Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) shares are trading lower Thursday on the heels of the company&#8217;s <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">first-quarter financial results</a>. 



<ul>
<li>Q1 Revenue: $65.6 billion, versus <a href="https://www.benzinga.com/calendars/earnings">estimates</a> of $64.51 billion</li>
</ul>



<ul>
<li>Q1 EPS: $3.30, versus estimates of $3.09</li>
</ul>



Total revenue was up 16% year-over-year. Productivity and Business Processes revenue was up 12% year-over-year, Intelligent Cloud revenue was up 20% year-over-year and More Personal Computing revenue increased 17% year-over-year. 



Microsoft&#8217;s forward guidance appears to be weighing on shares Thursday. On a conference call with analysts and investors following the print, Microsoft guided for fiscal second-quarter revenue of between $68.1 billion and $69.1 billion. Analysts had been anticipating&nbsp;$69.83 billion, per <a href="https://www.cnbc.com/2024/10/30/microsoft-msft-q1-earnings-report-2025.html">CNBC</a>. 



Microsoft reportedly said that some suppliers were running behind schedule on deliveries to the company related to data center infrastructure. 



"I feel pretty good that going into the second half of even this fiscal year, that some of that supply-demand will match up,&#8221; Satya Nadella, CEO of Microsoft, said on the call.



Check This Out: <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">Microsoft Q1 Earnings Highlights: &#8216;AI-Driven Transformation Is Changing Work,&#8217; Company Beats Revenue, EPS Estimates</a>



Microsoft also guided for Azure growth of 31% to 32% for the second quarter, which was weaker than some analysts were anticipating, and below the 33% growth the company reported in the first quarter. 



"We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage,&#8221; Nadella said. 



Following the print, Morgan Stanley analyst Keith Weiss maintained Microsoft with an <a href="https://www.benzinga.com/analyst-stock-ratings">Overweight</a> and raised the price target from&nbsp;$506&nbsp;to&nbsp;$548. Piper Sandler analyst Brent Bracelin maintained an Overweight and set a price target of $470.



MSFT Price Action: Microsoft shares were down 4.30% at $413.94 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Photo: Shutterstock.

Earnings

News

Price Target

Movers

MSFT

Microsoft Stock Is Sliding Thursday: What's Going On?

BlackRock&#8217;s iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) on Wednesday experienced record-breaking inflows, signaling steadily increasing institutional interest <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41591016/the-american-dream-is-alive-in-el-salvador-and-its-safer-than-disneyland-says-bitcoin-bull">towards cryptocurrency investments</a>.



What Happened: According to <a href="https://sosovalue.xyz/assets/etf/us-btc-spot">data</a> from SoSoValue, IBIT saw an unprecedented $872 million in net inflows on Wednesday, surpassing its previous high set in March. This surge contributed to a total of $893.21 million in net inflows across <a href="https://www.benzinga.com/topic/bitcoin-etf">U.S. spot bitcoin ETFs</a>, marking their second-highest daily total since launch.



Rachael Lucas, a crypto analyst at BTCMarkets, <a href="https://www.theblock.co/post/323877/blackrocks-spot-bitcoin-etf-sees-record-breaking-872-million-net-inflows-surpassing-march-peak">told</a> The Block that central banks&#8217; global shift towards <a href="https://www.benzinga.com/news/24/10/41619340/blackrocks-larry-fink-warns-against-overly-optimistic-fed-rate-cuts-cites-high-embedded-inflation-an">reducing interest rates</a> and the anticipation of a potential <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41525790/bitcoin-to-hit-73k-on-election-day-and-80k-if-trump-wins-says-standard-chartered">Trump victory</a> in the upcoming U.S. presidential election may be influencing investor behavior.



The significant inflows also caught the attention of industry observers. Bloomberg Senior ETF Analyst Eric Balchunas <a href="https://x.com/EricBalchunas/status/1851807239503249477">noted</a> on X (formerly Twitter) that these &#8220;Herculean&#8221; inflows may have pushed the total bitcoin holdings of U.S. spot ETFs over the 1 million mark. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41627152/bitcoin-could-hit-101-694-by-january-says-10x-research">Bitcoin Could Hit $101,694 By January, Says 10x Research</a>



Balchunas even predicts that by the end of November, these ETFs could become the world&#8217;s largest bitcoin holders, potentially <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41629253/satoshi-nakamoto-could-soon-be-surpassed-by-blackrock-grayscale-as-top-bitcoin-holder">surpassing the estimated 1.1 million BTC</a> held by Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mysterious creator, Satoshi Nakamoto.



Adding to this analysis, pseudonymous analyst The FlowHorse highlighted that CME saw increased open interest and volume while prices remained stable. In the analyst&#8217;s opinion, this points to <a href="https://www.benzinga.com/money/forex-carry-trade">a carry trade</a> being executed in the markets, where investors borrow in dollars to invest in bitcoin.



This surge in institutional interest comes as Bitcoin&#8217;s price hovers near its all-time high, trading around $72,200 at the time of writing, up 0.5% over the past 24 hours. The record inflows come against the backdrop of Michael Saylor announcing a <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41646462/michael-saylor-says-bitcoin-remedy-to-fix-unhealthy-balance-sheets-as-microstrategy-unveil">$42 billion Bitcoin purchase plan for MicroStrategy</a>.



What&#8217;s Next: Looking forward, events such as Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> on Nov. 19 will provide further insights into Bitcoin&#8217;s ongoing role in the digital economy.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41625068/gary-genslers-ex-sec-colleague-says-restrictive-crypto-regulation-is-like-stifling-electri">Gary Gensler&#8217;s Ex-SEC Colleague Says Restrictive Crypto Regulation Is Like &#8216;Stifling Electricity Because Of A Stake In Oil Lamps&#8217;</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$BTC

IBIT

BlackRock's Bitcoin ETF Crosses 1 Million BTC In Assets Under Management

Uber Technologies, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) reported fiscal third-quarter 2024 revenue growth of 20% year-on-year to $11.188 billion, beating the <a href="https://www.benzinga.com/pressreleases/24/10/b41648557/uber-announces-results-for-third-quarter-2024" target="_blank" rel="noreferrer noopener">analyst consensus of $10.97 billion</a>.



Uber reported GAAP EPS of 46 cents and adjusted EPS of 46 cents, which beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus of 41 cents</a>. The stock plunged after the report.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41647868/li-auto-q3-earnings-24-topline-growth-1-million-deliveries-milestone-q4-revenue-outlook-lags-street" rel="noreferrer noopener">Li Auto Q3 Earnings: 24% Topline Growth, 1 Million Deliveries Milestone, Q4 Revenue Outlook Lags Street View</a>



Revenue from Mobility grew to $6.41 billion, up 26% year over year. Delivery&nbsp;was $3.47 billion, up 18%, and Freight was $1.31 billion, up by 2% year over year.



Gross Bookings grew 16%&nbsp;year-over-year&nbsp;to $40.97 billion. Mobility Gross Bookings of $21.00 billion, up 17%&nbsp;year-over-year; Delivery Gross Bookings of $18.66 billion, up 16%; and Freight Gross Bookings of $1.31 billion, up 2%&nbsp;year-over-year.



Trips grew 17% year-over-year to 2.9 billion, or 31 million per day. Uber's Monthly Active Platform Consumers reached 161 million, up 13% year-over-year.



Margins:&nbsp;Uber clocked an Adjusted EBITDA of $1.69 billion, up 55% Y/Y, driven by Mobility. The&nbsp;Adjusted EBITDA margin as a percentage of Gross Bookings was 4.1%, up from 3.1% Y/Y, primarily&nbsp;driven by better cost leverage from higher volume.



Uber held $9.06 billion in unrestricted cash and equivalents and generated $2.1 billion in free cash flow as of September 30, 2024.



Dara Khosrowshahi, CEO. "We continue to build with an eye towards the future, optimizing our products for new customer segments and geographies, introducing Rider Verification nationwide to increase safety for drivers, and launching shuttles to airports and venues. And of course, we continue to advance our autonomous strategy, demonstrating how Uber can help unlock this exciting technology for the world."



Outlook:&nbsp;Uber <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">expects fourth-quarter</a> gross bookings of $42.75 billion—$44.25 billion vs. the consensus of $43.7 billion and adjusted EBITDA of $1.78 billion—$1.88 billion vs. the consensus of $1.84 billion.



Uber CEO Dara Khosrowshahi told CNBC, "We are not looking at this point to do big deals, transformational deals, one way or the other."



CFO Prashanth Mahendra-Rajah said, "We remain committed to returning capital to shareholders through repurchases while strategically investing in organic growth vectors that will position us to capture the significant opportunities ahead."



Price Action: UBER stock is down 7.09% at $73.87 premarket at&nbsp;the last check on Thursday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41649513/exclusive-opal-fuels-powers-up-new-renewable-gas-facility-at-polk-county-landfill" target="_blank" rel="noreferrer noopener">EXCLUSIVE: OPAL Fuels Powers Up New Renewable Gas Facility at Polk County Landfill</a></li>
</ul>



Photo courtesy: Wikimedia Commons

Guidance

UBER

Uber Q3 Earnings: 31 Million Daily Trips, $1Billion Op Income, CEO Not Looking For Big M&A Deals, CFO Expects To Grow Organically

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



Traders faced an unwelcome Halloween threat on Thursday as the Federal Reserve&#8217;s favored inflation measure accelerated, raising some concerns on the likelihood of back-to-back interest rate cuts going into the final two monetary policy <a href="https://www.benzinga.com/topic/economics">meetings of the year</a>. 



The PCE price index rose 2.1% year-over-year, in line with analyst forecasts. Yet the core PCE index — which strips out volatile food and energy prices and gives a better indication of underlying price pressures — rose 2.7%, slightly above the expected 2.6%.



The latter stronger-than-expected inflation figure could keep the Fed on alert as it weighs its next policy moves. While a 25-basis-point rate cut at next week's Fed meeting is widely seen as a done deal as per the CME FedWatch tool, market expectations for another cut in December could face some setbacks.



<h3 class="wp-block-heading">Personal Income And Outlays Report For September: Key Highlights</h3>



<ul>
<li>The PCE price index rose 0.2% month-over-month in September, matching the predicted 0.2% and accelerating from the previous 0.1%. </li>



<li>The core PCE price index rose 0.3% from the previous month, accelerating from 0.1% and matching estimates. </li>



<li>On an annual basis, the headline PCE price index surged 2.1%, down from August&#8217;s upwardly revised 2.3%. </li>



<li>The core PCE price index held at 2.7% year-over-year, as in August. </li>



<li>Personal income increased by $71.6 billion, or 0.3%, in September, matching expectations of 0.3% and above the previous month&#8217;s 0.2% growth. </li>



<li>Personal saving&nbsp;rate eased from 4.8% to 4.6%, with personal savings down from $1.05 trillion to $1 trillion in September.</li>



<li>Personal spending increased by $105.8 billion, or 0.5%, surpassing estimates of 0.4% and accelerating from the previous 0.2%.</li>
</ul>



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



Markets showed minimal reaction to the latest PCE inflation report, with the U.S. dollar index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), largely maintaining its morning losses of 0.2%.



Treasury yields were steady, with the two-year yield, sensitive to rate changes, holding at 4.17%.



As of 8:50 a.m. in New York, S&amp;P 500 futures were down 0.6%, while Nasdaq 100 contracts also dipped by 0.6%. Yet, both held broadly steady after the inflation data release. 



On Wednesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.3%, ending a two-day winning streak. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41649350/as-microsoft-meta-slide-after-earnings-calls-jim-cramer-says-hyperscalers-are-not-w">As Microsoft, Meta Slide After Earnings Calls, Jim Cramer Says &#8216;Hyperscalers Are Not Warning About Worsening AI Losses&#8217;</a></li>
</ul>



Photo via Shutterstock.

Macro Economic Events

Broad U.S. Equity ETFs

Econ #s

Economics

Federal Reserve

ETFs

Fed's Favorite Inflation Metric Accelerates In September, Personal Income Rises More Than Expected (UPDATED)

Jim Cramer took to social media on Thursday to address what he perceives as misleading headlines regarding AI losses. Cramer emphasized that hyperscalers are not signaling worsening AI losses but are instead thriving with AI advancements.



What Happened: Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms Inc.(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) witnessed their stocks plummet during after-hours on Wednesday after reporting their earnings. 



At the time of writing, Microsoft was down by 3.95% in premarket, while Meta shed 2.69%. 



Cramer criticized the lack of rigor in some reports, urging readers to delve into the actual earnings calls and analyses. He stated, &#8220;The Hyperscalers are NOT warning about worsening AI losses, they are talking about crushing it with AI.&#8221; 



He encouraged his followers to read the calls and his team&#8217;s write-ups for a clearer understanding.



See Also: <a href="https://www.benzinga.com/general/entertainment/24/10/41616337/google-bought-youtube-for-1-65b-and-now-it-prints-50b-in-revenue-just-in-1-year-sundar-pich?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Bought YouTube For $1.65B And Now It Prints $50B In Revenue Just In 1 Year — Sundar Pichai Says Alphabet &#8216;Leaning Into The Living Room Experience&#8217;</a>



<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 Hyperscalers are NOT warning about worsening AI losses, they are talking about crushing it with AI. These headlines reek of a lack of rigor that is painful; read the calls, it will take an hour, then read our write-ups&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1851933277407367584?ref_src=twsrc%5Etfw">October 31, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: Cramer&#8217;s comments echo analyst Zev Fima&#8216;s who <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41645227/analyst-says-dont-let-after-hours-stock-action-fool-you-after-meta-slides-post-q3-r">increased the price target </a>for Meta to $650 per share, despite a decline in the company&#8217;s stock during after-hours trading. Fima highlighted the robust third-quarter results, with revenue guidance for the current quarter surpassing expectations.



Microsoft recently announced that its <a href="https://www.benzinga.com/markets/equities/24/10/41643178/microsofts-ai-business-set-to-hit-10b-revenue-milestone-in-q2-satya-nadella-says-it-is-the-faste">AI business is poised</a> to reach a $10 billion revenue milestone, marking it as the fastest-growing segment in the company&#8217;s history. CEO Satya Nadella emphasized the transformative impact of AI across various business processes.



Similarly, Meta is advancing its AI capabilities with its<a href="https://www.benzinga.com/markets/equities/24/10/41643021/mark-zuckerberg-says-metas-open-source-gambit-is-paying-off-as-nvidia-and-amd-optimize-for-llama"> Llama 4 model</a>, leveraging an extensive computing infrastructure. CEO Mark Zuckerberg noted the significant scale of their AI training efforts, which are expected to yield results by early 2025.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41616239/shytoshi-kusama-touts-shiba-inu-lifetime-gains-of-33774726-we-still-have-far-to-go-and-muc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: &#8216;We Still Have Far To Go And Much Work To Be Done&#8217;</a></li>
</ul>



Image via Shutterstock



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Analyst Color

Equities

Markets

Tech

General

As Microsoft, Meta Slide After Earnings Calls, Jim Cramer Says 'Hyperscalers Are Not Warning About Worsening AI Losses'

Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)&nbsp;reported fiscal third-quarter 2024 revenue growth of 23.6% year-on-year to $6.11 billion, topping the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41646014/li-auto-inc-announces-unaudited-third-quarter-2024-financial-results" rel="noreferrer noopener">analyst consensus of $5.84 billion</a>.&nbsp;



It clocked an adjusted net earnings per ADS&nbsp;of&nbsp;$0.52, which beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus of $0.42</a>. The stock price fell after the print.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41626987/whats-going-on-with-chip-stocks-nvidia-broadcom-taiwan-semi-micron-and-others-wednesday" rel="noreferrer noopener">What&#8217;s Going On With Chip Stocks Nvidia, Broadcom, Taiwan Semi, Micron And Others Wednesday?</a>



Vehicle sales increased 22.9% to $5.9 billion&nbsp;due&nbsp;to increased vehicle deliveries. Total vehicle deliveries were 152,831 units in the quarter,&nbsp;a 45.4% year-over-year&nbsp;increase.



The vehicle margin declined by 30 bps&nbsp;year over year&nbsp;to 20.9%, and the gross margin decreased by 50 bps&nbsp;year over year&nbsp;to 21.5%.&nbsp;



Adjusted income from operations&nbsp;was $636.0 million, up by 49.1% Y/Y. Adjusted net income increased 11.1% Y/Y to $548.8 million.



Li Auto held cash and equivalents of $15.2 billion as of September 30, 2024, and generated $1.60 billion in operating cash flow for the quarter. Free cash flow was $1.30 billion.



As of September 30, 2024, the company had 479 retail stores covering 145 cities, 436 servicing centers,&nbsp;Li Auto-authorized body and paint shops operating in 221 cities, and 894&nbsp;supercharging&nbsp;stations with 4,286 charging stalls.



On October 18, 2024, Li Auto hit the one million cumulative vehicle deliveries milestone, just 58 months after delivering its first vehicle in December 2019.



Outlook: Li Auto expects fourth-quarter revenue of $6.2 billion—$6.5 billion, representing an&nbsp;increase of 3.5%–10.0% year over year versus&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">analyst consensus of $6.76 billion</a>.



LI expects fourth-quarter vehicle deliveries of 160,000—170,000, representing an increase of 21.4%–29.0%&nbsp;year over year.



Li Auto stock plunged 23% year-to-date as it battled a weak domestic economy and international protectionist tariffs partially offset by <a target="_blank" href="https://www.benzinga.com/government/24/10/41631456/whats-going-on-with-us-listed-chinese-stocks-like-alibaba-jd-nio-li-on-wednesday" rel="noreferrer noopener">China&#8217;s stimulus measures</a>.



Price Action: LI stock is down by 6.01% at $27.20 in premarket at&nbsp;the last check on Thursday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41630487/fiver-stock-soars-after-q3-earnings-heres-why" target="_blank" rel="noreferrer noopener">Fiver Stock Soars After Q3 Earnings &#8211; Here&#8217;s Why</a></li>
</ul>



Image via Shutterstock

Emerging Markets

Trading Ideas

Li Auto Q3 Earnings: 24% Topline Growth, 1 Million Deliveries Milestone, Q4 Revenue Outlook Lags Street View

In a bold but unsurprising move, MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) CEO Michael Saylor said the company would advocate for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as a treasury reserve asset across global finance.



What Happened: During the company&#8217;s third-quarter earnings call Tuesday, Saylor voiced his conviction in Bitcoin&#8217;s potential to rectify the unhealthy balance sheets of both public and private enterprises.



&#8220;Bitcoin fixes the balance sheet. It&#8217;ll bring your stock back to life. It&#8217;ll bring your options back to life. It&#8217;ll bring volatility,&#8221; Saylor stated.



Saylor said he regularly speaks with executives of public and private companies and highlighted initiatives like &#8220;Bitcoin For Corporations,&#8221; which provide expert advice on the benefits of Bitcoin adoption.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41645548/coinbase-on-following-microstrategys-bitcoin-playbook-looking-for-opportunities-says-cfo-b">Coinbase On Following MicroStrategy&#8217;s Bitcoin Playbook: Looking For &#8216;Opportunities,&#8217; Says CFO, But Highlights Key Difference Between The Two Companies</a>



&#8220;So unlike a lot of industries where you don&#8217;t want competitors in our business, we&#8217;re happy to share the playbook. We&#8217;re happy to advocate. We&#8217;ll show you how to do it,&#8221; MicroStrategy&#8217;s top executive remarked.



Why It Matters: MicroStrategy released its third-quarter financials on Tuesday, revealing a robust Bitcoin investment strategy.



The company said it purchased 25,889 BTCs in the quarter for approximately $1.6 billion at an average price of $60,839, taking its overall stash to 252,220, worth $18.23 billion. 



At an average acquisition price of $9.904 billion, MicroStrategy was up nearly $8.3 billion in profit on its Bitcoin investments.



MicroStrategy also announced that it would raise $42 billion over the next three years through equity and debt financing to buy more Bitcoin. 



In August 2020, MicroStrategy became<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41645548/coinbase-on-following-microstrategys-bitcoin-playbook-looking-for-opportunities-says-cfo-b"> the first publicly traded company to acquire and hold Bitcoin</a> on its balance sheet as a primary treasury reserve asset.



Since then, it has gained 1989% in value, surpassing some of the biggest names on Wall Street, including artificial intelligence darling Nvidia. 



Interestingly, the company&#8217;s stock has also outperformed Bitcoin, with the leading cryptocurrency gaining just 508% in the said period.



That said, the company&#8217;s net loss widened to $340 million, compared with a loss of $143.4 million in the same quarter last year.



Price Action: At the time of writing, Bitcoin was exchanging hands at $72,173.91, down 0.40% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;Shares of MicroStrategy closed 4.23% lower at $247.31 during Tuesday&#8217;s regular session. 



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41629253/satoshi-nakamoto-could-soon-be-surpassed-by-blackrock-grayscale-as-top-bitcoin-holder">Satoshi Nakamoto Could Soon Be Surpassed By BlackRock, Grayscale As Top Bitcoin Holder</a></li>
</ul>



Image: Master Tux from Pixabay

MSTR

Michael Saylor Says Bitcoin Remedy To Fix Unhealthy Balance Sheets As MicroStrategy Unveils Massive $42B BTC Purchase Plan

The cryptocurrency market frenzy paused Tuesday as Bitcoin remained rangebound below its all-time high.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.27%</td><td>$72,106.26</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>+1.32%</td><td>$2,656.70</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>-3.54%</td><td>$0.1683</td></tr></tbody></table></figure>



What Happened: The world's largest cryptocurrency almost set a new all-time high Monday before traders started to take profits.



On Tuesday, Bitcoin was glued in the $72,000 region, hitting an intraday high of $72,905 early in the evening.



Ethereum reversed course after breaking $2,700 briefly in the early morning hours.



Total cryptocurrency liquidations exceeded $100 million over the last 24 hours, with $62 million in bullish leveraged bets getting wiped out.



Bitcoin's Open Interest rose 0.20% in the last 24 hours, in line with the sideways movement of the spot price.



Additionally, more than 61% of all derivatives traders with open positions were short on Bitcoin, according to the Long/Short Ratio.



"Extreme Greed" engulfed the market, as per the Cryptocurrency Fear and Greed Index, raising fears of a potential correction.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. EDT)</td></tr><tr><td>Maker (MKR)</td><td>+8.45%</td><td>$1,245.43</td></tr><tr><td>Chainlink (LINK)</td><td>+5.24%</td><td>$12.37</td></tr><tr><td>Aave (AAVE)</td><td>+4.53%</td><td>$156.93</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.42 trillion, following a contraction of 0.15% in the last 24 hours.



Stocks pulled back from Tuesday&#8217;s highs. The Dow Jones Industrial Average slipped 91.51 points, or 0.22%, to end at 42,141.54. The S&amp;P 500 fell 0.33% to close at 5,813.67, while the tech-focused Nasdaq Composite tumbled 0.56% from its record close from the previous day, ending at 18,607.93.



Investors parsed <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41623984/us-economy-grows-less-than-expected-in-q3-yet-private-employment-soars-by-233-000">key macroeconomic data</a>, including slower-than-expected U.S. GDP growth in the third quarter and higher-than-expected private employment growth in October.



The market has priced in a more than 95% possibility of the Federal Reserve cutting interest rates by 0.25% at its FOMC meeting next week, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to CME FedWatch tool.



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



Analyst Notes: Popular cryptocurrency analyst Michaël van de Poppe noted that Bitcoin was approaching its new all-time high faster than what he previously predicted.



"I think $80,000 in November, $90,000-100,000 in December, and altcoins to strongly outperform as yields are going to drop," the analyst issued a fresh projection.



<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">It was less than 2-4 weeks and we&#39;ve got close to the all-time high for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. What&#39;s next? I think $80,000 in November, $90,000-100,000 in December and <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> to strongly outperform as Yields are going to drop. <a href="https://t.co/tsPmdZJwAl">https://t.co/tsPmdZJwAl</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1851640217402499145?ref_src=twsrc%5Etfw">October 30, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Similarly, he predicted Ethereum to top the $3,000 level in November.



<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/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> took the liquidity and ran back up to resistance. I think we&#39;ll break through it in the next 1-2 weeks and see $3,000+ in November. <a href="https://t.co/m96p7YyXuC">pic.twitter.com/m96p7YyXuC</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1851617552788845028?ref_src=twsrc%5Etfw">October 30, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



J.A. Maartunn, author at on-chain analytics firm CryptoQuant, drew attention to the growing retail investor demand for Bitcoin, which hit its highest level in seven months.



<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">&#x1f631; Retail Investor Demand Hits Highest Level in 7 Months <a href="https://t.co/BLF83Kctrr">pic.twitter.com/BLF83Kctrr</a>&mdash; Maartunn (@JA_Maartun) <a href="https://twitter.com/JA_Maartun/status/1851709487423401986?ref_src=twsrc%5Etfw">October 30, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41635149/2024-election-odds-on-polymarket-kalshi-show-trump-will-win-why-they-might-be-wrong">2024 Election Odds On Polymarket, Kalshi Show Trump Will Win: Why They Might Be Wrong</a></li>
</ul>

$DOGE

$ETH

Bitcoin, Dogecoin Cool Down, Ethereum Gains As Stocks Reverse On Q3 GDP Numbers: Analyst Predicts BTC At $80K In November, $90K-100K By December

On Wednesday, October 30th, U.S. markets closed in red, weighed down by declines in chip stocks as investors awaited a wave of corporate earnings. Microsoft and Meta reported earnings post-close, both exceeding revenue estimates, while Alphabet gained after surpassing third-quarter revenue and profit expectations earlier in the week.



U.S. economic data showed third-quarter GDP grew at a 2.8% annualized rate, slightly below the forecasted 3.0%. U.S. private payrolls exceeded expectations, adding 233,000 jobs in October.



The Dow Jones Industrial Average dipped 0.22% to close at 42,141.54, the S&amp;P 500 declined 0.33% to 5,813.67, and the Nasdaq Composite fell 0.56% to finish at 18,607.93.



Asia Markets Today



<ul>
<li>On Thursday, Japan&#8217;s Nikkei 225 closed lower by 0.59% at 39,099.50, led by losses in the Transportation Equipment, Rubber, and Pharmaceutical Industry sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 declined 0.25% and ended the day at 8,160.00, led by losses in the Consumer Staples, Utilities and Materials sectors.</li>



<li>India&#8217;s Nifty 50 traded lower by 0.42% at 24,238.50 and Nifty 500 was down 0.19% at 22,707.45.</li>



<li>China&#8217;s Shanghai Composite rose 0.42% to close at 3,279.82, and the Shenzhen CSI 300 gained 0.04%, finishing the day at 3,891.04.</li>



<li>Hong Kong&#8217;s Hang Seng declined 0.31% and closed the session at 20,317.33.</li>
</ul>



Eurozone at 06.00 AM ET



<ul>
<li>The European STOXX 50 index was down 0.76%.</li>



<li>Germany&#8217;s DAX declined 0.51%.</li>



<li>France&#8217;s CAC fell 0.81%.</li>



<li>U.K.&#8217;s FTSE 100 index traded lower by 0.71%.</li>
</ul>



Commodities at 06.00 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.38% at $68.87/bbl, and Brent was up 0.39% at $72.44/bbl.</li>



<li>Oil prices rose, extending a rally fueled by optimism about U.S. fuel demand following unexpected drops in crude and gasoline inventories.</li>



<li>Natural Gas fell 1.86% at $2.792.</li>



<li>Gold was trading lower by 0.53% at $2,786.20, Silver declined 1.27% to $33.645, and Copper rose 0.02% to $4.3515.</li>
</ul>



U.S. Futures at 06.00 AM ET



Dow futures were down 0.46%, S&amp;P 500 futures fell 0.78%, and Nasdaq 100 Futures declined 1.05%.



Forex at 06.00 AM ET



The U.S. dollar index slid 0.05% to 103.95, the USD/JPY was down 0.68% to 152.36, and the USD/AUD gained 0.07% to 1.5221.



Photo by Pavel Bobrovskiy via Shutterstock

Asia

Eurozone

Futures

Commodities

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Asia Ex-China And Europe Markets Dip; Crude Extends Gains While Dollar Softens - Global Markets Today While US Slept

Microsoft Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) artificial intelligence momentum is expected to drive significant growth in the coming years, as highlighted by Wedbush Securities analyst Dan Ives. Following Microsoft's <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">first-quarter earnings report</a> on Wednesday, Ives shared his bullish outlook, underscoring the tech giant's role in the unfolding AI revolution.



What Happened: In an appearance on CNBC's Overtime, Ives stated, "This is a company firing on all cylinders. We sit here 6-9 months from now, this is a $4 trillion market cap." 



Microsoft reported first-quarter revenue of $65.6 billion, marking a 16% increase year-over-year and surpassing the consensus estimate of $64.51 billion, according to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.



Earnings per share reached $3.30, exceeding expectations of $3.09. The company's operating income also rose to $65.6 billion, up 14% from last year, showcasing robust performance amid <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">expanding AI-driven initiatives</a>.



Ives highlighted the enthusiasm around Microsoft's Intelligent Cloud segment, suggesting a bright outlook as AI continues to bolster revenue streams. "This is a growth acceleration story," Ives noted on X (formerly Twitter), further asserting that "cloud will drive growth looking ahead."



He added, "It is still the first, second inning of this AI revolution." Ives's comments reflect his belief that Microsoft&#8217;s AI and cloud initiatives will position the company for long-term growth, potentially propelling it toward a historic valuation.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The AI story looks robust at Microsoft and cloud will drive growth looking ahead <a href="https://twitter.com/CNBCOvertime?ref_src=twsrc%5Etfw">@CNBCOvertime</a> &#x1f3c6;&#x1f37f;&#x1f4fa;&#x1f402; <a href="https://t.co/utWlZyg0av">https://t.co/utWlZyg0av</a>&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1851778892312555601?ref_src=twsrc%5Etfw">October 31, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">Meta Platforms Q3 Earnings: Revenue Beat, EPS Beat, Daily Actives Up 5%, &#8216;Strong Momentum&#8217; In AI</a>



Why It Matters: Microsoft&#8217;s strong performance in the AI sector is consistent with recent trends. The company&#8217;s aggressive push into AI infrastructure has been <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41597402/microsofts-ai-push-gains-ground-as-trends-are-visible-partners-see-a-revolution">well-supported by demand</a>, with 59% of its partners seeing its CapEx investments as such, according to a survey by JPMorgan.



However, Microsoft has also faced challenges in the AI space, such as <a href="https://www.benzinga.com/markets/equities/24/10/41592650/microsoft-accuses-google-of-astroturf-campaigns-targeting-its-cloud-business-says-search-giant-r">alleged covert lobbying campaigns</a> by Google to undermine its cloud computing business. 



Meanwhile, Microsoft&#8217;s potential Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investment has also been a topic of interest, with MicroStrategy&#8216;s Michael Saylor humorously reaching out to Microsoft CEO Satya Nadella to offer his assistance in creating the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41553322/michael-saylors-proposal-to-microsoft-ceo-satya-nadella-if-you-want-to-make-the-next-trill">next trillion-dollar opportunity</a>.



Price Action: Microsoft Corp's stock closed at $432.53 on Wednesday, up 0.13% for the day. In after-hours trading, the stock declined by 3.71%. Year-to-date, Microsoft shares have seen a notable gain of 16.63%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41619022/trumps-billionaire-ally-plans-to-join-elon-musks-doge-if-named-treasury-secretary-recommen?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Billionaire Ally Plans To Join Elon Musk&#8217;s DOGE If Named Treasury Secretary, Recommends Elimination Of These Subsidies</a></li>
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Image Via Shutterstock 



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

Microsoft's AI Momentum Could Propel $4 Trillion Market Cap In 6-9 Months Amid 'Robust' Q1 Earnings, Says Dan Ives: 'This Is a Company Firing on All Cylinders'

On Wednesday, Cathie Wood-led Ark Invest made some significant trades, with the most notable ones involving Tesla Inc (TSLA), Advanced Micro Devices Inc (AMD), and Palantir Technologies Inc (PLTR).



The Tesla Trade: Ark Invest&#8217;s ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) sold a total of 62,151 shares of Tesla. Based on Tesla's closing price of $257.55 on Wednesday, the value of this trade is approximately $16 million. 



This move followed <a href="https://www.benzinga.com/markets/equities/24/10/41615718/cathie-woods-sky-high-vision-dumps-shares-of-cybercab-touting-tesla-for-this-evtol-play">Ark&#8217;s recent decision</a> to buy a substantial amount of Archer Aviation Inc (ACHR) shares on both Tuesday and Wednesday while selling shares of the Elon Musk-led company.



ARK Investment Management projects that Tesla&#8217;s driverless ride-hailing service could tap into an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41593922/cathie-woods-ark-invest-sees-tesla-unlocking-11-trillion-revenue-potential-with-rob">$11 trillion revenue market</a>, leveraging low operating costs to undercut current ride-hail prices. Tesla aims to launch this service next year in Texas and California, initially with drivers, and targets fully autonomous rides pending regulatory approval. Even so, the Wood-led firm has been on a Tesla share-selling spree lately.



The AMD Trade: Ark Invest bought a total of 111,080 shares of Advanced Micro Devices across its ARKK, ARKW, ARK Autonomous Technology &amp; Robotics ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKQ#BATS">ARKQ</a>) and ARK Space Exploration &amp; Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKX#BATS">ARKX</a>). This move comes in the wake of AMD&#8217;s <a href="https://www.benzinga.com/news/earnings/24/10/41612007/amd-q3-earnings-revenue-beat-eps-in-line-data-center-up-122-significant-growth-opportunities-ahead-">impressive Q3 earnings report</a>, which revealed a year-over-year revenue increase of 18%. The value of this trade, based on AMD&#8217;s closing price of $148.6 on Wednesday, is approximately $16.5 million.



The Palantir Trade: Ark Invest sold a total of 372,730 shares of Palantir Technologies across its ARKK, ARKQ, ARKW, and ARKX ETFs. Despite Palantir&#8217;s <a href="https://www.benzinga.com/news/24/10/41554264/palantir-technologies-stock-reaches-new-52-week-high-whats-going-on">recent 52-week high</a> and a strategic partnership with L3Harris Technologies Inc (LHX), Ark decided to reduce its stake. The value of this trade, based on Palantir&#8217;s closing price of $43.69 on Wednesday, is approximately $16.3 million.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41568577/elon-musk-channels-warren-buffett-as-teslas-stock-booms-after-strong-q3-having-a-publicly-traded?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Channels Warren Buffett As Tesla&#8217;s Stock Booms After Strong Q3: &#8216;Having A Publicly Traded Company Is Like…&#8217;</a> 



Other Key Trades:



<ul>
<li>Cathie Wood Purchased 689365 shares of Archer Aviation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) through its ARKK ETF. This transaction was valued at $2.3 million.</li>



<li>The firm bought 3426 shares of Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), worth $2.03 million, through its ARKK and ARKW ETFs.</li>



<li>Ark Invest bought shares of Absci Corp (ABSI) and shares of Cerus Corp (CERS) through its ARKG ETF. </li>
</ul>



Image via Benzinga YouTube and Unsplash



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41616239/shytoshi-kusama-touts-shiba-inu-lifetime-gains-of-33774726-we-still-have-far-to-go-and-muc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: &#8216;We Still Have Far To Go And Much Work To Be Done&#8217;</a></li>
</ul>



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ACHR

ARKK

ARKQ

ARKW

ARKX

PLTR

TSLA

Cathie Wood Shuffles Her Tech Deck: Continues Dumping Tesla And Palantir, Stocks Up On AMD And Meta

Technology giant Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) reported first-quarter financial results<a href="https://www.benzinga.com/earnings"> after market close Wednesday.</a>



Here are the key highlights.



What Happened: Microsoft reported first-quarter revenue of $65.60 billion, up 16% year-over-year. The total beat a Street consensus estimate of $64.51 billion according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The company reported first-quarter earnings per share of $3.30, beating a Street consensus estimate of $3.09 per share.



Microsoft's operating income was $65.6 billion in the first quarter, up 14% year-over-year.



"AI-driven transformation is changing work, work artifacts, and workflow across every role, function, and business process,&#8221; Microsoft CEO Satya Nadella said.



Revenue by segment was:



<ul>
<li>Productivity and Business Processes: $28.3 billion, up 12% year-over-year</li>



<li>Intelligent Cloud: $24.1 billion, up 20% year-over-year</li>



<li>More Personal Computing: $13.2 billion, up 17% year-over-year</li>
</ul>



Within the Productivity and Business Processes segment, Microsoft 365 Commercial products and cloud services revenue was up 13% year over year, and Dynamics products and cloud services revenue was up 14% year over year.



For Intelligent Cloud, revenue from server products and cloud services was up 23% year over year, with Azure and other cloud services revenue growth up 33% year over year.



Within the More Personal Computing segment, Xbox content and services revenue was up 61% thanks to the impact of the Activision acquisition. Search and news advertising revenue, excluding traffic acquisition costs, was up 18% year over year.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41608886/microsoft-q1-earnings-preview-what-investors-should-watch-in-cloud-ai-azure-on-wedn">Microsoft Q1 Earnings Preview: What Investors Should Watch In Cloud, AI, Azure On Wednesday</a>



What's Next: The company will provide an update on guidance during its earnings conference call, which can be viewed below.



"We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage," Nadella said. &nbsp;



MSFT Price Action: Microsoft stock is up 1% to $436.00 in after-hours trading Wednesday, versus a 52-week trading range of $334.69 to $468.35.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/education/24/10/41587586/if-you-invested-1-000-in-microsoft-stock-when-bill-gates-left-as-ceo-heres-how-much-youd-have-n">If You Invested $1,000 In Microsoft Stock When Bill Gates Left As CEO, Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Microsoft Q1 2025 Earnings Call &#x7C; $MSFT" width="500" height="281" src="https://www.youtube.com/embed/Qbna4xKBBRU?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>
</div></figure>



Photo: QubixStudio/Shutterstock.com

Microsoft Q1 Earnings Highlights: 'AI-Driven Transformation Is Changing Work,' Company Beats Revenue, EPS Estimates

Editor&#8217;s Note: The fourth-quarter revenue estimate was corrected. 



Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) reported third-quarter financial results after the market close on Wednesday. Here&#8217;s everything <a href="https://www.benzinga.com/pressreleases/24/10/n41635757/meta-reports-third-quarter-2024-results">you need to know from the quarter</a>.



Q3 Earnings: Meta reported third-quarter revenue of $40.59 billion, beating&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">analyst estimates</a>&nbsp;of $40.29 billion. The company reported third-quarter adjusted earnings of $6.03 per share, beating analyst estimates of $5.25 per share.



Meta has now beat analyst estimates on the top and bottom lines in seven consecutive quarters, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Total revenue was up 19% on a year-over-year basis. Family daily active people were up 5% year-over-year to 3.29 billion. Ad impressions jumped 7% year-over-year and average price per ad increased by 11% year-over-year.



Costs and expenses came in at $23.24 billion, up 14% year-over-year. Capital expenditures came in at $9.2 billion. The company ended the quarter with $70.9 billion in cash, cash equivalents and marketable securities, and $28.82 billion of long-term debt.



Meta noted that its headcount was up 9% year-over-year to 72,404 as of Sept. 30.



&#8220;We had a good quarter driven by AI progress across our apps and business,&#8221; said&nbsp;Mark Zuckerberg, founder and CEO of Meta. &#8220;We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.&#8221;



Related Link: <a href="https://www.benzinga.com/markets/equities/24/10/41629264/alphabets-earnings-rally-pushes-magnificent-7-market-cap-to-record-16-8-trillion-10-tech-heavy-e">Alphabet&#8217;s Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday</a>



Outlook: Meta expects fourth-quarter revenue to be in the range of $45 billion to $48 billion versus an estimate of $46.31 billion. 



Meta expects full-year 2024 total expenses to be in the range of&nbsp;$96 billion to $98 billion, versus prior guidance of $96 to $99 billion. The company expects full-year 2024 capital expenditures to be in the range of&nbsp;$38 billion to $40 billion, versus its prior guidance range of&nbsp;$37 billion to $40 billion.



&#8220;For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem,&#8221; the company said. 



Meta executives will hold a conference call to discuss the company&#8217;s quarterly results at 5 p.m. ET.



META Price Action:&nbsp;<a href="http://benzinga.com/quote/meta">Meta Platforms shares</a> were up approximately 68% year-to-date heading into the report. The stock was flat after-hours, trading at $592 at the time of publication Wednesday, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41633790/apple-refreshes-macbook-pro-lineup-with-m4-pro-and-m4-max-3nm-chips">Apple Refreshes MacBook Pro Lineup With M4 Pro and M4 Max 3Nm Chips</a></li>
</ul>



Photo: Shutterstock.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Meta Platforms Q3 2024 Earnings Call &#x7C; $META" width="500" height="281" src="https://www.youtube.com/embed/MhZMnqaYVMM?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>
</div></figure>

After-Hours Center

Meta Platforms Q3 Earnings: Revenue Beat, EPS Beat, Daily Actives Up 5%, 'Strong Momentum' In AI (CORRECTED)

As the 2024 presidential election between Vice President Kamala Harris and former President Donald Trump draws nearer, observers are looking for any clue to <a href="https://www.benzinga.com/general/politics">the ultimate winner</a>. While polls have traditionally been the method of choice to forecast elections, polling misses in the 2016 and 2020 elections have led many to look toward alternatives.



Political betting markets, <a href="https://www.benzinga.com/news/24/09/40760283/betting-on-u-s-elections-federal-judges-decision-greenlights-political-wagers">now legal in the United States</a>, are widely discussed as <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41434026/mark-cuban-dismisses-polymarket-election-odds-as-meaningless-most-of-the-money-is-foreign">another possible predictor</a> of event outcomes. How accurate are they?



What Are Betting Markets? The premise of online prediction markets is simple: investors buy and sell futures on current event outcomes rather than on a physical asset. The most prominent prediction markets, including Polymarket and Kalshi, use cryptocurrency as a trading currency.



Thus, a trader profits if the event&#8217;s outcome resolves to their bet.



Kalshi — <a href="https://www.benzinga.com/news/24/10/41573989/harris-vs-trump-robinhood-launches-election-event-contracts-for-traders-as-2024-presidential-race-he">and now Robinhood</a> — allow users in the U.S. to bet on the site; Polymarket is restricted solely to international users.



The 2024 Election: The Harris-Trump matchup could be the closest election in decades. Polling shows <a href="https://www.benzinga.com/general/politics/24/10/41416506/harris-clings-to-narrow-national-lead-as-trump-gains-ground">razor-thin margins</a> in all seven swing states, though Trump has some momentum.



Polymarket bettors are more bullish on Trump. As of Oct. 30, Trump&#8217;s odds of winning on the site are 66.6% to Harris&#8217; 33.4%. Trump&#8217;s odds have shifted by 17.6% in the last month, moving the race from &#8220;Toss-Up&#8221; status to &#8220;Lean Trump&#8221; by this metric.



This is a much higher margin for the GOP than what&#8217;s seen in polling counterparts.



Election forecaster 538 is more <a href="https://projects.fivethirtyeight.com/2024-election-forecast/">reserved</a> in its confidence. The polling-aggregated model gives Trump a 52.5% chance of winning, up from 43% last month. While this may seem like a large swing, the election remains an effective toss-up.



Are They Accurate? 



&#8220;Research shows prediction markets are often more accurate than experts, polls, and pundits,&#8221; Polymarket&#8217;s website reads. &#8220;Traders aggregate news, polls, and expert opinions, making informed trades. Their economic incentives ensure market prices adjust to reflect true odds as more knowledgeable participants join.



&#8220;This makes prediction markets the best source of real-time event probabilities,&#8221; the website insists.



In practice, the answer is murkier.



For one, Polymarket&#8217;s user base is likely somewhat homogenized. Twice as many men invest in cryptocurrency as women, <a href="https://www.cnbc.com/2021/08/30/cryptocurrency-has-a-big-gender-problem.html">according</a> to CNBC. Additionally, the exchange has seemingly <a href="https://x.com/search?q=%23Polymarket&amp;src=promoted_trend_click&amp;vertical=trends">spent</a> significant capital advertising on X. Polymarket has over 400,000 followers on Elon Musk&#8216;s platform and just 80,000 on Instagram.



Polls have recognized a <a href="https://www.benzinga.com/news/24/08/40599551/trump-vs-harris-poll-reveals-vice-president-pulling-ahead-as-rival-struggles-with-independent-voters">gender support gap</a> in the election: women are much more likely to support Harris, while men are likelier to support Trump. The X user base has <a href="https://www.benzinga.com/news/24/08/40542027/elon-musk-asks-on-x-what-party-do-you-affiliate-with">swung more conservative </a>since Musk acquired the platform in 2022.



Homogenous participants are more likely to engage in herd behavior, making similar decisions, amplifying trends and causing asset bubbles or crashes. Efficiency in markets relies on diversity among participants because varied perspectives and approaches lead to more dynamic and accurate asset pricing.



It is worth noting that pollsters can also be prone to such behavior, dubbed &#8220;herding,&#8221; <a href="https://x.com/NateSilver538/status/1851399896860971450">according</a> to election forecaster Nate Silver.



&#8220;There are too many polls in the swing states that show the race exactly Harris +1, TIE, Trump +1. Should be more variance than that,&#8221; Silver posted on X. &#8220;Everyone&#8217;s herding (or everyone but NYT/Siena).&#8221;



Additionally, the calculated market odds are susceptible to wild swings from &#8220;whale&#8221; bettors. One individual on Polymarket <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41463756/polymarket-to-review-user-base-in-light-of-whales-betting-millions-on-trump-election-win">has possibly spent</a> as much as $43 million for Trump to win.



Does This Even Matter?&nbsp;Regardless of whether betting markets are tracking a true, major shift in presidential odds, voting is the only determinant of an electoral outcome.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/top-stories/24/10/41603930/trump-vs-musk-djt-stock-worth-more-than-latest-x-valuation-thanks-to-2024-election-run-up">Trump Vs. Musk: DJT Stock Worth More Than Latest X Valuation Thanks To 2024 Election Run-Up</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Politics

2024 Election Odds On Polymarket, Kalshi Show Trump Will Win: Why They Might Be Wrong

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>) is viewed favorably by analysts after showing strength in cloud, search and YouTube segments and spending on AI initiatives paying off, after the company reported <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">third-quarter financial results Tuesday. </a>



The Alphabet Analysts: BMO Capital analyst Brian Pitz reiterated an Outperform rating on Alphabet and raised the price target from $215 to $217.



KeyBanc Capital Markets analyst Justin Patterson maintained an Overweight rating and raised the price target from $200 to $215.



Cantor Fitzgerald analyst Deepak Mathivanan reiterated a Neutral rating with a $190 price target.



JMP Securities analyst Andrew Boone reiterated a Market Outperform rating and raised the price target from $200 to $220.



Seaport Research analyst Aaron Kessler upgraded the stock from Neutral to Buy and established a $200 price target.



Needham analyst Laura Martin maintained a Buy rating with a $210 price target.



Goldman Sachs analyst Eric Sheridan maintained a Buy rating and raised the price target from $208 to $210.



Truist analyst Youssef Squali maintained a Buy rating and raised the price target from $220 to $225.



Morgan Stanley analyst Brian Nowak maintained an Overweight rating and raised the price target from $190 to $205.



Oppenheimer analyst Jason Helfstein maintained an Outperform rating and raised the price target from $185 to $215.



Roth MKM analyst Rohit Kulkarni maintained a Buy rating with a $212 price target.



Piper Sandler analyst Thomas Champion reiterated an Overweight rating and raised the price target from $200 to $210.







BMO Capital on GOOGL: Surging cloud growth is a key storyline for Alphabet, Pitz said in a new investor note.



The analyst also highlighted artificial intelligence use cases for Alphabet.



"Cloud revenue accelerated once again on AI workloads and differentiated security offerings," Pitz said.



Pitz said the company's search outlook improves thanks to AI initiatives like AI Overviews, Circle to Search and Lens.



"Google has 20+ years of AI initiatives that are now being rolled out to its enterprise and SMB clients."



KeyBanc on GOOGL: Alphabet reported solid search and cloud growth in the quarter, Patterson said in a new investor note.



"In our view, Alphabet remains a case of the narrative vs. numbers," Patterson said.



The analyst said there are concerns over the AI risk and regulation, but long-term revenue growth remains in place.



"Believe patient shareholders will be rewarded."



Cantor on GOOGL: Solid third-quarter figures might not be enough to shift narratives of bulls and bears, Mathivanan said.



"The focus now shifts to Nov. 20, when the DOJ [U.S. Department of Justice] is expected to reveal remedies they seek in the antitrust trial," Mathivanan said.



The analyst said Alphabet's "valuation is attractive" with shares trading at a price-to-earnings ratio of 20x based on fiscal 2025 estimates. The antitrust risks and AI-related risks keep the analyst on the sidelines.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41625103/jim-cramer-says-googles-ai-investment-next-year-should-be-fabulous-for-nvidia">Jim Cramer Says Google&#8217;s AI Investment Next Year &#8216;Should Be Fabulous For Nvidia&#8217;</a>



JMP on GOOGL: Stable search demand and accelerated cloud revenue were highlights from third-quarter results for Boone.



"AI remained the key theme of the call as Google is rolling out AI Overviews to 100+ countries while Gemini is incorporated into all seven Google products with 2B+ monthly users," Boone said.



The analyst said there remains concerns about a growing number of "search access points," including other tech companies, chatbots and social media.



"With YouTube well positioned to capture the transition of linear TV dollars to CTV and cloud strength highlighted by this quarter's accelerating revenue, we continue to view Google as a net beneficiary of AI."



Seaport on GOOG: Continued advertising momentum and accelerating cloud growth were key highlights in the quarterly results for Kessler.



"We expect continued near-term strength driven in part by AI," Kessler said.



The analyst said the U.S. Department of Justice investigations are an overhang, but the appeals process will likely take some time, eliminating the item as a near-term headwind.



Needham on GOOGL: Vertical integration could be a theme for Alphabet as the company's generative AI initiatives hit several business lines, Martin said in a new investor note.



The analyst said Google Search will benefit from GenAI as will other business lines.



"We believe that GOOGL's primary upside valuation driver over the next 3-5 years will be its proprietary large language models," Martin said.



Martin has been bullish on a potential breakup of Alphabet with the sum-of-the-parts valuation higher than the share price. The analyst estimates that YouTube could be worth $532 billion or $43 per share as a standalone business.



"We believe that GOOGL is worth more in pieces than together, so we welcome regulators' attempts to break up GOOGL."



"GOOGL is our top large-cap stock pick for 2024, owing to a strong macro backdrop, falling interest rates, record political ad spending, data advantages, and Generative AI integrations." &nbsp;



Goldman Sachs on GOOGL: Strong operating momentum with long-term investments coming was a key theme for Sheridan in the company's third-quarter results.



The analyst increased estimates for CapEx spending due to increased spending for artificial intelligence initiatives. Sheridan said the key question could be how the capex translates into sustained revenue growth.



"We continue to view Alphabet as well-positioned against both the current and potential future computing landscapes," Sheridan said.



Truist on GOOGL: Alphabet continues to invest in high-priority areas such as artificial intelligence, technology infrastructure and YouTube, Squali said in a new investor note.



"We remain constructive on GOOGL following a broad-based beat across Search, Cloud and Devices with improving margins," Squali said.



The analyst said Alphabet remains "at the forefront of the AI race," which could expand the company's total addressable market size for search and cloud and boost shareholder value.



Morgan Stanley on GOOGL: Durable search business and better results from YouTube than expected were key quarterly highlights for Nowak.



The analyst said the company's commentary on increased adoption, engagement and monetization from AI initiatives should give the market more confidence in the long-term outlook for the stock.



"GOOGL also showcased how it is using GenAI to become more efficient and productive internally, and improving the cost to serve AI Overview queries," Nowak said.



Oppenheimer on GOOG: Alphabet saw upside across all segments with AI driving upside, Helfstein said in a new investor note.



The analyst said AI is helping to increase engagement and improving advertising intent for items like YouTube.



Roth MKM on GOOGL: Alphabet's third-quarter results could make the stock a buy on the strength for investors, Kulkarni said in a new investor note.



"We believe GOOGL has promise ahead with lasting benefits from this ‘AI re-rating' as AI infrastructure broadens Search uses and monetization channels," Kulkarni said.



The analyst highlighted strength in YouTube in the quarter, which has been the most streamed platform on TVs in the U.S. for 20 consecutive months.



Piper Sandler on GOOGL: Alphabet's cloud segment and YouTube were the standouts in the third quarter for Champion.



"Cloud op margin climbed to 17%, up from 11% last quarter and driven by a 57% incremental margin," Champion said.



GOOGL/GOOG Price Action: GOOGL stock is up 4.05% to $176.53 on Wednesday versus a 52-week trading range of $122.69 to $191.75. Alphabet stock is up around 27% year-to-date in 2024. GOOG is up 4.14% at $178.22 versus a 52-week trading range of $123.93 to $193.30, and is up around 27% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/general/entertainment/24/10/41616337/google-bought-youtube-for-1-65b-and-now-it-prints-50b-in-revenue-just-in-1-year-sundar-pich">Google Bought YouTube For $1.65B And Now It Prints $50B In Revenue Just In 1 Year — Sundar Pichai Says Alphabet &#8216;Leaning Into The Living Room Experience&#8217;</a></li>
</ul>



Photo: Shutterstock

Upgrades

Reiteration

Analyst Ratings

GOOG

GOOGL

Alphabet 'At The Forefront Of The AI Race': Analysts See Attractive Valuation; Highlight Cloud, YouTube, Search Results

Thursday, Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) unveiled two advanced chips, the M4 Pro and M4 Max, expanding its M4 lineup for Mac. These chips harness Apple&#8217;s second-generation <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41627598/apple-introduces-m4-pro-and-m4-max" rel="noreferrer noopener">3-nanometer technology</a>.



Needham analyst Charles Shi&nbsp;attributed Taiwan Semiconductor Manufacturing Co&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) third-quarter financial performance to 3nm technology, <a target="_blank" href="https://www.benzinga.com/news/24/10/41388050/apples-3nm-push-boosts-taiwan-semis-q3-ai-revenue-set-to-triple-analyst" rel="noreferrer noopener">mainly driven by Apple</a>.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41607481/apples-refreshes-mac-mini-smaller-form-factor-m4-chip-power-and-carbon-neutral" rel="noreferrer noopener">Apple Refreshes Mac Mini: Smaller Form Factor, M4 Chip Power, Carbon Neutral</a>



The M4 Pro and M4 Max significantly upgrade CPU and GPU capabilities, including faster cores and doubled ray-tracing engine performance compared to previous models as per Apple.



Additionally, the company claimed that these chips debut Thunderbolt 5 support, offering Mac users unprecedented data transfer speeds and higher memory bandwidth for intensive applications like AI and 3D rendering.



As per Apple, the advanced GPUs, supported by a two-times faster ray-tracing engine, make the M4 Pro and M4 Max compelling choices for professionals in AI, gaming, and high-performance tasks.



The company said the M4 Pro is targeted toward professionals like developers and engineers. It provides up to a 14-core CPU and a 20-core GPU, delivering up to 2.4 times the performance of competing AI PC chips.



With support for up to 64GB of unified memory and Thunderbolt 5 connectivity, the M4 Pro enhances workflows involving large data sets and complex simulations.



Apple said that with up to 128GB of memory and quadruple the bandwidth of standard AI PC chips, the M4 Max caters to developers working with extensive machine learning models and introduces Thunderbolt 5 for high-speed connectivity.



The M4 series also integrates Apple&#8217;s new &#8220;Apple Intelligence&#8221; feature, a personal intelligence system built into macOS. It combines advanced machine learning and privacy protections, allowing users to streamline tasks, communicate efficiently, and even create custom emojis with the Genmoji feature.



Enhanced Siri capabilities will include ChatGPT integration in December, adding further versatility to Apple&#8217;s AI offerings.



Apple <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41627599/apples-new-macbook-pro-features-the-incredibly-powerful-m4-family-of-chips-and-ushers-in-a-new-era" rel="noreferrer noopener">launched its latest</a> MacBook Pro models, now powered by the new M4 chip family, marking another leap forward in performance and efficiency.



The new lineup includes the M4, M4 Pro, and M4 Max chips, tailored to provide an enhanced user experience while focusing on privacy through Apple Intelligence technology.



The MacBook Pro is available in sleek space black and classic silver. Starting at $1,599, the 14-inch model includes 16GB of memory and three Thunderbolt 4 ports and is optimized for Apple&#8217;s personal intelligence system.



Apple said the M4 Pro and M4 Max chips, available in 14—and 16-inch MacBook Pro models, support Thunderbolt 5 for faster data transfer and enhanced connectivity. Designed for high-demand applications, these models offer memory options up to 128GB and are ideal for resource-intensive tasks such as video editing and 3D rendering.



All models in the new MacBook Pro lineup are equipped with a Liquid Retina XDR display, featuring an optional nano-texture display that improves visibility in bright conditions. With up to 24 hours of battery life, these MacBook Pros boast the most extended battery duration of any Mac device.



The new Macbooks can be preordered today and will start shipping on November 8th.



The system supports a range of Apple-exclusive features, such as systemwide Writing Tools, Siri updates, and enhanced privacy measures, which allow users to perform tasks more efficiently.



Price Action:&nbsp;AAPL stock is down 1.05% at $231.21 at the last check on Wednesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41582312/apples-introduces-imac-m4-chip-brings-faster-speeds-and-smarter-ai-features" target="_blank" rel="noreferrer noopener">Apple Unveils New iMac: M4 Chip Brings Faster Speeds and Smarter AI Features</a></li>
</ul>



Photo via Apple

AAPL

Apple Refreshes MacBook Pro Lineup With M4 Pro and M4 Max 3Nm Chips

Wall Street experienced a mixed trading session on Wednesday as investors weigh a batch of corporate earnings <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41623984/us-economy-grows-less-than-expected-in-q3-yet-private-employment-soars-by-233-000">and fresh economic data.</a>



The U.S. economy grew at an annualized rate of 2.8% in the third quarter, according to advance estimates. This marks a slight deceleration from the previous quarter's 3% pace and falls short of analyst expectations of 3%.



On the employment front, the ADP National Employment report showed private payrolls surged by 233,000 in October —well above the 115,000 forecast and a significant increase from the revised 159,000 in September. This stronger-than-expected job growth underscores the resilience of the labor market ahead of Friday&#8217;s official jobs report.



In corporate news, Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) dropped 10% after posting quarterly results that met expectations but failed to excite investors. The decline in AMD shares dragged down the broader semiconductor sector, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) sliding over 3%.



In contrast, Alphabet Inc. jumped more than 5% following a robust earnings report that beat Wall Street expectations, boosting optimism around mega-cap tech stocks.



At midday, major U.S. indexes were trading mixed. The S&amp;P 500 and the tech-heavy Nasdaq 100 remained flat, while the small-cap Russell 2000 outperformed with a 0.5% gain.



Gold prices extended all-time highs, up 0.5% to $2,787 per ounce. Oil prices surged 2%, fueled by supply concerns.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased 0.8% to $72,100, pulling back from recent highs.



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



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day %</td></tr><tr><td>Russell 2000</td><td>2,246.40</td><td>0.4%</td></tr><tr><td>Dow Jones</td><td>42,309.80</td><td>0.2%</td></tr><tr><td>S&amp;P 500</td><td>5,838.86</td><td>0.1 %</td></tr><tr><td>Nasdaq 100</td><td>20,505.98</td><td>-0.1%</td></tr></tbody></table></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1">Benzinga Pro</a> 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>) inched 0.1% higher to $582.16.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.2% to $423.25.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) eased 0.2% to $499.18.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 0.5% to $222.76.</li>



<li>The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up by 1.3%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 0.9%.</li>
</ul>



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



<ul>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) tumbled 33% after auditors Ernst &amp; Young announced their resignation amid reporting issues, five days ahead of the company&#8217;s earnings report. </li>
</ul>



Large-cap stocks reacting to earnings were:



<ul>
<li>Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), down 8%, </li>



<li>Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), up 3.6%, </li>



<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) up over 5%, </li>



<li>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), down 1.4%, </li>



<li>Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), down 1%,</li>



<li>Mondelez International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>), up 1%, </li>



<li>Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), down over 7%, </li>



<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>), up 15%,</li>



<li>Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), up 38%, </li>



<li>Automatic Data Processing Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADP#NASDAQ">ADP</a>), up 1%, </li>



<li>Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>), up 24%. </li>
</ul>



Major companies reporting earnings after the close Wednesday include Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), and Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>).



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41629264/alphabets-earnings-rally-pushes-magnificent-7-market-cap-to-record-16-8-trillion-10-tech-heavy-e">Alphabet&#8217;s Earnings Rally Pushes Magnificent 7 Market Cap To Record $16.8 Trillion: 10 Tech-Heavy ETFs Moving Wednesday</a></li>
</ul>



Photo via Shutterstock.

Large Cap

Sector ETFs

ABBV

AMGN

BKNG

GRMN

MDLZ

RDDT

SMCI

SNAP

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Wall Street Mixed, Semiconductors Tumble As AMD Disappoints, Alphabet Rallies, SMCI Plummets: What's Driving Markets Wednesday?

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