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JPMorgan Chase is one of the largest and most complex financial institutions in the United States, with nearly $3.9 trillion in assets. It is organized into four major segments--consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management. JPMorgan operates, and is subject to regulation, in multiple countries.

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UBS Group AG plans to open a Menlo Park office, hiring Barclays&#39; Sean Lynch for tech advisory amid Silicon Valley expansion, coinciding with industry&#39;s dealmaking resurgence.

UBS Group Eyeing West? Plans New Office In Menlo Park, Hires Barclay&#39;s Lynch, Silicon Valley Expansion In Sight: Report

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Google employees arrested for protesting contract with Israel, Elon Musk accepts challenge from Russian space agency, and more.

Let&#39;s Spill The Tea: Top Consumer Tech News From Last Week That You Should Know

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As Bitcoin inches closer to its highly anticipated halving event, analysts at JPMorgan (NYSE:JPM) are throwing cold water on expectations of a subsequent price sur

Bitcoin Price May Drop After Halving Despite Miner Shakeup: JPMorgan

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J P Morgan Chase & Co Depositary Shares, each representing a 1/400th interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EE

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<a href="https://www.econclubny.org/web/pages/events" title="https://www.econclubny.org/web/pages/events">https://www.econclubny.org/web/pages/events</a>

Events

JPMorgan CEO Says Government Would Be Better Off With 'Practitioners' At Table

<a href="https://www.econclubny.org/web/pages/events">https://www.econclubny.org/web/pages/events</a>
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JPMorgan CEO Jamie Dimon Speaks At Economic Club Of New York Event Says Geopolitical Situation Is Most Complicated And Dangerous Since World War II; Our Relationship With China Is Very Complicated; There's A Chance Stagflation Could Happen Again; U.S. Economy Is 'Unbelievable' And Booming

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

Here&#8217;s what happened in the world of consumer tech in the last week:
Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google employees were reportedly arrested and placed on administrative leave after they staged 10-hour sit-ins at offices in New York and Sunnyvale, California, to protest the $1.2 billion <a href="https://www.benzinga.com/markets/equities/24/04/38299326/several-google-employees-arrested-in-protest-over-1-2b-israel-contract-report" target="_blank" rel="noreferrer noopener">cloud contract with Israel</a>.
Related: <a href="https://www.benzinga.com/news/24/04/38286752/elon-musk-reacts-as-marc-andreessen-says-google-is-literally-run-by-employee-mobs-with-chinese-spies" target="_blank" rel="noreferrer noopener">Elon Musk Reacts As Marc Andreessen Says Google Is &#8216;Literally Run By Employee Mobs&#8217; With &#8216;Chinese Spies&#8217; Scooping Up AI Chip Designs</a>
SpaceX founder Elon Musk accepted a challenge from the Russian space agency chief, Yuri Borisov, who said Roscosmos&#8217;s Amur rocket can be reused up to five times <a href="https://www.benzinga.com/news/24/04/38288858/elon-musk-says-bring-it-on-after-russian-space-chief-touts-amur-rocket-says-it-can-be-reused-up-to-5" target="_blank" rel="noreferrer noopener">more than the Falcon 9</a>.
A Texas judge stopped the investigation of the media watchdog group Media Matters by Texas Attorney General Ken Paxton, dealing a second blow to<a href="https://www.benzinga.com/news/24/04/38243800/another-setback-for-elon-musk-after-ccdh-lawsuit-thrown-out-media-matters-wins-injunction-against-te" target="_blank" rel="noreferrer noopener"> Elon Musk in recent weeks</a>.
Related: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38307505/tesla-stock-fell-over-9-after-past-4-earnings-reports-fund-manager-offers-advice-on" target="_blank" rel="noreferrer noopener">Tesla Stock Fell Over 9% After Past 4 Earnings Reports: Fund Manager Offers Advice On How Elon Musk Can Break Woeful Streak</a>
Gaming
Sony Group Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) is gearing up for the release of a more powerful version of its&nbsp;PlayStation 5 (PS5)&nbsp;console, possibly by the&nbsp;<a target="_blank" href="https://www.benzinga.com/general/gaming/24/04/38255686/sonys-ps5-pro-release-reports-say-developers-are-getting-ready-for-new-console" rel="noreferrer noopener">end of this year</a>.&nbsp;
The official Star Wars Twitter account just dropped a teaser trailer for an upcoming crossover event with Epic Games&#8217; Fortnite, set to kick off on May 3, one day before Star Wars Day. HYPEX suggested lightsabers, force powers, and a Chewbacca skin, fueling fan<a href="https://www.benzinga.com/general/gaming/24/04/38257897/star-wars-day-arrives-to-fortnite-with-epic-crossover" target="_blank" rel="noreferrer noopener"> excitement for the collaboration</a>.
Related:&nbsp;<a target="_blank" href="https://www.benzinga.com/general/gaming/24/04/38246949/bafta-games-awards-2024-guess-which-video-game-took-5-prizes-home" rel="noreferrer noopener">BAFTA Games Awards 2024: Guess Which Video Game Took 5 Prizes Home</a>
Nintendo Co&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTDOY#OTC">NTDOY</a>) showcased adorable indie games like Little Kitty, Big City, Lorelei, and the Laser Eyes, offering diverse&nbsp;<a target="_blank" href="https://www.benzinga.com/general/gaming/24/04/38302723/unveiling-nintendos-april-2024-indie-world-showcase-whats-in-store" rel="noreferrer noopener">experiences for players</a>.
Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>) unveiled plans for an open-world &#8220;Black Panther&#8221; game developed by Cliffhanger Games <a href="https://finance.yahoo.com/quote/EA?.tsrc=fin-srch" target="_blank" rel="noreferrer noopener">through a recent job listing</a>.
Former Microsoft Blizzard President Mike Ybarra has an interesting idea: He suggested adding a tipping feature to video games. Not everyone will like the idea, but the former Blizzard president believes it&#8217;s different from other situations <a href="https://www.benzinga.com/general/entertainment/24/04/38259444/ready-to-tip-your-favorite-game-developers-former-blizzard-president-says-you-should" target="_blank" rel="noreferrer noopener">when tipping feels forced</a>.
Smartphones
Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly experienced a significant decline in&nbsp;iPhone&nbsp;shipments, while its&nbsp;Android&nbsp;competitors saw a rise. Notably, Apple&#8217;s iPhone shipments fell by nearly 10% in the first quarter, while the global smartphone market saw a 7.8% increase in shipments,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38241349/apples-iphone-shipments-dip-10-while-overall-market-grows-7-8-samsung-reclaims-top-spot" rel="noreferrer noopener">reaching 289.4 million units</a>.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38240620/potential-iphone-killer-humane-ai-pins-design-interface-inherently-flawed-says-gurman-can-merely-be" rel="noreferrer noopener">Potential iPhone Killer? Humane AI Pin&#8217;s Design, Interface &#8216;Inherently Flawed,&#8217; Says Gurman: &#8216;Can Merely Be An Extra Accessory&#8217;</a>
Apple&nbsp;CEO Cook revealed potential plans to explore manufacturing opportunities in Indonesia. This announcement follows his meeting with&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38290331/tim-cook-eyes-apple-manufacturing-expansion-in-indonesia-after-talks-with-president-theres-a-lot-of" rel="noreferrer noopener">Indonesian President&nbsp;Joko Widodo</a>.
Chinese tech giant&nbsp;Huawei Technologies Co.&nbsp;has launched its latest series of smartphones, the Pura 70, to further challenge&nbsp;Apple&nbsp;in the high-end segment of the Chinese&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38308198/apples-falling-iphone-sales-have-another-challenge-to-deal-with-as-huawei-launches-new-phones" rel="noreferrer noopener">market amid falling iPhone sales</a>.
Meta
Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) revealed that its new large language model,&nbsp;Llama 3, has surpassed other AI models in benchmark tests. However,&nbsp;OpenAI&#8217;s&nbsp;latest flagship model,&nbsp;GPT-4, is notably&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38330339/mark-zuckerbergs-meta-says-llama-3-beats-googles-gemini-mistral-and-jeff-bezos-backed-anthropics-cla" rel="noreferrer noopener">missing from its comparison</a>. It will integrate real-time search&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38330972/metas-ai-assistant-now-integrates-real-time-google-search-bing-results-expert-calls-it-the-smart" rel="noreferrer noopener">results from Google and Bing</a>.
Anduril Industries&nbsp;and&nbsp;Oculus VR founder Palmer Luckey&nbsp;accused Meta&nbsp;&nbsp;CTO&nbsp;Andrew Bosworth&nbsp;of lying and spreading&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38246351/meta-cto-gets-called-out-by-founder-of-company-building-electronic-border-wall-you-arent-credible" rel="noreferrer noopener">false information about him</a>.
Social Media
Elon Musk&nbsp;has donated to and promoted secure messaging app&nbsp;Signal&nbsp;to take on&nbsp;WhatsApp, but another rival is closing the gap with the&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38311930/elon-musk-backed-signal-to-take-on-mark-zuckerbergs-whatsapp-but-another-rival-says-its-spreading-li" rel="noreferrer noopener">Meta Platforms Inc.-owned&nbsp;service</a>.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38311301/telegram-founder-tells-tucker-carlson-that-billion-user-platform-operates-lean-hr-free-with-only-30" rel="noreferrer noopener">Telegram Founder Tells Tucker Carlson That Billion-User Platform Operates Lean, HR-Free With Only 30 Staff: &#8216;I Am The Only Product Manager&#8217;</a>
Apple&nbsp;has removed WhatsApp and Threads from its China App Store in response&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38328967/apple-bows-to-chinas-security-concerns-pulls-2-meta-products-from-app-store" rel="noreferrer noopener">to a Chinese government order</a>.
Music
Apple Music&#8216;s&nbsp;teams have collaborated with&nbsp;Taylor Swift&nbsp;to prepare her upcoming album and promotional campaign well&nbsp;<a target="_blank" href="https://www.benzinga.com/general/entertainment/24/04/38242128/apple-teams-engaged-deeply-with-taylor-swift-on-the-tortured-poets-department-album-weve-re" rel="noreferrer noopener">before the release date</a>.
Spotify Technologies SA&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) has been investing in artificial intelligence and machine learning for over a decade, and its latest AI DJ feature is a significant step towards personalizing the music streaming experience for&nbsp;<a target="_blank" href="https://www.benzinga.com/general/entertainment/24/04/38242691/can-spotifys-ai-dj-push-you-out-of-your-musical-comfort-zone-experts-say-recommender-system" rel="noreferrer noopener">600 million subscribers</a>.
The release of Amazon&#8217;s Prime Video &#8220;Fallout&#8221; TV series has sparked a significant resurgence in player numbers across Microsoft&#8217;s Bethesda&#8217;s Fallout video game franchise, <a href="https://www.benzinga.com/general/entertainment/24/04/38260627/prime-videos-fallout-series-sparks-record-game-revival-fallout-76-hits-all-time-high" target="_blank" rel="noreferrer noopener">even for titles released years ago</a>.
Tech
Amazon.com, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Twitch is set to launch its new TikTok-style discovery feed after a year of testing, bringing separate feeds for clips and livestreams to all users&nbsp;<a target="_blank" href="https://www.benzinga.com/general/gaming/24/04/38323296/twitchs-tiktok-style-feed-clips-livestreams-seamless-browsing" rel="noreferrer noopener">by the end of this month</a>.
Popular tech YouTuber MKBHD, or Marques Brownlee, kicked off a storm on social media after his Humane AI Pin review. He called it the &#8220;worst product&#8221; he has ever reviewed, weeks <a href="https://www.benzinga.com/news/24/04/38291724/do-bad-reviews-kill-companies-mkbhd-reacts-after-humane-ai-pin-video-sparks-concern-on-social-media" target="_blank" rel="noreferrer noopener">after his Fisker Ocean SUV review</a>.
Artificial Intelligence
Mistral AI CEO Arthur Mensch threw shade at rival OpenAI CEO Sam Altman, saying that the pursuit of artificial general intelligence (AGI) is <a href="https://www.benzinga.com/news/24/04/38266018/mistral-ceo-shades-openais-sam-altman-says-obsession-with-reaching-agi-is-about-creating-god" target="_blank" rel="noreferrer noopener">just an attempt at &#8220;creating God.</a>&#8220;
Elon Musk&nbsp;expressed concern over the potential dangers of AI being trained to lie for political correctness and suggested that it could be &#8220;very dangerous&#8221;&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38265325/elon-musk-warns-ais-potential-to-lie-for-political-correctness-poses-threat-to-humanity-would-be-ver" rel="noreferrer noopener">and &#8220;kill millions&#8221; in the process</a>.
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38310022/former-openai-researcher-who-predicted-theres-a-50-chance-ai-could-kill-us-all-is-now-heading-us-ai" rel="noreferrer noopener">Former OpenAI Researcher Who Predicted There&#8217;s A 50% Chance AI Could Kill Us All Is Now Heading US AI Safety Institute</a>
JPMorgan &amp; Chase Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) CEO&nbsp;Jamie Dimon&nbsp;has outlined his vision for the future of money in an AI-driven world, emphasizing the potential of artificial intelligence (AI)&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/04/38308489/jamie-dimon-likens-ai-to-the-printing-press-says-it-will-be-a-huge-aid-to-recognize-patterns-of-succ" rel="noreferrer noopener">to revolutionize the financial sector</a>.
Microsoft Corp.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>)&nbsp;significant $13 billion investment in&nbsp;OpenAI&nbsp;will not undergo a formal investigation by the European Union&#8217;s merger watchdogs, alleviating concerns&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/04/38299939/eu-clears-microsofts-13b-openai-investment-from-formal-probe-a-relief-for-tech-giants" rel="noreferrer noopener">about potential regulatory interventions</a>.&nbsp;
Photo via Pixabay

Let's Spill The Tea: Top Consumer Tech News From Last Week That You Should Know

Management

JPMorgan Dealmaker Andy Lipsky Leaving To Join Morgan Stanley

"JP Morgan Dealmakers Lipsky And Lee Are Leaving The Bank, Sources Say"

JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) has outperformed the market over the past 10 years by 2.15% on an annualized basis producing an average annual return of 12.45%. Currently, JPMorgan Chase has a market capitalization of $520.34 billion. 
Buying $1000 In JPM: If an investor had bought $1000 of JPM stock 10 years ago, it would be worth $3,246.55 today based on a price of $181.17 for JPM at the time of writing.
<h3>JPMorgan Chase's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713466872_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

$1000 Invested In This Stock 10 Years Ago Would Be Worth $3,200 Today

As Bitcoin inches closer to its highly anticipated halving event, analysts at JPMorgan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) are throwing cold water on expectations of a <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38256809/bitcoins-weekend-selloff-a-healthy-shakeout-not-a-market-crash-expert-says">subsequent price surge</a>.
What Happened: Their report, released on Wednesday, argues that the halving has already been priced into the market, potentially leading to a post-halving price decline, The Block <a href="https://www.theblock.co/post/289611/bitcoin-price-dip-halving-jpmorgan?utm_source=rss&amp;utm_medium=rss">reported</a>.
&#8220;We don&#8217;t expect a price increase because the halving is likely factored into the current price point,&#8221; stated Nikolaos Panigirtzoglou, lead analyst at JPMorgan, echoing previous pronouncements. 
They identify several factors supporting their bearish outlook.
Overbought Market And High Valuation
JPMorgan&#8217;s analysis of open interest in Bitcoin futures suggests the market is currently &#8220;overbought,&#8221; indicating potential overvaluation. 
Furthermore, Bitcoin&#8217;s price sits significantly above JPMorgan&#8217;s volatility-adjusted target of $45,000 when compared to gold. 
This, coupled with the fact that the current price exceeds their projected post-halving production cost of $42,000, fuels their concerns about a price correction.
Venture Capital Funding And Miner Woes
The report also highlights the lack of robust venture capital funding in the crypto space this year, despite a recent market resurgence. 
This tepid investor sentiment could further dampen Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) post-halving price performance.
The Halving&#8217;s Impact On Miners
The halving, which will cut Bitcoin miner rewards in half, is expected to have a significant impact on the mining industry. 
&#8220;We anticipate a drop in hashrate (computing power) as unprofitable miners exit the network,&#8221; says the report. 
This could lead to consolidation among mining companies, with publicly-listed miners potentially gaining a larger share of the remaining rewards.
<figure class="wp-block-image size-full"><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" /></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38299089/trump-related-maga-memecoin-onboards-roger-stone-as-partner">Trump-Related MAGA Memecoin Onboards Roger Stone As Partner</a>
Limited Options For Struggling Miners
The report explores potential post-halving scenarios for struggling miners.
While some might consider relocating to regions with lower energy costs, like Latin America or Africa, others might look to repurpose their mining rigs for other purposes. 
However, migrating to mine alternative Bitcoin hard fork cryptocurrencies is deemed &#8220;highly unlikely&#8221; due to the rigs&#8217; specialization and the lower market cap and liquidity of those currencies.
JPMorgan&#8217;s report paints a cautious picture for Bitcoin&#8217;s post-halving future. 
However, the cryptocurrency market is known for its volatility, and actual events may unfold differently.
What&#8217;s Next: With the halving on the horizon, investors seeking deeper insights into the potential implications for Bitcoin and the broader cryptocurrency market should consider attending Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> conference on Nov. 19. 
This event will feature leading industry experts who will discuss the latest trends, investment strategies, and regulatory developments within the digital asset landscape, providing valuable information for both experienced and new <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38276489/peter-schiff-debates-natalie-brunell-on-bitcoin-if-natalie-were-smart-she-would-sell-all">investors in this dynamic market.</a>
Read Next: <a href="Pompliano: Bitcoin On Track For $100,000 Within Two Years, Downside Risk Limited - Benzinga">Pompliano: Bitcoin On Track For $100,000 Within Two Years, Downside Risk Limited</a>
Photo: Shutterstock

In the chaos of the 2008 recession, perhaps no bank stood more prepared than Jamie Dimon's J.P Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>).
In advance of the crisis, Jamie Dimon realized that "underwriting standards were deteriorating across the industry," with late payments on subprime loans rising.
In late 2006, the bank led his firm to exit Wall Street's hot subprime business, starting with a frantic call made to J.P. Morgan's vacationing Chief of Securitized Products where he said, "I really want you to watch out for subprime! We need to sell a lot of our positions. I&#8217;ve seen it before. This stuff could go up in smoke!&#8221;
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By getting out of the soon-to-be toxic products, J.P. Morgan was able to go on the offensive when other banks pulled back too late or were forced into bankruptcy.
<a href="https://www.benzinga.com/money/j-p-morgan-personal-advisors-review">J.P. Morgan</a>'s stock has risen nearly 260% from its pre-global-financial-crisis peak.
Reflecting on the recession, Dimon said "counter to what most people think, many of the extreme actions we took were not done to make a profit; they were done to support our country and the financial system."
Dimon is sounding the alarm on a debt-fueled economy appearing healthier than reality may be.
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In his most recent annual shareholder letter, Dimon said, "The U.S. economy continues to be resilient, with consumers still spending. and the markets currently expect a soft landing." However, he offered this caveat, saying that "it is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus."
With the U.S. national debt already surpassing $34.6 trillion at a time when the Federal Reserve is still unable to cut interest rates in the face of stubborn inflation, interest payments on the debt are set to exceed U.S. defense spending this year.
Whether the increasing fiscal debt becomes a problem impacting broader markets to the extent that the subprime crisis did remains to be seen, but Dimon and his firm are prepared for anything with J.P. Morgan's self-described "fortress balance sheet."
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Jamie Dimon Knew Subprime 'Could Go Up In Smoke'; Now He's Worried About An Artificial Economy 'Fueled by Government Deficit Spending'

U.S. Sen. Tommy Tuberville&#8216;s latest regulatory filing shows the sale of put options for Adobe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>), Qualcomm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) and Applied Materials Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>).
The trading activity of stocks and options by members of Congress continues to draw increased scrutiny, with potential conflicts of interest related to Congressional committees and the <a href="https://www.benzinga.com/topic/congress-trading">timing of trades made.</a>
The Adobe options are for a strike price of $500 and expiration date of Dec. 20, 2024. The filing indicates that four separate trades valued at $1,000 to $15,000 of Adobe options were made, <a href="https://www.quiverquant.com/congresstrading/politician/Tommy%20Tuberville-T000278">according </a>to Quiver Quant.
The Qualcomm options are for a strike price of $155 with an expiration date of Dec. 20, 2024. The transaction value of the trade was $15,000 to $50,000.
The Applied Materials options are for a strike price of $175 and an expiration date of Jan. 17, 2025. The transaction value of the trade was $1,000 to $15,000.
"BREAKING: Senator Tommy Tuberville is once again trading options," Unusual Whales <a href="https://twitter.com/unusual_whales/status/1780404471312396389">tweeted</a>. "He is literally trading companies which he legislates on, while having leveraged positions over them. Unusual."
The filing also showed the Alabama Republican once again bought shares of small biotech Humacyte Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUMA#NASDAQ">HUMA</a>), with three transactions totaling amounts of $1,000 to $15,000; $1,000 to $15,000; and $15,000 to $50,000.
"BREAKING: Senator Tommy Tuberville has disclosed new purchase of Humacyte stock, $HUMA. It's a small biotech company that makes implantable human tissues. They've been testing their tech in Ukraine, treating combat injuries. Tuberville sits on the Armed Services Committee," Quiver Quant tweeted.
Congress Trades Create Conflict Of Interest Questions: <a href="https://www.benzinga.com/news/23/08/33880886/senators-perfect-timing-russian-war-linked-biotech-buy-raises-eyebrows-amid-trading-ban-debate">Benzinga previously shared</a> that trades involving Humacyte drew attention given the small-cap nature of the company and the fact that Tuberville serves on the Senate Armed Services Committee.
Humacyte collaborated with regulators, including the FDA in the U.S., to send its investigational HAV (Human Acellular Vessel) to Ukraine for humanitarian use.
The company said its HAV has been provided to hospitals in Ukraine and used to treat patients with critical injuries.
Tuberville has been <a href="https://www.benzinga.com/general/politics/24/03/37829749/senator-tommy-tubervilles-latest-2-stock-trades-attract-the-wrong-kind-of-attention-should-this-">flagged for unusual stock trading</a> in the past and remained one of the most active members of Congress buying and selling stocks and options.
A recent filing showed Tuberville buying stock in regional bank Southern States Bancshares Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SSBK#NASDAQ">SSBK</a>). The CEO of the company is a donor to Tuberville's senate campaign.
A&nbsp;<a href="https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9#sen-tommy-tuberville-a-republican-from-alabama-2" target="_blank" rel="noreferrer noopener">report&nbsp;</a>from Business Insider said Tuberville was late in disclosing around 130 stock trades from January to May 2021.
A <a href="https://www.nytimes.com/interactive/2022/09/13/us/politics/congress-stock-trading-investigation.html" target="_blank" rel="noreferrer noopener">report </a>from the New York Times highlighted Tuberville bought or sold stock and options in 17 companies that had business in front of Senate committees on which he served.
Read More: <a href="https://www.benzinga.com/general/education/24/03/37549908/dartmouth-basketball-team-may-change-the-ncaa-forever-this-will-absolutely-kill-college-sports-">Dartmouth Basketball Team May Change The NCAA Forever: &#8216;This Will Absolutely Kill College Sports&#8217; Senator Says</a>
Tuberville&#8217;s Congress Trades: Tuberville is no stranger to <a href="https://www.benzinga.com/topic/tommy-tuberville">buying and selling stocks</a> while a member of Congress. The senator is one of the most active traders and buys and sells options sometimes, as per his disclosures.
The senator recently <a href="https://www.benzinga.com/gov-trades/members/tommy-tuberville">disclosed </a>several stock transactions, which included buying $15,000 to $50,000 in shares of Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARAA#NASDAQ">PARAA</a>) and buying $15,000 to $50,000 in shares of Walgreens Boots Alliance (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>).
Tuberville also disclosed selling shares of Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), JPMorgan Chase &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), CSX Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>) and Texas Instruments Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>).
Related Link: <a href="https://www.benzinga.com/general/politics/24/01/36459015/10-best-stock-traders-in-congress-in-2023-spoiler-nancy-pelosi-is-back-on-the-list">10 Best Stock Traders In Congress In 2023 (Spoiler: Nancy Pelosi Has Reentered The Chat)</a>
Photo: Shutterstock

Government

Options

Politics

ADBE

AMAT

HUMA

PARA

PARAA

QCOM

SSBK

Tommy Tuberville Trades Raise Eyebrows Again: Senator Sells Put Options, Buys Small Biotech Linked To Ukraine-Russia War

With <a href="https://www.benzinga.com/news/earnings/earnings-beats/24/04/38220176/major-us-banks-top-q1-earnings-estimates-as-high-interest-rates-offer-tailwinds-indi">big bank earnings now in the rearview mirror,</a> CNCB Mad Money host and stock picker Jim Cramer on Wednesday weighed in on which of them impressed him the most.
What Happened: Cramer was impressed with the earnings reports of Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>). He added the name of Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) in the same breath.
Cramer premised his picks based on the fee income these banks generated rather than on the net interest income. Fees include income generated from equity and debt underwriting, as well as advisory and asset &amp; wealth management fees. Net interest income, on the other hand, is the difference between the money the banking operation receives on the loans it extends and the money it owes to its depositors.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">When you read through all the big bank quarters so far you like GS and MS so much because of the fees, not the net interest income. Same with Wells Fargo, which had a very good quarter. Big boost in fees
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1780505158616588775?ref_src=twsrc%5Etfw">April 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/money/best-bank-stocks">Best Bank Stocks</a>
Why It&#8217;s Important: The Fed funds rate, which is used as a benchmark to fix various interest rates, is now at a 22-year high of 5.25%-5.50%. This is positive for the net interest income of banks.
The net interest income&#8217;s health also hinges on the provisioning a company sets aside for credit losses. 
For Goldman, which reported a stellar quarter, non-interest revenue rose 21% year-over-year and 26% quarter-over-quarter. Net interest income, meanwhile, was down 10% year-over-year and up 20% sequentially.
JPMorgan Chase &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), <a href="https://www.benzinga.com/news/earnings/24/04/38219142/whats-going-on-with-jpmorgan-shares-today">which did not appease the Street with its earnings,</a> did report a double beat. Much of the upside was from higher interest income, facilitated by higher rates and larger loan balances stemming from its First Republic Bank takeover.
After taking a dovish stance immediately after the March Federal Open Market Committee meeting, Jerome Powell has reverted to his hawkish stance. In a speech on Tuesday, he said the restrictive rates should persist as long as the inflation remained above the 2% upper ceiling set by the central bank.
The futures market, however, is pricing in a 67.3% possibility of a rate cut in the September meeting.
The iShares U.S. Financials ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) ended Tuesday&#8217;s session down 0.68% at $88.39, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>
Read Next: <a href="https://www.benzinga.com/news/earnings/24/04/38280369/financial-stocks-fall-after-earnings-major-banks-notch-4-day-losing-streak-regional-banks-hit-lowes">Financial Stocks Fall After Earnings, Major Banks Notch 4-Day Losing Streak: Regional Banks Hit Lowest Level Since Late 2023</a>
Image Via Shutterstock

Markets

iShares Dow Jones US Financial Sector Index Fund

Jim Cramer Says He Likes Earnings From These Big Banks 'So Much' — Here's Why

Investors with a lot of money to spend have taken a bearish stance on JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with JPM, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 13 uncommon options trades for JPMorgan Chase.
This isn't normal.
The overall sentiment of these big-money traders is split between 46% bullish and 53%, bearish.
Out of all of the special options we uncovered, 8 are puts, for a total amount of $463,034, and 5 are calls, for a total amount of $720,230.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $180.0 to $195.0 for JPMorgan Chase over the recent three months. 
<h3>Insights into Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of JPMorgan Chase stands at 2012.4, with a total volume reaching 6,737.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in JPMorgan Chase, situated within the strike price corridor from $180.0 to $195.0, throughout the last 30 days.
<h3>JPMorgan Chase Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713275188_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>JPM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/26/24</td>
<td>$4.35</td>
<td>$4.3</td>
<td>$4.33</td>
<td>$180.00</td>
<td>$217.3K</td>
<td>135</td>
<td>1.0K</td>
</tr>
<tr>
<td>JPM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/26/24</td>
<td>$4.45</td>
<td>$4.35</td>
<td>$4.35</td>
<td>$180.00</td>
<td>$216.6K</td>
<td>135</td>
<td>10</td>
</tr>
<tr>
<td>JPM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/26/24</td>
<td>$4.25</td>
<td>$4.2</td>
<td>$4.2</td>
<td>$180.00</td>
<td>$210.0K</td>
<td>135</td>
<td>4.1K</td>
</tr>
<tr>
<td>JPM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$13.8</td>
<td>$12.45</td>
<td>$12.85</td>
<td>$195.00</td>
<td>$77.1K</td>
<td>2.6K</td>
<td>0</td>
</tr>
<tr>
<td>JPM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/19/24</td>
<td>$8.95</td>
<td>$8.85</td>
<td>$8.86</td>
<td>$185.00</td>
<td>$75.2K</td>
<td>1.8K</td>
<td>432</td>
</tr>
</tbody>
</table>

<h3>About JPMorgan Chase</h3>
JPMorgan Chase is one of the largest and most complex financial institutions in the United States, with nearly $3.9 trillion in assets. It is organized into four major segments--consumer and community banking, corporate and investment banking, commercial banking, and asset and wealth management. JPMorgan operates, and is subject to regulation, in multiple countries.
Following our analysis of the options activities associated with JPMorgan Chase, we pivot to a closer look at the company's own performance.
<h3>Current Position of JPMorgan Chase</h3>
<ul>
<li>With a volume of 288,737, the price of JPM is down -0.17% at $182.58. </li>
<li>RSI indicators hint that the underlying stock may be approaching oversold.</li>
<li>Next earnings are expected to be released in 87 days.</li>
</ul>
<h3>Professional Analyst Ratings for JPMorgan Chase</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $216.2.
<ul>
<li>An analyst from Wells Fargo has decided to maintain their Overweight rating on JPMorgan Chase, which currently sits at a price target of $220. </li>
<li>An analyst from Oppenheimer has decided to maintain their Outperform rating on JPMorgan Chase, which currently sits at a price target of $219. </li>
<li>An analyst from Jefferies persists with their Buy rating on JPMorgan Chase, maintaining a target price of $228. </li>
<li>An analyst from Keefe, Bruyette &amp; Woods persists with their Market Perform rating on JPMorgan Chase, maintaining a target price of $195. </li>
<li>Consistent in their evaluation, an analyst from UBS keeps a Buy rating on JPMorgan Chase with a target price of $219. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest JPMorgan Chase options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Looking At JPMorgan Chase's Recent Unusual Options Activity

UBS analyst Erika Najarian maintains JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) with a Buy and lowers the price target from $226 to $219.

Price Target

Analyst Ratings

UBS Maintains Buy on JPMorgan Chase, Lowers Price Target to $219

Morgan Stanley analyst Betsy Graseck maintains JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) with a Overweight and lowers the price target from $221 to $216.

Morgan Stanley Maintains Overweight on JPMorgan Chase, Lowers Price Target to $216

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) <a href="https://www.benzinga.com/topic/jamie-dimon">CEO Jamie Dimon</a>'s annual shareholder letter is a moment investors await to understand the thinking of one of the world's most influential bankers.
While there has been speculation of Dimon entering politics, with him even gaining the support of billionaire hedge fund manager Bill Ackman to run for president, JP Morgan shared in a statement that "Jamie has no plans to run for office" and that "he is very happy in his current role."
That has not stopped him from occasionally wading into politics, as was evident in his most recent shareholder letter.
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In a section discussing political polarization and geopolitical events, Dimon warned that "recent events may very well be creating risks that could eclipse anything since World War II."
Tesla Inc. CEO Elon Musk agreed with the assessment, reposting on X a story highlighting Dimon's concerns regarding polarization and Musk simply adding, "Yes."
As the stock market continues to set new highs, Dimon believes investors are not appropriately pricing risks and says he remains "cautious" in the environment.
He pointed out concern that markets "seem to be pricing in at a 70% to 80% chance of a soft landing" modest growth along with declining inflation and interest rates" while he believes "the odds are a lot lower than that."
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Dimon's caution has proved wise in the past. In his 2008 shareholder letter during The Great Recession, he pointed out that "throughout this financial crisis, we have benefited from a fortress balance sheet" at a time when many of JPMorgan's competitors were forced into bankruptcy.
While Musk and Dimon have found agreement on the issue of political polarization, the performance of their companies has recently diverged.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock is down over 30% year to date while <a href="https://www.benzinga.com/quote/JPM">JPMorgan has seen its stock appreciate over 15%</a>.
Ironically, Musk's political polarization might be repelling some customers from the controversial billionaire's company.
Ross Gerber, an early investor in Tesla, has recently voiced his frustration with Musk, saying that Tesla investors "have had enough" and that "Tesla can't sell its cars due to Elon's behavior."
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Elon Musk Agrees With Jamie Dimon's Warning Of Political Polarization 'Creating Risks That Could Eclipse Anything Since World War II'

The first quarter reports officially kicked off with bank earnings, as usual. On Friday, Wells Fargo &amp; Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>), JPMorgan Chase &amp; Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) and Citigroup Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) opened the season, reporting strong results. On Monday, they were joined by The Goldman Sachs Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>) who also posted better than expected earnings due to a rebound in global M&amp;A activity that fueled revenue for its biggest division.
Wells Fargo topped estimates with first quarter profit.
Wells Fargo reported revenue rose less than 1% YoY to $20.86 billion, but still topped FactSet&rsquo;s estimates of $20.2 billion. On the other hand, its net income declined 7% YoY to $4.62 billion or $1.20 per share, but also still surpassed analyst estimates of&nbsp;$1.06.&nbsp;Adjusted profit of $1.26 per share&nbsp;also surpassed LSEG&rsquo;s estimate of&nbsp;$1.11. However, Wells Fargo&rsquo;s legal problem is still pending as at the end of February, the bank that&nbsp;spent years trying to extricate itself from its fake accounts scandal, got sued for not doing enough to help harmed customers.
JPMorgan Chase surpassed earnings estimates, but one of its key profit metrics declined on a sequential basis.
For the first quarter,&nbsp;JPMorgan reported revenue rose&nbsp;8% to $42.55 billion, surpassing LSEG&rsquo;s estimate of&nbsp;$41.85 billion&nbsp;as interest income&nbsp;rose on the back of&nbsp;higher rates and larger loan balances.
Thanks to its&nbsp;takeover of First Republic, JPMorgan recorded a&nbsp;profit rise of&nbsp;6%&nbsp;as earnings amounted to&nbsp;$13.42 billion, or $4.44 per share, surpassing LSEG&rsquo;s estimate of&nbsp;$4.11.&nbsp;Although&nbsp;JPMorgan Chase reported&nbsp;net interest income rose 11% to $23.2 billion,&nbsp;it also contracted&nbsp;4% on a sequential basis&nbsp;due to margin compression and lower deposit balances.
Citigroup wrapped up its organizational simplification&nbsp;and started 2024 on a good note.
For the first quarter, Citigroup posted revenue dropped 2% YoY to&nbsp;$21.1 billion,&nbsp;surpassing&nbsp;Fact Set&rsquo;s estimate of $20.4 billion. Revenue contracted mostly as the result of last year&rsquo;s sale of the overseas division. Due to higher expenses and credit costs,&nbsp;profit&nbsp;also contracted&nbsp;27%&nbsp;YoY&nbsp;$3.37 billion, or $1.58 a share. Excluding restructuring costs and other one-time items, adjusted earnings amounted to&nbsp;$1.86 per share,&nbsp;also surpassing LSEG&rsquo;s estimate of&nbsp;$1.23. Most importantly, Citiroup finalized its organizational simplification last month and is now operating under a&nbsp;cleaner management structure.
Goldman Sachs delivered better-than expected results after a challenging year.
For the first quarter, Goldman Sachs reported revenues rose 16.3% to $14.21 billion, surpassing Wall Street&rsquo;s forecasts of&nbsp;$12.92 billion&nbsp;as investment banking fees rose&nbsp;32%. The&nbsp;Global Banking &amp; Markets division&nbsp;that covers&nbsp;fixed-income&nbsp;trading and M&amp;A activity,&nbsp;reported a&nbsp;revenue rise&nbsp;of&nbsp;15%, bringing&nbsp;as much as&nbsp;$9.73 billion&nbsp;to the revenue table. According to LSEG data, overall deal volumes&nbsp;of global M&amp;A activity&nbsp;rose&nbsp;30%&nbsp;YoY during the quarter to&nbsp;just over $755 billion.&nbsp;Profits rose&nbsp;28%&nbsp;as net income&nbsp;amounted to&nbsp;$4.1 billion or $11.58 per share, also surpassing FactSet&#39;s&nbsp;expectation of&nbsp;$8.56 per share.
With the first quarter results, banks kicked off 2024 with some much-needed momentum fueled by&nbsp;a&nbsp;still-buoyant U.S. economy. But the banking giants also provided a conservative guidance with banking executives emphasizing the uncertainty that lies ahead from macroeconomic, geopolitical, structural, and regulatory challenges despite improved conditions.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

First Quarter Bank Earnings Brought The Revival That Wall Street Needed

Piper Sandler analyst Scott Siefers maintains JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) with a Overweight and lowers the price target from $220 to $215.

Piper Sandler Maintains Overweight on JPMorgan Chase, Lowers Price Target to $215

JPMorgan Chase &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) reported better-than-expected <a href="https://www.benzinga.com/news/24/04/38221581/jpmorgans-q1-earnings-top-on-high-rates-loans-ib">first-quarter earnings on Friday.</a>.
Net revenue (managed) of $42.5 billion (+8% Y/Y), beating the consensus of $41.8 billion. Excluding an item resulted in an increase of $550 million (after tax) to reported net income from $13.4 billion to $14.0 billion and an increase of $0.19 per share to reported EPS from $4.44 to $4.63. EPS was $4.44, beating the consensus of $4.15, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
Average loans were up 16%, or up 3%, excluding First Republic; average deposits were up 2%, or flat excluding First Republic. 
Investment Banking fees were up 21% Y/Y, led by higher debt and equity underwriting fees. Asset and Wealth Management revenue was $5.1 billion (+7% Y/Y), and Corporate revenue stood at $2.2 billion in the quarter.
Jamie Dimon, Chairman and CEO, said, &ldquo;Many economic indicators continue to be favorable.However, looking ahead, we remain alert to a number of significant uncertain forces. First, the global landscape is unsettling &ndash; terrible wars and violence continue to cause suffering, and geopolitical tensions are growing. Second, there seems to be a large number of persistent inflationary pressures, which may likely continue.&rdquo;
JPMorgan Chase shares fell 6.5% to close at $182.79 on Friday.
These analysts made changes to their price targets on JPMorgan following earnings announcement.
<ul>
<li>Oppenheimer cut the price target on JPMorgan from $219 to $217. Oppenheimer analyst Chris Kotowski maintained an Outperform rating.</li>
<li>BMO Capital slashed the price target on JPMorgan from $196 to $195. BMO Capital analyst James Fotheringham maintained a Market Perform rating.</li>
</ul>
&nbsp;
Read This Next: <a href="https://www.benzinga.com/news/24/04/38246048/top-3-industrials-stocks-that-may-fall-off-a-cliff-in-q2"> Top 3 Industrials Stocks That May Fall Off A Cliff In Q2</a>

Earnings

JPMorgan Analysts Slash Their Forecasts After Q1 Results

BMO Capital analyst James Fotheringham maintains JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) with a Market Perform and lowers the price target from $196 to $195.

BMO Capital Maintains Market Perform on JPMorgan Chase, Lowers Price Target to $195

On Monday,&nbsp;Goldman Sachs Group Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)&nbsp;<a target="_blank" href="https://www.goldmansachs.com/media-relations/press-releases/2024/2024-04-15-q1-results.html" rel="noreferrer noopener">reported</a>&nbsp;revenue of $14.21 billion for the first quarter of 2024, beating the consensus of $12.92 billion. Sales increased 16% year over year, reflecting higher net revenues across all segments.
Global Banking &amp; Markets were $9.73 billion, up 15% Y/Y, boosted by a 32% increase in investment banking fees to $2.08 billion, primarily driven by an increase in completed mergers and acquisitions transactions and initial public and secondary offerings.
Like&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38219142/whats-going-on-with-jpmorgan-shares-today" rel="noreferrer noopener">JPMorgan Chase &amp; Co</a>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) and&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38219555/citigroups-q1-revenue-dips-slightly-but-investment-banking-and-personal-finance-shine" rel="noreferrer noopener">Citigroup Inc</a>&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs reported strong trading and investment banking results for the first quarter, benefiting from improved market conditions.&nbsp;
Unlike its more diversified competitors, CNBC&nbsp;<a target="_blank" href="https://www.cnbc.com/2024/04/15/goldman-sachs-gs-earnings-q1-2024.html" rel="noreferrer noopener">noted</a>&nbsp;that Goldman primarily relies on Wall Street activities for revenue, which can result in significant returns during market booms and underperformance during downturns.&nbsp;
Having shifted focus away from retail banking, Goldman now prioritizes growth in its asset and wealth management division.
Asset &amp; Wealth Management was $3.79 billion for the first quarter of 2024, 18% higher than the first quarter of 2023.
Net revenues in Fixed Income, Currency, and Commodities (FICC) were $4.32 billion, 10% higher than the first quarter of 2023, primarily reflecting significantly higher net revenues in FICC financing, driven by mortgages and structured lending.
The U.S. financial services giant reported EPS of $11.58, beating the consensus of $8.60.
Goldman Sachs reported a 28% increase in profit to $4.13 billion.
&#8220;Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs. We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders,&#8221;&nbsp;<a target="_blank" href="https://www.goldmansachs.com/media-relations/press-releases/2024/2024-04-15-q1-results.html" rel="noreferrer noopener">said</a>&nbsp;David Solomon, Chairman and CEO.
Provision for credit losses was $318 million for the first quarter of 2024, compared with a net benefit of $171 million a year ago, reflecting net provisions related to both the credit card portfolio and wholesale loans.
Price Action: GS shares are up 4.04% at $405.24 during the premarket session on the last check Monday.
Photo via Shutterstock

Goldman Sachs Sees Resurgence In Debt Underwriting And Deal Activity, Q1 Profit Jumps 28%

The stock market has now fallen for another week, and that decline sped up a bit as shares of Nvidia's stock fell 10% on Friday. Remember, last week, it was JPMorgan that posted a tear drop decline after it reported earnings.

The Nasdaq Plummets As Market Leader Nvidia Drops 10%

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The financial sector has a complex relationship with interest rates. This makes the weakening prospect of United States Federal Reserve rate cuts a prospective opportunity for investors buying the stocks of leading domestic banks.&nbsp;



Recent figures from the U.S. Labor Department showed that the <a href="https://www.bbc.co.uk/news/business-68781482">Consumer Price Index (CPI) grew 3.5%</a> over the 12 months. This led to March, outpacing both expectations and the 3.2% rate of inflation recorded in February.&nbsp;



The rising price of both essentials and luxuries like fuel, housing, clothing, and dining out has hit consumers hard. The increase came in slightly above the 3.4% expected. This presents a significant problem in the ongoing battle to slow the effects of inflation.&nbsp;



Analysts have warned that these confounding figures are likely to mean that the Fed is less likely to lower interest rates in the foreseeable future. This means that consumers will have to live with high-for-longer rates.&nbsp;



While high interest rates are generally bad for Wall Street, the <a href="https://www.investopedia.com/articles/investing/052814/these-sectors-benefit-rising-interest-rates.asp#:~:text=With%20profit%20margins%20that%20actually,also%20impact%20banking%20sector%20performance.">financial sector generally performs well</a> when rates are higher. Stocks pertaining to banks, insurance firms, brokerage firms, and wealth managers can outperform the wider market. This is due to the higher cost of borrowing and rate of returns that can be offered for savings accounts.&nbsp;



This means that banking stocks may be a solid option should the Fed refrain from making cuts in 2024. Should this scenario play out, the following three stocks may offer exceptional value:&nbsp;



<h2>Stocks to Buy if Interest Rates Stay Put: Goldman Sachs (GS)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/09/gs1600-300x169.png" alt="In this photo illustration the Goldman Sachs Group (GS) logo displayed on a smartphone screen and a stock market graph in the background"><div>Source: rafapress / Shutterstock.com</div></div>One of the most impressive performers from the financial sector so far in 2024 is Goldman Sachs (NYSE:<a href="https://investorplace.com/stock-quotes/gs-stock-quote/">GS</a>). The stock has experienced steady growth following a 28% jump in profits for the first quarter of 2024.&nbsp;



The stock posted 7.5% growth in Q1 2024 and posted <a href="https://www.theguardian.com/business/live/2024/apr/15/financial-markets-nervous-middle-east-tensions-oil-price-falls-business-live?filterKeyEvents=false&amp;page=with:block-661d0ff88f0886af8e3037f4#block-661d0ff88f0886af8e3037f4">net earnings of $4.13 billion</a> for the quarter. This represents a strong increase one the $3.23 billion reported one year prior.&nbsp;



Earnings per share also climbed to $11.58. This represnets a rise of nearly one-third from $8.79 in the first quarter of 2023.&nbsp;



What&rsquo;s driving this outperformance? The primary cause of Goldman&rsquo;s impressive growth stems from investment banking fees, its fixed income, currency, and commodities arm, and its equities division.&nbsp;



Although shifting expectations over the investment landscape are likely to bring some volatility to some of Goldman&rsquo;s products, the firm&rsquo;s Marcus savings account, which is designed to offer no fees on savings accounts and certificates of deposit (CDs) and <a href="https://www.forbes.com/advisor/banking/marcus-by-goldman-sachs-review/">yields of 4.4%</a> could help the stock to thrive as more investors look to protect their wealth in inflation-beating accounts.&nbsp;



Backed by impressive earnings and a solid product, Goldman Sachs is likely to continue its outperformance on Wall Street. This is true even if the Federal Reserve decides against rate cuts in 2024.&nbsp;



<h2>JPMorgan Chase (JPM)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/jpm-stock-1-300x169.jpg" alt="JPM stock: the JPMorgan logo on top of a building"><div>Source: Shutterstock</div></div>Another stock that&rsquo;s posted some impressive growth on Wall Street in Q1 2024 is JPMorgan Chase (NYSE:<a href="https://investorplace.com/stock-quotes/jpm-stock-quote/">JPM</a>).&nbsp;



The stock accelerated to 16.4% growth in the first quarter. This was before a more uncertain outlook delivered a market correction at the beginning of Q2.&nbsp;



The bank also posted impressive increases in net income for the first quarter. They had $13.4 billion arriving at a growth rate of 6% from Q1 2023.



So what caused the stock&rsquo;s recent decline on Wall Street? According to JPMorgan&rsquo;s guidance for net interest income, the firm&rsquo;s earnings from the current high-interest environment were underwhelming for investors. As a result, the stock fell 6.5% in one day, representing its <a href="https://www.ft.com/content/9270b202-a92d-438d-920d-31c1273c0b2a">biggest daily dip</a> since June 2020.&nbsp;



While these net interest income figures are certainly a cause for concern at a time when it should be a leading driver of growth, the changing expectations for Federal Reserve rate cuts are likely to see more investors flow back into high-interest savings accounts in greater volumes as confounding inflation figures continue to impact Wall Street investing. In this case, JPMorgan serves as an excellent opportunity for investors to buy the stock, which has posted strong growth of 60% over the past five years, at a credible discount.&nbsp;



<h2>Bank of America (BAC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/09/bac1600d-300x169.jpg" alt="A photo of the Bank of America (BAC) logo in neon red and blue on a tan wall."><div>Source: Tero Vesalainen / Shutterstock.com</div></div>We can see another mixed outlook that could be boosted by the high interest rate climate for Bank of America (NYSE:<a href="https://investorplace.com/stock-quotes/bac-stock-quote/">BAC</a>).&nbsp;



The bank reported a <a href="https://www.financialexpress.com/business/investing-abroad-bank-of-america-profit-drops-as-provisions-rise-but-beats-estimates-on-investment-banking-surge-3458860/">decline in profit</a> for the first quarter of 2024 due to the lender allocating more money to cover souring loans, but overall BOA managed to exceed estimates thanks to its growing investment banking fees.&nbsp;



These fees have been down to the relative strength of the US economy, as well as strong equities and a series of large-scale deals that have improved optimism for an overall revival in dealmaking.&nbsp;



Bank of America managed to post double-digit growth on Wall Street in Q1 2024 and appears well-positioned to continue performing well as higher-for-longer interest rates appear increasingly likely.&nbsp;



According to its first quarter performance, net interest income for Bank of America, which counts the money earned from loans and investments and what&rsquo;s paid to customers for their deposits, was $14.19 billion, weighing in at <a href="https://www.cnbc.com/2024/04/16/bank-of-america-bac-earnings-q1-2024.html">above estimates of $13.93bn</a>.&nbsp;



This positive could form a strong platform for further interest-focused profits as higher-for-longer rates continue throughout the year and is certainly a bank that&rsquo;s worth tracking as CPI continues to confound expectations.



On the date of publication, Dmytro Spilka did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Dmytro is a finance and investing writer based in London. He is also the founder of Solvid, Pridicto and Coinprompter. His work has been published in Nasdaq, Kiplinger, FXStreet, Entrepreneur, VentureBeat and InvestmentWeek.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/beating-the-fed-3-must-own-stocks-if-interest-rates-stay-put-in-2024/">Beating the Fed: 3 Must-Own Stocks if Interest Rates Stay Put in 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

Beating the Fed: 3 Must-Own Stocks if Interest Rates Stay Put in 2024

Forget Big Tech Earnings, Buy Income Instead

JPMorgan Leads All Banks In AI World

These are the 3 Best Blue-Chip stocks to buy in April 2024, as per Wall Street analysts. Blue-chip stocks are associated with very large, well-esta...

3 Best Blue-Chip Stocks to Buy in April 2024, According to Analysts

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
After Friday&rsquo;s &ldquo;halving&rdquo; event, which cut Bitcoin&nbsp;(<a href="https://investorplace.com/cryptocurrency/btc-usd/">BTC-USD</a>) block rewards from 6.25 bitcoins to 3.125 bitcoins, miners are even more important to the cryptocurrency ecosystem.



The three miners we&rsquo;ll explore are looking to improve their efficiency by updating their all-in sustaining costs (AISCs) and optimizing their firmware; they also come with upside potential going up to 127%. Under the new reward system, raising the hash rate per unit of energy can increase your profits.



Due to the lower profit margin, bigger mining companies may buy smaller ones that are having trouble. Adam Sullivan, CEO of Core Scientific (NASDAQ:<a href="https://investorplace.com/stock-quotes/corz-stock-quote/">CORZ</a>), believes that capital is very important after halving.



So, the fact that a NASDAQ-listed company bought over 166,400 high-efficiency miners shows that it is growing quickly and has substantial capital to expand further is worth noting. 



Other big players were able to triple Bitcoin production year over year thanks to their operations and capacity. One miner boosted cash 138% in the runup to the fourth Bitcoin halving.



A third NASDAQ-listed company puts money into data centers and mining that use artificial intelligence (AI). This plan looked ahead to tech trends and got the company ready for changes in the Bitcoin mining economy.



Let&rsquo;s dive in!



<h2>Riot Platforms (RIOT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/07/riot1600-300x169.png" alt="In this photo illustration, the Riot Platforms (RIOT) logo is displayed on a smartphone screen."><div>Source: rafapress / Shutterstock.com</div></div>Riot Platforms (NASDAQ:<a href="https://investorplace.com/stock-quotes/riot-stock-quote/">RIOT</a>) is making major progress in growing its Bitcoin mining capacity. With the halving in the books, as JPMorgan Chase (NYSE:<a href="https://investorplace.com/stock-quotes/jpm-stock-quote/">JPM</a>) suggests, it&rsquo;s one of the best Bitcoin miners for any portfolio.<a href="https://www.tipranks.com/stocks/riot/forecast"> With potential upside of 115%</a>, who can disagree? 



In order to improve its mining operations, Riot has placed many orders with MicroBT. 33,280 immersion miners and <a href="https://www.riotplatforms.com/riot-announces-february-2024-production-and-operations-updates/">an extra 66,560 miners</a> have just been acquired, and a further 66,560 machines may be purchased in the future. By 2025, these acquisitions are expected to significantly increase Riot&rsquo;s overall mining hash rate capacity.



One of Riot&rsquo;s main tenets is to bring the production of these miners domestically to a MicroBT factory in Pennsylvania. 



Riot&rsquo;s hash rate capability is anticipated to increase <a href="https://www.riotplatforms.com/riot-announces-march-2024-production-and-operations-updates/">to around 41 exahashes per second</a> (EH/s) by the end of 2025 after the recently acquired miners are deployed. 



In terms of building new infrastructure, Riot is currently working on the <a href="https://www.riotplatforms.com/riot-energizes-new-corsicana-facility-in-navarro-county-texas/">Corsicana facility</a> in Texas. When it&rsquo;s done, it will be able to mine 1 gigawatt (GW). About 400 megawatts (MW) of the first part should come online slowly by the end of 2024.



Finally, Riot has about $1.3 billion in cash and unencumbered Bitcoin as of March 2024, enough to aggressively expand post the halving. 



<h2>Marathon Digital Holdings (MARA)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/02/mara1600-2-300x169.png" alt="In this photo illustration, the Marathon Digital Holdings (MARA) logo seen displayed on a smartphone screen"><div>Source: rafapress / Shutterstock.com</div></div>Marathon Digital Holdings (NASDAQ:<a href="https://investorplace.com/stock-quotes/mara-stock-quote/">MARA</a>) mined 12,852 Bitcoins in 2023 versus 4,144 in 2022, showing its efficiency and readiness for the fourth Bitcoin halving. Operational capacity and mining efficiency increased production by 210% yearly.



The average daily Bitcoin output of miners rose from 11.4 in 2022 to 35.2 in 2023. Marathon&rsquo;s cash rose 138% to $318.9 million in January 2024 from $133.8 million in 2023, boosting strategic reserves for future operations and expansions.



Effective mining and treasury management increased the company&rsquo;s unconstrained Bitcoin holdings 95% to 15,741 in January 2024 from 8,091 in 2023.



Marathon invested $87.3 million in a <a href="https://www.globenewswire.com/news-release/2024/03/15/2847040/0/en/Marathon-Digital-Holdings-Enters-Definitive-Agreement-To-Acquire-200-Megawatt-Bitcoin-Mining-Data-Center-Adjacent-to-a-Wind-Farm.html">200-MW Bitcoin data center</a>. The purchase reduces coin mining costs by 20% and increases site capacity to 200 MW, and operating capacity to 1.1 gigawatts across several sites.



Marathon&rsquo;s installed hash rate rose <a href="https://ir.mara.com/news-events/press-releases/detail/1337/marathon-digital-holdings-announces-bitcoin-production-and">from 23.8 to 24.7 EH/s</a> between December 2022 and 2023. Since activating more miners, including over 9,000 in Texas, their fleet efficiency and production have increased. McCamey, TX had 90% operating hash in November 2023 and 92% in December 2023. This helped the fleet average 19.4 EH/s operational hash annually.



Marathon relies on Bitcoin pricing, so market gains boost revenue. In early 2024, Bitcoin prices increased Marathon&rsquo;s operational margins and earnings. MARA should benefit greatly from Bitcoin price increases post-halving, hence a <a href="https://www.tipranks.com/stocks/mara/forecast">projected upside</a> of 36%.



<h2>HIVE Digital Technologies (HIVE)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/05/hive-1600-300x169.png" alt="HIVE Blockchain Technologies logo over a map of the world. HIVE stock."><div>Source: karnoff / Shutterstock</div></div>Hive Blockchain Technologies, rebranded as HIVE Digital Technologies (NASDAQ:<a href="https://investorplace.com/stock-quotes/hive-stock-quote/">HIVE</a>), will give investors a degree of diversification since the company is now also focusing on <a href="https://hivedigitaltechnologies.com/medias/uploads/2023-12-31_HIVE_MDA_FINAL.pdf">AI-focused high-performance computing data centers</a> as well. 



It comes at a good time. Bernstein believes companies with nimble financial management will do well post-halving but <a href="https://www.coindesk.com/business/2024/04/22/bitcoin-miners-may-shift-focus-to-ai-after-halving-coinshares-says/">diversifying into AI</a> will also remain key. 



Keeping an eye on Bitcoin, HIVE produced 200 <a href="https://hivedigitaltechnologies.com/news/hive-digital-announces-bitcoin-production-and-hodl-growth-in-february-2024-to-2131-bitcoins/">and possessed 2,131 Bitcoins</a> in February 2024. Meanwhile, HIVE bought <a href="https://hivedigitaltechnologies.com/news/hive-announces-purchase-of-1000-new-energy-efficient-bitmain-s21-antminers-for-immediate-delivery-and-hodl-increase-to-2070-bitcoin/">1,000 more Bitmain S21 Antminers</a> to boost mining productivity. These new machines are part of an ongoing effort to increase their energy efficiency and hash rate, reducing the overall cost of producing Bitcoin and increasing gross mining margins.



Additionally, <a href="https://hivedigitaltechnologies.com/news/hive-digital-expands-global-presence-with-the-acquisition-of-data-center-facility-located-in-sweden/">the business is growing</a> its Icelandic, Swedish and Canadian green data center locations.



Analysts rate HIVE as a &ldquo;Moderate Buy&rdquo; based on three analyst ratings. The <a href="https://www.tipranks.com/stocks/hive/forecast">upside potential</a> is substantial at over 127%.



On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&amp;P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/halving-riches-the-top-3-bitcoin-miners-to-own-in-april/">Halving Riches: The Top 3 Bitcoin Miners to Own in April</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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Artificial intelligence (AI) may have been the name of the game for the past year or so, but it&rsquo;s not the only game in town. Wall Street has been watching other sectors for growth opportunities, particularly as valuations have gotten into the nose-bleed section.&nbsp;



As much of a rocketship as Nvidia (NASDAQ:<a href="https://investorplace.com/stock-quotes/nvda-stock-quote/">NVDA</a>) stock was, it was not cheap by any stretch. Even with shares in official correction territory and down 20% from their all-time high, the AI stock still goes for 65 times earnings, 32 times sales and 72 times the free cash flow it produces. That&rsquo;s hardly a bargain-basement valuation.



Because there are more fish to fry with potential big gains to be made, JPMorgan Chase (NYSE:<a href="https://investorplace.com/stock-quotes/jpm-stock-quote/">JPM</a>) analysts cast a wide net when looking for stocks to recommend. While investors always need to be careful when looking at analyst recommendations because their firms may have a financial interest in boosting a stock, here are three stocks the white shoe firm says can grow 53% or more over the next year.



<h2>Archer Aviation (ACHR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/10/achr1600-2-300x169.png" alt="Person holding cellphone with logo of American eVTOL aircraft company Archer Aviation Inc. (ACHR) on screen in front of webpage. Focus on phone display. Unmodified photo."><div>Source: T. Schneider / Shutterstock.com</div></div>The electric vertical takeoff and landing (eVTOL) industry hasn&rsquo;t even taxied onto the runway yet. Still, JPMorgan analyst Reginald Smith says Archer Aviation (NYSE:<a href="https://investorplace.com/stock-quotes/achr-stock-quote/">ACHR</a>) will be one of the companies that will help it take flight. The Wall Street Pro has a buy rating on the stock and set an $8 per share one-year price target. That implies a 118% upside over the next year and is worth looking at more closely.



Like fellow eVTOL stock Joby Aviation (NYSE:<a href="https://investorplace.com/stock-quotes/joby-stock-quote/">JOBY</a>), Archer is wending its way through the regulatory labyrinth the Federal Aviation Administration devised before it can get airborne. Archer says it is on track to launch its commercial robotaxi service after gaining flight certification next year.&nbsp;



The eVTOL has important industry backing from automakers, airlines, NASA, and the U.S. Air Force. Archer says it has an <a href="https://investorplace.com/2024/04/amc-archer-and-xpeng-the-trio-thats-got-wall-street-analysts-buzzing/">order book for 700 aircraft</a> once it receives FAA approval, the United Arab Emirates will let it launch its service once the FAA gives it the green light and Stellantis (NYSE:<a href="https://investorplace.com/stock-quotes/stla-stock-quote/">STLA</a>) is financing the construction of a state-of-the-art manufacturing facility.



Creating something out of nothing could be risky, but Archer Aviation stock could pay off handsomely for early investors.



<h2>Baidu (BIDU)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/bidu-stock-300x169.jpg" alt="A Baidu (BIDU) sign outside a company office in Shenzhen, China."><div>Source: StreetVJ / Shutterstock.com</div></div>Considering the rising trade and geopolitical tension between the U.S. and China, picking Chinese search engine Baidu (NASDAQ:<a href="https://investorplace.com/stock-quotes/bidu-stock-quote/">BIDU</a>) as a winning investment may seem counterintuitive for JPMorgan. Yet analyst Alex Yao has a buy rating and a $185 per share price target on the stock, suggesting a 91% upside potential.



Expecting a stock to double is not a rarity. Wall Street, though, tends to be a bit more timid in its outlook. Analysts often prefer singles and doubles rather than swinging for the fences, so let&rsquo;s see why Baidu earns such big marks.



AI is likely the reason behind this pick. Just as nascent technology is influencing everything stateside, so is it having an impact overseas. Baidu promises to infuse its services with AI at every turn and is already doing so by leaps and bounds. Co-founder and CEO Robin Li previously said AI will &ldquo;set the stage for sustained multi-year revenue and profit expansion within&rdquo; Baidu&rsquo;s Ernie ecosystem. Ernie is the company&rsquo;s version of ChatGPT. Ernie Bot has <a href="https://www.reuters.com/technology/baidu-says-ai-chatbot-ernie-bot-has-amassed-200-million-users-2024-04-16/">already attracted 200 million daily users</a>.



With the stock trading at 8 times next year&rsquo;s earnings and less than the cash it has in the bank, Baidu does seem cheaply valued.&nbsp;



<h2>RIOT Platforms (RIOT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2023/07/riot1600-300x169.png" alt="In this photo illustration, the Riot Platforms (RIOT) logo is displayed on a smartphone screen."><div>Source: rafapress / Shutterstock.com</div></div>Analyst Smith is also hyped about the potential RIOT Platforms (NASDAQ:<a href="https://investorplace.com/stock-quotes/riot-stock-quote/">RIOT</a>) can bring to the market. He recently tweaked his price target on the cryptocurrency miner, raising it by $1 to $16 per share. He also reiterated his outperform rating on the stock. That gives RIOT a 49% upside if his thesis plays out correctly.



Considering last week&rsquo;s Bitcoin (<a href="https://investorplace.com/cryptocurrency/usd-btc/">USD-BTC</a>) halving event, you would not expect him to be so confident. Miners will see their Bitcoin rewards cut in half. Instead of receiving the current 6.25 bitcoins per block, RIOT will only receive 3.125 bitcoins. Yet Smith was adamant.



&ldquo;$RIOT enjoyed lowest power costs per coin mined in 2023,&rdquo; he told investors in a <a href="https://invezz.com/news/2024/04/22/riot-stock-overweight-bitcoin-halving-2024/">research note</a>. &ldquo;Post-halving, we expect it to be [among] two lowest cost producers given its scale and attractive power contracts.&rdquo;



RIOT Platforms stock soared, rising 13% on the news. That&rsquo;s not nearly enough to wipe out the trading deficit it has racked up. Shares are down 50% from<a href="https://investorplace.com/cryptocurrency//"></a> their 52-week high. But if the JPMorgan analyst is right, the halving event could see RIOT stock achieving break-even status.



On the date of publication, Rich Duprey did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Rich Duprey has written about stocks and investing for the past 20 years. His articles have appeared on Nasdaq.com, The Motley Fool, and Yahoo! Finance, and he has been referenced by U.S. and international publications, including MarketWatch, Financial Times, Forbes, Fast Company, USA Today, Milwaukee Journal Sentinel, Cheddar News, The Boston Globe, L&rsquo;Express, and numerous other news outlets.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/jpmorgan-chase-says-buy-these-3-stocks-for-double-digit-returns/">JPMorgan Chase Says Buy These 3 Stocks for Double-Digit Returns</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

JPMorgan Chase Says Buy These 3 Stocks for Double-Digit Returns

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