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MSFT

Sam Altman has been replaced as CEO of OpenAI by interim CTO Mira Murati, and OpenAI president Greg Brockman has resigned, causing 'pure chaos' according to Wedbush analyst Daniel Ives. This is a significant event for Microsoft (NASDAQ:MSFT), which has a strategic partnership with OpenAI and was reportedly 'blindsided' by the news. Ives suggests that Microsoft may take more control over OpenAI and that the changes could impact future strategic initiatives. He also speculates that Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) might see this as an opportunity. Despite the turmoil, Ives maintains an Outperform rating and $425 price target on Microsoft shares.

Portfolio Pulse from Shanthi Rexaline

November 18, 2023 | 6:00 pm

AMZN

META

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SOXX

TSLA

The stock market saw gains for the third consecutive week, with major indexes rising. U.S. inflation slowed in October, and retail sales contracted slightly. Benzinga's event discussed fintech and digital assets. Bullish views included Amazon's blockchain head discussing a Bitcoin ETF, Microsoft's raised target price due to AI and custom chips, and Dogecoin's potential rally. Bearish perspectives involved Tesla's struggles in China, Michael Burry's short bet against the semiconductor sector, and a developer favoring Apple's Vision Pro over Meta's Quest.

Portfolio Pulse from Michael Cohen

November 18, 2023 | 5:22 pm

PLNH

Pablo Zuanic, a senior analyst at Zuanic & Associates, reviewed Planet 13 Holdings' (OTC:PLNH) 3Q23 performance, noting a 3% YoY sales decrease and a 4% QoQ decrease, mainly in Nevada. California showed a 2% increase in wholesale sales. Despite a 12% sales drop in December CY22, the company maintained a 45.9% gross margin. However, concerns arise from the decline in EBITDA margin and increased operational expenses. For 4Q23, minimal top line growth is expected, while CY24 growth is anticipated from new stores and the VidaCann deal in Florida. Zuanic remains optimistic about PLNH's growth potential, maintaining an Overweight stance on the stock.

Portfolio Pulse from Nicolás Jose Rodriguez

November 18, 2023 | 3:01 pm

ABNB

BOX

MSFT

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Sam Altman has been ousted from OpenAI, a company he co-founded, in a move that has shocked Silicon Valley. The ouster may be due to a 'misalignment' of profit versus nonprofit goals within the company, a point of contention that Elon Musk, another co-founder, has criticized, particularly OpenAI's pivot to a for-profit model under Microsoft's influence. OpenAI's recent Dev Day event, where new features like GPT-4 Turbo were announced, may have been a catalyst for the ouster. High-profile tech CEOs have expressed their support for Altman, while Microsoft reaffirms its commitment to OpenAI. The future direction of OpenAI and its impact on the AI industry is now uncertain.

Portfolio Pulse from Rounak Jain

November 18, 2023 | 6:00 am

MSFT

NVDA

Sam Altman, previously the CEO of OpenAI, was in the process of raising a venture capital fund when he was dismissed from the board of OpenAI. The article suggests that his fundraising activities may have been a conflict of interest, leading to his removal from the company. The article may mention Microsoft (MSFT) and NVIDIA (NVDA) in relation to their partnerships or investments in OpenAI.

Portfolio Pulse from Charles Gross

November 18, 2023 | 12:22 am

TSLA

Jim Chanos, a well-known short seller and Tesla bear, is winding down his hedge funds after nearly 40 years due to challenges in capitalizing on bearish bets in a rising market. Chanos & Co. manages under $200 million, down from $6 billion in 2008, and has seen a 4% dip this year compared to the S&P 500's 19% rise. Tesla Inc's shares have surged by approximately 90% this year. Chanos plans to return most investor funds by year-end and pivot to advisory and research services.

Portfolio Pulse from Michael Cohen

November 17, 2023 | 11:01 pm

FATP

Fat Projects Acquisition Corp (FATP) has terminated its business combination agreement with Avanseus and is proceeding with liquidation. The deadline to complete the combination was not extended beyond November 15. Following this announcement, four non-management directors and the President and COO of FATP have resigned.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:47 pm

LHC

World View and Leo Holdings Corp. II (NYSE:LHC) have decided to terminate their business combination agreement due to challenging market conditions. Leo will dissolve and liquidate, redeeming all outstanding Class A Ordinary Shares at approximately $10.95 per share. Trading of the Public Shares has been suspended since November 17, 2023, and Leo will delist its securities from the New York Stock Exchange.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:46 pm

CCVI

Churchill Capital Corp VI (NYSE: CCVI) has announced it will redeem all outstanding shares of Class A common stock as it will not complete an initial business combination by the set deadline. The redemption price is approximately $10.49 per share. The company's securities will cease trading on the NYSE on December 1, 2023, and shares will be cancelled effective December 4, 2023. Warrants will expire worthless, and the company's sponsor has waived redemption rights for Class B common stock. The company will dissolve after the redemption process.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:45 pm

PEV

Phoenix Motor has agreed to purchase substantially all of the assets of Proterra's Transit business line, as well as Proterra's battery lease agreements, according to a recent SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 9:45 pm