at the Benzinga Stock Whisper Index for the week ending May 23:
Halozyme Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HALO#NASDAQ">HALO</a>): The biotech company saw increased interest from readers during the week, which comes a couple weeks after first-quarter financial results. The company <a href="https://ir.halozyme.com/news/news-details/2025/HALOZYME-RAISES-2025-FINANCIAL-GUIDANCE-RANGES-AND-REPORTS-STRONG-FIRST-QUARTER-2025-RESULTS/default.aspx">beat </a>analyst estimates for both earnings per share and revenue in the quarter. Halozyme also announced a new $250 million share buyback and raised full-year guidance. The company highlighted three blockbuster brands and four recently launched products. The company sees several growth catalysts coming in the future months through owned drugs and partnerships. Analysts were mixed on the stock after financial results with Morgan Stanley<a href="https://www.benzinga.com/quote/HALO/analyst-ratings"> downgrading the stock</a> and Wells Fargo raising the price target. The stock was up around 5% over the last week, as shown on the <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0523">Benzinga Pro chart</a> below.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0523"><img loading="lazy" decoding="async" width="995" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173420/Screenshot-424.png" alt="" class="wp-image-926666" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173420/Screenshot-424.png 995w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173420/Screenshot-424-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173420/Screenshot-424-768x387.png 768w" sizes="(max-width: 995px) 100vw, 995px" /></a></figure>
Tradeweb Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TW#NASDAQ">TW</a>): The fixed income trading company saw increased interest from readers during the week. The company <a href="https://investors.tradeweb.com/news-releases/news-release-details/tradeweb-reports-april-2025-total-trading-volume-578-trillion">reported </a>April metrics recently with average daily volume for the month hitting $2.7 trillion, up 38.6% year-over-year. Tradeweb saw several records in the month including average daily volume for US government bonds, municipal bonds, US ETFs and more. Tradeweb analysts have <a href="https://www.benzinga.com/quote/TW/analyst-ratings">raised the price targets</a> on the stock and this one could be one to watch in June with the company presenting at the Piper Sandler conference on June 5. The company's next quarterly results could see strong results and raised guidance if the trends from April continue.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0523"><img loading="lazy" decoding="async" width="997" height="499" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173438/Screenshot-425.png" alt="" class="wp-image-926667" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173438/Screenshot-425.png 997w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173438/Screenshot-425-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173438/Screenshot-425-768x384.png 768w" sizes="(max-width: 997px) 100vw, 997px" /></a></figure>
AMETEK Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AME#NYSE">AME</a>): The autonomous industrial company saw strong interest during the week, likely due to a recently announced acquisition and quarterly financial results. AMETEK's first quarter <a href="https://investors.ametek.com/news-releases/news-release-details/ametek-announces-first-quarter-results-3">saw </a>earnings per share beat analyst estimates, marking more than 10 straight quarters of beats, while sales just missed analyst estimates. The company said it was pleased with the first quarter and despite headwinds like macro uncertainties and tariffs, sees a strong fiscal year. The company also announced it will <a href="https://investors.ametek.com/news-releases/news-release-details/ametek-acquire-faro-technologies">acquire </a>FARO Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FARO#NASDAQ">FARO</a>) at an enterprise value of $920 million. The acquisition will be done using stock and cash and is expected to boost its precision segment. Faro has annual sales of around $340 million. The earnings and acquisition saw interest increase in the company, which puts this one on the watchlist as its operations with autonomous tools could be one of the fast-growing segments.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0523"><img loading="lazy" decoding="async" width="999" height="504" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173451/Screenshot-426.png" alt="" class="wp-image-926668" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173451/Screenshot-426.png 999w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173451/Screenshot-426-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173451/Screenshot-426-768x387.png 768w" sizes="(max-width: 999px) 100vw, 999px" /></a></figure>
Alliant Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LNT#NASDAQ">LNT</a>): The utility company <a href="https://investors.alliantenergy.com/News--Presentations/news/news-details/2025/Alliant-Energy-Announces-First-Quarter-2025-Results/default.aspx">reported </a>first-quarter financial results on May 8 with earnings per share and revenue beating analyst estimates, marking three straight quarters of double beats. The company also reaffirmed its full-year guidance and announced new details on financing plans. The company owns Interstate Power and Light Company and Wisconsin Power and Light Company, providing electric to around one million customers and natural gas to around 430,000 customers in the Midwest. Jeffries <a href="https://www.benzinga.com/quote/LNT/analyst-ratings">upgraded the stock</a> from Hold to Buy after the financial results.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0523"><img loading="lazy" decoding="async" width="997" height="499" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173504/Screenshot-427.png" alt="" class="wp-image-926669" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173504/Screenshot-427.png 997w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173504/Screenshot-427-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173504/Screenshot-427-768x384.png 768w" sizes="(max-width: 997px) 100vw, 997px" /></a></figure>
Ares Acquisition Corporation II (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AACT#NYSE">AACT</a>): Several SPACs saw increased interest from readers during the week and higher share prices. Ares Acquisition<a href="https://www.benzinga.com/markets/equities/25/04/44809515/george-soros-cathie-wood-backed-autonomous-trucking-firm-kodiak-robotics-set-to-go-public-via-spac-merger-to-tap-4-trillion-market"> announced a merger</a> with autonomous trucking company Kodiak Robotics. Increased interest for the SPAC could be due to the autonomous space seeing a boost from a recent test drive from Aurora and anticipation for Tesla's robotaxi launch in June. Kodiak says it has logged over 2.6 million autonomous driving miles in "real-world conditions." Investors in the company and SPAC merger deal includes Ares, Soros Fund Management and Ark Investments. The merger is expected to be completed in the second half of 2025.  
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0523"><img loading="lazy" decoding="async" width="997" height="511" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173526/Screenshot-428.png" alt="" class="wp-image-926670" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173526/Screenshot-428.png 997w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173526/Screenshot-428-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/23173526/Screenshot-428-768x394.png 768w" sizes="(max-width: 997px) 100vw, 997px" /></a></figure>
Stay tuned for next week's report, and follow Benzinga Pro for all the latest headlines and <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0523" target="_blank" rel="noreferrer noopener">top market-moving stories here.</a>
Read the latest Stock Whisper Index reports here:
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<li><a href="https://www.benzinga.com/trading-ideas/25/04/45029510/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-62" target="_blank" rel="noreferrer noopener">April 25</a></li>
<li><a href="https://www.benzinga.com/trading-ideas/25/05/45183831/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-63" target="_blank" rel="noreferrer noopener">May 2</a></li>
<li><a href="https://www.benzinga.com/trading-ideas/25/05/45335286/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-64" target="_blank" rel="noreferrer noopener">May 9</a></li>
<li><a href="https://www.benzinga.com/trading-ideas/25/05/45482435/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-65">May 16 </a></li>
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Benzinga's 'Stock Whisper' Index: 5 Stocks Investors Secretly Monitor But Don't Talk About Yet

Billionaire entrepreneur Mark Cuban has never been one to shy away from providing lessons he learned in his early years or advice for people today on how to overcome obstacles <a href="https://www.benzinga.com/general/entertainment/24/09/40741507/mark-cuban-shares-advice-he-would-give-to-his-younger-self-i-wish-someone-told-me">and accumulate wealth.</a>
In a 2017 interview, Cuban suggested investing a small portion of money into Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). Here's a look at how that investment would have turned out.
What Happened: Cuban was a hustler from a young age, <a href="https://www.benzinga.com/news/23/06/32858841/mark-cuban-sold-trash-bags-door-to-door-at-12-years-old-in-our-household-if-you-wanted-something-you">selling trash bags</a> door to door before founding his first companies, which were later acquired and helped him buy the Dallas Mavericks.
In an <a href="https://www.vanityfair.com/video/watch/mark-cuban-s-guide-to-getting-rich">interview </a>with Vanity Fair, Cuban shared his advice on "getting rich," providing nine tips for saving money, getting a better return on investments and building wealth.
"Rich is all relative," Cuban said in the video on Oct. 18, 2017.
Along <a href="https://www.benzinga.com/personal-finance/24/08/40318568/mark-cuban-says-to-get-rich-invest-10-of-savings-in-high-risk-investments-but-if-its-bitcoin-thr">with advice like</a> living like a student, not using credit cards, saving six month worth of income and investing savings into a mutual fund, Cuban said that people could invest 10% into cryptocurrency.
"If you're a true adventurer and you want to throw the Hail Mary, you might take 10% and put it into Bitcoin or Ethereum."
Cuban cautioned that investors who go this route should treat the investment like collecting art, baseball cards and shoes as items that are only "worth what somebody else will pay for it."
"If you do that you've got to pretend you've already lost your money."
While Cuban said the investment advice at the time was "a flyer," anyone following the thought on that day likely knows they are sitting on a highly-valuable investment.
Someone who invested $1,000 in Bitcoin at its high price of $5,603.82 on Oct. 18, 2017, could have bought 0.1784 BTC. Today, that investment would be worth $11,838.45, up 1,083.8% from the time of Cuban's comments.
The same $1,000 invested in Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), the other cryptocurrency mentioned by Cuban, could have bought 3.1815 ETH based on a price of $314.32 at the time. The $1,000 investment would be worth $8,232.67 today, up 723.3%.
An investor who split the $1,000 equally between the two cryptocurrencies could have bought 0.0892 BTC and 1.5907 ETH. The investments would be worth $5,919.22 and $4,116.21, respectively, for a total of $10,035.43, up 903.5%.
You may not be a billionaire like Mark Cuban, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/entertainment/24/10/41187322/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>
Why It's Important: While Cuban's comments weren't complete investment advice and just an idea of how people could get rich by changing spending and investment habits, the results are worth monitoring.
Cuban suggested saving money and putting it into a mutual fund, which might track the S&amp;P 500.
The same $1,000 invested in the SPDR S&amp;P 500 ETF Trust, which tracks the S&amp;P 500, could have bought 3.91 SPY shares. The investment would be worth $2,276.32 today, up 127.6% over the same time period.
Investing in cryptocurrency when Cuban made the comments outperformed the broader U.S. stock market.
The commentary shows that putting a small amount of money in an investment portfolio into cryptocurrency could produce strong returns over time, despite the sector&#8217;s occasional volatility.
Cuban<a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36835819/mark-cubans-crypto-ama-dallas-mavericks-say-yes-to-doge-printer-go-brrr-his-crypto-holding"> shared in an Ask Me Anything</a> on X earlier this year that he holds positions in several cryptocurrencies including Bitcoin and Ethereum.
The billionaire entrepreneur, <a href="https://www.benzinga.com/general/politics/24/08/40105641/mark-cuban-reid-hoffman-vinod-khosla-and-nearly-500-venture-capitalists-back-kamala-harris-in-20">who publicly supports</a> Kamala Harris in the 2024 election, has been one of several individuals the vice president has <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39958308/kamala-harris-seeks-crypto-advice-from-mark-cuban-what-could-this-mean-for-digital-assets">looked to for advice</a> on the cryptocurrency sector.
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Photo: Yalcin Sonat/Shutterstock

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

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If You Invested $1,000 In Bitcoin When Mark Cuban Said 'Throw The Hail Mary,' Here's How Much You'd Have Now

At its <a href="https://www.benzinga.com/news/25/05/45573921/alphabet-shares-gain-following-annual-developer-conference-whats-going-on">annual developer conference</a> this week, Alphabet Inc.&#8217;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 unveiled Veo 3, the latest upgrade to its AI video generation tool developed by Google DeepMind.
What Happened: The new model doesn't just generate high-resolution, cinematic visuals — it also <a href="https://www.benzinga.com/25/05/45560919/everyones-losing-their-minds-over-googles-veo-3-ai-videos-and-everyones-also-annoyed-they-cant-actually-use-it-yet-here-are-some-wild-examples-of-the-magic-this-model-can-create">includes realistic audio</a>, such as ambient sound, effects, and even spoken dialogue, setting it apart from competing tools.
Unlike OpenAI's Sora, Meta Platforms, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) MovieGen, or Runway's Gen-4, none of which currently offer audio support, Veo 3's ability to merge visuals with synchronized sound has sparked a wave of viral clips that left many online users questioning whether they were seeing AI or reality.
"It's kind of mindblowing how good Veo 3 is at modeling intuitive physics," said Demis Hassabis, co-founder and CEO of Google DeepMind, on Friday, adding that this progress could offer crucial insights into the computational complexity of the universe.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/25/05/45486639/sundar-pichai-reveals-google-parent-once-super-intensely-debated-about-buying-netflix-in-a-world-of-butterfly-effects" target="_blank" rel="noreferrer noopener">Sundar Pichai Reveals Google-Parent Once Super Intensely Debated About Buying Netflix: ‘In A World Of Butterfly Effects…&#8217;</a>
In response, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk replied, saying, "It is awesome. Nice work." Musk <a href="https://www.benzinga.com/tech/24/12/42525899/elon-musk-reacts-after-sundar-pichai-shares-veo-2-as-google-looks-to-challenge-openais-sora-in-ai-video-race-looks-impressive">expressed admiration</a> for Google's Veo 2 last year.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It is awesome. Nice work.
&mdash; Kekius Maximus (@elonmusk) <a href="https://twitter.com/elonmusk/status/1926064002703999037?ref_src=twsrc%5Etfw">May 23, 2025</a></blockquote>
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</figure>
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Why It's Important: While Musk has been praising Google's video models, he has previously voiced concerns about Google's Gemini, which he accused of being biased following widespread backlash over its <a href="https://www.benzinga.com/news/24/02/37258050/elon-musk-pushes-xais-grok-ai-chatbot-after-google-gemini-comes-under-fire-truth-never-been-more-ess">inability to generate accurate images</a>.
Meanwhile, earlier this week, it was reported that Musk's AI venture, xAI, is gearing up for a major investment that could significantly benefit Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). xAI intends to deploy <a href="https://www.benzinga.com/25/05/45534923/elon-musks-xai-plans-3040-billion-gpu-buy-near-memphis-nvidia-set-to-be-the-biggest-winner-says-top-analyst">1 million GPUs near Memphis</a>.
Price Action: Alphabet Inc.&#8217;s Class A shares slipped 1.40% on Friday, with Class C shares down 1.39%, based on <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
According to Benzinga Edge Stock Rankings, Alphabet holds a growth score of 88.68%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against other companies</a>.
<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/24033759/Screenshot-2025-05-24-at-7.03.26%E2%80%AFAM-1.png" alt="" class="wp-image-926828" /></a></figure>
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Elon Musk Praises Google DeepMind's Veo 3 AI Video Model, Says 'It Is Awesome'

The Trump administration has imposed new limitations on journalists&#8217; access to the Pentagon, citing concerns over national security and operational integrity.
What Happened: U.S. Defense Secretary Pete Hegseth on Friday announced new rules requiring journalists to have official escorts within much of the Pentagon, according to a report by Reuters.
The restrictions, effective immediately, prevent credentialed reporters from accessing most areas of the Department of Defense headquarters in Arlington, Virginia, without prior approval and an escort.
Hegseth emphasized the importance of protecting classified national intelligence and operational security, stating that unauthorized disclosures could endanger U.S. service members.
Why It Matters: The Pentagon Press Association criticized the new rules as a &#8220;direct attack on the freedom of the press.&#8221; They noted that the press has historically had access to non-secured, unclassified spaces in the Pentagon under both Republican and Democratic administrations, even after the September 11 attacks, without operational security concerns.
See Also: <a href="https://benzinga.com/markets/cryptocurrency/25/05/45586387/bitcoins-golden-cross-is-imminent-strong-rally-or-2021-style-sell-off-next">Bitcoin&#8217;s Golden Cross Is Imminent: Strong Rally Or 2021-Style Sell-Off Next? &#8211; Benzinga</a>
Since Trump resumed office in January, the Pentagon has been<a href="https://www.benzinga.com/news/legal/24/12/42426958/doj-leak-probe-under-trump-targeted-his-fbi-pick-report"> investigating leaks</a>, resulting in three officials being placed on administrative leave.
Additionally, legacy media outlets like the New York Times and CNN have been required to vacate their Pentagon offices, making way for others, including those generally supportive of the Trump administration.
The administration has also implemented lie detector tests to probe unclassified leaks, with some Department of Homeland Security officials facing potential dismissal for refusing polygraphs.
The White House maintains that leaks will not be tolerated and that those responsible should be held accountable.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Politics

Media

Trump Administration Enforces New Restrictions On Reporters At The Pentagon

President Donald Trump has confirmed that the previously announced<a href="https://www.benzinga.com/25/05/45584696/trump-threatens-tim-cook-to-manufacture-iphones-in-the-us-or-face-at-least-25-tariffs"> 25% tariff on iPhones</a> will also apply to Samsung and other smartphone manufacturers outside the U.S.
What Happened: According to a report <a href="https://9to5google.com/2025/05/23/samsung-smartphone-tariffs-trump-iphone/">by</a> 9to5Google on Friday, the President clarified that the 25% tariff would apply to &#8220;anybody&#8221; selling smartphones in the U.S. that are not made in the U.S. This comes after his earlier announcement of a 25% tariff on iPhones not manufactured in the U.S.
Trump specifically mentioned Samsung, stating that the tariffs would ensure fairness. The tariffs are expected to kick in towards the end of June.
See Also: <a href="https://benzinga.com/markets/cryptocurrency/25/05/45586387/bitcoins-golden-cross-is-imminent-strong-rally-or-2021-style-sell-off-next">Bitcoin&#8217;s Golden Cross Is Imminent: Strong Rally Or 2021-Style Sell-Off Next? &#8211; Benzinga</a>
Trump&#8217;s decision is part of his ongoing demand for companies like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) to move their production to the U.S. Currently, Apple&#8217;s production is primarily in China and partially in India.
Why It Matters: This move comes on the heels of Trump&#8217;s <a href="https://www.benzinga.com/25/05/45584696/trump-threatens-tim-cook-to-manufacture-iphones-in-the-us-or-face-at-least-25-tariffs">demand</a> for Apple to manufacture iPhones domestically or face a 25% tariff.
Despite this, Apple <a href="https://www.benzinga.com/markets/25/05/45599817/apple-would-rather-absorb-a-25-iphone-tariff-than-move-production-to-the-us-says-analyst-no-guarantee-they-wont-face-repeated-tariff-threats-during-his-term">indicated</a> it would rather absorb the tariff than move production to the U.S. This was in response to Apple&#8217;s ongoing <a href="https://www.benzinga.com/news/global/25/05/45582261/despite-trumps-warning-to-tim-cook-apple-moves-ahead-with-1-5-billion-india-expansion-via-foxconn-to-boost-iphone-production-report">investment</a> in India, where key supplier Foxconn is building a $1.5 billion plant.
Check out more of Benzinga&#8217;s Consumer Tech coverage by<a href="https://www.benzinga.com/topic/consumer-tech"> following this link</a>.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Joey Sussman / Shutterstock.com

Trump Confirms 25% Tariff On Samsung And Other Companies Making Smartphones Outside The US

More than a month after the April 17 Season 3 finale, Amazon.com, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Prime Video has reportedly decided that the <a href="https://www.benzinga.com/general/entertainment/22/06/27771738/here-are-the-most-watched-amazon-prime-video-series-in-the-last-two-years-how-they-stack-up">high-budget fantasy series</a>, "The Wheel of Time," will not return for a fourth season.
What Happened: The decision follows extended internal discussions and was ultimately driven by financial considerations, not creative shortcomings, <a href="https://deadline.com/2025/05/the-wheel-of-time-canceled-prime-video-1236409657/">reported</a> Deadline.
Adapted from the bestselling novels by Robert Jordan and Brandon Sanderson and co-produced by Sony Group Corporation's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) Sony Pictures Television and Amazon MGM Studios, "The Wheel of Time" debuted in 2021, starring Rosamund Pike, to strong viewership, becoming one of Prime Video's top five series launches ever.
See Also:&nbsp;<a href="https://www.benzinga.com/news/25/05/45578275/disney-taps-formula-1s-global-fanbase-to-supercharge-brand-reach-among-young-viewers" target="_blank" rel="noreferrer noopener">Disney Taps Formula 1's Global Fanbase To Supercharge Brand Reach Among Young Viewers</a>
However, while the third season drew praise, earning a 97% score on Rotten Tomatoes and being regarded by both fans and executives as the show's best, the viewership numbers declined compared to prior seasons, the report noted.
In the U.S., Nielsen data showed it dropped out of the Top 10 Originals after just three weeks, a sharp contrast to earlier seasons that maintained rankings throughout their runs.
Although the series performed better globally and even topped charts in several countries, the returns weren't enough to justify its steep production costs, the report said.
Amazon did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It's Important: The cancellation underscores the increasingly tough economics of streaming, where even well-reviewed shows aren't guaranteed longevity if they fail to meet platform-wide performance metrics.
"The Wheel of Time" helped pioneer Prime Video's investment in high-end fantasy, paving the way for titles like "The Lord of the Rings: The Rings of Power." Its end marks another example of cost-conscious decisions shaping the future of prestige streaming content.
Knowing the risks, showrunners reportedly designed the Season 3 finale to offer some narrative closure, the report added.
Prime Video and Sony will continue to support the show's Emmy campaign for its final season.
Price Action: Amazon shares slipped 1.04% to close at $201.00 during Thursday's regular session, then edged down another 0.31% to $200.36 in after-hours trading, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.
Benzinga Edge Stock Rankings gives Amazon a strong growth score of 97.09%, signaling robust market momentum. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against other top-performing stocks</a>.
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Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Equities

Sony Group Corporation American Depositary Shares

SONY

Prime Video Axes Rosamund Pike-Starrer 'The Wheel of Time:' Cost, Not Quality, Kills Fantasy Epic With 97% Rotten Tomatoes Score For The Latest Season

The&nbsp;White House National Security Council&nbsp;(NSC) has seen a substantial reduction in its workforce as part of President&nbsp;Donald Trump&#8217;s&nbsp;strategy to trim down the council&#8217;s size.
What Happened: According to&nbsp;a report by Reuters, dozens of employees were dismissed from the&nbsp;White House National Security Council&nbsp;on Friday.
The staff cuts affected personnel handling critical geopolitical issues, including Ukraine and Kashmir.
This restructuring follows the recent appointment of&nbsp;Marco Rubio&nbsp;as Secretary of State, succeeding&nbsp;Mike Waltz&nbsp;as national security adviser.
The&nbsp;changes aim to transition the NSC from a policymaking entity to one that primarily implements the president&#8217;s agenda.
See Also:&nbsp;<a href="https://benzinga.com/25/05/45541427/southwest-airlines-announces-passengers-must-keep-portable-chargers-in-plain-sight-amid-fears-of-lithium-battery-" target="_blank" rel="noreferrer noopener">Southwest Airlines Announces Passengers Must Keep Portable Chargers In Plain Sight Amid Fears Of Lithium Battery Fires</a>
According to the report, the restructuring is expected to enhance the roles of the State Department, Defense Department, and other agencies in national security and intelligence.
The administration plans to reduce the NSC&#8217;s size to approximately 50 individuals, down from over 300 under former President&nbsp;Joe Biden.
Sources indicated that affected staff will be reassigned to other government positions. However, the downsizing has sparked concerns among some Democrats and Republicans about the potential impact on policy expertise. The NSC has struggled to attract top talent, with key roles remaining unfilled.
Why It Matters: This downsizing of the NSC is part of a broader trend under the Trump administration, which has been actively pursuing significant reductions across various federal agencies.
For instance, the administration recently <a href="https://www.benzinga.com/25/05/45599526/trump-administration-challenges-judges-block-on-federal-layoffs-president-must-retain-the-ability-says-official">appealed a federal judge&#8217;s decision blocking mass layoffs</a> within federal agencies, arguing for the president&#8217;s authority to reorganize without congressional approval.
Moreover, the administration has previously <a href="https://www.benzinga.com/news/25/04/44881570/trump-administration-to-lay-off-nearly-90-of-cfpb-employees-in-major-downsizing-report">implemented major staff cuts</a> at the Consumer Financial Protection Bureau (CFPB), reducing its workforce by nearly 90%.
Similarly, the Department of Health and Human Services (HHS) faced legal <a href="https://www.benzinga.com/general/health-care/25/05/45326217/trumps-hhs-overhaul-faces-legal-blowback-from-states-over-deep-staffing-cuts-slashed-programs">challenges over deep staffing cuts</a> and program reductions, aligning with President Trump&#8217;s executive order on government efficiency.
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White House National Security Council Faces Staff Reductions As Part Of Major Restructuring: Report

Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) reportedly plans to spend approximately $40 billion to purchase 400,000 of Nvidia Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/media/25/05/45572904/nvidia-powers-big-gains-for-quanta-pegatron-as-ai-demand-explodes">GB200 AI "superchips"</a> to power a massive new data center for OpenAI in Abilene, Texas.
What Happened: The site is part of Stargate, a $500 billion AI infrastructure project spearheaded by OpenAI and SoftBank Group Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>).
Once completed, the facility will deliver 1.2 gigawatts of power, making it one of the largest AI data centers globally, according to <a href="https://www.ft.com/content/a9cd130f-f6bf-4750-98cc-19d87394e657">a</a> report by the Financial Times, citing several people familiar with the matter.
Oracle will lease the site for 15 years and provide compute capacity to OpenAI, which no <a href="https://www.benzinga.com/25/05/45539207/sam-altmans-openai-raises-116-billion-for-texas-data-center-as-it-moves-to-reduce-reliance-on-microsoft-report">longer relies exclusively</a> on Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) for infrastructure support.
The Texas facility is being developed by Crusoe and Blue Owl Capital, with more than $15 billion in debt and equity raised, including a total of $9.6 billion loan from JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>).
See Also: <a href="https://www.benzinga.com/general/entertainment/25/05/45581252/marvel-delays-robert-downey-jr-starrer-avengers-doomsday-and-secret-wars-to-december-2026-but-disney-has-a-summer-blockbuster-in-store">Marvel Delays Robert Downey Jr. Starrer &#8216;Avengers: Doomsday&#8217; And &#8216;Secret Wars&#8217; To December 2026, But Disney Has A Summer Blockbuster In Store</a>
Construction began in June 2024, and the center is expected to be fully operational by mid-2026.
Once finished, its scale will be comparable to Elon Musk's <a href="https://www.benzinga.com/government/regulations/25/05/45511489/elon-musk-touts-xais-colossus-2-as-first-gigawatt-ai-supercluster-powered-by-168-tesla-megapacks-amid-agi-push">proposed expansion</a> of his "Colossus" data center in Memphis, Tennessee, which aims to accommodate around 1 million Nvidia chips.
Why It's Important: Previously, OpenAI relied heavily on Microsoft's Azure cloud platform. However, earlier this year, the two companies agreed to end their exclusivity deal after OpenAI&#8217;s compute needs began to outpace Microsoft's capacity, the report added.
Earlier this week, it was also reported that <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">OpenAI is acquiring</a> Jony Ive's AI device startup, io Products, in a $6.5 billion all-stock deal.
Ive, known for designing the iPhone and other iconic Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) products, will join forces with OpenAI to develop AI hardware.
Price Action: Oracle shares dipped 0.013% in after-hours trading, reaching $155.95 at the time of writing, after falling 0.85% during regular trading hours on Friday, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.
Benzinga Edge Stock Rankings gives Oracle a growth score of 31.75%, highlighting the company's solid market momentum. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares to other stocks</a>.
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ORCL

SFTBF

SFTBY

Oracle To Spend $40 Billion On Nvidia GB200 Chips For OpenAI's Texas Data Center: Report

On Friday, President Donald Trump demanded that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) manufacture iPhones sold in the U.S. domestically, <a href="https://www.benzinga.com/25/05/45584696/trump-threatens-tim-cook-to-manufacture-iphones-in-the-us-or-face-at-least-25-tariffs">or face a 25% tariff</a>. Now, top Apple analyst Ming-Chi Kuo said that the company is unlikely to move its assembly lines back to the U.S., even under political pressure.
What Happened: "In terms of profitability, it&#8217;s way better for Apple to take the hit of a 25% tariff on iPhones sold in the U.S. market than to move iPhone assembly lines back to U.S.," Kuo wrote.
Trump's comments came in response to Apple's growing investment in India, where key supplier Foxconn, officially known as Hon Hai Precision Industry Co. Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHAF#OTC">HNHAF</a>), is building a $1.5 billion <a href="https://www.benzinga.com/news/global/25/05/45582261/despite-trumps-warning-to-tim-cook-apple-moves-ahead-with-1-5-billion-india-expansion-via-foxconn-to-boost-iphone-production-report">display module plant near Chennai</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do" target="_blank" rel="noreferrer noopener">Apple Could Reportedly Launch AI Smart Glasses Next Year And Here Is What All They Are Expected To Do</a>
Trump criticized Apple for shifting production to India and warned CEO Tim Cook that iPhones sold in the U.S. should be "manufactured and built" domestically.
Kuo called the threat more political than economic. "The specific tariff percentage Trump proposes on iPhones isn't the main concern," he said. "The bigger issue is that this is Trump's second recent pointed comment targeting Apple—a warning sign Apple can't ignore."
He added that even if Apple negotiates a temporary reprieve, the risks won't disappear.
"Moving all iPhone assembly for US models back to the US before Trump's term ends is unrealistic, and Trump also opposes Apple producing iPhone US models in India," Kuo stated, adding, "Even if Apple secures a temporary deal with Trump to avoid iPhone tariffs this time, there's no guarantee they won't face repeated tariff threats during his term."
<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">Here are a few additional points: 1. The specific tariff percentage Trump proposes on iPhones isn't the main concern. The bigger issue is that this is Trump's second recent pointed comment targeting Apple—a warning sign Apple can't ignore. 2. Apple's top priority in… <a href="https://t.co/UjuOkWMJgg">https://t.co/UjuOkWMJgg</a>
&mdash; 郭明錤 (Ming-Chi Kuo) (@mingchikuo) <a href="https://twitter.com/mingchikuo/status/1925970861875486822?ref_src=twsrc%5Etfw">May 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It's Important: Earlier this month, Trump said, &#8220;<a href="https://www.benzinga.com/government/regulations/25/05/45435170/jim-cramer-says-this-will-hurt-apple-president-trump-making-it-tough">I had a little problem with Tim Cook</a> yesterday,&#8221; adding, &#8220;I said to him, ‘my friend, I treated you very good. You&#8217;re coming here with $500 billion, but now I hear you&#8217;re building all over India.&#8217; I don&#8217;t want you building in India.&#8221;
&#8220;I said, ‘Tim, look, we treated you really good, we put up with all the plants that you built in China for years, now you got to build us. We&#8217;re not interested in you building in India, India can take care of themselves … we want you to build here,'&#8221; Trump said.
Following this, Indian sources stated that <a href="https://www.benzinga.com/markets/25/05/45462006/no-change-in-apples-production-plans-says-india-despite-trumps-little-problem-with-ceo-tim-cook-report">Apple has reiterated its commitment</a> to India as a major manufacturing center, highlighting that there has been "no change" in the company's investment strategy.
A report by Counterpoint Research noted that India accounted for 18% of global iPhone production in 2024, with projections suggesting this could rise to 32% in 2025.
Price Action: Apple shares fell 3.02% during Friday&#8217;s regular trading session but rebounded slightly with a 0.30% gain in after-hours trading, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.
Benzinga Edge Stock Rankings gave Apple a growth score of 33.12%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to compare it with other major players</a>.
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HNHAF

Apple Would Rather Absorb A 25% iPhone Tariff Than Move Production To The US, Says Analyst: '...No Guarantee They Won't Face Repeated Tariff Threats During His Term'

Amazon&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) autonomous vehicle company Zoox has initiated a second voluntary software recall for its Robotaxi within a month following a collision in San Francisco.
What Happened: According to <a href="https://www.cnbc.com/2025/05/23/amazons-zoox-issues-software-recall-again-after-san-francisco-crash.html">a</a> report by CNBC, the incident occurred on May 8 when an unoccupied Zoox Robotaxi was struck by an electric scooter at an intersection. The scooter rider, who sustained minor injuries, declined medical attention.
Zoox stated in a blog post that the Robotaxi was stationary at the time of the collision. The vehicle resumed movement after the scooterist fell but did not make further contact.&nbsp; Zoox submitted a voluntary recall report to the National Highway Traffic Safety Administration (NHTSA) on Thursday.
The NHTSA acknowledged receiving the recall notice and advised caution around autonomous vehicles, as drivers may misjudge the path of cyclists or scooters.
&nbsp;See Also: <a href="https://benzinga.com/25/05/45541427/southwest-airlines-announces-passengers-must-keep-portable-chargers-in-plain-sight-amid-fears-of-lithium-battery-">Southwest Airlines Announces Passengers Must Keep Portable Chargers In Plain Sight Amid Fears Of Lithium Battery Fires</a>
Why It Matters: The recent recall by Zoox underscores the challenges facing autonomous vehicle technology.
Earlier this month, Zoox recalled over 270 vehicles due to a software issue that<a href="https://benzinga.com/25/05/45247102/amazons-tesla-robotaxi-rival-zoox-recalls-270-driverless-vehicles-following-las-vegas-crash-in-april"> caused a crash in Las Vegas</a> on April 8, 2025, prompting a similar recall to address a defect in its automated driving system. The Las Vegas incident involved a Zoox robotaxi colliding with a passenger vehicle, though no injuries were reported.
Despite these setbacks, Zoox is pushing forward with its plans to expand its autonomous vehicle operations. The company announced it will begin<a href="https://benzinga.com/media/25/05/45527674/amazons-zoox-to-launch-self-driving-car-tests-in-atlanta-this-summer"> testing self-driving cars in Atlanta</a> this summer.
Zoox is scaling up its production capabilities in California with a<a href="https://benzinga.com/government/regulations/25/05/45246755/amazons-zoox-to-open-new-california-factory-scale-robotaxi-fleet-ahead-of-public-launch-in-las-vegas-and-san-francisco"> new factory aimed at expanding its robotaxi fleet</a>.
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">&nbsp;following this link.</a>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Amazon's Zoox Issues Second Robotaxi Recall in a Month After San Francisco Crash

The Trump administration has appealed a federal judge&#8217;s decision to extend a block on mass layoffs within federal agencies. This appeal follows U.S. District Judge Susan Illston&#8217;s ruling, which temporarily halted the layoffs pending the resolution of ongoing lawsuits.
What Happened: The appeal was filed on Friday, a day after Judge Illston&#8217;s order, which prevents federal agencies from executing mass layoffs until a lawsuit involving unions, nonprofits, and municipalities is resolved, according to a report by Reuters.
The judge emphasized that President Donald Trump requires congressional approval for such significant reorganizations. The administration argues that the ruling misinterprets the separation of powers and has requested the 9th U.S. Circuit Court of Appeals to suspend Illston&#8217;s decision during the appeal process.
See Also: <a href="https://benzinga.com/25/05/45582778/trumps-big-beautiful-bill-passes-house-what-it-means-for-taxes-student-loans-medicaid-and-more">Trump&#8217;s &#8216;Big Beautiful Bill&#8217; Passes House: Taxes, Student Loans, Medicaid And What Else Is Changing For American Families</a>
White House spokesman Harrison Fields stated that Congress has empowered the president to enact mass layoffs, describing Illston&#8217;s ruling as &#8220;extreme judicial overreach.&#8221;
&#8220;The President must retain the ability to manage the Executive Branch, including implementing reductions in force when necessary, as has been the practice for nearly 150 years,&#8221; Fields said in a statement.
The case involves several federal departments, including Agriculture, Health and Human Services, and Veterans Affairs. The Trump administration&#8217;s plans aim to streamline government operations by eliminating redundant roles and automating tasks, with about 260,000 federal workers expected to leave by September&#8217;s end. Judge Illston&#8217;s ruling is the most comprehensive legal challenge to these efforts so far.
Why It Matters: The legal battle over federal layoffs is a pivotal moment in the Trump administration&#8217;s broader agenda to overhaul government operations. This initiative includes significant staffing cuts at agencies like the <a href="https://www.benzinga.com/news/25/04/44881570/trump-administration-to-lay-off-nearly-90-of-cfpb-employees-in-major-downsizing-report">Consumer Financial Protection Bureau (CFPB)</a>, where nearly 90% of employees face layoffs.
Additionally, the <a href="https://www.benzinga.com/general/health-care/25/05/45326217/trumps-hhs-overhaul-faces-legal-blowback-from-states-over-deep-staffing-cuts-slashed-programs">Department of Health and Human Services (HHS)</a> is undergoing a restructuring plan to cut costs and streamline operations, aligning with Trump&#8217;s executive order on government efficiency.
These efforts have faced resistance, particularly from unions, which have been actively opposing policies that threaten collective bargaining rights for federal workers.
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Photo courtesy: Joey Sussman / Shutterstock.com

Trump Administration Challenges Judge's Block On Federal Layoffs: 'President Must Retain The Ability,' Says Official

Elon Musk's artificial intelligence chatbot, Grok, is reportedly being quietly used within U.S. government agencies under the direction of his Department of Government Efficiency <a href="https://www.benzinga.com/media/25/05/45534314/elon-musk-just-got-grilled-on-doge-spending-hits-back-with-were-not-kings-here">(DOGE) team</a>.
What Happened: The AI tool, developed by Musk's company xAI, is being used to analyze federal data, prepare reports, and assist agency operations, including at the Department of Homeland Security (DHS), despite lacking formal approval for such use, reported Reuters, citing multiple sources familiar with the matter.
DOGE staff reportedly also promoted Grok to DHS officials over the past two months.
A spokesperson for the DHS denied claims that DOGE had pressured DHS employees to adopt Grok, an AI tool. &#8220;DOGE is here to find and fight waste, fraud and abuse,&#8221; the spokesperson told the publication.
The AI system&#8217;s deployment has sparked warnings from legal and ethics experts who argue that using Grok without proper clearance could expose protected government data and violate conflict-of-interest laws, the report added.
See Also: <a href="https://www.benzinga.com/25/04/44630769/heres-how-many-vehicles-tesla-has-delivered-produced-in-each-quarter-since-2019" target="_blank" rel="noreferrer noopener">Here's How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019</a>
"This gives the appearance that DOGE is pressuring agencies to use software to enrich Musk and xAI, and not to the benefit of the American people," Richard Painter, ethics counsel to former President George W. Bush, told the outlet.
Privacy experts also raised concerns that federal data could leak back into xAI's systems or be used to give Musk a competitive edge, like giving the Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX CEO access to sensitive, nonpublic federal contracting information from agencies he does business with privately, the report said.
Why It's Important: Musk's role with DOGE sparked debate since his appointment. While Musk has pushed for cost-cutting measures, Treasury data reportedly showed <a href="https://www.benzinga.com/25/04/44778750/musks-government-efficiency-push-falls-short-as-treasury-data-shows-spending-up-sharply-under-trumps-second-term-report">federal spending has risen by $154 billion</a> since President Donald Trump returned to office.
Earlier this month, Musk reflected on <a href="https://benzinga.com/markets/25/05/45163408/doge-not-as-effective-as-id-like-says-elon-musk-calls-reform-really-difficult-like-changing-direction-of-a-fleet-of-supertankers">his first 100 days at DOGE</a>, expressing mixed feelings. He acknowledged some progress but admitted, "We haven&#8217;t been as effective as I&#8217;d like."
In February, <a href="https://www.benzinga.com/news/25/02/43768756/privacy-concerns-emerge-as-elon-musks-doge-team-seeks-access-to-taxpayer-data">privacy concerns</a> emerged when Musk&#8217;s DOGE team sought access to taxpayer data, sparking apprehensions among lawmakers.
In Tesla's <a href="https://www.benzinga.com/news/earnings/25/04/44937440/tesla-q1-misses-estimates-as-tariff-pressures-weigh-on-outlook-lower-cost-evs-still-on-track">first-quarter earnings call</a> last month, Musk revealed plans to <a href="https://www.benzinga.com/25/05/45381782/elon-musk-vows-to-spend-less-time-in-white-house-doge-office-investors-warn-the-damage-is-done-and-teslas-troubles-are-far-from-over">scale back his involvement</a> with DOGE amid growing investor concerns that his political engagement is diverting attention from Tesla's core business.
Meanwhile, on Wednesday, the Trump administration attempted to <a href="https://www.benzinga.com/25/05/45559631/trump-administration-attempts-to-block-release-of-doge-records-in-an-appeal-to-supreme-court">block the release of DOGE records</a>, appealing to the Supreme Court to prevent the disclosure of operational documents to a federal watchdog group.
Price Action: Tesla shares rose 0.15% in after-hours trading, reaching $339.86, at the time of writing, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.
The EV giant currently holds a growth score of 91.95%, per Benzinga Edge Stock Rankings. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to compare Tesla with other top-performing stocks</a>.
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Photo courtesy: JRdes / Shutterstock.com

Elon Musk's Grok AI Is Quietly Being Deployed Across US Government Agencies — Experts Warn It Could Breach Privacy Laws And Create Serious Conflicts Of Interest: Report

On Friday, Cathie Wood-led Ark Invest made several significant trades. The most prominent among these involved Intuitive Machines Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>), Oklo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKLO#NASDAQ">OKLO</a>), L3Harris Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>), BWX Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BWXT#NASDAQ">BWXT</a>), Block Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NASDAQ">XYZ</a>), Nextdoor Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KIND#NASDAQ">KIND</a>), Cameco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCJ#NYSE">CCJ</a>), and Blade Air Mobility Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDE#NASDAQ">BLDE</a>).
The OKLO Trade: Ark&#8217;s Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) sold 97,238 shares of Oklo Inc. This move represents 0.5039% of the ETF.
The BWXT Trade: In a contrasting move, ARKQ purchased 16,369 shares of BWX Technologies Inc., representing 0.2016% of the ETF.
The CCJ Trade: Ark Invest also offloaded 33,110 shares of Cameco Corp. from its ARKQ portfolio. This sale accounts for 0.2002% of the ETF.
The LUNR Trade: ARKQ added 142,270 shares of Intuitive Machines Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>), accounting for 0.1681% of the ETF.
The LHX Trade: Ark Invest&#8217;s ARKQ also bought 4,037 shares of L3Harris Technologies Inc., representing 0.1001% of the ETF.
The XYZ Trade: Ark&#8217;s Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) sold 14,810 shares of Block Inc. This move represents 0.0492% of the ETF. This sale comes after <a href="https://www.benzinga.com/25/05/45579194/cathie-wood-dumps-block-shares-as-bitcoin-hits-fresh-all-time-high-buys-baidu-amid-robot-car-buzz">Cathie Wood dumped Block shares</a> as Bitcoin hit a fresh all-time high.
The KIND Trade: In a contrasting move, ARKW purchased 105,974 shares of Nextdoor Holdings Inc., representing 0.0089% of the ETF.
The BLDE Trade: Ark&#8217;s Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>) bought 7,229 shares of Blade Air Mobility Inc., representing 0.0084% of the ETF.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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ARKQ

ARKW

ARKX

BLDE

BWXT

KIND

LUNR

OKLO

Cathie Wood's Ark Invest Shuffles Portfolio: Trades Include Intuitive Machines, Oklo, And More

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 DeepMind CEO Demis Hassabis has offered a more cautious outlook on the arrival of <a href="https://www.benzinga.com/news/legal/25/04/44975360/geoffrey-hinton-ex-openai-insiders-and-top-ai-experts-sound-alarm-on-openais-restructuring-warn-it-could-strip-public-of-oversight-betray-agi-mission">artificial general intelligence</a> (AGI) than the tech giant's co-founder, Sergey Brin. 
What Happened: In a <a href="https://www.nytimes.com/2025/05/23/podcasts/google-ai-demis-hassabis-hard-fork.html">conversation</a> on the Hard Fork podcast by the New York Times this week, the interviewer pointed out that Brin thinks AGI will come before 2030, while Hassabis says just after 2030.
This raised an intriguing question: given that both individuals likely have access to similar data, roadmaps, and insights into the state of AI development, what accounts for their differing forecasts on AGI's arrival? What is one seeing that the other is not?
In response, Hassabis said that he is sticking to a timeline he's maintained since DeepMind's founding in 2010.
"We thought it was roughly a 20-year mission, and amazingly, we're on track," Hassabis said. "It's somewhere around there, I would think."
See Also:&nbsp;<a href="https://www.benzinga.com/tech/25/05/45486639/sundar-pichai-reveals-google-parent-once-super-intensely-debated-about-buying-netflix-in-a-world-of-butterfly-effects" target="_blank" rel="noreferrer noopener">Sundar Pichai Reveals Google-Parent Once Super Intensely Debated About Buying Netflix: ‘In A World Of Butterfly Effects…'</a>
Earlier, Brin jokingly accused Hassabis of "sandbagging"—intentionally downplaying timelines to later overdeliver. However, during the interview, Hassabis stood by his reasoning, pointing to the complexity of defining AGI itself.
"I have quite a high bar," he said. "It should be able to do all of the things that the human brain can do, even theoretically. And so that's a that's a higher bar than, say, what the typical individual human could do, which is obviously very economically important."
When asked whether AGI would emerge through steady improvements or sudden breakthroughs, Hassabis said both are likely necessary. "We push unbelievably hard on the scaling," he said, while also investing in "blue sky" research like AlphaEvolve.
Why It's Important: Last year, Anthropic CEO Dario Amodei predicted that <a href="https://www.benzinga.com/tech/24/11/41928832/anthropic-ceo-says-ai-similar-to-human-intelligence-could-be-around-the-corner-well-get-there-by-2026-or-2027">AGI could become a reality</a> as early as 2026 or 2027, though he cautioned that unforeseen external factors might delay its development.
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.
OpenAI CEO Sam Altman has previously said that <a href="https://www.benzinga.com/media/25/01/42867568/openai-ceo-sam-altman-predicts-agi-will-arrive-during-the-trump-presidency-says-chips-act-not-effective-enough">AGI could arrive during</a> Donald Trump's presidency.
In 2022, Ark Invest CEO Cathie Wood also suggested that AGI could become a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/05/27339602/cathie-wood-has-cure-for-sagging-gdp-growth-sees-this-technology-accelerating-annua">major driver of economic growth</a>.
The definition of AGI itself remains fluid. As <a href="https://www.tomsguide.com/ai/chatgpt/sam-altman-claims-agi-is-coming-in-2025-and-machines-will-be-able-to-think-like-humans-when-it-happens">noted</a> by Tom's Guide, while some define AGI as human-level competence across all domains, others focus on its capacity to learn, adapt, and perform tasks in ways that mirror human cognition, requiring the system to go beyond its initial training data and generate truly autonomous output.
Price Action: Alphabet Inc.'s Class A shares fell 1.40% on Friday, while Class C shares declined 1.39%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Benzinga Edge Stock Rankings assigns Alphabet a growth score of 88.68%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares to other companies</a>.
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Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: JHVEPhoto / Shutterstock.com

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