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A leaked draft of the EU's AI Act suggests tight timelines and high compliance costs, potentially stifling innovation and disadvantaging startups. Intellectual property lawyers believe this could benefit US AI firms like Microsoft, Amazon, Nvidia, Facebook, and Google, which operate under a more lenient regulatory framework. The EU's first-mover approach in AI regulation may inadvertently strengthen the US's position in the AI industry.

Portfolio Pulse from Neil Dennis

January 24, 2024 | 2:37 pm

EDU

Shares of New Oriental (EDU) are up following the report of Q2 sales that exceeded expectations. The company also provided positive guidance for Q3, which may further influence investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 2:37 pm

VTNR

Northland Capital Markets analyst Donovan Schafer downgraded Vertex Energy (NASDAQ:VTNR) from Outperform to Market Perform and set a price target of $2.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 2:35 pm

CIFR

BitFury Group has announced its intention to distribute shares in Cipher Mining Inc. to diversify Cipher's shareholder base and unlock potential value for the company.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 2:34 pm

BTCUSD

ETHUSD

MANTAUSD

XDCUSD

Bitcoin (BTC) surpassed the $40,000 mark, while Ethereum (ETH) traded above $2,200. Manta Network (MANTA) was the top gainer with a 24-hour increase of 22.4%, and XDC Network (XDC) was the biggest loser, dropping by 1%. The global crypto market cap rose to $1.57 trillion, a 3.1% gain. Other notable gainers include Akash Network (AKT), Sui (SUI), Sei (SEI), and Celestia (TIA). BNB, Siacoin (SC), and ORDI also experienced slight losses.

Portfolio Pulse from Avi Kapoor

January 24, 2024 | 2:31 pm

NFLX

Macquarie analyst Tim Nollen upgraded Netflix (NASDAQ:NFLX) from Neutral to Outperform and increased the price target from $410 to $595, indicating a positive outlook on the company's future performance.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 2:30 pm

General Dynamics' CEO forecasts an increase in operating margin to 11% in 2024, up by 100 basis points from 2023. Additionally, the CEO expects the company's earnings per share (EPS) to be around $14.40 in 2024.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 2:25 pm

BITF

Bitfarms Ltd (NASDAQ:BITF) shares are trading higher after the company announced the purchase of land for a new 100 MW production facility in Yguazu, Paraguay. The facility, expected to be completed in the second half of 2024, aims to support Bitfarms' goal of achieving a corporate hashrate of 21 EH/s by the end of 2024. The project will utilize low-cost renewable hydropower, with over 85% of Bitfarms' portfolio to be powered by green energy. The company anticipates that the new facility will improve hashrate, energy efficiency, and cost per Bitcoin, positioning Bitfarms to benefit from potential Bitcoin price increases and the upcoming Halving event. Bitfarms shares were up 4.46% at $2.11 at the time of writing.

Portfolio Pulse from Adam Eckert

January 24, 2024 | 2:25 pm

COIN

GLD

JPMorgan downgraded Coinbase (NASDAQ:COIN) to 'Underweight' with a maintained price target of $80, citing regulatory risks and disappointing performance of Spot Bitcoin ETFs. The report acknowledges Coinbase's efforts to diversify with derivative platforms and the Layer-2 Base chain but highlights challenges from a competitive market, Binance's dominance, and ongoing SEC litigation. The analysts have adopted a 'normalized earnings' valuation approach based on cryptocurrency market capitalization.

Portfolio Pulse from Ivan Crnogatić

January 24, 2024 | 2:25 pm

BABA

BIDU

EWH

FLHK

FXI

Chinese equities surged following Beijing's financial stimulus and short selling restrictions. The PBOC cut the reserve requirement ratio by 50 basis points, releasing 1 trillion yuan into the market. The CSRC is discouraging short selling in stock index futures. Alibaba's shares rose after insider purchases, and the iShares MSCI Hong Kong Index Fund's forward P/E ratio is at 11x. The Hang Seng Index and CSI 300 Index rallied, and premarket trading saw increases in FLHK, EWH, and FXI ETFs, as well as BABA and BIDU stocks.

Portfolio Pulse from Piero Cingari

January 24, 2024 | 2:23 pm