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FORTITUDE GROUP INC by Fortitude Group, Inc.

Fortitude Group Inc

Spotify Technology SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) executives and board members have capitalized on the company&#8217;s remarkable stock performance in 2024, selling $1.25 billion worth of shares as the streaming giant&#8217;s market value approaches $100 billion.
What Happened: Co-founders Daniel Ek and Martin Lorentzon led the selling spree, collecting $350 million and $550 million respectively, according to U.S. Securities and Exchange Commission filings. The stock sales accelerated in November and December, involving approximately 20 company leaders.
The streaming service&#8217;s shares have nearly tripled in 2024, marking a dramatic recovery from 2022-2023 when its market capitalization fell below $20 billion. The turnaround follows successful cost-cutting measures, <a href="https://www.benzinga.com/news/23/12/36063807/spotify-to-layoff-17-of-workforce-being-lean-is-not-just-an-option-but-a-necessity-says-ceo-daniel-e">including a 25% workforce reduction</a> in 2023, and price increases across multiple markets.
Key executives joining the selling wave include Chief Product and Technology Officer Gustav Söderström ($106 million), Chief Business Officer Alex Norström ($63 million), and Chief Human Resources Officer Katarina Berg ($38 million). Netflix CEO Ted Sarandos, a Spotify board member since 2016, sold $6 million in stock.
See Also: <a href="https://www.benzinga.com/24/12/42640181/microstrategys-michael-saylor-proposes-digital-assets-framework-for-us-advocates-bitcoin-reserve-capable-of-generating-1681-trillion-in-wealth">Michael Saylor Proposes US Digital Assets Framework, Backs Bitcoin Reserve Capable Of Generating $16–$81 Trillion In Wealth</a>
Why It Matters: JPMorgan recently named Spotify <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42561047/amazon-meta-alphabet-spotify-lead-jpmorgans-2025-tech-picks-for-ai-potential">among its top tech picks for 2025</a>, alongside Amazon.com Inc., Meta Platforms Inc., and Alphabet Inc., citing AI-driven growth potential. However, investment firm Ark Invest, led by Cathie Wood, sold approximately $4.8 million worth of Spotify <a href="https://www.benzinga.com/24/12/42281575/cathie-woods-monday-moves-4-8m-spotify-stock-sale-meets-4-7m-pinterest-shopping-spree">shares in early December</a>.
Price Action: Spotify closed at $460.88 on Friday, up by 1.48%. In after-hours trading, the stock slightly gained, reaching $461.06. Year-to-date, Spotify&#8217;s stock has surged 144.11%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Spotify has a <a href="https://www.benzinga.com/quote/SPOT/analyst-ratings">consensus price target</a> of $402.19, based on 32 analysts. The highest target is $560, and the lowest is $190. The most recent ratings, from Canaccord Genuity and Goldman Sachs, suggest a 13.87% upside, with an average target of $525.
<figure class="wp-block-image aligncenter size-large is-resized"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/22231018/Screenshot-2024-12-23-at-9.39.14%E2%80%AFAM-1024x372.png" alt="" class="wp-image-703228" style="width:578px;height:auto" /></figure>
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/12/42640010/palantir-and-anduril-reportedly-lead-consortium-partner-with-spacex-and-openai-to-compete-against-traditional-defense-contractors-in-850-billion-us-military-market">Palantir And Anduril Reportedly Lead Consortium, Partner With SpaceX And OpenAI To Compete Against Traditional Defense Contractors In $850 Billion US Military Market</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

SPOT

Daniel Ek, Spotify Board Members Sell Over $1 Billion In Shares As Stock Surges 144% In 2024

President-elect Donald Trump congratulated the cryptocurrency community on Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) new all-time highs on Sunday even as the leading cryptocurrency posted its first weekly decline since his victory last month.
What happened: Addressing a rally at the Turning Point USA event in Phoenix, Trump emphasized how risk-on markets have risen since the election.
"Bitcoin surged to an all-time record high of $108,000. Congratulations," Trump said amid thunderous applause from the crowd.
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See Also:<a href="https://www.benzinga.com/24/12/42519107/if-you-invested-1000-in-bitcoin-when-the-first-bitcoin-etf-was-filed-heres-how-much-youd-have-today"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">MicroStrategy&#8217;s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community</a>
Interestingly, Trump&#8217;s enthusiastic speech coincided with Bitcoin&#8217;s first weekly loss since his election triumph, which <a href="https://www.benzinga.com/24/11/41915075/how-to-trade-the-trump-bitcoin-rally">sparked a record-breaking rally</a> for the top cryptocurrency. At the time of writing, Bitcoin was down over 8% in the last week.
Why It Matters: Several of Bitcoin's technical indicators painted a bearish outlook as of this writing.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a &#8220;Sell&#8221; signal, <a href="https://in.tradingview.com/symbols/BTCUSD/technicals/">according </a>to TradingView. Additionally, most shorter moving averages projected downsides.
The Relative Strength Index, used to determine if an asset is overbought or oversold, showed a "Neutral" reading.&nbsp;
That said, the percentage of traders placing upside bets on the coin rose above 50%, signaling expectations of a rebound, <a href="https://www.coinglass.com/LongShortRatio">according </a>to data from Coinglass.
Price Action: At the time of writing, Bitcoin was exchanging hands at $96,296.30, down 0.76% 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>.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545656/bitcoin-is-no-manhattan-real-estate-peter-schiff-challenges-microstrategys-micheal-saylor-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Michael Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a></li>
</ul>

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

Cryptocurrency

$BTC

Trump Congratulates Bitcoin Community On New All-Time Highs Just As Top Crypto Suffers First Weekly Loss Since His Election Triumph

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is taking its AirPods to the next level with plans to introduce heart rate monitors, temperature sensors, and even cameras to boost AI capabilities.
What Happened: In his &#8220;Power On&#8221; newsletter, Bloomberg columnist Mark Gurman reported that Apple's teams are currently experimenting with new improvements.
This includes heart rate monitoring, temperature sensing, and advanced sensors to track various physiological measures. The primary focus is to incorporate heart rate monitoring, a feature already available on the Apple Watch, into the AirPods.
It could debut with the next-generation AirPods Pro.
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.
Cupertino is also working on integrating cameras into the AirPods to facilitate AI services. The technology could take a couple more years to hit the market, provided it doesn't get canceled once again, said Gurman.
Why It Matters: In September, Apple announced a <a href="https://www.benzinga.com/news/24/09/40786879/apples-airpods-pro-2-bring-clinical-grade-hearing-aid-without-the-stigma-or-high-cost-heres-what-peo">new suite of features</a> for the AirPods Pro 2, including active Hearing Protection, a scientifically validated Hearing Test, and a clinical-grade Hearing Aid.
These advancements are awaiting approval from health authorities like the U.S. Food and Drug Administration and are expected to launch this fall in over 100 markets.
Apple&#8217;s wearables segment continues to be a significant revenue driver, with AirPods playing a key role.
In the <a href="https://www.benzinga.com/news/earnings/24/10/41666494/apple-q4-earnings-revenue-beat-eps-beat-installed-base-hits-new-highs-iphone-sales-rise-as-apple-in">fiscal fourth quarter</a>, the wearables division generated $9.04 billion, though Apple's share in the true wireless stereo <a href="https://www.benzinga.com/tech/24/11/42182829/apple-could-keep-airpods-max-headphones-around-without-meaningfully-updating-them-says-analyst-heres-why">market has declined</a> from 48.1% in 2019 to 17% today.
Price Action: Apple&#8217;s stock rose by 1.88% on Friday, ending the day at $254.49. Year-to-date, shares have increased by 37.09%, based on <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro</a>. The latest analyst reports from Morgan Stanley, Needham, and Wedbush have set an average price target of $277.67, indicating a potential upside of 8.74%.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/AAPL/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/22230935/Screenshot-2024-12-23-at-9.39.28%E2%80%AFAM-1024x374.png" alt="" class="wp-image-703225" /></a></figure>
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Photo courtesy: Apple
Read Next:
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<li><a href="https://www.benzinga.com/news/global/24/11/42132104/huawei-to-launch-mate-70-smartphone-with-advanced-homegrown-chip-challenging-apple-in-china-amid-us-sanctions-report">Apple Faces New Challenge As Huawei Advances Domestic Chip Tech In Mate 70 Series Amid US Sanctions: Report</a></li>
</ul>

Tech

Media

AAPL

Apple AirPods To Get Heart Rate, Temperature Sensors, And Cameras To Help With AI Features: Top Analyst

MicroStrategy founder and Chairman Michael Saylor presented a detailed digital assets framework on Friday for the U.S. government to strengthen fiscal policy and position the country to lead the 21st-century digital financial system
What happened: The complete proposal urged for regulatory clarity, including defining what constitutes a digital asset, stakeholder rights and obligations, transparency, and initiatives to promote innovation.
Among the key objectives of the so-called strategic digital asset policy was the creation of a Bitcoin reserve, having the potential to generate $16–$81 trillion in wealth for the Treasury and thereby neutralizing the soaring national debt.
Interestingly, Sen. Cynthia Lummis (R-Wyo.), who proposed a bill to establish a Bitcoin reserve, advocated purchasing 1 million BTC over five years, which is <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40722735/trump-presidency-will-be-total-game-changer-for-crypto-industry-says-pro-bitcoin-senator-c">expected to be worth</a> $17 trillion in 20 years.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">A strategic digital asset policy can strengthen the US dollar, neutralize the national debt, and position America as the global leader in the 21st-century digital economy—empowering millions of businesses, driving growth, and creating trillions in value. <a href="https://t.co/7n7jQqPkf1">https://t.co/7n7jQqPkf1</a>
&mdash; Michael Saylor&#x26a1;&#xFE0F; (@saylor) <a href="https://twitter.com/saylor/status/1870183095611093220?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
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Additionally, Saylor&#8217;s framework called for growing digital currency markets from $25 billion to $10 trillion and digital capital markets from $2 trillion to $280 trillion.
The proposal also advocated growth in the digital asset market, other than Bitcoin, from $1 trillion to $590 trillion.
Saylor also supported increasing investors&#8217; access to a variety of digital assets, including tokenized commodities, real estate, art, businesses, teams, collectibles, intellectual property, and trademarks.
See Also:<a href="https://www.benzinga.com/24/12/42519107/if-you-invested-1000-in-bitcoin-when-the-first-bitcoin-etf-was-filed-heres-how-much-youd-have-today"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">MicroStrategy&#8217;s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community</a>
Why It Matters: The proposal comes amid a renewed sense of optimism in cryptocurrency circles following Donald Trump&#8217;s presidential victory last month. According to reports, the president-elect <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42505162/trump-reportedly-considering-executive-order-to-establish-strategic-bitcoin-reserve">may consider creating a strategic Bitcoin reserve</a> by executive order.
Saylor said earlier that T<a href="https://www.benzinga.com/24/12/42522606/trump-is-serious-about-creating-a-bitcoin-reserve-says-microstrategys-michael-saylorurges-to-buy-btc-before-it-goes-up-by-100x">rump was serious about creating a Bitcoin stockpile</a> and that it made sense for the government to &#8220;buy it now and own the future.&#8221;
Saylor also urged the incoming administration to take the lead in establishing a digital assets framework, outlining clear definitions of different entities and fixing the responsibilities of participants.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,904.08, down 3% 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 Michael
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545656/bitcoin-is-no-manhattan-real-estate-peter-schiff-challenges-microstrategys-micheal-saylor-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Michael Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a></li>
</ul>

Michael Saylor Proposes US Digital Assets Framework, Backs Bitcoin Reserve Capable Of Generating $16–$81 Trillion In Wealth

President-elect Donald Trump has addressed speculation about Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk&#8217;s growing political influence.
What Happened: On Sunday, speaking at Turning Point USA&#8217;s AmericaFest conference, Trump dismissed suggestions that he had &#8220;ceded the presidency&#8221; to Musk, pointing to the Constitution&#8217;s natural-born citizen requirement, <a href="https://www.nbcnews.com/politics/donald-trump/trump-addresses-elon-musks-growing-political-influence-not-going-presi-rcna185038">reported</a> NBC.
&#8220;No, he&#8217;s not going to be president, that I can tell you,&#8221; Trump stated. &#8220;And I&#8217;m safe. You know why? He can&#8217;t be. He wasn&#8217;t born in this country.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/global/24/12/42559347/trump-administration-could-ban-amazons-top-selling-routers-linked-to-chinese-cyberattacks-report?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Administration Could Ban Amazon's Top-Selling Routers Linked To Chinese Cyberattacks: Report</a>
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Why It Matters: Earlier this week, Trump and Musk <a href="https://www.benzinga.com/general/social-media/24/12/42566558/house-republicans-reject-spending-bill-under-pressure-from-trump-musk-government-faces-shutdown">played a key role in derailing</a> Republican House Speaker Mike Johnson's (R-La.) proposed emergency spending measure, forcing lawmakers to scramble for a last-minute alternative to avoid a government shutdown.
Democrats have jokingly dubbed Musk &#8220;President Musk&#8221; due to his growing political influence. <a href="https://www.benzinga.com/news/24/09/40969728/elon-musk-boosts-house-republicans-with-record-289-100-donation">Musk had spent</a> more than $250 million on Trump's campaign, <a href="https://www.nbcnews.com/politics/donald-trump/trump-addresses-elon-musks-growing-political-influence-not-going-presi-rcna185038">noted</a> NBC.
A separate NBC <a href="https://www.nbcnews.com/tech/tech-news/elon-musk-meeting-foreign-leaders-trump-conflict-putin-china-rcna184846">report</a> indicated that the Tesla CEO&#8217;s increasing presence in political circles has raised concerns among national security experts about potential conflicts of interest, given his extensive business dealings with foreign governments.
His companies maintain significant government contracts, with SpaceX providing critical services to NASA and the Pentagon.
Tesla&#8217;s substantial manufacturing presence in China, where the company operates its Gigafactory Shanghai facility, has also drawn particular scrutiny.
The company currently dominates the U.S. electric vehicle <a href="https://www.benzinga.com/24/12/42637260/elon-musk-accused-of-bullying-republicans-to-scrap-us-china-investment-safeguards-to-protect-teslas-interests">market with nearly 50% market share</a>.
Sen. Ben Cardin (D-Md.), outgoing chairman of the Senate Foreign Relations Committee, expressed concern about Musk&#8217;s dual roles.
&#8220;I think he has incredible conflicts,&#8221; Cardin told the publication. &#8220;His association with the president-elect has already profited him as far as his personal assets are concerned.&#8221;
Price Action: Tesla&#8217;s stock dropped 3.46% on Friday, closing at $421.06, but rose 0.53% in after-hours trading. Year-to-date, the EV giant&#8217;s shares are up 69.5%. The latest ratings from Baird, Mizuho, and Goldman Sachs set an average price target of $446.67, indicating a potential upside of 5.53%, according to <a href="http://pro.benzinga.com/">Benzinga Pro data</a>.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/TSLA/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/22215140/Screenshot-2024-12-23-at-8.21.30%E2%80%AFAM-1024x374.png" alt="" class="wp-image-703186" /></a></figure>
Images via Shutterstock
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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.

Government

Politics

TSLA

Trump Fires Back At Critics, Denies Ceding Presidency To Elon Musk: 'I'm Safe ... He Wasn't Born In This Country'

A cheeky remark by influential economist Peter Schiff spawned a new cryptocurrency on Sunday that already has millions added to its capitalization.
What happened: The creators of the cryptocurrency USAcoin (USACOIN) were inspired by Schiff, who advised the U.S. government to consider the possibility of a strategic USAcoin reserve rather than a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve.
As of this writing, the coin has a market valuation of roughly $2.80 million, with over $7 million in trading volume in the last 24 hours, <a href="https://coinmarketcap.com/currencies/usacoin-ethereum/">according</a> to CoinMarketCap.
Reacting to the new coin, Schiff clarified that he doesn&#8217;t endorse it. &#8220;My post was sarcastic—don&#8217;t buy it,&#8221; the staunch Bitcoin critic said. However, he stood by the idea behind proposing such a cryptocurrency.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Someone actually created a <a href="https://twitter.com/hashtag/USAcoin?src=hash&amp;ref_src=twsrc%5Etfw">#USAcoin</a>. My post was sarcastic—don&#39;t buy it. However, my point was that if the U.S. government created such a token and committed to building a strategic USAcoin reserve, it would make more sense than stockpiling <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. That part wasn&#39;t a joke.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1870817719924449707?ref_src=twsrc%5Etfw">December 22, 2024</a></blockquote>
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On Saturday, Schiff mooted the idea of a new government-backed cryptocurrency with a supply limit of 21 million, similar to Bitcoin, but one that has value and can be utilized for payments.
No prizes for guessing the new USAcoin also shows a supply cap of 21 million but was yet to be validated.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Instead of creating a <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> strategic reserve, the U.S. could save a lot of money by creating <a href="https://twitter.com/hashtag/USAcoin?src=hash&amp;ref_src=twsrc%5Etfw">#USAcoin</a>. Just like Bitcoin, the supply can be capped at 21 million, but with an upgraded blockchain to make USAcoin actually viable for use in payments. This way we can all get rich.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1870455362127589496?ref_src=twsrc%5Etfw">December 21, 2024</a></blockquote>
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See Also:<a href="https://www.benzinga.com/24/12/42519107/if-you-invested-1000-in-bitcoin-when-the-first-bitcoin-etf-was-filed-heres-how-much-youd-have-today"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">MicroStrategy&#8217;s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community</a>
Why It Matters: Schiff has <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42245202/peter-schiff-bitcoin-reserve-is-the-worst-monetary-mistake-us-could-make">blasted the idea</a> of a strategic Bitcoin reserve, going to the extent of calling it &#8220;treason" and the "worst monetary mistake" the U.S. could make. He argued that Bitcoin is not a viable reserve asset due to its market volatility.
A gold advocate, Schiff strongly opposes Bitcoin, <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40818582/gold-bull-peter-schiff-claims-bitcoin-lacks-intrinsic-value-and-is-destined-to-fail">stating that it has no fundamental value</a> and was destined to fail.
While Schiff <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41891221/peter-schiff-says-he-would-have-loaded-up-on-bitcoin-had-he-known-that-the-btc-bubble-would-get-this-big" target="_blank" rel="noreferrer noopener">admitted to regretting</a> not buying Bitcoin when it was around $1, he emphasized that this doesn't mean he would buy it now.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,808.60, down 3.16% 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>. 
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545656/bitcoin-is-no-manhattan-real-estate-peter-schiff-challenges-microstrategys-micheal-saylor-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Michael Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a></li>
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Peter Schiff's 'Sarcastic' Post Spurs Birth Of Supposed Bitcoin Alternative USAcoin With Millions In Marketcap, Economist Warns 'Don't Buy It'

Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) and Anduril Industries, a defense technology company are spearheading a new consortium of technology companies to compete for U.S. Department of Defense contracts, challenging traditional defense contractors&#8217; dominance over the <a href="https://www.benzinga.com/markets/equities/24/12/42615531/pltr-stock-up-over-80-in-the-past-two-months-trades-nearly-5-lower-in-friday-premarket-after-ubs-says-valuationis-simply-tough-to-get-over">$850 billion defense budget</a>.
What Happened: The group, expected to announce formal agreements in January, is in discussions with Elon Musk&#8216;s SpaceX, OpenAI, Saronic, and Scale AI, <a href="https://www.ft.com/content/6cfdfe2b-6872-4963-bde8-dc6c43be5093">reported</a> the Financial Times on Sunday, citing people with knowledge of the matter.
This initiative comes as Palantir&#8217;s market capitalization has surged to $169 billion, surpassing traditional defense contractor Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>). Palantir&#8217;s stock has risen over 300% in the past year, though it recently faced headwinds after UBS initiated coverage with a neutral rating, <a href="https://www.benzinga.com/markets/equities/24/12/42615531/pltr-stock-up-over-80-in-the-past-two-months-trades-nearly-5-lower-in-friday-premarket-after-ubs-says-valuationis-simply-tough-to-get-over">citing valuation concerns</a>.
The consortium aims to modernize defense procurement by offering smaller, autonomous weapons systems and AI-powered solutions. Recent collaborations already show promise, with Palantir&#8217;s AI Platform being integrated with Anduril&#8217;s Lattice autonomous software for national security applications.
Palantir and Anduril did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
See Also: <a href="https://www.benzinga.com/general/social-media/24/12/42639068/linkedin-cofounder-reid-hoffman-says-musks-baseless-jeffrey-epstein-claims-forced-him-to-hire-security-elons-defamation-makes-me-angry">LinkedIn Cofounder Reid Hoffman Says Musk&#8217;s Baseless Jeffrey Epstein Claims Forced Him To Hire Security: &#8216;Elon&#8217;s Defamation Makes Me Angry&#8217;</a>
Why It Matters: The timing aligns with increased defense spending driven by conflicts in Ukraine and the Middle East, plus rising U.S.-China tensions. Palantir recently secured a $400.7 million contract extension with the U.S. Army, which could potentially reach $618.9 million over four years.
Traditional defense procurement has faced criticism for <a href="https://www.benzinga.com/news/24/12/42525698/as-elon-musk-takes-on-lockheed-martin-made-f-35s-experts-question-feasibility-of-replacing-manned-fighter-jets-with-drones">favoring established contractors</a> like Raytheon Technologies Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) and The Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), often resulting in costly, time-consuming projects. This new tech consortium aims to provide more efficient, cutting-edge solutions to meet modern military challenges.
Palantir stock closed at $80.55 on Friday, up 8.54% for the day, and rose 0.19% in after-hours trading. Year to date, the stock has surged 385%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
The <a href="https://www.benzinga.com/quote/PLTR/analyst-ratings">consensus price target</a> is $35.58, with the highest target of $80, and the lowest of $7.50. Recent ratings from UBS, Mizuho, and Baird average $64.67, implying a 19.87% downside.
<figure class="wp-block-image aligncenter size-large is-resized"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/22210140/Screenshot-2024-12-23-at-7.30.06%E2%80%AFAM-1024x377.png" alt="" class="wp-image-703159" style="width:715px;height:auto" /></figure>
Read Next: 
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<li><a href="https://www.benzinga.com/tech/24/12/42635813/google-announces-major-layoffs-as-pichai-stresses-efficiency">Google Announces Major Layoffs As Pichai Stresses Efficiency</a></li>
</ul>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

PLTR

Palantir And Anduril Reportedly Lead Consortium, Partner With SpaceX And OpenAI To Compete Against Traditional Defense Contractors In $850 Billion US Military Market

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