First Trust Long/Short Equity (ARCA: FTLS)

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Under normal conditions, the fund will expose at least 80% of its net assets (including investment borrowings) to U.S. exchange-listed equity securities and/or U.S. exchange-traded funds that provide exposure to U.S. exchange-listed equity securities. It pursues its investment objective by establishing long and short positions in its portfolio of U.S. exchange-listed equity securities and ETFs. The fund may invest up to 20% of its net assets (including investment borrowings) in U.S. exchange-listed equity index futures contracts.

Microsoft Corp

Apple Inc

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Amazon.Com Inc

Netflix, Inc.

Walmart, Inc.

Arista Networks Inc.

Johnson & Johnson

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First Trust Long/Short Equity ETF

Shanghai.china-jan.,2nd,2022:,Li,Auto(li,Xiang),Brand,Logo,And,Electric

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SMOG

Goldman Sachs analyst reiterated Buy rating on Li Auto with $43.6 PT. Q1 revenue missed estimates, but new launches and sales network expansion expected to drive growth. Stock down nearly 30% in past 12 months.

Li Auto&#39;s Strategic Adjustments And Upcoming Model Launches Position It for Future Success, Says Goldman Sachs

LiAuto.Shutterstock

Earnings

Guidance

Tech

Li Auto (LI) reported Q1 2024 revenue of $3.55B, missing analyst estimates. Net earnings per ADS also missed estimates. Vehicle sales and deliveries increased. Q2 outlook predicts $4.1B - $4.3B in revenue and 105K - 110K vehicle deliveries.

Chinese EV Maker Li Auto Misses Q1 Revenue Expectations Despite Surging Vehicle Sales, Stock Tanks

Long Ideas

Broad U.S. Equity ETFs

Specialty ETFs

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ETFs

HTUS

A Tactical Active ETF

IVBIY

Reported Earlier, Innovent's IBI343 Receives NMPA Breakthrough Therapy Designation For Advanced Pancreatic Cancer Treatment

Reported Earlier, TXO Partners Identifies 3 TCFE Natural Gas Potential In Mancos Shale, Plans Phase I Development

<ul>
<li>Expands Nuclear Safety Vertical with Highly Complementary Businesses</li>
<li>Increases Geographic Footprint and Provides Entry into New Nuclear Safety Categories</li>
<li>Management Will Host a Conference Call Tomorrow at 8:30 a.m. ET to Discuss the Transaction</li>
</ul>

CDRE

Reported Earlier, Cadre Holdings To Acquire Carr's Engineering Division For £75M, Expanding Nuclear Safety Business

Palantir Technologies Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) Chief Technology Officer Shyam Sankar praised Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and SpaceX&#8217;s manufacturing approaches as models for revitalizing American industrial capabilities during an appearance on The Ben Shapiro Show on Wednesday.
What Happened: &#8220;It&#8217;s not true that we&#8217;re bad at making things in this country. The ability to do that in a modern way is asymmetrically distributed,&#8221; Sankar <a href="https://www.youtube.com/watch?v=zakFRqSJIpM">said</a>. &#8220;SpaceX makes so much of what they do vertically integrated internally. Tesla is a software-defined production line.&#8221;
His comments come as Palantir&#8217;s stock has surged over 312% in the past year, with the <a href="https://www.benzinga.com/markets/equities/25/01/42938119/lockheed-martin-donates-1m-to-trumps-inaugural-committee-as-speculation-grows-over-elon-musk-led-doge-crackdown-on-traditional-defense-contracts">company&#8217;s market capitalization</a> now exceeding traditional defense contractor Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>). The data analytics firm has been expanding beyond its government roots, with commercial revenue now representing 50% of its business.
Sankar criticized current manufacturing approaches, particularly in supply chain management. &#8220;When I interact with these companies, their understanding of their supply chain is very shallow. They treat it as a black box,&#8221; he said, contrasting this with Elon Musk&#8216;s comprehensive approach at his companies.
See Also: <a href="https://www.benzinga.com/news/25/01/43019094/bidens-farewell-address-targets-tech-oligarchy-in-trump-2-0-era-president-says-americans-face-avalanche-of-misinformation">Biden&#8217;s Farewell Address Targets Tech Oligarchy In Trump 2.0 Era: President Says Americans Face &#8216;Avalanche Of Misinformation&#8217;</a>
Why It Matters: The CTO&#8217;s remarks align with recent developments in <a href="https://www.benzinga.com/markets/equities/24/12/42356725/alex-karp-supports-doge-as-trump-taps-palantirs-shyam-shankar-for-border-security-role-cannot-have-a-better-person-than-musk">Palantir&#8217;s strategic direction</a>. CEO Alex Karp has emphasized the company&#8217;s evolution into an AI powerhouse, particularly in military applications. The company recently partnered with Amazon Web Services to provide Anthropic&#8217;s Claude AI models to U.S. intelligence agencies.
Addressing defense capabilities, Sankar highlighted concerning gaps in U.S. military readiness. &#8220;If you look at the amount of weapons we have on hand to fight China, war games put it at 8 days. It should be closer to 800 days,&#8221; he warned, citing the Ukraine conflict as evidence of production shortfalls.
Wedbush Securities analyst Dan Ives projects 2025 as a breakthrough year for Palantir&#8217;s AI platform, as the company continues to integrate advanced manufacturing and <a href="https://www.benzinga.com/markets/equities/24/12/42696805/palantir-touted-as-next-oracle-by-dan-ives-here-is-why-the-wedbush-analyst-called-the-company-a-table-pounder">artificial intelligence capabilities</a> across both government and commercial sectors.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/01/43021065/cash-app-parent-block-inc-eyes-395-upside-bofa-believes-us-centric-re-acceleration-story-will-drive-the-stock">Jack Dorsey&#8217;s Block Eyes Over 39% Upside: BofA Says US-Centric Re-Acceleration Story Will Drive The Stock</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

PLTR

TSLA

Palantir's Shyam Sankar Says SpaceX And Tesla Are Models For Reviving American Manufacturing Amid Rising Concerns Over Military Readiness

The proposed JV would be 60 per cent owned by Accenture and 40 per cent Telstra, with Telstra retaining control over its data and AI strategy and roadmap, which the JV would help deliver.

Reported Earlier, Telstra Teams Up With Accenture To Launch AI Joint Venture Supporting Data And AI Roadmap

SLXN

Reported Earlier, Silexion Therapeutics Prices Public Offering Of 3,703,703 Shares And Warrants At $1.35, Raising $5M

Reported Earlier, LG Display Reveals 4th-Gen OLED TV Panel With 40% Higher Color Brightness And 20% Energy Efficiency Gain

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is currently offering discounts of up to $2,000 on new non-foundation series Cybertrucks listed in its U.S. inventory.
What Happened: Tesla&#8217;s website now shows multiple new non-Foundation series Cybertrucks listed with as much as a $2000 discount. The discount on demo vehicles goes up to $3,510.
A new non-foundation series Cybertruck All-Wheel Drive variant starts at $78,390 on the inventory website and a demo vehicle with 961 miles on the odometer at $77,360. 
The offers are significantly higher on the more premium Cyberbeast variant. While a demo Cyberbeast with 1,138 miles on the odometer starts at $96,480, a new vehicle starts at $97,990. 
Why It Matters: The Cybertruck is one of Tesla&#8217;s more premium offerings. The vehicle starts at $79,990 for the base all-wheel drive variant and at $99,990 for the more premium Cyberbeast variant. 
According to data from automotive research firm Kelley Blue Book, the Cybertruck was Tesla&#8217;s third best-selling vehicle in the U.S. in 2024, after its mass-market offerings Model 3 and Model Y. 
The company sold <a href="https://www.benzinga.com/25/01/42967593/cybertruck-sales-rise-in-2024-weighed-down-on-tesla-model-s-deliveries-in-us-shows-data">38,965 units in the 12 months through the end of December</a>, significantly higher than the number of Model S or Model X sold in the country. 
Until recently, Tesla listed <a href="https://www.benzinga.com/25/01/42891397/non-foundation-series-cheaper-cybertrucks-join-tesla-inventory">only foundation series Cybertrucks</a> in its inventory. The foundation series refers to a limited and pricier edition of the Cybertruck with laser-etched foundation series badges and premium accessories.
Tesla made only the foundation series Cybertrucks for the first few months of deliveries. In October, Tesla started selling the regular version of Cybertruck priced about $20,000 lower than the foundation series.
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/25/01/43020027/starships-7th-test-flight-postponed-to-thursday-owing-to-unfavorable-weather-says-spacex">Starship&#8217;s 7th Test Flight With Simulated Starlink Payload Delayed Until Thursday Due To Unfavorable Weather, Says SpaceX</a></li>
</ul>
Photo courtesy: Shutterstock

Tesla Offers Discounts Up To $2,000 On New Inventory Cybertrucks

A bill proposing a&nbsp;strategic&nbsp;Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve&nbsp;was introduced in Oklahoma on Wednesday amid a growing nationwide trend of states looking to capitalize on the apex cryptocurrency&#8217;s return potential. 
What Happened: The proposed legislation, known as House Bill 1203 or&nbsp;the Strategic Bitcoin Reserve Act,&nbsp;was <a href="https://www.okhouse.gov/posts/news-20250115_1">introduced </a>in the Oklahoma House of Representatives&nbsp;by Rep. Cody Maynard.
The bill would allow Oklahoma&#8217;s&nbsp;pension funds and state savings&nbsp;accounts to allocate a portion&nbsp;of their assets to Bitcoin, deemed a &#8220;hedge against inflation.
The State Treasurer could invest funds in any digital asset that has averaged $500 billion in market capitalization over the previous calendar year. Currently, only Bitcoin, valued at $1.97 trillion, satisfies this requirement.
Maynard stated that the assets would be managed responsibly to meet the demands of fund managers, generate reliable returns for residents, and protect purchasing power from inflationary pressures.
"Bitcoin represents freedom from bureaucrats printing away our purchasing power," the representative added. "It is the ultimate store of value for those who believe in financial freedom and sound money principles."
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/government/regulations/25/01/42994641/italys-largest-bank-leaps-into-bitcoin-trading-with-1-million-test-investment-but-ceo-says-he-doesnt-invest-in-btc-personally">Italy&#8217;s Largest Bank Leaps Into Bitcoin Trading With $1 Million &#8216;Test&#8217; Investment But CEO Says He Doesn&#8217;t Invest In BTC Personally</a>
Why It Matters: Oklahoma was not alone in this initiative. Several states have similar legislation pending, aiming&nbsp;to establish Bitcoin as a&nbsp;strategic reserve.
In November 2024,&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41986427/pennsylvania-introduces-bitcoin-strategic-reserve-act-to-invest-up-to-700-million-in-btc">Pennsylvania</a>&nbsp;introduced the Pennsylvania Bitcoin Strategic Reserve Act, which would authorize the state&#8217;s treasury to invest up to 10% of its $7 billion reserves into Bitcoin. 
A month later,&nbsp;<a href="https://www.benzinga.com/24/12/42476809/texas-joins-crypto-movement-introduces-bill-to-set-up-bitcoin-reserve">Texas</a>&nbsp;introduced a similar bill, the Texas Strategic Bitcoin Reserve Act, proposing the establishment of a special fund in the state treasury to hold Bitcoin as a financial asset for a minimum period of five years. 
Similarly, Ohio, North Dakota, and New Hampshire have introduced Bitcoin reserve bills.
Dennis Porter, founder of the Bitcoin advocacy group&nbsp;Satoshi Action Fund, which is helping formulate these bills, said that they were at the halfway mark to the goal of getting 12 states to introduce Bitcoin reserve legislation.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Oklahoma becomes the 6th state to introduce ‘Strategic Bitcoin Reserve' policy enabling the state to buy Bitcoin once passed into law. That means we are now half way to our goal of achieving 12 states to introduce SBR bills. Promises made. Promises kept. &#x1f1fa;&#x1f1f8; <a href="https://t.co/Pukr6s1Cpc">https://t.co/Pukr6s1Cpc</a>
&mdash; Dennis Porter (@Dennis_Porter_) <a href="https://twitter.com/Dennis_Porter_/status/1879598591666475347?ref_src=twsrc%5Etfw">January 15, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
These moves by various states reflect a growing recognition of Bitcoin as a secure state asset and a hedge against inflation, aligning with Donald Trump&#8217;s <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/12/42434184/a-tech-renaissance-could-offer-enticing-opportunities-in-direxions-qqqu-qqqd-etfs">pledge to establish a national Bitcoin stockpile</a>.
Price Action:  At the time of writing, Bitcoin was exchanging hands at $99,745.63, up 2.77% 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.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Image via Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/01/42993521/michael-saylors-microstrategy-not-alone-in-bitcoin-acquisition-says-bitwise-chief-investment-officer-its-a-bona-fide-megatrend">Michael Saylor&#8217;s MicroStrategy Not Alone In Bitcoin Acquisition, Says Bitwise Chief Investment Officer: &#8216;It&#8217;s A Bona Fide Megatrend&#8217;</a></li>
</ul>
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.

Cryptocurrency

$BTC

The Trump Effect? Oklahoma Joins Growing List Of States Proposing Bitcoin As Strategic Reserve Asset

Jack Dorsey&#8216;s popular Cash App digital wallet developer Block Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) is expected to deliver a strong fourth quarter given its business&#8217;s general resilience and operational excellence discipline, says <a href="https://www.benzinga.com/topic/bofa-securities">BofA Securities</a>.
The BofA Analyst: Analyst, Jason Kupferberg, maintained its &#8216;buy&#8217; rating with a price objective of $115 apiece, representing a 39.62% increase from its current price levels.
The Analyst Takeaways: Identifying its top-line growth and profitability along with its potential to contribute to the U.S.-centric re-acceleration story to the best large-caps companies, BofA analyst, Kupferberg, says it is &#8220;underappreciated&#8221; by the market.
BofA remains bullish on its dual-sided ecosystem which consists of Square, which provides technology solutions for hardware and software, and the payment application Cash App. The analyst adds that Block doesn&#8217;t have the &#8220;legacy tech&#8221; overhang as compared to some of its peers.
The Rule of 40, which is a financial metric that assesses the health of a Software-as-a-Service company is expected to be achieved by 2026, reflecting enhanced profitability focus. The rule states that the company&#8217;s gross profit growth and adjusted operating income margin should add up to at least 40%. 
Expected to report its fourth-quarter earnings on Feb. 2, BofA thinks the company&#8217;s consensus estimates are well calibrated.
Gross payment volume (GPV), an important metric to measure the payment company&#8217;s performance, is expected to grow by 8.5% to 9.1% in the fourth quarter according to BofA and consensus street estimates.
&#8220;However, given shares have outperformed since Q3 earnings, this could limit the potential for Q4 to be a significant positive catalyst,&#8221; stated the note, dated Jan. 15.
For the first quarter of the upcoming fiscal, BofA sees some GPV headwinds from the Los Angeles wildfires and likely competition from the longer February in 2024, considering the leap year.
Additionally, the company has agreed to pay $80 million to settle allegations that violated anti-money laundering laws. This could impact the first quarter as well. According to a press release, regulators in 48 states found that it failed to adequately verify customers, report suspicious activity, and implement proper controls for high-risk accounts.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42999475/amd-shares-hint-at-a-reversal-as-charts-show-bullish-stick-sandwich-following-a-double-downgrade-from-hsbc">AMD Shares Hint At A Reversal As Charts Show Bullish Stick Sandwich Following A Double Downgrade From HSBC</a> 
Price Action: Block's stock closed at $84.79 on Wednesday, reflecting a 2.88% increase. In after-hours trading, the stock rose by 1.07%. Over the past year, Block has experienced a notable growth of 30.13%.
The stock's 52-week range is between $99.26 and $55. With a market capitalization of $46,134 million, Block&#8217;s forward price-to-earnings ratio of 18.248 is lower as compared to the industry average of 81.740 and it has a relative strength index of 44.89, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Block has a consensus price target of $91.57, according to the 46 analysts <a href="https://www.benzinga.com/quote/SQ/analyst-ratings">tracked by Benzinga</a>. The high target is $120, and the low is $46. Recent ratings by Citigroup, Keefe, Bruyette &amp; Woods, and Raymond James suggest a $107.67 target, implying a 25.63% upside.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/quote/SQ/analyst-ratings"><img loading="lazy" decoding="async" width="948" height="358" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/16013900/SQ-ANR.png" alt="" class="wp-image-735979" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/16013900/SQ-ANR.png 948w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/16013900/SQ-ANR-300x113.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/16013900/SQ-ANR-768x290.png 768w" sizes="(max-width: 948px) 100vw, 948px" /></a></figure>
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/general/entertainment/25/01/43017986/warner-bros-discovery-a[…]ngth-wont-offset-joker-folie-a-deux-flop-nba-rights-concerns">Warner Bros. Discovery Analyst Says DTC Strength Won&#8217;t Offset &#8216;Joker: Folie A Deux&#8217; Flop, NBA Rights Concerns </a></li>
</ul>

Market Summary

General

Jack Dorsey's Block Eyes Over 39% Upside: BofA Says US-Centric Re-Acceleration Story Will Drive The Stock

Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) manufacturing costs for its latest iPhone lineup show promising trends for margins, according to a new Bank of America analysis.
The teardown study reveals significant cost reductions in Pro models while highlighting the company&#8217;s strategic pricing approach across its product range.
The Apple Analyst: Bank of America analyst Wamsi Mohan maintains a &#8220;Buy&#8221; rating on Apple with a price target of $256, implying an upside of nearly 8% from Wednesday&#8217;s closing price.
The Apple Thesis: BofA&#8217;s teardown analysis reveals significant manufacturing cost improvements for iPhone 16 Pro models, while base models see increased costs.
The analyst highlights that the iPhone 16 Pro Max&#8217;s manufacturing costs are 5% lower than its predecessor, contributing approximately 320 basis points to gross margins. When adjusting for memory costs, the year-over-year savings increase to 8%.
&#8220;At Apple&#8217;s scale, these add up to meaningful savings of $3.7bn for 250mn iPhones that can be a tailwind of &gt;100 bps of product GMs when fully ramped,&#8221; noted the analysis.
See Also: <a href="https://www.benzinga.com/25/01/43019833/elon-musk-buying-tiktok-could-hurt-tesla-warns-gary-black-but-dan-ives-thinks-it-makes-sense">Elon Musk Buying TikTok Could Hurt Tesla Stock, Warns Gary Black — But Wedbush&#8217;s Dan Ives Thinks It Makes Sense</a>
Key Findings:
<ul>
<li>Main electronic assemblies make up 50% of iPhone 16 Pro Max manufacturing costs, up from 47% in the iPhone 15 Pro Max.</li>
</ul>
<ul>
<li>Base iPhone 16 shows a 10% increase in manufacturing costs compared to iPhone 15, primarily due to AI processing and camera improvements. When adjusted for memory costs, this increase narrows to 6%.</li>
</ul>
<ul>
<li>Potential savings of at least $10 per iPhone from insourcing the baseband modem from Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>).</li>
</ul>
<ul>
<li>Vertical integration efforts could drive further margin improvements. The company spends approximately $250 on integrated circuits per iPhone 16 Pro Max, creating opportunities for cost savings through component insourcing.</li>
</ul>
Why It Matters: The findings support BofA&#8217;s broader thesis on Apple&#8217;s margin resilience. The bank expects strong iPhone upgrade cycles in fiscal 2025 and 2026, driven by hardware requirements for generative AI features.
Apple&#8217;s gross margins have been trending higher in the last several years, supported by both services mix and iPhone margin stability despite increased functionality.
Trading at $237.87, Apple shares have gained nearly 30% over the past year. Apple is set to announce its first-quarter 2025 earnings on Jan. 30. In October last year, the company reported fiscal <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">fourth-quarter revenue</a> of $94.9 billion, surpassing analysts&#8217; expectations of $94.56 billion.
Price Action: Apple&#8217;s stock gained 1.97% on Wednesday, closing at $237.87. In after-hours trading, it edged up another 0.31%, reaching $238.60, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Apple&#8217;s consensus price target stands at $245.17, based on evaluations from 30 analysts, with Wedbush setting the highest target of $325 on Dec. 26. The latest ratings from MoffettNathanson, Bernstein, and BofA Securities point to an average target of $234.67, implying a potential downside of 1.65%.
<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/2025/01/16002414/Screenshot-2025-01-16-at-10.54.09%E2%80%AFAM-1024x376.png" alt="" class="wp-image-735922" /></a></figure>
Read Next:
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<li><a href="https://www.benzinga.com/25/01/43018848/those-are-air-bubbles-the-time-steve-jobs-rejected-the-first-ipod-prototype-and-pushed-apple-engineers-to-think-smaller" target="_blank" rel="noreferrer noopener">Steve Jobs Dropped The First iPod Prototype In A Fish Tank And It Wasn't To Test If It Was Waterproof</a></li>
</ul>
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.

AAPL

QCOM

Apple Stock Has Moved Up 4.2% Since iPhone 16 Launched, Analyst Says It Has Another 8% Upside As Manufacturing Cost Decline Bolsters Cupertino's Margins

President-elect&nbsp;Donald Trump&nbsp;has nominated&nbsp;Scott Bessent&nbsp;to lead the U.S. Treasury Department, and Bessent has pledged to maintain the dollar&#8217;s status as the world&#8217;s reserve currency. This commitment was made during his prepared testimony.
What Happened: Bessent, who is scheduled to appear&nbsp;before the U.S. Senate Finance&nbsp;Committee on Thursday, emphasized the importance of prioritizing productive investment over &#8220;wasteful spending&#8221; that could lead to inflation. He stressed the need to secure supply chains and carefully use sanctions to meet national security needs, Reuters&nbsp;reported on Wednesday.
&#8220;And critically, we must ensure that the U.S. dollar remains the world&#8217;s reserve currency,&#8221; he said.
Additionally,&nbsp;Bessent, a hedge fund manager, has supported Trump&#8217;s plans for higher tariffs on imports, although he did not mention China specifically in his remarks. Trump has previously threatened significant tariffs on imports from China, Canada, and Mexico.
Bessent also highlighted the necessity for Congress to make permanent the provisions of Trump&#8217;s 2017 Tax Cuts and Jobs Act. He warned that failing to do so could result in a historic $4 trillion tax increase. He advocated for &#8220;pro-growth policies&#8221; to reduce the tax burden on American manufacturers, service workers, and seniors.
Bessent comments come at a time when Trump is<a href="https://www.benzinga.com/25/01/42779917/trump-wont-announce-strategic-bitcoin-reserve-via-executive-order-says-analyst-he-would-likely-buy-btc-in-the-background"> reportedly exploring the possibility</a> of issuing an executive order to create a Strategic Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) Reserve (SBR). After providing substantial financial support during the 2024 election, the digital asset industry is <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42701446/crypto-industry-anticipates-policy-overhaul-under-trump-administration">gearing up for a major shift in its regulatory landscape</a>. President-elect Trump, once a vocal critic of digital currencies, shifted his stance during his campaign, becoming the first presidential candidate to accept donations in digital assets.
Why It Matters: Bessent&#8217;s nomination comes at a time when the dollar&#8217;s role as the <a href="https://www.benzinga.com/25/01/43019785/trump-treasury-nominee-pledges-to-maintain-dollars-global-reserve-status-outlines-vision-for-new-economic-golden-age">global reserve currency </a>is under scrutiny. His commitment to maintaining this status aligns with his vision for a &#8220;new economic golden age,&#8221; as outlined in his testimony. 
Meanwhile, Bessent&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42936887/trumps-treasury-pick-scott-bessent-reveals-up-to-500000-bitcoin-stake-via-blackrocks-etf">financial disclosures reveal</a> a significant stake in the&nbsp;iShares Bitcoin Trust ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), indicating his interest in cryptocurrencies amid expectations of crypto-friendly policies under the incoming Trump administration.
Read Also: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/01/42995814/billionaire-investor-who-predicted-the-dot-com-crash-25-years-ago-warns-of-another-market-storm-brewing-in-the-us">Billionaire Investor Who Predicted The Dot-Com Crash 25 Years Ago Warns Of Another Market Storm Brewing In The US</a></li>
</ul>
Disclaimer: 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.
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