Risk appetite remained robust in the final trading session of the week, with all major U.S. indices poised to close the week in positive territory. Small-cap stocks outperformed their large-cap counterparts, continuing their <a href="https://www.benzinga.com/news/small-cap">recent streak of dominance</a>.



Fresh business surveys highlighted a notable health in the U.S. economy, with private sector activity recording its strongest expansion in over two and a half years. The services sector, in particular, showed remarkable growth, maintaining its rapid pace of expansion.



The Russell 2000, a benchmark for small-cap equities, surged 1.7% on Friday, building on a 1.5% gain from the previous session. The S&amp;P 500 edged higher, heading for a five-day winning streak, and the Dow Jones Industrial Average climbed past the 44,000 mark, moving tantalizingly close to record highs. Technology stocks posted more modest gains.



The U.S. Dollar Index, tracked via the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), extended its rally for an eighth consecutive week—the longest streak in 14 months—surpassing the 107 level to hit a two-year high. The dollar's strength was fueled by a mix of robust U.S. economic data <a href="https://www.benzinga.com/news/econ-s/24/11/42138717/dollar-hits-2-year-highs-as-europes-recession-signals-spark-euro-pound-sell-offs">and economic malaise in Europe.</a>



In commodities, gold climbed for a fifth straight session, advancing 5.6% for the week, its best weekly performance since March 2023.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also maintained its bullish momentum, soaring past $99,000 and edging closer to the highly anticipated $100,000 milestone. 



<h3 class="wp-block-heading">Friday&#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>Russell 2000</td><td>2,401.00</td><td>1.7%</td></tr><tr><td>Dow Jones</td><td>44,211.20</td><td>0.8%</td></tr><tr><td>S&amp;P 500</td><td>5,969.01</td><td>0.4%</td></tr><tr><td>Nasdaq 100</td><td>20,768.99</td><td>0.1%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:05 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111924&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 0.4% to $595.75.</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;rose 0.8% to $442.49.</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>) inched 0.2% up to $506.20.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.8% to $238.61.</li>



<li>The&nbsp;Consumer Discretionary Sector Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, rising 1.6%. The&nbsp;Utilities Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 0.1%.</li>
</ul>



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



<ul>
<li>Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) fell 4.4% in reaction to quarterly earnings. </li>



<li>Other stocks reacting to earnings reports were Copart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>), up 9.8%, Ross Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROSS#NASDAQ">ROSS</a>), up 3.1%, and NetApp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>), down 2.7%. </li>
</ul>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42140842/sp-500-faces-volatile-2025-as-inflation-boom-could-return-bank-of-america-strategist">S&amp;P 500 Faces Volatile 2025 As &#8216;Inflation Boom&#8217; Could Return: Bank Of America Strategist</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

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Small Caps Rally, Gold Poised For Best Week Since March 2023, Bitcoin Tops $99,000: What's Driving Markets Friday?

On Wednesday, the Department of Justice released its remedy requests aimed at curbing Google&#8217;s search engine dominance. Alphabet, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google responded that the proposed remedies were "staggering." Analysts are sharing their <a href="https://www.benzinga.com/government/regulations/24/11/42119020/alphabet-bleeds-over-120-billion-in-market-value-eyes-worst-day-in-10-months-after-doj-demands-google-chrome-sale">reactions as well. </a>



<ul>
<li>BMO Capital Markets analyst Brian Pitz reiterated an Outperform rating on Alphabet and kept the price target at $217.</li>



<li>JPMorgan analyst Doug Anmuth maintains Alphabet with an Overweight rating and raised the price target to $212.</li>



<li>Goldman Sachs analyst Eric Sheridan maintained a Buy rating and kept the price target at $210.</li>
</ul>



Read More: <a href="https://www.benzinga.com/general/social-media/24/11/42119493/rumble-eyes-buying-bitcoin-could-it-be-the-next-microstrategy">Rumble CEO Considers Bitcoin Investment, Engages Michael Saylor As Shares Rally</a>



Pitz described the sweeping remedies proposed by the DOJ as a "kitchen sink moment.&#8221; Pitz noted that the DOJ's proposed remedies extend past Google's search distribution partnerships with Apple and Samsung and included the company's AI search-based investments. 



Anmuth echoed similar sentiments regarding the "very comprehensive" set of remedies proposed by the DOJ. He said parts of the remedies are "more punitive than expected" and listed those around consumer choice limitations and the syndication of search data and ads as examples. 



The DOJ's proposal should represent the worst-case scenario for Google, reminded Anmuth. He expects Google's proposed final remedies to be much more modest.&nbsp;



"Ultimately, we believe the judge's final decision next summer will be more balanced … and will likely have greater consideration around the potential negative impact to users," the JPMorgan analyst wrote.&nbsp;



Sheridan said the firm does not take a view on a potential outcome of the case. He noted, however, that leadership at the US DOJ will change in January with the incoming Trump administration which adds an additional variable to the potential outcomes of the trial. 



The analyst also pointed to recent comments from President-elect Donald Trump expressing skepticism on a potential break-up of Google.&nbsp;



"If you do that, are you going to destroy the company? What you can do without breaking it up is make sure it&#8217;s more fair,&#8221; Trump said in October, per Reuters.&nbsp;



Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Alphabet shares are down 1.55% at $166.62 at the time of publication Friday. 



Read Next:&nbsp;



<ul>
<li><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">Trump Appears &#8216;Frustrated&#8217; As Elon Musk Chimes In On Treasury Secretary, Adds More Names To Short List&nbsp;</a></li>
</ul>



Image:&nbsp;Simon from Pixabay

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'Staggering' Google Breakup Proposal From DOJ A 'Kitchen Sink Moment': Alphabet Analyst

The S&amp;P 500 index is wrapping up a historic two-year run of consecutive over 20% gains, a feat achieved only four times in the past 150 years. Yet, Michael Hartnett, chief investment strategist at Bank of America, says the party <a href="https://www.benzinga.com/markets">may not last forever. </a>



According to Hartnett&#8217;s latest Flow Show report, published Friday, the U.S. equity market is poised for another &#8220;double-digit move&#8221; in 2025 — though investors shouldn't rule out the possibility of a second wave of inflation that could derail the bull market.



The Bank of America&#8217;s Investment Clock — a key barometer that shows the prevailing economic scenario in a given year — is transitioning from a &#8220;recovery&#8221; in 2024 to an &#8220;inflation boom&#8221; in 2025.



<h1 class="wp-block-heading">History Rhymes: Rare Consecutive Gains</h1>



The S&amp;P 500 — as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — surged 24% in 2024, mirroring its 24% rally in 2023.



This back-to-back streak of 20%-plus returns happened just four times in the past century and a half: during 1927-&#8217;28, 1935-&#8217;36, 1954-&#8217;55, and 1995-&#8217;96.



However, history shows that the years following such rallies often see wild market swings, for better or worse.



<ul>
<li>1927-28: Followed by a -12% loss in 1929 and a catastrophic -28% drop in 1930.</li>



<li>1935-36: After two years of outsized returns, 1937 saw a brutal -39% decline.</li>



<li>1954-55: Markets cooled, with modest gains of +3% in 1956 and a -14% slide in 1957.</li>



<li>1995-96: Continued strength with a +31% gain in 1997 but slowed to +12% in 1998.</li>
</ul>



Will 2025 follow a similar script? Hartnett says a major move — up or down — should be expected.



<h1 class="wp-block-heading">3 Reasons Why The S&amp;P 500 Could Rise In 2025</h1>



Hartnett highlights three key drivers that can pave the way for the bull market to continue in 2025.



<ol>
<li>A "boomy" economic backdrop: Companies are front-loading operations ahead of potential tariffs, labor hoarding remains rampant amid tighter immigration controls and unemployment claims have tumbled. </li>



<li>Goldilocks bond yields: Despite $36 trillion in U.S. debt and a 7% GDP deficit, central banks are expected to cut rates in 2025 — Bank of America is forecasting 124 global rate cuts. </li>



<li>Political incentives: The Trump administration is heavily invested in propping up risk assets like equities and cryptocurrencies to stimulate &#8220;animal spirits,&#8221; making a bear market unlikely heading into an election year.</li>
</ol>



<h1 class="wp-block-heading">&#8230; Yet Valuations Are Stretched To Extremes</h1>



With the S&amp;P 500&#8217;s trailing price-to-earnings ratio now at 26.5x, it ranks as the fourth-highest valuation in 125 years, behind only December 1921, June 1999 and June 2021.



The U.S. stock market is sitting at 75-year highs relative to international equities, with just 10 companies accounting for a staggering 37% of market cap.



This concentration has been driven by the so-called &#8220;Magnificent Seven&#8221; tech giants — stocks whose collective market capitalization surged by $4 trillion in 2024.



But Hartnett indicates the narrative of U.S. exceptionalism, particularly in artificial intelligence, may be peaking cyclically.



Crunching the numbers, he highlighted that the S&amp;P 500&#8217;s secular bull market, which began at 666 points in March 2009, could potentially climax at 6,666 in 2025.



<h1 class="wp-block-heading">&#8230; And Inflation May Return</h1>



Bank of America's Investment Clock model indicates 2024 marked an equity-bullish "recovery" phase, driven by lower rates and higher corporate earnings.



But 2025 could transition into an "inflation boom" phase, where rising rates and price pressures become the dominant themes.



While Hartnett is bullish on commodities as a hedge against this scenario, he warns credit and equities may peak in early 2025.



Read Now:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42137929/2025-us-economy-outlook-cloudier-than-normal-jpmorgan-says-boom-bust-scenarios">2025 US Economy Outlook &#8216;Cloudier Than Normal,&#8217; JPMorgan Says: Boom, Bust Scenarios</a></li>
</ul>



Photo: Shutterstock

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S&P 500 Faces Volatile 2025 As 'Inflation Boom' Could Return: Bank Of America Strategist

The U.S. private sector activity posted its fastest pace of expansion in more than two and a half years in November, driven by exceptional growth in the services sector, which continues to far exceed even the most <a href="https://www.benzinga.com/news/econ-s">optimistic forecasts by economists.</a>



Business sentiment indicators in both the services and manufacturing sectors, as measured by S&amp;P Global&#8217;s Purchasing Managers&#8217; Index (PMI), improved in November. The services sector recorded its strongest growth since March 2022, while manufacturing saw a slower pace of contraction.



<h3 class="wp-block-heading">US November S&amp;P Global&#8217;s PMI Report: Key Highlights</h3>



<ul>
<li>The Flash Composite PMI rose from 54.1 in October to 55.3 in November, marking the strongest growth since April 2022. </li>



<li>The Flash Services PMI also soared from 55 to 57, surpassing estimates of 57.2 as tracked by TradingEconomics. </li>



<li>The Flash Manufacturing PMI inched up from 48.5 to 48.8, matching expectations. </li>



<li>Companies&#8217; outlook for the year ahead rose to their highest levels since May 2022, fueled by optimism over potential interest rate cuts, stronger economic growth, and more favorable business policies anticipated by the new administration in 2025.</li>



<li>Employment declined for the fourth consecutive month, while output price inflation eased to its lowest level since June 2020.</li>



<li>While growth remained concentrated in the services sector, increased optimism and renewed hiring in manufacturing signaled the potential for a broader recovery in the months ahead.</li>
</ul>



&#8220;The rise in the headline flash PMI indicates that economic growth is accelerating in the fourth quarter, while at the same time inflationary pressures are cooling,&#8221; said Chris Williamson, chief business economist at S&amp;P Global Market Intelligence.



According to Williamson, the survey&#8217;s price index for goods and services suggests that consumer inflation is running significantly below the Federal Reserve&#8217;s 2% target.



Williamson also highlighted the increasing optimism for next-year output from goods-producing businesses. &#8220;The promise of greater protectionism and tariffs has helped lift confidence in the U.S. good producing sector, which is already feeding through to higher factory employment,&#8221; he said.



<h3 class="wp-block-heading">Market reactions: Stocks rise, dollar holds at 2-year highs</h3>



A new round of strong economic data fueled a rally in U.S. stocks, particularly among those most sensitive to domestic economic momentum.



Small-cap stocks, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), rallied 1.2% on Friday, aiming for their fifth consecutive session of gains.



Blue-chip stocks also posted solid performances, with the Dow Jones, represented by the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), climbing 0.5% and surpassing the 44,000 mark.



The U.S. dollar index (DXY), tracked via the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), held steady with a 0.6% gain after touching fresh two-year highs<a href="https://www.benzinga.com/news/econ-s/24/11/42138717/dollar-hits-2-year-highs-as-europes-recession-signals-spark-euro-pound-sell-offs"> earlier in the session.</a>



Meanwhile, Treasury yields remained flat, and gold advanced 1.1%, also targeting its fifth straight session of gains.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/42137929/2025-us-economy-outlook-cloudier-than-normal-jpmorgan-says-boom-bust-scenarios">2025 US Economy Outlook &#8216;Cloudier Than Normal,&#8217; JPMorgan Says: Boom, Bust Scenarios</a></li>
</ul>



Photo: Shutterstock

US Business Activity Soars To 31-Month Highs In November: Small Caps Rally, Dow Tops 44,000

A poll of Benzinga readers found that they don't believe 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>) should be broken up. This comes as the Department of Justice (DOJ) suggested divesting the Chrome browser to <a href="https://www.benzinga.com/tech/24/11/42105079/googles-unlawful-behavior-stifles-market-entry-for-rivals-doj-says-alphabet-must-sell-chrome-to-end-search-monopoly">break a search monopoly.</a>



What Happened: Google parent Alphabet has long <a href="https://www.benzinga.com/government/21/07/22094354/could-new-justice-department-hire-lead-to-google-breakup">been a target</a> of potential antitrust investigations due to the company's large market share in online search.



The DOJ recommended that Google share search data with competitors to foster fair competition. The department also said Google should consider selling its Android operating system.



"Google's unlawful behavior has deprived rivals not only of critical distribution channels but also distribution partners who could otherwise enable entry into these markets by competitors in new and innovative ways," the DOJ&nbsp;said in a statement.



A recent poll of Benzinga readers found that they don't believe Alphabet should be split up.



"Should the Department of Justice break up Alphabet (Google)?" Benzinga asked.



The results were:



<ul>
<li>Yes: 36%</li>



<li>No: 64%</li>
</ul>



While the DOJ is targeting Chrome as the potential unit to be divested, Benzinga readers have other preferences.



"Which part of Alphabet would you most want to invest in if it splits up," Benzinga asked.



The results were:



<ul>
<li>YouTube: 43%</li>



<li>Google Search: 31%</li>



<li>Android: 17%</li>



<li>Chrome: 9%</li>
</ul>



Benzinga readers ranked YouTube as the top choice for a standalone unit, while Chrome was the least favored.



Read Also: <a href="https://www.benzinga.com/government/regulations/24/11/42119020/alphabet-bleeds-over-120-billion-in-market-value-eyes-worst-day-in-10-months-after-doj-demands-google-chrome-sale">Alphabet Bleeds Over $120 Billion In Market Value, Eyes Worst Day In 10 Months After DOJ Demands Google Chrome Sale</a>



Why It's Important: While Alphabet likely does not want to split up or sell any of its units, investors could end up the winners <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40378964/google-stock-swings-on-doj-investigation-analyst-says-googl-is-worth-more-in-pieces">according to analysts.</a>



Jefferies analyst Brent Thill recently said that a breakup or business separation could be good for shareholders.



&#8220;We don&#8217;t believe a full breakup would happen. Even if it did, it would be good for shareholders because the sum of the parts is greater than the whole,&#8221; Thill&nbsp;<a href="https://x.com/YahooFinance/status/1823722376716280107" target="_blank" rel="noreferrer noopener">told&nbsp;</a>Yahoo Finance.



Needham analyst Laura Martin has been emphasizing for months that a forced breakup of Alphabet could lead to a significantly higher valuation.



&#8220;We believe that GOOGL is worth more in pieces than together, so we welcome regulators&#8217; attempts to break up GOOGL,&#8221; Martin said in a new investor note.



A break-up could put a spotlight on the valuation of video platform YouTube, Martin said.



&#8220;We calculate that YouTube would be valued between $455B-$643B if separately traded.&#8221;



Martin said Alphabet shares would likely trade higher if the company breaks up because investors would be willing to pay more for &#8220;pure-play assets,&#8221; more data points could be publicly shared, and employees would receive shares in business lines they directly impact.



Martin has a Buy rating on Alphabet and price target of $210.



GOOG Price Action: Alphabet stock trades at $167.81 Friday versus a 52-week trading range of $129.40 to $193.31. Alphabet stock is up 21.3% year-to-date, trailing the 25.6% gain of the SPDR S&amp;P 500 ETF Trust, which tracks the S&amp;P 500.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/42131274/why-googles-chrome-battle-isnt-just-about-search-gene-munster-calls-it-a-tough-day-for-big-tech-on-the-regulatory-front">Google&#8217;s Chrome Battle Goes Beyond The Browser: Gene Munster Outlines Wider Implications Of DOJ Going After The Search Giant</a></li>
</ul>



The study was conducted by Benzinga from Nov. 21 through Nov. 22, 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 88 adults.



Photo: Shutterstock

Exclusives

DOJ Targets Google Chrome, Poll Shows 64% Oppose Alphabet Breakup: YouTube Seen As Top Prize

The U.S. dollar surged to its highest level in over two years against a basket of currencies on Friday, extending its rally to an eighth consecutive week — the longest winning <a href="https://www.benzinga.com/markets/forex">streak in 14 months. </a>



A wave of weaker-than-expected business activity data from Europe has weighed heavily on the euro and the British pound, as investors brace for faster rate cuts by the European Central Bank (ECB) and the Bank of England (BoE).



<h3 class="wp-block-heading">Eurozone PMI Dives Into Contraction</h3>



In November, private-sector activity in the eurozone unexpectedly contracted, triggering fresh concerns about the region&#8217;s economic outlook. 



The Composite Purchasing Managers&#8217; Index (PMI), compiled by S&amp;P Global, fell to 48.1, well below the neutral 50 threshold and missing forecasts for an unchanged reading. This marks the first contraction in eurozone business activity since January.



The downturn was driven by a drop in new orders, higher input prices, and escalating political uncertainty. 



Chris Williamson, chief business economist at S&amp;P Global, commented: &#8220;The flash PMI survey data for November showed the eurozone economy falling back into contraction, as malaise spread from the struggling manufacturing sector to the larger services economy.&#8221;



<h3 class="wp-block-heading">UK Economy Also Contracts</h3>



Across the Channel, the UK also delivered a disappointing PMI reading. The Composite PMI fell to 49.9, a drop from the previous month's 51.8, and below market expectations of 51.7. 



This marks the first contraction in UK private-sector activity since October 2023. 



&#8220;The November PMI is indicative of the economy slipping into a modest decline, with GDP dropping at a 0.1% quarterly rate, but the loss of confidence hints at worse to come &#8211; including further job losses -unless sentiment revives,&#8221; Williamson said.



<h3 class="wp-block-heading">Dollar Index Climbs as Euro, Pound Tumble</h3>



The U.S. Dollar Index (DXY), a key measure of the greenback's performance which is closely tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), climbed above 107 — a level last seen on Nov. 18, 2022. 



The euro plunged to 1.04 against the dollar, its lowest level in two years. The pound fell to 1.25, on track for its eighth straight weekly loss — the longest losing streak since 1980.



On Friday, S&amp;P Global will release flash PMI data for the U.S. economy at 9.45 a.m. ET. Economists predict the Services PMI to edge higher from 55 to 55.2 in November, which would mark the strongest expansion since August.



Manufacturing momentum is also expected to improve from 48.5 to 48.8, albeit remaining in contractionary territory. 



<h3 class="wp-block-heading">Analysts: Euro Vulnerable Amid Weak Data And Geopolitical Risks</h3>



Forex analysts point to several catalysts for the euro's sharp decline. 



&#8220;The worsening of the Ukrainian crisis has opened up a phase of risk aversion, hitting the EUR and GBP,&#8221; said Luca Cigognini, a forex strategist at Intesa Sanpaolo.



Chris Turner, an analyst at ING Group, highlighted the technical significance of the euro's drop: &#8220;Today's release of softer-than-expected eurozone PMIs proved the catalyst for EUR/USD to break to the downside of its two-year trading range. Even though a near 7% drop in just two months is exceptionally rapid by historical standards, we remain confident in a lower EUR/USD trajectory. Support is limited, with the next key level around 1.0190/1.0200.&#8221;



BBVA analyst Alejandro Cuadrado echoed similar concerns, pointing out that additional downside pressure on the euro could arise from political instability in Germany, the outcome of the U.S. elections, and intensifying geopolitical risks. 



&#8220;The tense situation in Europe could worsen in the short term, and investors are clearly taking a cautious approach on the EUR,&#8221; he said.



Cuadrado's colleague, Michalis Onisiforou, shed light on Germany's economic struggles: &#8220;The collapse of Germany's coalition government and early elections mean there won't be any immediate fiscal response to alleviate the pessimism surrounding the domestic economy. Coupled with escalating risks in the Russo-Ukrainian war, Germany faces significant headwinds.&#8221;



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42124676/november-small-cap-surge-could-carry-into-decembers-santa-rally-historical-trends-suggest">November Small-Cap Surge Could Carry Into December&#8217;s Santa Rally, Historical Trends Suggest</a></li>
</ul>



Photo: Shutterstock

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Dollar Hits 2-Year High As European Recession Fears Hammer Euro, Pound

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) continues to defy expectations, not just as a trailblazer in the <a href="https://www.benzinga.com/electric-vehicles">electric vehicle (EV) market</a> but also as a juggernaut in the stock market. 



With its stock up 45.02% over the past year, 36.72% year-to-date, and 55.82% in just the last month, TSLA stock has firmly established itself in bullish territory.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112224&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22065459/Screenshot-2024-11-22-at-5.24.46-PM.png" alt="" class="wp-image-660725" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22065459/Screenshot-2024-11-22-at-5.24.46-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/22065459/Screenshot-2024-11-22-at-5.24.46-PM-300x234.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112224&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>



The technical signals back this sentiment. Tesla&#8217;s stock price of $339.64 sits comfortably above its eight, 20 and 50-day simple moving averages, signaling a strong upward trend. The Moving Average Convergence/Divergence (MACD) indicator, at 25.85, underscores the stock's upward momentum, further supporting a bullish outlook.



Meanwhile, the Relative Strength Index (RSI) of 66.95 suggests TSLA is approaching overbought levels, reflecting a mix of optimism and caution among traders. However, the stock still appears to have room for upward movement in the near term.



Read Also: <a href="https://www.benzinga.com/24/11/42132485/hyundais-incoming-ceo-is-steadfast-on-evs-says-tesla-ceo-elon-musks-proximity-to-trump-will-be-good-for-industry">Tesla CEO Elon Musk&#8217;s Proximity To Trump Will Benefit EV Industry, Says Incoming Hyundai CEO As He Shrugs Off Potential Tariff Threats</a>



<h2 class="wp-block-heading">The Role Of China In Tesla's Stock Story</h2>



China, the largest EV market in the world, remains pivotal to Tesla's growth strategy. The Shanghai Gigafactory is not just a cornerstone of Tesla's global production but also a key revenue driver, contributing nearly a quarter of the company's total income.



While this reliance has helped Tesla dominate in China, it also makes the company vulnerable to U.S.-China trade tensions. If tariffs on key EV components like lithium-ion batteries escalate, it could squeeze Tesla's margins or limit its ability to pass on costs to consumers. 



However, Tesla's efforts to strengthen relationships with policymakers, both in the U.S. and abroad, may provide a safety net.



Investors have taken these geopolitical risks in stride, and TSLA stock has shown resilience even as broader market uncertainty persists.



<h2 class="wp-block-heading">Investor Outlook: TSLA In The Driver's Seat</h2>



For TSLA stock investors, the outlook remains compelling. The combination of strong technical momentum and Tesla's strategic position in the EV market suggests further room for growth. However, rising trade tensions and the stock nearing overbought territory suggest cautious optimism.



As Tesla balances its global ambitions with domestic trade policies, the company's ability to navigate these challenges will likely shape its stock's trajectory. 



For now, the technicals remain firmly bullish, and TSLA investors are keeping their eyes on the road ahead.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/24/11/42131163/tesla-ceo-elon-musk-attempts-to-temper-down-expectations-of-30k-optimus-or-cybercab-soon">Tesla CEO Elon Musk Tries To Lower Expectations Of $30K Optimus Or Cybercab</a></li>
</ul>



Photo: Shutterstock

Long Ideas

Technicals

TSLA

Tesla Gains 55% In A Month With Strong China Role, Bullish Signals

As Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rapidly approaches the $100,000 milestone, experts tell Benzinga its dominance is about to hit a <a href="https://www.benzinga.com/money/bitcoin-price-prediction">crucial turning point</a>. 



They attribute this rise to record-breaking trading volumes, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42042019/bitcoin-buyer-spree-microstrategy-acquires-4-6b-in-btc-metaplanet-issues-11-4m-in-bonds-to-fund-purchases">increasing institutional adoption</a> and a shift in investor focus toward <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121936/bitcoin-boom-20-microstrategy-gains-traction-as-a-leveraged-bet-on-crypto-growth">Bitcoin as a quality asset</a>.



What Happened: Bitcoin is trading just below $99,000 at the time of writing, after hitting a record high of $99,486 late Thursday, according to <a href="https://www.coingecko.com/en/coins/bitcoin">data </a>from CoinGecko.



In a note sent to Benzinga, Sumit Gupta, co-founder of CoinDCX pointed to the sharp increase in trading activity as a major driver, with daily spot trading volumes exceeding $25 billion and peaking above $40 billion, a significant rise from the $10-12 billion seen just months ago.



&#8220;The surge has been further fueled by developments in the U.S. political landscape. Digital assets have already benefitted from the incoming administration of President-elect (Donald) Trump, with many anticipating that his potential second term could bring more favorable regulatory policies for the crypto sector,&#8221; he said.



Speculation surrounding <a href="https://www.benzinga.com/government/regulations/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">the resignation</a> of SEC Chair Gary Gensler and the potential for more <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42131449/with-gary-gensler-preparing-to-quit-in-2025-secs-crypto-cases-likely-to-quietly-go-away-amid-trumps-pro-bitcoin-stance-says-pantera-capitals-katrina-paglia">crypto-friendly leadership</a> has further boosted investor sentiment, he added.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121525/microstrategy-surges-674-in-2024-5-etfs-that-benefit-from-mstrs-bitcoin-driven-growth">MicroStrategy Surges 674% In 2024: 5 ETFs That Benefit From MSTR&#8217;s Bitcoin-Driven Growth</a>



Avinash Shekhar, co-founder and CEO of Pi42, said Bitcoin now accounts for 58% of the total cryptocurrency market cap, which has surged to $3.2 trillion. 



"As we approach this critical milestone, the market's focus is shifting toward BTC as the dominant force," Shekhar added.



According to 10x Research, robust liquidity inflows remain a key factor driving Bitcoin's rise.



Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) and Circle (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) minted $10 billion and $3 billion respectively in the past month, contributing to an overall minting impulse of $7 billion on a 7-day rolling basis.



"This relentless liquidity is a major driver of the crypto market's momentum," the firm noted. 



Analysts at 10x Research believe that Bitcoin could reach $115,000 by Christmas, with December's historical average return of +9.1% providing a strong basis for further gains. 



"Bitcoin's upward momentum could continue well beyond the $100,000 milestone," the report concluded.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121376/strategic-bitcoin-reserve-wouldnt-require-new-taxpayer-dollars-says-sen-cynthia-lummis">Strategic Bitcoin Reserve Wouldn&#8217;t Require New Taxpayer Dollars, Says Sen. Cynthia Lummis</a></li>
</ul>



Image: Shutterstock

$USDC

$USDT

Bitcoin Nears $100,000, 'Momentum Could Continue Well Beyond The Milestone,' Experts Note

U.S. stocks could open on a negative note on Friday after futures showed tentativeness on Friday. Investors turned their focus to cyclical stocks and themes, moving on from their <a href="https://www.benzinga.com/24/11/42058223/us-stocks-likely-to-open-in-red-as-geopolitical-tension-weigh-on-investor-sentiment-wharton-economist-says-market-trajectory-will-heavily-depend-on-trumps-tariff-plans">focus on the Trump trade</a> after the election results.



Futures of the three major indices were mixed, with the Nasdaq heading lower after AI giant Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) posted its highly-anticipated third-quarter results.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.51%</td></tr><tr><td>S&amp;P 500</td><td>-0.40%</td></tr><tr><td>Dow Jones</td><td>-0.29%</td></tr><tr><td>R2K</td><td>-0.08%</td></tr></tbody></table></figure>



In premarket trading on Friday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged lower by 0.34% to $591.68 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.39% to $503.03, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



U.S. stocks ended Thursday in the green, with the Dow Jones surging by over 450 points, while the tech-heavy Nasdaq registered marginal gains.



Crude oil futures continued on their upward trajectory amid rising tensions between Russia and Ukraine.



Treasury yields eased marginally on mixed data and the declining probability of the Federal Open Market Committee (FOMC) cutting interest rates in December.



On the economic data front, U.S. existing home sales gained 3.5% from the previous month to an annualized rate of 3.96 million in October. The Philadelphia Fed Manufacturing Index fell to -5.5 in November from 10.3 in the previous month, and compared to market estimates of 8.



Initial jobless claims declined by 6,000 from the previous week to 213,000 in the week ending Nov. 16.



Most sectors on the S&amp;P 500 closed on a positive note, with utilities, financials, and consumer staples stocks recording the biggest gains on Thursday.



However, consumer discretionary and communication services stocks bucked the overall market trend, closing the session lower.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.03%</td><td>18,972.42</td></tr><tr><td>S&amp;P 500</td><td>0.53%</td><td>5,948.71</td></tr><tr><td>Dow Jones</td><td>1.06%</td><td>43,870.35</td></tr><tr><td>Russell 2000</td><td>1.65%</td><td>2,364.02</td></tr></tbody></table></figure>



Insights From Analysts:



Powell's relatively hawkish tone has investors cautious in the markets. With the Trump trade losing steam, the focus is now on the President-elect's Treasury pick.



"In focus currently is President-elect Trump's pick for the influential post of US Treasury Secretary. Given the large US budget deficit, investors will probably want to see a safe pair of hands being chosen," ING analysts said in a note.



With the next rate cut now a coin toss, the U.S. dollar could see a correction. According to ING analyst Francesco Pesole, the dollar is "testing the limit" of its longs and traders should exercise caution for the time being.



"Powell seemed to put greater emphasis on the strength of the economy&nbsp;and how that allows the central bank to approach the upcoming policy decisions ‘carefully'."



CME Group's FedWatch tool <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">reflected</a> the fall in sentiment for another rate cut next month, with its probability declining to 59.6% from 72.2%.



&#8220;The case for a Fed pause in December is getting stronger and Fed officials are communicating that they are open to it going into the next meeting,&#8221; Kathy Jones, chief fixed income strategist at Schwab, said in a recent note.



&#8220;It will come down to employment and inflation data.&#8221;



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>



Upcoming Economic Data



Friday's major economic updates include:



<ul>
<li>S&amp;P U.S. Services and Manufacturing Purchasing Manager's Index will be released at 9:45 a.m. ET.</li>



<li>Consumer sentiment data will be released at 10 a.m. ET.</li>



<li>Fed Gov. Michelle Bowman will speak at 6:15 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>The Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) stock surged 15% in premarket trading after the <a href="https://www.benzinga.com/news/earnings/24/11/42125007/gap-stock-soars-on-better-than-expected-q3-results-raised-fy-guidance-details">retailer raised its annual target</a> with a "strong" outlook for the holiday season.</li>



<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock surged over 2% in premarket trading on Friday as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/24/11/42130693/bitcoins-path-to-100k-inevitable-but-leverage-to-the-gills-warns-mike-novogratz-predicts-80k-correction-ahead">inched closer to the $100,000 mark</a>. Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) stock was also up over 0.5%.</li>



<li>Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) stock <a href="https://www.benzinga.com/24/11/42132644/reddit-falls-7-in-afterhours-as-advance-plans-stake-sale-technicals-show-strong-support-but-selling-pressure-persists-at-overbought-levels">fell over 7% in premarket trading</a> after the social media company amid Advance's stake sale announcement.</li>



<li>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>) stock fell over 4.7% on Thursday after the U.S. Department of Justice (DOJ) pushed forward with its demands for <a href="https://www.benzinga.com/24/11/42131274/why-googles-chrome-battle-isnt-just-about-search-gene-munster-calls-it-a-tough-day-for-big-tech-on-the-regulatory-front">Google to divest</a> the Chrome web browser.</li>



<li>Investors are awaiting earnings results from Destination XL Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXLG#NASDAQ">DXLG</a>) and Global Blue Group Holding AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GB#NYSE">GB</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures rose in the early New York session, surging by 0.61% to hover around $70.54 per barrel.



The 10-year Treasury note yield eased to 4.396%.



Most of the major Asian markets ended in the green on Friday, but European markets were mixed in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42130693/bitcoins-path-to-100k-inevitable-but-leverage-to-the-gills-warns-mike-novogratz-predicts-80k-correction-ahead">Bitcoin&#8217;s Path To $100K &#8216;Inevitable&#8217; But Crypto Community Is &#8216;Leveraged To The Gills,&#8217; Warns Galaxy&#8217;s Mike Novogratz, Predicts Correction To $80K Ahead</a></li>
</ul>



Photo courtesy: Wikimedia

Earnings

Futures

Federal Reserve

Pre-Market Outlook

DXLG

HOOD

MSTR

NVDA

RDDT

US Stocks Set To Open Lower On Friday As Investors Eye Cyclical Stocks: Trump's Treasury Pick In Focus, Expert Says Case For Fed Pause In December 'Getting Stronger'

Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surge toward $100,000 could face a significant pullback due to excessive market leverage, Galaxy Digital Holdings Ltd. CEO Mike Novogratz warned in a recent interview, even as the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">cryptocurrency continues setting new records</a>.



What Happened: The billionaire investor highlighted concerning levels of leverage in the crypto ecosystem. &#8220;There&#8217;s a ton of leverage in the system right now,&#8221; Novogratz <a href="https://www.youtube.com/watch?v=QPiWKHHiXyY">said</a> on CNBC. &#8220;The crypto community is levered to the gills, and so there will be a correction.&#8221;



While Novogratz maintains that Bitcoin reaching $100,000 is &#8220;inevitable&#8221; &#8211; with prices recently touching $99,000 &#8211; he projects a potential retreat to $80,000 during a correction phase. This would represent a 20% decline from the six-digit milestone.



The warning comes amid broader market developments, including MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), completing a $3 billion <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42126020/whats-going-on-with-microstrategy-stock-after-the-bell">convertible note offering to acquire additional Bitcoin</a>. The company currently holds 331,200 Bitcoin which it purchased at an average price of $49,874 per coin.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42125642/bitcoin-ethereum-dogecoin-prepping-for-an-early-thanksgiving-btc-is-currently-less-than-one-eth-away-from-100000-says-trader">Bitcoin, Ethereum, Dogecoin Prep For Early Thanksgiving: &#8216;BTC Is Currently (Less Than) One ETH Away From $100,000,&#8217; Says Trader</a>



Supporting Novogratz&#8217;s cautionary stance, cryptocurrency analyst Michaël van de Poppe forecasts &#8220;4-6 flash crashes&#8221; before year-end, with Bitcoin potentially <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">dropping 5-10% in single-day moves</a>. Alternative cryptocurrencies could see even steeper declines of 20-30%.



Why It Matters: Despite these concerns, Novogratz expressed optimism about crypto&#8217;s regulatory outlook under President-elect Donald Trump&#8216;s administration. &#8220;The entire cabinet almost owns bitcoin, and are proponents of digital assets,&#8221; he noted, suggesting a &#8220;paradigm shift&#8221; in cryptocurrency regulation.



The current crypto market surge has pushed total market capitalization to $3.3 trillion, with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) trading at $3,359 and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) reaching $262. Bitcoin currently trades at $98,563, maintaining its upward trajectory despite warnings of potential corrections.



&#8220;Normally you hit 100, you bounce off a bit,&#8221; Novogratz concluded while acknowledging the possibility of higher prices due to limited supply and strong demand, particularly from Middle Eastern investors and public equity markets.



Price Action: Bitcoin is currently trading at $99,138, up nearly 2.4% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">Bitcoin Analyst Warns Of &#8216;4-6 Flash Crashes&#8217; Before Year-End As It Inches Closer To $100K: That&#8217;s The Moment Altcoins &#8216;Shoot Off&#8217;</a></li>
</ul>



Image Via Pixabay



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

$ETH

$SOL

Bitcoin's Path To $100K 'Inevitable' But Crypto Community Is 'Leveraged To The Gills,' Warns Galaxy's Mike Novogratz, Predicts Correction To $80K Ahead

The EU is reportedly set to investigate Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) in 2025 for favoring its in-house branded products.



What Happened: The EU is preparing a case against Amazon under its Digital Markets Act or DMA, reported Reuters, citing people with direct knowledge of the matter.



The probe will focus on whether Amazon&#8217;s marketplace gives an unfair advantage to its own products over those sold by third-party vendors. If Amazon is found to be in violation of the DMA, it could be hit with a fine amounting to 10% of its global annual turnover.



See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42101690/amazon-remains-best-idea-in-e-commerce-this-holiday-season-jpmorgan-analyst-says">Amazon Remains &#8216;Best Idea&#8217; In E-Commerce This Holiday Season, JPMorgan Analyst Says</a>



The decision to launch the investigation will be made by the incoming EU antitrust chief, Teresa Ribera, in the upcoming months.



Amazon did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It Matters: The DMA, which was implemented last year, prohibits Amazon and six other big tech firms from favoring their products and services on their platforms.



In January, Amazon&#8217;s <a href="https://www.benzinga.com/government/24/01/36688100/amazons-irobot-deal-faces-likely-rejection-from-eu-competition-watchdog-report">$1.7-billion acquisition</a> of iRobot Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IRBT#NASDAQ">IRBT</a>), was abandoned due to opposition from the EU&#8217;s competition watchdog.



Earlier this week, Amazon and Elon Musk-led SpaceX's efforts to block cases brought by the National Labor Relations Board or NLRB also <a href="https://www.benzinga.com/24/11/42054405/amazon-and-spacexs-efforts-to-block-nlrb-cases-in-jeopardy-as-appeals-court-raises-key-legal-concerns">faced obstacles</a>.



Amazon is contesting a case involving its first union at a warehouse in New York City.



Last month, Amazon reported a <a href="https://www.benzinga.com/news/earnings/24/10/41664778/amazon-q3-earnings-highlights-revenue-beat-eps-beat-q4-guidance-new-kindles-significantly-outperfor">successful third quarter</a> in 2024, with net sales of $158.9 billion, an 11% increase year-over-year, beating the Street consensus estimate of $157.2 billion.



Price Action: Amazon shares closed Thursday&#8217;s session down 2.22% at $198.38. In after-hours trading, the stock dropped further, reaching $198.08 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41692259/amazon-analysts-see-growth-ahead-with-aws-in-early-innings-of-a-big-ai-cycle-advert">Amazon Analysts See Growth Ahead With AWS In &#8216;Early Innings Of A Big AI Cycle,&#8217; Advertising Segment Fast-Growing &#8216;Hidden Asset&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

Global

Media

AMZN

IRBT

Amazon At Risk Of Major Fine As EU Investigates Alleged Preference For In-House Products Under Digital Markets Act: Report

Deepwater Asset Management's managing partner Gene Munster has weighed in on the implications of Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google&#8217;s <a href="https://www.benzinga.com/news/24/10/41616230/sundar-pichai-admits-doj-proposals-could-have-unintended-consequences-google-mapping-out-plan-b-in-c">regulatory challenges</a>, including the potential divestment of the Chrome browser.



What Happened: On Thursday, in an interview with CNBC, Munster highlighted the potential impact of a Chrome spin-off on Google&#8217;s search market share.



According to Munster, spinning off Chrome could reduce Google&#8217;s dominant 90% search market share in developed regions to approximately 80%.



This shift could significantly affect Google&#8217;s search growth, which has been averaging 10–14% in recent quarters, potentially dropping to low single digits or even negative in the short term.



He said, &#8220;People love Google, and they will slowly come back,&#8221; but the stock is down about 5% because this gets to the &#8220;core of half their business, which is search.&#8221;&nbsp;



Despite these concerns, he believes the likelihood of a Chrome spinout is low, citing a lack of precedent for such a move.



See Also:&nbsp;<a href="https://www.benzinga.com/media/24/11/42129847/apple-prepares-to-take-on-openais-chatgpt-google-gemini-live-with-llm-siri-in-2025-report">Apple Prepares To Take On OpenAI&#8217;s ChatGPT, Google Gemini &#8216;Live&#8217; With LLM Siri In 2025: Report</a>



Munster also pointed out that Google's search business forms a significant portion of its revenue and is also a critical pillar for its AI initiatives like Gemini. A drop in search market share could weaken Google's ability to compete with rivals such as ChatGPT-parent OpenAI.



He went on to speak about the interconnectedness of regulatory challenges, noting that the DOJ's scrutiny of Google&#8217;s search deal with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) could further damage the company's search business.



Earlier this year, a lawsuit uncovered that <a href="https://www.benzinga.com/24/11/42083150/googles-20b-search-deal-with-apple-faces-collapse-after-antitrust-ruling-what-it-could-means-for-both-tech-giants?itm_source=parsely-api">Apple received a substantial $20 billion</a> in 2022 to set Google as the default search engine on the Safari browser for iPhones.



For investors, the stakes are high. Munster warned that if such worst-case scenarios unfold, Google's stock could drop another 10–15%.



<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">Tough day for Big Tech on the regulatory front. <a href="https://t.co/kPdWS6xD5T">https://t.co/kPdWS6xD5T</a>&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1859758359341301773?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: The DOJ has been actively pursuing measures to dismantle Google&#8217;s search monopoly, demanding <a href="https://www.benzinga.com/tech/24/11/42105079/googles-unlawful-behavior-stifles-market-entry-for-rivals-doj-says-alphabet-must-sell-chrome-to-end-search-monopoly">Google divest its Chrome browser</a>. This move is part of broader efforts to restore competition in the search market.



The DOJ has also suggested that Google might need to sell its Android operating system if other measures fail.



The impact of these legal actions has been significant, with <a href="https://www.benzinga.com/government/regulations/24/11/42119020/alphabet-bleeds-over-120-billion-in-market-value-eyes-worst-day-in-10-months-after-doj-demands-google-chrome-sale">Alphabet&#8217;s market value</a> dropping by over $120 billion on Thursday, marking its steepest decline since January.



In response to the DOJ&#8217;s push, Perplexity AI&#8217;s CEO has also speculated about acquiring Chrome, while OpenAI is considering developing its <a href="https://www.benzinga.com/markets/24/11/42130303/chatgpt-parent-openai-considers-building-its-own-web-browser-to-challenge-googles-search-monopoly-following-doj-push-to-break-up-chrome-dominance">own web browser to challenge</a> Google&#8217;s dominance.



Price Action: On Thursday, Alphabet's Class A shares fell 4.74%, closing at $167.63, while Class C shares dropped 4.56%, ending at $169.24. In after-hours trading, Class A shares declined an additional 0.42% to $166.93, and Class C shares decreased 0.38%, closing at $168.59, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42053801/alphabets-life-sciences-firm-verily-to-become-a-standalone-entity-disconnect-from-google">Alphabet&#8217;s Life Sciences Firm Verily To Become A Standalone Entity, Disconnect From Google</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.



Photo courtesy: Pixabay

AAPL

Google's Chrome Battle Goes Beyond The Browser: Gene Munster Outlines Wider Implications Of DOJ Going After The Search Giant

Cryptocurrency markets are trading higher, with Bitcoin approaching $100,000, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42122387/solana-soars-10-reaches-new-all-time-high-market-cap-what-is-going-on">Solana ETF talks</a> picking up steam and <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42122141/xrp-price-up-8-what-is-going-on-with-ripple">XRP gaining</a> on Gary Gensler announcing his resignation on Donald Trump&#8216;s inauguration day.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td> $97,986</td><td>+3.1%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td> $3,348</td><td>+8.7%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td> $253.64</td><td>+7.1%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td> $0.3841 </td><td>+1.9%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td> $0.00002454 </td><td>+2.2%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 8.5% and daily active addresses up by 0.4%. Transactions greater than $100,000 are up from 11,911 to 13,321 in a single day. Exchanges netflows are down by 89%.</li>



<li>Coinglass data reports 139,421 traders were liquidated in the past 24 hours for $469.70 million.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121936/bitcoin-boom-20-microstrategy-gains-traction-as-a-leveraged-bet-on-crypto-growth">Bitcoin Boom 2.0? MicroStrategy Gains Traction As A &#8216;Leveraged Bet&#8217; On Crypto Growth</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42114875/coinbase-ceo-brian-armstrong-stands-out-as-candidate-for-donald-trumps-reported-crypto-czar-position-cardano-co-founder-says">Coinbase CEO Brian Armstrong &#8216;Stands Out&#8217; As Candidate For Donald Trump&#8217;s Reported &#8216;Crypto Czar&#8217; Position, Cardano Co-Founder Says</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">Gary Gensler To Step Down As SEC Chair On Trump&#8217;s Inauguration Day</a></li>



<li><a href="https://www.benzinga.com/24/11/42103633/chinese-court-affirms-cryptocurrency-ownership-as-legal-as-bitcoin-breaks-97k">Chinese Judge Cites &#8216;High-Pressure Crackdown&#8217; On Speculation In Judgment Declaring Crypto Ownership Legal As Bitcoin Moves Past $97K</a></li>



<li><a href="https://www.benzinga.com/general/social-media/24/11/42119493/rumble-eyes-buying-bitcoin-could-it-be-the-next-microstrategy">Rumble CEO Considers Bitcoin Investment, Engages Michael Saylor As Shares Rally</a></li>



<li><a href="Core%20Fusion%20Upgrade%20Introduces%20Dual%20Staking%20And%20Liquid%20Bitcoin%20Staking">Core Fusion Upgrade Introduces Dual Staking And Liquid Bitcoin Staking</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Optimism (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">OP</a>)</td><td> $2.10</td><td>+26.3%</td></tr><tr><td>Arbitrum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ARB</a>)</td><td> $0.79</td><td>+26.2%</td></tr><tr><td>Starknet (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">STRK</a>)</td><td> $0.5031</td><td>+18.6%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin prices chasing the all-time high levels, crypto trader Kaleo <a href="https://x.com/CryptoKaleo/status/1859451257615757647">tweeted</a> "Bitcoin is currently one Ethereum away from $100,000."



Benjamin Cowen explained Bitcoin is tracking the average returns of prior halving years and if this trend continues Bitcoin could reach $120,000.



<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/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> is currently tracking the average returns of prior halving years. If the trend continues it would put <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> around $120k <a href="https://t.co/FFGKs9a0Jc">pic.twitter.com/FFGKs9a0Jc</a>&mdash; Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1859683231089729885?ref_src=twsrc%5Etfw">November 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Crypto trader Kevin explained that despite BTC nearing $100,000, there is minimal hype compared to the 2020-2021 bull run. 



He highlights a lack of live streams, sensational thumbnails, and low engagement across platforms, along with muted sentiment on Google Trends.



He <a href="https://x.com/Kev_Capital_TA/status/1859678748683231451">believes</a> investors' focus on altcoins and frustration with lack of movement could be one factor while market not reaching euphoric stage could signal still far away from cycle's peak.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42116183/michael-saylor-predicted-bitcoin-to-hit-13-million-if-it-happens-it-will-entail-massive-hyperinflation-analyst-warns">Michael Saylor Predicted Bitcoin To Hit $13 Million — If It Happens, It Will Entail &#8216;Massive Hyperinflation,&#8217; Analyst Warns</a></li>
</ul>



Image: Shutterstock

$ARB

$DOGE

$SHIB

$STRK

Bitcoin, Ethereum, Dogecoin Prep For Early Thanksgiving: 'BTC Is Currently (Less Than) One ETH Away From $100,000,' Says Trader

U.S. small-cap stocks are delivering a standout performance in November, aligning with a well-established seasonal trend that often paves the way <a href="https://www.benzinga.com/news/small-cap">for a strong December.</a>



Historically, small caps tend to excel in the final two months of the year, with November&#8217;s impressive gains often rolling into December as part of the so-called &#8220;Santa Rally.&#8221;



The Russell 2000 index, the leading benchmark for small-cap equities, has climbed an impressive 8% this November, on track for the second-best monthly performance of the year.



See Also: <a href="https://www.benzinga.com/tech/24/11/42123646/google-anthropic-deal-in-jeopardy-as-us-justice-department-looks-to-snap-online-search-monopoly">Google, Anthropic Deal In Jeopardy As Regulators Look To Break Up Search Monopoly</a>



Data spanning more than two decades shows that November delivered the highest average returns for small-cap stocks.



From the year 2000 onward, the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), has averaged a 2.6% gain in November, marking it as the strongest month of the year. 



What's even more striking is the reliability of this trend—79% of the time, the month ends with small-cap stocks in the green. 



The Russell 2000 has ended November in negative territory only four times:



<ul>
<li>A decline of 9.97% in 2000, </li>



<li>6.97% in 2007, </li>



<li>11.93% in 2008, and </li>



<li>4.33% in 2021.</li>
</ul>



In all other years, small-cap stocks have delivered gains during the month. The strongest rally occurred in November 2020, when the Russell soared 18.24% buoyed by the discovery of the Covid-19 vaccine.



Yet, history suggests this isn't the time to cash out just yet. Investors tempted to take profits after November's gains might reconsider, as December historically ranks as the second-best month for small caps. 



On average, the Russell 2000 rose 1.46% in December, with 67% of years showing positive performance. The combination of these two months often gives small-cap investors a powerful year-end boost.



<h3 class="wp-block-heading">Russell 2000 Monthly Seasonality: November And December Show The Highest Average Gains</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="449" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-1024x449.png" alt="" class="wp-image-659736" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-1024x449.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-300x131.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-768x336.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233-1536x673.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21151452/image-233.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Why Are Small Caps Outperforming in November 2024?</h2>



As of late November, the Russell 2000's 8% rally far surpasses the 4% rise of 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>). This outperformance is being driven by three major catalysts:



<h3 class="wp-block-heading">1. Federal Reserve Rate Cuts</h3>



The Federal Reserve has shifted into rate-cut mode, lowering rates by 25 basis points in November following a 50-basis-point reduction in September. Policymakers have signaled that further cuts are likely, albeit at a slower pace, as long as inflation continues to decelerate.



Lower interest rates disproportionately benefit small-cap companies, which rely more heavily on bank financing than their larger-cap counterparts. With borrowing costs falling, small businesses are better positioned to invest, grow, and improve profitability, giving them a significant tailwind compared to multinational firms.



<h3 class="wp-block-heading">2. Political Tailwinds From 2024 Elections</h3>



The outcome of the 2024 U.S. elections — a Republican trifecta (presidency, Senate and House of Representatives) — has fueled optimism among small-cap investors expecting the Trump administration to roll back regulations. 



Additionally, the potential reintroduction of trade tariffs could act as a buffer for small-cap businesses by reducing competition from international firms facing higher regulatory or import costs. Financial services and industrial stocks, heavily represented in small-cap indices, have been among the top beneficiaries of this shift.



<h3 class="wp-block-heading">3. Economic Resilience</h3>



The U.S. economy is showing remarkable resilience by delivering strong GDP growth rates. The Atlanta Fed's GDPNow estimate pegs fourth-quarter real GDP growth at 2.6%, following robust gains of 3.0% and 2.8% in the second and third quarters, respectively.



The labor market, a key indicator of economic health, also remains resilient. Despite disruptions from strikes and hurricanes affecting October payrolls data, jobless claims have fallen to their lowest levels in seven months in mid-November, indicating a tight labor market and sustained consumer confidence. These factors collectively underpin the performance of small-cap stocks, which are often more sensitive to domestic economic trends.



<h3 class="wp-block-heading">What's Next For Small Caps?</h3>



With November's gains already in the books, historical patterns suggest that small caps could keep their momentum into December. Whether fueled by seasonal trends, macroeconomic tailwinds, or political optimism, small-cap stocks are positioning themselves as a standout opportunity for year-end trading.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42118286/7-us-natural-gas-stocks-to-watch-as-henry-hub-prices-surge-50-in-november">7 US Natural Gas Stocks To Watch As Henry Hub Prices Surge 50% In November</a></li>
</ul>



Image: Shutterstock

Small Cap

November Small-Cap Surge Could Carry Into December's Santa Rally, Historical Trends Suggest

MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) has experienced an extraordinary 674% increase in its stock price year-to-date in 2024, a rally driven by its massive Bitcoin holdings and the cryptocurrency&#8217;s <a href="https://www.benzinga.com/24/11/42079799/microstrategys-michael-saylor-to-advocate-for-bitcoin-investment-at-microsoft-board-meeting-offers-to-educate-rumble-ceo-with-the-strategy">record-breaking performance this year</a>.



The <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42042019/bitcoin-buyer-spree-microstrategy-acquires-4-6b-in-btc-metaplanet-issues-11-4m-in-bonds-to-fund-purchases">company's Bitcoin strategy,</a> spearheaded by Chairman Michael Saylor, has not only boosted its stock but has also resulted in over $15 billion in unrealized profit from its Bitcoin holdings.



This surge has rippled across ETFs with significant MicroStrategy exposure, enhancing their returns in a bullish market.



MicroStrategy, one of the largest corporate holders of Bitcoin, currently owns 331,000 BTC, with a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42090657/microstrategy-upsizes-convertible-notes-offering-to-2-6-billion-for-bitcoin-purchases">cumulative acquisition cost of over $16 billion.</a>



With the recent surge in Bitcoin prices, these holdings have soared in value, providing a staggering profit that underscores the company's high-stakes bet on cryptocurrency. 



This performance has drawn increased attention to ETFs with notable stakes in MicroStrategy, as investors look to indirectly benefit from the company's gains.



The following ETFs have particularly benefited from MicroStrategy&#8217;s exceptional performance, reflecting both their weightings in MSTR and their year-to-date returns:



<ol>
<li>T-Rex 2X Long MSTR Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MSTU#BATS">MSTU</a>):
<ul>
<li>MSTR Weighting: 90.14%</li>



<li>YTD Performance: 746%</li>



<li>Overview: MSTU is a leveraged ETF designed to deliver twice the daily performance of MicroStrategy's stock, giving investors amplified exposure to its monumental rally.</li>
</ul>
</li>



<li>Bitwise Crypto Industry Innovators ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BITQ#NASDAQ">BITQ</a>):
<ul>
<li>MSTR Weighting: 14.16%</li>



<li>YTD Performance: 79%</li>



<li>Overview: BITQ focuses on leading companies in the crypto sector, with MicroStrategy as a key holding, benefiting from the company's Bitcoin-driven surge.</li>
</ul>
</li>



<li>Schwab Crypto Thematic ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STCE#NYSE">STCE</a>):
<ul>
<li>MSTR Weighting: 11.83%</li>



<li>YTD Performance: 64.5%</li>



<li>Overview: STCE targets firms innovating in blockchain and cryptocurrency, and MicroStrategy&#8217;s gains have significantly boosted the ETF's overall performance.</li>
</ul>
</li>



<li>VanEck Digital Transformation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAPP#NASDAQ">DAPP</a>):
<ul>
<li>MSTR Weighting: 11.03%</li>



<li>YTD Performance: 76.7%</li>



<li>Overview: DAPP invests in companies driving digital transformation through blockchain, with MicroStrategy playing a critical role in its success.</li>
</ul>
</li>



<li>Siren Nasdaq NexGen Economy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLCN#NASDAQ">BLCN</a>):
<ul>
<li>MSTR Weighting: 8.04%</li>



<li>YTD Performance: 17.4%</li>



<li>Overview: BLCN focuses on blockchain economy leaders, and MicroStrategy's rise has contributed strongly to the ETF's returns.</li>
</ul>
</li>
</ol>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42114012/bitcoin-price-hitting-100000-in-november-polymarket-traders-speculate-it-might-go-even-higher">Bitcoin Price Hitting $100,000 In November? Polymarket Traders Speculate It Might Go Even Higher</a>



MicroStrategy's Bitcoin-heavy strategy has propelled its market cap to $11.5 billion in U.S. ETFs, with approximately 22.03 million shares held across these funds. 



As a leader in Bitcoin adoption within corporate treasuries, MicroStrategy's performance has directly influenced the success of the ETFs holding it, offering exposure to Bitcoin via a regulated equity vehicle.



The company, earlier this week, announced an increase in its convertible senior notes offering to $2.6 billion from its initial $1.75 billion, signaling its continued <a href="https://www.benzinga.com/24/11/42090138/microstrategy-stock-is-surging-wednesday-whats-going-on">aggressive stance on Bitcoin accumulation.</a>



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42109267/bitcoin-hits-new-all-time-high-above-98000-as-spot-etfs-crack-100-billion-net-asset-value-milestone">Bitcoin Hits New All-Time High Above $98,000 As Spot ETFs Crack $100 Billion Net Asset Value Milestone</a></li>
</ul>



Image: Shutterstock

BITQ

BLCN

DAPP

MSTU

STCE

MicroStrategy Surges 674% In 2024: 5 ETFs That Benefit From MSTR's Bitcoin-Driven Growth

Despite the stellar numbers in <a href="https://www.benzinga.com/24/11/42099904/nvidia-q3-earnings-highlights">its latest earnings report</a>, Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) stock slipped 3% in after-hours trading on Wednesday.



In premarket Thursday, Nvidia shares swung between gains and losses, ultimately opening 5% higher before losing steam.



By mid-morning, Nvidia shares were down 1.23%, trading at $144.10—a move many attribute to the priced-for-perfection environment surrounding the AI giant. It seems the market's insatiable appetite for upside surprises left even Nvidia's blockbuster results struggling to impress.



See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42119226/nvidia-analysts-see-stock-best-positioned-in-ai-not-worried-about-guidance-all-systems-go-for-blackwell-ramp">Nvidia Analysts See Stock &#8216;Best Positioned In AI,&#8217; Not Worried About Guidance: &#8216;All Systems Go For Blackwell Ramp&#8217;</a>



<h2 class="wp-block-heading">Nvidia Stock&#8217;s Underlying Resilience</h2>



The Santa Clara, California-based company reported an 8% beat on earnings per share and a nearly 6% revenue beat <a href="https://www.benzinga.com/quote/NVDA/earnings">compared to estimates</a>. Revenue soared 93.71% year-over-year, reaching $35.1 billion, fueled by the relentless demand for AI chips.



Despite Thursday&#8217;s volatile trading, Nvidia's technical indicators suggest underlying resilience.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112124&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="628" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21113433/Screenshot-2024-11-21-at-10.04.19-PM.png" alt="" class="wp-image-659262" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21113433/Screenshot-2024-11-21-at-10.04.19-PM.png 628w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21113433/Screenshot-2024-11-21-at-10.04.19-PM-300x234.png 300w" sizes="(max-width: 628px) 100vw, 628px" /></a></figure>



<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112124&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>



Read Also: <a href="https://www.benzinga.com/24/11/42107863/us-futures-head-lower-as-nvidia-reports-slowdown-in-quarterly-revenue-growth-expert-says-market-weakness-is-perfectly-normal-but-late-november-is-still-possible">US Futures Head Lower As Nvidia Earnings Fail To Impress Investors: Expert Says Market Weakness Is &#8216;Perfectly Normal,&#8217; But Late November Rally Is Still Possible</a>



The stock is trading above its eight-day, 20-day, 50-day and 200-day simple moving averages, signaling a strong bullish foundation:



<ul>
<li>8-day SMA: Nvidia sits at $145.29, above its $145.20 SMA, generating a short-term bullish signal.</li>



<li>20-day SMA: The stock's $145.29 price exceeds the $142.79 average, reinforcing the bullish narrative.</li>



<li>50-day SMA: Nvidia's $145.29 eclipses its 50-day average of $133.52, pointing to solid momentum.</li>



<li>200-day SMA: At $110.41, the 200-day average remains far below current levels, reflecting long-term bullish strength.</li>
</ul>



The MACD (moving average convergence/divergence) indicator also supports a bullish outlook with a reading of 3.19, while the RSI (relative strength index) at 56.51 shows the stock is comfortably neutral, leaving room for further upward movement without triggering overbought alarms.



<h2 class="wp-block-heading">Can Nvidia Break Free?</h2>



Nvidia's fundamentals remain as robust as its AI ambitions, but the question lingers: Can the stock sustain its high-altitude trajectory amid sky-high expectations? 



Investors will be watching closely as Nvidia tries to stabilize after its earnings-induced turbulence.



Read Next: 



<ul>
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</ul>



Image: Unsplash

Earnings Beats

Nvidia's Post-Earnings Jitters: Can NVDA Stock Regain Its AI-Fueled Momentum?

Securities and Exchange Commission Chair Gary Gensler announced Thursday that he will resign Jan. 20, 2025, coinciding with the inauguration of President-elect Donald Trump.

Gensler&rsquo;s tenure has been marked by a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41993524/gary-gensler-hints-at-ending-his-stint-as-sec-chair-defends-crypto-regulation-agenda">stringent regulatory approach</a> toward cryptocurrencies, drawing criticism from the industry.

What Happened: &quot;I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor,&rdquo; Gensler said in a press release on Thursday.

Appointed on Apr. 17 2021, Gensler brought extensive experience from his previous role as chair of the Commodity Futures Trading Commission.

His leadership at the SEC was characterized by a firm stance on digital assets, emphasizing investor protection and market integrity.

Gensler frequently likened the cryptocurrency market to the <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36358607/crypto-wild-west-hurts-investors-sec-chair-says-bankruptcy-court-queues-are-crowded">&ldquo;Wild West,&rdquo; advocating for comprehensive oversight</a>.

Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42116475/paying-6-24-million-for-a-duct-taped-banana-justin-sun-did-just-that-and-now-hell-eat-it-as-part-of-this-unique-artistic-experience">Paying $6.24 Million For A Duct-Taped Banana? Justin Sun Did Just That &mdash; And Now He&rsquo;ll Eat It &lsquo;As Part Of This Unique Artistic Experience&rsquo;</a>

He asserted that many digital assets functioned as securities and should be regulated accordingly.

Under his direction, the SEC initiated numerous enforcement actions against major crypto entities, including lawsuits <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40568347/after-binance-and-coinbase-gary-gensler-led-sec-set-to-lock-horns-with-crypto-exchange-kra">against Coinbase</a> and Binance for allegedly operating unregistered securities exchanges.

This rigorous approach faced opposition from industry stakeholders and some lawmakers, who argued that it stifled innovation and lacked clear regulatory guidelines.

In November, the American Securities Association <a href="https://www.americansecurities.org/post/asa-calls-on-sec-chair-gensler-to-immediately-step-down">called</a> for Gensler&rsquo;s immediate resignation, citing concerns over his regulatory methods.

Trump has been vocal about his <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41680397/who-will-replace-gary-gensler-the-top-candidates-for-sec-chair-after-the-election">intention to replace Gensler</a>, criticizing his handling of cryptocurrency regulation.

Earlier in July, Trump said, &ldquo;I will <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40018935/trumps-bitcoin-conference-pledge-can-he-really-fire-sec-chair-gensler">fire Gary Gensler on day one</a>,&rdquo; signaling a potential shift in the SEC&rsquo;s approach to digital assets under the incoming administration.

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</ul>

Image: Flickr

Politics

Gary Gensler To Step Down As SEC Chair On Trump's Inauguration Day

Wall Street witnessed a positive momentum on Thursday as investor risk appetite remained resilient despite escalating geopolitical tensions in Europe. The market brushed off concerns following a Russian missile strike on a Ukrainian military facility overnight, which came in response to Ukrainian missile <a href="https://www.benzinga.com/24/11/42113449/natural-gas-prices-spike-to-over-1-year-highs-oil-surges-to-70-as-russia-fires-intercontinental-ballistic-missile-to-ukraine">attacks earlier this week. </a>



Russian President Vladimir Putin, in a televised address on Thursday, stated that after the use of long-range missiles from Ukraine, &#8220;the regional conflict gained elements of global one.&#8221;



Major U.S. indices traded higher by midday trading in New York, with standout performances among blue-chip stocks and small-cap equities. 



The Dow Jones Industrial Average surged 500 points, reaching 43,965, marking a 1.3% gain and its strongest session in over two weeks.



The Russell 2000 outperformed with a 1.7% jump, setting up its best day since the post-election rally. 



In contrast, the Nasdaq 100 lagged slightly, rising 0.5%. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), despite higher-than-expected earnings, failed to spark broader optimism in the tech sector. Meanwhile, shares of Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) tumbled nearly 6% after the Department of Justice (DOJ) mandated the sale of Google Chrome aimed at curbing Google&#8217;s dominant position in search and digital advertising.



Geopolitical uncertainties drove strong gains in the commodities market. <a href="https://www.benzinga.com/news/global/24/11/42118286/7-us-natural-gas-stocks-to-watch-as-henry-hub-prices-surge-50-in-november">Natural gas Henry Hub prices </a>soared 5%, bringing year-to-date gains to over 50% and marking the best monthly performance since July 2022. Crude oil prices also climbed 0.9%, supported by supply concerns.



Gold extended its winning streak, rising 0.7% for its fourth consecutive session of gains as investors sought safe-haven assets.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued its rally, rising over 3% and hitting an intraday high of $98,367. The largest cryptocurrency now hovers tantalizingly close to the $100,000 milestone. 



<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<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>Russell 2000</td><td>2,365.25</td><td>1.7%</td></tr><tr><td>Dow Jones</td><td>43,965.39</td><td>1.3%</td></tr><tr><td>S&amp;P 500</td><td>5,949.37</td><td>0.5%</td></tr><tr><td>Nasdaq 100</td><td>20,739.86</td><td>0.4%</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=BZprocontent111924&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 0.6% to $593.78.</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;rose 1.3% to $439.81.</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>) rose 0.3% to $504.89.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) soared 1.7% to $234.91.</li>



<li>The&nbsp;Financial Sector Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, rising 1.6%. The&nbsp;Communication Services Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) lagged, down 0.5%.</li>
</ul>



<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>



<ul>
<li>Nvidia Corp. fell 0.6% despite surpassing Street&#8217;s consensus estimates on both earnings per share and revenue during the third quarter. Analysts have raised price targets with Wedbush at $175, Baird at $195 and Barclays at $160.</li>



<li>Despite the dismal reaction by Nvidia, semiconductor stocks, as tracked by the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) rose 1.9%. Major gainers on Thursday were Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), up 4.7%; Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>), up 3.9% and Applied Materials Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>), up 3.7%.</li>



<li>PDD Holdings Inc. &#8211; ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) tumbled nearly 10% after missing earnings and revenue estimates.</li>



<li>Other stocks reacting to earnings included Deere &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>), up 8.8%; Warner Music Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WMG#NASDAQ">WMG</a>), down 8%; Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>), up 1.4% and Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>), up 32%.</li>



<li>Companies slated to report their earnings after the close include Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>), Copart Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>), Ross Stores Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROSS#NASDAQ">ROSS</a>) and NetApp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>). </li>
</ul>



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<li><a href="https://www.benzinga.com/news/global/24/11/42118286/7-us-natural-gas-stocks-to-watch-as-henry-hub-prices-surge-50-in-november">7 US Natural Gas Stocks To Watch As Henry Hub Prices Surge 50% In November</a></li>
</ul>



Photo: Shutterstock

Sector ETFs

Specialty ETFs

AMAT

MRVL

PANW

SNOW

SOXX

Small Caps Rally, Alphabet Plummets, Bitcoin Flirts With $100,000: What's Driving Markets Thursday?

Shares of Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) plunged more than 6% during Thursday morning trading in New York, marking their steepest <a href="https://www.benzinga.com/tech/24/11/42105079/googles-unlawful-behavior-stifles-market-entry-for-rivals-doj-says-alphabet-must-sell-chrome-to-end-search-monopoly">decline since January 2024. </a>



The drop has wiped out over $120 billion in market capitalization, dragging Alphabet's valuation below the critical $2 trillion threshold.



<h3 class="wp-block-heading">Chart: Alphabet Suffers Worst Day Since Late January 2023</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21120531/image-223-1024x501.png" alt="" class="wp-image-659358" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21120531/image-223-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21120531/image-223-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21120531/image-223-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21120531/image-223-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21120531/image-223.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Why The Selloff? </h3>



The sharp decline follows the U.S. Department of Justice's (DOJ) announcement of sweeping remedies in its high-profile antitrust lawsuit against Google. 



On Wednesday, the DOJ proposed measures aimed at curbing Google's dominance in search and digital advertising, potentially reshaping <a href="https://www.benzinga.com/tech/24/11/42105079/googles-unlawful-behavior-stifles-market-entry-for-rivals-doj-says-alphabet-must-sell-chrome-to-end-search-monopoly">Alphabet&#8217;s core business operations.</a>



The most aggressive recommendation is a requirement for Alphabet to divest Google Chrome, the internet's leading browser with over 60% market share globally. 



Regulators view Chrome as a cornerstone of Alphabet's ability to consolidate its dominance in both search and ad tech markets. This divestiture would mark an unprecedented government intervention into one of the tech giant&#8217;s most integrated and profitable ecosystems.



Other proposals include forcing Google to share search data with competitors, thus leveling the playing field for rival search engines, and to end default search agreements, which make Google the automatic search engine on devices and web browsers like Apple's Safari.



"Google's unlawful behavior has deprived rivals not only of critical distribution channels but also distribution partners who could otherwise enable entry into these markets by competitors in new and innovative ways," the DOJ&nbsp;said in a statement.



<h3 class="wp-block-heading">What&#8217;s At Stake? </h3>



Alphabet&#8217;s business model relies heavily on the synergies between its services. In the third quarter of 2024, Alphabet&#8217;s &#8220;Search &amp; Other&#8221; segment generated $49.4 billion, accounting for 56% of the company's total revenue for the quarter.



For the full fiscal year 2023, Alphabet reported $307.4 billion in total revenue. The revenue breakdown highlights the scale of Alphabet&#8217;s reliance on search and ad-driven income:



<ul>
<li>Google Search &amp; Other: $175.0 billion</li>



<li>YouTube Ads: $31.5 billion</li>



<li>Google Network: $31.3 billion</li>



<li>Google Cloud: $33.1 billion</li>



<li>Other Revenues: $34.7 billion</li>



<li>Other Bets: $1.5 billion</li>
</ul>



These numbers underline the DOJ's focus on Alphabet's most lucrative business segments. A forced breakup of Chrome, combined with mandated data-sharing and restrictions on default agreements may threaten to erode Alphabet&#8217;s competitive edge and profitability.



<h3 class="wp-block-heading">Expert Take: Google's Strategic Challenges</h3>



Ahead of the DOJ announcement, RBC Capital Markets shared insights from a conversation with Brian O&#8217;Kelley, CEO &amp; co-founder of Scope3 and a seasoned expert in ad tech. O&#8217;Kelley raised critical points about Alphabet&#8217;s future in light of the antitrust case:



<ol>
<li>Open Internet vs. AI: O&#8217;Kelley sees the value of open internet a declining asset since consumers shift toward AI-powered experiences. According to him, &#8220;the DOJ is litigating against the last decade, as opposed to current day looking forward.&#8221;</li>



<li>Chrome's Role: He indicates that Google&#8217;s network business &#8220;isn&#8217;t depending on owning the legacy ad tech assets.&#8221; Even without Chrome, users will continue going to Google.com for search, suggesting that Chrome&#8217;s value may be less critical than it seems.</li>



<li>Regulatory Differences: O&#8217;Kelley highlights stark contrasts in regulatory approaches between Europe and the U.S. While Europe is moving swiftly to ban cookies and enforce stricter privacy rules, U.S. regulation may take longer to materialize, giving Alphabet more time to adapt.</li>
</ol>



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Image: Shutterstock

Alphabet Bleeds Over $120 Billion In Market Value, Eyes Worst Day In 10 Months After DOJ Demands Google Chrome Sale

NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) analysts highlight the company's strong beat in the third quarter and guidance in the fourth quarter that may leave investors less confident in <a href="https://www.benzinga.com/news/earnings/24/11/42099904/nvidia-beats-q3-revenue-eps-estimates-supply-constraints-ding-stock-huang-says-age-of-ai-is-in-full-steam">the short term.</a>



The NVDA Analysts: Cantor Fitzgerald analyst C.J. Muse reiterated an Overweight rating on Nvidia with a $175 price target.



JPMorgan analyst Harlan Sur reiterated an Overweight rating and raised the price target from $155 to $170.



Oppenheimer analyst Rick Schafer reiterated an Outperform rating with a $175 price target.



Goldman Sachs analyst Toshiya Hari reiterated a Buy rating and raised the price target from $150 to $165.



Piper Sandler analyst Harsh Kumar reiterated an Overweight rating with a $175 price target.



Needham analyst Quinn Bolton reiterated a Buy rating and raised the price target from $145 to $160.



Benchmark analyst Cody Acree reiterated a Buy rating and raised the price target from $170 to $190.



Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42107846/nvidia-slides-during-thursday-pre-market-despite-beating-q3-estimates-even-outstanding-isnt-enough-for-some-investors">Nvidia Slides During Thursday Pre-Market Despite Beating Q3 Estimates: &#8216;Even Outstanding Isn&#8217;t Enough For Some Investors&#8217;</a>



Cantor on NVDA: Fourth-quarter guidance coming in lower than estimates and gross margin guidance spooked investors in after-hours trading Muse said in a new investor note.



Muse said there was good and great news from Nvidia in the earnings report and conference call.



"The Blackwell cycle is tracking better than the original ~$3B guide for the January Q and is expected to accelerate much more meaningfully throughout CY25 and beyond with shortages anticipated over the next several Q's amidst ‘staggering demand,'" Muse said.



The analyst said they expect first-quarter revenues to "accelerate more meaningfully," which supports the bull case for $5.50 in earnings per share in calendar year 2025 and the potential for $6 per share.



Nvidia's update at CES, February's expected guidance and the March GTC conference are items the analyst is watching going forward. Nvidia is called a top pick by the analyst.



JPM on NVDA: Third-quarter results were solid and the company's guidance shows strong AI demand, Sur said in a new investor note.



"Blackwell production ramp progressing well and demand outstripping supply through majority of CY25," Sur said.



The analyst said demand for Blackwell is "very strong" and highlighted management's commentary on expectations for Hopper shipments to remain strong into 2025 as well.



"Bottom line, the team continues to maintain a 1-2 step lead ahead of competitors with its silicon/hardware/software platforms, and a strong ecosystem and the team is further distancing itself."



Oppenheimer on NVDA: Third-quarter financial results and guidance were roughly inline with buyside expectations, led by Data Center strength, Schafer said in a new investor note.



"NVDA remains best positioned in AI, benefitting from full-stack AI hardware/software," Schafer said.



The analyst said Nvidia is "the purest scale play" for "AI proliferation." &nbsp;



"We see several structural tailwinds driving sustained outsized top-line growth in high-performance gaming, datacenter/AI and autonomous driving vehicles."



Goldman Sachs on NVDA: The ramp in Blackwell and yield improvements are likely to drive earnings per share growth, Hari said in a new investor note.



The analyst said Nvidia's guidance "only met Street expectations" and comments on gross margin headwinds, but the outlook remains strong for the stock.



"We expect growing demand for AI infrastructure across all customer groups," Hari said.



The analyst also expects improving supply and gross margin normalization to help drive earnings per share growth.



Piper Sandler on NVDA: Nvidia beating third-quarter analyst estimates kept up with recent trends, Kumar said in a new investor note.



The analyst said Nvidia is setting up for strong growth starting in April.



"The key here is that NVDA is going through a product transition with Blackwell ramping and H200 remaining strong," Kumar said.



Nvidia's guidance beats could be higher starting in April, Kumar added.



"All systems go for Blackwell ramp."



Needham on NVDA: The Blackwell ramp is ahead of previous estimates, Bolton said in a new investor note.



The analyst said guidance was below some of the loftier estimates from analysts with third-quarter results well ahead of Needham estimates.



"Management not only silenced the Blackwell overheating rumors, but raised its F4Q Blackwell revenue guide," Bolton said.



The analyst highlighted Nvidia mentioning Blackwell production was full steam ahead while naming customers such as Dell, Oracle, Microsoft, Alphabet and CoreWeave.



"Demand is ‘greatly exceeding supply,' and Blackwell sales for the January quarter are currently on track to exceed previous guidance of several billions of dollars."



Benchmark on NVDA: Third-quarter results had plenty of strength, but the lack of a huge guidance raise left shareholders wanting more and taking profits, Acree said.



"Nothing except the most aggressive beat and raise was likely to keep the market from fairly aggressive profit-taking, which is exactly what happened," Acree said.



The analyst said investors may be getting wary about the longevity of "the AI trade" with Nvidia shares up over 200% year-to-date ahead of earnings.



"The company's performance and outlook appear to be suffering from a "law of large numbers."



Despite Nvidia shares being up over 700% since early 2023 compared to the S&amp;P 500 up 57% over the same time period, the analyst sees long-term value.



"NVDA's shares still represent a compelling value for thoughtful investors willing to look past the near-term noise."



NVDA Price Action: Nvidia stock is down 1.46% to $143.76 on Thursday versus a 52-week trading range of $45.01 to $152.89. Nvidia stock is up 200% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/11/42111372/dan-ives-predicts-nvidias-blackwell-chips-are-heading-for-massive-demand-trajectory-as-jensen-huang-says-lebron-of-chip-releases-to-surpass-hopper-gpu-shipments">Dan Ives Predicts Nvidia&#8217;s Blackwell Chips Are Heading For &#8216;Massive Demand Trajectory&#8217; As Jensen Huang Says &#8216;LeBron Of Chip Releases&#8217; To Surpass Hopper GPU Shipments</a></li>
</ul>



Photo: Shutterstock

Nvidia Analysts See Stock 'Best Positioned In AI,' Not Worried About Guidance: 'All Systems Go For Blackwell Ramp'

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