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InnoCan Pharma Corp is a pharmaceutical tech company that focuses on the development of several drug delivery platforms combining cannabidiol with other pharmaceutical ingredients as well as the development and sale of CBD-integrated pharmaceuticals. Geographically, it derives a majority of its revenue from the United States.

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Innocan Pharma reports 174% YoY revenue growth in Q3 2024, driven by innovation in cannabinoids and strong sales from BI Sky Global Ltd.

Cannabinoid Leader Innocan Pharma&#39;s Q3: 174% YoY Revenue Growth

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Innocan Pharma&#39;s Q1 2024 revenue surged 334% to $6.8M, driven by strong sales growth from BI Sky Global. Read about financial performance.

CBD-Focused Innocan Pharma Achieves 4X Revenue Growth In Q1, Hits $6.8M Mark

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Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) announced on Monday that it has submitted its letter of application for a Pre-IND meeting with the U.S. Food and Drug Administration (FDA, for its Liposome-Cannabidiol (LPT-CBD) injectable treatment of chronic pain. With the move, the company initiated the regulatory process with the FDA for the approval of its prolonged CBD release technology for human use.

This Pharma Co. Kicks Off FDA Approval Process For CBD-Based Treatment Of Chronic Pain

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Michael Zinn, a senior portfolio manager at&nbsp;UBS Global Wealth Management, has shared his perspective on the current market dynamics as the year draws to a close. 
What Happened: Zinn remarked that the Santa Claus rally, which typically brings positive market momentum, is experiencing some pause following a significant post-election surge. 
&#8220;I think we are having a little bit of indigestion,&#8221; Zinn <a href="https://www.cnbc.com/video/2024/12/18/michael-zinn-ubs-global-wealth-management--senior-portfolio-manager.html">said</a> during CNBC&#8217;s &#8220;Squawk Box Asia&#8221; on Tuesday.
&#8220;We&#8217;ve just seen such a surge since the election you know people are so amped up over all the drivers that have played out so well this year that I think the market is basically taking a little bit of a probably well-needed pause um which makes some sense between now and year-end.&#8221;
He expressed concerns about the market&#8217;s narrow breadth, noting that despite recent pullbacks, prices continue to rise, driven mainly by AI-focused stocks. This trend, he suggested, might persist into the next year.
Zinn highlighted that only about 40% of stocks in the S&amp;P are trading&nbsp;above their 50-day moving average, even as indexes like the S&amp;P and NASDAQ hit new highs. He pointed out that this is not a healthy combination and noted speculative behavior in options trading as a warning sign. 
However, he remains optimistic about the market&#8217;s long-term prospects, citing supportive factors such as AI advancements, a new administration, economic growth, and potential Federal Reserve easing.
See Also: <a href="https://www.benzinga.com/trading-ideas/movers/24/12/42522084/bitcoin-ethereum-dogecoin-settle-down-amid-growing-talks-of-a-strategic-btc-reserve-top-analyst-sees-prospect-of-apex-crypto-hitting-110k-this-week?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Settle Down Amid Growing Talks Of A Strategic BTC Reserve</a>
Why It Matters: The Santa Claus rally is a well-documented phenomenon where stock markets often see gains during the final week of December into the first two trading days of January.
Historically, this period has been <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42170135/its-the-most-wonderful-time-of-the-year-for-the-stock-market-history-says">favorable for investors,</a> with the S&amp;P 500 reaching record highs during the holiday season. However, this year&#8217;s rally faces challenges, as indicated by Zinn&#8217;s observations.
Additionally, recent economic data suggests a robust holiday season, with&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42529956/november-retail-sales-soar-to-11-month-highs-indicate-strong-holiday-season">November retail sales</a>&nbsp;hitting an 11-month high, signaling strong consumer demand. This resilience in spending could potentially support market performance, despite the current &#8220;indigestion&#8221; in the rally.
Price Action: On Tuesday, SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed 0.41% lower at $604.29 while Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) closed 0.44% lower at $535.80, as per <a href="https://pro.benzinga.com">Benzinga Pro data</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42499950/crypto-analyst-shiba-inu-price-set-for-massive-surge-could-go-up-sixfold?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Analyst: Shiba Inu Price Set For Massive Surge, Could Go Up Sixfold</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy: Unsplash

Analyst Color

Markets

Santa Claus Rally Is Facing Some 'Indigestion,' Says UBS Expert: 'The Market Is Basically Taking A Little Bit Of A Probably Well-Needed Pause'

As part of the closure of the Singapore facility, the Company expects to incur non-cash impairment charges of approximately $20 to $25 million in the fourth quarter 2024. In addition, the Company estimates restructuring and other exit costs will result in $25 to $30 million of net cash outflows through 2027, after taking into consideration anticipated proceeds from selling certain equipment. The Company expects to accrue for these costs in the fourth quarter 2024.

OTLY

Oatly Announces Closure Of Singapore Plant, Strengthening Supply Chain Efficiency In Line With Asset-Light Strategy

Popular cryptocurrency exchange Bybit announced Tuesday that it will discontinue its withdrawal and custody services&nbsp;in France owing to increasing regulatory pressures.
What Happened: Bybit <a href="https://announcements.bybit.com/en/article/urgent-action-required-withdraw-your-assets-blt1cc27bcc231c3b4f/?category=latest_bybit_news">asked </a>its French users to withdraw their funds before Jan. 8, 2025, at 8 a.m. UTC, to avoid any potential issues with account access or fund transfers.
The exchange said it would transfer unclaimed assets exceeding&nbsp;10 USD Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>)&nbsp;to Coinhouse, a licensed cryptocurrency&nbsp;custodian in France. For accounts with balances under&nbsp;10 USDC, Bybit will impose&nbsp;a termination fee equivalent to&nbsp;10 USDC, deducting it from&nbsp;available assets, before closing the account. 
Earlier in August, Bybit restricted French users from acquiring new products or adding to positions.
See Also:&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/12/42545829/mark-cuban-expresses-sympathy-for-hawk-tuah-girl-amid-meme-coin-controversy-wasnt-something-she-fully-understood">Mark Cuban Expresses Sympathy For &#8216;Hawk Tuah&#8217; Girl Amid Meme Coin Controversy: &#8216;Wasn&#8217;t Something She Fully Understood&#8217;</a>
Why It Matters: Bybit cited &#8220;recent developments&#8221; by France&#8217;s financial markets regulator, The Autorité des Marchés Financiers, as a reason for the exit. The exchange has remained <a href="https://www.amf-france.org/en/news-publications/news-releases/amf-news-releases/amf-reminds-public-cryptoasset-trading-platform-bybit-blacklisted">blacklisted </a>in the country since May 2022 for non-compliance with regulations. 
This is not the first time Bybit has faced regulatory challenges. The exchange <a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34823586/bybit-suspends-services-in-this-country-due-to-stricter-rules-banned-incentives">had to suspend its services in the U.K.</a> last year following the imposition of stricter rules by the U.K. Financial Conduct Authority. Bybit also doesn&#8217;t offer services to U.S. residents at this time.
ByBit is one of the biggest cryptocurrency trading platforms globally, facilitating trades worth more than $9 billion over the last 24 hours, <a href="https://www.coingecko.com/en/exchanges">according </a>to CoinGecko. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and a host of other coins can be traded on the platform.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/24/12/42545656/peter-schiff-criticizes-michael-saylors-comparison-of-bitcoin-to-manhattan-real-estate-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Micheal Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a></li>
</ul>
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Bybit Suspends Crypto Operations In France Amid Rising Regulatory Tensions

Elon Musk has once again expressed his disapproval of hashtags on X, formerly Twitter, describing them as &#8220;ugly&#8221; and redundant.
What Happened: Musk's latest remark came in response to a post by another user on X who shared a screenshot of what Grok answered regarding hashtags. 
Grok, compared hashtags to a screen door on a submarine, implying their lack of utility on X.&nbsp; In response to the post, Musk said, &#8220;Please stop using hashtags. The system doesn't need them anymore and they look ugly.&#8221;
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>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Please stop using hashtags. The system doesn't need them anymore and they look ugly. <a href="https://t.co/GKEp1v1wiB">https://t.co/GKEp1v1wiB</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1869070358210572306?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Musk's statement is consistent with his previous criticisms of hashtags, despite efforts by X CEO Linda Yaccarino to restore their popularity on the platform.
Musk previously stated that hashtags might be the next feature to be phased out on X. He referred to hashtags as a &#8220;relic of the past.&#8221;
He also openly said, &#8220;I hate hashtags,&#8221; sparking a response from Chris Messina, the <a href="https://www.benzinga.com/news/23/03/31468709/elon-musk-says-i-hate-hashtags-feature-inventor-says-theyre-doing-just-fine-without-twitter">inventor of hashtags</a>.
On the other hand, <a href="https://www.benzinga.com/news/23/05/32611871/twitters-new-ceo-brushes-aside-elon-musks-disdain-for-hashtags-wearesoback">Yaccarino attempted to revive</a> the use of hashtags, posting &#8220;#wearesoback,&#8221; in May last year.
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>
</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.
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Elon Musk Reiterates Hashtags Are 'Ugly' And Useless On X Even Though CEO Linda Yaccarino Tried To Make Them Trendy Again

<h3>Companies Reporting Before The Bell</h3>
• SPDR Bloomberg Convertible Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWB#NYSE">CWB</a>) is projected to report quarterly earnings at $0.88 per share on revenue of $304.67 million. 
• Tokyo Lifestyle (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TKLF#NASDAQ">TKLF</a>) is likely to report earnings for its first quarter. 
• OrganiGram Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>) is estimated to report quarterly loss at $0.04 per share on revenue of $43.78 million. 
• Jabil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>) is estimated to report quarterly earnings at $1.83 per share on revenue of $6.61 billion. 
• General Mills (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) is projected to report quarterly earnings at $1.22 per share on revenue of $5.13 billion. 
• ABM Indus (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABM#NYSE">ABM</a>) is estimated to report quarterly earnings at $0.87 per share on revenue of $2.07 billion. 
• Birkenstock Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIRK#NYSE">BIRK</a>) is expected to report quarterly earnings at $0.26 per share on revenue of $439.27 million. 
• Toro (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTC#NYSE">TTC</a>) is projected to report quarterly earnings at $1.05 per share on revenue of $1.11 billion. 
<h3>Companies Reporting After The Bell</h3>
• cbdMD (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/YCBD#AMEX">YCBD</a>) is projected to report quarterly earnings at $0.00 per share on revenue of $4.81 million. 
• Lennar (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>) is projected to report quarterly earnings at $4.26 per share on revenue of $10.08 billion. 
• Enerpac Tool Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPAC#NYSE">EPAC</a>) is expected to report quarterly earnings at $0.47 per share on revenue of $150.00 million. 
• Worthington Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>) is likely to report quarterly earnings at $0.65 per share on revenue of $724.35 million. 
• Steelcase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCS#NYSE">SCS</a>) is likely to report quarterly earnings at $0.23 per share on revenue of $812.02 million. 
• Micron Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) is likely to report quarterly earnings at $1.76 per share on revenue of $8.55 billion. 
• MillerKnoll (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLKN#NASDAQ">MLKN</a>) is projected to report quarterly earnings at $0.53 per share on revenue of $959.70 million. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Earnings Scheduled For December 18, 2024

Tesla Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Vice President of Manufacturing at Gigafactory Shanghai Song Gang is reportedly leaving the company this week.
What Happened: Song&#8217;s responsibilities will be taken over by Fei Wenjin who was recently promoted to senior director from director of quality, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-18/tesla-s-china-factory-head-song-gang-set-to-depart-this-week">reported</a>, citing unnamed people familiar with the matter. 
According to Song&#8217;s LinkedIn profile, he has been with Tesla since Dec. 2018. Prior to joining Tesla, he also worked with Zhidou Electric Vehicle, Ford Motor, and General Motors.
Song says in his LinkedIn description that he was Tesla&#8217;s first employee at Giga Shanghai. He is currently working on building the EV giant&#8217;s first Megapack factory outside the U.S. 
According to Tesla&#8217;s third-quarter earnings report, the company expects the Shanghai Megafactory to start shipping Megapacks in the first quarter of 2025. Tesla currently has only a Megafactory in Lathrop, California, dedicated to making powerful batteries for large-scale energy storage.
Tesla did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for a statement.
Why It Matters: Tesla&#8217;s gigafactory in Shanghai manufactures the companies&#8217; mass-market offerings, the Model 3 and Model Y, for the domestic market as well as export to foreign markets.
In October, Tesla said that the gigafactory in Shanghai reached a new production <a href="https://www.benzinga.com/news/24/10/41303692/teslas-giga-shanghai-hits-3-million-production-milestone-celebrates-with-red-model-rollout">milestone of three million cars</a>.
According to Tesla's third-quarter shareholder report, the gigafactory in Shanghai has an annual vehicle production capacity of over 950,000 vehicles, implying a daily maximum capacity of about 2,603 vehicles.
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/tech/24/12/42526631/stellantis-dodge-throws-shade-at-tesla-zoox-critiques-robotaxis-in-latest-ev-ad-weak-looking-self-driving-sleep-pods">Stellantis&#8217; Dodge Throws Shade At Tesla, Zoox — Critiques Robotaxis In Latest EV Ad: &#8216;Weak-Looking, Self-Driving Sleep Pods&#8217;</a></li>
</ul>
Photo courtesy: Wikimedia

TSLA

Tesla Giga Shanghai's First Employee To Leave This Week: Report

Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) has reportedly acquired nearly twice as many Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) AI chips as its closest competitors. This strategic investment is aimed at bolstering its AI capabilities, particularly for its Azure cloud services.
What Happened: Analysts at technology consultancy Omdia estimate that Microsoft has purchased approximately 485,000 of Nvidia &#8220;Hopper&#8221; AI chips this year.
This acquisition is significant as it doubles the number acquired by its nearest rival, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), which bought 224,000 chips, Financial Times <a href="https://www.ft.com/content/e85e43d1-5ce4-4531-94f1-9e9c1c5b4ff1">reported</a> on Wednesday.
The demand for Nvidia&#8217;s advanced GPUs has surged since the introduction of ChatGPT, prompting tech giants to invest heavily in AI infrastructure. Analysts from Omdia estimate that&nbsp;ByteDance&nbsp;and&nbsp;Tencent&nbsp;each ordered about 230,000 Nvidia chips, including the H20 model, tailored for Chinese markets.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/12/42497173/investment-guru-peter-lynch-if-you-cant-explain-to-an-11-year-old-in-2-minutes-or-less-why-you-own-the-stock-you-shouldnt-own-it?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Investment Guru Peter Lynch: &#8216;If You Can&#8217;t Explain To An 11-Year-Old In 2 Minutes Or Less Why You Own The&nbsp;Stock, You Shouldn&#8217;t Own It&#8217;</a>
Microsoft&#8217;s aggressive expansion in AI infrastructure is partly driven by its $13 billion investment in OpenAI. The company aims to leverage its AI capabilities for both internal services and customer offerings through Azure. Despite competition, Microsoft continues to rely on Nvidia&#8217;s chips while developing its own AI accelerators.
Why It Matters: The acquisition of Nvidia chips by Microsoft underscores the tech giant&#8217;s strategic focus on enhancing its AI infrastructure. Nvidia&#8217;s dominance in the AI semiconductor market is well-documented, with CNBC's Jim Cramer emphasizing that <a href="https://www.benzinga.com/24/11/42028342/blackwell-backfires-nvidias-ai-chips-struggle-with-server-overheating-impacting-meta-microsoft-and-musks-xai-data-centers">no company can rival </a>Nvidia&#8217;s technological superiority. 
Nvidia posted $35.1 billion in revenue in the third quarter, with data center revenue alone reaching $30.8 billion, underscoring its pivotal role in AI infrastructure.
However, Nvidia&#8217;s <a href="https://www.benzinga.com/news/global/24/11/42179729/as-nvidia-maintains-chip-supremacy-jim-cramer-says-the-so-called-enemies-of-semiconductor-giant-arent-really-enemies">chips have faced challenges</a>, such as overheating issues in its Blackwell AI chips, impacting companies like Meta and Microsoft.
Despite these challenges, Nvidia&#8217;s chips remain integral to AI advancements, and Microsoft&#8217;s substantial investment reflects its commitment to staying at the forefront of AI technology.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/global/24/12/42502247/trumps-ex-secretary-of-state-mike-pompeo-backs-nippon-steels-149b-acquisition-of-us-steel-citing-national-security-concerns?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Ex-Secretary Of State Mike Pompeo Backs Nippon Steel&#8217;s $14.9B Acquisition Of US Steel Citing National Security Concerns</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
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General

MSFT

NVDA

Microsoft Scoops Up 485,000 Nvidia AI Chips, Twice As Many As Its Closest Rival Meta: Report

Veteran Wall Street investor&nbsp;Ross Gerber hinted at a promising future for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) on Tuesday, seemingly elevating it to the level of gold.
What Happened:&nbsp;Gerber, CEO of&nbsp;Gerber Kawasaki Wealth and Investment Management, posted a cryptic message alongside an image of a rainbow on X.
&#8220;If you look closely. There&nbsp;is a pot of Bitcoin&nbsp;at the end of the&nbsp;rainbow,&#8221; he wrote. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If you look closely. There is a pot of bitcoin at the end of the rainbow. <a href="https://t.co/AzMBm2sLQx">pic.twitter.com/AzMBm2sLQx</a>
&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1869103664792760473?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
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The remark seemed to refer to the popular &#8220;a pot of gold at the end of the rainbow&#8221; idiom, which means something that is very difficult to achieve but one dreams of getting it.
Gerber&#8217;s post may imply that Bitcoin gaining parity with gold as a mainstream hedge against inflation may seem impossible, but it could be achieved if the leading cryptocurrency maintains its bullish momentum.
See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42545656/peter-schiff-criticizes-michael-saylors-comparison-of-bitcoin-to-manhattan-real-estate-btc-doesnt-generate-any-income">Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy&#8217;s Micheal Saylor: &#8216;BTC Doesn&#8217;t Generate Any Income&#8217;</a>
Why It Matters: Gerber&#8217;s post comes after he recently advised investors <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42405154/ross-gerber-has-a-word-of-advice-for-individual-investors-dont-buy-any-crypto-other-than-bitcoin">not to invest in cryptocurrencies</a> other than Bitcoin, citing a higher possibility of fraud and scam.
Gerber added that his firm has been investing in Bitcoin for the past decade, and it has yet to disappoint them.
As per the latest 13F filing with the SEC, Kawasaki holds 31,588 shares of iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), the world&#8217;s largest Bitcoin-based investment fund, with an estimated market value of $1.56 million.
Bitcoin has surged 135% year-to-date, dwarfing returns from other asset classes, including gold. The yellow metal, despite climbing to new peaks this year, could gain just about 29%.
That said, Wall Street veteran Dennis Gartman has <a href="https://www.benzinga.com/24/12/42501037/famed-investor-dennis-gartman-chooses-gold-over-bitcoin-i-prefer-centuries-bet-over-monthly-bet">downplayed Bitcoin&#8217;s record-breaking run</a> and dismissed its &#8220;digital gold.&#8221; narrative.
Price Action: As of this writing, Bitcoin was trading at $104,128.08, down 2.77% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.&nbsp;Spot gold was trading at $2,644.73 per ounce.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42545993/this-bitcoin-fork-is-defying-declines-in-top-two-cryptos-with-a-5-rally-thanks-to-strong-etf-hopes-in-2025">This Bitcoin Fork Is Defying Declines In Top Two Cryptos With A 5% Rally Thanks To Strong ETF Hopes In 2025</a></li>
</ul>
Photo courtesy: Shutterstock

IBIT

The New Gold? Seasoned Investor Ross Gerber Spots A 'Pot Of Bitcoin' At The End Of The Rainbow

<a href="https://www.benzinga.com/topic/dow-jones-industrial-average">Dow Jones Industrial Average</a> Index fell for the ninth consecutive day on Tuesday which is now one of its longest red streaks in decades.
What Happened: The index last saw such a streak of decline in February 1978, according to FactSet data. However, the index has seen steeper crashes in a single day as compared to the cumulative erosion it has witnessed over these nine days.
Dow Jones has fallen nearly 3.47% to 43,449.90 points over the last nine days since Dec. 4, when it was at 45,014.04 points.
According to an X post by the chief market strategist at Carson Research, Ryan Detrick, &#8220;Since 1900, I see 267 times it lost more than 3.47% in a single day.&#8221;
<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">The Dow is down 3.47% the past 9 days (and lower all 9 of them). Since 1900, I see 267 times it lost more than 3.47% in a single day.
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1869205905780388184?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42527159/nvidia-technical-analysis-flashes-warning-as-nvda-stock-slips-below-key-moving-averages-but-analysts-still-see-18-11-upside-heres-more">Nvidia Technical Analysis Flashes Warning As NVDA Stock Slips Below Key Moving Averages, But Analysts Still See 18.11% Upside: Here&#8217;s More</a>
Why Is Dow Falling: The Dow Jones Industrial Average is a price-weighted index based on 30 U.S. stocks, which first started as an index of 12 industrial stocks. The index has been subject to criticism for its limited scope, particularly its underrepresentation of technology stocks, a sector that has exhibited substantial growth in recent times.
Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) moved to the Dow Jones index, <a href="https://www.benzinga.com/general/market-summary/24/11/41874537/nvidia-replaces-intel-on-dow-fineprint-of-what-led-to-the-change-along-with-stock-performance">replacing </a>Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) on Nov. 4, this year. Nvidia has split its stock two times in the past four years, the most recent of which was a 10-for-1 swap that took effect in June, which has made it easier for Dow to include the shares in its gauge.
This is because Dow&#8217;s price-weighted methodology is troublesome for technology companies that abstain from splits and have shares trading above $1,000.
A given percentage change in the price of a higher-priced stock has a greater impact on the price-weighted index&#8217;s value than does an equal percentage change in the price of a lower-priced stock. Put another way, higher-priced stocks have more weight in the calculation of a price-weighted index.
Thus, the investor preference for technology stocks lately could also be a reason for the fall in the Dow Jones.
"The DJIA hasn't reflected its original intent in decades. It is not really a reflection of industrial America," said Mitchell Goldberg, president of ClientFirst Strategies in a <a href="https://www.linkedin.com/feed/update/urn:li:activity:7274891748726693889/">LinkedIn post</a>. "Its losing streak is more of a reflection of how investors are gorging themselves on tech stocks."
See Also: <a href="https://www.benzinga.com/general/market-summary/24/11/41874537/nvidia-replaces-intel-on-dow-fineprint-of-what-led-to-the-change-along-with-stock-performance">As Nvidia Replaces Intel On S&amp;P Dow Jones Indices, Here&#8217;s A Comparison Of How Both Stocks Performed Over The Past Year</a>
Price Action: The Dow has gained 15.21% on a year-to-date basis, 11.88% in the last six months and just 0.14% over the last month.
The exchange-traded fund tracking the index, SPDR Dow Jones Industrial Average ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) grew by 15.51% on a year-to-date basis, 11.93% over the last six months and just 0.32% over the last month.
The losing streak comes as investors braced for the Federal Reserve&#8217;s interest rate decision due on Wednesday. While a 25-basis-point rate cut is largely expected, market participants are wary of potential signals from the Fed regarding a slowdown in the pace of future rate reductions in 2025.
However, despite the recent downturn, the blue-chip index has still managed to remain 1,500 points, or 3.5%, above its level on Election Day.
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42528079/this-high-yield-dividend-etf-is-undergoing-a-harsh-reversal-signaling-bearish-trends-here-what-you-need-to-know">This High Yield Dividend ETF Is Signaling Bearish Trends: Is Trouble Brewing?</a></li>
</ul>

SPDR Dow Jones Industrial Average ETF Trust

INTC

Dow's Rare Nine-Day Decline Falls Behind 267 Single-Day Crashes Since 1900: Is Tech Shift To Blame?

Grammarly Inc.'s acquisition of Coda has received a thumbs-up from LinkedIn co-founder Reid Hoffman. The writing assistant company will now be led by the new CEO, Shishir Mehrotra.
What Happened: On Tuesday, Hoffman extended his congratulations to Mehrotra and the Coda team. He was a member of Coda's board.
<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">Congrats to <a href="https://twitter.com/shishirmehrotra?ref_src=twsrc%5Etfw">@Shishirmehrotra</a> &amp; the <a href="https://twitter.com/coda_hq?ref_src=twsrc%5Etfw">@coda_hq</a> team on the acquisition by Grammarly! It&#39;s been an honor serving on Coda's board and working alongside an entrepreneur as thoughtful as Shishir. Excited to follow the next step in his journey as he takes on the role of Grammarly CEO!
&mdash; Reid Hoffman (@reidhoffman) <a href="https://twitter.com/reidhoffman/status/1869148203641450590?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
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.
Mehrotra separately also announced the acquisition on his blog.
He outlined a comprehensive roadmap for integrating the products, beginning with improving Grammarly&#8217;s AI assistant with Coda Brain&#8217;s context and merging Coda Docs with the Grammarly Assistant.
The long-term plans include intertwining the products to build an AI productivity platform for agents and apps.
<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">Big exciting announcement: I'm excited to share that I've signed the agreement for <a href="https://twitter.com/Grammarly?ref_src=twsrc%5Etfw">@Grammarly</a> to acquire Coda! And I'm honored to lead the combined companies as CEO. I share much more details on how this came about in my blog post, but as I chatted with the leaders at Grammarly,… <a href="https://t.co/c3orghkfGL">pic.twitter.com/c3orghkfGL</a>
&mdash; Shishir (@shishirmehrotra) <a href="https://twitter.com/shishirmehrotra/status/1869063137196130677?ref_src=twsrc%5Etfw">December 17, 2024</a></blockquote>
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Established in 2009, Grammarly raised $200 million at a valuation of $13 billion in 2021. It has a user base of over 40 million daily active users. Meanwhile, Coda reached a <a href="https://www.forbes.com/sites/rashishrivastava/2021/07/08/all-in-one-doc-startup-coda-reaches-14-billion-valuation-in-100-million-raise-from-a-major-pension-fund/">valuation</a> of $1.4 billion after its Series D funding round in 2021.
Image via Flickr
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/trading-ideas/movers/24/12/42500721/bitcoin-breaks-106k-ethereum-dogecoin-rally-ahead-of-key-fed-meet-but-top-analyst-triggers-anxiety-with-this-observation?itm_source=parsely-api">Bitcoin Breaks $106K, Ethereum, Dogecoin Rally Ahead Of Key Fed Meet But Top Analyst Triggers Anxiety With This Observation</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.

Grammarly Acquires Coda, Linkedin Co-Founder Reid Hoffman Applauds Move

Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) announced a $2 million donation to President-elect Donald Trump&#8216;s inaugural fund on Tuesday, marking the largest publically announced contribution among major tech firms. 
What Happened: The donation, double the amount pledged by Meta Platforms Inc., Amazon.com Inc., and OpenAI, comes amid broader tech sector alignment with Trump&#8217;s proposed regulatory approach.
Robinhood CEO Vlad Tenev criticized President Joe Biden&#8216;s administration&#8217;s &#8220;heavy-handed&#8221; regulatory stance, particularly regarding cryptocurrency and artificial intelligence. &#8220;There&#8217;s been open warfare against the cryptocurrency industry in America and a very anti-A.I. posture,&#8221; Tenev <a href="https://www.youtube.com/watch?v=ZmomZFeBysQ">told</a> FOX Business.
The announcement follows significant developments in tech-political relations, including SoftBank Group Corp.&#8216;s commitment to invest $100 billion in U.S. technology over the next four years. SoftBank CEO Masayoshi Son called Trump &#8220;a double down president&#8221; while announcing the <a href="https://www.benzinga.com/news/global/24/12/42513807/trump-says-softbanks-100b-commitment-to-us-is-monumental-demonstration-of-confidence-in-americas-future">investment at Mar-a-Lago</a>.
Robinhood reported a 500% month-over-month increase in crypto trading from October to November, highlighting the platform&#8217;s growth amid regulatory uncertainty. Tenev emphasized the need for &#8220;sensible regulation&#8221; to maintain U.S. leadership in financial innovation.
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">Elon Musk Agrees With Satya Nadella As Microsoft CEO Reflects On &#8216;Incredible Speed&#8217; Of AI Diffusion In 2024</a>
Why It Matters: The financial platform&#8217;s stance aligns with recent moves by other tech leaders. Apple Inc. CEO Tim Cook met with Trump at Mar-a-Lago, while Meta&#8217;s Mark Zuckerberg and Alphabet Inc.&#8216;s Sundar Pichai have also engaged with the president-elect.
Tesla Inc. CEO Elon Musk, set to co-lead the Department of Government Efficiency in Trump&#8217;s administration, has been a vocal supporter of regulatory reform that could benefit technology companies.
&#8220;The U.S. should embrace cryptocurrency and lead in this space, much like it does in artificial intelligence,&#8221; Tenev added, emphasizing the platform&#8217;s commitment to democratizing finance while maintaining regulatory compliance.
Price Action: Robinhood&#8217;s stock closed at $41.63 on Tuesday, down 3.63% for the day. In after-hours trading, the stock dipped slightly. Year-to-date, the stock has surged by 236.54%. 
The stock is trading near its 52-week high of $43.83, well above its 52-week low of $10.38. The company&#8217;s price-to-earnings ratio currently stands at 71.36, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Politics

HOOD

Robinhood Outpaces Tech Giants Meta, Amazon With $2 Million Donation To Trump's Inaugural Fund: CEO Criticizes Biden's Crypto, AI Policies

Birkenstock Holding plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIRK#NYSE">BIRK</a>) will release its fourth-quarter financial results, before the <a href="https://www.benzinga.com/quote/birk/earnings">opening bell, on Wednesday, Dec. 18.</a>
Analysts expect the UK-based retailer to report quarterly earnings at 26 cents per share, up from 13 cents per share in the year-ago period. Birkenstock projects quarterly revenue of $439.29 million, compared to $374.54 million a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Aug. 29, Birkenstock posted worse-than-expected third-quarter financial results.
Birkenstock shares gained 0.6% to close at $56.06 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings </a>page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/BIRK/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating with a price target of $70 on Dec. 13. This analyst has an accuracy rate of 61%.</li>
<li>UBS analyst Jay Sole maintained a Buy rating and cut the price target from $85 to $83 on Dec. 10. This analyst has an accuracy rate of 74%.</li>
<li>BTIG analyst Janine Stichter initiated coverage on the stock with a Buy rating and a price target of $60 on Oct. 10. This analyst has an accuracy rate of 73%.</li>
<li>BMO Capital analyst Simeon Siegel maintained an Outperform rating with a price target of $60 on Aug. 30. This analyst has an accuracy rate of 79%.</li>
<li>Evercore ISI Group analyst Michael Binetti maintained an Outperform rating and cut the price target from $77 to $70 on Aug. 30. This analyst has an accuracy rate of 65%.</li>
</ul>
Considering buying BIRK stock? Here&#8217;s what analysts think:
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Price Target

Pre-Market Outlook

Analyst Ratings

Trading Ideas

Birkenstock Gears Up For Q4 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

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Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) has restarted production of all airplane programs previously halted by a machinists&#8217; strike in the Pacific Northwest.
What Happened:&nbsp;The company confirmed that it resumed production of its popular 737 MAX jetliner earlier in December, following the conclusion of a seven-week strike involving 33,000 factory workers, Reuters&nbsp;reported on Wednesday.
Production of wide-body aircraft, including the 767 and 777/777X models, has resumed in Everett, Washington.&nbsp;Boeing Commercial Airplanes&nbsp;CEO&nbsp;Stephanie Pope&nbsp;announced the resumption on social media, emphasizing the importance of ensuring that manufacturing employees are up-to-date with training and certifications. She also mentioned optimizing inventory levels for smooth production.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/12/42500224/elon-musks-mother-opens-up-about-his-friendship-with-barron-trump-bonded-over-out-of-this-world-exploration?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s Mother Opens Up About His Friendship With Barron Trump: &#8216;Bonded Over Out-Of-This-World Exploration&#8217;</a>
Last week, Boeing reported delivering only 13 commercial jets in November, a significant drop from the 56 delivered in the same month the previous year. This decrease followed the production shutdown during the strike.
The Federal Aviation Administration (FAA) plans to increase oversight as production resumes, with FAA head Mike Whitaker expressing satisfaction with Boeing&#8217;s cautious restart. Whitaker had previously limited 737 MAX production due to safety concerns.
Why It Matters: The resumption of Boeing&#8217;s production comes amid a challenging period for the aerospace giant. In November, <a href="https://www.benzinga.com/general/travel/24/11/42014904/boeing-begins-layoffs-is-the-737-max-recovery-enough-to-lift-ba-stock">Boeing announced layoffs</a> affecting 17,000 employees, a move aimed at stabilizing its financial position.
These layoffs, representing 10% of the company&#8217;s global workforce, were part of a broader strategy to address financial difficulties, including inconsistent stock performance and production delays.
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Photo via Shutterstock

Boeing Restarts 767, 777 Aircraft Production As Machinists Strike Ends After 7 Weeks

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) might need to undergo a costly and time-consuming update process to ward off the threat from quantum computing in the future, according to a Tuesday report that cited a study.
What Happened: The study, led by&nbsp;the University of Kent's School&nbsp;of Computing, estimated that a protocol update to protect Bitcoin from quantum computing threats would require taking the cryptocurrency offline for about 76 days provided 100% of the bandwidth is committed to the process, Forbes <a href="https://fortune.com/2024/12/17/bitcoin-downtime-update-quantum-computing-attack-study/">reported</a>.
However, if 25% of the bandwidth is allowed, which would allow users to continue mining and trading at a slower pace, the update would take nearly 305 days or 10 months.
See Also:&nbsp;<a href="https://www.benzinga.com/general/entertainment/24/12/42545829/mark-cuban-expresses-sympathy-for-hawk-tuah-girl-amid-meme-coin-controversy-wasnt-something-she-fully-understood">Mark Cuban Expresses Sympathy For &#8216;Hawk Tuah&#8217; Girl Amid Meme Coin Controversy: &#8216;Wasn&#8217;t Something She Fully Understood&#8217;</a>
In the scenario of 76 days of downtime, the update could cost around $912 million, the report estimated.
The more feasible 305-day downtime would lead to increased transaction fees and slower transaction confirmation times, leading to decreased market confidence.
The study found that Bitcoin had no other option but to replace the currently used cryptographic algorithm with the so-called "post-quantum" technology, which is immune to quantum attacks, and not doing so would be &#8220;devastating.&#8221;
Why It Matters: The increase in threat perception to Bitcoin&#8217;s encryption comes in the wake of Google&#8217;s new &#8220;Willow&#8221; quantum computing chip, which can <a href="https://www.benzinga.com/24/12/42455205/will-googles-new-willow-chip-break-bitcoin-some-dismiss-it-as-fantasy-while-others-flag-risk-that-isnt-immediate">perform computations in five minutes</a> that would take supercomputers 10 septillion years to complete. 
However, some experts believe that the threat to Bitcoin&#8217;s security is still a distant one. Himanshu Maradiya, the CEO of CIFDAQ, a blockchain ecosystem company, <a href="https://www.benzinga.com/markets/equities/24/12/42420845/googles-quantum-willow-chip-lightyears-from-cracking-bitcoin-expert">stated that the chip was &#8220;lightyears away</a>&#8221; from breaking Bitcoin&#8217;s security.
Well-known technologist Jameson Lopp had <a href="https://x.com/lopp/status/1854437031767687613">said </a>earlier that the inviolable properties of Bitcoin would eventually be violated.
Read Next:&nbsp;
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

GOOGL

Bitcoin Could Require Over 300 Days Of Downtime To Prepare It For The Quantum Era, Shows Study Amid Google 'Willow' Chip Concern

Macro Economic Events

Econ #s

Economics

U.K. Producer Price Index (PPI) Input (MoM) For November 0.0% Vs. 0.2% Est.; 0.1% Prior

U.K. Consumer Prices Index Including Owner Occupiers' Housing Costs (YoY) For November 3.5% Vs. 3.2% (Revised) Prior

U.K. Consumer Price Index (YoY) For November 2.6% Vs. 2.6% Est.; 2.3% Prior

U.K. Consumer Price Index (MoM) For November 0.1% Vs. 0.1% Est.; 0.6% Prior

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Small Cap

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