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RIVN

Needham analyst Chris Pierce maintains a Buy rating on Rivian Automotive (NASDAQ:RIVN) but lowers the price target from $18 to $13, citing concerns over electric vehicle demand but noting better than feared demand for the R1S. Pierce updates delivery estimates for Rivian, with figures for 2024 and 2025 below consensus but 2026 and 2027 above. The R2 vehicle launch is seen as a long-term positive, though not a near-term catalyst. Rivian's strategy includes reducing planned capex by delaying the build-out of its Georgia plant. The analyst's bull case for Rivian is a $24 price target, with a bear case at $7.50. Rivian shares are up 2% to $8.93, with a 52-week range of $8.26 to $28.06, and a year-to-date decrease of 63% in 2024.

Portfolio Pulse from Chris Katje

April 18, 2024 | 4:49 pm

META

NVDA

Nvidia Corp has announced optimizations across all its platforms to accelerate Meta Llama 3, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:47 pm

AAPL

NVDA

SMH

TSM

VWO

Taiwan Semiconductor Manufacturing Co (TSMC) exceeded Q1 financial expectations with a 16.5% revenue increase to $18.87 billion, driven by robust demand from AI firms. Despite this, TSMC's stock declined after the announcement. Apple and Nvidia are significant clients, with Apple reserving most of TSMC's 2nm production capacity. TSMC forecasts strong demand for its 3nm and 5nm technologies in Q2, expecting revenue between $19.6 billion and $20.4 billion. The company anticipates AI servers to double their revenue contribution in 2024, with a capital expenditure forecast of $28 billion to $32 billion focused on advanced technologies.

Portfolio Pulse from Anusuya Lahiri

April 18, 2024 | 4:47 pm

BTCUSD

The upcoming fourth Bitcoin halving, scheduled for around April 20, will reduce miner rewards from 6.25 BTC to 3.125 BTC, impacting mining profitability and potentially influencing Bitcoin's price and ecosystem. Efficiency in mining operations will become crucial, and transaction fees will gain importance for miner revenue. The event could attract institutional investors due to the launch of spot Bitcoin ETFs, contributing to demand. Historical trends suggest possible price appreciation post-halving, but investors should be wary of volatility and macroeconomic factors.

Portfolio Pulse from Murtuza Merchant

April 18, 2024 | 4:30 pm

GOOG

GOOGL

Google is restructuring its AI and research teams. James will continue to oversee Google Research, while the Responsible AI teams will move to Google DeepMind to be closer to model development. Additionally, Google is formalizing collaboration between DSPA and P&E into a new Platforms & Devices PA, aiming for more integrated operations.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:25 pm

DJT

Trump Media & Technology Group Corp. (NASDAQ:DJT) shares are trading higher, following an exchange filing explaining how shareholders can prevent their shares from being loaned for short-interest positions. The company, behind Truth Social, updated its FAQ to address concerns about share lending for short selling, amid a 15% share price decline over the past month. Additionally, Trump Media announced the completion of its live TV streaming platform's R&D phase, planning to roll out new streaming content in three phases.

Portfolio Pulse from Nabaparna Bhattacharya

April 18, 2024 | 4:24 pm

GOOG

GOOGL

Google announced plans to consolidate its teams that are dedicated to building models across Research and Google DeepMind, aiming to streamline operations and foster innovation.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:21 pm

PLTR

Palantir is expanding its commercial business by pitching its AI platform, AIP, to advertising agencies for use in inventory planning, programmatic sales, and campaign optimization. Despite its controversial work with intelligence agencies, Palantir has secured clients like United Airlines, Tyson Foods, and more recently, Lowe's and General Mills for AIP. The company aims to differentiate itself in the ad industry, amidst growing interest in AI, while facing potential reputational risks due to its government work.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:17 pm

COTY

ELF

Shares of cosmetics and personal products companies, including COTY, EL, and ELF, are trading higher following L'Oreal's announcement of Q1 revenue growth.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:17 pm

HAP

HJEN

SHEL

Shell plc (NYSE:SHEL) has signed a gas supply agreement with the Nigerian government for a $3.8 billion Brass methanol project, including a gas processing plant and methanol production facilities. The project aims to utilize Nigeria's vast natural gas reserves and includes a long-term gas supply from a Shell-operated joint venture. Investors can also gain exposure through Direxion Hydrogen ETF (NYSE:HJEN) and VanEck Natural Resources ETF (NYSE:HAP).

Portfolio Pulse from Lekha Gupta

April 18, 2024 | 4:13 pm