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National Atomic Co Kazatomprom JSC is a producer of uranium. All of the company's mining operations are located in Kazakhstan and extract uranium using ISR technology with a focus on maintaining industry-leading health, safety and environment standards. The company's segment includes Uranium; UMP and Other. It generates maximum revenue from the Uranium segment.

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The global energy sector is transforming, driven by the urgent need to transition away from fossil fuels and address climate change. Within this shift, nuclear power is experiencing a resurgence, driven by growing

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National Atomic Co Kazatomprom JSC

The Glimpse Group, Inc. ("Glimpse") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRAR#NASDAQ">VRAR</a>)(FSE:9DR), a diversified Immersive Technology platform company providing enterprise-focused Virtual Reality ("VR"), Augmented Reality ("AR") and Spatial Computing software and services, today issued a letter to shareholders from its President &amp; CEO, Lyron Bentovim, summarizing key Glimpse developments for Calendar Year 2024.
Dear Shareholders:
2024 was a transformational year for Glimpse, in which we made significant strides in our strategic transition to focus on providing enterprise-scale Spatial Computing, Cloud and AI driven Immersive middleware software and solutions ("Spatial Core") - led by our subsidiary company Brightline Interactive. This successful transition included major contracts with leading U.S. Department of Defense ("DoD") and other large entities, while working directly with Nvidia, Microsoft, Cesium and many others.
In parallel, we streamlined our organizational structure and reached a point where we are cash flow profitable from operations. We achieved this milestone without raising capital and while maintaining a clean balance sheet with no debt, converts or preferreds. In fact, we expect our cash balance on December 31, 2024 to match and potentially exceed our cash balance on September 30, 2024 - the first time that has occurred in our history as a public company from internal operations only.
The Immersive industry itself also made important progress in 2024, with major initiatives and products announced by Apple, Meta, Nvidia, Google, Samsung, Snap and others. These bode well for the Immersive industry in general and for Glimpse in particular.
Spatial Core Summary:
In 2023 we commenced on a strategic transition, focusing our investment on Spatial Core. This transition was largely completed during 2024 and Spatial Core is now Glimpse's primary growth engine and value driver.
Spatial Core has tremendous potential and has gained strong traction during the year. We are working with some of the leading companies in the world to develop the Immersive middleware that takes in huge amounts of 2D data, creates detailed and life-like digital twins in 3D and then on top of that 3D data makes complex computations inside the digital twin environment while also adding important utility functions, all via the Cloud, in large scale and in real time.
Spatial Core is highly relevant and powerful in industries where there is complex 2D data that can be utilized far more effectively in a 3D setting with multiple use cases in Enterprises, Manufacturing, Engineering/Architecture, Oil/Gas, Robotics as well as in Government and the Military.
AI is a key element in Spatial Core:
Automate the generation of digital twin environments - 2D to 3D, utilizing machine learning and computer vision.
Generative AI inside a Spatial Environment - utilize Large Language Models (LLMs) to ask functional questions about a descriptive environment. For example, "If I place a building in this location, will I be able to see the other building".
Neuro Learning Networks - learn in an immersive environment by performing a function repeatedly, based on visual inputs, and then distribute that learning to all other participants. For example, robots learning to do complex tasks.
These AI capabilities, combined with the vast and real time computing available via the Cloud, and delivered via 5G networks are transformative in our ability to create complex and powerful simulations and scenarios, in a cost effective, scalable and effective manner.
I encourage you to view the Spatial Core webinar we hosted earlier this year: "The intersection of AI and Spatial Computing, bringing the power of bringing AI into the 3D world":
<a href="https://pr.report/54pv">https://www.webcaster4.com/Webcast/Page/2934/51186</a>
Examples of Spatial Core traction include:
Signed a $4MM+, 12-month contract with a Department of Defense entity for a Spatial Computing ecosystem, integrating AI workflows and accelerated compute for a variety of defense use-cases.
Entered into a Cooperative Research and Development Agreement (CRADA) with the US Army Combat Capabilities Development Command, Command, Control, Communication, Computers, Cyber, Intelligence, Surveillance and Reconnaissance Center, to develop, assess and improve workflows to create and augment synthetic imagery for use in training and assessing AI and machine learning Machine learning algorithms.
Extended partnership with a Fortune 500 government Systems Integrator for VR Training in Digital Twin Environments to a key U.S. government agency with over 45,000 employees on a mid six figure contract.
Brightline Interactive, Cesium &amp; NVIDIA teamed up at the GEOspatial INTelligence Symposium 2024 to introduce Brightline's Spatial Core which uses AI workflows for complex computations on top of real life data sets, enabling powerful real time, massive data driven, digital twin and simulation applications.
Successfully Completed the Cooperative Research and Development Agreement (CRADA) with the US Naval Surface Warfare Center, Dahlgren Division for the adaptation of immersive technologies.
Completed a contract to support a major immersive technology hardware provider to accelerate their computing interfaces into GPU-enabled cloud, with streaming and visualization capabilities.
We are at an advanced stage of securing several additional multi-million dollar Spatial Core contracts with multiple Government, DoD and large enterprise customers. The short-term aggregate value for these contracts is in the $5-10 million range.
Each of these potential contracts has significant growth elements built into them that could lead to significant annual recurring software revenue once the original contracts have been successfully performed.
Other Glimpse Entities Summary:
In parallel to Spatial Core, our other Immersive businesses continued their positive momentum. Some examples:
Foretell Reality entered into a 6-figure partnership with a large University to develop an AI-driven VR training system enabling students and trainees to learn various professional skills through conversation-centric simulations with an AI-based avatar in different immersive settings.
Glimpse Learning entered into a two year, mid-six figure contract with the College of Staten Island CUNY ("CSI") Technology Incubator for the design, deployment and integration of a suite of immersive technologies in its new Innovation Hub. This is a cross Glimpse effort, with a significant software license component
In recent months, we have experienced an increase in our revenues with Snap for AR 3D models and lenses.
Sector 5 Digital ("S5D") entered into a 6-figure engagement with one of the world's largest architecture firms to visualize in AR the new business campus of a multinational retail company; a mid-six figure contract with a global water and hygiene infrastructure company for an augmented reality (AR) solution; and a mid-six figure contract with a global energy company for Immersive content.
Glimpse Learning entered into a multi year, mid-six figure contract with a state district for Immersive education.
Immersive Industry:
While the Immersive industry, and Glimpse as a significant participant in it, has faced challenging headwinds over the past two years, we are now seeing and experiencing concrete positive growth indicators in both our business and the Immersive industry.
We believe that the Immersive industry is poised for significant growth, driven by:
Meta's VR gaming platform continues to grow, and their new Ray-Ban AI glasses have exceeded expectations, demonstrating consumer appetite for discreet wearable tech.
Apple boldly entered the headset market with the Vision Pro, its initial Spatial headset, signaling their intent to lead the next digital era.
Samsung's recent re-entry to the market, leveraging Google's new Immersive operating system, signals a competitive resurgence and further industry maturation.
Perhaps the most significant development lies in Meta's "Orion" concept AR headset. This vision of seamlessly integrating digital experiences into the real world represents a fundamental shift in human-computer interaction. This vision is directly correlated with our vison for Spatial Core.
Specifically, as it relates to Spatial Core, the following are key industry developments:
Matured AR Cloud and Interoperable Standards for Enterprise and Government Workflows: standardized "AR Cloud"- open standards and protocols enable seamless interoperability, allowing different contractors, departments, and partners to integrate and share geospatial data, maintenance records, and situational guidance without being locked into proprietary ecosystems.
Enhanced On-Device Spatial AI for Operational Efficiency and Security: Spatial computing devices can now perform advanced AI-driven tasks directly on their own hardware, enabling real-time environmental understanding, object recognition, and anomaly detection without constant cloud connectivity. Use cases: secure border monitoring, emergency response planning, infrastructure maintenance and technical troubleshooting.
Industry-Grade Mixed Reality Headsets and Toolchains for Scalable Enterprise Solutions: High-performance mixed reality headsets, offering comfortable wearability, robust tracking, and industrial-grade durability, became standard gear in many professional fields letting enterprises rapidly create, deploy, and maintain applications - ranging from advanced training simulations for defense personnel to augmented production workflows for automotive manufacturing lines.
We believe that these industry developments, coupled with ongoing technological advancements, position the Immersive industry for potential rapid adoption and substantial market expansion in upcoming years.
2025 Expectations:
Looking forward, we expect overall revenues to be significantly higher in the coming quarters compared to the past year, resulting in above $3 million/Q revenue on average in the coming quarters. We expect that revenues for 2025 will be well above our revenues for 2024 (for reference, we previously disclosed that we expect our aggregate revenue for FY '25 - ending June 30, 2025 - to be in the $11-12 million range). This expected growth will be primarily driven by an increase in Spatial Core revenues, as well as potential growth in our other businesses.
Our Gross Margin should continue to be in the 60-70% range.
Post operational restructuring, our current operating cash expense base (pre revenue) is now less than $1 million per month.
We expect to be cash flow positive and increase our cash balance throughout the upcoming calendar year, without the need for a capital raise.
VRAR Stock
The transformational and positive developments achieved in 2024 are not currently reflected in our stock price, creating what we believe is a very significant disconnect between our intrinsic value and our public company valuation.
We have a strong position in the Immersive technology segment, AI and Cloud driven revenues, large enterprise and DoD customers, relationships with some of the most successful tech companies in the world, strong pipeline of growing revenues, high gross margins, positive expected cash flow, a clean balance sheet, 10 issued Immersive patents, etc. - yet we have an extremely low market cap and consistent selling pressure on the stock. In essence, we are an abandoned "Nano-Cap" but with top tier customers, partners, IP and technology in an exciting growth industry.
The management, board and co-founders of the Company own approximately 33% of the outstanding shares. This group has never sold a share in the Company's history, even after the Glimpse's IPO in 2021, and is determined to maximize shareholder value. It is also a key reason why Glimpse continues to maintain a clean capital structure with no debt, no convertible debt and no preferred equity - a rarity in public companies of our size.
This valuation disconnect has had, and continues to have, a substantial negative impact on our ability to execute on our growth strategy. As such, the Board of Directors of the Company is exploring various aggressive strategic options to enable the business to be in a position to invest in its growth while unlocking the value inherent in our business and/or assets and may pursue such options in the future.
Summary Remarks
We have made major strides over the past year in repositioning and restructuring Glimpse strategically and operationally. It's an exciting time for the Immersive industry, Glimpse is positioned as a leading provider of enterprise Immersive software and services, and we are poised for revenue growth and cash profitability.
However, this is not reflected in our stock price, to the great detriment of our growth potential and shareholders. Going forward, we are going to continue our focus on profitable growth and in parallel aggressively explore all strategic options with the goal of unlocking the value of our business and/or underlying assets.
I thank you all for your interest in and support of Glimpse, and wish you all a nice holiday season and a happy and healthy 2025.
Lyron L. Bentovim President &amp; CEO The Glimpse Group

VRAR

Glimpse Group Sees 2025 Growth Driven by Spatial Computing and AI, Eyes FY25 Revenue Of $11M-$12M Vs $12M Est

MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) co-founder Michael Saylor responded on Monday to critics who call the firm's Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) acquisition strategy a Ponzi scheme, equating it to Manhattan's real estate industry.
What happened: During a CNBC <a href="https://www.cnbc.com/video/2024/12/16/watch-cnbcs-full-interview-with-microstrategy-ceo-michael-saylor.html">interview</a>, Saylor was asked his views on the argument that the company's much-discussed strategy, which capitalizes on high returns from Bitcoin to buy more Bitcoin, is a Ponzi scheme.
"Just like developers in Manhattan, every time real estate goes up in value, they issue more debt to develop more real estate," Saylor came up with a sharp retort. "That's why your buildings are so tall in New York City."
The Bitcoin advocate said that such a practice has been in place for 350 years and that he would call it "an economy."
For context, a Ponzi scheme is an investment fraud that pays early investors with money taken from later investors. The scheme collapses when the flow of new money slows down and the fraud entity cannot pay off earlier investors.
See Also:<a href="https://www.benzinga.com/24/12/42519107/if-you-invested-1000-in-bitcoin-when-the-first-bitcoin-etf-was-filed-heres-how-much-youd-have-today"> If You Invested $1,000 In Bitcoin When The First Bitcoin ETF Was Filed, Here&#8217;s How Much You&#8217;d Have Today</a>
Why It Matters: MicroStrategy has been the frontrunner in Bitcoin's corporate adoption, with its stash ballooning to 439,000 BTCs, worth over $47 billion, <a href="https://bitcointreasuries.net/">according </a>to data from bitcointreasuries.net, more than double from last year.
The company uses proceeds from <a href="https://www.benzinga.com/markets/equities/24/11/42186167/michael-saylors-microstrategy-convertible-notes-to-buy-bitcoin-offer-no-interest-so-why-are-investors-rushing-to-buy-them">equity and debt financing</a> to add to its Bitcoin portfolio. As Bitcoin rallies, causing a surge in MicroStrategy stock's value, the firm issues more equities and interest-free convertible bonds to buy more Bitcoin.
Calamos Advisors LLC, a major hedge fund, described MicroStrategy's play as an<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42331483/michael-saylors-bitcoin-strategy-drives-microstrategys-490-surge-hedge-fund-cio-says-its-an-extreme-example-of-volatility-monetization"> "extreme example" </a>of volatility monetization.&nbsp;
However, critics like David Trainer, CEO of New Constructs LLC, have deemed it a "giant house of cards" that would erode shareholders' wealth when it crashes.
Price Action:&nbsp; At the time of writing, Bitcoin was exchanging hands at $107,320.31, up 2.67% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Shares of MicroStrategy closed down 0.042% at $408.50 during Monday's regular session but were up 1.82% in pre-market trading.
The stock has a consensus price target of $449.5 based on the ratings of 12 analysts, with an average price target of $546.67 between Bernstein, TD Cowen, and Barclays.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/personal-finance/financial-advisors/24/12/42517262/most-crypto-foward-ria-slams-bitcoin-forecasts-from-michael-saylor-others-disvalues-it-to-me">&#8216;Most Crypto-Foward&#8217; RIA Slams Bitcoin Forecasts From Michael Saylor, Others: &#8216;Disvalues It To Me&#8217;</a></li>
</ul>
Image via Shutterstock

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

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MSTR

MSTR Stock Rises Nearly 2% In Pre Market As Michael Saylor Counters Critics Who Label MicroStrategy's Bitcoin Play Ponzi Scheme: 'That's Why Your Buildings Are So Tall In New York City'

Greenwave Technology Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GWAV#NASDAQ">GWAV</a>) ("Greenwave" or the "Company"), a leading metal recycler in Virginia, North Carolina, and Ohio, released today the following letter to shareholders from Danny Meeks, Chairman and Chief Executive Officer:
<a href="https://mma.prnewswire.com/media/2581535/GWAV_Balance_Sheet_Graph.html"><img src="https://mma.prnewswire.com/media/2581535/GWAV_Balance_Sheet_Graph.jpg" alt="Greenwave significantly strengthened its balance sheet from December 31, 2023 (audited) to September 30, 2024 (unaudited)." /></a>
Greenwave Shareholders,
I am pleased to report Greenwave will enter 2025 in the strongest strategic and financial position in the history of the Company. Three areas of focus highlight Greenwave's excellent – and improving – fundamental business: (i) a very strong balance sheet, (ii) increasingly favorable US trade policies focused on boosting demand for domestic scrap metal, and (iii) upcoming Company milestones and catalysts that are expected to be transformative for Greenwave's fundamental business.
A Sound Balance Sheet
During the first nine months of 2024, Greenwave de-risked operations – significantly growing Company assets while reducing or eliminating certain liabilities. &nbsp;From December 31, 2023 to September 30, 2024, Greenwave:
<ul>
<li>Grew current assets by 635%, from $2,689,761 to $19,767,085.</li>
<li>Decreased total liabilities by 64%, from $50,865,997 to $18,301,138.</li>
<li>Increased shareholders' equity by $55,728,419, from a ($4,454,148) deficit to $51,274,271.</li>
</ul>
Government Contracts Driving Growth
Greenwave continues to prioritize government contracts as a key driver of revenue and cash flow growth. Recently, the Company secured:
<ul>
<li>A contract expected to generate $15–$35 million in revenue with Core Tree Care, Inc., related to a prime contract with the Army Corps of Engineers as part of the Hurricane Helene recovery efforts, through March 31, 2026.</li>
<li>An exclusive government contract for the recycling of 550,000 pounds of non-ferrous metal, estimated to boost Q4 2024 and Q1 2025 revenues by approximately $2 million.</li>
<li>Multiple contracts for critical regional infrastructure projects such as the Hampton Roads Bridge Tunnel expansion, agreements with numerous municipalities to recycle abandoned cars, and fulfillment of several contracts awarded by the U.S. Federal Government.</li>
</ul>
Strategically located near&nbsp;Naval Station Norfolk, the world's largest naval base, and the&nbsp;Port of&nbsp;Virginia, Greenwave taps into an abundant supply of prime scrap metal from defense contractors, shipyards, and logistics operations.
Upcoming Growth Catalysts
We believe Greenwave is set to benefit from the 2025 opening of&nbsp;Nucor Corporation's&nbsp;state-of-the-art steelmaking facility in&nbsp;Lexington, North Carolina(1). The facility's staggering 430,000-ton annual processing capacity, consisting of nearly 100% recycled materials, will significantly increase regional demand for recycled steel(1).
A Leading North Carolina Scrap Metal Supplier
Greenwave stands as one of&nbsp;North Carolina's&nbsp;largest suppliers of recycled steel, operating five metal recycling facilities and an industry-leading American Pulverizer 60x85. The Company has a proven track record of supporting Nucor's operations, supplying its&nbsp;Hertford&nbsp;mill with steel for critical applications, including bridges, heavy equipment, and warships vital to American national security interests, including the&nbsp;$13 billion&nbsp;USS Gerald Ford aircraft carrier(2).
Key Growth Drivers and Market Opportunities
<ul>
<li>Surging Regional Infrastructure Demand: Supported by recent federal investment, the South Atlantic Region is experiencing an unprecedented surge in construction projects, driving demand for recycled metals(3).</li>
<li>Domestic Market Shift: Greenwave projects 75% of revenue will stem from domestic sales in 2025, up from 41% over the previous four years, as President-elect Trump's anticipated tariffs and trade policies reshape global steel market dynamics. This transition is expected to result in very significant revenue growth and margin expansion.</li>
<li>Sustainability Leadership: Operating 13 strategically located recycling facilities, Greenwave aligns with the growing emphasis on sustainable, domestically sourced ferrous and non-ferrous metals. The leading U.S. steel producers aim for more than 97% of their raw material to be composed of recycled metals (1)(4).</li>
</ul>
Positioning for a Strategic Transaction
Greenwave recently acquired the real estate for seven of its core facilities – thus reducing the Company's annual rent expenses by approximately&nbsp;$1.7 million, enhancing cashflow and positioning the Company for potential high-value strategic transactions.
Unmatched Competitive Edge in the Metal Recycling Industry
Greenwave&nbsp;holds a portfolio of highly coveted operational licenses for the Company's metal recycling facilities.&nbsp;These licenses, often protected by grandfathered municipal codes, provide significant barriers to entry to competitors in Greenwave's tightly regulated markets.
Key highlights include:
<ul>
<li>Norfolk, VA Facility: Positioned near the largest U.S. Naval Base, Greenwave's Norfolk facility benefits from a steady influx of prime scrap metal and holds one of the only Virginia Department of Motor Vehicles automotive recycler/demolisher licenses in the city.</li>
<li>Virginia Beach, VA Facility: Greenwave operates the sole metal recycling facility in the state's largest city, Virginia Beach, strategically located near NAS Oceana and the region's thriving industrial core.</li>
<li>Portsmouth, VA Facility: A cost-effective hub for domestic and international shipments due to its proximity to the Port of Virginia, the Company's Portsmouth facility holds a license protected by grandfathered regulations.</li>
</ul>
Twenty-year Relationship with Sims Metal
Greenwave generated&nbsp;$20.7&nbsp;and&nbsp;$18.0 million&nbsp;in revenue&nbsp;from Sims Metal, the world's largest scrap metal company, in 2023 and 2022, respectively, underscoring market confidence.
Peer Benchmarking Supports Valuation Upside
Steelmakers are leading a wave of consolidation, securing the supply of raw materials to feed a projected increase of&nbsp;16 million tons of annual capacity&nbsp;in the coming years(5).
<ul>
<li>Sims Metal acquired Baltimore Scrap Corp. for $220 million in August 2023. Baltimore Scrap operates 17 yards, four shredders, and processes 600,000 metric tons of scrap each year(6).</li>
<li>Nucor acquired the assets of Garden Street Iron &amp; Metal, including one feeder and one shredder yard, in 2023. The terms of the acquisition were not disclosed(7).</li>
<li>Cleveland-Cliffs acquired Ferrous Processing and Trading Co. for $775 million in 2021. FPT is a leading U.S. processor, buyer, seller, and recycler of scrap metals(8).</li>
<li>Steel Dynamics completed the acquisition of Roca Acero for $90 million in October 2022. Roca Acero's operations include five scrap processing facilities in Northern and central Mexico, with an annual processing capacity of approximately 850,000 gross tons(9).</li>
</ul>
Recent Insider Buying
Over the past two weeks, during an open trading window, several of our officers and directors purchased significant numbers of&nbsp;Greenwave shares on the open market:
<ul>
<li>Greenwave's Chairman and CEO, Danny Meeks, purchased 377,002 shares of common stock at $0.66/share.</li>
<li>Independent Director Jason Adelman, an experienced investment banker, small cap investor and a graduate of the University of Pennsylvania and Cornell Law School, purchased 100,000 shares of common stock at $0.66/share.</li>
<li>Audit Committee Chair Henry Sicignano III, a former CEO of Nasdaq-listed company and double-Harvard graduate (both undergraduate and MBA), purchased 100,000 shares of common stock at $0.659/share.</li>
</ul>
A Unique and Compelling Opportunity
In my twenty years working in the scrap metal industry, I have never been more bullish about the future prospects of our business. Greenwave is entering FY 2025 in an incredibly strong financial position, with optimal trade conditions, and numerous upcoming catalysts that are expected to be truly transformative for the Company.
The scrap metal industry is rapidly consolidating. We believe Greenwave's extensive footprint, grandfathered licenses, and relationships with key suppliers offer a unique and compelling opportunity for our company and shareholders.&nbsp;Greenwave currently provides subsidiaries of Nucor Corporation, Cleveland-Cliffs, Inc., Sims Limited,&nbsp;Georgia-Pacific, and several other steel producers, with a reliable supply of mill-ready shred, sourced from thousands of corporations, municipalities, and individuals in&nbsp;Virginia,&nbsp;North Carolina, and&nbsp;Ohio.
Indeed, Greenwave is executing on all fronts and I am grateful for your continued support. We look forward to updating you on our progress and on important industry developments in the coming days and weeks. &nbsp;In the meantime, the people of Greenwave wish you and your families a happy holiday season… and a healthy, prosperous New Year.
Sincerely, Danny&nbsp;Meeks

GWAV

Greenwave CEO Highlights Strong 2025 Outlook, Driven by Contracts and Trade Policies

Macro Economic Events

Econ #s

Economics

Germany Ifo Business Climate Index For December 84.7 Vs. 85.5 Est.; 85.6 (Revised) Prior

Germany Current Assessment For December 85.1 Vs. 84.0 Est.; 84.3 Prior

Germany Business Expectations For December 84.4 Vs. 87.5 Est.; 87.0 (Revised) Prior

Ascendiant Capital analyst Edward Woo maintains Duos Technologies Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DUOT#NASDAQ">DUOT</a>) with a Buy and raises the price target from $6 to $7.5.

Price Target

Analyst Ratings

DUOT

Ascendiant Capital Maintains Buy on Duos Technologies Group, Raises Price Target to $7.5

On Monday, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) unveiled much-anticipated updates to its Ray-Ban smart glasses.
What Happened: Meta rolled out three new features for its Ray-Ban smart glasses: live AI, live translations, and Shazam. These updates are part of an effort to improve user experience by embedding advanced technology into daily-use eyewear.
The live AI and translation features are currently exclusive to members of the Early Access Program.
The live AI function allows users to engage with Meta&#8217;s AI assistant, which can offer suggestions based on the user&#8217;s environment, such as recipe ideas while shopping.
See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42479401/nancy-pelosis-stock-pick-broadcom-shoots-15-in-friday-pre-market-as-broadcom-ceo-sees-opportunity-over-the-next-3-years-in-ai?itm_source=parsely-api">Nancy Pelosi&#8217;s Stock Pick Broadcom Shoots 15% In Friday Pre Market As Broadcom CEO Sees &#8216;Opportunity Over The Next 3 Years In AI&#8217;</a>
The live translation feature provides real-time speech translation between English and Spanish, French, or Italian. Users can listen to translations through the glasses or view them on their phones.
However, language pairs must be downloaded beforehand, and users need to specify the languages spoken by themselves and their conversation partners.
Shazam support is available to all users in the U.S. and Canada. By prompting the Meta AI, users can identify songs they hear.
To access these features, users must ensure their glasses are updated to the v11 software and the Meta View app is on v196.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/17020503/Screenshot-2024-12-17-at-12.34.52%E2%80%AFPM-1024x855.png" alt="" class="wp-image-695179" /><figcaption class="wp-element-caption">Source: Instagram</figcaption></figure>
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Why It Matters: Launched in October last year, the Ray-Ban Meta smart glasses let users stream live videos directly to their Facebook and Instagram followers.
Equipped with Meta AI, these glasses can provide details about the objects within the wearer's view.
In October 2024, it was reported that <a href="https://www.benzinga.com/news/24/10/41458752/metas-smart-glasses-dominate-ray-ban-stores-ai-features-still-missing">Meta&#8217;s smart glasses</a> have become the top-selling product in 60% of Ray-Ban stores across Europe, the Middle East, and Africa.
However, Meta faces competition from several <a href="https://www.benzinga.com/news/24/06/39562427/metas-ray-ban-smart-glasses-face-new-rival-powered-by-openais-chatgpt">new competitors including</a> Solos, a smart glasses manufacturer. Earlier it was reported that Solos planned to launch the AirGo Vision, powered by OpenAI&#8217;s ChatGPT.
Image Credits &#8211; Shutterstock
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.&nbsp;
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42513402/apples-2025-bull-case-can-it-deliver-without-riding-the-ai-wave?itm_source=parsely-api">Apple&#8217;s 2025 Bull Case: Can It Deliver Without Riding The AI Wave?</a></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.

Tech

Meta's Ray-Ban Smart Glasses Can Now Be Your Chef, Linguist, And DJ — What's Next, Therapist?

OpenAI co-founder Ilya Sutskever is sounding the alarm on a looming data crisis that could reshape the artificial intelligence industry&#8217;s future. 
What Happened: Speaking at the Conference on Neural Information Processing Systems (NeurIPS) in Vancouver on Friday, Sutskever warned that the critical resource powering AI development is running dry, <a href="https://observer.com/2024/12/openai-cofounder-ilya-sutskever-ai-data-peak/?ref=biztoc.com">reported</a> the Observer.
&#8220;Data is the fossil fuel of AI,&#8221; Sutskever said at the conference. &#8220;We&#8217;ve achieved peak data and there will be no more.&#8221;
The warning comes amid growing evidence of data access restrictions. A <a href="https://www.dataprovenance.org/consent-in-crisis-paper">study</a> by the Data Provenance Initiative found that between 2023 and 2024, website owners blocked AI companies from accessing 25% of high-quality data sources and 5% of all data across major AI datasets.
This scarcity is already forcing industry leaders to adapt. OpenAI CEO Sam Altman has proposed using synthetic data – information generated by AI models themselves – as an alternative solution. The company is also exploring enhanced reasoning capabilities through its new o1 model.
See Also: <a href="https://www.benzinga.com/24/12/42523165/elon-musks-neuralink-faces-fierce-competition-as-precision-neuroscience-raises-102-million-to-advance-thought-controlled-devices">Elon Musk&#8217;s Neuralink Faces Fierce Competition As Precision Neuroscience Raises $102 Million To Advance Thought-Controlled Devices</a>
Why It Matters: The data shortage concerns echo recent observations from venture capital firm Andreessen Horowitz. Marc Andreessen noted that AI capabilities have plateaued, with multiple companies <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">hitting similar technological ceilings</a>.
Sutskever, who left OpenAI earlier this year to launch Safe Superintelligence <a href="https://www.benzinga.com/news/24/09/40722123/openai-co-founder-ilya-sutskevers-ai-startup-raises-1b-from-andreessen-horowitz-sequoia-as-sam-altma">with $1 billion in backing</a> from investors including Andreessen Horowitz and Sequoia Capital, believes AI will evolve beyond its data dependency. 
&#8220;Future AI systems will understand things from limited data, they will not get confused,&#8221; he said, though he declined to specify how or when this would occur.
The increasing difficulty in accessing diverse and high-quality datasets for AI training has prompted companies like OpenAI, Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), and Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) to adopt data scraping practices, though not without controversy. 
For example, Microsoft's LinkedIn was recently scrutinized for using user data to train its AI models <a href="https://www.benzinga.com/news/24/09/40931968/microsofts-linkedin-in-hot-water-for-allegedly-using-data-of-users-for-training-ai-before-updating-t">before updating its terms of service</a>. 
Similarly, Meta has been using publicly available social media posts from Europe to train its Llama large language models, though privacy concerns have <a href="https://www.benzinga.com/markets/equities/24/06/39256166/meta-to-use-european-social-media-data-for-ai-training-report">prompted legal challenges</a>. 
Nvidia, too, has been scraping videos from YouTube and Netflix, including those from popular tech YouTuber Marques Brownlee, to train its AI systems. While these companies argue their practices comply with copyright laws, the ethical implications of scraping data without explicit consent have <a href="https://www.benzinga.com/news/24/08/40188595/nvidia-reportedly-involved-in-extensive-video-scraping-involving-popular-tech-youtuber-marques-brown">raised alarm across the industry</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/tech/24/12/42523020/chatgpt-search-goes-free-openai-challenges-googles-unbroken-search-dominance">ChatGPT Search Goes Free: OpenAI Challenges Google&#8217;s Unbroken Search Dominance</a></li>
</ul>
Image Via Shutterstock 
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

MSFT

NVDA

OpenAI Co-Founder Ilya Sutskever Rings Alarm Bells: AI's 'Fossil Fuel' Is Running Out As World Reaches 'Peak Data'

Earnings

CMCM

Cheetah Mobile Q3 Adj EPADS $(0.17), Sales $27.37M

With U.S. stock futures trading lower this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Worthington Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOR#NYSE">WOR</a>) to report quarterly earnings at 52 cents per share on revenue of $273.77 million after the closing bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Worthington Enterprises shares fell 0.1% to $38.64 in after-hours trading.</li>
<li>Compass Minerals International, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMP#NYSE">CMP</a>) posted downbeat results for its fourth quarter on Monday. Compass Minerals shares dipped 7.3% to $11.69 in the after-hours trading session.</li>
<li>Analysts expect Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) to post a quarterly loss at 34 cents per share on revenue of $899 thousand after the closing bell. Applied Digital shares fell 0.2% to $9.99 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Red Cat Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RCAT#NASDAQ">RCAT</a>) reported worse-than-expected second-quarter financial results on Monday. The company reported second-quarter revenue of $1.53 million, missing analyst estimates of $4.13 million. The drone technology company reported a second-quarter loss of 18 cents per share, missing analyst estimates for a loss of eight cents per share, according to Benzinga Pro. Red Cat shares tumbled 15.8% to $8.80 in the after-hours trading session.</li>
<li>Analysts expect REE Automotive Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REE#NASDAQ">REE</a>) to post a quarterly loss at $1.01 per share on revenue of $50 thousand. The company will release earnings before the opening bell. REE Automotive shares gained 7.2% to $11.77 in the after-hours trading session.</li>
</ul>
Check This Out: 
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<li><a href="https://www.benzinga.com/24/12/42509800/wall-streets-most-accurate-analysts-give-their-take-on-3-financial-stocks-delivering-high-dividend-yields-2">Wall Street&#8217;s Most Accurate Analysts Give Their Take On 3 Financial Stocks Delivering High-Dividend Yields</a></li>
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Equities

Pre-Market Outlook

APLD

RCAT

Worthington Enterprises, Red Cat Holdings, And 3 More Stocks To Watch As US Futures Trade Lower On Tuesday

<h3>Companies Reporting Before The Bell</h3>
• REE Automotive (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REE#NASDAQ">REE</a>) is expected to report quarterly loss at $0.86 per share on revenue of $50 thousand. 
• Cheetah Mobile (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMCM#NYSE">CMCM</a>) is projected to report earnings for its third quarter. 
• NeuroOne Medical Tech (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NMTC#NASDAQ">NMTC</a>) is likely to report earnings for its fourth quarter. 
<h3>Companies Reporting After The Bell</h3>
• Worthington Enterprises (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOR#NYSE">WOR</a>) is expected to report quarterly earnings at $0.52 per share on revenue of $273.77 million. 
• cbdMD (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/YCBD#AMEX">YCBD</a>) is likely to report quarterly earnings at $0.00 per share on revenue of $4.81 million. 
• Applied DNA Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APDN#NASDAQ">APDN</a>) is estimated to report quarterly loss at $0.35 per share on revenue of $899 thousand. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

APDN

NMTC

YCBD

Earnings Scheduled For December 17, 2024

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index moved to the &#8220;Greed&#8221; zone on Monday.
U.S. stocks settled mixed on Monday, with the Dow Jones index falling for the eighth session in a row. However, the Nasdaq surged to a record high during the session.
Shares of Apple (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Alphabet (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>) and Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) all surged to new all-time highs on Monday.
On the economic data front, the NY Empire State Manufacturing Index declined to 0.20 in December compared to 31.2 in the previous month, and down from market estimates of 12.
The S&amp;P Global services PMI climbed to 58.5 in December versus 56.1 in November. The S&amp;P Global manufacturing PMI declined to 48.3 in December compared to 49.7 in the prior month.
Most sectors on the S&amp;P 500 closed on a negative note, with materials, energy and healthcare stocks recording the biggest losses on Monday. However, consumer discretionary and communication services stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by over 110 points to 43,717.48 on Monday. The S&amp;P 500 gained 0.38% to 6,074.08, while the Nasdaq Composite gained 1.24% at 20,173.89 during Monday's session.
Investors are awaiting earnings results from Worthington Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOR#NYSE">WOR</a>), Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) and REE Automotive Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REE#NASDAQ">REE</a>) today.
At a current reading of 56.7, the index moved to the &#8220;Greed&#8221; zone on Monday, versus a prior reading of 49.9.
What is CNN Business Fear &amp; Greed Index?
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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AAPL

GOOG

GOOGL

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Dow Falls For 8th Session, While Nasdaq Hits Record High As Apple, Alphabet, And Tesla Rise: Fear Index Shifts To 'Greed' Zone

Argentina&#8217;s S&amp;P Merval Index has risen by 162.85% year-to-date, beating the gains in the S&amp;P 500 Index and other <a href="https://www.benzinga.com/markets/emerging-markets">emerging stock market</a> indices.
What Happened: S&amp;P Merval&#8217;s staggering gain, comes as the country emerged from a severe recession in the third quarter of the current fiscal and amid Argentina&#8217;s President Javier Milei&#8216;s plans for cryptocurrency adoption.
The South American country&#8217;s GDP grew by 3.9% from July to September compared to the previous quarter, exceeding expectations of 3.4%. However, it shrank 2.1% from the previous year, less than the anticipated 2.6% contraction.
The country endured a recession for three quarters, with over half of the population in poverty, inflation eroding wages, and the labor market losing hundreds of thousands of jobs. Milei's austerity measures deepened the downturn, especially with cuts to public spending and infrastructure projects, a key source of employment.
Additionally, regulators from El Salvador and Argentina have signed an agreement to develop the crypto industry in both countries. The partnership will help El Salvador expand its crypto presence, leveraging strategic collaborations, according to CNAD President Juan Carlos Reyes. The two agencies will also share knowledge and expertise on crypto regulation.
See Also: <a href="https://www.benzinga.com/startups/24/12/42513867/elon-musk-praises-argentinas-31-spending-cuts-under-milei-but-what-about-the-recession">Elon Musk Praises Argentina&#8217;s 31% Spending Cuts Under Milei – But What About The Recession?</a>
Why It Matters: Milei&#8217;s <a href="https://www.benzinga.com/markets/latin-america/24/10/41196839/did-argentinas-president-javier-milei-plagiarize-the-west-wing-in-un-speech">big plan for his second year</a> as president involves removing currency exchange restrictions, allowing citizens to transact in any currency, including cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). Tax payments will still require Argentine pesos.
This policy aims to stabilize the economy, reduce inflation, and promote sustainable growth by aligning with global financial standards. It emphasizes free competition, letting individuals choose the currencies that best suit their needs, and supports Milei's vision of eventually eliminating the Central Bank to combat inflation.
Milei's pro-Bitcoin stance, which predates his presidency, has bolstered confidence in the asset in Argentina. His economic policies closely mirror those of El Salvador, where Bitcoin is legal tender.
Price Action: While Argentina&#8217;s Merval Index has outpaced gains in all other indices, Turkey&#8217;s BIST 100 is the next emerging market index to follow with a 31.3% gain, year-to-date. Bitcoin&#8217;s price has grown by 141.25% in the same period.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Emerging Markets</td>
<td>Index</td>
<td>YTD Performance</td>
</tr>
<tr>
<td>Argentina</td>
<td>S&amp;P Merval</td>
<td>162.85%</td>
</tr>
<tr>
<td>Turkey </td>
<td>BIST 100</td>
<td>31.13%</td>
</tr>
<tr>
<td>China </td>
<td>CSI 300 </td>
<td>15.93%</td>
</tr>
<tr>
<td>South Africa </td>
<td>South Africa Composite </td>
<td>13.46%</td>
</tr>
<tr>
<td>India </td>
<td>Nifty 50 </td>
<td>12.72%</td>
</tr>
<tr>
<td>Brazil </td>
<td>Ibovespa</td>
<td>-6.89%</td>
</tr>
<tr>
<td>South Korea </td>
<td>Kospi</td>
<td>-7.94%</td>
</tr>
<tr>
<td>Mexico </td>
<td>IPC Mexico </td>
<td>-11.39%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: Google Finance, S&amp;P</figcaption></figure>
Among the developed market economies, the S&amp;P 500 remains the best index with a 28.07% gain on a year-to-date basis, outperforming all the other developed market indices.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Developed Markets</td>
<td>Index</td>
<td>YTD Performance</td>
</tr>
<tr>
<td>United States </td>
<td>S&amp;P 500 </td>
<td>28.07%</td>
</tr>
<tr>
<td>Germany </td>
<td>DAX </td>
<td>21.14%</td>
</tr>
<tr>
<td>Japan </td>
<td>Nikkei 225 </td>
<td>18.29%</td>
</tr>
<tr>
<td>Hong Kong </td>
<td>Hang Seng </td>
<td>17.41%</td>
</tr>
<tr>
<td>Singapore </td>
<td>STI </td>
<td>17.32%</td>
</tr>
<tr>
<td>Spain </td>
<td>IBEX 35 </td>
<td>15.68%</td>
</tr>
<tr>
<td>United Kingdom </td>
<td>FTSE 100 </td>
<td>7%</td>
</tr>
<tr>
<td>Switzerland </td>
<td>Swiss Market </td>
<td>4.76%</td>
</tr>
<tr>
<td>France </td>
<td>CAC 40 </td>
<td>-2.31%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Source: Google Finance, Yahoo Finance</figcaption></figure>
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/price-target/24/12/42513306/elon-musks-tesla-nearly-5-times-more-expensive-than-industry-average-stock-surges-over-60-since-election">Elon Musk&#8217;s Tesla Nearly 5 Times More Expensive Than Industry Average: Stock Surges Over 60% Since Election</a></li>
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Government

Regulations

S&P 500 Performance Dwarfs In Comparison Argentina's Merval: Has Argentina's Pro-Crypto President Javier Milei Scripted An Emerging Market Success Story?

CMCL

Caledonia Mining Enters $50M "At the Market" Sales Agreement To Fund Bilboes Gold Project Development

A Virginia man has been found guilty of sponsoring the operations of ISIS, a Middle East-based terrorist organization, with tens of thousands of dollars in cryptocurrencies, a Justice Department release said Monday.
What Happened: Mohammed Azharuddin Chhipa, a 35-year-old resident of Springfield, Virginia, was involved in collecting and sending&nbsp;money to female ISIS members&nbsp;in Syria from October 2019 to October 2022. The funds were utilized to support&nbsp;ISIS in various ways, including&nbsp;aiding&nbsp;the escape of female ISIS&nbsp;members from prison camps and&nbsp;supporting ISIS fighters.
Chhipa used various social media platforms to raise funds. He received electronic transfers and even traveled hundreds of miles to collect&nbsp;funds in person. The collected funds were then converted into cryptocurrency and sent to Turkey, from where it was smuggled into Syria for ISIS members.
Over the course of the conspiracy, Chhipa managed to send over $185,000 in cryptocurrency, the release read. A request to the Justice Department to determine the specific coins used in the operation was not immediately returned.
The man now faces&nbsp;a maximum penalty of 20&nbsp;years in prison per count.&nbsp;
See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42522826/shiba-inus-annouces-new-meme-coin-airdrop-for-shib-leash-bone-holders-heres-how-these-coins-reacted">New Meme Coin From Shiba Inu Ecosystem Up For Grabs: Here&#8217;s How Much SHIB, LEASH, BONE Holders Can Expect</a>
Why It Matters: This case is part of a broader trend of terrorist organizations leveraging cryptocurrencies for their operations. In May 2023,&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/05/32239767/israeli-authorities-uncover-binance-accounts-tied-to-isis-hamas-group">Israeli authorities seized nearly 190 cryptocurrency accounts</a> on Binance&nbsp;linked to ISIS. 
In fact, over the years, organizations have shifted their focus from the traditionally preferred Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) network.
In November of last year, it was observed that <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35962267/militant-groups-prefer-tron-over-bitcoin-authorities-freeze-wallets-linked-to-hamas">militant groups were favoring</a> the Tron (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/trx/usd">TRX</a>) blockchain over Bitcoin for their cryptocurrency transfers.
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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>
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US Man Funneled Thousands In Crypto To ISIS Over 3 Years, Faces 20 Years In Prison

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Alibaba Group Holding Ltd &#8211; ADR&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) announced on Tuesday its decision to&nbsp;sell its Chinese department store&nbsp;chain, &#8220;Intime,&#8221; resulting in a $1.3 billion loss. This move is part of Alibaba&#8217;s strategy to streamline its operations and concentrate on its primary e-commerce business.
What Happened:&nbsp;The sale is a continuation of Alibaba&#8217;s restructuring efforts, which began last year when the company was divided into six business units. The retail giant is also integrating its domestic&nbsp;and international e-commerce platforms into&nbsp;a single unit to better compete with rivals like&nbsp;PDD Holdings&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) and&nbsp;ByteDance, according to&nbsp;Reuters.
Alibaba will&nbsp;sell Intime to a consortium&nbsp;led by&nbsp;Youngor Fashion and Intime&#8217;s management&nbsp;for 7.4 billion yuan ($1.02&nbsp;billion), pending regulatory approvals. The company acquired Intime in 2017 for $2.6 billion to expand its brick-and-mortar presence.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/12/42483873/sylvester-stallone-gifts-a-knockout-25-million-hamptons-estate-to-his-daughters-another-addition-to-his-curated-property-portfolio?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Sylvester Stallone Gifts A Knockout $25 Million Hamptons Estate To His Daughters – Another Addition To His Curated Property Portfolio</a>
Reuters reported in February that Alibaba is looking to divest several&nbsp;consumer sector assets, including Intime,&nbsp;to refocus on its core e-commerce&nbsp;operations. The challenging consumer environment in China has pressured retailers and e-commerce platforms, prompting Alibaba&#8217;s strategic shift.
Why It Matters: The decision to sell Intime comes amid a broader restructuring within Alibaba. In November, the company announced plans to consolidate its domestic and international e-commerce operations into a single unit, the&nbsp;<a href="https://www.benzinga.com/24/11/42120110/alibaba-reshapes-e-commerce-operations-names-jiang-fan-as-unit-ceo">Alibaba E-commerce Business Group</a>. This new division will be led by Jiang Fan, who has been the CEO of Alibaba International Digital Commerce. This strategic move is aimed at enhancing competitiveness against formidable rivals.
In October, Alibaba became a significant holding in the portfolio of Chinese fund manager Zhang Kun, as economic <a href="https://www.benzinga.com/news/24/10/41580089/alibaba-becomes-key-holding-in-chinese-fund-managers-portfolio-economic-measures-spark-interest-in-l">measures increased interest</a> in leading tech stocks. Zhang&#8217;s fund acquired 40.4 million Hong Kong-listed Alibaba shares, making it the second-largest holding in his portfolio. This indicates a renewed confidence in Alibaba&#8217;s future prospects.
Additionally, in September, Alibaba joined <a href="https://www.benzinga.com/news/24/09/40778129/alibaba-joins-chinas-stock-connect-eyes-billions-in-investment-boost">China&#8217;s Stock Connect program,</a> allowing mainland investors to access its Hong Kong-listed shares. This is expected to significantly boost capital inflows and enhance investor access to the company.
Price Action: Alibaba stock closed 2.02% lower on Monday at $86.06, as per <a href="https://pro.benzinga.com">Benzinga Pro</a>. Meanwhile in Robinhood, Alibaba was trading around 86.24 in the after-hours market at 2:45 AM ET.
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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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National Atomic Company Kazatomprom JSC GDR RegS (NATKY) has released an update. Kazatomprom, the world's largest uranium producer, announced a pri...

Kazatomprom's $200M Bond Placement Boosts Financial Strategy

National Atomic Company Kazatomprom JSC Sponsored GDR RegS ( ($NATKY) ) has released its Q3 earnings. Here is a breakdown of the information Nation...

Kazatomprom Posts Strong Earnings Amid Strategic Growth

Goehring & Rozencwajg Q3 2024 Natural Resource Market Commentary

National Atomic Company Kazatomprom JSC GDR RegS ( ($NATKY) ) has shared an update. Kazatomprom has announced that its Russian partner, Uranium One...

Kazatomprom Announces Partner Changes in Joint Ventures

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Biden Gets Scrutinized For Excessive Reliance On Russian Uranium – Sienna Resources (OTCMKTS: SNNAF) Could Present An Alternative

Sienna Resources Expands Its Portfolio To Include Two Uranium Projects In The Athabasca Basin Region As Global Prices Hit A 16-Year High

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