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iMedia Brands Inc Class A

A Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investor has demonstrated the potential of long-term investment in digital assets by turning a mere $120 into a staggering $179 million over a 14-year period.
What Happened: A Bitcoin whale moved 2,000 Bitcoin, now worth $179 million, which had been untouched for 14 years.
Blockchain data indicates that the whale received the coins in 2010 when they were valued at just $0.06 each, making the total value of the coins at that time $120.
The investor transferred the Bitcoin to the American crypto exchange, Coinbase, last week, after seeing their holdings appreciate by nearly 150,000,000%. This move is presumed to be a step towards selling the digital asset.
<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">JUST IN: Someone just moved 2,000 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> worth $179,000,000. They held from $0.06 to $90,000 Legend &#x1f525; <a href="https://t.co/L2nprLATnh">pic.twitter.com/L2nprLATnh</a>
&mdash; The Bitcoin Historian (@pete_rizzo_) <a href="https://twitter.com/pete_rizzo_/status/1857428085647306914?ref_src=twsrc%5Etfw">November 15, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41869087/kiyosaki-aims-to-own-100-bitcoins-by-2025-i-wish-bitcoin-was-back-to-10-a-coin-but-wishing-has-never-made-poor-people-richer">Kiyosaki Aims To Own 100 Bitcoins By 2025: &#8216;I Wish Bitcoin Was Back To $10 A Coin, But Wishing Has Never Made Poor People Richer&#8217;</a></figcaption></figure>
Currently, Bitcoin is valued at $90,476, according to Benzinga data. It reached an all-time high of over $93,000 last week, marking an increase of about $20,000 since Election Day.
Why It Matters: Bitcoin whales, as they are known in the crypto world, are investors who accumulate large amounts of digital coins and hold onto them for years, watching their value increase exponentially. 
Despite short-term volatility, Bitcoin typically appreciates more than most other assets in the long run, yielding substantial returns for those who hold onto it, known as &#8220;HODLers.&#8221;
This story serves as a testament to the potential of long-term investment in digital assets.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42024635/scaramucci-trumps-crypto-support-could-push-bitcoin-to-150k">Scaramucci: Trump&#8217;s Crypto Support Could Push Bitcoin To $150K</a>
Image: Shutterstock

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

Cryptocurrency

News

Markets

$BTC

Here's How A Bitcoin Whale Nets $179M From A $120 Investment

Billionaire Elon Musk and former Republican presidential candidate Vivek Ramaswamy have set their sights on curbing federal expenditure, leveraging the Republican dominance <a href="https://www.benzinga.com/news/24/09/41082363/heres-how-elon-musk-has-become-a-pro-trump-political-influencer-through-social-media">in both chambers of Congress</a>.
What Happened: According to a report, the duo&#8217;s Department of Government Efficiency (DOGE) aims to reduce spending by a whopping $2 trillion. 
The Republican majority in Congress, which allows for budget reconciliation, makes this ambitious target more attainable by sidestepping the usual filibuster rules.
Business Insider reports that <a href="https://www.businessinsider.com/why-elon-musk-cutting-federal-spending-could-work-2024-11">the</a> Department of Government Efficiency is not a government entity. Major alterations to the federal budget will likely necessitate legislative intervention. Nevertheless, Musk and Ramaswamy are in a strong position to recommend significant reductions in federal spending.
David Walker, a fiscal watchdog who headed the Government Accountability Office from 1998 to 2008, told the outlet about the limitations on what can and cannot be done, underlining the difficulties previous presidents have encountered in managing federal spending.
&#8220;There are a lot more restrictions on what you can and can&#8217;t do. There&#8217;s a lot of cultural barriers,&#8221; he said. 
The efforts by Musk and Ramaswamy could surpass prior attempts. Any proposals endorsed by Trump would have a higher likelihood of gaining Congressional approval due to Republican control. 
Also Read: <a href="https://www.benzinga.com/news/24/11/41965420/elon-musk-vivek-ramaswamy-led-department-of-government-efficiency-opens-account-on-x-says-it-is-working-overtime">Elon Musk, Vivek Ramaswamy-Led Department Of Government Efficiency Opens Account On X</a>
Thomas Schatz, the president of Citizens Against Government Waste, believes this government-efficiency initiative &#8220;can be set up faster.&#8221;
Musk has previously expressed his disapproval of the Securities and Exchange Commission and proposed incentives for government employees who demonstrate fiscal prudence. 
Ramaswamy has suggested a thought experiment to downsize the federal workforce. Veronique de Rugy, an economist at the libertarian think tank Mercatus Center, believes that Musk and Ramaswamy could achieve $2 trillion in savings through radical reforms.
Why It Matters: This development is significant in the context of ongoing debates about federal spending and debt. 
The ambitious plan by Musk and Ramaswamy, if successful, could set a precedent for future administrations and potentially reshape the landscape of government spending. 
Their unique approach, coupled with the current political climate, may provide the necessary momentum to drive significant changes in federal expenditure.
Read Next
<a href="https://www.benzinga.com/news/24/07/39999410/what-a-second-trump-presidency-would-mean-for-elon-musk-and-his-many-ventures">What A Second Trump Presidency Would Mean For Elon Musk And His Many Ventures</a>
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.

Politics

Musk And Ramaswamy Seek Spending Cut Wins Where Others Failed

<a href="https://www.benzinga.com/personal-finance/24/09/40972049/dave-ramsey-tells-29-year-old-1m-in-debt-and-spending-like-shes-in-congress-im-getting-ready-to-">Dave Ramsey isn't just any financial guru – </a>he's a powerhouse who reportedly owns $600 million in real estate, all bought in cash. Known for his unfiltered advice to callers, he usually sticks to helping others get their finances straight. But occasionally, he pulls back the curtain and gives a glimpse into the personal strategies that got him where he is.
Don't Miss:
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<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
<li>This Jeff Bezos-backed startup will allow you to<a href="https://www.benzinga.com/money/bezos-landlord-100-dollars"> become a landlord in just 10 minutes, and you only need $100</a>.</li>
</ul>
A few years back, in a popular YouTube video, Ramsey's message was loud and clear: "The borrower is a slave to the lender."
In that video, he detailed his investing process, clarifying that debt isn't just a financial burden – it's a roadblock to real wealth. For Ramsey, avoiding debt isn't simply about managing money; it's about <a href="https://www.benzinga.com/personal-finance/24/09/40711869/how-rich-are-you-heres-the-net-worth-that-defines-upper-middle-and-lower-class">taking control of your future</a>.
Ramsey often highlights the power of focusing on "your most powerful wealth-building tool" – your income. He insists that when you keep your earnings out of the hands of lenders, you're free to use them to create long-term wealth. "When you haven't committed your income in the form of payments to everybody else, you can invest it and become wealthy," he says, explaining that a little financial discipline now can lead to significant rewards.
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
Ramsey shares a striking example: the average car payment in America is around $503. "That's just crazy," he exclaims. If someone instead invested $500 a month from age 30 to 70 in a decent growth stock mutual fund, Ramsey claims they could amass over five million dollars by retirement. "One thing could make you worth five million dollars," he says, emphasizing how small decisions add up over time.
<a href="https://www.benzinga.com/personal-finance/24/09/40777048/24-year-old-gets-best-job-of-his-life-and-wants-to-invest-but-dave-ramsey-says-youre-broke-and-i">Ramsey's advice</a> doesn't stop at avoiding debt. He's also a vocal advocate for investing in good growth stock mutual funds, a strategy he believes is the best path to financial independence. He favors a balanced approach, spreading investments across four types of funds: growth and income, growth, aggressive growth and international funds. This mix, he argues, has a strong track record of outperforming basic index funds. "If the mutual fund you're looking at is below that S&amp;P 500 line, don't buy that fund," he advises.
Trending: This rooftop wind turbine is taking on a market projected to reach over $900 billion by 2032 —<a href="https://www.benzinga.com/money/halcium"> With already over 40,000 users signing up to purchase, here's a chance to be an early investor today!</a>
Ramsey is well aware that his stance sometimes contrasts with other voices in the financial world, especially those promoting index funds and fee-conscious strategies. "Some people are stepping over $5 bills trying to pick up pennies worrying about these fees," he quips, adding that while fees matter, they're not what makes or breaks financial success. To him, the true key is consistency – saving and investing monthly, year after year, no matter what the market is doing. He's clear that "the big thing is actually putting money into the mutual funds, actually investing."
Ramsey's approach also reflects his view on financial independence. For him, paying a broker is worth it to have someone keep you on track. "I need a broker in my life. I need somebody that's an advisor," he says, explaining that, despite knowing a lot about investing, he <a href="https://www.benzinga.com/money/can-you-guess-how-many-americans-successfully-retire-with-1-million-saved">prefers having a professional's guidance</a> to stay disciplined. Ramsey points out that emotional reactions to market trends often sway people who invest independently. "When you're out there by yourself with all your theories," he says, "you cash out all your mutual funds at exactly the wrong time because you don't have anybody in your corner saying, ‘Don't jump.'"
See Also: Many are using this retirement income calculator to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on how on what&#8217;s behind this formula.</a>
According to Ramsey, retirement success isn't just about choosing the right investments – it's about regularly investing. He cites research showing that "74% of retirement success is doing it." By steadily contributing to retirement accounts, people can build a significant nest egg without chasing high returns or jumping in and out of the market.
Ramsey's advice is simple: <a href="https://www.benzinga.com/personal-finance/24/10/41385340/dave-ramsey-says-buying-cars-for-your-teenagers-leads-to-a-lifetime-of-ridiculous-expectations-b">stay away from debt</a>, invest consistently and focus on the long term. He believes this advice can help people achieve not only wealth but also peace of mind. "This is how you get wealthy," he says, stressing that the journey isn't about luck or timing; it's about persistence and discipline.
Read Next:
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<li>Studies show 50% of consumers think Financial Advisors cost much more than they do —<a href="https://www.benzinga.com/money/money-pickle"> to debunk this, this company provides matching for free and a complimentary first call with the matched advisor.</a></li>
<li><a href="https://www.benzinga.com/money/62-years-old-with-1-mil-saved">I&#8217;m 62 Years Old And Have $1.2 Million Saved. Is This Enough to Retire Stress-Free?</a></li>
</ul>

Personal Finance

'This Is How You Get Wealthy' – Dave Ramsey Details How One Move Could Make You $5 Million By Retirement

European banks are bracing for intensified competition as U.S. President-elect <a href="https://www.benzinga.com/markets/24/11/41916450/just-how-bullish-is-the-market-on-trumps-election-win-to-find-out-look-to-the-past">Donald Trump</a> prepares to roll out policies to deregulate the U.S. financial sector. Trump's promise to ease financial regulations is expected to benefit American banks by boosting their lending and investment capacity.&nbsp;
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<li>Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O&#8217;Reilly and Rudy Giuliani are using this platform to <a href="https://www.benzinga.com/money/american-hartford-gold">create customized gold IRAs to help shield their savings from inflation and economic turbulence.&nbsp;</a></li>
<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target –<a href="https://www.benzinga.com/money/mode-mobile-2"> You can still get 4,000 of its pre-IPO shares for just $1,000</a></li>
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Meanwhile, <a href="https://www.benzinga.com/news/24/10/41379867/european-central-bank-lowers-interest-rates-again-first-back-to-back-cuts-in-13-years">European banks</a> may struggle to keep up under Europe's stringent regulations and slower economic growth, potentially widening the earnings gap across the Atlantic.&nbsp;
Under the Trump administration, U.S. banks anticipate that restrictions on capital requirements, merger approval timelines and oversight of complex investments will be loosened. Wall Street is already optimistic about this potential wave of deregulation, with American banking giants like <a href="https://www.benzinga.com/markets/24/11/41852613/jp-morgan-analysts-see-generational-opportunity-in-real-estate-market-as-a-direct-result-of-valuatio">JPMorgan</a>, Goldman Sachs and Morgan Stanley seeing a rise in shares following the election.&nbsp;
This increased flexibility in lending and investments could position U.S. banks to outpace their European counterparts.&nbsp;
Trending: This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai"> <a href="https://www.benzinga.com/money/rad-ai-2">Be an early investor with just $1,000 for only $0.50/share today before the offer closes in next week</a>!</a>
European banks, which have long struggled with lower profitability largely due to the 2008 financial crisis, now face further challenges. Lenders in Europe have battled against weak economies, low interest rates and an oversupply of nonperforming loans. While some European banks had started to recover in 2023, the shift in regulations on U.S. banks could have a negative impact.&nbsp;
David Materazzi, CEO of Galileo FX, an Italy-based automated trading platform, believes that U.S. banks will take advantage of the looser regulatory environment. He told Reuters, "If U.S. banks get the expected policy support, they could ramp up loan volumes and optimize capital in ways that Europe's banks just can't match right now."
Trending: The global games market is projected to generate $272B by the end of the year —<a href="https://www.benzinga.com/money/gameflip"> for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.</a>
With American banks likely to experience fewer regulatory barriers, experts believe that European lenders could be pressured to reevaluate their strategies to compete globally. European Union regulations remain strict, with capital requirements and risk assessments that prevent banks from taking on the same level of <a href="https://www.benzinga.com/startups/24/09/40922382/oracle-of-omaha-sends-a-warning-buffetts-aggressive-bank-of-america-stock-sales-raise-eyebrows">aggressive investments</a> seen on Wall Street. These tighter controls are designed to prevent another crisis but also restrict banks&#8217; ability to grow profit margins significantly.
Additionally, the contrasting regulatory paths between the U.S. and Europe could influence how investors view each region's banks. As U.S. banks potentially increase their profits through higher loan volumes and new investments, European banks may look less appealing, especially if they don't see the necessary growth to compete. Analysts suggest this shift could drive investors to favor U.S. financial institutions over European ones, deepening the trans-Atlantic divide.
See Also: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
Promises of a shifting regulatory landscape in the U.S. have prompted leaders in European financial hubs to reassess their own policies. Recently, Swiss Finance Minister Karin Keller-Sutter and her British counterpart Rachel Reeves discussed the potential impact Trump's election could bring on banking regulations.&nbsp;
Keller-Sutter told Reuters that she and Reeves agreed it was important to balance competitiveness with stability.&nbsp;
While European and U.S. banks alike brace for the coming changes, the next few years could redefine the banking landscape across both continents. As U.S. banks potentially take advantage of looser regulations, European lenders may face pressure to innovate or advocate for regulatory flexibility. However, for now, the two continents appear set to diverge on policy and regulators and the global financial community will closely watch the impact of these changes.
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<li>With over 7.8K investors including Meta, Google, And Amazon Execs — this AI Startup's valuation has skyrocketed from $5 million to $85 million in just three years. <a href="https://www.benzinga.com/money/rad-ai">Be an early investor with just $1,000 for only $0.50/share today before the offer closes in 2 weeks.</a></li>
<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
</ul>

Startups

Banking Showdown: European Lenders Face New Hurdles As Trump Lifts U.S. Restrictions

<a href="https://www.theinformation.com/articles/nvidia-customers-worry-about-snag-with-new-ai-chip-servers" title="https://www.theinformation.com/articles/nvidia-customers-worry-about-snag-with-new-ai-chip-servers">https://www.theinformation.com/articles/nvidia-customers-worry-about-snag-with-new-ai-chip-servers</a>

Tech

NVDA

The Information Reported Sunday, Nvidia Customers Worry About Snag With New AI Chip Servers

<a href="https://www.wsj.com/business/media/nba-warner-bros-discovery-lawsuit-settlement-7710547b?mod=Searchresults_pos1&amp;page=1" title="https://www.wsj.com/business/media/nba-warner-bros-discovery-lawsuit-settlement-7710547b?mod=Searchresults_pos1&amp;page=1">https://www.wsj.com/business/media/nba-warner-bros-discovery-lawsuit-settlement-7710547b?mod=Searchresults_pos1&amp;page=1</a>

Legal

The Wall Street Journal Reported Saturday, Warner Bros. Discovery, NBA Resolved TV Rights Legal Dispute; TNT's 'Inside The NBA' Licensed To ESPN; Warner Gains Some International NBA Game Rights

As the U.S. retirement market faces unprecedented challenges and opportunities, financial advisors must adapt their approach to better serve clients. 
Recent data from ISS Market Intelligence, as reported by <a href="https://www.planadviser.com/us-retirement-market-evolves-amid-growth-challenges/">Planadviser</a>, reveals several critical areas where advisors need to enhance their service offerings and expertise.
First, advisors must address the growing retirement coverage gap. With approximately one-third of U.S. adults lacking dedicated retirement savings, advisors should actively seek opportunities to partner with small businesses that currently don&#8217;t offer retirement plans. The SECURE 2.0 Act provides new incentives for small business plan adoption, creating an untapped market of roughly 6 million businesses without 401(k) plans.
Advisors need to strengthen their role as educators, particularly regarding Social Security optimization, according to ISS Market Intelligence. With lower-income earners expecting to rely on Social Security for more than 50% of their retirement income, advisors must help clients understand the implications of this dependence and develop strategies to diversify income sources.
Also Read: <a href="https://www.benzinga.com/general/sports/24/11/42015289/disney-q4-report-had-a-lot-to-like-analyst-calls-it-a-high-quality-profit-growth-performer">Disney Q4 Earnings Show &#8216;A Lot To Like&#8217;: Analyst Calls It &#8216;High-Quality&#8217; Profit Growth Performer</a>
The aging workforce presents another critical challenge requiring advisor attention. As Baby Boomers retire, creating net-negative cash flows in defined contribution plans, advisors must develop sophisticated decumulation strategies while encouraging younger generations to increase their retirement savings. 
This includes leveraging automatic features, which are currently underutilized in 63% of retirement plans despite their proven effectiveness in driving asset growth.
Financial literacy advocacy should become a core component of advisor services. With retirement assets now comprising 40% of total family wealth, advisors must ensure clients understand their options and make informed decisions about their retirement planning.
By focusing on these areas, advisors can better serve their clients while contributing to the broader goal of improving retirement security for all Americans.
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<li><a href="https://www.benzinga.com/24/11/42015996/tesla-to-partner-with-lyft-uber-analyst-says-rising-conviction-for-partnership-in-future">Tesla To Partner With Lyft, Uber? Analyst Has &#8216;Rising Conviction&#8217; For Future Partnership</a></li>
</ul>
Image via Pexels/ Tima Miroshnichenko

Financial Advisors

Advisors Need To Step Up To Help Americans Save For Retirement

These seven mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Bloom Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BE#NYSE">BE</a>) stock gained 55.44% last week after several analysts <a href="https://www.benzinga.com/quote/be/analyst-ratings" target="_blank" rel="noreferrer noopener">raised their price forecasts</a> on the stock.</li>
<li>Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) stock upped 29.96% after the company reported financial results and announced a multi-launch agreement with a confidential commercial satellite constellation operator and a federal defense <a href="https://www.benzinga.com//node/41941068" target="_blank" rel="noreferrer noopener">contract worth up to $8 million</a>.</li>
<li>NET Power Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NPWR#NYSE">NPWR</a>) stock gained 39.38% last week. The company <a href="https://www.benzinga.com//node/41888013" target="_blank" rel="noreferrer noopener">reported Q3 financial results</a> and provided updates on its cash and balance sheet.</li>
<li>Hut 8 Mining (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>) shares gained 28.98% last week after the company reported better-than-expected Q3 financial results. Several analysts <a href="https://www.benzinga.com/quote/hut/analyst-ratings" target="_blank" rel="noreferrer noopener">raised their price forecasts</a> on the stock.</li>
<li>Paymentus Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAY#NYSE">PAY</a>) shares surged 23.84% after the company reported <a href="https://www.benzinga.com//node/41936928" target="_blank" rel="noreferrer noopener">strong earnings and guidance</a>.</li>
<li>DLocal Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLO#NASDAQ">DLO</a>) shares jumped 17.74% after the company<a href="https://www.benzinga.com//node/41974555" target="_blank" rel="noreferrer noopener"> reported third-quarter results</a>.</li>
<li>IonQ, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IONQ#NYSE">IONQ</a>) shares increased 17.55% after the company announced a strengthened moat<a href="https://www.benzinga.com//node/41945075" target="_blank" rel="noreferrer noopener"> through a series of issued patents</a>.</li>
</ol>
Also Read:
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<li><a href="https://www.benzinga.com/news/large-cap/24/11/42026369/shopify-disney-and-coinbase-were-among-top-10-large-cap-gainers-last-week-november-11-15-are-the-others-in-your-portfolio" target="_blank" rel="noreferrer noopener">Shopify, Disney And Coinbase Were Among Top 10 Large Cap Gainers Last Week (November 11-15): Are The Others In Your Portfolio?</a></li>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/42026470/super-micro-computer-moderna-and-xpeng-were-among-top-10-large-cap-stocks-losing-big-last-week-november-11-15-check-out-other-losers" target="_blank" rel="noreferrer noopener">Super Micro Computer, Moderna And XPeng Were Among Top 10 Large Cap Stocks Losing Big Last Week (November 11-15): Check Out Other Losers</a></li>
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Photo via Shutterstock

Mid Cap

Movers

Trading Ideas

IONQ

NPWR

RKLB

Rocket Lab And Hut 8 Mining Are Among Top 7 Mid-Cap Gainers Last Week (November 11-15): Are The Others In Your Portfolio?

Billionaire Elon Musk , a confidante of President-elect Donald Trump, has thrown his support behind Howard Lutnick, CEO of Cantor Fitzgerald, for treasury secretary.
What Happened: Musk believes that Lutnick could bring about significant change if chosen for the position. Although Trump has not yet officially named his choice, Lutnick and investor Scott Bessent are said to be the leading candidates.
In a post on X on Saturday, Musk shared his opinion that Bessent would represent a &#8220;business-as-usual choice,&#8221; whereas Lutnick could instigate the change that conservatives are hoping for in Trump&#8217;s second term.
&#8220;Business-as-usual is driving America bankrupt, so we need change one way or another,&#8221; Musk stated.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Would be interesting to hear more people weigh in on this for <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> to consider feedback. My view fwiw is that Bessent is a business-as-usual choice, whereas <a href="https://twitter.com/howardlutnick?ref_src=twsrc%5Etfw">@howardlutnick</a> will actually enact change. Business-as-usual is driving America bankrupt, so we need change… <a href="https://t.co/igGLZOJ8wz">https://t.co/igGLZOJ8wz</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1857819784865362211?ref_src=twsrc%5Etfw">November 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
The Treasury Secretary will have a pivotal role in the new administration, given the major economic challenges that played a part in Trump&#8217;s election win. 
Also Read:&nbsp;<a href="https://www.benzinga.com/news/24/07/39999410/what-a-second-trump-presidency-would-mean-for-elon-musk-and-his-many-ventures" target="_blank" rel="noreferrer noopener">What A Second Trump Presidency Would Mean For Elon Musk And His Many Ventures</a>
Despite low unemployment rates and economic growth, many Americans are discontented with high costs and perceived widespread inflation.
Lutnick, who has known Trump for many years, has organized fundraisers for the President-elect and served as a TV surrogate. Conversely, Bessent, the founder of macro hedge fund Key Square Group, was a principal economic advisor to Trump during his campaign.
Why It Matters: The selection of the Treasury Secretary is a critical decision for the incoming administration. The chosen candidate will be tasked with addressing the economic issues that have been a significant factor in Trump&#8217;s election. 
The endorsement from Musk, a prominent figure in the business world, could potentially influence the final decision. 
The contrasting backgrounds of Lutnick and Bessent highlight the different approaches that could be taken to address the economic challenges facing the country.
Read Next
<a href="https://www.benzinga.com/news/24/09/41082363/heres-how-elon-musk-has-become-a-pro-trump-political-influencer-through-social-media">Here&#8217;s How Elon Musk Has Become A Pro-Trump Political Influencer Through Social Media</a>
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.
Image: Shutterstock

Musk Pushes Lutnick For Trump's Treasury Secretary

These ten large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol>
<li>Monolithic Power Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>) lost 24.68% last week as it was hit by an Edgewater Research analyst report that stated Monolithic's allocation to Nvidia's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) Blackwell GPUs is in jeopardy due to performance problems with its Power Management ICs.</li>
<li>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) stock tumbled 24.23% after the company recently announced it could not file its quarterly report for the period ending <a href="https://www.benzinga.com//node/41938588" target="_blank" rel="noreferrer noopener">September 30, 2024, on time</a>.</li>
<li>Moderna Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) stock fell 21.31% last week amid <a href="https://www.benzinga.com//node/42013119" target="_blank" rel="noreferrer noopener">pressure on vaccine stocks</a> after President-elect Donald Trump nominated Robert F. Kennedy Jr. to lead the HHS.</li>
<li>Leidos Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LDOS#NYSE">LDOS</a>) shares dived 19.04%, probably because President-elect Trump made federal appointments during his transition period. Investors may evaluate the impact of possible cuts from the "<a href="https://www.benzinga.com//node/42013424" target="_blank" rel="noreferrer noopener">Department of Government Efficiency."</a></li>
<li>Monday.Com Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNDY#NASDAQ">MNDY</a>) stock fell 18.94% last week <a href="https://www.benzinga.com//node/41877454" target="_blank" rel="noreferrer noopener">despite the company reporting</a> a Q3 beat and raising its annual outlook.</li>
<li>Vaxcyte, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PCVX#NASDAQ">PCVX</a>) stock fell 18.60% last week amid <a href="https://www.benzinga.com//node/42013119" target="_blank" rel="noreferrer noopener">pressure on vaccine stocks</a> after President-elect Donald Trump nominated Robert F. Kennedy Jr. to lead the HHS.</li>
<li>Booz Allen Hamilton Holding Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAH#NYSE">BAH</a>) shares plummeted 18.59%.</li>
<li>AbbVie Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) stock declined 17.30% last week after it announced that its Phase 2 EMPOWER trials did not <a href="https://www.benzinga.com/general/biotech/24/11/41881546/abbvie-9billion-schizophrenia-studies-bristol-myers-stock-surges" target="_blank" rel="noreferrer noopener">meet their primary endpoints</a>.</li>
<li>CACI International, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CACI#NYSE">CACI</a>) shares decreased 17.16%.</li>
<li>XPeng Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPEV#NYSE">XPEV</a>) shares dipped 16.89%, reflecting a broader trend in U.S.-listed Chinese stocks. This market shift may be influenced by concerns surrounding President-elect Trump's administration picks, which could <a href="https://www.benzinga.com//node/41946780" target="_blank" rel="noreferrer noopener">signal a tougher stance toward China</a>.</li>
</ol>
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/42026369/shopify-disney-and-coinbase-were-among-top-10-large-cap-gainers-last-week-november-11-15-are-the-others-in-your-portfolio" target="_blank" rel="noreferrer noopener">Shopify, Disney And Coinbase Were Among Top 10 Large Cap Gainers Last Week (November 11-15): Are The Others In Your Portfolio?</a></li>
</ul>
Image by Robert Way via Shutterstock

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Super Micro Computer, Moderna And XPeng Were Among Top 10 Large Cap Stocks Losing Big Last Week (November 11-15): Check Out Other Losers

Over the week, the tech world buzzed with significant developments. From potential policy shifts affecting Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) suppliers to Japan&#8217;s leap into the AI industrial revolution, the landscape is changing rapidly. Here&#8217;s a quick roundup of the top stories.
Nvidia, Apple Suppliers Brace for Policy Changes
Key suppliers for Nvidia and Apple, including Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHPF#OTC">HNHPF</a>), also known as Foxconn, Pegatron Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PGTRF#OTC">PGTRF</a>), and Quanta Computer (OTC:<a class="ticker" href="https://www.benzinga.com/stock/QUCCF#OTC">QUCCF</a>), are gearing up for a potential surge in U.S. investments amid potential trade policy shifts under a possible second term for Donald Trump.
<a href="https://www.benzinga.com/24/11/42001994/nvidia-and-apple-suppliers-brace-for-trumps-return-foxconn-pegatron-quanta-ready-for-rapid-us-investment-surge-amid-trade-policy-shifts">Read the full article here.</a>
Nvidia and SoftBank&#8217;s AI Supercomputer in Japan
In a significant move towards becoming a global AI powerhouse, Nvidia and SoftBank Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) announced a partnership to establish Japan&#8217;s most powerful AI supercomputer. The collaboration, unveiled at the Nvidia AI Summit Japan, will leverage Nvidia&#8217;s advanced Blackwell platform.
<a href="https://www.benzinga.com/news/global/24/11/41929194/nvidia-and-softbank-to-build-japans-top-ai-supercomputer-on-blackwell-platform-jensen-huang-says-tokyo-is-leaping-into-the-ai-industrial-revolution">Read the full article here.</a>
See Also: <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?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Confirms Vendor Data Breach Affecting 2.8M+ Employee Contacts, Adds To Growing List Of MOVEit Hack</a>
AMD&#8217;s Workforce Cut Amid AI Chip Development Shift
Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) has reportedly decided to lay off approximately 1,000 employees, representing 4% of its global workforce. The move is part of AMD&#8217;s strategic shift towards AI chip development to compete with Nvidia in the data center chip market.
<a href="https://www.benzinga.com/24/11/41961230/amd-plans-to-cut-4-of-workforce-amid-strategic-shift-toward-ai-chip-development-to-rival-jensen-huang-led-nvidias-dominance-report">Read the full article here.</a>
Nvidia&#8217;s Blackwell Chip Revenue Forecast
Ahead of Nvidia&#8217;s third-quarter results announcement next week, Morgan Stanley analyst Joseph Moore has previewed the company&#8217;s outlook. Despite supply constraints on new products, Moore predicts several billion in revenue from Blackwell chips alone in the January quarter, with a more precise figure of between $5 billion and $6 billion.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41883803/nvidias-blackwell-chip-revenue-could-hit-6-billion-next-quarter-analyst">Read the full article here.</a>
AI Capabilities Plateau, Say Andreessen Horowitz Founders
The founders of venture capital firm Andreessen Horowitz have noted a plateau in artificial intelligence capabilities, citing data shortages and computational limitations as key barriers. This observation aligns with recent statements from Ilya Sutskever, co-founder of OpenAI and Safe Superintelligence (SSI), who acknowledged that results from traditional AI scaling approaches have plateaued.
<a href="https://www.benzinga.com/tech/24/11/41932289/ai-capabilities-plateauing-say-andreessen-horowitz-founders-echoing-concerns-of-openai-co-founder-ilya-sutskever">Read the full article here.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/general/social-media/24/11/42022443/ibm-disney-and-other-large-advertisers-return-to-elon-musks-x-after-a-year-long-boycott-we-super-appreciate">IBM, Disney And Other Large Advertisers Return To Elon Musk&#8217;s X After A Year-Long Boycott</a></li>
</ul>
Photo courtesy: Shutterstock
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/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

AAPL

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Nvidia, Apple Suppliers Prepare For Policy Shifts, Japan's AI Leap, And AMD's Workforce Cut: This Week In AI

These ten large-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>MicroStrategy Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) stock gained 25.97% last week amid the sharp rise in Bitcoin&#8217;s (CRYPTO: BTC/USD) price.</li>
<li>Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) shares escalated 24.53% after the company reported better-than-expected&nbsp;third-quarter results and several analysts revised <a href="https://www.benzinga.com//node/41950175" target="_blank" rel="noreferrer noopener">their price targets on the stock</a>.</li>
<li>Affirm Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) gained 20.80% last week. Wells Fargo maintained an Overweight rating on the stock and raised its <a href="https://www.benzinga.com/quote/afrm/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast from $52 to $55</a>.</li>
<li>Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) stock upped 16.22% after announcing <a href="https://www.benzinga.com//node/41971559" target="_blank" rel="noreferrer noopener">fourth-quarter results</a>. Analysts raised the <a href="https://www.benzinga.com/quote/dis/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast on the stock</a>.</li>
<li>Spotify Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) stock upped 14.39% after the company reported better-than-expected&nbsp;third-quarter&nbsp;earnings and <a href="https://www.benzinga.com//node/41950852" target="_blank" rel="noreferrer noopener">analysts boosted price targets.</a></li>
<li>Jack Dorsey&#8217;s Block, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>) stock increased by 13.06%. Several analysts raised their <a href="https://www.benzinga.com/quote/sq/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecasts</a> on the stock.</li>
<li>Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) shares gained 12.97% last week. The company recently announced it acquired on-chain payments platform Utopia Labs. A sharp rise in Bitcoin price also played a part.</li>
<li>Palantir Technologies Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) stock upped 12.64%. The company announced it renewed its multi-year enterprise agreement with Rio Tinto for an additional four years of access to its AI platform. It also plans to transfer its stock <a href="https://www.benzinga.com//node/42010539" target="_blank" rel="noreferrer noopener">exchange listing to the Nasdaq</a>.</li>
<li>Grab Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRAB#NASDAQ">GRAB</a>) shares increased 11.82% &nbsp;after the company reported third-quarter&nbsp;results and raised its FY25 revenue<a href="https://www.benzinga.com//node/41889889" target="_blank" rel="noreferrer noopener"> guidance&nbsp;above estimates</a>.</li>
<li>NetEase, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) shares rose 11.37% after the company reported <a href="https://www.benzinga.com//node/41964319" target="_blank" rel="noreferrer noopener">third-quarter&nbsp;financial results</a>.</li>
</ol>
Photo by Useacoin on Shutterstock

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Shopify, Disney And Coinbase Were Among Top 10 Large Cap Gainers Last Week (November 11-15): Are The Others In Your Portfolio?

The weekend was a whirlwind of political and business news. Former New Jersey Governor Chris Christie shared his views on the future of cannabis and cryptocurrency regulation, Senator Elizabeth Warren accused President-elect Donald Trump and his transition team of crossing legal boundaries and Trump announced his plans to appoint Elon Musk and Vivek Ramaswamy to lead a new government efficiency department, among major headlines. 
Christie&#8217;s Cannabis and Crypto Predictions: In an exclusive conversation with Benzinga Cannabis, Chris Christie, former New Jersey governor, discussed his perspectives on the future of cannabis and cryptocurrency regulation. He believes that under Trump&#8217;s leadership, both industries are set to experience significant changes. <a href="https://www.benzinga.com/markets/cannabis/24/11/41910180/exclusive-chris-christie-says-trump-will-remove-federal-restrictions-on-marijuana-find-sweet-spot-for-crypto-regulation">Read the full article here.</a>
Warren&#8217;s Legal Accusations: Massachusetts Senator Elizabeth Warren accused Donald Trump and his transition team of breaking the law. She stated that incoming presidents are required to prevent conflicts of interest and sign an ethics agreement, which Trump has yet to do. <a href="https://www.benzinga.com/24/11/41890244/elizabeth-warren-says-trump-and-his-transition-team-are-already-crossing-legal-boundaries-i-would-know-because-i-wrote-the-law">Read the full article here.</a>
Musk and Ramaswamy&#8217;s New Roles: President-elect Donald Trump said that he plans to appoint Tesla Inc CEO Elon Musk and former presidential candidate Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE). The department aims to restructure federal agencies and reduce government spending. <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">Read the full article here.</a>
DoorDash Wage Claims: Former DoorDash delivery workers claim they haven&#8217;t been paid thousands of dollars in wages from past years. They are seeking protection from deportation after Donald Trump&#8217;s recent win in the 2024 election. <a href="https://www.benzinga.com/news/legal/24/11/41996464/doordash-workers-claim-unpaid-wages-seek-protection-from-deportation-were-not-able-to-pay-the-rent">Read the full article here.</a>
Pentagon Overhaul Plans: President-elect Donald Trump&#8217;s transition team is reportedly planning a major overhaul at the Pentagon, including dismissing certain military officers. The planning for these dismissals is still in its early stages following Trump's election victory. <a href="https://www.benzinga.com/news/24/11/41963694/amid-appointment-of-elon-musk-vivek-ramswamy-team-trump-now-reportedly-planning-to-overhaul-military-posts">Read the full article here.</a>
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41963342/elizabeth-warrens-sarcastic-take-on-doges-split-leadership-gets-slammed-by-elon-musk-unlike-you-neither-of-us-are-being-paid?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elizabeth Warren&#8217;s Sarcastic Take On DOGE&#8217;s Split Leadership Gets Slammed By Elon Musk: &#8216;Unlike You, Neither Of Us Are Being Paid&#8217;</a>
Image via Flickr

General

Christie On Trump's Cannabis Plans, Elon Musk's New Role In Trump Team, Pentagon Overhaul Plans And More: This Week In Politics

In a departure from her family&#8217;s sports-oriented legacy, Taahirah O&#8217;Neal, the eldest daughter of basketball legend Shaquille O&#8217;Neal, has chosen to pursue a different career path and lifestyle.
What Happened: Taahirah O&#8217;Neal has not shown any interest in sports, unlike her siblings Shareef, Shaqir, Me&#8217;arah, and Amirah, who have all followed their father&#8217;s path into basketball. Taahirah has instead chosen a different path.
Earlier this year, Taahirah relocated to Georgia from Texas, where she had been employed as a communications associate analyst for PepsiCo. 
During a recent conversation with her cousin Marcus, she expressed her disinterest in sports, responding to his enthusiasm about a basketball event with indifference.
As reported <a href="https://www.essentiallysports.com/nba-legends-basketball-news-shaquille-oneals-daughter-with-arnetta-yardbourgh-defies-family-interests-with-truth-about-dads-profession/">by</a> Essentiallysports, Taahirah&#8217;s primary passion lies in nature and running a farm in Georgia, a passion she frequently shares on her Instagram posts.
Also Read: <a href="https://www.benzinga.com/general/sports/24/11/41866639/shaq-buys-out-delivery-teams-van-and-car-leaving-them-to-catch-an-uber">Shaq Buys Out Delivery Team&#8217;s Van and Car, Leaving Them To Catch An Uber</a>
She has also made it clear that she has no intention of dating athletes, stating, &#8220;No offense to athletes but I was raised by, raised with athletes. It's a no go for me.&#8221;
Earlier this year, during a podcast, she stated, as quoted by the sports outlet, "I have like the utmost respect for athletes. where I am in my life especially growing up the way that I did I don't want that for myself. I need your time. I really don't want to go toe-to-toe with someone's schedule."&nbsp;
Taahirah, a 2019 graduate of Oglethorpe University, has always maintained a strong bond with her mother, Arnetta Yardbourgh, despite her parents&#8217; separation. 
Her father, Shaquille O&#8217;Neal, has also expressed pride in her independence and ambitions.
Why It Matters: Taahirah&#8217;s decision to break away from her family&#8217;s sports legacy is a testament to her individuality and independence. 
Her choice of a different career path, her passion for nature and farming, and her decision not to date athletes, all highlight her determination to forge her own path. 
This story serves as a reminder that even in families with a strong legacy in a particular field, individual members can and do choose their own unique paths.
Read Next
<a href="https://www.benzinga.com/news/24/09/40764081/nba-star-chris-paul-says-to-prioritize-family-you-really-dont-realize-what-you-have-until-its-gone" target="_blank" rel="noreferrer noopener">NBA Star Chris Paul Says To Prioritize Family: ‘You Really Don't Realize What You Have Until It's Gone'</a>
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.

Sports

NBA Legend Shaq's Daughter Breaks Silence On Dad's Career, Defying Family Expectations: 'It's A No Go For Me'

A Goldman Sachs economist has suggested that the US economy could experience accelerated growth with increased use of GLP-1 weight-loss drugs like Ozempic.
What Happened: Jan Hatzius, chief economist at Goldman Sachs, has said that US GDP could potentially grow an additional 1% if 60 million Americans were to use GLP-1 drugs by 2028.
Hatzius pointed out that health-related issues such as obesity often hinder people from participating in the labor force, thereby stunting economic growth, <a href="https://www.businessinsider.com/us-economy-faster-growth-ozempic-glp-1-weight-loss-drugs-2024-2">reports</a> Business Insider.
He further highlighted that healthcare innovation could significantly reduce the economic costs associated with poor health.
&#8220;Combining current losses in hours worked and labor force participation from sickness and disability, early deaths, and informal caregiving, we estimate that GDP would potentially be over 10% higher if poor health outcomes did not limit labor supply in the US,&#8221; the outlet quoted Hatzius saying.
GLP-1 drugs, including Ozempic and Mounjaro, are manufactured by Novo Nordisk and Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) respectively. These drugs have proven effective in treating type 2 diabetes and obesity, leading to a surge in sales.
Also Read: <a href="https://www.benzinga.com/markets/equities/24/07/39680165/eli-lillys-mounjaro-outpaces-novo-nordisks-ozempic-in-weight-loss-effectiveness-study-shows">Eli Lilly&#8217;s Mounjaro Outpaces Novo Nordisk&#8217;s Ozempic In Weight Loss Effectiveness, Study Shows</a>
Given the U.S. obesity rate of approximately 40%, tens of millions of Americans could be prescribed GLP-1 drugs in the upcoming years. Hatzius believes that this could lead to substantial economic benefits, including increased productivity.
&#8220;The main reason we see meaningful upside from healthcare innovation is that poor health imposes significant economic costs. There are several channels through which poor health weighs on economic activity that could diminish if health outcomes improve,&#8221; Hatzius said.
&#8220;These estimates therefore suggest that obesity-related health complications subtract over 3% from per-capita output, implying an over 1% hit to total output when combined with the over 40% incidence of obesity in the US population,&#8221; he added.
Why It Matters: The increased use of GLP-1 drugs could not only address the health crisis related to obesity but also stimulate economic growth. 
With the U.S. grappling with high obesity rates, the potential for these drugs to improve health outcomes and boost labor force participation could have far-reaching implications for the economy. 
The surge in sales of these drugs also indicates a growing market, which could further contribute to economic growth.
Read Next
<a href="https://www.benzinga.com/general/biotech/24/11/41706292/as-race-to-best-miracle-obesity-drug-heats-up-ozempic-maker-novo-nordisk-tests-new-hybrid-drug-th">As Race To Best &#8216;Miracle&#8217; Obesity Drug Heats Up, Ozempic Maker Novo Nordisk Tests New Hybrid Drug That Can Reduce Weight Up To 25%</a>
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.
Image: Shutterstock

Health Care

Goldman Sachs Economist: Weight-Loss Drugs Could Be Key To US Economic Growth

Matt Gaetz&#8216;s nomination for attorney general may already be in trouble due to resistance from members of his own party.
What Happened: The Florida Republican&#8217;s nomination by President-elect Donald Trump has sparked concerns among Republican senators due to allegations of sexual misconduct and illicit drug use.
They have backed Senate Judiciary Committee Chair Dick Durbin&#8216;s request for the House Ethics Committee to disclose the results of its investigation into Gaetz, which was terminated by Gaetz&#8217;s resignation from Congress late last week.
Senators Lisa Murkowski (R-Alaska) and Susan Collins (R-Maine) have openly expressed their apprehension about Gaetz&#8217;s nomination. If four Republican senators vote against Gaetz, it could potentially derail his nomination.
Also Read: <a href="https://www.benzinga.com/24/11/41997181/kevin-mccarthy-says-matt-gaetz-wont-get-confirmed-by-the-senate-and-everybody-knows-that">Kevin McCarthy Says Matt Gaetz Won&#8217;t Get Confirmed By The Senate And &#8216;Everybody Knows That&#8217;</a>
Former House Speaker Kevin McCarthy and Sen. Kevin Cramer (R-N.D.) both believe that Gaetz is unlikely to secure the necessary 50 votes to become attorney general.
Why It Matters: Despite the opposition, some believe that Trump&#8217;s nomination of Gaetz could be a strategic move to shift focus away from other contentious nominations. 
These include Pete Hegseth for the Pentagon and former Rep. Tulsi Gabbard (D-Hawaii) for director of national intelligence.
Trump&#8217;s controversial nominations have already stirred up discord among Senate Republicans. Sen. Tommy Tuberville (R-Ala.) has cautioned his fellow Republicans to back Trump&#8217;s nominees or risk political fallout.
Read Next
<a href="https://www.benzinga.com/news/legal/24/11/41956594/matt-gaetz-is-trumps-attorney-general-pick-would-be-top-cop-is-under-house-ethics-investigation">Gaetz Is Trump&#8217;s Attorney General Pick: Would-Be Top Cop Is Under House Ethics Investigation</a>
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.
Photo: Shutterstock

Gaetz Nomination In Peril Due To GOP Resistance

It was a rollercoaster week for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>). From facing a hefty legal claim in the UK to receiving directives from the EU, the tech giant had its hands full. Amidst these challenges, Apple also revealed exciting plans for new tech products set to challenge industry competitors. Here&#8217;s a quick recap of the major stories that unfolded over the weekend.
Apple Faces $3.8B Legal Claim Over iCloud
Consumer group Which? has lodged a £3 billion ($3.81 billion) legal claim against Apple, alleging the company breached UK competition law with its iCloud service. The claim suggests that Apple has exploited its market dominance by directing customers towards its integrated iCloud service without presenting alternative cloud storage options. The case could result in compensation for approximately 40 million UK iPhone and iPad users.
<a href="https://www.benzinga.com/news/global/24/11/41964915/apple-faces-legal-action-over-rip-off-icloud-charges-could-pay-out-38b-to-uk-customers">Read the full article here.</a>
EU Orders Apple to End Geo-Blocking Practices
The European Union has instructed Apple to cease geo-blocking on its media services. The European Commission identified several geo-blocking practices on Apple's platforms, including the App Store, Apple Arcade, Music, iTunes Store, Books, and Podcasts. The Commission warned of potential enforcement actions by national regulators if Apple fails to address these issues.
<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">Read the full article here.</a>
See Also: <a href="https://www.benzinga.com/tech/24/11/41895759/amazon-set-to-introduce-new-ai-chips-in-december-to-rival-jensen-huangs-ai-stalwart-we-want-to-be-absolutely-the-best-place-to-run-nvidia?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Amazon Set To Introduce New AI Chips In December To Rival Jensen Huang&#8217;s AI Stalwart</a>
Apple&#8217;s New AI Wall Tablet Set to Challenge Amazon and Google
Apple reportedly plans to unveil a new AI wall tablet, codenamed J490, to compete with Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and 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 in the smart home race. The device, expected to be announced as early as March, will serve as a home command center.
<a href="https://www.benzinga.com/media/24/11/41928049/apples-new-ai-wall-tablet-with-siri-and-video-calling-set-to-challenge-amazon-and-google-in-smart-home-race">Read the full article here.</a>
Apple&#8217;s Smart Camera Coming in 2026
Apple is reportedly planning to enter the smart home IP camera market in 2026, aiming for "tens of millions" of annual shipments, according to analyst Ming-Chi Kuo. The device will integrate with Apple products, with a goal of more than 10 million annual shipments.
<a href="https://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">Read the full article here.</a>
Apple&#8217;s iOS 18.1 Update Adds &#8216;Inactivity Reboot&#8217;
Apple has introduced an automatic reboot feature for idle iPhones in its latest iOS 18.1 update to enhance device security. The new feature triggers an automatic reboot of an iPhone that has been idle for a certain period.
<a href="https://www.benzinga.com/media/24/11/41873261/apples-ios-18-1-update-adds-inactivity-reboot-to-lock-down-unused-iphones-heres-how-it-protects-your-privacy">Read the full article here.</a>
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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/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>

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This Week In Appleverse: $3.8B Lawsuit, EU Directives, And Upcoming Products

Recent data from the AAII Sentiment Survey indicates a notable shift in investor sentiment, with a significant decrease in neutral outlook towards the short-term prospects for stocks.
What Happened: The AAII Sentiment <a href="https://www.aaii.com/sentimentsurvey">Survey</a> demonstrated a decline in neutral sentiment among individual investors concerning the short-term forecast for stocks. Interestingly, both optimism and pessimism experienced a rise.
Optimism about stock market performance over the next six months rose by 8.3 percentage points, reaching 49.8%. This level of bullish sentiment is significantly higher than the historical average of 37.5% and has exceeded the average in 53 out of the past 54 weeks.
Conversely, neutral sentiment—the expectation that stock prices will remain stable—dropped 9.1 percentage points to 21.8%. 
According to the survey, this figure is well below the historical norm of 31.5%, marking the 18th instance in 19 weeks where it has fallen short of the average. 
Meanwhile, bearish sentiment, which reflects expectations of a market decline, edged up by 0.8 percentage points to 28.3%, remaining below its historical average of 31.0% for the 13th time in 14 weeks.
The spread between bullish and bearish sentiment widened by 7.5 percentage points, settling at 21.5%. This spread is notably higher than the historical average of 6.5%, maintaining this elevated status for 27 of the last 28 weeks.
Also Read: <a href="https://www.benzinga.com/markets/24/11/41916450/just-how-bullish-is-the-market-on-trumps-election-win-to-find-out-look-to-the-past">Just How Bullish Is The Market On Trump&#8217;s Election Win? To Find Out, Look To The Past</a>
In the wake of former President Donald Trump&#8217;s election win, Main Street investors are making a beeline for stocks. This trend, while potentially driving short-term market momentum, is traditionally viewed as a bearish indicator.
Last week, the AAII asked its members how the outcome of U.S. elections is influencing their short-term outlook on stocks. Responses revealed a range of perspectives: 39.8% said the elections made them more optimistic, 22.8% preferred to take a wait-and-see approach, 18.3% felt more cautious or pessimistic, 16.3% reported no impact, and 2.4% were unsure or had other opinions.
A report <a href="https://www.barrons.com/market-data/stocks/jpm">by </a>J.P. Morgan revealed that individual investors have funneled over $9 billion into exchange-traded funds and individual stocks within the last week. This investment surge is 3.2 standard deviations above the 12-month average, marking the highest inflow since March 2022.
Despite the S&amp;P 500&#8217;s recent milestone of closing above 6000 for the first time and its over 25% increase this year, experts urge caution. The S&amp;P 500 is trading at 22.3 times the earnings expected for next year, up from 19.7 times at the start of 2024.
Why It Matters: The shift in investor sentiment is significant as it provides insight into market trends and potential future movements. The decline in neutral sentiment suggests that investors are taking a more decisive stance on the market, with an increase in both optimism and pessimism. 
This could potentially indicate a more volatile market in the short-term. 
Read Next
<a href="https://www.benzinga.com/markets/24/11/41869001/heres-how-trumps-policies-might-shape-the-markets-future">Here&#8217;s How Trump&#8217;s Policies Might Shape The Market&#8217;s Future</a>
Image: Shutterstock

AAII Survey Unveils Shift In Investor Sentiment: Bullish Outlook Gains Traction

The past week has been a whirlwind of economic predictions and policy speculations, largely centered around President-elect Donald Trump&#8217;s potential second term. From Cathie Wood&#8217;s optimistic outlook to concerns about inflation and a bold S&amp;P 500 prediction, here&#8217;s a recap of the top stories.
Cathie Wood&#8217;s Reagan-Era Economic Boom Prediction
Cathie Wood, CEO of ARK Investment Management LLC, has drawn parallels between Trump&#8217;s potential second term and the economic transformation during former President Ronald Reagan&#8217;s administration in the 1980s. Wood believes that Trump&#8217;s anticipated policies, including deregulation and tax cuts, could trigger significant economic growth.
<a href="https://www.benzinga.com/markets/24/11/41872279/cathie-wood-predicts-trumps-white-house-return-will-ignite-reagan-era-economic-boom-through-deregulation-and-tax-cuts-likely-to-turbocharge-the-us-economy">Read the full article here.</a>
Trump&#8217;s Policies Could Trigger Inflation
Despite Trump&#8217;s promises to lower prices for American consumers, economic experts warn that his proposed policies could trigger higher inflation. Key proposals raising concerns include a universal tariff of up to 20% on imports, mass deportation of undocumented immigrants, and tax cuts. Major retailers have already expressed concerns about potential price impacts.
<a href="https://www.benzinga.com/news/24/11/41871407/trumps-tariffs-deportations-and-tax-cuts-may-push-prices-higher-experts-say-its-pretty-clear">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/news/earnings/24/11/41966815/us-futures-marginally-up-as-investors-process-inflation-data-ahead-of-jerome-powells-speech-on-economy-expert-says-fed-should-continue-recalibrating-to-neutral-on-softer-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">US Futures Marginally Up As Investors Process Inflation Data Ahead Of Jerome Powell&#8217;s Speech On Economy: Expert Says Fed Should &#8216;Continue Recalibrating To Neutral&#8217; On Softer Inflation</a>
Trump&#8217;s DOGE Plan: Risks and Opportunities
Trump&#8217;s proposed Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, is raising questions about the future of U.S. defense contractors and government IT firms. The plan to restructure federal agencies and reduce wasteful spending could potentially impact these sectors.&nbsp;
<a href="https://www.benzinga.com/government/regulations/24/11/42013424/trumps-musk-ramaswamy-doge-plan-what-it-means-for-defense-and-it-stocks">Read the full article here.</a>
Producer Inflation Rises More Than Expected
October&#8217;s producer inflation came in slightly higher than anticipated, casting doubts on whether the U.S. economy&#8217;s broader disinflationary trend will hold through the year's final quarter. The Producer Price Index (PPI) surged to 2.4% last month, marking the first increase in the annual PPI inflation rate after three straight months of declines.
<a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41971830/producer-inflation-rises-more-than-expected-in-october-should-traders-rethink-interest-rate-cut-path">Read the full article here.</a>
S&amp;P 500 to Hit 10,000 by 2029?
Veteran Wall Street strategist Ed Yardeni has made a bold prediction that the S&amp;P 500 index will soar to 10,000 by the end of the decade. Yardeni believes that Trump&#8217;s return to the White House, alongside a likely Republican-controlled Congress, will bring in a major regime shift that&#8217;s positive for U.S. stocks, the economy, and corporate profits.
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41917731/wall-street-veteran-predicts-sp-500-to-hit-10000-by-2029-roaring-2020s">Read the full article here.</a>
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<li><a href="https://www.benzinga.com/news/treasuries/24/11/41993899/powells-hawkish-remarks-shake-markets-stocks-fall-dollar-rockets-bitcoin-dips?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Powell&#8217;s Hawkish Remarks Shake Markets: Stocks Fall, Dollar Rockets, Bitcoin Dips</a></li>
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Photo courtesy: Shutterstock
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/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

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Trump's Return, Inflation Fears, And A Bold S&P 500 Prediction: This Week In Economics

It might surprise you, but Warren Buffett, the 6th richest man in the world with a net worth of over $147 billion, has a unique perk in his wallet: a McDonald's Gold Card that gives him free meals for life at any McDonald's in Omaha, Nebraska.&nbsp;
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Yes, that's right – the Oracle of Omaha gets free McDonald's in his hometown whenever he wants and he's not shy about using it. In a memorable 2007 interview with CNBC, Buffett joked about his fondness for the card, saying, "So that's why the Buffett family has Christmas dinner at McDonald's. It explains a lot of things."
Buffett's love for McDonald's isn't just about the food; it reflects his famously modest lifestyle. Despite his billions, Buffett lives simply, sticking close to his Omaha roots and enjoying the occasional fast-food meal.&nbsp;
Trending: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." <a href="https://www.benzinga.com/money/connect-invest-real-estate-notes">These high-yield real estate notes that pay 7.5% &#8211; 9% make earning passive income easier than ever.</a>
According to the HBO documentary Becoming Warren Buffett, he's so committed to his daily McDonald's breakfast that he <a href="https://www.benzinga.com/personal-finance/24/10/41230382/warren-buffett-lets-the-stock-market-decide-his-mcdonalds-breakfast-order-when-its-up-he-spends-">spends no more than $3.17 each morning</a>, choosing his order based on how "prosperous" he's feeling. One day might call for a $2.61 sausage patty meal, while a good day merits a $3.17 bacon, egg and cheese biscuit.
And Buffett isn't the only billionaire with a prestigious McDonald's Gold Card, officially known as a "McGold Card." His close friend and fellow billionaire <a href="https://www.benzinga.com/personal-finance/24/05/39083570/billionaire-bill-gates-has-a-mcdonalds-gold-card-that-gives-him-free-food-for-life-worldwide">Bill Gates also has one – </a>but with a notable upgrade. Gates' Gold Card is valid worldwide, meaning he can pick up a free meal at any McDonald's, from Tokyo to Paris. Buffett poked fun at this difference in the same 2007 interview, saying, "Bill Gates has one. His is good throughout the world, I guess. Mine is only good in Omaha, but I never leave Omaha, so mine is just as good as his."
Trending: Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.
Despite their access to free McDonald's, Buffett and Gates are still known for their frugal habits. Buffett once decided to treat Gates to lunch at McDonald's on a trip to Hong Kong, but there was a twist. As Gates later recounted, <a href="https://www.benzinga.com/personal-finance/24/08/40257868/bill-gates-says-warren-buffett-treated-him-to-lunch-at-mcdonalds-you-offered-to-pay-dug-into-you">Buffett pulled out a stack of McDonald's coupons</a> to pay for their meal, creating a humorous moment between two billionaires accustomed to multi-billion-dollar deals. "Remember the laugh we had when we traveled together to Hong Kong and decided to get lunch at McDonald's? You offered to pay, dug into your pocket and pulled out … coupons," Gates recalled.
These McGold Cards are incredibly rare and exclusive. McDonald's hasn't revealed exactly how many exist, but it's safe to say that only a handful of individuals receive this lifetime free meal privilege.&nbsp;
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In 2018, McDonald's offered one lucky person a chance to join the elite ranks of McGold cardholders. As part of a promotion to boost its online ordering system, McDonald's launched a contest giving away free food "for life." The winner would receive a McGold Card for two free meals a week for 50 years, valued at $52,350. In 2022, they brought the contest back, awarding 12 cards to fans.&nbsp;
Buffett's McDonald's Gold Card isn't just a quirky billionaire perk – it's a window into his unpretentious way of living. He's a billionaire with access to any luxury, yet he's perfectly happy sticking to his routine, savoring his McDonald's breakfasts and joking about his family's Christmas dinner traditions. For Buffett, <a href="https://www.benzinga.com/personal-finance/24/04/38147010/warren-buffett-says-he-prefers-a-mcdonalds-burger-over-a-100-meal-his-typical-lunch-is-a-quarter">wealth is more about simple joys</a> and a good laugh with friends than any grand show of riches.
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Warren Buffett Has A 'McGold' Card Granting Him A Lifetime Of Free Food – 'That's Why The Buffett Family Has Christmas Dinner At McDonald's'

Reflections On 2023: Blended 98.4% Total Return

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