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ARKB

COIN

Ark Invest CEO Cathie Wood predicts Bitcoin could reach $1.5 million by 2030. Ark Invest's ARK 21 Shares Bitcoin ETF (ARKB) was approved by the SEC, potentially boosting Bitcoin's value. Coinbase Global (COIN), a major holding in Ark ETFs, could benefit from increased Bitcoin demand. A $1,000 investment in Bitcoin could yield returns from 494.7% to 3,304.0% by 2030 based on Ark's price targets.

Portfolio Pulse from Chris Katje

January 13, 2024 | 3:27 pm

AAPL

BABA

BAC

JPM

MSFT

WFC

Major indexes ended higher last week, with the S&P 500, Nasdaq, and Dow seeing gains. Inflation rose to 3.4% YoY in December, potentially affecting markets and Fed policies. JPMorgan Chase reported strong earnings, while Bank of America saw revenue decline, Wells Fargo's profits increased, and Citigroup announced job cuts. The SEC approved spot Bitcoin ETFs. Microsoft overtook Apple as the most valuable company, Tesla's sales growth outpaced legacy automakers, and Cathie Wood disclosed a significant personal investment in Bitcoin. Alibaba faced scrutiny from Congresswoman Laurel Lee's stock sale, Solana's price dropped, and Boeing dealt with a 737 MAX 9 incident.

Portfolio Pulse from Michael Cohen

January 13, 2024 | 3:03 pm

ARKK

BLK

GBTC

The SEC has approved spot Bitcoin ETFs from 11 issuers including Grayscale, Ark Investment, BlackRock, VanEck, Wisdom Tree, Fidelity, Invesco Franklin, Hashdex, and Valkyrie. Grayscale's GBTC is now listed on NYSE. The approval is seen as a victory for crypto, with Bitcoin's value surging at the end of 2023. Jesper Toft of GSU Protocol suggests the SEC's actions aim to protect USD dominance, while GSU offers a stable alternative. The EU's MiCA regulations are seen as protective of banks. Crypto's future as a viable alternative to fiat currencies like USD is discussed.

Portfolio Pulse from Justin Roberti

January 13, 2024 | 2:26 pm

GOEV

HMC

HTZ

KARS

LCID

TSLA

XPEV

Electric vehicle stocks, including Tesla, Lucid Group, and XPeng, faced declines amid investor concerns over Tesla's price cuts in China and a bearish EV market. Tesla's refreshed Model 3 launched in North America, but price reductions in China may lead to lower earnings estimates. Hertz plans to sell a portion of its EV fleet to reinvest in ICE vehicles, reversing its previous EV-focused strategy. Lucid reported lower Q4 production and deliveries year-over-year. XPeng showcased a flying car at CES 2024 and plans to open pre-orders in Q4. Canoo acquired manufacturing assets at a discount but saw its stock fall. Honda unveiled '0' series concept EVs at CES with a potential North American launch in 2026. The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) also dropped.

Portfolio Pulse from Shanthi Rexaline

January 13, 2024 | 2:03 pm

BLK

TSLA

The past week in the cryptocurrency market saw Anthony Scaramucci expressing bullishness on Bitcoin ETFs, the SEC's Twitter account being hacked with false Bitcoin ETF approvals, Elon Musk discussing Bitcoin use on X, Cathie Wood revealing her Bitcoin holdings, a surge in crypto prices following Bitcoin ETF approval, and a significant increase in the Shiba Inu token burn rate. BlackRock and Tesla were mentioned in relation to Bitcoin ETF applications and potential Bitcoin use, respectively.

Portfolio Pulse from Benzinga Neuro

January 13, 2024 | 10:17 am

AAPL

ALK

Apple Inc. (AAPL) faced a week of varied developments including a delay in the launch of the next-gen AirTag, board member retirements, security concerns over AirDrop, and an iPhone surviving a 16,000-foot drop. The AirTag's second-gen launch is postponed to 2025 due to overstock. Al Gore and James Bell retired from the board, with Wanda Austin proposed as a new member. Chinese researchers claim to have cracked AirDrop, potentially compromising user security. An iPhone fell from an Alaska Air Group (ALK) flight and survived. The ITC rejected Apple's plea to suspend an import ban on certain Apple Watch models.

Portfolio Pulse from Benzinga Neuro

January 13, 2024 | 9:56 am

GOOGL

MSFT

NYT

SSNLF

This week in AI, Microsoft's AI helped discover a new battery material, Samsung teased its Galaxy AI feature, Google faces a $7B patent infringement trial, Microsoft's Notepad gets an AI feature, and OpenAI responds to a lawsuit from The New York Times. Microsoft's AI screened 32 million materials for batteries, Samsung partnered with Marvel for an ad, Google's AI processors are under legal scrutiny, Microsoft's Notepad will charge for AI co-writing, and OpenAI blames a bug for ChatGPT's content issues.

Portfolio Pulse from Benzinga Neuro

January 13, 2024 | 9:55 am

BLK

GBTC

CoinShare's Meltem Demirors predicts Bitcoin could reach $100,000 by the end of 2024, anticipating $100 billion in inflows following the approval of a spot Bitcoin ETF. Demirors highlighted the ease of investing in cryptocurrencies through ETFs and the potential for significant investment from retirement accounts. Goldman Sachs also sees benefits in Bitcoin ETFs, including investor protection and better liquidity. The first day of trading after ETF approval saw $4.5 billion in volume, with contributions from Grayscale Bitcoin Trust and BlackRock.

Portfolio Pulse from Rounak Jain

January 13, 2024 | 7:58 am

BRK

DJCO

Berkshire Hathaway Inc. (BRK) board member Chris Davis warns of potential activist investor pressure after CEO Warren Buffett's departure. Buffett, 93, is nearing the end of his tenure, following the death of his right-hand man, Charlie Munger. Davis praises Buffett and Munger's stewardship and expresses concern over future shareholder proposals that may seek short-term value at the expense of long-term gains. Berkshire's structure, designed by Buffett and Munger, faces scrutiny for efficiency, which could lead to calls for changes. The Daily Journal Corp. (DJCO) also acknowledges the irreplaceable role of Munger in its operations.

Portfolio Pulse from Rounak Jain

January 13, 2024 | 6:38 am

Sharmin Mossavar-Rahmani, CIO of Goldman Sachs' private wealth management group, expressed skepticism about Bitcoin ETFs, stating that Bitcoin is not a legitimate investment but rather 'total speculation'. Despite a false announcement of a Bitcoin ETF approval, which led to market volatility, Goldman Sachs has not applied for a Bitcoin ETF and advises clients against investing in cryptocurrencies. Bitcoin's price experienced a pullback, trading under $43,000 after previously crossing $49,000.

Portfolio Pulse from Rounak Jain

January 13, 2024 | 5:35 am