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The Fund uses a passive management (or indexing) approach to track the performance, before fees and expenses, of the Index. The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80 percent of the Funds total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. Exchange Traded Concepts, LLC (ETC or the Adviser), the Funds investment adviser, expects that, over time, the correlation between the Funds performance and that of the Index, before fees and expenses, will be 95 percent or better.

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Shares of biotechnology company Moderna Inc (NASDAQ: MRNA) jumped 20% Monday on news that its mRNA-1273 coronavirus vaccine candidate is making positive progress.

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The Commodity Futures Trading Commission has issued a subpoena to cryptocurrency exchange&nbsp;Coinbase&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) regarding its association with the prediction platform Polymarket, according to a Thursday report.
What Happened: The CFTC is seeking &#8220;general customer information&#8221; related to Polymarket, a Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POL</a>)-based forecasting platform that is not legally permitted to offer its services in the U.S., Decrypt reported, citing a source familiar with the matter.
Additionally, Eric Conner, an angel investor and well-known Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) advocate, shared an email from Coinbase on X alerting users about the CFTC&#8217;s request. The email suggested that Coinbase &#8220;may be required to send information&#8221;&nbsp;to the CFTC, depending on&nbsp;legal proceedings&nbsp;that could occur within the&nbsp;next week.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Biden&#39;s CFTC is subpoenaing customer info from <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw">@coinbase</a> in their case against <a href="https://twitter.com/Polymarket?ref_src=twsrc%5Etfw">@Polymarket</a> <a href="https://t.co/YlCdUPwHs7">pic.twitter.com/YlCdUPwHs7</a>
&mdash; eric.eth (@econoar) <a href="https://twitter.com/econoar/status/1877127622137676224?ref_src=twsrc%5Etfw">January 8, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42890745/us-government-granted-permission-to-liquidate-65-billion-in-bitcoin-seized-from-silk-road-case-report">US Government Silk Road Bitcoin Holdings Drop To 0 Amid Report DOJ Approved To Sell $6.5 Billion Worth Of Crypto</a>
Coinbase and the CFTC didn&#8217;t immediately respond to Benzinga&#8217;s request for confirmation. The story will be updated when they respond.
A subpoena is a written order issued by a court, attorney, or administrative agency, asking an entity to appear in court or comply with other legal processes. A motion to quash may be made to request that a subpoena be rejected.
Why It Matters: Polymarket has been under scrutiny for some time now. The platform attracted eyeballs during the election season last year when several accounts operated by a single person placed huge wagers on Donald Trump, sparking manipulation fears.
CEO Shayne Coplan <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41553484/polymarket-ceo-shayne-coplan-defends-platform-calls-it-a-reality-check-amid-rising-scrutin">defended the platform</a> amid rising scrutiny, emphasizing its non-partisan nature and its role in providing unbiased, market-driven predictions. Notably, Coplan&#8217;s residence was <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41959476/fbi-raids-polymarket-ceo-over-crypto-betting-platforms-us-activities-he-fires-back-in-the-face-of-adversity-we-build">raided by the Federal Bureau of Investigation</a> after the election. 
The raid was part of a Justice Department investigation into allegations that Polymarket allowed U.S.-based users to place bets in violation of regulatory agreements. 
Price Action: Shares of Coinbase <a href="https://robinhood.com/us/en/stocks/COIN/">fell </a>0.43% in Robinhood&#8217;s overnight trading to $258.88.
Image via Flickr/ Ivan Radic
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Disclaimer:&nbsp;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.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

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

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COIN

Coinbase Subpoenaed Over Polymarket Involvement, Federal Agency Seeks Customer Information

Japanese semiconductor testing equipment maker Advantest Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ATEYY#OTC">ATEYY</a>) has emerged as a key beneficiary of the artificial intelligence boom, with its stock showing a remarkable 0.93 correlation coefficient with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) over the past three years, highlighting its strategic position in the AI chip supply chain.
What Happened: The company, which controls approximately 50% of the global chip testing market, has outpaced its primary competitor Teradyne Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>), which holds roughly 30% market share, <a href="https://asia.nikkei.com/Business/Tech/Semiconductors/This-rising-Japanese-chip-stock-has-a-close-correlation-with-Nvidia">reported</a> Nikkei Asia on Friday. This leadership position strengthened notably since 2022, coinciding with the surge in generative AI development.
In his 2025 New Year&#8217;s message, Advantest Group CEO Douglas Lefever emphasized the company&#8217;s growth trajectory, stating that &#8220;demand for AI chips will continue to increase&#8221; as semiconductor complexity rises. 
This outlook is supported by the company&#8217;s financial projections, with consolidated net profit expected to grow 96% to 122 billion yen ($813 million) for the fiscal year ending March 2025.
The company&#8217;s system-on-chip (SoC) testing equipment division, crucial for evaluating advanced AI processors, is forecasted to generate 324 billion yen ($2.1 billion) in sales, representing a 32% increase and accounting for over half of the projected consolidated revenue.
See Also: <a href="https://www.benzinga.com/markets/equities/25/01/42904377/tesla-bull-gary-black-warns-against-inflated-optimus-robot-assumptions-get-pounded-each-time-i-try-to-right-size-expectations">Tesla Bull Gary Black Warns Against Inflated Optimus Robot Assumptions: Get Pounded Each Time &#8216;I Try To Right-Size Expectations&#8217;</a>
Why It Matters: Advantest&#8217;s commitment to innovation is reflected in its R&amp;D spending, which reached 13% of sales in fiscal 2024, surpassing industry peers. The company&#8217;s R&amp;D efficiency ratio of 3.02 demonstrates strong returns on these investments.
While trading at over 60 times forward earnings, analysts remain bullish. &#8220;It is difficult to imagine a sudden drop in demand,&#8221; notes Shoichiro Kamisaki of Tokai Tokyo Intelligence Laboratory, though potential risks include U.S. restrictions on chip exports to China. 
However, Nomura Securities analyst Atsushi Yoshioka indicates the company&#8217;s relatively low exposure to the Chinese market mitigates these concerns, according to the report.
Price Action: Advantest Corp&#8217;s stock is trading at 10,390 Japanese Yen ($65.68) on Friday, marking a gain of 5.23% for the day. Over the past year, the stock has surged significantly, rising by 108.80%.
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</ul>
Image Via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

ATEYY

NVDA

Nvidia's AI Growth Boosts Advantest's Strategic Position In AI Chip Supply Chain, Stock Shows Strong Correlation With Jensen Huang-Led Tech Giant

Elon Musk, tech mogul and head of the incoming "Department of Government Efficiency," celebrated the surprising appearance of an iconic DOGE meme in the U.S. Senate on Thursday.
What happened: During a recent speech, Senator Joni Ernst (R-Iowa), chair of the Senate DOGE Caucus, placed a canvas of DOGE overtaking Washington, D.C., a variant of a meme that has gained cult status among Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) supporters.
The &#8220;DOGE Storm&#8221; as it&#8217;s popularly referred to, is used to indicate growing adoption and price rallies.
"So, I would invite anyone in this body, and everyone who may be watching at home who has ideas, to join this conversation and our movement—because DOGE is inevitable," Ernst said, emphasizing the importance of the newly established department.
Musk shared portions of the speech on X, using the U.S. national flag as an emoji.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f1fa;&#x1f1f8;&#x1f1fa;&#x1f1f8; <a href="https://t.co/Ry4Qye9t2Z">https://t.co/Ry4Qye9t2Z</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1877242474231427194?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote>
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See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42890745/us-government-granted-permission-to-liquidate-65-billion-in-bitcoin-seized-from-silk-road-case-report">US Government Silk Road Bitcoin Holdings Drop To 0 Amid Report DOJ Approved To Sell $6.5 Billion Worth Of Crypto</a>
Ernst will work with the so-called DOGE department, led by Musk and Republican politician Vivek Ramaswamy, to regulate <a href="https://www.benzinga.com/news/global/24/11/41927289/trump-appoints-elon-musk-and-vivek-ramaswamy-to-lead-doge-targeting-bureaucracy-and-65-trillion-federal-spending-we-will-not-go-gently">federal overspending</a> and reduce regulations.&nbsp;
Musk has been a <a href="https://www.benzinga.com/general/education/25/01/42794433/if-you-invested-1000-in-dogecoin-when-elon-musk-acquired-twitter-heres-how-much-youd-have-now">passionate supporter of the DOGE</a> meme coin, and the acronym for the upcoming government department reflects this affinity.
Price Action: Meanwhile, DOGE, the cryptocurrency, failed to lift on these developments. At the time of writing, it traded at $0.326, down 4.56% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Image Via Pixabay
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$DOGE

Elon Musk Cheers 'DOGE' Storm As Iconic Dogecoin Meme Associated With Department Of Government Efficiency Appears On Senate Floor

On Thursday, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk stirred controversy by hosting a live discussion on X with Alice Weidel, co-leader of Germany&#8217;s far-right Alternative für Deutschland (AfD) party.
What Happened: During the conversation, which lasted nearly 75 minutes, Musk expressed strong support for the AfD, stating that &#8220;only the AfD can save Germany.&#8221;
The duo covered various topics including illegal immigration, education, and immigration. Musk and Weidel shared similar views on reducing German bureaucracy and energy policy.
&#8220;Germany is the only industrial country that unplugged the nuclear power plant,&#8221; Weidel stated, adding, &#8220;You don&#8217;t need to be very smart to encounter that you cannot run an industrial country with just wind and solar.&#8221;
See Also: <a href="https://www.benzinga.com/25/01/42902095/elon-musk-linked-to-liverpool-purchase-will-billionaire-turn-back-on-manchester-united-buy-team-co-owned-by-lebron-james">Elon Musk&#8217;s Father Hints At Son&#8217;s Interest In Liverpool, But Will Billionaire Bypass Manchester United For LeBron&#8217;s Team?</a>
Musk immediately said that he is a &#8220;big fan of solar energy,&#8221; but agreed with Weidel&#8217;s point from Germany&#8217;s perspective saying, the solution must be multi-faceted. &#8220;I think it was tragic for Germany to shut down the nuclear power plant. They&#8217;re very well designed.&#8221;
The conversation also delved deeply into topics such as Douglas Adams, Schopenhauer, the meaning of life, and potential solutions to the Israel-Palestine conflict.
They also discussed the war in Ukraine, with Musk suggesting that President-elect Donald Trump could quickly resolve the conflict, though he was vague on specifics.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/wEGXEhT4ue">https://t.co/wEGXEhT4ue</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1877412961754501184?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote>
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AfD has been classified as a right-wing extremist party by the German intelligence, <a href="https://www.theguardian.com/technology/2025/jan/09/elon-musk-heaps-praise-on-afd-alice-weidel-during-live-talk-on-x">noted</a> The Guardian.
Why It Matters: Following his involvement in Trump&#8217;s <a href="https://www.benzinga.com/general/politics">election win</a>, Musk has been making headlines in European politics.
He faces allegations of <a href="https://www.benzinga.com/news/global/24/12/42732904/elon-musk-blasted-as-intrusive-and-presumptuous-for-trying-to-influence-german-elections-toward-far-right-party">attempting to influence</a> Germany&#8217;s upcoming election on Feb. 23. Friedrich Merz, leader of Germany's largest opposition party, previously criticized Musk's interference as "intrusive and presumptuous."
The tech mogul's influence on Europe's largest economy has surged, particularly with Tesla's Gigafactory in Grünheide, near Berlin. The upcoming election could impact policies that may benefit Tesla.
Tesla&#8217;s Gigafactory Berlin-Brandenburg, the only one of its kind in Europe, plays a critical role in the production of Model Y vehicles and battery systems. By November 2024, the factory had produced over 400,000 Model Y vehicles, which were delivered to 37 countries, alongside more than 500,000 drive units.
However, Musk&#8217;s political ambitions have extended beyond Germany. He has also <a href="https://www.benzinga.com/news/global/25/01/42756928/musks-political-ambitions-take-root-in-europe">voiced support</a> for Reform U.K., a British populist party led by Nigel Farage.
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<li><a href="https://www.benzinga.com/news/25/01/42900737/stephen-king-slams-elon-musks-h-1b-visa-stance-musk-thinks-smart-immigrants-can-stay-the-rest-of-you-washing-dishes-get-lost">Stephen King Slams Elon Musk&#8217;s H-1B Visa Stance: &#8216;Musk Thinks Smart Immigrants Can Stay – The Rest of You Washing Dishes … Get Lost&#8217;</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Politics

TSLA

Elon Musk Hosts X Spaces With Afd's Alice Weidel After Successfully Endorsing Trump: Share Views On Nuclear Power And Future Of Europe With Far Right German Leader

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) investor Gary Black cautioned against setting unrealistic expectations for the company&#8217;s Optimus robot program on Thursday, sparking debate about the electric vehicle maker&#8217;s valuation metrics and growth prospects.
What Happened: Black, managing partner of The Future Fund LLC, calculated that Tesla&#8217;s planned production of 500,000 Optimus robots by 2027 would add approximately $0.70 to earnings per share, assuming a $30,000 average selling price and 20% gross margin. This would supplement his projected core EPS of $7.70 for that year.
The analysis drew pushback from Dave Lee, host of Dave Lee on Investing, who argued that successful Optimus deployment would dramatically increase Tesla&#8217;s price-to-earnings multiple due to growth potential rather than just incremental earnings.
Black defended his conservative stance, pointing to Tesla&#8217;s recent market performance. &#8220;TSLA has underperformed for the past three years because expectations were too high,&#8221; Black wrote on X, noting that Tesla shares gained 12% compared to the Nasdaq 100&#8217;s 36% rise during that period.
&#8220;Every time I try to right-size expectations, I get pounded on by TSLA uberbulls for being too cautious, when in reality even my forecasts have been too bullish over the past three years,&#8221; Black wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">One can clearly see this in TSLA FY'25 and FY'26 earnings estimates, which have come down -39% and -45% over the past 12 months, as the market figured out TSLA's long-term projection of 50% compounded volume growth was too high. Every time I try to right-size expectations, I get… <a href="https://t.co/YkURbaUHnS">pic.twitter.com/YkURbaUHnS</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1877456270455878128?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote>
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See Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42902354/betting-markets-see-strong-jobs-growth-yet-goldman-sachs-forecasts-a-slowdown-how-can-traders-profit">Betting Markets See Strong Jobs Growth, Yet Goldman Sachs Forecasts A Slowdown: How Can Traders Profit?</a>
Why It Matters: The debate follows CEO Elon Musk&#8216;s announcement that Tesla aims to produce <a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot">several thousand Optimus robots in 2025</a>, scaling to 50,000-100,000 units in 2026 and potentially 500,000 in 2027.
Bank of America analyst John Murphy recently valued Tesla&#8217;s Optimus segment between $14 billion and $95 billion in his sum-of-parts analysis, representing just 2% of Tesla&#8217;s total estimated value. Murphy sees greater potential in Tesla&#8217;s robotaxi and Full Self-Driving capabilities, which he estimates could comprise <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42856115/tesla-analyst-on-high-stakes-future-optimus-robotaxi-fsd-have-potential-but-execution-risks-loom">over 75% of the company&#8217;s future value</a>.
&#8220;If investors want TSLA stock to stop underperforming, they need to stop pressuring analysts to push estimates ever higher,&#8221; Black emphasized, citing that Tesla&#8217;s fiscal 2025 and 2026 earnings estimates have declined by 39% and 45% respectively over the past year.
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tesla Bull Gary Black Warns Against Inflated Optimus Robot Assumptions: Get Pounded Each Time 'I Try To Right-Size Expectations'

Leading cryptocurrencies mounted losses on Thursday as investors remained cautious ahead of the release of a crucial jobs report
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-2.54%</td>
<td>$92,600.34</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-3.22%</td>
<td>$3,220.17</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-5.10%</td>
<td>$0.3237</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin fell to an intraday low of $91,220 late afternoon before recouping some losses by evening. The leading cryptocurrency has declined nearly 10% since the highs of $102,000 earlier in the week.
The report of the Justice Department <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42890745/us-government-granted-[%E2%80%A6]date-65-billion-in-bitcoin-seized-from-silk-road-case-report">getting approval to sell $6.5 billion in Bitcoin </a>and on-chain movements created panic in the market, although it was yet to be confirmed the sale happened.
The extended slump triggered a fresh wave of liquidations, with nearly $285 million in upside bets getting evaporated in the last 24 hours.
That said, more than 68% of traders on Binance were betting on Bitcoin's rebound, according to the Long/Short ratio.
A reversal to $100,000 will liquidate nearly $780 million in short positions.
The market sentiment slipped into the "Neutral" zone from "Greed," according to the Crypto Fear &amp; Greed Index, as traders lowered risk appetite.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:30 p.m. ET)</td>
</tr>
<tr>
<td>BitTorrent New (BT)</td>
<td>+3.68%</td>
<td>$0.000001168</td>
</tr>
<tr>
<td>Kaia (KAIA)</td>
<td>+3.19%</td>
<td>$0.2108</td>
</tr>
<tr>
<td>Litecoin (LTC)</td>
<td>+1.48%</td>
<td>$102.64</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.23 trillion, falling by 2.54% in the last 24 hours.
Stock futures slipped in overnight trading. The Dow Jones Industrial Average Futures fell 183 points, or 0.43%, as of 7:44 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 dropped 0.58%, while Nasdaq 100 Futures lost 0.73%.
Investors were gearing up for the <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42881085/is-labor-market-cooling-or-raising-fed-concerns-what-to-watch-in-fridays-jobs-report">December jobs report</a>, due on Friday, to determine the Federal Reserve's next moves on monetary policy.
The New York Stock Exchange and Nasdaq were closed on Thursday in observance of a National Day of Mourning for former President Jimmy Carter. Markets will resume trading on Friday.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular blockchain analytics firm CryptoQuant stated that Bitcoin was yet to reach a cycle top, according to analysis of the Market Value to Realized Value indicator.
"MVRV metric reached the value of 3 at the market tops in the past two cycles, whereas it currently stands at 2.14… it can be said that Bitcoin is preparing to move towards the top price of this cycle," CryptoQuant added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">100-day moving average of MVRV: Bitcoin has not yet reached the top price of this cycle "MVRV metric reached the value of 3 at the market tops in the past two cycles, whereas it currently stands at 2.14… it can be said that Bitcoin is preparing to move towards the top price of… <a href="https://t.co/YlNLQwgE3w">pic.twitter.com/YlNLQwgE3w</a>
&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1877346597501022612?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Michaël van de Poppe, another widely followed cryptocurrency analyst, noted that the altcoin season was yet to begin, citing the Altcoin Season Index.
"However, as the number drops sub 50, it provides a tremendous opportunity to accumulate your altcoins," Van De Poppe added. "It&#8217;s bull market year."
At the time of the X post, the indicator showed a reading of 47.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Altseason indicator says: It&#39;s not an altseason! However, as the number drops sub 50, it provides a tremendous opportunity to accumulate your <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a>. It&#39;s bull market year. <a href="https://t.co/BfXm4pyzeW">pic.twitter.com/BfXm4pyzeW</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1877432402034725084?ref_src=twsrc%5Etfw">January 9, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Photo by Igor Faun on Shutterstock
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</ul>

Movers

$BTC

Bitcoin, Ethereum, Dogecoin Slip Ahead Of Key Jobs Data Release: Top Analyst Remains Positive On 2025 — 'It's Bull Market Year'

Alphabet Inc&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) search engine arm Google and aerospace leader Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) have each pledged a donation of $1 million to the inaugural committee of President-elect Trump. This move aligns them with other prominent corporations in supporting the forthcoming inauguration event on Jan. 20.
What Happened: Both Google and Boeing validated their respective $1 million donations to the inaugural committee, <a href="https://thehill.com/homenews/administration/5077817-google-boeing-donate-trump-inauguration/">reported</a> The Hill. 
Karan Bhatia, Google's global head of government affairs and public policy, expressed, &#8220;Google is pleased to support the 2025 inauguration, with a livestream on YouTube and a direct link on our homepage. We're also donating to the inaugural committee.&#8221;
Boeing also confirmed its contribution, stating, &#8220;We&nbsp;are pleased to continue Boeing's&nbsp;bipartisan tradition of supporting U.S.&nbsp;Presidential Inaugural Committees.&#8221; The company has a history of backing past presidential inaugural committees.
Other corporations, such as Meta, Amazon, and Uber, have also contributed to Trump&#8217;s inaugural fund. Toyota and Ford have each donated $1 million. Several top executives, including Google&#8217;s Sundar Pichai and Amazon&#8217;s Jeff Bezos, have met with the President-elect at his Florida residence, Mar-a-Lago.
These meetings and contributions suggest a shift among some corporations aiming to establish a stronger relationship with the incoming President as he prepares to take office later this month.
See Also: <a href="https://www.benzinga.com/markets/cannabis/25/01/42901026/jimmy-carters-funeral-5-living-presidents-attend-family-colleagues-share-warm-humorous-stories">Jimmy Carter&#8217;s Funeral: 5 Living Presidents Attend; Family, Colleagues Share Warm, Humorous Stories</a>
Why It Matters: This recent wave of corporate support for the incoming administration is not without precedent. As reported by Benzinga in December, Amazon&#8217;s Bezos <a href="https://www.benzinga.com/tech/24/12/42479253/jeff-bezos-amazon-pledges-1-million-to-trumps-inaugural-event-following-in-the-footsteps-of-mark-zuckerberg-and-meta">pledged $1 million</a> to the inaugural event, following Meta&#8217;s similar contribution. 
Additionally, <a href="https://www.benzinga.com/news/management/24/12/42485193/sam-altman-to-donate-1m-to-trumps-inauguration-fund-following-zuckerberg-bezos-eager-to-support">Sam Altman</a>, CEO of OpenAI, announced his $1 million donation, citing support for Trump&#8217;s efforts to advance the U.S. in the artificial intelligence sector.
Earlier this month, Apple&#8217;s CEO Tim Cook also reportedly donated $1 million to the inauguration, viewing it as an <a href="https://www.benzinga.com/news/management/24/12/42485193/sam-altman-to-donate-1m-to-trumps-inauguration-fund-following-zuckerberg-bezos-eager-to-support">important American tradition</a> and a gesture of unity. These donations reflect a broader trend of tech and corporate leaders seeking to foster a positive relationship with the incoming administration.
Image via Shutterstock
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Tech

GOOG

GOOGL

Google And Boeing Contribute $1M Each To Trump's Inauguration Fund: YouTube To Livestream Event

Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Alibaba Group Holdings Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) are two of the biggest names in e-commerce. While they may seem similar, their approaches, business models, and strategies are quite different.
What Happened: In 2017, during an interview with Andrew Ross Sorkin at Davos, Jack Ma explained the core difference between Amazon and Alibaba.
"Amazon is more like an empire. Everything they should control themselves, by themselves," Ma said.
Alibaba's "philosophy is to empower others to sell, empower others to service, make sure the other people are more powerful than us."
See Also: <a href="https://www.benzinga.com/markets/equities/25/01/42900858/apple-announced-iphone-18-years-ago-today-changing-the-smartphone-industry-forever-heres-how-much-youd-have-now-if-you-invested-1000-back-then">Apple Announced iPhone 18 Years Ago Today, Changing The Smartphone Industry Forever. Here&#8217;s How Much You&#8217;d Have Now If You Invested $1,000 Back Then</a>
Amazon's model is asset-heavy. The company controls the entire supply chain, from warehouses to logistics, even owning airplanes for faster deliveries.
Alibaba doesn't own warehouses or logistics companies. Instead, it relies on a network of partners—small businesses, service providers, and logistics firms.&nbsp;
"Using Internet technology, we can make every company become Amazon," Ma stated adding that Alibaba empowers its partners so they can compete with bigger players like Microsoft Corporation or IBM.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
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<iframe loading="lazy" title="Jack Ma on how Amazon and Alibaba differ &#x7C; CNBC International" width="500" height="281" src="https://www.youtube.com/embed/xQTGjLXWP8M?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Why It's Important: Amazon makes most of its money through direct product sales, subscription services like Prime, and its cloud computing arm, Amazon Web Services.
Alibaba earns its revenue differently. It charges sellers for advertising, transaction fees, and additional services. Its model leans heavily on enabling transactions rather than direct sales.
Amazon currently has a market capitalization of $2.335 trillion, making it the world's fifth most valuable company in the world.
In the last quarter, Amazon's net sales <a href="https://www.benzinga.com/news/earnings/24/10/41664778/amazon-q3-earnings-highlights-revenue-beat-eps-beat-q4-guidance-new-kindles-significantly-outperfor">reached $158.9 billion</a>, marking an 11% year-over-year increase and surpassing the Street consensus estimate of $157.2 billion, according to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103124&amp;t=be2bearmibe3na1">Benzinga Pro</a>.
North American sales rose 9% to $95.5 billion, international sales grew 12% to $35.9 billion, and AWS saw a 19% increase, generating $27.5 billion in revenue.
Alibaba is worth $199.15 billion today. The e-commerce giant posted fiscal <a href="https://www.benzinga.com/news/earnings/24/11/42006281/alibaba-q2-earnings-revenue-beats-forecast-cloud-and-international-sales-shine-free-cash-flow-falls-amid-strategic-investments">second-quarter 2024</a> revenue of $33.70 billion, reflecting a 5% year-over-year increase and surpassing the analyst consensus estimate of $33.47 billion.
Revenue from the international commerce retail segment increased by 35% year-over-year, reaching $3.65 billion. Meanwhile, the Cloud Intelligence Group recorded a 7% year-over-year growth, bringing in $4.22 billion.
Image via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42513402/apples-2025-bull-case-can-it-deliver-without-riding-the-ai-wave?itm_source=parsely-api">Apple's 2025 Bull Case: Can It Deliver Without Riding The AI Wave?</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

AMZN

BABA

Jack Ma Once Said Amazon Is More Like An Empire While Alibaba Empowers Others: How These Two Retail Giants Charted Very Different Paths

<a href="https://www.benzinga.com/news/24/11/41884428/warren-buffetts-166-billion-warning-to-wall-street-has-hit-a-fever-pitch-and-the-financial-world-cant-afford-to-ignore-it">Warren Buffett's</a> Berkshire Hathaway has turned heads once again. While the company ended the third quarter of 2024 with a jaw-dropping $320 billion in cash and short-term Treasury bills, signaling caution in an overheated market, recent SEC filings reveal something unexpected.&nbsp;
According to Barron's, Berkshire has invested $563 million into Occidental Petroleum, Sirius XM and VeriSign. Occidental Petroleum took the lion's share of the investment, with Berkshire spending $405 million to increase its stake to 28.2% or 264.2 million shares.&nbsp;
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!</a></li>
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This makes Berkshire one of Occidental's largest shareholders. According to the Energy Information Administration, despite U.S. crude oil production hitting an all-time high of 13.46 million barrels per day in October, Occidental's stock has been battered, down 24% this year.
Analysts have noted that such investments reflect confidence in the energy sector&#8217;s recovery. For instance, Ben Cook from Hennessy Energy Transition Investor suggests that supportive commodity prices and solid earnings in well-positioned companies indicate growth potential in the energy sector.&nbsp;
Sirius XM was next on the list. Berkshire added $113 million to its holdings, owning around 35% of the satellite radio and streaming company. Sirius XM has had its struggles, with subscriber numbers falling and fierce competition from digital streaming giants like Spotify.&nbsp;
See Also: <a href="https://www.benzinga.com/money/qnetic-2">This 12,000 RPM Spinning Battery With Over $100 Million In LOIs Could Be The Missing Link For Green Energy — Here&#8217;s Why Early Investors Are Flocking To Invest Before Funding Closes</a>
Yet the company has been investing in podcasts and restructuring its shares to appeal to investors. Analyst Jeff Wlodarczak from Pivotal Research commented on the situation, stating, &#8220;The stock is laughably cheap unless you think the business is falling apart.&#8221;
He believes that while Sirius XM doesn&#8217;t have much of a growth story, the business is durable and should generate ample free cash flow. Wlodarczak suggests that the company consider boosting the dividend by 50% in the fourth quarter.
In late December 2024, Berkshire acquired an additional 377,736 shares for approximately $73.95 million, bringing its total ownership to 13,193,349 or 13.7% of the outstanding shares.&nbsp;
Trending: It&#8217;s no wonder Jeff Bezos holds over $70 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started.</a>
Simply Wall Street says VeriSign's stock has slipped 1.0% this year, partly due to regulatory woes. However, the company remains a powerhouse in domain name registry services, boasting <a href="https://www.benzinga.com/startups/24/12/42296660/from-a-friends-kitchen-to-1m-sales-i-congratulate-you-kevin-oleary-says-after-tasting-the-cookies">impressive profit margins – </a>88% gross and 71% operating in the last quarter of 2024.&nbsp;
Interestingly, these investments come at a time when the broader market has been soaring. The S&amp;P 500 hit 57 all-time highs in 2024, as reported by Motley Fool and briefly surpassed the 6,000 mark.
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<li>‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. <a href="https://www.benzinga.com/money/mode-mobile-2">You can invest today for just $0.26/share with a $1000 minimum.</a></li>
<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
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Startups

'Regulatory Woes? Subscriber Declines? Falling Oil Prices? We're Buying!' Buffett Bets Big On $563M Worth Of Underdogs

Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) began enforcing its global return-to-office policy on Monday, but there have been some exceptions reported. 
Several Amazon locations have delayed the return to office due to lack of space and workers in some European countries appear to have more flexible working arrangements than<a href="https://www.benzinga.com/news/24/10/41394784/amazon-aws-ceo-stands-firm-on-5-day-office-policy-opponents-can-head-for-the-exit-door-there-are-oth"> their U.S. counterparts. </a>
Lack Of Space: Amazon's mandatory five-day in-office policy announced last September went into effect this Monday. According to a Business Insider <a href="https://www.businessinsider.com/amazon-list-shows-locations-where-full-rto-plan-delayed-2025-1">report</a>, some office locations have maintained the company&#8217;s previous policy, which requires only three days a week in the office due to a lack of space.&nbsp;
Read More: <a href="https://www.benzinga.com/trading-ideas/movers/25/01/42900817/quantum-stocks-regetti-computing-ionq-d-wave-poised-to-open-higher-after-nvidia-ceo-comments-drove-huge-losses">Quantum Stocks Regetti Computing, IonQ, D-Wave Poised To Open Higher After Nvidia CEO Comments Drove Huge Losses</a>
According to documents viewed by Business Insider, some of the locations maintaining the three-day in-office policy include Miami, Brooklyn, Sacramento, Santa Clara and Austin in the U.S.; Hamburg and Munich in Germany, Beijing and Shenzhen in China and Bangalore, India. 
An Amazon spokesperson reportedly told Business Insider on Tuesday that buildings were ready for a majority of its employees on that day.
EU Exceptions: A separate Business Insider <a href="https://www.businessinsider.com/amazon-return-to-office-flexible-work-europe-us-rto-2025-1">report</a> stated internal documents revealed Amazon workers in the U.K. can apply to work from home for up to two days a week due to the country's flexible working regulations that went into effect last year.  
The outlet also reported employees in the Netherlands can still follow Amazon's previous guidance for three days in the office while it enters discussions with its works council, a group representing the employees. 
The policies in the U.K. and Netherlands contrast the five-day in-office policies in place for other Amazon employees. The company's "Flexible Work Arrangement&#8221; policy for the U.S. says Amazon &#8220;may grant exceptions for work arrangements&#8221; to staff &#8220;who are in good standing on a case-by-case basis.&#8221;
Amazon CEO Andy Jassy has promoted the in-office work policy as a way for employees to&nbsp; "invent, collaborate and be connected" and has suggested that those who oppose it may consider other employment options.
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Photo: Shutterstock

Large Cap

Amazon Workers Return To Office With Some Exceptions Reported

Broadcom (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) has outperformed the market over the past 5 years by 36.91% on an annualized basis producing an average annual return of 49.39%. Currently, Broadcom has a market capitalization of $1.06 trillion. 
Buying $100 In AVGO: If an investor had bought $100 of AVGO stock 5 years ago, it would be worth $761.37 today based on a price of $228.11 for AVGO at the time of writing.
<h3>Broadcom's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736464509_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.

AVGO

$100 Invested In Broadcom 5 Years Ago Would Be Worth This Much Today

Taiwan Semiconductor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) has outperformed the market over the past 10 years by 14.32% on an annualized basis producing an average annual return of 25.68%. Currently, Taiwan Semiconductor has a market capitalization of $1.07 trillion. 
Buying $1000 In TSM: If an investor had bought $1000 of TSM stock 10 years ago, it would be worth $9,839.43 today based on a price of $206.28 for TSM at the time of writing.
<h3>Taiwan Semiconductor's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736463635_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.

$1000 Invested In This Stock 10 Years Ago Would Be Worth This Much Today

XRP Token (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) from Ripple has been one of the top gainers in the cryptocurrency sector and could be benefiting from the 2024 election won<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41778425/bitcoins-all-time-high-a-groundbreaking-milestone-and-strong-post-election-rally-coming-ex"> by Donald Trump.</a>
Ripple Labs executives have also met with Trump, prompting optimism for its future. Here's a look back at another president connected to Ripple and how much investors could have made buying the token at the time.
What Happened: Ripple CEO Brad Garlinghouse recently <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42865935/trump-meets-top-ripple-executives-ceo-says-strong-start-to-2025-as-technicals-favor-xrp-bulls">posted a photo</a> of himself and Ripple Chief Legal Officer Stuart Alderoty with Trump on social media platform X.
"Great dinner last night with Donald Trump &amp; Stuart Alderoty. Strong start to 2025!" Garlinghouse tweeted with the photo.
XRP, like many cryptocurrencies, has soared since Trump's win. While XRP has not returned to all-time highs set back in early 2018, the cryptocurrency is up over 300% in the last year.
Garlinghouse<a href="https://www.benzinga.com/25/01/42808375/ripple-ceo-celebrates-trumps-impact-on-crypto-industry-says-34th-of-companys-new-hires-us-based"> also recently disclosed</a> 75% of Ripple's job openings are based in the U.S., a strong contrast to where the company's hiring practices were over the past four years. The CEO also said that more U.S. deals had been signed in the last six weeks of 2024 than in the previous six months of the year.
Ripple executives sound optimistic about the new White House administration and are letting investors and holders know that Trump could be good for the company and its token, with Garlinghouse labeling the "Trump bull market" as helping turn the cryptocurrency market around.
"Say what you want, but the ‘Trump effect' is already making crypto great again — through his campaign, and in the administration's day 1 priorities."
While Trump becoming president could be good for cryptocurrencies and also help end Ripple's legal battles with the SEC, he's not the first former president to show support for Ripple.
It may be hard to imagine given the climate for cryptocurrency at the time, but in 2018, Ripple was able to book former President Bill Clinton as a keynote at its Swell Conference. Ripple <a href="https://www.businesswire.com/news/home/20180731005717/en/President-Bill-Clinton-Keynotes-Ripple%E2%80%99s-Swell-Conference-2018">announced </a>the speaker booking in July 2018 and Clinton's speech was given on Oct. 1, 2018.
Clinton talked about numerous topics during his keynote interview with a former advisor, while also highlighting the potential of blockchain, saying there were "staggering" possibilities for the technology, as <a href="https://techcrunch.com/2018/10/01/a-former-u-s-president-walks-into-a-blockchain-conference/">reported </a>by TechCrunch. 
"This whole blockchain deal has the potential it does only because it is applicable across national borders (and) income groups," Clinton said.
Clinton warned that the cryptocurrency industry should not get ahead of itself or financial and social inequalities could be magnified.
"The more the benefits materialize, the more you have to be careful about it."
Read Also:<a href="https://www.benzinga.com/24/12/42470335/if-you-invested-1000-in-xrp-token-when-ashton-kutcher-surprised-ellen-degeneres-with-4m-charity-donation-heres-how-much-youd-have-today"> If You Invested $1,000 In XRP Token When Ashton Kutcher Surprised Ellen DeGeneres With $4 Million Charity Donation, Here&#8217;s How Much You&#8217;d Have Today</a>
Investing $1,000 in XRP: Clinton's speech may have served as more of a validation for XRP and Ripple than anything, as the former president devoted a minimal amount of his keynote to talking about blockchain.
Still, getting a former president to come to a cryptocurrency conference in 2018 was a big deal and could have been a time for investors to recognize how early things were in terms of validation and public adoption.
XRP traded at a high of $0.6023 on Oct. 1, 2018, when Clinton gave his speech.
A $1,000 investment at the time could have purchased 1,660.30 XRP. Today, the $1,000 investment would be worth $3,785.48, based on a price of $2.28 at the time of writing. This represents a return of 278.5% since Clinton's speech.
For comparison, the same $1,000 invested in the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which tracks the S&amp;P 500 stock index, would have returned less over the same time period.
The $1,000 investment in the SPY could have purchased 3.79 shares at the time, which would be worth $2,234.17 at the time of writing, up 123.7%.
While there is no guarantee that XRP will continue going up in 2025, a new White House administration considered to be pro-crypto could continue the momentum and build upon what one former president once said about the "staggering" possibilities of the blockchain.
Read Next: 
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<li><a href="https://www.benzinga.com/24/12/42303487/if-you-invested-1000-in-xrp-token-when-snoop-dogg-performed-at-ripple-community-event-at-consensus-2018-heres-how-much-youd-have-today">If You Invested $1,000 In XRP Token When Snoop Dogg Performed At Ripple Community Event At Consensus 2018, Here&#8217;s How Much You&#8217;d Have Today</a></li>
</ul>
Photo: Clinton: photo by Peter Serocki; both photos via Shutterstock

Education

$XRP

If You Invested $1,000 In XRP Token When Bill Clinton Spoke At Ripple Conference, Here's How Much You'd Have Today

Wall Street is gearing up for its most generous bonus season since the COVID-19 pandemic, with top traders and investment bankers poised to see double-digit increases as banks <a href="https://www.benzinga.com/markets">reap robust trading revenues.</a>
According to a Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-01-09/wall-street-bonuses-to-jump-by-double-digits-at-biggest-banks?srnd=homepage-canada&amp;sref=TBDibEcD">report</a> shared Thursday, major investment banks like Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) are planning to raise year-end bonuses by over 10% for many of their trading desks.
At JPMorgan, bonuses for investment bankers are expected to climb as much as 15%, while Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) may outpace its peers with even larger increases on select trading teams, according to people familiar with the matter.
<h1 class="wp-block-heading">What's Driving The Bonus Boom?</h1>
This year's hikes mark a sharp reversal from the restrained payouts seen over the past two years when inflation outpaced modest bonus adjustments.
Banks have capitalized on surging trading activity and deal flow in 2024, positioning the sector for one of its best years in history.
Data from New York-based pay consultancy Johnson Associates, cited by the <a href="https://www.ft.com/content/4efe2abb-a55a-4c56-a5b4-90b95e06b344">Financial Times</a> in November, forecasts a 2024 pay jump across most banking sectors. 
Increases could reach up to 35% in areas such as trading and investment banking, though real estate and retail banking are set to lag.
In 2024, every major asset class — with the notable exception of bonds — has delivered positive returns.
Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) topped the ranking surging by 26.7%, followed by stocks — represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — which rallied 23%.
<h1 class="wp-block-heading">A Decade of Record Bonuses</h1>
Wall Street has seen bonus payouts soar over the past decade. 
The average annual bonus hit $240,400 in 2021, more than doubling from $111,400 in 2011, according to APNews. 
This year, strong trading revenues are likely to provide the financial muscle for another sweet round of raises.
Read Next: • <a href="https://www.benzinga.com/25/01/42901087/bidens-final-chip-curbs-set-to-shake-ai-markets-globally-10-etfs-to-watch-with-high-stakes-on-nvidia-amd">Biden&#8217;s Final Chip Curbs Set To Shake AI Markets: 10 ETFs With High Stakes In Nvidia, AMD</a>

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Wall Street's Bonus Frenzy: Top Investment Bankers Eye Double-Digit Pay Boosts As Markets Flourish

Wheaton Precious Metals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPM#NYSE">WPM</a>) has outperformed the market over the past 5 years by 3.35% on an annualized basis producing an average annual return of 15.83%. Currently, Wheaton Precious Metals has a market capitalization of $26.23 billion. 
Buying $1000 In WPM: If an investor had bought $1000 of WPM stock 5 years ago, it would be worth $2,105.24 today based on a price of $57.81 for WPM at the time of writing.
<h3>Wheaton Precious Metals's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736460909_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.

Here's How Much $1000 Invested In Wheaton Precious Metals 5 Years Ago Would Be Worth Today

Maps of the U.S. and surrounding territories could look a whole lot different in the coming years if President-elect Donald Trump is serious about trying to rename the Gulf of Mexico as the Gulf of America and trying to obtain <a href="https://www.benzinga.com/news/global/25/01/42857403/trump-sends-don-jr-on-mission-to-get-the-deal-done-and-make-greenland-part-of-our-nation">Greenland and Canada. </a>
Canada isn't ready to become an American state anytime soon and one official has his own suggestion to change the map.
What Happened: Back in December, Trump told Canadian Prime Minister Justin Trudeau that if Canada was unhappy with tariffs, the country <a href="https://www.benzinga.com/news/global/24/12/42300450/trump-told-trudeau-canada-could-avoid-tariffs-by-becoming-51st-state-a-look-at-sectors-trade-war-could-impact">could become the 51st state.</a>
Fast forward to 2025 and Trump has continued to push for plans to make Canada the 51st state of the U.S. and even said he <a href="https://www.benzinga.com/news/events/25/01/42860583/trump-floats-canada-as-51st-us-state-says-hes-ready-to-use-economic-force-to-achieve-it">would be willing</a> to use "economic force" to do so in a recent speech.
Canadian officials haven't taken kindly to the comments, whether they are jokes or not.
Ontario Premier Doug Ford suggested that instead of America getting Canada, the country to the north could offer to purchase two American states, as <a href="https://nypost.com/2025/01/07/us-news/state-of-eh-canadian-pol-doug-ford-counters-trump-and-offers-to-buy-two-american-states/">reported </a>by the New York Post.
"To the president, I'll make him a counteroffer. How about if we buy Alaska? And we'll throw in Minnesota and Minneapolis at the same time? You know, it's not realistic," Ford said.
Ford said he believes Trump is joking, but he takes the notion of Canada becoming a state seriously.
"He may be joking, but under my watch, that will never, ever happen."
Trudeau, who recently announced he <a href="https://www.benzinga.com/25/01/42823979/canadas-pm-justin-trudeau-steps-down-amid-internal-conflict-and-tension-over-trump-tariffs">is stepping down </a>as Canada's leader, also took exception to Trump's latest comments.
"There isn't a snowball's chance in hell that Canada would become part of the United States. Workers and communities in both our countries benefit from being each other's biggest trading and security partner," Trudeau <a href="https://x.com/JustinTrudeau/status/1876712025725796712">tweeted</a>.
Trudeau's tweet generated a response from billionaire and Trump ally Elon Musk.
"Girl, you're not the governor of Canada anymore, so doesn't matter what you say," Musk tweeted.
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent010925">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: This isn't the first time Ford has spoken out about comments Trump has made since he won the 2024 presidential election.
Ford threatened to hurt Americans with energy and beer if Trump's 25% tariffs on Canadian exports go through.
"It would cut off the lights to a million and a half Americans. If they come at us, we have to stand up for Canadians, we have to stand up for Ontarians," Ford said.
While America imports items in the energy, beer and automotive sectors, Trump has said the country doesn't need its trading partner to the north.
"We don't need anything they have. So why are we losing $200 billion a year to protect Canada," Trump recently said.
While the changing of states or territories is unlikely to happen, the threat of tariffs on Canada by Trump could start a trade war with one of America's largest partners. The situation continues to develop ahead of Trump's Jan. 20 inauguration.
EWC Price Action: The iShares MSCI Canada ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWC#NYSE">EWC</a>), which is one of the largest Canadian stock ETFs, has fallen 5% over the last month. The top industries <a href="https://www.ishares.com/us/products/239615/ishares-msci-canada-etf">held </a>in the ETF are financials (37.3%), energy (18.0%), industrials (11.5%), information technology (10.8%) and materials (10.4%).
Read Next: 
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Photo: Shutterstock

Government

Global

Canadian Official Claps Back At Trump's 51st State Comments, Offers To Buy These Two American States

Johnson Controls Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JCI#NYSE">JCI</a>) has outperformed the market over the past 15 years by 1.02% on an annualized basis producing an average annual return of 12.62%. Currently, Johnson Controls Intl has a market capitalization of $53.00 billion. 
Buying $100 In JCI: If an investor had bought $100 of JCI stock 15 years ago, it would be worth $583.89 today based on a price of $80.04 for JCI at the time of writing.
<h3>Johnson Controls Intl's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1736459124_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.

Here's How Much $100 Invested In Johnson Controls Intl 15 Years Ago Would Be Worth Today

Betting markets see December&#8217;s nonfarm payrolls coming in much higher than Wall Street economists expect, creating a stark divide between traders betting on strong labor data and forecasts predicting <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42881085/is-labor-market-cooling-or-raising-fed-concerns-what-to-watch-in-fridays-jobs-report">a slowdown in hiring.</a>
In a note shared Thursday, Goldman Sachs economist Ronnie Walker estimated that nonfarm payrolls grew by just 125,000 in December, significantly below the consensus forecasts. The Bureau of Labor Statistics will release the official jobs report Friday at 8:30 a.m. ET.
<h1 class="wp-block-heading">Betting Markets Signal Optimism</h1>
Data from CFTC-regulated betting platform Kalshi paints a far rosier picture of the December jobs market.
Implied odds derived from wagers suggest nonfarm payrolls could climb by 187,000 in December 2024. 
As of Thursday afternoon, traders betting on a jobs number above 150,000 had a 70% implied chance of winning, with an even 40% chance assigned to a print over 200,000. 
On the flip side, bets against payroll growth exceeding 150,000 offered a payout of $3 for every $1 wagered, while betting on a particularly weak figure — below 100,000 — provided an 11-to-1 payout.
This divergence highlights the potential for traders to profit handsomely if the labor report skews toward a weak payroll number. 
<iframe loading="lazy" style="border: 0;" src="https://kalshi.com/external-widgets/events/KXPAYROLLS-24DEC?color_scheme=light&amp;widget_size=large&amp;utm_campaign=benzingawidget" width="552px" height="400px"></iframe>
<h1 class="wp-block-heading">Wall Street Predicts A Slower Jobs Market</h1>
While betting markets exude confidence in the labor market, Wall Street economists are taking a more cautious stance. 
Trading Economics places the consensus estimate at 160,000 jobs, a marked slowdown from November&#8217;s robust gain of 227,000.
Goldman Sachs&#8217; projection of 125,000 jobs would represent a reduction from the three-month average of 174,000. 
Goldman also expects the unemployment rate to edge up to 4.3%, slightly above the consensus of 4.2%.
Walker attributed his conservative forecast to several factors, including &#8220;middling household employment growth,&#8221; &#8220;more challenging job-finding prospects&#8221; and &#8220;a rebound in the labor force participation rate.&#8221;
Goldman also anticipates average hourly earnings to rise just 0.3% month-over-month, leaving annual wage growth at 4.0%.
<h1 class="wp-block-heading">Seasonal Distortions At Play</h1>
Seasonal trends tied to the timing of Thanksgiving and Black Friday may play a significant role in December's payroll data. 
Walker highlighted that the late holiday shopping season this year likely weakened November&#8217;s retail hiring, with some of that hiring activity spilling into December.
Yet, Goldman expects these gains to be more than offset by slower job growth in other sectors. 
&#8220;We expect deceleration in job growth in non-retail sectors, particularly professional services and construction,&#8221; Walker said, adding that seasonal distortions could reduce payroll growth by as much as 50,000 jobs.
<h1 class="wp-block-heading">A Wager On Market Surprise</h1>
The chasm between betting odds and Wall Street forecasts suggests that traders are banking on the U.S. economy's resilience amid mounting headwinds.
For investors, a stronger-than-expected payroll report could reignite concerns about inflation, putting further upward pressure on Treasury yields and forcing the Federal Reserve to maintain a hawkish stance on interest rates. 
Conversely, a disappointing print could signal a slowdown in economic momentum, potentially easing pressure on the central bank.
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Photo: Shutterstock

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Macro Economic Events

Econ #s

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Federal Reserve

Betting Markets Project Strong Jobs Growth, Goldman Sachs Forecasts Slowdown: How Can Traders Profit?

APTO

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In this article, we'll delve into one of the most renowned and popular entry setups in trading: the Opening Range Breakout (ORB). This strategy was introduced in the 1990s by American trader Toby Crabel, and today, we&#8217;ll see how it applies to Europe&#8217;s leading stock index future, the DAX.
So, what exactly is the ORB? Crabel's concept is rooted in the belief that the initial phase of trading often provides the most critical insights into the market's direction for the rest of the day. Specifically, breaking above or below key price levels, like the high or low of the first hour, frequently signals a continuation of that trend until the market closes.
Let's break down the strategy: Our test will focus on the &#8220;classic&#8221; DAX session from 8:00 to 22:00 (exchange time). While the market session has expanded in recent years, this historical session still offers the most accurate backtesting conditions. Additionally, it's the most liquid session, making it ideal for a breakout strategy like the ORB, which targets significant price level breakouts. For optimal entry level precision, we'll use 15-minute bars.
<h2 class="wp-block-heading" id="block-cc0ff7a8-7e02-43e8-a72d-0d8ebd706dea">ORB Trading Rules and System Code for the DAX</h2>
After the first hour of trading, which defines our Opening Range, the session&#8217;s highs, lows, and entry points are calculated on the first available bar. This point, referred to as &#8220;checktime,&#8221; is set at 9:15 (since the first hour ends at 9:00, and with 15-minute bars, the first subsequent bar is timestamped 9:15).
Once the entry levels are calculated, the system is free to operate throughout the day until 15 minutes before the session ends (21:45). We&#8217;ve established a broad trading window (9:15-21:45) to initiate trades, which is fine-tuned using the inputs &#8220;MyStartTrade&#8221; and &#8220;MyEndTrade.&#8221;
For more details: The LONG entry level is calculated by adding the session range (high – low) to the opening of the 9:15 bar, multiplied by a factor initially set to 1 (MyMultL). Thus, a position is initiated when the price breaks above this level, known as MYLELevel:
MYLELevel= open + range &#x2A; MyMultL
Conversely, the SHORT entry level is determined by subtracting the session range (high – low) from the opening price, also multiplied by a factor initially set to 1 (MYMultS). A position is initiated when the price breaks below this level, known as MYSELevel:
MYSELevel=open – range &#x2A; MyMultS
The MultiCharts PowerLanguage code is as follows:
var: IsStartOfSession(true);&nbsp;
var: MyLELevel(0), MySELevel(0);
input: checktime(915);
Input: MyStartTrade(0915),MyEndTrade(2145);
Input: MyMultL(1), MyMultS(1);
Input: MyStop(5000);
if IsStartOfSession then begin
MyLELevel=0;
MySELevel=0;
end;
if time=checktime then begin
MyLELevel = open+(highd(0)-lowd(0))&#x2A;MyMultL;&nbsp;&nbsp;
MySELevel= open-(highd(0)-lowd(0))&#x2A;MyMultS;
end;
if time&gt;MyStartTrade and time&lt;MyEndTrade then begin
buy next bar at MyLELevel stop;
sellshort next bar at MySELevel stop;
end;&nbsp;
If MyStop &gt;&nbsp;0&nbsp;then setstoploss(MyStop);
setstopcontract;
setexitonclose;
Trades initiated are closed at the end of the day (22:00), unless the stop loss is triggered.
<figure class="wp-block-image" id="block-a421ca30-258b-4dfd-bab0-8c017fb6e0ef"><img decoding="async" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/17072033/fig-1-2-1-1024x631.png" alt="This image has an empty alt attribute; its file name is fig-1-2-1-1024x631.png" /></figure>
Figure 1 – Example of calculating MYLELevel and MYSELevel
<h2 class="wp-block-heading">Performance Report of the ORB Trading System on the DAX</h2>
Figures 2 and 3 display the trading system&#8217;s results without applying additional filters, covering the period from January 1, 2010, to October 31, 2023.
<figure class="wp-block-image" id="block-775c3119-8cf7-4829-98f5-7e3381872551"><img decoding="async" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/17072137/fig-2-1-1024x690.png" alt="This image has an empty alt attribute; its file name is fig-2-1-1024x690.png" /></figure>
Figure 2 – Detailed Equity Curve of the ORB Trading System on the DAX
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="957" height="609" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/29162050/image-15.png" alt="" class="wp-image-2826" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/29162050/image-15.png 957w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/29162050/image-15-300x191.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/29162050/image-15-768x489.png 768w" sizes="(max-width: 957px) 100vw, 957px" /></figure>
Figure 3 – Strategy Performance Report of the ORB Trading System on the DAX
It&#8217;s evident that the strategy, as currently applied, isn&#8217;t very effective, particularly on the short side, while the long side shows some potential for profitability. Remember, we applied this setup in a very rudimentary fashion, without any additional filters to refine trade selection.
<h2 class="wp-block-heading" id="block-5fde2747-90df-48ed-8b24-8db98c716a07">Optimizing the ORB Trading System on the DAX</h2>
Let's advance our study: Initially, we allowed the trading system to place orders across a broad timeframe (9:15-21:45), covering most of the session.
Now, let&#8217;s explore whether restricting it to specific hours of the day might enhance profitability.
We will optimize our &#8220;MyStartTrade&#8221; and &#8220;MyEndTrade&#8221; inputs.
<figure class="wp-block-image" id="block-8caea827-3433-4b3c-9807-aa6a338c8b68"><img decoding="async" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/17072259/image-11-1024x603.png" alt="This image has an empty alt attribute; its file name is image-11-1024x603.png" /></figure>
Figure 4 – Optimization of MyStartTrade and MyEndTrade
The results suggest that entering positions after 10:00 AM but before the afternoon significantly improves key metrics. Given the net profit and average trade results, the 10:00-16:00 window is optimal as it yields better drawdown outcomes.
Figures 5 and 6 present the Equity Curve and the Strategy Performance Report with a net profit exceeding 218,000 euros, yet two key areas remain for improvement: the drawdown is still too high, and the average trade (66.89 euros) isn&#8217;t sufficient for live trading due to real-time trading costs (slippage and commissions).
<figure class="wp-block-image" id="block-df00b224-588b-48ed-a7df-32894f34b9e3"><img decoding="async" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/17072401/image-12.png" alt="This image has an empty alt attribute; its file name is image-12.png" /></figure>
Figure 5 – Detailed Equity Curve of the ORB Trading System on the DAX after time window optimization
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="994" height="617" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/29162108/image-16.png" alt="" class="wp-image-2827" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/29162108/image-16.png 994w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/29162108/image-16-300x186.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/29162108/image-16-768x477.png 768w" sizes="(max-width: 994px) 100vw, 994px" /></figure>
Figure 6 – Strategy Performance Report of the ORB Trading System on the DAX after time window optimization
What other directions can we consider at this stage? How can we boost the average trade to make it acceptable? One option might be to adjust the multipliers (MyMultL and MyMultS) initially set to 1. Let&#8217;s run an optimization, setting a range from 0.3 to 2 with 0.1 increments for these inputs, and analyze the results.
<figure class="wp-block-image" id="block-e7727bd7-1731-48d9-bafb-4526ee0d13b0"><img decoding="async" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/17072442/image-2-10.png" alt="This image has an empty alt attribute; its file name is image-2-10.png" /></figure>
Figure 7 – Optimization of MyMultL for the ORB Trading System on the DAX
<figure class="wp-block-image" id="block-e7ab90a3-b8ee-4d2f-8540-877a8944c039"><img decoding="async" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/17072458/image-2-11.png" alt="This image has an empty alt attribute; its file name is image-2-11.png" /></figure>
Figure 8 – Optimization of MyMultS for the ORB Trading System on the DAX
For MyMultL (Figure 7), we select the parameter 0.4 as it notably improves net profit (from 218,000 to approximately 360,000 euros) and average trade (from 66.89 to 85 euros). Additionally, it&#8217;s within a stable range between values 0.3 and 0.5, which are also comparable in results.
For MyMultS (Figure 8), we choose the parameter 0.9 as it slightly enhances net profit and is similarly stable between 0.8 and 1.
It&#8217;s worth noting that for short trades, higher values for MyMultS are needed compared to MyMultL (0.9 vs. 0.4), suggesting more aggressive market movements are necessary in that direction to achieve gains, likely due to the general bullish bias of stock indices favoring long positions over shorts.
<figure class="wp-block-image" id="block-b8e13ec4-5053-4a28-b1f2-46e5fc10ba4e"><img decoding="async" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/17072525/image-2-12.png" alt="This image has an empty alt attribute; its file name is image-2-12.png" /></figure>
Figure 9 – Detailed Equity Curve of the ORB Trading System on the DAX after optimizing MyMultL and MyMultS
<figure class="wp-block-image" id="block-56b9b6a7-fbb6-4a6f-8bdb-0f665c0d631c"><img decoding="async" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/17072539/image-13.png" alt="This image has an empty alt attribute; its file name is image-13.png" /></figure>
Figure 10 – Strategy Performance Report after optimizing MyMultL and MyMultS
<h2 class="wp-block-heading" id="block-7c6f10a8-04d1-4a47-b085-d3c53c108431">Conclusions on the ORB Trading System for the DAX</h2>
As we wrap up this article, it&#8217;s fair to conclude that the Opening Range Breakout on the DAX future remains a valid pattern worthy of consideration today.
Is this the final version of the strategy? Definitely not. The strategy still needs further development to be ready for live trading. As highlighted, the average trade should ideally be at least 170-180 euros for the DAX to ensure profitability and cover real trading costs. Additionally, a solution to reduce the maximum drawdown to more manageable levels is needed. Various tools can achieve this, from adding filters to leveraging pattern libraries we use at the Unger Academy&#xAE; and more sophisticated risk management. Nonetheless, it&#8217;s a solid starting point. Now it's up to you, readers, to work on it.
Until next time, happy trading!
Andrea Unger

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