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GCTS

GCT and Concord Acquisition have completed their merger, launching GCT on the NYSE under the ticker 'GCTS' with a pro-forma valuation of approximately $667 million. The transaction provided GCT with around $50 million in gross proceeds to support the development of a 5G chipset portfolio and expansion into new markets. Approximately $49 million was raised through PIPE and convertible note financing from existing and new investors. Existing GCT stockholders retained their equity, and most outstanding convertible notes will convert to common stock.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 7:00 am

MNOV

MediciNova has received a notice of allowance from the Japan Patent Office for MN-166 (ibudilast) for treating macular injury related to progressive multiple sclerosis. The patent, once issued, is expected to expire in October 2039, covering the use of MN-166 for both treatment and decreasing macular volume loss.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 6:40 am

AAPL

Apple Inc. (NASDAQ:AAPL) is rumored to introduce new color variants for its upcoming iPhone 16 Pro and iPhone 16 Pro Max, including 'space black' and 'rose'. The rumor, originating from a Weibo post and shared on X by ShrimpApplePro, suggests changes to the color lineup from the current iPhone 15 Pro models. The introduction of these new colors aims to refresh Apple's product line and appeal to a broader consumer base.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 6:18 am

ARQQ

Vayana TradeXchange has announced a partnership with Arqit Quantum Inc. to revolutionize trade finance through the implementation of TradeSecure™ technology. This collaboration aims to enhance the security and efficiency of trade finance transactions by leveraging Arqit's quantum encryption technology.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 5:46 am

HOOD

Robinhood Markets (NASDAQ:HOOD) announced significant updates in its first-ever keynote, including a comprehensive app overhaul, enhancements to Gold membership, and the introduction of a Gold Credit card. These updates aim to improve user experience and expand Robinhood's services. The company also revealed a partnership with Visa, though details were sparse. Amid these strategic moves, Robinhood's stock has seen a 50% increase year-to-date.

Portfolio Pulse from kaustubh@benzinga.com

March 27, 2024 | 5:10 am

AAPL

Apple Inc. is reportedly adding a 'custom routes' feature to Apple Maps in the upcoming iOS 18 update, allowing users to select their preferred navigation paths. This feature, long requested by users and already available in rival services like Google Maps, marks a significant enhancement to Apple Maps. The feature will initially be available only in the United States, with iOS 18 set to be unveiled at the Worldwide Developers Conference on June 10. The update is part of a series of anticipated upgrades, including enhanced AI features, a redesigned home screen, advanced accessibility features, and a 'hearing aid mode' for AirPods Pro.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 5:07 am

CCL

DJT

GME

HOOD

TSLA

On Tuesday, U.S. stock indices ended lower, with notable movements in shares of Trump Media & Technology, Robinhood, GameStop, Carnival, and Tesla. Trump Media & Technology surged 16.10% after a successful business combination with Digital World. Robinhood rose 1.05% following a livestream event by its CEO. GameStop's stock increased by 2.51% despite a disappointing earnings report. Carnival dipped by 0.47% but received a positive outlook from Mizuho. Tesla's stock rose by 2.92% amid optimistic analyst forecasts.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 4:48 am

TSLA

Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA), stated that the cost of manufacturing its humanoid robot Optimus is less than half that of a Tesla EV, despite the robot's higher complexity per unit mass. Musk was responding to ARK Invest's Sam Korus, who suggested software capability, not manufacturing, as the main constraint for humanoid robots. Musk expressed optimism about delivering some Optimus units next year but noted the uncertainty involved. Morgan Stanley's Adam Jonas highlighted the significant market potential for such robots, given their ability to replace the global workforce.

Portfolio Pulse from Anan Ashraf

March 27, 2024 | 4:36 am

HOOD

Robinhood Markets Inc (NASDAQ:HOOD) unveiled its new Gold Card, offering 3% cash back on all purchases and 5% on travel booked through its portal, with no annual or foreign transaction fees. The card is part of a broader initiative to democratize financial services, including a 1% deposit boost on brokerage deposits and a revamped app. The announcement was made during Robinhood's first keynote event, with the Gold Card available for reservation and expected to be widely available later this year. Robinhood also introduced a promotion for a solid gold card version.

Portfolio Pulse from Shivdeep Dhaliwal

March 27, 2024 | 4:30 am

ALCPF

NVDA

PWR

WICOF

Bank of America is bullish on AI, spotlighting top supply chain stocks, including NVIDIA Corp (NASDAQ:NVDA) suppliers, as beneficiaries of the AI boom. BofA analysts emphasize the scarcity of AI/computing suppliers, boosting their value and bargaining power. Key stocks in the AI supply chain highlighted include server original design manufacturers Quanta Services (NYSE:PWR), Wistron (OTC:WICOF), and Foxconn Industrial Internet; hardware tech firms Unimicron and NYPCB; and semiconductor companies Alchip Techs (OTC:ALCPF), eMemory, and MediaTek. The AI computing industry's rapid growth is underscored by Nvidia's expansions into AI applications, collaborations with Johnson & Johnson and General Electric, and developments in humanoid robots.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 2:56 am