Principal U.S. Mega-Cap ETF (NASDAQ: USMC)

Latest news for Principal U.S. Mega-Cap ETF (NASDAQ:USMC)

Principal U.S. Mega-Cap ETF

Technology

Healthcare

Financial Services

Consumer Defensive

Consumer Cyclical

Communication Services

Energy

Other

Utilities

Industrials

Under normal circumstances, the Fund invests at least 80 percent of its net assets, plus any borrowings for investment purposes, in equity securities of U.S. companies with very large market capitalizations at the time of purchase. For this Fund, companies with mega capitalizations are those with market capitalizations in the top 50th percentile of the S&P 500 Index at the time of purchase. As of September 30, 2023, the market capitalization range of the companies in the S&P 500 Index was between approximately dollar 4.0 billion and dollar 2.7 trillion, and the market capitalization range of companies with mega capitalizations in the S&P 500 Index was between approximately dollar 187.3 billion and dollar 2.7 trillion.

NVIDIA Corporation

Microsoft Corp

Apple Inc

Broadcom Inc

Alphabet Inc. Class A

Tcostco Wholesale Corporation3.

Meta Platforms Inc.

Adobe Inc

Amazon.Com Inc

'mastercard Inc., Class 'a''

LRGE

USMC


Beating the S&amp;P 500 consistently is something many investors dedicate their lives to, but few are able to reach the lofty goal. Often just called “the S&amp;P,&#34; this index has cemented its place as the primary

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Buybacks

X Financial Enters Repurchase Agreement With A Major Shareholder To Repurchase 6.35M ADSs With Total Repurchase Price Of $48.7M

NASA on Tuesday said that it has further delayed the return of astronauts Sunita Williams and Butch Wilmore back to Earth from the International Space Station to at least late March 2025, prolonging their stay at the station for over nine months.
What Happened: Williams and Wilmore launched to the International Space Station aboard Boeing Co&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) Starliner spacecraft in June and were supposed to return in about eight days. 
However, technical issues identified with the spacecraft while docking delayed a return, and the space agency subsequently decided to scrap bringing back the two astronauts on the Starliner spacecraft.
The Starliner subsequently<a href="https://www.benzinga.com/news/24/09/40758526/boeing-starliner-returns-to-earth-without-sunita-williams-and-butch-wilmore-lands-in-new-mexico-afte" target="_blank" rel="noreferrer noopener">&nbsp;returned without the astronauts on Sept. 6</a>. The two astronauts, NASA then said, will return with Crew 9 members Nick Hague and Aleksandr Gorbunov <a href="https://www.benzinga.com/news/24/09/40850262/nasa-delays-crew-9-mission-yet-again-this-time-to-complete-prelaunch-preparations">when they return home</a> in February 2025 aboard a SpaceX Dragon spacecraft. 
Crew-9 can return to Earth only after Crew-10 arrives at the station. NASA on Tuesday delayed the Crew-10&#8217;s launch to ISS to no earlier than late March 2025, subsequently delaying Crew 9&#8217;s return. The agency did not specify a date for the team&#8217;s return. 
The delay to launch Crew-10, NASA said, was made to allow NASA and SpaceX time to complete processing on a new Dragon spacecraft for the mission.
&#8220;Fabrication, assembly, testing, and final integration of a new spacecraft is a painstaking endeavor that requires great attention to detail," said Steve Stich, manager of NASA's Commercial Crew Program.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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Photo courtesy: Flickr/ NASA Johnson

SPACE

Tech

Astronauts Sunita Williams, Butch Wilmore's Return From ISS Further Delayed: Now Expected No Earlier Than Late March

Telsey Advisory Group analyst Joseph Feldman maintains Grocery Outlet Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GO#NASDAQ">GO</a>) with a Market Perform and maintains $18 price target.

Price Target

Analyst Ratings

Telsey Advisory Group Maintains Market Perform on Grocery Outlet Holding, Maintains $18 Price Target

Telsey Advisory Group analyst Dana Telsey maintains Birkenstock Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIRK#NYSE">BIRK</a>) with a Outperform and maintains $70 price target.

BIRK

Telsey Advisory Group Maintains Outperform on Birkenstock Holding, Maintains $70 Price Target

Telsey Advisory Group analyst Dana Telsey downgrades European Wax Center (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EWCZ#NASDAQ">EWCZ</a>) from Outperform to Market Perform and lowers the price target from $8 to $6.

Downgrades

EWCZ

Telsey Advisory Group Downgrades European Wax Center to Market Perform, Lowers Price Target to $6

Bitcoin ETFs have shown an increase in premarket, even as&nbsp;Federal Reserve Chair Jerome Powell&nbsp;made it clear that the central bank has no plans to accumulate Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
What Happened: As per <a href="https://pro.benzinga.com/">Benzinga Pro</a>&nbsp;on Thursday, the Bitwise Bitcoin ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BITB#NYSE">BITB</a>) saw a rise of 1.08%, ARK 21Shares Bitcoin ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#BATS">ARKB</a>) increased by 1.41%, Grayscale Bitcoin Trust (BTC) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>) climbed 1.32%,&nbsp;Fidelity Wise Origin Bitcoin Fund&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/FBTC#BATS">FBTC</a>) advanced 1.04%, and iShares Bitcoin Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) gained 1.26%.
Powell, speaking after the Fed&#8217;s latest policy meeting, emphasized that the central bank is not allowed to own Bitcoin. He noted that any legal considerations about Bitcoin stockpiling would fall under Congress&#8217;s jurisdiction. His comments came amid discussions about a potential U.S. Strategic Bitcoin Reserve proposed by President-elect Donald Trump.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42499950/crypto-analyst-shiba-inu-price-set-for-massive-surge-could-go-up-sixfold?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Crypto Analyst: Shiba Inu Price Set For Massive Surge, Could Go Up Sixfold</a>
Despite the Fed&#8217;s position, Bitcoin&#8217;s value has been on the rise, driven by optimism over Trump&#8217;s pro-crypto policies. However, Powell&#8217;s statements did affect Bitcoin&#8217;s rally, which had been bolstered by expectations of a more lenient government stance.&nbsp;Bitcoin was trading at $102,085 after dipping below $100,000 on Wednesday, according to <a href="http://pro.benzinga.com">Benzinga Pro.</a>
Republican Sen. Cynthia Lummis (R-Wyo.) has introduced legislation for a Bitcoin reserve, but such a plan would need congressional approval and might face opposition from the Fed, as highlighted by Barclays analysts.
Why It Matters: The backdrop to Powell&#8217;s comments includes a recent market upheaval following his hawkish outlook on interest rates. As reported, the U.S. stock market faced a significant selloff after Powell&#8217;s remarks, which CNBC's Jim Cramer described as <a href="https://www.benzinga.com/markets/equities/24/12/42567950/jim-cramer-warns-of-incredible-panic-as-jerome-powells-cautious-rate-cuts-send-us-stocks-into-freefall">causing "incredible panic" in the markets.</a> 
This reaction was triggered by Powell&#8217;s announcement of a 25-basis-point rate cut to 4.25%-4.5%, alongside signaling only two potential rate cuts in 2025, fewer than the four projected in September. 
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</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

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

Cryptocurrency

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$BTC

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

ARKB

Bitwise Bitcoin ETF Common Shares of Beneficial Interest

BITB

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

GBTC

IBIT

Bitcoin ETFs Rise In Pre Market Despite Jerome Powell Says Fed Cannot Hold BTC: What's Going On?

Telsey Advisory Group analyst Dana Telsey downgrades Brilliant Earth Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BRLT#NASDAQ">BRLT</a>) from Outperform to Market Perform and lowers the price target from $3 to $2.

BRLT

Telsey Advisory Group Downgrades Brilliant Earth Group to Market Perform, Lowers Price Target to $2

Baird analyst Robert Mason initiates coverage on Mirion Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MIR#NYSE">MIR</a>) with a Outperform rating and announces Price Target of $22.

Initiation

Baird Initiates Coverage On Mirion Technologies with Outperform Rating, Announces Price Target of $22

Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) co-founder Joe Lonsdale disclosed that the data analytics company nearly collapsed in its early years before CEO Alex Karp secured crucial contracts with federal agencies.
What Happened: Speaking on the Shawn Ryan Show podcast released Wednesday, Lonsdale revealed that about three years into Palantir&#8217;s development, key team members were ready to quit due to insufficient contracts.
&#8220;It came really close to dying,&#8221; Lonsdale said. &#8220;A few of our top guys were basically ready to quit. They were like, &#8216;Joe this is just not working out.'&#8221;
Lonsdale convinced the team to persist for six more months, during which Karp made significant inroads with federal agencies. &#8220;Alex Karp did a really great job at figuring out how to get both the FBI and CIA to move on something, and all of a sudden it was good,&#8221; he explained.
The company later faced resistance from military procurement officials, leading to an unusual legal battle. &#8220;We ended up suing the government. I never sue anyone, but Palantir had to… and we won,&#8221; Lonsdale said. He noted that after military units began using Palantir&#8217;s software, they acknowledged its effectiveness despite earlier skepticism.
See Also: <a href="https://www.benzinga.com/markets/equities/24/12/42567950/jim-cramer-warns-of-incredible-panic-as-jerome-powells-cautious-rate-cuts-send-us-stocks-into-freefall">Jim Cramer Warns Of &#8216;Incredible Panic&#8217; As Jerome Powell&#8217;s Hawkish Outlook Send Stocks Into Free Fall</a>
Why It Matters: The revelations come as Palantir&#8217;s stock has surged approximately 330% year-to-date, with the company&#8217;s artificial intelligence platform gaining significant traction. Recent endorsements include billionaire investor Stanley Druckenmiller, whose family office acquired 769,965 shares in the <a href="https://www.benzinga.com/markets/equities/24/12/42546044/alex-karp-jokes-about-cult-label-as-stanley-druckenmiller-praises-his-book-after-palantir-soars-nearly-350-in-2024">first quarter of 2024</a>.
Lonsdale emphasized Palantir&#8217;s evolution from a data organization platform to incorporating AI capabilities. &#8220;It turns out, it&#8217;s very powerful to then apply AI on top of it,&#8221; he said, noting that the company&#8217;s early focus on data organization positioned it well for AI integration.
Wedbush Securities analyst Dan Ives <a href="https://www.benzinga.com/markets/equities/24/12/42522531/tesla-will-be-the-biggest-winner-in-the-trump-era-says-dan-ives-predicts-nasdaq-at-25000-in-18-months-get-the-popcorn-out">remains bullish on Palantir</a>, predicting 2025 will be a breakthrough year for the company&#8217;s AI platform. The company&#8217;s market capitalization now exceeds $162 billion, surpassing traditional defense contractor Lockheed Martin Corp.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
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<iframe loading="lazy" title="Joe Lonsdale - The AI-Driven EMP Weapon Built to Destroy New Jersey Drone Swarms &#x7C; SRS #151" width="500" height="281" src="https://www.youtube.com/embed/TIKevZh97Tw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42570219/whartons-jeremy-siegel-calls-stock-sell-off-a-healthy-reality-check-market-was-overly-optimistic">Wharton&#8217;s Jeremy Siegel Calls Stock Sell-Off A &#8216;Healthy&#8217; Reality Check: &#8216;Market Was Overly Optimistic&#8217;</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

PLTR

Joe Lonsdale Reveals Palantir's 'Close To Dying' Moment, Credits Alex Karp For Securing Key Contracts With FBI And CIA

<ul>
<li>First India-headquartered company to receive BCR certification</li>
<li>An accredited data privacy compliance framework for international data transfers from the EU</li>
</ul>

INFY

Infosys Earns Binding Corporate Rules Certification For Data Privacy Excellence In AI-Driven Business

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) said on Wednesday that the owners of its <a href="https://www.benzinga.com/tech/24/11/41929739/tesla-makes-1000-powerwalls-at-giga-nevada-in-a-day-as-energy-storage-segment-booms">Powerwall home battery</a> around the globe generated 4.5 TWh of solar energy this year.
What Happened: The energy generated together by the owners could power the company&#8217;s Model 3 EV sedan for 700,000 trips around the world, the company said in a post on social media platform X. Powerwall owners also saved over $800 million on their utility bills, the company said. 
Powerwall is a powerful home battery that stores solar energy for use when the grid goes down. The company has previously said that it has the capacity to&nbsp;<a href="https://www.benzinga.com/news/24/08/40145508/tesla-says-it-can-make-one-powerwall-3-every-25-seconds-ceo-elon-musk-terms-it-a-great-product" target="_blank" rel="noreferrer noopener">build a Powerwall 3- the latest iteration of the product- every 25 seconds</a>, or more than 700,000 units per year.
A powerwall system, Tesla says, can power an entire home including large appliances. 
<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">Thank you to our Powerwall owners for your collective impact in 2024 <a href="https://t.co/mLEH0QeAvE">pic.twitter.com/mLEH0QeAvE</a>
&mdash; Tesla Energy (@teslaenergy) <a href="https://twitter.com/teslaenergy/status/1869496256864899267?ref_src=twsrc%5Etfw">December 18, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: In the three months through the end of September, Tesla&#8217;s energy generation and storage revenue <a href="https://www.benzinga.com/news/24/10/41537560/teslas-energy-segment-boom-in-q3-sparks-leadership-changes-veteran-mike-snyder-promoted-as-vp" target="_blank" rel="noreferrer noopener">touched $2.38 billion</a>, marking a growth of 52% as compared to the corresponding period of last year, after deploying 6.9 GWh of energy storage products.
The energy business achieved a record gross margin of 30.5% and the powerwall product achieved record deployments.
Tesla manufactures two energy storage products &#8211; <a href="https://www.benzinga.com/news/24/08/40478134/tesla-breaks-powerwall-production-record-at-giga-nevada-as-it-aims-to-ramp-up-energy-storage-deploym">the Powerwall </a>and the <a href="https://www.benzinga.com/news/24/11/41737630/tesla-makes-10-000th-megapack-at-california-as-energy-segment-booms" target="_blank" rel="noreferrer noopener">powerful battery called Megapack</a>.
Tesla currently operates a Megafactory in Lathrop, California, capable of making 10,000 Megapack units in a year. The company is also putting up a Megafactory in Shanghai which it expects to start shipping Megapacks in the first quarter of 2025.
For 2024, Tesla now expects to deploy more than twice the energy storage deployed last year, or over 29.4 GWh of energy storage.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
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</ul>
Photo courtesy: Tesla

TSLA

Tesla Says Powerwall Owners Generated 4.5 TWh Of Solar Energy This Year Amid Energy Segment Revenue Boom

Chinese tech giants are making substantial gains, challenging the dominance of established players like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) in the global wrist-worn device market.&nbsp;
What Happened: According to an IDC report released on Wednesday, the global wrist-worn device market, including smartwatches and wristbands, saw shipments reach 139 million units in the first three quarters of 2024.
Despite a 1% decline due to market saturation in key regions like the U.S. and India, China emerged as a leader with 45.8 million units shipped, marking a 20.1% year-on-year increase.
Huawei Technologies led the global market with 23.6 million units shipped, capturing a 16.9% market share. The brand&#8217;s GT5 series and Watch D2 were particularly popular.
Apple followed with 22.5 million shipments, holding a 16.2% market share. The tech giant experienced a 12.8% decline from the last year due to intense competition.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42514226/shiba-inu-burn-rate-surges-3609-as-dogecoin-whales-move-5-8-billion-doge-what-is-going-on?itm_source=parsely-api">Shiba Inu Burn Rate Surges 3,609% As Dogecoin Whales Move 5.8 Billion DOGE: What Is Going On?</a>
Xiaomi Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/XIACF#OTC">XIACF</a>) ranked third with 20.5 million shipments and a 14.7% market share.
Samsung and the BBK Group, the parent company of brands like Oppo, Vivo, OnePlus, and Realme, followed with 11.5 million and 7.8 million units, respectively.
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19035758/Screenshot-2024-12-19-at-2.27.50%E2%80%AFPM-1024x495.png" alt="" class="wp-image-699220" /><figcaption class="wp-element-caption">Source: IDC</figcaption></figure>
Looking forward, IDC anticipates a 3.2% year-on-year growth in the Chinese market, with 62.5 million shipments expected in 2025, driven by diversified sales channels and improved health sensor accuracy.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: Apple's troubles with its Chinese counterparts are not limited to just wrist-worn devices. Earlier this year in July it was reported that <a href="https://www.benzinga.com/markets/equities/24/07/39954971/apple-drops-from-3rd-to-6th-in-china-amid-intensifying-competition-huawei-shipments-surge-41-in-">Apple&#8217;s position in the Chinese market</a> dropped from third to sixth place in the second quarter of 2024.
Previously it was also reported that China is making intense efforts <a href="https://www.benzinga.com/news/24/09/41017367/huawei-riding-high-on-trifold-success-launches-revolutionary-laptop-powered-by-homegrown-chips-softw">toward achieving technological self-reliance</a> as a direct reaction to U.S. limitations on semiconductor exports to the country.
The country is also making waves in the field of AI. Earlier this month, Clem Delangue, co-founder and CEO of Hugging Face, predicted that in 2025, <a href="https://www.benzinga.com/24/12/42319922/artificial-intelligence-ceo-backed-by-nvidia-alphabet-amazon-shares-2025-ai-predictions-including-robots-chemistry-and-more">China will take the lead</a> in the AI race, because of open-source AI development.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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<li><a href="https://www.benzinga.com/markets/equities/24/12/42522048/jim-cramer-warns-nvidias-vicious-and-fast-reversal-is-coming-amid-174-surge-this-year-and-china-antitrust-probe?itm_source=parsely-api">Jim Cramer Warns Nvidia&#8217;s &#8216;Vicious&#8217; And &#8216;Fast&#8217; Reversal Is Coming Amid 174% Surge This Year And China Antitrust Probe</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.
Photo courtesy: Shutterstock

XIACF

Apple Watch Faces Tough Competition As Huawei Drives 20% Surge In Wearables

Stifel analyst Selman Akyol upgrades DT Midstream (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DTM#NYSE">DTM</a>) from Hold to Buy and raises the price target from $89 to $106.

Upgrades

Stifel Upgrades DT Midstream to Buy, Raises Price Target to $106

Perplexity AI, backed by Amazon.com Inc. founder Jeff Bezos, <a href="https://www.benzinga.com/markets/equities/24/10/41420230/jeff-bezos-backed-perplexity-aims-for-8b-valuation-in-new-funding-round-ai-fueled-google-challen">secured $500 million in funding</a> led by Institutional Venture Partners, tripling its valuation to $9 billion, <a href="https://www.ft.com/content/d4fb70f9-b971-433b-884c-2f01d1d08968">reported</a> the Financial Times on Wednesday, citing sources. 
What Happened: The San Francisco-based startup has seen rapid growth in 2024, processing hundreds of millions of monthly queries from 15 million active users, mostly in the U.S. The company&#8217;s market share in AI search increased from 2.7% to 5.8% this year, according to FirstPageSage data.
Perplexity challenges Alphabet Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google and Microsoft Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) artificial intelligence-powered search offerings, while also taking on OpenAI.
While OpenAI&#8217;s ChatGPT maintains market leadership with a 73.8% share, followed by Google&#8217;s Gemini at 13.5%, Perplexity&#8217;s growth trajectory has attracted high-profile investors. 
OpenAI&#8217;s website continues to lead the AI platform race, ranking 92nd globally and 139th in U.S. web traffic, according to recent Similarweb data. The company attracted 250.1 million total visits, showcasing its commanding market position.
Perplexity.ai, while trailing in overall rankings at 467th globally and 547th in the U.S., demonstrated strong user engagement. The platform recorded 58.69 million total visits, with users spending an average of six minutes per session and viewing nearly four pages per visit.
In contrast, Google&#8217;s Gemini platform struggled to gain traction, ranking 12,612th globally and 31,018th in the U.S. The service recorded just 989,992 total visits, with notably high bounce rates suggesting challenges in user retention.
Monthly visit data further highlights the disparity, with OpenAI recording 83.39 million visits compared to Perplexity.ai&#8217;s 19.56 million and Gemini&#8217;s 329,997 visits. While OpenAI leads in raw traffic numbers, 
<figure class="wp-block-image size-large"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19035716/Screenshot-2024-12-19-at-2.21.33%E2%80%AFPM-1024x499.png" alt="" class="wp-image-699219" /></figure>
Perplexity AI did not immediately respond to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Similarweb data also shows conversations about Perplexity versus ChatGPT surging over the course of the year, largely taking off in August.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="365" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19042831/Perplexity-versus-ChatGPT-1024x365.jpg" alt="" class="wp-image-699287" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19042831/Perplexity-versus-ChatGPT-1024x365.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19042831/Perplexity-versus-ChatGPT-300x107.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19042831/Perplexity-versus-ChatGPT-768x274.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19042831/Perplexity-versus-ChatGPT.jpg 1373w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
See Also: <a href="https://www.benzinga.com/24/12/42569479/openai-takes-a-page-from-googles-2007-playbook-by-turning-phones-into-an-ai-hotline-with-toll-free-number-1-800-chatgpt">OpenAI Takes A Page From Google&#8217;s 2007 Playbook, Turns Phones Into AI Hotlines With 1-800-CHATGPT</a>
Why It Matters: Previous backers of Perplexity include NVIDIA Corp., SoftBank&#8216;s Vision Fund 2, and notable AI experts like Meta Platforms Inc.&#8216;s chief AI scientist Yann LeCun.
The funding comes as competition intensifies in the AI search space. OpenAI recently integrated web searching into ChatGPT, while Anthropic&#8217;s Claude expanded its capabilities with a &#8220;computer use&#8221; feature.
Both Google and Microsoft have incorporated large language models into their search products to provide more conversational results.
Perplexity&#8217;s revenue model relies on subscriptions, with annualized revenues growing from $5 million in January to $35 million in August. The company is now exploring advertising partnerships with major brands, potentially challenging the traditional search <a href="https://www.benzinga.com/markets/equities/24/10/41420230/jeff-bezos-backed-perplexity-aims-for-8b-valuation-in-new-funding-round-ai-fueled-google-challen">advertising system pioneered by Google</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/12/42569744/apple-reportedly-in-talks-with-tencent-tiktok-parent-bytedance-to-roll-out-ai-features-in-china">Apple Reportedly In Talks With Tencent, TikTok-Parent ByteDance To Roll Out AI Features In China</a></li>
</ul>
Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

GOOGL

MSFT

NVDA

Jeff Bezos-Backed Perplexity Raises $500 Million, Tripling Its Valuation To $9 Billion As Competition With Google And OpenAI Heats Up

Roth MKM analyst Darren Aftahi initiates coverage on HIVE Digital Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIVE#NASDAQ">HIVE</a>) with a Buy rating and announces Price Target of $7.5.

HIVE

Roth MKM Initiates Coverage On HIVE Digital Technologies with Buy Rating, Announces Price Target of $7.5

Mizuho analyst Brett Linzey upgrades Stanley Black &amp; Decker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SWK#NYSE">SWK</a>) from Neutral to Outperform and maintains the price target from $110 to $110.

Mizuho Upgrades Stanley Black & Decker to Outperform, Maintains Price Target to $110

Chinese <a href="https://www.benzinga.com/tech/24/11/41931338/teslas-chinese-battery-supplier-catl-open-minded-about-us-expansion-if-trump-welcomes-chinese-investments">electric vehicle battery manufacturer</a> Contemporary Amperex Technology Co. Ltd. or CATL is reportedly considering a second listing in Hong Kong.
What Happened: The listing could raise at least $5 billion, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-19/catl-is-said-to-consider-hk-listing-to-raise-at-least-5-billion">reported</a>, citing people familiar with the matter. The company is talking with potential advisers and listing might happen as early as the first half of 2025, the report said. 
CATL&#8217;s plans, however, could change, the report noted, given the company&#8217;s deliberations are ongoing. A second listing in Hong Kong will need the company to get approval from China&#8217;s securities regulator.
If CATL raises $5 billion or more, it would top Midea Group Co&#8217;s $4.6 billion share sale in September, Bloomberg noted, making it the city&#8217;s biggest since early 2021 when Kuaishou Technology had a $6.2 billion share sale.
CATL did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for comment on the prospective second listing.
Why It Matters: CATL is the world&#8217;s top EV battery maker supplying companies including Tesla. It currently trades on the Shenzhen Stock Exchange. Its shares have surged over 70% year-to-date and the company now has a market cap of about 1.2 trillion yuan. 
The biggest IPO to date in Hong Kong occurred in 2010. Insurance company AIA Group Ltd&#8217;s listing then raised more than $20 billion, Bloomberg noted.
CATL announced this week that it has <a href="https://www.benzinga.com/tech/24/12/42550475/tesla-rival-catl-co-develops-10-ev-models-with-battery-swap-technology-report">co-developed 10 EV models</a> with automakers that use swappable batteries. It also revealed that in 2024 so far, it completed 60 million battery swaps, and Chinese EV maker Nio Inc. uses battery-swapping technology in 60% of its vehicles.
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
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<li><a href="https://www.benzinga.com/24/12/42568754/us-epa-greenlights-californias-plan-to-ban-sale-of-new-gas-cars-by-2025" target="_blank" rel="noreferrer noopener">EPA Greenlights California's Plan To Ban Sale Of New Gas Cars By 2025</a></li>
</ul>
Photo courtesy: Shutterstock

Media

EV Battery Maker CATL Eyes 2nd Listing In Hong Kong To Raise $5 Billion Or More: Report

Jeremy Siegel, professor emeritus at the University of Pennsylvania&#8217;s Wharton School, described the stock market&#8217;s recent downturn as a &#8220;healthy&#8221; reaction to the Federal Reserve&#8217;s cautious approach to future interest rate cuts.
What Happened: The Federal Reserve&#8217;s decision to lower&nbsp;interest rates by a quarter&nbsp;percentage point, setting the target range to 4.25% to 4.5%, was accompanied by a revised forecast indicating fewer rate cuts in 2025 than previously expected. This announcement led to declines across all three major Wall Street indexes, as investors had anticipated more aggressive rate reductions, CNBC <a href="https://www.cnbc.com/2024/12/19/wharton-jeremy-siegel-stock-sell-off-after-fed-rate-cut-is-healthy-.html">reported</a> on Thursday. 
"The market was overly optimistic&#8230;so I am not surprised at the sell-off," he said. 
He suggested that the Fed might reduce rates only once or twice next year, with the possibility of no cuts at all due to inflation concerns.
The Fed&#8217;s new projections expect the core personal consumption expenditures price index&nbsp;to remain elevated at 2.5%&nbsp;through 2025, above the 2% target. Siegel also mentioned potential tariffs from President-elect Donald Trump could impact inflation, though he believes&nbsp;the actual tariffs may not&nbsp;be as significant as feared.
See Also:&nbsp;<a href="https://www.benzinga.com/trading-ideas/movers/24/12/42567762/bitcoin-ethereum-dogecoin-fall-after-fed-shows-no-interest-for-piling-btc-top-analyst-says-sentiment-shifting-2025-suddenly-looks-a-lot-less-rosy?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Fall After Fed Shows No Interest For Piling BTC: Top Analyst Says Sentiment Shifting — &#8216;2025 Suddenly Looks A Lot Less Rosy&#8217;</a>
Why It Matters: The Federal Reserve&#8217;s recent decision to <a href="https://www.benzinga.com/news/econ-s/24/12/42561549/fed-slashes-interest-rates-by-0-25-as-predicted-december-dot-plot-flags-only-2-potential-cuts-in-2025">cut interest rates by 0.25% </a>was widely anticipated, marking the third consecutive reduction in borrowing costs. This move brought the federal funds rate to its lowest level since January 2023, following a 50-basis-point cut in September and a 25-basis-point move in November. However, the decision was not unanimous, with Cleveland Fed President Beth M. Hammack voting to maintain the target range unchanged at 4.5%-4.75%. 
Experts have noted that while the rate cut was expected, the <a href="https://www.benzinga.com/24/12/42564443/santa-came-early-with-rate-cut-but-federal-reserve-brings-coal-next-year-experts-weigh-in-on-rate-cut-feds-2025-projections">Fed&#8217;s projections for 2025 </a>brought a sobering outlook. The Fed&#8217;s cautious stance on future rate cuts, as indicated by the December dot plot, flags only two potential cuts in 2025. This has led to a reassessment of market expectations, with investors adjusting to the reality of a less aggressive monetary policy.
Meanwhile, the CNN Money Fear and Greed Index <a href="https://www.benzinga.com/news/earnings/24/12/42569953/dow-dips-over-1100-points-falling-for-10th-session-as-powell-adopts-hawkish-stance-greed-index-moves-to-fear-zone">fell into the &#8220;Fear&#8221; zone </a>on Wednesday, signaling a decline in market sentiment. U.S. stocks closed lower, with the Dow Jones index dropping over 1,100 points for the 10th consecutive session.
Price Action: As per <a href="https://pro.benzinga.com">Benzinga Pro</a>, SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) which tracks the S&amp;P 500 closely, has dropped by 3.35% in the past week while Invesco QQQ Trust, Series 1 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) dropped by 2.13%. 
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/global/24/12/42502247/trumps-ex-secretary-of-state-mike-pompeo-backs-nippon-steels-149b-acquisition-of-us-steel-citing-national-security-concerns?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump&#8217;s Ex-Secretary Of State Mike Pompeo Backs Nippon Steel&#8217;s $14.9B Acquisition Of US Steel Citing National Security Concerns</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Photo courtesy of the Federal Reserve.

Analyst Color

Macro Economic Events

Economics

Wharton's Jeremy Siegel Calls Stock Sell-Off A 'Healthy' Reality Check: 'Market Was Overly Optimistic'

CarMax, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) will release its third-quarter financial results, before the <a href="https://www.benzinga.com/quote/KMX/earnings">opening bell, on Thursday, Dec. 19</a>.
Analysts expect the Richmond, Virginia-based company to report quarterly earnings at 61 cents per share, up from 52 cents per share in the year-ago period. CarMax projects quarterly revenue of $6.05 billion, compared to $6.15 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Sept. 26, the company reported earnings per share of 85 cents, missing the analyst consensus estimate of 86 cents..
CarMax shares fell 2.1% to close at $81.42 on Wednesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/KMX/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>JP Morgan analyst Rajat Gupta maintained an Underweight rating and raised the price target from $65 to $70 on Dec. 5. This analyst has an accuracy rate of 77%.</li>
<li>Stephens &amp; Co. analyst Jeff Lick initiated coverage on the stock with an Equal-Weight rating and a price target of $86 on Dec. 5. This analyst has an accuracy rate of 67%.</li>
<li>RBC Capital analyst Steven Shemesh reiterated an Outperform rating with a price target of $82 on Oct. 16. This analyst has an accuracy rate of 65%.</li>
<li>Wedbush analyst Seth Basham reiterated an Outperform rating with a price target of $95 on Oct. 16. This analyst has an accuracy rate of 76%.</li>
<li>Oppenheimer analyst Brian Nagel maintained an Outperform rating with a price target of $105 on Oct. 4. This analyst has an accuracy rate of 73%.</li>
</ul>
Considering buying KMX stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="608" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19033105/image-162-1024x608.png" alt="" class="wp-image-699158" style="width:622px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19033105/image-162-1024x608.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19033105/image-162-300x178.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19033105/image-162-768x456.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/19033105/image-162.png 1095w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next: 
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<li><a href="https://www.benzinga.com/24/12/42553288/top-3-tech-and-telecom-stocks-that-may-crash-this-month">Top 3 Tech And Telecom Stocks That May Crash This Month</a></li>
</ul>

Earnings

Pre-Market Outlook

CarMax Gears Up For Q3 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

<h3>Companies Reporting Before The Bell</h3>
• Lamb Weston Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LW#NYSE">LW</a>) is expected to report quarterly earnings at $1.01 per share on revenue of $1.67 billion. 
• Soho House (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHCO#NYSE">SHCO</a>) is expected to report quarterly loss at $0.01 per share on revenue of $332.86 million. 
• FuelCell Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCEL#NASDAQ">FCEL</a>) is estimated to report quarterly loss at $1.80 per share on revenue of $40.83 million. 
• MBX Biosciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBX#NASDAQ">MBX</a>) is likely to report earnings for its third quarter. 
• Darden Restaurants (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NYSE">DRI</a>) is projected to report quarterly earnings at $2.02 per share on revenue of $2.87 billion. 
• Cintas (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTAS#NASDAQ">CTAS</a>) is expected to report quarterly earnings at $1.02 per share on revenue of $2.56 billion. 
• Paychex (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NASDAQ">PAYX</a>) is expected to report quarterly earnings at $1.13 per share on revenue of $1.31 billion. 
• Conagra Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAG#NYSE">CAG</a>) is projected to report quarterly earnings at $0.68 per share on revenue of $3.15 billion. 
• CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) is estimated to report quarterly earnings at $0.59 per share on revenue of $6.00 billion. 
• Accenture (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) is likely to report quarterly earnings at $3.42 per share on revenue of $17.17 billion. 
• FactSet Research Systems (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDS#NYSE">FDS</a>) is likely to report quarterly earnings at $4.25 per share on revenue of $564.74 million. 
<h3>Companies Reporting After The Bell</h3>
• Mobix Labs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOBX#NASDAQ">MOBX</a>) is likely to report earnings for its fourth quarter. 
• Innovative Solns (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISSC#NASDAQ">ISSC</a>) is estimated to report earnings for its fourth quarter. 
• BlackBerry (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) is projected to report quarterly loss at $0.01 per share on revenue of $149.98 million. 
• Scholastic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCHL#NASDAQ">SCHL</a>) is projected to report quarterly earnings at $2.61 per share on revenue of $584.04 million. 
• Mission Produce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVO#NASDAQ">AVO</a>) is estimated to report quarterly earnings at $0.08 per share on revenue of $216.80 million. 
• Nike (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) is likely to report quarterly earnings at $0.83 per share on revenue of $12.47 billion. 
• FedEx (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>) is estimated to report quarterly earnings at $3.95 per share on revenue of $22.14 billion. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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