Streetbeat News

Regulatory

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Samsung Electronics Co has postponed mass production at its new $17 billion chip plant in Taylor, Texas, from the second half of 2024 to 2025, impacting U.S. semiconductor production goals. Similarly, Taiwan Semiconductor Manufacturing Co (TSMC) has delayed production at its Arizona fab to 2025. These delays come amidst a shortage of experienced workers and challenges such as environmental permit issues and slow financial support from the U.S. government, which has only granted $35 million of the promised $100 billion for semiconductor plants.

Portfolio Pulse from Anusuya Lahiri

December 26, 2023 | 11:21 am

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In Atlantic City, N.J., Catholic nuns' efforts to prevent a cannabis dispensary from opening near their convent were unsuccessful as city officials approved the business. The city aims to become the East Coast hub for cannabis, with Mayor Marty Small Sr. and cannabis czar Kashawn McKinley leading the initiative. The Franciscan Sisters of the Renewal Convent raised concerns about the dispensary's impact on their educational and sobriety programs. Despite opposition from religious groups, the city's cannabis industry is expanding, with several multi-state operators including Acreage Holdings, Ascend Wellness, AYR Wellness, Curaleaf, Green Thumb, Columbia Care, TerrAscend, and Verano Holdings.

Portfolio Pulse from Maureen Meehan

December 26, 2023 | 6:16 am

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The Bank of Japan's Core Consumer Price Index (CPI) rose by 2.7% year-over-year, which is lower than the estimated 3.0% and equal to the prior figure of 3.0%. This indicates a slowdown in inflation compared to expectations.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 5:19 am

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China's National Press and Publication Administration's new draft rules targeting gaming practices have led to a significant market selloff, with major companies like Tencent, NetEase, and Bilibili experiencing a plunge in share prices. UBS analyst Kenneth Fong warns that smaller developers could face greater challenges under these regulations, which could also reduce online advertising revenue. Despite this, China approved 105 new online games, indicating potential industry growth.

Portfolio Pulse from Benzinga Neuro

December 26, 2023 | 2:14 am

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China's National Press and Publication Administration (NPPA) approved 105 online games, including titles from Tencent Holdings (OTC:TCEHY) and NetEase Inc (NASDAQ:NTES), signaling support for the gaming industry. This follows a market selloff due to draft regulations aimed at curbing online gaming, which caused significant share price declines for Tencent and NetEase. The NPPA's move may alleviate concerns over the proposed regulations.

Portfolio Pulse from Benzinga Neuro

December 25, 2023 | 7:28 pm

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Bitcoin (BTC) has experienced a significant rally in 2023, breaking through the $40,000 resistance level and recording a 150% increase. The number of Bitcoin wallets valued at $1 million or more has risen to 90,366, a 221% jump since the beginning of the year. The surge in Bitcoin's value has been accompanied by expectations of regulatory approval for a Bitcoin spot ETF, which could attract institutional investors. Companies like BlackRock Inc., Grayscale Investments, ARK Invest, and 21 Shares have applied for the ETF.

Portfolio Pulse from Mehab Qureshi

December 25, 2023 | 7:00 pm

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The SEC met with representatives from firms including BlackRock Inc (BLK) and Grayscale Investments (GBTC) to discuss Bitcoin ETFs. A deadline of Dec. 29 has been set for final amendments, with potential approvals in early January 2024. The SEC will decide on an ARK Investments and 21 Shares proposal by Jan. 10. The SEC has previously rejected Bitcoin ETFs due to market manipulation concerns. Amendments include technical details and cash redemption allowances.

Portfolio Pulse from Mehab Qureshi

December 25, 2023 | 6:46 pm

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Adam Mosseri, head of Meta Platforms Inc.'s Instagram, observed that users are sharing content differently, favoring stories and direct messages over traditional feed posts. This trend echoes observations made by Elon Musk regarding X (formerly Twitter), where video views have doubled. Mosseri also noted that most Instagram users prefer Android devices and mentioned the expansion of Threads to the EU, which has reached 100 million users. The expansion comes as some advertisers have paused ads on X.

Portfolio Pulse from Mehab Qureshi

December 25, 2023 | 6:25 pm

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On Sunday, 4,548.49 Ether (ETH) valued at approximately $10.37 million was burned, permanently removing it from circulation. This is a result of the 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 drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -3.47% yesterday, according to Glassnode.

Portfolio Pulse from Benzinga Insights

December 25, 2023 | 6:00 pm

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Bitfinex Alpha's report predicts a positive outlook for Bitcoin and the crypto market in 2024, with an expected increase in global crypto owners to 850-950 million and a market capitalization of $3.2 trillion. The report cites a current growth rate of 2.8% per month, which may rise to 3.8%-4.4%, and notes significant trading volume increases and a surge in new Bitcoin addresses following G20 crypto regulation standardization.

Portfolio Pulse from Khyathi Dalal

December 25, 2023 | 5:00 pm