Business and Finance News - 11.12.24

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The FTX estate filed a lawsuit against Binance and former CEO Changpeng Zhao, seeking to recover $1.76 billion, alleging funds were fraudulently transferred during a shares repurchase deal while FTX was insolvent. This suit is part of over 20 ongoing efforts by FTX to reclaim billions owed to creditors, following Sam Bankman-Fried's conviction for fraud. (The Verge)

*Binance - Binance is one of the largest cryptocurrency exchanges in the world.

*FTX - FTX was a cryptocurrency exchange that facilitated the trading of various digital assets, including cryptocurrencies and derivatives. In November 2022, FTX filed for bankruptcy amid allegations of mismanagement and fraud, leading to significant financial losses for its users and investors.

MicroStrategy acquired 27,200 Bitcoin for $2.03 billion, marking its largest purchase since 2020 and bringing its total holdings to 279,420 Bitcoin, valued at approximately $11.9 billion. The company’s stock surged following the acquisition, as Bitcoin’s value rose amid positive sentiment from President-elect Trump’s support for the asset class. (Yahoo! Finance)

*MicroStrategy (MSTR) - MicroStrategy is a global leader in enterprise analytics and business intelligence, providing software platforms that enable organizations to analyze vast amounts of data and make informed decisions.

AI companies like OpenAI are exploring new approaches, such as test-time compute, to overcome limitations in large language model training as scaling alone shows diminishing returns. This shift could reduce reliance on Nvidia's training chips in favor of distributed inference clouds, altering competition in AI hardware and impacting major investors in the sector. (Reuters)

*Nvidia (NVDA) - Nvidia Corporation is a leading technology company specializing in designing and manufacturing graphics processing units (GPUs) and related technologies for gaming, professional visualization, data centers, and automotive markets.

*OpenAI - OpenAI is an artificial intelligence research organization and company with a mission to ensure that artificial general intelligence (AGI) benefits all of humanity.

Rivian reported a steep loss of approximately $39,130 per vehicle delivered in Q3 2024, with deliveries falling to 10,018 units—the lowest since Q1 2023. Despite reducing its annual production forecast due to component shortages, Rivian maintained its 2024 delivery target and expects to achieve a gross profit by Q4. (Benzinga)

*Rivian (RIVN) - Rivian Automotive is an American electric vehicle manufacturer and automotive technology company that focuses on producing sustainable transportation solutions.

SoftBank Group is expected to report a $1.87 billion profit for Q3, driven by portfolio IPOs and a stronger yen, following a 931 billion yen loss in the same period last year. Analysts are watching for new investments, especially in AI and chip manufacturing, with SoftBank's strong financial position enabling potential large-scale moves. (Reuters)

*SoftBank (SFBTY) - SoftBank Group is a Japanese multinational conglomerate that primarily focuses on investment management. It is well-known for its Vision Fund, one of the largest technology investment funds globally, which has invested in various tech startups and companies like Uber, Alibaba, and WeWork.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 44,293.13 +304.14 (+0.69%)

• S&P 500: 6,001.35 +5.81 (+0.10%)

• Nasdaq Composite: 19,298.76 +11.99 (+0.06%)

• Russell 2000: 2,434.98 +35.34 (+1.47%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 598.76 +0.57 (+0.10%)

• iShares Core S&P 500 ETF (IVV): 601.59 +0.46 (+0.08%)

• Invesco QQQ Trust (QQQ): 513.84 -0.30 (-0.06%)

• Vanguard S&P 500 ETF (VOO): 550.40 +0.45 (+0.08%)

• Vanguard Total Stock Market ETF (VTI): 297.54 +0.83 (+0.28%)

Here’s how The Magnificent Seven did yesterday:

• Nvidia (NVDA) [3.563T]: 145.26 -2.37 (-1.61%)

• Apple (AAPL) [3.389T]: 224.23 -2.73 (-1.20%)

• Microsoft (MSFT) [3.108T]: 418.01 -4.53 (-1.07%)

• Alphabet (GOOGL) [2.208T]: 180.35 +2.00 (+1.12%)

• Amazon (AMZN) [2.175T]: 206.84 -1.34 (-0.64%)

• Meta Platforms (META) [1.472T]: 583.17 -6.17 (-1.05%)

• Tesla (TSLA) [1.124T]: 350.00 +28.78 (+8.96%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $88,011.09 (3:00PM PST on 11/11/24)

• Ethereum (ETH): $3,346.58 (3:00PM PST on 11/11/24)

• Solano (SOL): $220.60 (3:00PM PST on 11/11/24)