Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.



<ul class="wp-block-list">
<li>TD Cowen raised Ralph Lauren Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RL">RL</a>) price target from $354 to $399. TD Cowen analyst John Kernan maintained a Buy rating. Ralph Lauren shares closed at $308.64 on Monday. <a href="https://www.benzinga.com/quote/RL/analyst-ratings">See how other analysts view this stock</a>.</li>



<li>Keybanc raised the price target for NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) from $230 to $250. Keybanc analyst John Vinh maintained an Overweight rating. Nvidia shares closed at $181.88 on Monday. <a href="https://www.benzinga.com/quote/NVDA/analyst-ratings">See how other analysts view this stock</a>.</li>



<li>Tigress Financial boosted Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GRMN">GRMN</a>) price target from $285 to $305. Tigress Financial analyst Ivan Feinseth maintained a Strong Buy rating. Garmin shares closed at $245.53 on Monday. <a href="https://www.benzinga.com/quote/GRMN/analyst-ratings">See how other analysts view this stock</a>.</li>



<li>DA Davidson raised the price target for Winnebago Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WGO">WGO</a>) from $26 to $32. DA Davidson analyst Griffin Bryan maintained a Neutral rating. Winnebago shares closed at $33.85 on Monday. <a href="https://www.benzinga.com/quote/WGO/analyst-ratings">See how other analysts view this stock.</a></li>



<li>Truist Securities cut the price target for Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MTN">MTN</a>) from $244 to $237. Truist Securities analyst Patrick Scholes maintained a Buy rating. Vail Resorts shares closed at $148.06 on Monday.<a href="https://www.benzinga.com/quote/MTN/analyst-ratings"> See how other analysts view this stock.</a></li>



<li>Guggenheim cut The Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TTD">TTD</a>) price target from $75 to $55. Guggenheim analyst Michael Morris maintained a Buy rating. Trade Desk shares settled at $49.64 on Monday. <a href="https://www.benzinga.com/quote/TTD/analyst-ratings">See how other analysts view this stock</a>.</li>



<li>Cantor Fitzgerald raised Analog Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ADI">ADI</a>) price target from $270 to $300. Cantor Fitzgerald analyst Matthew Prisco maintained an Overweight rating. Analog Devices shares closed at $244.79 on Monday. <a href="https://www.benzinga.com/quote/ADI/analyst-ratings">See how other analysts view this stock.</a></li>



<li>Argus Research raised Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/EA">EA</a>) price target from $180 to $210. Argus Research analyst Joseph Bonner maintained a Buy rating. Electronic Arts shares closed at $202.05 on Monday.  <a href="https://www.benzinga.com/quote/EA/analyst-ratings">See how other analysts view this stock</a>.</li>



<li>Susquehanna raised the price target for Carnival Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CCL">CCL</a>) from $30 to $35. Susquehanna analyst Christopher Stathoulopoulos maintained a Positive rating. Carnival shares settled at $29.40 on Monday. <a href="https://www.benzinga.com/quote/ccl/analyst-ratings">See how other analysts view this stock</a>.</li>



<li>Goldman Sachs raised Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPOT">SPOT</a>) price target from $765 to $770. Goldman Sachs analyst Eric Sheridan downgraded the stock from Buy to Neutral. Spotify shares closed at $728.47 on Monday. <a href="https://www.benzinga.com/quote/spot/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>



Considering buying NVDA stock? Here&#8217;s what analysts think: 



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="570" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30120400/image-558-1024x570.png" alt="" class="wp-image-1092982" style="width:695px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30120400/image-558-1024x570.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30120400/image-558-300x167.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30120400/image-558-768x428.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30120400/image-558.png 1126w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/09/47911494/top-3-tech-and-telecom-stocks-that-are-set-to-fly-in-september">Top 3 Tech And Telecom Stocks That Are Set To Fly In September</a></li>
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Photo via Shutterstock

News

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Nvidia To Rally More Than 37%? Here Are 10 Top Analyst Forecasts For Tuesday

Pfizer, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/PFE">PFE</a>) shares are trading higher on Tuesday after The Washington Post reported that President Donald Trump will announce a <a href="https://www.benzinga.com/etfs/sector-etfs/25/09/47909507/trumps-100-drug-tariff-will-hit-americans-economist-says-buyers-eat-the-cost-not-foreign-firms">drug-pricing deal with the company</a>.



What To Know: According to the <a href="https://www.washingtonpost.com/politics/2025/09/30/drug-prices-pfizer/">report</a>, Pfizer has agreed to voluntarily sell its medications through Medicaid at lower prices as part of the White House's "Most Favored Nation" initiative, which aims to match U.S. drug prices to the lowest costs paid by other wealthy nations.



The agreement follows an executive order from Trump in May that set a framework for the initiative. Officials have reportedly been in talks with pharmaceutical companies about lowering prices since, but the deadline for those agreements was Monday. 



The pharmaceutical industry has also sought to address Trump's demands, with its main lobbying group announcing voluntary steps this week, including a new website to help Americans find lower-cost drugs.



Trump has argued the U.S. pays disproportionately high prices for medications compared to other countries.



&#8220;We're not doing that anymore,&#8221; Trump said last week.



The Trump administration is expected to make an official announcement with Pfizer on Tuesday. 



<h3 class="wp-block-heading">How To Buy PFE Stock</h3>



Besides going to a brokerage platform to purchase a share &#8211; or fractional share &#8211; of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument. 



For example, in Pfizer's case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.



PFE Price Action: At the time of writing, Pfizer shares are trading 2.87% higher at $24.54, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/09/47936151/stock-market-today-sp-500-dow-futures-tumble-as-shutdown-standoff-drags-on-cigna-wolfspeed-nike-in-focus">Stock Market Today: Nasdaq, Dow Futures Slip As Shutdown Standoff Drags On—Cigna, Wolfspeed, Nike In Focus</a></li>
</ul>



Image via Shutterstock

Movers

Pfizer Shares Are Trading Higher Tuesday: What's Going On?

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is trading sideways around the $113,00 mark on Tuesday as Glassnode's weekly report highlighted weakening momentum and growing profitability stress <a href="https://www.benzinga.com/money/bitcoin-price-prediction">across the market.</a>



<h3 class="wp-block-heading">Bitcoin Momentum Falters As RSI Signals Weakness</h3>



Glassnode <a href="https://insights.glassnode.com/btc-market-pulse-week-40/">noted</a> that Bitcoin traded above the cost basis of short-term holders, but the RSI fell sharply to 34.6, showing fading upside energy. 



Spot CVD remained negative at –$124 million despite slight improvement, while daily volumes jumped 21% to $7.2 billion, suggesting liquidity remains active even as enthusiasm thins.



<h3 class="wp-block-heading">Derivatives Market Turns Defensive With Bearish Bets</h3>



Futures open interest and funding rates declined, pointing to reduced leverage. In contrast, options demand rose with traders skewing toward downside protection.&nbsp;



Volatility spreads stayed firm, reflecting expectations of price swings without clear directional conviction.



<h3 class="wp-block-heading">On-Chain Signals Show Weaker Fundamentals</h3>



Active addresses slipped 4.5% to 695,000 and fee volumes dropped 19%, signaling softer network use.&nbsp;



Transfer volumes, however, climbed 18.5% to $10.4 billion, spotlighting continued speculative flows.&nbsp;



Glassnode added that the short-term holder to long-term holder ratio edged higher to 17.3%, revealing a market still dominated by speculative capital.



<h3 class="wp-block-heading">Profitability Crunch Puts Holders Under Pressure&nbsp;</h3>



Supply in profit fell from 92% to 87%, while the Net Unrealized Profit/Loss (NUPL) turned negative at –0.3%.&nbsp;



Realized profit/loss ratios halved to 1.0, indicating weaker conviction and rising stress among holders who are now closer to breakeven levels.



<h3 class="wp-block-heading">Technical Picture Points To Consolidation</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="699" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30114522/image-557-1024x699.png" alt="" class="wp-image-1092951" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30114522/image-557-1024x699.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30114522/image-557-300x205.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30114522/image-557-768x524.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30114522/image-557-1536x1048.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30114522/image-557.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/BTCUSD/">BTC Price Dynamics (Source: TradingView)</a>



On the daily chart, Bitcoin is trading above the 20-day EMA at $113,072 and the 50-day EMA at $113,379, holding inside a rising channel since May.&nbsp;



Immediate resistance is clustered between $115,900 and $118,800, with stronger supply near $120,800. 



Support sits at $113,000–113,400, followed by $111,300 and the 200-day EMA near $106,400.



The Parabolic SAR flipped bearish above recent candles, while the RSI signals fading momentum.&nbsp;



The broader channel keeps the long-term trend constructive, but short-term direction hinges on a breakout from the $111,000–118,000 range.



<h3 class="wp-block-heading">Why It Matters</h3>



Bitcoin is holding above key averages, yet the market shows signs of fragility.



Speculative flows remain active, but stronger participation from long-term holders is lacking. Falling profitability metrics highlight weakening conviction even as price holds near support.



Options demand tilted toward downside hedges suggests traders are preparing for volatility. The striking element is the disconnect: liquidity is stable while confidence erodes.



If this gap persists, Bitcoin's resilience may face a more severe test than the charts imply.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/09/47947155/bitcoin-at-113000-waiting-for-final-rotiation-as-analyst-forcasts-one-last-dominance-push">Bitcoin At $113,000 Waiting For &#8216;Final Rotiation&#8217; As Analyst Forcasts One Last Dominance Push</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$BTC

Bitcoin's Momentum Falters — What You Need To Watch Next

Editor&#8217;s Note: The future prices of benchmark tracking ETFs were updated in the story.



U.S. stock futures fell on Tuesday following Monday&#8217;s advances. Futures of major benchmark indices were lower.



The indices dropped as the possibility of a <a href="https://www.benzinga.com/markets/equities/25/09/47909480/dow-nasdaq-futures-climb-gold-soars-as-investors-brush-off-looming-shutdown-but-economists-warn-">government shutdown</a> neared, with the lawmakers having until Wednesday at 12:01 a.m. ET to reach an agreement.



Meanwhile, Vice President JD Vance stated outside the White House that &#8220;I think we're headed to a shutdown because the Democrats won't do the right thing,&#8221; placing the blame on Democratic leaders for linking government funding to healthcare negotiations.



Meanwhile, the 10-year Treasury bond yielded 4.13% and the two-year bond was at 3.60%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing an 89.3% likelihood of the Federal Reserve cutting the current interest rates in its October meeting.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.20%</td></tr><tr><td>S&amp;P 500</td><td>-0.16%</td></tr><tr><td>Nasdaq 100</td><td>-0.14%</td></tr><tr><td>Russell 2000</td><td>-0.19%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Tuesday. The SPY was down 0.24% at $662.12, while the QQQ fell 0.14% to $597.88, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



<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="S&amp;P 500, Dow Futures Tumble As Government Shutdown Standoff Drags On" width="500" height="281" src="https://www.youtube.com/embed/FaELy-1ugos?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>



<h2 class="wp-block-heading">Cues From Last Session</h2>



Information technology, financial, and consumer discretionary stocks recorded the biggest gains on Monday, leading most sectors on the S&amp;P 500 to a positive close. However, energy and communication services stocks bucked the overall market trend, closing the session lower. U.S. stocks settled higher, with the Nasdaq gaining more than 100 points.



Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) shares closed higher by around 2%, while other AI stocks, including Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>) and Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MU">MU</a>), also recorded gains during the session.



Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>) surged 12% on Monday after CEO Vlad Tenev revealed on social media that more than four billion event contracts have been traded on the platform since their launch.



Major indices, meanwhile, recorded losses last week, with the Nasdaq Composite falling 0.7% and the S&amp;P 500 losing 0.3%. The Dow also fell 0.2% during the week.



On the economic front, U.S. pending home sales surged by 4% from the previous month in August, recording the sharpest gain in five months, compared to a 0.4% decline in the previous month.



The Dow Jones index ended 69 points or 0.15% higher at 46,316.07, whereas the S&amp;P 500 index rose 0.26% to 6,661.21. Nasdaq Composite advanced 0.48% to 22,591.15, and the small-cap gauge, Russell 2000, gained 0.038% to end at 2,435.25.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.48%</td><td>22,591.15</td></tr><tr><td>S&amp;P 500</td><td>0.26%</td><td>6,661.21</td></tr><tr><td>Dow Jones</td><td>0.15%</td><td>46,316.07</td></tr><tr><td>Russell 2000</td><td>0.038%</td><td>2,435.25</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Insights From Analysts</h2>



Economist Jeremy Siegel stated that last week&#8217;s predictable inflation numbers were &#8220;exactly what markets wanted,&#8221; signaling that the disinflation trend is holding firm and keeping the door open for the Federal Reserve to continue easing monetary policy.



In his weekly commentary, Siegel noted that the Personal Consumption Expenditures (PCE) deflator met all expectations, suggesting that recent price pressures are due to &#8220;one-off tariff and policy effects rather than underlying demand&#8221;. This stability gives the central bank room to lower interest rates further into an economy that is showing surprising resilience.



Despite the calm inflation data, growth metrics have firmed up, with positive surprises in durable goods and a narrower trade deficit pushing third-quarter GDP estimates higher. Siegel projects the economy is &#8220;healthy but not overheating,&#8221; with his base case for full-year growth remaining around 2.4%-2.5%.



This combination of steady inflation and solid growth supports further rate cuts. &#8220;I expect two 25 bp cuts into year-end, including at the October 29 meeting,&#8221; Siegel commented, adding that he would support continuing these small cuts through the first half of next year if conditions remain stable. He believes the Fed is &#8220;easing into strength rather than reacting to weakness,&#8221; a scenario that is highly favorable for the stock market.



While the overall outlook is positive, Siegel is monitoring three near-term risks:



<ul class="wp-block-list">
<li>The economic bite of tariffs should become clearer in Q4 holiday import data.</li>



<li>Fiscal noise, including a potential government shutdown that could disrupt economic data releases.</li>



<li>The money supply, which he sees as &#8220;the best assurance that today&#8217;s inflation stability persists into 2025&#8221;.</li>
</ul>



However, he clarified that &#8220;none of these risks alter my baseline that the economy enters Q4 with momentum and inflation control&#8221;.



Given this backdrop, Siegel anticipates that equities should continue to outperform nominal bonds. He concluded that a steady &#8220;glide path of 25 bp cuts&#8221; supports cyclical stocks, quality value, and small caps, which should &#8220;benefit disproportionately&#8221; as financing conditions ease.



Meanwhile, Goldman Sachs' chief global equity strategist, Mueller-Glissmann, and his team have identified <a href="https://www.benzinga.com/markets/equities/25/09/47935017/goldman-sachs-warns-wall-streets-goldilocks-economy-could-soon-meet-three-big-bears-and-investors-arent-ready-for-the-shock">three potential ‘bears'</a> that could disrupt this equilibrium. 



A growth shock, which could result from increased unemployment or disappointments in AI. Secondly, a rate shock, in case the Federal Reserve doesn't implement further rate cuts. Lastly, a new dollar bear, leading to a 10% devaluation of the dollar, could deter foreign investors from the U.S. market. 



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures </a>



<h2 class="wp-block-heading">Upcoming Economic Data</h2>



Here's what investors will be keeping an eye on Tuesday;



<ul class="wp-block-list">
<li>Federal Reserve Vice Chair Philip Jefferson will speak at 6:00 a.m., and Chicago Fed President Austan Goolsbee will speak at 1:30 p.m. ET.</li>



<li>July&#8217;s S&amp;P Case-Shiller home price index for 20 cities will be out by 9:00 a.m., and September&#8217;s Chicago Business Barometer (PMI) will be released at 9:45 a.m. Meanwhile, August&#8217;s job openings and September&#8217;s consumer confidence data will be announced by 10:00 a.m. ET.</li>
</ul>



<h2 class="wp-block-heading">Stocks In Focus</h2>



<ul class="wp-block-list">
<li>Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LW">LW</a>) was up 0.16% in premarket on Tuesday ahead of its earnings report scheduled to be released before the opening bell. Analysts estimate earnings of 55 cents per share on revenue of $1.62 billion.</li>



<li>Paychex Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PAYX">PAYX</a>) was 0.10% below the flatline as analysts estimate earnings of $1.21 per share on revenue of $1.54 billion before the opening bell.</li>



<li>Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NKE">NKE</a>) was 0.20% higher ahead of its earnings report scheduled to be released after the closing bell. Analysts estimate earnings of 27 cents per share on revenue of $11.00 billion.</li>



<li>Progress Software Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PRGS">PRGS</a>) rose 3.80% after reporting better-than-expected financial results for the third quarter. It raised its full-year 2025 revenue guidance to a range of $975 million to $981 million, versus estimates of $967.24 million.</li>



<li>Vail Resorts Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MTN">MTN</a>) dropped 1.86% after posting downbeat results for the fourth quarter after the closing bell on Monday.</li>



<li>Rocket Lab Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RKLB">RKLB</a>) rose 1.06% as the company announced a multi-launch contract with Synspective.</li>



<li>Wolfspeed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WOLF">WOLF</a>) surged 45.70% as it successfully emerged from Chapter 11 bankruptcy protection, completing its financial restructuring.</li>



<li>Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CI">CI</a>) advanced 4.24% as the health care system provider, Sarasota Memorial reached an agreement with the Connecticut-based insurer.</li>
</ul>



<h2 class="wp-block-heading">Commodities, Gold, And Global Equity Markets</h2>



Crude oil futures were trading lower in the early New York session by 0.99% to hover around $62.80 per barrel.



Gold Spot US Dollar rose 0.76% to hover around $3,804.93 per ounce. Its last record high stood at $3,871.72 per ounce. The U.S. Dollar Index spot was 0.16% lower at the 97.7450 level.



Asian markets closed mixed on Tuesday, as Japan's Nikkei 225, Australia's ASX 200, and South Korea's Kospi indices fell. Whereas, Hong Kong's Hang Seng, China&#8217;s CSI 300, and India&#8217;s S&amp;P BSE Sensex indices rose. European markets were also mixed in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/09/47934563/marjorie-taylor-greene-loads-up-on-six-figure-treasury-bill-diversifies-portfolio-with-bitcoin-etf-tech-stocks">Marjorie Taylor Greene Loads Up On Six-Figure Treasury Bill— Diversifies Portfolio With Bitcoin ETF, Tech Stocks</a></li>
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Photo courtesy: Shutterstock

Earnings

Equities

Market Summary

Futures

Commodities

Treasuries

Economics

Federal Reserve

Pre-Market Outlook

HOOD

PAYX

PRGS

RKLB

WOLF

Stock Market Today: Nasdaq, Dow Futures Slip As Shutdown Standoff Drags On—Cigna, Wolfspeed, Nike In Focus (UPDATED)

Spotify (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPOT">SPOT</a>) stock slipped on Tuesday after the company announced <a target="_blank" href="https://www.benzinga.com/pressreleases/25/09/b47937793/spotify-announces-leadership-evolution-daniel-ek-to-become-executive-chairman-alex-norstr-m-and-gu" rel="noreferrer noopener">a management transition</a>.



The company named Gustav Söderström and Alex Norström as Co-CEOs, succeeding founder Daniel Ek, who will step down as CEO to become Executive Chairman effective January 1, 2026.



Both will report to Ek and, pending shareholder approval, join the company&#8217;s board of directors.



Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/08/47190167/spotifys-price-hikes-leverage-non-music-content-for-higher-profits" rel="noreferrer noopener">Spotify&#8217;s Price Hikes Leverage Non-Music Content For Higher Profits</a>



The leadership change formalizes a structure Spotify has operated under since 2023.



<h2 class="wp-block-heading">Recent Earnings</h2>



Spotify stock declined after the company posted a surprise second-quarter loss and provided weak guidance, prompting Wall Street analysts to <a target="_blank" href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/07/46743048/spotifys-subscriber-boom-cant-hide-ad-woes-analyst" rel="noreferrer noopener">trim their price forecasts</a> despite strong user growth.



Rosenblatt analyst Barton Crockett called the results &#8220;mixed,&#8221; noting Spotify added 8 million premium subscribers and 18 million monthly active users, but missed revenue expectations due to foreign exchange impacts and higher social charges.



KeyBanc&#8217;s Justin Patterson highlighted double-digit subscriber and MAU growth but flagged ad softness and foreign exchange headwinds. He noted Spotify remains attractive heading into 2026.



Benchmark&#8217;s Mark Zgutowicz cited weak ARPU guidance and soft ad performance as reasons for trimming estimates and cutting his target to $800 from $840. Still, he pointed to long-term upside from pricing power, podcast margin expansion, and a potential Supremium tier.



Bank of America Securities analyst Jessica Reif Ehrlich struck the most bullish tone. She said strong engagement and multiple monetization levers outweigh near-term ad challenges, viewing the pullback as a buying opportunity.



Spotify stock gained 63% year-to-date, surpassing the Russell 1000 Index&#8217;s (which includes Spotify) 13% returns, driven by its <a target="_blank" href="https://www.benzinga.com/markets/large-cap/25/08/46830713/spotify-rallies-as-price-increases-apple-app-win-fuel-investor-optimism" rel="noreferrer noopener">price hikes on</a> subscription plans and growth in key areas, including podcasts and audiobooks, particularly video podcasts.



SPOT Price Action: Spotify Technology shares were down 2.54% at $710.00 during premarket trading on Tuesday. The stock is trading within its 52-week range of $362.31 to $785.00<a target="_blank" href="https://www.benzinga.com/pro/" rel="noreferrer noopener">, according to Benzinga Pro data</a>.



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</ul>



Photo by Liv Oeian via Shutterstock

Management

Spotify Co-Founder Daniel Ek To Step Down, Co-CEOs Named

The Trump administration has announced a significant tightening of&nbsp;export controls on Chinese companies, particularly those in the semiconductor industry, in a move aimed at impeding China&#8217;s technological advancement.



<h2 class="wp-block-heading">US Tightens Export Rules, Adding Entity List Subsidiaries</h2>



The U.S. Department of Commerce has introduced stricter regulations that automatically add subsidiaries of entities on the government&#8217;s &#8220;entity list&#8221; to the blacklist, the Financial Times <a href="https://www.ft.com/content/4354c8b7-1abf-4aa3-9314-ba723c8a1cfd">reported</a>. This list comprises foreign entities and individuals subject to export controls, requiring U.S. companies to obtain a license for exports to these groups.



The new rule is applicable to&nbsp;companies that are 50% or more owned by entities on the entity list.



Notably, the new rule does not specifically target China but includes subsidiaries of Chinese chipmakers such as&nbsp;Huawei&nbsp;and&nbsp;Semiconductor Manufacturing International Corporation&nbsp;(SMIC).



The Commerce Department aims&nbsp;to close a loophole that&nbsp;previously allowed exports to subsidiaries of listed companies unless the subsidiary was also specifically blacklisted by the U.S. government.



This move&nbsp;is among the first&nbsp;actions by the Trump administration to address concerns about China acquiring U.S. technology that could potentially enhance the People&#8217;s Liberation Army. 



See Also:&nbsp;<a href="https://benzinga.com/markets/asia/25/09/47933340/south-korea-pours-more-cold-water-on-trumps-350-billion-deal-seouls-top-security-advisor-says-given-" target="_blank" rel="noreferrer noopener">South Korea Pours More Cold Water On Trump&#8217;s $350 Billion Deal, Seoul&#8217;s Top Security Advisor Says Given US Track Record Currency Swap &#8216;Won&#8217;t Be Easy&#8217;</a>



<h2 class="wp-block-heading">Experts Hail US Export Rule; China Calls It ‘Extremely Malicious'</h2>



Chris McGuire, a former official with the National Security Council in the previous Trump and Biden administrations, said the rule was a "very needed correction to a broken part of our export control system".



Gregory Allen, an export control expert at the Center for Strategic and International Studies think-tank, called this a "massive change.&#8221;



Meanwhile, as per China's commerce ministry, the new regulation was "extremely malicious.&#8221; They also slammed the U.S. for &#8220;generalizing&#8221; the issue of national security as well as &#8220;abusing export controls".



<h2 class="wp-block-heading">Nvidia Warns US chip Export Rules May Boost Chinese Rivals</h2>



The new export control measures come at a time when the U.S. is intensifying its efforts to curb China&#8217;s technological advancement. This move could significantly impact the operations of Chinese chipmakers, including Huawei and SMIC, and their ability to access advanced semiconductor technology.



Earlier,&nbsp;Nvidia&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) CEO&nbsp;Jensen Huang&nbsp;<a href="https://www.benzinga.com/markets/equities/25/09/47910635/nvidia-ceo-jensen-huang-warns-us-export-controls-on-china-may-have-backfired-theyre-nanoseconds-behind-us">warned</a>&nbsp;that U.S. export controls on China might have backfired, propelling domestic competitors like Huawei. This new rule could further impact the competitive landscape in the semiconductor industry.



Meanwhile, White House AI and crypto czar&nbsp;David Sacks&nbsp;<a href="https://www.benzinga.com/markets/tech/25/09/47756856/white-house-ai-czar-david-sacks-warns-washington-must-let-us-chipmakers-like-nvidia-sell-abroad-or-risk-forfeiting-ai-race-to-huawei-and-china">previously urged</a>&nbsp;Washington to update export control policies, warning that restricting U.S. companies like Nvidia from selling chips abroad could hand Chinese companies the advantage in the global race for AI dominance.



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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Government

Large Cap

Tech

Trump Administration Tightens Export Controls To Slow China's Tech Race—Experts Hail 'Massive Change'

A multi-billion-dollar gap has emerged in the estimated cost of powering the AI revolution, pitting a new bullish forecast from Barclays against Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) CEO Jensen Huang's own ambitious projections.



In a note upgrading its price target on NVDA to $240, Barclays revealed its AI capacity tracker, which estimates over $2 trillion in planned AI-related spending.



<h2 class="wp-block-heading">NVDA Still The &#8216;Most Attractive&#8217; Despite Barclays Calculation</h2>



The bank noted it uses a conversion of $50 billion to $60 billion in total spend for every one gigawatt (GW) of AI power. Within that, it attributes 65% to 70% to &#8220;compute &amp; networking.&#8221;



This calculation results in an estimated range of $32.5 billion to $42 billion per gigawatt for compute-related spending. The $39 billion figure represents a key point within this range (specifically, 65% of the $60 billion total spend), highlighting a bullish forecast grounded in the bank&#8217;s tracking of over $2 trillion in announced projects.



This figure that led the bank to call Nvidia the &#8220;most attractive name in our space,&#8221; adding that Jensen Huang&#8217;s once lofty industry forecasts &#8220;don&#8217;t seem so outlandish anymore.&#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">Barclays buy thesis on <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>: &quot;When tracking AI capacity additions over the LTM, AI TAMs don&#39;t seem so outlandish anymore and NVDA looks like the most interesting name in our group. When Jensen first forecast a $1T industry by the end of the decade, we admittedly balked. With…&mdash; Tech Fund (@techfund1) <a href="https://twitter.com/techfund1/status/1972629278022865164?ref_src=twsrc%5Etfw">September 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Barclays Analysis Still Conservative Compared To &#8216;Jensen&#8217;s Math&#8217;</h2>



This detailed, bottom-up analysis, however, presents a more conservative figure than the one championed by NVIDIA's chief.



According to what is now being called &#8220;Jensen&#8217;s Math,&#8221; a 1 GW AI factory has a total cost of $60 to $80 billion, with the &#8220;compute cost&#8221;—NVIDIA's potential revenue—representing a staggering $40 to $50 billion of that.



The two forecasts barely overlap, highlighting a fundamental difference in expectations. The low end of Huang&#8217;s $40-$50 billion estimate starts at the ceiling of Barclays&#8217; $32.5-$42 billion calculated range. This means Huang&#8217;s baseline vision for his company&#8217;s revenue requires a market reality that is at, or even above, the most optimistic scenario modeled by the bank. 



<a href="https://www.benzinga.com/markets/equities/25/09/47684706/nvidias-multi-trillion-dollar-ai-playground-mckinsey-quantifies-3-5x-surge-in-ai-data-center-demand-presenting-6-2-trillion-opportunity-for-nvda">Huang himself previously stated</a> that &#8220;every gigawatt is about $40 billion, $50 billion to Nvidia,&#8221; underscoring the massive market opportunity his company is targeting. When applied to <a href="https://www.benzinga.com/markets/equities/25/09/47684706/nvidias-multi-trillion-dollar-ai-playground-mckinsey-quantifies-3-5x-surge-in-ai-data-center-demand-presenting-6-2-trillion-opportunity-for-nvda">McKinsey&#8217;s projections</a> of 156 GW of AI data centre demand by 2030, Jensen's figure points to a potential market exceeding $6 trillion. 



See Also: <a href="https://www.benzinga.com/markets/equities/25/09/47813976/short-seller-jim-chanos-scrutinizes-jensen-huang-led-nvidias-ai-factory-cost-estimates-well-abov">Short-Seller Jim Chanos Scrutinizes Jensen Huang-Led Nvidia&#8217;s AI Factory Cost Estimates: &#8216;Well Above What Companies Are Telling Investors&#8217;</a>



<h2 class="wp-block-heading">Critiques Say The AI Factory Cost Projections Are Inflated</h2>



The astronomical figures from both parties <a href="https://www.benzinga.com/markets/equities/25/09/47813976/short-seller-jim-chanos-scrutinizes-jensen-huang-led-nvidias-ai-factory-cost-estimates-well-abov">have not gone without scrutiny</a>. Famed short-seller Jim Chanos recently highlighted the discrepancy, arguing that Huang's base cost estimates for an AI factory are &#8220;well above what many AI data center companies are currently telling investors.&#8221; 



This critique casts a shadow of financial reality over the industry's explosive growth narrative, leaving investors to weigh the difference between a bank's bullish analysis and a CEO's even grander vision.



<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">Jensen's estimate that a 1GW AI factory will cost $20-30B BEFORE GPU costs, is well above what many AI data center companies currently are telling investors their costs will be. <a href="https://t.co/PcH5F6QMbS">https://t.co/PcH5F6QMbS</a>&mdash; James Chanos (@RealJimChanos) <a href="https://twitter.com/RealJimChanos/status/1970225940769726660?ref_src=twsrc%5Etfw">September 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Price Action</h2>



Shares of NVDA rose 2.07% to end at $181.88 per share on Monday, and it dropped by 0.42% in after-hours. It has risen 31.50% year-to-date and 49.77% over the past year.



Benzinga&#8217;s Edge Stock Rankings indicate that NVDA maintains a stronger price trend in the short, medium, and long terms. However, the stock&#8217;s value ranking is relatively poor. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="162" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30030146/NVDA-EDGE-NEW-SEPT-30-1024x162.png" alt="Benzinga's Edge Stock Rankings for NVDA. " class="wp-image-1091993" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30030146/NVDA-EDGE-NEW-SEPT-30-1024x162.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30030146/NVDA-EDGE-NEW-SEPT-30-300x48.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30030146/NVDA-EDGE-NEW-SEPT-30-768x122.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/30030146/NVDA-EDGE-NEW-SEPT-30.png 1161w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose on Monday. The SPY was up 0.28% at $663.68, while the QQQ rose 0.46% to $598.73, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Meanwhile, SPDR Dow Jones Industrial Average ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>), tracking the Dow Jones, ended 0.16% higher at $463.04.



The futures of the S&amp;P 500, Dow Jones and Nasdaq 100 indices were mixed on Tuesday.



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<li><a href="https://www.benzinga.com/markets/equities/25/09/47684706/nvidias-multi-trillion-dollar-ai-playground-mckinsey-quantifies-3-5x-surge-in-ai-data-center-demand-presenting-6-2-trillion-opportunity-for-nvda">Nvidia&#8217;s Multi-Trillion Dollar AI Playground: McKinsey Quantifies 3.5x Surge In AI Data Center Demand, Presenting $6.2 Trillion Opportunity For NVDA</a></li>
</ul>



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Short Sellers

Nvidia's 'Jensen Math' Of $50 Billion Revenue Per GW Gets A Reality Check: Here's What Barclays Analysts Project For NVDA

The CNN Money Fear and Greed index showed some decline in the overall market sentiment, while the index remained in the &#8220;Neutral&#8221; zone on Monday.



U.S. stocks settled higher on Monday, with the Nasdaq Composite gaining more than 100 points during the session.



Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) shares closed higher by around 2%, while other AI stocks, including Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>) and Micron Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MU">MU</a>), also recorded gains during the session.



Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/HOOD">HOOD</a>) surged 12% on Monday after CEO Vlad Tenev revealed on social media that more than four billion event contracts have been traded on the platform since their launch.



Major indices, meanwhile, recorded losses last week, with the Nasdaq Composite falling 0.7% and the S&amp;P 500 losing 0.3%. The Dow also fell 0.2% during the week.



On the economic front, U.S. pending home sales surged by 4% from the previous month in August, recording the sharpest gain in five months and compared to a 0.4% decline in the previous month.



Most sectors on the S&amp;P 500 closed on a positive note, with information technology, financial and consumer discretionary stocks recording the biggest gains on Monday. However, energy and communication services stocks bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by around 69 points to 46,316.07 on Monday. The S&amp;P 500 rose 0.26% to 6,661.21, while the Nasdaq Composite gained 0.48% at 22,591.15 during Monday's session.



Investors are awaiting earnings results from Lamb Weston Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LW">LW</a>), Paychex Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PAYX">PAYX</a>) and Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NKE">NKE</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 52.4, the index remained in the &#8220;Neutral&#8221; zone on Monday, versus a prior reading of 53.6.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



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</ul>



Photo via Shutterstock

Long Ideas

Nasdaq Gains Over 100 Points: Investor Sentiment Edges Lower, But Fear & Greed Index Remains In 'Neutral' Zone

Airlines For America, a consortium of U.S. flight carriers like Delta Air Lines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DAL">DAL</a>), Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LUV">LUV</a>), United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/UAL">UAL</a>) and American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAL">AAL</a>), has warned that a partial shutdown of the Federal government will likely disrupt flight operations.



The <a href="https://www.benzinga.com/news/politics/25/09/47870749/government-shutdown-odds-hit-75-what-happened-to-markets-during-2018-2019-shutdown">government shutdown</a>, which would take effect from October 1 if the lawmakers do not reach an agreement over Federal funding or a temporary extension.



<h2 class="wp-block-heading">Federal Employees Working Without Pay</h2>



The airlines warn that Federal Employees, like Air Traffic Controllers and transport security employees, would be working without pay if the government shuts down, while other FAA employees are furloughed, the group said in a statement. "A government shutdown at this stage would jeopardize the important progress that we all have made on these efforts thus far," the statement said.



The statement also warned of the effects of a disruption on the economy. "The aviation industry in the U.S. contributes more than 5 percent to the gross domestic product," the statement said, adding that the sector accounted for $1.37 trillion added to the GDP in 2023.



"Congress must work quickly to avoid another harmful shutdown," the statement said, urging lawmakers to avoid a shutdown of the federal government.



<h2 class="wp-block-heading">Trump Meets With Leaders</h2>



The news comes as President Donald Trump <a href="https://www.benzinga.com/news/politics/25/09/47905948/trump-to-meet-congressional-leaders-monday-as-government-shutdown-looms">met with congressional leaders</a> on Monday, with leaders like Senate Minority Leader Chuck Schumer (D-N.Y.), House Minority Leader Hakeem Jeffries (D-N.Y.), Speaker of the House Mike Johnson (R-La.), and Senate Majority Leader John Thune (R-S.D.), attending the Oval Office to explore ways to avoid a shutdown.



Schumer had also <a href="https://www.benzinga.com/news/politics/25/09/47834286/chuck-schumer-says-trump-thinks-hes-a-king-but-hes-weak-pins-the-blame-on-president-for-government-shutdown-he-runs-he-hides-he-ignores">recently slammed Trump</a>, accusing him of being a weak leader and calling the shutdown a "Trump shutdown."



<h2 class="wp-block-heading">Sean Duffy Issues Warning To Europe</h2>



Meanwhile, Transportation Secretary Sean Duffy <a href="https://www.benzinga.com/news/travel/25/09/47860949/sean-duffy-warns-europe-to-not-restrict-flights-from-us-were-not-going-to-take-that">issued a warning</a> to European governments over restrictions on flights originating from the U.S., as Flight carriers in the U.S. have raised concerns about the noise reduction protocols at Amsterdam&#8217;s Schiphol airport, as well as passenger caps at Dublin airport.



Check out more of Benzinga's Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link</a>.



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</ul>



Photo courtesy: kamilpetran/Shutterstock

Politics

Airlines Warn Government Shutdown Would Disrupt Flight Operations: 'Congress Must Work Quickly…'

On Monday, Governor Gavin Newsom (D-Calif.) signed a landmark law requiring artificial intelligence giants such as OpenAI, Alphabet Inc.'s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/goog#NASDAQ">GOOG</a>) (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>) Google, Meta Platforms, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>) and Nvidia Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>) to disclose how they plan to prevent their most advanced models from causing potential catastrophic risks.



<h2 class="wp-block-heading">California Takes Lead On AI Regulation</h2>



Newsom described the new law, SB 53, as a critical step in ensuring that AI innovation thrives while protecting public safety.



<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">Today, I&#39;m signing legislation to install common-sense guardrails ensuring the safety and further development of cutting-edge AI systems. California is proving that it&#39;s possible to both protect people and ensure our state&#39;s growing industries continue to shape the future.&mdash; Governor Gavin Newsom (@CAgovernor) <a href="https://twitter.com/CAgovernor/status/1972759798468010092?ref_src=twsrc%5Etfw">September 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<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">Gavin Newsom signed SB 53!! <a href="https://t.co/I8dDce3sDj">https://t.co/I8dDce3sDj</a> <a href="https://t.co/XHqg1aHEGg">pic.twitter.com/XHqg1aHEGg</a>&mdash; Celia Ford (@cogcelia) <a href="https://twitter.com/cogcelia/status/1972790801270018205?ref_src=twsrc%5Etfw">September 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



"California has proven that we can establish regulations to protect our communities while also ensuring that the growing AI industry continues to thrive," he said in a press release.



"AI is the new frontier in innovation, and California is not only here for it – but stands strong as a national leader by enacting the first-in-the-nation frontier AI safety legislation," the statement read.



Newsom's office called the law a potential model for the rest of the U.S. If Congress enacts national standards, California lawmakers are expected to align state rules while maintaining the "high bar established by SB 53," noted Reuters.



See Also: <a href="https://www.benzinga.com/markets/equities/25/09/47910635/nvidia-ceo-jensen-huang-warns-us-export-controls-on-china-may-have-backfired-theyre-nanoseconds-behind-us">Nvidia CEO Jensen Huang Warns US Export Controls On China May Have Backfired: &#8216;They&#8217;re Nanoseconds Behind Us&#8217;</a>



<h2 class="wp-block-heading">What The Law Requires</h2>



SB 53 applies to AI companies with annual revenues exceeding $500 million.



These firms must conduct public risk assessments, detailing how their technology could spiral out of human control or be misused to create bioweapons.



Violations carry penalties of up to $1 million.



The law comes after Newsom vetoed an earlier bill that sought annual <a href="https://www.benzinga.com/government/24/08/40484108/gavin-newsoms-california-wants-to-regulate-ai-but-its-facing-stiff-opposition-from-both-big-tech-as">third-party audits</a> of companies investing more than $100 million in AI models.



That proposal faced heavy industry pushback over the potential compliance burden.



<h2 class="wp-block-heading">Industry Pushes Back On Patchwork Rules</h2>



Jack Clark, co-founder of Anthropic, welcomed the move, saying, "Anthropic is proud to have supported this bill."



<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">We applaud <a href="https://twitter.com/CAgovernor?ref_src=twsrc%5Etfw">@CAgovernor</a> for signing <a href="https://twitter.com/Scott_Wiener?ref_src=twsrc%5Etfw">@Scott_Wiener</a>&#39;s SB 53, establishing transparency requirements for frontier AI companies that will help us all have better data about these systems and the companies building them. Anthropic is proud to have supported this bill.&mdash; Jack Clark (@jackclarkSF) <a href="https://twitter.com/jackclarkSF/status/1972773280877826232?ref_src=twsrc%5Etfw">September 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Sen. Scott Wiener (D-Calif.) supported the bill and took to X, formerly Twitter to say, "It's an exciting step for responsible scaling of AI innovation."



<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">BREAKING: Governor <a href="https://twitter.com/GavinNewsom?ref_src=twsrc%5Etfw">@GavinNewsom</a> just signed our groundbreaking AI bill, SB 53, to promote AI innovation (creating a public cloud called CalCompute), require transparency around AI lab safety practices &amp; protect whistleblowers at AI labs who report risk of catastrophic harm. &#x1f9f5;&mdash; Senator Scott Wiener (@Scott_Wiener) <a href="https://twitter.com/Scott_Wiener/status/1972759295562563855?ref_src=twsrc%5Etfw">September 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



However, Collin McCune, head of government affairs at Andreessen Horowitz, warned that SB 53 risks creating "a patchwork of 50 compliance regimes that startups don&#8217;t have the resources to navigate."



<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">We're fighting for a national AI strategy that gives Little Tech a fair shot and keeps the U.S. in the lead. CA's AI bill (SB 53) includes some thoughtful provisions that account for the distinct needs of startups. But it misses an important mark by regulating how the technology…&mdash; Collin McCune (@Collin_McCune) <a href="https://twitter.com/Collin_McCune/status/1972783841447153849?ref_src=twsrc%5Etfw">September 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading">Global Context: AI Rules Take Shape Worldwide</h2>



California's law follows <a href="https://www.benzinga.com/news/24/08/40092765/new-eu-ai-act-takes-effect-heres-how-apple-meta-google-and-other-us-tech-titans-will-be-impacted">similar efforts abroad</a>. The EU's AI Act also imposes strict requirements on high-risk systems, from risk assessments to bias controls.



Meanwhile, <a href="https://www.benzinga.com/markets/tech/25/07/46647539/china-pushes-for-global-ai-body-amid-rising-tensions-with-us-over-tech-exports-report">China has called for a global body</a> to coordinate AI governance, highlighting the fragmented state of international rules.



Benzinga's Edge Stock Rankings indicate that NVDA continues to trend upward across short, medium and long-term horizons, <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound'">with additional performance details available here</a>.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound'"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/09/29222421/Screenshot-2025-09-30-at-7.52.18%E2%80%AFAM.png" alt="" class="wp-image-1091714"/></a></figure>



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Photo Courtesy: Sheila Fitzgerald on Shutterstock.com



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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