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BABA

BYDDY

LI

MCHI

TCOM

Goldman Sachs has raised its forecast for the Chinese market, citing a significant rally in Chinese stocks and a reduction in property-related risks. The MSCI China Index, tracked by the iShares MSCI China ETF (NYSE:MCHI), has seen substantial gains. Goldman Sachs has launched a 40-stock China Recovery Portfolio, including prominent stocks like Alibaba (NYSE:BABA), BYD (OTCPK:BYDDY), Li Auto (NASDAQ:LI), and Trip.com (NASDAQ:TCOM).

Portfolio Pulse from Piero Cingari

May 21, 2024 | 1:32 pm

MSCI

Spruce Point Capital has issued an update to its previous report on MSCI, questioning the company's claims of pricing power. The report suggests that MSCI's assertions may be exaggerated.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 1:31 pm

ETHUSD

Ethereum experienced its largest single-day market cap gain of $70.7 billion, driven by a sharp increase in the odds of a spot Ethereum ETF approval to 75%. This surge has pushed Ethereum prices above $3,700, with significant market optimism and increased transaction volumes.

Portfolio Pulse from Khyathi Dalal

May 21, 2024 | 1:31 pm

GOOG

GOOGL

A former Google engineer criticized Alphabet Inc.'s AI projects, claiming they are driven by panic rather than user needs. He compared the current AI efforts to the failed Google+ social network, suggesting the approach may not be sustainable.

Portfolio Pulse from Rounak Jain

May 21, 2024 | 1:31 pm

ADBE

AMZN

CRM

DOGG

IBM

TDVI

IBM announced several strategic initiatives, including making its Granite model series available on Salesforce's Einstein 1 platform, partnering with AWS for AI governance, collaborating with Adobe on hybrid cloud and AI, and launching new consulting services. IBM stock has gained over 33% in the past year.

Portfolio Pulse from Nabaparna Bhattacharya

May 21, 2024 | 1:30 pm

EXP

Eagle Materials shares are trading lower following worse-than-expected Q4 earnings.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 1:26 pm

GOTU

Gaotu Techedu shares are trading lower following Q1 earnings.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 1:25 pm

ODD

ODDITY Tech shares are trading lower following a short seller report.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 1:25 pm

BABA

BIDU

JD

MSFT

ONLN

PGJ

TCEHY

Alibaba has significantly reduced prices on its AI services, sparking a price war in China's AI sector. Competitors like Baidu and ByteDance have responded with their own aggressive pricing strategies. This move is part of a broader trend of heavy investment in AI by Chinese tech giants, including Tencent and JD.com. Alibaba's stock has seen a slight gain over the past year but is currently trading lower in premarket. The company has also canceled plans to spin off its cloud segment and is focusing on expanding its public cloud services.

Portfolio Pulse from Shivani Kumaresan

May 21, 2024 | 1:24 pm

NVDA

NVIDIA shares are trading lower following a report suggesting Amazon halted orders of the company's Superchip to await updated models.

Portfolio Pulse from Benzinga Newsdesk

May 21, 2024 | 1:22 pm