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Regulatory

TIP

The December CPI data indicated higher-than-expected inflation rates, leading economist Peter Schiff to claim the Fed has lost the inflation battle. The CPI and core CPI rose by 0.3% monthly, with annual rates at 3.4% and 3.9%, respectively. The Fed raised interest rates to 5.25%-5.50% in 2023 but may start reducing them by mid-year. The iShares TIPS Bond ETF (TIP) saw a slight increase in its session price.

Portfolio Pulse from Shanthi Rexaline

January 12, 2024 | 8:53 am

META

Meta Platforms Inc. (NASDAQ:META) has proposed a $51 million settlement for a class-action lawsuit in Canada, where users' images were allegedly used without consent in Facebook's 'sponsored stories' ads. The program, which ran from January 2011 to May 2014, affected an estimated 4.3 million people. The settlement requires approval from a B.C. Supreme Court judge, with a hearing scheduled for March. This follows a series of privacy-related lawsuits that Meta has settled, including a $90 million settlement in February 2022, a $37.5 million settlement in August, and a $725 million settlement for the Cambridge Analytica data privacy breach.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 8:46 am

AAPL

Chinese AR company Rokid has raised $70 million in a funding round led by the government of Hefei City. Rokid, competing with Apple's Vision Pro, plans to use the funds to enhance its AR technology for industrial use, with a focus on safety and training in sectors like energy. The company also intends to establish an industrial metaverse headquarters and R&D center in Hefei. This move aligns with China's push to strengthen domestic advanced manufacturing amid supply chain diversification away from China.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 8:18 am

BTCUSD

Anthony Scaramucci, CEO of SkyBridge Capital and former White House Communications Director, expressed interest in buying spot Bitcoin ETFs following the SEC's approval for their creation. Scaramucci believes this approval is a pivotal moment for cryptocurrency, contributing to the growth of his hedge fund and predicting Bitcoin could surpass its all-time high by next year. The SEC's decision is seen as a significant step in mainstream financial adoption of Bitcoin, though it does not constitute an endorsement of the cryptocurrency.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 6:18 am

IBM

MSFT

OpenAI CEO Sam Altman met with U.S. House Speaker Mike Johnson to discuss AI risks and regulatory strategies. They acknowledged AI's potential and the need for risk mitigation. Altman expressed optimism for the legislative process, while Europe leads in AI regulation. Microsoft supports OpenAI, which shifted to a capped-profit model in 2019. President Biden's executive order requires AI developers to report safety test results. IBM's CEO Arvind Krishna commented on the challenges of creating perfect AI regulations.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 5:58 am

ARKK

BLK

FNF

IVZ

ARK Invest CEO Cathie Wood has revised her Bitcoin price projection to $1.5 million by 2030, up from her previous estimate of $1 million. This revision follows the SEC's approval of several spot Bitcoin ETFs, including one from ARK Invest. Wood also revealed that at least 25% of her financial net worth, excluding her firm and real estate, is invested in Bitcoin. BTC was trading at $46,050.65 at the time of the article.

Portfolio Pulse from Mehab Qureshi

January 12, 2024 | 5:53 am

FXI

China's Consumer Price Index (CPI) for December decreased by 0.3% year-over-year, which is slightly better than the estimated 0.4% decline and an improvement from the previous 0.5% drop.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:47 am

HOOD

Robinhood Inc (NASDAQ:HOOD) has added all 11 SEC-approved spot Bitcoin ETFs to its platform, allowing customers to trade them in retirement and standard brokerage accounts. This move follows the SEC's January 10 approval of these ETFs for trading across the U.S. Robinhood's General Manager Johann Kerbrat and CEO Vlad Tenev have expressed positive views on the development, highlighting the benefits for clients in terms of access and risk management in cryptocurrency investments. Bitcoin was trading at $46,050.65, up 0.38% at the time of the report.

Portfolio Pulse from Mehab Qureshi

January 12, 2024 | 5:41 am

BBJP

DXJ

EWJ

Japan's current account for November was reported at 1.926 trillion yen, falling short of the estimated 2.385 trillion yen and the previous month's 2.583 trillion yen.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:29 am

BBJP

DXJ

EWJ

Japan's adjusted current account for November was reported at 1.89 trillion yen, falling short of the estimated 2.18 trillion yen and below the prior month's 2.62 trillion yen.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:29 am