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HK Battery Technology Inc is a development stage company.

HK BATTERY TECH INC by HK Battery Technology Inc.

HK Battery Technology Inc

Investcorp Credit (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICMB#NASDAQ">ICMB</a>) reported quarterly earnings of $0.16 per share which beat the analyst consensus estimate of $0.10 by 60 percent. This is a 45.45 percent increase over earnings of $0.11 per share from the same period last year. The company reported quarterly sales of $6.85 million which beat the analyst consensus estimate of $5.16 million by 32.67 percent. This is a 16.07 percent increase over sales of $5.90 million the same period last year.

Earnings

News

ICMB

Investcorp Credit Q1 EPS $0.16 Beats $0.10 Estimate, Sales $6.85M Beat $5.16M Estimate

<ul>
<li>Explore some of Amazon's best holiday deals across more than 35 categories, including electronics, home, toys, beauty, and fashion, and exciting deals across top brands like Coach, Kiehl's, LEGO, Sony, and Youth to the People</li>
<li>New deals launch daily throughout the event, including deep discounts on holiday must-haves with up to 50% off on Christmas wreaths, wrapping paper, and ornaments; holiday pajamas for the family starting at $6; and stocking stuffers under $10</li>
<li>Celebrate NFL Black Friday Football on Prime Video as the Kansas City Chiefs host the Las Vegas Raiders, and shop Amazon's exciting deals from top brands and categories while you watch</li>
</ul>

AMZN

Amazon Unveils Black Friday And Cyber Monday Events Packed With Deals Across 35+ Categories, From November 21 To December 2

HIVE Digital Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIVE#NASDAQ">HIVE</a>) reported quarterly losses of $(0.06) per share which beat the analyst consensus estimate of $(0.09) by 33.33 percent. This is a 79.31 percent increase over losses of $(0.29) per share from the same period last year. The company reported quarterly sales of $22.65 million which missed the analyst consensus estimate of $25.69 million by 11.84 percent. This is a 0.52 percent decrease over sales of $22.77 million the same period last year.

HIVE

HIVE Digital Technologies Q2 EPS $(0.06) Beats $(0.09) Estimate, Sales $22.65M Miss $25.69M Estimate

Financial Results
Cash, cash equivalents and financial assets of the Company amounted to €96.4 million as of September 30, 2024. At the same date, financial liabilities amounted to €33.2 million.
Revenues for the first nine months of 2024 amounted to €10.2 million (€36.5 million for the same period in 2023). For the nine-month period, ended September 30, 2024, revenue from collaboration and licensing agreements mainly resulted from the partial or entire recognition of the proceeds received pursuant to the agreements with AstraZeneca and Sanofi.

IPHA

Innate Pharma's Revenue For The Nine Months €10.2M, Down From €36.5M YoY; Cash €96.4M

The CNN Money Fear and Greed index remained in the &#8220;Greed&#8221; zone on Tuesday.
U.S. stocks settled lower on Tuesday, with the S&amp;P 500 and Nasdaq snapping five-session winning streaks.
Shares of Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), which have surged around 31% since Election Day, declined about 6.2% on Tuesday. Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares also dipped around 9% during the session. Home Depot Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) reported better-than-expected third-quarter earnings and lifted its full-year 2024 outlook.
On the economic data front, U.S. consumer inflation expectations for the year ahead eased to 2.9% in October compared to 3% in each of the prior four months. The RealClearMarkets/TIPP Economic Optimism Index rose 13.4% in November to a reading of 53.2, recording the highest reading in over three years.
Most sectors on the S&amp;P 500 closed on a negative note, with materials, health care, and real estate stocks recording the biggest losses on Tuesday. However, information technology and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 382 points to 43,910.98 on Tuesday. The S&amp;P 500 fell 0.29% to 5,983.99, while the Nasdaq Composite fell 0.09% to close at 19,281.40 during Tuesday's session.
Investors are awaiting earnings results from CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>), Cisco Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>), and Beazer Homes USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BZH#NYSE">BZH</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 68.7, the index remained in the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 68.6.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
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<li><a href="https://www.benzinga.com/24/11/41899303/top-3-tech-and-telecom-stocks-which-could-rescue-your-portfolio-in-q4">Top 3 Tech And Telecom Stocks Which Could Rescue Your Portfolio In Q4</a></li>
</ul>
Photo courtesy: Shutterstock

Pre-Market Outlook

Markets

Trading Ideas

CSCO

CYBR

TSLA

Dow, S&P Decline Ahead Of Key Inflation Data, Tesla, Trump Media Slides: Fear Index Remains In 'Greed' Zone

Tesla Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) gigafactory in Nevada built a thousand Powerwall energy storage devices in a single day marking a new milestone, the EV giant announced on Tuesday.
What Happened: &#8220;Congrats to the Tesla Nevada team on building 1000 Powerwalls in a single day,&#8221; Tesla wrote on its official X handle dedicated to updates on the company&#8217;s energy generation and storage segment.
Company CEO Elon Musk also congratulated the team at Giga Nevada on the milestone. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Congratulations Tesla Powerwall team! These will make a big difference around the world. With a Powerwall, your home or business has guaranteed continuous power during utility blackouts or brownouts. Add solar to your roof and/or nearby ground and you can operate off grid.… <a href="https://t.co/DB7vTnNwl6">https://t.co/DB7vTnNwl6</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1856390770628145546?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Powerwall is a powerful home battery that stores solar energy for use when the grid goes down. The company has previously said that it has the capacity to&nbsp;<a href="https://www.benzinga.com/news/24/08/40145508/tesla-says-it-can-make-one-powerwall-3-every-25-seconds-ceo-elon-musk-terms-it-a-great-product" target="_blank" rel="noreferrer noopener">build a Powerwall 3- the latest iteration of the product- every 25 seconds</a>, or more than 700,000 units per year.
Tesla's gigafactory in Nevada makes electric motors, vehicle powertrains, and batteries in addition to energy storage products. The company is looking to expand the factory further with a 100 GWh 4680 cell factory and a high-volume Tesla Semi factory.
Why It Matters:&nbsp;In the three months through the end of September, Tesla's energy generation and storage revenue<a href="https://www.benzinga.com/news/24/10/41537560/teslas-energy-segment-boom-in-q3-sparks-leadership-changes-veteran-mike-snyder-promoted-as-vp"> touched $2,376 million</a>, marking a growth of 52% as compared to the corresponding period of last year. The energy business achieved a record gross margin of 30.5% and the powerwall product achieved record deployments.
Tesla manufactures two energy storage products- the Powerwall and the <a href="https://www.benzinga.com/news/24/11/41737630/tesla-makes-10-000th-megapack-at-california-as-energy-segment-booms">powerful battery called Megapack.</a>
Tesla currently operates a Megafactory in Lathrop, California, capable of making 10,000 Megapack units in a year. The company is also putting up a Megafactory in Shanghai which it expects to start shipping Megapacks in the first quarter of 2025.
For 2024, Tesla now expects to deploy more than twice the energy storage deployed last year, or over 29.4 GWh of energy storage.
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:
<ul>
<li><a href="https://www.benzinga.com/tech/24/11/41894615/tesla-q4-deliveries-expected-to-set-new-records-but-not-enough-to-avoid-yearly-sales-decline-says-researcher" target="_blank" rel="noreferrer noopener">Tesla Q4 Deliveries Expected To Set New Records But Not Enough To Avoid Yearly Sales Decline, Says Researcher</a></li>
</ul>
Photo courtesy: Tesla

Tech

Tesla Makes 1000 Powerwalls At Giga Nevada In A Day As Energy Storage Segment Booms

Tower Semiconductor Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSEM#NASDAQ">TSEM</a>) will release earnings results for its third quarter, before the <a href="https://www.benzinga.com/quote/TSEM">opening bell on Wednesday, Nov. 13.</a>
Analysts expect the Migdal Haemek, Israel-based company to report quarterly earnings at 53 cents per share, down from 54 cents per share in the year-ago period. Tower Semiconductor projects to report revenue of $370.32 million for the quarter, compared to $358.17 million a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On July 24, Tower Semiconductor reported a fiscal second-quarter 2024 revenue decline of 1.7% year-on-year to $351.2 million, beating the analyst consensus estimate of $350.1 million.
Tower Semiconductor shares fell 7.6% to close at $43.10 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TJX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e2ae9e3430dee0001c80e0c/cody-acree">Benchmark analyst Cody Acree</a> reiterated a Buy rating with a price target of $55 on Sept. 9. This analyst has an accuracy rate of 82%.</li>
<li>Craig-Hallum analyst Richard Shannon maintained a Buy rating and boosted the price target from $40 to $44 on May 10. This analyst has an accuracy rate of 74%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58bff744b85e930001906478/mehdi-hosseini">Susquehanna analyst Medhi Hosseini</a> upgraded the stock from Neutral to Positive and increased the price target from $36 to $55 on May 10. This analyst has an accuracy rate of 74%.</li>
</ul>
Considering buying TSEM stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="573" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13010115/image-123-1024x573.png" alt="" class="wp-image-644430" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13010115/image-123-1024x573.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13010115/image-123-300x168.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13010115/image-123-768x429.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/13010115/image-123.png 1225w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next: 
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</ul>

Price Target

Analyst Ratings

TSEM

Top Wall Street Forecasters Revamp Tower Semiconductor Price Expectations Ahead Of Q3 Earnings

With U.S. stock futures trading lower this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>) to report quarterly earnings at 46 cents per share on revenue of $234.04 million before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. CyberArk shares rose 4.1% to $313.00 in after-hours trading.</li>
<li>Analysts expect Cisco Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) to post quarterly earnings at 87 per share on revenue of $13.77 billion. The company will release earnings after the markets close. Cisco shares gained 0.03% to $58.73 in after-hours trading.</li>
<li>Rumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>) posted downbeat results for the third quarter on Tuesday. The company posted a quarterly loss of 15 cents per share, versus estimates for a loss of 12 cents per share. Rumble shares dipped 10.8% to $6.09 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) reported weaker-than-expected financial results for the third quarter after the close on Tuesday. The company reported third-quarter revenue of $131.6 million, missing the consensus estimate of $151.67 million, according to Benzinga Pro. The Bitcoin miner reported an adjusted loss of 34 cents per share, missing analyst estimates for a loss of 26 cents per share. MARA shares fell 8.8% to $23.01 in the after-hours trading session.</li>
<li>Analysts expect Beazer Homes USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BZH#NYSE">BZH</a>) to report quarterly earnings at $1.35 per share on revenue of $774.56 million after the closing bell. Beazer Homes shares gained 1.2% to $32.44 in after-hours trading.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/24/11/41899303/top-3-tech-and-telecom-stocks-which-could-rescue-your-portfolio-in-q4">Top 3 Tech And Telecom Stocks Which Could Rescue Your Portfolio In Q4</a></li>
</ul>
Photo courtesy: Shutterstock

Equities

MARA

CyberArk Software, Cisco Systems And 3 Stocks To Watch Heading Into Wednesday

Halliburton Expands Operations In Namibia With New Facilities, Creating Jobs And Boosting Energy Sector Growth

<ul>
<li>Kyndryl AI private cloud supports customer testing and adoption using the Dell AI Factory with NVIDIA</li>
<li>Private AI cloud is also available to Japanese academic institutions for AI research and innovation</li>
</ul>

DELL

NVDA

Kyndryl Expands AI Cloud Services In Japan, Leveraging Dell AI Factory And NVIDIA Enterprise Software For Generative AI Advancements

Kraft Heinz Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>) announced Tuesday that it is discontinuing the Lunchables meals it created for U.S. schools, introduced for the 2023-2024 academic year. 
What Happened: The meals, designed to meet school nutrition standards with reduced saturated fat and sodium, were criticized by nutritionists and advocacy groups, <a href="https://apnews.com/article/lunchables-removed-national-school-lunch-program-a4a97b8c85932ba28fb9de22f1f82abe">reported</a> the Associated Press. 
Consumer Reports raised concerns about their high sodium content and lead levels compared to other meals. Kraft Heinz cited low demand for the products, which made up less than 1% of overall Lunchables sales. 
The company said the decision had a &#8220;negligible&#8221; business impact but may revisit school offerings in the future.
Price Action: Kraft Heinz closed at $32.00 on Tuesday, down by 1.63%, for the day. In after-hours trading, the stock gained 0.25%. Year-to-date, Kraft Heinz&#8217;s stock has declined by 16.05%, according to&nbsp;<a href="https://www.benzinga.com/pro/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp;
Read Next: 
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<li><a href="https://www.benzinga.com/general/health-care/24/11/41928127/jim-cramer-says-eli-lillys-pathetic-stock-performance-could-get-a-breather-if-amgen-has-hidden-bone-risk-data-after-7-stock-drop">Jim Cramer Says Eli Lilly&#8217;s &#8216;Pathetic&#8217; Stock Performance Could Get A Breather If Amgen Has Hidden Bone Risk Data After 7% Stock Drop</a></li>
</ul>
Image Via Flickr
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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Lunchables Meals Discontinued By Kraft Heinz Amid Low Sales And Health Concerns

Macro Economic Events

Econ #s

Economics

Reported Earlier, Australia Wage Price Index (QoQ) For Q3 0.8% Vs. 0.9% Est.; 0.8% Prior

Ross Ulbricht, the creator of the online illegal drug marketplace Silk Road, thanked those who voted for Donald Trump for his cause, hoping that the President-elect would commute his sentence
What Happened: On Tuesday, Ulbricht, who has been serving a double life sentence since 2013 for his part in creating the infamous darknet website, wrote on X, &#8220;Immense gratitude to everyone who voted for President Trump on my behalf. I trust him to honor his pledge and give me a second chance.&#8221;
Ulbricht hoped to see the &#8220;light of freedom at the end of the tunnel&#8221; with Trump&#8217;s elevation as president.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Immense gratitude to everyone who voted for President Trump on my behalf. I trust him to honor his pledge and give me a second chance. After 11+ years in darkness, I can finally see the light of freedom at the end of the tunnel. Thank you so much, <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> &#x1f64f;
&mdash; Ross Ulbricht (@RealRossU) <a href="https://twitter.com/RealRossU/status/1856435917789245806?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41927379/elon-musk-says-the-prophecy-has-been-fulfilled-peanut-the-squirrel-themed-meme-coin-spikes-11">Elon Musk Says The &#8216;Prophecy Has Been Fulfilled&#8217; — Peanut The Squirrel-Themed Meme Coin Spikes 11%</a>
Why It Matters: Ulbricht&#8217;s optimism stemmed from repeated assurances by Trump&#8217;s repeated assurances during election campaigns that he would pardon Ulbricht if voted back to power.
&#8220;And if you vote for me, on Day One, I will commute the sentence of Ross Ulbricht," Trump said during the Libertarian National Convention in March.
Trump's remarks were seen as a bid to court Libertarian voters, who have&nbsp;<a href="https://www.lp.org/libertarian-party-calls-for-pardoning-of-ross-ulbricht/" target="_blank" rel="noreferrer noopener">long lobbied for Ulbricht's release</a>.
Polymarket bettors <a href="https://polymarket.com/event/trump-pardons/will-trump-pardon-ross-ulbricht-in-his-first-100-days">placed </a>77% odds in favor of Trump pardoning Ulbricht in the first 100 days of his administration.
The Silk Road website was created in 2011 and was <a href="https://www.benzinga.com/markets/cryptocurrency/21/12/24375790/convicted-silk-road-founder-an-early-bitcoin-adopter-generates-commotion-with-nft-drop">eventually shut down</a> by the FBI in 2013 after Ulbricht&#8217;s arrest. The platform was the hotbed of the illegal trade of heroin, cocaine, LSD, and other drugs, all by paying in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
Photo Courtesy: Phil Pasquini On Shutterstock.com
Read Next: 
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<li><a href="https://www.benzinga.com/24/11/41928272/cathie-woods-ark-invest-foresees-crypto-industry-boost-under-incoming-trump-administration">Cathie Wood-Led Ark Sees Boost For Bitcoin, Crypto Under Trump Administration, Says IPO Window For Circle, Kraken Could Reopen</a></li>
</ul>

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

Cryptocurrency

$BTC

Silk Road Creator Ross Ulbricht Awaits Trump's Promised Pardon For Bitcoin-Aided Crimes: 'See The Light Of Freedom At The End Of The Tunnel'

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and SoftBank Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>) announced a partnership on Tuesday to establish Japan&#8217;s most powerful artificial intelligence supercomputer, marking a significant step in the country&#8217;s push to become a global AI powerhouse.
What Happened: The collaboration unveiled at the Nvidia AI Summit Japan, centers on SoftBank&#8217;s implementation of Nvidia&#8217;s advanced Blackwell platform and plans to utilize the Nvidia Grace Blackwell platform for future supercomputing initiatives.
&#8220;Japan has a long history of pioneering technological innovations with global impact,&#8221; said Jensen Huang, Nvidia&#8217;s founder and CEO. &#8220;With SoftBank&#8217;s significant investment in Nvidia&#8217;s full-stack AI, Omniverse and 5G AI-RAN platforms, Japan is leaping into the AI industrial revolution.&#8221;
SoftBank has successfully piloted the world&#8217;s first combined AI and 5G telecom network using Nvidia&#8217;s AI Aerial platform. This innovation could potentially generate billions in new revenue for global telecom operators by transforming base stations from cost centers into AI revenue-producing assets.
&#8220;Countries and regions worldwide are accelerating the adoption of AI for social and economic growth,&#8221; said Junichi Miyakawa, SoftBank&#8217;s president and CEO. &#8220;Through our long collaboration with Nvidia, SoftBank is leading this transformation from the forefront.&#8221;
The partnership includes several key initiatives:
<ul>
<li>SoftBank will receive the world&#8217;s first Nvidia DGX B200 systems for its new DGX SuperPOD supercomputer</li>
<li>Development of an AI marketplace using Nvidia AI Enterprise software</li>
<li>Implementation of Nvidia&#8217;s AI-RAN solution, which SoftBank estimates can reduce power consumption by 40% compared to traditional 5G infrastructure</li>
</ul>
See Also: <a href="https://www.benzinga.com/tech/24/11/41927135/greg-brockman-returns-to-work-at-chatgpts-parent-company-back-to-building-openai">Greg Brockman Returns To Work At ChatGPT&#8217;s Parent Company: &#8216;Back To Building OpenAI&#8217;</a>
Why It Matters: The collaboration represents a strategic shift for both companies, with SoftBank estimating potential returns of up to 219% for each AI-RAN server added to its infrastructure. The company plans to begin global deployment of its AI-RAN solution, dubbed &#8220;AITRAS,&#8221; in 2026.
This partnership follows SoftBank&#8217;s <a href="https://www.benzinga.com/markets/equities/24/07/39743441/after-losing-150b-nvidia-opportunity-masayoshi-sons-softbank-acquires-uk-chipmaker-graphcore-in-">recent moves in the AI sector</a>, including its $960 million investment commitment for developing Japanese-language AI models and its acquisition of UK-based chipmaker Graphcore.
The initiative is expected to accelerate Japan&#8217;s position in the global AI race while providing new opportunities for telecommunications, transportation, robotics, and healthcare industries.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/11/41928272/cathie-woods-ark-invest-foresees-crypto-industry-boost-under-incoming-trump-administration">Cathie Wood-Led Ark Sees Boost For Bitcoin, Crypto Under Trump Administration, Says IPO Window For Circle, Kraken Could Reopen</a></li>
</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.

Asia

Global

SFTBF

SFTBY

Nvidia And SoftBank To Build Japan's Top AI Supercomputer On Blackwell Platform — Jensen Huang Says Tokyo Is 'Leaping Into The AI Industrial Revolution'

Dario Amodei, CEO of Anthropic, predicts <a href="https://www.benzinga.com/news/24/08/40596442/nearly-half-of-openais-agi-safety-researchers-resign-amid-growing-focus-on-commercial-product-develo">AGI could become</a> a reality by 2026 or 2027 but warns that external factors may delay progress.
What Happened: In a conversation with Lex Fridman released on Tuesday, Amodei delved into the future of AI and humanity, with a particular emphasis on AGI development.
He proposed that if the current pace of AI capabilities persists, AGI could be actualized within the next two to three years. Nonetheless, Amodei also warned that this timeline is not definitive.
He pointed out potential roadblocks such as data scarcity, the inability to scale clusters, and geopolitical issues that could affect the production of GPUs.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/11/41872968/amazon-offers-early-black-friday-deals-with-up-to-350-off-on-apple-macbooks-heres-more?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Offers Early Black Friday Deals With Up To $350 Off On Apple MacBooks: Here&#8217;s More</a>
Despite these potential obstacles, Amodei remained hopeful about the future of AGI. He noted that the number of convincing reasons why AGI won&#8217;t materialize in the next few years is swiftly dwindling.
However, he stressed that these predictions are not scientific laws but empirical regularities. &#8220;I am going to bet in favor of them continuing, but I'm not certain of that,&#8221; he stated.
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<iframe loading="lazy" title="Dario Amodei: Anthropic CEO on Claude, AGI &amp; the Future of AI &amp; Humanity &#x7C; Lex Fridman Podcast #452" width="500" height="281" src="https://www.youtube.com/embed/ugvHCXCOmm4?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>
</div>
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Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: The prediction by Amodei aligns with the views of other industry leaders.&nbsp;Previously, OpenAI CEO Sam Altman predicted&nbsp;that AGI could arrive as early as 2025.
Altman made the prediction in an interview with Y Combinator, stating that it has now become an engineering challenge.
Earlier in May, Altman expressed a firm commitment to AGI development, regardless of the financial cost. &#8220;Whether we burn $500 million, $5 billion, or $50 billion a year, I don&#8217;t care,&#8221; he stated at the time.
Artificial General Intelligence (AGI) lacks a universally accepted definition. While one common definition suggests AGI should be as capable as humans across all areas, other perspectives add layers to this concept, <a href="https://www.tomsguide.com/ai/chatgpt/sam-altman-claims-agi-is-coming-in-2025-and-machines-will-be-able-to-think-like-humans-when-it-happens">according</a> to Tom&#8217;s Guide.
Some definitions of AGI also highlight the ability to learn, adapt, and perform tasks in ways that resemble human intelligence, going beyond simple knowledge processing.
This would require AGI to generate output independently, extending beyond its initial training data.
Image Credits &#8211; Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/24/11/41891126/amazons-new-driver-eyeglasses-aim-to-shave-seconds-off-deliveries-but-are-they-ready-for-prime-time?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon&#8217;s New Smart Eyeglasses For Drivers Aim To Shave Seconds Off Deliveries — But There&#8217;s More Than What Meets The Eye&nbsp;</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.

Anthropic CEO Says AI Similar To Human Intelligence Could Be Around The Corner: 'We'll Get There By 2026 Or 2027'

Dog-themed meme coins topped the price charts Tuesday, with the lesser-known ones outperforming the heavyweights.&nbsp;
What happened: A gravity-defying rally saw Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&#8211;based Bonk pump 30% in the last 24 hours, propelling it to the top of the daily gainer list.
The canine coin's trading volume surged over 230% in the last 24 hours to $2.40 billion.
With the latest uptick, Bonk's weekly gains swelled to 53% as the cryptocurrency swiftly approached its all-time highs set in late May.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 10:45 p.m. EDT)</td>
</tr>
<tr>
<td>Bonk (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BONK</a>)</td>
<td>+30.70%</td>
<td>$0.00003374</td>
</tr>
<tr>
<td>Floki (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">FLOKI</a>)</td>
<td>+7.62%</td>
<td>$0.0001948</td>
</tr>
</tbody>
</table>
</figure>
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)-based Floki was the second-best performing meme coin on the day, rising over 7% in value, with buy/sell volume nearly doubling in the 24-hour period.&nbsp;
The coin, named after Elon Musk&#8217;s Shiba Inu dog, was up over 40% since Donald Trump secured a victory in the presidential race.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41873427/shiba-inu-lead-developer-shytoshi-kusama-pitches-s-h-i-b-in-response-to-elon-musks-call-for-new-roles-recommendations-in-trump-administration">Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk&#8217;s Call For New Roles Recommendations In Trump Administration</a>
The gains made by Bonk and Floki dwarfed those of blue-chip currencies Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>).&nbsp;
DOGE, despite riding on Musk and Vivek Ramaswamy's <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">official appointment</a> to the Department of Government Efficiency, was up just 3.41% in the last 24 hours. That said, the "original meme coin" has been one of the biggest beneficiaries of the Trump rally, rising 78% over the week, and over 232% in the last month.
SHIB, in contrast, was down nearly 7% in the 24-hour period, with its weekly gains narrowing to 27%.
The broader meme coin market capitalization rose from $102.11 billion to $104.11 billion, reflecting an increase of 2%.
Image via Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41927379/elon-musk-says-the-prophecy-has-been-fulfilled-peanut-the-squirrel-themed-meme-coin-spikes-11">Elon Musk Says The &#8216;Prophecy Has Been Fulfilled&#8217; — Peanut The Squirrel-Themed Meme Coin Spikes 11%</a></li>
</ul>

Movers

$BONK

$DOGE

$ETH

$FLOKI

$SHIB

$SOL

Bonk, Floki Drive Meme Coin Gains As Dogecoin, Shiba Inu Take Back Seat

Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares fell 6% Tuesday as part of a broader market rebalancing of stocks that have rallied on President-elect Donald Trump&#8217;s campaign momentum, with The Future Fund LLC, Managing Partner Gary Black providing analysis of the <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">move and valuation concerns</a>.
What Happened: The decline comes as hedge funds rebalance positions after Tesla shares surged 36% since November, significantly outpacing the Nasdaq 100&#8217;s 4% gain during the same period. Black noted that Tesla&#8217;s forward earnings estimates have remained largely unchanged, with fiscal year 2025 and 2029 projections increasing by less than 1%.
&#8220;Many hedge funds with big gains will rebalance positions when a position size gets out of whack with model allocations,&#8221; Black wrote on X, formerly Twitter. He emphasized that while having a supportive president could streamline robotaxi deployment approvals, it wouldn&#8217;t necessarily improve Tesla&#8217;s Full Self-Driving technology capabilities.
The stock&#8217;s current valuation of 104 times projected 2025 earnings puts pressure on Tesla to meet CEO Elon Musk&#8216;s guidance of 20-30% volume growth in fiscal year 2025. This multiple significantly exceeds Tesla&#8217;s three-year average forward price-to-earnings ratio of 55.
Black remains optimistic about Tesla&#8217;s growth targets, citing the planned launch of a $25,000-$30,000 vehicle in the first half of 2025. &#8220;We see FY&#8217;25 delivery growth of 20-30% as achievable assuming the new vehicle expands Tesla&#8217;s total addressable market to the compact category,&#8221; he stated.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> -6% today in line with other "Trump trade" stocks. Many HFs with big gains will rebalance positions when a position size gets out of whack with model allocations or relative upside/downside estimates. Since the election, <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> stock is +36% vs. NDX +4%, but TSLA FY'25 EPS… <a href="https://t.co/a9vXXEtlsJ">pic.twitter.com/a9vXXEtlsJ</a>
&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1856411079133495688?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/24/11/41927291/mara-holdings-soundhound-ai-spotify-rivian-tesla-why-these-5-stocks-are-on-investors-radars-today">MARA Holdings, SoundHound AI, Spotify, Rivian, Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a>
Why It Matters: The analysis comes amid broader developments for Tesla, including Musk&#8217;s new role in the Trump administration. Trump announced plans to appoint Musk to lead a new Department of Government Efficiency, aimed at <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">streamlining federal operations</a>.
Tesla&#8217;s immediate focus remains on <a href="https://www.benzinga.com/tech/24/11/41894615/tesla-q4-deliveries-expected-to-set-new-records-but-not-enough-to-avoid-yearly-sales-decline-says-researcher">fourth-quarter deliveries</a>, with the company needing to deliver at least 514,926 vehicles to surpass its 2023 total of 1.81 million units. 
Despite current market pressures, the stock has maintained a 63% gain since October&#8217;s earnings report, supported by delivery expansion and <a href="https://www.benzinga.com/markets/equities/24/11/41891184/tesla-stock-has-spiked-over-60-since-earnings-gene-munster-says-these-2-key-catalysts-will-spur-future-growth-for-ev-giant">autonomous driving technology prospects</a>.
Price Action: Tesla&#8217;s stock closed at $328.64 on Tuesday, down 6.10% for the day. In after-hours trading, the stock dipped a further 1.02%. Year to date, Tesla&#8217;s stock has surged by 32.29%, according to <a href="https://www.benzinga.com/pro/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/media/24/11/41927913/amazon-confirms-vendor-data-breach-affecting-2-8m-employee-contacts-adds-to-growing-list-of-moveit-hack-victims">Amazon Confirms Vendor Data Breach Affecting 2.8M+ Employee Contacts, Adds To Growing List Of MOVEit Hack Victims</a></li>
</ul>
Image Via Unsplash 
Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Tesla Falls 6% As Hedge Funds Carry Out 'Trump Trade' Rebalancing, Gary Black Says President-Elect Could Help Secure Robotaxi Approvals

Asset management giant&nbsp;Ark Invest was optimistic about the positive impact of the incoming Donald Trump administration on the cryptocurrency industry in the U.S.
What Happened: In the weekly newsletter shared Monday, the Cathie Wood-led firm Ark Invest stated that Trump&#8217;s policies could provide &#8220;significant tailwinds&#8221; for the digital asset industry and bring about &#8220;much needed&#8221; clarity around regulations.
The firm saw the possibility of a more cryptocurrency-friendly SEC and the end of current Chair Gary Gensler's "<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41009150/gary-gensler-led-sec-moved-forward-with-enforcing-crypto-regulation-despite-legal-problems">regulation by enforcement&#8221;</a> policy.
Ark Invest also highlighted the potential for the reopening of the initial public offering (IPO) window for late-stage digital asset companies like Circle and Kraken, and the passage of long-awaited digital assets legislations like the<a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39004550/exclusive-all-you-need-to-know-about-the-fit21-crypto-bill"> Financial Innovation and Technology for the 21st Century Act</a> (FIT21) and the <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39211057/jpmorgan-us-crypto-regulations-signal-opposition-to-cbdcs-and-non-compliant-stablecoins">Clarity for Payment Stablecoins Act </a>of 2023
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/2hqy6Neh41">https://t.co/2hqy6Neh41</a>
&mdash; ARK Invest (@ARKInvest) <a href="https://twitter.com/ARKInvest/status/1856360276779536799?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Circle, the issuer of stablecoin USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>), <a href="https://www.benzinga.com/markets/cryptocurrency/22/12/29960589/circle-and-spac-abandon-plan-to-issue-ipo-ceo-calls-it-disappointing-whats-next">confidentially filed</a> for an IPO earlier in January. However a June <a href="https://www.barrons.com/amp/articles/sec-circle-coinbase-stablecoin-usdc-ipo-7894f904">report</a> by the financial news outlet Barron's revealed the SEC&#8217;s reservations about the company&#8217;s core product, potentially impacting the listing.
As far as Kraken was concerned, the cryptocurrency exchange <a href="https://www.bloomberg.com/news/articles/2024-06-06/crypto-exchange-kraken-said-to-be-in-talks-for-pre-ipo-fund-raising-round">raised </a>$100 million as part of a pre-IPO funding round in June, according to a Bloomberg report.
Furthermore, revoking <a href="https://www.benzinga.com/content/38879560/breaking-senate-overwhelmingly-votes-to-overturn-the-secs-sab121">Staff Accounting Bulletin 121</a> (SAB-121), a controversial SEC directive preventing banks from the custody of cryptocurrencies, which was challenged by both chambers of Congress, was deemed to be a &#8220;legislative priority.&#8221;
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41921717/bitcoin-surpasses-silvers-market-cap-in-just-15-years-heres-how-long-it-took-other-giants-to-reach-this-milestone">Bitcoin Surpasses Silver&#8217;s Market Cap In Just 15 Years—Here&#8217;s How Long It Took Other Giants To Reach This Milestone</a>
Why It Matters: These observations from Ark Invest come in the backdrop of Wood, the company&#8217;s founder and CEO, supporting Sen.&nbsp;Cynthia Lummis&#8217;&nbsp;(R-Wyo.) plan to establish a U.S. strategic&nbsp;Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reserve. President-elect Trump <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40179714/trumps-bitcoin-stockpile-plan-would-have-positive-impact-on-crypto-prices-but-would-leave-">backed</a> setting up such a reserve during the campaign trail.
Wood is a known Bitcoin bull and in the past has projected, well, unrealistic price targets for the cryptocurrency.
She projected the top cryptocurrency to&nbsp;<a href="https://www.benzinga.com/startups/24/07/39865003/bitcoin-could-soar-5-837-by-2030-according-to-cathie-wood-why-that-is-a-bold-prediction" target="_blank" rel="noreferrer noopener">swell to a per-unit price of $3.8 million by 2030</a>. Although not impossible, it was unlikely that Bitcoin would reach these levels in the said period.
Her firm operates the ARK 21Shares Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>), currently boasting of $4.44 billion in net assets, <a href="https://sosovalue.com/assets/etf/us-btc-spot">according </a>to SoSo Value.
Read Next: 
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<li><a href="https://www.benzinga.com/general/education/24/11/41920791/bitcoin-is-now-larger-than-walmart-netflix-coca-cola-pepsi-and-mcdonalds-combined">Bitcoin Is Now Larger Than Walmart, Netflix, Coca-Cola, Pepsi And McDonald&#8217;s Combined</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>

Politics

$USDC

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

ARKB

USDC

Cathie Wood-Led Ark Sees Boost For Bitcoin, Crypto Under Trump Administration, Says IPO Window For Circle, Kraken Could Reopen

Amgen Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) stock dropped over 7% on Tuesday following revelations about bone density loss in early trials of its experimental obesity drug MariTide, while CNBC&#8217;s Jim Cramer suggested the news could benefit rival Eli Lilly And Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>).
What Happened: Previously undisclosed data from MariTide&#8217;s Phase 1 trial showed a 4% decrease in bone mineral density among participants receiving a 420mg dose during the 12-week multiple ascending dose study. According to Olivia Brayer of Cantor Fitzgerald, the information emerged from hidden tabs in extended data files related to the trial.
MariTide, positioned as a monthly alternative to weekly injections offered by competitors Novo Nordisk (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) and Eli Lilly, operates through a different weight loss mechanism. The drug&#8217;s development has attracted significant attention due to its potential to disrupt the growing obesity treatment market.
&#8220;If Amgen has hidden bone risk data for its obesity drug, that&#8217;s huge news for Lilly which has become a pathetic stock of late,&#8221; Cramer wrote on X, formerly Twitter, announcing plans to discuss the implications at an upcoming meeting.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If Amgen has hidden bone risk data for its obesity drug , that&#39;s huge news for Lilly which has become a pathetic stock of late. Club name.. will talk about it at Thursday&#39;s meeting
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1856424358564245623?ref_src=twsrc%5Etfw">November 12, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/24/11/41927291/mara-holdings-soundhound-ai-spotify-rivian-tesla-why-these-5-stocks-are-on-investors-radars-today">MARA Holdings, SoundHound AI, Spotify, Rivian, Tesla: Why These 5 Stocks Are On Investors&#8217; Radars Today</a>
Why It Matters: Despite concerns, Cantor Fitzgerald maintained its Overweight rating on Amgen with a $405 price target. The firm acknowledged that while some bone density loss is expected during weight loss treatments, particularly with a suboptimal diet, the dose-dependent increase in bone density loss could raise red flags.
The analysis also revealed data about AMG 598, a predecessor molecule that Amgen may have been investigating to challenge assumptions about GIPR antagonism&#8217;s role in bone density loss.
Price Action: Eli Lilly stock closed at $818.86 on Tuesday, down 1.63% for the day, with a slight drop of 0.10% in after-hours trading. Despite this, the stock has seen a strong 38.27% increase year-to-date. 
Meanwhile, Amgen ended the day at $298.84, down 7.14%. However, it saw a slight recovery after hours, rising 0.61%. Amgen's stock has gained 0.49% year-to-date, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/media/24/11/41927913/amazon-confirms-vendor-data-breach-affecting-2-8m-employee-contacts-adds-to-growing-list-of-moveit-hack-victims">Amazon Confirms Vendor Data Breach Affecting 2.8M+ Employee Contacts, Adds To Growing List Of MOVEit Hack Victims</a></li>
</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.

Health Care

AMGN

Jim Cramer Says Eli Lilly's 'Pathetic' Stock Performance Could Get A Breather If Amgen Has Hidden Bone Risk Data After 7% Stock Drop

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reportedly plans to unveil a new AI wall tablet to challenge Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) in the smart home race.
What Happened: Apple's device, codenamed J490, can control appliances, handle video calls, and leverage AI to navigate apps.
The device is expected to be announced as early as March and will serve as a home command center, <a href="https://www.bloomberg.com/news/articles/2024-11-12/apple-home-hub-detailed-apple-intelligence-homeos-square-ipad-like-design">reported</a> Bloomberg, citing people with knowledge of the effort.
Available in silver and black, it features a 6-inch screen, camera, rechargeable battery, and speakers.
It also combines Apple Watch and iPhone StandBy modes with Siri and Apple Intelligence as the primary interface.
See Also: <a href="https://www.benzinga.com/news/global/24/11/41897368/apple-ordered-by-eu-to-end-geo-blocking-on-app-store-itunes-and-other-apps">Apple Ordered By EU To End Geo-Blocking On App Store, iTunes And Other Apps</a>
Depending on the components, the higher-end device could cost up to $1,000 while the display-only version will be significantly cheaper.
The product will be standalone, but an iPhone will be needed for certain tasks, the report noted.
Apple did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comments.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Apple CEO Tim Cook believes that the product will establish Apple as a major player in the smart home market, where it has lagged behind Alphabet and Amazon, the report stated.
He has prioritized its development, urging the engineering and design teams to bring it to market after over three years of work.
Earlier it was reported that Apple is working on a new <a href="https://www.benzinga.com/news/24/10/41567694/apple-is-working-on-new-smart-home-display-inspired-by-imac-g4s-design-but-it-could-be-smaller-than">smart home display inspired</a> by the iMac G4's design.
The company also plans to make its "first foray" into the smart home <a href="https://www.benzinga.com/tech/24/11/41891237/apples-smart-camera-coming-in-2026-cupertino-eyeing-tens-of-millions-in-annual-shipments-says-top-supply-chain-analyst">IP camera market</a> in 2026, aiming for "tens of millions" of annual shipments.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/general/entertainment/24/11/41915913/apple-music-launched-a-450-limited-edition-coffee-table-book-100-best-albums">Apple Music Launched A $450 Limited-Edition Coffee Table Book: &#8216;100 Best Albums&#8217;</a></li>
</ul>

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