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Acquisitions Mergers

GFS

INTC

TXN

GlobalFoundries Inc (NASDAQ:GFS) is set to receive $1.5 billion from the CHIPS Act for expanding its New York and Vermont facilities. This marks the first grant under the act aimed at boosting U.S. semiconductor production. Intel (NASDAQ:INTC), Texas Instruments (NASDAQ:TXN), and other companies have also applied for grants. The CHIPS Act, responding to semiconductor shortages and national security concerns, supports domestic chip production to reduce reliance on foreign manufacturing.

Portfolio Pulse from Neil Dennis

February 19, 2024 | 4:39 pm

NVO

Almirall has acquired exclusive worldwide rights to develop and market Novo Nordisk's NN-8828 monoclonal antibody for dermatological inflammatory diseases. Novo Nordisk will receive an upfront payment, additional development and commercial milestone payments, and tiered royalties based on future global sales.

Portfolio Pulse from Charles Gross

February 19, 2024 | 3:52 pm

AMDI

Amphitrite Digital Inc (NASDAQ:AMDI) is set to IPO on February 20, with shares priced between $3.50 and $4.50. The company specializes in in-destination tours in the US and the Caribbean, focusing on marine wildlife, nature, history, and culture. There's a 180-day insider lock-up period ending on August 18, 2024.

Portfolio Pulse from Benzinga Insights

February 19, 2024 | 3:00 pm

HD

VZIO

WMT

Walmart Inc (WMT) and Home Depot Inc (HD) are set to report Q4 earnings on Feb. 20, with analysts not seeing an upside for either stock. Walmart's strategic investments in e-commerce and potential acquisition of VIZIO Holding Corp (VZIO) for $2 billion, along with a planned stock split, could impact its short-term stock performance. Home Depot faces challenges from a slump in housing starts, affecting its core market.

Portfolio Pulse from Surbhi Jain

February 19, 2024 | 1:47 pm

NIO

TSLA

XPEV

Xpeng Inc. (NYSE:XPEV) plans to hire 4,000 employees in 2024, a 25% workforce increase, and invest $486.36 million in AI for intelligent driving, aiming to launch 30 new products in three years. Despite a tough market, Xpeng is optimistic about 2024. Meanwhile, Tesla Inc. (NASDAQ:TSLA) leads discounting in China, and Nio Inc. (NYSE:NIO) cut its workforce by 10% to improve efficiency.

Portfolio Pulse from Benzinga Neuro

February 19, 2024 | 12:46 pm

BYDDF

BYDDY

BYD Co Ltd, backed by Warren Buffett, announced a stock buyback and plans to expand luxury car production amid a stock price slump and market challenges. Despite a 74.5% net profit increase in 2023 and surpassing Tesla in EV sales, BYD's shares have fallen 11.4% this year due to concerns over a potential price war and China's economic performance. The company aims to revive its stock price and diversify its product line with these new strategies.

Portfolio Pulse from Benzinga Neuro

February 19, 2024 | 7:23 am

META

Meta Platforms Inc. CEO Mark Zuckerberg commented on Sam Altman's $7 trillion AI chipmaking plan, calling it 'astronomical' but not dismissing its necessity for AI's future. Zuckerberg highlighted the growing demand for chips in AI model training, suggesting the industry will face physical constraints requiring significant investment. Altman's plan, seeking approval from the U.S. government, aims to prevent a chip shortage that could impede AI adoption.

Portfolio Pulse from Ananya Gairola

February 19, 2024 | 5:14 am

BTCUSD

Edward Snowden, the former NSA contractor, has expressed strong support for Bitcoin, calling it the most significant monetary advancement since the invention of coinage. He shared his views on X, emphasizing Bitcoin's importance despite its controversial nature. Snowden's endorsement comes as Bitcoin experiences a significant rally, with a 23% increase since the start of 2024 and reaching a 26-month high of $52,000. This surge is attributed to strong inflows into spot ETFs, with Bitcoin ETFs averaging over $1.8 billion in volume per day in early February. Snowden has previously highlighted the potential of Bitcoin ETFs and criticized figures like JP Morgan CEO Jamie Dimon for their skepticism towards Bitcoin. His recent comments underscore his belief in the transformative potential of cryptocurrencies.

Portfolio Pulse from Benzinga Neuro

February 19, 2024 | 3:26 am

FFND

META

TSLA

Gary Black of Future Fund criticized Tesla for accumulating a large cash reserve, suggesting it return some to shareholders through dividends or buybacks. Tesla's cash is predicted to reach $150B by 2030. Black highlighted that tech rivals, like Meta Platforms which recently initiated a dividend, are returning cash to shareholders, which could support Tesla's stock. He also mentioned a potential $50B buyback could increase Elon Musk's voting control. The Delaware Chancery Court nullified Musk's 2018 compensation plan, impacting future plans.

Portfolio Pulse from Shanthi Rexaline

February 18, 2024 | 8:40 pm

AAPL

COIN

META

MSFT

NVDA

TSLA

This week in AI featured Elon Musk's critique of OpenAI, Apple's AI animation tool Keyframer, Nvidia surpassing Google and Amazon in market cap, Ark Invest's portfolio adjustments favoring Tesla and META, and Jim Chanos' caution on Nvidia. Musk criticized OpenAI's shift to a profit model and its partnership with Microsoft. Apple's Keyframer could revolutionize AI animation. Nvidia's H100 AI processor has driven its market value, while Ark Invest shifts its focus towards Tesla and META, reducing stakes in Coinbase and Nvidia. Chanos highlighted potential concerns for Nvidia despite its growth.

Portfolio Pulse from Benzinga Neuro

February 18, 2024 | 8:08 am