Latest news for Hutchison (OTC:HUTCY) Stock

Hutchison Telecommunications Hong Kong Holdings Ltd is an investment holding company. It operates in a single segment of the mobile telecommunications business in Hong Kong and Macau. The company offers a wide range of mobile telecommunications services and products with an increasing focus on data-centric services that converge with Internet and PC services. It provides mobile communications services such as local voice, SMS, MMS, IDD, and international roaming, as well as data services and applications including direct carrier billing offerings, mobile device security management, eBooks, music downloads, movies-on-demand, mobile social networking applications, and FinTech.

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HUTCHISON TLCM UNSP/ADR by Hutchison Telecommunications Hong Kong Holdings Ltd.

Hutchison Telecommunications Hong Kong Holdings Ltd

Honda Motor Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNDAF#OTC">HNDAF</a>) shares soared nearly 13.55% in Tokyo trading on Tuesday, marking their biggest one-day gain since 2008, after the Japanese automaker announced a massive share buyback plan and <a href="https://www.benzinga.com/24/12/42642773/honda-nissan-start-merger-talks">confirmed merger discussions</a> with Nissan Motor Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSANY#OTC">NSANY</a>).
While Honda shares jumped on the Tokyo exchange to 1,452 Japanese yen, Nissan stock declined marginally by 0.22% to 449 Japanese yen in Tuesday trading. U.S.-listed Honda Motor Co. Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) traded higher on Monday, closing at $26.93, up 12.72% for the day. In after-hours trading, the stock rose by an additional 2.94%.
Honda plans to repurchase up to 1.1 trillion yen ($7 billion) worth of shares, representing about 24% of its outstanding stock, by December 2025. The buyback significantly exceeds its previous November plan to acquire 100 billion yen in shares.
The two Japanese auto giants confirmed they have entered formal negotiations to merge operations, which could create the world&#8217;s third-largest automaker by sales volume. 
The companies expect to conclude merger discussions by June 2025. Mitsubishi Motors Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MMTOF#OTC">MMTOF</a>), Nissan&#8217;s existing strategic partner, has until January to decide whether to join the combined entity.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/12/42664887/apples-near-term-success-will-be-driven-by-strong-holiday-season-iphone-16-says-dan-ives-analyst-sees-stock-hitting-300-cupertino-hitting-4-trillion-marketcap">Apple&#8217;s Near Term Success Will Be Driven By Strong Holiday Season, iPhone 16, Says Dan Ives — Analyst Sees Stock Hitting $300, Cupertino Hitting $4 Trillion Marketcap</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.

Asia

Equities

HNDAF

MMTOF

NSANY

Honda Stock Surges Nearly 14% On Buyback, Merger Talks With Nissan

Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) robotaxi ambitions face fresh skepticism from prominent market critics, with new data from New York City&#8217;s ride-sharing market fueling debate about the technology&#8217;s revenue potential.
What Happened: GLJ Research analyst Gordon Johnson argued on social media platform X that Tesla shorts would benefit from robotaxi approval, stating the &#8220;promise is worth much, much more than the reality.&#8221; 
His comments came alongside data shared by veteran short-seller James Chanos, President and Managing Partner, Chanos and Company showing New York City&#8217;s daily ride-sharing usage averages 768,000 trips, or roughly three rides per capita monthly.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The VERY best thing that can happen for <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> shorts is for robotaxis to be approved, and for the economics to be come clear to all. The &quot;promise&quot; is worth MUCH, MUCH more than the &quot;reality&quot;. <a href="https://t.co/r1XUr24dRd">https://t.co/r1XUr24dRd</a>
&mdash; Gordon Johnson (@GordonJohnson19) <a href="https://twitter.com/GordonJohnson19/status/1871218869567914083?ref_src=twsrc%5Etfw">December 23, 2024</a></blockquote>
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The skepticism contrasts sharply with bullish forecasts from leading Tesla analysts. Wedbush Securities&#8216; Dan Ives, who maintains a Street-high price target of $515, values Tesla&#8217;s autonomous business at $1 trillion and projects robotaxis could capture 20% of ride-shares by 2030.
Gary Black, Managing Partner at The Future Fund LLC, takes a more measured stance with a $380 target. Black recently questioned Tesla owners&#8217; willingness to add their vehicles to a robotaxi fleet, despite potential earnings of $40,000 annually per vehicle based on his <a href="https://www.benzinga.com/24/12/42642606/elon-musk-wants-to-raise-a-tesla-fleet-expert-estimates-vehicle-owners-can-make-40kyear-but-remains-doubtful">calculations of 25 daily trips at $1 per mile</a>.
See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42664887/apples-near-term-success-will-be-driven-by-strong-holiday-season-iphone-16-says-dan-ives-analyst-sees-stock-hitting-300-cupertino-hitting-4-trillion-marketcap">Apple&#8217;s Near Term Success Will Be Driven By Strong Holiday Season, iPhone 16, Says Dan Ives — Analyst Sees Stock Hitting $300, Cupertino Hitting $4 Trillion Marketcap</a>
Why It Matters: Uber Technologies CEO Dara Khosrowshahi has also expressed doubts about Tesla&#8217;s robotaxi strategy, citing challenges in fleet management and customer service that differ <a href="https://www.benzinga.com/news/24/08/40299293/uber-ceo-dara-khosrowshahi-doubts-teslas-robotaxi-fleet-management-plans-but-maintains-hope-for-part">significantly from vehicle manufacturing</a>.
Tesla <a href="https://www.benzinga.com/markets/equities/24/12/42575664/tesla-reportedly-in-talks-with-austin">reportedly plans to launch its ride-hail service</a> in Texas and California in 2025, pending regulatory approval. The company is in early talks with Austin authorities for autonomous vehicle testing.
The electric vehicle maker&#8217;s stock has gained 71% year-to-date, with Morgan Stanley naming it their top pick for 2025. According to Benzinga Pro, Tesla currently has a <a href="https://www.benzinga.com/quote/TSLA/analyst-ratings">consensus price target</a> of $280.41 from 33 analysts, with recent ratings from Baird, Mizuho, and Goldman Sachs averaging $446.67.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/23212242/Screenshot-2024-12-24-at-7.51.57%E2%80%AFAM-1024x378.png" alt="" class="wp-image-705130" /></figure>
Read Next: 
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<li><a href="https://www.benzinga.com/24/12/42664762/after-investing-nearly-14-billion-in-openai-microsoft-reportedly-moves-to-reduce-its-dependence-on-chatgpt-parent">Microsoft Invested Nearly $14 Billion In OpenAI But Now Its Reducing Its Dependence On The ChatGPT-Parent: Report</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.

Short Sellers

TSLA

Tesla Shorts, Gordon Johnson, And James Chanos Express Skepticism On Robotaxi Potential Amid Usage Data Debate: The 'Promise' Worth Much More Than Reality

Robinhood Markets Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) CEO Vladimir Tenev said Monday that the company doesn&#8217;t rule out the prospect of holding Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) on the balance sheet for investment purposes, but there are some factors to consider.
What Happened: In an interview with Anthony Pompliano, a well-known cryptocurrency advocate, Tenev indicated that the idea came up due to the company&#8217;s growing involvement in the cryptocurrency space.
He said that the company buys cryptocurrencies for its core trading business. &#8220;We have to do the work of accounting for it, and it&#8217;s essentially on the balance sheet anyway, so there&#8217;s a real reason for it,&#8221; the CEO added.
On the question of solely holding Bitcoin for investment purposes, Tenev argued that this could possibly &#8220;complicate&#8221; things for public market investors. &#8220;You&#8217;re thinking about RobinHood as a company, generally speaking. Not like it complicates the picture to think of it as like a company, but also this quasi-Bitcoin holding play.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I sat down with Robinhood CEO <a href="https://twitter.com/vladtenev?ref_src=twsrc%5Etfw">@vladtenev</a> to discuss the company&#39;s growth, their new crypto product, whether they will put bitcoin on their balance sheet, how financial markets are evolving, changes in regulation, and the future of the company. YouTube: <a href="https://t.co/CcvzTrI5qV">https://t.co/CcvzTrI5qV</a>… <a href="https://t.co/u79l0pE9bS">pic.twitter.com/u79l0pE9bS</a>
&mdash; Anthony Pompliano &#x1f32a; (@APompliano) <a href="https://twitter.com/APompliano/status/1871264913823350907?ref_src=twsrc%5Etfw">December 23, 2024</a></blockquote>
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Tenev emphasized that Robinhood stock is already highly correlated to Bitcoin even without the firm holding the asset on its books.
&#8220;So I would say we wouldn&#8217;t rule it out. We haven&#8217;t done it thus far but those are the kind of considerations we have,&#8221; he added.
See Also:&nbsp;<a href="https://www.benzinga.com/government/regulations/24/12/42658143/exclusive-insights-founders-of-polygon-skybridge-custodia-wonderfi-cardone-bullish-on-btc-in-2025">Exclusive Insights: Founders Of Polygon, SkyBridge, Custodia, WonderFi &amp; Cardone Bullish On BTC in 2025</a>
Why It Matters: The remarks by the CEO come amid sharp growth in the company&#8217;s cryptocurrency arm. 
Robinhood reported a twofold <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41643195/robinhood-crypto-volumes-double-in-q3-october-number-set-to-exceed-quarterly-average-at-5b">surge in cryptocurrency volumes </a>in the third quarter. The surge in volumes helped power cryptocurrency-related revenue by 165% year-over-year.
Robinhood also held $19.45 billion worth of user cryptocurrencies as part of a safeguarding obligation.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,903.34, down 0.09% 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; 
Shares of Robinhood closed 2.17% lower at $37.50 during Monday&#8217;s regular session. The stock has a consensus price target of  $38.19 based on the ratings of 16 analysts. The highest is $55, issued by Morgan Stanley on Nov. 25, and the lo<a href="https://www.benzinga.com/quote/HOOD/analyst-ratings">https://www.benzinga.com/quote/HOOD/analyst-ratings</a>w is $11, issued by Barclays on Feb. 14.
Courtesy of Robinhood Markets, Inc.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42660092/microstrategy-sinks-after-nasdaq-100-inclusion-bitcoin-bet-under-fire">MicroStrategy Sinks After Nasdaq 100 Inclusion: Bitcoin Bet Under Fire?</a></li>
</ul>

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

Cryptocurrency

$BTC

HOOD

Robinhood CEO Vlad Tenev Says Open To Holding Bitcoin For Investment Purposes But It Could 'Complicate' Things For Investors

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is on track to become the first company to reach a $4 trillion market capitalization by &#8220;early 2025,&#8221; driven by strong iPhone sales and artificial intelligence innovations, according to Wedbush Securities analyst Dan Ives.
What Happened: The tech giant&#8217;s shares have surged nearly 40% since January, closing at $255 per share on Monday with a market cap of $3.86 trillion. This performance puts Apple ahead of rivals NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) at $3.35 trillion and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) at $3.22 trillion.
Recent supply chain checks in Asia indicate robust iPhone 16 upgrade trends heading into the Christmas season. &#8220;We believe the success of iPhone 16 with a strong holiday season ahead over the next week will be the launchpad for a renaissance of growth in Cupertino over the next 12 to 18 months,&#8221; Ives wrote in a weekend report, according <a href="https://nypost.com/2024/12/23/business/apple-poised-to-hit-4t-valuation-thanks-to-iphone-sales/">to</a> New York Post.
Apple&#8217;s recent iOS 18.2 update showcases its AI ambitions, introducing features like Visual Intelligence for text summarization and Image Playground for generating original images. These enhancements are exclusive to iPhone 15 Pro and iPhone 16 users.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/TozS00Mqgy">https://t.co/TozS00Mqgy</a> Dan Ives forecast that Apple's stock will eclipse the $300 per share plateau within the next 12 months and that the company's market capitalization will blow past $4 trillion "by early 2025." <a href="https://twitter.com/nypost?ref_src=twsrc%5Etfw">@nypost</a> &#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;&#x1f384;&#x1f34f;&#x1f34e;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1871277919118496164?ref_src=twsrc%5Etfw">December 23, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42660092/microstrategy-sinks-after-nasdaq-100-inclusion-bitcoin-bet-under-fire">MicroStrategy Sinks After Nasdaq 100 Inclusion: Bitcoin Bet Under Fire?</a>
Why It Matters: The company&#8217;s renewed focus on AI appears to be paying off. Apple reported iPhone sales of $46.22 billion in its fiscal fourth quarter, marking a 6% year-over-year increase and reversing two consecutive quarters of decline.
Despite its strong position, Apple faces industry challenges. The company&#8217;s revenue growth of 6.07% lags behind the technology hardware sector average of 21.95%, <a href="https://www.benzinga.com/insights/news/24/12/42592861/in-depth-analysis-apple-versus-competitors-in-technology-hardware-storage-amp-peripherals-industry">according to Benzinga data</a>. However, Apple maintains superior profitability metrics, with its EBITDA of $32.5 billion significantly exceeding industry averages.
The stock&#8217;s current price-to-earnings ratio of 40.8 suggests potential undervaluation compared to industry peers, even as the company strengthens its AI capabilities through partnerships, including a recent collaboration with NVIDIA to enhance <a href="https://www.benzinga.com/24/12/42568204/nvidia-and-apple-team-up-to-supercharge-llms-with-redrafter-technique">large language model performance</a>.
Price Action: Apple stock closed at $255.27 on Monday, up 0.31% for the day. In after-hours trading, the stock edged down 0.13%. Year to date, Apple shares have surged by 37.51%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Apple has a <a href="https://www.benzinga.com/quote/AAPL/analyst-ratings">consensus price target</a> of $242.26 from 31 analysts, with a high of $300 by Wedbush and a low of $180 by DZ Bank. The most recent ratings from Morgan Stanley, Needham, and Wedbush set an average target of $277.67, implying an 8.91% upside for the stock.
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Read Next: 
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<li><a href="https://www.benzinga.com/24/12/42659876/stanley-druckenmiller-pours-funds-into-1-trillion-company-already-trading-up-100">Druckenmiller Bets Big On Semiconductor Stock Just Before It Spikes To $1 Trillion</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.

AAPL

MSFT

NVDA

Apple's Near Term Success Will Be Driven By Strong Holiday Season, iPhone 16, Says Dan Ives — Analyst Sees Stock Hitting $300, Cupertino Hitting $4 Trillion Marketcap

The U.S. stock market ended in the green on Monday. The Nasdaq Composite gained over 100 points, reflecting a nearly 1% increase to 19,764.88. Meanwhile, the Dow Jones Industrial Average saw an increase of 0.2%, closing at 42,906.95. The S&amp;P 500 also experienced a rise, gaining 0.7% to reach 5,974.07.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
NVIDIA Corporation
NVIDIA shares rose by 3.69%, closing at $139.67. The stock reached an intraday high of $139.79 and a low of $135.12, with a 52-week range between $47.32 and $152.89. The increase follows the Biden administration&#8217;s announcement of a&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/24/12/42660079/nvidia-shares-are-on-the-rise-today-whats-going-on">trade investigation</a>&nbsp;into China&#8217;s semiconductor industry, focusing on &#8220;legacy&#8221; semiconductors, which could result in higher U.S. tariffs.
Taiwan Semiconductor Manufacturing Company Ltd.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/12/42638957/warren-buffetts-timeless-advice-if-youre-gonna-do-dumb-things-because-your-stock-goes-down-you-shouldnt-own-a-stock-at-all?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Warren Buffett's Timeless Advice For Investing $10,000: &#8216;If You're Gonna Do Dumb Things Because Your Stoc</a>
Taiwan Semiconductor&#8217;s stock climbed 5.15% to close at $207.36, with an intraday high of $208.05 and a low of $200.91. The 52-week range is $98.8 to $212.6. The stock&#8217;s rise is attributed to the U.S.&nbsp;<a href="https://www.benzinga.com/24/12/42661821/taiwan-semiconductor-shares-are-up-today-whats-going-on">trade probe</a>&nbsp;into China&#8217;s semiconductor policies, potentially leading to increased tariffs on Chinese components.
Advanced Micro Devices, Inc.
AMD shares increased by 4.52%, ending the day at $124.60. The stock&#8217;s intraday high was $126.34, with a low of $120.47, and a 52-week range of $117.91 to $227.30. Analysts, including Steve Frankel, have maintained a <a href="https://www.benzinga.com/24/12/42657620/amd-and-micron-top-analyst-picks-for-ai-and-next-gen-tech-growth">positive outlook</a> on AMD, citing its potential in AI and next-gen tech growth.
Rumble Inc.
Rumble&#8217;s stock surged by 81.22%, closing at $13.03, with a high of $14.63 and a low of $9.66. The 52-week range is $3.33 to $14.63. The significant rise follows Rumble&#8217;s announcement of a <a href="https://www.benzinga.com/trading-ideas/movers/24/12/42650642/rumble-stock-is-ripping-higher-monday-whats-going-on">strategic investment</a> from Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>), amounting to $775 million.
Tesla Inc.
Tesla shares rose by 2.27%, closing at $430.60. The stock&#8217;s intraday high was $434.51, with a low of $415.41, and a 52-week range of $138.8 to $488.54. Concerns have been raised about the potential impact of the cancellation of the $7,500 <a href="https://www.benzinga.com/24/12/42641207/researcher-says-cancelation-of-7500-ev-tax-credit-could-impact-teslas-deliveries-despite-ceo-elon-musk-claiming-otherwise">EV tax credit</a> on Tesla&#8217;s U.S. deliveries.
Image via Shutterstock
Prepare for the day&#8217;s trading&nbsp;<a href="https://editorial.benzinga.com/wp-admin/Premarket%20Movers%20&amp;%20News">with top premarket movers and news</a>&nbsp;by Benzinga.
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42642808/americas-fatal-flaw-is-its-sharply-increasing-addiction-to-government-debt-says-expert-and-the-mother-of-all-bubbles-is-ready-to-pop?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">America&#8217;s &#8216;Fatal Flaw&#8217; Is Its &#8216;Sharply Increasing Addiction&#8217; To Government Debt, Says Expert And The &#8216;Mother Of All Bubbles&#8217; Is Ready To Pop</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

$USDT

Nvidia, Taiwan Semiconductor, AMD, Rumble, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) is reportedly planning to <a href="https://www.benzinga.com/24/12/42428505/google-asks-ftc-to-kill-microsofts-monopoly-over-hosting-openai-technology-on-its-cloud-servers-report">reduce its dependence</a> on ChatGPT-maker OpenAI.
What Happened: Microsoft has been working on integrating internal and third-party artificial intelligence models into its AI product, Microsoft 365 Copilot, reported Reuters, citing sources familiar with the effort.
This move is a strategic step to diversify from the current underlying technology of OpenAI and reduce costs.
The Satya Nadella-led company is also decreasing 365 Copilot&#8217;s dependence on OpenAI due to concerns about cost and speed for enterprise users, the report noted, citing the sources.
See Also: <a href="https://www.benzinga.com/markets/24/12/42642020/steve-ballmers-bold-investment-strategy-80-of-his-portfolio-is-in-microsoft-stock-heres-why-his-keep-it-simple-approach-is-winning-big?itm_source=parsely-api">Steve Ballmer&#8217;s Winning Investment Strategy: Billionaire Says &#8216;Keep It Simple&#8217; As His Microsoft Bet Pays Off Thanks To AI Boom</a>
A Microsoft spokesperson was quoted in the report saying that OpenAI continues to be the company&#8217;s partner on frontier models. &#8220;We incorporate various models from OpenAI and Microsoft depending on the product and experience.&#8221;
OpenAI and Microsoft did not immediately respond to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga's</a> request for comments.
Microsoft 365 Copilot is reportedly yet to prove its return on investment to enterprises. The tech giant has not shared specific sales data on the number of licenses sold.
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Why It Matters: This move mirrors those of other Microsoft business units which have altered the ways they use OpenAI models. For instance, GitHub, <a href="https://www.benzinga.com/news/23/11/35623886/microsofts-github-poised-for-growth-with-ai-tools-analyst-sees-5b-arr-potential">acquired by Microsoft</a> in 2018, added models from Anthropic 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>) Google in October as alternatives to OpenAI's GPT-4.
Previously it was reported that company insiders were concerned about Microsoft&#8217;s AI strategy being <a href="https://www.benzinga.com/news/24/03/37605368/is-microsoft-turning-into-it-for-openai-insiders-say-tech-giants-ai-strategy-is-overly-reliant-on-ch">heavily reliant on its partnership</a> with OpenAI.
In October, the two companies engaged in talks to decide how Microsoft's $14 billion investment in OpenAI would be <a href="https://www.benzinga.com/news/24/10/41407196/openais-for-profit-structure-adds-valuation-complexity-to-microsoft-and-other-equity-investors-repor">converted into equity</a> in the AI firm.
OpenAI plans to <a href="https://www.benzinga.com/24/12/42382569/elon-musk-asks-was-it-ever-not-a-lie-as-he-accuses-openai-of-selling-out-to-microsoft-and-betraying-its-founding-mission">remove a clause that restricts</a> Microsoft&#8217;s access to its most advanced AI models upon achieving artificial general intelligence, according to a report published in December.
Price Action: Microsoft&#8217;s stock fell 0.31% on Monday, closing at $435.25. However, year-to-date, the shares have risen by 17.36%, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>.
Photo via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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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.

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