Invesco Investment Grade Defensive ETF (ARCA: IIGD)

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The Fund generally will invest at least 80 percent of its total assets in securities that comprise the Underlying Index. Strictly in accordance with its guidelines and mandated procedures, Invesco Indexing LLC (the Index Provider) compiles and maintains the Underlying Index, which is designed to provide exposure to U.S. investment grade bonds having the highest quality scores (within the eligible universe of U.S. investment grade bonds) as determined by the Index Provider using its methodology described below. The Index Provider is affiliated with Invesco Capital Management LLC, the Funds investment adviser (the Adviser), and Invesco Distributors, Inc., the Funds distributor (the Distributor).

Invesco Investment Grade Defensive ETF

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Valneva Expands Chikungunya Vaccine Access In Asia Through Partnership With Serum Institute

VALN

Valneva Expands Chikungunya Vaccine Access In Asia Through Partnership With Serum Institute

The U.S. Department of Justice filed a civil complaint against CVS Pharmacy Inc owned by CVS Health Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), alleging the nation&#8217;s largest pharmacy chain violated the Controlled Substances Act by filling unlawful prescriptions for dangerous opioid combinations and <a href="https://www.benzinga.com/24/12/42554729/pharmacy-benefit-managers-played-key-role-in-worsening-opioid-crisis-drug-makers-paid-staggering-rebates-to-the-middlemen">quantities from 2013 onwards</a>. 
The complaint also accuses CVS of violating the False Claims Act by seeking federal reimbursement for these prescriptions.
The legal action follows <a href="https://www.benzinga.com/news/24/01/36447365/consulting-firm-mckinsey-concludes-opioid-litigation-settlement-with-78m-agreement">McKinsey &amp; Company&#8217;s recent settlement</a> over its role in Purdue Pharma&#8216;s OxyContin sales. 
CVS strongly disputes the allegations, with spokesperson Amy Thibault emphasizing that all prescriptions were FDA-approved and written by government-licensed practitioners, according <a href="https://apnews.com/article/cvs-lawsuit-prescriptions-opioids-justice-department-b402388119be1a3213268a442acd67e6">to</a> the Associated Press. 
The company faces potential civil penalties for each unlawful prescription and additional damages for federally reimbursed prescriptions.
Price Action: CVS Health Corp&#8217;s stock closed at $45.28 on Wednesday, up 2.82% for the day. In after-hours trading, the stock gained an additional 0.24%. Year-to-date, the stock has declined 44.00%. 
CVS stock has traded within a 52-week range of $43.93 to $83.25 and currently has a price-to-earnings ratio of 11.50, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/24/12/42567329/bill-ackman-says-events-around-the-scuttled-spending-bill-provide-a-road-map-for-rapid-doge-progress">Bill Ackman Says Events Around The Scuttled Spending Bill Provide A Road Map For &#8216;Rapid DOGE Progress&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Health Care

Tech

CVS Faces DOJ Lawsuit Alleging Violations Of Controlled Substances Act And False Claims Act Over Opioid Prescriptions

OpenAI has unveiled a new feature that lets users call ChatGPT for free, offering a 15-minute call per month through the toll-free number 1-800-CHATGPT.
What Happened: The feature was announced by OpenAI&#8217;s chief product officer, Kevin Weil, during a livestream on Wednesday as part of the "12 Days of OpenAI" event.
The service is powered by OpenAI&#8217;s Realtime API and GPT-4o mini through WhatsApp API integration.
It is currently available to users in the U.S., while international users can access it via WhatsApp at 1-800-242-8478 — OpenAI has coded &#8220;CHATGPT&#8221; as 242-8478 on a phone keypad.
See Also: <a href="https://www.benzinga.com/trading-ideas/technicals/24/12/42509206/soundhound-ai-soars-over-700-short-squeeze-potential-has-traders-talking?itm_source=parsely-api">SoundHound AI Soars 700%: Short Squeeze Potential Has Traders Talking</a>
Users don't need to have an account, paid or otherwise, to avail the benefits of this service.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="1-800-CHAT-GPT—12 Days of OpenAI: Day 10" width="500" height="281" src="https://www.youtube.com/embed/LWa6OHeNK3s?start=383&#038;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>
</figure>
Interestingly, this move mirrors Alphabet Inc. (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&#8217;s 2007 launch of GOOG-411, a free voice directory service.
The toll-free service was discontinued in 2010. Google said it was more of a testing ground for the company&#8217;s broader voice recognition goals.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: The ChatGPT-parent has emerged as a leading player in generative AI, with a valuation of $157 billion and significant investments, such as $14 billion from Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
As part of its "<a href="https://www.benzinga.com/tech/24/12/42523020/chatgpt-search-goes-free-openai-challenges-googles-unbroken-search-dominance">12 Days of OpenAI</a>" event, the AI startup also extended the ChatGPT Search engine to all users, including those on the free tier.
The Sam Altman-led company also debuted its text-to-image model, Sora, along with a <a href="https://www.benzinga.com/tech/24/12/42356469/openai-unveils-200-chatgpt-pro-subscription-inside-the-o1-reasoning-model-and-what-it-means-for-power-users">$200 monthly</a> ChatGPT Pro subscription.
OpenAI has also been battling with some legal troubles. Last week, the company countered Elon Musk&#8217;s legal attempts to <a href="https://www.benzinga.com/news/legal/24/12/42493076/openai-challenges-musks-lawsuit-reveals-2017-profit-talks">block its shift to a fully for-profit model</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/tech/24/12/42499609/micron-gets-investment-from-white-house-china-launches-antitrust-investigation-on-nvidia-apple-faces-1-2-billion-lawsuit-in-california-more-consumer-tech-news-december-9-13?itm_source=parsely-api">Micron Gets Investment From White House, China Launches Antitrust Investigation On Nvidia, Apple Faces $1.2 Billion Lawsuit In California &amp; More: Consumer Tech News</a></li>
</ul>
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.

GOOG

GOOGL

MSFT

OpenAI Takes A Page From Google's 2007 Playbook, Turns Phones Into AI Hotlines With 1-800-CHATGPT

Reported Earlier, Montrose Environmental To Deploy PFAS Treatment System For Sydney Water's Cascade Filtration Plant

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) has slammed Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) for its numerous requests to access iPhone-maker&#8217;s software tools, citing potential privacy and security risks.
What Happened: Under the EU&#8217;s Digital Markets Act, Apple is required to allow competitors and app developers to inter-operate with its services or face significant fines.
Meta has so far submitted 15 interoperability requests, more than any other company, seeking extensive access to Apple&#8217;s technology stack, reported Reuters, citing a report in which Cupertino complained about it.
The Tim Cook-led tech giant has expressed concerns that Meta&#8217;s requests could compromise user privacy and security.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42513402/apples-2025-bull-case-can-it-deliver-without-riding-the-ai-wave?itm_source=parsely-api">Apple&#8217;s 2025 Bull Case: Can It Deliver Without Riding The AI Wave?</a>
The company also suggested that the requests are unrelated to the use of Meta&#8217;s external devices like smart glasses and VR headsets.
Apple cited Meta's history of receiving fines in Europe as a reason for its concern.
In response, a Meta spokesperson accused Apple of using privacy as a pretext for anticompetitive behavior. &#8220;Every time Apple is called out for its anticompetitive behavior, they defend themselves on privacy grounds that have no basis in reality.&#8221;
Apple and Meta did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Since 2014, Cook and Meta CEO Mark Zuckerberg have clashed over privacy, business models, and product strategies.
From Facebook&#8217;s Cambridge Analytica scandal to Apple's iOS privacy updates and competing VR headsets, their battle epitomizes the growing tensions between Silicon Valley&#8217;s biggest players.
This year in February, Apple launched its first-generation mixed-reality headset called Vision Pro, and Zuckerberg wasted no time in sharing his thoughts on the device.
&nbsp;&#8220;I don't think that Quest is the better value, I think [Meta&#8217;s] Quest is the better product, period,&#8221; he stated at the time.
In June, <a href="https://www.benzinga.com/news/24/06/39470144/apple-reportedly-said-no-to-metas-offer-for-iphone-ai-integration-due-to-privacy-policy-concerns">Apple reportedly declined Meta&#8217;s proposal</a> to integrate its AI chatbot, Llama, into the iPhone, citing privacy policy concerns. This report came just days after Apple announced a partnership with OpenAI.
In July, Meta CEO Mark Zuckerberg criticized Apple&#8217;s approach, describing it as &#8220;soul-crushing&#8221; and accusing the company of <a href="https://www.benzinga.com/news/24/07/39926076/mark-zuckerberg-slams-tim-cooks-apple-after-cupertino-reportedly-rejected-its-iphone-ai-partnership">trying to limit Meta&#8217;s</a> technological advancements.
Price Action: On Wednesday, Meta&#8217;s stock finished 3.59% lower at $597.19, while Apple saw a decline of 2.14%, ending at $248.05, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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<li><a href="https://www.benzinga.com/tech/24/12/42525551/ahead-of-trumps-return-to-white-house-us-approves-406m-grant-for-taiwans-chipmaker-globalwafers?itm_source=parsely-api">Ahead Of Trump&#8217;s Return To White House, US Approves $406M Grant For Taiwan&#8217;s Chipmaker GlobalWafers</a></li>
</ul>
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.

Media

AAPL

Apple Slams Meta's Interoperability Demands, Cites Privacy Risks — Instagram Parent Fires Back: Cupertino's Assertions Have 'No Basis In Reality'

Exodus Movement Inc. (NYSEAMERICAN: EXOD) commenced trading on the NYSE American exchange Wednesday, becoming the latest publicly traded company on Wall Street with cryptocurrency as the core business.
What happened: The shares of the self-custodial wallet provider closed 37% higher at $53.50 after getting listed on NYSE American, the sibling exchange to the New York Stock Exchange.
Owned by the New York Stock Exchange, NYSE American specializes in small- and mid-cap equities.
The company, which previously traded on over-the-counter markets, got approval to list its common stock last week.
See Also:<a href="https://www.benzinga.com/24/12/42519107/if-you-invested-1000-in-bitcoin-when-the-first-bitcoin-etf-was-filed-heres-how-much-youd-have-today"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">MicroStrategy&#8217;s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community</a>
Why It Matters: Founded in 2015, Exodus is one of the oldest providers of non-custodial cryptocurrency wallets, supporting top coins like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
With its debut, it joined the niche list of Wall Street companies that primarily deal in cryptocurrencies, <a href="https://www.benzinga.com/24/12/42545624/cathie-woods-ark-dumps-coinbase-stock-amid-bitcoin-highs-shopify-holdings-also-cut">including </a>Coinbase, the largest cryptocurrency exchange in the U.S., and <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42453467/japanese-crypto-behemoth-coincheck-enters-wall-street-with-nasdaq-listing">Japan&#8217;s cryptocurrency behemoth</a> Coincheck.
An exchange listing, especially in the U.S., exposes a company to a broader spectrum of institutional and retail investors, thereby increasing its liquidity and visibility.
Photo Courtesy: Maor_Winetrob On Shutterstock.com
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545656/bitcoin-is-no-manhattan-real-estate-peter-schiff-challenges-microstrategys-micheal-saylor-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Michael Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a></li>
</ul>

$BTC

$ETH

EXOD

Crypto Wallet Provider Exodus Makes Wall Street Debut, Shares Pop 37%

BioArctic AB (publ) (Nasdaq Stockholm: BIOA B) today announced that it has entered into a global exclusive license agreement with Bristol Myers Squibb (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) for BioArctic's PyroGlutamate-amyloid-beta (PyroGlu-Aβ) antibody program, including BAN1503 and BAN2803, whereof the latter includes BioArctic's BrainTransporter&#x2122;&nbsp;technology.&nbsp;As part of the agreement, BioArctic will receive a USD 100 million upfront payment and up to USD 1.25 billion in milestone payments. BioArctic is also entitled to tiered low double-digit royalties on global product sales.

BRCTF

BioArctic Partners With Bristol Myers Squibb In Licensing Deal For PyroGlutamate-Amyloid-Beta Antibody Program

&#x2A;– PADOVA study showed numerical delay in motor progression and positive trends on multiple secondary and exploratory endpoints –
– Prasinezumab continues to be well tolerated and no new safety signals were observed –
– Genentech is further evaluating the data and will work together with health authorities to determine next steps –

RHHBF

RHHBY

RHHVF

Genentech's Prasinezumab Phase IIb Study Misses Primary Endpoint But Shows Potential In Early Parkinson's Disease

Franco-Nevada Expands Portfolio With Sibanye-Stillwater's Western Limb Mining Operations In $500M Deal

KKR Backs Rebel Foods With Major Investment To Expand World-Class Cloud Kitchen Ecosystem

The U.S. Environmental Protection Agency (EPA) gave California the green light on Wednesday to ban the sale of new gasoline-powered light-duty vehicles by 2035.
What Happened: The agency granted a waiver to California under the Clean Air Act to implement its plan mandating that all new light-duty vehicles delivered in the state by 2035 be plug-in hybrids, battery electric, and hydrogen-powered vehicles. 
The EPA also granted a waiver for the state&#8217;s "Omnibus" low-NOx (nitrogen oxides) regulation aimed at reducing harmful emissions from heavy-duty trucks.
"California has longstanding authority to request waivers from EPA to protect its residents from dangerous air pollution coming from mobile sources like cars and trucks,"&nbsp;said EPA Administrator Michael S. Regan. "Today's actions follow through on EPA's commitment to partner with states to reduce emissions and act on the threat of climate change."
The EPA said in a statement that the opponents of the two waivers failed to show how either program is inconsistent with the Clean Air Act. 
Why It Matters: "Clean cars are here to stay. The Biden-Harris Administration reaffirmed what we've known for decades – California can rise to the challenge of protecting our people by cleaning our air and cutting pollution,&#8221; California Governor Gavin Newsom said.
&#8220;Naysayers like President-elect Trump would prefer to side with the oil industry over consumers and American automakers, but California will continue fostering new innovations in the market."
The California Governor, however, clarified in his statement that the rules are not aimed at gas vehicles already on the road but only attempt to regulate new cars. &#8220;We expect to see internal combustion engine vehicles on California roads past 2050&#8230;,&#8221; he said. 
Last month, Newsom also <a href="https://www.benzinga.com/tech/24/11/42183055/elon-musk-slams-californias-proposal-to-shut-tesla-evs-out-of-consumer-rebates-in-state-this-is-insane">outlined a new proposal</a> to offer incentives for EV buyers in California if Trump gets rid of the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41988194/trump-plans-to-erase-ev-tax-credit-analyst-says-its-net-bullish-calls-sell-off-wrong-knee-jerk-reaction">federal $7,500 tax break</a> for EV buyers when he returns to the White House early next year.
Trump has previously said that he would repeal the approvals granted by the EPA to California for its <a href="https://www.benzinga.com/news/24/08/40092295/trump-opposes-widespread-electric-car-adoption-despite-elon-musks-endorsement-he-is-a-friend-of-mine">push towards electrification of transport.</a> 
Check out more of Benzinga'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/government/regulations/24/12/42546578/spacex-lost-ground-control-on-dragon-spacecraft-during-polaris-dawn-mission-due-to-power-outage-at-california-facility-report" target="_blank" rel="noreferrer noopener">SpaceX Lost Ground Control On Dragon Spacecraft During Polaris Dawn Mission Due To Power Outage At California Facility: Report</a></li>
</ul>
Photo courtesy: Unsplash

Government

Regulations

EPA Greenlights California's Plan To Ban Sale Of New Gas Cars By 2025

Popular dog-themed cryptocurrency Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) dumped hard Wednesday amid the broader market slump precipitated by the Federal Reserve's hawkish outlook.
What happened: The world's largest meme coin by market capitalization sank to a 5-week low of $0.34 during the evening before clawing back to $0.36.&nbsp;
DOGE lost over 6% in the last 24 hours, while its trading volume spiked 62% to $6.57 billion, making it one of the most transacted tokens on the day.
Well-known cryptocurrency analyst Kevin said that the move down was expected and it was "staring us all in the face."
<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">We predicted this move down on <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> perfectly. Honestly it was staring us all in the face and was easy to see. If your guru couldn&#39;t spot that one then you should question there talent level <a href="https://t.co/wm5tk3qC0L">https://t.co/wm5tk3qC0L</a>
&mdash; Kevin (@Kev_Capital_TA) <a href="https://twitter.com/Kev_Capital_TA/status/1869531384391553264?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Interestingly, a renowned early adopter of the cryptocurrency, Glauber Contessoto, aka the &#8216;Dogecoin Millionaire, &#8216;disclosed on X that he was also among the sellers. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Sorry guys, I had to sell some <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://t.co/a7pro4wH5S">https://t.co/a7pro4wH5S</a>
&mdash; SlumDOGE Millionaire (@ProTheDoge) <a href="https://twitter.com/ProTheDoge/status/1869580784237171116?ref_src=twsrc%5Etfw">December 19, 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/24/12/42519107/if-you-invested-1000-in-bitcoin-when-the-first-bitcoin-etf-was-filed-heres-how-much-youd-have-today"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">MicroStrategy&#8217;s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community</a>
Why It Matters: DOGE's technical indicators painted a bearish outlook as of this writing, <a href="https://www.tradingview.com/symbols/DOGEUSDT/technicals/?exchange=BINANCE">according </a>to TradingView.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, flashed a "Sell" signal. Additionally, most shorter moving averages hinted that the price could fall further.
That said, the Bull Bear Power indicator, used for measuring the strength of buyers and sellers in the market, showed a "Neutral" reading.
The derivatives market, on the other hand, sprang a surprise, as over 84% of the top trader accounts on Binance were long on DOGE as of this writing, <a href="https://www.coinglass.com/TopTrader/Binance">according </a>to Coinglass.
Price Action:&nbsp; At the time of writing, Dogecoin was exchanging hands at $0.3616, down 6.47% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545656/bitcoin-is-no-manhattan-real-estate-peter-schiff-challenges-microstrategys-micheal-saylor-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Michael Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a></li>
</ul>

Movers

$DOGE

Dogecoin Bull Says He 'Had To Sell' As Meme King Plunges To 5-Week Low But Derivative Traders Remain Bullish

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan Interest Rate Decision Unchanged At 0.25%

MacKenzie Scott, one of America&#8217;s wealthiest philanthropists, announced $2 billion in new charitable donations for 2024, while revealing a strategic shift toward mission-aligned <a href="https://www.benzinga.com/news/large-cap/24/11/42009316/jeff-bezos-ex-wife-mackenzie-scott-sells-more-amazon-shares">investments for her remaining fortune</a>. The latest round of giving brings her total donations since 2019 to $19.2 billion, according to her Wednesday blog post on Yield Giving.
What Happened: Scott, who received approximately 400 million Amazon.com Inc. shares in her 2019 divorce settlement from founder Jeff Bezos, has recently sold 11% of her Amazon holdings, valued at over $8 billion. Despite her aggressive giving strategy, Forbes estimates her current wealth at $31.7 billion.
In a notable departure from traditional portfolio management, Scott disclosed that she has directed her investment advisors to focus on &#8220;mission-aligned ventures&#8221; rather than conventional stock portfolios that &#8220;increase the wealth and influence of leaders who already have it.&#8221;
See Also: <a href="https://www.benzinga.com/24/12/42567329/bill-ackman-says-events-around-the-scuttled-spending-bill-provide-a-road-map-for-rapid-doge-progress">Bill Ackman Says Events Around The Scuttled Spending Bill Provide A Road Map For &#8216;Rapid DOGE Progress&#8217;</a>
Why It Matters: Scott&#8217;s 2024 grants have primarily targeted economic security and opportunity initiatives. Notable recipients include repeat grantees like CAMFED, supporting girls&#8217; education in Africa, and Undue Medical Debt (formerly RIP Medical Debt), marking a new pattern in her giving strategy.
Scott&#8217;s continued liquidation of Amazon shares and her shift toward mission-aligned investments could signal broader trends in wealth management among ultra-high-net-worth individuals. Had she retained all her original shares, Scott&#8217;s Amazon holdings alone would have made her an estimated worth of $88 billion.
Melinda French Gates, who maintains significant holdings in Microsoft Corp., has publicly supported Scott&#8217;s rapid-giving approach while criticizing other tech billionaires for not doing enough to <a href="https://www.benzinga.com/news/24/07/40013038/bill-gates-ex-wife-reveals-she-shares-jeff-bezos-ex-wife-mackenzie-scotts-parenting-style-she-was-tr">give back to society</a>.
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Image via IWEC Foundation
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

MacKenzie Scott's Mission-Driven Investing Pushes Back Against Wealth Concentration: Amazon Stock Rich Philanthropist Pledges $2 Billion In Donations

A significant disparity in Federal Reserve officials&#8217; views on future interest rate policy points to deeper strategic challenges that could impact markets through 2025, according to prominent economist Mohamed El-Erian.
What Happened: El-Erian, Chief Economic Adviser at Allianz, highlighted the notable divergence in Fed officials&#8217; rate projections shown in the central bank&#8217;s latest &#8220;dot plot&#8221; released after its December meeting.
&#8220;This is part of a bigger problem &#8212; namely, the consistent absence of a strategic anchoring for policy formulation,&#8221; El-Erian wrote on X, formerly Twitter.
<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">As shown in the Federal Reserve&#39;s latest &quot;dot plot&quot; (below), there is a notable dispersion in views among Fed officials regarding how the policy rate will evolve from here. This is part of a bigger problem &#8212; namely, the consistent absence of a strategic anchoring for policy… <a href="https://t.co/ojcoXyUrAe">pic.twitter.com/ojcoXyUrAe</a>
&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1869504011931472152?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The Fed&#8217;s latest projections show officials expect the federal funds rate to decline to around 3.5% by the end of 2025, down from the current 4.25%-4.5% range. However, individual forecasts among Federal Open Market Committee members vary significantly, reflecting uncertainty about the pace of rate cuts.
Why It Matters: This divergence comes as Fed Chair Jerome Powell signals a more cautious approach to monetary policy. During Wednesday&#8217;s press conference, Powell emphasized entering a &#8220;new phase&#8221; with slower, more <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">deliberate rate adjustments</a> ahead.
Market reactions underscored investors&#8217; concerns about the Fed&#8217;s strategic direction. The S&amp;P 500 index — as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) tumbled 2.6%, while the tech-heavy Nasdaq dropped 3.5%. The U.S. dollar index, tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) surged 1.2% to levels not seen since November 2022.
The dispersion in Fed views is particularly significant given persistent inflation challenges. Despite three rate cuts totaling 100 basis points in 2024, core PCE inflation remains <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42563299/feds-powell-shocks-markets-its-a-new-phase-were-significantly-closer-to-neutral">above the Fed&#8217;s 2% target</a>, with officials now projecting 2.5% inflation through 2025.
El-Erian warned in his <a href="https://www.bloomberg.com/opinion/articles/2024-12-16/the-fed-faces-an-important-choice-after-this-rate-cut">recent</a> Bloomberg Opinion column that this policy uncertainty could have meaningful implications during the first half of 2025, potentially affecting both U.S. economic performance and market stability.
Image via Federal Reserve
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Federal Reserve

PowerShares DB US Dollar Index Bullish Fund

Mohamed El-Erian Warns Fed Faces 'Bigger Problem' As Diverging Views On Rate Policy Highlight Lack Of 'Strategic Anchoring'

German lending behemoth, Deutsche Bank AG Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DB#NYSE">DB</a>), was developing an Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) Layer-2 blockchain, according to a Wednesday report, the latest in a wave of growing interest in Web3 by traditional financial giants.
What Happened: The solution was developed using ZKsync technology and was part of the Project Dama 2 experiment, which was unveiled in November, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-18/deutsche-bank-tries-to-tackle-compliance-hurdles-for-public-blockchains?utm_source=telegram&amp;utm_content=crypto&amp;utm_medium=social">reported</a>. 
The Layer-2 concept was an attempt to avoid the issues that regulated banks may have when working with public blockchains, such as transacting with criminals and sanctioned entities, according to bank executives quoted by Bloomberg.
A rollup, or a <a href="https://www.benzinga.com/money/what-are-layer-2-solutions-in-crypto">Layer-2 scaling solution</a>, offers the security of the Layer-1 chain and infrastructure while catering to enterprise needs for security and compliance. They allow for full customization, with only permissioned entities allowed to be as validators—participants that verify transactions.
Deutsche Bank didn&#8217;t immediately respond to Benzinga&#8217;s request to confirm this development. 
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42560698/microstrategys-aggressive-bitcoin-strategy-raises-eyebrows-in-crypto-community">MicroStrategy&#8217;s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community</a>
Why It Matters: Project Dama 2 was part of the broader <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35499095/singapores-project-guardian-teams-up-with-top-financial-titans-for-asset-tokenization-pilo">&#8220;Project Guardian&#8221; initiative</a>, launched by Singapore&#8217;s central bank, the Monetary Authority of Singapore, to test the application of asset tokenization and decentralized finance across a broader range of use cases in the financial sector.
Participating financial institutions include names like JPMorgan, which <a href="https://www.benzinga.com/markets/asia/22/11/29552324/jpmorgan-executes-first-defi-transaction-for-singapores-project-guardian">previously conducted a cross-border transaction</a> on a public chain.
The move comes in the wake of similar initiatives by other major corporations. Earlier in August, multinational conglomerate&nbsp;Sony Group <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40521900/sony-group-set-to-launch-ethereum-layer-2-blockchain-soneium-heres-what-you-should-know">unveiled</a> its Ethereum Layer-2 blockchain, Soneium. The public blockchain, developed in collaboration with Web3 infrastructure, Startale Labs, hosts a range of Web3 games, NFT marketplaces, and entertainment-related services.
Deutsche Bank is the largest lender in Germany, with assets worth €1.31 trillion ($1.36 billion) as of Mar. 31, <a href="https://www.spglobal.com/market-intelligence/en/news-insights/research/europes-50-largest-banks-by-assets-2024">according </a>to S&amp;P Global.
Price Action:  Shares of Deutsche Bank closed 2.44% lower at $17.18 during Wednesday&#8217;s regular session and were down 1.05% in after-market trading, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. 
Image via Shutterstock
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Sony Group Corporation American Depositary Shares

SONY

Germany's Largest Bank Is Reportedly Leveraging Ethereum-Based Blockchain Solution To Overcome Regulatory Hurdles: Here's How

On Wednesday, Senate minority leader Mitch McConnell (R-Ky.) submitted an amicus brief to the Supreme Court, urging the rejection of TikTok&#8217;s request to delay a law that could ban the app in January.
What Happened: McConnell dismissed TikTok&#8217;s First Amendment claims in his filing. &#8220;The topsy-turvy idea that TikTok has an expressive right to facilitate the CCP censorship regime is absurd,&#8221; his counsel Michael A. Fragoso wrote.
&#8220;TikTok clearly desires this Court to enjoin the divesture date in the vain hopes that the divesture order will be punted into the next presidential administration where, perhaps, TikTok will find relief from divesture from a less hostile Department of Justice,&#8221; the filing read.
See Also: <a href="https://www.benzinga.com/24/12/42546621/elon-musk-agrees-as-satya-nadella-reflects-on-ais-global-impact-in-2024-from-cancer-research-to-rainforest-conservation-and-more?itm_source=parsely-api">Elon Musk Agrees With Satya Nadella As Microsoft CEO Reflects On &#8216;Incredible Speed&#8217; Of AI Diffusion In 2024</a>
On the same day, the Supreme Court said it will hear arguments on whether the law that bans TikTok nationwide infringes on the First Amendment, with oral arguments scheduled for Jan. 10.
This timeline allows the court to potentially rule before the ban&#8217;s effective date of Jan. 19.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: McConnell was instrumental in passing a <a href="https://www.benzinga.com/news/24/04/38500093/tiktok-ban-courts-must-decide-whether-national-security-concerns-trump-freedom-of-expression">foreign aid package</a> in April that included the law. It mandated ByteDance, TikTok&#8217;s China-based parent company, to divest from the app or face a ban in the U.S.
Earlier this week, President-elect Donald Trump <a href="https://www.benzinga.com/general/social-media/24/12/42522134/trump-meets-tiktok-ceo-shou-zi-chew-at-mar-a-lago-as-platform-urges-supreme-court-to-block-looming-ban">met with TikTok CEO</a> Shou Zi Chew. Trump, who previously attempted to ban TikTok during his first presidency, has also expressed support for the social media platform, promising to &#8220;save&#8221; it.
A potential TikTok ban could lead users to <a href="https://www.benzinga.com/24/12/42512436/tiktok-ban-could-lead-to-more-time-spent-on-youtube-reddit-snapchat">spend more time on</a> platforms like YouTube, owned by 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, Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>), and Snap Inc.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) Snapchat.
The platform also competes with Meta Platforms, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) Facebook and Instagram. In fact, following a court ruling against TikTok, stocks for Meta, Reddit, and Snap <a href="https://www.benzinga.com/24/12/42369266/meta-reddit-stocks-climb-record-highs-as-tiktoks-battle-against-us-ban-continues-after-court-ruling">reached record highs</a>.
In September, acquisition speculation ignited after Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) decided to <a href="https://www.benzinga.com/news/24/09/40866761/is-amazon-eyeing-tiktok-for-a-possible-acquisition">deepen its ties with TikTok</a>. In May 2024, venture capitalist Kevin O'Leary also <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38948567/kevin-oleary-wants-to-buy-tiktok-talks-potential-for-crypto-payments-on-the-platform">expressed interest in acquiring</a> TikTok.
In July, Needham analyst Laura Martin assessed <a href="https://www.benzinga.com/top-stories/24/07/39991984/tiktok-vs-reels-vs-shorts-analyst-sizes-up-short-form-video-platforms-on-valuation-and-monetization">TikTok as being more valuable</a> than Instagram Reels and YouTube Shorts, citing metrics such as revenue, active user base, and engagement levels.
Photo by Consolidated News Photos on 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 AI tools and was reviewed and published by Benzinga editors.

Social Media

Legal

AMZN

RDDT

SNAP

Mitch McConnell Urges Supreme Court To Reject TikTok's Delay Request, Says Platform Hoping For Less Hostile DOJ In Trump Administration

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) have announced a collaboration for the improvement in the performance of large language models.
What Happened: The partnership focuses on integrating Apple&#8217;s Recurrent Drafter (ReDrafter) technique with Nvidia&#8217;s TensorRT-LLM, to boost text generation speeds.
ReDrafter, which Apple open-sourced earlier this year, combines beam search and dynamic tree attention to improve LLM performance.
The collaboration with Nvidia has led to the integration of ReDrafter into TensorRT-LLM, a tool designed to accelerate LLMs on Nvidia GPUs.
See Also: <a href="https://www.benzinga.com/24/12/42546621/elon-musk-agrees-as-satya-nadella-reflects-on-ais-global-impact-in-2024-from-cancer-research-to-rainforest-conservation-and-more?itm_source=parsely-api">Elon Musk Agrees With Satya Nadella As Microsoft CEO Reflects On &#8216;Incredible Speed&#8217; Of AI Diffusion In 2024</a>
This integration involved adding new operators to improve TensorRT-LLM&#8217;s ability to handle complex models and decoding methods.
Benchmarking results show a 2.7x increase in token generation speed for greedy decoding on Nvidia GPUs, significantly reducing latency and power consumption.
Apple&#8217;s machine learning researchers noted that this advancement could lower computational costs and improve user experience by reducing latency in production applications.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: In October earlier this year, Apple reported <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 analyst expectations of $94.56 billion.
Last month, Nvidia reported <a href="https://www.benzinga.com/news/earnings/24/11/42099904/nvidia-beats-q3-revenue-eps-estimates-supply-constraints-ding-stock-huang-says-age-of-ai-is-in-full-steam">third-quarter revenue</a> of $35.1 billion, marking a 94% increase compared to the last year, and exceeding the Street consensus estimate of $33.12 billion, as per <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent112024&amp;t=be2bearmibe3na1">Benzinga Pro data</a>.
Together these two tech giants are worth about $7 trillion, with Apple being the most valuable company in the world and Nvidia ranking third.
Price Action: Apple shares fell 2.14% to $248.05 on Wednesday, and dipped further to $247.19 in after-hours trading. Meanwhile, Nvidia shares gained 2.01% to $131.50 in after-hours trading, recovering from a 1.14% decline to $128.91 during the regular session.
Photo Courtesy: Koshiro K On Shutterstock.com
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/tech/24/12/42499609/micron-gets-investment-from-white-house-china-launches-antitrust-investigation-on-nvidia-apple-faces-1-2-billion-lawsuit-in-california-more-consumer-tech-news-december-9-13?itm_source=parsely-api">Micron Gets Investment From White House, China Launches Antitrust Investigation On Nvidia, Apple Faces $1.2 Billion Lawsuit In California &amp; More: Consumer Tech News</a></li>
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

NVDA

Nvidia, Apple Team Up To Supercharge ChatGPT-Like LLMs With ReDrafter Technique

Is It Time To Move Off The Sidelines?

Short-Term Bonds: A Compelling Option In The Face Of Fed Cuts

Invesco Investment Grade Defensive ETF declares monthly distribution of $0.0891

Invesco Investment Grade Defensive ETF declares monthly distribution of $0.0789

Invesco Investment Grade Defensive ETF declares monthly distribution of $0.0765

Invesco Investment Grade Defensive ETF declares monthly distribution of $0.0797

Invesco Investment Grade Defensive ETF declares monthly distribution of $0.0881

Invesco Investment Grade Defensive ETF declares monthly distribution of $0.0862

Invesco Investment Grade Defensive ETF declares monthly distribution of $0.0867

Invesco Investment Grade Defensive ETF declares monthly distribution of $0.0847

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For investors clamoring for more factor-based fixed income exchange traded funds, the holidays arrived in July when Invesco Ltd. (NYSE:<a class="ticker" href="/stock/IVZ#NYSE">IVZ</a>), the fourth-largest U.S. ETF sponsor, rolled out eight new bond funds Wednesday.

Each of the eight new ETFs track in-house indexes. The benchmarks for the new ETFs are based on methodologies already deployed by Invesco&#39;s actively managed fixed income products.

<h3>What Happened</h3>

With the Invesco Emerging Markets Sovereign Debt ETF (NYSE:<a class="ticker" href="/stock/PCY#NYSE">PCY</a>) and the Invesco Fundamental High Yield Corporate Bond ETF (NYSE:<a class="ticker" href="/stock/PHB#NYSE">PHB</a>), among others, Invesco has a long-standing tradition of fundamentally-weighted bond ETFs. Including equity funds, Invesco is one of the largest issuers of smart beta ETFs, having introduced its first fundamentally-weighted ETF in 2003. The firm launched its first smart beta bond ETF in 2007.

&ldquo;Invesco also has the largest platform of smart beta fixed income ETFs, both in terms of number of products (nine) and assets under management (AUM) of $6.5 billion (as of June 29, 2018),&rdquo; <a href="https://www.invesco.com/portal/site/us/financial-professional/etfs/strategies/fi-factors/">according to the issuer.</a>

<h3>Why It&#39;s Important</h3>

Invesco&#39;s new ETFs include corporate bonds, emerging markets debt and multi-factor strategies. The Invesco Corporate Income Defensive ETF (NYSE:<a class="ticker" href="/stock/IHYD#NYSE">IHYD</a>) follows the Invesco High Yield Defensive Index, which is designed to find higher quality junk-rated corporates.

The Invesco Corporate Income Value ETF (NYSE:<a class="ticker" href="/stock/IHYV#NYSE">IHYV</a>) tracks the Invesco High Yield Value Index. IHYV holdings meet value and quality metrics.

Adding to Invesco&#39;s extensive lineup of international bond ETFs, the Invesco Emerging Markets Debt Defensive ETF (NYSE:<a class="ticker" href="/stock/IEMD#NYSE">IEMD</a>) focuses on bonds with positive traits such as <a href="https://www.invesco.com/portal/site/us/financial-professional/etfs/product-detail?productId=IEMD&amp;ticker=IEMD&amp;title=invesco-emerging-markets-debt-defensive-etf">higher credit ratings and shorter maturities</a>.

The Invesco Emerging Markets Debt Value ETF (NYSE:<a class="ticker" href="/stock/IEMV#NYSE">IEMV</a>) also looks for higher credit quality bonds with shorter maturities. IEMV debuted with 184 holdings from 10 countries. China and Indonesia combine for nearly 40 percent of the new ETF&#39;s weight.

<h3>What&#39;s Next</h3>

The Invesco Investment Grade Defensive ETF (NYSE:<a class="ticker" href="/stock/IIGD#NYSE">IIGD</a>) is a defensive/quality play on investment-grade U.S. corporates. Eighty percent of the new ETF&#39;s 64 holdings are rated AA or A, <a href="https://www.invesco.com/portal/site/us/financial-professional/etfs/product-detail?productId=IIGD&amp;ticker=IIGD&amp;title=invesco-investment-grade-defensive-etf">according to issuer data</a>.

A value spin on investment-grade domestic corporate bonds is the Invesco Investment Grade Value ETF (NYSE:<a class="ticker" href="/stock/IIGV#NYSE">IIGV</a>), which holds 61 bonds and tracks the Invesco Investment Grade Value Index. Eighty-four percent of IIGV&#39;s holdings are rated A or BBB.

The Invesco Multi-Factor Core Fixed Income ETF (NYSE:<a class="ticker" href="/stock/IMFC#NYSE">IMFC</a>) holds mortgage-backed securities (MBS), short-dated Treasuries, long-date Treasuries, investment-grade corporates and some junk bonds.

The Invesco Multi-Factor Core Plus Fixed Income ETF (NYSE:<a class="ticker" href="/stock/IMFP#NYSE">IMFP</a>) follows a methodology similar to IMFC, but the &ldquo;plus&rdquo; offering features higher allocations to corporate bonds as well as some exposure to emerging markets debt.

Related Links:

<a href="https://www.benzinga.com/markets/cryptocurrency/18/07/12066849/bitwise-asset-management-enters-bitcoin-etf-fray">This Asset Manager Eyes A Bitcoin ETF</a>

<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/07/12067453/department-of-youth-cfra-research-reviews-new-etfs">Young ETFs Come Of Age</a>

Invesco's Big Fixed Income Factor ETF Splash

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