Advantage Solutions Stock (NASDAQ:ADV), Trade Ideas

Advantage Solutions

Advantage Solutions Inc is the provider of outsourced sales and marketing solutions to consumer goods companies and retailers. It has a technology-enabled platform of sales and marketing services like headquarter sales, retail merchandising, in-store sampling, digital commerce, and shopper marketing. For brands and retailers of all sizes, the firm helps to get the right products on the shelf and into the hands of consumers. The company helps its clients to sell more while spending less. Advantage has offices throughout North America and strategic investments in select markets throughout Africa, Asia, Australia, and Europe through which it services the global needs of multinational, regional, and local manufacturers. Its services are provided across two segments sales and marketing.

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The Dow Jones index closed lower by around 0.2% on Friday. When insiders purchase or sell shares, it indicates their confidence or concern around the company&#39;s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

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The Dow Jones closed lower by over 200 points on Thursday. When insiders purchase or sell shares, it indicates their confidence or concern around the company&#39;s prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.

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Needham analyst Ryan Koontz reiterates Calix (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CALX#NYSE">CALX</a>) with a Buy and maintains $50 price target.

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CALX

Needham Reiterates Buy on Calix, Maintains $50 Price Target

UBS Group AG&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) reportedly aims to establish an office in Menlo Park, California&nbsp;and&nbsp;has recruited Sean Lynch from&nbsp;Barclays Plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>) to enhance its&nbsp;<a target="_blank" href="https://www.benzinga.com/m-a/24/04/38170014/ubs-navigates-complex-regulatory-terrain-in-bid-for-full-control-of-china-platform" rel="noreferrer noopener">services in advising technology firms</a>.
The&nbsp;timing coincides with expectations of a resurgence in dealmaking and initial public offerings, Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-22/ubs-hires-barclays-banker-lynch-for-technology-dealmaking?srnd=technology-vp&amp;sref=TBDibEcD" rel="noreferrer noopener">reported</a>.
The Swiss bank&nbsp;is set&nbsp;to open its premises on Sand Hill Road, a renowned hub for venture capital firms, in the upcoming months, the report read, citing people familiar with the matter. Certain staff members currently based in UBS&#8217;s San Francisco offices will be relocated to the new location.
Amid its expansion efforts, UBS has brought Barclays&#8217; Lynch on board,&nbsp;specializing in&nbsp;companies such as&nbsp;Uber Technologies,&nbsp;Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) and&nbsp;Tesla, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).
Lynch, based in Menlo Park, has been with Barclays since 2013, according to Finra records, Bloomberg added.&nbsp;
Previously, he focused on leveraged finance and&nbsp;played a role in advising&nbsp;on the issuance of approximately $1.7 billion in convertible notes for Uber last year.
As the industry anticipates a rebound in deals after a prolonged slump, banks are gearing up, with many having trimmed thousands of jobs during the downturn.&nbsp;
Competitors like&nbsp;Morgan Stanley&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) have leveraged a presence in Silicon Valley to attract tech companies, while&nbsp;JP Morgan Chase &amp; Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) has established a campus in Palo Alto, Bloomberg added.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, UBSstock has gained over 36% in the past year. Investors can gain exposure to the stock via&nbsp;Avantis International Equity ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVDE#NYSE">AVDE</a>) and&nbsp;American Century ETF Trust Avantis Responsible International Equity ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVSD#NYSE">AVSD</a>).
Price Action:&nbsp;UBS shares closed lower by 0.32% to $27.97 on Monday.&nbsp;
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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UBS Group Eyeing West? Plans New Office In Menlo Park, Hires Barclay's Lynch, Silicon Valley Expansion In Sight: Report

Needham analyst Joseph Stringer reiterates Lexicon Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LXRX#NASDAQ">LXRX</a>) with a Hold.

LXRX

Needham Reiterates Hold on Lexicon Pharmaceuticals

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38355828/bitcoin-etf-outflows-continue-for-second-straight-week">spot exchange-traded funds</a> (ETFs) continued to attract investor interest on Monday, with $62.09 million in total net inflows.
What Happenedb: According to <a href="https://sosovalue.xyz/assets/etf">data</a> from SoSoValue, Grayscale's Bitcoin Trust (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTC">GBTC</a>) saw a net outflow of $34.993 million. The Fidelity Wise Origin Bitcoin Fund (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>) showed a robust performance with a net inflow of $34.8334 million. 
The cumulative net inflow into Bitcoin spot ETFs has now reached $12.384 billion.
This financial activity comes shortly after <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38358590/bitcoins-next-move-after-the-halving-technical-analysis-foresees-these-2-scenarios">Bitcoin&#8217;s fourth halving</a>, which occurred on April 19. Traditionally, halvings tend to influence Bitcoin prices positively, a pattern observed in the weeks and months following past halvings. 
Historical data suggest that Bitcoin's price typically begins its upward trajectory approximately 50-100 days post-halving. 
<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/24/04/38363291/sam-bankman-fried-to-help-target-celebrity-promoters-in-settlement-deal">Sam Bankman-Fried To Help Target Celebrity Promoters In Settlement Deal</a>
Why It Matters: If this pattern holds true, Bitcoin bulls may still have time to fortify their positions in anticipation of potential gains.
QCP Capital analysts noted that while the immediate aftermath of the halving saw minimal price movement, the potential for a short-term increase driven by altcoins and meme coins is present. 
These coins have experienced persistent negative funding, some to extremes of -100% annualized rates. 
With Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) risk reversals normalizing and speculative sentiment improving, there might be a short covering and a resurgence in leveraged longs in the near future.
For investors looking to capitalize on this trend, QCP Capital suggests a bullish stance on Bitcoin, highlighting the attractiveness of buying BTC calls expiring at year&#8217;s end and beyond. Specifically, ERKO options for December 2024 and March 2025 offer significant payout potentials at adjusted risk levels, reflecting a positive long-term outlook for Bitcoin prices.
Moreover, investors are advised to consider accumulating Bitcoin positions at discounted prices, notably at the $55,000 level, ahead of the expected post-halving surge. 
Such strategic positioning could capitalize on the typical exponential rise seen in previous cycles, providing substantial returns as market dynamics evolve.
What&#8217;s Next: This evolving landscape of digital assets and the strategic responses by investors will be a key topic of discussion at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19. 
The event is set to explore the broader implications of these market movements and the sophisticated financial strategies now being employed <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38340794/bitcoin-in-the-danger-zone-is-a-20-price-crash-imminent">within the cryptocurrency sector</a>.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38364309/bitcoin-miners-in-for-a-rough-ride-after-halving-report">Bitcoin Miners In For A Rough Ride After Halving: Report</a>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Spot Bitcoin ETFs Register $35M Net Inflow On First Post-Halving Trading Day

Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) is set to release earnings results for its second quarter after the <a href="https://www.benzinga.com/quote/V/earnings">closing bell on April 23, 2024.</a>
Analysts expect the San Francisco, California-based company to report quarterly earnings at $2.44 per share, up from $2.09 per share in the year-ago period. Visa is projected to report quarterly revenue of $8.62 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Visa, last month, announced the expansion of its value-added services by introducing three new AI-powered solutions within the Visa Protect suite aimed at enhancing fraud prevention for account-to-account and card-not-present (CNP) payments.
Visa shares rose 1% to close at $272.33 on Monday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a>. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/V/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Baird analyst David Koning maintained an Outperform rating and raised the price target from $314 to $320 on April 17, 2024. This analyst has an accuracy rate of 73%.</li>
<li>Wells Fargo analyst Donald Fandetti maintained an Overweight rating and boosted the price target from $300 to $325 on March 6, 2024. This analyst has an accuracy rate of 70%.</li>
<li>Barclays analyst Raimo Lenschow maintained an Overweight rating and raised the price target from $304 to $319 on Jan. 29, 2024. This analyst has an accuracy rate of 74%.</li>
<li>Keybanc analyst Josh Beck maintained an Overweight rating and boosted the price target from $275 to $300 on Jan. 8, 2024. This analyst has an accuracy rate of 75%.</li>
<li>BMO Capital analyst Rufus Hone initiated coverage on the stock with an Outperform rating and a price target of $280 on Dec. 5, 2023. This analyst has an accuracy rate of 76%.</li>
</ul>
Read More: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38356146/over-24m-bet-on-rxo-check-out-these-3-stocks-insiders-are-buying">Over $24M Bet On RXO? Check Out These 3 Stocks Insiders Are Buying</a>

Earnings

Visa Likely To Report Higher Q2 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

U.S. stock futures were slightly higher this morning, with the Dow futures gaining over 20 points on Tuesday.
Shares of Calix, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CALX#NYSE">CALX</a>) fell sharply in today's pre-market trading after the company reported mixed first-quarter financial results and issued second-quarter <a href="https://www.benzinga.com/quote/CALX">guidance below estimates</a>.
Calix posted adjusted earnings of 21 cents per share, beating market estimates of 20 cents per share. The company's quarterly sales came in at $226.310 million, missing expectations of $228.139 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Calix shares dipped 16.8% to $24.60 in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
<ul>
<li>Abeona Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABEO#NASDAQ">ABEO</a>) fell 48.1% to $3.82 in pre-market trading after the company announced the FDA issued a Complete Response Letter in response to the company&#8217;s Biologics License Application for pz-cel for the treatment of patients with recessive dystrophic epidermolysis bullosa.</li>
<li>Sasol Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSL#NYSE">SSL</a>) shares fell 8.1% to $7.29 in pre-market trading after the company issued published its production and sales performance metrics for the nine months ended 31 March, 2024.</li>
<li>Cadence Design Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) fell 5.7% to $268.91 pre-market trading after the company issued second-quarter guidance below estimates.</li>
<li>Harmony Gold Mining Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMY#NYSE">HMY</a>) shares slipped 4.5% to $8.32 in pre-market trading after falling 6% on Monday.</li>
<li>Mobile-health Network Solutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDR#NASDAQ">MNDR</a>) shares fell 4.1% to $22.87 in pre-market trading after dipping over 12% on Monday. The company issued H1 2024 financial guidance.</li>
<li>Sibanye Stillwater Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SBSW#NYSE">SBSW</a>) shares fell 4% to $4.78 in pre-market trading.</li>
<li>Lufax Holding Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LU#NYSE">LU</a>) shares declined 3.9% to $4.22 in pre-market trading after the company reported first-quarter results and said David Siu Kam Choy tendered his resignation as CFO due to personal reasons.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/04/38370585/investor-optimism-improves-but-fear-greed-index-remains-in-fear-zone">Investor Optimism Improves, But Fear &amp; Greed Index Remains In &#8216;Fear&#8217; Zone</a>
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>

ABEO

CDNS

MNDR

SBSW

Calix Reports Mixed Results, Joins Cadence Design Systems And Other Big Stocks Moving Lower In Tuesday's Pre-Market Session

JMP Securities analyst Patrick Walravens maintains SAP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>) with a Market Outperform and raises the price target from $204 to $220.

JMP Securities Maintains Market Outperform on SAP, Raises Price Target to $220

HSBC analyst Raj Sinha initiates coverage on Auna (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AUNA#NYSE">AUNA</a>) with a Buy rating and announces Price Target of $12.6.

Initiation

AUNA

HSBC Initiates Coverage On Auna with Buy Rating, Announces Price Target of $12.6

Piper Sandler analyst Clarke Jeffries maintains Cadence Design Sys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) with a Neutral and lowers the price target from $334 to $318.

Piper Sandler Maintains Neutral on Cadence Design Sys, Lowers Price Target to $318

Tesla, Inc. CEO&nbsp;Elon Musk&nbsp;took a&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/02/37117493/a-first-in-autonomous-vehicle-history-googles-waymo-retracts-self-driving-software-after-phoenix-cra" rel="noreferrer noopener">swipe at&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/02/37117493/a-first-in-autonomous-vehicle-history-googles-waymo-retracts-self-driving-software-after-phoenix-cra" rel="noreferrer noopener">Waymo</a>&#8216;s self-driving cars, suggesting his company&#8217;s stainless steel Cybertruck might be better suited for robotaxis in San Francisco due to recent vandalism incidents.
What Happened:&nbsp;Musk responded to a parody video by YouTuber&nbsp;Ross Smith&nbsp;featuring two women attacking a Cybertruck. While one woman attempts to dent the doors, the other fails to break the windshield with a tennis racquet.
&#8220;Cybertruck might be needed for a&nbsp;robotaxi&nbsp;in San Francisco,&#8221; Musk posted with a laughing emoji.
Tesla claims the Cybertruck is highly durable with its stainless steel exterior and armored glass windows.&nbsp;
The company says the steel doors&nbsp;<a target="_blank" href="https://www.benzinga.com/news/23/12/36040908/watch-teslas-cybertruck-astounds-in-al-capone-style-bulletproof-demo-survives-tommy-gun-barrage" rel="noreferrer noopener">can withstand bullets</a>&nbsp;without penetration, and the glass can resist a baseball at 70 mph.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Cybertruck might be needed for a robotaxi in San Francisco &#x1f602;
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1782630419944411222?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote>
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Why It Matters:&nbsp;San Francisco has seen hostility towards self-driving vehicles, with several incidents of vandalism.&nbsp;
Earlier this year, a crowd vandalized and even&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/02/37061874/eyewitness-describes-wild-experience-as-crowd-vandalizes-and-sets-googles-waymo-self-driving-car-on" rel="noreferrer noopener">set fire to a Waymo&nbsp;robotaxi</a>&nbsp;using fireworks in Chinatown. This incident was the most severe attack on autonomous vehicles in the U.S. so far.
Earlier this week, Musk expressed sympathies for a Waymo vehicle&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38351567/feel-sorry-for-the-bots-tesla-ceo-elon-musk-reacts-to-waymo-robotaxi-vandalism-in-san-francisco" rel="noreferrer noopener">damaged by a vandal</a>&nbsp;in San Francisco. &#8220;Does make you feel sorry for the bots,&#8221; he wrote.
In February, Waymo issued a voluntary recall for its autonomous vehicle software after two incidents in Phoenix on Dec. 11, 2023, where two Waymo robotaxis crashed into the same towed pickup truck within minutes of each other.
Tesla is also developing self-driving robotaxis, with their model expected to be unveiled on Aug. 8.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:&nbsp;<a href="https://www.benzinga.com/news/24/04/38353241/rivian-may-bring-back-a-beloved-feature-modified-tank-turn-for-off-roading">Rivian May Bring Back A Beloved Feature: Modified Tank Turn For Off-Roading</a>
Photo via Shutterstock

Tech

Tesla CEO Elon Musk Takes Swipe At Waymo, Says Cybertruck Might Be Needed For Robotaxis In San Francisco Amid Vandalism Frenzy

Berenberg analyst Tammy Qiu upgrades STMicroelectronics (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>) from Hold to Buy.

Upgrades

Berenberg Upgrades STMicroelectronics to Buy

Piper Sandler analyst Arvind Ramnani reiterates PowerSchool Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWSC#NYSE">PWSC</a>) with a Overweight and maintains $29 price target.

PWSC

Piper Sandler Reiterates Overweight on PowerSchool Holdings, Maintains $29 Price Target

Needham analyst Mike Cikos reiterates Tenable Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TENB#NASDAQ">TENB</a>) with a Buy and maintains $62 price target.

TENB

Needham Reiterates Buy on Tenable Holdings, Maintains $62 Price Target

Japanese tech giant SoftBank Group Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) has announced its plans to invest a significant sum in the development of an advanced artificial intelligence (AI) model, leveraging NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) chips.
What Happened: SoftBank is set to invest a whopping $960 million over the next two years to create a cutting-edge Japanese-language-specific generative AI model and enhance its computing facilities, as <a href="https://asia.nikkei.com/Business/Technology/SoftBank-to-spend-960m-to-boost-computing-power-for-generative-AI2">reported</a> by Nikkei on Monday.
These large language models (LLM) necessitate advanced graphics processing units, which SoftBank intends to acquire from Nvidia, the report stated, citing anonymous sources.
The investment, totaling 150 billion yen ($960 million), will be allocated between 2024 and 2025. This sum is in addition to the 20 billion yen that SoftBank spent on computing infrastructure last year.
Once the investment is completed, SoftBank is expected to possess the most powerful computing capabilities in Japan, potentially making it the largest investment of its kind by any Japanese company.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38336261/tesla-musk-face-moment-of-truth-with-q1-earnings-call-believers-are-giving-up-on-th?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla, Musk Face &#8216;Moment Of Truth&#8217; With Q1 Earnings Call: &#8216;Believers Are Giving Up On The Story And Throw</a>
Japan is currently lacking private companies with the high-performance supercomputers required to build LLM, despite a growing interest in the technology. SoftBank&#8217;s reported investments could potentially fill this gap, providing Japan with a strong domestic player in the generative AI space.
Why It Matters: This move by SoftBank is in line with its recent focus on AI and chip development. Earlier in February, SoftBank&#8217;s founder, Masayoshi Son, announced plans to raise $100 billion for a new chip venture targeting <a href="https://www.benzinga.com/news/24/02/37191809/race-for-ai-chipmaking-after-sam-altman-softbanks-masayoshi-son-seeks-100b-to-bankroll-chip-venture">the AI market</a>, potentially posing a challenge to Nvidia.
SoftBank&#8217;s stock price has been on the rise, up by about 20% year-to-date, as the company shifts its focus to AI. The company is also the majority owner of the chip company Arm, which has seen a boost in sales expectations amid the AI boom.
Japan&#8217;s AI market is expected to grow to around $13 billion by 2030, about 17 times larger than in 2023, according to <a href="https://www.statista.com/outlook/tmo/artificial-intelligence/generative-ai/japan#market-size">data</a> from Statista Market Insights.
Read Next: <a href="https://www.benzinga.com/news/24/04/38356025/democrats-lost-a-whole-lot-of-love-for-tesla-cars-last-fall-after-elon-musks-erratic-posts-on-x-surv?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Democrats Lost A Whole Lot Of Love For Tesla Cars Last Fall After Elon Musk&#8217;s Erratic Posts On X, Survey Reveals</a>
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Asia

Global

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Nvidia Chips To Power Softbank's Near $1B AI Investment: Report

California, boasting&nbsp;one of the world&#8217;s&nbsp;largest&nbsp;power grids, recently achieved a significant feat in battery storage, drawing the attention of none other than&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38370123/elon-musk-admits-tesla-ads-were-far-too-generic-after-laying-off-us-marketing-team-couldve-been-any" rel="noreferrer noopener">Tesla</a><a target="_blank" href="https://www.benzinga.com/news/24/04/38370123/elon-musk-admits-tesla-ads-were-far-too-generic-after-laying-off-us-marketing-team-couldve-been-any" rel="noreferrer noopener">&nbsp;CEO&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/24/04/38370123/elon-musk-admits-tesla-ads-were-far-too-generic-after-laying-off-us-marketing-team-couldve-been-any" rel="noreferrer noopener">Elon Musk</a>.
What Happened:&nbsp;A Renew Economy&nbsp;<a target="_blank" href="https://reneweconomy.com.au/battery-storage-becomes-biggest-source-of-supply-in-evening-peak-in-one-of-worlds-biggest-grids/" rel="noreferrer noopener">report</a>&nbsp;published on Thursday highlighted that battery storage became the largest single source of power for the California grid for the first time last Tuesday. The report also referenced a tweet from data analyst&nbsp;Joe Deely, who noted evening peak output of battery storage exceeded 6 gigawatts for the first time.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Two things happened on the <a href="https://twitter.com/California_ISO?ref_src=twsrc%5Etfw">@California_ISO</a> grid last night. 1) Battery storage discharge went over 6GW for the first time AND 2) Batteries were the largest source of supply. <a href="https://t.co/Q7qOu4Fwl5">pic.twitter.com/Q7qOu4Fwl5</a>
&mdash; Joe Deely (@jdeely) <a href="https://twitter.com/jdeely/status/1780604819176386894?ref_src=twsrc%5Etfw">April 17, 2024</a></blockquote>
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This&nbsp;allowed battery storage to surpass gas, hydro, nuclear, and renewables as the primary&nbsp;source of power&nbsp;for a roughly two-hour period during the evening peak, according to the report.
Tesla&#8217;s official Megapack Twitter account shared the Renew Economy story, prompting Musk&#8217;s response: &#8220;Major milestone.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Major milestone <a href="https://t.co/qc3apufWUD">https://t.co/qc3apufWUD</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1782573789923914166?ref_src=twsrc%5Etfw">April 23, 2024</a></blockquote>
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See Also:<a target="_blank" href="https://www.benzinga.com/money/best-renewable-energy-stocks" rel="noreferrer noopener">&nbsp;Best Renewable Energy Stocks</a>
Deely followed up on Monday with a tweet indicating this scenario had repeated between 6:45 PM and 8:25 PM. &#8220;It looks like battery storage becoming the top supply source for early evening hours will be a common occurrence during shoulder months on the @California_ISO grid,&#8221; he stated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">It looks like having battery storage as the top supply source for a few early evening hours will become common for shoulder months on <a href="https://twitter.com/California_ISO?ref_src=twsrc%5Etfw">@California_ISO</a> grid going forward. Happened again last night from 6:45pm &#8211; 8:25pm.<a href="https://t.co/y6LkWAYXXr">https://t.co/y6LkWAYXXr</a> <a href="https://t.co/cm1I0Tul14">pic.twitter.com/cm1I0Tul14</a>
&mdash; Joe Deely (@jdeely) <a href="https://twitter.com/jdeely/status/1782464105301078488?ref_src=twsrc%5Etfw">April 22, 2024</a></blockquote>
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Why It Matters:&nbsp;California&#8217;s achievement shouldn&#8217;t be surprising, given its pioneering role in advancing green energy and transitioning to a more sustainable future. For Tesla, this news is particularly positive, especially&nbsp;during a time&nbsp;when its core electric vehicle business faces headwinds due to slowing EV adoption and economic uncertainty.
Analysts have&nbsp;begun to shift&nbsp;their focus beyond Tesla&#8217;s struggling EV segment, looking towards its ancillary businesses. In an early March report, RBC analyst&nbsp;Tom Narayan&nbsp;emphasized&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37413580/tesla-analyst-believes-megapack-is-a-120b-sleeping-giant-that-could-surpass-ev-busi" rel="noreferrer noopener">the potential of Tesla&#8217;s Megapack</a>&nbsp;utility-grade battery storage business. He stated, &#8220;Tesla&#8217;s Megapack business could be worth substantially more than its standalone car business,&#8221; estimating it could add $120 billion to Tesla&#8217;s valuation alone.
Piper Sandler&nbsp;analyst&nbsp;Alexander Potter&nbsp;shares a similar view. He believes Tesla&#8217;s energy business could generate ten times the revenue expected from Cybertrucks, adding that over half of Tesla&#8217;s net profit growth between 2023 and 2025 could come from stationary battery sales.
In premarket trading, Tesla&#8217;s stock rose 0.52% to $142.77, as per<a target="_blank" href="https://benzinga.grsm.io/lxquj26b2sag" rel="noreferrer noopener">&nbsp;Benzinga Pro data.</a>
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="http://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:<a href="https://www.benzinga.com/markets/equities/24/04/38332930/management-expert-warns-elon-musk-faces-ceo-overload-after-tesla-layoffs-reportedly-leave-him-ov"> Management Expert Warns Elon Musk Faces &#8216;CEO Overload&#8217; After Tesla Layoffs Reportedly Leave Him Overseeing 35 Key Personnel</a>
Photo via Shutterstock

Analyst Color

Golden State Goes Green: California's Battery Storage Outshines Gas, Renewables For First Time As Tesla CEO Musk Lauds 'Major Milestone'

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Piper Sandler analyst Brent Bracelin upgrades BlackLine (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BL#NASDAQ">BL</a>) from Underweight to Neutral and raises the price target from $55 to $62.

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Firefly Image 3 will bring massive advancements to quality and control to users. This includes higher-quality image generations, better understanding of prompts, new levels of detail and variety and significant improvements that enable fast creative expression and ideation.&nbsp;

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The European Union&#8217;s top diplomat in Asia, Niclas Kvarnstrom, has issued a stern warning to China, citing the country&#8217;s support for Russia and its significant trade surplus with the EU as major obstacles to improved relations.
What Happened: Kvarnstrom, the managing director for Asia at the European External Action Service, highlighted China&#8217;s ongoing support for Russia following its invasion of Ukraine as a significant issue in the strained relations between Brussels and Beijing, <a href="https://www.bloomberg.com/news/articles/2024-04-23/china-s-putin-ties-risk-relations-with-eu-top-diplomat-says">reported</a> Bloomberg.
&#8220;It's not something that we can ignore in any of our relationships,&#8221; Kvarnstrom stated. &#8220;As a geopolitical actor, we have to stand up for ourselves, and that's what we are doing on the economic imbalances and on our own security.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/04/38347217/biden-vs-trump-matchup-in-north-carolina-shows-slight-setback-for-one-candidate-can-his-relentless-e?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump Matchup In North Carolina Shows Slight Setback For One Candidate</a>
He also criticized China&#8217;s massive trade surplus with the EU, stating that if China is serious about fostering a balanced relationship, it must take action to address the issue.
These statements come amid rising concerns in the West over Russia&#8217;s military advances in Ukraine and China&#8217;s alleged role in aiding Russia to circumvent international sanctions.
Why It Matters: The EU&#8217;s stance on China&#8217;s support for Russia aligns with the United States&#8217; position. U.S. Secretary of State Antony Blinken is set to <a href="https://www.benzinga.com/news/24/04/38351809/antony-blinken-to-warn-china-over-support-for-russias-military-during-upcoming-visit">address this issue</a> during his upcoming visit to China. 
Earlier in April, U.S. Treasury Secretary Janet Yellen also <a href="https://www.benzinga.com/news/24/04/38138081/janet-yellen-threatens-beijing-with-us-sanctions-standing-in-mainland-china-if-they-assist-russia-in">warned Chinese banks and exporters</a> about the potential consequences of supporting Russia&#8217;s military capacity.
Meanwhile, Russia has <a href="https://www.benzinga.com/news/24/04/38352439/russian-minister-warns-westerners-are-teetering-dangerously-towards-potential-nuclear-war-as-nato-us">issued a stark warning</a> about the potential for a direct confrontation between the world's leading nuclear powers, as tensions continue to escalate.
Read Next: <a href="https://www.benzinga.com/news/24/04/38357333/elon-musk-reacts-to-tucker-carlson-saying-theres-ton-of-evidence-that-aliens-live-among-us-with-6000?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts To Tucker Carlson Saying There&#8217;s &#8216;Ton Of Evidence&#8217; That Aliens Live Among Us: &#8216;With 6000 Satellites Orbiting Earth, I Think I Would Know&#8217;</a>
Photo by Alexandre Lallemand on Unsplash
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