The Nasdaq Composite broke through the 20,000-point barrier, reaching 20,034 for the first time on Wednesday. The tech-centric index leaped 1.77%, propelled by <a href="https://www.benzinga.com/news/large-cap/24/12/42447567/magnificent-seven-tech-titans-hit-182-trillion-market-cap-alphabet-amazon-apple-meta-tesla-jointly-notch-all-time-highs">widespread advances in tech stocks</a> and growing optimism about Federal Reserve rate cuts in 2024.



What Happened: The S&amp;P 500 rose by 0.82% to hit 6,084. In contrast, the Dow Jones Industrial Average bucked the trend, falling by 99.27 points to 44,148, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.



Leading the rally were shares of Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), which jumped 2.7%, building on Tuesday&#8217;s 5.3% advance. Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) climbed 1.2% to $412, reaching its highest level since November 2021, boosted by Goldman Sachs raising its price target to $345.



The Magnificent Seven combined market capitalization surged to an <a href="https://www.benzinga.com/news/large-cap/24/12/42447567/magnificent-seven-tech-titans-hit-182-trillion-market-cap-alphabet-amazon-apple-meta-tesla-jointly-notch-all-time-highs">unprecedented $18.2 trillion</a>.



See Also: <a href="https://www.benzinga.com/news/earnings/24/12/42449013/adobe-q4-earnings-revenue-eps-beat-on-strong-demand-related-to-ai-shares-slide-following-soft-guidance">Adobe Q4 Earnings: Revenue, EPS Beat On Strong Demand Related To AI, Shares Slide Following Soft Guidance</a>



Why It Matters: The milestone comes as November&#8217;s Consumer Price Index showed inflation rose 2.7% <a href="https://www.benzinga.com/news/econ-s/24/12/42440275/wall-street-gains-tech-rallies-tesla-hits-all-time-highs-as-inflation-data-firms-up-feds-next-interest-rate-cut">year-over-year</a>, slightly above October&#8217;s 2.6% but matching economist forecasts. 



Core inflation held steady at 3.3%, meeting expectations. Following the data, traders increased bets on interest rate cuts, with CME FedWatch showing a 96% probability of a quarter-point reduction at the Fed&#8217;s Dec. 18 meeting, up from 86% before the report.



Treasury yields declined, with the rate-sensitive 2-year yield dropping 4 basis points to 4.10% and the benchmark 10-year yield falling 2 basis points to 4.20%, reflecting market optimism about potential monetary easing.



Overseas markets showed mixed performance, with Japan&#8217;s Nikkei 225 and China&#8217;s Shanghai Composite posting modest gains, while Hong Kong&#8217;s Hang Seng declined 0.8%. European markets moved higher, with France&#8217;s CAC 40 leading gains at 0.4%.



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<li><a href="https://www.benzinga.com/news/large-cap/24/12/42447567/magnificent-seven-tech-titans-hit-182-trillion-market-cap-alphabet-amazon-apple-meta-tesla-jointly-notch-all-time-highs">Magnificent Seven Tech Titans Hit $18.2 Trillion Market Cap: Alphabet, Amazon, Apple, Meta, Tesla Jointly Notch All-Time Highs</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.

Equities

Markets

GOOGL

TSLA

Nasdaq Surges Past 20,000 For First Time, Driven By Tech Gains And Rate Cut Hopes

SpaceX&#8216;s valuation reportedly hit $350 billion after the company and its investors agreed to purchase $1.25 billion of insider shares. Now, founder Elon Musk has revealed that almost none of the existing investors wanted to sell their holdings.



What Happened: The company and its investors agreed to buy insider shares at $185 a share, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-10/spacex-share-sale-is-said-to-value-company-at-about-350-billion">reported</a>, citing an internal email. SpaceX alone is offering to buy as much as $500 million in common stock as part of the offer, the report added.



The new valuation represents a 67% surge from the company&#8217;s <a href="https://www.benzinga.com/news/24/06/39519229/elon-musk-dismisses-rumors-of-spacex-ipo-as-it-reportedly-seeks-210b-valuation-pressure-for-short-te">previous valuation of $210 billion</a> it hit in a secondary share sale in June. 



The new valuation makes SpaceX the most valuable private startup in the world. Its valuation, in fact, trumps the valuation of listed rival Boeing Co. Boeing has a market cap of only $122.78 billion as of last close.



Why It Matters: SpaceX is privately held, unlike Musk's Tesla which is a publicly listed company. The secondary offering gives employees and shareholders the choice of selling shares they hold in the company and generating liquidity.



&#8220;What's really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation! SpaceX reduced the amount of shares it bought back from employees in order to allow some new investors in,&#8221; SpaceX CEO Elon Musk said on Wednesday about the insider share sale, confirming the new valuation.



<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">What's really crazy about this is that almost no investors wanted to sell shares even at a $350B valuation! SpaceX reduced the amount of shares it bought back from employees in order to allow some new investors in.&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1866789126814699824?ref_src=twsrc%5Etfw">December 11, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Musk has <a href="https://www.benzinga.com/news/24/06/39519229/elon-musk-dismisses-rumors-of-spacex-ipo-as-it-reportedly-seeks-210b-valuation-pressure-for-short-te" target="_blank" rel="noreferrer noopener">previously dismissed</a> the possibility of a SpaceX initial public offering (IPO), citing the intense pressure for short-term results faced by publicly listed companies.



Despite SpaceX being private, investors can leverage Destiny Tech100 Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NYSE">DXYZ</a>) and Cathie Wood‘s Ark Venture Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKVX#NASDAQ">ARKVX</a>) to participate in the Musk-led space company's growth.



Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>



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<li><a href="https://www.benzinga.com/tech/24/12/42432727/lucids-gravity-gets-official-range-estimate-higher-than-teslas-model-x-but-lower-than-its-own-air-sedan" target="_blank" rel="noreferrer noopener">Lucid's Gravity Gets Official Range Estimate: Higher Than Tesla's Model X, But Lower Than Its Own Air Sedan</a></li>
</ul>



Photo courtesy: Shutterstock

News

SPACE

Tech

DXYZ

ARKVX

SpaceX Hits $350 Billion Valuation In Insider Share Sale: CEO Elon Musk Says 'No Investors Wanted To Sell Shares'

President-elect Donald Trump is set to ring the New York Stock Exchange opening bell Thursday, just months after threatening to move his company Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) <a href="https://www.benzinga.com/markets/equities/24/12/42447434/democratic-congressman-bought-djt-stock-after-2024-election-months-after-saying-donald-trump-unfit-to-serve">from Nasdaq to NYSE over trading halts</a>.



What Happened: The ceremony comes as DJT stock has surged 107.62% year-to-date, closing at $36.23 on Wednesday with a market capitalization of $7.25 billion.



The former president publicly criticized Nasdaq in September when his company&#8217;s shares faced routine trading halts. &#8220;Why is NASDAQ halting the sale of DJT?&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/113132456877184604">wrote</a> on Truth Social. &#8220;I am going to hold NASDAQ, and maybe the SEC, liable for doing what they are doing. If they do it again, we will move the stock to the New York Stock Exchange,&#8221; Trump added.



The stock has seen a volatile performance, with prices ranging from $11.75 to $79.38 over the past 52 weeks. The company&#8217;s shares saw significant movement in September following Trump&#8217;s announcement that he wouldn&#8217;t sell his stake in the company.



<figure class="wp-block-image aligncenter size-large is-resized"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/12023338/Screenshot-2024-12-12-at-12.59.49%E2%80%AFPM-1-1024x675.png" alt="" class="wp-image-688981" style="width:535px;height:auto"/></figure>



See Also: <a href="https://www.benzinga.com/24/12/42452165/bitcoin-ethereum-dogecoin-spike-after-inflation-data-matches-expectations-top-analyst-foresees-new-btc-ath-if-it-stays-above-this-level">Bitcoin, Ethereum, Dogecoin Spike After Inflation Data Matches Expectations: Top Analyst Foresees New BTC ATH If It Stays Above This Level</a>



Why It Matters: The bell-ringing ceremony carries particular significance as Trump faces legal challenges, including <a href="https://www.benzinga.com/news/legal/24/12/42405278/trump-plays-presidential-immunity-card-in-truth-social-lawsuit-battle">attempts to invoke presidential immunity</a> in a lawsuit against Trump Media &amp; Technology Group. 



Previous presidents, including Ronald Reagan, have used similar NYSE appearances to <a href="https://www.benzinga.com/politics/24/12/42445514/trump-to-open-nyse-thursday-as-markets-surge">promote their economic agenda</a>.



Trump&#8217;s appearance at the exchange comes amid <a href="https://www.benzinga.com/markets/equities/24/12/42452127/nasdaq-breaks-20000-milestone-as-tech-rally-rate-cut-hopes-fuel-market-optimism">broader market optimism</a>, with major indexes reaching record highs following the November election. 



The stock&#8217;s current technical indicators show a Relative Strength Index of 62, suggesting moderate buying momentum as Trump makes his first NYSE bell-ringing appearance.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/equities/24/12/42452127/nasdaq-breaks-20000-milestone-as-tech-rally-rate-cut-hopes-fuel-market-optimism">Nasdaq Surges Past 20,000 For First Time, Driven By Tech Gains And Rate Cut Hopes</a></li>
</ul>



Image via Shutterstock



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

DJT Stock In Focus As Trump Set To Ring NYSE Bell Today: Here's Why President-Elect Once Threatened To Shift Trump Media From Nasdaq

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg sold approximately $88 million worth of company stock over the past week, according to regulatory filings with the U.S. Securities and Exchange Commission (SEC) on Wednesday.



What Happened: The sales occurred in two tranches, with Zuckerberg divesting $43.82 million in shares last week followed by an additional $44.29 million this week. The transactions were executed at prices ranging from $607.97 to $621.88 per share, the SEC filings show.



The stock sales come amid Meta&#8217;s stellar performance in 2024, with shares surging 82.70% year-to-date. The company&#8217;s stock closed at $632.68 on Wednesday, up 2.16%, though it edged down 0.20% in after-hours trading.



The social media giant&#8217;s robust performance aligns with the broader success of the &#8220;Magnificent Seven&#8221; tech companies. Meta, alongside Apple Inc., Alphabet Inc., Amazon.com Inc., and Tesla Inc., reached new record highs during Wednesday&#8217;s trading session. Together, these tech giants have achieved a <a href="https://www.benzinga.com/news/large-cap/24/12/42447567/magnificent-seven-tech-titans-hit-182-trillion-market-cap-alphabet-amazon-apple-meta-tesla-jointly-notch-all-time-highs">combined market capitalization of $18.2 trillion</a>.



See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42452127/nasdaq-breaks-20000-milestone-as-tech-rally-rate-cut-hopes-fuel-market-optimism">Nasdaq Surges Past 20,000 For First Time, Driven By Tech Gains And Rate Cut Hopes</a>



Why It Matters: Despite the recent share sales, Zuckerberg remains one of the world&#8217;s wealthiest individuals, ranking third on the Bloomberg Billionaire Index with a net worth of $224 billion. 



The insider selling activity at Meta has been notable, with company insiders selling 59.63K shares worth $90.71M over the past 30 days, while no insider purchases were reported during the same period.



Meta currently boasts a market capitalization of $1.59 trillion and trades at a price-to-earnings ratio of 29.23. The company&#8217;s stock has traded between $320.00 and $629.79 over the past 52 weeks, with analysts maintaining a positive outlook. 



Based on 41 analyst ratings, Meta has a consensus price target of $639.56, with recent analyses from Piper Sandler, Raymond James, and Wells Fargo suggesting an average upside potential of 4.85%, according to <a href="https://www.benzinga.com/quote/META/analyst-ratings">data from Benzinga Pro</a>.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/meta/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/12010037/Screenshot-2024-12-12-at-11.29.54%E2%80%AFAM-1024x373.png" alt="" class="wp-image-688846"/></a></figure>



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<li><a href="https://www.benzinga.com/24/12/42453057/palantir-positioned-to-become-the-next-oracle-in-2025-says-dan-ives-messi-of-ai-set-for-breakout-year">Palantir Positioned To Become &#8216;The Next&#8217; Oracle In 2025, Says Dan Ives: &#8216;Messi Of AI&#8217; Set For Breakout Year</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.

Mark Zuckerberg Sells Stock Worth $88M As Meta Surges Over 82% In 2024

OpenAI&#8217;s widely-used ChatGPT service is experiencing a major disruption, leaving millions of users worldwide unable to access the platform.



What Happened: The outage on Wednesday has affected both free and premium users, including businesses that rely on OpenAI&#8217;s API.



Monitoring site DownDetector.com had recorded about 30,000 outage reports in the U.S.



See Also: <a href="https://www.benzinga.com/general/social-media/24/12/42406434/meta-and-youtube-remove-accounts-of-luigi-mangione-but-x-reinstates-profile-elon-musk-says-happened-without-my-knowledge?itm_source=parsely-api">Meta And YouTube Remove Accounts Of Luigi Mangione, But X Reinstates Profile: Elon Musk Says, &#8216;Happened Without My Knowledge&#8217;</a>



According to OpenAI, the issue was identified in API, Sora, and ChatGPT, and efforts are underway to restore normal operations.



<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">We&#39;re experiencing an outage right now. We have identified the issue and are working to roll out a fix. Sorry and we&#39;ll keep you updated!&mdash; OpenAI (@OpenAI) <a href="https://twitter.com/OpenAI/status/1867000372826607627?ref_src=twsrc%5Etfw">December 12, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



At 8 PM ETC OpenAI updated saying, &#8220;We have identified a pathway to recovery and we are starting to see some traffic successfully return. Continuing to work to return service to normal.&#8221;



However, at the time of writing the issues still persisted, with no estimated resolution time provided yet.



Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.



Why It Matters: The outage comes at a critical time for OpenAI, as the company is conducting its &#8220;12 Days of OpenAI&#8221; event, which <a href="https://www.benzinga.com/tech/24/12/42332451/sam-altman-teases-12-days-of-openai-christmas-magic-users-predict-unveiling-of-sora-o1-reasoning-model-and-more">began on Dec. 5</a>.



Already, OpenAI has introduced <a href="https://www.benzinga.com/tech/24/12/42356469/openai-unveils-200-chatgpt-pro-subscription-inside-the-o1-reasoning-model-and-what-it-means-for-power-users">a new subscription tier</a>, ChatGPT Pro, priced at $200 per month, and Sora, an <a href="https://www.benzinga.com/24/12/42398825/sam-altman-calls-openais-new-video-generator-so-compelling">AI-powered video generation tool</a>, among other things.



The ChatGPT Pro offers unlimited access to all models, including the advanced &#8220;o1&#8221; reasoning model,



Check out more of Benzinga'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/tech/24/12/42383967/how-to-use-apple-watch-as-a-digital-key-for-your-tesla-car?itm_source=parsely-api">How To Use Apple Watch As A Digital Key For Your Tesla Car</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Sam Altman's '12 Days Of OpenAI' Christmas Magic Gets Interrupted By Uninvited Outage — ChatGPT Parent Says 'Identified A Pathway To Recovery'

Leading cryptocurrencies rallied Wednesday after in-line inflation data boosted expectations of monetary easing by the Federal Reserve.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+5.03%</td><td>$100,927.86</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+6.42%</td><td>$3,828.77</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+6.38%</td><td>$0.4121</td></tr></tbody></table></figure>



What Happened: Following a minor pullback, Bitcoin reclaimed the $100,000 mark, while Ethereum returned to the $3,800 territory.



Bitcoin's upswing catalyzed the rest of the market, as the altcoin dominance increased by 4.41% over the last 24 hours.



Cryptocurrency liquidations surpassed $240 million in the last 24 hours, with $154 million in leveraged shorts getting wiped out.



Over $400 million in shorts risked liquidation on Binance if Bitcoin rises to $104,000.



Bitcoin's Open Interest surged by 4.90% in the last 24 hours. Interestingly, the number of traders shorting the asset rose dramatically in the last 24 hours, implying a greater expectation of another dip.



Market sentiment returned to the "Extreme Greed" zone, as per the Cryptocurrency Fear &amp; Greed Index, lending credence to the pullback narrative.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:30 p.m. ET)</td></tr><tr><td>Peanut the Squirrel (PNUT)</td><td>+27.97%</td><td>$1.32</td></tr><tr><td>Virtuals Protocol (VIRTUAL)</td><td>+22.87%</td><td>$1.92</td></tr><tr><td>Sui (SUI)</td><td>+21.35%</td><td>$4.47</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.61 trillion, surging&nbsp; 5.02% over the last 24 hours.



The stock market rebounded sharply after consecutive days of losses. The tech-heavy Nasdaq Composite jumped 1.77% to close at a <a href="https://www.benzinga.com/markets/equities/24/12/42452127/nasdaq-breaks-20000-milestone-as-tech-rally-rate-cut-hopes-fuel-market-optimism">record high</a> of 20,034.89. The S&amp;P 500 rallied 0.82%, ending at 6,084.19. The Dow Jones Industrial Average, however, closed another day in the red, slipping 0.22% to 44,148.56.



The tech rally was supported by electric vehicle giant Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock hitting all-time highs after a 5.93% spike.



Additionally, November's Consumer Price Index <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42436676/inflation-rises-as-expected-in-november-sustain-hopes-for-next-weeks-fed-interest-rate-cut">matched analyst's expectations</a>, prompting traders to <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">raise </a>the likelihood of a 25 basis point rate cut in next week's Federal Reserve meeting to 98.6% from 88.9% a day before, per CME FedWatch data.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Popular cryptocurrency analyst and trader Michaël van de Poppe stated that Bitcoin was headed to new all-time highs in the coming days if it managed to stay above the $97,844 resistance level.



<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">Let&#39;s do some TA on <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. It broke through a crucial area yesterday. If it holds above that resistance level, likely we&#39;ll see a new ATH in the coming days. We&#39;re back in $100k+ territory. <a href="https://t.co/eiK45s5aNi">pic.twitter.com/eiK45s5aNi</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1866915100935770325?ref_src=twsrc%5Etfw">December 11, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another widely followed analyst, known by their pseudonym venturefounder, predicted Ethereum to hit $4,900 "very soon" as it reclaimed the $3,800 level as support.



The analyst also set price targets of $5,349, $6,457, and $7,238 by the first quarter of 2025.



<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"><a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> weekly candle not done yet, we are back to $3,800 support level. It took <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> 2 years to complete this cup and handle, and you think it will be shaken out like this? $4,900 very soon. Then it gets explosive, PT are: $5,349 $6,457 $7,238 All this by Q1 2025 the… <a href="https://t.co/9jdbe95uvU">pic.twitter.com/9jdbe95uvU</a>&mdash; venturefounder (@venturefounder) <a href="https://twitter.com/venturefounder/status/1866867327192412544?ref_src=twsrc%5Etfw">December 11, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by CMP_NZ on Shutterstock



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42430918/italy-backpedals-on-controversial-tax-hike-on-crypto-capital-gains-following-industry-opposition-no-more-prejudices">Italy Backpedals On Controversial Tax Hike On Crypto Capital Gains Following Industry Opposition: &#8216;No More Prejudices&#8217;</a></li>
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Cryptocurrency

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$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Spike After Inflation Data Matches Expectations: Top Analyst Foresees New BTC ATH If It Stays Above This Level

The Magnificent Seven tech giants are rewriting the playbook on market dominance, with their combined market capitalization surging to <a href="https://www.benzinga.com/topic/magnificent-seven">an unprecedented $18.2 trillion.</a>



Five out of the seven juggernauts — Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) — smashed through record highs during Wednesday trading, solidifying their grip on the global stock market and fueling another strong rally in 2024.



The Roundhill Magnificent Seven ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NYSE">MAGS</a>), a closely watched benchmark for the group's market performance, surged 2.8% on Wednesday, setting a new all-time high.



Notably, Tesla shares soared to fresh all-time highs after surpassing the peak set in November 202. The EV-maker has gained 67% since the U.S. presidential election, thanks to its innovative ability to scale like a software company.



&#8220;Because Tesla can remotely update its fleet&#8217;s software, its ability to scale and grow are more similar to the other tech companies in the&nbsp;Magnificent-7&nbsp;than an auto manufacturer,&#8221; said Wall Street veteran investor Ed Yardeni in a note Wednesday. 



Alphabet led the day's rally with a 4.63% gain, while Apple lagged, showing a flat performance.



The elite group of tech giants has delivered an average return of 67.1% year-to-date, compared to a record-breaking 111.7% average return in 2023.



Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) were the only members of the elite group that did not hit new all-time highs during Wednesday's trading session.



Yet, Nvidia remains the standout performer with a staggering year-to-date gain of 182%, securing its position as the top performer in the Magnificent Seven.



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Name</td><td>Market Cap</td><td>All-time high</td><td>1-Day %chg</td><td>Total Return (YTD)</td><td>Total Return (2023)</td></tr><tr><td>Apple Inc.</td><td>$3.745 trillion</td><td>Dec. 11, 2024</td><td>-0.11%</td><td>29.38%</td><td>49.01%</td></tr><tr><td>NVIDIA Corporation</td><td>$3.417 trillion</td><td>Nov. 21, 2024</td><td>3.62%</td><td>182.08%</td><td>239.02%</td></tr><tr><td>Microsoft Corporation</td><td>$3.336 trillion</td><td>July 5, 2024</td><td>1.24%</td><td>20.17%</td><td>58.19%</td></tr><tr><td>Amazon.com, Inc.</td><td>$2.417 trillion</td><td>Dec. 11, 2024</td><td>2.18%</td><td>51.06%</td><td>80.88%</td></tr><tr><td>Alphabet Inc.</td><td>$2.374 trillion</td><td>Dec. 11, 2024</td><td>4.63%</td><td>38.41%</td><td>58.83%</td></tr><tr><td>Meta Platforms, Inc.</td><td>$1.597 trillion</td><td>Dec. 11, 2024</td><td>2.39%</td><td>79.09%</td><td>194.13%</td></tr><tr><td>Tesla, Inc.</td><td>$1.348 trillion</td><td>Dec. 11, 2024</td><td>4.68%</td><td>69.00%</td><td>101.72%</td></tr></tbody><tfoot><tr><td>Total</td><td>$18.233 trillion</td><td></td><td></td><td></td><td></td></tr><tr><td>Median</td><td>$2.417 trillion</td><td></td><td></td><td>51.25%</td><td>80.88%</td></tr><tr><td>Average</td><td>$2.605 trillion</td><td></td><td></td><td>67.13%</td><td>111.68%</td></tr></tfoot></table></figure>



<h2 class="wp-block-heading">Latest Magnificent Seven Headlines</h2>



<ul>
<li><a href="https://www.benzinga.com/24/12/42446686/google-introduces-ai-agent-prototype-that-can-browse-the-web">Google Introduces AI Agent Prototype That Can Browse The Web</a></li>



<li><a href="https://www.benzinga.com/general/social-media/24/12/42446823/meta-platforms-suffers-major-outage-facebook-instagram-and-other-apps-down-for-thousands">Meta Platforms Suffers Major Outage: Facebook, Instagram And Other Apps Down For Thousands</a></li>



<li><a href="https://www.benzinga.com/tech/24/12/42443584/apple-strengthens-genai-with-ios-182-genmoji-image-playground-come-to-iphone">Apple Strengthens GenAI With iOS 18.2: Genmoji, Image Playground Come To iPhone</a></li>



<li><a href="https://www.benzinga.com/trading-ideas/movers/24/12/42439155/broadcom-stock-jumps-on-apple-ai-chip-report-whats-going-on">Broadcom Stock Jumps On Apple AI Chip Report: What&#8217;s Going On?</a></li>



<li><a href="https://www.benzinga.com/news/legal/24/12/42444266/nvidia-loses-supreme-court-appeal-faces-continued-legal-battle-over-cryptocurrency-disclosure">Nvidia Loses Supreme Court Appeal, Faces Continued Legal Battle Over Cryptocurrency Disclosure</a></li>



<li><a href="https://www.benzinga.com/tech/24/12/42430502/tesla-tops-nvidia-and-apple-in-innovation-analyst-sees-significant-market-cap-upside-for-elon-musk-led-ev-giant">Tesla Tops Nvidia And Apple In Innovation: Analyst Sees Significant Market Cap Upside For Elon Musk-Led EV Giant</a></li>



<li><a href="https://www.benzinga.com/markets/equities/24/12/42429325/robotaxi-exit-to-clear-the-way-for-gm-to-license-tesla-fsd-says-gary-black-move-will-save-the-mary-barra-led-company-1b-a-year">Robotaxi Exit To &#8216;Clear The Way&#8217; For GM To License Tesla FSD, Says Gary Black — Move Will Save The Mary Barra-Led Company $1B A Year</a></li>



<li><a href="https://www.benzinga.com/24/12/42428505/google-asks-ftc-to-kill-microsofts-monopoly-over-hosting-openai-technology-on-its-cloud-servers-report">Google Wants FTC To Dismantle Microsoft&#8217;s Exclusive Cloud Hosting Deal With OpenAI: Report</a></li>



<li><a href="https://www.benzinga.com/24/12/42446686/google-introduces-ai-agent-prototype-that-can-browse-the-web">Google Introduces AI Agent Prototype That Can Browse The Web</a></li>
</ul>



Image: Shutterstock

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ETFs

AAPL

AMZN

MAGS

MSFT

NVDA

Magnificent Seven Tech Titans Hit $18.2 Trillion Market Cap: Alphabet, Amazon, Apple, Meta, Tesla Jointly Notch All-Time Highs

Adobe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) reported fourth-quarter financial results after the market close on Wednesday. Here&#8217;s a look at the key metrics <a href="https://www.benzinga.com/pressreleases/24/12/b42447918/adobe-reports-record-q4-and-fiscal-2024-revenue">from the quarter</a>.



Q4 Earnings: Adobe reported fourth-quarter revenue of $5.61 billion, beating the&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $5.54 billion. The company reported fourth-quarter adjusted earnings of $4.81 per share, beating analyst estimates of $4.66 per share.



Adobe has now exceeded analyst estimates in eight consecutive quarters, according to earnings data from&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Total revenue was up 11% year-over-year, digital media revenue was up 12% year-over-year and digital experience revenue was up 10% year-over-year. 



Remaining performance obligations came in at $19.96 billion, up 16% year-over-year. Cash flows from operations totaled $2.92 billion in the fourth quarter. Adobe noted that it repurchased approximately 4.6 million shares during the period.



&#8220;Adobe delivered record FY24 revenue, demonstrating strong demand and the mission-critical role Creative Cloud, Document Cloud and Experience Cloud play in fueling the AI economy,&#8221; said&nbsp;Shantanu Narayen, chair and CEO of Adobe.



&#8220;Our highly differentiated technology platforms, rapid pace of innovation, diversified go-to-market and the integration of our clouds position us for a great year ahead.&#8221;



Related Link: <a href="https://www.benzinga.com/24/12/42446804/costco-q1-earnings-preview-membership-fee-increase-in-focus-with-shares-at-all-time-highs">Costco Q1 Earnings Preview: Membership Fee Increase In Focus With Shares At All-Time Highs</a>



Guidance:&nbsp;Adobe expects first-quarter revenue to be in the range of $5.63 billion to $5.68 billion versus estimates of $5.73 billion. The company anticipates first-quarter adjusted earnings of $4.95 to $5 per share versus estimates of $4.95 per share.



Adobe expects full-year 2025 revenue to be between $23.3 billion and $23.55 billion versus estimates of $23.79 billion. Adobe sees full-year adjusted earnings in the range of $20.20 to $20.50 per share versus estimates of $20.55 per share, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Adobe shares appear to be facing selling pressure due to the company&#8217;s soft guidance. Management will further discuss the quarter on a call with analysts and investors from 5 p.m. to 6 p.m. ET. 



ADBE Price Action: <a href="https://www.benzinga.com/quote/ADBE" target="_blank" rel="noreferrer noopener">Adobe shares</a> were down approximately 7.5% year-to-date heading into the print. At the time of publication Wednesday, the stock was down 7.63% at $507.99 in after-hours, according to <a href="http://pro.benzinga.com" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42447332/alphabets-quantum-willow-chip-wows-analyst-google-at-the-leading-edge-of-technology-innovation">Alphabet&#8217;s Quantum Willow Chip Wows Analyst: Google At The &#8216;Leading Edge Of Technology Innovation&#8217;</a></li>
</ul>



Photo: Shutterstock.

Earnings

Guidance

After-Hours Center

ADBE

Adobe Q4 Earnings: Revenue, EPS Beat On Strong Demand Related To AI, Shares Slide Following Soft Guidance

Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is the top stock pick in the automotive sector for 2025, Morgan Stanley analysts led by Adam Jonas said in a note covering electric vehicles (EVs).



Tesla Top Stock Pick: Jonas&#8217; note came ahead of Tesla hitting <a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42434317/tsla-stock-surges-in-premarket-after-multiple-price-target-hikes">new all-time highs </a>Wednesday.



Jonas reiterated an Overweight rating on Tesla and raised the price target from $310 to $400.



"Elon Musk's entry into the political sphere has expanded investor thinking around Tesla's fundamental outlook," Jonas said of Tesla CEO Elon Musk.



<a href="https://www.benzinga.com/news/management/24/12/42444955/elon-musk-first-person-worth-400-billion-as-tesla-stock-hits-new-all-time-highs-how-2024-election-helped-could-lead-to-future-gains">Tesla stock rallied</a> since the 2024 presidential election. The big question is whether the move is temporary or the start of more to come.



"Will Tesla begin to play a greater role in the US renewable/autonomous industrial complex?" Jonas asks.



Jonas said client conversation see enthusiasm for AI, data centers, renewable energy and robotics. The conversations acknowledge that it's important for the U.S. to be a leader in these sectors, Jonas added.



"Based on our discussions, at least, Tesla is very frequently excluded from the potential paths of expression in a portfolio."



Tesla's total addressable market outside of its core automotive market is likely to expand. It might not be included in financial models for the stock, Jonas said.



Jonas said there could be risks on Tesla's autonomous vehicles and more items over time. But the close relationship between Musk and President-elect Donald Trump could prove key to unlocking value. Government and industrial partnerships could prove key for growth in EVs, autonomous vehicles and robotics, Jonas added.



"Elon Musk's emergence from a political ‘outsider' to having a voice in potential policies may, at some level, accelerate Tesla's journey beyond autos."



You may not be a billionaire like Elon Musk, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/general/biotech/24/12/42366750/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>



Other Auto Picks: Outside of Tesla, Jonas and team see a "bumpy road" ahead for EVs and autonomous vehicles.



"The US election result has extended the ‘ICE is Nice' trade for a bit longer but keep on the lookout for hidden value in the EV ecosystem into the 2H," Jonas said.



Jonas upgraded General Motors (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) from Underweight to Equal-Weight and raised the price target from $46 to $54.



The analyst said smaller EV companies could be the most at risk with the new administration. Trump promised <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">to end EV credits</a>.



"While Tesla may see share gain long term even with a less supportive EV regulatory backdrop, smaller scale EV start-ups Rivian and Lucid may see greater risks to production."



Jonas has an Equal-Weight rating on Rivian Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) and an Underweight rating on Lucid Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>).



Rivian's valuation has the appropriate risk/reward for the balance between trying to achieve profitability and trying to get value out of its technology, the analyst added.



Price Action: Tesla stock closed Wednesday 5.93% higher at $424.77, hitting new all-time highs of $424.88 during the trading session. Tesla stock is up 71% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41501607/tesla-q3-earnings-highlights-eps-beat-revenue-miss-shares-climb-on-2025-timeline-for-lower-cost-evs">Tesla Q3 Earnings Highlights: EPS Beat, Revenue Miss, Shares Climb On 2025 Timeline For Lower-Cost EVs</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

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Reiteration

Management

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RIVN

Tesla Is Analyst's Top 2025 Stock Pick: Elon Musk Political Involvement May 'Accelerate' EV Maker Beyond Autos

U.S. Rep. Morgan McGarvey (D-Ky.) recently disclosed he bought and sold shares of Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) in November, with the transactions occurring shortly after Donald Trump won the <a href="https://www.benzinga.com/general/social-media/24/11/41784933/donald-trumps-wealth-soars-with-2024-election-win-heres-how-much-president-elect-is-worth-ho">2024 presidential election.</a>



What Happened: McGarvey, who has been outspoken throughout the year about Trump, disclosed that he bought shares of the company co-founded by Trump, as shown on the Benzinga <a href="https://www.benzinga.com/gov-trades/members/morgan-mcgarvey">Government Trades page.</a>



Benzinga has contacted both McGarvey and Trump Media &amp; Technology group for comment on this story.



The Representative disclosed the following transactions on Dec. 10:



<ul>
<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>): Sold $1,000 to $15,000</li>



<li>Charles Schwab Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>): Sold $1,000 to $15,000</li>



<li>Interactive Brokers (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>): Sold $1,000 to $15,000</li>



<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>): Sold $1,000 to $15,000</li>



<li>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>): Sold $1,000 to $15,000, Sold $1,000 to $15,000, Sold $1,000 to $15,000, Sold $1,000 to $15,000, Sold $15,000 to $50,000 (five separate transactions)</li>



<li>Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>): Sold $1,000 to $15,000</li>



<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>): Sold $1,000 to $15,000</li>



<li>Trump Media &amp; Technology: Bought $1,000 to $15,000, Sold $1,000 to $15,000</li>
</ul>



All of the transactions were made on Nov. 13, with the exception of DJT, with the buy date listed as Nov. 6 and the sale date listed as Nov. 8.



In the notes sections on the filing, McGarvey said DJT was "purchased without knowledge of filer or spouse." The notes also said that DJT stock was sold for a loss, as <a href="https://www.quiverquant.com/congresstrading/politician/Morgan%20McGarvey-M001220">reported </a>by Quiver Quant.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent121124">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



Why It's Important: The timing of the transaction, which occurred the day after the 2024 election was won by Trump, and the fact that McGarvey is a Democratic member of Congress will likely put a large spotlight on this transaction.



DJT stock <a href="https://www.benzinga.com/news/earnings/24/11/41760961/djt-stock-volatile-on-election-day-donald-trumps-media-company-reports-q3-earnings-growth-initiativ">saw huge volatility</a> and a price increase in the lead up to the 2024 presidential election on Nov. 5. McGarvey's buy transaction took place on Nov. 6, the day after the election.



DJT stock traded between $34.13 and $45.77 on Nov. 6 when the shares were bought. On Nov. 8, when shares were sold, DJT stock traded between $26.70 and $33.03. Shares trade at $34.14 at the time of writing Wednesday. 



The DJT trade could contradict McGarvey&#8217;s outspoken stance on Trump.



"In America, no one is above the law. Donald Trump, the convicted felon, is the presumptive Republican nominee for president and he is unfit to serve in any public office, especially the President of the United States," McGarvey <a href="https://mcgarvey.house.gov/media/press-releases/congressman-morgan-mcgarveys-statement-on-former-president-trump-found-guilty-on-all-34-felony-charges">said </a>back in May when Trump was found guilty on 34 felony charges.



In July, McGarvey also <a href="https://mcgarvey.house.gov/media/press-releases/congressman-morgan-mcgarveys-statement-on-dismissal-of-trumps-classified-documents-case">shared </a>comments on the dismissal of Trump's classified documents case.  



While McGarvey saw a loss in the DJT trade, he likely profited from selling the Tesla shares. McGarvey reported purchasing Tesla stock on Oct. 25, when shares were priced between $255.32 and $269.49. By Nov. 13, Tesla traded in the range of $322.50 to $344.60, and as of now, the stock stands at $411.52.



U.S. Rep. Marjorie Taylor Greene (D-Ga.) <a href="https://www.benzinga.com/government/24/09/41031499/marjorie-taylor-greene-stays-loyal-to-trump-keeps-djt-stock-buys-into-warren-buffetts-berkshire-in-l">previously disclosed buying</a> shares of Digital World Acquisition back in October 2021, the SPAC that took the media company public in March 2024.



The transaction was done with shares trading between $67.96 to $118.80. A tweet from UnusualWhales pins the purchase price at $94.20, meaning Greene is down significantly on her $15,000 to $50,000 purchase of the Trump-linked stock.



DJT Price Action: Trump Media &amp; Technology stock traded at $34.15 Wednesday, versus a 52-week trading range of $11.75 to $79.38.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42330146/congressman-buys-meme-coins-ski-mask-dog-coin-climbs-in-value-after-disclosure-i-liked-the-coins-so-i-bought-them">Congressman Buys Meme Coins? Ski Mask Dog Coin Climbs In Value After Disclosure: &#8216;I Liked The Coins, So I Bought Them&#8217;</a></li>
</ul>



Photo: Shutterstock

IBKR

SCHW

SHEL

Democratic Congressman Bought DJT Stock After 2024 Election, Months After Saying Donald Trump 'Unfit To Serve'

FBI Director Christopher Wray on Wednesday announced his resignation, effective at the end of the current administration, paving the way for President-elect Donald Trump to formally nominate Kash Patel <a href="https://www.benzinga.com/general/social-media/24/12/42378469/anthony-scaramucci-compares-trumps-fbi-pick-kash-patel-to-matt-gaetz">as his potential successor</a>. 



Wray, who has served since 2017, cited his decision as a way to minimize political distractions and ensure the bureau remains <a href="https://www.benzinga.com/topic/fbi">focused on its mission.</a>



What Happened: According to <a href="https://www.cnbc.com/2024/12/11/fbi-director-christopher-wray-to-resign-before-trump-takes-office.html">CNBC</a>, Wray revealed his decision during a town hall meeting, with the FBI releasing a statement outlining his plans.



&#8220;After weeks of careful thought, I've decided the right thing for the bureau is for me to serve until the end of the current administration in January and then step down,&#8221; Wray said. His announcement comes shortly after Trump's declaration last month that he intends to nominate Patel as the next FBI Director, signaling major changes for the bureau.



Patel, a former prosecutor and staunch Trump loyalist, has been outspoken about his plans to overhaul the FBI. He has advocated for reducing its intelligence-gathering responsibilities, prioritizing criminal investigations, and <a href="https://www.benzinga.com/news/24/12/42256740/trump-taps-loyalist-patel-for-fbi-director-signaling-major-overhaul">decentralizing its personnel.</a> 



His vision also includes transforming the FBI's headquarters, the Hoover building, into what he described as a &#8220;museum of the deep state.&#8221;



Also Read: <a href="https://www.benzinga.com/politics/24/12/42278429/trump-fbi-pick-kash-patels-wealth-has-grown-from-trump-media-board-position-consulting-deal-and-trump-themed-childrens-books">Trump&#8217;s FBI Pick Kash Patel Builds Wealth Through Trump Media, PAC Payments, Kid&#8217;s Books</a>



Why It Matters: The transition from Wray to Patel marks a pivotal moment for the FBI, with significant implications for its mission and operations. Patel's nomination reflects Trump's broader intent to reshape federal institutions and align them with his administration's agenda. 



Senate Democrats and some Republicans are expected to scrutinize Patel's confirmation, raising concerns about the potential politicization of the bureau.



&#8220;The biggest problem the FBI has had, has come out of its intel shops. I'd break that component out of it,&#8221; Patel said in a September interview, Reuters reports. &#8220;I'd shut down the FBI Hoover building on day one and reopen it the next day as a museum of the deep state.&#8221;



Wray's tenure, marked by significant challenges, concludes as the FBI prepares for a potential shift under Patel's proposed vision, which emphasizes decentralization and a renewed focus on criminal investigations.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42333675/fbi-warns-of-ongoing-china-backed-telecom-hacks-heres-how-encrypted-messaging-could-be-your-last-line-of-defense">FBI Warns Of Ongoing China-Backed Telecom Hacks: Here&#8217;s Why Encrypted Messaging Could Be Your Last Line Of Defense</a></li>
</ul>



Photo by Casimiro PT on Shutterstock

Christopher Wray To Step Down As FBI Faces Leadership Shift

Alphabet Inc&#8216;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>) foray into quantum computing technology with Willow has found <a href="https://www.benzinga.com/topic/wall-street">Wall Street admirers</a>.



The Alphabet Analyst: On Tuesday, Bank of America analyst Justin Post issued a note on Alphabet following Google&#8217;s unveiling of Willow. The analyst reiterated his Buy rating for the company with a price target of $210.



Main Takeaways: Alphabet&#8217;s announcement centered on reducing the number of errors with quantum computing as computing power increased and <a href="https://www.benzinga.com/24/12/42397333/google-quantum-ais-willow-chip-outsmarts-supercomputers-completing-tasks-in-minutes-that-would-take-10-septillion-years">a benchmark computation</a> that showed the chip performing much faster than current computing capacity.



Post noted that Willow could provide Alphabet with a significant tech moat in the long run. He estimated the commercial introduction of the technology to be several years away. 



Still, Post is optimistic.



&#8220;Advancements with Willow, which illustrate that Alphabet remains at the leading edge of technology innovation, are important for stock sentiment,&#8221; he said. &#8220;Alphabet has a track record of developing next-gen technologies with successful monetization,&#8221; he continued. &#8220;Products and technologies that have proven applications and could be underappreciated in the stock could include AI Overviews (using Gemini), TPUs, Cloud, Workspace, and Waymo.&#8221;



Alphabet&#8217;s stock is trading up over 10% this week, closing in on a market capitalization of over $2.5 trillion.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/news/management/24/12/42444955/elon-musk-first-person-worth-400-billion-as-tesla-stock-hits-new-all-time-highs-how-2024-election-helped-could-lead-to-future-gains">Elon Musk First Person Worth $400 Billion As Tesla Stock Hits New All-Time Highs: How 2024 Election Helped</a></li>
</ul>



Image: Shutterstock

GOOG

Alphabet's Quantum Willow Chip Wows Analyst: Google At The 'Leading Edge Of Technology Innovation'

Billionaire Elon Musk is the first person ever worth more than $400 billion, thanks to a continue surge in the price of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock since Donald Trump won the<a href="https://www.benzinga.com/news/management/24/11/41856784/elon-musks-wealth-tops-300-billion-as-teslas-market-cap-soars-above-1-trillion"> 2024 presidential election.</a>



What Happened: Tesla stock is<a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42434317/tsla-stock-surges-in-premarket-after-multiple-price-target-hikes"> trading higher Wednesday</a> with several analysts raising their price targets on the electric vehicle company.



With shares briefly hitting a new 52-week high of $415 on Wednesday, Tesla has hit a new all-time high. The stock previously hit an all-time high of $414.50 on Nov. 4, 2021, and has an all-time closing high of $409.97 on the same day, which it could also surpass Wednesday if the gains hold.



The soaring price of Tesla stock helped boost Musk&#8217;s wealth to $439.2 billion on Wednesday, according to a Bloomberg report.



The increase comes from Tesla gains and from a recent share sale for SpaceX, the space company founded by Musk. SpaceX is now valued at $350 billion, a valuation that added around $50 billion to Musk's wealth, according to the report.



The valuation of artificial intelligence company xAI, founded by Musk, has also witnessed its valuation more than double since May, adding to Musk's wealth gains.



Musk has added $210.2 billion to his wealth in 2024, based on a<a href="https://www.benzinga.com/general/education/24/01/36454392/worlds-top-10-richest-people-gained-more-wealth-in-2023-than-walmarts-total-value-how-elon-musk"> year-end valuation </a>of $229 billion in 2023 by Bloomberg. This 2024 gain is more than all the richest people in the world are worth except for second and third place Jeff Bezos ($244 billion) and Mark Zuckerberg ($219 billion), respectively.



Are you buying when the CEOs of the Magnificent 7 are selling?



<ul>
<li>Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a></li>
</ul>



Why It's Important: The wealth of Musk has increased by 66% since the 2024 election according to Bloomberg. The gains come with Tesla shares up significantly since Trump's win.



Tesla stock closed at $251.44 on Nov. 5, the day of the 2024 presidential election. The stock closed at $288.53 the next day, posting a significant one-day gain. The stock is up 66.1% year-to-date with the majority of gains coming from early November until now.



While Musk's wealth is already up significantly in 2024, it could increase further in the coming years. Musk could benefit from the new White House administration, which could eliminate EV tax credits that would hurt Tesla competitors.



There is also optimism that the new administration <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42046316/trump-set-to-hand-musk-golden-path-for-tesla-after-reversing-course-on-autonomous-vehicle-ban">could support regulation</a> for self-driving vehicles such as the Tesla robotaxi, reversing course on Trump's<a href="https://www.benzinga.com/general/politics/24/10/41298125/maybe-musk-missed-the-memo-trumps-plan-to-ban-autonomous-vehicles-could-sour-friendship"> previous plan to ban </a>autonomous vehicles.



Musk, who publicly supported Trump, donated money to his campaign and rallied in swing state Pennsylvania, has been picked by the president-elect to co-lead the Department of Government Efficiency.



The Department of Government Efficiency will look at cutting costs in government spending, but could also provide benefits to Musk or take on his competitors. A report said the D.O.G.E. will <a href="https://www.benzinga.com/news/24/11/42255070/musk-ally-ramaswamy-takes-aim-at-bidens-6-6b-loan-to-tesla-rival-rivian">look into a government loan </a>given to Tesla EV rival Rivian Automotive.



Trump has voiced support of Musk's space ambitions and the announcement that Trump will nominate Jared Isaacman<a href="https://www.benzinga.com/trading-ideas/movers/24/12/42323934/shift4-payments-stock-drops-after-ceo-jared-isaacmans-nasa-nomination-whats-going-on"> to lead NASA </a>could help SpaceX. Isaacman is an investor in SpaceX via his payments company Shift4 Payments, according to the report. Isaacman has also been on a commercial spacewalk via a chartered SpaceX launch.



The support for SpaceX by Isaacman could see the company get more government contracts and could boost the valuation further in the coming years.



One item that could dent Musk's wealth is the pending case against his 2018 Tesla pay compensation plan. A Delaware judge <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42279851/elon-musk-56b-pay-package-rejected-by-judge-again-tesla-analyst-says-a-soap-opera-playing-out-in-delaware">struck down the plan again</a>, despite shareholder approval, but Tesla said it will appeal the decision. Without the pay package, Musk would still be the world's richest person, but not at such a high level.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/management/24/10/41302431/elon-musk-to-end-year-as-richest-man-in-the-world-prediction-market-says-yes-higher-chance-than-l">Elon Musk To End Year As Richest Man In The World? Prediction Market Says Yes, Higher Chance Than Larry Ellison Or Jensen Huang</a></li>
</ul>



Photo: Shutterstock

Elon Musk First Person Worth $400 Billion As Tesla Stock Hits New All-Time Highs: How 2024 Election Helped, Could Lead To Future Gains

Luigi Mangione, who is being charged with the <a href="https://www.benzinga.com/general/health-care/24/12/42316904/unitedhealthcare-ceo-brian-thompson-fatally-shot-outside-nyc-hotel">Dec. 4 murder</a> of UnitedHealthcare CEO Brian Thompson, apparently kept a diary of sorts.



Law enforcement officials who <a href="https://www.benzinga.com/general/health-care/24/12/42398524/person-of-interest-named-in-unitedhealthcare-ceos-murder-ghost-gun-found">arrested Mangioni in Pennsylvania</a> on Monday found not only a ghost gun and false IDs, they also discovered a handwritten note and a spiral notebook detailing his plans and a militantly expressed motive for Thompson&#8217;s shooting, <a href="https://www.nytimes.com/2024/12/11/nyregion/luigi-mangione-assassination-plan-notebook.html?campaign_id=190&amp;emc=edit_ufn_20241211&amp;instance_id=141940&amp;nl=from-the-times&amp;regi_id=136109156&amp;segment_id=185442&amp;user_id=e415429009fa21c5b8b4141c24d72bca">reported</a> the New York Times Wednesday, citing local police officials. 



<h2 class="wp-block-heading">For Starters, Kill A CEO</h2>



"What do you do? You wack the C.E.O. at the annual parasitic bean-counter convention. It's targeted, precise and doesn't risk innocents," was one passage in the notebook, officials said. 



Thompson was shot and killed outside a UnitedHealth Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) investor day event. UnitedHealthcare is the insurance unit of UnitedHealth Group. 



After Mangione was arrested after being <a href="https://www.benzinga.com/general/restaurants/24/12/42427146/pennsylvania-mcdonalds-where-unitedhealthcare-ceo-murder-suspect-arrested-gets-review-bombed-more-like-narc-donalds">recognized by customers and employees</a> at a McDonalds (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NASDAQ">MCD</a>) in Altoona, Pennsylvania, authorities found a 262-word handwritten note, which seemed to be construed as taking responsibility for shooting Thompson on a midtown Manhattan street.



According to a New York Police Department internal report, which referred to Mangione&#8217;s note as a manifesto, the 26-year-old suspect viewed Thompson's murder as a "symbolic takedown," per the NY Times. The NYPD opined that Mangione "likely views himself as a hero of sorts who has finally decided to act upon such injustices" and expressed concern that others might see him as a "martyr and an example to follow."



<h2 class="wp-block-heading">Fingerprints Match Up</h2>



Local<a href="https://ktvl.com/news/nation-world/luigi-mangiones-fingerprints-match-prints-found-at-the-scene-of-unitedhealthcare-ceo-brian-thompson-killing-law-enforcement-sources-midtown-manhattan-altoona-pennsylvania-mcdonalds-arrest-health-insurance-motive-forensic-evidence"> Pennsylvania news outlets</a> also reported on Wednesday that Mangioni's fingerprints have been positively matched to those found at the New York City shooting. The fingerprints match those found on a water bottle and candy bar wrapper recovered near the crime scene, the New York Post <a href="https://nypost.com/2024/12/11/us-news/luigi-mangione-in-custody-12-11-2024/">reported</a>, citing a law enforcement official. 



<h2 class="wp-block-heading">Lawyer Says No To Extradition</h2>



Mangione's lawyer, Thomas Dickey, denies his client's involvement in the New York murder, noted CNN, and says Mangione will likely plead not guilty to the murder charge, among other counts. Mangione also plans to plead not guilty to Pennsylvania charges related to the gun and fake ID police found on him, Dickey said.



Read Now:



<ul>
<li><a href="https://www.benzinga.com/news/24/12/42435528/google-removes-negative-reviews-targeting-altoona-mcdonalds-after-arrest-of-suspected-unitedhealthcare-ceo-shooter-tip">Google Removes Negative Reviews Targeting Altoona McDonald&#8217;s After Arrest Of Suspected UnitedHealthcare CEO Shooter Tip</a></li>
</ul>



Photo courtesy of Pennsylvania State Police.

Legal

'Wack The CEO,' United Health Care Murder Suspect Luigi Mangione Says In Papers Found By Police

<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42436676/inflation-rises-as-expected-in-november-sustain-hopes-for-next-weeks-fed-interest-rate-cut">An inline November inflation report</a> unleashed a surge of bullish momentum across markets on Wednesday.



Traders priced in near-certainty of a 25-basis-point rate cut at next week's Federal Reserve meeting, fueling optimism for a<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42436676/inflation-rises-as-expected-in-november-sustain-hopes-for-next-weeks-fed-interest-rate-cut"> more accommodating monetary policy.</a>



The Consumer Price Index rose by 2.7% year-over-year in November, matching expectations. Core inflation — excluding volatile items such as energy and food — remained steady at 3.3%.



Tech stocks took center stage as the Nasdaq 100 rallied 1.7%, notching a fresh record high and logging its best session in over a month. The so-called &#8220;Magnificent Seven&#8221; mega-cap stocks were the driving force behind the gains.



The Roundhill Magnificent Seven ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAGS#NASDAQ">MAGS</a>) jumped 2.6%, its best performance since Nov. 6, eyeing its eighth positive session in the last nine trading days.



Six of the seven mega-cap tech giants hit record highs, with the group's combined market cap reaching a staggering $17.3 trillion. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) was the sole exception among the elite names.



The S&amp;P 500 joined the rally, climbing 0.9% and nearing its all-time highs. Small-cap stocks added 0.7%, while the Dow Jones Industrial Average remained flat, lagging behind its peers.



Improving rate-cut expectations — fed futures now almost fully pricing in a 25-basis-point rate cut next week — supported gold, with the yellow metal rising 0.9% to 2,717 per ounce, heading for a fourth straight session of gains.



Bullish sentiment returned to the crypto market, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rallying 4% to above $100,000 again, almost erasing losses from prior two sessions. 



Oil prices rose more than 2% on Wednesday, even as OPEC downgraded its global demand outlook for both 2023 and 2024.



<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Nasdaq 100</td><td>21,744.29</td><td>1.8%</td></tr><tr><td>S&amp;P 500</td><td>6,088.08</td><td>0.9%</td></tr><tr><td>Russell 2000</td><td>2,398.19</td><td>0.6%</td></tr><tr><td>Dow Jones</td><td>44,268.39</td><td>0.0%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent120224&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.9% to $608.33.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;flattened at $444.28.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rallied 1.8% to $529.86.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.9% to $238.38.</li>



<li>The&nbsp;Communication Services Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) and the Consumer Discretionary Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, both rising 1.6%; the&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 1.1%.</li>
</ul>



<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>



<ul>
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) rallied 4.4% after the tech giant announced the launch of <a href="https://www.benzinga.com/media/24/11/42030331/heres-when-google-gemini-could-be-integrated-with-apple-intelligence">Gemini 2.0 AI model</a>.</li>



<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) soared 5.7%, ahead of its earnings report slated for <a href="https://www.benzinga.com/24/12/42396941/broadcom-likely-for-upside-backed-by-ai-pipeline-market-recovery-vmware-synergy-as-key-ai-semiconductor-and-custom-chip-supplier">Thursday after market closes</a>.</li>



<li>Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) dropped 6.5% after surging 17% on Tuesday, following <a href="https://www.benzinga.com/24/12/42431136/walgreens-stock-pulls-back-326-in-pre-market-trading-as-wall-street-veterans-debate-private-equity-deal-value-amid-sycamore-partners-takeover-talks">reports of a $7.5 billion sale</a> negotiation with Sycamore Partners.</li>



<li>Gamestop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) rallied over 9% in <a href="https://www.benzinga.com/general/gaming/24/12/42425015/gamestop-q3-earnings-revenue-miss-4b-cash-no-more-offerings-planned-in-fiscal-year">reaction to earnings report</a>.</li>



<li>Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) rose 0.4% in anticipation of its quarterly results, set to be released after market close.</li>
</ul>



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/news/legal/24/12/42444266/nvidia-loses-supreme-court-appeal-faces-continued-legal-battle-over-cryptocurrency-disclosure">Nvidia Loses Supreme Court Appeal, Faces Continued Legal Battle Over Cryptocurrency Disclosure</a></li>
</ul>



Image: Shutterstock

Macro Economic Events

Mid Cap

Broad U.S. Equity ETFs

Small Cap

Econ #s

Economics

AVGO

XLRE

Nasdaq 100 Rallies To Record Highs, Magnificent 7 Market Cap Tops $17 Trillion, Bitcoin Soars To $100,000: What's Driving Markets Wednesday?

Kroger Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) and Albertsons Companies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>) will remain competitors after a U.S. judge blocked the companies&#8217; proposed merger. It didn&#8217;t take long for them to <a href="https://www.benzinga.com/pressreleases/24/12/b42436436/albertsons-files-lawsuit-against-kroger-for-breach-of-merger-agreement">start acting like it again</a>.



What Happened: Albertsons announced the termination of its proposed merger with Kroger and filed a lawsuit against the grocery giant, accusing Kroger of violating the contractual obligations of the merger agreement by failing to do all it could to secure regulatory approval.



&#8220;Rather than fulfill its contractual obligations to ensure that the merger succeeded, Kroger acted in its own financial self-interest, repeatedly providing insufficient divestiture proposals that ignored regulators&#8217; concerns. Kroger&#8217;s self-serving conduct, taken at the expense of Albertsons and the agreed transaction, has harmed Albertsons&#8217; shareholders, associates and consumers,&#8221; said Tom Moriarty, general counsel and chief policy officer of Albertsons.



On Tuesday, U.S. District Judge Adrienne Nelson <a href="https://www.benzinga.com/news/legal/24/12/42424808/kroger-stock-up-after-judge-blocks-albertsons-deal-what-you-need-to-know">blocked the proposed merger</a> of the two companies after finding the deal would impact competition in the grocery space. Attorneys for both companies previously said the deal would most likely be squashed if the judge ruled in favor of the U.S. Federal Trade Commission.



See Also: <a href="https://www.benzinga.com/news/econ-s/24/12/42440275/wall-street-gains-tech-rallies-tesla-hits-all-time-highs-as-inflation-data-firms-up-feds-next-interest-rate-cut">Wall Street Gains, Tech Rallies, Tesla Hits All-Time High As Inflation Data Firms Up Fed&#8217;s Next Interest Rate Cut</a>



Albertsons alleges Kroger failed to exercise &#8220;best efforts&#8221; and failed to take &#8220;any and all actions&#8221; to make sure the merger was approved as required of the company under terms of the merger agreement. Albertsons also alleges Kroger breached the merger agreement by &#8220;repeatedly refusing&#8221; to divest necessary assets for antitrust approval, ignoring regulators&#8217; feedback and failing to cooperate with Albertsons.



Kroger responded to the accusations Wednesday morning, calling the lawsuit &#8220;baseless and without merit.&#8221;



&#8220;Kroger refutes these allegations in the strongest possible terms,&nbsp;especially in light of Albertsons&#8217; repeated intentional material breaches and interference throughout the merger process, which we will prove in court,&#8221; the company said. 



&#8220;We went to extraordinary lengths to uphold the merger agreement throughout the entirety of the regulatory process and the facts will make that abundantly clear.&#8221;



Albertsons is seeking billions of dollars in damages from Kroger, alleging shareholders were unfairly denied a multi-billion-dollar premium that Kroger agreed to pay for Albertsons shares.



Albertsons also believes it&#8217;s entitled to a $600 million termination fee. Kroger challenged the allegation in its statement and said the company looks forward to responding in court.



KR, ACI Price Action: At the time of publication, Kroger shares were up 0.58% at $61.08 while Albertsons shares were down 0.38% at $18.44, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/12/42440806/adobe-q4-earnings-preview-analyst-says-investors-may-be-missing-healthy-subscriber-growth">Adobe Q4 Earnings Preview: Analyst Says Investors May Be Missing Healthy Subscriber Growth</a></li>
</ul>



Photo: Shutterstock.

Albertsons Puts End To Merger Deal, Sues Kroger Following Court Ruling: 'We Believe Strongly In The Merits Of Our Case'

The U.S. Supreme Court dismissed Nvidia Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) appeal Wednesday of a lower court ruling on <a href="https://www.benzinga.com/topic/legal">a securities fraud lawsuit</a>.



The case, brought by Swedish investment firm E. Ohman J:or Fonder AB, accuses the chipmaker of misleading investors about the extent of its cryptocurrency-related sales.



This decision allows the lower court&#8217;s ruling, which revived the 2018 class action, to stand, Reuters reports.



Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/24/12/42389113/nvidia-hit-with-antitrust-probe-in-china-stock-slides" rel="noreferrer noopener">Nvidia Hit With Antitrust Probe in China, Stock Slides</a>



The plaintiffs allege that Nvidia and its CEO Jensen Huang downplayed the impact of cryptocurrency sales on the company&#8217;s revenue during 2017 and 2018. After <a href="https://www.benzinga.com/news/legal/24/11/41960485/nvidias-crypto-past-returns-to-haunt-as-supreme-court-signals-green-light-for-lawsuit" target="_blank" rel="noreferrer noopener">cryptocurrency profitability declined</a>, Nvidia&#8217;s revenues missed projections, causing its stock price to drop by 28%.



As digital currencies like Bitcoin and Ethereum surged, Nvidia&#8217;s graphics chips gained popularity among cryptocurrency miners. Yet as crypto profitability declined in late 2018, Nvidia&#8217;s revenue fell below projections, leading to a drop in its stock price.



The Supreme Court&#8217;s <a href="https://www.supremecourt.gov/opinions/24pdf/23-970_2dq3.pdf" target="_blank" rel="noreferrer noopener">one-line order did not give further detail</a>. Nvidia argued the plaintiffs failed to prove the company&#8217;s statements were false or intentionally misleading.



Without admitting wrongdoing, Nvidia previously agreed to a $5.5 million settlement with U.S. regulators in 2022 over similar disclosure issues.



According to the Reuters report, President Joe Biden supported the shareholders in the case.



Nvidia stock has surged 174% year-to-date thanks to the artificial intelligence frenzy. Bitcoin has gained 138%. Nvidia surged 2,436% in the last five years compared to Bitcoin&#8217;s 1,292%.



NVDA Price Action: NVDA stock is up 2.5% at $138.45 at the last check on Wednesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/24/12/42420201/trumps-return-threatens-billions-in-us-chip-investment-from-taiwan-samsung" target="_blank" rel="noreferrer noopener">Trump&#8217;s Return Threatens Billions in US Chip Investment from Taiwan, Samsung</a></li>
</ul>



Photo via Shutterstock.

Media

Nvidia Loses Supreme Court Appeal, Faces Continued Legal Battle Over Cryptocurrency Disclosure

Wall Street kicked off Wednesday on a positive note as November inflation data came in line with expectations, leaving traders confident in the likelihood of a Federal Reserve interest <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42436676/inflation-rises-as-expected-in-november-sustain-hopes-for-next-weeks-fed-interest-rate-cut">rate cut next week.</a>



The Consumer Price Index rose 2.7% year-over-year in November, slightly above October's 2.6% annual rate, but perfectly aligned with economist forecasts. Core inflation, which excludes volatile categories like food and energy, remained flat at an annual rate of 3.3%, also meeting expectations.



Following the report, the probability of a 25-basis-point rate cut at the Fed's Dec. 18 meeting surged to 96%, up from 86% before the data release, as per CME FedWatch. 



This leaves little doubt that investors are almost fully pricing in an easing move by the central bank, pushing back any fears of a potential pause. 



<h3 class="wp-block-heading">Market Reactions: Stocks Rally, Treasury Yields Dip</h3>



Key equity indices reflected growing optimism:



<ul>
<li>The S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), gained 0.5%.</li>



<li>The Nasdaq 100, represented by the Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), rallied 1% to 21,556 points, just shy of its all-time high of 21,626 set last Friday.</li>



<li>Blue-chip stocks traded flat, while small caps, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), climbed 0.7%.</li>
</ul>



In the bond market, Treasury yields fell across maturities:



<ul>
<li>The 2-year Treasury yield, which is particularly sensitive to monetary policy moves, dropped 4 basis points to 4.10%.</li>



<li>The benchmark 10-year yield declined by 2 basis points to 4.20%.</li>



<li>The popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) ticked up 0.1%.</li>
</ul>



Meanwhile, the U.S. dollar index (DXY) – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – held steady. 



<h3 class="wp-block-heading">Standout Stock Performers</h3>



<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) climbed 1.2% to $412 per share, marking its highest level since November 2021. The rally followed Goldman Sachs' 12-month price target increase from $250 to $345. </li>



<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) surged 4%, nearly erasing its Tuesday losses as demand recovery in semiconductors bolstered sentiment.</li>



<li>Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) gained 2.8%, extending its rally to a third session after confirming the resumption of 737 MAX production.</li>



<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) rose 2.7%, adding to its 5.3% jump on Tuesday. Shares reached levels last seen in July and moved tantalizingly close to record highs. </li>
</ul>



Read now: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42434317/tsla-stock-surges-in-premarket-after-multiple-price-target-hikes">TSLA Stock Surges In Wednesday Pre-Market After Multiple Price Target Hikes: Elon Musk-Led EV Giant Has Made Investors $490 Billion Richer So Far In 2024</a></li>
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Image: Shutterstock

Federal Reserve

Wall Street Gains, Tech Rallies, Tesla Hits All-Time High As Inflation Data Firms Up Fed's Next Interest Rate Cut

Adobe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) could highlight its strong subscriber revenue and growth when the company reports fourth-quarter results after<a href="https://www.benzinga.com/earnings"> market close Wednesday.</a>



Earnings Estimates: Analysts expect Adobe to report fourth-quarter revenue of $5.54 billion, up from $5.05 billion in last year's fourth quarter, according to data from<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent121024&amp;t=be2bearmibe3na1"> Benzinga Pro.</a>



The company has beaten analyst revenue estimates in seven straight quarters and nine of the last 10 quarters overall.



Analysts expect the company to report earnings per share of $4.65 in the fourth quarter, compared to $4.27 in last year's fourth quarter. The company has beaten analyst estimates for earnings per share in 11 straight quarters.



<a href="https://www.benzinga.com/news/earnings/24/09/40843018/adobe-reports-record-q3-revenue-eps-beats-estimates">Guidance from the company</a> sees fourth-quarter revenue coming in a range of $5.50 to $5.55 billion and earnings per share coming in a range of $4.63 to $4.68.



Read Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/12/42322196/how-nvidia-paypal-adobe-are-driving-genais-productivity-revolution-report">How Nvidia, PayPal, Adobe Are Driving GenAI&#8217;s Productivity Revolution: Report</a>



What Analysts Are Saying: Adobe could offer a compelling risk-reward profile ahead of 2025, Piper Sandler analyst Brent Bracelin recently said.



The analyst <a href="https://www.benzinga.com/24/12/42349678/adobe-exudes-potential-to-go-from-laggard-to-leader-backed-by-healthy-subscription-improving-growth-metrices">reiterated an Overweight rating</a> and $635 price target on the stock in the note.



Bracelin said with shares down year-to-date, the stock could go from laggard to leader.



Concerns of threats on Adobe's business from artificial intelligence could be overshadowing healthy subscription growth trends, the analyst added.



The analyst said the earnings report could show the durability of subscription growth and high operating margins.



Adobe Express Mobile is also attracting new users with quarterly downloads over 10 million, Bracelin said.



Here are other <a href="https://www.benzinga.com/quote/ADBE/analyst-ratings">analyst ratings on Adobe </a>and their price targets:



<ul>
<li>Citigroup: Maintained Neutral rating, lowered price target from $616 to $590</li>



<li>BMO Capital: Maintained Outperform rating, lowered price target from $600 to $580</li>



<li>RBC Capital: Reiterated Outperform rating, price target $610</li>
</ul>



Key Items to Watch: Subscription revenue and strength will be one of the biggest areas to watch, as shared by Bracelin above.



Investors and analysts will also be looking to hear any comments on how AI is impacting the company and what Adobe is doing to offset this competitive threat.



Updates on new products and their initial reaction will also be an item to watch.



With this being the fourth-quarter financial results, analysts and investors will also be waiting to see if Adobe shares guidance for the next fiscal year. 



ADBE Price Action: Adobe stock is down 0.3% to $545.23 on Wednesday versus a 52-week trading range of $433.98 to $638.25. Adobe stock is down 6% year-to-date in 2024.



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41339153/adobe-stock-to-turn-from-laggard-to-leader-analysts-highlight-ai-monetization-oppor">Adobe Stock To Turn From Laggard To Leader, Analysts Highlight &#8216;AI Monetization Opportunities&#8217; From MAX Creativity Conference</a></li>
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Photo: Shutterstock

Previews

Adobe Q4 Earnings Preview: Analyst Says Investors May Be Missing Healthy Subscriber Growth

The price of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has soared in 2024 thanks to several catalysts including Bitcoin ETFs, more companies acquiring the cryptocurrency and expectations for a more pro-crypto White House administration with Donald Trump winning the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41778425/bitcoins-all-time-high-a-groundbreaking-milestone-and-strong-post-election-rally-coming-ex">2024 presidential election.</a>



As Bitcoin dips below the $100,000 level, Benzinga readers predict whether new all-time highs will be hit next or a further dip to $85,000.



What Happened: Bitcoin has reached several new all-time highs since the 2024 presidential election in November, passing the $80,000 and $90,000 levels and recently <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331507/happy-bitcoin-100k-day-heres-how-nayib-bukele-brian-armstrong-and-peter-schiff-reacted-to-the-historic-milestone">clearing the $100,000 level.</a>



The leading cryptocurrency hit an all-time high of $103,900.47 on Dec. 4 and spent several days above the $100,000 milestone.



Since then, Bitcoin has fallen and has struggled to pass the milestone again. Benzinga recently asked readers which price milestone they think Bitcoin will hit next.



"Which level is Bitcoin more likely to reach next: $105,000 or $85,000?" Benzinga asked.



The results were:



<ul>
<li>$105,000: 63%</li>



<li>$85,000: 37%</li>
</ul>



The majority of readers polled see Bitcoin reaching all-time highs of $105,000 before the leading cryptocurrency trades back down to $85,000, if it ever goes that low again.



Bitcoin last traded at $85,000 or below one month ago on Nov. 11.



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42433831/bitcoin-to-200000-ethereum-to-7000-solana-to-750-in-2025-predicts-bitwise">Bitcoin To $200,000, Ethereum To $7,000, Solana To $750 In 2025, Predicts Bitwise</a>



What's Next: Bitcoin is up 123% year-to-date in 2024, which ranks higher than leading stock indexes and many assets. While many would be happy with ending the year up over 100%, the fact that Bitcoin recently passed $100,000 and the move was short-lived could have investors wanting more.



<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42367065/exclusive-bitcoin-briefly-tops-100000-but-where-do-benzinga-readers-predict-it-will-finish-2024">Benzinga recently asked</a> readers what price they thought Bitcoin would end 2024 at. The results were:



<ul>
<li>Under $90,000: 18%</li>



<li>$90,000 to $100,000: 30%</li>



<li>$100,000 to $120,000: 40%</li>



<li>Over $120,000: 12%</li>
</ul>



The range of $100,000 to $120,000 won the poll with 40% of the vote. Adding in the 12% of respondents who said Bitcoin would trade over $120,000 at year-end and a majority (52%) of voters see a six-figure price to close out the year.



The range of $90,000 to $100,000 got second place in the poll with 30%, suggesting a further pullback could happen in the coming weeks. &nbsp;



Bitcoin topped a poll asking readers to <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42378513/can-bitcoin-ethereum-dogecoin-shiba-inu-or-solana-beat-xrp-in-2025-poll-says-yes-one-coin-stands-out">choose which cryptocurrency </a>they believe will outperform others in 2025, including Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>), Hedera (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/hbar/usd">HBAR</a>), and XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>).



Bitcoin won the poll with 28% of readers believing the leading cryptocurrency will outperform the other options next year. Ranking second in the poll was XRP with 24%.



Read Next: 



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<li><a href="https://www.benzinga.com/general/education/24/12/42345466/if-you-invested-1000-in-bitcoin-when-peter-schiff-said-btc-would-never-hit-100k-heres-how-much-youd-have-now">If You Invested $1,000 In Bitcoin When Peter Schiff Said BTC Would Never Hit $100K, Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>



The study was conducted by Benzinga from Dec. 10 through Dec. 11, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 147 adults.



Photo: Shutterstock

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Bitcoin's Next Move: $105,000 Or $85,000? Poll Finds Over 60% Say…

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