Simcere Pharmaceutical Gr Stock (OTC: SMHGF)

Latest news for Simcere Pharmaceutical Gr (OTC:SMHGF) Stock

Simcere Pharmaceutical Group Ltd is engaged in the R&D, production, and commercialization of pharmaceuticals focused on generic pharmaceuticals. It has a diversified product portfolio focused on therapeutic areas, including, oncology (including cell therapy), nervous system diseases, autoimmune diseases, and antiinfection. The company's products include Endostar, Enweida, Iremod, Sanbexin and Others.

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	The drugs Xiannuoxin and Mindewei have been conditionally approved for marketing in China. Despite the positive news, Simcere Pharmaceutical’s stock managed only a muted rise and shares in Junshi Biosciences fell for two straight days


Past the Peak? Covid Drugs Frenzy Cools As Pandemic Eases

SIMCERE PHARM GRP LTD by SIMCERE PHARMACEUTICAL GROUP LTD

Simcere Pharmaceutical Group Ltd

Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) CEO Satya Nadella highlighted Bing's strong growth countering concerns about its minimal impact on Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google's global <a href="https://www.benzinga.com/news/23/09/34990297/microsoft-considered-selling-bing-to-apple-as-google-rival-but-iphone-maker-remained-skeptical">search dominance</a>.
What Happened: On Tuesday, during a conversation with a CNBC Overtime anchor Jon Fortt, Nadella was asked when AI was integrated into Bing, the hope was to gain more share from Google.
However, one year down the line, Google still has roughly 90% of the global search share. In response, the Microsoft CEO said that Bing search is one of the fastest-growing businesses, showing strong double-digit growth.
When asked about search share, Nadella responded that it&#8217;s a game of 100 basis points, and any progress is good.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/11/42056367/how-to-safeguard-your-data-before-apples-deadline-step-by-step-guide-for-backing-up-ios-8-and-earlier-devices?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">How To Safeguard Your Data Before Apple&#8217;s Deadline: Step-By-Step Guide For Backing Up iOS 8 And Earlier Devices</a>
He then expressed excitement about the success of OpenAI&#8217;s ChatGPT and its partnership with&nbsp;Apple Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), which he said is beneficial for Microsoft as it runs on Azure.
&#8220;That's all incremental for even us,&#8221; Nadella stated, adding, &#8220;We are giving them the Bing index and powering ChatGPT search using our APIs.&#8221;
Regarding the relationship with OpenAI, Nadella expressed satisfaction with the partnership&#8217;s progress.
&#8220;We are thrilled to be an investor. We're thrilled to be a partner around I.P. They're one of our biggest customers now. We also compete in some areas. And so the partnership has all of those dimensions to it,&#8221; he said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I spoke with <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> CEO <a href="https://twitter.com/satyanadella?ref_src=twsrc%5Etfw">@satyanadella</a> today about how the company's relationship with <a href="https://twitter.com/OpenAI?ref_src=twsrc%5Etfw">@OpenAI</a> and <a href="https://twitter.com/sama?ref_src=twsrc%5Etfw">@sama</a> is developing: <a href="https://twitter.com/CNBCOvertime?ref_src=twsrc%5Etfw">@CNBCOvertime</a> <a href="https://t.co/JOjwvmA0lU">pic.twitter.com/JOjwvmA0lU</a>
&mdash; Jon Fortt (@jonfortt) <a href="https://twitter.com/jonfortt/status/1859022001006146013?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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Why It Matters: Microsoft launched Bing in 2009 to compete directly with Google. However, despite its efforts, Google <a href="https://www.benzinga.com/news/23/04/31823704/is-bing-the-new-google-samsung-devices-could-ditch-google-search-for-microsoft-bing">remains the dominant player</a>, with Bing capturing less than 10% of search queries.
Meanwhile, the partnership between Microsoft and OpenAI has been a topic of interest in the tech world, especially since reports started surfacing about OpenAI&#8217;s shift from a nonprofit to a for-profit model.
Microsoft has <a href="https://www.benzinga.com/startups/24/10/41556636/microsoft-and-openai-clash-over-14-billion-as-the-ai-leader-converts-to-a-for-profit-business-disrup">invested nearly $14 billion</a> in OpenAI since 2019, leading to a high-stakes financial and governance tug-of-war. OpenAI&#8217;s <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">valuation soared to $157 billion</a> in its latest funding round.
Earlier in May it was reported that OpenAI&#8217;s potential agreement with Apple had <a href="https://www.benzinga.com/news/24/05/39109729/openais-apple-deal-sparks-concerns-in-microsoft-could-shift-ai-market-dynamics">sparked concerns within Microsoft</a>.
Last month, Microsoft&#8217;s <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">first-quarter earnings</a> reported a 16% year-over-year increase in revenue.
Price Action: Microsoft shares rose 0.49% on Tuesday, closing at $417.79, with a slight additional gain of 0.05% in after-hours trading, reaching $418 at the time of writing, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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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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Satya Nadella Defends Bing's Rise Against Google's Search Dominance — Says OpenAI's Partnership With Apple Is 'Incremental' For Microsoft

Major U.S. indices closed mixed on Tuesday, as the Dow Jones Industrial Average slipped 0.3% to 43,268.94, while the S&amp;P 500 added 0.4% to reach 5,916.98. The Nasdaq rose nearly 1%, finishing at 18,987.47.
Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) closed the day with a 4.89% gain at $147.01, after reaching an intraday high of $147.13 and a low of $140.99. The stock&#8217;s 52-week high and low are $149.76 and $45.01, respectively. According to Wedbush analyst Dan Ives, Nvidia is <a href="https://www.benzinga.com/24/11/42079585/meta-google-and-microsoft-bet-big-on-ai-with-skyrocketing-capex-budgets-but-jensen-huangs-nvidia-poised-to-be-the-biggest-winner-says-analyst-only-game-in-town-with-1-trillion-of-ai-capex">set to dominate</a> as major tech players ramp up their capital expenditures on artificial intelligence.
MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) saw its shares rise by 11.89% to close at $430.54. The stock hit an intraday high of $449 and a low of $381, with a 52-week range of $449 to $43.89. The surge came after Benchmark raised its price target following the <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42066712/microstrategy-stock-continues-to-climb-whats-going-on-2">company&#8217;s announcement</a> of plans to buy more Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42028523/cathie-wood-draws-reagan-era-parallels-as-elon-musk-takes-doge-helm-this-bull-market-has-just-begun-to-broaden-out?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: &#8216;This Bull Market Has Just Begun To Broaden Out&#8217;</a>
Archer Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>) surged 16.33% to close at $5.13, with an intraday high of $5.15 and a low of $4.33. The stock&#8217;s 52-week high and low are $7.02 and $2.82, respectively. Needham&#8217;s Chris Pierce <a href="https://www.benzinga.com/24/11/42059659/this-apollo-global-management-analyst-begins-coverage-on-a-bullish-note-here-are-top-5-initiations-for-tuesday">initiated coverage</a> on Archer Aviation with a Buy rating and a price target of $11
Joby Aviation Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JOBY#NYSE">JOBY</a>) ended the day with a 12.83% gain at $6.33. The stock reached an intraday high of $6.33 and a low of $5.58. Its 52-week high and low are $7.69 and $4.5, respectively. According to Needham analyst Pierce, the company is <a href="https://www.benzinga.com/24/11/42071065/analyst-says-faa-support-uber-partnership-push-joby-aviation-toward-air-taxi-leadership">well-positioned</a> to capture early air taxi market share, thanks to its partnership with Uber and focus on software.
Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) closed the day with a 2.14% gain at $346. The stock hit an intraday high of $347.38 and a low of $332.75. The 52-week high and low are $358.64 and $138.8, respectively. Tesla&#8217;s sales in China are <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42059270/tesla-chinas-weekly-insurance-registrations-points-towards-strong-q4-in-key-market">gaining momentum</a>, despite trailing behind Chinese EV maker BYD Co Ltd.
Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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Nvidia, Microstrategy, Apollo Global Management, Joby Aviation, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

Gene Munster, Managing Partner at Deepwater Asset Management, projects that Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) will spin out its autonomous driving unit Waymo within the next 2-4 years, potentially reaching a valuation between $350 billion and $850 billion by 2030.
What Happened: In a detailed research note, Munster and analyst Brian Baker suggest the spinoff could add 12-28% to Alphabet&#8217;s current market capitalization, depending on the parent company&#8217;s ownership stake, which they estimate is currently around 70%.
&#8220;Today, Waymo alone is too small for Alphabet investors to care about,&#8221; Munster wrote. &#8220;However, the management team is sharing more about their rapid progress, plans to expand operations, and has raised additional outside capital.&#8221;
The analysis comes as Waymo continues to expand its <a href="https://www.benzinga.com/news/24/10/41541316/waymo-fleet-hits-25m-driverless-miles-autonomous-driving-company-says-its-fleet-is-safer-than-human">autonomous ride-hailing service</a>, now operating in Phoenix, San Francisco, and Los Angeles, with Austin launching later this year. The company currently provides over 150,000 rides weekly across its 700-vehicle fleet.
Munster&#8217;s valuation model hinges on Waymo&#8217;s potential market share in the U.S. ride-sharing industry by 2030. In the most optimistic scenario, capturing 70% market share could generate $28 billion in earnings and an $850 billion valuation. A more conservative 30% market share scenario suggests an $11 billion earnings potential and $337 billion valuation.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I believe Alphabet will spin out Waymo in the next 2-4 years, with a potential valuation of $350B to $850B by 2030, which could add between 12-28% to <a href="https://twitter.com/search?q=%24GOOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOOG</a>&#39;s current market cap, depending on Alphabet&#39;s ownership percentage.<a href="https://t.co/O57fuOg9OR">https://t.co/O57fuOg9OR</a>
&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1858939736175636797?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42076384/dogecoin-millionaire-predicts-ethereum-to-hit-15000-if-bitcoin-cracks-200000">&#8216;Dogecoin Millionaire&#8217; Predicts Ethereum To Hit $15,000 If Bitcoin Cracks $200,000</a>
Why It Matters: The report highlights that despite high upfront vehicle costs of approximately $200,000 per unit, removing human drivers could save about $82,000 annually per vehicle. Munster expects vehicle costs to decrease to around $100,000 to make the long-term economics viable.
Waymo recently <a href="https://www.benzinga.com/news/24/10/41567166/waymo-closes-5-6b-investment-round-to-expand-robotaxi-operations">raised $5.6 billion</a> in a Series D funding round led by Alphabet, with participation from major investors including Andreessen Horowitz and Fidelity, valuing the <a href="https://www.benzinga.com/news/24/10/41665245/alphabets-self-driving-subsidiary-waymo-hits-45-billion-valuation-surpassing-ford-other-major-brands">company at approximately $45 billion</a>. The funding suggests growing institutional confidence in Waymo&#8217;s autonomous driving technology and business model.
Munster predicts the autonomous ride-sharing market will primarily be contested between Waymo and Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), with the first company to achieve widespread autonomy likely to capture the majority share.
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Image via Wikimedia Commons
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Waymo Maybe Too Small For Alphabet Investors To Care About Today, But The Self-Driving Spinoff's Could Be Valued At $850B By 20230, Says Gene Munster

In a big development, MicroStrategy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) Chairman Michael Saylor will present a case for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) investment to the board of directors at Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>).
What Happened: During an X space hosted by asset manager VanEck, Saylor said he was contacted by the activist who put up the shareholder proposal to present to the board. 
&#8220;I agreed to provide a three-minute presentation. That's all you're allowed. I'm going to actually post that online and I'm going to present it to the board.&#8221;
Saylor said he even proposed meeting with CEO Satya Nadella to discuss the strategy, but the offer was not accepted.
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&mdash; VanEck (@vaneck_us) <a href="https://twitter.com/vaneck_us/status/1854915410371457236?ref_src=twsrc%5Etfw">November 8, 2024</a></blockquote>
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&#8220;I think it&#8217;s not a bad idea to put it on the agenda of every company. It ought to be put on the agenda of Berkshire Hathaway, Apple, and Google because they all have huge hordes of cash and they&#8217;re all burning shareholder value,&#8221; Saylor argued. 
The MicroStrategy chief said that Microsoft stock would be &#8220;much less risky&#8221; if half of its enterprise value—which was currently just around 1.5%— is based on tangible assets like Bitcoin.
Meanwhile, Saylor also offered to discuss the implications of adding Bitcoin to the Treasury with Rumble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>) CEO Chris Pavloski.
<a href="https://x.com/saylor/status/1858945523258159169" title="https://x.com/saylor/status/1858945523258159169">https://x.com/saylor/status/1858945523258159169</a> 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42072777/this-cat-coin-is-only-3-of-dogecoin-but-has-a-54-chance-of-being-listed-on-binance-or-coinbase-polymarket-traders-speculate">This Cat Coin Is &#8216;Only 3% Of Dogecoin&#8217; But Has A 54% Chance Of Being Listed On Binance Or Coinbase, Polymarket Traders Speculate</a>
Why It Matters: Microsoft was set to vote on an assessment of investing in Bitcoin during next month&#8217;s shareholders meeting. The shareholders&nbsp;requested&nbsp;the board conduct the assessment, citing Bitcoin&#8217;s healthy gains over the last five years.
The proposal explicitly mentioned MicroStrategy, a pioneer in corporate Bitcoin adoption whose shares have outperformed Microsoft in 2024.
Price Action: At the time of writing, Bitcoin was trading at $92,054.06, up 0.86% 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 surged nearly 12% during Tuesday&#8217;s regular session, while Microsoft closed 0.49% higher.
Photo: DCStockPhotography/Shutterstock
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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Microstrategy's Michael Saylor To Advocate For Bitcoin At Microsoft Board Meeting, Offers To Educate Rumble CEO As Well

Cannabis wholesale platform Nabis has launched in the New York cannabis market. The move officially marked its status as a bicoastal operator.
"Expanding to New York is about more than moving into a new market — by planting our roots on the East Coast, we're laying the groundwork for our next chapter of building the national wholesaling infrastructure for brands and retailers across America," Vince C. Ning, CEO and co-founder of Nabis, said.
Going forward, Nabis' wholesaling technology will provide rapid order fulfillment, payment processing, customer service and compliance to New York's burgeoning market. Nabis said it will serve nearly 10% of the state market by the end of the year.
How?
The two storage facilities are strategically located in the Bronx and Rochester allowing Nabis to undertake two-day shipping turnaround times in nearly all regions in the state, the company said in a Tuesday press release.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41381476/riv-capital-partners-with-cannabis-wholesale-platform-nabis-to-boost-new-york-distribution">RIV Capital Partners With Cannabis Wholesale Platform Nabis To Boost New York Distribution</a>
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The structure in Rochester, which is a repurposed Kodak manufacturing facility, features 30,000 square feet of storage space, while the Bronx warehouse is a 10,000 square feet facility.
The opening of these warehouses allowed Nabis to create 100 new job opportunities in the state's cannabis industry.
In addition, Nabis has teamed up with a group of New York brands in its marketplace, including Ayrloom, Etain, Flwr City, Eaton Botanicals, Acreage, Flamer, LIVE, Tarot Tokes, Bristol Extracts, PLUGPLAY, Turn, Bloom and Dime, to name a few.
"In the cannabis industry, trusted collaborations are essential for navigating complex markets and driving sustainable growth," said Mack Hueber, president of Ayrloom. "We're thrilled to work with Nabis, whose reliability and expertise in distribution, particularly in downstate regions, enable us to scale efficiently while maintaining exceptional product value."
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Cannabis

Cannabis Wholesale Platform Nabis Launches In New York, Opens Two Warehouses Creating 100 Jobs

Jensen Huang-led Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is poised to dominate as major tech players Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google, and Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) ramp up their capital expenditures on artificial intelligence.
What Happened: On Tuesday, Wedbush analyst Dan Ives took to X, formerly Twitter, and predicted a strong performance from Nvidia, calling it the &#8220;only game in town with $1 trillion of AI Cap-Ex on the way.&#8221;
&#8220;We believe $2 billion beat/$2 billion guide higher,&#8221; Ives concluded.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We expect a drop the mic performance from Nvidia tomorrow night as Godfather of AI Jensen &amp; Co. are the only game in town with $1 trillion of AI Cap-Ex on the way with Nvidia&#39;s GPUs the new oil and gold in this world. We believe $2 billion beat/$2 billion guide higher&#x1f525;&#x1f3c6;&#x1f402;&#x1f37f;
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1858854901801009208?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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See Also:&nbsp;<a href="https://www.benzinga.com/markets/24/11/42028954/peter-thiel-says-trumps-60-china-tariff-would-be-very-very-bad-for-beijing-heres-whats-at-stake?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Thiel Says Trump&#8217;s 60% China Tariff Would Be &#8216;Very, Very Bad&#8217; For Beijing, Here&#8217;s What&#8217;s At Stake</a>
Mark Zuckerberg&#8217;s Meta, which reported its <a href="https://www.benzinga.com/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">third-quarter financial results</a> last month, exceeded its capex spending forecasts, driven largely by AI investments.&nbsp;The company raised the lower end of its 2024 capex guidance by $1 billion to $38 billion, with a significant increase anticipated in 2025.
Google&#8217;s parent company is also <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">set to match its capex spending</a> in the fourth quarter, bringing its total 2024 capex to $51.4 billion, a 59% increase year-over-year. The company also anticipates a rise in apex in 2025, albeit at a slower rate.
Similarly, Microsoft reported a capex of $20 billion <a href="https://www.benzinga.com/news/earnings/24/10/41636770/microsoft-q1-earnings-highlights-ai-driven-transformation-is-changing-work-company-beats-revenue-ep">for the first quarter</a>, nearly double the $11.2 billion from the same period last year. The company&#8217;s CFO Amy Hood expects a sequential increase in capital expenditure due to the projected demand&nbsp;for cloud and AI services.
Why It Matters: Analysts have predicted a &#8220;beat-n-raise&#8221; performance in <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42068962/nvidia-q3-earnings-preview-analysts-expect-beat-n-raise-on-continued-data-center-strength">Nvidia&#8217;s third-quarter earnings</a>, with an expected revenue of $33.12 billion, a significant increase from last year&#8217;s $18.12 billion. The tech giant will report earnings on Wednesday, Nov. 20.
Despite recent <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">overheating issues with</a> Nvidia&#8217;s new Blackwell AI chips, the company&#8217;s value is expected to surge, driven by the potential of the next-generation AI chip. Earlier in September, Analyst Beth Kindig of I/O Fund projected a <a href="https://www.benzinga.com/markets/equities/24/09/40670634/nvidia-set-to-reach-10-trillion-valuation-as-blackwell-expected-to-propel-chip-maker-with-firewo">$10 trillion valuation for Nvidia</a>.
Price Action: Nvidia shares rose 4.89% on Tuesday, closing at $147.01, with an additional 0.46% gain in after-hours trading, reaching $147.69 at the time of writing, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent103024&amp;t=be2bearmibe3na1" target="_blank" rel="noreferrer noopener"> from Benzinga Pro.</a>
Image via Unsplash
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42054220/economics-professor-doubts-impact-of-dogecoin-inspired-elon-musk-led-department-on-federal-deficit-cites-this-as-major-concern?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Economics Professor Doubts Impact Of Dogecoin-Inspired, Elon Musk-Led Department On Federal Deficit, Cites This As Major Concern</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Dan Ives Expects 'Drop The Mic Performance' Tomorrow From Nvidia: Here's Why

Leading cryptocurrencies rose Tuesday with the successful debut of spot Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) exchange-traded funds (ETFs) options.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+1.46%</td>
<td>$92,264.28</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.96%</td>
<td>$3,112.15</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+4.77%</td>
<td>$0.3875</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin recorded a new all-time high after breaching $94,000. The rally came after Nasdaq listed options for BlackRock&#8217;s iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) for the first time, giving a fillip to institutional adoption of the world's largest cryptocurrency.
Robert Mitchnick, BlackRock's head of digital assets, told a panel at the Benzinga <a href="https://www.benzinga.com/digital-assets">Future of Digital Assets </a>conference that the <a href="https://www.benzinga.com/news/events/24/11/42078359/blackrocks-head-of-digital-assets-says-ibit-spot-bitcoin-etf-options-blow-past-1-billion-in-trading-volume">options trading volume breached the 1 billion mark</a> on its first day.
Ethereum wiggled in the $3,100 zone throughout the day. Over the last week, the asset lost nearly 5% of its value, while Bitcoin gained 4.59%.
Total cryptocurrency liquidations reached $293 million in the last 24 hours, with $183 million in bullish bets getting evaporated. .&nbsp;
Bitcoin's Open Interest (OI) increased by 2.54% in the last 24 hours, indicating opening of new derivatives.&nbsp;
Most of the new positions bet against Bitcoin's price rise, as Long/Shorts Ratio fell sharply below 1 in the last 24 hours.
The euphoria ebbed considerably, as the reading on the Cryptocurrency Fear and Greed Index dropped from 90 to 83.&nbsp;
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Cronos (CRO)</td>
<td>+10.25%</td>
<td>$0.1855</td>
</tr>
<tr>
<td>Kaia (KAIA)</td>
<td>+8.04%</td>
<td>$0.1481</td>
</tr>
<tr>
<td>Goatseus Maximus (GOAT)</td>
<td>+7.70%</td>
<td>$1.13</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.08 trillion, growing by 0.43% in the last 24 hours.
Tech-related stocks moved up Tuesday, bolstered by Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rally.
The Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.47. The S&amp;P 500 added 0.40% to close at 5,916.98. Meanwhile, the Dow Jones Industrial Average recorded a second straight day of decline, closing 0.28% lower at 43,268.94.
Shares of Nvidia jumped 4.89% ahead of the company's highly-anticipated third-quarter earnings report on Wednesday.
Oil prices rose slightly after Ukraine used American-made long-range ATACMS <a href="https://www.benzinga.com/news/global/24/11/42064198/putin-revises-nuclear-doctrine-for-broader-strikes-after-us-backed-ukrainian-attack-markets-drop-bonds-gain">missiles to hit Russia</a>. The U.S. West Texas Intermediate (WTI) traded at $69.53 a barrel, up 0.22%.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular on-chain analytics firm Santiment noted lower enthusiasm on social media despite Bitcoin smashing past $94,000.
"The lack of euphoria is an encouraging sign, as FOMO typically leads to corrections," it added.
Santiment stated that as long as retail investors were quiet, whales can pump the market with minimal pushback.
<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">&#x1f4ca; Bitcoin&#39;s new all-time high now sits at $94,002, and the commentary across social media could be described as luke-warm at best. The lack of euphoria is an encouraging sign, as FOMO typically leads to corrections. As long as there is retail trader disbelief, whales can… <a href="https://t.co/PovcZidNcp">pic.twitter.com/PovcZidNcp</a>
&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1858980865163796813?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Widely-followed cryptocurrency analyst Ali Martinez raised the possibility of Ethereum outperforming Bitcoin in the days ahead.&nbsp;
"That hasn't happened yet in the current cycle, but it is certainly on the horizon. As ETH lags behind, there is an opportunity here to buy before it outperforms," the analyst added.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Every market cycle has experienced a phase where <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> outperforms <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. That hasn't happened yet in the current cycle, but it is certainly on the horizon. As <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> lags behind, there is an opportunity here to buy before it outperforms.<a href="https://t.co/q3yTrkgHuz">https://t.co/q3yTrkgHuz</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1859014181334425660?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In terms of price action, Martinez predicted that the second-largest cryptocurrency will reach the middle and upper boundaries of the ascending parallel channel, at $4,000 and $6,000, respectively.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">So, where is <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> going next? Well, the formation of an ascending parallel channel suggests <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> will test the middle and upper boundary, sitting at $4,000 and $6,000, respectively.<a href="https://t.co/mkpxAeXtXq">https://t.co/mkpxAeXtXq</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1859014190410985544?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Avi Rozen on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/news/24/11/42027165/musks-doge-role-boosts-dogecoin-as-brian-armstrong-shows-support">Musk&#8217;s DOGE Role Boosts Dogecoin As Brian Armstrong Shows Support</a></li>
</ul>

Movers

Trading Ideas

$DOGE

$ETH

IBIT

Bitcoin, Dogecoin Gain, Ethereum Drops As BlackRock's ETF Options Volume Breaches $1B On Debut: Analyst Flags 'Opportunity' To Buy ETH Before It Outperforms BTC

On Tuesday, Cathie Wood-led Ark Invest made a notable move by offloading a significant number of shares in Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). This decision comes amidst a surge in Tesla&#8217;s stock, fueled by reports of the incoming administration&#8217;s plans to ease restrictions on self-driving vehicles.
The TSLA Trade
Ark Invest&#8217;s decision to sell Tesla shares coincides with a period of significant growth for the electric vehicle giant. The company&#8217;s stock has been on an upward trajectory, largely due to reports suggesting that President-elect Donald Trump&#8217;s administration intends to prioritize a federal <a href="https://www.benzinga.com/24/11/42052848/cathie-woods-ark-sells-10m-of-tesla-stock-as-trumps-av-plans-boost-stock">framework for autonomous vehicles</a>. Such a move could potentially simplify the operation of self-driving cars, providing a significant boost to companies like Tesla.
According to data provided, Ark Invest sold 44,520 shares of Tesla on Tuesday. Given the closing price of $346 per share, the total value of the trade amounts to approximately $15.4 million. The trade was made through the ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>).
Meanwhile, CNBC host Jim Cramer supports owning Tesla stock but <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42056899/jim-cramer-thinks-trumps-plans-for-robotaxis-are-fanciful-but-he-is-still-bullish-on-tesla-stock-the-musk-premium-will-work-its-magic-in-other-ways">dismisses reports </a>of Trump easing self-driving regulations as a "bad reason" to buy. He highlights Tesla's strength as a tech company with high valuation potential beyond regulatory changes.
Other Key Trades:
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42028523/cathie-wood-draws-reagan-era-parallels-as-elon-musk-takes-doge-helm-this-bull-market-has-just-begun-to-broaden-out?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: &#8216;This Bull Market Has Just Begun To</a> 
<ul>
<li>Ark purchased Intellia Therapeutics Inc. (NTLA) and Tempus AI Inc. (TEM) stock on Tuesday.</li>
<li>The firm sold stock of Rocket Lab USA Inc. (RKLB) and of Markforged Holding Corp. (MKFG). </li>
<li>Ark also sold Senti Biosciences Inc (SNTI) and Nurix Therapeutics Inc (NRIX) stock.</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/11/42053687/peter-schiff-pokes-fun-at-microstrategys-bitcoin-buying-spree-michael-saylor-is-gonna-need-a-bigger-plan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Peter Schiff Pokes Fun Of MicroStrategy&#8217;s Bitcoin Purchase: &#8216;Michael Saylor Is Gonna Need A Bigger Plan&#8217;</a></li>
</ul>

ETFs

ARKK

As Tesla Rides Trump Rally, Cathie Wood Sells $15.4M Worth Of Stock

In the early hours of Wednesday, Elon Musk&#8217;s SpaceX successfully launched its colossal Starship rocket from Texas, with President-elect Donald Trump in attendance.
What Happened: The Starship rocket, standing at 400 feet (122 meters), took off from SpaceX&#8217;s Texas rocket development site at around 3:30 am (IST).
The rocket, designed to transport astronauts to the moon and Mars, saw its first stage booster, the 233-foot-tall (71-meter-tall) Super Heavy, detach from the second stage, Starship, at an altitude of about 40 miles (62 km), propelling the craft into space.
This launch marks a significant stride in SpaceX&#8217;s spaceflight capabilities, despite a failed attempt to land the booster back on Earth.
Trump, who was present at the SpaceX facility in Texas, observed the launch alongside Musk, underscoring the president-elect&#8217;s ongoing interest in space exploration.
Musk celebrated a milestone for SpaceX as the Starship successfully completed an ocean landing during its sixth flight test. &#8220;We will do one more ocean landing of the ship,&#8221; Musk stated on X formerly known as Twitter, adding, &#8220;If that goes well, then SpaceX will attempt to catch the ship with the tower.&#8221; 
The splashdown marks a crucial step in the Starship program, which aims to revolutionize space travel with reusable spacecraft.
<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">Successful ocean landing of Starship! We will do one more ocean landing of the ship. If that goes well, then SpaceX will attempt to catch the ship with the tower. <a href="https://t.co/osFud7XXPo">https://t.co/osFud7XXPo</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1859036912348262787?ref_src=twsrc%5Etfw">November 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42025317/dogecoin-repeating-its-historical-pattern-says-analyst-meme-coin-set-to-touch-3-by-trumps-inauguration-day-2025?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin &#8216;Repeating Its Historical Pattern,&#8217; Says Analyst: Meme Coin Set To Touch $3 By Trump&#8217;s Inauguration Day 2025</a>
Why It Matters: SpaceX has been making significant strides in the space industry. The company&#8217;s COO, Gwynne Shotwell, recently <a href="https://www.benzinga.com/24/11/42030915/spacex-coo-accuses-regulators-of-slowing-down-innovation-physics-is-easy-people-are-hard">criticized regulators for impeding innovation</a> at SpaceX. 
Despite these challenges, SpaceX&#8217;s Starlink satellite <a href="https://www.benzinga.com/general/space/24/11/42033393/spacexs-gwynne-shotwell-sees-starlink-becoming-profitable-in-2024-bets-on-starship-making-it-one-of-the-most-valuable-companies-amid-reports-of-tender-offer-valuing-it-over-250b">network is on track to become profitable</a> in 2024, with the company producing 50-60 satellites weekly.
Meanwhile, SpaceX&#8217;s European competitor, The Exploration Company, recently <a href="https://www.benzinga.com/general/space/24/11/42030143/spacexs-european-rival-raises-160m-for-reusable-space-capsule">secured $160 million in funding</a> further to develop its reusable space capsule, &#8220;Nyx.&#8221; 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42028523/cathie-wood-draws-reagan-era-parallels-as-elon-musk-takes-doge-helm-this-bull-market-has-just-begun-to-broaden-out?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Cathie Wood Draws Reagan-Era Parallels As Elon Musk Takes DOGE Helm: &#8216;This Bull Market Has Just Begun To Broaden Out&#8217;</a></li>
</ul>
Image via SpaceX
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

SPACE

Elon Musk Hails Starship's Milestone Splashdown As Trump Watches: One More Ocean Landing Before SpaceX Attempt To 'Catch The Ship With The Tower'

JFBR

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

LUXH

JFBRW

LUXHP

"The days of retail being a fringe player are over," said Eric Krueger, CEO of GTN Americas at <a href="https://benzinga.swoogo.com/fintech-awards/6073689">Benzinga Fintech Deal Day</a>, during a panel called "Bridging Divides: Connecting Wall Street with Main Street.&#8221;
The panel, moderated by Brandis DeSimone, head of data sales at Nasdaq, brought together voices from Public.com, Alpaca, TradeZero and GTN to explore innovation, education and the global rise of retail trading.
See Also:<a href="https://www.benzinga.com/news/events/24/11/42072183/will-ai-become-an-assistant-or-a-master-experts-beg-to-differ-at-benzinga-fintech-conference"> Will AI Become An Assistant Or A Master? Experts Beg To Differ At Benzinga Fintech Conference</a> Reflecting on his early days at Merrill Lynch, Krueger described how trading has evolved from $100 commissions to instant, no-cost trades on a mobile app. "That friction is gone, and it's made retail a major force in the market."
But the increasing presence of retail investors raised questions about their readiness for sophisticated markets. 
On one side, Samuel Nofzinger, head of Brokerage and Crypto at Public.com, argued that learning through mistakes is essential. "We can't be too paternalistic," he said. "Guardrails are important, but you have to let people fail. That's how they grow from chasing meme stocks to building diversified portfolios."
Yoshi Yokokawa, CEO of Alpaca, offered a cautious counterpoint, warning about the dangers of pushing risk too far. "We've seen what happens when innovation outpaces responsibility, like during the crypto boom and bust," he said. 
Yokokawa, who worked at Lehman Brothers during the 2008 financial crisis, stressed that fintech companies have a duty to balance access with protection. "We have to ask: how much risk should we be introducing to the average investor?"
<h1 class="wp-block-heading">Innovation vs. Responsibility</h1>
One recurring theme was how to simplify complex financial products without oversimplifying their risks. Nofzinger pointed to Public's approach to fixed-income products as an example. 
"Bonds are complicated, but we've repackaged them into something retail investors understand: a yield-focused account," he said. The result was striking — on launch day, Public handled 8% of all U.S. bond trades.
"Offering a new product is great, but making it digestible is where the real work happens," Krueger noted. He warned against overwhelming retail users with overly complex choices. "Retail investors don't wake up thinking, ‘Let me buy some bonds.' They think, ‘Where can I get the best yield?' Simplifying that process is key."
Yokokawa agreed but remained wary of the long-term implications. "When you chase yield, you're pushing the limits," he said. "That's how boom-and-bust cycles happen. We have to remember that retail isn't just numbers — it's people's savings, their futures."
<h1 class="wp-block-heading">Striking A Balance: Education and Risk</h1>
Panelists debated the best approach to educating retail investors without stifling their autonomy. Nofzinger talked about meeting users where they are, including platforms such as TikTok and Meta Platform&#8217;s Instagram. "If you're not there, you're invisible to this generation of investors," he said.
Meanwhile, Daniel Pipitone, co-founder and CEO of TradeZero, focused on working with unbiased educators to teach strategies and risk management. He echoed Nofzinger's belief that mistakes are part of the process. "You can't control what people do, and they need room to learn. But platforms need to provide tools that help guide them responsibly."
Krueger added a different perspective, calling for education to be embedded directly into trading platforms. "It's not enough to have a help section buried in a menu. If someone is overtrading after a loss, we need to deliver advice right then and there," he said. "It's about personalization, not one-size-fits-all solutions."
<h1 class="wp-block-heading">Main Street Is Everywhere</h1>
Retail's expansion is not just a U.S. story — it's a global one. Pipitone described how demand for U.S. equities is booming abroad. "Main Street has expanded beyond borders," he said. "People everywhere want to trade Tesla or Nvidia because these brands are part of their lives."
Krueger noted that 90% of trading volumes for GTN's international partners are in U.S. markets, driven by the consistent outperformance of American stocks. 
Yet scaling globally isn't easy. "Serving smaller markets means you need incredibly low costs," Yokokawa explained. "That only works if you internalize every part of your operations, from technology to customer acquisition."
Read Next: 
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<li><a href="https://www.benzinga.com/news/events/24/11/42073346/exclusive-retail-investors-are-taking-on-more-risk-and-finding-success-is-crypto-acting-as-a-gateway-trade">EXCLUSIVE: Retail Investors Are Taking On More Risk And Finding Success — Is Crypto Acting As A &#8216;Gateway Trade?&#8217;</a></li>
</ul>
Photo: Shutterstock

Fintech news covering the emerging Financial Technology services sector

Fintech

Retail Sales

Events

Exclusives

Personal Finance

EXCLUSIVE: Wall Street Meets Main Street — Fintech Experts Weigh In On Retail's Rise

Robert Mitchnick, head of digital assets at BlackRock, told a panel at the Benzinga <a href="https://www.benzinga.com/digital-assets">Future of Digital Assets </a>conference on Nov. 19 that options volume on the iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) breached the 1 billion <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42058823/blackrocks-spot-bitcoin-etf-to-open-for-options-trading-heres-why-it-could-be-a-big-deal-for-bitcoin">mark on Tuesday. </a>
"Things happen fast here," Mitchnick said. 
The Details: Nasdaq began listing options on BlackRock's spot Bitcoin ETF on Tuesday with 73,000 contracts traded in the first 90 minutes, ranking IBIT options among the top 20 most active non-index options. 
BlackRock's IBIT is currently the only spot Bitcoin ETF listed on Nasdaq, but competitors listed on the New York Stock Exchange (NYSE) and Cboe Global Markets are expected to launch similar options trading in the coming days.
Bloomberg senior ETF analyst Eric Balchunas noted that the volume was almost entirely calls, indicating a strong bullish sentiment in Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). 
<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">A few hundred million so far in options volume on <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$IBIT</a> (a ton for Day One).. here&#39;s a rank of the contracts by volume, it&#39;s almost all calls. Seems very bullish, esp the Dec20th C100, which is basically betting price of btc will double in the next month. <a href="https://t.co/R6HB7OMUla">pic.twitter.com/R6HB7OMUla</a>
&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1858916477384225005?ref_src=twsrc%5Etfw">November 19, 2024</a></blockquote>
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The <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42071163/blackrock-spot-bitcoin-etf-options-on-nasdaq-rack-up-9-figure-trading-volume-in-first-few-hours-seems-very-bullish-says-analyst">derivatives market </a>for traditional assets can often grow to be up to 20 times the size of the underlying asset&#8217;s market cap. If Bitcoin derivatives follow a similar trajectory, the listing of IBIT options could significantly expand the reach and functionality of Bitcoin-linked financial products.
"There's a ton of work to do to flesh out the investor opportunity and uptake around what we have," Mitchnick said. 
Read Next:&nbsp;
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Photo: John Dave from Pixabay

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BlackRock's Head Of Digital Assets Says IBIT Spot Bitcoin ETF Options Blow Past 1 Billion In Trading Volume

Congressman Matt Gaetz (R-Fla.) resigned from office after he was announced as President-elect Donald Trump's pick<a href="https://www.benzinga.com/news/legal/24/11/41956594/matt-gaetz-is-trumps-attorney-general-pick-would-be-top-cop-is-under-house-ethics-investigation"> for attorney general.</a>
While Gaetz has not been formally nominated for the White House role, his resignation could keep an investigation into his actions from being publicly released.
What Happened: Prior to<a href="https://www.benzinga.com/news/24/11/42024613/lawyer-ethics-committee-witness-says-she-saw-ag-nominee-gaetz-having-sex-with-a-minor"> resigning from Congress</a>, Gaetz was under investigation by the House Ethics Committee for allegations of sexual misconduct, drug use and more.
With Gaetz no longer a member of Congress, the Ethics Committee has no jurisdiction over him, but their decision of whether to release their findings publicly remains one of the biggest topics for Congress this week.
The Ethics Committee, which is evenly split between Democrats and Republicans, is expected to meet Wednesday to determine their next step in whether to release the report or not, the Wall Street Journal <a href="https://www.wsj.com/politics/policy/senators-want-details-on-sexual-misconduct-allegations-as-gaetz-seeks-fair-shake-7a1bfad7?mod=hp_lead_pos1">reported</a>.
The report would likely include the committee's findings into allegations that Gaetz had sexual relations with a 17-year-old minor. The former minor and another woman both said Gaetz paid them for sex, according to comments from their lawyer on Monday.
Gaetz denied allegations of having sex with a minor, sex trafficking or paying for sex previously.
Speaker of the House Mike Johnson (R-La.) said this week it would be a bad precedent if the committee releases the report with Gaetz no longer a member of Congress.
See Also: <a href="https://www.benzinga.com/politics/24/11/42077496/donald-trumps-personnel-picks-new-poll-finds-elon-musk-with-highest-approval-by-voters-matt-gaetz-with-highest-disapproval">Donald Trump&#8217;s Personnel Picks: New Poll Finds Elon Musk With Highest Approval By Voters, Matt Gaetz With Highest Disapproval</a>
Some members of Congress, including members of the Republican party, want to see the results of the committee ahead of a potential vote for Gaetz to be a member of Trump's cabinet.
"I'm saying to the people that want any cabinet person to get through — not just Gaetz — but it's going to be a lot faster if you give us all the information that we want," Sen. Chuck Grassley (R-Iowa) said.
The Ethics Committee previously planned to release their findings last week before Gaetz surprising resignation.
Did You Know?
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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent111924">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>
Why It's Important: While The Republicans will have a majority of 53-47 when the new Congress term begins in January, four Republicans voting against any pick could see them fail to be approved through, assuming all Democrats vote against the candidate.
On Tuesday it was reported that an "unknown and unauthorized third party" gained access to depositions from witnesses in the Gaetz investigation, as <a href="https://www.cbsnews.com/news/matt-gaetz-depositions-leak-investigations/">reported </a>by CBS News.
The reported leak, which could include testimony from the minor who allegedly had sex with Gaetz, could put into question whether more details from the case will be released publicly, even if Congress doesn't do so.
On <a href="https://polymarket.com/event/who-will-be-trumps-attorney-general?tid=1732054162608">Polymarket</a>, the odds of Gaetz being approved as attorney general currently stand at 38%, up from <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42014985/matt-gaetz-to-be-confirmed-as-attorney-general-in-a-trump-administration-not-so-fast-polymarket-traders-say">28% four days ago. </a>The odds had previously hovered between 25% and 30%, before growing in recent days.
Gaetz has the best odds of any name listed in the Polymarket attorney general prediction market. On Polymarket, users can deposit funds using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) via the Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) network, or directly from a crypto account with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
Each betting market sees the winning option pay out at $1. Like the 2024 election markets, the odds of potential cabinet members are becoming hot betting markets on Polymarket.
Read Next: 
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Photo: Shutterstock

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Trump's Attorney General Pick Matt Gaetz Resigned From Congress, Ethics Committee To Decide If Report Will Be Released

President-elect Donald J. Trump <a href="https://www.benzinga.com/general/health-care/24/11/42077057/trump-picks-dr-oz-as-centers-for-medicare-and-medicaid-services-administrator">announced on Tuesday afternoon</a> that he will nominate TV personality Dr. Mehmet Oz to serve as the administrator of the Centers for <a href="https://www.benzinga.com/etfs/24/11/42044642/trump-appears-frustrated-as-elon-musk-chimes-in-on-treasury-secretary-adds-more-names-to-a-list-of-potential-picks" target="_blank" rel="noreferrer noopener">Medicare and Medicaid Services (CMS)</a>. The appointment is among a string of TV hosts — mostly from Fox News — to be chosen to join Trump's cabinet.
In a statement, Trump said the celebrity TV host will "work closely with Robert F. Kennedy Jr. to take on the illness industrial complex."
Though a household name due to his long-running &#8220;The Dr. Oz Show" (2009-2022), Oz got into politics when he <a href="https://www.benzinga.com/markets/cannabis/22/06/27558526/dr-oz-to-face-john-fetterman-in-unprecedented-unpredictable-pa-senate-race-and-cannabis-is-on-th">unsuccessfully ran for Senate</a> against now Sen. John Fetterman (D-Penn.) in 2022, during which time the good doctor seemed to forge an alliance with Trump.
At the time, Scientific American&nbsp;<a href="https://www.scientificamerican.com/article/dr-oz-shouldnt-be-a-senator-or-a-doctor/" target="_blank" rel="noreferrer noopener">wrote </a>Dr. Oz should not&nbsp;be a senator or a doctor, noting that his misinformation had already tarnished medicine and would do much worse in the halls of Congress.&nbsp;"Dr. Oz&nbsp;has long pushed misleading, science-free and unproven alternative therapies such as homeopathy, as well as fad diets, detoxes and cleanses."
<h1 class="wp-block-heading">Donald Trump Begs To Differ</h1>
News outlets are quick to<a href="https://www.axios.com/2024/11/19/trump-dr-oz-cms-cabinet"> point out</a> that Dr. Oz has no experience running a large government body like the CMS but that seems to not matter because, according to the President-elect.
&#8220;There may be no Physician more qualified and capable than Dr. Oz to Make America Healthy Again,&#8221; Trump said in a statement, referring to the words of <a href="https://www.benzinga.com/topic/robert-f-kennedy-jr">Robert Kennedy Jr</a>. who will, if confirmed run the Dept. of Health and Human Services.
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<h1 class="wp-block-heading">Dr. Oz On Cannabis</h1>
The multimillionaire TV host initially called cannabis a &#8220;mixed bag for easing pain.&#8221; But a recent discussion with&nbsp;Michael Roizen,&nbsp;M.D., of the Wellness Institute at the Cleveland Clinic, Dr. <a href="https://www.benzinga.com/markets/cannabis/24/08/40492959/trump-endorsed-dr-oz-on-medical-marijuana-and-pain-give-it-a-try">Oz said</a>, &#8220;Our advice: If your physician recommends it to manage pain, especially if you&#8217;re 65 and older, give it a try.&#8221;
While Dr. Oz cautions against cannabis consumption for recreational purposes, he said he believes marijuana for pain represents a "safer solution than, for example, narcotics in many cases."
During his Senate race, Dr. Oz often criticized Fetterman&#8217;s support for cannabis legalization though several years earlier he himself <a href="https://www.marijuanamoment.net/dr-oz-claims-dea-and-fda-blame-each-other-for-keeping-marijuana-illegal/">referred to cannabis</a>&nbsp;as "one of the most underused tools in America" and that the U.S. should&nbsp;"completely change our policy on marijuana."
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Trump Picks Dr. Oz, Who Says Seniors Should Give Medical Marijuana A Try, To Lead Centers For Medicare And Medicaid Services

AZEK Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZEK#NYSE">AZEK</a>) sees FY2025 sales of $1.510 billion-1.540 billion vs $1.43 billion estimate.

Guidance

AZEK

AZEK Co Sees FY2025 Sales $1.510B-1.540B vs $1.43B Est

Kore Group Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KORE#NYSE">KORE</a>) raises FY2024 sales outlook from $275.00 million-285.00 million to $280.00 million-285.00 million.

KORE

Kore Group Holdings Raises FY2024 Sales Guidance from $275.00M-285.00M to $280.00M-285.00M

Varex Imaging (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VREX#NASDAQ">VREX</a>) is looking for Q1 Adj EPS of $(0.05)-0.10 vs $0.04 analyst estimate. sees sales of $195.000 million-215.000 million vs $189.43 million estimate.

VREX

Varex Imaging Sees Q1 Adj EPS $(0.05)-0.10 vs $0.04 Est; Sees Sales $195.000M-215.000M vs $189.43M Est

Shanghai AlphaGen Therapeutics and ArtBio forged a far-reaching agreement to expand ArtBio's market and develop new radioligand therapies. Additionally, Biocytogen Pharma signed an antibody evaluation/option agreement with Gilead Sciences.

Week In Review: AlphaGen And ArtBio Form China-US Radioligand Partnership

Profit Setback For Simcere Pharma In Novel Drugs Quest

EpimAb Biotherapeutics sold global rights for a clinical-stage asset to Vignette Bio, a San Francisco startup, in a $635 million deal. Meanwhile, Shenzhen TargetRx raised $20 million by selling China commercial rights for an ALK inhibitor to Simcere.

Week In Review: EpimAb Sells T-Cell Engager In $635 Million Deal

Week In Review: EpimAb Sells T-Cell Engager In $635m Deal

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Simcere Pharmaceutical Gr

<h4>Key Takeaways:</h4>

<ul>
	<li>The drugs Xiannuoxin and Mindewei have been conditionally approved for marketing in China. Despite the positive news, Simcere Pharmaceutical&rsquo;s stock managed only a muted rise and shares in Junshi Biosciences fell for two straight days</li>
	<li>With the latest wave of the pandemic already abating, demand for Covid treatments may lag expectations</li>
</ul>

By Molly Wen

China is deploying more drugs in its battle against Covid, which is good news for patients. But as the pandemic subsides, the growing list of treatments spells trouble for makers of the life-saving medicines.

Returning from the Lunar New Year holiday, two pharmaceutical companies announced progress in bringing new Covid drugs to the market, but the news was greeted with little fanfare by the stock market.

Last Sunday,&nbsp;Simcere Pharmaceutical Group Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SMHGF#OTC">SMHGF</a>) and&nbsp;Shanghai Junshi Biosciences Co. Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SHJBF#OTC">SHJBF</a>) gained conditional approval from Chinese regulators to market their oral Covid treatments, both small-molecule drugs used to treat patients with mild to moderate symptoms.

The newly approved treatments join a growing arsenal of drugs on the Chinese market for fighting Covid, alongside&nbsp;Pfizer&rsquo;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) Paxlovid,&nbsp;Merck&rsquo;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) Molnupiravir and&nbsp;Genuine Biotech&rsquo;s&nbsp;Azvudine.

However, as drug options have multiplied, market enthusiasm for Covid-related pharma stocks appears to have cooled. In the two days after the drug approval, Simcere Pharmaceutical&rsquo;s shares rose a mere 1.3%. Meanwhile at Junshi Biosciences, the Covid drug progress was not enough to cheer up investors worried about the overall profit outlook. The stock price fell 5.5% and 3.7% in the days after the approval, after the company estimated a&nbsp;net loss&nbsp;for last year.

Infection numbers spiked across China after the government relaxed its zero-Covid policy in December. But the current wave looks to have peaked, with no major resurgence during the Lunar New Year holiday and no new strains detected, according to the Chinese Center for Disease Control and Prevention (CDC). As of Jan. 26, the official tally stood at 216,000 hospitalized cases of Covid including 26,000 severe cases.

But success in containing Covid means the market for drugs to treat the inflection could be less buoyant than previously expected. With demand moderating, can the latest two drugs manage to turn a profit?

Simcere Pharmaceutical was quick to get down to business. A day after marketing approval was granted, the Beijing Municipal Medical Insurance Bureau priced Simcere&rsquo;s Covid drug&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0129/2023012900073.pdf">Xiannuoxin</a>&nbsp;at 750 yuan ($112) per pack, compared with an ex-factory price between 705 and 720 yuan per pack after tax. The company said it was ready to ramp up production and would sell through offline and online channels. By contrast, Junshi Biosciences has yet to release any pricing, although it vowed to start mass production and delivery of its drug&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0130/2023013000033.pdf">Mindewei</a>&nbsp;(VV116) soon.

<h4>Drugs with different bio targets</h4>

The two drugs use different pathways to fight Covid, but both methods are well-established in the research community. Simcere&rsquo;s Xiannuoxin targets 3CLpro, an enzyme involved in virus replication. The treatment works in a similar way to Pfizer&rsquo;s Paxlovid by combining two drugs to tackle the injection. The first drug, Simnotrelvir, inhibits 3CLpro while the second component, Ritonavir, enhances the anti-viral effects by slowing down the metabolism of Simnotrelvir.&nbsp; The company produces its own Simnotrelvir, while&nbsp;Ascletis Pharma&nbsp;(1672.HK)supplies it with Ritonavir.

Simcere Pharmaceutical said clinical trials indicated that its drug speeded up recovery time, based on data from 1,208 adult Covid patients with mild to moderate symptoms. The patients given Xiannuoxin took 1.5 fewer days to be symptom-free than people in the placebo group. The 11 tracked symptoms included coughing, fever, headaches, diarrhea, muscle pain and full-body aches.&nbsp; After five days of treatment, the viral load of patients in the drug group fell 96% and their Covid tests turned negative 2.2 days ahead of those in the placebo group. But the data from the clinical trials of Xiannuoxin have not been published in any academic journal yet.

The drug produced by Junshi Biosciences uses a different mechanism to obstruct Covid cells, targeting the same RdRp enzyme as Merck&rsquo;s Molnupiravir and Genuine Biotech&rsquo;s Azvudine.

The new drug Mindewei is an RdRp inhibitor, like the Covid drug Remdesivir which was approved in the U.S. for treating severe Covid conditions through intravenous injection. But by contrast, Mindewei can be taken orally and its active ingredient is a wide-spectrum coronavirus inhibitor recognized as safe and effective by the academic community.

Last December, the authoritative global journal &ldquo;New England Journal of Medicine&rdquo; compared Junshi&rsquo;s Mindewei to Pfizer&rsquo;s Paxlovid, based on the outcome of phase-three clinical trials for the Chinese drug. It found that Mindewei was not inferior to Paxlovid in treating Covid patients with mild to moderate symptoms and high risk factors.

Junshi Biosciences said its phase-three clinical trials showed that the drug shortened patients&rsquo; recovery time from Covid. In the study of 1,277 patients with mild to moderate symptoms, those treated with the drug were symptom-free two days sooner than their peers in the placebo group. &nbsp;But detailed data have not been released in any academic journal.

<h4>Limited profit prospects</h4>

At the end of last year, China wrestled with a dire shortage of Covid oral drugs as infections mounted and severe cases surged. Paxlovid sold for 1,890 yuan per pack and was in extremely short supply to the point where its black-market price reached 50,000 yuan per pack. Paxlovid did not make it onto the&nbsp;list&nbsp;of&nbsp; nationally insured drugs in January, while the Chinese drug Azvudine made the cut and was priced at 11.58 yuan per pill (3mg), down 35% from its initial marketing price and costing around 350 yuan for each course of treatment.

Xiannuoxin&rsquo;s ex-factory price per course is about 720 yuan. The drug retails at a higher price than Azvudine but lower than Paxlovid and Molnupiravir. When considering the cost of ingredients, which make up about half the retail price, and the 502 million yuan in R&amp;D costs, the drug would have to sell 1.7 million courses to turn a profit.

And crucially, the Covid drugs market is set to become more crowded, just as the infection curve moderates.

Among companies rushing to get their products approved are Guangdong Raynovent Biotech, &nbsp;a subsidiary of&nbsp;Guangdong Zhongsheng Pharmaceutical&nbsp;(002317.SZ),&nbsp;Kexing Bioproducts&nbsp;(688136.SH) and the Japanese company&nbsp;Shionogi &amp; Co., Ltd.. With more players boosting supply, profitability may well suffer.

In terms of valuation, Simcere Pharmaceutical has a price-to-sales (P/S) ratio of 4.3 times, lower than the 11.8 times for Junshi Biosciences. And the ratios of Zhongsheng Pharmaceutical and Kexing Bioproducts are 7.5 times and 3.3 times respectively. That means Simcere Pharmaceutical is not enjoying any premium simply because it is moving more swiftly with commercialization. On the contrary, investors appear to have more faith in the bigger innovative drug company, Junshi Biosciences.

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