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Bit Origin Ltd is seeking opportunities in deploying new technologies, crypto asset mining and blockchain technologies in Singapore. The company has focused on building the Bitcoin mining ecosystem through incubations, strategic investments, and acquisitions.

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Bit Origin Ltd

Telegram CEO Pavel Durov revealed a partnership with Elon Musk&#8216;s xAI, which will see the integration of the Grok AI chatbot into the messaging platform.
What Happened: Durov disclosed on Wednesday that xAI, a startup by Musk, will pay Telegram $300 million for the integration of its Grok AI chatbot, <a href="https://www.cnbc.com/2025/05/28/elon-musk-xai-telegram-grok.html">CNBC</a> reported. This partnership, according to Durov, will significantly bolster Telegram&#8217;s financial standing.
As part of the agreement, Telegram will also receive 50% of the revenue generated from xAI subscriptions sold on its platform. The implementation of the Grok AI technology is expected to be available to Telegram users this summer.
Despite the announcement, Musk later stated on X that &#8220;No deal has been signed,&#8221; to which Durov responded, &#8220;True. Agreed in principle, but formalities are pending.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">No deal has been signed
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1927839555828220165?ref_src=twsrc%5Etfw">May 28, 2025</a></blockquote>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">True. Agreed in principle, but formalities are pending.
&mdash; Pavel Durov (@durov) <a href="https://twitter.com/durov/status/1927848037126140042?ref_src=twsrc%5Etfw">May 28, 2025</a></blockquote>
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This development follows the March merger of Musk&#8217;s xAI with X, which valued the AI company at $80 billion and the social media platform at $33 billion.
Meanwhile, Telegram, the Dubai-based messaging platform, recently crossed one billion monthly users and plans to raise at least $1.5 billion through a bond issuance. The app enjoys significant popularity in countries like Russia and Ukraine, where it is extensively used by government officials and military personnel. 
SEE ALSO: <a href="https://benzinga.com/25/05/45659590/bernie-sanders-says-trump-just-announced-hes-reduced-drug-prices-by-85-dares-you-to-go-to-the-pharmacy-and-tell-t" target="_blank" rel="noreferrer noopener">Bernie Sanders Says, &#8216;Trump Just Announced He&#8217;s Reduced Drug Prices By 85%,&#8217; Dares You To Go To The Pharmacy And &#8216;Tell Them Trump Sent You&#8217;</a>
Why It Matters: The integration of the Grok AI chatbot into Telegram is a significant move in the AI industry. This development follows Musk&#8217;s <a href="https://www.benzinga.com/general/social-media/25/02/43535256/palantir-adds-elon-musks-ai-chatbot-grok-to-aip">addition </a>of Grok to Palantir&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) AIP platform in February, further solidifying the chatbot&#8217;s presence in the tech industry.
Meanwhile, the use of Musk&#8217;s AI technology in government agencies, as <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">reported </a>in May, has raised concerns about potential breaches of privacy laws and conflicts of interest. On the other hand, Rep. Marjorie Taylor Greene (R-Ga.) has criticized Elon Musk's AI chatbot, Grok, alleging that it spreads "fake news and propaganda."
<ul class="wp-block-list">
<li>READ MORE: <a href="https://benzinga.com/25/05/45661076/peter-schiff-challenges-jd-vances-bitcoins-safe-haven-assertion-urges-him-to-implement-policies-that-reduce-the-n" target="_blank" rel="noreferrer noopener">JD Vance Said Bitcoin Created Wealth, Peter Schiff Says It Did No Such Thing: &#8216;What Has Happened Is A Massive Transfer Of &#8230;&#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.

Markets

Tech

PLTR

Elon Musk Says No Deal 'Signed' After Telegram's Pavel Durov Announces $300 Million Partnership With xAI: 'Agreed In Principle, But...'

For the second quarter of 2025, the Company expects the total revenue to be between RMB87.5 million and RMB90.5 million, representing year-over-year growth of approximately 10% to 14%.
 &nbsp;

News

Guidance

Aurora Mobile Expects Q2 Revenue Of RMB87.5M-RMB90.5M, Up By 10%-14% YoY

After reporting a better-than-expected first quarter, American lifestyle retailer Abercrombie &amp; Fitch Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) management hinted at absorbing the tariff impact and announced plans to open 100 new &#8220;physical experiences&#8221; in 2025.
What Happened: Company CEO Fran Horowitz highlighted during the earnings call that the firm&#8217;s global supply chain and sourcing teams are working hard to drive efficiency across the supply chain.
&#8220;All of this work will have clear impact and, based on our current assumptions on tariffs, we are not planning broad-based ticket increases,&#8221; said Horowitz, hinting at tariff absorption without any price hikes.
The CFO, Robert Ball, also highlighted that the company was looking to mitigate its average unit retail price to avoid price increases.
&#8220;For AUR specifically, we are currently assuming no AUR mitigation in our outlook as we do not anticipate broad-based ticket price increases,&#8221; he said.
Adding that, &#8220;Net of expected mitigation efforts, the assumed tariffs carry a cost impact of around $50 million for 2025, impacting our full year operating margin outlook by 100 basis points.&#8221;
Furthermore, Horowitz highlighted that they expect to add 100 new &#8220;physical experiences&#8221; on the store&#8217;s front.
Ball added, &#8220;We expect to deliver around 100 new experiences, including 60 new stores and 40 right-sizes or remodels. We also expect to be net store openers, with our 60 new stores outpacing around 20 anticipated closures.&#8221;
See Also: <a href="https://www.benzinga.com/general/market-summary/25/05/45611941/quantum-computing-stocks-in-focus-pure-play-vs-large-caps-heres-a-look-at-the-valuations">Quantum Computing Stocks In Focus: Pure Play Vs. Large Caps – Here's A Look At The Valuations</a>
Why It Matters: <a href="https://www.benzinga.com/news/earnings/25/05/45643292/abercrombie-fitch-shares-surge-but-lowers-outlook-despite-q1-beat-due-to-tariffs">Abercrombie &amp; Fitch&#8217;s first quarter</a> earnings of $1.59 per share beat estimates of $1.40, and its revenue rose 8% year-over-year to $1.10 billion, topping the consensus of $1.08 billion.
The company expects second-quarter net sales growth in the range of 3% to 5% and EPS of $2.10-$2.30 vs the consensus of $2.53.
It revised FY25 guidance for net sales growth from 3% to 5% to 3% to 6% and EPS from $10.40 to $11.40 to $9.50 to $10.50.
ANF shares surged 14.67% on Wednesday. It was 42.27% lower on a year-to-date basis and down 53.30% over a year.
Benzinga Edge Stock Rankings shows that ANF had a stronger price trend over the short term but a weaker trend over the medium and long term. Its momentum ranking was poor, and its value ranking was solid at the 85.77th percentile. The details of other metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="146" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29030939/ANF-Edge-1024x146.png" alt="" class="wp-image-930942" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29030939/ANF-Edge-1024x146.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29030939/ANF-Edge-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29030939/ANF-Edge-768x109.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29030939/ANF-Edge.png 1210w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell on Wednesday. The SPY was down 0.58% to $587.73, while the QQQ declined 0.44% to $518.91, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/general/market-summary/25/05/45604787/cathie-wood-reiterates-profound-ai-application-in-healthcare-as-researchers-discover-cancer-survival-outcomes-by-facial-photograph-analysis-here-are-the-stocks-that-could-benefit">Cathie Wood Reiterates ‘Profound' AI Application In Healthcare As Researchers Discover ‘Cancer Survival Outcomes' By Facial Photograph Analysis: Here Are The Stocks That Could Benefit</a></li>
</ul>
Photo courtesy: Chris Redan / Shutterstock.com

Equities

Market Summary

Abercrombie & Fitch Absorbs Tariff Impact, No Price Hike Despite $50 Million Cost: Plans To Open 100 New 'Physical Experiences' In 2025

The White House has reportedly chosen to withdraw $400 million in funding that was set aside for states to upgrade their unemployment insurance systems. 
What Happened: Congress originally designated these funds as part of the $1.9 trillion coronavirus relief package passed in 2021. The goal was to upgrade state unemployment systems, which had been overwhelmed during the pandemic, leading to significant fraud and delays in payments to beneficiaries, <a href="https://www.axios.com/2025/05/28/unemployment-states-fraud-labor">reported</a> Axios.
Last week, the Labor Department informed Congress that the grants are being discontinued. The Department&#8217;s report revealed that about 28% of the funds allocated to states—amounting to $219 million—were dedicated to promoting equity. Axios mentioned that &#8220;equity&#8221; in this case refers to efforts aimed at making the unemployment insurance system more accessible and easier to navigate, rather than necessarily in the context of DEI.
&#8220;When I left in December, states had spent about $100 million of the $219 million specifically for equity but only $2 million of the $204 million for IT,&#8221; mentioned Andrew Stettner, who led the modernization efforts during the Biden administration.
Stettner stated that 18 states are presently working on updates to their systems. He warned that pulling this aid now could be disastrous for states just starting these projects.
The Labor Department defended the decision by telling Axios that the grants were &#8220;squandered&#8221; on &#8220;bureaucratic and wasteful projects that focused on equitable access rather than advancing access for all Americans in need.&#8221;
SEE ALSO:<a href="https://benzinga.com/25/05/45661076/peter-schiff-challenges-jd-vances-bitcoins-safe-haven-assertion-urges-him-to-implement-policies-that-reduce-the-need-to-hedge" target="_blank" rel="noreferrer noopener"> JD Vance Said Bitcoin Created Wealth, Peter Schiff Says It Did No Such Thing: &#8216;What Has Happened Is A Massive Transfer Of …&#8217; </a>
Why It Matters: This decision by the Trump administration is a part of its goal to cut fraud and wasteful spending. Elon Musk, <a href="https://www.benzinga.com/25/05/45660989/cathie-wood-ditches-5-6m-more-tesla-while-elon-musk-quits-government-role-doubles-down-on-ai-stock-under-attack-by-short-sellers">who stepped down</a> on Wednesday, was spearheading these initiatives under the Department of Government Efficiency (DOGE).
During his time, DOGE claimed to save $160 billion by eliminating wasteful government spending. However, a recent analysis by the nonpartisan nonprofit agency, Partnership for Public Service (PSP), revealed that DOGE&#8217;s actions could <a href="https://www.benzinga.com/25/05/45661836/tesla-stock-gains-215-after-hours-as-elon-musk-ends-doge-government-role">cost taxpayers</a> up to $135 billion this fiscal year. 
The analysis included costs related to paid leave for federal employees, rehiring of wrongly dismissed workers, and lost productivity. The figure does not account for the costs of defending multiple lawsuits against DOGE&#8217;s actions or the estimated loss in tax collections resulting from IRS staff reductions. 
<ul class="wp-block-list">
<li>READ MORE: <a href="https://benzinga.com/trading-ideas/movers/25/05/45661506/bitcoin-dogecoin-dip-ethereum-gains-as-court-strikes-down-trumps-tariffs-analyst-anticipates-btc-all-time-high-in-a-couple-of-days-if-this-happens" target="_blank" rel="noreferrer noopener">Bitcoin, Dogecoin Dip, Ethereum Gains As Court Strikes Down Trump&#8217;s Tariffs: Analyst Anticipates BTC All-Time High &#8216;In A Couple Of Days&#8217; If This Happens </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.

Trump Administration Axes $400 Million In State Unemployment System Upgrades, Calls It 'Wasteful': Report

Aurora Mobile (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JG#NASDAQ">JG</a>) reported quarterly losses of $(0.00) per share. This is a 95 percent increase over losses of $(0.04) per share from the same period last year. The company reported $12.30 million in sales this quarter. This is a 37.65 percent increase over sales of $8.94 million the same period last year.

Earnings

Aurora Mobile Q1 Adj. EPADS $(0.00) Up From $(0.04) YoY, Sales $12.30M Up From $8.94M YoY

Leading economists are breathing a sigh of relief after a federal court struck down President Donald Trump&#8217;s &#8220;Liberation Day&#8221; tariffs on Wednesday.
What Happened: Economists and legal experts at The Cato Institute, a libertarian think-tank, have come out in support of the ruling by the U.S. Court of International Trade, with a three-judge bench unanimously stating that Trump's use of the International Emergency Economic Powers Act (IEEPA) to justify tariffs overstepped constitutional limits.
The institute&#8217;s Chair of Constitutional Studies, Ilya Somin, who was one of the co-counsels for the plaintiffs in the case, said &#8220;It's great to see the court ruled unanimously against this power grab,&#8221; while adding that the decision makes it clear that &#8220;the President was wrong to claim a virtually unlimited power to impose tariffs.&#8221;
Somin, a professor at the Antonin Scalia Law School at George Mason University, noted <a href="https://reason.com/volokh/2025/05/28/we-won-our-tariff-case/">in</a> a column in Reason magazine that two of the three judges on the panel, Judges Timothy Reif and Jane Restani, were appointed by Republican presidents Ronald Reagan and Donald Trump, respectively.
See Also: <a href="https://www.benzinga.com/25/05/45661563/one-in-four-americans-are-functionally-jobless-the-true-unemployment-metric-thats-raced-to-its-highest-in-months">One In Four Americans Are &#8216;Functionally Jobless&#8217; — The &#8216;True&#8217; Unemployment Metric That&#8217;s Peaked In Recent Months</a>
Economists and legal experts at Cato hailed the decision as a necessary check on executive authority and a much-needed lifeline for import-reliant industries in the country.
The institute&#8217;s Vice President of General Economics, Scott Lincicome, described the ruling as a &#8220;huge and immediate relief&#8221; for 1,000s of American businesses, that were faced with &#8220;potentially crippling new costs&#8221; as a result of the tariffs, through &#8220;no fault of their own.&#8221;
Linciome argues that this gives America&#8217;s foreign trade partners more leverage to re-negotiate the trade agreements that the &#8220;Trump administration broke.&#8221; He also hopes that the ruling stands on appeal, so that &#8220;we can put this costly and embarrassing episode behind us,&#8221; he says.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Statement on today&#39;s tariff ruling from <a href="https://twitter.com/IlyaSomin?ref_src=twsrc%5Etfw">@ilyasomin</a>, who&#39;s the B. Kenneth Simon Chair in Constitutional Studies at the <a href="https://twitter.com/CatoInstitute?ref_src=twsrc%5Etfw">@CatoInstitute</a> and a professor of law at GMU. He&#39;s also co-counsel for the plaintiffs in VOS Selections v. Trump, one of the cases decided in the ruling. /1
&mdash; Cato on Law (@CatoOnLaw) <a href="https://twitter.com/CatoOnLaw/status/1927894429446152419?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote>
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Other economists have since weighed in on the ruling, including Justin Wolfers, a professor at the University of Michigan, and a prominent critic of Trump&#8217;s tariffs. 
Wolfers said most of Trump's tariffs were ruled illegal &#8220;because they were based on nonsense,&#8221; calling the court's decision the second-best possible off-ramp for the U.S. economy. The best outcome, he said, would be if Congress reclaimed the tariff authority granted to it by the Constitution.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Most of Trump&#39;s tariffs were just ruled illegal (because they were based on nonsense). This is the second best possible off-ramp for the U.S. economy. The best would be if Congress were to take back the power the Constitution gave it. <a href="https://t.co/m2qaPZttZ3">https://t.co/m2qaPZttZ3</a>
&mdash; Justin Wolfers (@JustinWolfers) <a href="https://twitter.com/JustinWolfers/status/1927908778516574263?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote>
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Why It Matters: The ruling has led to a <a href="https://www.benzinga.com/25/05/45661057/us-stock-futures-spike-retail-stocks-wmt-amzn-shop-tgt-surge-higher-as-court-blocks-trump-tariffs-nikkei-opens-higher">rally in U.S. stock futures</a>, with the Dow rallying over 400 points. Stocks that are most exposed to foreign trade, such as retailers, witnessed a spike in after-hours trading following the verdict. 
This comes in response to the <a href="https://www.benzinga.com/25/04/44616760/donald-trump-sets-reciprocal-tariffs-on-key-trade-partners-in-historic-policy-shock">aggressive tariffs imposed</a> by Trump nearly two months ago, aimed at correcting the nation&#8217;s expanding trade deficit, which he referred to as &#8220;our declaration of economic independence.&#8221;
The markets <a href="https://www.benzinga.com/markets/equities/25/04/44655719/trump-tariffs-erode-5-trillion-in-market-cap-in-2-days-as-china-retaliates-jerome-powell-warns-of-inflation">witnessed a steep selloff</a> soon after Trump&#8217;s so-called &#8220;Liberation Day,&#8221; wiping out $5 trillion in market capitalization within two days.
The administration&#8217;s <a href="https://www.benzinga.com/markets/equities/25/05/45596317/trumps-trade-spat-with-europe-and-apple-revives-tariff-risks-for-s-p-500">subsequent back-and-forth</a> on the tariffs has resulted in 2025 fast becoming the year of &#8220;extreme market uncertainty,&#8221; with no clarity still in sight. 
Photo Courtesy: bella1105 on Shutterstock.com
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45661836/tesla-stock-gains-215-after-hours-as-elon-musk-ends-doge-government-role">Tesla Stock Gains 2.9% In Overnight Trade As Elon Musk Ends DOGE Government Role</a></li>
</ul>

Government

Trump Wrong To Claim 'Unlimited Power' To Impose Tariffs, Says Legal Scholar, Economists Also Breathe Sigh Of Relief After Tariffs Blocked By Court

Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) management continued to place its bets on the multitrillion-dollar opportunity arising from the digital labor revolution during its first-quarter earnings call on Wednesday.
What Happened: Salesforce CEO Marc Benioff says that the &#8220;<a href="https://www.benzinga.com/25/02/43999577/salesforce-aims-beyond-crm-bets-big-on-digital-labor-revolution-as-ceo-predicts-up-to-12-trillion-market">digital labor revolution</a>&#8221; is a transformative shift in the way work is done, driven by the rise of AI-powered digital workers or agents. 
After talking about it in its fourth quarter earnings call, Benioff stated during the recent fourth quarter call that &#8220;We are now just very well positioned to take advantage of this multitrillion-dollar opportunity in AI and enterprise software and digital labor&#8221;
CNBC&#8217;s Jim Cramer appreciated Salesforce even as it closed lower on Thursday. He was concerned about the market disliking the stock despite &#8220;exciting things they are doing.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Not sure to trust this futures burst.. I wouldn&#39;t come in on top of it.. let&#39;s put it that way .. Still marveling at how CRM has gotten so disliked versus the exciting things they are doing&#8230;
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1927905955020231012?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote>
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Salesforce is actively embracing digital labor internally and offering it as a core product to customers, primarily through its Agentforce platform.
Internally, Salesforce is using &#8220;digital labor&#8221; for customer support, sales operations, and things like making notes for meetings and summarizing Slack channels.
Salesforce is also enabling its customers to adopt digital labor in various ways:
<ul class="wp-block-list">
<li>Finnair is automating its customer service using Agentforce to manage 12 million passengers.</li>
<li>Falabella is deploying Agentforce on WhatsApp to handle order inquiries.</li>
<li>OpenTable is deploying Agentforce across restaurants, employees, and consumers.</li>
<li>PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) is building an &#8220;agentic layer&#8221; around its vast operations using Salesforce&#8217;s Data Cloud and multiple clouds.</li>
<li>Grupo Global boosted its retention rate by 22% and drove revenue upgrades, cross-selling, and converted non-subscribers with Agentforce.</li>
<li>Engie is assisting 83% of its users with Agentforce.</li>
<li>Takeda will use Life Sciences Cloud with Agentforce and Data Cloud to unify data and deploy agents across medical, commercial, and patient care operations.</li>
</ul>
See Also: <a href="https://www.benzinga.com/general/market-summary/25/05/45611941/quantum-computing-stocks-in-focus-pure-play-vs-large-caps-heres-a-look-at-the-valuations">Quantum Computing Stocks In Focus: Pure Play Vs. Large Caps &#8211; Here&#8217;s A Look At The Valuations</a>
Why It Matters: <a href="https://www.benzinga.com/news/earnings/25/05/45657851/salesforce-q1-earnings-revenue-beat-eps-beat-raised-guidance-momentum-in-agentic-ai-shares-surge">Salesforce&#8217;s first-quarter</a> revenue of $9.83 billion beat the consensus estimate of $9.75 billion. Its adjusted earnings of $2.58 per share also beat analyst estimates of $2.55 per share. 
Second quarter revenue outlook ranges from $10.11 billion to $10.16 billion versus estimates of $10.01 billion. The company anticipates second-quarter adjusted earnings of $1.80 to $1.82 per share versus estimates of $1.71 per share.
It also increased the fiscal-year 2026 revenue guidance to a range of $41 billion to $41.3 billion, versus estimates of $40.83 billion.
CRM stock closed 0.42% lower on Wednesday. It was 16.52% lower on a year-to-date basis and 1.62% higher over a year.
Benzinga Edge Stock Rankings shows that CRM had a stronger price trend over the short term but a weaker trend over the medium and long term. Its momentum ranking was moderate, and its value ranking was poor at the 8.02th percentile. The details of other metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="150" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29023618/CRM-EDGE-1024x150.png" alt="" class="wp-image-930900" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29023618/CRM-EDGE-1024x150.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29023618/CRM-EDGE-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29023618/CRM-EDGE-768x112.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29023618/CRM-EDGE.png 1210w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell on Wednesday. The SPY was down 0.58% to $587.73, while the QQQ declined 0.44% to $518.91, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
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Photo courtesy: NYCStock / Shutterstock.com

Salesforce Declares 'Multitrillion Dollar Opportunity' With Digital Labor Revolution: Jim Cramer Says CRM Is Doing 'Exciting Things'

Chinese AI startup DeepSeek, which triggered a <a href="https://www.benzinga.com/markets/equities/25/01/43256425/nvidia-says-deepseek-an-illustration-of-how-new-ai-models-can-be-created-while-being-export-control-compliant-amid-600-billion-market-value-plunge">$600 billion drop</a> in Nvidia Corporation's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) market value with the release of its R1 model in January, has quietly launched an updated version of its reasoning model.
What Happened: The model, dubbed R1-0528, was uploaded in the early hours of Thursday to the developer platform Hugging Face without a formal public announcement, reported Reuters.
Despite the low-key release, the model quickly gained attention.
On the LiveCodeBench leaderboard—a benchmark created by researchers from UC Berkeley, MIT and Cornell—R1-0528 ranked just behind OpenAI's o4 mini and o3 models in code generation.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/25/05/45486639/sundar-pichai-reveals-google-parent-once-super-intensely-debated-about-buying-netflix-in-a-world-of-butterfly-effects" target="_blank" rel="noreferrer noopener">Sundar Pichai Reveals Google-Parent Once Super Intensely Debated About Buying Netflix: ‘In A World Of Butterfly Effects…&#8217;</a>
It <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44625580/alibaba-steps-up-ai-game-with-qwen-3-challenging-deepseeks-low-cost-ai-success">also outperformed</a> xAI's Grok 3 mini and Alibaba Group Holdings's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) Qwen 3, underscoring DeepSeek's rising status.
DeepSeek's more advanced model, R2, is still expected later this year, the report added.
Why It's Important: Following R1's release in January, major Chinese firms like Alibaba and Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) have <a href="https://www.benzinga.com/25/03/44101621/deepseek-loses-top-spot-as-tencents-yuanbao-ai-becomes-no-1-iphone-app-amid-intensifying-ai-battle">launched models that they</a> say outperform DeepSeek's.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google also rolled out lower-cost Gemini access tiers, while OpenAI reduced pricing and introduced its o3 Mini model, designed to operate with reduced computational demands.
Previously, Demis Hassabis, CEO of Google DeepMind, acknowledged DeepSeek's AI model as arguably the most <a href="https://benzinga.com/markets/25/02/43586484/google-deepmind-ceo-calls-deepseek-ai-best-work-from-china-but-says-hype-is-overblown-theres-no-actual-new-scientific-advance">impressive to emerge from China</a>, while Alphabet CEO Sundar Pichai <a href="https://www.benzinga.com/25/02/43487551/sundar-pichai-acknowledges-deepseeks-ai-advancementsbut-says-googles-gemini-still-leads-in-cost-performance-and-latency">downplayed the threat</a> posed by the startup.
After witnessing China's DeepSeek top the App Store with an AI product built by just 200 engineers, Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) CEO Satya Nadella reportedly <a href="https://www.benzinga.com/25/03/44529954/microsoft-ceo-satya-nadella-admits-chinas-deepseek-was-a-wake-up-call-tells-employees-its-time-to-build-real-products-not-just-research-thats-the-new-bar-to-me">pushed his teams to deliver results</a> with similar speed and real-world impact.
Benzinga Edge Stock Rankings awarded NVDA an impressive growth score of 98.75%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to compare it with other top-performing stocks such</a> as Alphabet, Alibaba, Tencent, Microsoft and more.
<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/2025/05/29023210/Screenshot-2025-05-29-at-7.06.23%E2%80%AFAM-2.png" alt="" class="wp-image-930896" /></a></figure>
Photo Courtesy: mundissima on Shutterstock.com
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

BABA

GOOG

GOOGL

MSFT

NVDA

TCEHY

China's DeepSeek Quietly Drops R1 AI Update That Nearly Matches OpenAI o4 Mini—And Beats Elon Musk's Grok 3 Mini

<ul>
<li>Nokia introduces new entry-level and mid-tier Beacons that can deliver speeds over 3x faster than Wi-Fi 6 devices.&nbsp;&nbsp;</li>
<li>Nokia Beacons bring affordable Wi-Fi 7 to customers globally, providing multi-gigabit capacity needed to support future devices and services in the home.</li>
<li>Nokia's Beacon 4 and 9, powered by Corteca software, simplify device management and support enhanced services via applications available on the Corteca marketplace.</li>
</ul>

Nokia Launches Beacon 4 And 9 To Bring Affordable Wi-Fi 7 And Multi-Gigabit Speeds To Homes Worldwide

Banco Macro Q1 EPS $0.65 Down From $7.90 YoY, Net Interest Income $549.20M

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) CEO Kelly Ortberg said that the company aims to complete certification of its delayed 737 MAX-7 and MAX-10 variants by year-end, marking a critical milestone for the aerospace giant&#8217;s commercial recovery strategy.
What Happened: Speaking to Aviation Week <a href="https://aviationweek.com/aerospace/manufacturing-supply-chain/interview-boeing-ceo-kelly-ortberg-opens">at</a> Boeing&#8217;s Renton, Washington assembly facility, Ortberg emphasized the urgency of getting both aircraft variants through Federal Aviation Administration approval. 
&#8220;We&#8217;re hoping to get the two variants of the 737 MAX wrapped up this year so we can start deliveries of the -7 and the -10, two airplanes that are very, very important to our customers and our backlog,&#8221; Ortberg stated.
The certification push comes as Boeing operates under an FAA-imposed production cap of 38 aircraft per month following safety issues that grounded the MAX fleet globally for nearly two years after fatal 2018 and 2019 crashes. 
Boeing faces mounting pressure from ongoing regulatory scrutiny. The Justice Department recently offered the company a deal to avoid criminal prosecution over the 737 MAX crashes that killed 346 people, though victims&#8217; families have criticized the proposed <a href="https://www.benzinga.com/news/legal/25/05/45594990/doj-offers-boeing-deal-to-avoid-criminal-charges-over-737-max-crashes">agreement as insufficient accountability</a>.
Ortberg acknowledged the certification delays have created administrative bottlenecks with regulators. &#8220;We need to work together to streamline that process. It has gotten way too elongated,&#8221; he said, noting improved cooperation with new FAA leadership and Transportation Secretary Sean Duffy.
See Also: <a href="https://www.benzinga.com/markets/25/05/45661128/ross-gerber-blasts-trump-for-destroying-nvidias-china-business-gene-munster-says-forget-about-the-china-curbs-because-the-chip-giants-co" target="_blank" rel="noreferrer noopener">Ross Gerber Blasts Trump For ‘Destroying' Nvidia's China Business — Gene Munster Says ‘Forget About The China Curbs' Because The Chip Giant's Core Business Is ‘On Fire'</a>
Why It Matters: The MAX-7 and MAX-10 certifications represent crucial revenue drivers for Boeing&#8217;s commercial division, which holds approximately half a trillion dollars in backlog orders. Boeing stock has gained 0.93% to $202.89 as investors monitor the certification timeline and production ramp-up progress.
Ortberg stressed Boeing&#8217;s commitment to quality over speed in the certification process. &#8220;We&#8217;re going to do it in a smart, safe way, in accordance with our safety and quality plan,&#8221; he said, positioning the certifications as fundamental to Boeing&#8217;s operational and financial recovery.
Price Action: Boeing Co.&#8217;s stock closed at $201.50 on Wednesday, up 0.23% for the day. In after-hours trading, the stock rose to $202.89, gaining an additional 0.69%. Year to date, Boeing shares have increased by 17.24%.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Boeing CEO Kelly Ortberg Targets Year-End Certification For 737 MAX-7, MAX-10 Amid FAA Scrutiny, Says Variants Are 'Very Important' To Customers And Backlog

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) will launch its Robotaxi service in Austin on June 12, with CEO Elon Musk confirming that the company is currently testing the Model Y.
What Happened: The June 12 date has been internally discussed, but it remains subject to change, according to an anonymous source familiar with the matter, as cited in <a href="https://www.bloomberg.com/news/articles/2025-05-28/tesla-targets-june-12-launch-of-robotaxi-service-in-austin">a</a> Bloomberg report on Wednesday.
The company recently tested a fully autonomous Tesla Model Y in Austin with no remote operations, with only a company engineer in the passenger seat, the source suggested.
Musk has said that the company would initially use vehicles from its line-up, like the Model Y, to operate the autonomous ride-sharing service before incorporating the Cybercab, which is a purpose-built, fully autonomous driving vehicle with no steering wheel or pedals.
Why It Matters: The report comes in as Musk had previously stated the company plans to launch the Robotaxi in Austin sometime towards <a href="https://www.benzinga.com/25/05/45529030/elon-musk-confirms-tesla-robotaxi-launch-is-on-track-for-next-month-these-things-happen-slowly-but-then-all-at-once">the end of June</a>, with over 10 Model Ys operating as Robotaxis initially.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">For the past several days, Tesla has been testing self-driving Model Y cars (no one in driver's seat) on Austin public streets with no incidents. A month ahead of schedule. Next month, first self-delivery from factory to customer.
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1927970940874354941?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Musk has also said that the company has been testing self-driving Model Ys in Austin on public roads for &#8220;the past several days&#8221; in a post on the social media platform X on Thursday. Musk says that the vehicles were tested without any incidents. He has also echoed his previous comments, which said that Teslas could drive directly to people&#8217;s houses from the factory.
The robotaxi launch could provide Musk's EV giant with a much-needed boost as the company continues to grapple with sales declines globally, including Europe, where Tesla sales <a href="https://www.benzinga.com/markets/eurozone/25/05/45616006/teslas-european-woes-see-no-end-april-sales-crash-49-as-rivals-race-ahead-in-ev-market">experienced a 49% YoY plunge</a>.
However, Tesla&#8217;s plans to launch its robotaxi in Austin face stiff competition from Alphabet Inc.'s (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>) Waymo. Waymo is already an established player in the sector, with over 250,000 weekly rides.
Gerber Kawasaki&#8216;s CEO, Ross Gerber, suggests that the competition between Tesla and Waymo in Austin <a href="https://www.benzinga.com/markets/equities/25/05/45637969/tesla-waymo-to-face-first-head-to-head-competition-for-robotaxis-ross-gerber-says-ahead-of-austin-launch-fascinating-to-watch">could be &#8220;fascinating&#8221;</a> as the two companies operate using different approaches to autonomous driving.
Tesla favors a camera-based system for its FSD tech, which is a crucial element to the Robotaxi, while Waymo uses a LiDAR-based system. Musk <a href="https://www.benzinga.com/25/03/44529187/elon-musk-says-tesla-doesnt-need-lidar-because-people-dont-shoot-lasers-out-of-their-eyes-yet-his-ev-company-quietly-spent-over-2-million-on-the-technology-in-2024-as-china-takes-global-lead">has defended</a> Tesla&#8217;s decision not to use LiDAR for its Robotaxis and FSD, saying that the company doesn&#8217;t need LiDAR because &#8220;People don&#8217;t shoot lasers out of their eyes.&#8221;
Elsewhere, Waymo already operates in over four major cities in the U.S., including Austin. The company recently announced it reached the <a href="https://www.benzinga.com/25/05/45539621/tesla-robotaxi-rival-waymo-reaches-10-million-paid-rides-milestone-as-robotaxis-step-into-the-spotlight">ten million paid autonomous rides milestone</a>, doubling its lifetime total of five million rides in five months.
Price Action: TSLA gained 2.9% in overnight trading, currently valued at $364.59, according to<a href="https://pro.benzinga.com/dashboard"> Benzinga Pro data</a>.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>
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</ul>
Photo courtesy: Ken Wolter / Shutterstock.com

TSLA

Tesla Targets June 12 For Robotaxi Launch In Austin, Elon Musk Says Company Ramped Up FSD Testing 'A Month Ahead Of Schedule'

Reported Earlier, Super League Enterprise Proposes Securities Offering With Intent To Strengthen Balance Sheet And Operations

CRWD

Reported Earlier, CrowdStrike And AARNet Expand Partnership to Deliver 24/7 AI-Powered Managed Detection And Response For Australia's Research Sector

HESM

Reported Earlier, Hess Midstream Prices $559.59M Secondary Offering Of 15,022,517 Class A Shares At $37.25 Each

TSHA

Reported Earlier, Taysha Gene Therapies Prices $200M Public Offering Of Common Stock And Pre-Funded Warrants At $2.75

Reported Earlier, Amer Sports Prices 35M-Share Secondary Offering At $37.20; Fountainvest Affiliates To Sell Entire Stake

MNSO

Reported Earlier, MINISO Debuts New Ontario Location With First-Ever Ice Cream Section And Immersive "Shop-And-Play" Experience

BIRK

Birkenstock Prices 17,927,344 Common Shares Secondary Offering At $52.50; Repurchases And Cancels 3,927,344 Shares In Concurrent Transaction

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) unveiled its robotics strategy during its first-quarter 2025 earnings call on Wednesday, positioning the chipmaker for what executives called the emerging &#8220;era of robotics&#8221; as artificial intelligence expands beyond data centers into physical applications.
What Happened: &#8220;The era of robotics is here. Billions of robots, hundreds of millions of autonomous vehicles, and hundreds of thousands of robotic factories and warehouses will be developed,&#8221; Chief Financial Officer Colette Kress told analysts during the earnings call.
The Santa Clara-based company reported record first-quarter revenue of $44.1 billion, up 69% year-over-year, driven by continued demand for its AI chips. Data center revenue reached $39 billion, representing 73% annual growth as customers deployed NVIDIA&#8217;s Blackwell architecture for reasoning AI applications.
NVIDIA introduced Isaac Groot, described as &#8220;the world&#8217;s first open, fully customizable foundation model for humanoid robots, enabling generalized reasoning and skill development.&#8221; The platform aims to train robots using synthetic data generated through NVIDIA&#8217;s Omniverse simulation environment.
See Also: <a href="https://www.benzinga.com/markets/25/05/45661128/ross-gerber-blasts-trump-for-destroying-nvidias-china-business-gene-munster-says-forget-about-the-china-curbs-because-the-chip-giants-co">Ross Gerber Blasts Trump For &#8216;Destroying&#8217; Nvidia&#8217;s China Business — Gene Munster Says &#8216;Forget About The China Curbs&#8217; Because The Chip Giant&#8217;s Core Business Is &#8216;On Fire&#8217;</a>
Why It Matters: Leading robotics companies, including Agility Robotics, Boston Dynamics, and Figure AI are already integrating NVIDIA&#8217;s technologies. GE HealthCare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>) is using the new NVIDIA Isaac platform for robotic imaging and surgery systems development.
CEO Jensen Huang emphasized the strategic importance of robotics during the call, noting that future manufacturing plants will require &#8220;AI factories&#8221; to operate robotic systems. 
Price Action: Nvidia Corp.&#8217;s stock closed at $134.81 on Wednesday, down 0.51% for the day. In after-hours trading, the stock rose sharply by 4.89% to $141.40. Year to date, Nvidia shares are down 2.53%.
NVDA stock enjoys strong momentum, growth, and quality, but performs poorly on valuation metrics, according to Benzinga Edge Stock Rankings. The stock shows a positive price trend across the short to long term. Here is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">the full stock breakdown</a>.
<figure class="wp-block-image aligncenter size-full is-resized"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="888" height="558" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29010551/image-373.png" alt="" class="wp-image-930852" style="width:429px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29010551/image-373.png 888w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29010551/image-373-300x189.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29010551/image-373-768x483.png 768w" sizes="(max-width: 888px) 100vw, 888px" /></a></figure>
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<li><a href="https://www.benzinga.com/25/05/45661911/bitcoin-in-retirement-plans-labor-department-rescinds-biden-era-guidance-on-401k-crypto-inclusion">Bitcoin In Your 401(k)? Trump&#8217;s Labor Department Rolls Back Biden-Era Guidance On Crypto In The Employer-Sponsored Retirement Plan</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Jack Hong / Shutterstock.com

GEHC

Nvidia Unveils Foundation Models For Humanoids, Eyes 'Era of Robotics' As AI Spend Accelerates

Press Releases

Bit Origin Ltd Announces Strategic Partnership with Aethir to Become a Sales Representative, Entering the Field of AI Computing Power, GPU, and Edge Computing

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