Macro investor Jim Bianco, president of Bianco Research, has sparked a heated debate on Twitter about the potential long-term value of Bitcoin and its implications for <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41170398/bitcoin-gold-are-the-debasement-trade-in-uncertain-times-jpmorgan">the global economy.</a>



What Happened: Responding to the prediction of MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) executive chairman Michael Saylor that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could hit $13 million by 2045, Bianco noted in a post on X on Thursday that this valuation would put Bitcoin&#8217;s market cap at around $250 trillion.



This would dwarf the current world GDP of $105 trillion and global stock markets valued at $125 trillion.



However, Bianco questions what $13 million would actually buy in 2045—perhaps only what $100,000 buys today. 



His answer was stark: &#8220;I&#8217;ll offer an answer: $13 million BTC, or adding $250 trillion to wealth, will create massive hyperinflation.&#8221;



The financial analyst argued that such a dramatic increase in Bitcoin&#8217;s value would likely coincide with &#8211; or result from &#8211; the collapse of fiat currencies. In this scenario, &#8220;$13 million in 2045 will only get you the same amount as $100k today, probably less (a used Honda),&#8221; Bianco stated.



While acknowledging that a $13 million Bitcoin price isn&#8217;t necessarily unrealistic, Bianco cautioned that the conditions leading to such a valuation would be far from ideal. &#8220;It is the destruction of all value as we currently know it. It is replaced by a new measure of account, BTC,&#8221; he explained.



Bianco also raised concerns about the societal implications of such a scenario. He pointed out that &#8220;60% of the US population owns no assets and cannot come up $1,000 in an emergency,&#8221; questioning what would happen to these individuals in a world of massive hyperinflation and sky-high Bitcoin prices.



Echoing Robert Kiyosaki's thoughts, Bianco concluded "This is not something to look forward to." Kiyosaki in his recent tweet <a href="https://x.com/theRealKiyosaki/status/1859058685403881798">advised</a> to buy Bitcoin today as with "$9,000 today…. you buy .01 Bitcoin today…you are a millionaire tomorrow."



Also Read: <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>



Why It Matters: Bianco isn't alone in his skepticism. Economists Erzo G.J. Luttmer and Amol Amol share a similar sentiment, describing Bitcoin as a <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41575813/is-bitcoin-a-dangerous-economic-threat-minneapolis-fed-researchers-propose-heavy-taxation-">disruptive force to government fiscal policies</a>, likening it to &#8220;an unruly guest at a carefully planned dinner.&#8221;



Peter Schiff, a long-time Bitcoin critic, also warns against such scenarios. He argues that if the U.S. were to hold Bitcoin reserves, it could trigger hyperinflation by forcing the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41886523/peter-schiff-us-bitcoin-reserve-could-destroy-dollar-predicts-its-highly-unlikely-to-happen">government to print more dollars</a>, devastating both Bitcoin and the dollar's value.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42071904/blackrock-sees-renewed-sense-of-optimism-around-bitcoin">BlackRock Sees &#8216;Renewed Sense Of Optimism&#8217; Around Bitcoin</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

News

$BTC

MSTR

Michael Saylor Predicted Bitcoin To Hit $13 Million — If It Happens, It Will Entail 'Massive Hyperinflation,' Analyst Warns

Geopolitical tensions between Russia and Ukraine are once again roiling global energy markets, with rising prices raising concerns over the potential economic impact <a href="https://www.benzinga.com/topic/inflation">on U.S. consumer bills.</a> 



On Thursday, Russia launched an intercontinental ballistic missile (ICBM) from the Astrakhan region during an overnight strike on Dnipro, Ukraine, Reuters reported, citing the Ukrainian air force. 



As reported by Reuters, security experts said this marks the first use of an ICBM in a military conflict. The missiles are designed for nuclear warhead delivery. There is no indication the missile was nuclear-armed, Reuters said. 



Western officials disagree with Ukraine&#8217;s assessment, The New York Times <a href="https://www.nytimes.com/2024/11/21/world/europe/russia-ballistic-missile-ukraine-war.html">said in a report</a>, and say the missile was likely of intermediate range. The Times said the officials spoke anonymously in order to discuss a private Western intelligence assessment. 



The Ukrainian air force said the missile was fired from over 435 miles away, targeting the central-eastern city of Dnipro. 



While the attack caused injuries to two people, the extent of the damage remains unclear. Ukrainian president Volodymyr Zelenskyy condemned the move, commenting on X: &#8220;Our insane neighbour has once again revealed its true nature.&#8221;



The move adds to escalating tensions, coming on the heels of Ukraine firing two Western-made missiles at Russia on Tuesday and Wednesday, after receiving approval from the White House <a href="https://www.benzinga.com/news/global/24/11/42064198/putin-revises-nuclear-doctrine-for-broader-strikes-after-us-backed-ukrainian-attack-markets-drop-bonds-gain">to target Russian territory.</a>



<h3 class="wp-block-heading">US Natural Gas Prices Spike, Eye Best Monthly Performance Since July 2022</h3>



In the wake of these heightened external geopolitical risks, U.S. natural gas prices surged. 



Futures tied to the Henry Hub benchmark – as tracked by the United States Natural Gas Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNG#NYSE">UNG</a>) – jumped more than 6% on Thursday, reaching $3.40 per million British thermal units — the highest level since early November 2023.



The commodity is now up 50% for November, positioning itself for its strongest monthly rally since July 2022.



Natural gas demand in the U.S. has been driven by plummeting temperatures, intensifying the need for heating. 



The National Oceanic and Atmospheric Administration warned on Thursday of the season&#8217;s first significant snowfall in the central and northern Appalachians, with heavy accumulation expected through Friday.



&#8220;Higher elevations will have the best chance of significant accumulations, however even the lower elevations of central and northern Pennsylvania and south central New York will likely see some accumulation of snow,&#8221; the NOAA wrote in a post on X.



The U.S. Energy Information Administration is set to release weekly natural gas inventory change later Thursday.



Europe's natural gas market is grappling with fresh supply concerns as winter approaches after Austria&#8217;s OMV Group disclosed over the weekend that it will no longer receive volumes from its long-term contract with Russia's Gazprom.



<h3 class="wp-block-heading">WTI Oil Prices Climb, Gold Eyes 4th Straight Positive Day</h3>



The ripple effects of escalating geopolitical tensions also extended to crude oil markets. 



West Texas Intermediate crude futures, tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), climbed 2.2% on Thursday morning, trading at $70 per barrel — the highest level since Nov. 11.



Gold continued to attract demand for safe-haven assets, with the precious metal rising 0.6% to $2,665 per ounce, eyeing the fourth straight session of gains. 



Bitcoin rose 3%, hitting a new peak of $98,367.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42097545/feds-bowman-warns-on-inflation-risks-signals-neutral-rate-may-be-closer">Fed&#8217;s Bowman Warns On Inflation, Says Neutral Interest Rates May Be Closer &#8216;Than We Currently Think&#8217;</a></li>
</ul>

Specialty ETFs

Commodities

Global

Economics

Markets

ETFs

Natural Gas Prices Spike To Over 1-Year Highs, Oil Surges To $70 As Ukraine Says Intercontinental Ballistic Missile Fired By Russia

The International Criminal Court on Thursday issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former defense minister Yoav Gallant, "for crimes against humanity and war crimes" in the <a href="https://www.benzinga.com/markets/emerging-markets/24/11/41757546/israels-netanyahu-fires-defense-minister-gallant-over-lack-of-trust-in-war-management-oi">ongoing war in Gaza</a>.



Netanyahu and Gallant intentionally deprived civilians in Gaza of food, water and medicine and medical supplies, as well as fuel and electricity, and used starvation as a method of warfare, the International Criminal Court alleges. 



The arrest warrants also allege both men deprived civilians in Gaza of fundamental rights, including the rights to life and health, and intentionally directed attacks against the civilian population of Gaza. The ICC&#8217;s Pre-trial Chamber I also found Netanyahu and Gallant are responsible for other inhumane acts. 



Israeli President Isaac Herzog called the arrest warrants a &#8220;dark day for justice&#8221; in a post on X, adding that the warrants are a &#8220;mockery&#8221; of those who fight for justice and &#8220;ignore the plight of the 101 Israeli hostages held in brutal captivity by Hamas in Gaza.&#8221; 



Herzog concluded: &#8220;This cynical exploitation of the international legal institutions reminds us once again of the need for true moral clarity in the face of an Iranian empire of evil that seeks to destabilize our region and the world, and destroy the very institutions of the free world.&#8221;



The court&#8217;s 124 member states would be obligated to arrest Netanyahu and Gallant if they entered those states, the Financial Times <a href="https://www.ft.com/content/0b62f17a-97db-4817-90f8-f98adead79f0">said</a> in a report, adding that the ICC has no means of enforcing this. 



The Details: The court also issued a warrant for Hamas military leader Mohammed Deif. Israeli officials say Deif was killed in an airstrike in Gaza in July. Prosecutors said they issued the warrant because they were not able to confirm whether he is dead or alive. 



The ICC rejected Israel's challenge to the court's jurisdiction over "the situation in the State of Palestine" and over Israeli nationals.



Read Next: <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 ICC said in a press release that the arrest warrants are classified as secret, but the chamber decided to release the information since the conduct "appears to be ongoing." The chamber also said it considers it in the best interest of the victims to be aware of the issuance of the warrants. 



Other Developments:  U.S. envoy Amos Hochstein is in Israel for talks with Israeli officials over a cease-fire in Lebanon. Hochstein left Beirut on Wednesday after two days of meetings with Lebanese officials, <a href="https://www.washingtonpost.com/world/2024/11/21/israel-war-news-hamas-gaza-palestine/">according</a> to The Washington Post. 



The United States vetoed a U.N. Security Council resolution put forward Wednesday that called for a cease-fire in Gaza because it was not contingent on the release of hostages still held and it did not condemn Hamas.



At least 44,056 people have been killed in Gaza during the war and 104,268 injured, the Post reported, citing the Gaza Health Ministry. At least 3,558 people have been killed and 15,123 injured in Lebanon, the report said, citing Lebanon&#8217;s health ministry. The organizations do not distinguish between civilians and combatants. 



Israel estimates that approximately 1,200 people were killed in the Oct. 7, 2023 attack and says 377 soldiers have been killed in its military operation in Gaza.



Image: Shutterstock.

Politics

Legal

International Criminal Court Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Gallant For War Crimes

Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares are trading higher on Thursday. The company announced it submitted a <a href="https://www.benzinga.com/pressreleases/24/11/b42099063/super-micro-computer-inc-nasdaq-non-compliance-update">compliance plan to the Nasdaq</a>.



What Happened: After the market close on Wednesday, Super Micro said it submitted a compliance plan to the Nasdaq after receiving a notification letter that it was not in compliance with the Nasdaq&#8217;s timely filing rule. The plan was submitted on Monday with respect to supporting the company&#8217;s request for an extension to regain compliance.



Super Micro said in the compliance plan that it believes it will be able to file both its annual report for the fiscal year ended June, 30 2024 and its quarterly report for the period ended Sept. 30, 2024 within the discretionary period that can be granted by the Nasdaq.



See Also: <a href="https://www.benzinga.com/news/earnings/24/11/42109965/baidus-q3-earnings-revenue-slides-weak-online-ads-market-impact-margins">Baidu&#8217;s Q3 Earnings: Revenue Slides, Weak Online Ads Market Impact Margins</a>



The update comes after the company&#8217;s independent auditor resigned at the end of October over&nbsp;<a href="https://www.benzinga.com/quote/SMCI" target="_blank" rel="noreferrer noopener">governance and transparency concerns</a>. 



Super Micro on Monday announced that it <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42069253/supermicro-stock-is-rising-tuesday-whats-going-on">appointed BDO USA</a> as its new independent auditor, effective immediately.



&#8220;BDO is a highly respected accounting firm with global capabilities.&nbsp;This is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency,&#8221; said&nbsp;Charles Liang, president and CEO of SuperMicro.



Super Micro has faced significant selling pressure since the company&#8217;s auditor raised concerns. The stock traded all the way down to around $17.25 per share last week before bouncing back. Super Micro shares are now up more than 43% over the past five trading sessions.



SMCI Price Action: Super Micro shares were up 5.23% at $27.18 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Photo: Shutterstock.

Movers

SMCI

Super Micro Computer Stock Is Rallying Thursday: What's Going On?

MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) was up by 8.45% during pre-market hours on Thursday as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) approached $98,000 mark, according to <a href="https://pro.benzinga.com">Benzinga Pro</a>.



The company also announced on Wednesday that it would <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42090657/microstrategy-upsizes-convertible-notes-offering-to-2-6-billion-for-bitcoin-purchases">increase its convertible senior notes</a> offering to $2.6 billion from the initial $1.75 billion.



The 0% convertible senior notes are due 2029 and will be offered to qualified institutional buyers under Rule 144A of the Securities Act along with a few non-U.S. persons in compliance with Regulation S. The initial conversion price has been set at $672.40 per share with a 55% premium over the Nov.19 closing price. 



MicroStrategy expects to raise $2.58 billion in net proceeds which will be used to acquire additional Bitcoin along with general purpose.



The offering is set to close on Nov. 21, pending customary conditions.



Led by Michael Saylor, the company pivoted its strategy towards Bitcoin in 2020 and has since been banking on the surges in the cryptocurrency. Recently, its market capitalization reached $96.73 billion right after Bitcoin crossed the $94,000 mark, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42083188/mstr-rises-3-in-wednesday-pre-market-michael-saylors-company-is-now-worth-more-than-the-combined-market-caps-of-worlds-two-largest-gold-mining-companies">surpassing the combined </a>market cap of two of the world&#8217;s largest gold mining companies.



As of Wednesday&#8217;s close, MSTR&#8217;s market cap reached $96.02 billion, marking a 108% increase compared to its valuation on Nov. 4, following the crypto rally spurred by Donald Trump&#8216;s victory.



Bitcoin&#8217;s recent rally followed reports of a<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42098407/donald-trump-reportedly-eyeing-the-first-crypto-focused-role-in-the-white-house" target="_blank" rel="noreferrer noopener">&nbsp;dedicated cryptocurrency role</a>&nbsp;in Trump&#8217;s administration that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42084945/coinbase-ceo-brian-armstrong-backs-doge-initiative-how-blockchain-could-transform-government-efficiency" target="_blank" rel="noreferrer noopener">Coinbase CEO Brian Armstrong Backs DOGE Initiative: How Blockchain Could Transform Government Efficiency</a></li>
</ul>



Image via Shutterstock

General

MSTR Climbs Over 8% In Thursday Pre-Market As Bitcoin Approaches $98,000: Michael Saylor's Company Has More Than Doubled The Investors' Wealth Since Trump's Victory

NVIDIA Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) experienced a 2.36% decline in pre-market trading on Thursday, as per <a href="https://pro.benzinga.com">Benzinga Pro,</a> despite surpassing Wall Street expectations in its third-quarter earnings. 



What Happened:&nbsp;The chipmaker reported a 94% year-over-year increase in revenue, reaching $35.1 billion, exceeding the anticipated $33.12 billion. Additionally, the company&#8217;s earnings per share were 81 cents, surpassing the projected 75 cents.



Despite these strong financial results, investor concerns arose due to a slowdown in sales compared to previous quarters.&nbsp;Derren Nathan,&nbsp;head of equity research at&nbsp;Hargreaves Lansdown, <a href="https://www.cnbc.com/2024/11/21/nvidia-nvda-stock-slumps-despite-q3-earnings-beat.html">told</a>&nbsp;CNBC&nbsp;that the drop in NVIDIA&#8217;s stock price suggests that &#8220;even&nbsp;outstanding isn't enough for some&nbsp;investors.&#8221;



See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42102652/michael-saylors-microstrategy-takes-wall-street-by-storm-becomes-second-most-traded-stock-after-nvidia?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Michael Saylor&#8217;s MicroStrategy Takes Wall Street By Storm, Becomes Second-Most Traded Stock After Nvidia</a>



Why It Matters: This also comes at a time when <a href="https://www.benzinga.com/news/large-cap/24/11/42094649/nvidia-stock-historically-drops-in-december-after-q3-earnings">seasonal statistics have revealed </a>that December has historically been a challenging month for Nvidia investors. The semiconductor giant of Jensen Huang often enters a temporary bearish phase following its third-quarter earnings report. Historical data indicates that while NVIDIA frequently delivers positive third-quarter earnings, December tends to be a negative month for its stock.



Meanwhile, Wedbush Securities Managing Director Dan Ives <a href="https://www.benzinga.com/markets/equities/24/11/42102642/nvidia-delivered-jaw-dropping-q3-earnings-says-dan-ives-this-is-the-fourth-revolution-playing-out-in-front-of-our-eyes">described the results as a "jaw-dropper," </a>emphasizing the transformative potential of the company's AI technology. "This is the fourth revolution playing out in front of our eyes," Ives told CNN, <a href="https://x.com/jchatterleyCNN/status/1859386289315053838" target="_blank" rel="noreferrer noopener">highlighting</a> the broader implications for the tech sector.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/42079984/dogecoin-bitcoin-left-in-the-dust-by-ai-meme-coin-goat-as-nvidias-q3-earnings-draw-near?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin, Bitcoin Left In The Dust By AI Meme Coin GOAT As Nvidia&#8217;s Q3 Earnings Draw Near</a></li>
</ul>



Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.



Image via Shutterstock

Equities

Pre-Market Outlook

NVDA

Nvidia Slides During Thursday Pre-Market Despite Beating Q3 Estimates: 'Even Outstanding Isn't Enough For Some Investors'

U.S. stocks could open on a negative note on Thursday after AI bellwether Nvidia Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <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">guidance fell short</a> of some expectations. Futures of all three major indices were down as investors processed the AI giant's earnings.



Other chip makers like Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) also experienced pressure in premarket trading.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Nasdaq 100</td><td>-0.33%</td></tr><tr><td>S&amp;P 500</td><td>-0.24%</td></tr><tr><td>Dow Jones</td><td>-0.08%</td></tr><tr><td>R2K</td><td>-0.22%</td></tr></tbody></table></figure>



In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.25% to $589 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.34% to $501.46, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Cues From Last Session:



The Dow Jones snapped its two-session losing streak this week to close 100 points higher on Wednesday, while the S&amp;P 500 eked a marginal gain to close in the green.



The tech-heavy Nasdaq, however, fell ahead of the volatility due to Nvidia's earnings after the bell.



Crude oil prices continued to rise amid growing tensions between Russia and Ukraine but remained under the $70 mark.



Treasury yields eased slightly as investors waited for further economic data.



On the economic data front, mortgage applications in the U.S. rose 1.7% from the previous week in the week ending Nov. 15, compared to a 0.5% gain in the prior period.



Most sectors on the S&amp;P 500 closed on a positive note, with healthcare, energy, and materials stocks recording the biggest gains on Wednesday.



However, consumer discretionary and financial 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>-0.11%</td><td>18,966.14</td></tr><tr><td>S&amp;P 500</td><td>0.002%</td><td>5,917.11</td></tr><tr><td>Dow Jones</td><td>0.32%</td><td>43,408.47</td></tr><tr><td>Russell 2000</td><td>0.03%</td><td>2,325.53</td></tr></tbody></table></figure>



Insights From Analysts:



Ryan Detrick, chief market strategist at Carson Group, maintained that despite the weakness in the markets currently, he remains optimistic about the potential of a continued bull run.



"Weakness right around now is perfectly normal. The good news is I wouldn&#8217;t give up on a late November rally."



<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">Weakness right around now is perfectly normal. The good news is I wouldn&#39;t give up on a late November rally. <a href="https://t.co/NuU2qzpDsC">pic.twitter.com/NuU2qzpDsC</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1859314388739686769?ref_src=twsrc%5Etfw">November 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Despite the volatile movement in Nvidia and other chipmaker stocks, Wedbush analyst Dan Ives maintained optimism about the AI giant's performance.



"The Godfather of AI Jensen and Nvidia delivered a massive beat and big things ahead for Blackwell," Ives said.



<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">The Godfather of AI Jensen and Nvidia delivered a massive beat and big things ahead for Blackwell as we discussed into this big night for the tech world on <a href="https://twitter.com/SquawkStreet?ref_src=twsrc%5Etfw">@SquawkStreet</a> &#x1f3c6;&#x1f525;&#x1f37f;&#x1f402;&#x1f4fa;&#x1f3a4;&#x1f447; <a href="https://t.co/6ehn8D3Gs0">https://t.co/6ehn8D3Gs0</a>&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1859387551351546328?ref_src=twsrc%5Etfw">November 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Nvidia <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">posted third-quarter revenue</a> of $35.1 billion, up 94% year-on-year, beating the Street consensus of $33.12 billion, according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112024&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">from Benzinga Pro</a>. This was the ninth straight quarter of Nvidia beating analyst estimates.



Tech bull Ives thinks that this is <a href="https://www.benzinga.com/markets/equities/24/11/42102642/nvidia-delivered-jaw-dropping-q3-earnings-says-dan-ives-this-is-the-fourth-revolution-playing-out-in-front-of-our-eyes">the "fourth revolution"</a> in technology, and it could help the Nasdaq surge to 25,000.



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



Upcoming Economic Data



Thursday's economic calendar includes the release of initial jobless claims data.



<ul>
<li>Initial jobless claims data will be released at 8:30 a.m. ET.</li>



<li>Philadelphia Fed manufacturing survey will be released at 8:30 a.m. ET.</li>



<li>Cleveland Fed President Beth Hammack will speak at 8:45 a.m. ET.</li>



<li>Existing home sales data and leading economic index will be released at 10 a.m. ET.</li>



<li>Kansas City Fed President Jeff Schmid will speak at 1:10 p.m. ET.</li>



<li>Fed Vice Chair for Supervision Michael Barr will speak at 4:40 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares fell 2.6% in premarket trading on Thursday after the company posted a quarter-on-quarter decline in gross margins.</li>



<li>Other chip stocks felt the pressure post-Nvidia earnings. Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) fell nearly 1%, while Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) was down 0.6%. Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) both fell 0.5% in premarket trading.</li>



<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock surged over 10% on Wednesday and rose by another 11% in premarket trading on Thursday after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/24/11/42102366/bitcoin-taps-95k-ethereum-dogecoin-flat-as-trumps-crypto-policy-takes-shape-top-analyst-describes-btcs-path-to-135k">crossed the $95,000 mark</a>. Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) stock was also up over 3%.</li>



<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) shares rose over 21% in premarket trading after the company beat analyst expectations and revised its 2025 revenue outlook upwards.</li>



<li>Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) stock fell over 4% in premarket trading after the company's third-quarter results.</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 was slightly down in premarket trading after the U.S. Department of Justice (DOJ) said the company needed to sell the Google 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">end search monopoly</a>.</li>



<li>Investors are awaiting earnings results from Deere &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>), BJ&#8217;s Wholesale Club Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>), and Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures surged in the early New York session, rising by 1.70% to hover around $69.92 per barrel.



The 10-year Treasury note yield edged lower to 4.394%.



Most of the major Asian markets ended in the red on Thursday, while European markets showed tentativeness in early trading.



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<li><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">Target Says Shoppers Wait For &#8216;Deals&#8217; A Day After Rival Walmart Credits Market Gains To Wealthy Households</a></li>
</ul>



Photo courtesy: Wikimedia

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US Futures Head Lower As Nvidia Earnings Fail To Impress Investors: Expert Says Market Weakness Is 'Perfectly Normal,' But Late November Rally Is Still Possible

Bitcoin hit $95,000 for the first time ever, following reports of a cryptocurrency-focused role in the incoming Donald Trump administration.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+2.73%</td><td>$94,794.86</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-0.98%</td><td>$3,083.96</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-0.87%</td><td>$0.3845</td></tr></tbody></table></figure>



What Happened: The leading cryptocurrency briefly surpassed the never-seen-before level overnight on Wednesday before rebounding.



With the latest uptick, Bitcoin's weekly gains jumped to nearly 5%, while its market dominance reached 60%. Its returns for November have shot past 33% already, against the historical average of 45%.&nbsp;



On the contrary, Ethereum, the second-largest cryptocurrency by market capitalization, slid below $3,100. It was down over 3.5% over the week.



Bitcoin's rally followed reports of a<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42098407/donald-trump-reportedly-eyeing-the-first-crypto-focused-role-in-the-white-house"> dedicated cryptocurrency role</a> in Trump's administration that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC.



Nearly $350 million in leveraged positions were liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $241 million.



Bitcoin's Open Interest (OI) surged 6.52% in the last 24 hours, implying heightened speculative interest among derivatives traders.



Most of the new bets favored Bitcoin's price increase as the number of long positions increased vis-à-vis shorts, according to the Long/Shorts Ratio.



Market sentiment remained in the "Extreme Greed" zone, as per the Cryptocurrency Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 7:45 p.m. ET)</td></tr><tr><td>Floki (FLOKI)</td><td>+14.94%</td><td>$0.0002822</td></tr><tr><td>UNUS SED LEO (LEO)</td><td>+6.46%</td><td>$8.47</td></tr><tr><td>Tezos (XTZ)</td><td>+5.35%</td><td>$1.08</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.12 trillion, following an increase of 1.32% in the last 24 hours.



Stocks traded mixed on Wednesday. The S&amp;P 500 ended the session flat, while the tech-heavy Nasdaq Composite slid 0.11% to close at 18,966.14. The Dow Jones Industrial Average



The Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.47. The S&amp;P 500 added 0.40% to close at 5,916.98. Meanwhile, the Dow Jones Industrial Average was the outlier, surging 139.53 points, or 0.32%, to end at 43,408.47.



Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares finished 0.76% lower ahead of third-quarter earnings, which eventually turned out to be<a href="https://www.benzinga.com/24/11/42099904/nvidia-q3-earnings-highlights"> better than expected</a>.



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



Analyst Notes: Noted cryptocurrency analyst Ali Martinez drew a parallel with Bitcoin's Dec. 2020 trajectory, observing a "nearly identical" Relative Strength Index (RSI).



"If true, BTC will go to $108,000, drop to $99,000, and bounce to $135,000," Martinez added.&nbsp;



<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/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> looks like it did in December 2020. Even the RSI is nearly identical. If true, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> will go to $108,000, drop to $99,000, and bounce to $135,000! <a href="https://t.co/hsIBWBVGnl">pic.twitter.com/hsIBWBVGnl</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1859250153292538180?ref_src=twsrc%5Etfw">November 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another widely-followed analyst, Rekt Capital, stated that Bitcoin dips from the previously broken resistance would mean a "post-breakout retest."



"These retests aren&#8217;t always necessary but BTC&#8217;s most recent downside wicking demonstrates that there is at least retesting intent in the price action," the analyst remarked.



<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> Any dips into the previously broken Range High (red) would constitute a post-breakout retest These retests aren&#39;t always necessary but BTC&#39;s most recent downside wicking demonstrates that there is at least retesting intent in the price action<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/r9YbUIg79C">https://t.co/r9YbUIg79C</a> <a href="https://t.co/uLIY7yXynz">pic.twitter.com/uLIY7yXynz</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1859316012228710472?ref_src=twsrc%5Etfw">November 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by SvetlanaParnikova on Shutterstock Read Next:    



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<li><a href="https://www.benzinga.com/general/education/24/11/42098422/heres-how-much-100-invested-in-cardano-today-could-be-worth-if-ada-hits-new-all-time-highs">Here&#8217;s How Much $100 Invested In Cardano Today Could Be Worth If ADA Hits New All-Time Highs</a></li>
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$DOGE

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Bitcoin Hits $95K For The First Time Ever, Ethereum, Dogecoin Flat As Trump's Crypto Policy Takes Shape: Top Analyst Describes BTC's Path To $135K

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings company MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) ended Wednesday as Wall Street&#8217;s second-most traded stock, as its large acquisitions of the world&#8217;s leading cryptocurrency piqued the market&#8217;s interest.



What happened: MicroStrategy recorded volumes of $33.27 billion, trailing only artificial intelligence (AI) juggernaut Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), according to data from TradingView.



In fact, at one point, MicroStrategy bettered Nvidia&#8217;s trading volume.



<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">Wow <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTR</a> is the most traded stock in America today.. to best <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> and <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> is crazy. It&#39;s been years since a stock has traded more than one of those two (it may have actually been <a href="https://twitter.com/search?q=%24GME&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GME</a> to last do it). It&#39;s also about double <a href="https://twitter.com/search?q=%24SPY&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPY</a>! Wild times.. <a href="https://t.co/bUr8nycMX3">pic.twitter.com/bUr8nycMX3</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1859278500399620528?ref_src=twsrc%5Etfw">November 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The Michael Saylor-led firm surpassed all other members of the &#8220;Magnificent 7&#8221; group, including Elon Musk's Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).



See Also: <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">Microstrategy&#8217;s Michael Saylor To Advocate For Bitcoin At Microsoft Board Meeting, Offers To Educate Rumble CEO As Well</a>



MicroStrategy accounted for nearly 64% of the trading activity of all Bitcoin-related equities on Wednesday. Additionally, funds tracking the daily performance of the MicroStrategy stock, like T-Rex 2X Long MSTR Daily Target ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/MSTU#BATS">MSTU</a>), logged higher volumes than spot Bitcoin ETFs.



Senior Bloomberg ETF Analyst Eric Balchunas stated that the $50 billion volume clocked by the "Bitcoin Industrial Complex" was the same as the average daily volume of the UK stock market.



<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">The Bitcoin Industrial Complex crushed their record today with $50b in volume (for context that&#39;s same as ADV of entire UK stock mkt). <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTR</a> alone was $32b of it. <a href="https://twitter.com/search?q=%24MSTU&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTU</a> and <a href="https://twitter.com/search?q=%24MSTX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTX</a> combined for $6b (which is more than all the spot btc ETFs, which were also elevated). What a scene. <a href="https://t.co/o63I8jr70T">pic.twitter.com/o63I8jr70T</a>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1859349948103524409?ref_src=twsrc%5Etfw">November 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: The spike in volumes comes amid MicroStrategy&#8217;s aggressive Bitcoin-buying strategy.



Earlier this week, the firm <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">announced an acquisition</a> of 51,780 Bitcoin for approximately $4.6 billion, one of its biggest purchases ever.&nbsp;



MicroStrategy currently holds 331,200 BTC, acquired at a total purchase price of approximately $16.5 billion, and worth over $31 billion at current market prices, <a href="https://bitcointreasuries.net/">according </a>to bitcointreasuries.net.



Price Action: Shares of MicroStrategy spiked 10% to close at $473.83 on Wednesday. Year-to-date, the stock was up nearly 584%, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.



Image via Shutterstock



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Michael Saylor's MicroStrategy Takes Wall Street By Storm, Becomes Second-Most Traded Stock After Nvidia

Editor&#8217;s note: This story has been updated with additional information.



NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) continued its streak of beating expectations with third-quarter revenue and earnings per share coming in ahead <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42068962/nvidia-q3-earnings-preview-analysts-expect-beat-n-raise-on-continued-data-center-strength">of Street estimates Wednesday</a>



Nvidia's Key Q3 Numbers:&nbsp;Nvidia reported third-quarter revenue of $35.1 billion, up 94% year-over-year, which beat a Street consensus estimate of $33.12 billion, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112024&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The company reported earnings per share of 81 cents, which beat Street consensus estimate of 75 cents per share.



The company beat analyst estimates for revenue in nine straight quarters.



The company beat analyst estimates for earnings per share in eight straight quarters.



Analysts and <a href="https://www.benzinga.com/tech/24/11/42093025/will-nvidia-deliver-a-blowout-beat-in-q3-poll-says-maybe-not-but-over-half-see-stock-clearing-150">Benzinga readers predicted</a> Nvidia would meet or exceed third-quarter expectations ahead of the report.



&#8220;What&#8217;s your boldest prediction for Nvidia&#8217;s earnings report on Wednesday?&#8221; Benzinga asked readers.



The results were:



<ul>
<li>Meets expectations: 45%</li>



<li>Blowout beat: 42%</li>



<li>Misses expectations: 13%</li>
</ul>



The majority of Benzinga readers expected the company to meet or beat the estimates from analysts. While more readers expected the company to meet estimates, 42% believed the company would beat estimates Wednesday.



Read Also: <a href="https://www.benzinga.com/news/large-cap/24/11/42094649/nvidia-stock-historically-drops-in-december-after-q3-earnings">Nvidia Stock Historically Drops In December After Q3 Earnings</a>



Nvidia&#8217;s Q3 Performance By Segment:&nbsp;The data center business posted a quarterly record for revenue in the third quarter. 



Here is a look at the revenue performance by operating business segment.



<figure class="wp-block-table"><table><tbody><tr><td>Segment</td><td>Revenue</td><td>Year-over-Year change</td><td>Quarter-over-Quarter change</td></tr><tr><td>Data Center</td><td>$30.8 billion</td><td>+112%</td><td>+17%</td></tr><tr><td>Gaming &amp; AI PC</td><td>$3.3 billion</td><td>+15%</td><td>+14%</td></tr><tr><td>Professional Vizualization</td><td>$486 million</td><td>+17%</td><td>+7%</td></tr><tr><td>Auto</td><td>$449 million</td><td>+72%</td><td>+30%</td></tr></tbody></table></figure>



&#8220;The age of AI is in full steam, propelling a global shift to NVIDIA computing,&#8221; Nvidia CEO Jensen Huang said. 



&#8220;Demand for Hopper and anticipation for Blackwell — in full production — are incredible as foundation model makers scale pretraining, post-training and inference.



Huang said countries have &#8220;awakened to the importance&#8221; of AI. 



&#8220;AI is transforming every industry, company and country. Enterprises are adopting agentic AI to revolutionize workflows. Industrial robotics investments are surging with breakthroughs in physical AI.&#8221; 



Nvidia Q4 Outlook:&nbsp;Nvidia said it expects fourth-quarter revenue to be $37.5 billion plus or minus 2%.



The company said Blackwell production shipments are scheduled to begin in the fourth quarter of 2025 and will ramp into fiscal 2026. Nvidia said there is a continued demand for Hopper and the initial ramp of Blackwell. Both are seeing &#8220;certain supply constraints,&#8221; but the company said it was working as hard as it could to ramp up supply. 



Demand for the Blackwell greatly exceeds supply and the Blackwell guidance remains on track, the company said. Nvidia expects Blackwell margins to be in mid-70s% when ramped. "Demand for our infrastructure is really great," Huang said. "Will deliver more Blackwells this quarter than previously estimated."



Demand for Blackwell is expected to exceed supply for several quarters in fiscal 2026, the company said.



Earnings Call Highlights: Nvidia executives told investors that Blackwell is "in full production" with customers racing to be the first to market with the company's new product.



The company said the pipeline continues to build and enterprise AI and industrial AI are accelerating. 



Nvidia's gaming segment had a "great quarter" in the third quarter with strong back-to-school sales, the company added. The company said the channel inventory for gaming remains healthy and Nvidia is gearing up for the holiday shopping season.



What's Next: With the chance of an earnings beat, Benzinga recently asked readers about their expectations for the stock if Nvidia blows out earnings estimates.



&#8220;If Nvidia shatters expectations, how high could its stock go by the end of 2024?&#8221; Benzinga asked.



The results were:



<ul>
<li>$150 to $180: 55%</li>



<li>$180 to $200: 26%</li>



<li>Above $200: 18%</li>
</ul>



Benzinga readers predicted the stock will hit new all-time highs if third-quarter results come in ahead of analyst estimates.



If the stock goes higher, CEO Huang will continue to benefit as one of the key shareholders of the stock. Huang&#8217;s <a href="https://www.benzinga.com/general/education/24/10/41355157/jensen-huang-inches-closer-to-top-10-richest-people-in-the-world-heres-how-much-more-he-needs-h" target="_blank" rel="noreferrer noopener">wealth soared</a> to $128 billion in 2024, ranking 11th in the world according to <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noreferrer noopener">Bloomberg</a>.



Huang added $84.3 billion to his wealth and is around $17 billion away from cracking the top 10 richest people in the world milestone. If shares continue to trade higher to the end of the year, this milestone could be within reach.



NVDA Price Action: Nvidia stock is down 2.7% to $141.93 in after-hours trading Wednesday versus a 52-week trading range of $45.01 to $149.76. The stock closed Wednesday down 0.8% to $145.89. Nvidia stock was up over 200% year-to-date ahead of Wednesday&#8217;s earnings report



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<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Nvidia Q3 2024 Earnings Call With Jensen Huang &#x7C; $NVDA" width="500" height="281" src="https://www.youtube.com/embed/u4Nt596Ozak?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Nvidia CEO Jensen Huang. Photo courtesy of Nvidia.

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Nvidia Beats Q3 Revenue, EPS Estimates, Supply Constraints Ding Stock: Huang Says 'Age Of AI Is In Full Steam' (UPDATED)

Archegos Capital Management founder Bill Hwang was sentenced on Wednesday to 18 years in prison for fraud and market manipulation tied to the fund's <a href="https://www.benzinga.com/news/24/05/38718096/bill-hwangs-trial-begins-over-archegos-fund-collapse-what-to-expect">dramatic collapse in 2021.&nbsp;</a>



The Details: Hwang was sentenced by U.S. District Judge Alvin Hellerstein in New York to slightly less time than the 21 years prosecutors had sought in the case. 



Hwang's lawyers had asked that he be given no prison time at all and Hwang asked the judge on Wednesday to impose a sentence that would allow him to continue to serve society. He also said that he felt "deep pain" about what happened at Archegos, according to a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-20/archegos-founder-bill-hwang-sentenced-to-18-years-in-prison?sref=TBDibEcD">report.</a>



Read More: <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>



Hellerstein said Hwang's request for no jail time was "utterly ridiculous" considering the amount of money involved. 



"The amount of losses that were caused by your conduct are larger than any amount of losses I've deal with as a judge," Hellerstein said.



The judge also compared Hwang to FTX founder Sam Bankman-Fried, who received a 25-year sentence for fraud.



"What was worse? Mr. Bankman-Fried's fraud or Mr. Hwang's fraud?" Hellerstein asked.



The jury found that Hwang directed Archegos staff to relay that the firm had large positions in companies such as Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>). Archegos actually invested heavily in a small group of stocks that could be more easily manipulated. 



The collapse at Archegos contributed <a href="https://www.benzinga.com/news/22/11/29835374/troubled-lender-credit-suisse-flags-massive-loss-for-q4-as-it-speeds-up-turnaround-plans">to the demise </a>of Credit Suisse Group AG and rippled through Wall Street causing significant losses at Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), Nomura Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NMR#NYSE">NMR</a>) and other banks.



Former Archegos CFO Patrick Halligan was convicted alongside Hwang earlier in 2024 and will be sentenced separately in January.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/movers/24/11/41949068/bitcoin-could-reach-1-million-by-2037-economist-says-buy-of-a-lifetime-opportunity">Bitcoin Could Reach $1 Million By 2037, Economist Says: &#8216;Buy Of A Lifetime&#8217; Opportunity</a></li>
</ul>



Photo: Shutterstock

MSFT

Hedge Funder Linked To Credit Suisse Collapse Gets 18 Year Prison Sentence For Fraud, Market Manipulation

President-elect Donald Trump&#8217;s transition team is considering creating the first-ever White House role dedicated to cryptocurrency policy, signaling a potential shift in the <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41770352/bitcoins-future-under-president-elect-donald-trump-a-look-at-his-crypto-policies">U.S. government&#8217;s approach to digital assets</a>.



What Happened: The Trump transition team is evaluating candidates for a role that would act as a bridge between the White House, Congress, and regulatory agencies like the SEC and CFTC. 



Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-11-20/trump-team-mulls-creating-first-ever-white-house-crypto-role?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto">reported</a> on Wednesday that while the exact nature of the position remains unclear, industry advocates are pushing for direct access to Trump.



The creation of this position aligns with Trump's campaign promises to overhaul crypto regulation, including <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">replacing SEC Chair Gary Gensler</a> and forming a new crypto advisory council.



Key industry players are already vying for influence. 



Brian Brooks, a former executive at Coinbase and Binance.US, met with Trump at Mar-a-Lago, while Coinbase CEO Brian Armstrong reportedly held discussions with the president-elect this week.



Also Read: <a href="https://www.benzinga.com/24/11/42071926/a-hedge-fund-hit-big-on-trumps-rumored-crypto-acquisition-and-is-up-1415-million">A Hedge Fund Hit Big On Trump&#8217;s Rumored Crypto Acquisition And Could Be Up $14.15 Million</a>



Why It Matters: Trump's connection to the crypto industry runs deep. 



During his campaign, he promised substantial reforms and frequently engaged with Bitcoin mining firms and exchange executives. 



In July, he even addressed a Bitcoin conference, further solidifying his interest in the sector by stating he will <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done">U.S. the crypto capital of the planet.</a>



Beyond policy, Trump has made personal forays into the crypto space, including the <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40623221/donald-trumps-fourth-nft-collection-has-generated-over-2m-in-sales-in-just-1-day">release of his fourth NFT collection</a>. 



His media venture, Trump Media &amp; Technology Group, has also <a href="https://www.benzinga.com/general/social-media/24/11/42048594/trump-digs-deeper-into-cryptocurrency-bakkt-shares-soar-on-reported-interest-from-president-elects-media-company">expressed interest in acquiring Bakkt Holdings</a>, a company specializing in crypto custody and trading.



Meanwhile, private equity billionaire Marc Rowan, a potential Treasury Secretary pick, admitted <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42091821/could-donald-trumps-potential-treasury-secretary-be-out-of-his-depth-on-crypto-policy-polymarket-traders-just-cant-decide-on-a-favorite">limited expertise in crypto's role</a> within the U.S. financial system, indicating the potential significance of a dedicated crypto-focused role.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42027183/michael-saylor-predicts-bitcoin-boom-says-100k-on-the-horizon">Michael Saylor Predicts Bitcoin Boom, Says $100K On The Horizon</a></li>
</ul>



Image: Shuterstock

Donald Trump Reportedly Eyes First Crypto-Focused Role In The White House

Federal Reserve Governor Michelle W. Bowman cautioned on Wednesday that inflation remains a significant concern and suggested that interest rates may already be closer to a &#8220;neutral&#8221; <a href="https://www.benzinga.com/topic/interest-rates">level than policymakers currently realize. </a>



Speaking at the Forum Club of the Palm Beaches in West Palm Beach, Bowman indicated the need for caution in lowering rates further, citing risks of prematurely fueling demand and reigniting inflationary pressures.



<h3 class="wp-block-heading">Inflation Progress Stalling, Labor Market Still Strong</h3>



While inflation has cooled since early 2023, Bowman highlighted that progress has &#8220;stalled in recent months.&#8221; 



"My view is that inflation remains a concern, and I continue to see price stability as essential for fostering a strong labor market and an economy that works for everyone in the longer term," Bowman said.



She hinted that moving rates down too aggressively could risk stoking demand unnecessarily, potentially reversing inflation gains.



Bowman also indicated that unemployment has risen compared to a year ago but remains historically low and below estimates of full employment. 



She attributed October's mixed job report to special factors like hurricanes and the Boeing strike, stating that underlying payroll growth appears steady.



"Payroll employment continued to increase in October at a pace close to the average monthly gain seen in the second and third quarters," Bowman said.



<h3 class="wp-block-heading">Proximity To &#8216;Neutral Rate&#8217; Requires Cautious </h3>



According to Bowman, the neutral policy rate—the level at which monetary policy neither stimulates nor restricts economic activity—may now be higher than pre-pandemic estimates.



"We may be closer to a neutral policy stance than we currently think. I would prefer to proceed cautiously in bringing the policy rate down to better assess how far we are from the endpoint," Bowman said.



At the Federal Reserve&#8217;s September meeting, policymakers lowered the federal funds rate by 50 basis points to a range of 4.75%-5.00%. 



Bowman surprisingly dissented, advocating for a smaller 25-basis-point cut due to concerns that a larger move might be perceived as a &#8220;premature declaration of victory&#8221; on inflation. 



Her dissent marked the first such vote by a Fed Board member in nearly 20 years.



At the November meeting, Bowman supported the 25-basis-point rate reduction, aligning with the Committee's flexible, data-dependent approach.



&#8220;I am pleased that the November post meeting statement included a flexible, data-dependent approach, providing the Committee with optionality in deciding future policy adjustments,&#8221; she said. 



<h3 class="wp-block-heading">Market Reactions</h3>



Bowman's comments have further dampened expectations for a December rate cut.



Market-implied odds of a 25-basis-point cut fell sharply to 55%, down from 82% just a week ago, according to the CME FedWatch Tool. Traders have recalibrated their bets after a series of more cautious signals from Fed officials over the past week.



Last Thursday, Federal Reserve Chair Jerome Powell <a href="https://www.benzinga.com/news/treasuries/24/11/41993899/powells-hawkish-remarks-shake-markets-stocks-fall-dollar-rockets-bitcoin-dips">surprised markets</a> by stating that the robust U.S. economy gives the Fed &#8220;no need to be in a hurry&#8221; to lower rates. This marked a notable shift from his more dovish tone during the November meeting press conference.



Risk assets continued to struggle on Wednesday. The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) dropped 0.6% by midday, deepening earlier losses, while the 10-year Treasury yield ticked up 2 basis points to 4.42%.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/24/11/42075235/feds-schmid-rising-us-national-debt-could-push-interest-rates-higher">Runaway National Debt Could Push Interest Rates Higher: Fed&#8217;s Schmid</a></li>
</ul>



Image created using Midjourney with a photo from Wikimedia.

Macro Economic Events

Broad U.S. Equity ETFs

Econ #s

Fed's Bowman Warns On Inflation, Says Neutral Interest Rates May Be Closer 'Than We Currently Think'

Muddy Waters Research&nbsp;founder&nbsp;Carson Block&nbsp;announced a new short position in E.l.f. Beauty, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) at the Sohn conference on Wednesday, which sent shares of the cosmetics company tumbling. Here&#8217;s a look at why the short seller is <a href="https://www.benzinga.com/quote/ELF">betting against E.L.F.</a>



What To Know: Short seller Muddy Waters released a report Wednesday alleging that E.L.F. has overstated its revenue over the last three quarters by approximately $135 million to $190 million.



&#8220;We believe that in Q2 FY24, ELF management realized its growth narrative was in trouble as its inventory built. It appears that ELF then began reporting inflated revenue and profits,&#8221; the short seller said.



Benzinga has reached out to E.L.F. Beauty for comment on the Muddy Waters report. 



Muddy Waters&#8217; thesis is centered on import data that it received from U.S. Customs and Border Protection that appears to show that E.L.F&#8217;s imports are down significantly in recent quarters.



Despite significant declines in imports and <a href="https://www.benzinga.com/news/earnings/24/10/41653721/est-e-lauder-q1-earnings-china-uncertainty-hits-beauty-giant-withdraws-fy25-outlook-stock-tanks">broader weakness</a> across the cosmetics industry, E.L.F. continues to report strong growth, the short seller said. 



Check This Out: <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42092578/oklo-stock-slides-as-short-seller-sets-sights-on-altman-backed-nuclear-startup">Oklo Stock Slides As Short Seller Sets Sights On Altman-Backed Nuclear Startup</a>



E.L.F. reported <a href="https://www.benzinga.com/news/earnings/24/11/41787821/e-l-f-beauty-stock-soars-after-strong-q2-earnings-beat-details">second-quarter results</a> about two weeks ago. The company delivered 40% sales growth driven by 91% growth internationally. The company also said it gained 195 basis points of U.S. market share during the period.



Muddy Waters said the numbers are inflated. The short seller highlighted a change in sourcing practices from last year in which E.L.F. claimed inventory build was driven by a change of where it takes ownership of imports from Canada to China.



&#8220;This purported change supposedly blew out inventory because ELF was now including product on the water. We disagree. ELF's claim it changed sourcing practices strikes us as categorically false,&#8221; Muddy Waters said. 



The short seller said it spoke with a former China-side manager for E.L.F., as well as three of the company&#8217;s largest suppliers, and determined that E.L.F&#8217;s longstanding practice has been to take title of goods on the China side. 



&#8220;Therefore, ELF's reported inventory build was seemingly due to insufficient sales – not a change in buying practices. This also strongly indicates that ELF was deceiving its auditor at that point (if not earlier), which is a major red flag,&#8221; Muddy Waters said. 



The short seller also noted that CEO Tarang Amin&#8217;s average monthly share sales were $4.3 million from January 2023 through June 2023, just before the company reported the inventory accounting adjustment. From July 2023 through September 2024, Amin&#8217;s average monthly share sales climbed to $7.5 million, according to Muddy Waters.



ELF Price Action: E.L.F. Beauty shares were down 9.14% at $110.58 at the time of publication Wednesday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42096714/target-margins-and-inventory-issues-raise-analyst-caution-after-weak-q3-performance">Target Margins And Inventory Issues Raise Analyst Caution After Weak Q3 Performance</a></li>
</ul>



Photo via Shutterstock.

Short Sellers

Short Ideas

Muddy Waters' Carson Block Bets Against E.L.F. Beauty: Short Seller Says Retailer's Financials Show 'Major Red Flag'

Investor sentiment remained subdued on Wednesday as escalating geopolitical tensions weighed on risk assets ahead of the week&#8217;s most anticipated event: Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) third-quarter earnings report, set to be <a href="https://www.benzinga.com/tech/24/11/42093025/will-nvidia-deliver-a-blowout-beat-in-q3-poll-says-maybe-not-but-over-half-see-stock-clearing-150">released after market close.</a>



The market mood deteriorated further after multiple outlets confirmed Ukraine&#8217;s deployment of U.K.-made Storm Shadow missiles into Russian territory, a day after launching U.S.-supplied ATACMS missiles.



The CBOE Volatility Index (VIX), widely regarded as a barometer of market anxiety, spiked over 9%, underscoring rising apprehension among investors. 



Major U.S. indices were in the red, with the tech-heavy Nasdaq 100 leading losses as technology stocks bore the brunt of the sell-off.



The U.S. dollar resumed its upward trajectory, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), a proxy for the greenback&#8217;s strength, climbing 0.7%. Safe-haven demand also bolstered gold, which advanced 0.7%, reflecting investors&#8217; flight to safety.



Meanwhile, natural gas emerged as the standout performer among commodities, surging over 6% on the day.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) defied the risk-off sentiment, climbing over 2% to hit a fresh intraday all-time high of $94,989. This propelled its year-to-date gains to an astonishing 123%. 



<h1 class="wp-block-heading">Wednesday&#8217;s Performance In Major 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>Dow Jones</td><td>43,198.51</td><td>-0.2%</td></tr><tr><td>S&amp;P 500</td><td>5,886.96</td><td>-0.5%</td></tr><tr><td>Russell 2000</td><td>2,311.30</td><td>-0.6%</td></tr><tr><td>Nasdaq 100</td><td>20,544.18</td><td>-0.7%</td></tr><tr><td>CBOE VIX</td><td>17.94</td><td>9.7%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:30 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>) fell 0.5% to $587.21.</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;fell 0.2% to $432.04.</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>) fell 0.6% to $500.28.</li>



<li>The&nbsp;iShares Russell 2000 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.5% to $229.57.</li>



<li>The&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) outperformed, falling 1%. The&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, down 1%.</li>
</ul>



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



<ul>
<li>Target Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) fell 22% in reaction to a negative earnings report. </li>



<li>Other stocks reacting to earnings included Keysight Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEYS#NYSE">KEYS</a>), up 5.7%; XP Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XP#NASDAQ">XP</a>), down 6%; Dolby Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLB#NYSE">DLB</a>), up 14%; TJX Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>), down 0.3% and Williams-Sonoma Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>), up 30%.</li>



<li>Apart Nvidia, other large-cap tech companies releasing earnings results after the call are Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) and Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>). </li>
</ul>



Read Now:



<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/42094649/nvidia-stock-historically-drops-in-december-after-q3-earnings">Nvidia Stock Historically Drops In December After Q3 Earnings</a></li>
</ul>



Photo: Shutterstock

Analyst Color

Large Cap

Forex

KEYS

TSX:XL

Stocks Fall Ahead Of Nvidia Earnings, Dollar Resumes Gains, Bitcoin Reaches New Record Highs: What's Driving Markets Wednesday?

Streaming giant Netflix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) could be facing several lawsuits after shattering records from its highly anticipated boxing match between Jake Paul and Mike Tyson, which saw Paul named the victor <a href="https://www.benzinga.com/general/sports/24/11/41985523/paul-vs-tyson-boxing-match-how-to-watch-betting-odds-what-the-stats-say-and-more">via unanimous decision.</a>



What Happened: Netflix had a problem that most streamers would love to have on Friday. The company had so many people trying to watch its live boxing event that the <a href="https://www.benzinga.com/general/sports/24/11/42042640/netflix-crash-hits-jake-paul-mike-tyson-fight-can-streaming-platform-handle-christmas-day-nfl-action">site was crashing</a> for viewers around the world.



While the good problem to have could mean a boost in subscribers for the current fourth quarter and a boost to advertising revenue from its ad-supported customers, Netflix is facing at least one lawsuit over tech hiccups.



A lawsuit has been filed in Florida by Netflix customer Ronald "Blue" Denton, as <a href="https://www.foxnews.com/sports/netflix-subscribers-sue-company-breach-contract-over-poor-quality-mike-tyson-jake-paul-fight">reported </a>by Fox News. The lawsuit alleges "breach of contract" by Netflix and was first reported by <a href="https://www.tmz.com/2024/11/19/netflix-sued-tyson-paul-stream-issues/">TMZ</a>.



Netflix said the fight was watched by more than 108 million viewers globally to become the "most-streamed sporting event ever," while also acknowledging the tech difficulties that some customers had. The event peaked at 65 million concurrent households in the U.S. watching with an estimated 56% of all U.S. TV traffic from 12 a.m. ET to 1 a.m. ET watching the Netflix fight.



"This unprecedented scale created many technical challenges, which the launch team tackled brilliantly by prioritizing stability of the stream for the majority of viewers," Netflix executive Elizabeth Stone said.



Stone said the event was "a huge success," while acknowledging there was room for improvement.



The hashtag #NetflixCrash trended on social media platform X Friday and more than one million people around the world, from 50 countries, reported issues with their stream according to DownDetector. 



TechCrunch&nbsp;<a href="https://techcrunch.com/2024/11/16/jake-paul-vs-mike-tyson-fight-shows-netflix-still-struggles-with-live-events/" target="_blank" rel="noreferrer noopener">said&nbsp;</a>11 p.m. ET was the peak time for issues, and around 530,000 U.S. customers reported issues with their stream.



The class action lawsuit asks for unspecified damages. It will be interesting to see if other subscribers join the fight against Netflix.



Benzinga reached out to Netflix for comment and will update the story accordingly.



Read Also: <a href="https://www.benzinga.com/news/earnings/24/10/41391637/netflix-q3-earnings-revenue-beats-eps-tops-q4-guidance-projects-subscriber-boost-from-squid-game-nf">Netflix Q3 Earnings: Revenue Beats, EPS Tops, Q4 Guidance Projects Subscriber Boost From &#8216;Squid Game,&#8217; NFL, And Boxing</a>



Why It's Important: While Netflix faces at least one lawsuit over the live boxing event, the company and others could be on the hook for more depending on any lawyers or subscribers who want to take on larger corporations.



Unlike the last fight Tyson took part in, which was an exhibition, his fight with Paul was sanctioned and sportsbooks took bets on the match.



With huge amounts wagered on the fight and the match ending in a draw that looked at times like Paul wasn't going 100%, there could be potential lawsuits against the Texas Department of Licensing and Regulation (TDLR), Netflix, and other parties.



"It wouldn't shock me one bit to see a lawsuit filed on this fight," Sports attorney Dan Lust of Moritt Hock &amp; Hamroff <a href="https://nypost.com/2024/11/19/sports/jake-pauls-curious-comments-after-beating-mike-tyson-create-lawsuit-possibilities-sports-lawyer-reveals-why/">told </a>the New York Post.



Paul's comments after the fight could even make a lawsuit more of a reality with the younger boxer and winner of the match saying he "didn't want to hurt someone that didn't need to be hurt."



Paul admitted to taking his foot off the pedal saying that he "wanted to give the fans a show."



"I could just tell that his age was showing a little bit and I just have so much respect for him and that violence, war thing between us … kind of went away as the rounds went on," Paul added.



Lust, who is also a Law Professor at new York Law School, said the betting lines saw more action on a knockout to be the fight outcome than other outcomes like the ultimate winning bet of a decision.



"Paul taking bows and not fighting to the last minute, the optics are just odd," Lust added.



Lust said he would not be shocked if there was a class action lawsuit concerning the outcome of the fight and Paul not going 100%.



"It's not on me to form one, but I wouldn't be surprised to see one."



Lust said that while lawsuits against sportsbooks don't typically win, the fact that Paul and Tyson wouldn't get paid unless they fought, despite Tyson's later disclosed injuries from earlier in the year, could add to a more likely favorable outcome for bettors suing.



The current class action lawsuit and potential for more suits comes as Netflix has a quick turnaround to make sure its tech can handle huge viewership for live events again next month.



Netflix is set to stream two NFL games on Christmas Day with matchups between the Kansas City Chiefs and Pittsburgh Steelers and between the Baltimore Ravens and Houston Texans. The streaming company recently announced that Beyoncé will perform during halftime of the Ravens and Texans game.



The Chiefs have dominated television ratings for NFL games this season, being <a href="https://x.com/NFLMedia/status/1859250489222676973">involved</a> in four of the five most-watched 2024 games. The combination of the Chiefs playing in the first game and a halftime show from Beyoncé could see strong viewership for Netflix live events in the future.



NFLX Price Action: Netflix stock is up 1.05% to $880.46 on Wednesday versus a 52-week trading range of $445.73 to $890.60. Netflix stock is up 87% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/sports/24/11/42027257/mike-tyson-discloses-near-death-experience-before-jake-paul-fight">Mike Tyson Discloses Near-Death Experience Before Jake Paul Fight</a></li>
</ul>



Photos: Unsplash; Courtesy of Netflix

Sports Betting

Sports

NFLX

Netflix Faces Class-Action Lawsuit Over Streaming Crashes During Jake Paul, Mike Tyson Fight

December has historically been a challenging month for Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) investors. Seasonal statistics reveal that the semiconductor giant often enters a temporary bearish phase following its <a href="https://www.benzinga.com/quote/NVDA/news">third-quarter earnings report.</a>



Historical data reveals that while Nvidia often delivers positive third-quarter earnings, December tends to be a negative month for its stock.



<h3 class="wp-block-heading">December Is Nvidia&#8217;s Toughest Month In The Last Decade</h3>



Seasonal analysis over the past decade clearly shows that December is statistically the weakest month for Nvidia&#8217;s stock.



On average, Nvidia shares have fallen 1.84% in December, the largest decline in all months.



Only four of the past ten years, or 40% of the time, has Nvidia closed December in positive territory.



The most dramatic December decline occurred in 2022, when shares dropped 13.64%. 



Conversely, Nvidia&#8217;s best December performance was in 2016, with a remarkable 15.77% gain. While the December struggles are notable, they are temporary, as Nvidia typically rebounds strongly in the first quarter of the following year.



From January to March, Nvidia&#8217;s stock posts average gains of 5.5%, 9.5%, and 6.0%, respectively, with May standing out as the strongest month, boasting an average return of 13.91%.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="428" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20100838/image-212-1024x428.png" alt="" class="wp-image-657080" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20100838/image-212-1024x428.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20100838/image-212-300x125.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20100838/image-212-768x321.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20100838/image-212-1536x642.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20100838/image-212.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: TradingView</figcaption></figure>



<h3 class="wp-block-heading">Nvidia&#8217;s December Struggles Are Not Earnings-Driven</h3>



At first glance, traders might assume that Nvidia&#8217;s December challenges stem from negative market reactions to its third-quarter earnings, which are typically released in mid-November. 



However, historical data disproves this theory. 



Nvidia&#8217;s one-day performance following third-quarter earnings has been broadly positive over the last decade, with shares gaining an average of 2.57% in the session immediately after the report.



For instance, Nvidia shares surged 29.81% after third-quarter earnings in 2016 and gained 13.86% in 2015. While there have been isolated post-earnings declines—such as an 18.76% plunge in 2018—most one-day reactions have been positive, suggesting that Nvidia&#8217;s December woes are not directly tied to earnings.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Year</th><th>Q3 Earnings Date</th><th>1-Day Reaction</th></tr></thead><tbody><tr><td>2023</td><td>Nov. 21</td><td>-2.46%</td></tr><tr><td>2022</td><td>Nov. 16</td><td>-4.54%</td></tr><tr><td>2021</td><td>Nov. 17</td><td>8.25%</td></tr><tr><td>2020</td><td>Nov. 18</td><td>0.09%</td></tr><tr><td>2019</td><td>Nov. 14</td><td>-2.67%</td></tr><tr><td>2018</td><td>Nov. 15</td><td>-18.76%</td></tr><tr><td>2017</td><td>Nov. 9</td><td>5.27%</td></tr><tr><td>2016</td><td>Nov. 10</td><td>29.81%</td></tr><tr><td>2015</td><td>Nov. 5</td><td>13.86%</td></tr><tr><td>2014</td><td>Nov. 6</td><td>-2.13%</td></tr></tbody></table></figure>



<h3 class="wp-block-heading">The Real Cause: Year-End Profit-Taking</h3>



The persistent December weakness appears to be a product of profit-taking behavior rather than disappointing earnings. Nvidia has historically delivered stellar year-to-date returns, often enticing investors to lock in gains before year-end.



Over the past decade, an investor who purchased $100 of Nvidia stock on Jan. 1 would, on average, have seen their investment grow to $188 by the end of November, representing an 88% return in the first 11 months of the year. 



Such robust performance likely prompts many investors to sell shares in December to secure profits, leading to downward pressure on Nvidia&#8217;s stock.



The trend of profit-taking is particularly understandable in years like 2023, when Nvidia became a poster child of the artificial intelligence (AI) boom. By November, shares had already rallied by more than 240%, fueled by unprecedented demand for GPUs powering AI applications. 



In such cases, the risk of holding Nvidia into December outweighs the potential reward, driving many investors to reduce their positions.



Read Next:



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<li><a href="https://www.benzinga.com/markets/24/11/42051894/why-nvidia-earnings-may-trigger-massive-s-p-500-volatility">Why Nvidia Earnings May Trigger Massive S&amp;P 500 Volatility</a></li>
</ul>



Photo: Shutterstock

Nvidia Stock Historically Drops In December After Q3 Earnings

Shares of Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) traded relatively flat on Wednesday as the company hosted its Investor Day, an event designed to provide institutional investors with insights into Delta's future prospects. Ahead of the event, Delta <a href="https://www.benzinga.com/24/11/42087211/delta-charts-its-path-to-high-margins-and-shareholder-gains-at-2024-investor-day">reaffirmed its recent guidance.</a>



A classic Japanese Candlestick pattern has formed on the chart. This is why our team of technical analysts has made it our Stock of the Day.



Candlestick charting, a technique developed by Japanese rice traders over 700 years ago, remains remarkably relevant today. The same patterns those traders analyzed centuries ago are still used by market participants around the world.



Chart patterns are graphical illustrations of the psychology of the traders and investors trading the security on the chart. And while many things have changed in seven centuries, one thing that hasn't is human psychology.



Tuesday&#8217;s trading created a &#8220;Bullish Engulfing Pattern, &#8221; which suggests that the shares may be about to trend higher.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="528" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20114459/dal-1024x528.webp" alt="" class="wp-image-657321" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20114459/dal-1024x528.webp 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20114459/dal-300x155.webp 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20114459/dal-768x396.webp 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20114459/dal-1536x792.webp 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20114459/dal.webp 1590w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Sometimes, a market&#8217;s leadership can change from bears to bulls over an extended period of time. But other times, the leadership can change in one day. This is what a Bullish Engulfing pattern illustrates.



On Tuesday morning, it looked like the recent downtrend was going to continue, as shares opened lower than Monday's closing price.



Read Also: <a href="https://www.benzinga.com/24/11/42076876/what-could-trumps-new-dot-pick-mean-for-evs-airlines-railroads">What Trump&#8217;s DOT Pick Could Mean For EVs, Airlines, Railroad Stocks</a>



By the close on Tuesday, things looked very different.



Buyers entered the market and overpowered the sellers. By the end of the day, they had pushed the shares higher. The closing price on Tuesday was higher than the opening price on Monday.



As you can see on the chart, this price action engulfed Monday's trading range. The bulls had taken over.



Technical analysis has a dubious reputation. Like many things on Wall Street, it is widely misunderstood. Some think it is analogous to astrology or reading tea leaves.



But if applied correctly, technical analysis is the study of investor and trader psychology.



Although many things have changed since the markets formed centuries ago, human psychology has remained the same. This is why the same patterns have appeared on charts for hundreds of years and will continue to do so in the future.



Read Next: 



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Photo: Shutterstock

Technicals

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Stock Of The Day: Delta Air Lines Bullish Pattern Suggests Upside Ahead

NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is set to capture the attention of investors around the world when it reports third-quarter financial results after the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42068962/nvidia-q3-earnings-preview-analysts-expect-beat-n-raise-on-continued-data-center-strength">market closes on Wednesday.</a>



Here's a look at how Benzinga readers feel ahead of the highly anticipated report.



What Happened: Nvidia may have been<a href="https://www.benzinga.com/general/social-media/24/03/37879478/humble-beginnings-like-nvidia-reddit-was-founded-inside-a-restaurant"> founded in a Denny's restaurant</a> with humble beginnings. Today, the company is the most valuable in the world, worth $3.61 trillion.



Benzinga readers think the stock could be heading higher if third-quarter earnings are strong.



Analysts expect the technology giant to report third-quarter revenue of $33.12 billion on Wednesday, Nov. 20&nbsp;<a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">after market close.</a>



That's up from $18.12 billion in last year&#8217;s third quarter, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112024&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">&nbsp;from Benzinga Pro.</a>



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



Analysts expect third-quarter earnings per share of 75 cents. That's up from 40 cents per share in last year&#8217;s third quarter. The company beat analyst estimates for earnings per share in seven straight quarters and eight of the last 10 quarters.



<a href="https://www.benzinga.com/news/earnings/24/08/40613050/nvidia-q2-earnings-guidance-top-street-view-as-ai-fuels-record-data-center-revenue-gross-margin-fal" target="_blank" rel="noreferrer noopener">Guidance from the company</a>&nbsp;calls for third-quarter revenue to be $32.5 billion plus or minus 2%.



"What's your boldest prediction for Nvidia's earnings report on Wednesday?" Benzinga asked readers.



The results were:



<ul>
<li>Meets expectations: 45%</li>



<li>Blowout Beat: 42%</li>



<li>Misses expectations: 13%</li>
</ul>



The majority of Benzinga readers expect the company to meet or beat the estimates from analysts. While more readers expect the company to meet estimates, 42% believe the company will beat estimates Wednesday.



On X, Benzinga <a href="https://x.com/Benzinga/status/1858533756950163533">polled </a>followers with a similar question.



"Will $NVDA beat or miss earnings?" Benzinga asked.



The results were:



<ul>
<li>Beat: 73.8%</li>



<li>Miss: 26.2%</li>
</ul>



A larger majority of Benzinga followers on X expect the company to beat estimates, with the caveat that there was no option for meet and it was strictly guessing a beat or a miss.



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



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



What's Next: With the chance of an earnings beat, Benzinga also asked about their expectations for the stock if Nvidia blows out earnings estimates.



"If Nvidia shatters expectations, how high could its stock go by the end of 2024?" Benzinga asked.



The results were:



<ul>
<li>$150 to $180: 55%</li>



<li>$180 to $200: 26%</li>



<li>Above $200: 18%</li>
</ul>



Nvidia shares closed at $147.01 on Tuesday and have traded between $45.01 and $149.76. They are up over 200% year-to-date.



Benzinga readers see the stock hitting new all-time highs if third-quarter results come in ahead of analyst estimates.



If the stock goes higher, Nvidia CEO Jensen Huang would continue to benefit as one of the key shareholders of the stock. Huang's <a href="https://www.benzinga.com/general/education/24/10/41355157/jensen-huang-inches-closer-to-top-10-richest-people-in-the-world-heres-how-much-more-he-needs-h">wealth has soared</a> to $128 billion in 2024, ranking 11th in the world according to <a href="https://www.bloomberg.com/billionaires/">Bloomberg</a>.



Huang has added $84.3 billion to his wealth and is around $17 billion away from cracking the top 10 richest people in the world milestone. If shares continue to trade higher to the end of the year, this milestone could be within reach.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/social-media/24/11/41912771/trump-presidency-magnificent-7-stock-impact-benzinga-readers-pick-tech-titan-at-most-risk-following-2024-election">Trump Presidency Magnificent 7 Stock Impact: Benzinga Readers Pick Tech Titan At Most Risk Following 2024 Election</a></li>
</ul>



The study was conducted by Benzinga from Nov. 19 through Nov. 20, 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 146 adults.



Photo: Shutterstock

Exclusives

Will Nvidia Deliver A 'Blowout Beat' In Q3? Poll Says Maybe Not, But Over Half See Stock Clearing $150

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