Nano Labs (NASDAQ:NA) Stock

Nano Labs

Nano Labs Ltd operates as a fabless IC design company and product solution provider in China. It engages in the development of HTC chips, HPC chips, distributed computing and storage solutions, smart-NICs, vision computing chips, and distributed rendering. Its products comprise Cuckoo 1.0 Chip, Cuckoo 2.0 Chip, and Darkbird 1.0 Chip. Majority of the company revenue comes from China.

Nano Labs Ltd

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<h2 class="wp-block-heading">Zinger Points:</h2>
<ul class="wp-block-list">
<li>Harvard's federal funding cuts now total $2.65 billion, with $450 million slashed last week</li>
<li>Eight Ivy League schools face collective cuts surpassing $11 billion</li>
<li>Thirteen universities sue National Science Foundation over research funding caps, citing risks to U.S. innovation</li>
</ul>
The Trump administration has intensified its campaign against elite academic institutions, slashing an additional $450 million in federal grants to Harvard University last week. This follows April's <a href="https://in.benzinga.com/25/04/44804541/trump-administration-halts-2-2-billion-in-harvard-grants-after-university-says-dont-dictate-what-we-can-teach-or-who-we-admit">halt of $2.2 billion</a> in funding after university leaders resisted administration demands over academic policies, bringing total cuts to $2.65 billion.
Harvard President Alan Garber <a href="https://www.harvard.edu/president/news/2025/our-research-enterprise/">said in a statement </a>that the federal government has frozen over $2 billion in awarded grants and begun terminating active research contracts, halting lifesaving projects and threatening years of work. The university has pledged $250 million in central funding to sustain mission-critical projects during a transitional period. While avoiding specifics, Harvard stated that financial constraints will require its schools to adjust research programs and identify necessary savings as it navigates the ongoing disruption in federal funding.&nbsp;
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<h2 class="wp-block-heading">The Ivy League Bloodbath</h2>
Harvard is not alone in facing these financial challenges. Eight other elite universities, including Columbia, Cornell, and the University of Pennsylvania, have collectively faced over $11 billion in federal funding reductions since January, <a href="https://www.npr.org/2025/04/25/nx-s1-5375033/trump-federal-grants-cuts-universities-could-mean">NPR</a> reported.&nbsp;
Massachusetts Institute of Technology President Sally Kornbluth has expressed concern that federal funding cuts could undermine U.S. technological leadership, emphasizing the need for sustained investment to maintain competitiveness. In a <a href="https://president.mit.edu/writing-speeches/response-proposed-cuts-nih">statement</a>, she highlighted potential disruptions to critical research in areas such as semiconductor materials and emerging pathogens, underscoring the importance of continued support for these vital fields.
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<h2 class="wp-block-heading">Legal Action and Market Impact</h2>
In response, Harvard amended its lawsuit against the administration last week, accusing officials of unconstitutional coercion over academic governance, the <a href="https://www.nytimes.com/2025/05/13/us/harvard-trump-lawsuit.html">New York Times</a> reported. Meanwhile, MIT and 12 other top universities—including Princeton, California Institute of Technology, and the University of Michigan—have filed a separate lawsuit challenging the National Science Foundation's decision to cap indirect research cost reimbursements at 15%, a move that could cost MIT alone an estimated $35 million annually. The universities contend that the new caps will severely undermine scientific research and threaten the nation&#8217;s innovation edge, Reuters reported.
These funding reductions signal a dramatic departure from the government-university partnership that powered U.S. innovation for decades. "This fractures the innovation pipeline that shaped entire industries," New York University finance professor Sabrina Howell told NPR, citing breakthroughs like GPS originating from federally funded research.
See Also: 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>.&nbsp;
<h2 class="wp-block-heading">What's Next?</h2>
Oral arguments in Harvard's lawsuit are scheduled for July, while MIT's case against the NSF could set a precedent for more than 200 U.S. research institutions. <a href="https://president.columbia.edu/news/preserving-columbias-critical-research-capabilities">Columbia has announced</a> 180 layoffs, <a href="https://paw.princeton.edu/article/princeton-braces-budget-cuts-possible-layoffs">Princeton</a> is preparing for up to 10% budget cuts, and <a href="https://president.msu.edu/communications/2025/03182025_Federal-impact-update">Michigan State</a> has warned of significant research losses tied to National Institutes of Health funding.&nbsp;
As tensions mount, the outcome of these legal battles may determine how much influence future administrations wield over academic funding — and whether elite institutions can remain insulated from shifting political priorities.
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Personal Finance

Trump Escalates War On Ivy League: Harvard Loses $450M More in Federal Grants

Jon Stewart recently expressed apprehension regarding President Donald Trump&#8216;s actions amidst ongoing lawsuits and tributes from media companies and billionaires.
What Happened: Stewart, on The Bill Simmons Podcast this week, depicted Trump as a &#8220;king&#8221; accepting &#8220;tributes&#8221; from media companies and billionaires. He expressed fear that Trump might opt to &#8220;burn our f&#8212;ing country down for the insurance money.&#8221;
Stewart&#8217;s remarks followed Trump&#8217;s lawsuit against the media house CBS, accusing the network of election interference due to the alleged deceptive editing of an interview with then-Vice President Kamala Harris. CBS has refuted any dishonest editing and is currently in mediation with Trump&#8217;s team.
This lawsuit has triggered significant changes within CBS, including the exit of &#8220;60 Minutes&#8221; producer Bill Owens. This development comes as CBS&#8217;s parent company, Paramount Global, is in the process of seeking approval for a merger with Skydance.
Also Read: <a href="https://www.benzinga.com/news/25/05/45601025/trumps-mar-a-lago-neighbor-lists-home-for-12-5-million-32-times-original-price">Trump&#8217;s Mar-a-Lago Neighbor Lists Home for $12.5 Million — 32 Times Original Price</a>
During the <a href="https://podcasts.apple.com/us/podcast/the-bill-simmons-podcast/id1043699613">podcast</a>, Stewart also highlighted&nbsp;the potential $50 million settlement&nbsp;from the CBS lawsuit, drawing parallels with other large amounts Trump has received, such as the&nbsp;$40 million deal between Amazon&nbsp;and First Lady Melania Trump&nbsp;for a documentary,&nbsp;and the $15 million ABC&nbsp;News paid to Trump in&nbsp;a defamation suit.
Stewart criticized&nbsp;media companies settling with the&nbsp;president, calling it an &#8220;awful precedent,&#8221; and expressed worry about what Trump&#8217;s subsequent actions might be.
Why It Matters: Stewart&#8217;s concerns reflect the growing unease among some sections of the public regarding the influence of media companies and billionaires on political figures. The potential implications of Trump&#8217;s lawsuits and the subsequent settlements could set a precedent for future interactions between media companies and political figures. 
Furthermore, the ongoing legal battles and their outcomes could have significant impacts on the media landscape and the political climate in the United States.
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Image: Shutterstock/Darwin Brandis

News

Politics

Jon Stewart: Trump Is a 'King' Accepting 'Tributes' From Billionaires

These large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol class="wp-block-list">
<li>IonQ, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>) stock jumped 30.58% after CEO Niccolo de Masi made bold statements <a href="https://www.benzinga.com//node/45576711" target="_blank" rel="noreferrer noopener">comparing the company&#8217;s trajectory</a> to that of Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).</li>
<li>United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) shares increased by 28.90%. Nippon Steel Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>) has pledged to invest $14 billion <a href="https://www.benzinga.com//node/45510183" target="_blank" rel="noreferrer noopener">in the company&#8217;s</a><a href="https://www.benzinga.com//node/45510183" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.benzinga.com//node/45510183" target="_blank" rel="noreferrer noopener">operations</a>.</li>
<li>CoreWeave, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) shares escalated 27.95%, driven by recent developments <a href="https://www.benzinga.com//node/45570628" target="_blank" rel="noreferrer noopener">and analysts price revisions</a>.</li>
<li>Amer Sports, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AS#NYSE">AS</a>) shares rose 18.95% after the company reported first-quarter FY25 results, and analysts <a href="https://www.benzinga.com//node/45545012" target="_blank" rel="noreferrer noopener">boosted their forecast on the stock</a>.</li>
<li>Venture Global, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VG#NYSE">VG</a>) stock grew 16.34%.</li>
<li>GameStop Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) shares rose 16.10%, potentially driven by renewed retail enthusiasm and rising crypto market momentum, as Bitcoin (CRYPTO: BTC/USD) <a href="https://www.benzinga.com//node/45569674" target="_blank" rel="noreferrer noopener">hit a record high above $111,000</a>.</li>
<li>Korea Electric Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEP#NYSE">KEP</a>) stock upped 14.54%.</li>
<li>Cameco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCJ#NYSE">CCJ</a>) shares grew 14.47% on reports indicating Trump will sign executive orders to ease regulatory <a href="https://www.benzinga.com//node/45590362" target="_blank" rel="noreferrer noopener">requirements for new reactors</a>.</li>
<li>Ryanair Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RYAAY#NASDAQ">RYAAY</a>) shares increased 12.06%.</li>
<li>Gold Fields Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GFI#NYSE">GFI</a>) stock upped 11.87% as gold and silver prices gained following President Trump&#8217;s EU tariff threat.</li>
<li>Agnico Eagle Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>) stock rose 10.49% as gold and silver prices gained following President Trump&#8217;s EU tariff threat.</li>
</ol>
Image Via Shutterstock

Equities

Large Cap

Movers

CRWV

IONQ

NPSCY

NVDA

RYAAY

GameStop, IonQ, And CoreWeave Are Among Top 11 Large-Cap Gainers Last Week (May 19-May 23): Are The Others In Your Portfolio?

The past week in tech has been a whirlwind of AI-related news. From Marc Andreessen&#8217;s optimistic outlook on AI&#8217;s economic potential to Mark Cuban&#8217;s skepticism about corporate adoption, the conversation around artificial intelligence is heating up. In the meantime, Oracle is making big investments in Nvidia&#8217;s AI chips, Alphabet is leveraging AI for Google Search dominance, Microsoft and Nvidia are deepening their supercomputing alliance, and Elon Musk&#8217;s Grok AI is raising eyebrows in government agencies. Here&#8217;s a recap of the top stories.
Andreessen&#8217;s AI Optimism Meets Cuban&#8217;s Corporate Realism&nbsp;&#8211; Venture capitalist&nbsp;Marc Andreessen&nbsp;has previously touted AI as a potential economic catalyst, a viewpoint that billionaire entrepreneur&nbsp;Mark Cuban&nbsp;has challenged, citing corporate resistance to freely allowing AI to flourish.&nbsp;<a href="https://www.benzinga.com/tech/25/05/45560085/marc-andreessen-once-predicted-that-ai-could-save-the-economy-but-mark-cuban-thinks-corporations-will-fight-to-keep-profits-high">Read the full article here.</a>
Oracle&#8217;s $40 Billion AI Investment &#8211; Tech giant Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) is reportedly planning to spend a whopping $40 billion on 400,000 of Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) GB200 AI &#8220;superchips&#8221; for a new data center in Texas, part of a massive AI infrastructure project. <a href="https://www.benzinga.com/markets/equities/25/05/45599854/oracle-to-spend-40-billion-on-nvidia-gb200-chips-for-openais-texas-data-center-report">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/25/05/45582499/gary-black-slams-teslas-unsupervised-autonomous-driving-ahead-of-austin-robotaxi-launch-i-have-warned" target="_blank" rel="noreferrer noopener">Gary Black Slams Tesla&#8217;s Unsupervised Autonomous Driving Ahead Of Austin Robotaxi Launch: &#8216;I Have Warned&#8230;&#8217;</a>
Alphabet&#8217;s AI-Driven Google Search Dominance &#8211; Analysts are optimistic about the potential impact of new products and features from Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) following the company&#8217;s I/O developer conference, seeing AI disruption as a tailwind for the tech giant. <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45548615/alphabet-well-positioned-for-google-search-dominance-analyst-says-can-navigate-the-shift-to-ai-search">Read the full article here.</a>
Microsoft and Nvidia&#8217;s Supercomputing Alliance &#8211; Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Nvidia Corp. are expanding their supercomputing partnership, with CEOs Satya Nadella and Jensen Huang touting a &#8220;40x speed-up&#8221; in Azure-powered AI infrastructure. <a href="https://www.benzinga.com/markets/equities/25/05/45510847/jensen-huang-satya-nadella-tout-40x-speed-up-in-azure-powered-ai-as-microsoft-nvidia-deepen-supercomputing-alliance">Read the full article here.</a>
Musk&#8217;s Grok AI Raises Privacy Concerns&nbsp;&#8211;&nbsp;Elon Musk&#8217;s&nbsp;AI chatbot, Grok, is reportedly being deployed across U.S. government agencies, raising concerns about potential privacy law breaches and conflicts of interest.&nbsp;<a href="https://www.benzinga.com/25/05/45599514/elon-musks-grok-ai-is-quietly-being-deployed-across-us-government-agencies-experts-warn-it-could-breach-privacy-laws-and-create-serious-conflicts-of-interest-report">Read the full article here.</a>
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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/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>
Photo courtesy: jamesonwu1972 / Shutterstock.com

Tech

Media

GOOGL

MSFT

ORCL

Musk's Grok Scrutinized, Oracle Bets Big On Nvidia, Google Doubles Down On Search: This Week In Artificial Intelligence

As <a href="https://www.benzinga.com/news/25/05/45473268/elon-musk-calls-it-painful-and-difficult-why-teslas-full-self-driving-buyers-may-need-a-surprise-hardware-swap">self-driving cars</a> inch closer to the mainstream, one of the biggest unanswered questions isn't just how they'll navigate traffic—but how they'll reshape risk. If there's no driver behind the wheel, is it still "driver error"? And if the software crashes, will the insurer or the carmaker pick up the tab?
Earlier this month at the Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>, BRK.B)) annual shareholders meeting, that question was posed to Warren Buffett and Ajit Jain, the company's vice chairman of insurance.
"Wouldn't what we call <a href="https://www.benzinga.com/personal-finance/25/01/43030050/warren-buffett-says-insurance-is-the-most-important-business-and-the-engine-driving-berkshires-success-since-1967">auto insurance today </a>just become product liability for autonomous vehicles and autonomous software companies?" the attendee asked.
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Ajit answered first, laying it out clearly:
"There's no question that insurance for automobiles is going to change dramatically once self-driving cars become a reality," he said.&nbsp;
"Most of the insurance that is sold and bought revolves around operator errors… To the extent these new self-driving cars are more safe and are involved in fewer accidents, that insurance will be less required. Instead, it'll be substituted by, as you mentioned, product liability."
He confirmed that Geico and other insurers are already trying to prepare for the shift—from covering human mistakes to covering technology failures.
"We move from providing insurance for operator errors and be more ready to provide protection for product errors and errors and omissions in the construction of these automobiles," he said.
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Buffett followed up with a bigger-picture take on how Berkshire thinks about change—across all its businesses.
"We expect change in all our businesses," Buffett said. "If the game didn't change at all, it really wouldn't be very interesting."
He compared the need for change to sports: if every swing in baseball resulted in a home run, or every golf shot became a hole-in-one, the game wouldn't be worth playing. Challenges keep it engaging—and thinking through those challenges is part of what keeps companies and people sharp.
"Your brain would turn to mush if you didn't have a few problems now and then," he added.
Buffett acknowledged that while auto insurance will change, it's striking how little it has changed so far. He noted how transportation itself evolved drastically over the last two centuries, and no one really knows how it will look in the next hundred years.
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But while driving deaths have dropped dramatically—from six per 100 million miles driven to just over one—insurance costs have skyrocketed. He recalled walking into Geico's office in 1950 when the average policy cost was "around 40 bucks a year." Now? It's not unusual to see policies climb into the $2,000+ range—and higher in urban areas.
Jain chimed back in with one more important point: autonomous driving might reduce accidents overall, but it <a href="https://www.benzinga.com/personal-finance/25/01/43083417/charlie-munger-said-he-and-warren-buffett-skip-insurance-and-all-rich-should-too-i-can-so-easily-rebuild-a-house-that-would-burn-down">doesn't mean insurance will get cheaper</a>.
"The number of accidents will drop dramatically because of automatic driving," he said. "But on the other hand, the cost per repair every time there's an accident will go up very significantly because of the amount of technology that's going into the car."
So while Geico and others may sell fewer policies for human error, the cost of insuring the tech itself could be just as complex—if not more.
Buffett closed the conversation with a philosophical note about change and uncertainty:
"You deal with the world as it develops. You never reach an answer in this business—you reach a point of action that you take."
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Image: Midjourney

Warren Buffett Was Asked If Self-Driving Cars Will Shift Insurance To 'Product Liability' — 'There's No Question… It's Going to Change Dramatically'

President&nbsp;Donald Trump&nbsp;just fired a policy warning shot toward Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), reiterating that he expects the company to manufacture iPhones sold in the U.S. domestically, not in India or anywhere else. If not, he warns, a 25% tariff <a target="_blank" href="https://www.benzinga.com/government/regulations/25/05/45586328/itariff-threat-trump-turns-up-the-heat-but-apples-chart-still-holds-the-line" rel="noreferrer noopener">could be slapped on the tech giant</a>.
The U.S. Department of Transportation (DOT) is expected to declare that Corporate Average Fuel Economy or CAFE regulations implemented under the previous Biden administration exceeded <a target="_blank" href="https://www.benzinga.com/25/05/45514932/us-transportation-secretary-says-the-biden-administration-exceeded-legal-authority-to-include-evs-in-cafe-regulations-report" rel="noreferrer noopener">the government&#8217;s legal authority</a>.
Technology
Apple poached&nbsp;Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)-owned&nbsp;Google&#8217;s&nbsp;AI chief&nbsp;John Giannandrea. However, the tech giant is still struggling to catch up <a target="_blank" href="https://www.benzinga.com/media/25/05/45486193/why-is-apple-still-behind-on-ai-expert-dissects-reasons-behind-iphone-maker-lagging-likes-of-microsoft-and-amazon-despite-poaching-googles-ai-chief" rel="noreferrer noopener">in the artificial intelligence race</a>.
Apple&nbsp;reportedly plans to launch AI-powered smart glasses in late 2026 to compete with&nbsp;<a target="_blank" href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do" rel="noreferrer noopener">Meta Platforms, Inc.&#8217;s</a><a target="_blank" href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do" rel="noreferrer noopener">&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Ray-Bans</a>.
Meta&#8217;s&nbsp;Instagram is reportedly testing a new referral program that pays creators for driving traffic and sign-ups, <a target="_blank" href="https://www.benzinga.com/media/25/05/45510687/instagram-is-offering-creators-up-to-20000-to-bring-new-users-to-the-mark-zuckerberg-led-platform-heres-the-nitty-gritty" rel="noreferrer noopener">with&nbsp;payouts as high&nbsp;as $20,000</a>.
Meta CEO&nbsp;Mark Zuckerberg&nbsp;had once criticized the proprietary AirPods protocol of&nbsp;Apple, advocating for it to be <a target="_blank" href="https://www.benzinga.com/markets/25/05/45564798/mark-zuckerberg-once-vented-why-apple-airpods-have-no-competition-one-of-the-protocols-that-they-used" rel="noreferrer noopener">made accessible to competitors</a>.
Alphabet&#8216;s&nbsp;autonomous driving service&nbsp;Waymo&#8216;s CEO,&nbsp;Tekedra Mawakana,&nbsp;has shared her thoughts on the LiDAR vs Camera-based <a target="_blank" href="https://www.benzinga.com/tech/25/05/45585674/waymo-ceo-takes-aim-at-teslas-camera-only-approach-you-have-to-be-able-to-have-this-vision-thats-better-than-humans" rel="noreferrer noopener">system debate for autonomous driving</a>.
Alphabet&#8216;s Robotaxi&nbsp;Waymo&nbsp;has announced it reached the 10 million paid Robotaxi rides milestone, doubling its lifetime <a target="_blank" href="https://www.benzinga.com/25/05/45539621/tesla-robotaxi-rival-waymo-reaches-10-million-paid-rides-milestone-as-robotaxis-step-into-the-spotlight" rel="noreferrer noopener">total in a period of 5 months</a>.
A federal judge ruled that&nbsp;Google and AI startup&nbsp;Character.AI must face a wrongful death lawsuit filed by a Florida mother who claims the chatbot encouraged her <a target="_blank" href="https://www.benzinga.com/tech/25/05/45558772/google-and-character-ai-sued-after-teen-dies-following-interaction-with-game-of-thrones-themed-chatbot-judge-says-free-speech-defense-not-acceptable" rel="noreferrer noopener">teenage son to take his own life</a>.
Google's latest AI model is wowing the internet with near-realistic video generation—but for now, it&#8217;s locked <a target="_blank" href="https://www.benzinga.com/25/05/45560919/everyones-losing-their-minds-over-googles-veo-3-ai-videos-and-everyones-also-annoyed-they-cant-actually-use-it-yet-here-are-some-wild-examples-of-the-magic-this-model-can-create" rel="noreferrer noopener">behind an expensive subscription</a>.
Nvidia Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO&nbsp;Jensen Huang&#8217;s&nbsp;return to his native Taiwan for Computex 2025 has sparked a wave of &#8220;Jensanity,&#8221; with fans treating the <a target="_blank" href="https://www.benzinga.com/media/25/05/45487329/nvidias-jensen-huang-gets-rockstar-welcome-in-taiwan-pop-up-merch-screaming-fans-and-jet-parking-drama" rel="noreferrer noopener">AI pioneer like a celebrity</a>.
David Sacks, a tech investor and White House AI advisor, said that he believes the science fiction world created by&nbsp;Isaac Asimov is about to become reality, after&nbsp;Nvidia CEO stated that humanoid robots could fill <a target="_blank" href="https://www.benzinga.com/tech/25/05/45511786/trump-ai-czar-says-sci-fi-future-imagined-by-issac-asimov-is-here-after-nvidia-ceo-jensen-huang-observes-world-needs-millions-of-new-workers" rel="noreferrer noopener">the significant global labor shortage</a>.
Automobiles &amp; Airlines
Future Fund LLC&#8216;s managing director,&nbsp;Gary Black,&nbsp;says that analysts may be expecting too much from&nbsp;Tesla Inc.‘s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) <a target="_blank" href="https://www.benzinga.com/25/05/45488706/gary-black-thinks-expectations-for-teslas-robotaxi-launch-are-too-high-currently-teslas-autonomy-cant" rel="noreferrer noopener">June Robotaxi launch in Austin</a>.
Rivian Automotive Inc.&#8216;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) software chief&nbsp;Wassym Bensaid&nbsp;praised the&nbsp;Tesla rival&#8217;s partnership with German Automaker&nbsp;Volkswagen AG&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) as the company <a target="_blank" href="https://www.benzinga.com/markets/25/05/45490934/rivians-software-chief-hails-volkswagen-partnership-says-german-automaker-gained-startup-dna-ahead-of-budget-ev-launch" rel="noreferrer noopener">prepares to launch its budget EV</a>.
Ford Motor Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) will reportedly let&nbsp;Nissan Motor Co. Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANF#OTC">NSANF</a>) use part of its flagship <a target="_blank" href="https://www.benzinga.com/25/05/45562915/ford-will-let-nissan-use-part-of-kentucky-battery-factory-could-this-be-a-scaling-back-on-ev-ambitions" rel="noreferrer noopener">Kentucky battery manufacturing plant</a>.
Tesla CEO&nbsp;Elon Musk&nbsp;returned to his&nbsp;Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) roots, joining CEO&nbsp;Satya Nadella&nbsp;at "Build 2025" to&nbsp;announce the integration&nbsp;of&nbsp;xAI&#8217;s Grok&nbsp;into Azure — a full-circle moment for the tech billionaire <a target="_blank" href="https://www.benzinga.com/tech/25/05/45510245/elon-musk-was-once-a-microsoft-intern-now-his-company-is-bringing-grok-to-azure-incredibly-important-for-ai-to-be-grounded-in-reality-xai-ceo-tells-satya-nadella" rel="noreferrer noopener">who once interned at the software giant</a>.
Elon Musk&nbsp;has shared a major Neuralink update at the Qatar Economic Forum with the Neurotechnology company&#8217;s Brain-Chip Interface Blindsight <a target="_blank" href="https://www.benzinga.com/25/05/45538889/elon-musk-shares-major-neuralink-update-at-qatar-economic-forum" rel="noreferrer noopener">set for its maiden trial next year</a>.
Chinese EV giant&nbsp;BYD Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) has launched its best-selling all-electric hatchback <a target="_blank" href="https://www.benzinga.com/markets/25/05/45560953/byds-europe-pivot-in-full-swing-with-new-26000-affordable-ev-amid-tesla-sales-slump" rel="noreferrer noopener">Seagull&#8217;s updated version in Europe</a>.
Southwest Airlines Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) has announced that all passengers will be required to keep portable chargers in plain sight <a target="_blank" href="https://www.benzinga.com/25/05/45541427/southwest-airlines-announces-passengers-must-keep-portable-chargers-in-plain-sight-amid-fears-of-lithium-battery-fires" rel="noreferrer noopener">when in use for safety reasons</a>.
Entertainment
Walt Disney Co.&nbsp;filed a lawsuit against&nbsp;YouTube, a subsidiary of&nbsp;Alphabet Inc.&#8217;s&nbsp;Google&nbsp;to stop the appointment of former&nbsp;ESPN&nbsp;executive&nbsp;Justin Connolly&nbsp;as its new global head of media and sports, alleging breach of contract, unfair competition and interference <a target="_blank" href="https://www.benzinga.com/news/legal/25/05/45579755/disney-sues-youtube-to-block-hiring-of-former-espn-executive-justin-connolly-amid-sports-streaming-turf-war" rel="noreferrer noopener">with a contractual relationship</a>.
Walt Disney Co.&#8217;s&nbsp;Marvel Studios&nbsp;has delayed the theatrical release of &#8220;Avengers: Doomsday&#8221; from May 1, 2026, to Dec. 18, 2026, while &#8220;Avengers: Secret Wars&#8221; will now debut on Dec. 17, 2027, <a target="_blank" href="https://www.benzinga.com/general/entertainment/25/05/45581252/marvel-delays-robert-downey-jr-starrer-avengers-doomsday-and-secret-wars-to-december-2026-but-disney-has-a-summer-blockbuster-in-store" rel="noreferrer noopener">instead of May 7, 2027</a>.
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Consumer Tech News (May 19-May 23): Trump Warns Apple Of 25% Tariff if Manufactured Overseas, Disney Sues YouTube & More

The past week was a whirlwind of events in the business world. From new safety policies at Southwest Airlines to the seizure of Boeing aircraft tires by Polish authorities, and even a visit to Tesla&#8217;s Gigafactory by the U.S. Transportation Secretary.
Let&#8217;s dive into the details.
Southwest Airlines&#8217; New Safety Policy
In a bid to prevent lithium battery fires mid-flight, Southwest Airlines has mandated that passengers keep their portable chargers in plain sight while in use. This policy change will take effect from May 28, 2025.
<a href="https://www.benzinga.com/25/05/45541427/southwest-airlines-announces-passengers-must-keep-portable-chargers-in-plain-sight-amid-fears-of-lithium-battery-">Read the full article here.</a>
Polish Seizure of Boeing Tires
Poland&#8217;s National Revenue Administration confiscated over 5 metric tons of tires for Boeing civilian aircraft. The seizure was due to suspicions of the tires being transported through Russia, which is currently under Western sanctions.
<a href="https://www.benzinga.com/news/25/05/45492795/polish-authorities-seize-boeing-aircraft-tires-citing-european-union-sanctions-on-russia-report">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/25/05/45559524/gary-black-calls-tesla-rival-baidus-apollo-go-autonomous-ride-leader-following-eleven-million-paid-robotaxi-rides-milestone" target="_blank" rel="noreferrer noopener">Gary Black Calls Tesla Rival Baidu&#8217;s Apollo Go &#8216;Autonomous Ride Hailing Leader&#8217; Following Eleven Million Paid Robotaxi Rides Milestone</a>
Transportation Secretary&#8217;s Visit to Tesla Gigafactory
U.S. Transportation Secretary Sean Duffy paid a visit to Tesla&#8217;s Gigafactory in Austin, Texas, where he was accompanied by CEO Elon Musk. Duffy expressed his excitement about the future of autonomous vehicles and Tesla&#8217;s role in this technology.
<a href="https://www.benzinga.com/25/05/45536915/transportation-secretary-sean-duffy-visits-elon-musks-tesla-gigafactory-in-austin-hints-at-possible-federal-auton">Read the full article here.</a>
Rivian&#8217;s Partnership with Volkswagen
Wassym Bensaid, the software chief at&nbsp;Rivian Automotive, lauded the company&#8217;s partnership with German Automaker Volkswagen AG. Bensaid believes that the partnership has infused Volkswagen with &#8220;start-up DNA&#8221;.
<a href="https://www.benzinga.com/markets/25/05/45490934/rivians-software-chief-hails-volkswagen-partnership-says-german-automaker-gained-startup-dna-ahead-of-budget-ev-launch">Read the full article here.</a>
Tesla&#8217;s Brand Damage
Cathie Wood, founder of ARK Investment Management LLC, acknowledged that Tesla has suffered brand damage due to CEO Elon Musk&#8217;s close ties with the Donald Trump administration and his activities with DOGE. However, she believes this damage is not long-term.
<a href="https://www.benzinga.com/tech/25/05/45511920/cathie-wood-says-brand-damage-has-happened-for-tesla-but-believes-it-isnt-long-term-tesla-will-have-a-lock">Read the full article here.</a>
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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/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>
Photo courtesy: Ken Wolter / Shutterstock.com

Southwest's New Policy, Polish Seizure Of Boeing Tires And Tesla's Brand Damage: This Week In Mobility

<a href="https://www.benzinga.com/25/05/45437126/us-and-saudi-arabia-deepen-critical-minerals-ties-with-rare-earth-agreement">Saudi Arabia</a> is making a bold move to become a global leader in artificial intelligence. The kingdom's new AI venture, Humain, backed by Saudi Arabia&#8217;s Public Investment Fund, has secured a deal with Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to receive 18,000 of its latest GB300 Blackwell chips, according to<a href="https://www.cnbc.com/2025/05/13/nvidia-blackwell-ai-chips-saudi-arabia.html"> CNBC</a>.
This partnership aims to build a 500-megawatt AI data center, marking a significant step in Saudi Arabia's Vision 2030 plan to diversify its <a href="https://www.benzinga.com/25/04/44852660/warren-buffett-said-the-economy-is-like-a-train-occasionally-they-get-derailed-and-crashes-like-2008-will-happen-but-america-cant-be-stopped">economy</a> and invest in cutting-edge technology, <a href="https://www.youtube.com/watch?v=GL6jU35oGsA&amp;t=2s&amp;ab_channel=FortuneMagazine">Fortune</a> reports.
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<h2 class="wp-block-heading">Nvidia's Blackwell Chips Power Saudi Arabia's AI Ambitions</h2>
The chip deal was announced on May 13 during the Saudi-U.S. Investment Forum in Riyadh, where Nvidia CEO Jensen Huang praised Saudi Arabia's long-term vision. &#8220;It is an incredible vision, indeed,&#8221; Huang said, referring to the country's plan to build a national AI infrastructure, according to CNBC.
Wedbush Securities analyst Dan Ives told <a href="https://fortune.com/2025/05/14/nvidia-ai-humain-saudi-arabia-front-of-the-line-wedbush-dan-ives/">Fortune</a> that the move places Saudi Arabia at &#8220;the front of the line&#8221; for global chip access, ahead of countries like China. He described the deal as a &#8220;watershed&#8221; moment in the ongoing global AI race.
Humain's data centers, powered by these chips, are expected to host Arabic-language large language models and multimodal AI tools capable of operating across voice, image, and text input. According to<a href="https://www.reuters.com/world/middle-east/saudi-arabia-launches-company-develop-artificial-intelligence-under-pif-2025-05-12/"> Reuters</a>, the aim is to create regionally specific models that can support smart city infrastructure, autonomous logistics, and defense technology.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
<h2 class="wp-block-heading">Multibillion Dollar Collaborations Accelerate Regional Edge</h2>
In addition to Nvidia, other U.S. tech companies are forming strategic partnerships with Humain. Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) <a href="https://ir.amd.com/news-events/press-releases/detail/1250/amd-and-humain-form-strategic-10b-collaboration-to-advance-global-ai">announced</a> Tuesday that it committed to a $10 billion agreement to provide 500 megawatts of AI compute infrastructure. Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Cisco Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) have also <a href="https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2025/m05/cisco-expands-partnership-with-saudi-arabia-to-power-the-ai-future.html">revealed</a> on Tuesday that they signed separate deals to support Humain's cloud and connectivity stack.&nbsp;&nbsp;
Amazon Web Services <a href="https://www.aboutamazon.com/news/company-news/amazon-aws-humain-ai-investment-in-saudi-arabia">announced</a> on May 13 a $5 billion plan to establish a dedicated AI Zone in Saudi Arabia, which includes the deployment of Amazon Bedrock and AWS SageMaker, giving Saudi AI researchers a full stack of tools to scale model training and application development.
The partnerships come as the Trump administration rolls back Biden-era semiconductor export rules. The Commerce Department has ended the &#8220;AI diffusion&#8221; restriction, which previously required special licenses to export advanced AI chips. The policy shift is designed to favor trusted allies while keeping U.S.-made technology away from geopolitical rivals like China, Fortune says.
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<h2 class="wp-block-heading">Saudi Arabia's Push Reshapes Global AI Dynamics</h2>
Humain's rise signals a strategic redirection in the global AI ecosystem. While U.S.-based clients like Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>, GOOGL)) and Amazon still dominate Nvidia's distribution priorities, Fortune reports that Saudi Arabia now joins a short list of preferred global chip recipients, second only to the U.S.
Meanwhile, China has been restricted to using Nvidia's downgraded H20 chips, designed to comply with U.S. export controls but lacking the full performance of Blackwell processors. &#8220;China is the big loser,&#8221; Ives told Fortune, citing both the technology gap and increased trade complications as key disadvantages.
With support from top-tier U.S. tech firms and full government alignment, Saudi Arabia appears positioned to drive the next wave of AI development. As Humain builds out its infrastructure, the world is watching a new power center emerge in the global tech arena.
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$600B AI Opportunity: Nvidia's 18,000-Chip Deal With Saudi Arabia's Humain Puts Middle East 'Front Of The Line,' Says Wedbush's Dan Ives

The past week was a whirlwind of activity in the world of finance and cryptocurrency. From high-profile endorsements to controversial statements, the news cycle was dominated by big names and even bigger claims.
Here&#8217;s a quick recap of the top stories that made headlines.
Kevin O&#8217;Leary Challenges Elizabeth Warren&#8217;s Crypto Stance
Businessman and TV personality&nbsp;Kevin O&#8217;Leary&nbsp;took to social media to voice his disagreement with Senator&nbsp;Elizabeth Warren&nbsp;over the GENIUS Act. The act aims to establish the first U.S. regulatory framework for issuers of stablecoins, a move Warren opposes. O&#8217;Leary labeled her stance as &#8220;un-American&#8221;.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45533976/mr-wonderful-kevin-o-leary-says-elizabeth-warren-taking-an-un-american-position-by-challen">Read the full article here.</a>
Trump-Themed Crypto Contest Yields Big Profits
A recent investigation revealed that a Trump-themed cryptocurrency contest led to significant financial outcomes for participants. Some traders walked away with substantial profits, while others incurred significant losses, all in the pursuit of a private dinner with President&nbsp;Donald Trump.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45489390/crypto-traders-who-secured-a-dinner-with-donald-trump-walked-away-with-major-profits-says-">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/25/05/45556607/bitcoin-clocks-110000-ethereum-dogecoin-extend-gains-experienced-trader-peter-brandt-speculates-btc-to-enter-this-range-by-august-end" target="_blank" rel="noreferrer noopener">Bitcoin Clocks $110,000, Ethereum, Dogecoin Extend Gains: Well-Known Trader Peter Brandt Says BTC Could Gain Another 37% As Soon As August</a>
Anthony Pompliano Predicts Dollar Debasement
Bitcoin advocate&nbsp;Anthony Pompliano&nbsp;expressed his belief that America will not balance its budget, leading to a weaker dollar and a subsequent rise in the prices of financial assets. He stated that the odds of a U.S. balanced budget are now &#8220;near zero&#8221;.
<a href="https://www.benzinga.com/25/05/45558647/anthony-pompliano-says-dollar-debasement-will-skyrocket-asset-prices-says-it-is-now-clear-there-is-a-near-zero-percent-chance">Read the full article here.</a>
Trump&#8217;s Cardano Endorsement Surprises Founder
Cardano&nbsp;founder&nbsp;Charles Hoskinson&nbsp;was taken aback by President Donald Trump&#8217;s decision to include ADA/USD in his personal crypto holdings. Hoskinson called the endorsement a &#8220;pleasant surprise&#8221; that signals Washington&#8217;s changing stance on digital assets.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45543096/why-donald-trump-including-cardano-in-the-crypto-reserve-suprised-even-the-founder-nice-to-see-progress">Read the full article here.</a>
Robert Kiyosaki Foresees Bitcoin Hitting $250,000
Robert Kiyosaki, author of the best-selling book &#8220;Rich Dad Poor Dad,&#8221; predicts a significant surge in Bitcoin&#8217;s value, attributing it to a potential collapse of the central bank system. He expressed his belief that gold, silver, and Bitcoin will continue to appreciate.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45485038/robert-kiyosaki-predicts-bitcoin-to-reach-250000-buy-more-do-not-sell">Read the full article here.</a>
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<li><a href="https://benzinga.com/markets/cryptocurrency/25/05/45570094/anthony-scaramucci-says-thin-supply-is-driving-bitcoin-to-new-all-time-highs" target="_blank" rel="noreferrer noopener">Anthony Scaramucci Says Thin Supply Is Driving Bitcoin To New All-Time Highs</a></li>
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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/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>
Photo courtesy: Shutterstock

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

Cryptocurrency

Kevin O'Leary Takes On Elizabeth Warren, Trump's Dinner Dates And Big Predictions: This Week In Crypto

If you've ever gone through a divorce — or know someone who has — you know the paperwork can feel endless. Between lawyers, court dates, and property settlements, it's easy to sign something just to move on.&nbsp;
But according to financial expert Dave Ramsey, there's one move divorcing men should never make without a second thought — and your lawyer might not be waving the red flag.
In a <a href="https://www.facebook.com/reel/992233353064311/?mibextid=rS40aB7S9Ucbxw6v">Facebook post from his official account last week</a>, Ramsey issued a no-nonsense warning:
"Most divorce attorneys make a huge legal error. I'm calling you boys and girls out."
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He's talking about the all-too-common situation where the wife keeps the house — often because she's raising the kids — and the husband signs over <a href="https://www.benzinga.com/personal-finance/25/03/44067520/should-we-deed-the-house-to-them-or-have-them-pay-rent-couple-seeks-dave-ramseys-advice-on-parents-moving-into-a-house-they-own">ownership through a quitclaim deed</a>. But while the man gives up his rights to the property, the mortgage in his name stays exactly where it is: on his credit report.
Ramsey breaks it down like this:
"Husband and wife get divorced. There's a $260,000 mortgage. Husband doesn't get to keep the house. Wife is gonna get the house because the kids are living in the house and the divorce attorney says, ‘Well, just part of the settlement is you're going to <a href="https://www.benzinga.com/money/what-is-a-quitclaim-deed">quitclaim your half of ownership</a> to her.' So he fills out a one-page quitclaim as part of the divorce decree — boom. But guess what? Husband still has a $260,000 mortgage."
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
Fast-forward five years. The <a href="https://www.benzinga.com/real-estate/24/12/42361253/11-of-all-home-sales-are-to-unmarried-couples-who-are-choosing-monetary-stability-over-marriage-and-using-real-estate-to-do-it">man wants to remarry and buy a house</a>. But guess what?
"Can't do it. Still got a $260,000 mortgage in his ex-wife's name. She owns the property but he's still got the mortgage. Dumb."
Ramsey's advice? Make it clear in the divorce agreement that if one spouse is keeping the house, they need to either refinance and remove the other person's name — or sell it outright.
"You're getting a divorce and doing a quitclaim deed — force a refinance or force the sale of the house. One of the two."
He adds that this mistake happens constantly because divorce attorneys are just doing what's easy. "It's easy, but it's wrong," Ramsey says.
See Also: Nancy Pelosi Invested $5 Million In An AI Company Last Year — <a href="https://www.benzinga.com/money/elf-labs-ym?v=123">Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000.</a>
So what happens if the divorce decree says the husband must continue paying the mortgage — or the wife can't refinance on her own?
While Ramsey doesn't address that directly, here are a few common facts to consider:
<ul class="wp-block-list">
<li>A divorce decree does not remove someone from a mortgage. Only refinancing or paying it off can do that.</li>
<li>If one spouse stops making payments, <a href="https://www.bankrate.com/mortgages/what-to-know-about-divorce-and-mortgage/">the lender can go after whoever is still on the loan</a> — regardless of who lives there.</li>
<li>Courts may order one spouse to make payments, but that doesn't stop late payments from hurting both credit scores. </li>
</ul>
Bottom line? Don't assume signing over a house means you're free and clear. As Ramsey puts it, skipping the refinance is a "huge mistake" — and one that could quietly wreck your financial future long after the ink on the divorce papers dries.&nbsp;
Of course, not every divorce looks the same. What's possible depends on your specific agreement — and sometimes, your options are limited.
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share!</a></li>
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Image: shutterstock

'She Owns The Property But He's Still Got The Mortgage' — Dave Ramsey Says This 'Huge Mistake' During A Divorce Could Haunt Men For Years

It was an eventful week for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), with a slew of developments making headlines. From a major expansion in India to a strategic price hike in China, the tech giant has been making some bold moves. Here&#8217;s a quick recap of the top stories that unfolded over the weekend.
Apple Forges Ahead with $1.5 Billion India Expansion
Despite a warning from President Trump, Apple is reportedly advancing its supply chain expansion in India via its primary manufacturing partner, Foxconn, also known as Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHAF#OTC">HNHAF</a>). Foxconn is planning to invest $1.5 billion in a new display module plant near Chennai, India, which will assemble screen components for iPhones. <a href="https://www.benzinga.com/news/global/25/05/45582261/despite-trumps-warning-to-tim-cook-apple-moves-ahead-with-1-5-billion-india-expansion-via-foxconn-to-boost-iphone-production-report">Read the full article here.</a>
Apple Raises iPhone Trade-In Prices in China
In a bid to boost sales in China, Apple has increased the trade-in prices for iPhones. This move comes amid intensifying competition from local rivals. The trade-in value for the iPhone 15 Pro Max has been raised to 5,700 Chinese yuan ($791), up from 5,625 yuan ($780.78).&nbsp;<a href="https://www.benzinga.com/markets/25/05/45585977/apple-raises-iphone-trade-in-prices-in-china-to-fend-off-huawei-xiaomi-amid-lagging-sales">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/25/05/45582499/gary-black-slams-teslas-unsupervised-autonomous-driving-ahead-of-austin-robotaxi-launch-i-have-warned" target="_blank" rel="noreferrer noopener">Gary Black Slams Tesla&#8217;s Unsupervised Autonomous Driving Ahead Of Austin Robotaxi Launch: &#8216;I Have Warned&#8230;&#8217;</a>
Apple Will Likely Absorb iPhone Tariff Rather Than Move Production to the US
Following President Trump&#8217;s demand for domestic manufacturing of iPhones or face a 25% tariff, top Apple analyst Ming-Chi Kuo stated that Apple is unlikely to relocate its assembly lines back to the U.S., even under political pressure. According to Kuo, it&#8217;s more profitable for Apple to absorb the tariff.&nbsp;<a href="https://www.benzinga.com/markets/25/05/45599817/apple-would-rather-absorb-a-25-iphone-tariff-than-move-production-to-the-us-says-analyst-no-guarantee-they-wont-face-repeated-tariff-threats-during-his-term">Read the full article here.</a>
Apple&#8217;s AI Smart Glasses Launch Expected Next Year
Apple is reportedly planning to launch AI-powered smart glasses in late 2026 to compete with Meta Platforms, Inc.&#8217;s Ray-Bans. The company has increased efforts to start mass production of prototypes by the end of this year with overseas suppliers.&nbsp;<a href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do">Read the full article here.</a>
Apple Faces Threat from OpenAI&#8217;s Acquisition
Gene Munster, Managing Partner at Deepwater Asset Management, warned that OpenAI represents a serious competitive threat to Apple following the AI company's $6.5 billion acquisition of former Apple design chief Jony Ive‘s hardware startup.&nbsp;<a href="https://www.benzinga.com/markets/equities/25/05/45560144/apple-faces-first-serious-threat-in-20-years-as-openai-acquires-iphone-makers-former-design-chief-jony-ives-hardware-startup-says-gene-munster">Read the full article here.</a>
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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/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>
Photo courtesy: jamesteohart / Shutterstock.com

HNHAF

Trump's 25% Tariffs, India Expansion, Trade-In Price Hike, And More: This Week In Appleverse

The past week has been a rollercoaster ride, with billionaires celebrating, banking moguls issuing warnings, and TV personalities pushing back. From the passing of President Donald Trump&#8217;s controversial tax package to the rising tensions over trade policy, the week was filled with significant developments.
Here&#8217;s a quick recap of the top stories.
Warren Accuses Bezos And Musk Of Celebrating Tax Package
Senator&nbsp;Elizabeth Warren&nbsp;(D-Mass.) criticized President Trump&#8217;s $3.8 trillion tax package, accusing billionaires&nbsp;Jeff Bezos&nbsp;and&nbsp;Elon Musk&nbsp;of celebrating its passing. The House approved the legislation with a narrow margin of 215-214. Warren referred to the bill as a &#8220;big tax handout for billionaires,&#8221; funded by stripping 14 million people of their health insurance.
<a href="https://www.benzinga.com/general/health-care/25/05/45582300/elizabeth-warren-says-jeff-bezos-and-elon-musk-are-popping-champagne-as-house-passes-trumps-b">Read the full article here.</a>
Dimon Predicts S&amp;P Earnings Could Fall To 0%
Jamie Dimon, CEO of&nbsp;JPMorgan Chase &amp; Co., warned that Wall Street&#8217;s expectations for S&amp;P 500 earnings growth could plummet from 12% to 0% due to the impact of tariffs. Dimon, who accurately predicted trouble before the 2008 Lehman Brothers collapse, suggested that equity valuations face downward pressure.
<a href="https://www.benzinga.com/markets/equities/25/05/45535142/jamie-dimon-who-flagged-trouble-before-2008-lehman-brothers-collapse-now-warns-sp-earnings-could-fall-to-0rougher-time-for-markets-says-dan-niles">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/news/global/25/05/45579810/as-trump-xi-jinping-silence-drags-on-china-and-us-reopen-diplomatic-lines-amid-looming-trade-truce-deadline-and-tech-tensions" target="_blank" rel="noreferrer noopener">As Trump-Xi Jinping Silence Drags On, China And US Reopen Diplomatic Lines Amid Looming Trade Truce Deadline And Tech Tensions</a>
Trump&#8217;s $3.8 Trillion Bill Passes House
President Trump&#8217;s $3.8 trillion tax-and-spending package narrowly passed the House of Representatives, causing 30-year Treasury yields to spike to 5.15% — the highest level since October 2023. While the package promises immediate economic stimulus, market analysts warn of significant long-term fiscal consequences.
<a href="https://www.benzinga.com/news/25/05/45581297/trumps-big-beautiful-3-8-trillion-bill-squeaks-through-house-expert-says-it-will-boost-the-economy-in-the-sh">Read the full article here.</a>
O&#8217;Leary Rejects Trump&#8217;s Tariff Absorption Proposal
&#8220;Shark Tank&#8221; investor&nbsp;Kevin O&#8217;Leary&nbsp;dismissed President Trump&#8217;s suggestion that retailers should absorb the costs of tariffs. O&#8217;Leary argued that retailers like&nbsp;Walmart would not bear the financial burden of tariffs, highlighting growing tensions over trade policy.
<a href="https://www.benzinga.com/government/regulations/25/05/45512248/kevin-oleary-pushes-back-on-trumps-call-for-retailers-to-eat-the-tariffs-thats-not-going-t">Read the full article here.</a>
Federal Reserve Should Ignore Rising Yields, Says Shapiro
Following the jump in the 30-year Treasury yield over 5% after Moody's downgrade of the U.S. debt, economist&nbsp;Craig Shapiro&nbsp;suggested that the Federal Reserve should do &#8220;nothing at all&#8221; and let the bond vigilantes do the work.
<a href="https://www.benzinga.com/25/05/45510990/federal-reserve-should-do-nothing-at-all-about-the-rising-yields-says-craig-shapiro-let-the-bond-vigilantes-eat">Read the full article here.</a>
Photo courtesy: Shutterstock
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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/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Economics

Bezos And Musk Celebrate, Dimon Warns And O'Leary Pushes Back: This Week In Economy

The week was abuzz with political and business news, with events that could potentially reshape the landscape of American education, economy, and technology. From the Trump administration&#8217;s controversial decision to revoke Harvard&#8217;s ability to enroll international students to the passage of a massive tax bill, the news cycle was anything but quiet. Here&#8217;s a recap of the major stories.
Harvard&#8217;s International Student Enrollment Revoked
The Trump administration announced on Thursday that it has terminated&nbsp;Harvard University&#8217;s&nbsp;ability to accept international students, impacting current students who must now transfer or risk losing their legal status. Homeland Security Secretary&nbsp;Kristi Noem&nbsp;accused the university of fostering violence, antisemitism, and coordinating with the Chinese Communist Party. Harvard, which had nearly 6,800 international students in the 2024-2025 academic year, called the move illegal and retaliatory.&nbsp;<a href="https://www.benzinga.com/25/05/45578777/trump-administration-revokes-harvards-ability-to-enroll-international-students-kristi-noem-alleges-coordination-with-chinese-communist-party">Read the full article here.</a>
Warren Criticizes Trump&#8217;s Tax Bill
Sen.&nbsp;Elizabeth Warren&nbsp;(D-Mass.) criticized President Donald Trump‘s $3.8 trillion tax package after the House narrowly approved the legislation. She accused billionaires&nbsp;Jeff Bezos&nbsp;and&nbsp;Elon Musk&nbsp;of celebrating while millions face healthcare cuts.&nbsp;<a href="https://www.benzinga.com/general/health-care/25/05/45582300/elizabeth-warren-says-jeff-bezos-and-elon-musk-are-popping-champagne-as-house-passes-trumps-big-beautiful-bill-she-calls-a-handout-to-billionaires">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/politics/25/05/45537630/trump-claimed-qatar-gifted-him-a-400-million-jet-but-insiders-say-the-us-initiated-the-deal" target="_blank" rel="noreferrer noopener">Trump Said Qatar Gifted Him A $400 Million Jet, But Insiders Say The US Initiated The Deal &#8211; Benzinga</a>
Trump&#8217;s Tax Bill Passes House
The U.S. House of Representatives narrowly passed President Donald Trump‘s $3.8 trillion tax-and-spending package on Thursday. The legislation, which Trump called his "big, beautiful" tax bill, now heads to the Senate for approval before the July 4 recess.&nbsp;<a href="https://www.benzinga.com/news/25/05/45581297/trumps-big-beautiful-3-8-trillion-bill-squeaks-through-house-expert-says-it-will-boost-the-economy-in-the-short-term-but-worsen-deficits">Read the full article here.</a>
White House National Security Council Faces Staff Reductions
The White House National Security Council (NSC) has seen a substantial reduction in its workforce as part of President Donald Trump's strategy to trim down the council's size. The staff cuts affected personnel handling critical geopolitical issues, including Ukraine and Kashmir.&nbsp;<a href="https://www.benzinga.com/25/05/45599865/white-house-national-security-council-faces-staff-reductions-as-part-of-major-restructuring-report">Read the full article here.</a>
Musk&#8217;s AI Deployed in US Government Agencies
Elon Musk&#8217;s&nbsp;artificial intelligence chatbot, Grok, is reportedly being quietly used within U.S. government agencies under the direction of his Department of Government Efficiency (DOGE) team. The AI tool, developed by Musk&#8217;s company xAI, is being used to analyze federal data, prepare reports, and assist agency operations.&nbsp;<a href="https://www.benzinga.com/25/05/45599514/elon-musks-grok-ai-is-quietly-being-deployed-across-us-government-agencies-experts-warn-it-could-breach-privacy-laws-and-create-serious-conflicts-of-interest-report">Read the full article here.</a>
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<li><a href="https://benzinga.com/general/health-care/25/05/45582300/elizabeth-warren-says-jeff-bezos-and-elon-musk-are-popping-champagne-as-house-passes-trumps-b" target="_blank" rel="noreferrer noopener">Elizabeth Warren Says Jeff Bezos And Elon Musk &#8216;Are Popping Champagne&#8217; As House Passes Trump&#8217;s &#8216;Big, Beautiful Bill&#8217; She Calls A Handout To Billionaires</a></li>
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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/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>
Photo courtesy: Joey Sussman / Shutterstock.com

Trump's Tax Bill, Harvard's International Student Ban, And Musk's AI In Government: This Week In Politics

These large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol class="wp-block-list">
<li>Fair Isaac Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FICO#NYSE">FICO</a>) shares declined 23.05% due to comments from Bill Pulte, director of the Federal Housing Finance Agency. He expressed concerns over the company's decision to raise its wholesale <a href="https://www.benzinga.com//node/45567740" target="_blank" rel="noreferrer noopener">royalty fees for credit scores.</a></li>
<li>Deckers Outdoor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DECK#NYSE">DECK</a>) stock tumbled 21.00% after the company reported fourth-quarter earnings and <a href="https://www.benzinga.com//node/45591758" target="_blank" rel="noreferrer noopener">analysts downgraded the stock</a>.</li>
<li>Booz Allen Hamilton Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) shares plummeted 16.32% after it reported <a href="https://www.benzinga.com//node/45587393" target="_blank" rel="noreferrer noopener">fiscal fourth-quarter results</a>.</li>
<li>Copart, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>) shares decreased 15.93% after reporting a <a href="https://www.benzinga.com//node/45574729" target="_blank" rel="noreferrer noopener">third-quarter revenue miss</a>.</li>
<li>Hims &amp; Hers Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIMS#NYSE">HIMS</a>) stock declined 15.19% as the U.S. Food and Drug Administration's (FDA) ban on compounded drugs <a href="https://www.benzinga.com//node/45567780" target="_blank" rel="noreferrer noopener">with semaglutide takes effect</a>.</li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock fell 13.13%. the company announced that it is now taking orders for enterprise AI systems with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) RTX PRO 6000 <a href="https://www.benzinga.com//node/45490921" target="_blank" rel="noreferrer noopener">Blackwell Server Edition GPUs</a>.</li>
<li>Workday, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) shares dipped 12.83% after it reported its fiscal first-quarter results and <a href="https://www.benzinga.com//node/45591957" target="_blank" rel="noreferrer noopener">analysts revised the price forecast</a>.</li>
<li>Burlington Stores, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BURL#NYSE">BURL</a>) shares were down 12.73%. The stock fell on pin action with Ross Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>), which issued second-quarter <a href="https://www.benzinga.com//node/45576055" target="_blank" rel="noreferrer noopener">EPS guidance below estimates</a>.</li>
<li>Aurora Innovation, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUR#NASDAQ">AUR</a>) stock fell 11.34% last week after Uber Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) announced plans to monetize part of its stake in the autonomous vehicle company through a $1 billion <a href="https://www.benzinga.com/news/offerings/25/05/45393539/aurora-innovation-stock-drops-after-the-bell-whats-going-on" target="_blank" rel="noreferrer noopener">conver</a><a href="https://www.benzinga.com//node/45414625" target="_blank" rel="noreferrer noopener">t</a><a href="https://www.benzinga.com/news/offerings/25/05/45393539/aurora-innovation-stock-drops-after-the-bell-whats-going-on" target="_blank" rel="noreferrer noopener">ible note offering</a>.</li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) stock fell 11.25% last week after the House <a href="https://www.benzinga.com//node/45568107" target="_blank" rel="noreferrer noopener">passed a tax bill</a> to end clean energy credits.</li>
</ol>
Photo via Shutterstock

BURL

CPRT

DECK

FICO

FSLR

Hims & Hers Health, Inc. Class A Common Stock

HIMS

ROST

SMCI

UBER

WDAY

Super Micro Computer, Hims & Hers And Aurora Innovation Are Among Top 10 Large-Cap Losers Last Week (May 19-May 23): Are The Others In Your Portfolio?

A car is a depreciating asset that loses value the moment you take it out of the dealer's lot. While some people view a car as nothing more than a method of transportation, others want to spend some extra money on a fun vehicle.
A 27-year-old is considering making this type of purchase and <a href="https://www.reddit.com/r/HENRYfinance/comments/1koen5f/how_much_is_too_much_to_spend_on_a_fun_vehicle/">posted in the HENRY Finance Reddit community</a>. The guy has a $500,000 net worth and maxes out his 401(k) and Roth accounts. He's got $2,400 in monthly expenses, which include rent, and he makes $350,000 per year. That salary does not include his bonus.
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"Feel free to talk me out of this," the 27-year-old suggested while having some reservations about the idea.&nbsp;
Fellow Redditors shared their thoughts in the comments.
<h2 class="wp-block-heading">A Fun Car Can Give You More Motivation</h2>
One commenter has bought fun, expensive cars and encouraged the Redditor to do the same. The commenter stated that buying these types of cars serves as extra motivation. Riding an exotic vehicle can put you in a different mindset. If you want to collect these types of cars, you have to earn more money and be smarter about how you spend the rest of your money.
Buying the car can also make you feel like you are on top of the world. Having that feeling as a 27-year-old and knowing that you have your entire life ahead of you is a great feeling. You will realize you can accomplish a lot in your life and that there is still much for you to do.
Another commenter said they made that type of purchase in their mid-20s and felt empowered by it. However, this same individual is in their 40s and doesn't want a luxury car anymore, despite being out of the "High Earner, Not Rich Yet" category.
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<h2 class="wp-block-heading">It's Easier To Buy A Sports Car When You Don't Have Kids</h2>
The 27-year-old doesn't have many expenses right now. Some people questioned how he's only spending $2,400 per month, including rent. That means he's keeping most of his money, and since he earns a lot, it's much easier to buy an exotic car.&nbsp;
The Redditor could buy this car with cash instead of taking out a loan. That way, interest and regular monthly payments don't eat away at his finances. It looks like he can still max out his retirement accounts and make regular investments in his brokerage account.
However, it gets much harder to buy one of these cars as a parent. You will have other responsibilities and expenses to cover. The Redditor won't always be making $350,000 per year and spending $2,400 per month. The expenses will go up a lot in the future, so if the luxury car is a bucket list item, going for it now may make sense.
See Also: 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>.&nbsp;
<h2 class="wp-block-heading">You Can Afford Anything, But Not Everything</h2>
One Redditor proposed the "afford anything" mentality that Paula Pant recommends. The idea is that you can afford anything, but not everything. If the 27-year-old is all set on a luxury car and doesn't have any other discretionary spending categories, it makes sense to get the car. However, if the Redditor wants to travel more often, he may want to wait before buying a nice car.
It's still good to gauge how much you can afford. One commenter suggested purchasing an $80,000 vehicle instead of a $120,000 vehicle. Cutting down the maximum purchase price can still result in a nice car while allowing the Redditor to save more money.
The luxury car is doable if the 27-year-old maintains low expenses. He may not have this type of opportunity when he starts his family. Buying the car and aggressively saving the rest of his annual salary can still set him up for long-term wealth.
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A 27-Year-Old Redditor Wants To Know How Much Is Too Much To Spend On A Fun Vehicle: 'Feel Free To Talk Me Out Of This'

The U.S. <a href="https://www.benzinga.com/general/education/25/03/44444175/trump-orders-steps-to-dismantle-department-of-education-what-it-means-for-student-loans">Department of Education</a> has resumed involuntary collections on defaulted student loans, ending a five-year pause that began during the COVID-19 pandemic. As of May 5, federal agencies can once again seize income from defaulted borrowers, including garnishing wages, intercepting tax refunds, and taking a portion of Social Security benefits.
The change could directly impact around 452,000 Americans age 62 and older, according to the <a href="https://www.consumerfinance.gov/data-research/research-reports/issue-spotlight-social-security-offsets-and-defaulted-student-loans/">Consumer Financial Protection Bureau</a>. Many of these retirees could see their monthly Social Security checks reduced significantly, in some cases down to just $750, <a href="https://www.forbes.com/sites/shaharziv/2025/05/16/social-security-benefits-could-be-slashed-to-750-under-trumps-student-loan-wage-seizure/">Forbes</a> reports.
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<h2 class="wp-block-heading">From $1,883 to $750: A Sharp Drop in Protected Income</h2>
Under a policy proposed during the Biden administration, borrowers receiving Social Security benefits would have been able to shield up to 150% of the federal poverty line — about $1,883 per month — from student loan garnishment. That protection was never implemented.
Instead, the current policy reverts to a decades-old rule from 1996, which only protects the first $750 of a retiree's monthly Social Security income. Anything above that can be garnished, up to 15% of the total benefit, experts told <a href="https://www.cnbc.com/2025/05/14/social-security-benefits-at-risk-for-defaulted-student-loan-borrowers.html">CNBC</a>. The $750 floor has not been adjusted for inflation, meaning it now falls well below the federal poverty line.
<h2 class="wp-block-heading">Why $750 No Longer Covers the Basics</h2>
Back in 1996, $750 was considered a modest but livable amount for a single retiree. Today, it's about $400 below the monthly poverty line of roughly $1,255. For perspective, even the federal Supplemental Security Income benefit — designed to support low-income seniors — currently pays up to $967 per month.
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Had the exemption amount kept pace with inflation, it would be closer to $1,450 today, according to Forbes. Instead, retirees whose benefits are garnished may now be left with less money than what's required to cover basic needs like rent, groceries, or <a href="https://www.benzinga.com/news/25/05/45389750/trump-claims-drug-price-crackdown-could-slash-your-prescription-costs-by-59-but-will-big-pharma-fight-it-again">prescription medications</a>.
<h2 class="wp-block-heading">How the Policy Shift Happened</h2>
The Biden administration attempted to increase protections for older borrowers, according to the <a href="https://www.nasfaa.org/news-item/35488/Biden_Administration_Releases_Policy_Memo_on_Efforts_to_Prevent_Student_Loan_Default">National Association of Student Financial Aid Admissions</a>. In the final months of his term, Under Secretary of Education James Kvaal proposed raising the garnishment floor to $1,883, with annual inflation adjustments. That change would have significantly reduced or eliminated garnishments for most affected retirees.
However, the Trump administration did not adopt the proposal. Instead, it reinstated the 1996-era garnishment policy. According to the U.S. Department of Education, this move is in line with requirements under the Higher Education Act of 1965 and was made alongside a broader restart of collections on all defaulted loans.
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<h2 class="wp-block-heading">Lawmakers Call for Reform</h2>
As benefit offsets resume, lawmakers and consumer advocates are pushing for legislative changes. Rep. Ayanna Pressley (D-MA) and Sen. Cory Booker (D-NJ) have <a href="https://pressley.house.gov/2025/05/14/pressley-booker-warren-reintroduce-bill-to-suspend-garnishments-for-student-loan-borrowers/">introduced a bill</a> to halt Social Security garnishment for student loan debt. Pressley called the policy "shameful," saying that no one should have their retirement benefits seized to repay old student loans.
Whether the bill gains traction remains uncertain. For now, retirees in default are urged to explore options like income-driven repayment or <a href="https://www.benzinga.com/markets/25/05/45464783/student-loan-payment-tightening-will-prevent-access-to-credit-and-could-have-a-dramatic-effect-on-ho">loan rehabilitation</a> to avoid benefit garnishment. The Federal Student Aid office has expanded support and extended call center hours to assist affected borrowers.
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Social Security Checks Could Shrink For 450,000 Retirees As Government Resumes Seizing Benefits Over Student Loan Defaults

Shaq Owned 155 Five Guys But Had No Clue How To Run Them — So He Turned To A McDonald's Manager Who Hooked Him Up During His NBA Days Into A Partner
Imagine being offered a stake in a booming burger chain and saying yes before you even knew what it was. That's exactly what happened to <a href="https://www.benzinga.com/personal-finance/24/09/40943843/we-aint-rich-im-rich-nba-legend-shaq-says-his-daughters-and-sons-dont-get-equal-treatment-my-boy">Shaquille O'Neal</a>.&nbsp;
In a <a href="https://www.instagram.com/andrewcordle/reel/DCNNlikS5vM/">clip shared to Instagram</a> in November by entrepreneur Andrew Cordle during the Aspire Tour, Shaq recounted the unexpected moment that launched him into the burger business.
"One day a guy came up to me and said, ‘Hey man, I'm starting this thing called Five Guys,'" Shaq recalled. "I was like, ‘What's Five Guys?' He's like, ‘Burgers. I wanna offer you equity in the company, and I wanna give you franchises.' So I say yes, but now I'm like, I don't know sh&#x2A;t about burgers… What do I do?"
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Shaq didn't just need a manager — he needed someone who actually knew the fast food game. So he looked to someone who'd already earned his trust during his NBA days in Orlando: a local McDonald's manager who had always treated him well.
"When I was playing here in Orlando, there was a guy at the McDonald's. He was the manager, and he always took care of me," Shaq said. "Didn't really have the cash to branch out. So I said okay, I already got the plan. I'm gonna take him, I will make him a partner, he's gonna run it."
Not just a thank-you, but a full-on business partnership. And it worked. Shaq said, "We're going to keep it, sell it, or whatever. And it worked out for me. So I think I had 155 Five Guys and he ran it."
Eventually, someone made him an offer he couldn't refuse. "Met a guy one day who wanted to take it off my hands. He showed me the number and I looked at it and was like, you can have it all," Shaq laughed. "You can have the burger, the fries, the lettuce, the shakes."
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What started as a spur-of-the-moment yes turned into a 155-location empire — and all because, as Shaq put it, "I get a lot of opportunities just by being a nice guy."
And being a nice guy has paid off — literally. Today, Shaq's estimated <a href="https://www.benzinga.com/general/sports/25/05/45482493/nba-legend-shaq-once-offered-500k-on-the-spot-to-fulfill-a-promise-to-his-grandmother-and-that-same-mindset-set-the-tone-for-a-500-million-investment-empire">net worth is around $500 million</a>, and his business portfolio is stacked with <a href="https://www.benzinga.com/personal-finance/25/03/44207096/shaq-said-his-krispy-kreme-store-was-likely-burned-down-by-homeless-trying-to-stay-warm-im-not-gonna-be-putting-charges-on-homeless-people">everything from Krispy Kreme and Papa John's</a> to car washes and fitness centers.
But Shaq's brand isn't just about owning franchises — it's about backing brands that connect with everyday people. His strategy? Invest in businesses that change lives. He once said he <a href="https://www.benzinga.com/personal-finance/25/03/44068159/nba-legend-shaq-says-his-net-worth-quadrupled-once-he-took-note-from-jeff-bezos-and-started-investing-in-things-that-change-peoples-lives">took that cue from Amazon founder Jeff Bezos</a>. He looks for companies that offer real value to real people — and that's helped turn him from an NBA legend into a franchise juggernaut.
Shaq may not have known much about burgers, but he's mastered the business of betting on people.
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Shaq Owned 155 Five Guys But Had No Clue How To Run Them — So He Turned A McDonald's Manager Who Hooked Him Up During His NBA Days Into A Partner

The International Monetary Fund has reportedly urged the United States to rein in its growing fiscal deficit and rising public debt as concerns mount over former President Donald Trump&#8217;s proposed <a target="_blank" href="https://www.benzinga.com/government/regulations/25/04/44926902/imf-slashes-us-growth-outlook-as-trump-tariffs-bite-raises-recession-odds-to-40" rel="noreferrer noopener">extension of tax cuts.</a>
In a recent interview <a href="https://www.ft.com/content/7189e6fc-8bc9-40dc-85de-bd5c2da22988">with </a>the Financial Times, Gita Gopinath, the IMF&#8217;s First Deputy Managing Director, emphasized the need for the U.S. to adopt more sustainable fiscal policies in light of deteriorating credit ratings and mounting debt obligations.
Gopinath described the country&#8217;s budget shortfalls as &#8220;too large&#8221; and warned that debt-to-GDP levels—now approaching 98%—were on an unsustainable trajectory, the report adds.
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A decade ago, this figure stood at 73%, according to the Congressional Budget Office.
Her remarks followed a downgrade from Moody&#8217;s, which removed the U.S.&#8217;s final AAA credit rating due to debt concerns.
The rating agency projected that Trump&#8217;s push to prolong his 2017 tax cuts would increase the federal deficit from 6.4% in 2023 to nearly 9% by 2035, if implemented.
Scott Bessent, the Treasury Secretary, downplayed Moody&#8217;s action, calling it a &#8220;lagging indicator.&#8221;
He blamed the fiscal imbalance on the previous administration and reaffirmed the current administration&#8217;s commitment to deficit reduction, targeting a 3% deficit by the end of Trump&#8217;s term.
Despite recent easing in U.S.-China tariffs, Gopinath warned that trade policy uncertainty remains elevated.
She welcomed temporary pauses but noted that the effective tariff rate remains significantly higher than a year ago, adding that the long-term economic effects have yet to play out in the data.
The IMF recently trimmed its 2025 U.S. growth outlook to 1.8% and revised global growth expectations down to 2.8%, partially in response to ongoing trade friction and fiscal policy ambiguity.
Trump continues to push House Republicans to support his tax package, arguing that failure to do so would result in higher tax bills for voters. However, critics warn that the plan risks further straining government finances and eroding market confidence.
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IMF Sounds Alarm On US Debt As Trump Eyes Tax Cut Extension: Report

Errol Musk, father of Tesla Inc. CEO Elon Musk, has expressed his willingness to expand his family, regardless of his age.
Errol Musk, in&nbsp;an interview, stated, &#8220;Any man — that I&nbsp;know of anyway — very&nbsp;happily, if he finds the&nbsp;right girl, would have another&nbsp;child. It doesn&#8217;t matter if&nbsp;he&#8217;s 90, 20, 50 —&nbsp;doesn&#8217;t matter what age. I&nbsp;mean, that&#8217;s what we&#8217;re built&nbsp;for — that&#8217;s what we&#8217;re&nbsp;made for.&#8221;
Errol Musk, who has seven acknowledged children, including three with Elon&#8217;s mother, Maye Musk, also has two children with his former stepdaughter Jana Bezuidenhout. During <a href="https://www.businessinsider.com/elon-musk-father-errol-musk-have-more-kids-young-woman-2023-9">the</a> interview, he clarified that their relationship began when she was an adult, after his marriage to her mother.
On the subject of expanding his family, 78-year-old Errol stated, &#8220;So if a woman came&nbsp;along who was able to&nbsp;have children, she&#8217;d have to&nbsp;be under 35 because a&nbsp;woman&#8217;s cutoff for having children&nbsp;is 35, believe it or&nbsp;not. But&nbsp;if she&#8217;s under 35 and&nbsp;I loved her and everything,&nbsp;I wouldn&#8217;t think twice about&nbsp;having another child, of course.&#8221;
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He&nbsp;also touched upon the financial&nbsp;implications&nbsp;of having children at his&nbsp;age, emphasizing the importance of ensuring&nbsp;their well-being after his time&nbsp;has passed.
Errol Musk&#8217;s openness about expanding his family despite his age reflects a broader societal trend of older individuals considering parenthood. 
His comments also highlight the importance of financial planning for potential future children, particularly for older parents. 
This news comes amidst ongoing public interest in the personal lives of high-profile individuals like the Musk family.
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Social Media

Elon Musk's Father Open to More Children Despite Age: 'I Wouldn't Think Twice About Having Another Child'

Amazon founder Jeff Bezos has been noticeably missing from local events in his upscale Seattle neighborhood, Hunts Point.
Bezos, who is the world&#8217;s second-richest man, relocated to the affluent area in 2019, buying a waterfront estate worth $37.5 million. 
Despite his high-profile status, Bezos has been notably absent from community events such as&nbsp;Cleanup Day, the Fourth of&nbsp;July celebration, and local charity fundraisers.
According to a report <a href="https://www.businessinsider.com/jeff-bezos-neighbors-hunts-point-seattle-real-estate-2023-12?utm_medium=social&amp;utm_campaign=business-sf&amp;utm_source=facebook&amp;fbclid=IwAR2_bI6F_vMCKDzK6V7heqE7U9546Pz_vBesxFdrYBEhU3_kn9KGqpNjDGo">by</a> Insider, while Bezos himself has been largely invisible, his staff members have become familiar faces in the neighborhood. His chef and security personnel are well-known to the residents, who have noticed the increased security presence.
Nevertheless, Bezos&#8217; absence has been felt in the close-knit community. Residents commented on his lack of involvement in community activities. Despite this, Bezos has made donations to a local charity, Bellevue Lifespring.
Also Read: <a href="https://www.benzinga.com/tech/25/04/44780229/decoding-jeff-bezos-unique-amazon-interview-question-a-key-to-hiring-success">Decoding Jeff Bezos&#8217; Unique Amazon Interview Question: A Key To Hiring Success?</a>
One resident told the Insider, &#8220;Jeff Bezos acts like he owns Hunts Point.&#8221; &#8220;He&#8217;s not much of a neighbor,&#8221; another resident said. &#8220;He&#8217;s so busy with all this national stuff.&#8221; 
Earlier in 2024, Bezos announced that he would be leaving Seattle&nbsp;to make Miami his primary&nbsp;residence. His departure comes after four years in Hunts Point, characterized mainly by his absence.
Bezos&#8217; absence from community events in Hunts Point, despite his high-profile status and the presence of his staff, has been noted by residents. 
His departure for Miami marks the end of a four-year period in the affluent Seattle neighborhood, during which he was largely unseen but still made contributions to local charities.
<a href="https://www.benzinga.com/news/24/01/36631415/this-amazon-applicants-interview-answer-earned-her-a-seat-3-feet-away-from-amazons-bezos" target="_blank" rel="noreferrer noopener">This Amazon Applicant&#8217;s Interview Answer Earned Her A Seat 3 Feet Away From Jeff Bezos</a>
Image: Shutterstock/Photo Agency

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