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Former Treasury Secretary Larry Summers has dismissed the idea of a national Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve as &#8220;crazy&#8221; amidst ongoing deliberations in Congress <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done">and the crypto industry</a>.
What Happened: In an interview with Bloomberg on Friday, Summers voiced his doubts about the feasibility of a national bitcoin reserve. He opined that although he feels cryptocurrencies have been excessively regulated, the concept of a national bitcoin reserve doesn&#8217;t hold water.
&#8220;There are probably respects in which crypto has been over-regulated by overzealous regulators. But some of what is being said, this idea that we should have some kind of national bitcoin reserve, is crazy,&#8221; Summers <a href="https://www.youtube.com/watch?v=YqcmON_WmjE">told</a> the outlet.
While President-elect Donald Trump has not officially announced such a plan, his pledge to refrain from selling U.S.-owned Bitcoin has fueled speculation about a larger initiative.
Crypto enthusiasts are optimistic that the government might increase its bitcoin purchases, which could potentially contribute to paying off U.S. debt, assuming bitcoin&#8217;s price continues to ascend.
Also Read: <a href="https://www.benzinga.com/news/23/02/30722528/larry-summers-says-soft-landing-looks-more-possible-unemployment-vs-inflation">Larry Summers Says Soft Landing &#8216;Looks More Possible&#8217;: Unemployment Vs. Inflation</a>
A bill proposing the creation of a bitcoin reserve is currently under consideration after being introduced by Sen. Cynthia Lummis (R-Wyo.). The proposed legislation suggests that bitcoin purchases could be financed by selling Fed-held gold certificates.
However, Summers countered that&nbsp;there are no strategic reasons&nbsp;for the government to amass Bitcoin, unlike oil or gold. He questioned the logic behind supporting bitcoin prices by accumulating a &#8220;sterile inventory.&#8221;
&#8220;Of all the prices to support, why would the government choose to support by accumulating a sterile inventory a bunch of Bitcoin. There&#8217;s no reason to do that, other than to pander to generous special interest campaign contributors,&#8221; he added. 
Why It Matters: The ongoing discussions reflect a shift in attitudes towards cryptocurrencies among lawmakers. 
Trump has been labeled&nbsp;the first &#8220;crypto president&#8221; and&nbsp;has received substantial contributions from the industry. Despite his skepticism, Summers conceded that there are valid reasons for the incoming administration to adopt a pro-crypto stance.
Read Next
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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.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Larry Summers: National Bitcoin Reserve 'Crazy'

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President-Elect Trump Said He Aims To Deport All Immigrants In The U.S. Illegally Over His Four-year Term; Pledges To End U.S. Birthright Citizenship On His First Day In Office; Signals Future Deal To Protect 'Dreamer' Immigrants - NBC's Meet The Press

President Elect Trump Said He Absolutely Would Consider Exiting NATO -NBC's Meet The Press

President-Elect Trump Said He Can't Guarantee Americans Won't Pay More As A Result Of Tariffs -NBC's Meet The Press

CORT

President-Elect Trump Said He Will Not Restrict The Availability Of Abortion Pills -NBC's Meet The Press

Billionaire entrepreneur <a href="https://www.benzinga.com/startups/24/11/42235738/in-just-16-months-elon-musk-achieved-with-xai-what-took-openai-nearly-nine-years-to-accomplish">Elon Musk</a> sparked debate recently after posting a poll on X about the Internal Revenue Service's (IRS) funding. Musk asked users if the IRS's budget should be "increased, same, decreased, or deleted." Of the 212,000 respondents, 60.6% voted to "delete" the agency's funding entirely.
Musk, appointed colead of the informal <a href="https://www.benzinga.com/general/health-care/24/11/41849583/bill-ackman-says-hed-consider-joining-elon-musks-department-of-government-efficiency-under-trump">Department of Government Efficiency</a> under President-elect Donald Trump, shared the poll following recent remarks by Deputy Treasury Secretary Wally Adeyemo. Adeyemo had urged Congress to unlock $20 billion in withheld IRS funding, warning that without these resources, the agency may face significant operational challenges.
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"The IRS just said it wants $20B more money," Musk wrote. He then asked users to weigh in on its budget. The results showed strong opposition to increased funding:
<ul>
<li>Deleted: 60.6%</li>
<li>Decreased: 29.9%</li>
<li>Same: 3.9%</li>
<li>Increased: 5.6%</li>
</ul>
The poll results reflect frustrations expressed by many users, with calls for alternatives like a flat-tax system gaining traction.
The IRS faces uncertainty over its budget as Congress approaches a Dec. 20 deadline to finalize full-year appropriations. Temporary budget measures passed in September held the agency's funding at current levels but required the IRS to postpone $20 billion from the <a href="https://www.benzinga.com/24/12/42270592/pharma-pushes-to-revise-medicare-drug-price-negotiation-law-under-trump-administration">Inflation Reduction Act</a>'s allocated funds.
See Also: Inspired by Uber and Airbnb &#8211; Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets &#8211; <a href="https://www.benzinga.com/money/mode-mobile-2">with $1,000 you can invest at just $0.26/share!</a>
Deputy Secretary Adeyemo warned that without additional resources, the IRS might need to halt hiring and cut back enforcement efforts. He noted that failure to secure the funds could lead to a $140 billion increase in the national deficit due to reduced audits on wealthier taxpayers and large corporations.
"The IRS is going to potentially have to make dramatic decisions about stopping hiring and starting to budget for a world which they don't have $20 billion which will stop a lot of their progress," Adeyemo said during a press call.
Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, also voiced concerns, stating, "Given the fiscal situation, we deeply hope there is no backsliding in the coming months and years with rescinding, diverting, repealing any of the revenue that is going effectively into the IRS to help with tax collection."
Trending: The number of ‘401(k)' Millionaires is up 43% from last year —<a href="https://www.benzinga.com/money/401k-millionaires"> Here are three ways to join the club.</a>
The discussion over <a href="https://www.benzinga.com/personal-finance/24/09/40856616/irs-reclaims-1-3-billion-in-back-taxes-from-wealthy-americans-is-this-just-the-beginning">IRS funding</a> has been polarizing. Supporters argue that the additional $80 billion allocated through the Inflation Reduction Act is essential to modernizing operations and improving tax compliance, particularly among high-income earners. Critics, including Musk and others in the Trump administration, see the agency's budget as an opportunity for cost-cutting.
Musk and his colead Vivek Ramaswamy have pledged to slash government spending, aiming to reduce the federal budget by $2 trillion. Congressional Republicans have also proposed cuts to IRS enforcement, which critics say could hinder efforts to close the tax gap.
As the Dec. 20 deadline approaches, the debate over IRS funding will likely intensify. Whether Congress will restore the $20 billion or continue with reduced funding remains uncertain, but the agency's ability to operate efficiently hangs in the balance.
For taxpayers, the outcome could influence enforcement activities, the national deficit, and broader fiscal policy in the years to come.
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<li>Many are using this retirement income calculator to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a></li>
<li>Studies show 50% of consumers think Financial Advisors cost much more than they do —<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a></li>
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Personal Finance

Elon Musk Asks If IRS Funding Should Be 'Deleted' – More Than 60% of Respondents Said 'Yes'

President Elect Trump Said He Will Act On Pardoning Jan. 6 Defendants On His First Day In Office - NBC's Meet The Press

<a href="https://www.nbcnews.com/meet-the-press/video/december-8-president-elect-donald-trump-226494533816" title="https://www.nbcnews.com/meet-the-press/video/december-8-president-elect-donald-trump-226494533816">https://www.nbcnews.com/meet-the-press/video/december-8-president-elect-donald-trump-226494533816</a>
<a href="https://www.nbcnews.com/meet-the-press/video/december-8-president-elect-donald-trump-226494533816" title="https://www.nbcnews.com/meet-the-press/video/december-8-president-elect-donald-trump-226494533816">https://www.nbcnews.com/meet-the-press/video/december-8-president-elect-donald-trump-226494533816</a>

Economics

Federal Reserve

President-Elect Trump Sunday On NBC's Meet The Press, Said Says He Does Not Have Plans Now To Ask Jerome Powell To Step Down As Fed Chairman

These ten Mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Nebius Group N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NBIS#NASDAQ">NBIS</a>) shares rocketed 67.21% after Citron Research highlighted the company's potential to become the next artificial <a href="https://www.benzinga.com//node/42307579" target="_blank" rel="noreferrer noopener">intelligence sensation on Wall Street</a>.</li>
<li>SoundHound AI, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOUN#NASDAQ">SOUN</a>) stock jumped 61.22% after the company announced the deployment of its voice AI Smart Ordering system <a href="https://www.benzinga.com//node/42348247" target="_blank" rel="noreferrer noopener">at all 130 Torchy's Tacos locations</a>.</li>
<li>Bitdeer Technologies Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BTDR#NASDAQ">BTDR</a>) stock escalated 47.23%. The company announced a Bitcoin (CRYPTO: BTC) <a href="https://www.benzinga.com//node/42342253" target="_blank" rel="noreferrer noopener">production and operations update</a>. Analysts raised <a href="https://www.benzinga.com/quote/btdr/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
<li>Asana, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>) rose 44.94% after the company reported better-than-expected financial results and several <a href="https://www.benzinga.com//node/42369344" target="_blank" rel="noreferrer noopener">analysts boosted the price forecast</a> on the stock.</li>
<li>Janux Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JANX#NASDAQ">JANX</a>) stock upped 43.75% after the company announced updated interim clinical data for its <a href="https://www.benzinga.com//node/42294918" target="_blank" rel="noreferrer noopener">JANX007 program in prostate cancer</a>. Analysts raised the price <a href="https://www.benzinga.com/quote/janx/analyst-ratings" target="_blank" rel="noreferrer noopener">forecast on the stock</a>.</li>
<li>NovoCure Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVCR#NASDAQ">NVCR</a>) stock rose 39.52% after the company announced its Phase 3 PANOVA-Trial met its primary endpoint and demonstrated a statistically significant improvement <a href="https://www.benzinga.com//node/42268730" target="_blank" rel="noreferrer noopener">in its median overall survival rate</a>.</li>
<li>Kingsoft Cloud Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KC#NASDAQ">KC</a>) stock was up 38.27%.</li>
<li>Victorias Secret &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSCO#NYSE">VSCO</a>) stock jumped 23.64% after the company <a href="https://www.benzinga.com//node/42365539" target="_blank" rel="noreferrer noopener">reported better-than-expected third-quarter results</a>. Analysts raised <a href="https://www.benzinga.com/quote/vsco/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
<li>Zeta Global Holdings Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZETA#NYSE">ZETA</a>) stock grew 22.91% last week after the company announced a 108% year-over-year usage increase for its marketing platform <a href="https://www.benzinga.com//node/42325352" target="_blank" rel="noreferrer noopener">from Thanksgiving to Cyber Monday</a>.</li>
<li>Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) gained 21.61% after the company reported better-than-expected third-quarter results and <a href="https://www.benzinga.com//node/42349581" target="_blank" rel="noreferrer noopener">several analysts boosted the price forecast</a> on the stock.</li>
</ol>
Photo: Courtesy Victoria&#8217;s Secret

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JANX

NBIS

NVCR

SOUN

VSCO

ZETA

SoundHound, Asana And Victorias Secret Are Among Top 10 Mid Cap Gainers Last Week (Dec 2-Dec 6): Are The Others In Your Portfolio?

The past week has been a whirlwind in the electric vehicle sector, with significant developments involving major players like&nbsp;Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>),&nbsp;Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), and&nbsp;Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>). From legal battles to production milestones, here&#8217;s a look at the stories that shaped the weekend.
&#8216;Big Short&#8217; Trader Danny Moses Exits Tesla Short
Moses Ventures&nbsp;founder and famed trader Danny Moses has decided to cease shorting&nbsp;Tesla. Moses, known for his role in &#8220;The Big Short,&#8221; had been betting against Tesla since its acquisition of SolarCity in 2016, which he criticized as a poor decision. However, he noted that Tesla began trading based on fundamentals earlier this year, making it challenging to maintain a short position.
<a href="https://www.benzinga.com/24/12/42311290/trader-danny-moses-says-he-is-no-longer-shorting-tesla">Read the full article here.</a>
Cathie Wood Criticizes Delaware Judge Over Musk&#8217;s Pay Plan
Ark Invest&nbsp;CEO&nbsp;Cathie Wood&nbsp;has strongly opposed a Delaware judge&#8217;s decision to nullify&nbsp;Elon Musk&#8216;s $56 billion compensation package for the second time. Wood labeled Judge Kathaleen McCormick as an &#8220;activist judge,&#8221; arguing that the ruling undermines shareholder voting rights, which had twice approved the package with significant support.
<a href="https://www.benzinga.com/markets/equities/24/12/42281410/cathie-wood-slams-delaware-judge-as-activist-over-elon-musks-56b-pay-plan-block-tesla-warns-of-shareholder-rights-crisis-amid-appeal">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42348885/whats-going-on-with-nio-stock-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With NIO Stock Today?</a>
Rivian Customers Show Strong Brand Loyalty
A survey by Consumer Reports reveals that&nbsp;Rivian Automotive&nbsp;customers are highly satisfied, with 86% indicating they would purchase from the brand again. This marks the second consecutive year Rivian has topped the car brand satisfaction list, thanks to its popular R1T electric truck and R1S electric SUV.
<a href="https://www.benzinga.com/tech/24/12/42361181/more-than-tesla-rivian-customers-are-most-likely-to-return-to-the-brand-survey-shows">Read the full article here.</a>
Tesla&#8217;s Cybertruck Faces Challenges Despite Strong Sales
A year after&nbsp;Tesla began delivering the Cybertruck, the vehicle has become the third-best-selling EV in the U.S., trailing only the Model Y and Model 3. Despite selling 28,250 units by September, the Cybertruck still has a long way to go to meet&nbsp;Elon Musk&#8216;s ambitious goals.
<a href="https://www.benzinga.com/24/12/42262279/a-year-after-teslas-first-cybertruck-deliveries-the-truck-has-a-long-way-to-go-to-meet-musks-goals">Read the full article here.</a>
Lucid Begins Production Of Gravity SUV
Lucid Group Inc.&nbsp;has started production of its second vehicle, the Gravity SUV, at its Arizona facility. The company announced this milestone with a social media post featuring CEO&nbsp;Peter Rawlinson&nbsp;driving the new SUV. This move positions Lucid to compete directly with Tesla&#8217;s Model X.
<a href="https://www.benzinga.com/tech/24/12/42357174/lucid-kicks-off-gravity-suv-production-to-take-on-teslas-model-x">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/tech/24/12/42333921/elon-musk-lauds-ro-khanna-calls-him-a-sensible-moderate-after-california-democrat-calls-out-gavin-newsoms-exclusion-of-tesla-from-ev-credit-policy?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Lauds Ro Khanna, Calls Him A &#8216;Sensible Moderate&#8217; After California Democrat Calls Out Gavin Newsom&#8217;s Exclusion Of Tesla From EV Credit Policy</a></li>
</ul>
Photo courtesy: Pixabay
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/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Tech

LCID

RIVN

TSLA

Tesla's Challenges, Rivian's Triumph, And Lucid's Ambitions: This Week In EVs

The Federal Bureau of Investigation is advising Americans to adopt encrypted messaging apps to <a target="_blank" href="https://www.benzinga.com/24/12/42333675/fbi-warns-of-ongoing-china-backed-telecom-hacks-heres-how-encrypted-messaging-could-be-your-last-line-of-defense" rel="noreferrer noopener">safeguard their communications</a>.
Gamers are spending more time watching gaming content than actually playing games. The study, conducted by Midia Research (via&nbsp;GamesIndustry.biz), reveals that gamers average 8.5 hours weekly watching game-related videos on platforms like YouTube and Twitch, <a target="_blank" href="https://benzinga.com/general/gaming/24/12/42305217/gamers-now-watch-more-than-they-play-how-publishers-can-reclaim-lost-revenue-report" rel="noreferrer noopener">compared to 7.4 hours actively gaming</a>.
Gaming
Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) announces Xbox Game Pass additions for December 2024, featuring Indiana Jones and the <a target="_blank" href="https://www.benzinga.com/general/gaming/24/12/42321564/indiana-jones-headlines-xbox-game-pass-december-2024-additions" rel="noreferrer noopener">Great Circle launching on Dec. 9</a>.
Microsoft‘s&nbsp;Activision is offering a limited-time opportunity for those who haven't yet jumped into Call of Duty: Black Ops 6 by announcing a seven-day free trial, <a target="_blank" href="https://www.benzinga.com/24/12/42353162/black-ops-6-free-trial-everything-you-can-play-from-dec-1320" rel="noreferrer noopener">starting next&nbsp;Friday, Dec. 13</a>.
In a recent&nbsp;interview&nbsp;with Japanese outlet Game Watch,&nbsp;Hidetaka Miyazaki,&nbsp;the studio's acclaimed creator, confirmed that Elden Ring 2 is <a target="_blank" href="https://www.benzinga.com/24/12/42297564/we-are-not-considering-elden-ring-2-says-fromsoftwares-miyazaki" rel="noreferrer noopener">not part of the company's plans</a>.
Sony Group Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) introduced controller-free hand tracking for PS VR2 at Siggraph Asia 2024, demoing <a target="_blank" href="https://www.benzinga.com/24/12/42325278/ps-vr2-gets-controller-free-hand-tracking-feature" rel="noreferrer noopener">it with a cleaning mini-game</a>.
Retail/Media
Walt Disney Co.&#8217;s&nbsp;Disney+&nbsp;announced its expansion in sports content via <a target="_blank" href="https://www.benzinga.com/general/entertainment/24/12/42330923/espn-lands-on-disney-in-major-content-fusion-heres-what-it-actually-means" rel="noreferrer noopener">the integration of&nbsp;</a><a target="_blank" href="https://www.benzinga.com/general/entertainment/24/12/42330923/espn-lands-on-disney-in-major-content-fusion-heres-what-it-actually-means" rel="noreferrer noopener">ESPN</a><a target="_blank" href="https://www.benzinga.com/general/entertainment/24/12/42330923/espn-lands-on-disney-in-major-content-fusion-heres-what-it-actually-means" rel="noreferrer noopener">&nbsp;into its platform</a>.
Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) unveiled advanced AI chip&nbsp;clusters designed to enhance the <a target="_blank" href="https://www.benzinga.com/24/12/42309656/amazon-unleashes-powerful-ai-chip-clusters-to-supercharge-anthropics-models-while-challenging-nvidia-and-openais-dominance" rel="noreferrer noopener">performance of its partner,&nbsp;</a><a target="_blank" href="https://www.benzinga.com/24/12/42309656/amazon-unleashes-powerful-ai-chip-clusters-to-supercharge-anthropics-models-while-challenging-nvidia-and-openais-dominance" rel="noreferrer noopener">Anthropic</a>.
Amazon.com&nbsp;co-founder&nbsp;Jeff Bezos&nbsp;shared his positive outlook on&nbsp;Donald Trump's&nbsp;upcoming second term, <a target="_blank" href="https://www.benzinga.com/media/24/12/42331420/jeff-bezos-optimistic-about-trumps-second-term-wants-to-help-streamline-rules-we-do-have-too-many-regulations-in-this-country" rel="noreferrer noopener">underscoring potential regulatory reductions</a>.&nbsp;
Smartphone
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is facing a legal challenge from one of its own, as an ad tech manager has accused the company of violating employee <a target="_blank" href="https://www.benzinga.com/news/legal/24/12/42283614/apple-faces-lawsuit-over-alleged-snooping-on-employees-iphones-and-other-devices" rel="noreferrer noopener">privacy rights through its policies</a>.
Apple reported it plans to launch a foldable iPhone in 2026. It could breathe new life into the foldable smartphone market, which has been <a href="https://www.benzinga.com/markets/24/12/42286671/apples-foldable-iphone-could-spark-smartphone-market-revival-in-2026-says-expert" target="_blank" rel="noreferrer noopener">experiencing waning consumer interest</a>.
Apple&nbsp;is reportedly facing a delay in its ambitious smart home vision, with a key product now<a target="_blank" href="https://www.benzinga.com/24/12/42308843/apples-bold-smart-home-vision-could-be-delayed-until-2025-as-top-analyst-predicts-display-equipped-homepod-will-reposition-product-line-just-like-apple-watch" rel="noreferrer noopener"> expected to launch in 2025</a>.
Technology
Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO&nbsp;Mark Zuckerberg&nbsp;is seeking to play an "active role" in shaping technology policies under the administration<a target="_blank" href="https://www.benzinga.com/24/12/42306998/zuckerberg-seeks-active-role-in-trumps-tech-policies-says-metas-president-of-global-affairs-while-admitting-they-overdid-it-a-bit-during-pandemic-content-crackdown" rel="noreferrer noopener"> of President-elect&nbsp;</a><a target="_blank" href="https://www.benzinga.com/24/12/42306998/zuckerberg-seeks-active-role-in-trumps-tech-policies-says-metas-president-of-global-affairs-while-admitting-they-overdid-it-a-bit-during-pandemic-content-crackdown" rel="noreferrer noopener">Donald Trump</a>.
China's&nbsp;BYD Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDF#OTC">BYDDF</a>) has quietly become a major force in&nbsp;Apple manufacturing ecosystem, now assembling more than 30% of iPads while planning an ambitious artificial <a target="_blank" href="https://www.benzinga.com/news/global/24/12/42260943/tesla-rival-byd-assembles-over-30-of-ipads-for-apple-and-plans-ai-robots-for-nvidia-how-warren-buffett-backed-firm-is-supporting-tim-cook-led-tech-empire" rel="noreferrer noopener">intelligence venture with&nbsp;</a><a target="_blank" href="https://www.benzinga.com/news/global/24/12/42260943/tesla-rival-byd-assembles-over-30-of-ipads-for-apple-and-plans-ai-robots-for-nvidia-how-warren-buffett-backed-firm-is-supporting-tim-cook-led-tech-empire" rel="noreferrer noopener">Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).</a>
Read: <a target="_blank" href="https://www.benzinga.com/24/12/42260222/how-nvidia-ceos-clever-but-nerdy-pick-up-line-turned-a-homework-proposal-into-marriage-while-building-338-trillion-ai-chip-giant-along-the-way" rel="noreferrer noopener">How Nvidia CEO Jensen Huang&#8217;s Clever Pick-Up Line Turned A Homework Proposal Into Marriage While Building $3.38 Trillion AI Chip Giant Along The Way</a>
Alphabet Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google&nbsp;introduced its&nbsp;Veo&nbsp;video generator to select Cloud customers. &nbsp;The AI model, capable of creating short video clips from images and prompts, is now available in private preview on&nbsp;<a target="_blank" href="https://www.benzinga.com/24/12/42307366/googles-veo-video-generator-arrives-on-cloud-how-quora-and-mondelez-are-using-ai-for-creative-content" rel="noreferrer noopener">Vertex AI</a><a target="_blank" href="https://www.benzinga.com/24/12/42307366/googles-veo-video-generator-arrives-on-cloud-how-quora-and-mondelez-are-using-ai-for-creative-content" rel="noreferrer noopener">, Google's AI development platform</a>.
Elon Musk&#8217;s SpaceX has completed its first&nbsp;Starlink&nbsp;satellite constellation&nbsp;aimed at direct-to-cell phone connectivity, <a target="_blank" href="https://www.benzinga.com/general/space/24/12/42333605/elon-musks-spacex-completes-first-starlink-satellite-constellation-for-cell-phones" rel="noreferrer noopener">making the service fully operational</a>.
Artificial Intelligence (AI)
ChatGPT-parent&nbsp;OpenAI&nbsp;is setting a target to&nbsp;reach 1 billion users&nbsp;by 2025, driven by new AI products, a key partnership with&nbsp;Apple, and <a target="_blank" href="https://www.benzinga.com/media/24/12/42259023/apple-partnership-ai-agents-and-major-infrastructure-investments-openai-executives-outline-strategy-to-attract-1b-users-by-2025" rel="noreferrer noopener">significant infrastructure investments</a>.
OpenAI&nbsp;CEO&nbsp;Sam Altman&nbsp;announced a special event <a target="_blank" href="https://www.benzinga.com/tech/24/12/42332451/sam-altman-teases-12-days-of-openai-christmas-magic-users-predict-unveiling-of-sora-o1-reasoning-model-and-more" rel="noreferrer noopener">titled "12 Days of OpenAI."</a>
Read: <a target="_blank" href="https://www.benzinga.com/24/12/42256614/trumps-ai-czar-plans-alibabas-new-model-cathie-wood-on-tesla-ai-and-musks-combat-transformation-this-week-in-artificial-intelligence" rel="noreferrer noopener">Trump&#8217;s AI Czar Plans, Alibaba&#8217;s New Model, Cathie Wood On Tesla AI, And Musk&#8217;s Combat Transformation: This Week In Artificial Intelligence</a>
OpenAI&nbsp;CEO&nbsp;Sam Altman&nbsp;has downplayed concerns about former friend and now rival&nbsp;Elon Musk&#8217;s&nbsp;political ties with President-elect&nbsp;Donald Trump&nbsp;but acknowledged <a target="_blank" href="https://www.benzinga.com/24/12/42334927/sam-altman-brushes-off-elon-musks-trump-ties-but-admits-xai-is-a-serious-threat-to-openai-i-may-turn-out-to-be-wrong-but" rel="noreferrer noopener">that xAI is a formidable competitor</a>.
Read: <a target="_blank" href="https://www.benzinga.com/24/12/42259228/are-large-language-models-digital-gods-or-mere-imitators-tesla-advocate-pierre-ferragu-shares-his-thoughts" rel="noreferrer noopener">Are ChatGPT Like LLMS &#8216;Digital Gods&#8217; Or Just &#8216;Imitating Monkeys&#8217; — Investor In Elon Musk&#8217;s Grok Shares His Thoughts</a>
Misinformation expert&nbsp;Jeff Hancock&nbsp;confessed to utilizing&nbsp;OpenAI&#8217;s ChatGPT&nbsp;for organizing citations in a legal document, with hallucinations calling into <a target="_blank" href="https://www.benzinga.com/tech/24/12/42336438/misinformation-expert-admits-using-chatgpt-to-file-affidavit-on-misinformation-says-openais-chatbot-added-the-fake-details" rel="noreferrer noopener">question the integrity of the filing itself</a>.

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Sony Group Corporation American Depositary Shares

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Consumer Tech News (Dec 2-Dec 6): FBI Advises To Adopt Encrypted Messaging Apps, Elon Musk Completed First Starlink Satellite Constellation & More

President-elect Donald Trump weighed in on the fall of Syrian dictator Bashar Assad after a rebel group seized control of Damascus, ending five decades of Assad family rule.
What Happened: On Sunday, Trump shared his reaction to Assad&#8217;s exit from Syria after 24 years in power on his social media platform, Truth Social. 
&#8220;Assad is gone. He has&nbsp;fled his country,&#8221; Trump said in the <a href="https://truthsocial.com/@realDonaldTrump/posts/113615912452824634">post</a>.
&#8220;His protector, Russia, Russia, Russia, led by Vladimir Putin, was not interested in protecting him any longer. There was no reason for Russia to be there in the first place,&#8221; Trump wrote. &#8220;They lost all interest in Syria because of Ukraine, where close to 600,000 Russian soldiers lay wounded or dead, in a war that should never have started, and could go on forever.&#8221;
Trump also commented on the weakened state of both Russia and Iran, attributing it to the Ukraine conflict and Israel&#8217;s military success, respectively. He called for an immediate ceasefire and the commencement of negotiations.
Also Read: <a href="https://www.benzinga.com/news/24/10/41196317/trump-urges-israel-to-target-iran-nuke-sites-hit-nuclear-first-and-worry-about-the-rest-later">Trump Urges Israel To Target Iran Nuke Sites: &#8216;Hit Nuclear First And Worry About The Rest Later&#8217;</a>
&#8220;Russia and Iran are in a weakened state right now, one because of Ukraine and a bad economy, the other because of Israel and its fighting success,&#8221; Trump continued. &#8220;Likewise, Zelenskyy and Ukraine would like to make a deal and stop the madness. They have ridiculously lost 400,000 soldiers, and many more civilians. There should be an immediate ceasefire and negotiations should begin.&#8221;
Assad, notorious for using chemical weapons on his own people, fled with his family, as per Syrian television reports. The destination of the fleeing family remains undisclosed.
Following Assad&#8217;s departure, Syrians gathered in&nbsp;central squares of Damascus to&nbsp;celebrate.&nbsp;Syria has been embroiled in&nbsp;a&nbsp;nearly 14-year civil war as&nbsp;Islamist rebels sought to overthrow&nbsp;Assad and terminate the Assad family&#8217;s&nbsp;rule over the Syrian Arabian&nbsp;Republic.
Why It Matters: The departure of Bashar Assad marks a significant turning point in the Syrian conflict. Assad&#8217;s rule has been characterized by brutal repression and the use of chemical weapons against his own people. His exit could pave the way for a potential political transition in Syria, although the future remains uncertain.
Trump&#8217;s comments reflect the international community&#8217;s concern over the ongoing conflicts in Syria and Ukraine. With Russia&#8217;s involvement in both conflicts, the geopolitical landscape is increasingly complex. 
The call for a ceasefire and negotiations underscores the urgency of resolving these conflicts and restoring stability in the region.
Read Next
<a href="https://www.benzinga.com/news/24/11/42154695/mary-trump-says-her-uncle-donald-is-putins-puppet">Mary Trump Says Her Uncle Donald Is &#8216;Putin&#8217;s Puppet&#8217;</a>
Image: Wikimedia Commons

Global

Trump on Assad's Fall: Putin 'Was Not Interested In Protecting Him Any Longer'

These eleven large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol>
<li>Texas Pacific Land Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPL#NYSE">TPL</a>) stock tumbled 16.35%, probably due to OPEC's supply decision.</li>
<li>Microchip Technology Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHP#NASDAQ">MCHP</a>) shares plummeted 13.03% after the company announced it halted its application for U.S. semiconductor government grants and cut revenue guidance <a href="https://www.benzinga.com//node/42344223" target="_blank" rel="noreferrer noopener">for the December 2024 quarter</a>.</li>
<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) shares dived 13.01% after the company announced <a href="https://www.benzinga.com//node/42267115" target="_blank" rel="noreferrer noopener">the retirement of CEO Pat Gelsinger</a>.</li>
<li>KB Financial Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KB#NYSE">KB</a>) stock declined 12.68%.</li>
<li>Guidewire Software, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>) stock dipped 12.48% after it <a href="https://www.benzinga.com//node/42351588" target="_blank" rel="noreferrer noopener">reported first-quarter results</a>. Analysts revised their <a href="https://www.benzinga.com/quote/gwre/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>Toast, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>) stock fell 10.86%. It expanded its partnership with Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) to give restaurants more choices and provide guests <a href="https://www.benzinga.com//node/42347476" target="_blank" rel="noreferrer noopener">additional delivery options</a>. Several analysts <a href="https://www.benzinga.com//node/42268538" target="_blank" rel="noreferrer noopener">downgraded the stock</a>.</li>
<li>UnitedHealth Group Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) stock declined 9.93% following the fatal shooting of the insurance division's CEO Brian Thompson outside a Manhattan hotel where the company was <a href="https://www.benzinga.com//node/42365853" target="_blank" rel="noreferrer noopener">hosting its annual investor conference</a>.</li>
<li>Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>) stock fell 9.83% last week <a href="https://www.benzinga.com//node/42300450" target="_blank" rel="noreferrer noopener">due to the threat of new tariffs</a> on Canada, which could impact several sectors, including transportation companies.</li>
<li>Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) stock lost 9.67% last week due to ongoing conflict in the Middle East affecting commodity prices.</li>
<li>POSCO HOLDINGS INC. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKX#NYSE">PKX</a>) shares decreased 9.67%, probably after South Korean President Yoon <a href="https://www.benzinga.com//node/42306717" target="_blank" rel="noreferrer noopener">Suk Yeol declared martial law</a>.</li>
<li>Rocket Lab USA, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) stock dipped 9.53% last week due to profit-taking in the sector. The company also stated it would announce the launch <a href="https://www.benzinga.com//node/42351319" target="_blank" rel="noreferrer noopener">window for its sixth synspective mission on December 18</a>.</li>
</ol>
Image via Shutterstock

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Intel, UnitedHealth And Rocket Lab Are Among Top 11 Large Cap Losers Last Week (Dec 2-Dec 6): Are The Others In Your Portfolio?

The week was a whirlwind of activity in the AI sector, with major players making significant strides. From Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) unveiling an AI model that outperforms its rivals, to Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) redefining AI data centers, and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) shifting its focus in the AI chip wars, the AI landscape is rapidly evolving. Let&#8217;s dive into the top stories.
Meta&#8217;s Llama 3.3 70B Outperforms Google, OpenAI, and Amazon&#8217;s AI Models
Meta has launched Llama 3.3 70B, a new AI model that surpasses competitors like Google, OpenAI, and Amazon in performance. Announced on Friday, the model offers the performance of Meta's largest Llama model, Llama 3.1 405B, but at a reduced cost. Ahmad Al-Dahle, Meta's VP of generative AI, highlighted that Llama 3.3 70B leverages advanced post-training techniques for efficient core performance enhancement.
<a href="https://www.benzinga.com/24/12/42376972/metas-llama-33-70b-the-new-ai-model-that-outperforms-google-openai-and-amazon-with-unmatched-efficiency">Read the full article here.</a>
Nvidia&#8217;s Liquid-Cooled Blackwell GPUs Revolutionize AI Data Centers
Nvidia is transforming the AI infrastructure with its Blackwell GPUs, prompting a significant shift towards liquid cooling in data centers. With cooling challenges resolved, Nvidia plans to increase production of liquid-cooled GB200 server racks in Q1 2025, marking a crucial moment for the AI server ecosystem.
<a href="https://www.benzinga.com/24/12/42269031/nvidias-blackwell-liquid-cooling-revolution-fuels-ai-growth">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/media/24/12/42331420/jeff-bezos-optimistic-about-trumps-second-term-wants-to-help-streamline-rules-we-do-have-too-many-regulations-in-this-country?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Optimistic About Trump&#8217;s Second Term, Wants To Help Streamline Rules</a>
Amazon Shifts Focus in AI Chip Wars
Amazon has decided to halt the development of its Inferentia AI chip, shifting its focus to the Trainium chip. This decision is part of Amazon's broader strategy to enhance cost performance in AI model training. Since its entry into the AI chip market in 2018, Amazon Web Services has been offering both Inferentia and Trainium chips to AI companies.
<a href="https://www.benzinga.com/media/24/12/42356920/amazon-halts-inferentia-ai-chip-development-to-take-on-nvidia-how-trainium-is-shaping-up-to-be-the-new-weapon-in-ai-chip-wars">Read the full article here.</a>
Google CEO Sundar Pichai Fires Back At Microsoft Over AI
Alphabet Inc.&#8217;s CEO Sundar Pichai dismissed criticism of his company&#8217;s AI strategy while targeting Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>). During his appearance at The New York Times&#8217; DealBook Summit Pichai responded to Microsoft CEO Satya Nadella's criticism, suggesting a direct comparison between their companies' AI models. Pichai noted that Microsoft relies on ChatGPT-parent OpenAI technology for its models.
<a href="https://www.benzinga.com/24/12/42359072/sundar-pichai-takes-a-jab-at-microsofts-ai-efforts-theyre-using-someone-elses-models-doubling-down-on-googles-innovation-power">Read the full article here.</a>
Elon Musk&#8217;s xAI Raises $6B For The 2nd Time This Year
Elon Musk-led artificial intelligence (AI) startup xAI disclosed that it has raised $6 billion, with nearly 97 investors participating in the fundraising round. xAI&#8217;s latest fundraise comes as the AI startup is looking to expand the footprint of its Colossus supercomputer tenfold.
<a href="https://www.benzinga.com/tech/24/12/42358400/elon-musks-xai-raises-6b-for-the-2nd-time-this-year-as-it-looks-to-take-the-challenge-to-openai-google-and-jeff-bezos-backed-anthropic">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42309656/amazon-unleashes-powerful-ai-chip-clusters-to-supercharge-anthropics-models-while-challenging-nvidia-and-openais-dominance?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos&#8217; Amazon Unveils Powerful AI Chip Clusters To Supercharge Anthropic&#8217;s Models</a></li>
</ul>
Photo courtesy: 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/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

Meta's Llama 3.3 70B Outshines Rivals, Nvidia's Liquid-Cooling Breakthrough, xAI Raises $6B: This Week In AI

Crypto giant Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged beyond the $100,000 mark last week, reaching an all-time high of $103,259. This significant increase is largely credited to the perceived pro-crypto stance of <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40429919/trumps-crypto-reversal-ex-president-reportedly-holds-more-than-1m-in-digital-assets">President-elect Donald Trump.</a>
What Happened: Bitcoin&#8217;s value has seen a nearly 50% increase since November 5, following the election of Trump. The incoming administration is anticipated to be the first to openly endorse cryptocurrencies.
The pro-crypto stance of Trump&#8217;s administration has wider implications for investors, the dollar, taxes, federal regulation, Treasury bonds, and gold, <a href="https://www.barrons.com/amp/articles/trump-bitcoin-crypto-ether-052688ed">reports</a> Barron&#8217;s.
The President-elect has made commitments to the crypto industry, including the establishment of a &#8220;strategic national Bitcoin stockpile&#8221; and the appointment of a crypto advisory council.
As per Benzinga data, the crypto ecosystem&#8217;s market cap is now at $3.6 trillion, with Bitcoin contributing over 55%. This signifies a 124% increase year to date and a staggering 1,720% increase&nbsp;over the past five years.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40001426/trump-aims-to-make-us-crypto-capital-of-the-planet-well-get-it-done">Trump Aims To Make US &#8216;Crypto Capital Of The Planet&#8217;: &#8216;We&#8217;ll Get It Done&#8217;</a>
Trump&#8217;s administration, including Trump himself, has strong connections to crypto. Trump has&nbsp;owned crypto, including at least&nbsp;$1 million in Ether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and his business ventures include a crypto payment service named TruthFi.
With the expected crypto-friendly environment under the Trump administration, companies are preparing for new initiatives. Goldman Sachs is considering spinning&nbsp;out its digital asset platform,&nbsp;and BlackRock intends&nbsp;to expand its tokenized money-market&nbsp;fund.
Michael Saylor, Chairman of MicroStrategy, a crypto holding company, expressed, &#8220;You've&nbsp;got a promise from the&nbsp;Trump administration to end the&nbsp;war on crypto, to make&nbsp;Bitcoin great.&#8221; This shift from litigation to support is viewed as a pivotal change for digital assets.
Why It Matters: The pro-crypto stance of the incoming administration is a significant departure from previous administrations. This shift is expected to provide a more favorable environment for cryptocurrencies, potentially leading to increased adoption and investment. 
The impact of this change is already being felt, with Bitcoin&#8217;s value skyrocketing and companies preparing to launch new crypto initiatives. 
The long-term implications of this shift could be transformative for the financial industry.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42024635/scaramucci-trumps-crypto-support-could-push-bitcoin-to-150k">Scaramucci: Trump&#8217;s Crypto Support Could Push Bitcoin To $150K</a>
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.
Image: Midjourney

$ETH

Trump Fuels Bitcoin Rally, But Where Will It Go Next Year?

These eleven large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Credo Technology Group Holding Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRDO#NASDAQ">CRDO</a>) shares jumped 51.61% after the company reported second-quarter results, and multiple firms raised their <a href="https://www.benzinga.com//node/42298407" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock escalated 34.59% last week. An internal investigation led by its Special Committee found "no evidence of misconduct or fraud" <a href="https://www.benzinga.com//node/42367077" target="_blank" rel="noreferrer noopener">involving management or the board</a>.</li>
<li>DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>) shares rose 34.26% after the company reported third-quarter results and <a href="https://www.benzinga.com//node/42352653" target="_blank" rel="noreferrer noopener">issued better-than-expected guidance</a>. Several analysts raised <a href="https://www.benzinga.com/quote/docu/analyst-ratings" target="_blank" rel="noreferrer noopener">their price forecasts for the stock</a>.</li>
<li>Rubrik, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>) stock rocketed 27.17% after reporting <a href="https://www.benzinga.com//node/42353379" target="_blank" rel="noreferrer noopener">better-than-expected third-quarter results</a>. Several analysts <a href="https://www.benzinga.com/quote/rbrk/analyst-ratings" target="_blank" rel="noreferrer noopener">raised the price forecast on the stock</a>.</li>
<li>Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) climbed 24.62% after reporting better-than-expected third-quarter earnings, and <a href="https://www.benzinga.com//node/42367217" target="_blank" rel="noreferrer noopener">analysts boosted the price forecast</a> on the stock.</li>
<li>Pure Storage, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>) stock grew 22.51% after the company reported better-than-expected third-quarter financial results and <a href="https://www.benzinga.com//node/42303442" target="_blank" rel="noreferrer noopener">fourth-quarter guidance</a>. Several analysts raised <a href="https://www.benzinga.com/quote/pstg/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast on the stock</a>.</li>
<li>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) shares surged 22.46%  after the company reported upbeat earnings for the third quarter and<a href="https://www.benzinga.com//node/42321281" target="_blank" rel="noreferrer noopener"> analysts boosted the price forecast</a>.</li>
<li>Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>) stock rose 21.86% last week on analyst commentary from Needham, which maintained a "Buy" rating and <a href="https://www.benzinga.com//node/42325582" target="_blank" rel="noreferrer noopener">reiterated the $100 price target</a>.</li>
<li>Aurora Innovation, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUR#NASDAQ">AUR</a>) stock upped 21.33% last week.</li>
<li>American Airlines Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) shares increased 19.83% after it reported better-than-expected fourth <a href="https://www.benzinga.com//node/42345395" target="_blank" rel="noreferrer noopener">quarter and full-year outlook</a>.</li>
<li>Applovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) stock jumped 19.23% after <a href="https://www.benzinga.com//node/42324175" target="_blank" rel="noreferrer noopener">some analysts</a> boosted <a href="https://www.benzinga.com/quote/app/analyst-ratings" target="_blank" rel="noreferrer noopener">the price forecast</a>.</li>
</ol>
Photo via Shutterstock

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Super Micro Computer, lululemon And Roku Are Among Top 11 Large Cap Gainers Last Week (Dec 2-Dec 6): Are The Others In Your Portfolio?

The past week was a rollercoaster ride in the cryptocurrency market. From XRP&#8217;s explosive gain to Shiba Inu&#8217;s burning spree, the crypto world was buzzing with activity. Let&#8217;s dive into the top stories that shaped the crypto market over the weekend.
XRP&#8217;s Parabolic Uptrend
Over the last weekend, XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) witnessed a significant rise. The uptrend was fueled by new ETF applications and increased whale activity. Noted investor Raoul Pal highlighted XRP&#8217;s &#8220;great-looking&#8221; chart, drawing parallels with a previous long wedge pattern that led to a whopping 5,600% rally. Pal coined the current phase as &#8220;Banana Zone Part 1.&#8221;
<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42271334/xrp-price-explodes-for-447-gain-why-is-xrp-going-up-again">Read the full article here.</a>
Shiba Inu Burns 53 Million Coins
Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) made headlines as it burned 53 million coins in a single day. The coin&#8217;s burn rate and a steady increase in whale transactions have contributed to its recent momentum. Traders are optimistic about SHIB&#8217;s trajectory, with Bluntz Capital tweeting about a potential major price spike for Shiba Inu.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42361326/dogecoin-killer-shiba-inu-burns-53-million-coins-in-a-day-what-is-going-on-with-shib">Read the full article here.</a>
Fed Chair Powell on Bitcoin
Federal Reserve Chair Jerome Powell addressed Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) at the DealBook Summit, likening the cryptocurrency to gold. Powell dismissed the idea that Bitcoin undermines the Federal Reserve or the strength of the U.S. dollar, emphasizing that Bitcoin is not being used as a primary form of payment or a reliable store of value due to its high volatility.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42325788/fed-chair-powell-bitcoin-is-like-gold-just-virtual-and-digital">Read the full article here.</a>
Congressman Buys Meme Coins
Rep. Mike Collins (R-Ga.) disclosed buying two cryptocurrencies, including the meme coin Ski Mask Dog. The Congressman purchased between $2,000 to $30,000 worth of the meme coin, sparking interest among investors who closely follow the trading activities of Congress members. Collins also bought Aerodrome, a cryptocurrency he purchased before.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42330146/congressman-buys-meme-coins-ski-mask-dog-coin-climbs-in-value-after-disclosure-i-liked-the-coins-so-i-bought-them">Read the full article here.</a>
NYC Mayor&#8217;s Bitcoin Victory Lap
New York City Mayor Eric Adams had the last laugh earlier this week as Bitcoin&#8217;s value edges closer to the $100,000 mark. Adams, who took his first three paychecks in Bitcoin and Ethereum ETH/USD, addressed his skeptics at a press conference, reminding them of their initial ridicule.
<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42323060/nyc-mayor-eric-adams-takes-victory-lap-remember-yall-laughed-when-i-first-got-my-bitcoin-whos-laughing-now">Read the full article here.</a>
Read Next:
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42323060/nyc-mayor-eric-adams-takes-victory-lap-remember-yall-laughed-when-i-first-got-my-bitcoin-whos-laughing-now?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">NYC Mayor Eric Adams Takes Victory Lap: &#8216;Remember Y&#8217;All Laughed When I First Got My Bitcoin? Who&#8217;s Laughing Now?&#8217;</a></li>
</ul>
Photo courtesy: 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/author/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

$SHIB

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XRP's Parabolic Uptrend, Congressman Buys Meme Coins, Fed Chair Powell Likens Bitcoin To Gold And More: This Week In Crypto

The weekend was abuzz with news from the tech giant Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). From the development of in-house modems to the anticipated launch of a foldable iPhone, the company has been making waves in the tech industry. Here&#8217;s a quick round-up of the top stories that unfolded over the weekend.
Apple&#8217;s In-House Modem Development
Apple is reportedly developing its own modem technology, internally named Sinope. This move could result in slimmer iPhones and introduce cellular capabilities to Macs and headsets like Vision Pro. The new modem is set to debut next year and will gradually replace components from Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) over three years.
<a href="https://www.benzinga.com/24/12/42376583/how-apples-billion-dollar-modem-gamble-could-redefine-the-future-of-macs-headsets-and-foldable-iphones-report">Read the full article here.</a>
Revival of the Smartphone Market with Foldable iPhone
Apple&#8217;s reported plans to launch a foldable iPhone in 2026 could breathe new life into the foldable smartphone market, which has been experiencing waning consumer interest. Display analyst Ross Young anticipates a growth of over 30% in the foldable market in 2026.
<a href="https://www.benzinga.com/markets/24/12/42286671/apples-foldable-iphone-could-spark-smartphone-market-revival-in-2026-says-expert">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/tech/24/12/42312508/tesla-ceo-elon-musk-agrees-with-apple-co-founder-steve-jobs-on-guiding-talent-you-know-who-the-best-managers-are?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tesla CEO Elon Musk Agrees With Apple Co-Founder Steve Jobs On Guiding Talent</a>
Tim Cook on Apple&#8217;s Future and His Retirement Plans
Apple CEO Tim Cook shared insights on the company's future, touching on the iPhone 16's new camera button, Vision Pro sales, and AirPods' evolution. Cook also discussed the decision to add a physical button to the iPhone 16 for camera control, a departure from Steve Jobs&#8217; aversion to buttons.
<a href="https://www.benzinga.com/24/12/42356192/tim-cook-breaks-silence-on-defying-steve-jobs-design-philosophy-with-the-iphone-16s-camera-button-vision-pro-sales-airpods-disrupting-hearing-aids-and-whether-hell-lead-apple-into-the-next-era">Read the full article here.</a>
Apple Stock Hits New High Despite Sales Slowdown
Despite a general market slowdown, Apple&#8217;s stock soared to a new 52-week high on Tuesday, closing at $242.65. This comes at a time when reports have pointed to iPhone sales lagging amid a lukewarm reception to new AI features.
<a href="https://www.benzinga.com/24/12/42310095/apple-shares-hit-new-high-despite-iphone-sales-slowdown-expert-reiterates-that-street-is-starting-to-realize-iphone-16-is-the-start-of-a-super-cycle">Read the full article here.</a>
Most Popular Free iPhone Apps in America
The latest rankings of the most popular free apps on Apple&#8217;s iPhone in the U.S. reveal a strong inclination toward games, social media platforms, and productivity tools. Leading the pack is Block Blast, a puzzle game developed by Artemis Limited.
<a href="https://www.benzinga.com/24/12/42261260/the-hottest-free-iphone-apps-in-america-right-now-block-blast-threads-and-chatgpt-lead-the-pack">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/media/24/12/42331420/jeff-bezos-optimistic-about-trumps-second-term-wants-to-help-streamline-rules-we-do-have-too-many-regulations-in-this-country?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jeff Bezos Optimistic About Trump&#8217;s Second Term, Wants To Help Streamline Rules</a></li>
</ul>
Photo courtesy: 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/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

QCOM

Apple's In-House Modems, Foldable iPhones, And Tim Cook On Cupertino's Future: This Week In Appleverse

The past week has been a whirlwind of economic insights and policy debates. From&nbsp;Jeff Bezos&nbsp;challenging&nbsp;Elon Musk&#8216;s cost-cutting strategies to&nbsp;Donald Trump&#8216;s tariff plans stirring up potential trade wars, the financial world is buzzing. Meanwhile, the&nbsp;Federal Reserve hints at a possible rate cut, and the U.S. job market shows unexpected strength.
Let&#8217;s dive into the key stories that shaped the weekend.
Bezos Advocates for Growth Over Cuts
At the New York Times DealBook Summit,&nbsp;Amazon.com Inc. founder Bezos emphasized the importance of economic growth in tackling national debt. He suggested that the U.S. should aim for a GDP growth rate of 3-5% annually, rather than focusing solely on reducing debt. Bezos stated, &#8220;We need a growth orientation in this country. This is the most important thing… a growth mindset.&#8221;&nbsp;
<a href="https://www.benzinga.com/news/24/12/42335531/jeff-bezos-counters-elon-musk-led-doge-cost-cutting-plan-says-america-needs-growth-orientation-heres-what-the-amazon-founder-said-to-tackle-national-debt">Read the full article here.</a>
Trump&#8217;s Tariff Threats and BRICS
President-elect Donald Trump&#8217;s proposal to impose 100% tariffs on BRICS nations has sparked concerns of a potential trade war.&nbsp;Milken Institute&nbsp;Chief Economist William Lee noted that Trump&#8217;s strategy reflects his preference for direct negotiations over multilateral agreements. Lee highlighted that these tariff threats are intended to leverage negotiations with major trading partners.
<a href="https://www.benzinga.com/news/global/24/12/42259898/economist-warns-trump-that-brics-will-act-collectively-and-spark-a-trade-war-with-us-over-100-tariff-threats">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42346164/november-jobs-report-preview-will-it-seal-the-deal-for-a-fed-interest-rate-cut?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">November Jobs Report Preview: Will It Seal The Deal For A Fed Interest Rate Cut?</a>
Goldman Sachs Warns Of Economic Risks
Goldman Sachs&nbsp;has raised alarms over Trump&#8217;s aggressive tariff plan, which includes a 25% tariff on imports from Canada and Mexico. The firm predicts significant economic repercussions, including a potential 4% GDP contraction for Canada and Mexico, and a 0.4% shrinkage for the U.S. economy. Economists at Goldman Sachs caution that such tariffs could lead to increased consumer prices and slower growth.
<a href="https://www.benzinga.com/24/12/42291861/trumps-tariff-plan-risks-economic-pain-for-north-america-goldman-sachs-warns">Read the full article here.</a>
Federal Reserve&#8217;s Rate Cut Consideration
Christopher Waller, member of the Federal Reserve Board of Governors, has indicated a potential interest rate cut at the upcoming December meeting. Speaking at the American Institute for Economic Research Monetary Conference, Waller expressed that recent inflation data supports a downward trend towards the Fed&#8217;s 2% target. He mentioned that monetary policy remains restrictive despite previous rate cuts.
<a href="https://www.benzinga.com/news/24/12/42282037/federal-reserves-waller-leans-toward-rate-cut-in-december-cites-inflations-downward-path-to-2">Read the full article here.</a>
US Job Market Surges In November
The latest jobs report shows a robust increase in hiring, with nonfarm payrolls rising by 227,000 in November. This marks a significant recovery from October&#8217;s weather-impacted figures. The strong labor market data, coupled with accelerating wage growth, may influence the Federal Reserve&#8217;s decision on interest rate cuts.
<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42363278/us-economy-adds-227000-jobs-in-november-wage-growth-accelerates">Read the full article here.</a>
Read Next:
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<li><a href="https://www.benzinga.com/general/social-media/24/12/42371493/tech-stocks-rise-meta-rallies-as-court-upholds-tiktok-ban-bitcoin-roars-above-101000-whats-driving-markets-friday?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Tech Stocks Rise; Meta Rallies As Court Upholds Tiktok Ban; Bitcoin Roars Above $101,000: What&#8217;s Driving Markets Friday?</a></li>
</ul>
Photo courtesy: 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/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Media

Jeff Bezos Advocates Growth, Trump's Tariff Threats, And The Fed's Latest Moves: This Week In Economics

The week was buzzing with a whirlwind of news. From Taylor Swift&#8217;s sales soaring despite Trump&#8217;s predictions to AOC challenging Musk&#8217;s DOGE agenda, the news cycle was anything but dull. Here&#8217;s a quick recap of the top stories that made headlines.
Swift&#8217;s Sales Soar Despite Trump&#8217;s Predictions
Contrary to President-elect Donald Trump&#8217;s forecast, Taylor Swift&#8217;s sales have not taken a hit after she endorsed Vice President Kamala Harris. Swift continues to reign supreme in concerts, movies, and streaming lists. Her new &#8220;Eras Tour Book&#8221; is also enjoying immense success. The book offers fans a glimpse into the record-breaking Eras Tour with photos and behind-the-scenes stories.
<a href="https://www.benzinga.com/general/entertainment/24/12/42351922/trump-predicted-taylor-swift-sales-would-drop-target-data-shows-over-800k-sold">Read the full article here.</a>
AOC Challenges Musk&#8217;s DOGE Agenda
Rep. Alexandria Ocasio-Cortez (D-N.Y.) has responded to Elon Musk's call for defunding the American Civil Liberties Union. She also criticized proposed cuts by the Musk-headed Department of Government Efficiency. According to AOC, while the ACLU receives no taxpayer funds, proposals are being made by DOGE to cut funding for essential services, targeting some of the most vulnerable groups in society.
<a href="https://www.benzinga.com/news/24/12/42355184/aoc-challenges-musks-doge-agenda-slams-defund-the-aclu-call-by-trumps-efficiency-czar">Read the full article here.</a>
Trump&#8217;s Personnel Picks: Mixed Reactions
Trump&#8217;s picks for potential nominees for his Cabinet and other White House administration roles have sparked diverse reactions. While some of his choices, like Huckabee and Rubio, have been well-received, others like Kennedy, Oz, and McMahon have faced disapproval.
<a href="https://www.benzinga.com/news/management/24/12/42354639/donald-trumps-personnel-picks-voters-like-huckabee-rubio-picks-disapprove-of-kennedy-oz-mcmahon">Read the full article here.</a>
Trump&#8217;s FBI Pick Kash Patel&#8217;s Wealth Growth
Kash Patel, Trump&#8217;s pick to lead the Federal Bureau of Investigation, has seen his wealth grow through various avenues, including Trump Media &amp; Technology Group. Patel is a loyal Trump supporter and has previously worked for him on the National Security Council.
<a href="https://www.benzinga.com/politics/24/12/42278429/trump-fbi-pick-kash-patels-wealth-has-grown-from-trump-media-board-position-consulting-deal-and-trump-themed-childrens-books">Read the full article here.</a>
Potential Fallout Between Musk and Trump
ARK Invest&#8217;s Cathie Wood has weighed in on the potential repercussions of a possible fallout between President-elect Donald Trump and Elon Musk on Musk's companies, Tesla Inc. and SpaceX. Wood acknowledged the strong personalities of both individuals and the potential risks associated with such a dynamic.
<a href="https://www.benzinga.com/24/12/42260398/how-a-potential-fallout-between-elon-musk-and-trump-could-impact-tesla-and-spacex-cathie-wood-weighs-in">Read the full article here.</a>
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/12/42351859/trumps-dea-drama-he-didnt-quit-i-fired-him-a-tale-of-pastors-pandemic-and-hurt-feelings?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s DEA Drama: He Didn&#8217;t Quit, I Fired Him — A Tale Of Pastors, Pandemic And Hurt Feelings</a></li>
</ul>
Photo courtesy: Wikimedia
 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/anan-ashraf" target="_blank" rel="noopener">Anan Ashraf.</a>

Taylor Swift Defies Trump's Predictions, AOC Challenges Musk's DOGE Agenda, And More: This Week In Politics

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