Ultime notizie per Alphabet (NASDAQ:GOOGL) Azioni

Alphabet

Alphabet is a holding company that wholly owns internet giant Google. The California-based company derives slightly less than 90% of its revenue from Google services, the vast majority of which is advertising sales. Alongside online ads, Google services houses sales stemming from Google's subscription services (YouTube TV, YouTube Music among others), platforms (sales and in-app purchases on Play Store), and devices (Chromebooks, Pixel smartphones, and smart home products such as Chromecast). Google's cloud computing platform, or GCP, accounts for roughly 10% of Alphabet's revenue with the firm's investments in up-and-coming technologies such as self-driving cars (Waymo), health (Verily), and internet access (Google Fiber) making up the rest.

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Alphabet Inc

U.S. stocks could open on a negative note on Thursday after AI bellwether Nvidia Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42107846/nvidia-slides-during-thursday-pre-market-despite-beating-q3-estimates-even-outstanding-isnt-enough-for-some-investors">guidance fell short</a> of some expectations. Futures of all three major indices were down as investors processed the AI giant's earnings.
Other chip makers like Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) also experienced pressure in premarket trading.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Change (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.33%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.24%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>-0.08%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.22%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.25% to $589 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) declined 0.34% to $501.46, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
The Dow Jones snapped its two-session losing streak this week to close 100 points higher on Wednesday, while the S&amp;P 500 eked a marginal gain to close in the green.
The tech-heavy Nasdaq, however, fell ahead of the volatility due to Nvidia's earnings after the bell.
Crude oil prices continued to rise amid growing tensions between Russia and Ukraine but remained under the $70 mark.
Treasury yields eased slightly as investors waited for further economic data.
On the economic data front, mortgage applications in the U.S. rose 1.7% from the previous week in the week ending Nov. 15, compared to a 0.5% gain in the prior period.
Most sectors on the S&amp;P 500 closed on a positive note, with healthcare, energy, and materials stocks recording the biggest gains on Wednesday.
However, consumer discretionary and financial stocks bucked the overall market trend, closing the session lower.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.11%</td>
<td>18,966.14</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>0.002%</td>
<td>5,917.11</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>0.32%</td>
<td>43,408.47</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>0.03%</td>
<td>2,325.53</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Ryan Detrick, chief market strategist at Carson Group, maintained that despite the weakness in the markets currently, he remains optimistic about the potential of a continued bull run.
"Weakness right around now is perfectly normal. The good news is I wouldn&#8217;t give up on a late November rally."
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Weakness right around now is perfectly normal. The good news is I wouldn&#39;t give up on a late November rally. <a href="https://t.co/NuU2qzpDsC">pic.twitter.com/NuU2qzpDsC</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1859314388739686769?ref_src=twsrc%5Etfw">November 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Despite the volatile movement in Nvidia and other chipmaker stocks, Wedbush analyst Dan Ives maintained optimism about the AI giant's performance.
"The Godfather of AI Jensen and Nvidia delivered a massive beat and big things ahead for Blackwell," Ives said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Godfather of AI Jensen and Nvidia delivered a massive beat and big things ahead for Blackwell as we discussed into this big night for the tech world on <a href="https://twitter.com/SquawkStreet?ref_src=twsrc%5Etfw">@SquawkStreet</a> &#x1f3c6;&#x1f525;&#x1f37f;&#x1f402;&#x1f4fa;&#x1f3a4;&#x1f447; <a href="https://t.co/6ehn8D3Gs0">https://t.co/6ehn8D3Gs0</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1859387551351546328?ref_src=twsrc%5Etfw">November 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Nvidia <a href="https://www.benzinga.com/news/earnings/24/11/42099904/nvidia-beats-q3-revenue-eps-estimates-supply-constraints-ding-stock-huang-says-age-of-ai-is-in-full-steam">posted third-quarter revenue</a> of $35.1 billion, up 94% year-on-year, beating the Street consensus of $33.12 billion, according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112024&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener">from Benzinga Pro</a>. This was the ninth straight quarter of Nvidia beating analyst estimates.
Tech bull Ives thinks that this is <a href="https://www.benzinga.com/markets/equities/24/11/42102642/nvidia-delivered-jaw-dropping-q3-earnings-says-dan-ives-this-is-the-fourth-revolution-playing-out-in-front-of-our-eyes">the "fourth revolution"</a> in technology, and it could help the Nasdaq surge to 25,000.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Upcoming Economic Data
Thursday's economic calendar includes the release of initial jobless claims data.
<ul>
<li>Initial jobless claims data will be released at 8:30 a.m. ET.</li>
<li>Philadelphia Fed manufacturing survey will be released at 8:30 a.m. ET.</li>
<li>Cleveland Fed President Beth Hammack will speak at 8:45 a.m. ET.</li>
<li>Existing home sales data and leading economic index will be released at 10 a.m. ET.</li>
<li>Kansas City Fed President Jeff Schmid will speak at 1:10 p.m. ET.</li>
<li>Fed Vice Chair for Supervision Michael Barr will speak at 4:40 p.m. ET.</li>
</ul>
Stocks In Focus:
<ul>
<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) shares fell 2.6% in premarket trading on Thursday after the company posted a quarter-on-quarter decline in gross margins.</li>
<li>Other chip stocks felt the pressure post-Nvidia earnings. Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) fell nearly 1%, while Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) was down 0.6%. Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) both fell 0.5% in premarket trading.</li>
<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock surged over 10% on Wednesday and rose by another 11% in premarket trading on Thursday after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/24/11/42102366/bitcoin-taps-95k-ethereum-dogecoin-flat-as-trumps-crypto-policy-takes-shape-top-analyst-describes-btcs-path-to-135k">crossed the $95,000 mark</a>. Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) stock was also up over 3%.</li>
<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) shares rose over 21% in premarket trading after the company beat analyst expectations and revised its 2025 revenue outlook upwards.</li>
<li>Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) stock fell over 4% in premarket trading after the company's third-quarter results.</li>
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) stock was slightly down in premarket trading after the U.S. Department of Justice (DOJ) said the company needed to sell the Google Chrome browser to <a href="https://www.benzinga.com/tech/24/11/42105079/googles-unlawful-behavior-stifles-market-entry-for-rivals-doj-says-alphabet-must-sell-chrome-to-end-search-monopoly">end search monopoly</a>.</li>
<li>Investors are awaiting earnings results from Deere &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>), BJ&#8217;s Wholesale Club Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>), and Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) today.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures surged in the early New York session, rising by 1.70% to hover around $69.92 per barrel.
The 10-year Treasury note yield edged lower to 4.394%.
Most of the major Asian markets ended in the red on Thursday, while European markets showed tentativeness in early trading.
Read Next:
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<li><a href="https://www.benzinga.com/tech/24/11/42105079/googles-unlawful-behavior-stifles-market-entry-for-rivals-doj-says-alphabet-must-sell-chrome-to-end-search-monopoly">Target Says Shoppers Wait For &#8216;Deals&#8217; A Day After Rival Walmart Credits Market Gains To Wealthy Households</a></li>
</ul>
Photo courtesy: Wikimedia

Earnings

Futures

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Pre-Market Outlook

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INTU

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PANW

QCOM

SNOW

US Futures Head Lower As Nvidia Earnings Fail To Impress Investors: Expert Says Market Weakness Is 'Perfectly Normal,' But Late November Rally Is Still Possible

The U.S. Department of Justice (DOJ) has demanded that&nbsp;Alphabet Inc.&#8217;s&nbsp;&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google divest its Chrome browser to dismantle its monopoly on online search. This move is part of broader efforts to restore competition in the search market.
What Happened: Prosecutors have demanded that Google divest its Chrome browser and share search data with competitors to dismantle its monopoly on online search. These actions were proposed in a court filing on Wednesday.
The&nbsp;Department of Justice&nbsp;(DOJ) and state antitrust enforcers suggested that Google must also consider selling its Android operating system if other measures fail. The proposals aim to regulate Google for up to 10 years through a committee appointed by a federal court in Washington.
&#8220;Google&#8217;s unlawful behavior has deprived rivals not only of critical distribution channels but also distribution partners who could otherwise enable entry into these markets by competitors in new and innovative ways,&#8221; the DOJ&nbsp;said in a statement.
The DOJ&#8217;s filing expands on previous suggestions to end Google&#8217;s monopoly in the U.S., where it controls 90% of searches. The&nbsp;proposals include ending exclusive <a href="https://www.benzinga.com/24/11/42083150/googles-20b-search-deal-with-apple-faces-collapse-after-antitrust-ruling-what-it-could-means-for-both-tech-giants">agreements&nbsp;with companies</a> like&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) that make Google the default search engine on devices.
See Also:&nbsp;<a href="https://www.benzinga.com/general/social-media/24/11/42022443/ibm-disney-and-other-large-advertisers-return-to-elon-musks-x-after-a-year-long-boycott-we-super-appreciate?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">IBM, Disney And Other Large Advertisers Return To Elon Musk&#8217;s X After A Year-Long Boycott: &#8216;We Super Appreciate&#8217;</a>
Google has criticized these proposals as extreme, arguing&nbsp;they would harm U.S. consumers&nbsp;and businesses. A trial on these proposals is scheduled for April, but changes could occur with the incoming administration.
Prosecutors also recommend&nbsp;barring Google from re-entering the&nbsp;browser market for five years&nbsp;and from acquiring search or AI competitors. A technical committee would enforce compliance, with Google funding its operations.
Why It Matters: The DOJ&#8217;s latest move follows an August ruling that found Google <a href="https://www.benzinga.com/news/legal/24/11/42053249/google-could-lose-chrome-browser-in-dojs-latest-antitrust-move">guilty of illegally monopolizing</a> the search market. The potential divestiture of Chrome could significantly impact Google&#8217;s business model, which heavily relies on its dominance in the search market.
Perplexity AI CEO Aravind Srinivas&nbsp;has even <a href="https://www.benzinga.com/markets/equities/24/11/42084064/perplexity-ceo-asks-if-ai-startup-should-acquire-google-chrome-following-dojs-antitrust-push-against-search-giant">speculated about acquiring</a> the Chrome browser, suggesting its potential value could reach $20 billion if a court-ordered sale occurs. This highlights the broader implications of the DOJ&#8217;s actions, which could reshape the competitive landscape in the tech industry.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/24/11/42079954/microsoft-ceo-satya-nadella-defends-bings-rise-against-googles-search-dominance-says-openais-partnership-with-apple-is-incremental-for-even-us?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Satya Nadella Defends Bing&#8217;s Rise Against Google&#8217;s Search Dominance — Says OpenAI&#8217;s Partnership With Apple Is &#8216;Incremental&#8217; For Microsoft</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

General

AAPL

Google's 'Unlawful Behavior' Stifles Market Entry For Rivals: DOJ Says Alphabet Must Sell Chrome To End Search Monopoly

Several Wall Street analysts reiterated Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) after the company&#8217;s <a href="https://www.benzinga.com/tech/24/11/42088437/qualcomm-targets-900-billion-market-by-2030-big-bets-on-iot-and-automotive" target="_blank" rel="noreferrer noopener">2024 investor day</a>.
<ul>
<li>Cantor Fitzgerald analyst CJ Muse reiterated Qualcomm with a Neutral and a <a href="https://www.benzinga.com/quote/QCOM/analyst-ratings" target="_blank" rel="noreferrer noopener">$160 price target</a>.</li>
<li>KeyBanc analyst John Vinh maintained Sector Weight on Qualcomm with a price target of $165.</li>
<li>Rosenblatt analyst Kevin Cassidy reiterated a Buy on Qualcomm with a price target of $250.</li>
</ul>
Cantor Fitzgerald: At the IoT and Automotive Diversification Update Investor Day, Qualcomm outlined its plans to shift revenue reliance from handsets to higher-growth segments like Automotive, IoT, PCs, XR/AR, and Industrial applications. Muse noted that Qualcomm&#8217;s Automotive segment is a standout performer, with the company projecting over $8 billion in revenue by fiscal 2029 at a 22% compound annual growth rate (CAGR). 
Also Read: <a href="https://www.benzinga.com/24/11/42092265/stmicroelectronics-targets-18-billion-revenue-eyes-22-24-margins-by-2028" target="_blank" rel="noreferrer noopener">STMicroelectronics Targets $20 Billion Revenue By 2030, Unveils 2027 Goals</a>
More than 80% of this forecasted revenue is supported by backlog, providing confidence in this segment&#8217;s outlook. However, IoT&#8217;s projected jump from $5.4 billion in fiscal 2024 to $14 billion in fiscal 2029 raised skepticism, mainly the PC segment target of $4 billion, which assumes a 10% market share at an average selling price of $175. Muse sees significant competitive pressure from x86-based systems, making the target aggressive.
The XR/AR revenue projection of $2 billion by fiscal 2029 appears more feasible, given partnerships with significant players like Meta, Alphabet, Google and Samsung. IDC&#8217;s forecast of a 35% CAGR for the XR market are a supporting factor. Despite the optimistic outlook for XR, overall assumptions for IoT, PC, and Industrial/Other revenue leave room for potential overestimation.
Qualcomm management maintained its long-term operating expense target at 21%-23% of revenue. The company anticipates fiscal 2029 EPS reaching $14.12, representing a 7% 5-year CAGR from $10.28 in fiscal 2024. While diversification efforts are poised to make IoT and Automotive account for 50% of total QCT revenues by fiscal 2029, Muse expressed concerns about the pace of transition, particularly with potential headwinds from Apple reducing reliance on Qualcomm&#8217;s chipsets faster than other segments can offset.
Muse projected fiscal 2025 revenue of $43.15 billion and EPS of $11.37. He expects fiscal 2026 revenue of $41.1 billion and EPS of $11.45.
KeyBanc: Qualcomm revised its Automotive revenue target to $8 billion by fiscal 2029, doubling its fiscal 2026 projection of $4 billion. This goal implies a 22% compound annual growth rate (CAGR) over five years, reflecting strong momentum in this segment.
The company set an ambitious target of $4 billion in PC revenue by fiscal 2029, assuming an 11% market share. This aligns with its broader IoT goal of $14 billion, including contributions from XR, Industrial IoT, and other categories.
Within IoT, Industrial IoT is expected to generate $4 billion by fiscal 2029, translating to a 21% five-year CAGR. This growth underscores Qualcomm&#8217;s strategic shift toward high-growth verticals to reduce reliance on handset revenue.
Qualcomm anticipates mid-single-digit (MSD) long-term growth for Android handsets. However, factoring in the expected transition of Apple to its internal modems, overall QCT revenue is forecasted to grow at a low-single-digit (LSD) rate over the next several years, with a 6% five-year CAGR through fiscal 2029.
While Qualcomm presented compelling long-term growth projections across critical segments, Vinh expressed caution about the need for catalysts for an edge AI replacement cycle in handsets, PCs, and other devices. Additionally, the anticipated impact of Apple&#8217;s internal modem transition poses a significant headwind, though Qualcomm management expressed confidence in its ability to sustain growth despite these challenges.
Rosenblatt: Qualcomm presented a highly attended investor day focused on its diversification strategy first outlined in 2021, emphasizing accelerated adoption of its platforms driven by AI.
Cassidy highlighted Qualcomm&#8217;s leadership in addressing diverse markets through its energy-efficient processors, advanced connectivity, and AI capabilities. Significant revenue growth is projected across Automotive, PC, XR, and Industrial IoT.
Qualcomm set a $45 billion design win pipeline for its QCT Automotive segment, with one-third tied to Advanced Driver Assistance Systems (ADAS). The company forecasts $8 billion in automotive revenue by fiscal 2029, representing a 22% compound annual growth rate (CAGR). With the total addressable market (TAM) expected to double to $100 billion by fiscal 2029, the automotive segment remains a key growth driver.
Qualcomm&#8217;s Snapdragon X Series has achieved 2.5 times growth in design wins, with 58 platforms announced. By fiscal 2029, the company targets $4 billion in PC revenue, driven by the proliferation of AI-enabled notebooks. Qualcomm projects that 90% of PCs will incorporate AI features, with 100 million devices leveraging Copilot+ annually.
Qualcomm anticipates $4 billion in Industrial IoT revenue by fiscal 2029, capitalizing on a $50 billion market opportunity by 2029. In XR (AR, VR, and MR combined), the company expects over $2 billion in fiscal 2029 revenue, with unit volumes reaching 15 million annually.
<ul>
<li>Overall IoT revenue is expected to grow 2.5x to $14 billion by fiscal 2029. </li>
<li>By 2030, Qualcomm estimates a $900 billion TAM for connected edge devices</li>
<li>In 2024, revenue grew 9% year-over-year (Y/Y)</li>
<li>EPS increased 21% Y/Y. </li>
<li>Since fiscal 2019, revenue has doubled, and EPS has tripled, supported by a 31% CAGR in automotive revenues and double-digit growth in handsets and IoT.</li>
</ul>
Adjusted operating expenses are projected to remain at 21-23% of revenue. Qualcomm also plans low-to-mid single-digit dividend growth and share buybacks as part of its capital allocation strategy.
Qualcomm aims to achieve a balanced revenue mix, targeting a 50/50 split between the handset and non-handset segments by fiscal 2029. This strategy reduces customer concentration risk and leverages growth opportunities in emerging markets like AI-enabled PCs, automotive, and industrial IoT. By scaling AI adoption at the edge, Qualcomm solidifies its position as a leader in high-growth markets while navigating challenges in its handset business.
Cassidy projected fiscal 2025 revenue of $42.9 billion and EPS of $11.59. He expects fiscal 2026 revenue of $45.35 billion and EPS of $12.49.
Price Action: Qualcomm stock traded lower by 5.94% at $154.91 at the last check on Wednesday.
Also Read:
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<li><a href="https://www.benzinga.com/24/11/42089611/taiwan-semiconductor-faces-china-challenges-amid-potential-trump-return-and-geopolitical-tensions" target="_blank" rel="noreferrer noopener">Taiwan Semiconductor Faces China Challenges Amid Potential Geopolitical Tensions From Trump&#8217;s Return</a></li>
</ul>
Image: Shutterstock

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Reiteration

Analyst Ratings

Qualcomm's Shift From Handsets To AI And Automotive Wins Analysts' Confidence

NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) will release earnings results for its third quarter, after the <a href="https://www.benzinga.com/quote/NVDA/earnings">closing bell on Wednesday, Nov. 20.</a>
Analysts expect the Santa Clara, California-based bank to report quarterly earnings at 75 cents per share, up from 40 cents per share in the year-ago period. Nvidia projects to report revenue of $33.14 billion for the recent quarter, compared to $18.12 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Monday, Nvidia announced it partnered with Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google Quantum AI to accelerate the development of next-generation quantum computing devices.
Nvidia shares gained 3.8% to close at $145.41 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TCOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58c6ab8eb85e9300015f1ae6/william-stein">Truist Securities analyst William Stein</a> maintained a Buy rating and raised the price target from $148 to $167 on Nov. 19. This analyst has an accuracy rate of 87%.</li>
<li>Stifel analyst Ruben Roy maintained a Buy rating and raised the price target from $165 to $180 on Nov. 19. This analyst has an accuracy rate of 86%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5dfcc5e03513fb0001f01095/matt-bryson">Wedbush analyst Matt Bryson</a> maintained an Outperform rating and raised the price target from $138 to $160 on Nov. 14. This analyst has an accuracy rate of 82%.</li>
<li>Raymond James analyst Srini Pajjuri maintained a Strong Buy rating and increased the price target from $140 to $170 on Nov. 14. This analyst has an accuracy rate of 80%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5a12edeeefacff0001e030dc/chris-rolland">Susquehanna analyst Christopher Rolland</a> maintained a Positive rating and boosted the price target from $160 to $180 on Nov. 14. This analyst has an accuracy rate of 72%.</li>
</ul>
Considering buying NVDA stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="556" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20010911/image-199-1024x556.png" alt="" class="wp-image-656305" style="width:683px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20010911/image-199-1024x556.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20010911/image-199-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20010911/image-199-768x417.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/20010911/image-199.png 1212w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Nvidia Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Rezolve AI Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RZLV#NASDAQ">RZLV</a>) shares are trading higher Wednesday after the company announced a partnership with Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) in which Google Cloud will resell <a href="https://www.benzinga.com/pressreleases/24/11/g42086278/rezolve-ai-and-google-sign-strategic-partnership-to-revolutionize-retail-and-consumer-commerce-wit">Rezolve&#8217;s Brain Suite</a>.
What To Know: Rezolve said it signed a strategic partnership with Google to accelerate the transformation of retail and consumer commerce through advanced <a href="http://benzinga.com/topic/ai">AI</a> and cloud infrastructure.
Google Cloud will resell Rezolve AI&#8217;s Brain Suite, a set of AI solutions that improve customer engagement, optimize operations and drive business growth.
Rezolve and Google expect that the new sales channel will generate more than 50% of Rezolve&#8217;s forecasted revenue over the &#8220;next several years.&#8221;
&#8220;Google&#8217;s commitment to our vision, alongside their extensive resources and expertise, enables us to accelerate our mission to transform eCommerce. With Google Cloud&#8217;s global reach, we can drive exponential growth and deliver unprecedented value to retailers worldwide,&#8221; said Daniel Wagner, CEO of Rezolve AI. 
See Also: <a href="https://www.benzinga.com/news/earnings/24/11/42084907/nio-q3-earnings-11-6-gain-in-vehicle-deliveries-margins-improve-issues-robust-q4-delivery-outlook">NIO Q3 Earnings: 11.6% Gain In Vehicle Deliveries, Margins Improve, Issues Robust Q4 Delivery Outlook</a>
<h3 class="wp-block-heading">How To Buy RZLV Stock</h3>
By now you're likely curious about how to participate in the market for Rezolve AI &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. 
In the case of Rezolve, which is trading at $2.57 as of publishing time, $100 would buy you 38.91 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
RZLV Price Action: Rezolve shares initially surged to above $3.90 on the news before pulling back. The stock was up 2.72% at $2.64 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

Contracts

RZLV

What's Going On With Rezolve AI Stock Today?

Rezolve Ai And Google Sign Partnership Under Which Google Cloud Will Resell Rezolve Ai's Brain Suite

Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is preparing to urge a federal judge&nbsp;to dismiss the U.S. Department&nbsp;of Justice&#8217;s case accusing the company of unlawfully monopolizing the smartphone market.
What Happened: The case is a significant part of the ongoing antitrust battle against Big Tech companies. The hearing, scheduled for Wednesday, will be presided over by&nbsp;U.S. District Judge Julien Neals&nbsp;in Newark, New Jersey, Reuters reported on Wednesday. 
Prosecutors allege that Apple stifles competition&nbsp;by limiting interoperability between the&nbsp;iPhone and third-party apps and&nbsp;devices. Apple, in its defense, asserts that its restrictions on developers&#8217; access to its technology are reasonable and necessary for innovation.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/11/42023396/sean-parkers-net-worth-touches-3b-from-launching-napster-to-becoming-facebook-billionaire-the-story-of-teenage-hacker-turned-entrepreneur?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Sean Parker&#8217;s Net Worth Touches $3B: From Launching Napster To Becoming Facebook Billionaire, The Story Of Teenage Hacker Turned Entrepreneur</a>
The antitrust case against Apple was initiated during Donald Trump&#8217;s first presidential term and <a href="https://www.benzinga.com/general/politics/24/04/38343376/elizabeth-warren-attacks-apple-smartphone-monopoly-green-texts-on-iphones-theyre-ruining-relatio">filed under President</a> Joe Biden&#8217;s administration. Other Big Tech firms, including Alphabet&#8216;s Google (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Amazon.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), are also facing similar antitrust cases.
Why It Matters: The lawsuit against Apple, filed in March by the DOJ and a coalition of states, targets restrictions and fees on app developers, and technical barriers to third-party devices and services that compete with Apple&#8217;s own. The case will proceed if the judge finds the claims plausible.
Meanwhile, its $20 billion agreement with Google&#8216;s parent Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) to make Google Chrome the <a href="https://www.benzinga.com/24/11/42083150/googles-20b-search-deal-with-apple-faces-collapse-after-antitrust-ruling-what-it-could-means-for-both-tech-giants">default search engine</a> is also under threat after a U.S. federal judge ruled the deal as illegal monopoly.
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Image via Apple
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

Apple To Argue For Dismissal Of DOJ Antitrust Case Over Alleged US Smartphone Market Domination

Perplexity AI CEO Aravind Srinivas has jumped into the Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google antitrust conversation by asking his followers on X if his AI startup should acquire the Google Chrome browser.
This comes amid the U.S. Department of Justice&#8217;s push to break up Google&#8217;s empire.
What Happened: Srinivas sparked speculation by posting &#8220;Should Perplexity buy Chrome?&#8221; on X, following reports that Chrome could be <a href="https://news.bloomberglaw.com/us-law-week/doj-will-push-google-to-sell-off-chrome-to-break-search-monopoly">valued</a> at up to $20 billion if a <a href="https://www.benzinga.com/news/legal/24/11/42053249/google-could-lose-chrome-browser-in-dojs-latest-antitrust-move">court-ordered sale materializes</a>.
The discussion comes after Judge Amit Mehta&#8216;s August ruling that Google maintains an illegal monopoly in online search. The DOJ is now seeking remedies, including the potential sale of Chrome, the world&#8217;s dominant web browser.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Google strongly opposes the proposal. &#8220;The DOJ continues to push a radical agenda that goes far beyond the legal issues in this case,&#8221; said Google executive Lee-Anne Mulholland in a <a href="https://www.benzinga.com/news/legal/24/11/42053249/google-could-lose-chrome-browser-in-dojs-latest-antitrust-move">statement</a>.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Should Perplexity buy Chrome?
&mdash; Aravind Srinivas (@AravSrinivas) <a href="https://twitter.com/AravSrinivas/status/1859101265919439110?ref_src=twsrc%5Etfw">November 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/general/social-media/24/11/42082700/meta-taps-former-salesforce-ai-chief-to-lead-enterprise-ai-push-amid-expanding-open-source-strategy">Meta Taps Former Salesforce AI Chief To Lead Enterprise AI Push</a>
Why It Matters: Perplexity, founded just two years ago and backed by Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), has shown remarkable growth. The San Francisco-based company is reportedly in talks to raise approximately $500 million in its fourth funding round, potentially pushing its valuation to $8 billion or higher – a significant jump from its $3 billion previous valuation. The company&#8217;s annualized revenue has reached $50 million, up <a href="https://www.benzinga.com/news/24/11/41764081/jeff-bezos-backed-ai-startup-perplexity-set-to-triple-valuation-to-9b-in-fourth-funding-round-can-it">from $10 million in March</a>.
The AI-powered search engine has gained significant traction, reporting 250 million questions answered in the past month alone, compared to <a href="https://www.benzinga.com/general/entrepreneurship/24/08/40292703/perplexity-ais-revenue-usage-skyrocket-as-it-enters-into-advertising">500 million queries throughout all of last year</a>. 
However, the company faces challenges, including criticism from web publishers over content usage rights, with The New York Times issuing a cease-and-desist notice.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.

<div><em style="color: rgb(45, 45, 45); font-family: &quot;Helvetica Neue&quot;, Helvetica, OpenSans, Arial, sans-serif; font-size: 17.6px; white-space-collapse: collapse; box-sizing: border-box; border: 0px solid rgb(229, 231, 235); --tw-border-spacing-x: 0; --tw-border-spacing-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; --tw-rotate: 0; --tw-skew-x: 0; --tw-skew-y: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-pan-x: ; --tw-pan-y: ; --tw-pinch-zoom: ; --tw-scroll-snap-strictness: proximity; --tw-gradient-from-position: ; --tw-gradient-via-position: ; --tw-gradient-to-position: ; --tw-ordinal: ; --tw-slashed-zero: ; --tw-numeric-figure: ; --tw-numeric-spacing: ; --tw-numeric-fraction: ; --tw-ring-inset: ; --tw-ring-offset-width: 0px; --tw-ring-offset-color: #fff; --tw-ring-color: rgba(59,130,246,.5); --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-shadow: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-shadow-colored: 0 0 #0000; --tw-blur: ; --tw-brightness: ; --tw-contrast: ; --tw-grayscale: ; --tw-hue-rotate: ; --tw-invert: ; --tw-saturate: ; --tw-sepia: ; --tw-drop-shadow: ; --tw-backdrop-blur: ; --tw-backdrop-brightness: ; --tw-backdrop-contrast: ; --tw-backdrop-grayscale: ; --tw-backdrop-hue-rotate: ; --tw-backdrop-invert: ; --tw-backdrop-opacity: ; --tw-backdrop-saturate: ; --tw-backdrop-sepia: ; --tw-contain-size: ; --tw-contain-layout: ; --tw-contain-paint: ; --tw-contain-style: ;"></div>

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Image Via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" target="_blank" rel="noreferrer noopener"></a>

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Startups

Perplexity CEO Asks If AI Startup Should Acquire Google Chrome Following DOJ's Antitrust Push Against Search Giant

Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) lucrative agreement to pay Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) over <a href="https://www.benzinga.com/markets/equities/24/05/38573998/how-much-is-google-really-paying-apple-to-be-default-search-engine-on-iphones-unsealed-court-pap">$20 billion a year</a> to make its search engine the default on iPhones is now under threat.
What Happened: In May earlier this year, an antitrust lawsuit against Google&#8217;s parent company revealed that Apple received a massive $20 billion in 2022 to make Google the default search engine on Apple's Safari browser on iPhones.
The documents also underscore the importance of these payments to Apple's financial performance, with Google's contributions in 2020 accounting for 17.5% of the company&#8217;s operating income.
Following this, in August, a U.S. federal judge ruled that Alphabet's Google holds an <a href="https://www.benzinga.com/government/24/08/40169996/alphabet-loses-antitrust-suit-over-google-search-dominance-report">illegal monopoly</a> in the search engine market.
The U.S. Department of Justice (DOJ) now plans to propose measures to prevent these types of payments, arguing that they reinforce Google&#8217;s dominant position in the market, <a href="https://www.wsj.com/us-news/law/antitrust-enforcers-prepare-final-blitz-against-big-tech-39afe085?mod=lead_feature_below_a_pos3">according</a> to the Wall Street Journal. 
See Also: <a href="https://www.benzinga.com/news/global/24/11/42053801/alphabets-life-sciences-firm-verily-to-become-a-standalone-entity-disconnect-from-google">Alphabet&#8217;s Life Sciences Firm Verily To Become A Standalone Entity, Disconnect From Google</a>
If the judge grants the DOJ&#8217;s request, this long-standing arrangement between the two tech giants could end.
If Google is barred from making these payments, Apple might need to find new partners to fill the gap. Microsoft Corporation's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) Bing or other search providers could step in, but whether they will offer similar terms remains uncertain.
While <a href="https://www.benzinga.com/news/23/09/34990297/microsoft-considered-selling-bing-to-apple-as-google-rival-but-iphone-maker-remained-skeptical">Bing was the default</a> search engine for Siri and Spotlight from 2013 to 2017, Apple later switched back to Google.
Microsoft launched Bing in 2009 to directly compete with Google. However, despite its efforts, Google <a href="https://www.benzinga.com/news/23/04/31823704/is-bing-the-new-google-samsung-devices-could-ditch-google-search-for-microsoft-bing">remains the dominant player</a>.
A previous Bloomberg report has also suggested that the DOJ&#8217;s plan highlighted the proposal to force <a href="https://www.benzinga.com/news/legal/24/11/42053249/google-could-lose-chrome-browser-in-dojs-latest-antitrust-move">Google to divest its</a> Chrome browser.
Why It Matters: Though the ruling could be a setback for Google, it's far from final.&nbsp;
Google has already indicated that it will appeal the decision, and the outcome could change depending on future legal developments.
Earlier, Google&#8217;s vice president of regulatory affairs, Lee-Anne Mulholland told <a href="https://pro.benzinga.com/dashboard">Benzinga</a>, "The government putting its thumb on the scale in these ways would harm consumers, developers, and American technological leadership at precisely the moment it is most needed."
Previously, Alphabet CEO Sundar Pichai also stated during the company&#8217;s third-quarter earnings call that the DOJ&#8217;s proposals could result in &#8220;<a href="https://www.benzinga.com/news/24/10/41616230/sundar-pichai-admits-doj-proposals-could-have-unintended-consequences-google-mapping-out-plan-b-in-c">unintended consequences</a>.&#8221;
As the DOJ&#8217;s final proposed remedies draw nearer on Nov. 20, JPMorgan analyst Doug Anmuth anticipates potential headline risk but believes it could provide much-needed clarity.
He continues to have an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42036010/alphabet-on-trial-doj-remedies-loom-but-analyst-sees-20-upside-as-discount-to-meta-narrows">Overweight rating on GOOGL</a> stock, with a price target of $212, indicating a 20% upside from its current price.
Price Action: On Tuesday, Alphabet&#8217;s Class A shares rose by 1.61%, closing at $178.12, while Class C shares increased by 1.57%, finishing at $179.58. In Wednesday&#8217;s pre-market session, Class A shares gained 0.06% to $178.22, and Class C shares edged up by 0.03% to $179.63, as of the latest update, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro</a>.
Apple shares rose by 0.11% on Tuesday, ending the day at $228.28. However, in Wednesday&#8217;s pre-market session, the stock declined by 0.21%, reaching $227.79 at the time of writing.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Legal

Apple Stares At Multi-Billion Dollar Hit Amid Google's Antitrust Ruling: Here's What Investors Should Know

Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) has appointed Clara Shih, former Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) artificial intelligence chief, to head its newly formed Business AI division, marking a significant expansion of the social media giant&#8217;s AI strategy for enterprise customers.
What Happened: Shih, who announced her move <a href="https://www.linkedin.com/posts/clarashih_the-past-four-years-at-salesforce-have-activity-7264709174326886401-rZVL/">via</a> LinkedIn on Tuesday, will spearhead Meta&#8217;s efforts to develop AI tools for businesses using Meta&#8217;s social platforms. &#8220;Our vision is to make cutting-edge AI accessible to every business, empowering all to find success and own their future in the AI era,&#8221; Shih stated.
The appointment comes as Meta accelerates its unique open-source AI approach, differentiating itself from competitors like Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)-backed OpenAI and Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google.
Rather than monetizing AI through direct subscriptions, Meta aims to enhance its existing advertising and social media platforms using its <a href="https://www.benzinga.com/tech/24/07/39915337/mark-zuckerberg-takes-aim-at-elon-musk-sam-altman-with-big-ai-aspirations-through-metas-latest-llama">Llama language models</a>.
See Also: <a href="https://www.benzinga.com/24/11/42079585/meta-google-and-microsoft-bet-big-on-ai-with-skyrocketing-capex-budgets-but-jensen-huangs-nvidia-poised-to-be-the-biggest-winner-says-analyst-only-game-in-town-with-1-trillion-of-ai-capex">Dan Ives Expects &#8216;Drop The Mic Performance&#8217; Tomorrow From Nvidia: Here&#8217;s Why</a>
Why It Matters: Meta&#8217;s AI push has gained momentum under CEO Mark Zuckerberg&#8216;s leadership. During the company&#8217;s third-quarter earnings call, Zuckerberg revealed plans for Llama 4, announcing an unprecedented computing infrastructure utilizing over 100,000 Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H100 GPUs. The next-generation model is scheduled for <a href="https://www.benzinga.com/markets/equities/24/10/41643021/mark-zuckerberg-says-metas-open-source-gambit-is-paying-off-as-nvidia-and-amd-optimize-for-llama">release in early 2025</a>.
The company has already begun integrating AI-generated content into its platforms, including AI-created photo carousels on Facebook and AI chatbots on Instagram. 
Bank of America Securities <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41658862/meta-is-an-ai-story-fueled-by-llama-and-meta-ai-says-bullish-analyst">recently labeled Meta</a> an &#8220;AI Story,&#8221; citing the growing adoption of Llama and Meta AI. The firm projects AI-driven advertising improvements to materialize by 2025.
The move follows Meta&#8217;s strong third-quarter performance, where the company exceeded analyst expectations while signaling increased capital investment in AI infrastructure. Zuckerberg has touted the <a href="https://www.benzinga.com/news/24/07/40088285/mark-zuckerberg-says-metas-405b-model-llama-3-1-has-better-cost-performance-than-openais-chatgpt-thi">company&#8217;s $405 billion Llama 3.1 model</a> as having superior cost performance compared to competing closed models.
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</ul>
Image via Pixabay
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Social Media

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Meta Taps Former Salesforce AI Chief To Lead Enterprise AI Push

Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) CEO Satya Nadella highlighted Bing's strong growth countering concerns about its minimal impact on Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google's global <a href="https://www.benzinga.com/news/23/09/34990297/microsoft-considered-selling-bing-to-apple-as-google-rival-but-iphone-maker-remained-skeptical">search dominance</a>.
What Happened: On Tuesday, during a conversation with a CNBC Overtime anchor Jon Fortt, Nadella was asked when AI was integrated into Bing, the hope was to gain more share from Google.
However, one year down the line, Google still has roughly 90% of the global search share. In response, the Microsoft CEO said that Bing search is one of the fastest-growing businesses, showing strong double-digit growth.
When asked about search share, Nadella responded that it&#8217;s a game of 100 basis points, and any progress is good.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/11/42056367/how-to-safeguard-your-data-before-apples-deadline-step-by-step-guide-for-backing-up-ios-8-and-earlier-devices?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Safeguard Your Data Before Apple&#8217;s Deadline: Step-By-Step Guide For Backing Up iOS 8 And Earlier Devices</a>
He then expressed excitement about the success of OpenAI&#8217;s ChatGPT and its partnership with&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), which he said is beneficial for Microsoft as it runs on Azure.
&#8220;That's all incremental for even us,&#8221; Nadella stated, adding, &#8220;We are giving them the Bing index and powering ChatGPT search using our APIs.&#8221;
Regarding the relationship with OpenAI, Nadella expressed satisfaction with the partnership&#8217;s progress.
&#8220;We are thrilled to be an investor. We're thrilled to be a partner around I.P. They're one of our biggest customers now. We also compete in some areas. And so the partnership has all of those dimensions to it,&#8221; he said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I spoke with <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> CEO <a href="https://twitter.com/satyanadella?ref_src=twsrc%5Etfw">@satyanadella</a> today about how the company's relationship with <a href="https://twitter.com/OpenAI?ref_src=twsrc%5Etfw">@OpenAI</a> and <a href="https://twitter.com/sama?ref_src=twsrc%5Etfw">@sama</a> is developing: <a href="https://twitter.com/CNBCOvertime?ref_src=twsrc%5Etfw">@CNBCOvertime</a> <a href="https://t.co/JOjwvmA0lU">pic.twitter.com/JOjwvmA0lU</a>
&mdash; Jon Fortt (@jonfortt) <a href="https://twitter.com/jonfortt/status/1859022001006146013?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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Why It Matters: Microsoft launched Bing in 2009 to compete directly with Google. However, despite its efforts, Google <a href="https://www.benzinga.com/news/23/04/31823704/is-bing-the-new-google-samsung-devices-could-ditch-google-search-for-microsoft-bing">remains the dominant player</a>, with Bing capturing less than 10% of search queries.
Meanwhile, the partnership between Microsoft and OpenAI has been a topic of interest in the tech world, especially since reports started surfacing about OpenAI&#8217;s shift from a nonprofit to a for-profit model.
Microsoft has <a href="https://www.benzinga.com/startups/24/10/41556636/microsoft-and-openai-clash-over-14-billion-as-the-ai-leader-converts-to-a-for-profit-business-disrup">invested nearly $14 billion</a> in OpenAI since 2019, leading to a high-stakes financial and governance tug-of-war. OpenAI&#8217;s <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">valuation soared to $157 billion</a> in its latest funding round.
Earlier in May it was reported that OpenAI&#8217;s potential agreement with Apple had <a href="https://www.benzinga.com/news/24/05/39109729/openais-apple-deal-sparks-concerns-in-microsoft-could-shift-ai-market-dynamics">sparked concerns within Microsoft</a>.
Last month, Microsoft&#8217;s <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">first-quarter earnings</a> reported a 16% year-over-year increase in revenue.
Price Action: Microsoft shares rose 0.49% on Tuesday, closing at $417.79, with a slight additional gain of 0.05% in after-hours trading, reaching $418 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Satya Nadella Defends Bing's Rise Against Google's Search Dominance — Says OpenAI's Partnership With Apple Is 'Incremental' For Microsoft

Gene Munster, Managing Partner at Deepwater Asset Management, projects that Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) will spin out its autonomous driving unit Waymo within the next 2-4 years, potentially reaching a valuation between $350 billion and $850 billion by 2030.
What Happened: In a detailed research note, Munster and analyst Brian Baker suggest the spinoff could add 12-28% to Alphabet&#8217;s current market capitalization, depending on the parent company&#8217;s ownership stake, which they estimate is currently around 70%.
&#8220;Today, Waymo alone is too small for Alphabet investors to care about,&#8221; Munster wrote. &#8220;However, the management team is sharing more about their rapid progress, plans to expand operations, and has raised additional outside capital.&#8221;
The analysis comes as Waymo continues to expand its <a href="https://www.benzinga.com/news/24/10/41541316/waymo-fleet-hits-25m-driverless-miles-autonomous-driving-company-says-its-fleet-is-safer-than-human">autonomous ride-hailing service</a>, now operating in Phoenix, San Francisco, and Los Angeles, with Austin launching later this year. The company currently provides over 150,000 rides weekly across its 700-vehicle fleet.
Munster&#8217;s valuation model hinges on Waymo&#8217;s potential market share in the U.S. ride-sharing industry by 2030. In the most optimistic scenario, capturing 70% market share could generate $28 billion in earnings and an $850 billion valuation. A more conservative 30% market share scenario suggests an $11 billion earnings potential and $337 billion valuation.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I believe Alphabet will spin out Waymo in the next 2-4 years, with a potential valuation of $350B to $850B by 2030, which could add between 12-28% to <a href="https://twitter.com/search?q=%24GOOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOOG</a>&#39;s current market cap, depending on Alphabet&#39;s ownership percentage.<a href="https://t.co/O57fuOg9OR">https://t.co/O57fuOg9OR</a>
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1858939736175636797?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42076384/dogecoin-millionaire-predicts-ethereum-to-hit-15000-if-bitcoin-cracks-200000">&#8216;Dogecoin Millionaire&#8217; Predicts Ethereum To Hit $15,000 If Bitcoin Cracks $200,000</a>
Why It Matters: The report highlights that despite high upfront vehicle costs of approximately $200,000 per unit, removing human drivers could save about $82,000 annually per vehicle. Munster expects vehicle costs to decrease to around $100,000 to make the long-term economics viable.
Waymo recently <a href="https://www.benzinga.com/news/24/10/41567166/waymo-closes-5-6b-investment-round-to-expand-robotaxi-operations">raised $5.6 billion</a> in a Series D funding round led by Alphabet, with participation from major investors including Andreessen Horowitz and Fidelity, valuing the <a href="https://www.benzinga.com/news/24/10/41665245/alphabets-self-driving-subsidiary-waymo-hits-45-billion-valuation-surpassing-ford-other-major-brands">company at approximately $45 billion</a>. The funding suggests growing institutional confidence in Waymo&#8217;s autonomous driving technology and business model.
Munster predicts the autonomous ride-sharing market will primarily be contested between Waymo and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), with the first company to achieve widespread autonomy likely to capture the majority share.
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Image via Wikimedia Commons
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

TSLA

Waymo Maybe Too Small For Alphabet Investors To Care About Today, But The Self-Driving Spinoff's Could Be Valued At $850B By 20230, Says Gene Munster

Jensen Huang-led Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is poised to dominate as major tech players Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) ramp up their capital expenditures on artificial intelligence.
What Happened: On Tuesday, Wedbush analyst Dan Ives took to X, formerly Twitter, and predicted a strong performance from Nvidia, calling it the &#8220;only game in town with $1 trillion of AI Cap-Ex on the way.&#8221;
&#8220;We believe $2 billion beat/$2 billion guide higher,&#8221; Ives concluded.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We expect a drop the mic performance from Nvidia tomorrow night as Godfather of AI Jensen &amp; Co. are the only game in town with $1 trillion of AI Cap-Ex on the way with Nvidia&#39;s GPUs the new oil and gold in this world. We believe $2 billion beat/$2 billion guide higher&#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1858854901801009208?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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Mark Zuckerberg&#8217;s Meta, which reported its <a href="https://www.benzinga.com/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">third-quarter financial results</a> last month, exceeded its capex spending forecasts, driven largely by AI investments.&nbsp;The company raised the lower end of its 2024 capex guidance by $1 billion to $38 billion, with a significant increase anticipated in 2025.
Google&#8217;s parent company is also <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">set to match its capex spending</a> in the fourth quarter, bringing its total 2024 capex to $51.4 billion, a 59% increase year-over-year. The company also anticipates a rise in apex in 2025, albeit at a slower rate.
Similarly, Microsoft reported a capex of $20 billion <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">for the first quarter</a>, nearly double the $11.2 billion from the same period last year. The company&#8217;s CFO Amy Hood expects a sequential increase in capital expenditure due to the projected demand&nbsp;for cloud and AI services.
Why It Matters: Analysts have predicted a &#8220;beat-n-raise&#8221; performance in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42068962/nvidia-q3-earnings-preview-analysts-expect-beat-n-raise-on-continued-data-center-strength">Nvidia&#8217;s third-quarter earnings</a>, with an expected revenue of $33.12 billion, a significant increase from last year&#8217;s $18.12 billion. The tech giant will report earnings on Wednesday, Nov. 20.
Despite recent <a href="https://www.benzinga.com/24/11/42028342/blackwell-backfires-nvidias-ai-chips-struggle-with-server-overheating-impacting-meta-microsoft-and-musks-xai-data-centers">overheating issues with</a> Nvidia&#8217;s new Blackwell AI chips, the company&#8217;s value is expected to surge, driven by the potential of the next-generation AI chip. Earlier in September, Analyst Beth Kindig of I/O Fund projected a <a href="https://www.benzinga.com/markets/equities/24/09/40670634/nvidia-set-to-reach-10-trillion-valuation-as-blackwell-expected-to-propel-chip-maker-with-firewo">$10 trillion valuation for Nvidia</a>.
Price Action: Nvidia shares rose 4.89% on Tuesday, closing at $147.01, with an additional 0.46% gain in after-hours trading, reaching $147.69 at the time of writing, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener"> from Benzinga Pro.</a>
Image via Unsplash
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Dan Ives Expects 'Drop The Mic Performance' Tomorrow From Nvidia: Here's Why

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Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is stepping up its efforts to address a sales <a target="_blank" href="https://www.benzinga.com/government/24/10/41573818/iphone-16-blocked-apple-faces-sales-ban-in-indonesia-over-local-investment-shortfall-report" rel="noreferrer noopener">ban on its iPhone 16</a> in Indonesia by proposing a substantial $100 million investment.
The tech giant aims to strengthen its position in one of Southeast Asia&#8217;s largest markets by meeting the country&#8217;s stringent domestic content requirements.
Earlier this year, Apple failed to meet Indonesia&#8217;s Domestic Content Level threshold, a prerequisite for certifying imported products like the iPhone 16, Firstpost <a target="_blank" href="https://www.firstpost.com/tech/apple-to-increase-investment-in-indonesia-by-10x-to-reverse-iphone-ban-invest-over-100-million-13836406.html" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41966622/netease-q3-earnings-top-forecasts-as-cloud-music-grows-gaming-weakens" rel="noreferrer noopener">NetEase Q3 Earnings: Revenue And EPS Beat As Cloud Music Grows, Gaming Weakens</a>
Apple initially offered $10 million to address the shortfall, but the Ministry of Industry deemed this insufficient, resulting in the ban&#8217;s continuation.
Indonesia&#8217;s Ministry of Industry blocked iPhone 16 sales last month, citing the company&#8217;s failure to meet a 40% domestic content threshold, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-19/apple-said-to-offer-100-million-to-undo-indonesia-iphone-16-ban?srnd=phx-technology&amp;sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
Apple&#8217;s previous $10 million investment plan focused on manufacturing accessories and components but fell short of regulatory demands.
Apple has invested $95 million in Indonesia through developer academies but remains $5 million short of the 1.7 trillion rupiah ($109.6 million) threshold.
Apple proposed a $100 million investment spread over two years to resolve the impasse. However, Indonesian authorities are pushing for these funds to focus on research and development rather than bolstering existing manufacturing collaborations.
Apple has already invested in initiatives like its Developer Academies, with the latest launch in April 2024. Despite these efforts, the Ministry remains steadfast in its demand for a more strategic commitment.
Indonesia&#8217;s stringent investment requirements reflect a broader policy under President Prabowo Subianto aimed at boosting local industry and reducing reliance on imports. Global tech companies, including Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, and ByteDance, have faced similar challenges.
Apple&#8217;s increased investment underscores its determination to tap into Indonesia&#8217;s 278 million consumers, over half of whom are under 44 and tech-savvy, the report says.
The ban&#8217;s resolution could also bolster Apple&#8217;s efforts to decouple its supply chain from China while strengthening its foothold in emerging markets.
Meanwhile, Apple analyst Ming-Chi Kuo reported a <a target="_blank" href="https://www.benzinga.com/news/24/10/41497367/apple-stock-is-sliding-wednesday-whats-going-on" rel="noreferrer noopener">ten million-unit</a> cut in iPhone 16 orders from late 2024 through mid-2025. Most cuts impact non-Pro models, with production now forecast at 84 million units.
iPhone SE4 production is set to begin in December, targeting 8.6 million units by Q1 2025. Kuo expects iPhone revenues to face pressure in early 2025 due to shipment declines and a less favorable product mix.
Needham&#8217;s Laura Martin&nbsp;expects iPhone sales&nbsp;to account for&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/10/41551122/apples-q3-smartphone-sales-slip-despite-strong-iphone-16-demand-market-share-dropped-slightly" rel="noreferrer noopener">89%-96% of</a> Apple&#8217;s 2025 revenue.
Price Action: AAPL stock is up 0.64% at $229.48 at the last check on Tuesday.
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Photo via Apple

Emerging Markets

Apple's $100 Million Gamble, Tech Giant Moves to Lift Indonesia's iPhone Ban

On Monday, Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) announced it partnered with Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google Quantum AI to accelerate the development of next-generation <a target="_blank" href="https://nvidianews.nvidia.com/news/nvidia-supercharges-google-quantum-processor-design-with-simulation-of-quantum-device-physics" rel="noreferrer noopener">quantum computing devices</a>.
Using Nvidia&#8217;s CUDA-Q platform and the Eos supercomputer, Google is advancing simulations to refine its quantum processor designs, addressing challenges like noise that limit current quantum hardware capabilities.
Google Quantum AI is leveraging hybrid quantum-classical computing and Nvidia&#8217;s advanced technology to perform comprehensive simulations that analyze noise and qubit interactions.
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<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19064339/newplot-10.png" alt="" class="wp-image-654753" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19064339/newplot-10.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/19064339/newplot-10-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
These simulations are essential for scaling quantum hardware while maintaining accuracy.
Guifre Vidal, the research scientist at Google Quantum AI, highlighted the importance of reducing noise for commercial quantum computing to succeed.
Nvidia&#8217;s accelerated computing allows Google to explore noise implications for larger quantum chip designs, enabling simulations that were previously too computationally intensive.
By harnessing the CUDA-Q platform and 1,024 Nvidia H100 Tensor Core GPUs on the Eos supercomputer, Google achieved one of the most extensive dynamical simulations of quantum devices to date.
These simulations, which previously required a week, can now be completed in minutes. The ability to simulate devices containing up to 40 qubits marks a significant milestone in quantum hardware development.
The CUDA-Q platform&#8217;s software will be publicly available, enabling engineers worldwide to scale and refine their quantum hardware designs. This democratizes access to high-fidelity simulations, paving the way for advancements in quantum computing across industries.
Tim Costa, Nvidia&#8217;s director of quantum and HPC, emphasized that AI-driven supercomputing is pivotal to the success of quantum computing. By reducing the cost and time of simulations, this collaboration between Nvidia and Google Quantum AI will likely help solve complex real-world challenges, fostering innovation in fields ranging from cryptography to advanced AI applications.
Nvidia <a target="_blank" href="https://www.benzinga.com/news/global/24/11/42056728/nvidia-modestly-at-risk-amid-ai-chip-concerns-analyst-notes-momentum-money-swirling-around-sells-first-asks-questions-later" rel="noreferrer noopener">faces increased scrutiny</a> as it approaches its earnings report, with concerns arising over technical issues in its latest AI chips and broader market conditions.
Mizuho analyst Jordan Klein, a long-time supporter of Nvidia, highlighted potential risks for the company&#8217;s shares, citing reports of overheating in its new Blackwell systems.
Klein said the swift and often reactionary nature of market dynamics, which could lead to sell-offs before investors thoroughly assess the situation.
Reports suggest that Nvidia&#8217;s Blackwell chips, launched in March with claims of delivering 30 times faster performance than prior models, have faced thermal challenges in densely packed server racks. High-profile clients such as Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and Alphabet could be impacted.
While Klein remains optimistic about Nvidia&#8217;s long-term prospects, he advises caution in the near term, particularly for retail and momentum investors who might react sharply to headlines.
Offering a different perspective, CNBC&#8217;s Jim Cramer downplayed the concerns, calling for skepticism about the reported negatives. Cramer suggested that the situation could present a buying opportunity, dismissing specific reports as potentially overstated.
Price Actions:&nbsp;NVDA stock is up 2.47% at $143.62 at the last check on Tuesday.
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Wall Street analysts are painting optimistic pictures for the U.S. stock market heading into 2025, with the S&amp;P 500 index — as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — expected to climb to 6,500 points by year's end, according to both Goldman <a href="https://www.benzinga.com/topic/expert-ideas">Sachs and Morgan Stanley. </a>
That projection represents an 11% gain from current levels and places the return in the 46th percentile of 12-month S&amp;P 500 returns since 1980. 
Yet, while both firms share optimism about the market's trajectory, their outlooks show notable differences in the rationale behind the call.
<h1 class="wp-block-heading">Goldman Sachs: Growth Hinges On Resilient Economy</h1>
In a note shared to clients on Monday, Goldman Sachs equity analyst David J. Kostin said the bullish forecast hinges on continued economic expansion and a robust corporate earnings outlook. 
The analyst expects &#8220;continued U.S. economic expansion, earnings growth of 11% in 2025 and 7% in 2026."
Economic and fiscal policies are likely to have a significant impact on corporate performance. Kostin's team assumes that the Trump administration will implement targeted tariffs on imported automobiles and select imports from China, alongside a 15% corporate tax rate for domestic manufacturers.
<h1 class="wp-block-heading">Morgan Stanley: Multiple Scenarios, But 6,500 Base Case</h1>
Michael Wilson, chief investment officer and strategist at Morgan Stanley, echoed Goldman Sachs' optimism. 
"We raise our base case 12-month price target to 6,500," Wilson said in his latest research note, adding that a post-election rise in "corporate animal spirits" could catalyze balanced earnings growth across sectors.
In the base case, Morgan Stanley expects the S&amp;P 500's valuation multiple to hold steady despite its historically elevated level. "It's rare to see significant multiple compression in periods of above-average earnings growth and accommodative monetary policy," Wilson explained.
Wilson also laid out a wider range of scenarios for 2025, reflecting potential economic and policy volatility. 
His bull case sees the S&amp;P 500 reaching 7,400, while his bear case forecasts a steep drop to 4,600. 
&#8220;Our prior bull case narrative has been playing out as macro data has improved alongside accommodative policy,&#8221; Wilson wrote.
<h1 class="wp-block-heading">Election Impacts: Lighter Regulation and Fiscal Shifts</h1>
Both analysts noted the recent U.S. presidential election could have profound market implications.
Kostin's team anticipates regulatory rollbacks and a business-friendly tax environment, while Wilson highlighted the potential creation of a new Department of Government Efficiency (DOGE) as a key wildcard.
The proposed DOGE could shift fiscal policy by consolidating deficits and cutting federal spending. "In short, we are potentially going through another sea change in policy outcomes that could have both short- and longer-term implications for markets," Wilson wrote.
<h1 class="wp-block-heading">Magnificent 7: Still Leading, But Margins Are Narrowing</h1>
The "Magnificent 7" tech giants — Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) — have dominated the market narrative for the past two years, delivering a jaw-dropping 148% return since the end of 2022. For context, the other 493 stocks in the S&amp;P 500 gained just 35% in the same period.
"The seven companies in aggregate accounted for more than half of the S&amp;P 500's 57% rise over the past two years," Kostin said. However, their dominance has begun to wane.
In 2023, the Magnificent 7 outperformed the rest of the index by 63 percentage points. In 2024, that gap has narrowed to just 22 points, with the Magnificent 7 rising 41% year-to-date versus an 18% gain for the remaining stocks.
For 2025, Kostin predicts that the Magnificent 7 will continue to outperform, but the margin will shrink even further. 
"We expect in 2025 the Magnificent 7 stocks collectively will outperform the S&amp;P 493, but by roughly seven percentage points, the slimmest margin in seven years," he said.
<h1 class="wp-block-heading">Beyond Big Tech: Mid-Caps And Cyclical Opportunities</h1>
Both Kostin and Wilson are urging investors to look beyond the Magnificent 7 and explore mid-cap and cyclical opportunities. 
"We recommend investors benchmark the Magnificent 7 and seek opportunities in mid-cap equities," Kostin said, pointing to the S&amp;P 400 MidCap Index, which trades at a lower 16x forward P/E multiple and has historically outperformed large- and small-cap stocks.
Sector-wise Kostin is also particularly bullish on Materials, Software &amp; Services, and Utilities.
Wilson also highlighted cyclicals, noting that lighter regulation and renewed optimism post-election could drive growth in this group. "In our view, the outcome of the U.S. election raises the likelihood of a lighter regulatory environment and a potential rebound in animal spirits, which should further benefit this group," Wilson said.
<h1 class="wp-block-heading">M&amp;A Surge Ahead?</h1>
Both analysts also highlighted the potential for a revival in merger and acquisition activity in 2025. 
"CEO confidence is a key variable affecting executives' inclination to engage in M&amp;A activity," Kosting said. Federal regulators' antitrust policies over the past four years have created headwinds for dealmaking, but an expected reduction in regulatory uncertainty could reignite activity.
&#8220;We continue to expect a major, multiyear rebound in activity, aided by record-high stock market levels, an economic soft landing, lower interest rates, open capital markets, greater corporate confidence, and growing pressure on private asset managers to both deploy funds and harvest investments,&#8221; Wilson said. 
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