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LNVGY

Lenovo Group Ltd. (OTC:LNVGY) will issue $2 billion in zero-coupon convertible bonds to Saudi Arabia's Public Investment Fund. The bonds will convert at a 12% discount to Lenovo's share price and represent about 12% of current capital upon maturity. Lenovo plans to establish an R&D center in Riyadh and expand production in the region. This move aligns with the PIF's strategy to diversify Saudi Arabia's economy and increase investments in Asian tech firms.

Portfolio Pulse from Benzinga Neuro

May 29, 2024 | 9:45 am

AMZN

GOOG

GOOGL

META

MSFT

NVDA

TSLA

Nvidia Corp. (NASDAQ:NVDA) shares surged, boosting its market cap to over $2.8 trillion. Fund manager Louis Navellier highlighted Nvidia's significant gains and its role as a leader in AI. The 'Fantastic 5' tech giants, including Nvidia, Meta Platforms, Microsoft, Amazon, and Alphabet, have reached unprecedented valuations due to the AI boom. Despite Nvidia's high valuation, Navellier does not see it as a bubble, citing strong earnings growth. Nvidia's forward P/E ratio is 41.49, lower than Tesla's 71.94. Nvidia fell 0.69% in premarket trading on Wednesday.

Portfolio Pulse from Shanthi Rexaline

May 29, 2024 | 9:44 am

ARWR

Arrowhead Pharmaceuticals announced positive results from the Phase 2b Arches-2 study of Zodasiran in patients with mixed hyperlipidemia.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 9:42 am

ARKK

ETHUSD

Cathie Wood's Ark Invest sees significant legislative progress for the crypto industry with the passing of the FIT21 bill in the House and the potential start of Ethereum ETFs trading. The bill's bipartisan support and the White House's decision not to veto it could lead to a robust regulatory framework for digital assets.

Portfolio Pulse from Aniket Verma

May 29, 2024 | 9:41 am

HRTS

LLY

NVO

The global market for weight-loss drugs is projected to reach $150 billion by the early 2030s, driven by increased supply and demand for medications from Novo Nordisk and Eli Lilly. Despite limited insurance coverage, consumer demand remains high, with significant out-of-pocket spending. The market is expected to grow at an annual rate of 27%, potentially higher with expanded insurance coverage.

Portfolio Pulse from Benzinga Neuro

May 29, 2024 | 9:37 am

ARKK

TSLA

Elon Musk's xAI has raised $6 billion in a fresh funding round, attracting investments from notable supporters including Cathie Wood's Ark Invest and Gene Munster's Deepwater Asset Management. Ark Invest's ARK Venture Fund has taken a 2% stake in xAI, while Tesla remains the top holding in Ark's flagship fund, ARK Innovation ETF (ARKK). Munster's firm is also investing in xAI, highlighting Musk's influence and the potential of generative AI.

Portfolio Pulse from Shanthi Rexaline

May 29, 2024 | 9:00 am

Ford Motor Co (NYSE:F) has teased a new supertruck based on its F-150 Lightning, set to participate in the Pikes Peak International Hill Climb in June. This initiative aims to test the boundaries of Ford's EV powertrains, with insights to be applied to production vehicles. The F-150 Lightning is Ford's second best-selling EV in 2024, with sales up 74.8% year-over-year.

Portfolio Pulse from Anan Ashraf

May 29, 2024 | 8:37 am

MRK

Merck & Co., Inc. (NYSE:MRK) is reportedly nearing a $1.3 billion acquisition of EyeBio to expand its presence in the eye-care market. The acquisition includes an upfront payment of $1.3 billion and potential additional payments of up to $1.7 billion based on milestones. EyeBio's lead drug, Restoret, is in development for treating age-related macular degeneration (AMD) and diabetic macular edema. This move is part of Merck's strategy to diversify its portfolio beyond its top-selling drug, Keytruda, which will lose patent protection in 2028.

Portfolio Pulse from Benzinga Neuro

May 29, 2024 | 8:36 am

RTX

Collins Aerospace, a business unit of RTX, has introduced its new Helix main cabin seat for narrow-body aircraft at the 2024 Aircraft Interiors Expo.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 8:07 am

SOLUSD

Caitlyn Jenner reaffirmed her support for the JENNER cryptocurrency, emphasizing it as a long-term project despite initial market volatility. The coin, launched on the Solana-based memecoin launchpad pump.fun, has seen a 7% decline since its debut but has amassed a market cap of $18.36 million. Jenner hinted at major news coming soon, although skepticism arose after she claimed being scammed by a middleman.

Portfolio Pulse from Aniket Verma

May 29, 2024 | 7:30 am