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NVDA

Sam Altman, prior to his ouster from OpenAI, was seeking to raise billions for a new AI chip venture, code-named Tigris, to compete with Nvidia Corp. He aimed to create semiconductors for AI tasks and had discussions with investors like SoftBank, Saudi Arabia's PIF, and Mubadala. Altman also planned an AI hardware device with Jony Ive. OpenAI is finalizing a tender offer at an $86 billion valuation. Altman's departure was due to a breakdown in communication with the board, not financial or safety issues. His new venture would focus on TPUs to lower costs for services like ChatGPT and Dall-E. US regulators may scrutinize foreign investments. Microsoft, OpenAI's biggest investor, is interested in backing Altman's chip venture.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 5:13 pm

AZTR

CISS

IRBT

KAMN

PCSA

TCN

U.S. stocks traded higher, with the Dow Jones gaining 150 points. Consumer sentiment surged to 78.8 in January, the highest since July 2021. Kaman Corporation (KAMN) soared 101% after an acquisition announcement by Arcline. Processa Pharmaceuticals (PCSA) surged 20% on expanding its program into breast cancer treatment. Tricon Residential (TCN) gained 28% after an acquisition agreement with Blackstone. C3is (CISS) plummeted 64% due to a public offering pricing. Azitra (AZTR) fell 29% after a public stock offering. iRobot (IRBT) dropped 28% amid reports the EU may block Amazon's acquisition.

Portfolio Pulse from Avi Kapoor

January 19, 2024 | 5:01 pm

NNOX

Cantor Fitzgerald has maintained its Overweight rating on Nano X Imaging (NASDAQ:NNOX) but reduced its price target from $24.00 to $18.00. Despite the reduction, the new target suggests a significant upside of 213.04% from the current price of $5.75. Nano X Imaging is involved in manufacturing medical imaging systems, including the Nanox System and Nanox.CLOUD software.

Portfolio Pulse from Benzinga Insights

January 19, 2024 | 5:00 pm

BLK

BTCUSD

The first week of Bitcoin ETFs, including those from BlackRock Inc. (BLK) and ProShares, saw over $1 billion in assets under management but did not trigger the expected Bitcoin price surge. Analysts like James Seyffart and Eric Balchunas urge patience, emphasizing healthy ETF growth and sustained interest despite short-term price volatility. Mike Alfred suggests the price may be nearing the bottom. The key takeaway for investors is to focus on the long-term potential of ETFs in democratizing access to Bitcoin and not on immediate price movements.

Portfolio Pulse from Murtuza Merchant

January 19, 2024 | 4:58 pm

BTCUSD

DOGEUSD

The Twitter account @satoshi tweeted 'Hello world.' which was dismissed by the crypto community as a publicity stunt. The account, linked to Craig Wright who falsely claimed to be Satoshi Nakamoto, is not associated with Bitcoin's creator. JPMorgan CEO Jamie Dimon's mispronunciation of 'Satoshi' during a CNBC interview amused the community. The @satoshi account's previous activity in October 2023 mentioned exploring aspects of Bitcoin not in the white paper. Bitcoin is trading below $41,000 following an ETF launch.

Portfolio Pulse from Khyathi Dalal

January 19, 2024 | 4:58 pm

TM

Toyota Motor plans to start final assembly of electric vehicle batteries at three additional auto plants in Japan and the U.S. to cut costs. The assembly will begin at Toyota's Takaoka plant near Nagoya between spring and fall 2025, at its Miyata plant in western Japan the following winter, and at its Kentucky factory as early as spring 2026. This move aims to reduce the costs associated with transporting heavy finished battery packs.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 4:48 pm

F

Ford Motor Company (NYSE:F) is creating 900 new jobs and adding a third crew at Michigan Assembly Plant for increased production of Bronco, Bronco Raptor, and the new Ranger pickups. Despite this expansion, Ford is reducing F-150 Lightning production to balance production and profitability, affecting some employees. Approximately 1,400 employees will be impacted by the shift change at the Rouge Electric Vehicle Center, with reassignments and retirement incentives offered. Ford anticipates global EV sales growth in 2024 and is launching the 2024 Mustang Mach-E GT. Ford's stock price dropped slightly by 0.50% to $11.05.

Portfolio Pulse from Nabaparna Bhattacharya

January 19, 2024 | 4:47 pm

EWTX

Edgewise Therapeutics, Inc. (NASDAQ:EWTX) shares rose after announcing a $240 million underwritten offering of 21,818,182 shares at $11 each. The offering is expected to close on Jan. 23, with proceeds funding the potential U.S. launch of EDG-5506, completion of Phase 3 and Phase 2 trials, and ongoing R&D. The company shared its progress and 2024 goals at the J.P. Morgan Healthcare Conference.

Portfolio Pulse from Erica Kollmann

January 19, 2024 | 4:33 pm

ALVO

Alvotech (NASDAQ:ALVO) announced the conclusion of the FDA reinspection of its Iceland facility, receiving a form 483 with one observation. The company expects to respond promptly and believes the issue is addressable, anticipating U.S. approval for biosimilars AVT02 and AVT04 by their respective goal dates, February 24 and April 16, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 4:31 pm

META

NVDA

Meta Platforms, Inc. (META) is trending on social media after CEO Mark Zuckerberg announced plans to acquire approximately 350,000 H100 GPUs from Nvidia Corporation (NVDA) to advance AI goals. The investment is aimed at building general intelligence and open sourcing it. Meta is also set to release Q4 and full year 2023 financial results on Feb. 1, with expected earnings of $4.97 per share and revenue of $39.029 billion. Meta's stock is up 1.1% at $380.25.

Portfolio Pulse from Erica Kollmann

January 19, 2024 | 3:56 pm