You're receiving this email because you're subscribed to Ring the Bell from Benzinga. To manage your subscription, click the link at the bottom of this email.

Happy Monday Zingernation! For much of this year, the market has been somewhat predictable. Nvidia will move higher, traders will come in and buy the dip on Bitcoin and every few weeks or so we’ll get a pop in $GME. But, with President Biden stepping down, some experts believe uncertainty may start driving market, creating increased volatility.

—Aaron Bry & Nic Chahine

Plus, check out the company that’s bringing an environmentally-friendly approach to the booming AI industry.

MARKET SNAPSHOT

Last Week: Was a rare red week for the market in 2024 with fears regarding a potentially slowing economy, as well as political uncertainty, driving equities lower. Big tech lagged the overall market, with the QQQs closing down more than 4% throughout the last five trading days.

On Our Radar: We’ve got earnings this week! Lots of major companies like Tesla, Google, Visa, Abbvie and more set to report. Then, later in the week we will get more insights into the U.S.’s inflation situation with PCE numbers on Friday.

TOP STORY

President Biden's Exit Followed Nearly $80M In Wagers On Crypto Prediction Market Polymarket

So: Polymarket data shows almost $80 million have been wagered on the immediate political future of President Joe Biden.

What Happened: The most substantial betting pool focused on predicting the Democratic nominee, a process set to begin officially at the party’s convention on Aug. 19.

Basically: Biden’s recent resignation has thrown these predictions into disarray, Coindesk reported. A total of $51.5 million was wagered directly on whether Biden would be the nominee out of a total betting pool of $205 million. And some traders faced some substantial losses on the crypto-betting sites.

PRESENTED BY BRAND ENGAGEMENT NETWORK

AI Is Getting More Environmentally Friendly Thanks To Companies Like Brand Engagement Network

AI promises to change the world but it is also harming it given the power needed to train AI models. Take ChaptGPT for one example. One inquiry using that AI model requires ten times more energy than a single Google search. 

For the market to truly achieve its potential, a balance between AI and the environment has to be achieved, and that’s where Brand Engagement Network Inc. (NASDAQ: BNAI), the maker of AI assistants and avatars, comes in. It brings an environmentally conscious approach to tech by developing AI that requires less electricity. To do that, it relies on CPUs and retrieval-augmented generation (RAG). 

CPUs use less power than GPUs, which most companies train AI models with, because they know where to look for the answer. GPUs don't, which means they cast a wider net to come up with an answer. BEN layers RAG on top of that, which draws from carefully selected and validated data sets which require less energy. To learn more about BEN’s AI technology click here. 

FIVE ZINGERS

Join The Crowd: A slew of analysts came in and downgraded $CRWD after the cybersecurity company reportedly caused a wide outage on Friday.

Rates Down, Stocks Up: Chinese stocks perked up Monday morning after the country cut interest rates to support its slowing economy.

The Drop Out Fall Out: Many Trump-linked names, like $DJT and Trump crypto coins, sold off after Biden dropped out of the 2024 race.

It’s $ON: ON Semiconductor’s stock moved higher in Monday’s session after announcing a new deal with Volkswagen.

X Marks The Spot: Elon Musk’s AI company, xAI, announced a new project utilizing 100k NVIDIA GPUs in a supercluster in Memphis.

ONE FOR THE ROAD

Johnson & Johnson Faces Legal Hurdle In Talc Lawsuit Battle

What Happened: Johnson & Johnson faced a legal setback on Friday when a New Jersey judge rejected its bid to disqualify the law firm Beasley Allen from representing plaintiffs who claim the company’s talc products caused their cancer.

So: This decision complicates Johnson & Johnson’s attempt to resolve over 60,000 claims through a $6.48 billion pre-packaged bankruptcy plan, Reuters reports.

Basically: Judge John Porto of the New Jersey Superior Court ruled that Johnson & Johnson had not provided “any credible basis” for its allegations that Beasley Allen partner Andy Birchfield formed an unethical alliance with a former Johnson & Johnson lawyer. Here’s how $JNJ’s legal woes could impact its stock moving forward.

PRESENTED BY AXOS INVEST

What Is Margin Trading And Is It Right For You?

Margin investing is no longer considered a mysterious trading strategy reserved for the pros. The proliferation of electronic trading has made it possible for retail investors to harness strategies like margin trading. By trading on margin, investors have an opportunity to to buy more securities with borrowed funds secured by equities and cash. It’s a tactic that when successful leads to higher returns. But the risk of loss is greater too; if the trade goes south, investors are on responsible for the borrowed amount plus interest. It’s important for investors to choose a trusted broker like Axos Invest to stand beside them as they navigate today’s financial markets. Contact Axos Invest so you can begin your margin trading journey today.

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Future Finance: Where fintech, crypto, and the future of finance collide. Future Finance is a perfect lunch read packed with quick bites for industry enthusiasts. Subscribe here.

Cannabis Daily: A must-read daily briefing for cannabis investors, operators, and enthusiasts. Join our list of industry veterans to jump start your morning. Subscribe here.

Real Estate Weekly: Where we highlight the movers and the losers, the upgrades and the downgrades, the top stories and opportunities in the trillion dollar REIT and real asset industry. Subscribe here.

Mining Weekly: Get an insider's edge with news, analysis, and commentary on what’s shaping the mining and commodities industry that powers the global economy. Subscribe here.