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Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is doubling down on its entertainment business with a high-stakes movie, &#8220;F1,&#8221; featuring the renowned Formula 1 driver&nbsp;Lewis Hamilton.
What Happened:&nbsp;Apple CEO Tim Cook, in an interview with &nbsp;<a href="https://variety.com/2025/film/news/f1-apple-movie-strategy-tim-cook-lewis-hamilton-1236424270/">Variety</a>&nbsp;on Wednesday, highlighted that the same technology used in the film is incorporated into the latest iPhone model. &#8220;..just like we leverage the best of Apple across iPhones and across our services, we try to leverage the best of Apple TV+,&#8221; stated Cook. 
Apple&#8217;s investment in &#8220;F1&#8221; marks a significant milestone in its expansion into film and TV production over the past six years.&nbsp;The film is a product of&nbsp;Apple Original Films, Pitt's Plan&nbsp;B, Jerry Bruckheimer Films and Hamilton's Dawn Apollo banner, with Warner Bros. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WMD#NYSE">WMD</a>) handling worldwide theatrical distribution. 
Directed by &#8220;Top Gun: Maverick&#8221; filmmaker Joseph Kosinski, the film has received substantial investment in cutting-edge camera technology to vividly capture the high-intensity world of auto racing. 
Tim Cook says the company&#8217;s content efforts, like its involvement in Formula 1 and camera technology, aren't aimed at boosting iPhone sales directly. Instead, he views Apple TV+ as a standalone business that benefits from the company's broader strengths, much like its other products and services. 
"I don't have it in my mind that I'm going to sell more iPhones because of it," explained Cook. 
Apple is teaming up with Lewis Hamilton on a documentary about his life and may also bid for U.S. Formula 1 TV rights starting in 2026.
SEE ALSO:&nbsp;<a href="https://benzinga.com/crypto/25/06/45896961/bitcoin-ethereum-dogecoin-fail-to-cheer-softer-inflation-china-trade-deal-analyst-says-btc-needs-to-hold-above-this-level-to-maintain-bullish-momentum" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Fail To Cheer Softer Inflation, China Trade Deal: Analyst Says BTC Needs To Hold Above This Level To Maintain &#8216;Bullish Momentum&#8217; &#8211; Grayscale Bitcoin Mini Trust (BTC) Common</a>
Why It Matters:&nbsp;Apple&#8217;s foray into film production comes as the company has been making significant strides in expanding its streaming service, Apple TV+. Despite&nbsp;<a href="https://www.benzinga.com/markets/25/03/44430524/apple-tv-bleeding-over-1-billion-yearly-as-streaming-war-heats-up-report">reported losses</a>&nbsp;exceeding $1 billion annually, Apple has continued to invest heavily in content.
The company has also been seeking to expand its user base, with a recent move to make the&nbsp;Apple TV+ app available on <a href="https://www.benzinga.com/25/02/43885302/apple-expands-apple-tv-to-android-eyes-subscription-growth-and-ecosystem-expansion-analyst-says">Android devices</a>. The &#8220;F1&#8221; film and potential bid for Formula 1 TV rights align with this strategy, potentially drawing in new subscribers and bolstering the Apple ecosystem.
Furthermore, the advanced camera technology used in the film, which is also incorporated into the latest iPhone model, could serve to showcase Apple&#8217;s tech capabilities. This comes amid&nbsp;criticism of the <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-calls-wwdc-2025-a-yawner">company&#8217;s recent</a> iOS 26 design, dubbed &#8220;Liquid Glass&#8221;.
Benzinga's Edge Rankings place Apple in the 77th percentile for quality and the 9th percentile for value, reflecting its mixed performance. Check the detailed report <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a>.&nbsp;
<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/2025/06/12040101/Screenshot-2025-06-12-at-1.30.56%E2%80%AFPM.png" alt="" class="wp-image-947214" /></a></figure>
On a year-to-date basis, Apple declined 18.48%, according to data from <a href="http://pro.benzinga.com">Benzinga Pro.</a>
<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/markets/tech/25/06/45831309/why-jeff-bezos-might-emerge-as-the-biggest-winner-in-the-trump-musk-feud" target="_blank" rel="noreferrer noopener">Why Jeff Bezos Might Emerge As The Biggest Winner In The Trump-Musk Feud</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

News

AAPL

Tim Cook Explains Why Apple's 'F1' Movie Bet With Lewis Hamilton Serves More Than Just iPhone Sales

OpenAI is reportedly seeking 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 $40 billion in funding</a>, with major investments from Saudi Arabia's Public Investment Fund (PIF), India's Reliance Industries and the existing shareholder UAE's MGX.
What Happened: Each investor could contribute at least several hundred million dollars, reported Reuters, <a href="https://www.theinformation.com/articles/openai-discussed-raising-money-saudi-arabia-indian-investors">via</a> The Information.
The Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) backed startup is seeking additional funding to support its model development and its ambitious infrastructure project, Stargate, with the financing round being 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>).
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&#8217; As China&#8217;s Data-Center Blitz Could Let DeepSeek Leapfrog US AI Labs</a>
OpenAI is also in talks with other major investors, including Coatue and Founders Fund, aiming to raise at least $100 million from each of these firms. The company is reportedly planning an additional $17 billion in funding for 2027, the report added.
Why It&#8217;s Important: Earlier this week, it was reported that <a href="https://www.benzinga.com/markets/tech/25/06/45852700/openai-surges-past-10-billion-in-annualized-revenue-amid-record-chatgpt-use-leaves-rivals-like-amazon-backed-anthropic-behind">OpenAI&#8217;s annualized revenue</a> run rate has nearly doubled to $10 billion, up from $5.5 billion at the end of 2024, excluding Microsoft licensing and one-time deals.
The growth is driven by strong adoption of ChatGPT, which had 500 million weekly active users as of March.
Benzinga's Edge Stock Rankings suggest a positive outlook for Microsoft over the short, medium and long term. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Additional detailed metrics are available here</a>.
<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12032758/Screenshot-2025-06-12-at-12.56.40%E2%80%AFPM.png" alt="" class="wp-image-947167" /></a></figure>
Read Next:&nbsp;
<ul class="wp-block-list">
<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.
Photo courtesy: Svet foto / Shutterstock.com

Tech

MSFT

SFTBF

SFTBY

OpenAI Looks To Raise $40 Billion From Global Investors Including Saudi Arabia's PIF, India's Reliance Industries To Accelerate AI Models And Stargate: Report

Leading Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advocate Michael Saylor is not too worried about quantum computing&#8217;s potential threat to the network&#8217;s security.
What Happened: During an interview <a href="https://www.youtube.com/watch?v=OBSKfSCfRt0">with</a> Bloomberg that aired Tuesday, the Strategy co-founder was asked about the possibility of quantum computing breaking Bitcoin&#8217;s cryptography.
&#8220;I don&#8217;t&nbsp;worry about it,&#8221; Saylor replied. &#8220;Microsoft and&nbsp;Google market their quantum projects,&nbsp;but they would never sell&nbsp;a quantum computer that cracked&nbsp;cryptography because it would destroy&nbsp;their own companies.&#8221;
Saylor said that while powerful computers may pose a threat to modern cryptography in the next 10-20 years or so, companies like&nbsp;Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Google [Alphabet Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)], and&nbsp;JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) will be more vulnerable.
&#8220;When&nbsp;it is a threat, all&nbsp;of these organizations will upgrade&nbsp;their cryptography protocols to be&nbsp;quantum-resistant,&#8221; he predicted. &#8220;You will see it coming a mile away, and every other digital entity in the world is more vulnerable to that idea or threat than Bitcoin.
Benzinga reached out to Microsoft and Google for comment on the claims made by Saylor.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Strategy Buys Another $110 Million of Bitcoin &#x7C; Bloomberg Crypto 6/10/2025" width="500" height="281" src="https://www.youtube.com/embed/OBSKfSCfRt0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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</figure>
See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/24/11/41703454/analyst-says-this-crypto-could-explode-by-up-to-3-765-and-it-is-not-bitcoin-or-solana" target="_blank" rel="noreferrer noopener">Analyst Says This Crypto Could Explode By Up To 3.765%, And It Is Not Bitcoin Or Solana</a>
Why It Matters:&nbsp;Saylor&#8217;s optimism comes despite growing concerns about the vulnerability of Bitcoin to quantum computing.&nbsp;A study by&nbsp;Google last month suggested&nbsp;that quantum computers could crack RSA encryption, similar to the <a href="https://www.benzinga.com/money/what-is-cryptography" target="_blank" rel="noreferrer noopener">Elliptic Curve Cryptography algorithm</a> used in securing Bitcoin, 20 times faster than expected.
Concerns over&nbsp;<a href="https://www.benzinga.com/24/12/42455205/will-googles-new-willow-chip-break-bitcoin-some-dismiss-it-as-fantasy-while-others-flag-risk-that-isnt-immediate" target="_blank" rel="noreferrer noopener">Bitcoin's cryptography</a>&nbsp;have been mounting since the release of Google's next-generation quantum chip, &#8220;Willow," last year. &nbsp;The chip can solve a standard benchmark computation in under five minutes, a task that would take the world&#8217;s fastest supercomputers 10 septillions, or 10^25, years to solve.
While some experts<a href="https://www.benzinga.com/24/12/42455205/will-googles-new-willow-chip-break-bitcoin-some-dismiss-it-as-fantasy-while-others-flag-risk-that-isnt-immediate" target="_blank" rel="noreferrer noopener">&nbsp;ruled out immediate dangers</a>, others advocated for proactive measures to prepare for the threat, such as switching to quantum-resistant algorithms.
A&nbsp;study led by the University of Kent&#8217;s School of Computing&nbsp;estimated that a protocol update to protect Bitcoin from quantum computing threats <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42546731/bitcoin-could-require-over-300-days-of-downtime-to-prepare-it-for-the-quantum-era-shows-study-amid-google-willow-chip-concern">would require taking the cryptocurrency offline for about 76 days</a>, provided 100% of the bandwidth is committed to the process.
Price Action:&nbsp; Interestingly, quantum computing stocks such as Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>) and <a href="NASDAQ: RGTI">Rigetti Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>)</a> have been on a tear lately. 
QUBT closed 25% higher at $18.97 on Wednesday, 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;Over the month, the stock has surged 108%. Similarly, RGTI rallied 11.3% to $12.51 on Wednesday.
QUBT demonstrated a very high momentum score as of this writing. To check out how other quantum computing stocks stack up, visit <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a>.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="561" height="341" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12032256/image-178.png" alt="" class="wp-image-947157" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12032256/image-178.png 561w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/12032256/image-178-300x182.png 300w" sizes="(max-width: 561px) 100vw, 561px" /></figure>
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<li><a href="https://benzinga.com/analyst-ratings/analyst-color/24/07/39712837/bitcoin-to-hit-200k-in-2025-analysts-say-core-scientific-iren-energy-will-outperfor" target="_blank" rel="noreferrer noopener">Bitcoin To Hit $200K In 2025: Analysts Say Core Scientific, Iren Energy Will Outperform</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.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>
Image Via Shutterstock

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

Cryptocurrency

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Markets

$BTC

GOOG

GOOGL

QUBT

RGTI

Michael Saylor Shrugs Off Quantum Computing Threat To Bitcoin, Warns Companies Like Microsoft, Google More Vulnerable: 'You'll See It Coming A Mile Away'

Health Secretary Robert F. Kennedy Jr. named eight new members to the CDC&#8217;s Advisory Committee on Immunization Practices on Wednesday, including several anti-vaccine proponents, after <a href="https://www.benzinga.com/news/health-care/25/06/45853393/robert-kennedy-jr-axes-entire-cdc-vaccine-panel-to-restore-public-trust-pfizer-moderna-other-biotech-stocks-drop-in-after-hours-trading">dismissing all 17 existing advisers</a>.
What Happened: The reconstituted panel includes Robert Malone, a prominent mRNA vaccine opponent aligned with Kennedy&#8217;s Make America Healthy Again movement, and Retsef Levi, who has called for the immediate withdrawal of mRNA vaccines, citing serious harm risks, according to a Reuters report.
The committee advises the CDC on immunization schedules after FDA approval, directly influencing insurance coverage and vaccine policy.
Kennedy justified the overhaul to &#8220;re-establish public confidence in vaccine science,&#8221; claiming prior Biden-appointed members had conflicts of interest without providing specific evidence. The new eight-member committee represents the minimum allowed under ACIP&#8217;s founding charter. See Also:<a href="https://www.benzinga.com/markets/equities/25/06/45897549/jim-cramer-says-america-wont-be-truly-liberated-until-it-strikes-rare-earth-deals-with-other-countries-us-doesnt-have-the-cards"> Jim Cramer Says America Won&#8217;t Be &#8216;Truly Liberated&#8217; Until It Strikes Rare-Earth Deals With Other Countries: US Doesn&#8217;t &#8216;Have The Cards&#8217;</a>
Why It Matters: Kennedy previously fired the entire 17-member panel Monday through a Wall Street Journal op-ed, arguing it had become a &#8220;rubber stamp for any vaccine.&#8221;
The Trump administration simultaneously terminated a $600 million Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) contract for mRNA bird flu vaccine development and removed COVID-19 vaccines from recommended schedules for <a href="https://www.benzinga.com/news/health-care/25/06/45810364/rfk-jr-champions-medical-freedom-while-curtailing-access-say-public-health-experts">healthy pregnant women and children</a>. Kennedy&#8217;s broader <a href="https://www.benzinga.com/government/regulations/25/03/44519638/us-department-of-health-and-human-services-aligns-with-trumps-executive-order-to-cut-10k-jobs-save-18-billion">healthcare restructuring eliminated</a> 10,000 HHS positions to save $1.8 billion annually.
Market reaction was mixed, with Moderna Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) and Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) shares declining marginally while Novavax Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) rose in after-hours trading. Earlier this year, <a href="https://www.benzinga.com/markets/25/03/44550801/rfk-jr-spreading-misinformation-and-lies-fdas-top-vaccine-official-walks-out-sparking-debate-on-safety-and-public-trust">FDA&#8217;s top vaccine official</a>, Peter Marks, resigned after condemning Kennedy&#8217;s &#8220;misinformation and lies.&#8221;
The new panel will attend the June 25 ACIP meeting, originally scheduled to deliberate flu shots and 2025-26 COVID-19 booster recommendations. Critics argue Kennedy&#8217;s &#8220;medical freedom&#8221; messaging contradicts policies that restrict vaccine access. Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/45897537/jamie-dimon-recalls-first-palantir-meeting-holy-christ-this-is-unbelievable-jpmorgan-now-has-600-ai-use-cases-2-billion-annual-investment-on-ai">Jamie Dimon Recalls First Palantir Meeting: &#8216;Holy Christ, This Is Unbelievable—&#8217; JPMorgan Now Has 600 AI Use Cases, $2 Billion Annual Investment On AI</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: lev radin / Shutterstock.com

Health Care

MRNA

NVAX

RFK Jr. Appoints Vaccine Critics To CDC Vaccine Panel After Firing Entire Advisory Committee: Report

<ul>
<li>Ericsson On-Demand delivers a significant shift in how core network services are deployed, managed and scaled</li>
<li>Provisions core services in minutes, allowing Communication Service Providers (CSPs) to scale effortlessly and pay only for what is used</li>
<li>Combines telecom-grade reliability with public cloud flexibility, for smaller core deployments</li>
</ul>

ERIC

Ericsson And Google Cloud Launch AI-Powered On-Demand Platform To Deliver Carrier-Grade 5G Core as-a-Service For CSPs

Nokia and Elisa modernize network for Advanced 5G era
<ul>
<li>Nokia to supply Advanced 5G (5.5G) ready solutions from its industry-leading AirScale portfolio supporting AI applications.</li>
<li>Continued partnership will see Elisa and Nokia deploy cloud-native Voice Core solution to drive deployment of new 5G Advanced services and improve operational efficiencies.</li>
<li>Elisa to deploy Nokia data center fabric network automation solution for faster time to market and better service availability.</li>
</ul>

Nokia And Elisa Sign Four-Year Contract Extension To Modernize Network With Advanced 5G-Ready AirScale Solutions Across Finland And Estonia

<ul>
<li>Rimac Technology is the first to deploy NXP's S32E2 real-time processor series in its upcoming next-generation ECU platform for software-defined vehicles (SDV)</li>
<li>NXP and Rimac's jointly developed centralized architecture consolidates more than 20 electronic control units into just three centralized units</li>
<li>Collaboration enables OEMs to adopt SDV architectures with advanced domain and zonal control applications</li>
</ul>

NXPI

NXP And Rimac Technology Co-Develop Centralized Vehicle Architecture Using S32E2 Processors To Consolidate Over 20 ECUs

<ul>
<li>Median duration of response in FELIX study now 42.6 months after an additional 11 months of follow up</li>
<li>More than half of patients still in remission at 24 months</li>
<li>38% of ongoing responders did not receive any subsequent therapy by month 33</li>
<li>Results suggest a proportion of patients with r/r B-ALL may not need further therapy following treatment with obe-cel</li>
</ul>

AUTL

Autolus Therapeutics Reports 42.6-Month Median Response From FELIX Study, Showing Obe-Cel's Potential For Long-Term Remission In r/r B-ALL

Market veteran Lawrence McDonald has a stark warning regarding a recent GOP proposal spearheaded by Sen. Ted Cruz (R-Texas) that calls for nixing federal interest payments to banks.
What Happened: On Wednesday, McDonald, the founder of the newsletter The Bear Traps Report, posted on X, quoting a post by Bloomberg reporter Steven Dennis.
The post shared by Dennis features a fact sheet containing a proposal by Cruz to eliminate the interest rate on the reserve balances (IORB) program instituted in 2008. According to Cruz, the policy costs taxpayers more than $100 billion annually and has cost an estimated $1.1 trillion over time, with nearly half of it going to foreign financial institutions.
&#8220;It makes no sense to keep enriching banks, especially non-American ones, while the American taxpayer suffers under ballooning deficits,&#8221; Cruz wrote in the circulated fact sheet.
See Also: <a href="https://www.benzinga.com/markets/equities/25/06/45897549/jim-cramer-says-america-wont-be-truly-liberated-until-it-strikes-rare-earth-deals-with-other-countries-us-doesnt-have-the-cards">Jim Cramer Says America Won&#8217;t Be &#8216;Truly Liberated&#8217; Until It Strikes Rare-Earth Deals With Other Countries: US Doesn&#8217;t &#8216;Have The Cards&#8217;</a>
While this measure was adopted to stabilize the financial markets during the 2008 financial crisis, it&#8217;s potential repeal is being flagged by McDonald as financial repression. 
&#8220;Financial repression is coming,&#8221; McDonald wrote on X, drawing parallels between this proposal and other crisis-era moves, which involve the government channeling funds from the private sector to itself, in order to tide over deep fiscal stress.
<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">Financial repression is coming. High alert, wake the -/// up… <a href="https://t.co/JN2H2uquiv">https://t.co/JN2H2uquiv</a>
&mdash; Lawrence McDonald (@Convertbond) <a href="https://twitter.com/Convertbond/status/1932959369060045239?ref_src=twsrc%5Etfw">June 12, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: While McDonald has raised concerns regarding Cruz&#8217;s plans, several other experts and economists have come out in support.
This includes Jeremy Siegel, a senior economist at WisdomTree, who called the political interest in the <a href="https://www.benzinga.com/markets/macro-economic-events/25/06/45855937/jeremy-siegel-backs-ted-cruzs-plan-to-end-fed-interest-payments-on-excess-reserves-potentially-saving-2-trillion-in-deficits-not-a-trivial-concern">Fed&#8217;s operating regime</a> a &#8220;potentially underappreciated development.&#8221;
The strategists at JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), however, have warned against this move, saying that abolishing the IORB will lead to liquidity issues for banks, alongside the crowding of participants in Treasury bills, repurchase agreements, and fed funds.
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/45897537/jamie-dimon-recalls-first-palantir-meeting-holy-christ-this-is-unbelievable-jpmorgan-now-has-600-ai-use-cases-2-billion-annual-investment-on-ai">Jamie Dimon Recalls First Palantir Meeting: &#8216;Holy Christ, This Is Unbelievable—&#8217; JPMorgan Now Has 600 AI Use Cases, $2 Billion Annual Investment On AI</a></li>
</ul>
Image Via Shutterstock

Economics

'Financial Repression Is Coming,' Warns Lawrence McDonald As Ted Cruz Seeks To End $1.1 Trillion Fed Interest Payment Scheme

Westlake Epoxy Collaborates With Alpha Recyclage Composites To Expand Recycling Capacity For Carbon Fiber Composite Materials

<ul>
<li>Achieved 58% mean editing at five months after a single dose using high efficiency HSC delivery, demonstrating therapeutically relevant editing levels using a clinically validated strategy.</li>
<li>Achievement supports development of a novel, in vivo approach to treating sickle cell disease and beta thalassemia.</li>
</ul>

EDIT

Editas Medicine Reports 58% Mean HBG1/2 Promoter Editing At Five Months Using Single-Dose tLNP Delivery in Non-Human Primates

Reported Earlier, Canadian Pacific Railway Company To Issue C$500M At 4.00%, C$600M At 4.40%, And C$300M At 4.80% In CPKC-Guaranteed Offering

Basketball legend Shaquille O&#8217;Neal, often known as&nbsp;Shaq, will pay $1.8 million to <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45614311/fraudster-sam-bankman-fried-set-to-leave-prison-four-years-early-as-good-conduct-credits-trim-his-25-year-sentence">settle allegations that he promoted unregistered securities</a> through his endorsement of the collapsed cryptocurrency exchange FTX.
What Happened: The proposed settlement, filed in Florida federal court on Wednesday, resolves a class action lawsuit without O&#8217;Neal admitting wrongdoing. The deal marks one of the first high-profile celebrity settlements stemming from FTX&#8217;s November 2022 bankruptcy, <a href="https://www.cnbc.com/2025/06/11/shaq-settle-ftx-lawsuit.html">reported</a> CNBC.
Plaintiffs accused the NBA superstar of presenting FTX as a trustworthy investment platform through live events and social media content. The class action covers investors who deposited funds into FTX or held its proprietary FTT token between May 2019 and late 2022.
Court documents show FTX paid O&#8217;Neal nearly $750,000 for his promotional efforts. O&#8217;Neal previously told CNBC in 2022 that he &#8220;was just a paid spokesperson for a commercial&#8221; regarding his FTX involvement.
The $1.8 million settlement will cover all legal fees, administrative costs, and investor payouts if approved by the court. The agreement includes broad liability protection for O&#8217;Neal and bars him from seeking reimbursement from the FTX bankruptcy estate.
See Also: <a href="https://www.benzinga.com/markets/equities/25/06/45897032/cathie-woods-ark-invest-continues-to-offload-palantir-loads-up-on-beam-therapeutics-gitlab">Cathie Wood&#8217;s Ark Invest Continues To Offload Palantir, Loads Up On Beam Therapeutics, GitLab</a>
Why It Matters: Unlike other celebrity endorsers, including Tom Brady, Gisele Bündchen, and Stephen Curry, whose cases were largely dismissed, O&#8217;Neal remained entangled in litigation after a prolonged effort to serve him legal papers.
The settlement follows O&#8217;Neal&#8217;s $11 million payout in November 2024 related to his promotion of the Astrals NFT project, highlighting ongoing legal <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45614311/fraudster-sam-bankman-fried-set-to-leave-prison-four-years-early-as-good-conduct-credits-trim-his-25-year-sentence">challenges for celebrity crypto endorsers</a>.
FTX founder Sam Bankman-Fried received a 25-year federal prison sentence in March 2024 for orchestrating what prosecutors called an &#8220;$11 billion fraud&#8221; involving customer deposits. His projected release date is December 14, 2044, reflecting good conduct time credits that could <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45767539/anthony-scaramucci-says-sam-bankman-frieds-25-year-sentence-is-too-steep">reduce his sentence by over four years</a>.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/06/45897154/microsoft-to-roll-out-ai-copilot-for-pentagon-by-summer-2025-tailoring-productivity-tool-for-high-security-government-use-report">Microsoft To Roll Out AI Copilot For Pentagon By Summer 2025, Tailoring Productivity Tool For High-Security Government Use: Report</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Ron Adar / Shutterstock.com

NBA Legend Shaq Settles FTX Class Action For $1.8 Million Without Admitting Fault In Crypto Promotion Case

IPOs

CHYM

Reported Earlier, Chime Prices Initial Public Offering Of 32M Class A Common Shares At $27.00 Each

On Wednesday, Victoria's Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) CFO Scott Sekella explained how the company plans to manage the $50 million tariff impact across the second, third and fourth quarters.
What Happened: During the <a href="https://www.benzinga.com/markets/earnings/25/06/45887760/pink-power-tariff-trouble-victorias-secret-battles-flat-sales-rising-costs">company's first-quarter earnings</a> call, Sekella addressed the $50 million net tariff impact, stating that $10 million of this would be felt in the second quarter, while the remainder would be spread across the third and fourth quarters.
He said, "I think it&#8217;s going to be over Q3 and Q4 and fluctuate with the size of the volume in each of the quarters," adding, "There is more of an impact dollar-wise just because it&#8217;s a bigger quarter in Q4. But from a sort of rate or basis point impact, it should be relatively similar across Q3 and Q4."
See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/06/45807465/dan-ives-calls-musk-trump-feud-a-twilight-zone-moment-but-bullish-on-tesla-and-autonomous-future-not-good-for-either-side" target="_blank" rel="noreferrer noopener">Dan Ives Calls Musk-Trump Feud A ‘Twilight Zone Moment&#8217; But Bullish On Tesla And Autonomous Future: ‘Not Good For Either Side&#8217;</a>
Why It's Important: The company reported adjusted earnings of 9 cents per share for the quarter, matching analyst expectations. Revenue held steady year-over-year at $1.35 billion, also aligning with Wall Street projections.
Victoria's Secret also revised its full-year 2025 adjusted operating income outlook to a range of $270 million to $320 million, down from its previous estimate of $300 million to $350 million.
It anticipates a net tariff-related impact of around $50 million for the year.
It maintained its full-year 2025 revenue forecast between $6.20 billion and $6.30 billion, which is close to the consensus figure of $6.24 billion.
Price Action: Victoria's Secret &amp; Co. shares dropped 5.36% on Wednesday but ticked up 0.48% in after-hours trading, based on <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
According to Benzinga's Edge Stock Rankings, VSCO shows upward momentum in the short term, though trends remain negative over medium and long-term periods. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound'">More detailed performance data is 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/2025/06/12023445/Screenshot-2025-06-12-at-12.01.10%E2%80%AFPM.png" alt="" class="wp-image-947071" /></a></figure>
Read Next:&nbsp;
<ul class="wp-block-list">
<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.
Photo Courtesy: JHVEPhoto / Shutterstock.com

VSCO

Victoria's Secret Expects $50 Million Tariff Hit In 2025 — CFO Scott Sekella Says Q4 To Bear Largest Dollar Hit

Reported Earlier, Tutor Perini Subsidiary Lunda Construction Awarded $67.2M I-94 And I-394 Interchange Project In Minneapolis

Treasury Secretary Scott Bessent has suggested that the Trump administration may consider extending the current 90-day tariff pause beyond July 9 for the U.S.&#8217;s top trading partners. This extension, however, is contingent on the partners&#8217; &#8220;good faith&#8221; in ongoing trade negotiations.
What Happened: Bessent announced this possibility during a hearing before the House Ways and Means Committee in Washington. He mentioned that the U.S. is &#8220;working toward deals&#8221; with its 18 &#8220;important trading partners.&#8221;
Bessent further stated that the U.S. is likely to &#8220;roll the date forward to continue good faith negotiations&#8221; with sincere negotiating partners like the European Union. However, he clarified that this extension would not be granted if a partner is not negotiating in good faith, as reported by <a href="https://www.cnbc.com/2025/06/11/bessent-tariff-pause-negotiations-trump.html">CNBC</a>.
Meanwhile, President Donald Trump indicated to reporters ahead of a performance at the Kennedy Center that he was open to extending the July 8 deadline for finalizing trade talks before increased U.S. tariffs are implemented, reported Reuters.
He noted that negotiations were underway with approximately 15 countries, including South Korea, Japan, and the European Union. However, he feels that the extension may not be a &#8220;necessity.&#8221;  &#8220;We&#8217;re rocking in terms of deals,&#8221; he said.
Trump said that eventually the U.S. will issue final trade offers to other countries, telling them to either accept or reject the terms, though it&#8217;s not ready to do so yet.
SEE ALSO: <a href="https://benzinga.com/news/education/25/06/45880010/elizabeth-warren-says-millions-face-financial-scarlet-letter-as-trump-restarts-student-loan-collec" target="_blank" rel="noreferrer noopener">Elizabeth Warren Says Millions Face &#8216;Financial Scarlet Letter&#8217; As Trump Restarts Student-Loan Collections: &#8216;&#8230;Can Cost Someone A Job Opportunity&#8217;</a>
Why It Matters: On Wednesday, President Trump announced the &#8216;deal&#8217; with China, which awaits final approval from President Xi Jinping. The framework of the deal includes supply of rare earths from China, while the U.S. would have to allow Chinese students in American colleges and universities. 
The Trump administration&#8217;s approach to trade negotiations has been a point of significant interest in recent months. In May, Trump <a href="https://www.benzinga.com/25/05/45466150/trump-decides-to-bypass-individual-trade-dealsnew-tariff-rates-to-be-set-unilaterally-and-notified-through-letters">announced</a> that the U.S. would independently set new tariff rates on several trading partners, bypassing the need for individual agreements. This move was seen as a significant shift in U.S. trade policy and has since been followed by ongoing negotiations with various countries.
These recent statements from Bessent and Trump suggest a willingness to consider a more flexible approach to the current tariff pause, potentially signaling a shift in the administration&#8217;s trade strategy.
<ul class="wp-block-list">
<li>READ MORE: <a href="https://benzinga.com/news/topics/25/06/45889687/mark-cuban-predicts-ai-video-will-trigger-an-explosion-in-face-to-face-engagement-events-and-jobs-cal" target="_blank" rel="noreferrer noopener">Mark Cuban Predicts AI Video Will Trigger &#8216;An Explosion&#8217; In Face-To-Face Engagement, Events And Jobs. Calls It &#8216;The Milli Vanilli Effect&#8217;</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Scott Bessent Signals Willingness To Extend Tariff Pause For 'Good Faith' Negotiations, Trump Thinks Not A 'Necessity'

President Donald Trump has shared that he could get back on good terms with Tesla CEO Elon Musk after the pair had a <a href="https://www.benzinga.com/news/politics/25/06/45800612/trump-says-musk-has-trump-derangement-syndrome-as-battle-over-bill-heats-up-had-a-great-relationship-dont-know-if-we-will-anymore">public falling out</a> earlier this month.
What Happened: "I guess I could, but we have to straighten out the country," Trump said on a podcast <a href="https://nypost.com/2025/06/11/us-news/president-trump-says-he-could-reconcile-with-elon-musk-i-dont-blame-him-for-anything/">with</a> the New York Post on Wednesday when asked about reconciling with Musk.
"Look, I have no hard feelings. I was really surprised that that happened. He went after a bill that's phenomenal. …He just — I think he feels very badly that he said that, actually," Trump said in the interview, adding that he felt "disappointed" with the situation but does not blame Musk.
Why It Matters: The President's comments in the interview are a stark contrast to earlier reports that he had allegedly called Musk a "<a href="https://www.benzinga.com/news/politics/25/06/45829416/trump-allegedly-calling-people-to-claim-elon-musk-has-serious-drug-problem-big-time-drug-addict">big-time drug addict</a>" in private conversations with his close associates.
However, the interview, as well as Trump recently saying he <a href="https://www.benzinga.com/markets/tech/25/06/45852837/trump-says-he-wont-ditch-tesla-model-s-or-starlink-as-feud-with-elon-musk-cools-i-wish-him-well">won't be ditching</a> his red Tesla Model S or Starlink and the President wishing Musk well, could signal that the pair has turned over a new leaf in their relationship.
Trump is <a href="https://www.benzinga.com/news/politics/25/06/45877556/trump-to-sign-resolution-barring-california-ev-mandate-adopted-by-11-other-states-report">set to sign a resolution </a>that bars California's EV mandate, which aims to phase out ICE-powered vehicles by 2035 in favor of EVs and Hybrid vehicles, which could affect Tesla as the company prepares for its Robotaxi launch<a href="https://www.benzinga.com/markets/tech/25/06/45876375/elon-musk-says-tesla-robotaxi-rides-begin-june-22-in-austin-full-self-driving-to-enable-home-delivery-by-june-28-were-being-super-paranoid"> on June 22</a> and grapples with <a href="https://www.benzinga.com/markets/eurozone/25/06/45736798/tesla-sales-hit-3-year-low-in-this-european-nation-despite-musks-claims-of-no-demand-problem">dwindling sales in multiple markets </a>throughout the globe.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/06/45854131/trump-says-hes-getting-good-reports-as-scott-bessent-led-delegation-expects-beijing-to-remove-rare-earth-export-curbs">Trump Says He&#8217;s Getting &#8216;Good Reports&#8217; As Scott Bessent-Led Delegation Expects Beijing To Remove Rare Earth Export Curbs</a></li>
</ul>
Photo courtesy: Rawpixel.com / Shutterstock.com

Politics

TSLA

Trump Hints At Possible Reconciliation With Elon Musk, But Admits Feeling Disappointed: 'I have No Hard Feelings…'

Reported Earlier, Denali Capital Acquisition Extends Business Combination Deadline From June 11, 2025 To July 11, 2025

The CNN Money Fear and Greed index showed some decline in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Wednesday.
U.S. stocks settled mostly lower on Wednesday, with the Nasdaq Composite falling around 100 points during the session amid signs of progress in U.S.-China trade negotiations and cooler-than-expected inflation data.
President Donald Trump announced that a new trade agreement with China had been reached, pending final signatures from him and Chinese President Xi Jinping.
On the economic front, the Bureau of Labor Statistics reported that annual consumer inflation rose to 2.4% in May, slightly below the 2.5% forecast. Core inflation held steady at 2.8%, also coming in softer than expected.
Shares of Chewy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) fell 11% on Wednesday after the company reported first-quarter financial results and issued FY25 sales guidance below estimates.
Most sectors on the S&amp;P 500 closed on a negative note, with materials, communication services and consumer discretionary stocks recording the biggest losses on Wednesday. However, energy and utilities stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 1 point to 42,865.77 on Wednesday. The S&amp;P 500 fell 0.27% to 6,022.24, while the Nasdaq Composite dipped 0.50% at 19,615.88 during Wednesday's session.
Investors are awaiting earnings results from America&#8217;s Car-Mart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRMT#NASDAQ">CRMT</a>), Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) and RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 62.1, the index remained in the &#8220;Greed&#8221; zone on Wednesday, versus a prior reading of 63.6.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/short-ideas/25/06/45882911/top-2-consumer-stocks-that-may-plunge-in-june">Top 2 Consumer Stocks That May Plunge In June</a> </li>
</ul>
Photo courtesy: Shutterstock

Pre-Market Outlook

ADBE

CHWY

CRMT

S&P 500 Ends 3-Session Winning Streak: Investor Sentiment Declines, Fear Index Remains In 'Greed' Zone

Press Releases

General

ZenaTech Developing Quantum Computing and AI Drone Fleets to Prevent Wildfires in the Western US

A.I. Drone Operations Flourishing as Global Quantum Computing Market Expected to Reach $5.3 Billion By 2029

Quantum Computing Technology Evolving as Larger Scale of Applications & Uses Skyrockets

ZenaTech Pushes Forward on AI Drone Swarms, US Military Applications, and Quantum Computing Initiatives to be Highlighted at Three Upcoming Investor Conferences

The Future of Warfare Is Here: 4 Military Drone Stocks Set to Soar in 2025 (ZENA, KTOS, AVAV, NOC)

The Future of Warfare Is Here: 4 Military Drone Stocks Set to Soar in 2025

ZenaTech Launches Drone as a Service (DaaS) for US Defense and Government Agencies with New Partnerships

Military Drone Market Size Expected to Reach $15.16 Billion In 2030 as Cutting-Edge Innovations Improve Operations

Opinion

Tactical Drones with Intelligence, Surveillance, and Reconnaissance Applications Drastically Improving Operations

Historic Executive Order Fast-Tracks ZenaTech's ZenaDrone Subsidiary Manufacturing and Go-to-Market Plans for Dual-Use Defense and Commercial Drones

AVAV

BMV:ZENA

IONQ

KTOS

QBTS

QMCO

RCAT

SMCI

UAVS

ZENA

AudioEye

CoreCard

Cheetah Mobile Inc. American Depositary Shares, each representing fifty (50) Class A Ordinary Shares

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