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Econ #s

Economics

Reported Earlier, National Australia Bank Business Confidence For May 2 Vs. -1 Prior

Reported Earlier, U.K. BRC Retail Sales Monitor (YoY) For May 0.6% Vs. 2.7% Est.; 6.8% Prior

OpenAI's explosive <a href="https://www.benzinga.com/news/24/10/41593078/openai-reveals-75-of-its-revenue-comes-from-one-service">growth continues</a>, nearly doubling since December 2024, driven by surging global demand for ChatGPT.
What Happened: On Monday, OpenAI confirmed that its <a href="https://www.benzinga.com/news/23/09/34796702/openais-meteoric-rise-1-billion-in-annual-revenue-on-the-horizon">annualized revenue</a> run rate reached $10 billion, up from $5.5 billion at the end of 2024, reported Reuters, citing a spokesperson.
The figure excludes licensing revenue from Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and any large one-time deals, focusing solely on recurring and direct income streams.
The company's flagship product, ChatGPT, has seen widespread adoption across both consumer and enterprise users, with 500 million weekly active users reported as of March, the report said.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/25/04/45090992/mark-zuckerberg-warns-of-serious-disadvantage-as-chinas-data-center-blitz-could-let-deepseek-leapfrog-us-ai-labs" target="_blank" rel="noreferrer noopener">Mark Zuckerberg Warns Of ‘Serious Disadvantage' As China's Data-Center Blitz Could Let DeepSeek Leapfrog US AI Labs</a>
OpenAI has monetized the platform through multiple offerings, including ChatGPT Plus subscriptions and enterprise-level tools for businesses.
The update indicates OpenAI is on pace to reach its internal revenue goal of $12.7 billion for 2025. That would mark a dramatic financial turnaround for the company, which lost $5 billion in 2024, the report added.
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: In March, OpenAI said it plans to <a href="https://www.benzinga.com/25/04/44580172/openai-finalizes-historic-40-billion-funding-round-valuing-company-at-300-billion-with-backing-from-softbank-and-microsoft">raise up to $40 billion</a> in a new funding round led by SoftBank Group (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>), potentially valuing the company at $300 billion.
Earlier, it was reported that Anthropic, an AI startup backed by Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Google, a subsidiary of Alphabet Inc. (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>), surpassed <a href="https://www.benzinga.com/cannabis/25/06/45714044/amazon-and-google-backed-ai-startup-anthropic-reportedly-hits-3-billion-in-annualized-revenue-wheres-chatgpt-parent-openai-at">$3 billion in annualized revenue</a> after <a href="https://www.benzinga.com/25/01/43127416/anthropic-gains-big-with-google-backing-aiming-for-60-billion-valuation-and-surging-ai-revenue">hitting $1 billion</a> in December 2024.
Anthropic currently holds a valuation of $61.5 billion after <a href="https://www.benzinga.com/tech/25/03/44099466/bitcoin-ethereum-dogecoin-nosedive-as-trumps-tariff-moves-wipe-out-crypto-reserve-fueled-gains-analyst-says-breaking-through-this-barrier-will-help-btc-touch-new-highs">securing $3.5 billion</a> in funding.
Benzinga&#8217;s Edge Stock Rankings indicate that Microsoft has a favorable outlook across the short, medium and long term. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">More in-depth metrics can be found here</a>.
<figure class="wp-block-image 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/2025/06/10002241/Screenshot-2025-06-10-at-9.49.58%E2%80%AFAM.png" alt="" class="wp-image-944088" /></a></figure>
Photo Courtesy: Primakov On Shutterstock.com
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/25/05/45396297/cathie-wood-dumps-palantir-as-stock-touches-peak-prices-bails-on-soaring-flying-taxi-maker-archer-aviation" target="_blank" rel="noreferrer noopener">Cathie Wood Dumps Palantir As Stock Touches Peak Prices, Bails On Soaring Flying-Taxi Maker Archer Aviation</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

Media

AMZN

GOOG

GOOGL

MSFT

SFTBF

SFTBY

OpenAI Surges Past $10 Billion In Annualized Revenue Amid Record ChatGPT Use, Leaves Rivals Like Amazon-Backed Anthropic Behind

Economist Peter Schiff&nbsp;remained skeptical about Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surge past $110,000 Monday, insisting that he will eventually be proven right about the apex cryptocurrency&#8217;s downfall.
What Happened: Schiff took to X to comment on Bitcoin&#8217;s latest rally, asking, &#8220;Bitcoin is back above $110,000,&nbsp;what&#8217;s up with that?&#8221; 
Soon critics swarmed on Schiff&#8217;s post, mocking his Bitcoin skepticism. &#8220;It will soon be above the [market cap] of Gold and there's nothing you can do about it,&#8221; said one user with a pseudonym CRYPTOWARRIOR.
 I don&#8217;t&nbsp;have to do anything about&nbsp;it. It&#8217;s&nbsp;extremely unlikely to ever happen,&nbsp;especially with gold&#8217;s market cap rising. I&#8217;ll eventually be proven right,&#8221; Schiff replied.
<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">I&#39;ll eventually be proven right.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1932213371753120002?ref_src=twsrc%5Etfw">June 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Another X user Grams told Schiff that his legacy stands &#8220;destroyed&#8221; due to his wrong predictions about Bitcoin. However, the gold bug said he will &#8220;eventually be proven right.&#8221;
See Also:&nbsp;<a href="https://benzinga.com/crypto/cryptocurrency/25/06/45841991/anthony-pompliano-says-bitcoins-endgame-is-hyper-bitcoinization" target="_blank" rel="noreferrer noopener">Anthony Pompliano Says Bitcoin&#8217;s Endgame Is Hyper-Bitcoinization</a>
Why It Matters: Schiff&#8217;s remarks in the wake of Bitcoin&#8217;s <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45852222/bitcoin-crosses-110000-ethereum-and-dogecoin-also-surge-amid-us-china-trade-optimism-analyst-says-eth-building-up-next-big-breakout">sharp rally</a> on Monday, where it spiked above $110,000 after a two-week gap. This surge followed trade talks between the U.S. and Chinese officials, which could have stoked investor optimism.
Schiff&#8217;s skepticism towards Bitcoin is not new. He has previously referred to Bitcoin as a &#8220;digital risk,&#8221; especially during times of economic uncertainty. During&#8217;s Bitcoin downturn in April, he predicted that the financial turmoil of 2025 could <a href="https://in.benzinga.com/25/04/44754349/bitcoins-final-crash-peter-schiff-predicts-2025-crisis-will-end-what-2008-created">mark the end of Bitcoin</a>. Since then, the apex cryptocurrency has risen 32%.
Interestingly, Schiff said in a recent podcast that his teachings on economics inadvertently <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45738505/peter-schiff-says-it-was-his-economic-teachings-that-made-people-want-to-buy-bitcoin-an-unintended-consequence#:~:text=Peter%20Schiff%20Says%20It%20Was,'An%20Unintended%20Consequence'%20%2D%20Benzinga">led many to invest in Bitcoin</a>, despite his advice against it. He stated that many attendees of the Bitcoin 2025 conference credited him as the reason they bought the leading cryptocurrency.
Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $109,466.62, up 3.74% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;Since the beginning of 2025, the apex cryptocurrency has gained 15.94%.
Meanwhile, gold-backed cryptocurrencies such as Tether Gold&nbsp;(CRYPTO: XAUT) and PAX Gold (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/paxg/usd">PAXG</a>) were little changed, down 0.01% and 0.02%, respectively in the last 24 hours.
SPDR Gold Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>). the largest gold exchange-traded fund, closed 0.47% higher at $306.62 during Monday&#8217;s regular trading session. Year-to-date, it has risen 26%. The ETF shares exhibited a high momentum as of this writing. Head to <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a> to check how other gold-based ETFs stack up.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="751" height="191" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09233621/image-128.png" alt="" class="wp-image-944075" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09233621/image-128.png 751w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09233621/image-128-300x76.png 300w" sizes="(max-width: 751px) 100vw, 751px" /></a></figure>
Photo Courtesy: Yalcin Sonat On Shutterstock.com Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://benzinga.com/markets/cryptocurrency/25/06/45842265/xrp-price-rises-amid-nasdaq-index-addition-weak-on-chain-metrics-raise-concerns" target="_blank" rel="noreferrer noopener">XRP Price Rises Amid Nasdaq Index Addition, Weak On-Chain Metrics Raise Concerns</a></li>
</ul>

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

Cryptocurrency

Markets

$BTC

$PAXG

Peter Schiff Left Unfazed As Bitcoin Spikes Above $110,000, Doesn't Agree His Legacy Is Destroyed: 'I'll Eventually Be Proven Right'

Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) bold new Liquid Glass design in iOS 26 drew praises from Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk, but many fans — including investor Ross Gerber — think it's a <a href="https://www.benzinga.com/markets/tech/25/06/45852236/steve-jobs-would-have-fired-everyone-apples-liquid-glass-in-ios-26-gets-roasted-online-dan-ives-call">step in the wrong direction</a>.
What Happened: On Monday, during <a href="https://www.benzinga.com/markets/tech/25/06/45844424/apple-wwdc-2025-ios-26-announced-with-liquid-glass-design-new-apple-intelligence-features-and-more">Apple's WWDC 2025 keynote</a>, Apple introduced Liquid Glass, the company's new design language for iOS 26.
In a post on X, Apple CEO Tim Cook shared a video of the interface, calling it "Expressive. Delightful. But still instantly familiar."
The design features translucent elements that respond to motion and context, extending across system interfaces like the lock screen, Control Center and home screen.
Musk reposted the video on the platform, saying, "Cool."
See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/06/45830549/pierre-ferragu-takes-apple-to-task-for-dismissing-the-ai-revolution-has-its-head-in-the-sand" target="_blank" rel="noreferrer noopener">Pierre Ferragu Takes Apple To Task For Dismissing The AI Revolution: ‘Has Its Head In The Sand'</a>
<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">Cool <a href="https://t.co/LVkIjUR6I3">https://t.co/LVkIjUR6I3</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1932178538226168280?ref_src=twsrc%5Etfw">June 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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However, not everyone shared Musk's enthusiasm.
Apple's design decisions have long reflected the legacy of legendary Apple co-founder Steve Jobs, who championed clarity and simplicity.
A user on X, @Greggertruck, criticized the design, posting, "Steve Jobs would have fired everyone," alongside a screenshot of the new Control Center. The comment drew agreement from Gerber, who replied with a Hundred Points emoji.
Other users called the update "a smeary mess of colors" and compared it to a beginner's overuse of Photoshop effects.
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: Apple also announced automated Call Screening, which answers calls from unknown numbers, asks for the caller's name and reason for calling and then forwards the call to the user — a long-requested privacy tool.
A major <a href="https://www.benzinga.com/markets/tech/25/06/45846510/apple-wwdc-2025-from-live-translation-to-genmoji-visual-ai-and-chatgpt-integration-here-are-the-new-apple-intelligence-features">practical addition with iOS 26</a> is Live Translation, powered by on-device Apple Intelligence. It enables real-time conversation translation in Messages, FaceTime and phone calls, and is also available for app developers via a new API.
CarPlay also saw improvements. With iOS 26, widgets designed for iPhone now work seamlessly on CarPlay and CarPlay Ultra — the latter debuting on select Aston Martin vehicles and offering car control integration.
The iOS 26 Developer Beta rolled out on Monday, with a public release scheduled for this fall.
Price Action: Apple shares declined 1.21% on Monday to close at $201.45, but saw a slight after-hours gain of 0.15%, according to <a href="http://pro.benzinga.com/">Benzinga Pro data</a>.
Benzinga&#8217;s Edge Stock Rankings indicate Apple is showing short-term bullish momentum, despite a downward trend over the medium and long term. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">More detailed metrics can be found here</a>.
<figure class="wp-block-image 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/2025/06/09224147/Screenshot-2025-06-10-at-7.11.14%E2%80%AFAM-1.png" alt="" class="wp-image-944032" /></a></figure>
Photo Courtesy: Wongsakorn 2468 on Shutterstock.com
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>.
Read Next:
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<li><a href="https://www.benzinga.com/markets/large-cap/25/06/45770679/alibaba-jd-see-sales-soar-in-618-festival-apple-and-xiaomi-emerge-as-top-selling-brands" target="_blank" rel="noreferrer noopener">Alibaba, JD See Sales Soar In 618 Festival, Apple And Xiaomi Emerge As Top Selling Brands</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AAPL

TSLA

Tim Cook's Liquid Glass Reveal Is 'Cool,' Says Elon Musk — Apple's New Software Design A Hit Or A Miss With Everyone Else?

Employers and plan administrators quietly shunt forgotten 401(k)s into high-fee, low-yield "safe-harbor" IRAs, potentially costing millions of job-hopping Americans tens of thousands in retirement savings, PensionBee's research shows.
What Happened: The company analyzed accounts under $7,000 that sponsors can legally roll into safe-harbor IRAs without the worker's consent. A $4,500 balance left at age 20 would grow to just $5,507 by 65 at a 2% return and typical $75-a-year charges, versus $25,856 if it stayed in a 401(k) earning 5%, a $20,000 gap on one account.
Someone who switches jobs every two years in their twenties and leaves five such balances behind could forfeit more than $90,000, nearly the median U.S. nest egg.
PensionBee notes that safe-harbor IRAs hold cash or certificates of deposit that often pay less than inflation while tacking on $1-to-$5 monthly "non-employee" fees. By contrast, the average 401(k) costs about 0.85% a year in fees, yet 41% of participants think they <a href="https://www.benzinga.com/personal-finance/24/07/40079097/41-of-people-dont-realize-theyre-paying-fees-on-their-401-k-heres-some-other-common-misconceptio">pay no fees</a> at all.
See also: <a href="https://www.benzinga.com/personal-finance/management/25/06/45833927/most-americans-cant-cover-a-2000-emergency-as-inflation-keeps-eating-their-paychecks-survey-shows">Most Americans Can&#8217;t Cover A $2,000 Emergency As Inflation Keeps Eating Their Paychecks, Survey Shows</a>
In 2023, Capitalize estimated that there were 29.2 million forgotten 401(k) accounts, holding approximately $1.65 trillion in assets. Vanguard says nearly half of departing workers now abandon their accounts.
Why It Matters: Industry players are trying to plug the leak. Fidelity, Vanguard and Alight created the Portability Services Network to automatically move sub-$7,000 balances to a new employer's plan. Regulators are also building a "lost-and-found" <a href="https://lostandfound-intake.dol.gov/">database</a> mandated by SECURE 2.0 so workers can track stray accounts. Until those fixes take hold, advisers urge savers to consolidate.
Meanwhile, personal finance expert Suze Orman recently warned that <a href="https://www.benzinga.com/personal-finance/25/03/44567830/suze-orman-warns-this-401k-mistake-when-switching-jobs-could-cost-you-300000">failing to adjust</a> your 401(k) contributions after switching jobs could leave you with significantly less retirement money, which could go up to $300,000 less, according to Vanguard.
Photo Courtesy: Tada Images on Shutterstock.com
Read next: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/06/45838712/are-etfs-digging-the-grave-of-traditional-mutual-funds-2-trillion-outflows-say-so">Are ETFs Digging The Grave Of Traditional Mutual Funds? $2 Trillion Outflows Say So</a>

Personal Finance

American Job Hobbers Are Silently Bleeding Retirement Savings — A Problem Big Enough To Alarm The Likes Of Suze Orman

The odds that President Donald Trump would be impeached this year saw a spike on Polymarket after tech mogul Elon Musk backed a call to remove him from office.&nbsp;
What happened: As of this writing, the betting contract titled "Will Trump be impeached in 2025?" had 10% odds in its favor on the decentralized prediction platform.
The likelihood reached a peak of 14% in mid-April but declined in the subsequent weeks, falling to 8% last week. However, the odds <a href="https://www.benzinga.com/news/politics/25/06/45808078/elon-musk-says-yes-to-impeaching-trump-replacing-him-with-jd-vance-amid-fierce-back-and-forth-over-big-beautiful-bill">started rising again</a> after Musk supported impeaching Trump and replacing him with Vice President JD Vance.
More than $819,000 has been wagered on the outcome. The market will vote &#8220;Yes&#8221; if the House of Representatives votes by a simple majority to adopt or pass one or more articles of impeachment against Trump.&nbsp;
The House has the sole power to initiate the impeachment. The Senate then has the sole power to hold a trial and decide whether to convict or acquit the president.
Trump is the only U.S. president in history to be <a href="https://www.benzinga.com/general/politics/23/09/34801852/new-poll-finds-nearly-half-of-registered-voters-support-republicans-impeachment-inquiry-into-pre">impeached twice</a>, although he hasn&#8217;t been convicted.
See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45740537/forget-dollars-willy-woo-says-bitcoin-will-be-priced-against-global-gdp-gold-used-to-be-that-money-btc-is-the-challenger">Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — &#8216;Gold Used To Be That Money, BTC Is The Challenger&#8217;</a>
Note that Polymarket, based on Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POL</a>), is not <a href="https://www.benzinga.com/24/11/41838037/will-polymarket-return-to-the-us-after-getting-trump-victory-right-ceo-says-its-part-of-the-plan">available to U.S. residents</a> due to regulatory restrictions.
Why It Matters: These odds come amid an <a href="https://www.benzinga.com/news/politics/25/06/45829875/elon-musk-reportedly-slammed-into-scott-bessent-like-a-rugby-player-after-being-called-a-fraud-trump-said-this-is-too-much">escalating public feud</a> between Musk and President Donald Trump.&nbsp;
The fallout was triggered by Musk&#8217;s <a href="https://www.benzinga.com/news/25/05/45635854/elon-musk-disappointed-with-trumps-big-beautiful-bill-says-it-undermines-the-work-that-the-doge-team-is-doing">sharp attack on Trump&#8217;s &#8220;big, beautiful bill</a>&#8220;. The conflict worsened when Trump said he was &#8220;very surprised&#8221; and &#8220;very disappointed&#8221; by Musk&#8217;s remarks.
The fallout turned ugly, with Musk accusing the Trump administration of <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">withholding documents</a> related to Jeffrey Epstein. Trump responded by calling Musk "crazy" and threatening to cancel federal contracts and subsidies awarded to Musk's businesses.
Photo Courtesy: RKY Photo on Shutterstock.com
Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45739199/american-politicians-dont-believe-bitcoin-can-co-exist-peacefully-with-the-dollar-says-this-popular-btc-maximalist-heres-why">American Politicians Don&#8217;t Believe Bitcoin Can &#8216;Co-Exist Peacefully&#8217; With The Dollar, Says This Popular BTC Maximalist: Here&#8217;s Why</a></li>
</ul>

Politics

$POL

Elon Musk Recently Said 'Yes' To Impeaching Trump And The Odds Of That Happening In 2025 Rose On This Crypto Betting Market

Shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) recovered on Monday following a roller-coaster week involving feuds between President Donald Trump and the company&#8217;s CEO, Elon Musk, and this one prominent investor saw it all coming.
What Happened: On Monday, Gary Black, the managing partner at Future Fund LLC, highlighted his predictions on Tesla, Musk and Trump a week ago, which have since been realized.
&#8220;As predicted,&#8221; the renowned Tesla bull said, while quoting his posts from the prior week, where he had claimed that the company&#8217;s shares were now &#8220;oversold&#8221; following a 13.8% decline during the week, a result of Trump and Musk&#8217;s dramatic public feud.
Black had predicted that this feud would eventually die down, as it has this week, while adding that Musk would de-escalate the rhetoric leading up to the launch of Tesla&#8217;s much-awaited Robotaxis in Austin on June 12. 
See Also: <a href="https://www.benzinga.com/news/politics/25/06/45845525/exclusive-should-musk-be-fired-from-tesla-after-trump-feud-45-say-this-in-new-poll">Should Musk Be Fired From Tesla After Trump Feud? 45% Say This In New Poll</a>
While he acknowledges that he&#8217;s unsure of the &#8220;lasting impact to $TSLA from the extraordinary events of the past 24 hours,&#8221; he remains certain that the stock is now in &#8220;oversold territory.&#8221;
&#8220;Both Musk and Trump have other priorities far more important than each other,&#8221; Black says, with Trump having to get his &#8220;Big, Beautiful Bill&#8221; through the Senate by the 4th of July, and Musk occupied with the Robotaxi, which is crucial for the company&#8217;s goal of getting &#8220;unsupervised autonomy approved everywhere.&#8221;
Tesla shares have since responded in kind, with a 4.55% rally on Monday, trading at $308.58 per share, and up 8.38% from its low point last week. 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">As predicted. <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> <a href="https://t.co/tybCR2kmWI">https://t.co/tybCR2kmWI</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1932178928799555971?ref_src=twsrc%5Etfw">June 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: A long-time Tesla bull, Black sold the <a href="https://www.benzinga.com/tech/25/05/45665076/gary-blacks-future-fund-sells-remaining-tesla-stock-reitrates-310-price-target-tslas-valuation-has-become-disconnected">entirety of his fund&#8217;s stake</a> in the company two weeks ago, citing its high valuation that he deems as being &#8220;disconnected from reality.&#8221;
Black highlighted <a href="https://www.benzinga.com/markets/guidance/25/05/45710828/gary-black-questions-teslas-sky-high-forward-p-e-ratio-long-term-growth-rate-needed-to-justify-a-180x-p-e-would-cause-tsla-market-cap-to-be-bigger">Tesla&#8217;s staggering 180x earnings</a> as unsustainable, saying that &#8220;The long-term growth rate needed to justify a 180x P/E would cause TSLA market cap to be bigger than $AAPL and $MSFT, which seems insane since both have huge TAMs, unassailable brands, and highly predictable future cash flow streams.&#8221;
Other leading analysts have <a href="https://www.benzinga.com/news/25/06/45840954/this-tesla-analyst-is-no-longer-bullish-here-are-top-5-downgrades-for-monday">since echoed this take</a>, with Bill Selesky of Argus Research downgrading the stock from a &#8220;Buy&#8221; to a &#8220;Hold,&#8221; with a price target of $295.14.
However, Dan Ives, a senior analyst at Wedbush Securities, has a <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/06/45841922/tesla-remains-the-most-undervalued-ai-play-dan-ives">contrarian take</a> on the stock, seeing a potential $2 trillion market cap by the end of 2026, while calling it &#8220;the most undervalued AI play in the market today.&#8221;
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="148" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09220448/Screenshot-2025-06-10-at-7.34.37-AM-1024x148.png" alt="" class="wp-image-944007" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09220448/Screenshot-2025-06-10-at-7.34.37-AM-1024x148.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09220448/Screenshot-2025-06-10-at-7.34.37-AM-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09220448/Screenshot-2025-06-10-at-7.34.37-AM-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09220448/Screenshot-2025-06-10-at-7.34.37-AM.png 1526w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The stock scores remarkably well across Momentum, Growth and Quality according to Benzinga&#8217;s Edge Stock Rankings, with a favorable price trend in the short and long terms. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the stock. 
Photo Courtesy: Tada Images On Shutterstock.com
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/45851993/mr-wonderful-kevin-oleary-says-he-was-once-told-by-a-ceo-to-shut-up-and-that-leveled-up-his-negotiation-skills-fellow-shark-mark-cuban-also-fle">Mr Wonderful, Kevin O&#8217;Leary, Says He Was Once Told By A CEO To &#8216;Shut Up&#8217; And That Leveled Up His Negotiation Skills — Fellow &#8216;Shark&#8217; Mark Cuban Also Flexes This Superpower</a></li>
</ul>

Equities

Gary Black's Tesla Prediction Holds Up: Stock Recovers As Musk-Trump Feud Fades, Robotaxi Launch Looms

U.S. stocks experienced a mixed session today, with the Dow Jones Industrial Average unchanged at 42,761.76 and the S&amp;P 500 moving nearly 0.1% higher at 6,005.88. The Nasdaq rose 0.3% to 19,591.24 on Monday.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Klotho Neurosciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLTO#NASDAQ">KLTO</a>) shares soared by an impressive 787.80%, closing at $1.82. The stock hit an intraday high of $1.84 and a low of $0.64, with a 52-week high of $5.11 and a low of $0.12. The surge followed the company&#8217;s announcement of promising pre-clinical study results for its anti-aging therapy. The study suggested that increasing the expression of the Klotho gene could potentially <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45841366/klotho-neurosciences-klto-stock-surges-over-680-whats-going-on">reduce age-related degeneration</a> across multiple organs, enhancing both lifespan and health span.
Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) saw its stock rise by 4.77%, closing at $121.73. The stock reached an intraday high of $122.37 and a low of $119.04, with a 52-week high of $187.28 and a low of $76.48. The increase came after Citigroup upgraded its rating and <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45846815/amd-stock-surges-on-citigroup-upgrade-ahead-of-advancing-ai-event">raised its price target</a> ahead of AMD&#8217;s &#8220;Advancing AI&#8221; event. The event is expected to showcase AMD&#8217;s vision for artificial intelligence, including updates on its AI solutions and product ecosystem.
See Also: <a href="https://benzinga.com/markets/equities/25/06/45832827/elon-musks-father-says-trump-will-prevail-blames-sons-feud-mistake-on-stress-as-tesla-stock-slid" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Father Says &#8216;Trump Will Prevail,&#8217; Blames Son&#8217;s Feud &#8216;Mistake&#8217; On Stress As Tesla Stock Slides Nearly 2.5% In Monday Pre-Market</a>
Strategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) climbed 4.71%, closing at $392.12. The stock&#8217;s intraday high was $394.79, with a low of $377.60, and it has a 52-week high of $542.99 and a low of $102.40. The company added another 1,045 Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) to its holdings, spending approximately $110.2 million. This move was hinted at by Executive Chairman Michael Saylor, who <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45837005/strategy-buys-another-110-million-in-bitcoin-now-holds-582000-btc">posted on social media</a> about the acquisition.
Circle Internet Group&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRCL#NYSE">CRCL</a>) shares increased by 7.01%, closing at $115.25. The stock reached an intraday high of $138.57 and a low of $108.40, with a 52-week high of $138.57 and a low of $31. The rise is attributed to the continued strength of its IPO launch. The company, known for issuing the USDC stablecoin,&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/25/06/45835006/why-circle-internet-group-shares-are-trading-higher-by-around-18-here-are-20-stocks-moving-premarket">made a strong public debut</a>&nbsp;last week, with shares more than doubling from their IPO price.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) gained 4.55%, closing at $308.58. The stock&#8217;s intraday high was $309.83, with a low of $281.85, and it has a 52-week high of $488.54 and a low of $167.42. Despite recent market capitalization losses due to a public spat between Elon Musk and Donald Trump, some <a href="https://www.benzinga.com/markets/tech/25/06/45834012/tom-lee-dismisses-worries-over-tumbling-tsla-stock-amid-elon-musk-trump-feud-tesla-still-holds-all-of-its-advantages-so-we-arent-too-concerned">experts remain optimistic</a> about Tesla&#8217;s long-term prospects.
Benzinga's Edge Stock Rankings show AMD has Momentum in the 20th percentile and Growth in the 97th percentile. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Find out</a> how its main competitor, Nvidia, ranks on these parameters.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="448" height="282" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09223826/Screenshot-2025-06-10-at-11.38.12.png" alt="" class="wp-image-944030" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09223826/Screenshot-2025-06-10-at-11.38.12.png 448w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09223826/Screenshot-2025-06-10-at-11.38.12-300x189.png 300w" sizes="(max-width: 448px) 100vw, 448px" /></a></figure>
Photo Courtesy: Gsign76 On Shutterstock.com
Prepare for the day&#8217;s trading&nbsp;<a href="https://editorial.benzinga.com/wp-admin/Premarket%20Movers%20&amp;%20News">with top premarket movers and news</a>&nbsp;by Benzinga.
Read Next: 
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<li><a href="https://benzinga.com/markets/equities/25/06/45841311/trumps-steel-tariffs-hits-straight-on-fords-core-analyst-sees-higher-input-costs-and-eroding-pri" target="_blank" rel="noreferrer noopener">Trump&#8217;s Steel Tariffs &#8216;Hits Straight On Ford&#8217;s Core:&#8217; Analyst Sees Higher Input Costs And Eroding Pricing Power For Tesla Rival</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

CRCL

KLTO

MSTR

Klotho Neurosciences, AMD, Strategy, Circle Internet Group, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/markets/tech/25/06/45844424/apple-wwdc-2025-ios-26-announced-with-liquid-glass-design-new-apple-intelligence-features-and-more">bold new design</a> in iOS 26, dubbed "Liquid Glass," is drawing sharp criticism online — and investor Ross Gerber thinks the backlash may be warranted.
What Happened: Unveiled during Apple's <a href="https://www.benzinga.com/markets/tech/25/06/45846510/apple-wwdc-2025-from-live-translation-to-genmoji-visual-ai-and-chatgpt-integration-here-are-the-new-apple-intelligence-features">WWDC 2025 keynote on Monday</a>, Liquid Glass is a translucent, reactive interface meant to make the iPhone experience more fluid and immersive.
It now extends across buttons, sliders, the lock screen, Control Center and more. Apple executive Alan Dye described it as combining "the optical qualities of glass with a fluidity only Apple can achieve."
However, users aren't convinced.
A user on X, @Greggertruck, shared a screenshot of the new Control Center and wrote, "Steve Jobs would have fired everyone." The post quickly gained traction, with investor Gerber chiming in with a Hundred Points emoji.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/06/45830549/pierre-ferragu-takes-apple-to-task-for-dismissing-the-ai-revolution-has-its-head-in-the-sand" target="_blank" rel="noreferrer noopener">Pierre Ferragu Takes Apple To Task For Dismissing The AI Revolution: ‘Has Its Head In The Sand&#8217;</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4af; <a href="https://t.co/cnsH8MZbEN">https://t.co/cnsH8MZbEN</a>
&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1932212036932600176?ref_src=twsrc%5Etfw">June 9, 2025</a></blockquote>
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The user wanted Apple to make the design more opaque.
Other users echoed the sentiment, calling the design "a smeary mess of colors and overlapping functionality." One said, "Looks like when you get someone to use Photoshop for the first time, every effect box is clicked."
Some were more measured. "I'm gonna keep an open mind," said @SawyerMeritt, "but it definitely feels like things are going to be harder to read with this new design."
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.
During the keynote, Apple acknowledged it still needs more time to finish its long-overdue revamp of the Siri voice assistant.
Wedbush analyst and longtime Apple supporter Dan Ives described the event as showcasing "slow and steady improvements," but ultimately called it "a yawner."
<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">Wedbush analyst Dan Ives, an Apple bull, said the event showed "slow and steady improvements" but was "overall a yawner." &#x1f34e;&#x1f34f;&#x1f525;&#x1f4f1;<a href="https://twitter.com/nypost?ref_src=twsrc%5Etfw">@nypost</a> <a href="https://t.co/Vm7NvtEFjq">https://t.co/Vm7NvtEFjq</a> <a href="https://twitter.com/nypost?ref_src=twsrc%5Etfw">@nypost</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1932220942924849633?ref_src=twsrc%5Etfw">June 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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On the other hand, Deepwater Asset Management&#8217;s Gene Munster said, &#8220;At this point, they're [Apple] not ready to talk about the more advanced AI they're likely working on. The good news is they have a couple of years to figure it out.&#8221;
He also said that the most significant announcement at WWDC 2025 was Apple's unveiling of the Foundation Model framework, a tool designed to help developers more easily integrate Apple Intelligence directly on-device.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The most important WWDC update today was the announcement of the Foundation Model framework, which makes it easier for developers to integrate Apple Intelligence on device. It matters because, just like when the App Store launched in 2008, it&#39;s up to developers to build the apps… <a href="https://t.co/dJdH6uqDl5">https://t.co/dJdH6uqDl5</a>
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1932147438518673741?ref_src=twsrc%5Etfw">June 9, 2025</a></blockquote>
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Why It's Important: Apple has long prided itself on design simplicity — a principle its legendary co-founder Jobs championed.
Jobs' return to Apple sparked a legendary business comeback, driven by his focus on simplicity, intuitive design and a deep commitment to crafting products that were both <a href="https://www.benzinga.com/news/24/10/41196932/legendary-apple-co-founder-steve-jobs-once-said-being-the-richest-man-in-the-cemetery-doesnt-matter">functional and beautifully minimal</a>, even in unseen details.
In 2019, Apple's design legend Jony Ive's departure seemed sudden, but <a href="https://www.wsj.com/articles/jony-ive-is-departing-apple-but-he-started-leaving-years-ago-11561943376">reports</a> from The Wall Street Journal and Bloomberg suggested that it was the result of a years-long shift in the company's priorities—from design to operations.
Ive and his team reportedly grew frustrated as design took a back seat under CEO Tim Cook, whose lack of involvement in product development led to discontent and departures within the design team.
Price Action: Apple shares fell 1.21% on Monday, closing at $201.45, but edged up 0.15% in after-hours trading, according to <a href="http://pro.benzinga.com/">Benzinga Pro data</a>.
Benzinga's Edge Stock Rankings show a short-term upward trend for Apple, though the stock is trending downward over the medium and long term. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Additional metrics are available here</a>.
<figure class="wp-block-image 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/2025/06/09214254/Screenshot-2025-06-10-at-7.11.14%E2%80%AFAM.png" alt="" class="wp-image-943990" /></a></figure>
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>.
Photo Courtesy: Kemarrravv13 on Shutterstock.com
Read Next:
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<li><a href="https://www.benzinga.com/markets/large-cap/25/06/45770679/alibaba-jd-see-sales-soar-in-618-festival-apple-and-xiaomi-emerge-as-top-selling-brands" target="_blank" rel="noreferrer noopener">Alibaba, JD See Sales Soar In 618 Festival, Apple And Xiaomi Emerge As Top Selling Brands</a></li>
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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.

Steve Jobs Would 'Have Fired Everyone': Apple's Liquid Glass In iOS 26 Gets Roasted Online — Dan Ives Calls WWDC 2025 A 'Yawner'

Leading cryptocurrencies rallied Monday as trade talks between the U.S. and Chinese officials stoked investor optimism.
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Cryptocurrency</th>
<th>Gains +/-</th>
<th>Price (Recorded at 8:45 p.m. ET)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+4.17%</td>
<td>$110,093.96</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+8.15%</td>
<td>$2,704.22</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+5.66%</td>
<td>$0.1946</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin spiked above $110,000 after a two-week gap, with trading volumes jumping 55% to $58.45 billion.&nbsp;
Ethereum recorded a steeper rise, rising more than 8% to surpass $2,700. Trading volume nearly doubled to $22.32 billion in the last 24 hours.
As of this writing, Bitcoin held a 63.6% market share, while Ethereum&#8217;s dominance increased to 9.5%.
Over $182 million was liquidated from the cryptocurrency market in the last 4 hours and nearly $438 million in the 24-hour period. About $380 million in short positions were erased&nbsp;
Derivatives traders gave a thumbs up to the rally. Bitcoin's Open Interest popped 7.04% in the last 24 hours, while Ethereum's Open Interest jumped over 12% in the last 24 hours.
The "Greed" sentiment surged from 62 to 71 in the last 24 hours, according to the Crypto Fear &amp; Greed Index, indicating strong buying pressure.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Cryptocurrency</th>
<th>Gains +/-</th>
<th>Price (Recorded at 8:45 p.m. ET)</th>
</tr>
</thead>
<tbody>
<tr>
<td>Kaia (KAIA)</td>
<td>+35.51%</td>
<td>$0.1447</td>
</tr>
<tr>
<td>Fartcoin (FARTCOIN) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+17.62%</td>
<td>$1.22</td>
</tr>
<tr>
<td>dogwifhat (WIF)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+15.34%</td>
<td>$1.03 </td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization surged 4.10% to $3.44 trillion in the last 24 hours.
Major stock indexes edged higher Monday. The S&amp;P 500 &nbsp;eked out a modest gain of 0.09% to close at 6,005.88. The tech-heavy Nasdaq Composite rose 0.31% to finish at 19,591.24. The Dow Jones Industrial Average was mostly flat, losing 1.11 points to close at 42,761.76.&nbsp;
The movement comes as the U.S. and China <a href="https://www.benzinga.com/news/politics/25/06/45832550/us-and-china-resume-trade-talks-in-london-after-trumps-call-with-xi-jinping">resumed trade talks in London</a>, which will likely also focus on rare earth minerals. The talks aim to address the mounting tensions that have arisen since the 90-day tariff truce was agreed upon in Geneva in May.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: On-chain analytics firm Santiment noted a sharp surge in FOMO among retail traders as Bitcoin rallied.
"Now, they are showing signs of flooding back in with the 2nd largest spike in FOMO in the past 2 weeks. Historically, markets will move in the opposite direction of the retail crowd&#8217;s expectations," Santiment warned.
<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">&#x1f973; Monday has kicked off with a bang for crypto traders, as Bitcoin has quickly returned to $108K. After threatening to fall below $100K just 4 days ago, retail traders panic sold. Now, they are showing signs of flooding back in with the 2nd largest spike in FOMO in the past 2… <a href="https://t.co/ZlPvHy8CGg">pic.twitter.com/ZlPvHy8CGg</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1932116013476204605?ref_src=twsrc%5Etfw">June 9, 2025</a></blockquote>
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Widely followed cryptocurrency analyst Michaël van de Poppe identified $2,700-2,750 as a "strong" resistance area, and if ETH manages to break through, the next &#8220;big surge&#8221; may be imminent.
"It&#8217;s pretty normal to have a correction/consolidation after a 50% upwards move on the price, the longer this consolidation takes, the heavier the breakout upwards will be," the analyst added.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> is building up for the next big breakout. Buyers are stepping in sub $2,400 indicating a new floor. The resistance at $2,700-2,750 is strong and once that breaks, we&#39;re likely going to see the next big surge (comparable with Bitcoin at $106,500). It&#39;s pretty normal to… <a href="https://t.co/BONS62Sbqe">pic.twitter.com/BONS62Sbqe</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1932069671731425421?ref_src=twsrc%5Etfw">June 9, 2025</a></blockquote>
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Photo Courtesy: Paopano on Shutterstock.com
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Trading Ideas

$DOGE

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Bitcoin Crosses $110,000, Ethereum And Dogecoin Also Surge Amid US-China Trade Optimism: Analyst Says ETH Building Up 'Next Big Breakout'

On Monday, Cathie Wood-led Ark Invest made a notable move by selling shares of Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) across its ETFs. This decision comes as Coinbase has been riding a wave of optimism in the cryptocurrency market, fueled by Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) ascent and Coinbase&#8217;s <a href="https://www.benzinga.com/analyst-ratings/price-target/25/05/45416971/coinbase-becomes-first-pure-play-crypto-stock-in-sp-500-analyst-sees-major-institutional-upside">recent inclusion</a> in the S&amp;P 500.
The Coinbase Trade
Ark Invest&#8217;s decision to sell Coinbase shares on Monday involved two of its ETFs: Ark Fintech Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#BATS">ARKF</a>) and ARK Next Generation Internet ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#BATS">ARKW</a>). The ARKF fund offloaded 6,404 shares, while ARKW sold 730 shares. On Monday, COIN ended the day higher by 2.1% at $256.63. The Ark transactions were valued at $1.83 million.
This move comes in the wake of Coinbase&#8217;s <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45764843/coinbase-crushed-tesla-amazon-and-other-mag-7-peers-in-recent-rally-heres-what-drove-the-stunning-comeback">impressive performance</a>, which saw its stock soar nearly 30% in the past month. The surge was driven by the company&#8217;s historic inclusion in the S&amp;P 500 and renewed optimism in the cryptocurrency sector.
Coinbase&#8217;s recent rally has been fueled by Bitcoin&#8217;s impressive surge past the $100,000 mark. The cryptocurrency reached an all-time high of $111,970.17 on May 23. In the past 24 hours, BTC gained nearly 4% to trade at $109,908.99 — 1.9% below its record high.
This rally has sparked optimism among investors, leading to increased interest in companies like Coinbase, which have been riding the crypto wave. However, <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45801402/bitcoins-moonshot-can-microstrategy-and-coinbase-keep-riding-the-crypto-wave">questions remain</a> about whether these companies can maintain their momentum in the face of potential market volatility.
Other Key Trades:
<ul class="wp-block-list">
<li>Sold 154,516 shares of UiPath Inc (PATH) in ARKQ.</li>
<li>Bought 8,222 shares of L3Harris Technologies Inc (LHX) in ARKQ and 2,522 shares in ARKX.</li>
<li>Bought 25,034 shares of Veracyte Inc (VCYT) in ARKK.</li>
<li>Sold 28,569 shares of 3D Printing ETF (PRNT) in ARKX.</li>
</ul>
Benzinga's Edge Stock Rankings indicate Coinbase checks out on Short, Medium and Long Price Trends. Here is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">how the stock fares</a> on other metrics.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="760" height="96" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09212922/Screenshot-2025-06-10-at-10.29.03.png" alt="" class="wp-image-943979" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09212922/Screenshot-2025-06-10-at-10.29.03.png 760w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/09212922/Screenshot-2025-06-10-at-10.29.03-300x38.png 300w" sizes="(max-width: 760px) 100vw, 760px" /></a></figure>
Photo Courtesy: ChrisStock82 on Shutterstock.com
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ETFs

ARKF

ARKW

COIN

Cathie Wood Dumps $1.8 Million In Coinbase Stock As Bitcoin Nears $110K All-Time High

Last month, Kevin O&#8217;Leary, popularly known as &#8220;Mr. Wonderful,&#8221; shared a powerful lesson he learned from a CEO that changed his approach to negotiations.
What Happened: In a video shared on social media, O&#8217;Leary recounted a moment when one of his female CEOs gave him some tough but valuable advice.
She told him, &#8220;Kevin, you talk too much. You should shut up and listen.&#8221;
She explained that most people talk two-thirds of the day because they are driven by their egos. Her advice was to &#8220;reverse the ratio: listen two-thirds, talk one-third.&#8221;
See Also: <a href="https://www.benzinga.com/news/25/06/45820907/jeff-bezos-let-customers-cancel-their-own-amazon-orders-and-it-paid-off-big-if-you-give-people-more">Jeff Bezos Let Customers Cancel Their Own Amazon Orders And It Paid Off Big: &#8216;If You Give People More Control…Maybe They&#8217;ll Order More&#8217;</a>
The reason behind this is that when you remain silent, the other person, feeling uncomfortable with the silence, will often spill more information than they intended, which can be advantageous during negotiations.
O&#8217;Leary shares an example of a recent negotiation with a high-level executive from a major watch company. During their meeting, O&#8217;Leary refrained from speaking, allowing the other person to speak first.
However, the executive was also following the same guideline.
I said &#8216;You know something, we&#8217;re both doing the same thing right now. We won&#8217;t talk at all unless one of us starts, cuz you, I do what you do, I figured out the secret sauce. So I&#8217;m not worried about it.'&#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">One of my women CEOs said to me a few years ago, &quot;You know, Kevin, you talk too much. Most people talk two-thirds of the day, because everybody&#39;s got an ego and wants to get their idea out. She said, &quot;Reverse the ratio. Listen two-thirds, talk one-third. You&#39;ll get higher… <a href="https://t.co/LgMJeb4wqG">pic.twitter.com/LgMJeb4wqG</a>
&mdash; Kevin O&#39;Leary aka Mr. Wonderful (@kevinolearytv) <a href="https://twitter.com/kevinolearytv/status/1927789231121834063?ref_src=twsrc%5Etfw">May 28, 2025</a></blockquote>
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According <a href="https://www.celebritynetworth.com/richest-businessmen/ceos/kevin-oleary-net-worth/">to</a> Celebrity Net Worth, O'Leary is estimated to have a net worth of $400 million, reflecting his successful ventures across finance, media and investing.
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&#8217;s Important: Previously, billionaire investor Mark Cuban, who was also O'Leary's fellow Shark on "Shark Tank," <a href="https://www.benzinga.com/news/24/11/42154924/mark-cubans-for-negotiation-success-silence-is-money">shared his top negotiation strategies</a>, highlighting the importance of patience and compromise.
Cuban underscored that successful dealmakers stay focused on their goals, avoid rushing or insisting on every point and are willing to make concessions to close a deal.&nbsp;
On Shark Tank, Cuban often uses silence as a tactic to better understand situations before making offers. &#8220;The more you pay attention and the more aware you are, the better opportunity you have to get what you want. Silence is money.&#8221;
Earlier, Grant Cardone, real estate investor and author of "The 10X Rule," also outlined his <a href="https://www.benzinga.com/personal-finance/25/04/44876137/grant-cardone-explains-the-art-of-negotiating-it-takes-4-things-to-make-a-deal">four key principles for successful deal-making</a>.
Cardone spoke about the importance of having decision-makers at the table, a mutual willingness and desire to reach an agreement, a sense of urgency to drive action and leverage, such as capital, influence or audience reach.
Using Donald Trump's tariff strategy as context, he noted that leverage alone isn't sufficient; all four elements must align for a deal to succeed. &#8220;Trump knows America only has one of the four points: leverage. Until decision makers have willingness, desire and urgency to get a deal, there will not be a deal,&#8221; he stated then.
Photo Courtesy: Kathy Hutchins on Shutterstock.com
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>.
Read Next:
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<li><a href="https://www.benzinga.com/tech/25/05/45433850/mr-wonderful-kevin-oleary-says-youre-literally-giving-away-money-to-billers-by-not-doing-this-one-simple-thing-and-hes-been-doing-it-for-decades">Mr Wonderful Kevin O&#8217;Leary Says You&#8217;re Literally Giving Away Money To Billers By Not Doing This One Simple Thing — And He&#8217;s Been Doing It For Decades</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Mr Wonderful, Kevin O'Leary, Says He Was Once Told By A CEO To 'Shut Up' And That Leveled Up His Negotiation Skills — Fellow 'Shark' Mark Cuban Also Flexes This Superpower

Quantum computing startup PsiQuantum is seeking to raise at least $750 million in a funding round led by <a href="https://www.benzinga.com/personal-finance/25/04/44762412/the-economy-is-weakening-as-we-speak-blackrock-ceo-larry-fink-says-its-more-of-a-buying-opportunity-but-market-could-drop-another-20">BlackRock</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>), aiming to double its valuation to $6 billion,<a href="https://www.bizjournals.com/sanfrancisco/news/2025/06/03/psiquantum-palo-alto-funding-valuation-boost.html"> San Francisco Business Times</a> reports.
The Palo Alto-based company is developing a fault-tolerant quantum computer using photonic qubits, leveraging traditional semiconductor manufacturing techniques. According to PsiQuantum&#8217;s<a href="https://www.psiquantum.com/about"> website</a>, the company&#8217;s approach involves using photons as qubits, allowing for scalability through existing chip fabrication processes.
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<h2 class="wp-block-heading">PsiQuantum Secured Global Expansion and Government Partnerships</h2>
<a href="https://www.benzinga.com/25/05/45486464/nvidias-quantum-pivot-chip-giant-reportedly-mulls-major-stake-in-psiquantum-amid-rising-global-interest">PsiQuantum</a> is collaborating with the governments of Australia and the U.S. to build quantum computing facilities in Brisbane and Chicago, respectively,<a href="https://www.reuters.com/technology/quantum-computing-startup-psiquantum-raising-least-750-million-6-billion-2025-03-24/"> Reuters</a> reports. According to the<a href="https://www.afr.com/technology/labor-s-bold-1b-bet-on-aussie-quantum-start-up-20240429-p5fnb7"> Australian Financial Review</a>, the company has secured $617 million in funding in Australia from federal and Queensland governments to construct a commercial quantum computer.
In the U.S., PsiQuantum plans to build a 300,000-square-foot facility in Chicago&#8217;s Illinois Quantum and Microelectronics Park, supported by more than $500 million in anticipated public funding,<a href="https://thequantuminsider.com/2025/03/25/sources-psiquantum-raising-750-million-to-push-photonic-quantum-computers-toward-commercial-reality/"> The Quantum Insider</a> says. The initiatives underscore PsiQuantum&#8217;s commitment to advancing quantum computing infrastructure globally.
<h2 class="wp-block-heading">Engineering the Future of Computing</h2>
PsiQuantum manufactures its quantum chips at GlobalFoundries&#8217; facility in New York, utilizing photonic technology developed for fiber-optic communications, Reuters reports.
Trending: Wall Street's Missing This AI Surgical Tech — You Don't Have To.<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"> Invest from $350.</a>
According to The Quantum Insider, the company has introduced the Omega quantum photonic chipset, designed for utility-scale quantum computing, featuring high-performance photonic components. Additionally, PsiQuantum has developed high-speed optical switches and improved photon detectors to enhance quantum circuit performance.
To boost efficiency, PsiQuantum implemented a compilation technique known as active volume compilation, aiming to reduce application run times by approximately 50-fold, The Quantum Insider says.
<h2 class="wp-block-heading">Backed By Giants Like BlackRock, Microsoft, And Nvidia&#8217;s Quantum Reversal</h2>
BlackRock, which led PsiQuantum's previous $450 million round, is returning as lead investor, signaling sustained institutional confidence. According to San Francisco Business Times, other major backers include Microsoft's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) venture arm M12, Atomico, Founders Fund, Playground Global, Temasek Holdings, and FPV Ventures.
According to<a href="https://www.theinformation.com/articles/nvidia-talks-invest-quantum-startup-psiquantum"> The Information</a>, Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is in advanced discussions to invest in PsiQuantum, signaling a strategic shift in its quantum computing approach. This potential investment follows Nvidia CEO Jensen Huang&#8216;s announcement of a new quantum computing research lab in Boston, in collaboration with Harvard and MIT,<a href="https://www.reuters.com/business/nvidia-advanced-talks-invest-psiquantum-information-reports-2025-05-19/"> Reuters</a> reports.
See Also: Invest where it hurts — and help millions heal:<a href="https://www.benzinga.com/money/a-cure-for-osteoarthritis-powered-by-everyday-investors-cytonics-is-looking-to-beat-big-pharma-and-disrupt-a-390-billion-market"> Invest in Cytonics and help disrupt a $390B Big Pharma stronghold</a>.
In January, Huang rocked the sector by suggesting quantum computers were at least 20 years from viability, sending quantum-related stocks tumbling. But just weeks later, during Nvidia's &#8220;Quantum Day&#8221; at its GTC conference in San Jose, California, Huang reversed course, admitting his earlier comments were off the mark, according to<a href="https://www.cnbc.com/2025/03/20/nvidia-ceo-huang-says-was-wrong-about-timeline-for-quantum-computing.html"> CNBC</a>.
That shift helped reignite interest in companies like PsiQuantum, which now stand to benefit from the renewed optimism and visibility. While competitors such as Google, IBM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Intel (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Honeywell (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), and Rigetti Computing (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) continue to push their own quantum architectures, PsiQuantum's photonic approach is seen by many as a promising alternative, San Francisco Business Times says.
PsiQuantum&#8217;s funding round reflects growing investor confidence in the company&#8217;s photonic quantum computing technology. The company&#8217;s innovative approach may position it as a key player in the race to develop practical quantum computing solutions.
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

INTC

NVDA

RGTI

PsiQuantum Eyes $750M Raise As BlackRock Doubles Down On Light-Based Supercomputers Amid Nvidia's Quantum Reversal

In a recent development, the U.S. military has temporarily deployed approximately 700 Marines to Los Angeles. The move comes in response to the ongoing protests against President Donald Trump&#8217;s immigration policies, as reported by Reuters on Tuesday.
What Happened: The city of Los Angeles is witnessing its fourth consecutive day of protests, with hundreds of demonstrators gathering outside a federal detention center. The U.S. military plans to send a battalion to protect federal property and personnel until more National Guard troops can arrive.
The Trump administration, despite the escalating tensions, has not invoked&nbsp;the Insurrection Act, which would&nbsp;allow troops to directly participate&nbsp;in civilian law enforcement, according&nbsp;to an anonymous U.S. official. California has filed a lawsuit against the Trump administration, claiming that the&nbsp;deployment of the National Guard&nbsp;and the Marines&nbsp;violates federal law and state&nbsp;sovereignty.
President Trump has announced plans to deploy an additional&nbsp;2,000 National Guard troops to&nbsp;Los Angeles, following his initial deployment of 2,000 troops. The decision to activate the National Guard comes in response to street protests that erupted after&nbsp;immigration raids in Southern California.
Los Angeles Police Chief Jim McDonnell has expressed concerns over the deployment, citing significant logistical and operational challenges. The protests have resulted in some property damage and minor injuries to five police officers. Critics, including Democrats and California Governor Gavin Newsom, have called the decision to deploy military force an abuse of presidential power.
Meanwhile, Trump said he supported the idea of his acting director of the U.S. Immigration and Customs Enforcement, Tom Homan, arresting Newsom. He told reporters, &#8220;I would do it if I were Tom. I think it&#8217;s great,&#8221; according to the report.
See Also: <a href="https://benzinga.com/25/05/45578777/trump-administration-revokes-harvards-ability-to-enroll-international-students-kristi-noem-alleges-coordination-with-chinese-communist-party" target="_blank" rel="noreferrer noopener">Trump Administration Revokes Harvard&#8217;s Ability To Enroll International Students, Kristi Noem Alleges Coordination With Chinese Communist Party</a>
Why It Matters: Newsom has been vocal in his criticism of the Trump administration&#8217;s deployment of troops. He called the deployment of National Guard troops in Los Angeles a &#8220;<a href="https://www.benzinga.com/news/politics/25/06/45830221/gavin-newsom-calls-deployment-of-national-guard-in-los-angeles-unlawful-says-there-was-no-problem-until-trump-got-involved-serious-breach-of-state-sovereignty">serious breach of state sovereignty</a>&#8220;.
Newsom has also announced that the state will <a href="https://www.benzinga.com/news/politics/25/06/45831188/gavin-newsom-to-sue-trump-administration-over-national-guard-deployment-dares-border-czar-homan-to-arrest-him">file a lawsuit</a> against the Trump administration over the deployment of the National Guard to quell protests in Los Angeles. The lawsuit aims to challenge the federalization of the California National Guard by the Trump administration without the state's consent, a move that Newsom deems unprecedented in U.S. history. Newsom had also dared Homan to arrest him.
Photo Courtesy: Joey Sussman on Shutterstock.com
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Trump Supports Arrest Of California Governor Gavin Newsom As US Deploys 700 Marines To Los Angeles

Land-based surf clubs are having their moment. First came news of Matthew McConaughey investing in one in<a href="https://www.benzinga.com/markets/25/05/45525261/matthew-mcconaughey-and-drew-brees-among-early-buyers-willing-to-spend-1-25-million-for-membership-t"> Austin, Texas</a>. Now it emerges that Michael Schwab, the son of billionaire investment broker <a href="https://www.benzinga.com/insights/options/25/05/45500422/decoding-charles-schwabs-options-activity-whats-the-big-picture#google_vignette">Charles Schwab</a>, is planning something similar in Los Cabos, Mexico,<a href="https://www.realtor.com/news/trends/charles-schwab-son-surf-community/"> Realtor.com</a> reports.
<h2 class="wp-block-heading">800-foot Endless Surf Wave</h2>
Michael Schwab, who owns a private real estate investment firm, Meriweather Cos., is a partner in<a href="https://www.caborealsurfclub.com/"> Cabo Real Surf Club</a>. The club, scheduled to open next year, intends to appeal to serious surfers by having a four-acre, 800-foot Endless Surf wave basin, a first in North America.
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&#8220;There are a handful of wave basins in the world,&#8221; Schwab told Realtor.com. The setup will produce seven-foot waves for 25 seconds, offering 400 customizable waves per hour. The surf club will be exclusively available to residents of luxury homes in a 3,000-acre master-planned community. It will cater to levels of surfers from beginners to pros, the latter keen to test their skills on the wave machine&#8217;s advanced &#8220;crushing barrel.&#8221;
<h2 class="wp-block-heading">Guaranteed Waves</h2>
The advantage of surf clubs is guaranteed waves, which is why talented pro surfers like 17-year-old phenom<a href="https://www.worldsurfleague.com/athletes/14413/erin-brooks"> Erin Brooks</a> have bought a home in the development. &#8220;She wants a place to live in a warm climate, where she can surf every day no matter what,&#8221; Schwab told Realtor.com.
&#8220;The private, world-class wave pool is a game changer,&#8221; Brooks told the site, &#8220;and the fitness center, beach club, tennis courts, and golf course provide everything I need to stay in peak shape, elevate my surfing, and make the most of every day,&#8221; she said.
Trending: Wall Street's Missing This AI Surgical Tech — You Don't Have To.<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"> Invest from $350.</a>
<h2 class="wp-block-heading">&#8216;The Market Is Aspirational Surfers&#8217;</h2>
The wave basin replicates ocean wave surfing or bodyboarding in a controlled environment by using 250-horsepower motors that create waves by pushing into still water. It doesn&#8217;t come cheaply, however. According to Realtor.com, a wave basin costs $35 million to build. As such, the development will aim to appeal to the widest demographic of buyers possible, including average families, rather than exclusively targeting surfing experts.
&#8220;The market is not the pro surfers,&#8221; Schwab said. &#8220;The market is the aspirational surfers. When you get that family there, their minds are blown. And their surfing life has begun. Some waves will start in the center, some from the side. We&#8217;ll have full waves. Some will be point breaks,&#8221; Schwab says
According to Realtor.com, the development has sold 20% of its units — about $60 million worth of real estate. Surf homes near the basin cost between $2.5 million and $6 million. Schawab&#8217;s famous father, Charles, gave him the initial idea of investing in surf communities in 2012 after advising him to invest in something he was passionate about. <a href="https://wavepoolmag.com/how-michael-schwab-means-more-pools/">Michael Schwab</a> invested in legendary pro surfer Kelly Slater&#8217;s Wave Company. Slater is behind <a href="https://www.benzinga.com/markets/25/05/45525261/matthew-mcconaughey-and-drew-brees-among-early-buyers-willing-to-spend-1-25-million-for-membership-t">Austin Surf Club</a>, which broke ground in January.
See Also: <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.
<h2 class="wp-block-heading">The Controversy Behind Surf Clubs</h2>
Slater&#8217;s land-based surf clubs have not been without controversy. His<a href="https://beachgrit.com/2024/10/controversial-kelly-slater-abu-dhabi-surf-pool-opens-to-public-at-doorbuster-prices/"> Abu Dhabi Surf Ranch</a>, the second stop on surfing's 2025 Championship Tour, has been criticized because of United Arab Emirates' laws banning homosexuality. His wave pools have also come under fire for being detrimental to the environment, consuming vast amounts of power, and destroying natural habitats, according to <a href="https://beachgrit.com/2020/08/bombshell-kelly-slaters-green-bonafides-shattered-as-surfings-largest-environmental-organization-decries-wave-pools-as-excessive-consumption-unnecessary-and-irresponsible-in-scathing-missi/">Beach Grit</a>.&nbsp;
Additionally, the vast expense of Slater&#8217;s surf clubs flies in the face of the traditionally low-income proponents of coastal surf communities around the world and are often built in areas where the disparity between local incomes and those of surf club members is immense. The <a href="https://www.thermalbeachclub.com/">Thermal Beach Club </a>in California&#8217;s Coachella Valley, a predominantly low-income Latino community, has sparked a firestorm of controversy amid scarce clean water resources.
&#8220;Yes, development does need to happen. But it also needs to be equitable. For folks who live in the eastern part of the valley, there&#8217;s just a lot less resources, a lot less investment — a lot less of everything,&#8221; Lesly Figueroa, a policy advocate with Leadership Council for Justice and Accountability, told the<a href="https://enewspaper.latimes.com/infinity/article_share.aspx?guid=a7c4cba0-8793-4382-876c-0b94053472e3"> Los Angeles Times</a>. &#8220;Traditionally, how the planning process has worked [is that] it doesn&#8217;t include the community,&#8221; she said. &#8220;It&#8217;s a developer-to-agency relationship.&#8221;
Read Next:
<ul class="wp-block-list">
<li>Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>. </li>
<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
</ul>
Image: Shutterstock

The Son Of Brokerage Billionaire Charles Schwab Is Opening A Surf Club In Los Cabos, Mexico, With New Tech Guaranteeing 400 Waves Per Hour

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Sprouts Farmers Market (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFM#NASDAQ">SFM</a>) has outperformed the market over the past 10 years by 8.31% on an annualized basis producing an average annual return of 19.36%. Currently, Sprouts Farmers Market has a market capitalization of $16.24 billion. 
Buying $1000 In SFM: If an investor had bought $1000 of SFM stock 10 years ago, it would be worth $5,907.68 today based on a price of $165.97 for SFM at the time of writing.
<h3>Sprouts Farmers Market's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1749512712_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 10 Years Ago Would Be Worth This Much Today

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