Streetbeat News

Regulatory

ETHUSD

On Sunday, 4,728.74 Ether (ETH) worth approximately $13.9 million was burned, permanently removing it from circulation. This action is part of the Ethereum blockchain's EIP-1159 upgrade implemented on August 5, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to decrease to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -3.53% yesterday.

Portfolio Pulse from Benzinga Insights

February 19, 2024 | 6:00 pm

BHP

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TECK

Peru has approved a $2 billion expansion of the Antamina copper and zinc mine, owned by Glencore PLC, BHP Group Ltd, Teck Resources, and Mitsubishi Corporation. The project aims to extend the mine's life from 2028 to 2036, increasing its area by 25% and deepening the open pit. This expansion is crucial for Peru to maintain its position as a leading copper producer and for the global supply amid the transition to a low-carbon economy.

Portfolio Pulse from Stjepan Kalinic

February 19, 2024 | 5:05 pm

GFS

INTC

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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

PFE

VGK

Pfizer Inc. received marketing authorization from the European Commission for VELSIPITY to treat patients 16+ with moderately to severely active ulcerative colitis in the EU, targeting those with inadequate response to prior treatments.

Portfolio Pulse from Charles Gross

February 19, 2024 | 4:03 pm

AZN

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The FDA has accepted the Biologics License Application (BLA) for datopotamab deruxtecan, a potential first TROP2 directed antibody drug conjugate for non-squamous NSCLC after prior therapy, developed by Daiichi Sankyo and AstraZeneca. The application is based on results from the TROPION-Lung01 phase 3 trial.

Portfolio Pulse from Charles Gross

February 19, 2024 | 3:56 pm

AAPL

Apple Inc.'s decision to support RCS in iMessage by 2024 is reportedly influenced more by China than Europe, contrary to previous beliefs. John Gruber's report suggests that pressure from China, where iPhones are under scrutiny, and the Chinese government's mandate for RCS support in new 5G devices, are key factors in this decision. This challenges the notion that the European Commission's Digital Markets Act influenced Apple's move.

Portfolio Pulse from Rounak Jain

February 19, 2024 | 2:13 pm

ETH-USD

Ethereum co-founder Vitalik Buterin expressed excitement about AI's potential to address Ethereum's major technical challenge: bugs in its code. He highlighted AI-assisted formal verification and bug finding as game-changing applications. Buterin has previously voiced concerns over AI risks but remains optimistic about constructive AI use in cryptocurrency, including prediction markets and user guidance.

Portfolio Pulse from Ananya Gairola

February 19, 2024 | 7:33 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

AAPL

Apple Inc. (NASDAQ:AAPL) is expected to be fined approximately €500 million by the European Commission for allegedly breaching EU law with its music streaming services. This follows a formal complaint by Spotify in 2019, accusing Apple of anti-competitive practices. The fine, one of the largest against tech firms by the EU, highlights ongoing tensions between Brussels and Big Tech over market competition.

Portfolio Pulse from Benzinga Neuro

February 18, 2024 | 3:14 pm

INTC

Intel Corporation is in discussions with the Biden administration to receive over $10 billion in subsidies as part of the 2022 Chips and Science Act. This funding, aimed at reviving semiconductor manufacturing in the U.S., could include loans and direct grants. The effort reflects a strategic shift towards domestic chip production. Additionally, Intel is seeking to raise at least $2 billion in equity for a semiconductor plant in Ireland, following a partnership with Brookfield Infrastructure Partners for manufacturing expansion in Arizona.

Portfolio Pulse from Nabaparna Bhattacharya

February 17, 2024 | 7:32 pm