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Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) is ramping up efforts to challenge Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) in the artificial intelligence (AI) chip market, worth over $100 billion. 
From a bustling engineering lab in Austin, Texas, Amazon&#8217;s engineers are pushing to market its latest AI chip, Trainium 2, as quickly as possible, Bloomberg <a href="https://www.bloomberg.com/news/features/2024-11-24/amazon-plans-to-rival-nvidia-with-its-own-ai-chips?srnd=phx-technology&amp;sref=TBDibEcD" target="_blank" rel="noreferrer noopener">reports</a>. Rami Sinno spearheads the Trainium 2 project and leads Amazon&#8217;s chip design and testing.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25032053/newplot-12.png" alt="" class="wp-image-662826" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25032053/newplot-12.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25032053/newplot-12-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/42146205/gaps-growth-drivers-market-share-gains-brand-momentum-and-raised-guidance-analysts-weigh-in" rel="noreferrer noopener">Gap&#8217;s Growth Drivers: Market Share Gains, Brand Momentum, And Raised Guidance – Analysts Weigh In</a>
Despite Nvidia&#8217;s significant lead in AI hardware, Amazon&#8217;s ambitions to reduce dependency on external suppliers and deliver competitive AI solutions have gained traction.
Amazon&#8217;s latest AI chip, Trainium 2, offers improved performance with four times the computational power and three times the memory of its predecessor, per the report.
Engineers have streamlined its design by reducing internal components and improving heat management. The chip is central to Amazon&#8217;s strategy of scaling its AI capabilities and offering a cost-effective alternative to Nvidia hardware.
Prominent AI startups, including Anthropic, are adopting Amazon&#8217;s Trainium chips for their workloads. Last week, Amazon <a target="_blank" href="https://www.benzinga.com/24/11/42141911/amazon-and-anthropic-deepen-4-billion-ai-partnership-with-claude-35-launch" rel="noreferrer noopener">increased its funding</a> in Anthropic to $8 billion, solidifying its collaboration on AI advancements and positioning Amazon Web Services (AWS) as the startup&#8217;s primary cloud provider.
In October, Amazon signed a five-year agreement with Databricks to deliver cost-efficient <a target="_blank" href="https://www.benzinga.com/news/24/10/41337034/amazon-strikes-at-nvidias-stronghold-through-databricks-deal-cutting-ai-costs-by-40" rel="noreferrer noopener">AI-building solutions</a> to businesses.
The collaboration focuses on Amazon&#8217;s Trainium AI chips, offering a budget-friendly alternative to Nvidia&#8217;s widely used GPUs for AI customization. Databricks intends to pass on the savings from Trainium&#8217;s use to customers, challenging Nvidia&#8217;s dominance in the AI hardware market.
Amazon faces hurdles in software development, an area where Nvidia excels. Its Neuron SDK, still in its early stages, must evolve to match the ease and flexibility Nvidia offers to AI developers.
Meanwhile, Nvidia&#8217;s Blackwell chips won&#8217;t <a target="_blank" href="https://www.benzinga.com/news/24/10/41405124/whats-going-on-with-nvidia-stock-on-friday" rel="noreferrer noopener">reach the market</a> until early 2025, impacting significant clients such as AWS. Production challenges at Nvidia have forced AWS to await bulk production of Blackwell chips for its data centers. AWS Chief Matt Garman highlighted the delay during an interview on Bloomberg Television, citing Nvidia&#8217;s production adjustments.
In September, DA Davidson&#8217;s Gil Luria downgraded Microsoft Corp to Neutral, <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40986921/microsofts-ai-lead-shrinks-analyst-downgrades-stock-as-amazon-and-google-close-the-" rel="noreferrer noopener">citing diminishing AI</a> and cloud leadership as key factors. Luria highlighted AWS and Alphabet Inc Google Cloud&#8217;s strides in silicon deployment, outpacing Microsoft&#8217;s Azure in data center advancements. Despite early AI gains, Luria flagged competitors like AWS and GitLab as catching up to GitHub Copilot, challenging Microsoft&#8217;s edge in innovation.
Price Action: AMZN stock closed lower by 0.64% at $197.12 on Friday.
Image via Shutterstock
Also Read:
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<li><a href="https://www.benzinga.com/government/regulations/24/11/42144915/china-unveils-global-ai-governance-committee-with-alibaba-cloud-founder-at-the-helm" target="_blank" rel="noreferrer noopener">China Unveils Global AI Governance Committee With Alibaba Cloud Founder At The Helm</a></li>
</ul>

Equities

News

Media

AMZN

MSFT

NVDA

Amazon's AI Chip Strategy Targets Nvidia's Dominance In Data Centers

Earnings

BEDU

Bright Scholar Education Q4 Adj EPADS $(0.44) Up From $(0.52) YoY, Sales $50.53M Down From $77.12M YoY

Needham analyst Mike Matson reiterates LivaNova (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIVN#NASDAQ">LIVN</a>) with a Buy and maintains $75 price target.

Price Target

Reiteration

Analyst Ratings

LIVN

Needham Reiterates Buy on LivaNova, Maintains $75 Price Target

Transaction is expected to add approximately $180 million to Vertical's balance sheet, including through the conversion of approximately $130 million of debt into equity, significantly reducing Vertical's debt. The conversion price of the remaining convertible notes will be fixed.
Stephen Fitzpatrick, retains a strategic role as a board director to guide the company through its Flightpath 2030 Strategy. &nbsp;

EVTL

Vertical Aerospace Secures Agreement Under Which Mudrick Capital Will Commit Up To $50M In The Next Equity Round

Exane BNP Paribas analyst Kevin Grundy initiates coverage on Brown-Forman (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BF#NYSE">BF</a>) with a Outperform rating and announces Price Target of $48.

Initiation

BF/B

Exane BNP Paribas Initiates Coverage On Brown-Forman with Outperform Rating, Announces Price Target of $48

<a href="https://www.wsj.com/articles/hong-kong-is-becoming-hub-for-financial-crime-u-s-lawmakers-say-39043e46" title="https://www.wsj.com/articles/hong-kong-is-becoming-hub-for-financial-crime-u-s-lawmakers-say-39043e46">https://www.wsj.com/articles/hong-kong-is-becoming-hub-for-financial-crime-u-s-lawmakers-say-39043e46</a>

Legal

Wall Street Journal Reports U.S. House Committee Leaders Urge Rethink Of Banking Ties With Hong Kong, Citing Money-Laundering And Sanctions Evasion

Shares of Uxin Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UXIN#NYSE">UXIN</a>) rose sharply in today's pre-market trading after the company reported <a href="https://www.benzinga.com/quote/UXIN/earnings">second-quarter financial results.</a>
Uxin posted quarterly sales of $70.85 million, up from $48.80 million in the year-ago period
Uxin shares rose 3% to $6.50 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Rigetti Computing, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>) gained 59.2% to $2.77 in pre-market trading after climbing around 18% on Friday.</li>
<li>Quantum Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QMCO#NASDAQ">QMCO</a>) rose 40.4% to $12.84 in pre-market trading after jumping 127% on Friday.</li>
<li>KULR Technology Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KULR#NYSE">KULR</a>) gained 29.8% to $0.5777 in pre-market trading after gaining around 7% on Friday.</li>
<li>Exicure, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XCUR#NASDAQ">XCUR</a>) gained 28.4% to $23.59 in pre-market trading after jumping around 69% on Friday.</li>
<li>Arqit Quantum Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARQQ#NASDAQ">ARQQ</a>) gained 22% to $15.76 in pre-market trading after gaining 21% on Friday.</li>
<li>NOVONIX Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVX#NASDAQ">NVX</a>) gained 19.1% to $2.31 in pre-market trading. Novonix secured a 32,000-tonne offtake agreement with Volkswagen&#8217;s PowerCo for synthetic graphite supply.</li>
<li>Quantum Computing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QUBT#NASDAQ">QUBT</a>) gained 16.9% to $7.13 in pre-market trading after jumping 28% on Friday.  </li>
<li>Allot Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALLT#NASDAQ">ALLT</a>) climbed 16.7% to $4.94 in pre-market trading. Allot, last week, reported better-than-expected quarterly financial results.</li>
<li>Lionsgate Studios Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LION#NASDAQ">LION</a>) gained 11.2% to $7.89 in pre-market trading.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Akoustis Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKTS#NASDAQ">AKTS</a>) shares tumbled 37.5% to $0.0629 in pre-market trading</li>
<li>Aptose Biosciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APTO#NASDAQ">APTO</a>) shares fell 17.8% to $0.1560 in pre-market trading. Aptose Biosciences shares dipped 22% on Friday after the company announced the pricing of an $8 million public offering.</li>
<li>X3 Holdings Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XTKG#NASDAQ">XTKG</a>) declined 16.6% to $1.76 in pre-market trading.</li>
<li>NewGenIvf Group Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NIVF#NASDAQ">NIVF</a>) fell 16.1% to $0.43 in pre-market trading after declining 6% on Friday.</li>
<li>Elevai Labs Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELAB#NASDAQ">ELAB</a>) fell 13.9% to $0.0173 in pre-market trading. Elevai Labs implemented a 1-for-200 reverse stock split to retain Nasdaq listing, reducing shares to 3.07 million.</li>
<li>Gold Resource Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GORO#NYSE">GORO</a>) shares fell 13.1% to $0.1368 in pre-market trading after gaining 6% on Friday.</li>
<li>Digital Brands Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DBGI#NASDAQ">DBGI</a>) dipped 12.4% to $0.1063 in pre-market trading after falling over 4% on Friday.</li>
<li>ZIM Integrated Shipping Services Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>) shares dipped 6.9% to $22.15 in pre-market trading. ZIM Integrated Shipping Services, last week, reported better-than-expected third-quarter financial results and raised its FY24 adjusted EBIT and EBITDA guidance.</li>
<li>ChromaDex Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDXC#NASDAQ">CDXC</a>) fell 5.9% to $7.00 in pre-market trading.</li>
<li>Kingsoft Cloud Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KC#NASDAQ">KC</a>) fell 4.3% to $6.90 in today's pre-market trading after jumping around 25% on Friday. Kingsoft Cloud, last week, reported a fiscal third-quarter 2024 revenue of 1.89 billion Chinese yuan ($268.7 million), up by 16.0% year-on-year, beating the analyst consensus estimate of $247.46 million</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/24/11/42137942/jim-cramer-says-this-stock-is-a-bitcoin-play-and-he-prefers-to-own-bitcoin">Jim Cramer Says This Stock Is A Bitcoin Play And He Prefers To Own Bitcoin</a></li>
</ul>

Pre-Market Outlook

Markets

Movers

Trading Ideas

AKTS

ALLT

APTO

ARQQ

CDXC

DBGI

ELAB

GORO

KULR

LION

NIVF

Nuveen California Dividend Advantage Municipal Fund 2

QMCO

QUBT

RGTI

UXIN

XCUR

XTKG

Why Uxin Shares Are Trading Higher; Here Are 20 Stocks Moving Premarket

Exane BNP Paribas analyst Kevin Grundy initiates coverage on Constellation Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STZ#NYSE">STZ</a>) with a Neutral rating and announces Price Target of $261.

Exane BNP Paribas Initiates Coverage On Constellation Brands with Neutral Rating, Announces Price Target of $261

Donald Trump&#8217;s <a href="https://www.benzinga.com/general/market-summary/24/11/41968003/gold-drops-to-a-two-month-low-as-investors-turn-to-bitcoin-after-trumps-victory-but-this-economist-remains-confident-that-gold-will-surge">win is positive for the financial and energy sectors</a> as the &#8220;pro-growth effects of fiscal stimulus currently outweigh the inflationary risks in the near term​​​&#8221; according to an analyst. 
What Happened: Mario Georgiou, CFA and executive director, head of investments at InCred Global Wealth U.K., in an exclusive conversation with <a href="http://pro.benzinga.com">Benzinga</a>, described tax cuts and deregulation as tailwinds to the markets. He considers inflationary policies such as tariffs and immigration impacts as headwinds, leading to a steepening yield curve, and higher term premiums.
&#8220;Financials offer an attractive risk-reward and that this recent post-election rally has room to run,&#8221; added Georgiou. According to him &#8220;financials are not only well positioned to capture the benefits of the above-mentioned Trump tailwinds, but are also less impacted / would even benefit from the Trump headwinds.&#8221;
Despite a few dips, the equity markets have been trading higher than the pre-election levels after President-elect Trump&#8217;s victory. The S&amp;P 500 has increased by 3.22%, rising from $5,782.76 on Nov. 5 to $5,969.34 as of Friday&#8217;s close. The SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) which tracks the S&amp;P 500 Index has had a similar momentum, according to data from <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Meanwhile, Financial Select Sector SPDR Fund (ACRA: XLF), Vanguard Financials ETF (ACRA: VFH), iShares U.S. Financials ETF (ACRA: IYF), and SPDR S&amp;P Bank ETF (ACRA: KBE), have returned over 30% year-to-date in 2024 outperforming the S&amp;P 500 Index&#8217;s 26% run.
Also read: <a href="https://www.benzinga.com/24/11/42131911/donald-trump-appointed-doge-to-have-marginal-impact-saving-50-100-billion-says-analyst-as-elon-musk-aims-to-target-500-billion-plus-in-federal-expenditures">Donald Trump&#8217;s DOGE Initiative To Have &#8216;Marginal Impact&#8217; Says Analyst As Elon Musk Aims To Target Over $500B In Federal Expenditures</a>
Other sectors that Georgiou prefers, include energy. According to him &#8220;deregulation supporting oil production and geopolitical risks could sustain elevated oil prices and relative valuations are attractive.&#8221;
Even though the energy sector has underperformed the broader markets in 2024, &#8220;fundamentally, companies are shareholder friendly with 8-12% shareholder yields, have strong balance sheets with low net debt to EBITDA ratios and high free cash flow yields of 6.50% and above,&#8221; he adds.
Invesco S&amp;P 500 Equal Weight ETF (ACRA: RSP), iShares Russell 1000 Value ETF (ACRA: IWD), Vanguard High Dividend Yield Index ETF (ACRA: VYM) and ProShares S&amp;P 500 Ex-Energy ETF (ACRA: SPXE) have all underperformed the S&amp;P 500 on a year-to-date basis.
Why It Matters: As markets hit their 51st record high of 2024 and the S&amp;P 500 Index crossed 6,000 points, some analysts caution that<a href="https://www.benzinga.com/24/11/42134031/markets-got-it-wrong-after-elections-prospects-of-tariffs-not-good-for-equities-vs-dollar-says-ex-goldman-sachs-analyst"> tariffs could pose risks </a>to equities and suggest that the market may be overvalued.
&#8220;The prospect of tariffs isn't obviously good for equities, while it's clearly good for the Dollar," former Goldman Sachs FX strategist and senior fellow at Brookings Institution, Robin Brooks said in an X post. "Markets initially got this wrong, driving stocks up sharply right after Nov. 5,&#8221; he added.
However, Georgiou is &#8220;cautiously optimistic&#8221; about the markets, he said &#8220;a neutral to fully invested equity allocation is warranted, with a focus on sectors benefiting from Trump's policies, whilst always maintaining our core investment principles, which is a focus on fundamentals, quality, and risk management.&#8221;
<ul>
<li>Read next: <a href="https://www.benzinga.com/24/11/42134031/markets-got-it-wrong-after-elections-prospects-of-tariffs-not-good-for-equities-vs-dollar-says-ex-goldman-sachs-analyst">Markets Misread Trump Win, Says Ex-Goldman Sachs Analyst: &#8216;Prospects Of Tariffs Not Good For Equities&#8217;</a></li>
</ul>
Image via Flickr

General

iShares Dow Jones US Financial Sector Index Fund

Rydex ETF Trust Rydex S&P Equal Weight ETF

SPXE

Donald Trump's Win Positive For Financials, Energy Sector As 'Pro-Growth Effects Will Outweigh Inflationary Pressures,' Says Analyst

Exane BNP Paribas analyst Kevin Grundy initiates coverage on Molson Coors Beverage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>) with a Neutral rating and announces Price Target of $64.

Exane BNP Paribas Initiates Coverage On Molson Coors Beverage with Neutral Rating, Announces Price Target of $64

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) CEO Tim Cook's approach to building a relationship with Donald Trump during his presidency reportedly gave Cupertino unique advantages over competitors. Other tech leaders may now be taking notes.
What Happened: A <a href="https://www.wsj.com/politics/elections/tim-cook-ceo-trump-relationship-ad106f36">report</a> by The Wall Street Journal highlights how Cook navigated Trump's administration with a direct, focused strategy.
Cook often bypassed lobbyists and government relations executives, opting instead for one-on-one meetings and phone calls with Trump.
He would focus on singular, data-driven points in discussions to influence policy in Apple's favor.
This approach reportedly helped Apple avoid some of the harsher impacts of Trump's trade tariffs in 2019 and positioned the company to benefit from the administration's 2017 tax reforms.
See Also: <a href="https://www.benzinga.com/news/treasuries/24/11/42157400/economist-peter-schiff-criticizes-trumps-treasury-pick-scott-bessent-says-he-will-have-to-find-buyers-for-trillions-in-new-debt-each-year-his-job-is-to-continue-the-ponzi">Economist Peter Schiff Criticizes Trump&#8217;s Treasury Pick, Scott Bessent, Says He Will Have To Find Buyers For Trillions In New Debt Each Year</a>
Cook also strategically aligned Apple's interests with Trump's agenda, ensuring mutual benefits. For instance, he didn't refute Trump's claim of credit for an Austin manufacturing plant that was neither new nor owned by Apple.
The report noted that doing so allowed Trump to appear successful while maintaining Apple's goodwill.
Leaders of other major companies, including Alphabet Inc. (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>) CEO Sundar Pichai and Meta Platforms, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Mark Zuckerberg are reportedly employing similar strategies.
According to the report, executives from Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and FedEx Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) have also attempted direct communication with Trump.
Meanwhile, some have reportedly explored leveraging connections through the Department of Government Efficiency (DOGE), a role Trump assigned to Elon Musk after the Tesla Inc. CEO&#8217;s <a href="https://www.benzinga.com/news/24/11/42157649/trumps-doge-co-lead-elon-musk-slams-lockheed-martins-f-35-fighter-jets-advocates-drone-warfare-as-pentagon-defends-1-8-trillion-program">vocal support for his campaign</a>.
Why It Matters: Trump previously said that <a href="https://www.benzinga.com/markets/equities/24/10/41351251/trump-says-google-has-a-lot-of-power-but-stops-short-of-endorsing-a-break-up">Pichai updated him</a> on trending Google searches and Zuckerberg praised his <a href="https://www.benzinga.com/news/24/09/40785288/did-mark-zuckerberg-really-say-no-way-i-can-vote-for-a-democrat-in-this-election-to-trump">response to an assassination attempt</a>, showing their efforts to establish rapport.
Since Trump&#8217;s victory in the 2024 U.S. Presidential election, both the stock market and the cryptocurrency sector have experienced significant growth.
The S&amp;P 500 has increased by 3.22%, rising from 5,782 on Nov. 5 to 5,969 as of Friday&#8217;s close. The SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) which tracks the S&amp;P 500 Index has had a similar momentum since Trump&#8217;s victory, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
During the same period, NASDAQ has risen 2.71% to reach 20,776.23. The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) which tracks the performance of the Nasdaq-100 Index gained 2.75%.
On the other hand, the overall market cap of the cryptocurrency sector has risen to $3.37 trillion, up 44.63% from $2.33 trillion on Nov. 5.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/42137295/as-mstrs-michael-saylor-says-warren-buffett-is-destroying-berkshire-capital-analyst-suggests-overpricedhot-stock-market-could-be-the-reason-oracle-of-omaha-is-sitting-on-325b-cash" target="_blank" rel="noreferrer noopener">As MSTR's Michael Saylor Says Warren Buffett Is ‘Destroying' Berkshire Capital, Analyst Suggests ‘Overpriced…Hot Stock Market' Could Be The Reason Oracle Of Omaha Is Sitting On $325B Cash</a></li>
</ul>
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.
Photos courtesy: Wikimedia and WEF on Flickr

Politics

Tech

AAPL

GOOG

GOOGL

How Tim Cook's Strategy To Win Over Trump Gave Apple A Competitive Edge, And Why Sundar Pichai, Mark Zuckerberg And Others Might Be Following His Playbook

Needham analyst Mike Cikos maintains ServiceNow (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) with a Buy and raises the price target from $1075 to $1150.

Needham Maintains Buy on ServiceNow, Raises Price Target to $1150

Howard Lutnick, chief executive officer of Cantor Fitzgerald &#8211; which has about $3.53 billion in holdings &#8211; has been named as the co-chair of President-elect Donald Trump&#8216;s transition team. Lutnick will lead the U.S. Department of Commerce.
Top Holdings Of Lutnick&#8217;s Firm: According <a href="https://www.sec.gov/Archives/edgar/data/1024896/000092963824003880/0000929638-24-003880-index.html">to</a> Cantor Fitzgerald&#8217;s third-quarter 13F filings, top holdings of the firm include SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), GCM Grosvenor Inc.(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GCMG#NASDAQ">GCMG</a>), and Rumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>).
In the September quarter, Lutnick&#8217;s financial services firm purchased about 1.17 million shares of Tesla with 1.74 million put options in Q3. It bumped up its call options by 4,967% to 152,000 shares from the <a href="https://13f.info/13f/000092963824003880/compare/000092963824002803">quarter-ended in July</a>. The total value of the fund&#8217;s exposure to Tesla stood at $804 million in Q3.
Cantor Fitzgerald also increased its position in Nvidia by 7,015%, <a href="https://13f.info/13f/000092963824003880/compare/000092963824002803">compared to the second quarter</a>, with a total holding of 3.56 million shares in Q3. It increased Nvidia puts in Q3 by 1,268% to 5.46 million shares and Nvidia call options by 3,213% to 778,600 shares. The total exposure to Nvidia in value terms stood at $1.192 billion.
The fund had 1.23 million of put options and 600,000 call options on SPDR S&amp;P 500 ETF TR representing a total value of $1.05 billion in Q3. GCM Grosvenor and Rumble reflected 2.1% and 1.2% of the fund&#8217;s total holdings, valued at $73.03 million and $42.04 million, respectively.
See Also: <a href="https://www.benzinga.com/news/treasuries/24/11/42157400/economist-peter-schiff-criticizes-trumps-treasury-pick-scott-bessent-says-he-will-have-to-find-buyers-for-trillions-in-new-debt-each-year-his-job-is-to-continue-the-ponzi">Economist Peter Schiff Criticizes Trump&#8217;s Treasury Pick, Scott Bessent, Says He Will Have To Find Buyers For Trillions In New Debt Each Year</a>
Why It Matters: Lutnick was also considered as a top pick for the Secretary of Treasury along with Scott Bessent. Tesla CEO and Trump&#8217;s Department of Government Efficiency (DOGE) co-lead Elon Musk <a href="https://www.benzinga.com/etfs/24/11/42044642/trump-appears-frustrated-as-elon-musk-chimes-in-on-treasury-secretary-adds-more-names-to-a-list-of-potential-picks">rallied for Lutnick</a> in a post on his social media platform, X, calling on others to weigh in on the appointment.
<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">Would be interesting to hear more people weigh in on this for <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> to consider feedback. My view fwiw is that Bessent is a business-as-usual choice, whereas <a href="https://twitter.com/howardlutnick?ref_src=twsrc%5Etfw">@howardlutnick</a> will actually enact change. Business-as-usual is driving America bankrupt, so we need change… <a href="https://t.co/igGLZOJ8wz">https://t.co/igGLZOJ8wz</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1857819784865362211?ref_src=twsrc%5Etfw">November 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
However, Bessent was appointed the Treasury Secretary. According to <a href="https://www.benzinga.com/government/regulations/24/11/41909846/trumps-treasury-pick-frontrunner-scott-bessent-could-shift-wall-street-crypto" target="_blank" rel="noreferrer noopener">betting markets</a>, Bessent was a frontrunner with an 82% probability of securing the nomination.
The third-quarter 13F filing from Bessent's Key Square Group fund shows that they have liquidated all their holding in the September quarter.
In the <a href="https://13f.info/13f/000117266124003417-key-square-capital-management-llc-q2-2024" target="_blank" rel="noreferrer noopener">second quarter</a>, the fund had a highly concentrated portfolio, with equal investments in two banking-focused ETFs: the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) and the SPDR S&amp;P Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBE#NYSE">KBE</a>), each making up 50% of the fund.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/regulations/24/11/42150794/trump-picks-hedge-fund-exec-scott-bessent-as-treasury-secretary-what-president-elects-choice-means-for-americas-economic-future" target="_blank" rel="noreferrer noopener">Trump Picks Hedge Fund Exec Scott Bessent As Treasury Secretary: What President-Elect's Choice Means For America's Economic Future</a></li>
</ul>
Photo courtesy: Cantor Fitzgerald

GCMG

TSLA

Trump's Commerce Secretary Pick Howard Lutnick's Fund Owns $1.19B In Nvidia, $804M In Tesla: Here Is A Look At His Portfolio

Donald Trump&#8216;s Treasury Secretary pick Scott Bessent&nbsp;envisions a significant &#8220;global economic reordering&#8221; and aims to play a role in this transformation.
What Happened:&nbsp;In his first interview since Trump made the announcement, Bessent outlined his policy priorities, focusing on fulfilling tax-cut promises made by&nbsp;Trump. These include making first-term tax reductions permanent and removing&nbsp;taxes on tips, social security benefits, and overtime pay, The Wall Street Journal <a href="https://www.wsj.com/economy/scott-bessent-sees-a-coming-global-economic-reordering-he-wants-to-be-part-of-it-533d6e71">reported</a>&nbsp;on Monday.
Additionally, Bessent, who will be replacing Janet Yellen after Trump&#8217;s induction, plans to implement tariffs and reduce government spending. He emphasized the importance of &#8220;maintaining&nbsp;the status of the dollar&nbsp;as the world's reserve currency.&#8221;
Bessent told WSJ that he believes the president-elect&#8217;s strategy&nbsp;to extend tax cuts and&nbsp;deregulate parts of the U.S.&nbsp;economy could lead to an &#8220;economic lollapalooza.&#8221;
He expressed his desire to contribute to this anticipated economic shift, stating, &#8220;We&nbsp;are going to have to&nbsp;have some kind of a&nbsp;grand global economic reordering.&#8221; Bessent argues he has studied these dynamics and is eager to be involved in shaping the future economic landscape.
See Also:&nbsp;<a href="https://www.benzinga.com/etfs/24/11/42044642/trump-appears-frustrated-as-elon-musk-chimes-in-on-treasury-secretary-adds-more-names-to-a-list-of-potential-picks?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Appears &#8216;Frustrated&#8217; As Elon Musk Chimes In On Treasury Secretary, Adds More Names To Short List</a>
Why It Matters: The appointment of&nbsp;Bessent&nbsp;as U.S. Treasury Secretary by the President-elect&nbsp;is a strategic move that has drawn significant attention. Bessent, founder of Key Square Group, was <a href="https://www.benzinga.com/government/regulations/24/11/42150805/trump-picks-hedge-fund-exec-scott-bessent-as-treasury-secretary-what-president-elects-choice-means-for-americas-economic-future">selected over other notable candidates l</a>ike former Fed Governor Kevin Warsh and private equity executive Marc Rowan. Trump praised Bessent as a leading international investor and strategist.
However, not everyone is optimistic about this choice. Economist&nbsp;Peter Schiff&nbsp;<a href="https://www.benzinga.com/news/treasuries/24/11/42157400/economist-peter-schiff-criticizes-trumps-treasury-pick-scott-bessent-says-he-will-have-to-find-buyers-for-trillions-in-new-debt-each-year-his-job-is-to-continue-the-ponzi">criticized the decision,</a> suggesting that Bessent&#8217;s role would involve managing substantial national debt. Schiff humorously referred to him as the &#8220;Secretary of the Debt&#8221; on social media, highlighting concerns about the financial implications of Trump&#8217;s tax cut promises. 
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/24/11/42154568/georgia-election-workers-demand-giuliani-be-held-in-civil-contempt?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Georgia Election Workers Demand Giuliani Be Held In Civil Contempt</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Government

Economics

Trump's Treasury Secretary Pick Scott Bessent Says A 'Global Economic Reordering' Is On The Way, Argues President-Elect's Policies Will Lead To An 'Economic Lollapalooza'

A whale investor offloaded millions worth of Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) as the frog-themed cryptocurrency corrected sharply over the weekend.
What Happened: On-chain tracking platform&nbsp;Spot on Chain&nbsp;reported a massive sale of PEPE by a trader with huge cryptocurrency holdings. 
The trader, dubbed &#8220;super whale,&#8221; sold 74.07 billion PEPE, equivalent to $1.53 million, for 448.1 Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) on Sunday. In the last three days, they liquidated a total of 130.2 billion PEPE, amounting to $2.71 million, for 891 Ether.
Despite the massive sale, the whale still holds a staggering 3.241 trillion PEPE, valued at $64.1 million, with a profit of $68.3 million, marking a 12.6X return on investment.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This super <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> whale sold 74.07B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> ($1.53M) for 448.1 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> today as the price dropped. Over the last 3 days, the whale sold 130.2B <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> ($2.71M) for 891 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, leaving 3.241T <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PEPE</a> ($64.1M) with a $68.3M profit (12.6x). Meanwhile, this whale's still buying <a href="https://twitter.com/search?q=%24EIGEN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$EIGEN</a>,… <a href="https://t.co/itSX3FjLq1">https://t.co/itSX3FjLq1</a> <a href="https://t.co/vN8p32FNvH">pic.twitter.com/vN8p32FNvH</a>
&mdash; Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1860877829065572676?ref_src=twsrc%5Etfw">November 25, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a href="https://www.benzinga.com/24/11/42156858/dogecoin-foundation-pushes-back-against-tumps-speculated-crypto-tax-policy-favoring-us-companies">Dogecoin Foundation Shares Message Against Trump&#8217;s Tax Favoritism For US Crypto Firms</a>
Why It Matters: The sale comes amid a price drop in the third-largest meme coin by market capitalization. PEPE retraced as much as 7.7% since Saturday morning and 8.39% over the week. 
Large transactions by &#8216;whales&#8217; or wealthy traders can significantly impact the market, influencing retail to follow suit and causing price swings.
Interestingly, large transaction volume plunged by more than 50% in the last 24 hours, <a href="https://app.intotheblock.com/?end_offset=20">according </a>to IntoTheBlock. Moreover, the balances of long-term PEPE holders increased marginally by 0.3%.
The observations from the aforementioned indicators suggested a probable shift in trading strategy from selling to HODLing.
Price Action: At the time of writing, PEPE was trading at $0.00002038, up marginally by 0.80% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/24/11/42157756/firm-led-by-trumps-commerce-secretary-pick-howard-lutnick-reportedly-in-talks-for-a-multi-billion-dollar-bitcoin-lending-project-with-tether">Trump&#8217;s Commerce Secretary Pick Howard Lutnick-Led Firm In Talks For A Bitcoin Lending Project With Tether: Report</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>
Image via Shutterstock

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

Cryptocurrency

$ETH

$PEPE

Influential Whale Cashes Out $2.7M Worth Of PEPE As Frog-Themed Crypto Takes U-Turn

Needham analyst Joseph Stringer reiterates Lexicon Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LXRX#NASDAQ">LXRX</a>) with a Hold.

LXRX

Needham Reiterates Hold on Lexicon Pharmaceuticals

Needham analyst Quinn Bolton reiterates Cerence (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRNC#NASDAQ">CRNC</a>) with a Hold.

CRNC

Needham Reiterates Hold on Cerence

Sportradar (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRAD#NASDAQ">SRAD</a>) today announced the launch of generative AI (gen AI) audio, a new feature within its ad:s multi-channel marketing service. The tool leverages the power of gen AI integrated with Sportradar's live data, to automate the creation of personalized, real-time audio adverts for sportsbook and casino operators across one of the fastest growing digital marketing channels globally.
Ad:s gen AI audio provides operators with a ready-to-use audio marketing solution, allowing them to generate creative content during key sporting and gaming moments to efficiently scale advertising efforts into podcast streaming services and internet radio networks. Sportradar's industry-leading technology automatically creates customised and dynamic adverts – featuring live-data to update odds, jackpots, and upcoming events— to increase brand awareness, uplift purchase intent and increase the likelihood of customer acquisition.
AI-generated audio adverts are the latest addition to Sportradar's comprehensive, industry-leading, end-to-end marketing services, driving brand awareness, acquisition and retention across channels including programmatic display, video, audio, digital-out-of-home (DOOH), paid social media, paid search, sponsorships and affiliate marketing.
Niki Beier, SVP Marketing Services, said: "Sports fans and bettors are increasingly consuming audio content, with listenership increasing by over 1000% in the past seven years1. To deliver maximum marketing efficiency, we're providing a sophisticated yet simple-to-use solution to sportsbook and casino operators. Through our gen AI technology, we're making it easy for clients to integrate audio adverts into their acquisition and branding campaigns, to reach more customers with real-time relevant audio messages, without the need for creative teams or a high production budget."

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