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Last week in consumer tech saw Alphabet's Google employees protest a cloud contract, SpaceX's Elon Musk accepting a challenge from Roscosmos, and a Texas judge halting an investigation into Media Matters. Sony is releasing a new PS5 version, a Star Wars-Fortnite crossover is announced, and Nintendo showcased indie games. EA plans a Black Panther game, and Apple faces a decline in iPhone shipments but explores manufacturing in Indonesia. Huawei launches new smartphones, Meta's Llama 3 AI model excels in tests, and Spotify's AI DJ personalizes music streaming. Amazon's Twitch to launch a TikTok-style feed, and Microsoft's investment in OpenAI won't face EU investigation.

Portfolio Pulse from Lekha Gupta

April 21, 2024 | 3:01 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) disclosed financial transactions totaling $9.1 million between Elon Musk's companies, including payments to SpaceX, X (formerly Twitter), and The Boring Company, raising concerns about corporate governance. The disclosures, part of Tesla's annual shareholder meeting preparations, reveal a complex web of transactions. Amid these revelations and a 40% year-to-date drop in Tesla's stock price, investor confidence is challenged as Tesla seeks support for a $45 billion stock option package for Musk.

Portfolio Pulse from Bibhu Pattnaik

April 21, 2024 | 2:47 pm

BTCUSD

DOGEUSD

SHIBUSD

SOLUSD

The cryptocurrency market experienced significant events this week, including Bitcoin's fourth halving, a shift in Raoul Pal's crypto portfolio favoring Solana over Ethereum, a notable increase in Shiba Inu's token burn rate, and a lack of response to Elon Musk's Dogecoin tweet. Despite these developments, Bitcoin's price saw a slight increase, and predictions suggest a potential rebound.

Portfolio Pulse from Navdeep Yadav

April 21, 2024 | 1:02 pm

ARKB

ARKW

TSLA

Cathie Wood's Ark Invest executed a pair trade in cryptocurrency ETFs, buying ProShares Ether Strategy ETF (EETH) and selling ProShares Bitcoin Strategy ETF (BITO), while also increasing its holdings in its own ARK 21Shares Bitcoin ETF (ARKB) ahead of the Bitcoin halving event. Additionally, Ark paused its buying of Tesla (TSLA) shares, amidst expectations of a disappointing first-quarter earnings report.

Portfolio Pulse from Shanthi Rexaline

April 21, 2024 | 12:44 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) has reduced prices for its electric vehicles in China by 4% to 6% and cut the U.S. price of its full self-driving (FSD) software by $4,000. The price cuts in China affect all trim levels of the Model 3 and Y, as well as the high-end Model S and X EVs. In the U.S., the FSD software price was reduced from $12,000 to $8,000. These price reductions are part of Tesla's strategy to focus on high-margin recurring revenue streams, despite potential hits to EV business profits. The company expects these cuts to cost $900 million annually, impacting earnings by 20 cents per share. If implemented globally, the cost could rise to $2.7 billion or 60 cents per share in earnings. Tesla's stock closed down 1.92% at $147.05, the lowest since late-January 2023.

Portfolio Pulse from Shanthi Rexaline

April 21, 2024 | 12:34 pm

LUXX

NBCC

NKE

Nike, Inc. (NYSE:NKE) plans to cut approximately 740 jobs at its Oregon headquarters as part of a cost-saving initiative aiming to trim $2 billion in expenses over three years, in response to a projected revenue decline in the first half of fiscal 2025. This follows an earlier announcement of over 1,600 job cuts, about 2% of its workforce. Amid these cuts, Nike is finalizing a significant endorsement deal with WNBA draft first pick Caitlin Clark. The company's stock has lost over 24% in the past year, and investors can gain exposure to NKE through ETFs like NBCC and LUXX.

Portfolio Pulse from Nabaparna Bhattacharya

April 20, 2024 | 7:46 pm

AAPL

MSFT

NVDA

QQQ

SPY

XLK

Tech stocks, led by Nvidia, Microsoft, and Apple, have entered correction territory due to a sell-off influenced by inflation concerns and potential interest rate hikes. The Nasdaq Composite and Nasdaq 100 indices have hit their lowest levels since early this year, with the Invesco QQQ Trust and the Technology Select Sector SPDR Fund experiencing significant declines. Despite fears of a 2000-like crash, some analysts argue the current situation is different due to stronger fundamentals and less speculative trading volume.

Portfolio Pulse from Shanthi Rexaline

April 20, 2024 | 4:00 pm

SHIBUSD

Shiba Inu (CRYPTO: SHIB) has seen a 172% increase in its burn rate, coinciding with a market price rebound. The burn removed over 5 million SHIB tokens, contributing to a recovery from recent lows. SHIB's price has risen, trading up by 3% in the last 24 hours. The Shiba Inu community is excited about ecosystem upgrades, including a user interface update for Shibarium and expanded wallet compatibility.

Portfolio Pulse from Bibhu Pattnaik

April 20, 2024 | 2:58 pm

BTCUSD

The Bitcoin network experienced its fourth halving, reducing the mining reward from 900 to 450 Bitcoin per day, potentially impacting miners' revenue by billions. Despite the halving, Bitcoin's price remained stable around $64,000. The event also led to a significant increase in transaction fees. This halving is part of Bitcoin's strategy to prevent inflation and maintain its cap at 21 million tokens. The mining sector may see consolidation, favoring publicly traded companies with better resources.

Portfolio Pulse from Bibhu Pattnaik

April 20, 2024 | 2:41 pm

BTCUSD

DOGEUSD

Doge Day, celebrated on April 20, is an informal event for Dogecoin (DOGE) enthusiasts, coinciding with a surge in its price and trading volume. This year, it follows the Bitcoin (BTC) halving event, which typically leads to a 'sell the news' market reaction. Bitcoin saw a 1.50% decrease, while Doge increased by 0.48%. Despite recent gains, Doge remains below its all-time high. Elon Musk, once a major promoter of Doge, has reduced his mentions of the coin, though he recently acknowledged Doge Day in relation to SpaceX's Starship launch anniversary.

Portfolio Pulse from Shanthi Rexaline

April 20, 2024 | 1:59 pm