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Legal

META

Elon Musk criticizes the proposed TikTok bill, H.R. 7521, which aims to ban foreign adversary controlled applications in the U.S., including TikTok. Musk warns the bill is too broad and could be misused. The bill's approval by the U.S. House of Representatives has sparked debate and speculation about a potential sale of TikTok. The controversy has positively impacted the stock prices of rival social media companies, notably Meta Platforms Inc (NASDAQ:META).

Portfolio Pulse from Benzinga Neuro

March 15, 2024 | 7:21 am

AAU

Almaden Minerals has initiated an arbitration notice against Mexico and announced its delisting from the NYSE American to move to the OTCQB market. This decision comes as a significant step for the company, potentially impacting its stock visibility and investor base.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 6:10 am

ADBE

GOOG

GOOGL

Adobe Inc.'s AI image creation tool, Firefly, has been criticized for inaccuracies in racial and ethnic depictions, similar to issues faced by Alphabet Inc.'s Google Gemini AI. Both AI services have faced backlash for their depiction of historical figures and events. Adobe responded by emphasizing their commitment to responsible innovation and diverse dataset training, acknowledging the challenges in avoiding stereotypes with AI. The controversy underscores the difficulties in developing AI tools that accurately represent history without perpetuating harmful stereotypes.

Portfolio Pulse from Ananya Gairola

March 15, 2024 | 3:25 am

TSLA

Ross Gerber, a significant investor in Tesla Inc (NASDAQ:TSLA), has suggested that Tesla's recent stock decline could be reversed by a change in CEO Elon Musk's behavior or his replacement. The stock has fallen over 36% this year due to poor earnings, a lackluster product lineup, and broader market challenges. Wells Fargo downgraded Tesla's stock with a price target of $125, citing a 'growth company with no growth'. Despite this, Dan Ives of Wedbush Securities predicts a 77% rebound in Tesla's stock within the next 12 months, suggesting improvements to Musk's compensation and share control as solutions.

Portfolio Pulse from Benzinga Neuro

March 15, 2024 | 2:17 am

SSTK

Elon Musk has accused OpenAI of stealing data after an interview with CTO Mira Murati raised questions about the AI model Sora's data sourcing. Murati confirmed using publicly available and licensed data, including from Shutterstock, for training Sora. This has led to speculation about the ethical implications of using such data. Musk, who co-founded OpenAI and left in 2018, has been critical of the company's practices, including its partnership with Shutterstock to train AI models. This controversy adds to the ongoing rift between Musk and OpenAI, amidst global concerns over ethical AI use.

Portfolio Pulse from Ananya Gairola

March 15, 2024 | 1:52 am

BUD

DWAC

META

ORCL

Former President Donald Trump reversed his stance on banning TikTok, suggesting it would benefit Meta Platforms (META) and expressing a desire not to see Facebook prosper. This change follows the U.S. House's approval of a bill potentially banning TikTok. Trump's media company, set to merge with Digital World Acquisition Corp (DWAC), could benefit from a TikTok ban. Trump's reversal may also be influenced by his connection to Republican megadonor Jeff Yass, a significant ByteDance shareholder. Additionally, Trump's recent support for Anheuser-Busch (BUD) followed a similar pattern, raising questions about the motivations behind his public positions.

Portfolio Pulse from Chris Katje

March 14, 2024 | 10:32 pm

JPM

JP Morgan Chase & Co. (NYSE:JPM) has been fined nearly $350 million by the Federal Reserve and the OCC for deficiencies in its trade surveillance program, failing to monitor billions of trading activities across global venues. The OCC issued a cease and desist order for JPM to improve its surveillance program. Despite the fines, JPM shares have increased by 43.76% over the past year, with a current RSI of 80.72 indicating overbought conditions.

Portfolio Pulse from Erica Kollmann

March 14, 2024 | 9:10 pm

BTCUSD

A UK court dismissed Craig Wright's claim to be Satoshi Nakamoto, the creator of Bitcoin, in a lawsuit brought by the Crypto Open Patent Alliance (COPA). The ruling clarifies that Wright cannot legally identify himself as Nakamoto, reinforcing Bitcoin's anonymous and collective foundation. Bitcoin was trading at $71,055, down 2.5% over the past 24 hours.

Portfolio Pulse from Murtuza Merchant

March 14, 2024 | 8:05 pm

JNJ

LLY

MRK

WXXWY

WuXi AppTec and its affiliates face a setback as the Biotechnology Innovation Organization (BIO) cuts ties amid Congressional scrutiny over national security concerns. This decision affects U.S. industry giants like Eli Lilly, Merck, and Johnson & Johnson, all members of BIO. WuXi AppTec's shares fell significantly in Hong Kong and Shanghai, as did those of its sister companies, WuXi Biologics and WuXi XDC Cayman. The scrutiny stems from proposed bills aiming to restrict federal engagement with certain Chinese biotech firms. WuXi AppTec denies allegations related to national security risks.

Portfolio Pulse from Vandana Singh

March 14, 2024 | 8:03 pm

BAYRY

BAYZF

JNJ

MMM

Bayer AG is considering the Texas Two-Step bankruptcy approach to manage over 50,000 lawsuits in the U.S. related to its Roundup weedkiller causing cancer. This strategy, used to segregate assets and liabilities, aims to facilitate a global settlement. Similar attempts by 3M Co and Johnson & Johnson were previously rejected by courts. Bayer faces financial challenges with recent verdicts totaling about $4 billion, including a $2.25 billion ruling in Pennsylvania against its Monsanto unit.

Portfolio Pulse from Vandana Singh

March 14, 2024 | 7:59 pm