Canaan (NASDAQ:CAN) Stock

CANAAN INC

Canaan

Canaan Inc is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment and the supplier of the overall scheme for computer software and hardware of digital blockchain. The revenues of the company are derived from the sales of Bitcoin mining machines and related parts and accessories. Geographically, the company derives its maximum revenue from United States.

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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 closed this week at record highs, driven by Nvidia (NASDAQ: NVDA) surpassing a $4 trillion market cap — the first ever, marking a historic milestone — amid easing global tensions and broad AI enthusiasm. President Donald Trump's trade rhetoric intensified, with new 50% tariffs planned on copper and Brazilian goods, but markets remained resilient, betting on eventual policy moderation.
Key sectors like airlines and materials also saw gains, while Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) remained under pressure due to Elon Musk's political activities. Gold and the dollar steadied alongside Treasury yields.
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/movers/25/07/46321541/nvidia-hits-4-trillion-market-cap-stock-surges-to-all-time-high">"Nvidia hits $4 trillion market cap, stock surges to all‑time high"</a>, by Henry Khederian, reports that Nvidia Corp. (NASDAQ: NVDA) reached a record market valuation above $4 trillion — becoming the first U.S. company to do so — on strong investor momentum, driven by its dominant position in AI chipmaking.
<a href="https://www.benzinga.com/trading-ideas/movers/25/07/46356963/drone-stocks-fly-as-defense-secretary-fast-tracks-drone-production-deployment">"Drone stocks fly as Defense Secretary fast-tracks drone production, deployment"</a>, by Adam Eckert, reports that AeroVironment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>), Kratos Defense &amp; Security Solutions Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTOS#NASDAQ">KTOS</a>), Red Cat Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCAT#NASDAQ">RCAT</a>), Unusual Machines Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UMAC#NASDAQ">UMAC</a>), AgEagle Aerial Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAVS#NASDAQ">UAVS</a>), and Ondas Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONDS#NASDAQ">ONDS</a>) all rallied after Defense Secretary Pete Hegseth revoked procurement restrictions and empowered frontline units to fast‑track U.S.-made drone production and deployment.
<a href="https://www.benzinga.com/trading-ideas/long-ideas/25/07/46324594/used%E2%80%91car-boom-prices-supercharging-carvana-autonation-stocks">"Used‑car boom prices supercharging Carvana, AutoNation stocks"</a>, by Adam Eckert, reports that soaring used‑car prices are lifting Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) and AutoNation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>), as both retailers benefit from record-high margins and strong consumer demand in the resale vehicle market.
For additional bullish calls of the past week, check out the following:
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46328802/dell-hpe-named-top-ai-server-plays-as-analyst-cites-14b-backlog">Dell, HPE Named Top AI Server Plays As Analyst Cites $14 Billion Backlog</a>
<a href="https://www.benzinga.com/trading-ideas/movers/25/07/46299701/ge-aerospace-climbs-46-in-2025-as-investors-eye-tariff-strategy-earnings">GE Aerospace Climbs 46% In 2025 As Investors Eye Tariff Strategy, Earnings</a>
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46353542/palantir-next-oracle-trump-backed-ai-surge">Palantir Is The ‘Next Oracle' On Trump-Backed AI Surge: Analyst</a>

The Bears
<a href="https://www.benzinga.com/analyst-stock-ratings/downgrades/25/07/46308347/trumps-big-beautiful-bill-too-much-for-tesla-stock-direct-hit-to-profitability">"Trump's ‘Big Beautiful Bill' too much for Tesla stock? Direct hit to profitability"</a>, by Shanthi Rexaline, reports that Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was downgraded by William Blair analyst Jed Dorsheimer, who warned Trump's new bill eliminates $7,500 EV tax credits and corporate average fuel economy fines — putting Tesla's $2.8 billion in annual regulatory credit revenue, 16% of gross profit, at risk.
<a href="https://www.benzinga.com/trading-ideas/movers/25/07/46280387/unitedhealth-centene-hit-hard-by-guidance-shock-trumps-medicaid-push">"UnitedHealth, Centene hit hard by guidance shock, Trump's Medicaid push"</a>, by Vandana Singh, reports that UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) saw its market cap plunge nearly 41% in Q2 and Centene Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNC#NYSE">CNC</a>) shares crashed over 40% after Centene withdrew its 2025 guidance — moves driven by unexpectedly high medical costs and President Donald Trump's new legislation targeting Medicaid funding that threatens insurers' risk pools and reimbursement structures.
<a href="https://www.benzinga.com/trading-ideas/movers/25/07/46348352/gorilla-technology-shares-plunge-after-nvidia-fueled-rally-reverses">"Gorilla Technology shares plunge after Nvidia‑fueled rally reverses"</a>, by Akanksha Bakshi, reports that Gorilla Technology Group Inc. (NASDAQ: GRRR) stock tumbled after a brief surge drove by its inclusion as an NVIDIA Solutions Partner on Nvidia's website—without any formal announcement—reversing the prior day's strong rally.
For more bearish takes, be sure to see these posts:
<a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46352461/core-scientific-downgraded-over-concerns-on-acquisition-deal">Core Scientific Downgraded Over Concerns On Acquisition Deal</a>
<a href="https://www.benzinga.com/markets/tech/25/07/46374969/jpmorgan-just-hit-delete-on-tesla-and-rivian">JPMorgan Just Hit ‘Delete' On Tesla And Rivian</a>
<a href="https://www.benzinga.com/news/health-care/25/07/46326465/unitedhealth-slammed-with-another-lawsuit-over-119-billion-stock-plunge">UnitedHealth Slammed With Another Lawsuit Over $119 Billion Stock Plunge</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>.
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Benzinga Bulls And Bears: Nvidia, Tesla, Carvana — And Trump Amps Up Tariff Talk

Some 37% of people have accepted a job they weren't otherwise interested in or that fell outside of their desired industry because it gave them a better opportunity to repay their debt, a survey from <a href="https://zety.com/blog/debt-career-impact-report">Zety</a> found.
According to the resume builder service, about half of Americans carry $25,000 in debt, and one in five carry over $100,000. These financial obligations are changing the way people think about and prioritize work.
"Debt is a growing force behind why people take certain jobs, stay in roles longer than they'd like, or hesitate to make a career pivot," Indeed career trends expert Priya Rathod told <a href="https://www.cnbc.com/2025/06/28/debt-is-a-growing-force-influencing-jobseekers-choices-expert-says.html">CNBC</a>.&nbsp;
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Zety found that 38% of people had taken on extra work to help tackle their debt, and 17% of people felt trapped in their current positions, unable to pursue other dreams like starting a business or going back to school, because of their debt.
"Their financial status is impacting not just them in terms of their work and their 9-to-5, but also those life goals," Zety Career Expert Jasmine Escalera told CNBC.
Experts like Rathod told the outlet that when people pick up extra work, it's often because wages and cost of living, which includes debt repayment, aren't matching up. "It's driven by necessity," she said.
However, not all 1,000 workers surveyed by Zety said that the cost of living outpacing wages was their only financial concern. A large portion said that current economic uncertainties were adding to their financial fears. Concerns over tariffs are the largest driver, with 78% saying they are worried that the levies will make it harder to repay or avoid debt in the future.
Trending: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. <a href="https://www.benzinga.com/money/this-company-may-have-found-a-way-to-treat-cancer-by-tricking-the-bodys-immune-system-and-early-studies-show-some-promise-find-out-how-you-can-invest-in-the-future-of-cancer-treatment">Back a bold new approach to cancer treatment with high-growth potential.</a>
When it comes to strategies to offset the impacts of tariffs on debt, 38% of those surveyed said that they had reduced non-essential spending. Another 25% had increased minimum payments in an attempt to get rid of the debt faster, while others were employing strategies like consolidating debt, transferring balances, and negotiating with lenders, among other options. Meanwhile, 34% of people have taken no specific action due to limited financial options.&nbsp;
Many experts agree that taking on additional work can be a great short-term solution for tackling debt, but others warn that it shouldn't be your only plan of attack.
"People really need to understand that working more hours is a short-term solution, and growing your main income is a long-term strategy," Rathod told CNBC.
Asking for a raise, negotiating for parts of your compensation package, and applying for new roles with better wages and benefits are all preferred options, according to Rathod. However, if you are confident that a second job is the best option for you, she recommends choosing work that relies on skills you have already mastered and ensuring the additional hours do not interfere with your primary role.&nbsp;
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Personal Finance

Debt Has Dictated Job Choice For Some 37% Of People, According To Zety Survey

If Elon Musk ever writes a self-help book, chapter one might be titled "Insult First, Pitch Later." Because when it comes to Warren Buffett, Musk has made one thing abundantly clear: he's not a fan of the whole "sit around and read reports" lifestyle — but he would like Buffett to write a <a href="https://www.benzinga.com/personal-finance/25/05/45301579/elon-musk-says-we-didnt-come-up-with-the-name-tesla-bought-it-for-75k-after-sending-the-nicest-guy-to-camp-out-at-the-owners-doorstep">very big check to Tesla</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
It all started in 2020 when Musk dropped by <a href="https://youtu.be/RcYjXbSJBN8?si=Ss_6KDL5Cpdm2PE2">"The Joe Rogan Experience"</a> and casually roasted Buffett's day job. "To be totally frank, I'm not his biggest fan," Musk said. "He does a lot of capital allocation. He reads a lot of annual reports of companies and all the accounting — and it's pretty boring, really."
Musk didn't stop there. In the same breath, he threw shade at the entire financial and legal profession, saying, "We should have fewer people doing law and fewer people doing finance, and more people making stuff."
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Later that year, Musk doubled down in a <a href="https://www.nytimes.com/2020/07/25/style/elon-musk-maureen-dowd.html">New York Times interview</a> with Maureen Dowd during a round of "Confirm or Deny." When prompted with, "Warren Buffett is overrated," Musk didn't give a straight answer. Instead, he laughed and said, "Hahaha. Um, I think he has managed to create a great image for himself as a <a href="https://www.benzinga.com/personal-finance/25/02/43496879/elon-musk-said-warren-buffett-managed-to-create-a-great-image-as-a-kindly-grandfather-but-thinks-thats-maybe-overstating-the-case">kindly grandfather, which is maybe overstating the case</a>."
Then came 2021, when Time named Musk its Person of the Year — and gave him another chance to repeat himself with more flair. "I'm not Warren Buffett's biggest fan, frankly," he <a href="https://youtu.be/PbVSZvC7UxY?si=nKLe8-6PVPNJMVkQ">said in the interview</a>. "He sits there and reads all these annual reports, which are super boring." Musk added, "Does anybody want that job? I think most people do not. I don't want that job."
Still, even while dragging Buffett's job description, Musk couldn't deny the value Buffett brings to the table. "He's not engaged in insane, conspicuous consumption. So you have to say, ‘Sure, he's got a high net worth, but he's doing a useful job for the economy, and he's very skilled at it and should probably keep doing it.'"
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And just to make sure no one thought his criticism was new, Musk's Buffett commentary dates all the way back to Tesla's 2018 earnings call, when he mocked Buffett's investment philosophy around "moats" — the idea of protecting a company with a durable competitive edge. "First of all, I think moats are lame," Musk declared. "They're nice in a sort of quaint, vestigial way. But if your only defense against invading armies is a moat, you will not last long. What matters is the pace of innovation."
Buffett, of course, didn't take the bait. During the 2018 Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>, BRK.B)) shareholder meeting, he responded with Buffett-esque calm and candy-coated sarcasm: "Certainly you should be working on improving your own moat and defending your own moat all the time. And Elon may turn things upside down in some areas. I don't think he'd want to take us on in candy."
But fast forward a few years, and Musk — despite all the digs — wanted Buffett to do what he does best: invest. "He should take a position in Tesla. It's an obvious move," Musk <a href="https://x.com/elonmusk/status/1787325206677401672">posted on X last year</a>, replying to a user who suggested Berkshire Hathaway ditch its $135 billion Apple stake and go all-in on Tesla instead.
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Timing-wise, the comment landed just after Berkshire's annual shareholder meeting, where Buffett revealed the company had trimmed its Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) position by about 10%. For context, Buffett and the late Charlie Munger had long expressed skepticism toward the auto industry, calling it capital-intensive and brutally competitive. But they weren't completely closed off to EVs — Berkshire has held a stake in <a href="https://www.benzinga.com/startups/25/10/41120804/574616">Chinese EV giant BYD since 2008</a>.
Still, Musk seemed to carry a grudge — or at least a long memory. In a February 2022 X post, he <a href="https://www.benzinga.com/startups/25/02/43531005/elon-musk-recalls-a-lunch-where-charlie-munger-listed-all-the-reasons-tesla-would-fail-made-me-quite-sad-but-i-told-him-i-agreed">revisited a meeting with Munger over a decade ago</a>. "I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail," Musk wrote. "Made me quite sad, but I told him I agreed with all those reasons and that we would probably die, but it was worth trying anyway."
So, to recap: Musk thinks Buffett's job is painfully boring, thinks Buffett's investment philosophy is outdated, isn't his "biggest fan" — but also really wants Buffett's backing. If nothing else, Musk has mastered the art of keeping his frenemies close… and maybe within investing range.
Read Next: <a href="https://www.benzinga.com/money/are-you-rich">Are you rich?</a> Here&#8217;s what Americans think you need to be considered wealthy.
Image: Shutterstock

AAPL

Elon Musk Said He's Not Warren Buffett's 'Biggest Fan' And Finds His Job 'Super Boring' — But Also Really Wanted Him To Invest In Tesla

A federal judge has ruled against the Donald Trump administration, ordering the Department of Homeland Security (DHS) to halt immigration arrests in Southern California unless there is probable cause.
What Happened: US District Judge Maame Ewusi-Mensah Frimpong found that the DHS had been conducting arrests in Los Angeles without probable cause, as per a CNN <a href="https://edition.cnn.com/2025/07/11/politics/california-immigration-arrests-probable-cause/index.html">report</a>. The judge, an appointee of former President Joe Biden, ordered the DHS to stop detaining individuals based solely on race, spoken language, or occupation.
The ruling, which came after a case was filed by the ACLU of Southern California, is limited to the seven-county jurisdiction of the US Central District of California. The judge criticized the Trump administration for failing to provide information about the basis for the arrests.
See Also: <a href="https://benzinga.com/markets/cannabis/22/11/29756141/oklahoma-minnesota-marijuana-legalization-repercussions-after-congressional-hearing-cannabis-in-">Oklahoma &amp; Minnesota Marijuana Legalization, Repercussions After Congressional Hearing, Cannabis In Thailand &#8211; Benzinga</a>
Additionally, the DHS has been ordered to maintain and provide regular documentation of arrests to plaintiffs&#8217; counsel. The ruling also applies to the FBI and the Justice Department, both of which were listed as defendants in the lawsuit.
Why It Matters: The ruling comes amid a series of immigration-related events. In June, former President Barack Obama called for dignity in <a href="https://www.benzinga.com/news/politics/25/06/45943372/obama-calls-for-dignity-in-immigration-enforcement-as-ice-crackdown-escalates">immigration enforcement</a> as protests against President Donald Trump&#8217;s immigration crackdown escalated. Trump, on the other hand, had <a href="https://www.benzinga.com/news/legal/25/06/45786428/trump-shuts-the-door-on-permanent-immigration-and-most-visas-from-these-12-nations">barred nearly all immigration and travel</a> from 12 nations, citing poor vetting and terrorism threats.
Meanwhile, in California, Governor Gavin Newsom proposed <a href="https://www.benzinga.com/25/05/45436970/amid-12-billion-deficit-california-governor-newsom-proposes-freezing-healthcare-access-for-undocumented-immigrants-sparks-bipartisan-backlash">freezing healthcare access for undocumented immigrants</a> as a strategy to address a $12 billion deficit. The proposed freeze would prevent low-income adults without legal status from applying for Medi-Cal, California&#8217;s Medicaid program, beginning in 2026.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Politics

Trump Administration Ordered By Judge To Stop Immigration Arrests Without Probable Cause In Southern California: Report

On Friday, Cathie Wood-led Ark Invest made a series of significant trades, with Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Roku Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>), Archer Aviation Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NASDAQ">ACHR</a>), Aurora Innovation Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUR#NASDAQ">AUR</a>), Kratos Defense &amp; Security Solutions Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTOS#NASDAQ">KTOS</a>), Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) and BWX Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BWXT#NYSE">BWXT</a>)
The TSLA Trade: Ark Invest continued its bullish stance on Tesla, purchasing 59,705 shares through its ARK Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#BATS">ARKK</a>) and ARK Next Generation Internet ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#BATS">ARKW</a>).
This move comes amid investor panic following<a href="https://www.benzinga.com/markets/tech/25/07/46359878/cathie-wood-continues-to-back-tesla-as-investors-panic-amid-elon-musks-return-to-politics-calls-robotaxi-bet-a-trillion-dollar-opportunity"> Elon Musk&#8217;s return to politics</a>. Wood has consistently backed Tesla, calling its Robotaxi venture a &#8220;trillion-dollar opportunity&#8221;.
The value of the Tesla trade, calculated from the latest closing price, is around $18.72 million.
See Also: <a href="https://benzinga.com/markets/cryptocurrency/24/01/36681911/1-5-trillion-fund-franklin-templeton-starts-memeing-on-x-how-crypto-culture-infiltrates-fi">$1.5 Trillion Fund Franklin Templeton Starts Memeing On X: How Crypto Culture Infiltrates Finance &#8211; Benzinga</a>
The AUR trade
Ark Invest bought 425,933 shares of Aurora Innovation through the ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>).
The value of the Aurora trade, calculated from the latest closing price, is around $2.23 million.
The ROKU trade
Ark Invest sold 32,446 shares of Roku Inc. The value of the Roku trade, calculated from the latest closing price, is around $3.77 million.
Other Key Trades:
<ul class="wp-block-list">
<li>ARKK sold 168,990 shares of Archer Aviation Inc.</li>
<li>ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>) bought 18,387 shares of BWX Technologies.</li>
<li>ARKQ and ARKX sold 92,456 shares of Kratos Defense.</li>
<li>ARKW sold 5,596 shares of Coinbase Global.</li>
</ul>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/07/46359878/cathie-wood-continues-to-back-tesla-as-investors-panic-amid-elon-musks-return-to-politics-calls-robotaxi-bet-a-trillion-dollar-opportunity">Cathie Wood Continues To Back Tesla As Investors Panic Amid Elon Musk&#8217;s Return To Politics: Calls Robotaxi Bet A Trillion-Dollar Opportunity</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: ChrisStock82 / Shutterstock.com

ETFs

ACHR

ARKK

ARKQ

ARKW

ARKX

BWXT

COIN

ROKU

Cathie Wood's Ark Invest Continues To Bet On Tesla, Offloads Kratos Defense And Coinbase

Deputy FBI Director Dan Bongino is contemplating stepping down due to tensions between the FBI and the Justice Department over the Jeffrey Epstein memo. CNN.
What Happened: This development follows a heated exchange with Attorney General Pam Bondi regarding the case&#8217;s management earlier in the week, according <a href="https://edition.cnn.com/2025/07/11/politics/bongino-consider-resigning-epstein-files">to</a> a CNN report.
The discord reached a peak during a Wednesday meeting involving Bongino, Bondi, FBI Director Kash Patel, and White House Chief of Staff Susie Wiles, according to sources.
Bongino and Patel faced accusations of leaking a story suggesting the FBI sought more information released, which was blocked by the Department of Justice. Bongino denied leaking the information to NewsNation, which published the story.
Speculation about Bongino&#8217;s resignation grew when he did not report to work on Friday, though sources indicated he had not officially resigned. The episode occurs amid growing frustration from President Donald Trump&#8216;s advisors over Bondi&#8217;s handling of the Epstein files, following criticism from the president&#8217;s supporters.
See Also: <a href="https://benzinga.com/news/politics/25/07/46380710/trump-administration-lays-off-over-1350-state-department-employees-after-getting-supreme-court-go-ahead">Trump Administration Lays Off Over 1,350 State Department Employees After Getting Supreme Court Go-Ahead</a>
The Justice Department&#8217;s recent memo stating no evidence of a &#8220;client list&#8221; or murder in Epstein&#8217;s case has fuelled anger among Trump&#8217;s supporters. Meanwhile, Deputy Attorney General Todd Blanche denied any rift between the FBI and DOJ leadership, calling such suggestions &#8220;patently false&#8221; in a post on X.
Why It Matters: The controversy surrounding the Jeffrey Epstein files has been intensifying, with high-profile figures like Elon Musk and Alan Dershowitz making significant claims.
Musk has repeatedly<a href="https://www.benzinga.com/news/politics/25/07/46264647/elon-musk-renews-demand-for-jeffrey-epstein-files-release-weeks-after-alleging-trump-is-named-in-them"> called for the release of the unredacted Epstein files</a>, especially after alleging that <a href="https://www.benzinga.com/news/politics/25/06/45828121/elon-musks-bombshell-about-donald-trump-in-epstein-docs-heres-the-truth-behind-the-claim">Trump is named in them</a>. This demand for transparency has been echoed by others, including MAGA activist Scott Presler, who urged the release of the files on X. Read more.
Meanwhile, Dershowitz, who has represented Trump in an impeachment trial, has claimed knowledge of the names in the Epstein files<a href="https://www.benzinga.com/news/politics/25/07/46358593/trump-impeachment-lawyer-alan-dershowitz-claims-he-knows-names-on-epstein-client-list-but-says-hes-bound-by-confidentiality-i-know-whos-supressing-them"> but is bound by confidentiality</a>. He stated, "I know the names of the individuals. I know why they&#8217;re being suppressed. I know who&#8217;s suppressing them," during an appearance on "The Sean Spicer Show."
These revelations come amid broader concerns about the<a href="https://www.benzinga.com/news/25/03/44067638/elon-musk-claims-rival-billionaire-wants-to-destroy-trump-to-suppress-jeffrey-epstein-client-list"> potential implications of the Epstein files</a>, with Musk alleging that powerful figures, including former President Bill Clinton and Microsoft co-founder Bill Gates, are uneasy about the potential release of the so-called "Epstein List." Read more.
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Deputy FBI Director Dan Bongino Considers Resignation Amid Epstein Memo Fallout: Report

Bill Gates has raised concerns over the severe consequences of the U.S. aid cuts on HIV programs in Africa, calling for a reversal of the decision.
What Happened: Gates, a co-founder of Microsoft Corp., highlighted the dire situation unfolding in Africa in a post on X, citing the cuts in U.S. aid. He shared a tweet by Sam Stein, a journalist, who reported on the distressing conditions faced by an HIV doctor in Africa, whose work relies on USAID and PEPFAR.
See Also: <a href="https://benzinga.com/markets/cryptocurrency/24/01/36721989/jim-cramer-bearish-at-40k-unlikely-that-bitcoin-finds-its-footing-cramertracker-replies-le">Jim Cramer Bearish At $40K: &#8216;Unlikely That Bitcoin Finds Its Footing,&#8217; CramerTracker Replies: &#8216;Legend, Thanks Jim!&#8217; &#8211; Benzinga</a>
Gates emphasized that the devastating effects of these cuts are entirely preventable and urged a reversal of the decision.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The devastating effects of these cuts are entirely preventable—and it's not too late to reverse them. <a href="https://t.co/wWBjW842gR">https://t.co/wWBjW842gR</a>
&mdash; Bill Gates (@BillGates) <a href="https://twitter.com/BillGates/status/1943750242148790622?ref_src=twsrc%5Etfw">July 11, 2025</a></blockquote>
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Why It Matters: The U.S. aid cuts have been a point of concern for Gates for some time now. He previously warned that the cuts could lead to a <a href="https://www.benzinga.com/news/health-care/25/07/46260344/bill-gates-warns-us-aid-cuts-could-kill-millions-of-children-end-hiv-programs-leave-75-million-unvaccinated-devastating-lancet-study-gavi-unaids-sound-alarm">catastrophic global health crisis</a>, potentially causing millions of additional deaths by 2040. The aid reductions have already resulted in a significant impact, with studies projecting 8 million additional child deaths before age five by 2040, along with 15.2 million excess AIDS deaths and 2.2 million additional tuberculosis deaths between 2025 and 2040.
The situation is particularly concerning as the U.S. is a major contributor to global health initiatives. Gates&#8217; warnings come at a time when the U.S. is also facing <a href="https://www.benzinga.com/news/health-care/25/06/46159226/bill-gates-warns-us-its-not-too-late-to-change-course-as-trump-team-targets-hiv-funding-cuts">potential cuts</a> to its HIV funding, which could have a significant impact on global health programs.
Despite these challenges, there have been efforts to mitigate the impact of the aid cuts. For instance, Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) recently committed to <a href="https://www.benzinga.com/news/health-care/25/07/46325593/gileads-lenacapavir-plan-faces-global-hurdles-as-it-commits-to-no-profit-access-for-2-million">no-profit access</a> for its HIV-1 capsid inhibitor, Lenacapavir, for up to two million people in countries supported by the Global Fund to Fight AIDS, Tuberculosis, and Malaria.
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Health Care

GILD

MSFT

Bill Gates Warns Of 'Devestating Effects' Of USAID Funding Cuts: 'It's Not Too Late To Reverse Them'

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang expressed his concerns about the potential job losses that could result from the widespread adoption of artificial intelligence (AI).
What Happened: Huang warned that the increasing use of AI could lead to job losses if industries fail to innovate, during an interview with CNN&#8217;s Fareed Zakaria. He emphasized that the key to maintaining employment in the face of AI is the continuous generation of fresh ideas.
&#8220;If the world runs out of ideas, then productivity gains translate to job loss,&#8221; said Huang.
He also referenced comments made by Dario Amodei, the CEO of Anthropic, who had previously warned of potential mass employment disruptions due to AI.
See Also: <a href="https://benzinga.com/markets/macro-economic-events/25/07/46361695/jamie-dimon-warns-market-may-be-underestimating-rate-hike-risks-flags-investor-comp">Jamie Dimon Warns Market May Be Underestimating Rate Hike Risks, Flags Investor Complacency Amid Trump Tariffs: &#8216;Cause Of Concern&#8217;</a>
Despite these concerns, Huang believes that as long as companies continue to innovate, there is potential for both productivity and employment to thrive. He also defended the development of AI, stating that it has historically led to an increase in both employment and productivity.
Why It Matters: The potential impact of AI on employment has been a topic of debate in the tech industry. In May, billionaire entrepreneur Mark Cuban challenged concerns raised by Anthropic&#8217;s CEO, arguing that <a href="https://www.benzinga.com/25/05/45665698/mark-cuban-claps-back-at-anthropic-ceos-ai-doom-talk-new-jobs-will-outnumber-losses-just-like-when-secretaries-disappearedhttps://www.benzinga.com/25/05/45665698/mark-cuban-claps-back-at-anthropic-ceos-ai-doom-talk-new-jobs-will-outnumber-losses-just-like-when-secretaries-disappeared">AI will create more employment opportunities</a> than it eliminates. Huang&#8217;s recent comments add to this ongoing conversation, highlighting the importance of continued innovation to mitigate potential job losses due to AI.
Price Action: NVDA shares closed the Friday market session 0.50% higher at $164.92 per share as per <a href="http://pro.benzinga.com/dashboard">Benzinga Pro Data</a>
Benzinga Edge Stock Rankings shows Nvidia stock has exceptional growth potential (98.61). <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Additional performance details are available here</a>.
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Tech

Nvidia CEO Jensen Huang Warns AI Could Replace Jobs If Innovation Stalls: 'If The World Runs Out Of Ideas'

OpenAI CEO Sam Altman announced on Friday that the company is delaying the release of its open model, which had already been postponed earlier this summer.
What Happened: The release, initially scheduled for next week, is now on hold indefinitely to allow for additional safety testing, according <a href="https://techcrunch.com/2025/07/11/openai-delays-the-release-of-its-open-model-again/">to</a> a TechCrunch report.
Altman emphasized the need for further safety evaluations and a review of high-risk areas. &#8220;We need time to run additional safety tests and review high-risk areas. We are not yet sure how long it will take us,&#8221; Altman stated in a post on X. He added that while the community is expected to create significant advancements with this model, once the weights are released, they cannot be retracted.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
The open model&#8217;s release is one of the most anticipated AI events this summer, alongside the expected launch of GPT-5 by OpenAI. Unlike GPT-5, the open model will be available for developers to download and operate locally. TechCrunch noted that the delay means developers will have to wait longer to access OpenAI&#8217;s first open model in years.
See Also: <a href="https://benzinga.com/news/22/10/29434093/elon-musk-teams-up-with-philippine-billionaire-for-satellite-internet-service-in-southeast-asia-repo">Elon Musk Teams Up With Philippine Billionaire For Satellite Internet Service In Southeast Asia: Report</a>
Chinese AI startup Moonshot AI launched Kimi K2, a one-trillion-parameter open AI model, which reportedly surpasses OpenAI&#8217;s GPT-4.1 in several benchmarks. OpenAI&#8217;s VP of research, Aidan Clark, stated that while the model is &#8220;phenomenal,&#8221; the company aims to ensure it meets high standards before release.
Why It Matters: The delay in OpenAI&#8217;s open model release comes amid a highly competitive landscape in the AI industry. Recently, <a href="https://www.benzinga.com/markets/tech/25/07/46335602/elon-musk-s-xai-launches-grok-4-with-phd-level-ai-debuts-in-300-month-supergrok-tier">Elon Musk&#8217;s xAI</a> launched Grok 4, touted as the most powerful AI model, surpassing OpenAI&#8217;s ChatGPT. This model is available through a premium subscription, indicating a shift towards monetizing advanced AI capabilities.
Additionally, <a href="https://www.benzinga.com/markets/tech/25/07/46380738/google-beats-openai-secures-windsurf-technology-ceo-and-key-staff-for-2-4-billion">Google</a> recently secured a $2.4 billion deal with Windsurf Technology, acquiring key personnel and technology to bolster its AI capabilities. This move highlights the fierce competition among tech giants to dominate the AI sector.
OpenAI&#8217;s recent recruitment of Apple&#8217;s data center chief and its $6.4 billion acquisition of Jony Ive&#8217;s hardware startup underscore its commitment to enhancing its infrastructure and technological prowess. These strategic moves are crucial as OpenAI navigates the challenges of releasing its open model amid rising competition and technological advancements.
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OpenAI Postpones Open Model Release Indefinitely: 'We Need Time,' Says Sam Altman

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO Jamie Dimon criticized the Democratic Party&#8216;s approach to diversity, equity, and inclusion (DEI) initiatives, calling them &#8220;idiots&#8221; with &#8220;big hearts and little brains.&#8221;
What Happened: Dimon, a prominent figure on Wall Street with ties to the Democratic Party, did not hold back in his criticism of the party&#8217;s DEI policies. He made these remarks at a foreign ministry event in Dublin, Ireland, according <a href="https://fortune.com/2025/07/11/jamie-dimon-democratic-party-idiots-dei-social-issues/">to</a> a Fortune report.
&#8220;I have a lot of friends who are Democrats, and they&#8217;re idiots. I always say they have big hearts and little brains. They do not understand how the real world works. Almost every single policy rolled out failed,&#8221; Dimon said.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/07/46373534/why-jpmorgan-analyst-is-bullish-on-apple-amazon-and-tesla">Why JPMorgan Analyst Is Bullish On Apple, Amazon And Tesla</a>
Dimon&#8217;s comments may come as a surprise given his previous ties to the Democrats. However, he has been vocal about his concerns regarding the party&#8217;s shift towards progressive and populist policies, particularly those he sees as anti-business or impractical.
Dimon also criticized the party&#8217;s focus on social issues, arguing that these narratives were misleading and not reflective of economic realities. His comments on DEI initiatives extended to the party&#8217;s prioritization of ideology over practical solutions, which he believes has become counterproductive.
Why It Matters: Dimon&#8217;s blunt criticism of the Democratic Party&#8217;s DEI policies comes at a time when the party is facing internal tensions, especially after the primary victory of New York City mayoral candidate Zohran Mamdani, whom Dimon labeled &#8220;more of a Marxist than a socialist.&#8221;
Dimon&#8217;s remarks also reflect a broader trend among major banks to scale back DEI language and programs in response to political and legal shifts in the U.S. Earlier this year, JPMorgan announced a reduction in investment in certain diversity initiatives, citing the need to comply with &#8220;current laws and regulations&#8221; as a key reason for the shift.
Dimon&#8217;s criticism of the Democratic Party&#8217;s DEI policies follows his previous comments on the party&#8217;s ideological drift. In 2024, Dimon voiced concerns about the party&#8217;s shift towards progressive and populist policies, particularly those he saw as anti-business or impractical.
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JP Morgan CEO Jamie Dimon Calls Democrats 'Idiots' For Their DEI Policies: 'Big Hearts And Little Brains'

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 has finalized a $2.4 billion agreement to license technology from AI coding startup Windsurf. This deal also includes hiring Windsurf&#8217;s CEO and a select group of its employees.
What Happened: Google has reached a $2.4 billion deal with Windsurf, an AI coding startup, according to a report <a href="https://www.wsj.com/tech/ai/google-to-pay-2-4-billion-in-deal-to-license-tech-of-coding-startup-hire-ceo-b9b94bbc">by</a> The Wall Street Journal. The agreement involves licensing technology and hiring the company's CEO, Varun Mohan, cofounder Douglas Chen and some of the company's key R&amp;D employees to bring them to the Google DeepMind team.
This development comes after OpenAI attempted to acquire Windsurf for $3 billion. However, negotiations fell through due to objections from Microsoft (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), OpenAI&#8217;s largest investor, particularly concerning access to Windsurf&#8217;s technology.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Google&#8217;s arrangement will see a small number of Windsurf employees join its DeepMind division to work on agentic coding. The tech giant will gain a nonexclusive license to some of Windsurf's technology but will not acquire any equity in the startup. Most Windsurf employees will remain with the company.
See Also: <a href="https://benzinga.com/markets/cannabis/22/11/29756141/oklahoma-minnesota-marijuana-legalization-repercussions-after-congressional-hearing-cannabis-in-">Oklahoma &amp; Minnesota Marijuana Legalization, Repercussions After Congressional Hearing, Cannabis In Thailand &#8211; Benzinga</a>
Why It Matters: The backdrop to this deal is a fierce competition among tech giants to dominate the AI landscape. Earlier this year, OpenAI had <a href="https://www.benzinga.com/25/05/45224667/microsoft-backed-openai-buys-windsurf-for-3-billion-to-strengthen-ai-coding-power">agreed to acquire Windsurf</a> for $3 billion. However, the acquisition fell apart, as noted by TechCrunch, when Microsoft, a key investor in OpenAI, raised <a href="https://techcrunch.com/2025/07/11/windsurfs-ceo-goes-to-google-openais-acquisition-falls-apart/">concerns</a> about access to Windsurf&#8217;s technology.
The failed acquisition attempt by OpenAI underscores the competitive nature of Silicon Valley, where major tech companies are in a race to secure top AI talent. Google previously invested $2.7 billion to hire former researcher Noam Shazeer and license technology from Character.AI, a startup he founded.
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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Photo courtesy: JHVEPhoto / Shutterstock.com

GOOG

GOOGL

Google Beats OpenAI, Secures Windsurf Technology, CEO And Key Staff For $2.4 Billion

The Donald Trump administration has initiated the dismissal of over 1,350 employees from the State Department. This action, which affects both civil service and foreign service officers, is part of a broader restructuring initiated under the Department of Government Efficiency (DOGE), initially under Elon Musk.
What Happened: The layoffs, which commenced on Friday, are set to impact 1,107 civil service and 246 foreign service officers stationed in the U.S. This decision has drawn criticism from various quarters, with detractors arguing that it could weaken the U.S.&#8217;s ability to counter global threats.
These layoffs come at a time when the U.S. is facing several international crises, including the conflict in Ukraine, the Gaza conflict, and escalating tensions in the Middle East due to the Israel-Iran standoff, Reuters reported.
An internal State Department notice stated that the layoffs are part of a plan to streamline domestic operations and focus on diplomatic priorities. The overall workforce reduction, including voluntary departures, is expected to be nearly 3,000 out of the 18,000 employees based in the U.S.
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This move is the first step in a restructuring effort by President Trump to realign U.S. foreign policy with his &#8220;America First&#8221; agenda. However, according to reports, critics, including former diplomats, have voiced concerns that the dismissal of foreign service officers could compromise the U.S.&#8217;s ability to counter the growing assertiveness of countries like China and Russia.
Why It Matters: This is not the first instance of the Trump administration implementing significant staff reductions. In May, the <a href="https://www.benzinga.com/news/politics/25/05/45599865/white-house-national-security-council-faces-staff-reductions-as-part-of-major-restructuring-report">White House National Security Council saw a substantial reduction in its workforce</a>, with dozens of employees dismissed.
The administration has also faced legal challenges over its restructuring plans, such as 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">HHS overhaul, which was met with legal blowback from states</a> over deep staffing cuts and slashed health programs.
The Trump administration&#8217;s plans for mass federal workforce reduction received a <a href="https://www.benzinga.com/news/politics/25/07/46313304/trumps-federal-job-cuts-gets-supreme-court-go-ahead-doge-outpaces-big-tech-in-layoffs-across-us-bureaucracy">key legal green light from the U.S. Supreme Court</a>. This ruling removed a legal barrier to the administration&#8217;s plans, potentially affecting tens of thousands of government employees and reshaping bureaucratic operations across various sectors.
These developments underscore the impact of the Trump administration&#8217;s restructuring efforts on the federal workforce and U.S. diplomatic and security operations.
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Trump Administration Lays Off Over 1,350 State Department Employees After Getting Supreme Court Go-Ahead

The U.S. Treasury Department has reported that the country&#8217;s customs duty collections have surpassed $100 billion for the first time in a fiscal year.
What Happened: The U.S. Treasury Department revealed that the customs duty collections for June 2025 reached a record $27 billion. This has resulted in a surprising budget surplus of $27 billion for the month, Reuters reported. The surge in collections is attributed to President Donald Trump&#8216;s tariffs, which are now a significant revenue source for the federal government.
For the first nine months of fiscal 2025, the customs duty collections reached records of $113.3 billion on a gross basis and $108 billion on a net basis, nearly double the previous year&#8217;s collections.
Trump&#8217;s tariffs have now become the fourth-largest revenue source for the federal government, behind individual withheld receipts, non-withheld individual receipts, and corporate taxes.
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Despite the June budget surplus, the overall year-to-date deficit has increased by 5% to $1.337 trillion, with outlays rising for health care programs, Social Security retirement benefits, defense spending, debt interest, and the Department of Homeland Security.
Why It Matters: This news comes on the heels of the U.S. Customs and Border Protection (CBP) <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46190450/tariffs-propel-us-customs-revenue-to-a-record-106-billion-since-trumps-inauguration">collecting over $106 billion in customs revenue</a> since Trump&#8217;s inauguration, with a significant portion attributed to the administration&#8217;s tariffs.
The CBP achieved a success rate of over 99.5% in collecting customs duties and tariffs, and the department recovered an additional $16.3 billion in revenue by targeting over 35,000 shipments identified as high-risk for duty evasion or requiring further payments.
Earlier in April, U.S. customs revenue surged to an all-time high, delivering at least $15 billion in customs duties for the month, a <a href="https://www.benzinga.com/markets/25/04/44979972/us-treasury-hits-record-15-billion-in-customs-and-excise-tax-haul-amid-trumps-trade-policies">more than 60% increase over previous periods</a>.
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Amid Trump Tariffs, US Customs Duty Collection Exceeds $100 Billion In A Fiscal Year For The First Time: Report

Elon Musk has rejected reports that his artificial intelligence venture xAI is gearing up for a new fundraising round.
A report had suggested that the company is looking at a funding round that could value the company between $170 billion and $200 billion.
What Happened: Saudi Arabia&#8217;s Public Investment Fund (PIF) was reported to play a crucial role in this deal, according to<a href="https://www.ft.com/content/25aab987-c2a1-4fca-8883-38a617269b68"> a</a> Financial Times report. PIF already has an indirect stake in xAI through its investment in Kingdom Holdings Company, which has committed $800 million to the firm.
Amid these reports, Musk commented on X, stating, &#8220;xAI is not seeking funding right now. We have plenty of capital.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">These rumors are false. xAI is not seeking funding right now. We have plenty of capital.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1943795272515301624?ref_src=twsrc%5Etfw">July 11, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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In late June, Morgan Stanley disclosed that xAI had completed a $5 billion debt raise and a separate $5 billion strategic equity investment. This move is part of the startup&#8217;s strategy to enhance its AI infrastructure through data centers amid increasing competition.
See Also: <a href="https://benzinga.com/news/22/10/29434093/elon-musk-teams-up-with-philippine-billionaire-for-satellite-internet-service-in-southeast-asia-repo">Elon Musk Teams Up With Philippine Billionaire For Satellite Internet Service In Southeast Asia: Report</a>
In March, xAI acquired Musk&#8217;s social media platform, X, formerly known as Twitter, valuing xAI at $80 billion. The company aims to generate over $13 billion in annual earnings by 2029, according to a Reuters report.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: The potential valuation of xAI at up to $200 billion highlights the company&#8217;s rapid growth and ambition in the AI sector. Recently, xAI launched <a href="https://www.benzinga.com/markets/tech/25/07/46335602/elon-musk-s-xai-launches-grok-4-with-phd-level-ai-debuts-in-300-month-supergrok-tier">Grok 4</a>, touted as the world&#8217;s most powerful AI model, surpassing competitors like OpenAI&#8217;s ChatGPT and Google&#8217;s Gemini.
Additionally, Musk announced that Grok 4 will soon be integrated into <a href="https://www.benzinga.com/markets/tech/25/07/46347324/musk-says-grok-coming-to-teslas-by-next-week-evs-getting-the-smartest-ai-in-the-world">Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</a> vehicles, further expanding its applications.
Musk's xAI had recently<a href="https://www.benzinga.com/markets/tech/25/07/46259534/elon-musks-xai-hires-trump-aide-stephen-millers-wife-katie-amid-controversial-memphis-data-center-permit-win"> hired Katie Miller</a>, wife of President Donald Trump‘s Deputy Chief of Staff Stephen Miller, as a communications manager.
Check out more of Benzinga'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: JRdes / Shutterstock.com

Elon Musk Rejects Reports That xAI Is Looking To Raise Additional Funds At $200 Billion Valuation: 'We Have Plenty Of Capital'

A preliminary report by the Aircraft Accident Investigation Bureau (AAIB) has identified a cut in the fuel supply to the engines as a contributing factor to the<a href="https://www.benzinga.com/markets/equities/25/06/45899174/boeing-dreamliner-carrying-over-200-passengers-crashes-shortly-after-takeoff-near-indias-ahmedabad-ba-stock-falls-over-5-in-thursday-pre-market"> Air India crash</a> involving the Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) 787 Dreamliner that resulted in the loss of 260 lives.
What Happened: The tragic incident occurred when the engine fuel cutoff switches flipped, leading to a loss of engine power, according to a Reuters report on Friday.
&nbsp;The fuel cutoff switches "transitioned from RUN to CUTOFF position one after another with a time gap of 01 sec," according to the preliminary report.
"In the cockpit voice recording, one of the pilots is heard asking the other why did he cutoff. The other pilot responded that he did not do so," the report adds.
The Boeing 787 Dreamliner was on a flight from Ahmedabad to London when it lost thrust shortly after takeoff. India&#8217;s Aircraft Accident Investigation Bureau (AAIB) reported no apparent fault by Boeing or engine manufacturer GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>).
In 2018, the Federal Aviation Administration (FAA) issued a Special Airworthiness Information Bulletin (SAIB) regarding the potential disengagement of the fuel control switch locking feature based on reports from operators of Model 737 airplanes that the fuel control switches were installed with the locking feature disengaged.
The AAIB report adds that the airworthiness concern was not considered an unsafe condition that would warrant an airworthiness directive (AD) by the FAA. Air India did not conduct the suggested inspections as the SAIB was advisory and not mandatory
See Also: <a href="https://www.benzinga.com/news/politics/25/07/46311783/chuck-schumer-slams-trumps-faa-chief-pick-bryan-bedford-over-1500-hour-rule-he-will-weaken-safety-standards">Chuck Schumer Slams Trump&#8217;s FAA Chief Pick Bryan Bedford Over 1,500-Hour Rule: &#8216;He Will Weaken Safety Standards&#8217;</a>
The crash presents a significant challenge to the Tata Group as it strives to enhance Air India&#8217;s reputation. The report highlighted the activation of a backup energy source, indicating engine power loss.
Cockpit voice recordings revealed a pilot questioning the fuel cutoff, with the other denying any action.
Commanding pilot Sumeet Sabharwal and co-pilot Clive Kunder were experienced, with 15,638 and 3,403 flying hours, respectively. The report did not clarify how the switches flipped. U.S. aviation experts noted the improbability of accidental switch movement.
The AAIB leads the investigation, with the U.S. National Transportation Safety Board and Federal Aviation Administration involved.
Why It Matters: The crash has put a spotlight on <a href="https://www.benzinga.com/markets/equities/25/06/45940768/boeings-troubled-2000s-from-a-sweetheart-1-1b-deal-before-deadly-air-india-crash-to-stranding-astronauts-at-iss-and-airline-crashes">Boeing&#8217;s ongoing challenges</a>, as India&#8217;s aviation ministry<a href="https://www.benzinga.com/markets/equities/25/06/45919464/boeing-faces-fresh-turmoil-as-india-mulls-787-8-grounding-after-fatal-crash-ceo-kelly-cancels-paris-trip-report"> considered grounding the Boeing 787 8 fleet</a>.
The incident had also reignited discussions about Boeing&#8217;s troubled history, including past safety concerns and legal issues.
The investigation faced controversy when <a href="https://www.benzinga.com/news/politics/25/06/46133937/boeing-787-dreamliner-crash-india-shuts-door-on-un-aviation-expert-probing-plane-accident">India denied a UN Aviation investigator</a> the opportunity to join the probe.
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Photo Courtesy: Renatas Repcinskas on Shutterstock.com

News

Air India's Boeing 787 Crashed Because Of This Known Issue That FAA Flagged Years Ago: '...Fuel Supply To The Engines Was Cut Off'

Dave Ramsey has heard it all over the years, but one recent call on &#8220;<a href="https://www.youtube.com/watch?v=oijVVXJ0aKg">The Ramsey Show</a>&#8221; caught him completely off guard. What started as a routine budgeting question turned into a tense exchange that left both Ramsey and co-host George Kamel visibly shaken.
<h2 class="wp-block-heading">Budgeting Strains And A Life-Altering Diagnosis</h2>
The caller explained that he and his wife had <a href="https://www.benzinga.com/money/how-to-create-a-budget">started budgeting</a> and were working toward <a href="https://www.benzinga.com/personal-finance/management/25/07/46200580/kevin-oleary-says-if-you-got-a-bonus-dont-blow-it-pay-off-your-debt-kill-your-credit-cards-and-chase-freedom-by-living-debt-free">becoming debt-free</a> in 12 to 18 months. But arguments kept coming up whenever they discussed the budget.
&#8220;Mostly because she feels like I just make the budget and then go over it with her,&#8221; he said. &#8220;She always feels like I just make it and don't give her any input.&#8221;
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Ramsey quickly identified the classic &#8220;nerd vs. free spirit&#8221; dynamic. &#8220;You're like me—you're the nerd in the house and she's the free spirit,&#8221; he said. Ramsey explained that for a budget to work as a team effort, the so-called &#8220;free spirit&#8221; must be allowed to make changes. &#8220;Otherwise, it's not our budget. It's your budget.&#8221;
At first, the discussion seemed lighthearted. But when the caller mentioned that his wife had stage 4 cancer and he still expected her to help by delivering for Uber Eats a few times a week, the tone shifted.
&#8220;Whoa. Let's not bury the lede here,&#8221; Kamel said, stunned. &#8220;She's going through something&#8230; Bless her heart,&#8221; Ramsey added.
The caller tried to justify the request, saying, &#8220;She is stable and so she could go out and she&#8217;s on disability, so she could you know&#8230;&#8221; explaining that he just needed a little help to speed up their debt-free timeline. But Ramsey didn't hold back.&#8221;I absolutely apologize to your wife for calling her a whiner in stage 4 cancer,&#8221; he said. &#8220;And I have discovered that now you are the whiner.&#8221;
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Ramsey then called out the caller's lack of empathy. &#8220;She went and helped her sister, and now she's too exhausted with her stage 4 cancer. Bless her heart. Oh my God, man. No wonder she doesn't want to talk to you.&#8221;
He urged the man to reframe his approach: &#8220;You just say, &#8216;All right honey, I want to make sure more than anything we take care of you. Given that, this is how much money we have. How do you want to spend the money?'&#8221;
Kamel emphasized that becoming debt-free should not come at the expense of compassion or emotional connection. &#8220;If Uber Eats is delayed by six months because she can't go do a few hours a week, that's okay. We'll move at a slower pace.&#8221;
In reflecting on the call, Kamel reminded listeners that unity in budgeting comes from mutual care, not control. &#8220;You're never going to get to unity through apathy.&#8221;
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