During Apple Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/earnings/24/10/41666494/apple-q4-earnings-revenue-beat-eps-beat-installed-base-hits-new-highs-iphone-sales-rise-as-apple-in">fourth-quarter earnings</a> call, Tim Cook said that the adoption rate of iOS 18.1 has outpaced its predecessor, iOS 17.1, by two-fold.



What Happened: On Thursday, Apple&#8217;s CEO addressed questions about the demand and supply balance for the iPhone 16, which was <a href="https://www.benzinga.com/news/24/09/40780100/apple-intelligence-ready-iphone-16-with-faster-processor-dedicated-camera-button-announced-check-pri">launched in September</a> earlier this year.



During the conversation, Cook refuted the idea that Apple has consistently ended&nbsp;the December quarter with iPhone&nbsp;demand surpassing supply for the past four years.



See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41607481/apples-refreshes-mac-mini-smaller-form-factor-m4-chip-power-and-carbon-neutral?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Refreshes Mac Mini: Smaller Form Factor, M4 Chip Power, Carbon Neutral</a>



Cook acknowledged pandemic disruptions but assured that the supply constraints for the iPhone 16 Pro and iPhone 16 Pro Max models would be resolved soon.



Cook attributed the high adoption rate of iOS 18.1 to strong interest in the iPhone 16, which was launched just three days before the earnings call. He suggested that the new Apple Intelligence feature is a significant incentive for users to upgrade.



&#8220;If you just look at the first three days, which is all we have obviously from Monday, the 18.1 adoption is twice as fast as the 17.1 adoption was in the year-ago quarter. And so, there&#8217;s definitely interest out there for Apple Intelligence,&#8221; he stated.



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.



Why It Matters: Apple announced a fiscal fourth-quarter revenue of $94.9 billion, surpassing analyst projections of $94.56 billion. The company reported adjusted earnings of $1.64 per share for the quarter, exceeding expectations of $1.60 per share.



This marked the seventh consecutive quarter that Apple has outperformed analyst estimates in both revenue and earnings, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Earlier in October it was reported that the <a href="https://www.benzinga.com/government/24/10/41399541/apple-iphone-16-sees-20-sales-surge-in-china-but-ai-absence-prompts-early-price-cuts">iPhone 16 saw a 20% sales surge in China</a>, a crucial market for Apple, despite early price cuts due to the absence of AI.



Apple also set a new sales record for its iPhone during the third quarter of 2024, <a href="https://www.benzinga.com/markets/equities/24/10/41328252/apples-iphone-16-powers-record-sales-in-q3-just-behind-samsung-in-global-market-share-battle">capturing an 18% market share</a>, just behind Samsung.



However, <a href="https://www.benzinga.com/markets/equities/24/10/41350072/iphone-16-sales-banned-in-indonesia-after-apples-investments-obligations-in-asian-giant-fall-sho">Apple faced a setback</a> when the Indonesian government banned the sale of the iPhone 16 due to the company&#8217;s failure to meet its investment commitments in the country.



Price Action: At the time of writing, Apple shares fell 1.86% to $221.71 in after-hours trading, following a 1.82% decline to $225.91 during the regular trading session, according to<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener"> Benzinga Pro data</a>.



Image via Shutterstock



Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



Read Next:



<ul>
<li><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?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Alphabet Q3 Earnings Highlights: Revenue Beat, EPS Beat, Google Cloud Up 35%, &#8216;Momentum Across The Company Is Extraordinary&#8217;</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.

News

Tech

AAPL

Apple Users Hungry For AI: Tim Cook Says 'iOS 18.1 Has Twice The Adoption Rate Of 17.1' — What It Means For iPhone 16

While discussing Meta Platforms Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) <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 earnings</a> report, financial analyst Jim Cramer made a striking statement about CEO Mark Zuckerberg&#8216;s marketing prowess.



What Happened: On Thursday, during a conversation on CNBC&#8217;s Squawk on the Street, Cramer and Scott Wapner discussed Meta&#8217;s potential for long-term growth.



During this time, Cramer suggested that tech leaders like Zuckerberg operate on a different level, stating, &#8220;These guys think different from you and me.&#8221;



&#8220;They have a view which just says we want to dominate in this area. So we are going to spend a little more than others and we will dominate,&#8221; he added.



Cramer then used Procter &amp; Gamble as an example, stating that if the company wanted to make Tide a global brand, it would need to pay Zuckerberg a significant amount.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41621390/google-just-got-fined-in-russia-and-its-more-than-the-worlds-gdp-20-decillion-for-blocking-media?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Just Got Fined In Russia And It&#8217;s More Than The World&#8217;s GDP: $20 Decillion For Blocking Media Content</a>



In return, Zuckerberg could target 1.6 billion potential customers currently deciding between Tide and other brands.



&#8220;He can target them,&#8221; Cramer said, referring to Zuckerberg&#8217;s ability to identify potential customers. &#8220;He knows who is trying to decide. I&#8217;ve never seen anything like it. He has your brain.&#8221;



<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">After <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> reported earnings for Q3, <a href="https://twitter.com/jimcramer?ref_src=twsrc%5Etfw">@jimcramer</a> and <a href="https://twitter.com/ScottWapnerCNBC?ref_src=twsrc%5Etfw">@ScottWapnerCNBC</a> discuss whether their strategy will sustain long-term growth. &quot;These guys think different from you and me.&quot; <a href="https://t.co/338vlfEEGc">pic.twitter.com/338vlfEEGc</a>&mdash; Squawk on the Street (@SquawkStreet) <a href="https://twitter.com/SquawkStreet/status/1852093063394365810?ref_src=twsrc%5Etfw">October 31, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: Meta reported third-quarter revenue of $40.59 billion, surpassing analyst expectations of $40.29 billion. Adjusted earnings for the quarter came in at $6.03 per share, exceeding the forecasted $5.25 per share.



Meta projects fourth-quarter revenue between $45 billion and $48 billion, compared to an estimated $46.31 billion. For the full year 2024, expected total expenses are revised to $96 billion to $98 billion, down from previous guidance of $96 billion to $99 billion. 



Despite the positive earnings report, Meta witnessed a drop in stocks during the after-hours trading. However, in his earlier post, Cramer <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41649350/as-microsoft-meta-slide-after-earnings-calls-jim-cramer-says-hyperscalers-are-not-w">dismissed concerns</a> about worsening AI losses, underscoring that the tech giant is thriving with AI advancements.



Price Action: At the time of writing, Meta shares rose 0.14% to $568.40 in after-hours trading, following a 4.09% drop to $567.58 during the regular session, according to<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener"> Benzinga Pro data</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/24/10/41593651/how-to-unlock-apple-intelligence-on-your-iphone-with-ios-18-1?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Unlock Apple Intelligence On Your iPhone With iOS 18.1</a></li>
</ul>



Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Markets

Jim Cramer Says Mark Zuckerberg Has 'Your Brain' As Meta Pours Billions Into Global Domination Strategy

On Thursday, the Cathie Wood-led Ark Invest made significant moves in the market, with prominent trades involving Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>).



The Tesla Trade: Ark Invest&#8217;s ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) sold a total of 8,384 shares of the Elon Musk-led company. With Tesla&#8217;s closing price at $249.85 on Thursday, the value of this trade amounts to approximately $2.09 million. This move is in line with Ark&#8217;s <a href="https://www.benzinga.com/markets/equities/24/10/41642374/cathie-wood-shuffles-her-tech-deck-continues-dumping-tesla-and-palantir-stocks-up-on-amd-and-met">recent trend of reducing its Tesla holdings</a>.



Wood&#8217;s ARK Investment Management sees Tesla's driverless <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41593922/cathie-woods-ark-invest-sees-tesla-unlocking-11-trillion-revenue-potential-with-rob">ride-hailing plans as a game-changer</a>, potentially unlocking $11 trillion in revenue by leveraging lower operating costs of electric vehicles. ARK&#8217;s analysis suggests that Tesla&#8217;s robotaxi service could offer rides at a fraction of current ride-hailing and personal vehicle costs, making it a competitive alternative.



The Meta Platforms Trade: Ark Invest&#8217;s Ark Fintech Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#NYSE">ARKF</a>), ARKK, and ARKW bought a total of 34,076 shares of Meta Platforms. Given Meta&#8217;s closing price of $567.58 on Thursday, the total value of this trade is approximately $19.34 million. This purchase comes after the Mark Zuckerberg-led company&#8217;s third-quarter earnings report, where the company <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">beat revenue and EPS estimates</a>.



The Palantir Trade: Ark Invest&#8217;s ARKF, ARKK, and ARKW sold a total of 334,767 shares of Palantir Technologies. With Palantir&#8217;s closing price at $41.56 on Thursday, the value of this trade is approximately $13.9 million. This move follows a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41660695/l3harris-and-palantir-collaboration-key-to-future-growth-bofa-upgrades-stock">recent upgrade</a> of L3Harris Technologies, a key collaborator with Palantir, by BofA Securities.



The Block Trade



Ark Invest&#8217;s decision to offload shares of Block Inc. was a notable one. The firm sold 243,549 shares of the Jack Dorsey-led company from its ARKK and ARKW. The value of this trade, based on Block&#8217;s closing price of $72.32 on the same day, amounts to approximately $17.6 million.



The move came on the same day that Block CEO Dorsey <a href="https://www.benzinga.com/news/24/10/41646193/block-ceo-jack-dorsey-announces-another-round-of-layoffs-at-tidal">announced a fresh wave of layoffs</a> at Tidal. In a note to Tidal employees, Dorsey stated the need for the company to function &#8220;like a startup again,&#8221; necessitating a much smaller team across the organization.



Interestingly, the trade also comes at a time when Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), a core focus of Block, has been <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41596516/bitcoin-clips-71-500-as-wall-street-etf-inflows-fuel-bullish-momentum-whats-next">hovering near previously reached all-time highs.</a>



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41616239/shytoshi-kusama-touts-shiba-inu-lifetime-gains-of-33774726-we-still-have-far-to-go-and-muc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: &#8216;We Still Have Far To Go And Much Work To Be Done&#8217;</a> 



Other Key Trades:



<ul>
<li>Ark Invest&#8217;s ARKF and ARKK bought a total of shares of Roku Inc. (ROKU).</li>



<li>Ark Invest&#8217;s ARKK bought shares of Twist Bioscience Corp (TWST). Ark Invest&#8217;s ARKK sold shares of Moderna Inc. (MRNA).</li>
</ul>



Photo Courtesy: Ark Invest



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41644730/shytoshi-kusama-schools-x-user-who-said-shib-will-remain-chump-change-meme-unless-it-can-r?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shytoshi Kusama Schools X User Who Said SHIB Will Remain &#8216;Chump Change Meme&#8217; Unless It Can Rise Above A Penny: &#8216;Those Who Are Wise Give Us Respect&#8217;</a></li>
</ul>



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/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Equities

ETFs

$BTC

ARKF

ARKK

ARKW

PLTR

TSLA

Cathie Wood Bets Big On Mark Zuckerberg: Ark Pours $19M Into Meta Shares, Dumps Palantir And Tesla Stock

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reported financial results for the fourth quarter after the market close on Thursday. Here&#8217;s a look at the<a href="https://www.benzinga.com/pressreleases/24/10/b41665048/apple-reports-fourth-quarter-results"> key details from the quarter</a>.



Q4 Earnings: Apple reported fiscal fourth-quarter revenue of $94.9 billion, beating analyst <a href="https://www.benzinga.com/calendars/earnings">estimates</a> of $94.56 billion. The iPhone maker reported fourth-quarter adjusted earnings of $1.64 per share, beating analyst estimates of $1.60 per share.



Apple has now beat analyst estimates on the top and bottom lines in seven consecutive quarters, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Total revenue was up 6% year-over-year. Products revenue came in at $69.96 billion, up from $67.18 billion year-over-year. Services revenue totaled $24.97 billion, up from $22.31 billion year-over-year. Here&#8217;s a breakdown of product sales by category:



<ul>
<li>iPhone: $46.22 billion, versus $43.8 billion last year</li>
</ul>



<ul>
<li>Mac: $7.74 billion, versus $7.61 billion last year</li>
</ul>



<ul>
<li>iPad: $6.95 billion, versus $6.44 billion last year</li>
</ul>



<ul>
<li>Wearables, Home and Accessories: $9.04 billion, versus $9.32 billion last year</li>
</ul>



Americas sales totaled $41.66 billion in the quarter, Europe sales came in at $24.92 billion, Greater China sales were $15.03 billion, Japan sales totaled $5.93 billion and the rest of Asia Pacific sales were $7.38 billion.



Apple noted that its active installed base of devices reached a new all-time high across all products and all geographic segments.



&#8220;Today Apple is reporting a new September quarter revenue record of&nbsp;$94.9 billion, up&nbsp;6 percent&nbsp;from a year ago,&#8221; said Tim Cook, CEO of Apple.



&#8220;During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection. And this week, we released our first set of features for Apple Intelligence, which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season.&#8221;



Check This Out: <a href="https://www.benzinga.com/news/24/10/41633790/apple-refreshes-macbook-pro-lineup-with-m4-pro-and-m4-max-3nm-chips">Apple Refreshes MacBook Pro Lineup With M4 Pro and M4 Max 3Nm Chips</a>



Apple&#8217;s board declared a quarterly cash dividend of&nbsp;25 cents&nbsp;per share. The dividend is payable on Nov. 14 to shareholders of record as of Nov. 11.



Apple didn&#8217;t provide forward guidance in its fourth-quarter earnings release, but the company typically provides commentary on the conference call on how it generally expects its different product lines to perform moving forward. Apple&#8217;s conference call with analysts and investors is scheduled for 5 p.m. ET.



AAPL Price Action: Apple shares were up approximately 17.5% year-to-date heading into the print. The stock was down 0.91% in after-hours, trading at $223.85 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41629361/an-obscure-stock-sends-a-warning-to-apple-and-the-stock-market">An Obscure Stock Sends A Warning To Apple &#8211; And The Stock Market</a> </li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Apple Q4 2024 Earnings Call &#x7C; $AAPL" width="500" height="281" src="https://www.youtube.com/embed/dceetXpyLQs?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Photo: Shutterstock.

Earnings

After-Hours Center

Movers

Apple Q4 Earnings: Revenue Beat, EPS Beat, Installed Base Hits New Highs, iPhone Sales Rise As Apple Intelligence 'Supercharges' Product Lineup

Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) reported third-quarter financial results <a href="https://www.benzinga.com/earnings">after the market close Thursday.</a>



Here are the key highlights.



What Happened: Amazon reported third-quarter net sales of $158.9 billion, up 11% year-over-year. The total beat a Street consensus estimate of $157.2 billion, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The company reported third-quarter earnings per share of $1.43, which beat a Street consensus estimate of $1.14.



Sales for the third quarter were as follows:



North America: $95.5 billion, +9% year-over-year



International: $35.9 billion, +12% year-over-year



AWS: $27.5 billion, +19% year-over-year



Operating income was $17.4 billion in the third quarter, up from $11.2 billion in last year's third quarter. AWS led the way on operating income with $10.4 billion, up from $7 billion in last year's third quarter. Operating income was $5.7 billion and $1.3 billion in North America and International segments respectively, both up on a year-over-year basis.



Amazon highlighted the strength of its streaming segment with "The Lord of the Rings: The Rings of Power" season two launch and its distinction of becoming the most-watched returning season on Prime Video by hours watched.



The Sept. 26 "Thursday Night Football" matchup between the Dallas Cowboys and New York Giants had over 17 million viewers, ranking as the most streamed NFL regular season game ever, Amazon said. 



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41636292/amazon-q3-earnings-preview-aws-prime-video-streak-of-analyst-beats-on-watch">Amazon Q3 Earnings Preview: AWS, Prime Video, Streak Of Analyst Beats On Watch</a>



What's Next: Guidance from the company calls for fourth-quarter net sales to come in a range of $181.5 billion to $188.5 billion, up 7% to 11% year-over-year.



The company expects operating income to come in a range of $16 billion to $20 billion in the fourth quarter.



"We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations, and there's so much more coming, from tens of millions of deals to our NFL Black Friday game and Election Day coverage," Amazon CEO Andy Jassy said.



Jassy said Amazon will share more details on new cloud infrastructure and AI capabilities at re:Invent, which takes place the week after Thanksgiving.



AMZN Price Action: Amazon stock is up 3.93% to $193.50 in after-hours trading Thursday. versus a 52-week trading range of $133.86 to $201.20.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/10/41276044/amazon-prime-big-deal-days-2024-scores-record-breaking-sales">Amazon Prime Big Deal Days 2024 Scores Record-Breaking Sales</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Amazon.com Q3 2024 Earnings Call &#x7C; $AMZN" width="500" height="281" src="https://www.youtube.com/embed/9QbNoHUPCl4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>







Photo courtesy of Amazon.

Trading Ideas

AMZN

Amazon Q3 Earnings Highlights: Revenue Beat, EPS Beat, Q4 Guidance, New Kindles 'Significantly Outperforming Our Expectations'

The SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), the largest physically backed gold ETF, saw a significant influx of capital this month as economic and policy uncertainties surrounding the upcoming U.S. presidential election drive investors <a href="https://www.benzinga.com/topic/gold">toward safe-haven assets.</a>



GLD&#8217;s assets under management reached $79.7 billion as of Oct. 30, bolstered by $1.8 billion in net inflows for October — the fund&#8217;s strongest monthly inflow since March 2022, data from TradingView shows.



Additionally, the ETF notched its fourth consecutive month of gains and its eleventh positive month out of the last 13, with a remarkable 50% rally from the lows of October 2023.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="503" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-1024x503.png" alt="" class="wp-image-624677" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-1024x503.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-768x377.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336-1536x754.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31152202/image-336.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Gold Demand Surges As ETF Investments Soar</h3>



Global demand for gold surged 5% year-over-year in the third quarter of 2024, reaching 1,313 tonnes, a record level for the third quarter, according to a report from the World Gold Council released this week.



This increase reflects a rising appetite for the precious metal as macroeconomic concerns and market uncertainty drive both institutional and retail investors toward gold-backed assets.



Gold prices touched new record highs throughout the quarter as demand continued to build.



A key factor behind this growth was a resurgence in gold ETF investment, with global gold ETF inflows reaching 95 tonnes in the third quarter, the first quarter of positive inflows since the first quarter of 2022. 



This marked a sharp year-over-year turnaround from the third quarter of 2023, when ETFs saw outflows of 139 tonnes.



&#8220;Gold is continuing its relentless rally and may even have the $3,000 level in its sights before too long,&#8221; said Michael Gayed, CFA.



The pace of central bank buying slowed to 186 tonnes in the third quarter, yet year-to-date purchases remain on track with 2022 levels, the World Gold Council wrote. Central banks, particularly in emerging market economies, continue to diversify away from the U.S. dollar, reflecting a strong and steady institutional demand for gold as a reserve asset.



<h3 class="wp-block-heading">Fiscal, Geopolitical Uncertainty Sparks Investor Rush to Gold</h3>



Gold prices have surged 33% in 2024, positioning the commodity for its third-strongest year in the last 50. Notably, this rally has defied traditional drivers like falling Treasury yields or a weakening dollar that typically boost gold.



Instead, two primary factors are fueling investor demand for the safe-haven asset.



The first driver is concern over the U.S. government's fiscal policies, which some fear could trigger renewed inflationary pressures. 



"Gold is rising as the market begins to price in the likelihood of a Fed forced to cut rates further, despite persistent inflation," said Otavio Costa, macro strategist at Crescat Capital.



Bank of America analysts agree, noting that regardless of the outcome of the upcoming presidential election, both political parties seem reluctant to tackle the precarious budget deficit and soaring national debt. 



&#8220;Gold may be the last perceived safe haven asset standing," wrote Bank of America commodity analyst Michael Widmer, emphasizing the risks posed by unchecked government spending.



A second key factor is the evolving role of gold as &#8220;a hedge against U.S. economic sanctions.&#8221; 



Veteran Wall Street investor Ed Yardeni recently described gold as an asset that can protect nations from Western financial controls. 



After Russia invaded Ukraine in February 2022, the U.S. and its allies froze Russia&#8217;s foreign exchange reserves held abroad. Since then, there have been proposals to seize nearly $300 billion of these assets to support Ukraine&#8217;s defense and reconstruction — a move that has sent a clear signal to other nations.



&#8220;China and other countries have been increasing their allocations of gold in their countries&#8217; international reserves,&#8221; Yardeni added, suggesting that gold is becoming a preferred reserve asset for nations looking to insulate themselves from potential U.S.-led sanctions. 



By holding more gold, countries can reduce their dependence on assets vulnerable to Western financial controls, diversifying away from the U.S. dollar.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41605605/gold-hits-record-highs-defies-market-gravity-why-the-precious-metal-is-decoupling-f">Gold Hits Record Highs, Defies Market Gravity: Why The Precious Metal Is Decoupling From Treasury Yields</a></li>
</ul>



Photo via Shutterstock.

Macro Economic Events

Specialty ETFs

Commodities

Econ #s

Economics

Federal Reserve

Biggest Gold ETF Posts Highest Monthly Inflows In 2.5 Years As Investors Rush To Safe Haven Ahead Of Presidential Election

Traders are eagerly awaiting October&#8217;s official jobs data, set for release on Friday at 8:30 a.m. ET — widely viewed as the week&#8217;s <a href="https://www.benzinga.com/news/econ-s">most crucial economic event.</a>



The Employment Situation report is expected to provide valuable insights into the resilience of the U.S. labor market, especially in light of recent disruptions from hurricanes, strikes and uncertainties surrounding <a href="https://www.benzinga.com/topic/election-day">the imminent U.S. elections</a>.



What are economists forecasting, and how have markets responded to recent jobs reports?



See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41623984/us-economy-grows-less-than-expected-in-q3-yet-private-employment-soars-by-233-000">US Economy Grows Less Than Expected In Q3, Yet Private Employment Soars By 233,000 In October</a>



<h3 class="wp-block-heading">October Jobs Report: What Do Economists Expect?</h3>



The consensus among Wall Street economists is forecasting a sharp deceleration in the pace of employment growth in October. 



Nonfarm payrolls are expected to slow down from 254,000 in September to 113,000 in October, an outcome that would represent the lowest monthly employment gain since April, suggesting that U.S. firms have hold back in their hiring plans. 



&#8220;We expect nonfarm payrolls to rise by 100,000 in October after coming in at 254,000 in September. Although this is below consensus, we&#8217;d still view it as a solid print, since we estimate that Hurricane Milton and the Boeing strike temporarily lowered payrolls in October,&#8221; Bank of America economist Shruti Mishra stated.



According to Bank of America, Hurricane Milton&#8217;s landfall in Florida on Oct. 9, which coincided with the jobs survey week, likely weighed on payroll figures, particularly in sectors like leisure and hospitality. Additionally, lingering effects from Hurricane Helene, which struck in late September, may have added a slight drag on employment.



Bank of America analysts also noted that the Bureau of Labor Statistics estimates a 41,000 increase in striking workers from September to October, largely driven by the Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) strike. Taken together, these factors could have reduced October payrolls by at least 50,000 jobs.



On the positive side, government payrolls may see a 25,000 boost due to temporary hiring for election-related roles.



Looking at other indicators in the October jobs report, the unemployment rate is expected to hold steady at 4.1%, suggesting that the pace of job losses has also not advanced. 



Wages are broadly expected to hold their recent trend, as average hourly earnings are expected to surge 0.3% month-over-month, down from 0.4% in September, and by 4.1% year-over-year as seen in the previous month. 



<h3 class="wp-block-heading">Recent Data Shows Potential For Positive Employment Surprises</h3>



Earlier this week, the ADP National Employment report showed that private payrolls surged by 233,000 in October, sharply accelerating from 143,000 in September and well above economist expectations of 115,000, as tracked by TradingEconomics.



Nearly the whole increase in private employment came from services, with education, health services, trade, transportation, utilities and leisure and hospitality being the most active in the monthly increases. 



The ADP data — which uses anonymized payroll data of more than 25 million U.S. employees – offered encouraging insights ahead of Friday&#8217;s official jobs report, suggesting the U.S. economy likely maintained robust job growth throughout the month. 



&#8220;Even amid hurricane recovery, job growth was strong in October. As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient,&#8221; said Nela Richardson, chief economist at ADP.



<h3 class="wp-block-heading">Stock Reactions To Recent Jobs Reports</h3>



The last three jobs reports have highlighted how market sentiment shifts depending on whether employment numbers come in hotter or cooler than expected.



In the July jobs report, released on Aug. 2, the U.S. economy added 114,000 jobs, later revised up to 144,000 — significantly below the consensus estimate of 175,000. On that day, the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), dropped 1.9% as investors grew concerned about potential economic slowdown.



Another cooler-than-expected report arrived with the August jobs data, published on Sep. 6. The U.S. added 142,000 jobs in August, missing forecasts of 160,000. The S&amp;P 500 responded with a 1.7% decline, reflecting ongoing worries about weakening labor market momentum.



In contrast, the September jobs report, released on Oct. 4, showed the U.S. economy added a robust 254,000 jobs, well above the revised 159,000 in August and far exceeding expectations of 140,000. This marked the strongest job growth in six months, significantly above the prior 12-month average of 203,000. 



The S&amp;P 500 responded positively, rallying 0.9% on the day as investors saw this as a sign of resilience in the labor market.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41631465/us-gdp-rises-2-8-in-q3-but-can-the-momentum-last-what-6-top-economists-are-saying">US GDP Rises 2.8% In Q3, But Can The Momentum Last? What 6 Top Economists Are Saying</a></li>
</ul>

Analyst Color

Broad U.S. Equity ETFs

Previews

Jobs Report Preview: Could October Nonfarm Payrolls Defy Hurricane Disruptions, Strikes And Election Uncertainty?

Ark Funds, led by Cathie Wood, is one of the most well-known fund managers thanks to its actively managed ETFs that focus on future growth <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41593922/cathie-woods-ark-invest-sees-tesla-unlocking-11-trillion-revenue-potential-with-rob">areas of innovation.</a>



Two of the fund's ETFs celebrate their 10th anniversaries on Thursday. Here's a look back at the funds' launch and how they've performed over the last 10 years.



Ark Innovation: Wood and<a href="https://www.benzinga.com/topic/ark-funds"> Ark Funds launched</a> the Ark Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) on Oct. 31, 2014. The fund has grown to become the most well-known and largest of the company's funds, with $5.78 billion in assets under management.



"ARRK is an actively managed ETF that seeks long-term growth of capital by investing under normal circumstances primarily in domestic and foreign equity securities of companies that are relevant to the Fund's investment theme of disruptive innovation," the company's <a href="https://www.ark-funds.com/funds/arkk">website </a>says.



Disruptive innovation themes include autonomous mobility, precision therapies, next gen cloud, neural networks, intelligent devices, digital wallets, digital assets, smart contracts and multiomic technologies, according to the company.



"ARK defines ‘disruptive innovation' as the introduction of a technologically enabled new product or service that potentially challenges the way the world works."



Here are the current top 10 holdings in the ARKK ETF and their percent of net assets:



<ol>
<li>Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>): 14.1%</li>



<li>Roku Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>): 10.8%</li>



<li>Coinbase Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>): 8.1%</li>



<li>Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>): 6.2%</li>



<li>Palantir Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>): 5.1%</li>



<li>Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>): 5.0%</li>



<li>Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>): 4.9%</li>



<li>CRISPR Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRSP#NASDAQ">CRSP</a>): 4.5%</li>



<li>Shopify Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>): 3.9%</li>



<li>UiPath Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>): 2.9%</li>
</ol>



Since the fund's inception, the ETF is up 161.4%. This return trails the current 10-year return of the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500.



Here's a look at how the returns of ARKK stack up against SPY, which is the <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/10/41407647/spy-reaches-600-billion-in-assets-oldest-us-etf-hits-milestone-as-all-time-highs-conti">oldest and largest </a>U.S. ETF, over time:



<figure class="wp-block-table"><table><tbody><tr><td>Average Annual Returns</td><td>ARKK</td><td>SPY</td></tr><tr><td>1-Year</td><td>+19.9%</td><td>+36.2% </td></tr><tr><td>3-Year</td><td>-24.3%</td><td>+11.8%</td></tr><tr><td>5-Year</td><td>+2.6% </td><td>+15.8%</td></tr><tr><td>Since ARKK Inception 10/31/14</td><td>+10.2%</td><td>+13.2% </td></tr></tbody></table></figure>



The chart below from <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1">Benzinga Pro </a>shows the 10-year return of ARKK.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1003" height="513" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31133929/Screenshot-224.png" alt="" class="wp-image-624517" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31133929/Screenshot-224.png 1003w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31133929/Screenshot-224-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31133929/Screenshot-224-768x393.png 768w" sizes="(max-width: 1003px) 100vw, 1003px" /></a></figure>



For comparison, here is the 10-year chart of the SPY. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="995" height="508" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134001/Screenshot-226.png" alt="" class="wp-image-624522" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134001/Screenshot-226.png 995w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134001/Screenshot-226-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134001/Screenshot-226-768x392.png 768w" sizes="(max-width: 995px) 100vw, 995px" /></a></figure>



Read Next: <a href="https://www.benzinga.com/markets/penny-stocks/23/08/34102486/exclusive-cathie-wood-tells-benzinga-why-tesla-should-trade-as-a-tech-stock">EXCLUSIVE: Cathie Wood Tells Benzinga Why Tesla Should Trade As A Tech Stock</a>



ARK Genomic: The Ark Genomic Revolution ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKG#BATS">ARKG</a>) was also launched by Ark Funds on Oct. 31, 2014. The fund currently has $1.33 billion in assets under management.



"ARKG is an actively managed ETF that seeks long-term growth of capital by investing under normal circumstances primarily in domestic and foreign equity securities of companies across multiple sectors, including health care, information technology, materials, energy, and consumer discretionary, that are relevant to the Fund's investment theme of the genomics revolution," the company's <a href="https://www.ark-funds.com/funds/arkg">website </a>says.



Themes for the genomics ETF include precision therapies, multiomic technologies, programmable biology, neural networks, next gen cloud and adaptive robotics, according to the company.



Here are the current top 10 holdings in the ARKG ETF and their percent of net assets:



<ol>
<li>Twist Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWST#NASDAQ">TWST</a>): 8.7%</li>



<li>Recursion Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RXRX#NASDAQ">RXRX</a>): 7.0%</li>



<li>CRISPR Therapeutics: 7.0%</li>



<li>CareDx (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNA#NASDAQ">CDNA</a>): 5.1%</li>



<li>Adaptive Biotechnologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADPT#NASDAQ">ADPT</a>): 4.7%</li>



<li>Veracyte Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VYCT#NASDAQ">VYCT</a>): 4.6%</li>



<li>Ionis Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IONS#NASDAQ">IONS</a>): 4.3%</li>



<li>Nurix Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NRIX#NASDAQ">NRIX</a>): 4.1%</li>



<li>Natera Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>): 3.8%</li>



<li>10x Genomics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>): 3.8%</li>
</ol>



Since the fund's inception, the ETF is up 38.9%. This return trails the current 10-year return of the SPDR S&amp;P 500 ETF Trust.



Here's a look at how the returns of ARKG stack up against SPY over time. &nbsp;



<figure class="wp-block-table"><table><tbody><tr><td>Average Annual Returns</td><td>ARKG</td><td>SPY</td></tr><tr><td>1-Year</td><td>-7.9% </td><td>+36.2%</td></tr><tr><td>3-Year</td><td>-29.9%</td><td>+11.8% </td></tr><tr><td>5-Year</td><td>-1.9% </td><td>+15.8% </td></tr><tr><td>Since ARKG inception 10/31/14</td><td>+3.3%</td><td>+13.2%</td></tr></tbody></table></figure>



Here is the 10-year chart of ARKG. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="993" height="510" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134031/Screenshot-225.png" alt="" class="wp-image-624525" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134031/Screenshot-225.png 993w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134031/Screenshot-225-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31134031/Screenshot-225-768x394.png 768w" sizes="(max-width: 993px) 100vw, 993px" /></a></figure>



Why It's Important: The charts above show that ARKK and ARKG both experiences several years of strong growth and returns for investors, but have underperformed the broader S&amp;P 500 market index in recent years.



The ETFs were once among the most talked about funds, and the company&#8217;s daily trading activity often moved stocks higher, given Wood's outperformance years ago.



While the S&amp;P 500 ETF rebalances quarterly, the actively managed funds complete trades almost every day. Often, the average cost of shares rises over time for stocks that are going up, potentially hurting the gains.



Ark Funds typically invests in companies that it believes will have strong growth over the next five to ten years, which means the funds&#8217; returns can sometimes take years to pay off.



Wood has been early to many themes, including buying shares of NVIDIA Corporation for around $5 in 2014, before the most recent stock split. The fund later sold out of its position in late 2022 and early 2023 and<a href="https://www.benzinga.com/general/education/24/02/37294405/heres-how-much-cathie-wood-ark-invest-flagship-fund-missed-by-selling-nvidia-early"> missed out on huge gains </a>over the last nearly two years.



The fund manager was also early in the Tesla growth story, <a href="https://www.benzinga.com/news/22/03/26046331/if-you-invested-1-000-in-tesla-when-cathie-wood-made-her-4-000-prediction-heres-how-much-youd-have-n-1" target="_blank" rel="noopener">predicting a $4,000 price target</a> for the electric vehicle company back in February 2018. While Wood was laughed at for the price prediction at the time, the stock would hit the target on a split-adjusted basis in January 2021.



Getting the Tesla prediction right helped elevate Wood's status as a fund manager and led to increased interest in the Ark Funds ETFs.



Although interest in Ark Funds ETFs may have cooled in recent years, many investors still recall their impact and continue to track daily trading activity, watching closely which stocks Wood selects to hold for the next five to 10 years.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/23/08/34028505/exclusive-why-does-cathie-wood-think-bitcoin-is-going-to-1-million-what-does-she-know-that">EXCLUSIVE: Why Does Cathie Wood Think Bitcoin Is Going To $1 Million — What Does She Know That We Don&#8217;t?</a></li>
</ul>



Image courtesy of Ark Invest and Shutterstock.

Education

ADPT

ARKG

CDNA

COIN

CRSP

HOOD

IONS

NRIX

NTRA

PATH

RBLX

ROKU

RXRX

SHOP

TWST

VYCT

Cathie Wood's Ark Innovation, Genomic ETFs Celebrate 10 Years: How Annual Returns Stack Up Against S&P 500

Cannabis stocks are experiencing notable declines this Thursday, aligning with a general downturn across major economic indices. At the time of publication of this article, the S&amp;P 500 index was trading down by 1.62%, the Nasdaq 100 by 2.44%, and the Dow Jones Industrial Average (DJIA) showed a similar downward trend earlier in the day, only partially recovering.



This widespread decline points to a broader economic shift, with investors adopting a more cautious approach amid market volatility. 



The performance of these major indices often reflects investor sentiment across sectors, and the impact on cannabis stocks highlights their sensitivity to these broader economic movements.



<h3 class="wp-block-heading">Cannabis Stocks Hit Hard</h3>



Several prominent cannabis stocks saw significant drops today. Tilray Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) fell by 2.8%, Aurora Cannabis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>) dropped by 4.14% and Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) saw a 6.67% decline. Other companies, like SNDL Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) and Cronos Group Inc. (NASDAD: CRON), also recorded losses. The downward trend isn't limited to individual companies; cannabis ETFs, such as the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) and Amplify Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJ#NYSE">MJ</a>), experienced losses as well. This widespread impact underscores the challenges cannabis stocks face in a volatile market.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="788" height="990" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31142536/Captura-de-pantalla-2024-10-31-a-las-15.25.12.png" alt="" class="wp-image-624602" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31142536/Captura-de-pantalla-2024-10-31-a-las-15.25.12.png 788w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31142536/Captura-de-pantalla-2024-10-31-a-las-15.25.12-239x300.png 239w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/10/31142536/Captura-de-pantalla-2024-10-31-a-las-15.25.12-768x965.png 768w" sizes="(max-width: 788px) 100vw, 788px" /></figure>



Cannabis Stocks Watchlist In <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Movements recorder prior to the writing of this article.



Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41629360/criminal-organizations-lose-30m-annually-as-uruguays-legal-cannabis-expands-but-some-say-the-gov">Criminal Organizations Lose $30M Annually As Uruguay&#8217;s Legal Cannabis Expands, But Some Say The Government Is Now The Criminal</a>



<h3 class="wp-block-heading">Election Uncertainty Adds Pressure</h3>



Political factors may also be contributing to the <a href="https://www.benzinga.com/markets/cannabis/24/10/41656834/trump-harris-and-cannabis-stocks-are-election-results-already-priced-in">pressure on cannabis stocks</a>. 



With the upcoming U.S. elections, rising support for Donald Trump could signal potential GOP control of Congress. Historically, a Republican-led Congress has been less supportive of cannabis reform, raising concerns about policy stagnation for the industry. Investors might be factoring in this possibility, creating additional headwinds for cannabis-related equities in an already challenging market environment.



<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/10/41656834/trump-harris-and-cannabis-stocks-are-election-results-already-priced-in">Trump, Harris And Cannabis Stocks: Are Election Results Already Priced In?</a></li>
</ul>



COVER: AI-generated image

Cannabis

CRON

MSOS

SNDL

TLRY

Cannabis Stocks Sink Amid Broader Market Decline And Election Jitters

Risk aversion swept across markets on Thursday as investor disappointment over third-quarter tech earnings triggered the steepest drop in major U.S. indices <a href="https://www.benzinga.com/markets">in nearly two months.</a>



Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) plummeted over 5% by midday trading in New York, on track for its worst session in two years. Although the company surpassed earnings estimates, it forecasted slower growth in its Azure cloud business, dampening future revenue expectations.



Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) also declined by over 4% despite a strong quarterly performance, as the social media giant projected &#8220;significant&#8221; capital expenditure growth next year, particularly for AI infrastructure.



The elite &#8220;Magnificent Seven&#8221; tech group shed nearly $500 billion in market capitalization within a single day after reaching a record high of $16.8 trillion. Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) are set to report earnings after the market close.



In economic news, inflation sent mixed signals for September. The Personal Consumption Expenditures (PCE) price index slowed as expected to 2.1% annually, while the Fed's preferred inflation measure, the core PCE price index, remained at 2.7% year over year, slightly <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41658542/fed-interest-rate-cuts-expected-but-economists-warn-of-bumpy-course-in-this-last-">above the expected 2.6%.</a>



The S&amp;P 500 dropped 1.4%, and the tech-heavy Nasdaq 100 slid 2.2%, both tracking their worst session since Sept. 6. The CBOE Volatility Index (VIX) surged 12%.



Risk aversion also weighed on commodities, with gold prices dropping 1.7%, marking their worst day since July, and silver plunging 3% after a 2% decline on Wednesday. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slid 2.4%, and crypto-related stocks suffered significant losses. Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) tumbled over 10% on disappointing earnings, eyeing its worst day since May.



<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %chg</td></tr><tr><td>Dow Jones</td><td>41,832.30</td><td>-0.7%</td></tr><tr><td>Russell 2000</td><td>2,213.10</td><td>-0.9%</td></tr><tr><td>S&amp;P 500</td><td>5,729.43</td><td>-1.4%</td></tr><tr><td>Nasdaq 100</td><td>19,943.07</td><td>-2.2%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 12:20 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 1.5% to $571.51.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;fell 0.8% to $418.60.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) tumbled 2.2% to $485.78. </li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.7% to $219.65.</li>



<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, rising 1.4%. The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 2.4%.</li>
</ul>



<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>



Stocks reacting to corporate earnings were: 



<ul>
<li>Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>), up over 5%, </li>



<li>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), up 1.7%,</li>



<li>Starbucks Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NYSE">SBUX</a>), down 0.6%, </li>



<li>eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), down over 8%, </li>



<li>MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), up 1.9%,</li>



<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>), up 24%,</li>



<li>Mastercard Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), down 1.8%, </li>



<li>Merck &amp; Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), down 2.8%,</li>



<li>Linde plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIN#NASDAQ">LIN</a>), down 2.9%, </li>



<li>Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), up 2.9%, </li>



<li>Uber Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), down over 11%, </li>



<li>Eaton Corp. plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>), down 5%, </li>



<li>ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), up 6%, </li>



<li>Bristo-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), up 3.3%, </li>



<li>Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), up 2.2%, </li>



<li>Altria Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>), up 7.6%, </li>



<li>Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>), down 9%, </li>



<li>The Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>), up 3%, </li>



<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), up over 9%. </li>



<li>Cheniere Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LNG#NYSE">LNG</a>), up over 5%. </li>
</ul>



Large-cap companies slated to report their earnings after the close include Apple Inc, Amazon.com Inc, Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Atlassian Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) and Coterra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTRA#NYSE">CTRA</a>).



Read Next:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41658754/microsoft-in-major-growth-mode-not-slowing-down-4-analysts-see-strong-azure-demand-">Microsoft &#8216;In Major Growth Mode,&#8217; Not Slowing Down: 4 Analysts See Strong Azure Demand, AI Monetization Efforts</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Large Cap

Mid Cap

AMGN

BKNG

CMCSA

CTRA

CVNA

EBAY

INTC

MSFT

MSTR

NCLH

REGN

SBUX

TEAM

UBER

Stocks Tumble, Nasdaq 100 Selloffs As Tech Giants Disappoint, Crypto Companies Plummet: What's Driving Markets Thursday?

A 0.25% interest rate cut at the Federal Reserve&#8217;s Nov. 7 meeting, just two days after the U.S. presidential election, is almost fully priced in by markets, with another similar cut likely in December as cooling inflation allows the Fed to gradually <a href="https://www.benzinga.com/topic/federal-reserve">ease its policy stance.</a>



The latest inflation data from September, as measured by the Personal Consumption Expenditure (PCE) price index, showed a deceleration that aligns with the Fed's 2% target, giving policymakers a green light <a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41652469/feds-favorite-inflation-metric-accelerates-in-september-personal-income-rises-mor">to consider further easing.</a>



The annual PCE inflation rate cooled to 2.1% in September, down from 2.3% in August, broadly matching analyst expectations.



Economists have largely welcomed the Fed&#8217;s most-watched inflation report, but with some caveats as consumer prices, especially in services, remain somewhat sticky.



<h3 class="wp-block-heading">Fed Nears Inflation Target, But Core Pressures Signal Caution</h3>



&#8220;The Fed&#8217;s inflation target is now essentially at 2%,&#8221; Joseph Brusuelas RSM US LLP principal &amp; chief economist, commented on the data. 



Extended to three decimal points, the PCE stands at 2.095%, with a month-over-month increase of 0.175%. Inflation is rising at a 1.4% rate on a three-month basis and 1.9% over six months, the expert explained. 



&#8220;The Fed has re-established price stability,&#8221; Brusuelas added. 



According to Jeffrey Roach, chief economist at LPL Financial, the slowdown in core services prices, excluding housing, could keep the Fed on track for two rate cuts by the end of the year.



Yet, Roach also warned investors of potential &#8220;head fakes&#8221; in inflation data, as the path to sustained 2% inflation is expected to be long and difficult.



Bill Adams, chief economist at Comerica Bank, echoed a similar sentiment, stating that while headline inflation has slowed close to the Fed's target, the persistence of higher core inflation could still affect the central bank's approach. 



"The Fed will likely cut by a quarter percent at their post-election decision," Adams said, though he added that the Fed must remain vigilant as core pressures are far from fully subdued.



However, some Fed watchers are more cautious about declaring victory just yet. Core PCE inflation, which excludes food and energy, came in at 2.7% year-over-year, holding steady from August and surpassing estimates of 2.6%. 



Mohamed El Erian, Allianz adviser and president at Queen&#8217;s College, commented &#8220;I suspect that, on the whole, this is not what the Federal Reserve expected data-wise when it suddenly decided last month to increase the pace of interest rate reductions from 25 basis points to 50 bps.&#8221;



El Erian added that the distribution of the price increases &#8220;will also capture the Fed's attention.&#8221; Moreover, the robust 0.4% increase in real consumer spending, which suggests consumer demand is still resilient, is seen as a factor that could complicate the Fed's efforts to maintain control over inflation.



Yet, he welcomed the reading in the Employment Cost Index (ECI) for the third quarter, which rose by 0.8%, the smallest gain since mid-2021.



Quincy Krosby, chief global strategist at LPL Financial, highlighted that the year-over-year core PCE print, which came in at 2.7%, indicates that inflation isn't entirely under control. 



"The Fed is still on a bumpy course in this last mile to quell inflation and declare victory," Krosby said, emphasizing that the central bank's journey to stable 2% inflation may face additional hurdles.



&#8220;The Fed will need to acknowledge that with still resilient consumer spending, higher wages from a series of successful strikes, and a solid labor market, they will need to adopt the gradual approach towards lowering rates,&#8221; Krosby added. 



Read now: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41654118/microsoft-stock-is-sliding-thursday-whats-going-on">Microsoft Stock Is Sliding Thursday: What&#8217;s Going On?</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Fed Interest Rate Cuts Expected, But Economists Warn Of 'Bumpy Course In This Last Mile' To Curb Inflation

Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) analysts saw potential short-term setbacks with capacity constraints and weaker guidance than expected but were also looking at an exciting path for AI monetization ahead after first-quarter financial results.



The Microsoft Analysts: Bank of America analyst Brad Sills reiterated a Buy rating on Microsoft with a $510 price target.



Wedbush analyst Daniel Ives maintained an Outperform rating with a $550 price target.



Piper Sandler analyst Brent Bracelin maintained an Overweight rating with a $470 price target.



Goldman Sachs analyst Kash Rangan reiterated a Buy rating with a $500 price target.



Bank of America on MSFT: Strong growth of 34% for Microsoft's Azure beat an estimate of 33%, but the segment's future may be impacted by capacity constraints, Sills said in a new investor note.



Sills lowered financial estimates on the updated guidance, while he noted the outlook could be conservative from the company.



"We view second-quarter results as solid across the core Azure and Office growth businesses, though tempered by a softer second quarter outlook," Sills said.



The analyst said the lowered outlook is not "a demand issue" and the second half of the fiscal year could see a reacceleration.



Wedbush on MSFT: The first-quarter earnings report helped make Ives more bullish on the stock, with AI monetization the key for the future.



Ives said the Azure growth of 34% including a 12% positive impact from AI showed the "massive growth tailwinds" the company is seeing.



The analyst disagreed with shares trading down after the report on concerns for the second quarter outlook.



"The new Azure reporting standards have moved Street numbers all around and a slight decel is totally expected by many investors," Ives said. "We would be strong buyers of MSFT on any weakness."



Ives called the AI growth a "once in a 40-year tech transformation" and highlighted Microsoft's expected annual revenue run rate of $10 billion for AI in the next quarter.



"The bears will try to split hairs on any number but ultimately this is a tech stalwart in major growth mode … and we see no signs of slowing down."



Piper Sandler on MSFT: The quarterly results and outlook were a mixed bag for Bracelin, who is lowering earnings per share estimates and raising revenue estimates after the report.



"Our model reboot last week proved to be too conservative and are encouraged that demand continues to outstrip supply," Bracelin said.



The analyst saw a second-half acceleration in Azure growth.



Accounting recognition of Microsoft's OpenAI investment could temporarily drag earnings per share figures, the analyst added.



Goldman Sachs on MSFT: The narrative on Microsoft's financials could shift from higher CapEx concerns to the AI revenue opportunity, Rangan said in a new investor note.



The analyst saw lower Azure growth guidance and the negative impact to earnings from the OpenAI accounting issues as short-term items.



"We don't believe the value added by the OpenAI relationship is being fully reflected in the current valuation, despite the stock bearing the expense load," Rangan said.



The analyst said investors should shift their focus from cost concerns for the OpenAI investment to the revenue opportunities.



Microsoft's build-out of Azure could also help the company's roadmap on how to work through high costs for a new product cycle, the analyst added.



"We believe Microsoft is one of the most compelling investment opportunities in the technology industry and across sectors."



MSFT Price Action: Microsoft stock is down 5.51% to $408.72 on Thursday versus a 52-week trading range of $339.66 to $468.35. Microsoft stock is up over 10% year-to-date in 2024.



Photo: Shutterstock

Price Target

Reiteration

Analyst Ratings

Microsoft 'In Major Growth Mode,' Not Slowing Down: 4 Analysts See Strong Azure Demand, AI Monetization Efforts

The billionaire battle between Meta CEO Mark Zuckerberg and X owner Elon Musk for social media supremacy continues to heat up and Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) could have another fast-growing platform with Threads, based on the company's <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 earnings report.</a>



What Happened: Meta Platforms reported third-quarter revenue and earnings per share that beat analyst expectations, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The company reported 3.29 billion family daily active people in the quarter, up 5% year-over-year.



On the company's earnings call, Zuckerberg said the company's Threads social media platform has almost 275 million monthly active users.



"It's been growing, more than a million sign-ups per day," <a href="https://www.benzinga.com/apis/cloud-product/conference-call-transcripts/">Zuckerberg said on the call</a>. "Engagement is growing too, so we continue to be on track towards this becoming our next major social app."



Meta Chief Financial Officer Susan Li said the company is seeing engagement on Threads grow and there are plans to introduce more features for the social platform.



"Threads remains another area where we see exciting potential," Li said.



Li added that the company feels good about the user growth on Threads, highlighting the U.S., Taiwan and Japan as three markets seeing strong growth.



"We're very focused on continuing to build out the sort of functionality of Threads over time and being responsive to what users tell us that they're interest in."



While Threads growth is impressive, Li cautioned that the platforms isn't expected to be a "meaningful driver of 2025 revenue."



You may not be a billionaire like Mark Zuckerberg, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/real-estate/reit/24/10/41549488/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet">check out five stocks flying under the radar that deserve your attention.</a>



Why It's Important: Meta had 100 million signups in its first five days of launch in July 2023. The platform was viewed as a potential threat to X, formerly known as Twitter, with some of the same features.



Musk, <a href="https://www.benzinga.com/m-a/22/10/29458281/elon-musk-takes-over-twitter-whos-in-charge-whos-gone-and-what-happens-to-the-stock">who paid $44 billion</a> to acquire the platform and rename the company, brushed off the competition and accused Zuckerberg of attempting to copy the existing social media platform.



The war of words almost led to <a href="https://www.benzinga.com/news/management/24/02/36922961/musk-vs-zuckerberg-though-billionaires-didnt-fight-in-cage-rivalry-heats-up-as-meta-is-now-worth-">a cage fight</a> between the billionaires. While the two have not gotten in the cage to fight, Musk remains critical of Threads and said the company is<a href="https://www.benzinga.com/news/23/08/33565726/elon-musk-says-mark-zuckerbergs-threads-committed-the-cardinal-sin-of-boring-people-to-death"> boring its users.</a>



In July, the Financial Times reported X had 251 million<a href="https://www.benzinga.com/news/24/07/39685935/metas-threads-gains-ground-as-elon-musks-x-battles-for-growth-report"> daily active users.</a> At the same time, Threads had 175 million monthly active users. This means Threads has gained around 100 million monthly users for Threads in the last three months.



While monthly users are not the same as daily active users, the latest metrics suggest that more people are signing up for Threads and at least testing the platform as a potential X alternate or using the platform regularly.



Strong growth at Meta Platforms in 2024 has seen shares soar, and the company rejoined the <a href="https://www.benzinga.com/news/24/01/36790492/zuckerberg-vs-musk-billionaire-battle-sees-meta-platforms-rejoin-1-trillion-market-cap-club-before-t">$1 trillion market cap club, </a>ranking as the more valuable company to Musk's Tesla in the billionaire battle. Meta is worth $1.5 trillion and Tesla is worth $827 billion at the time of writing, ranking seventh and tenth among publicly traded companies.



Musk is winning another battle with his $268 billion wealth, making him the world's richest person, as reported by <a href="https://www.bloomberg.com/billionaires/">Bloomberg</a>. Zuckerberg ranks third at $209 billion. Zuckerberg's $81.2 billion wealth gain in 2024 thanks to META stock has outpaced the $39.1 billion gain of Musk.



META Price Action: Meta stock is down 3.3% to $571.96 on Thursday, versus a 52-week trading range of $301.85 to $602.95. Meta stock is up 66% year-to-date in 2024.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41644198/metas-core-business-doing-great-with-19-growth-ai-push-signals-search-monetization-ambitions-say">Meta&#8217;s Core Business &#8216;Doing Great&#8217; With 19% Growth, AI Push Signals Search Monetization Ambitions, Says Gene Munster</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Social Media

Musk Thinks Threads Is 'Boring,' But 275 Million Monthly Users Signal Zuckerberg's Platform Could Be Real Threat To X

Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) shares are trading lower Thursday on the heels of the company&#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 financial results</a>. 



<ul>
<li>Q1 Revenue: $65.6 billion, versus <a href="https://www.benzinga.com/calendars/earnings">estimates</a> of $64.51 billion</li>
</ul>



<ul>
<li>Q1 EPS: $3.30, versus estimates of $3.09</li>
</ul>



Total revenue was up 16% year-over-year. Productivity and Business Processes revenue was up 12% year-over-year, Intelligent Cloud revenue was up 20% year-over-year and More Personal Computing revenue increased 17% year-over-year. 



Microsoft&#8217;s forward guidance appears to be weighing on shares Thursday. On a conference call with analysts and investors following the print, Microsoft guided for fiscal second-quarter revenue of between $68.1 billion and $69.1 billion. Analysts had been anticipating&nbsp;$69.83 billion, per <a href="https://www.cnbc.com/2024/10/30/microsoft-msft-q1-earnings-report-2025.html">CNBC</a>. 



Microsoft reportedly said that some suppliers were running behind schedule on deliveries to the company related to data center infrastructure. 



"I feel pretty good that going into the second half of even this fiscal year, that some of that supply-demand will match up,&#8221; Satya Nadella, CEO of Microsoft, said on the call.



Check This Out: <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">Microsoft Q1 Earnings Highlights: &#8216;AI-Driven Transformation Is Changing Work,&#8217; Company Beats Revenue, EPS Estimates</a>



Microsoft also guided for Azure growth of 31% to 32% for the second quarter, which was weaker than some analysts were anticipating, and below the 33% growth the company reported in the first quarter. 



"We are expanding our opportunity and winning new customers as we help them apply our AI platforms and tools to drive new growth and operating leverage,&#8221; Nadella said. 



Following the print, Morgan Stanley analyst Keith Weiss maintained Microsoft with an <a href="https://www.benzinga.com/analyst-stock-ratings">Overweight</a> and raised the price target from&nbsp;$506&nbsp;to&nbsp;$548. Piper Sandler analyst Brent Bracelin maintained an Overweight and set a price target of $470.



MSFT Price Action: Microsoft shares were down 4.30% at $413.94 at the time of publication Thursday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Photo: Shutterstock.

Microsoft Stock Is Sliding Thursday: What's Going On?

BlackRock&#8217;s iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) on Wednesday experienced record-breaking inflows, signaling steadily increasing institutional interest <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41591016/the-american-dream-is-alive-in-el-salvador-and-its-safer-than-disneyland-says-bitcoin-bull">towards cryptocurrency investments</a>.



What Happened: According to <a href="https://sosovalue.xyz/assets/etf/us-btc-spot">data</a> from SoSoValue, IBIT saw an unprecedented $872 million in net inflows on Wednesday, surpassing its previous high set in March. This surge contributed to a total of $893.21 million in net inflows across <a href="https://www.benzinga.com/topic/bitcoin-etf">U.S. spot bitcoin ETFs</a>, marking their second-highest daily total since launch.



Rachael Lucas, a crypto analyst at BTCMarkets, <a href="https://www.theblock.co/post/323877/blackrocks-spot-bitcoin-etf-sees-record-breaking-872-million-net-inflows-surpassing-march-peak">told</a> The Block that central banks&#8217; global shift towards <a href="https://www.benzinga.com/news/24/10/41619340/blackrocks-larry-fink-warns-against-overly-optimistic-fed-rate-cuts-cites-high-embedded-inflation-an">reducing interest rates</a> and the anticipation of a potential <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41525790/bitcoin-to-hit-73k-on-election-day-and-80k-if-trump-wins-says-standard-chartered">Trump victory</a> in the upcoming U.S. presidential election may be influencing investor behavior.



The significant inflows also caught the attention of industry observers. Bloomberg Senior ETF Analyst Eric Balchunas <a href="https://x.com/EricBalchunas/status/1851807239503249477">noted</a> on X (formerly Twitter) that these &#8220;Herculean&#8221; inflows may have pushed the total bitcoin holdings of U.S. spot ETFs over the 1 million mark. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41627152/bitcoin-could-hit-101-694-by-january-says-10x-research">Bitcoin Could Hit $101,694 By January, Says 10x Research</a>



Balchunas even predicts that by the end of November, these ETFs could become the world&#8217;s largest bitcoin holders, potentially <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41629253/satoshi-nakamoto-could-soon-be-surpassed-by-blackrock-grayscale-as-top-bitcoin-holder">surpassing the estimated 1.1 million BTC</a> held by Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mysterious creator, Satoshi Nakamoto.



Adding to this analysis, pseudonymous analyst The FlowHorse highlighted that CME saw increased open interest and volume while prices remained stable. In the analyst&#8217;s opinion, this points to <a href="https://www.benzinga.com/money/forex-carry-trade">a carry trade</a> being executed in the markets, where investors borrow in dollars to invest in bitcoin.



This surge in institutional interest comes as Bitcoin&#8217;s price hovers near its all-time high, trading around $72,200 at the time of writing, up 0.5% over the past 24 hours. The record inflows come against the backdrop of Michael Saylor announcing a <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41646462/michael-saylor-says-bitcoin-remedy-to-fix-unhealthy-balance-sheets-as-microstrategy-unveil">$42 billion Bitcoin purchase plan for MicroStrategy</a>.



What&#8217;s Next: Looking forward, events such as Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> on Nov. 19 will provide further insights into Bitcoin&#8217;s ongoing role in the digital economy.



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Image: Shutterstock

Cryptocurrency

IBIT

BlackRock's Bitcoin ETF Crosses 1 Million BTC In Assets Under Management

Uber Technologies, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) reported fiscal third-quarter 2024 revenue growth of 20% year-on-year to $11.188 billion, beating the <a href="https://www.benzinga.com/pressreleases/24/10/b41648557/uber-announces-results-for-third-quarter-2024" target="_blank" rel="noreferrer noopener">analyst consensus of $10.97 billion</a>.



Uber reported GAAP EPS of 46 cents and adjusted EPS of 46 cents, which beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus of 41 cents</a>. The stock plunged after the report.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41647868/li-auto-q3-earnings-24-topline-growth-1-million-deliveries-milestone-q4-revenue-outlook-lags-street" rel="noreferrer noopener">Li Auto Q3 Earnings: 24% Topline Growth, 1 Million Deliveries Milestone, Q4 Revenue Outlook Lags Street View</a>



Revenue from Mobility grew to $6.41 billion, up 26% year over year. Delivery&nbsp;was $3.47 billion, up 18%, and Freight was $1.31 billion, up by 2% year over year.



Gross Bookings grew 16%&nbsp;year-over-year&nbsp;to $40.97 billion. Mobility Gross Bookings of $21.00 billion, up 17%&nbsp;year-over-year; Delivery Gross Bookings of $18.66 billion, up 16%; and Freight Gross Bookings of $1.31 billion, up 2%&nbsp;year-over-year.



Trips grew 17% year-over-year to 2.9 billion, or 31 million per day. Uber's Monthly Active Platform Consumers reached 161 million, up 13% year-over-year.



Margins:&nbsp;Uber clocked an Adjusted EBITDA of $1.69 billion, up 55% Y/Y, driven by Mobility. The&nbsp;Adjusted EBITDA margin as a percentage of Gross Bookings was 4.1%, up from 3.1% Y/Y, primarily&nbsp;driven by better cost leverage from higher volume.



Uber held $9.06 billion in unrestricted cash and equivalents and generated $2.1 billion in free cash flow as of September 30, 2024.



Dara Khosrowshahi, CEO. "We continue to build with an eye towards the future, optimizing our products for new customer segments and geographies, introducing Rider Verification nationwide to increase safety for drivers, and launching shuttles to airports and venues. And of course, we continue to advance our autonomous strategy, demonstrating how Uber can help unlock this exciting technology for the world."



Outlook:&nbsp;Uber <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">expects fourth-quarter</a> gross bookings of $42.75 billion—$44.25 billion vs. the consensus of $43.7 billion and adjusted EBITDA of $1.78 billion—$1.88 billion vs. the consensus of $1.84 billion.



Uber CEO Dara Khosrowshahi told CNBC, "We are not looking at this point to do big deals, transformational deals, one way or the other."



CFO Prashanth Mahendra-Rajah said, "We remain committed to returning capital to shareholders through repurchases while strategically investing in organic growth vectors that will position us to capture the significant opportunities ahead."



Price Action: UBER stock is down 7.09% at $73.87 premarket at&nbsp;the last check on Thursday.



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Photo courtesy: Wikimedia Commons

Guidance

Uber Q3 Earnings: 31 Million Daily Trips, $1Billion Op Income, CEO Not Looking For Big M&A Deals, CFO Expects To Grow Organically

Editor&#8217;s note: This story has been updated with additional details. 



Traders faced an unwelcome Halloween threat on Thursday as the Federal Reserve&#8217;s favored inflation measure accelerated, raising some concerns on the likelihood of back-to-back interest rate cuts going into the final two monetary policy <a href="https://www.benzinga.com/topic/economics">meetings of the year</a>. 



The PCE price index rose 2.1% year-over-year, in line with analyst forecasts. Yet the core PCE index — which strips out volatile food and energy prices and gives a better indication of underlying price pressures — rose 2.7%, slightly above the expected 2.6%.



The latter stronger-than-expected inflation figure could keep the Fed on alert as it weighs its next policy moves. While a 25-basis-point rate cut at next week's Fed meeting is widely seen as a done deal as per the CME FedWatch tool, market expectations for another cut in December could face some setbacks.



<h3 class="wp-block-heading">Personal Income And Outlays Report For September: Key Highlights</h3>



<ul>
<li>The PCE price index rose 0.2% month-over-month in September, matching the predicted 0.2% and accelerating from the previous 0.1%. </li>



<li>The core PCE price index rose 0.3% from the previous month, accelerating from 0.1% and matching estimates. </li>



<li>On an annual basis, the headline PCE price index surged 2.1%, down from August&#8217;s upwardly revised 2.3%. </li>



<li>The core PCE price index held at 2.7% year-over-year, as in August. </li>



<li>Personal income increased by $71.6 billion, or 0.3%, in September, matching expectations of 0.3% and above the previous month&#8217;s 0.2% growth. </li>



<li>Personal saving&nbsp;rate eased from 4.8% to 4.6%, with personal savings down from $1.05 trillion to $1 trillion in September.</li>



<li>Personal spending increased by $105.8 billion, or 0.5%, surpassing estimates of 0.4% and accelerating from the previous 0.2%.</li>
</ul>



<h3 class="wp-block-heading">Market Reactions</h3>



Markets showed minimal reaction to the latest PCE inflation report, with the U.S. dollar index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), largely maintaining its morning losses of 0.2%.



Treasury yields were steady, with the two-year yield, sensitive to rate changes, holding at 4.17%.



As of 8:50 a.m. in New York, S&amp;P 500 futures were down 0.6%, while Nasdaq 100 contracts also dipped by 0.6%. Yet, both held broadly steady after the inflation data release. 



On Wednesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.3%, ending a two-day winning streak. 



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Photo via Shutterstock.

Fed's Favorite Inflation Metric Accelerates In September, Personal Income Rises More Than Expected (UPDATED)

Jim Cramer took to social media on Thursday to address what he perceives as misleading headlines regarding AI losses. Cramer emphasized that hyperscalers are not signaling worsening AI losses but are instead thriving with AI advancements.



What Happened: Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms Inc.(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) witnessed their stocks plummet during after-hours on Wednesday after reporting their earnings. 



At the time of writing, Microsoft was down by 3.95% in premarket, while Meta shed 2.69%. 



Cramer criticized the lack of rigor in some reports, urging readers to delve into the actual earnings calls and analyses. He stated, &#8220;The Hyperscalers are NOT warning about worsening AI losses, they are talking about crushing it with AI.&#8221; 



He encouraged his followers to read the calls and his team&#8217;s write-ups for a clearer understanding.



See Also: <a href="https://www.benzinga.com/general/entertainment/24/10/41616337/google-bought-youtube-for-1-65b-and-now-it-prints-50b-in-revenue-just-in-1-year-sundar-pich?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Google Bought YouTube For $1.65B And Now It Prints $50B In Revenue Just In 1 Year — Sundar Pichai Says Alphabet &#8216;Leaning Into The Living Room Experience&#8217;</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">The Hyperscalers are NOT warning about worsening AI losses, they are talking about crushing it with AI. These headlines reek of a lack of rigor that is painful; read the calls, it will take an hour, then read our write-ups&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1851933277407367584?ref_src=twsrc%5Etfw">October 31, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It Matters: Cramer&#8217;s comments echo analyst Zev Fima&#8216;s who <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41645227/analyst-says-dont-let-after-hours-stock-action-fool-you-after-meta-slides-post-q3-r">increased the price target </a>for Meta to $650 per share, despite a decline in the company&#8217;s stock during after-hours trading. Fima highlighted the robust third-quarter results, with revenue guidance for the current quarter surpassing expectations.



Microsoft recently announced that its <a href="https://www.benzinga.com/markets/equities/24/10/41643178/microsofts-ai-business-set-to-hit-10b-revenue-milestone-in-q2-satya-nadella-says-it-is-the-faste">AI business is poised</a> to reach a $10 billion revenue milestone, marking it as the fastest-growing segment in the company&#8217;s history. CEO Satya Nadella emphasized the transformative impact of AI across various business processes.



Similarly, Meta is advancing its AI capabilities with its<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"> Llama 4 model</a>, leveraging an extensive computing infrastructure. CEO Mark Zuckerberg noted the significant scale of their AI training efforts, which are expected to yield results by early 2025.



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41616239/shytoshi-kusama-touts-shiba-inu-lifetime-gains-of-33774726-we-still-have-far-to-go-and-muc?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: &#8216;We Still Have Far To Go And Much Work To Be Done&#8217;</a></li>
</ul>



Image via Shutterstock



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>

General

As Microsoft, Meta Slide After Earnings Calls, Jim Cramer Says 'Hyperscalers Are Not Warning About Worsening AI Losses'

Li Auto Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>)&nbsp;reported fiscal third-quarter 2024 revenue growth of 23.6% year-on-year to $6.11 billion, topping the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41646014/li-auto-inc-announces-unaudited-third-quarter-2024-financial-results" rel="noreferrer noopener">analyst consensus of $5.84 billion</a>.&nbsp;



It clocked an adjusted net earnings per ADS&nbsp;of&nbsp;$0.52, which beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus of $0.42</a>. The stock price fell after the print.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/10/41626987/whats-going-on-with-chip-stocks-nvidia-broadcom-taiwan-semi-micron-and-others-wednesday" rel="noreferrer noopener">What&#8217;s Going On With Chip Stocks Nvidia, Broadcom, Taiwan Semi, Micron And Others Wednesday?</a>



Vehicle sales increased 22.9% to $5.9 billion&nbsp;due&nbsp;to increased vehicle deliveries. Total vehicle deliveries were 152,831 units in the quarter,&nbsp;a 45.4% year-over-year&nbsp;increase.



The vehicle margin declined by 30 bps&nbsp;year over year&nbsp;to 20.9%, and the gross margin decreased by 50 bps&nbsp;year over year&nbsp;to 21.5%.&nbsp;



Adjusted income from operations&nbsp;was $636.0 million, up by 49.1% Y/Y. Adjusted net income increased 11.1% Y/Y to $548.8 million.



Li Auto held cash and equivalents of $15.2 billion as of September 30, 2024, and generated $1.60 billion in operating cash flow for the quarter. Free cash flow was $1.30 billion.



As of September 30, 2024, the company had 479 retail stores covering 145 cities, 436 servicing centers,&nbsp;Li Auto-authorized body and paint shops operating in 221 cities, and 894&nbsp;supercharging&nbsp;stations with 4,286 charging stalls.



On October 18, 2024, Li Auto hit the one million cumulative vehicle deliveries milestone, just 58 months after delivering its first vehicle in December 2019.



Outlook: Li Auto expects fourth-quarter revenue of $6.2 billion—$6.5 billion, representing an&nbsp;increase of 3.5%–10.0% year over year versus&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">analyst consensus of $6.76 billion</a>.



LI expects fourth-quarter vehicle deliveries of 160,000—170,000, representing an increase of 21.4%–29.0%&nbsp;year over year.



Li Auto stock plunged 23% year-to-date as it battled a weak domestic economy and international protectionist tariffs partially offset by <a target="_blank" href="https://www.benzinga.com/government/24/10/41631456/whats-going-on-with-us-listed-chinese-stocks-like-alibaba-jd-nio-li-on-wednesday" rel="noreferrer noopener">China&#8217;s stimulus measures</a>.



Price Action: LI stock is down by 6.01% at $27.20 in premarket at&nbsp;the last check on Thursday.



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Image via Shutterstock

Emerging Markets

Li Auto Q3 Earnings: 24% Topline Growth, 1 Million Deliveries Milestone, Q4 Revenue Outlook Lags Street View

In a bold but unsurprising move, MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) CEO Michael Saylor said the company would advocate for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as a treasury reserve asset across global finance.



What Happened: During the company&#8217;s third-quarter earnings call Tuesday, Saylor voiced his conviction in Bitcoin&#8217;s potential to rectify the unhealthy balance sheets of both public and private enterprises.



&#8220;Bitcoin fixes the balance sheet. It&#8217;ll bring your stock back to life. It&#8217;ll bring your options back to life. It&#8217;ll bring volatility,&#8221; Saylor stated.



Saylor said he regularly speaks with executives of public and private companies and highlighted initiatives like &#8220;Bitcoin For Corporations,&#8221; which provide expert advice on the benefits of Bitcoin adoption.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41645548/coinbase-on-following-microstrategys-bitcoin-playbook-looking-for-opportunities-says-cfo-b">Coinbase On Following MicroStrategy&#8217;s Bitcoin Playbook: Looking For &#8216;Opportunities,&#8217; Says CFO, But Highlights Key Difference Between The Two Companies</a>



&#8220;So unlike a lot of industries where you don&#8217;t want competitors in our business, we&#8217;re happy to share the playbook. We&#8217;re happy to advocate. We&#8217;ll show you how to do it,&#8221; MicroStrategy&#8217;s top executive remarked.



Why It Matters: MicroStrategy released its third-quarter financials on Tuesday, revealing a robust Bitcoin investment strategy.



The company said it purchased 25,889 BTCs in the quarter for approximately $1.6 billion at an average price of $60,839, taking its overall stash to 252,220, worth $18.23 billion. 



At an average acquisition price of $9.904 billion, MicroStrategy was up nearly $8.3 billion in profit on its Bitcoin investments.



MicroStrategy also announced that it would raise $42 billion over the next three years through equity and debt financing to buy more Bitcoin. 



In August 2020, MicroStrategy became<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41645548/coinbase-on-following-microstrategys-bitcoin-playbook-looking-for-opportunities-says-cfo-b"> the first publicly traded company to acquire and hold Bitcoin</a> on its balance sheet as a primary treasury reserve asset.



Since then, it has gained 1989% in value, surpassing some of the biggest names on Wall Street, including artificial intelligence darling Nvidia. 



Interestingly, the company&#8217;s stock has also outperformed Bitcoin, with the leading cryptocurrency gaining just 508% in the said period.



That said, the company&#8217;s net loss widened to $340 million, compared with a loss of $143.4 million in the same quarter last year.



Price Action: At the time of writing, Bitcoin was exchanging hands at $72,173.91, down 0.40% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;Shares of MicroStrategy closed 4.23% lower at $247.31 during Tuesday&#8217;s regular session. 



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Image: Master Tux from Pixabay

Michael Saylor Says Bitcoin Remedy To Fix Unhealthy Balance Sheets As MicroStrategy Unveils Massive $42B BTC Purchase Plan

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