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The Fund will normally invest at least 90 percent of its net assets (including investment borrowings) in the securities that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Index is owned and is developed, maintained and sponsored by Nasdaq, Inc. (the Index Provider). The Index Provider may, from time to time, exercise reasonable discretion as it deems appropriate in order to ensure Index integrity.

Nvidia Corp

Broadcom Inc

Qualcomm Inc.

Applied Materials, Inc.

Texas Instruments Inc

Analog Devices, Inc.

Kla Corp.

Skyworks Solutions Inc.

Nxp Semiconductors N V

Intel Corp.

Marvell Technology Group Ltd. [Mrvl]

Micron Technology, Inc.

Lam Research Corp

Advanced Micro Devices Inc.

Avnet Inc

At its <a href="https://www.benzinga.com/news/25/05/45573921/alphabet-shares-gain-following-annual-developer-conference-whats-going-on">annual developer conference</a> this week, Alphabet Inc.&#8217;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 unveiled Veo 3, the latest upgrade to its AI video generation tool developed by Google DeepMind.
What Happened: The new model doesn't just generate high-resolution, cinematic visuals — it also <a href="https://www.benzinga.com/25/05/45560919/everyones-losing-their-minds-over-googles-veo-3-ai-videos-and-everyones-also-annoyed-they-cant-actually-use-it-yet-here-are-some-wild-examples-of-the-magic-this-model-can-create">includes realistic audio</a>, such as ambient sound, effects, and even spoken dialogue, setting it apart from competing tools.
Unlike OpenAI's Sora, Meta Platforms, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) MovieGen, or Runway's Gen-4, none of which currently offer audio support, Veo 3's ability to merge visuals with synchronized sound has sparked a wave of viral clips that left many online users questioning whether they were seeing AI or reality.
"It's kind of mindblowing how good Veo 3 is at modeling intuitive physics," said Demis Hassabis, co-founder and CEO of Google DeepMind, on Friday, adding that this progress could offer crucial insights into the computational complexity of the universe.
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>
In response, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk replied, saying, "It is awesome. Nice work." Musk <a href="https://www.benzinga.com/tech/24/12/42525899/elon-musk-reacts-after-sundar-pichai-shares-veo-2-as-google-looks-to-challenge-openais-sora-in-ai-video-race-looks-impressive">expressed admiration</a> for Google's Veo 2 last year.
<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">It is awesome. Nice work.
&mdash; Kekius Maximus (@elonmusk) <a href="https://twitter.com/elonmusk/status/1926064002703999037?ref_src=twsrc%5Etfw">May 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It's Important: While Musk has been praising Google's video models, he has previously voiced concerns about Google's Gemini, which he accused of being biased following widespread backlash over its <a href="https://www.benzinga.com/news/24/02/37258050/elon-musk-pushes-xais-grok-ai-chatbot-after-google-gemini-comes-under-fire-truth-never-been-more-ess">inability to generate accurate images</a>.
Meanwhile, earlier this week, it was reported that Musk's AI venture, xAI, is gearing up for a major investment that could significantly benefit Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). xAI intends to deploy <a href="https://www.benzinga.com/25/05/45534923/elon-musks-xai-plans-3040-billion-gpu-buy-near-memphis-nvidia-set-to-be-the-biggest-winner-says-top-analyst">1 million GPUs near Memphis</a>.
Price Action: Alphabet Inc.&#8217;s Class A shares slipped 1.40% on Friday, with Class C shares down 1.39%, based on <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
According to Benzinga Edge Stock Rankings, Alphabet holds a growth score of 88.68%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against other companies</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/2025/05/24033759/Screenshot-2025-05-24-at-7.03.26%E2%80%AFAM-1.png" alt="" class="wp-image-926828" /></a></figure>
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45599346/why-googles-demis-hassabis-disagrees-with-co-founder-sergey-brin-on-when-agi-will-arrive-and-sets-a-much-higher-bar">Why Google&#8217;s Demis Hassabis Disagrees With Co-Founder Sergey Brin On When AGI Will Arrive: &#8216;I Have Quite A High Bar&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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News

Tech

GOOG

GOOGL

NVDA

TSLA

Elon Musk Praises Google DeepMind's Veo 3 AI Video Model, Says 'It Is Awesome'

The Trump administration has imposed new limitations on journalists&#8217; access to the Pentagon, citing concerns over national security and operational integrity.
What Happened: U.S. Defense Secretary Pete Hegseth on Friday announced new rules requiring journalists to have official escorts within much of the Pentagon, according to a report by Reuters.
The restrictions, effective immediately, prevent credentialed reporters from accessing most areas of the Department of Defense headquarters in Arlington, Virginia, without prior approval and an escort.
Hegseth emphasized the importance of protecting classified national intelligence and operational security, stating that unauthorized disclosures could endanger U.S. service members.
Why It Matters: The Pentagon Press Association criticized the new rules as a &#8220;direct attack on the freedom of the press.&#8221; They noted that the press has historically had access to non-secured, unclassified spaces in the Pentagon under both Republican and Democratic administrations, even after the September 11 attacks, without operational security concerns.
See Also: <a href="https://benzinga.com/markets/cryptocurrency/25/05/45586387/bitcoins-golden-cross-is-imminent-strong-rally-or-2021-style-sell-off-next">Bitcoin&#8217;s Golden Cross Is Imminent: Strong Rally Or 2021-Style Sell-Off Next? &#8211; Benzinga</a>
Since Trump resumed office in January, the Pentagon has been<a href="https://www.benzinga.com/news/legal/24/12/42426958/doj-leak-probe-under-trump-targeted-his-fbi-pick-report"> investigating leaks</a>, resulting in three officials being placed on administrative leave.
Additionally, legacy media outlets like the New York Times and CNN have been required to vacate their Pentagon offices, making way for others, including those generally supportive of the Trump administration.
The administration has also implemented lie detector tests to probe unclassified leaks, with some Department of Homeland Security officials facing potential dismissal for refusing polygraphs.
The White House maintains that leaks will not be tolerated and that those responsible should be held accountable.
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45599865/white-house-national-security-council-faces-staff-reductions-as-part-of-major-restructuring-report">White House National Security Council Faces Staff Reductions As Part Of Major Restructuring: Report</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Politics

Media

Trump Administration Enforces New Restrictions On Reporters At The Pentagon

President Donald Trump has confirmed that the previously announced<a href="https://www.benzinga.com/25/05/45584696/trump-threatens-tim-cook-to-manufacture-iphones-in-the-us-or-face-at-least-25-tariffs"> 25% tariff on iPhones</a> will also apply to Samsung and other smartphone manufacturers outside the U.S.
What Happened: According to a report <a href="https://9to5google.com/2025/05/23/samsung-smartphone-tariffs-trump-iphone/">by</a> 9to5Google on Friday, the President clarified that the 25% tariff would apply to &#8220;anybody&#8221; selling smartphones in the U.S. that are not made in the U.S. This comes after his earlier announcement of a 25% tariff on iPhones not manufactured in the U.S.
Trump specifically mentioned Samsung, stating that the tariffs would ensure fairness. The tariffs are expected to kick in towards the end of June.
See Also: <a href="https://benzinga.com/markets/cryptocurrency/25/05/45586387/bitcoins-golden-cross-is-imminent-strong-rally-or-2021-style-sell-off-next">Bitcoin&#8217;s Golden Cross Is Imminent: Strong Rally Or 2021-Style Sell-Off Next? &#8211; Benzinga</a>
Trump&#8217;s decision is part of his ongoing demand for companies like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) to move their production to the U.S. Currently, Apple&#8217;s production is primarily in China and partially in India.
Why It Matters: This move comes on the heels of Trump&#8217;s <a href="https://www.benzinga.com/25/05/45584696/trump-threatens-tim-cook-to-manufacture-iphones-in-the-us-or-face-at-least-25-tariffs">demand</a> for Apple to manufacture iPhones domestically or face a 25% tariff.
Despite this, Apple <a href="https://www.benzinga.com/markets/25/05/45599817/apple-would-rather-absorb-a-25-iphone-tariff-than-move-production-to-the-us-says-analyst-no-guarantee-they-wont-face-repeated-tariff-threats-during-his-term">indicated</a> it would rather absorb the tariff than move production to the U.S. This was in response to Apple&#8217;s ongoing <a href="https://www.benzinga.com/news/global/25/05/45582261/despite-trumps-warning-to-tim-cook-apple-moves-ahead-with-1-5-billion-india-expansion-via-foxconn-to-boost-iphone-production-report">investment</a> in India, where key supplier Foxconn is building a $1.5 billion plant.
Check out more of Benzinga&#8217;s Consumer Tech coverage by<a href="https://www.benzinga.com/topic/consumer-tech"> following this link</a>.
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<li><a href="https://www.benzinga.com/25/05/45599598/amazons-zoox-issues-second-robotaxi-recall-in-a-month-after-san-francisco-crash">Amazon&#8217;s Zoox Issues Second Robotaxi Recall in a Month After San Francisco Crash</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Joey Sussman / Shutterstock.com

AAPL

Trump Confirms 25% Tariff On Samsung And Other Companies Making Smartphones Outside The US

More than a month after the April 17 Season 3 finale, Amazon.com, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Prime Video has reportedly decided that the <a href="https://www.benzinga.com/general/entertainment/22/06/27771738/here-are-the-most-watched-amazon-prime-video-series-in-the-last-two-years-how-they-stack-up">high-budget fantasy series</a>, "The Wheel of Time," will not return for a fourth season.
What Happened: The decision follows extended internal discussions and was ultimately driven by financial considerations, not creative shortcomings, <a href="https://deadline.com/2025/05/the-wheel-of-time-canceled-prime-video-1236409657/">reported</a> Deadline.
Adapted from the bestselling novels by Robert Jordan and Brandon Sanderson and co-produced by Sony Group Corporation's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) Sony Pictures Television and Amazon MGM Studios, "The Wheel of Time" debuted in 2021, starring Rosamund Pike, to strong viewership, becoming one of Prime Video's top five series launches ever.
See Also:&nbsp;<a href="https://www.benzinga.com/news/25/05/45578275/disney-taps-formula-1s-global-fanbase-to-supercharge-brand-reach-among-young-viewers" target="_blank" rel="noreferrer noopener">Disney Taps Formula 1's Global Fanbase To Supercharge Brand Reach Among Young Viewers</a>
However, while the third season drew praise, earning a 97% score on Rotten Tomatoes and being regarded by both fans and executives as the show's best, the viewership numbers declined compared to prior seasons, the report noted.
In the U.S., Nielsen data showed it dropped out of the Top 10 Originals after just three weeks, a sharp contrast to earlier seasons that maintained rankings throughout their runs.
Although the series performed better globally and even topped charts in several countries, the returns weren't enough to justify its steep production costs, the report said.
Amazon did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It's Important: The cancellation underscores the increasingly tough economics of streaming, where even well-reviewed shows aren't guaranteed longevity if they fail to meet platform-wide performance metrics.
"The Wheel of Time" helped pioneer Prime Video's investment in high-end fantasy, paving the way for titles like "The Lord of the Rings: The Rings of Power." Its end marks another example of cost-conscious decisions shaping the future of prestige streaming content.
Knowing the risks, showrunners reportedly designed the Season 3 finale to offer some narrative closure, the report added.
Prime Video and Sony will continue to support the show's Emmy campaign for its final season.
Price Action: Amazon shares slipped 1.04% to close at $201.00 during Thursday's regular session, then edged down another 0.31% to $200.36 in after-hours trading, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.
Benzinga Edge Stock Rankings gives Amazon a strong growth score of 97.09%, signaling robust market momentum. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against other top-performing stocks</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/2025/05/24024048/Screenshot-2025-05-24-at-12.08.40%E2%80%AFPM.png" alt="" class="wp-image-926814" /></a></figure>
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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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: sdx15 / Shutterstock.com

Equities

AMZN

Sony Group Corporation American Depositary Shares

SONY

Prime Video Axes Rosamund Pike-Starrer 'The Wheel of Time:' Cost, Not Quality, Kills Fantasy Epic With 97% Rotten Tomatoes Score For The Latest Season

The&nbsp;White House National Security Council&nbsp;(NSC) has seen a substantial reduction in its workforce as part of President&nbsp;Donald Trump&#8217;s&nbsp;strategy to trim down the council&#8217;s size.
What Happened: According to&nbsp;a report by Reuters, dozens of employees were dismissed from the&nbsp;White House National Security Council&nbsp;on Friday.
The staff cuts affected personnel handling critical geopolitical issues, including Ukraine and Kashmir.
This restructuring follows the recent appointment of&nbsp;Marco Rubio&nbsp;as Secretary of State, succeeding&nbsp;Mike Waltz&nbsp;as national security adviser.
The&nbsp;changes aim to transition the NSC from a policymaking entity to one that primarily implements the president&#8217;s agenda.
See Also:&nbsp;<a href="https://benzinga.com/25/05/45541427/southwest-airlines-announces-passengers-must-keep-portable-chargers-in-plain-sight-amid-fears-of-lithium-battery-" target="_blank" rel="noreferrer noopener">Southwest Airlines Announces Passengers Must Keep Portable Chargers In Plain Sight Amid Fears Of Lithium Battery Fires</a>
According to the report, the restructuring is expected to enhance the roles of the State Department, Defense Department, and other agencies in national security and intelligence.
The administration plans to reduce the NSC&#8217;s size to approximately 50 individuals, down from over 300 under former President&nbsp;Joe Biden.
Sources indicated that affected staff will be reassigned to other government positions. However, the downsizing has sparked concerns among some Democrats and Republicans about the potential impact on policy expertise. The NSC has struggled to attract top talent, with key roles remaining unfilled.
Why It Matters: This downsizing of the NSC is part of a broader trend under the Trump administration, which has been actively pursuing significant reductions across various federal agencies.
For instance, the administration recently <a href="https://www.benzinga.com/25/05/45599526/trump-administration-challenges-judges-block-on-federal-layoffs-president-must-retain-the-ability-says-official">appealed a federal judge&#8217;s decision blocking mass layoffs</a> within federal agencies, arguing for the president&#8217;s authority to reorganize without congressional approval.
Moreover, the administration has previously <a href="https://www.benzinga.com/news/25/04/44881570/trump-administration-to-lay-off-nearly-90-of-cfpb-employees-in-major-downsizing-report">implemented major staff cuts</a> at the Consumer Financial Protection Bureau (CFPB), reducing its workforce by nearly 90%.
Similarly, the Department of Health and Human Services (HHS) faced legal <a href="https://www.benzinga.com/general/health-care/25/05/45326217/trumps-hhs-overhaul-faces-legal-blowback-from-states-over-deep-staffing-cuts-slashed-programs">challenges over deep staffing cuts</a> and program reductions, aligning with President Trump&#8217;s executive order on government efficiency.
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45599526/trump-administration-challenges-judges-block-on-federal-layoffs-president-must-retain-the-ability-says-official">Trump Administration Challenges Judge&#8217;s Block On Federal Layoffs: &#8216;President Must Retain The Ability,&#8217; Says Official</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

White House National Security Council Faces Staff Reductions As Part Of Major Restructuring: Report

Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) reportedly plans to spend approximately $40 billion to purchase 400,000 of Nvidia Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/media/25/05/45572904/nvidia-powers-big-gains-for-quanta-pegatron-as-ai-demand-explodes">GB200 AI "superchips"</a> to power a massive new data center for OpenAI in Abilene, Texas.
What Happened: The site is part of Stargate, a $500 billion AI infrastructure project spearheaded by OpenAI and SoftBank Group Corp. (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>).
Once completed, the facility will deliver 1.2 gigawatts of power, making it one of the largest AI data centers globally, according to <a href="https://www.ft.com/content/a9cd130f-f6bf-4750-98cc-19d87394e657">a</a> report by the Financial Times, citing several people familiar with the matter.
Oracle will lease the site for 15 years and provide compute capacity to OpenAI, which no <a href="https://www.benzinga.com/25/05/45539207/sam-altmans-openai-raises-116-billion-for-texas-data-center-as-it-moves-to-reduce-reliance-on-microsoft-report">longer relies exclusively</a> on Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) for infrastructure support.
The Texas facility is being developed by Crusoe and Blue Owl Capital, with more than $15 billion in debt and equity raised, including a total of $9.6 billion loan from JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>).
See Also: <a href="https://www.benzinga.com/general/entertainment/25/05/45581252/marvel-delays-robert-downey-jr-starrer-avengers-doomsday-and-secret-wars-to-december-2026-but-disney-has-a-summer-blockbuster-in-store">Marvel Delays Robert Downey Jr. Starrer &#8216;Avengers: Doomsday&#8217; And &#8216;Secret Wars&#8217; To December 2026, But Disney Has A Summer Blockbuster In Store</a>
Construction began in June 2024, and the center is expected to be fully operational by mid-2026.
Once finished, its scale will be comparable to Elon Musk's <a href="https://www.benzinga.com/government/regulations/25/05/45511489/elon-musk-touts-xais-colossus-2-as-first-gigawatt-ai-supercluster-powered-by-168-tesla-megapacks-amid-agi-push">proposed expansion</a> of his "Colossus" data center in Memphis, Tennessee, which aims to accommodate around 1 million Nvidia chips.
Why It's Important: Previously, OpenAI relied heavily on Microsoft's Azure cloud platform. However, earlier this year, the two companies agreed to end their exclusivity deal after OpenAI&#8217;s compute needs began to outpace Microsoft's capacity, the report added.
Earlier this week, it was also reported that <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45550033/openai-teams-up-with-iphone-designer-jony-ive-as-chatgpt-maker-makes-push-into-hardware-apple-shares-slide">OpenAI is acquiring</a> Jony Ive's AI device startup, io Products, in a $6.5 billion all-stock deal.
Ive, known for designing the iPhone and other iconic Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) products, will join forces with OpenAI to develop AI hardware.
Price Action: Oracle shares dipped 0.013% in after-hours trading, reaching $155.95 at the time of writing, after falling 0.85% during regular trading hours on Friday, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.
Benzinga Edge Stock Rankings gives Oracle a growth score of 31.75%, highlighting the company's solid market momentum. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares to other stocks</a>.
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<li><a href="https://benzinga.com/trading-ideas/movers/25/04/45029805/what-caused-sam-altman-founded-world-network-token-to-soar-57-in-a-week" target="_blank" rel="noreferrer noopener">What Caused Sam Altman-Founded World Network Token To Soar 57% in a Week? What Caused Sam Altman-Founded World Network Token To Soar 57% in a Week?</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: Sundry Photography / Shutterstock.com

Markets

MSFT

ORCL

SFTBF

SFTBY

Oracle To Spend $40 Billion On Nvidia GB200 Chips For OpenAI's Texas Data Center: Report

On Friday, President Donald Trump demanded that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) manufacture iPhones sold in the U.S. domestically, <a href="https://www.benzinga.com/25/05/45584696/trump-threatens-tim-cook-to-manufacture-iphones-in-the-us-or-face-at-least-25-tariffs">or face a 25% tariff</a>. Now, top Apple analyst Ming-Chi Kuo said that the company is unlikely to move its assembly lines back to the U.S., even under political pressure.
What Happened: "In terms of profitability, it&#8217;s way better for Apple to take the hit of a 25% tariff on iPhones sold in the U.S. market than to move iPhone assembly lines back to U.S.," Kuo wrote.
Trump's comments came in response to Apple's growing investment in India, where key supplier Foxconn, officially known as Hon Hai Precision Industry Co. Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHAF#OTC">HNHAF</a>), is building a $1.5 billion <a href="https://www.benzinga.com/news/global/25/05/45582261/despite-trumps-warning-to-tim-cook-apple-moves-ahead-with-1-5-billion-india-expansion-via-foxconn-to-boost-iphone-production-report">display module plant near Chennai</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do" target="_blank" rel="noreferrer noopener">Apple Could Reportedly Launch AI Smart Glasses Next Year And Here Is What All They Are Expected To Do</a>
Trump criticized Apple for shifting production to India and warned CEO Tim Cook that iPhones sold in the U.S. should be "manufactured and built" domestically.
Kuo called the threat more political than economic. "The specific tariff percentage Trump proposes on iPhones isn't the main concern," he said. "The bigger issue is that this is Trump's second recent pointed comment targeting Apple—a warning sign Apple can't ignore."
He added that even if Apple negotiates a temporary reprieve, the risks won't disappear.
"Moving all iPhone assembly for US models back to the US before Trump's term ends is unrealistic, and Trump also opposes Apple producing iPhone US models in India," Kuo stated, adding, "Even if Apple secures a temporary deal with Trump to avoid iPhone tariffs this time, there's no guarantee they won't face repeated tariff threats during his term."
<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">Here are a few additional points: 1. The specific tariff percentage Trump proposes on iPhones isn't the main concern. The bigger issue is that this is Trump's second recent pointed comment targeting Apple—a warning sign Apple can't ignore. 2. Apple's top priority in… <a href="https://t.co/UjuOkWMJgg">https://t.co/UjuOkWMJgg</a>
&mdash; 郭明錤 (Ming-Chi Kuo) (@mingchikuo) <a href="https://twitter.com/mingchikuo/status/1925970861875486822?ref_src=twsrc%5Etfw">May 23, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It's Important: Earlier this month, Trump said, &#8220;<a href="https://www.benzinga.com/government/regulations/25/05/45435170/jim-cramer-says-this-will-hurt-apple-president-trump-making-it-tough">I had a little problem with Tim Cook</a> yesterday,&#8221; adding, &#8220;I said to him, ‘my friend, I treated you very good. You&#8217;re coming here with $500 billion, but now I hear you&#8217;re building all over India.&#8217; I don&#8217;t want you building in India.&#8221;
&#8220;I said, ‘Tim, look, we treated you really good, we put up with all the plants that you built in China for years, now you got to build us. We&#8217;re not interested in you building in India, India can take care of themselves … we want you to build here,'&#8221; Trump said.
Following this, Indian sources stated that <a href="https://www.benzinga.com/markets/25/05/45462006/no-change-in-apples-production-plans-says-india-despite-trumps-little-problem-with-ceo-tim-cook-report">Apple has reiterated its commitment</a> to India as a major manufacturing center, highlighting that there has been "no change" in the company's investment strategy.
A report by Counterpoint Research noted that India accounted for 18% of global iPhone production in 2024, with projections suggesting this could rise to 32% in 2025.
Price Action: Apple shares fell 3.02% during Friday&#8217;s regular trading session but rebounded slightly with a 0.30% gain in after-hours trading, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.
Benzinga Edge Stock Rankings gave Apple a growth score of 33.12%. <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 major players</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/2025/05/24011313/Screenshot-2025-05-24-at-10.41.55%E2%80%AFAM.png" alt="" class="wp-image-926799" /></a></figure>
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HNHAF

Apple Would Rather Absorb A 25% iPhone Tariff Than Move Production To The US, Says Analyst: '...No Guarantee They Won't Face Repeated Tariff Threats During His Term'

Amazon&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) autonomous vehicle company Zoox has initiated a second voluntary software recall for its Robotaxi within a month following a collision in San Francisco.
What Happened: According to <a href="https://www.cnbc.com/2025/05/23/amazons-zoox-issues-software-recall-again-after-san-francisco-crash.html">a</a> report by CNBC, the incident occurred on May 8 when an unoccupied Zoox Robotaxi was struck by an electric scooter at an intersection. The scooter rider, who sustained minor injuries, declined medical attention.
Zoox stated in a blog post that the Robotaxi was stationary at the time of the collision. The vehicle resumed movement after the scooterist fell but did not make further contact.&nbsp; Zoox submitted a voluntary recall report to the National Highway Traffic Safety Administration (NHTSA) on Thursday.
The NHTSA acknowledged receiving the recall notice and advised caution around autonomous vehicles, as drivers may misjudge the path of cyclists or scooters.
&nbsp;See Also: <a href="https://benzinga.com/25/05/45541427/southwest-airlines-announces-passengers-must-keep-portable-chargers-in-plain-sight-amid-fears-of-lithium-battery-">Southwest Airlines Announces Passengers Must Keep Portable Chargers In Plain Sight Amid Fears Of Lithium Battery Fires</a>
Why It Matters: The recent recall by Zoox underscores the challenges facing autonomous vehicle technology.
Earlier this month, Zoox recalled over 270 vehicles due to a software issue that<a href="https://benzinga.com/25/05/45247102/amazons-tesla-robotaxi-rival-zoox-recalls-270-driverless-vehicles-following-las-vegas-crash-in-april"> caused a crash in Las Vegas</a> on April 8, 2025, prompting a similar recall to address a defect in its automated driving system. The Las Vegas incident involved a Zoox robotaxi colliding with a passenger vehicle, though no injuries were reported.
Despite these setbacks, Zoox is pushing forward with its plans to expand its autonomous vehicle operations. The company announced it will begin<a href="https://benzinga.com/media/25/05/45527674/amazons-zoox-to-launch-self-driving-car-tests-in-atlanta-this-summer"> testing self-driving cars in Atlanta</a> this summer.
Zoox is scaling up its production capabilities in California with a<a href="https://benzinga.com/government/regulations/25/05/45246755/amazons-zoox-to-open-new-california-factory-scale-robotaxi-fleet-ahead-of-public-launch-in-las-vegas-and-san-francisco"> new factory aimed at expanding its robotaxi fleet</a>.
Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">&nbsp;following this link.</a>
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Amazon's Zoox Issues Second Robotaxi Recall in a Month After San Francisco Crash

The Trump administration has appealed a federal judge&#8217;s decision to extend a block on mass layoffs within federal agencies. This appeal follows U.S. District Judge Susan Illston&#8217;s ruling, which temporarily halted the layoffs pending the resolution of ongoing lawsuits.
What Happened: The appeal was filed on Friday, a day after Judge Illston&#8217;s order, which prevents federal agencies from executing mass layoffs until a lawsuit involving unions, nonprofits, and municipalities is resolved, according to a report by Reuters.
The judge emphasized that President Donald Trump requires congressional approval for such significant reorganizations. The administration argues that the ruling misinterprets the separation of powers and has requested the 9th U.S. Circuit Court of Appeals to suspend Illston&#8217;s decision during the appeal process.
See Also: <a href="https://benzinga.com/25/05/45582778/trumps-big-beautiful-bill-passes-house-what-it-means-for-taxes-student-loans-medicaid-and-more">Trump&#8217;s &#8216;Big Beautiful Bill&#8217; Passes House: Taxes, Student Loans, Medicaid And What Else Is Changing For American Families</a>
White House spokesman Harrison Fields stated that Congress has empowered the president to enact mass layoffs, describing Illston&#8217;s ruling as &#8220;extreme judicial overreach.&#8221;
&#8220;The President must retain the ability to manage the Executive Branch, including implementing reductions in force when necessary, as has been the practice for nearly 150 years,&#8221; Fields said in a statement.
The case involves several federal departments, including Agriculture, Health and Human Services, and Veterans Affairs. The Trump administration&#8217;s plans aim to streamline government operations by eliminating redundant roles and automating tasks, with about 260,000 federal workers expected to leave by September&#8217;s end. Judge Illston&#8217;s ruling is the most comprehensive legal challenge to these efforts so far.
Why It Matters: The legal battle over federal layoffs is a pivotal moment in the Trump administration&#8217;s broader agenda to overhaul government operations. This initiative includes significant staffing cuts at agencies like the <a href="https://www.benzinga.com/news/25/04/44881570/trump-administration-to-lay-off-nearly-90-of-cfpb-employees-in-major-downsizing-report">Consumer Financial Protection Bureau (CFPB)</a>, where nearly 90% of employees face layoffs.
Additionally, the <a href="https://www.benzinga.com/general/health-care/25/05/45326217/trumps-hhs-overhaul-faces-legal-blowback-from-states-over-deep-staffing-cuts-slashed-programs">Department of Health and Human Services (HHS)</a> is undergoing a restructuring plan to cut costs and streamline operations, aligning with Trump&#8217;s executive order on government efficiency.
These efforts have faced resistance, particularly from unions, which have been actively opposing policies that threaten collective bargaining rights for federal workers.
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Trump Administration Challenges Judge's Block On Federal Layoffs: 'President Must Retain The Ability,' Says Official

Elon Musk's artificial intelligence chatbot, Grok, is reportedly being quietly used within U.S. government agencies under the direction of his Department of Government Efficiency <a href="https://www.benzinga.com/media/25/05/45534314/elon-musk-just-got-grilled-on-doge-spending-hits-back-with-were-not-kings-here">(DOGE) team</a>.
What Happened: The AI tool, developed by Musk's company xAI, is being used to analyze federal data, prepare reports, and assist agency operations, including at the Department of Homeland Security (DHS), despite lacking formal approval for such use, reported Reuters, citing multiple sources familiar with the matter.
DOGE staff reportedly also promoted Grok to DHS officials over the past two months.
A spokesperson for the DHS denied claims that DOGE had pressured DHS employees to adopt Grok, an AI tool. &#8220;DOGE is here to find and fight waste, fraud and abuse,&#8221; the spokesperson told the publication.
The AI system&#8217;s deployment has sparked warnings from legal and ethics experts who argue that using Grok without proper clearance could expose protected government data and violate conflict-of-interest laws, the report added.
See Also: <a href="https://www.benzinga.com/25/04/44630769/heres-how-many-vehicles-tesla-has-delivered-produced-in-each-quarter-since-2019" target="_blank" rel="noreferrer noopener">Here's How Many Vehicles Tesla Has Delivered, Produced In Each Quarter Since 2019</a>
"This gives the appearance that DOGE is pressuring agencies to use software to enrich Musk and xAI, and not to the benefit of the American people," Richard Painter, ethics counsel to former President George W. Bush, told the outlet.
Privacy experts also raised concerns that federal data could leak back into xAI's systems or be used to give Musk a competitive edge, like giving the Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX CEO access to sensitive, nonpublic federal contracting information from agencies he does business with privately, the report said.
Why It's Important: Musk's role with DOGE sparked debate since his appointment. While Musk has pushed for cost-cutting measures, Treasury data reportedly showed <a href="https://www.benzinga.com/25/04/44778750/musks-government-efficiency-push-falls-short-as-treasury-data-shows-spending-up-sharply-under-trumps-second-term-report">federal spending has risen by $154 billion</a> since President Donald Trump returned to office.
Earlier this month, Musk reflected on <a href="https://benzinga.com/markets/25/05/45163408/doge-not-as-effective-as-id-like-says-elon-musk-calls-reform-really-difficult-like-changing-direction-of-a-fleet-of-supertankers">his first 100 days at DOGE</a>, expressing mixed feelings. He acknowledged some progress but admitted, "We haven&#8217;t been as effective as I&#8217;d like."
In February, <a href="https://www.benzinga.com/news/25/02/43768756/privacy-concerns-emerge-as-elon-musks-doge-team-seeks-access-to-taxpayer-data">privacy concerns</a> emerged when Musk&#8217;s DOGE team sought access to taxpayer data, sparking apprehensions among lawmakers.
In Tesla's <a href="https://www.benzinga.com/news/earnings/25/04/44937440/tesla-q1-misses-estimates-as-tariff-pressures-weigh-on-outlook-lower-cost-evs-still-on-track">first-quarter earnings call</a> last month, Musk revealed plans to <a href="https://www.benzinga.com/25/05/45381782/elon-musk-vows-to-spend-less-time-in-white-house-doge-office-investors-warn-the-damage-is-done-and-teslas-troubles-are-far-from-over">scale back his involvement</a> with DOGE amid growing investor concerns that his political engagement is diverting attention from Tesla's core business.
Meanwhile, on Wednesday, the Trump administration attempted to <a href="https://www.benzinga.com/25/05/45559631/trump-administration-attempts-to-block-release-of-doge-records-in-an-appeal-to-supreme-court">block the release of DOGE records</a>, appealing to the Supreme Court to prevent the disclosure of operational documents to a federal watchdog group.
Price Action: Tesla shares rose 0.15% in after-hours trading, reaching $339.86, at the time of writing, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.
The EV giant currently holds a growth score of 91.95%, per Benzinga Edge Stock Rankings. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to compare Tesla with other top-performing stocks</a>.
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Elon Musk's Grok AI Is Quietly Being Deployed Across US Government Agencies — Experts Warn It Could Breach Privacy Laws And Create Serious Conflicts Of Interest: Report

On Friday, Cathie Wood-led Ark Invest made several significant trades. The most prominent among these involved Intuitive Machines Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>), Oklo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKLO#NASDAQ">OKLO</a>), L3Harris Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>), BWX Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BWXT#NASDAQ">BWXT</a>), Block Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NASDAQ">XYZ</a>), Nextdoor Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KIND#NASDAQ">KIND</a>), Cameco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCJ#NYSE">CCJ</a>), and Blade Air Mobility Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLDE#NASDAQ">BLDE</a>).
The OKLO Trade: Ark&#8217;s Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) sold 97,238 shares of Oklo Inc. This move represents 0.5039% of the ETF.
The BWXT Trade: In a contrasting move, ARKQ purchased 16,369 shares of BWX Technologies Inc., representing 0.2016% of the ETF.
The CCJ Trade: Ark Invest also offloaded 33,110 shares of Cameco Corp. from its ARKQ portfolio. This sale accounts for 0.2002% of the ETF.
The LUNR Trade: ARKQ added 142,270 shares of Intuitive Machines Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LUNR#NASDAQ">LUNR</a>), accounting for 0.1681% of the ETF.
The LHX Trade: Ark Invest&#8217;s ARKQ also bought 4,037 shares of L3Harris Technologies Inc., representing 0.1001% of the ETF.
The XYZ Trade: Ark&#8217;s Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) sold 14,810 shares of Block Inc. This move represents 0.0492% of the ETF. This sale comes after <a href="https://www.benzinga.com/25/05/45579194/cathie-wood-dumps-block-shares-as-bitcoin-hits-fresh-all-time-high-buys-baidu-amid-robot-car-buzz">Cathie Wood dumped Block shares</a> as Bitcoin hit a fresh all-time high.
The KIND Trade: In a contrasting move, ARKW purchased 105,974 shares of Nextdoor Holdings Inc., representing 0.0089% of the ETF.
The BLDE Trade: Ark&#8217;s Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>) bought 7,229 shares of Blade Air Mobility Inc., representing 0.0084% of the ETF.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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ARKQ

ARKW

ARKX

BLDE

BWXT

KIND

LUNR

OKLO

Cathie Wood's Ark Invest Shuffles Portfolio: Trades Include Intuitive Machines, Oklo, And More

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 DeepMind CEO Demis Hassabis has offered a more cautious outlook on the arrival of <a href="https://www.benzinga.com/news/legal/25/04/44975360/geoffrey-hinton-ex-openai-insiders-and-top-ai-experts-sound-alarm-on-openais-restructuring-warn-it-could-strip-public-of-oversight-betray-agi-mission">artificial general intelligence</a> (AGI) than the tech giant's co-founder, Sergey Brin. 
What Happened: In a <a href="https://www.nytimes.com/2025/05/23/podcasts/google-ai-demis-hassabis-hard-fork.html">conversation</a> on the Hard Fork podcast by the New York Times this week, the interviewer pointed out that Brin thinks AGI will come before 2030, while Hassabis says just after 2030.
This raised an intriguing question: given that both individuals likely have access to similar data, roadmaps, and insights into the state of AI development, what accounts for their differing forecasts on AGI's arrival? What is one seeing that the other is not?
In response, Hassabis said that he is sticking to a timeline he's maintained since DeepMind's founding in 2010.
"We thought it was roughly a 20-year mission, and amazingly, we're on track," Hassabis said. "It's somewhere around there, I would think."
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…'</a>
Earlier, Brin jokingly accused Hassabis of "sandbagging"—intentionally downplaying timelines to later overdeliver. However, during the interview, Hassabis stood by his reasoning, pointing to the complexity of defining AGI itself.
"I have quite a high bar," he said. "It should be able to do all of the things that the human brain can do, even theoretically. And so that's a that's a higher bar than, say, what the typical individual human could do, which is obviously very economically important."
When asked whether AGI would emerge through steady improvements or sudden breakthroughs, Hassabis said both are likely necessary. "We push unbelievably hard on the scaling," he said, while also investing in "blue sky" research like AlphaEvolve.
Why It's Important: Last year, Anthropic CEO Dario Amodei predicted that <a href="https://www.benzinga.com/tech/24/11/41928832/anthropic-ceo-says-ai-similar-to-human-intelligence-could-be-around-the-corner-well-get-there-by-2026-or-2027">AGI could become a reality</a> as early as 2026 or 2027, though he cautioned that unforeseen external factors might delay its development.
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.
OpenAI CEO Sam Altman has previously said that <a href="https://www.benzinga.com/media/25/01/42867568/openai-ceo-sam-altman-predicts-agi-will-arrive-during-the-trump-presidency-says-chips-act-not-effective-enough">AGI could arrive during</a> Donald Trump's presidency.
In 2022, Ark Invest CEO Cathie Wood also suggested that AGI could become a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/05/27339602/cathie-wood-has-cure-for-sagging-gdp-growth-sees-this-technology-accelerating-annua">major driver of economic growth</a>.
The definition of AGI itself remains fluid. As <a href="https://www.tomsguide.com/ai/chatgpt/sam-altman-claims-agi-is-coming-in-2025-and-machines-will-be-able-to-think-like-humans-when-it-happens">noted</a> by Tom's Guide, while some define AGI as human-level competence across all domains, others focus on its capacity to learn, adapt, and perform tasks in ways that mirror human cognition, requiring the system to go beyond its initial training data and generate truly autonomous output.
Price Action: Alphabet Inc.'s Class A shares fell 1.40% on Friday, while Class C shares declined 1.39%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Benzinga Edge Stock Rankings assigns Alphabet a growth score of 88.68%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares to other companies</a>.
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Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Most people call "The Dave Ramsey" Show <a href="https://www.benzinga.com/money/are-you-rich">looking for advice</a>. Some call to vent. And then there's the rare few—like Russ from Salem—who call in ready to challenge the man himself.
Featured in an episode of the show titled "<a href="https://youtu.be/g_K-8ekMbmY?si=RKH6e1xJXXNfOzfB">Unforgettable Calls, Volume 2</a>," Russ came in with a different angle. As an insurance broker with 35 years of experience, he wasn't calling for help—he was there to play devil's advocate on one of Ramsey's favorite punching bags: whole life insurance.
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Right out of the gate, Russ pushed back on Ramsey's widely known view that term life insurance is always the best option.
"You have said… term insurance is the best and the only kind of product people should buy in all instances," Russ said, offering a more "situational" perspective.
Ramsey didn't flinch. "There are basic principles of mathematics and basic principles of personal finance that are always the same," he said. "I would tell you there is never a time that <a href="https://www.benzinga.com/25/05/45297103/a-dave-ramsey-fan-explains-how-they-feel-free-after-cutting-every-credit-card-im-tired-of-managing-payments-every-month">you would use a credit card</a>… and I think the same thing's true of whole life."
What followed was a back-and-forth that quickly turned from debate to sparring match—especially when Russ argued that if whole life policies are "written appropriately," the policyholder's beneficiaries can receive not only the face value but the cash value, too.
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Ramsey shut that down quickly.
"That just doesn't happen, dude," he said. "You and I know that. That is not how the industry is set up."
Russ held his ground, claiming he'd written policies that did pay out both. Ramsey wasn't buying it—and then delivered the line that had listeners reaching for the replay button.
"It is the payday lender of the middle class," he said. "It's a horrid product when you pay 20 times more for the same amount of coverage to build up a cash value that you never receive."
Russ tried to defend the product's use in corporate buy-sell agreements, noting that many major companies and financial professionals use whole life policies to <a href="https://www.benzinga.com/personal-finance/25/05/45395648/billionaire-charlie-munger-said-he-dropped-insurance-after-getting-rich-all-intelligent-people-self-insure-if-they-can-afford-it">fund business arrangements</a>.
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Ramsey wasn't impressed.
"Because people like you sell that crap to them," he snapped. "That's exactly why they do it."
The call wrapped with both men firmly in their corners—Ramsey warning against what he called "garbage R Us" financial products, and Russ insisting that when structured properly, whole life insurance still has value.
But for longtime Ramsey listeners, it was classic Dave: direct, confrontational, and unshaken by industry pushback.
And for anyone still weighing whether whole life insurance is worth it? Well, Ramsey's take is clear. If you're paying 20 times more for the same coverage, expect him to call it what he believes it is: a bad deal dressed up in a sales pitch.
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Image: Shutterstock

Personal Finance

'It's the Payday Lender of the Middle Class' — Dave Ramsey Rips Whole Life Insurance in Heated Call With 35-Year Broker: 'It Just Doesn't Happen, Dude'

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