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



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



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



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



Cues From Last Session:



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



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



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



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



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



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



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



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



Insights From Analysts:



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



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



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



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



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



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



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



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



Upcoming Economic Data



Friday's major economic updates include:



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



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



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



Stocks In Focus:



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



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



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



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



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



Commodities, Bonds And Global Equity Markets:



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



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



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



Read Next:



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



Photo courtesy: Wikimedia

Earnings

Equities

News

Futures

Economics

Federal Reserve

Pre-Market Outlook

Markets

Movers

Trading Ideas

$BTC

DXLG

GOOG

GOOGL

HOOD

MSTR

NVDA

RDDT

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



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



Photo: Shutterstock

Long Ideas

Technicals

Tech

TSLA

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



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



Image: Shutterstock

Cryptocurrency

$USDC

$USDT

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

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



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



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



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



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



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



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



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



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



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



Read Next: 



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



Image Via Pixabay



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

Analyst Color

$ETH

$SOL

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

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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next:



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



Photo courtesy: Shutterstock

Legal

Global

Media

AMZN

IRBT

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

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



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



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



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



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



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



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



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



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tough day for Big Tech on the regulatory front. <a href="https://t.co/kPdWS6xD5T">https://t.co/kPdWS6xD5T</a>&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1859758359341301773?ref_src=twsrc%5Etfw">November 22, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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



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



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



Read Next:



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



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



Photo courtesy: Pixabay

AAPL

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

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



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



Notable Statistics:



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



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



Notable Developments:



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



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



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



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



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



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



Top Gainers:



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



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



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



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> is currently tracking the average returns of prior halving years. If the trend continues it would put <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> around $120k <a href="https://t.co/FFGKs9a0Jc">pic.twitter.com/FFGKs9a0Jc</a>&mdash; Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1859683231089729885?ref_src=twsrc%5Etfw">November 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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



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



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



Read Next:&nbsp;



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



Image: Shutterstock

$ARB

$DOGE

$SHIB

$STRK

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



As of late November, the Russell 2000's 8% rally far surpasses the 4% rise of the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>). This outperformance is being driven by three major catalysts:



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



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



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



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



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



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



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



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



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



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



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



Now Read:



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



Image: Shutterstock

Macro Economic Events

Broad U.S. Equity ETFs

Small Cap

Econ #s

ETFs

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



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



Image: Shutterstock

BITQ

BLCN

DAPP

MSTU

STCE

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42107674/nvidia-vs-bitcoin-jensen-huang-led-chip-giants-stock-outperformed-the-top-cryptocurrency-over-5-years-heres-how-they-compare-on-other-metrics">Nvidia Vs. Bitcoin: Jensen Huang-Led Chip Giant&#8217;s Stock Outperformed The Top Cryptocurrency Over 5 Years. Here&#8217;s How They Compare On Other Metrics</a></li>
</ul>



Image: Unsplash

Earnings Beats

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

Securities and Exchange Commission Chair Gary Gensler announced Thursday that he will resign Jan. 20, 2025, coinciding with the inauguration of President-elect Donald Trump.

Gensler&rsquo;s tenure has been marked by a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41993524/gary-gensler-hints-at-ending-his-stint-as-sec-chair-defends-crypto-regulation-agenda">stringent regulatory approach</a> toward cryptocurrencies, drawing criticism from the industry.

What Happened: &quot;I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor,&rdquo; Gensler said in a press release on Thursday.

Appointed on Apr. 17 2021, Gensler brought extensive experience from his previous role as chair of the Commodity Futures Trading Commission.

His leadership at the SEC was characterized by a firm stance on digital assets, emphasizing investor protection and market integrity.

Gensler frequently likened the cryptocurrency market to the <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36358607/crypto-wild-west-hurts-investors-sec-chair-says-bankruptcy-court-queues-are-crowded">&ldquo;Wild West,&rdquo; advocating for comprehensive oversight</a>.

Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42116475/paying-6-24-million-for-a-duct-taped-banana-justin-sun-did-just-that-and-now-hell-eat-it-as-part-of-this-unique-artistic-experience">Paying $6.24 Million For A Duct-Taped Banana? Justin Sun Did Just That &mdash; And Now He&rsquo;ll Eat It &lsquo;As Part Of This Unique Artistic Experience&rsquo;</a>

He asserted that many digital assets functioned as securities and should be regulated accordingly.

Under his direction, the SEC initiated numerous enforcement actions against major crypto entities, including lawsuits <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40568347/after-binance-and-coinbase-gary-gensler-led-sec-set-to-lock-horns-with-crypto-exchange-kra">against Coinbase</a> and Binance for allegedly operating unregistered securities exchanges.

This rigorous approach faced opposition from industry stakeholders and some lawmakers, who argued that it stifled innovation and lacked clear regulatory guidelines.

In November, the American Securities Association <a href="https://www.americansecurities.org/post/asa-calls-on-sec-chair-gensler-to-immediately-step-down">called</a> for Gensler&rsquo;s immediate resignation, citing concerns over his regulatory methods.

Trump has been vocal about his <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41680397/who-will-replace-gary-gensler-the-top-candidates-for-sec-chair-after-the-election">intention to replace Gensler</a>, criticizing his handling of cryptocurrency regulation.

Earlier in July, Trump said, &ldquo;I will <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40018935/trumps-bitcoin-conference-pledge-can-he-really-fire-sec-chair-gensler">fire Gary Gensler on day one</a>,&rdquo; signaling a potential shift in the SEC&rsquo;s approach to digital assets under the incoming administration.

Read Next: 

<ul>
	<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42114875/coinbase-ceo-brian-armstrong-stands-out-as-candidate-for-donald-trumps-reported-crypto-czar-position-cardano-co-founder-says">Coinbase CEO Brian Armstrong &lsquo;Stands Out&rsquo; As Candidate For Donald Trump&rsquo;s Reported &lsquo;Crypto Czar&rsquo; Position, Cardano Co-Founder Says</a></li>
</ul>

Image: Flickr

Government

Regulations

Politics

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

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



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



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



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



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



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



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



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



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



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



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day % chg</td></tr><tr><td>Russell 2000</td><td>2,365.25</td><td>1.7%</td></tr><tr><td>Dow Jones</td><td>43,965.39</td><td>1.3%</td></tr><tr><td>S&amp;P 500</td><td>5,949.37</td><td>0.5%</td></tr><tr><td>Nasdaq 100</td><td>20,739.86</td><td>0.4%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent111924&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.6% to $593.78.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 1.3% to $439.81.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.3% to $504.89.</li>



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



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



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



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



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



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



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



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



Read Now:



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



Photo: Shutterstock

Large Cap

Sector ETFs

Specialty ETFs

Eurozone

Commodities

AMAT

CPRT

INTU

MRVL

NTAP

PANW

ROSS

SNOW

SOXX

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



Read Next:



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



Image: Shutterstock

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

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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



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



"All systems go for Blackwell ramp."



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



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



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



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



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



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



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



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



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



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



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



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



Read Next: 



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



Photo: Shutterstock

Price Target

Reiteration

Analyst Ratings

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

Citron Research&#8217;s Andrew Left believes the run in shares of MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) is not going to end well in the near term, and he&#8217;s putting his <a href="https://www.benzinga.com/topic/andrew-left">money where his mouth is</a>.



What To Know: Left on Thursday announced a new short position in software firm turned Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holding company MicroStrategy, despite <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38883691/exclusive-first-he-bet-against-gamestop-now-andrew-left-is-long-bitcoin-short-ether">remaining bullish</a> on the trajectory of Bitcoin.



&#8220;$MSTR's volume has completely detached from BTC fundamentals,&#8221; the short seller said in a <a href="https://x.com/CitronResearch/status/1859608654590202325">post</a> on X. 



Benzinga has reached out to MicroStrategy for comment. 



Left noted in the post that his firm was <a href="https://www.benzinga.com/analyst-ratings/analyst-color/20/11/18516934/citron-long-on-bitcoin-says-microstrategy-is-best-investment-route?utm_source=chatgpt.com">bullish on MicroStrategy in 2020</a> when the stock was trading below $250 per share on a pre-split basis. He predicted at the time that MicroStrategy shares could hit $700.



&#8220;Fast forward to today: $MSTR has skyrocketed to over $5,000 (adjusted) &#8230; while Citron remains bullish on Bitcoin, we've hedged with a short <a href="https://x.com/search?q=%24MSTR&amp;src=cashtag_click">$MSTR</a> position,&#8221; Left said. &#8220;Much respect to <a href="https://x.com/saylor">@saylor</a>, but even he must know <a href="https://x.com/search?q=%24MSTR&amp;src=cashtag_click">$MSTR</a> is overheated.&#8221;



From Earlier This Year: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38883691/exclusive-first-he-bet-against-gamestop-now-andrew-left-is-long-bitcoin-short-ether">EXCLUSIVE: First He Bet Against GameStop, Now Andrew Left Is &#8216;Long Bitcoin… Short Ether&#8217;</a>



Left isn&#8217;t alone in thinking the recent surge in MicroStrategy shares won&#8217;t last. Seabreeze Capital Partners&#8217; Doug Kass <a href="https://x.com/DougKass/status/1859611593186709725">announced</a> a short position in MicroStrategy from $533.78 Thursday morning. At the time of writing, Kass had already covered at least 75% of the initial short. He closed half of his short position at $468 and another quarter of his initial position at $429.10. 



MicroStrategy shares have accelerated to the upside in recent weeks as the company continues to execute on its strategy to accumulate billions of dollars of Bitcoin. The company announced plans at the end of October to raise $42 billion over the next three years to keep buying Bitcoin.



MicroStrategy held a total of 331,200 Bitcoin purchased at an average price of approximately $49,874 per&nbsp;coin as of Nov. 17.



MSTR Price Action: <a href="http://benzinga.com/quote/mstr">MicroStrategy shares</a> were trading above $540 in pre-market trading Thursday morning. The stock pulled back at the open and continued to move lower after Left announced his short position. MicroStrategy shares were up 0.8% at $477.95 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Photo: Shutterstock.

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Short Seller Andrew Left Targets MicroStrategy Stock As Hedge Against Bullish Bitcoin Bet: 'Completely Detached From BTC Fundamentals'

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:



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<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

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:



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<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>

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.

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.

SMCI

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

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