The U.S. economy grew at an annualized rate of 2.8% in the third quarter, according to official <a href="https://www.benzinga.com/news/econ-s">advance estimates released Wednesday.</a>



This marks a slowdown from the 3% growth recorded in the second quarter and fell short of the anticipated 3%. The Atlanta Fed's GDPNow model forecasted a 3.3% increase prior to the release.



In a separate release, the ADP National Employment report showed that private payrolls surged by 233,000 in October, sharply accelerating from 143,000 in September and well above economist expectations of 115,000, as tracked by TradingEconomics. 



The ADP data — which uses anonymized payroll data of more than 25 million U.S. employees – offers encouraging insights ahead of Friday&#8217;s official jobs report, suggesting the U.S. economy likely maintained robust job growth throughout the month, despite the hurdles posed by recent hurricanes and uncertainties surrounding the U.S. elections.



<h2 class="wp-block-heading">US GDP Rises By 2.8% In Q3, Misses Estimates</h2>



Consumer spending increased due to rises in both goods and services. 



Key contributors within goods included nondurable goods, notably prescription drugs, and motor vehicles and parts. For services, health care — primarily outpatient services — and food services and accommodations drove the growth.



The rise in exports was largely driven by capital goods (excluding automotive), while the increase in federal government spending was led by defense expenditures. Imports rose, mainly due to a surge in capital goods (excluding automotive).



The slower real GDP growth in the third quarter compared to the second was mainly due to a decline in private inventory investment and a larger drop in residential fixed investment.



These were partially offset by stronger exports, consumer spending and federal government spending. Imports also saw an uptick.



The personal consumption expenditures (PCE) price index&nbsp;increased 1.5%, compared with an increase of 2.5% previously. Core PCE prices advanced at 2.2% pace, decelerating from 2.8% and above expectations of 2.1%.



<h2 class="wp-block-heading">October&#8217;s ADP National Employment Report Positively Surprises </h2>



<ul>
<li>In October, goods-producing industries saw an increase of 22,000 jobs, up from the 8,000 added in September.</li>



<li>Manufacturing lost 19,000 positions, a sharper decline compared to the 12,000 layoffs in the prior month, while construction added 37,000 jobs.</li>



<li>Service-providing industries experienced strong growth, adding 211,000 jobs, a significant jump from the 81,000 hired in September. </li>



<li>Education and health services gained 53,000 positions; trade, transportation, and utilities added 51,000; and leisure and hospitality grew by 37,000.</li>



<li>Annual pay growth for employees staying in their roles fell to 4.6%, extending a two-year decline, while pay gains for job switchers slowed to 6.2%.</li>



<li>&#8220;Even amid hurricane recovery, job growth was strong in October. As we round out the year, hiring in the U.S. is proving to be robust and broadly resilient,&#8221; said Nela Richardson, chief economist at ADP.</li>
</ul>



<h3 class="wp-block-heading">Market Reactions</h3>



The dollar gained traction on Thursday morning trading, with the U.S. dollar index (DXY) – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – rising 0.3% after the economic releases. 



The greenback showed a stronger reaction to employment statistics before consolidating its gains following the GDP release.



Short-dated yields surged as expectations for a December rate cut by the Federal Reserve diminished. Yields on the 2-year Treasury bond rose by 4 basis points to 4.14%. 



While a 25-basis-point rate cut next week is nearly certain, implied odds for a similar move in December dropped to 70% from 75% according to CME FedWatch.



Major U.S. index futures slipped after the data release, with S&amp;P 500 futures steady and Nasdaq 100 futures down 0.1% as of 08:55 a.m. in New York.



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) ended Tuesday up 0.2%, less than a percentage point below its all-time high.



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<li><a href="https://www.benzinga.com/news/earnings/24/10/41621194/us-stocks-likely-to-open-higher-as-investors-eye-gdp-print-strong-alphabet-results-to-kick-off-mag-">US Stocks Likely To Open Higher As Investors Eye GDP Print, Strong Alphabet Results To Kick Off &#8216;Mag 7&#8217; Earnings Week: Strategist Flags November As &#8216;Best Month Of The Year&#8217; For Markets</a></li>
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US Economy Grows Less Than Expected In Q3, Yet Private Employment Soars By 233,000 In October

On Wednesday, Eli Lilly and Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) stock plummeted after the company released worse-than-expected third-quarter earnings and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41620307/lilly-reports-q3-2024-financial-results-highlighted-by-strong-volume-driven-revenue-growth-from-ne" rel="noreferrer noopener">lowered 2024 guidance</a>.



The U.S. pharma giant reported third-quarter revenue of $11.44 billion, up 20% year over year, but it missed the <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">consensus of $12.10 billion</a>.



The increase was driven by a 15% increase in volume and a 6% increase due to higher realized prices, partially offset by a 1% decrease from the unfavorable impact of foreign exchange rates.



The volume increase was primarily driven by growth from Mounjaro and Zepbound, partially offset by the sale of rights for the olanzapine portfolio (Zyprexa) in Q3 2023 and declines in Trulicity.



The company reported an adjusted EPS of $1.18, compared to $0.10 from a year ago and missing the consensus of $1.45.



Mounjaro sales more than doubled to $3.11 billion from $1.41 billion a year ago.



Sales of Verzenio (a breast cancer drug)&nbsp;increased 32% to&nbsp;$1.37 billion, and sales of diabetes drug Jardiance&nbsp;fell 2% to&nbsp;$686.4 million.



Zepbound sales reached $1.26 billion. Trulicity sales fell 22% to&nbsp;$1.30 billion.



Guidance: Eli Lilly forecasts fiscal year 2024 sales of $45.4 billion—$46 billion, compared to prior guidance of $45.4 billion—$46.6 billion and consensus of $46.24 billion.



Eli Lilly lowered its 2024 adjusted EPS guidance to $13.02-$13.52 versus <a target="_blank" href="https://www.benzinga.com/general/biotech/24/08/40251130/mounjaro-maker-eli-lillys-bumper-q2-earnings-exceeds-estimates-hikes-outlook-again-on-strong-diab" rel="noreferrer noopener">prior guidance of $16.10-$16.60</a> and consensus of $13.47, driven by the acquired IPR&amp;D charges incurred in Q3.



In Q3 2024, the company recognized acquired in-process research and development (IPR&amp;D) charges of&nbsp;$2.83 billion&nbsp;compared with&nbsp;$2.98 billion&nbsp;in Q3 2023. The Q3 2024 charges were primarily <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39696780/eli-lillys-3-2b-morphic-deal-is-crucial-has-strategic-merit-despite-investor-attent" rel="noreferrer noopener">related to the acquisition of&nbsp;Morphic</a>.&nbsp;The Q3 2023 charges were primarily related to the acquisitions of&nbsp;DICE Therapeutics,&nbsp;Versanis Bio,&nbsp;and&nbsp;Emergence Therapeutics.



Price Action: At last check on Wednesday, LLY stock was down 10.50% to $808.75 during the premarket session.



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Eli Lilly Q3 Earnings: Mounjaro Sales More Than Double, Takes $2.98 Billion Hit To Profit, Cuts Annual Outlook, Stock Tanks

A Russian court has ordered Alphabet Inc.&#8216;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 to pay a massive fine of $20 decillion for restricting content from Russian media outlets. The fine, which is expected to increase, is <a href="https://www.benzinga.com/news/24/10/41616230/sundar-pichai-admits-doj-proposals-could-have-unintended-consequences-google-mapping-out-plan-b-in-c">a result of a long-standing legal dispute</a>.



What Happened: The fine was imposed after Google blocked the content of various Russian media outlets, including Tsargrad, a nationalist channel, in response to U.S. sanctions. This move sparked a legal battle that has now culminated in an astronomical fine, <a href="https://www.theregister.com/2024/10/29/russian_court_fines_google/">reported</a> The Register on Tuesday.



The court has ordered Google to pay 100,000 rubles ($1,025) per day, with the fine doubling every week. The compound interest has now resulted in an &#8220;insane amount of money,&#8221; as described by the presiding judge.



Despite the staggering fine, it is unlikely to have a significant impact on Google&#8217;s parent company, Alphabet. Google has been inactive in Russia since 2022, following the country&#8217;s military operation. The Russian government allegedly seized Google&#8217;s bank accounts, effectively bankrupting its operations in the country.



The legal battle has now expanded to courts around the world, with Russia attempting to seize Google&#8217;s assets.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41568486/mark-cuban-highlights-trumps-potential-to-ruin-christmas-but-he-might-also-end-up-spoiling-the-p?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mark Cuban Highlights Trump&#8217;s Potential To Ruin Christmas But He Might Also End Up Spoiling The Party For Apple, Amazon Investors</a>



Why It Matters: This is not the first time Google has faced significant legal challenges. In June, Google was <a href="https://www.benzinga.com/news/24/06/39250744/google-hit-with-14-85m-fine-by-turkish-authority-over-local-search-compliance">fined $14.85 million</a> by the Turkish Competition Board for non-compliance with local competition regulations. 



Similarly, in February, Google was <a href="https://www.benzinga.com/news/24/02/37393818/google-faces-2-3b-lawsuit-from-european-media-over-ad-practices">faced with a $2.3 billion lawsuit</a> from 32 European media groups, accusing the tech giant of inflicting financial losses through its digital advertising practices.



However, Google has also seen victories in its legal battles. In September, Google <a href="https://www.benzinga.com/24/09/40915828/google-wins-1-7b-eu-antitrust-fine-appeal-over-5-year-old-online-search-advertising-case">won its appeal against a $1.7 billion EU antitrust fine</a> for anticompetitive practices involving its online search advertising business. 



To provide some context, the World Bank <a href="https://data.worldbank.org/indicator/NY.GDP.MKTP.CD">estimates</a> that global GDP is approximately $100 trillion, a mere fraction compared to the potential fine. On Tuesday, Google <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">reported $88 billion in quarterly revenue</a>, falling significantly short of the Russian fine.



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41615810/bitcoin-hovers-around-new-all-time-high-ethereum-dogecoin-surge-as-crypto-market-in-turbo-">Bitcoin Hovers Around New All-Time High, Ethereum, Dogecoin Surge As Crypto Market In Turbo Mode: Top Analyst Says, &#8216;History In The Making&#8217;</a></li>
</ul>



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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/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Google Just Got Fined In Russia And It's More Than The World's GDP: $20 Decillion For Blocking Media Content

Investors on Wall Street seem upbeat as the index futures point to a positive start on Wednesday despite ending the previous session on a mixed note.



Search and advertising giant Alphabet Inc. (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>) kicked off the highly anticipated tech earnings week on a strong note. The Sundar Pichai-led company <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">posted strong momentum across verticals</a>, beating revenue and earnings per share (EPS) expectations.



Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), on the other hand, fell 8% in premarket trading after the chipmaker's <a href="https://www.benzinga.com/news/earnings/24/10/41612007/amd-q3-earnings-revenue-beat-eps-in-line-data-center-up-122-significant-growth-opportunities-ahead-">fourth-quarter guidance</a> disappointed investors. That said, AMD beat revenue expectations in Q3.



The remaining four of the "Magnificent 7" companies will post their earnings this week – this includes Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>).



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>0.16%</td></tr><tr><td>S&amp;P 500</td><td>0.19%</td></tr><tr><td>Dow Jones</td><td>0.03%</td></tr><tr><td>R2K</td><td>-0.16%</td></tr></tbody></table></figure>



In premarket trading on Monday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.20% to $582.95 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.15% to $500.90, according to<a href="https://benzinga.grsm.io/lxquj26b2sag"> Benzinga Pro data</a>.



Cues From Last Session:



Investors remained cautious, with most sectors on the S&amp;P 500 index closing the day in the red. &nbsp;However, information technology and communication services stocks bucked the overall market trend, closing the session higher.



Crude oil prices remained tentative and kept their levels after tumbling over the weekend due to Israel's missile strikes on Iran.



Treasury yields eased slightly on Tuesday after running up over the past week. However, a possible re-election of former President Donald Trump could keep the bond yields elevated due to an increased fear of higher deficits, according to WisdomTree and Wharton School economist Jeremy Siegel.



Besides, the International Monetary Fund has also warned about the long-term trajectory <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41495286/deficit-strain-in-washington-will-get-worse-imf-warns-national-debt-projections-rev">of U.S. national debt</a>



Tech stocks helped the Nasdaq Composite index surge to a new all-time high.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.78%</td><td>18,712.75</td></tr><tr><td>S&amp;P 500</td><td>0.16%</td><td>5,832.92</td></tr><tr><td>Dow Jones</td><td>-0.36%</td><td>42,233.05</td></tr><tr><td>Russell 2000</td><td>-0.27%</td><td>2,238.09</td></tr></tbody></table></figure>



Insights From Analysts:



Ryan Detrick, Chief Market Strategist at Carson Group, highlighted that November is the "best month of the year" as far as equity markets are concerned.



"The last time it fell more than 1% was in 2008, and it has been higher in 11 of the past 12 years. Not to be outdone, it is the best month since 1950, in the past decade, and in election years, while it ranks as the second-best month in the past 20 years (only July is better)."



Detrick <a href="https://www.carsongroup.com/insights/blog/seven-reasons-this-bull-market-is-alive-and-well/">added</a> that the bull market is here to stay. After experiencing a bull run for the past three years, the expert highlighted that "the potential for many more years of gains is actually quite high."



That said, he explains that while it's not clear how long this rally will last, investors should be open to the possibility that there's more gas left in the tank.



Mike Mayo, Wells Fargo Securities managing director, <a href="https://www.cnbc.com/video/2024/10/29/wells-fargos-mike-mayo-heres-why-financials-will-benefit-no-matter-who-wins-the-election.html">told</a> CNBC in an interview that regardless of who wins the 2024 presidential election, financials stocks will benefit.



"Wall Street likes certainty over uncertainty," Mayo said, referring to the rules on stress tests and other parameters to measure the health of financial institutions.



"The second thing is common sense regulation. You've already seen this put in place by the current administration… they rolled back the 1000-page report on capital changes."



On the economic data front, the S&amp;P CoreLogic Case-Shiller home price index rose 5.2% year-over-year in August versus a 5.9% gain in July.



U.S. wholesale inventories declined by 0.1% month-over-month to $905 billion in September compared to a revised 0.2% gain in the earlier month.



The U.S. trade deficit increased to $108.2 billion in September from the $94.2 billion gap in the previous month.



See Also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>



Upcoming Economic Data:



<ul>
<li>Mortgage Market and Refinance indices will be released at 7 a.m. ET.</li>



<li>ADP employment numbers will be released at 8:15 a.m. ET.</li>



<li>The preliminary GDP print is scheduled to be released at 8:30 a.m. ET.</li>



<li>Pending home sales data is scheduled to be released at 10 a.m. ET.</li>



<li>Crude oil inventories data will be released at 10:30 a.m. ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Alphabet Inc. (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>) shares surged nearly 6% in premarket trading after the search giant reported an AI-powered boost in its revenue in Q3, which beat expectations and surged 15% year-on-year.</li>



<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) stock felt the pressure, falling 8% in premarket trading after its Q4 revenue guidance fell short of expectations. Other chipmakers, Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) and Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) felt the pressure, too, falling 5% and 0.3% in premarket, respectively.</li>



<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) shares surged 1.5% in premarket after the company posted slightly better-than-expected revenue, aided by AI.</li>



<li>Reddit Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) shares jumped nearly 24% after the social media company handily beat revenue expectations thanks to its data licensing and advertising sales.</li>



<li>Chewy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) shares were down 1.8% in premarket after "Roaring Kitty" Keith Gill reported in a securities filing that he does not hold a stake in the company anymore.</li>



<li>Investors are awaiting earnings results from Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Starbucks Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), and Robinhood Markets Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures gained in the early New York session, rising 1.03% as preliminary data showed a decline in U.S. inventory levels.



The benchmark 10-year Treasury note yield declined marginally to 4.22%.



Most Asian markets closed in the red on Wednesday, with Chinese markets falling the most, while Japan's Nikkei 225 gained.



European stocks were mostly lower in early trading.



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<li><a href="https://www.benzinga.com/news/24/10/41619340/blackrocks-larry-fink-warns-against-overly-optimistic-fed-rate-cuts-cites-high-embedded-inflation-an">BlackRock&#8217;s Larry Fink Warns Against Overly Optimistic Fed Rate Cuts, Cites High &#8216;Embedded Inflation&#8217; And Predicts Only 1 Reduction This Year</a></li>
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US Stocks Likely To Open Higher As Investors Eye GDP Print, Strong Alphabet Results To Kick Off 'Mag 7' Earnings Week: Strategist Flags November As 'Best Month Of The Year' For Markets

Bitcoin pulled back from near-new highs Tuesday, while stocks rallied on Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) better-than-expected third-quarter earnings.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+3.66%</td><td>$72,287.07</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>+2.31%</td><td>$2,625.49</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>+7.15%</td><td>$0.1757</td></tr></tbody></table></figure>



What Happened: The world's largest cryptocurrency was within touching distance of making history as it flew to $73,577, just $160 away from the peak established earlier in March. However, the advance was halted as investors started cashing out.



With the latest rally, Bitcoin&#8217;s October gains jumped to 14.26%, as the month delivered on its promise of being one of the most rewarding in the market.



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<li>If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, <a href="https://www.benzinga.com/money/etoro-doge" target="_blank" rel="noreferrer noopener">here&#8217;s how much you&#8217;d have today</a>.</li>



<li>Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O&#8217;Reilly and Rudy Giuliani are using this platform to <a href="https://www.benzinga.com/money/american-hartford-gold">create customized gold IRAs to help shield their savings from inflation and economic turbulence.</a></li>
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Ethereum also pulled back after scaling an intraday high of $2,680.



The rally liquidated nearly $185 million in leveraged short positions over the last 24 hours, with total cryptocurrency liquidations surging to $257 million.



Bitcoin's Open Interest soared 5.11% to $43.17 billion in the last 24 hours.&nbsp;



The number of long positions held by whale investors on cryptocurrency exchange Binance exceeded the number of shorts by a factor of 1.42



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. EDT)</td></tr><tr><td>Sui (SUI)</td><td>+14.89%</td><td>$2.11</td></tr><tr><td>First Neiro On Ethereum (NEIRO)</td><td>+10.61%</td><td>$0.00172</td></tr><tr><td>Aptos (APT)</td><td>+8.75%</td><td>$10.09</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.43 trillion, following an increase of 3.04% in the last 24 hours.



Stocks bumped to new highs Tuesday. The tech-heavy Nasdaq Composite surged 145.56 points, or 0.78%, to end at a record close of 18,712.75. The S&amp;P 500 gained 0.16% to end at 5,832.92. To the contrary, the Dow Jones Industrial Average slipped 0.36% to end at 42,233.05.



The rally came ahead of the third-quarter earnings report of the so-called "Magnificent 7" companies. Tech behemoth Alphabet released its numbers after market close, with <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">revenue and earnings beating analysts' estimates</a>.&nbsp;



See More: Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2" target="_blank" rel="noreferrer noopener">You can still get 4,000 of its pre-IPO shares for just $1,000</a>



Analyst Notes: Popular cryptocurrency analyst Rekt Capital noted Bitcoin's rollicking journey to new all-time highs, adding that a monthly close around the $72,800 zone will be its highest ever.



"Without a shadow of a doubt, we&#8217;re witnessing history in the making before our very eyes," the analyst remarked.



<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"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> A Monthly Candle Close just like this would be Bitcoin&#39;s highest Monthly Candle Close of all-time Without a shadow of a doubt, we&#39;re witnessing history in the making before our very eyes<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/Zaas4HbYT7">https://t.co/Zaas4HbYT7</a> <a href="https://t.co/2MRpS1UkJh">pic.twitter.com/2MRpS1UkJh</a>&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1851318692664979968?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another well-known analyst, Ali Martinez, called attention to Bitcoin's MVRV Ratio's golden cross above its 365-day simple moving average, an event that has preceded "major" bull rallies throughout history.



<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">While <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> at $72,000 might feel like a late entry, history suggests otherwise. The MVRV Ratio crossing over its 365-SMA has often signaled major bull rallies, and this golden cross just happened again! <a href="https://t.co/Awkh0WdIOK">pic.twitter.com/Awkh0WdIOK</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1851413204737372252?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Additionally, Martinez raised expectations for Ethereum, projecting a target of $6,000 after it managed to hold on to the key support level at $2,400.



<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"><a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has held the $2,400 support level and now might target the channel&#39;s upper boundary around $6,000! <a href="https://t.co/JecnkOercu">https://t.co/JecnkOercu</a> <a href="https://t.co/R3tss1tFLa">pic.twitter.com/R3tss1tFLa</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1851360104920068131?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo by Igor Faun on Shutterstock



Read Next:    



<ul>
<li>This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai"> here's how there's an opportunity to invest at $1,000 for only $0.50/share today.</a></li>



<li>If there was a new fund backed by Jeff Bezos offering a <a href="https://www.benzinga.com/money/arrived-private-credit-fund">7-9% target yield with monthly dividends would you invest in it</a>?</li>
</ul>

Cryptocurrency

$BTC

$DOGE

$ETH

Bitcoin Hovers Around New All-Time High, Ethereum, Dogecoin Surge As Crypto Market In Turbo Mode: Top Analyst Says, 'History In The Making'

On Tuesday, October 29, U.S. markets closed mixed: the Nasdaq reached a record high, the S&amp;P 500 gained, and the Dow declined as investors evaluated earnings reports. Alphabet&#8217;s strong revenue, along with upcoming results from other &#8220;Magnificent Seven&#8221; tech giants, will determine if Wall Street&#8217;s optimism for AI and tech can sustain recent index gains.



Economic data showed the S&amp;P CoreLogic Case-Shiller index rose 5.2% year-over-year in August, down from July&#8217;s 5.9%. U.S. wholesale inventories dipped 0.1% in September, while the trade deficit widened to $108.2 billion from $94.2 billion.



S&amp;P 500 sectors closed lower, led by losses in energy, consumer staples, and utilities, while information technology and communication services stocks outperformed.



The Dow Jones Industrial Average dipped 0.36% to close at 42,233.05, the S&amp;P 500 gained 0.16% to 5,832.92, and the Nasdaq Composite rose 0.78% to finish at 18,712.75.



Asia Markets Today



<ul>
<li>On Wednesday, Japan&#8217;s Nikkei 225 closed higher by 1.16% at 39,332.00, led by gains in the Shipbuilding, Finance &amp; Investment and Banking sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 declined 0.83% and ended the day at 8,180.40, led by losses in the Consumer Staples, Consumer Discretionary, and Healthcare sectors.</li>



<li>India&#8217;s Nifty 50 traded lower by 0.48% at 24,350.30 and Nifty 500 was down 0.20% at 22,750.05.</li>



<li>China&#8217;s Shanghai Composite fell 0.61% to close at 3,266.24, and the Shenzhen CSI 300 fell 0.90%, finishing the day at 3,889.45.</li>



<li>Hong Kong&#8217;s Hang Seng declined 1.55% and closed the session at 20,380.64.</li>
</ul>



Eurozone at 06.00 AM ET



<ul>
<li>The European STOXX 50 index was down 0.88%.</li>



<li>Germany&#8217;s DAX declined 0.59%.</li>



<li>France&#8217;s CAC fell 1.09%.</li>



<li>U.K.&#8217;s FTSE 100 index traded lower by 0.22%.</li>
</ul>



Commodities at 06.00 AM ET



<ul>
<li>Crude Oil WTI was trading higher by 0.76% at $67.69/bbl, and Brent was up 0.71% at $71.22/bbl.</li>



<li>Natural Gas fell 0.21% at $2.853.</li>



<li>Gold was trading higher by 0.58% at $2,797.30, Silver gained 0.03% to $34.453, and Copper slid 0.09% to $4.3567.</li>
</ul>



U.S. Futures at 06.00 AM ET



Dow futures were up 0.03%, S&amp;P 500 futures rose 0.19%, and Nasdaq 100 Futures increased 0.14%.



Forex at 06.00 AM ET



The U.S. dollar index slid 0.18% to 104.12, the USD/JPY was down 0.30% to 152.91, and the USD/AUD fell 0.37% to 1.5186.



Photo by Pavel Bobrovskiy via Shutterstock

Asia

Emerging Markets

Eurozone

Commodities

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Asia Ex-Japan And Europe Markets Dip; Gold Clocks New High, Dollar Softens - Global Markets Today While US Slept

Alphabet Inc. (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>) CEO Sundar Pichai avoided detailing the company&#8217;s contingency plans if its search partnership with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) ends.



However, he cautioned that the <a href="https://www.benzinga.com/markets/equities/24/10/41244481/google-cries-foul-as-doj-moves-to-break-up-search-giant-calls-recommendations-radical-as-antitru">Department of Justice&#8217;s proposals</a> could lead to &#8220;unintended consequences.&#8221;



What Happened: During <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">Alphabet&#8217;s third-quarter earnings</a> call on Tuesday, Barclays analyst Ross Sandler questioned Google's backup plan amid the ongoing DOJ antitrust trial.



He pointed to the risk of Google losing its contract with Apple and some Android pre-install agreements if the trial doesn't go in its favor.



In response, Pichai declined to speculate on the matter due to the ongoing litigation but underscored Alphabet&#8217;s commitment to innovation and making its products easily accessible across all platforms.



See Also:&nbsp;<a href="https://www.benzinga.com/news/24/10/41563594/ai-demand-fuels-record-profits-chip-controversies-and-tech-giants-redefine-ai-landscape-this-week-in?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI Demand Fuels Record Profits, Chip Controversies, And Tech Giants Redefine AI Landscape: This Week In The World Of Artificial Intelligence</a>



&#8220;People have chosen us because they view it as the best product, be it consumers or partners. And we have a long track record of working hard to make sure our products are as easily available to users as possible across all platforms,&#8221; he stated.



The CEO also expressed concerns about the DOJ&#8217;s early proposals, stating they could have &#8220;unintended consequences&#8221; for&nbsp;the dynamic tech sector and&nbsp;American leadership in the field.



&#8220;We plan to vigorously defend these cases. And some of the early proposals from the DOJ, et cetera, have been far-reaching,&#8221; Pichai said.



Why It Matters: The U.S. Department of Justice (DOJ) is currently engaged in significant legal actions against Google following a <a href="https://www.benzinga.com/government/24/08/40169996/alphabet-loses-antitrust-suit-over-google-search-dominance-report">ruling that found the tech giant guilty</a> of maintaining an unlawful monopoly in the online search market.



The DOJ is weighing proposals that could break up <a href="https://www.benzinga.com/news/24/09/40758622/doj-probes-googles-ai-strategy-as-it-looks-to-snap-its-monopoly-in-search">Google as an antitrust remedy</a> after a court found the company abused its dominance in search for over a decade, largely through exclusive deals with Apple and Mozilla.



The DOJ is also scrutinizing Google's influence in the growing generative AI market, fearing it may use its search dominance to monopolize this space as well.



In May, during the antitrust lawsuit against Alphabet, it was disclosed that <a href="https://www.benzinga.com/markets/equities/24/05/38573998/how-much-is-google-really-paying-apple-to-be-default-search-engine-on-iphones-unsealed-court-pap">Google paid Apple an astounding $20 billion</a> in 2022 to remain the default search engine on the Safari browser.



Previously, an analyst at Jeffries suggested that Google&#8217;s deal to be the default search engine on Apple iPhones is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41392474/google-deal-for-default-search-on-apple-iphones-very-likely-to-be-banned-jefferies-">&#8220;very likely&#8221; to be banned</a>.



Meanwhile, Alphabet has reported a 15% year-over-year increase in third-quarter revenue, beating Street consensus estimates.



Price Action:&nbsp;As of this writing, Alphabet&#8217;s Class A shares surged 5.80% in after-hours trading to $179.52, while Class C shares jumped 5.89% to $181.22. During the regular session, Class A shares closed at $169.68, and Class C shares at $171.14, according to<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">&nbsp;Benzinga Pro data</a>.



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<li><a href="https://www.benzinga.com/news/24/10/41481008/the-guy-who-tracked-elon-musk-taylor-swifts-private-jet-wants-to-know-whos-behind-his-suspended-soci?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">The Guy Who Tracked Elon Musk, Taylor Swift&#8217;s Private Jet Wants To Know &#8216;Who&#8217;s Behind&#8217; His Suspended Social Media Accounts: &#8216;&#8230;Until Someone Threatens You Or Tells You To Do This&#8217;</a></li>
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Image via Shutterstock



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.

Sundar Pichai Admits DOJ Proposals Could Have 'Unintended Consequences' — Google Mapping Out Plan B In Case Apple Ends Search Deal?

President Joe Biden praised Nigerian President Bola Tinubu&#8216;s leadership for his instrumental role in ensuring the release of Binance (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/bnb/usd">BNB</a>) executive&nbsp;Tigran Gambaryan.



What Happened: President Biden had a call with President Tinubu on Tuesday, according to a statement from the White House. Biden appreciated Tinubu&#8217;s efforts in securing the release of Gambaryan, a U.S. citizen and former law enforcement official, on humanitarian grounds.



Biden expressed particular gratitude for the cooperation in law enforcement, including the newly established Bilateral Liaison Group on Illicit Finance and Cryptocurrencies.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41616100/peter-schiff-asks-followers-if-microstrategy-can-tower-this-gold-mining-giant-in-marketcap">Peter Schiff Asks Followers If MicroStrategy Can Tower This Gold Mining Giant In Marketcap — Here&#8217;s The Message They Delivered</a>



Why It Matters: Biden&#8217;s gesture comes a week after the Nigerian government <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41487927/nigeria-drops-money-laundering-charges-against-binance-executive-amid-diplomatic-pressure">dropped all money laundering charges </a>against Gambaryan, a Binance executive who had been in detention since February. His bail hearings and other court proceedings were&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38339166/binance-executives-bail-hearing-postponed-in-nigeria-due-to-procedural-mixups" target="_blank" rel="noreferrer noopener">repeatedly postponed due to administrative errors</a>.



Gambaryan was seen <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40680724/binance-executive-tigran-gambaryan-pleads-for-help-in-nigerian-courtroom-im-not-okay">pleading for help</a> in the Nigerian courtroom, as videos surfaced revealing a rapid deterioration in his health.



The case drew significant diplomatic attention, with discussions <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39221038/former-federal-agents-rally-demand-for-release-of-detained-binance-executive-in-nigeria-ur">between U.S. and Nigerian officials</a> aimed at securing Gambaryan&#8217;s release.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41616239/shytoshi-kusama-touts-shiba-inu-lifetime-gains-of-33774726-we-still-have-far-to-go-and-muc">Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: &#8216;We Still Have Far To Go And Much Work To Be Done&#8217;</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.<a href="https://www.benzinga.com/apis?utm_source=benzinga.com&amp;utm_campaign=article-bottom" rel="noreferrer noopener" target="_blank"></a>

$BNB

Biden Praises Nigeria's Leader For Role In Binance Executive Tigran Gambaryan's Freedom

YouTube, the video platform Google acquired for $1.65 billion in 2006, has generated $50 billion in combined advertising and subscription revenue over the past four quarters, marking a milestone in its evolution from a user-generated content site to a <a href="https://www.benzinga.com/markets/equities/24/10/41615800/googles-cost-advantage-with-custom-chips-only-nvidia-tops-it-says-analyst">major streaming player</a>.



What Happened: The achievement, announced during Alphabet Inc.&#8216;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>) third-quarter earnings call, reflects YouTube&#8217;s successful expansion into premium services and living room entertainment, competing directly with traditional television and streaming services.



&#8220;Together, YouTube TV, NFL Sunday Ticket and YouTube Music Premium are driving subscription growth for the platform,&#8221; said Sundar Pichai, CEO of Alphabet Inc., Google&#8217;s parent company. &#8220;We are leaning into the living room experience with multi-view and a new option for creators to organize content into episodes and seasons, similar to traditional TV.&#8221;



The platform has secured its position as the leading streaming service in the United States, according to Nielsen data. Philipp Schindler, Google&#8217;s chief business officer, reported that creators optimizing content for television viewing are seeing significant returns, with the number of creators earning the majority of their YouTube revenue from TV screens increasing by more than 30% year-over-year.



Sports content has emerged as a key growth driver. The platform&#8217;s Olympics coverage garnered over 12 billion views, with 850 million unique viewers watching more than 40 billion minutes of content. 



Notably, 35% of Olympic content was viewed on television screens, highlighting YouTube&#8217;s successful transition to larger formats.



See Also: <a href="https://www.benzinga.com/markets/equities/24/10/41615718/cathie-woods-sky-high-vision-dumps-shares-of-cybercab-touting-tesla-for-this-evtol-play">Cathie Wood&#8217;s Sky-High Vision: Dumps Shares Of Cybercab Touting Tesla For This eVTOL Play</a>



Why It Matters: The platform&#8217;s advertising business has also shown strong momentum, with upfront advertising commitments increasing approximately 20% year-over-year, according to Schindler.



These results contributed to Alphabet&#8217;s strong quarterly performance, with the company reporting overall revenue of $88.27 billion, a 15% increase year-over-year, <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">exceeding Wall Street expectations of $86.31 billion</a>.



Looking ahead, YouTube plans to integrate Google DeepMind&#8216;s video generation model into YouTube Shorts later this year, furthering its investment in artificial intelligence and creator tools.



Price Action: Alphabet Inc Class A shares closed at $169.68 on Tuesday, up 1.78% for the day. In after-hours trading, the stock rose by an additional 5.80%. Alphabet Inc Class C shares ended the day at $171.14, climbing 1.66%. After hours, the stock advanced a further 5.89%. Year to date, Alphabet Class C shares have risen by 22.63%, according to <a href="https://www.benzinga.com/pro/" target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41616040/peter-thiels-founders-fund-leads-500m-fundraise-in-waste-gas-powered-ai-cloud-start-up">Peter Thiel&#8217;s Founders Fund Leads $500M Fundraise In Waste Gas-Powered AI Cloud Start-Up</a></li>
</ul>



Image Via Shutterstock 



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Entertainment

Social Media

Sports

Google Bought YouTube For $1.65B And Now It Prints $50B In Revenue Just In 1 Year — Sundar Pichai Says Alphabet 'Leaning Into The Living Room Experience'

Gil Luria, Managing Director and Senior Software Analyst at D.A. Davidson highlighted 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/GOOG#NASDAQ">GOOG</a>) subsidiary Google&#8217;s competitive advantage in the data center sector, emphasizing the company&#8217;s in-house chips, which are second only to NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) in terms of performance.



What Happened: During a discussion on CNBCOvertime, Luria pointed out that Google&#8217;s cloud division has seen its margins improve from 11% to 17%, driven by revenue growth from 29% to 35%. He noted that the true return on investment depends on whether customers can develop valuable products that justify the expansion of data centers.



Alphabet has invested heavily in data center infrastructure and custom in-house chips, a strategy that Luria points out is cost-effective and, importantly, differentiates Google from key competitors. "Their in-house chips are second only to Nvidia, which gives them a big cost advantage," Luria noted



According to Luria, Alphabet's growing emphasis on these custom chips is integral to its overall competitive position in the hyper-scale cloud market, where it currently competes alongside industry leaders Amazon Web Services (AWS) and Microsoft Azure. 



<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">&quot;The actual ROI depends on their customers. Are their customers going to build valuable products that justify the continued buildout of the <a href="https://twitter.com/hashtag/datacenters?src=hash&amp;ref_src=twsrc%5Etfw">#datacenters</a>?&quot; DA Davidson&#39;s <a href="https://twitter.com/gilluria?ref_src=twsrc%5Etfw">@gilluria</a> on <a href="https://twitter.com/search?q=%24GOOGL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOOGL</a>. &quot;Their in-house chips are second only to <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> which gives them a big cost advantage.&quot; <a href="https://t.co/zZKy15MzoG">pic.twitter.com/zZKy15MzoG</a>&mdash; CNBCOvertime (@CNBCOvertime) <a href="https://twitter.com/CNBCOvertime/status/1851365818484846977?ref_src=twsrc%5Etfw">October 29, 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/markets/cryptocurrency/24/10/41566233/elon-musks-doge-flex-pose-sends-dogecoin-first-neiro-on-ethereum-soaring?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk&#8217;s &#8216;Doge-Flex&#8217; Pose Sends Dogecoin, First Neiro On Ethereum Soaring</a>



Why It Matters: Google&#8217;s recent financial performance underscores its strategic growth. In its <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">third-quarter earnings</a> report, Alphabet reported a 15% year-over-year revenue increase to $88.27 billion, surpassing expectations. The cloud division&#8217;s 35% growth highlights the momentum within the company.



Meanwhile, Microsoft Corp has accused Google of <a href="https://www.benzinga.com/markets/equities/24/10/41592650/microsoft-accuses-google-of-astroturf-campaigns-targeting-its-cloud-business-says-search-giant-r">orchestrating lobbying campaigns</a> against its cloud business, indicating the competitive tensions in the cloud computing sector. This rivalry underscores the importance of Google&#8217;s advancements in chip technology and cloud services.



Additionally, Google&#8217;s reported Project Jarvis initiative reflects its commitment to <a href="https://www.benzinga.com/markets/equities/24/10/41592044/googles-project-jarvis-and-jeff-bezos-backed-anthropic-are-just-scratching-the-surface-of-agenti">advancing AI-powered web browsing</a> capabilities, further enhancing its technological edge. 



Price Action: Alphabet Inc Class A shares closed at $169.68 on Tuesday, up 1.78% for the day. In after-hours trading, the stock rose by an additional 5.80%. Alphabet Inc Class C shares ended the day at $171.14, climbing 1.66%. After hours, the stock advanced a further 5.89%. Year to date, Alphabet Class C shares have risen by 22.63%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41590974/dogecoin-lifts-15-amid-rising-odds-of-trump-victory-in-betting-markets-and-expectations-of?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Lifts 15% Amid Rising Odds Of Trump Victory In Betting Markets And Expectations Of Elon Musk Heading &#8216;DOGE&#8217; Department</a></li>
</ul>



Image Via Shutterstock 



Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

NVDA

Google's Cost Advantage With Custom Chips — Only Nvidia Tops It, Says Analyst

On Tuesday, Cathie Wood&#8217;s Ark Invest made some significant trades, most notably selling shares of Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) and buying a substantial amount of Archer Aviation Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACHR#NYSE">ACHR</a>).



The Tesla Trade



ARK Innovation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NYSE">ARKK</a>) and ARK Next Generation Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#NYSE">ARKW</a>) sold 13,896 shares of Tesla, a move that followed a series of transactions carried out by Ark Invest&#8217;s various ETFs on Monday, as reported in a <a href="https://www.benzinga.com/markets/equities/24/10/41590961/cathie-woods-flurry-of-trades-offloads-31-5m-in-tesla-buys-amazon-amd-and-meta-dumps-palantir-tr">Benzinga article</a>. The value of this trade, based on Tesla&#8217;s closing price of $259.52 on Tuesday, is approximately $3.6 million.



Ark Invest's moves follow Tesla's impressive third-quarter earnings, which surpassed expectations with improved margins, along with a strong 2025 vehicle delivery forecast that analysts <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41524419/tesla-q3-an-unexpectedly-good-quarter-10-analysts-on-earnings-margins-fsd-robotaxis">viewed positively.</a>



The Archer Aviation Trade



Archer Aviation, a company at the forefront of the rapidly evolving urban air mobility (UAM) market, saw a significant boost from Ark Invest. ARKK bought a whopping 830,130 shares of Archer Aviation. This investment, calculated from Archer&#8217;s closing price of $3.36 on Tuesday, amounts to about $2.79 million.



The purchase comes at a time when Archer Aviation is <a href="http://ARK Next Generation Internet ETF">making strides</a> in the development of electric vertical takeoff and landing (eVTOL) aircraft. The Federal Aviation Administration (FAA) recently issued a final rule establishing a new category of aircraft called &#8220;powered lift,&#8221; which applies to eVTOL aircraft, marking an important step towards bringing eVTOLS into U.S. airspace.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41590974/dogecoin-lifts-15-amid-rising-odds-of-trump-victory-in-betting-markets-and-expectations-of?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Lifts 15% Amid Rising Odds Of Trump Victory In Betting Markets And Expectations Of Elon Musk Heading &#8216;DOGE&#8217; Department</a>



Other Key Trades: 



<ul>
<li>Ark Invest&#8217;s ARK Fintech Innovation ETF (ARKF) sold 16,396 shares of Robinhood Markets Inc (HOOD) worth $459,579. Meanwhile, ARKK and ARKW bought a total of 1,642 shares of Meta Platforms Inc. (META) worth $974,165.</li>



<li>ARK Genomic Revolution ETF (ARKG) bought shares of Illumina Inc (ILMN) and sold shares of CareDx Inc (CDNA). ARK Innovation ETF (ARKK) sold shares of Unity Software Inc (U) and bought shares of Natera Inc (NTRA).</li>
</ul>



Read Next: <a href="https://www.benzinga.com/markets/equities/24/10/41590829/ford-amd-trump-media-microstrategy-and-tesla-why-these-5-stocks-are-on-investors-radars-today?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">F, AMD, DJT, MSTR, TSLA: Top 5 Trending Stocks Today</a>



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>

ACHR

ARKK

ARKW

TSLA

Cathie Wood's Sky-High Vision: Dumps Shares Of Cybercab Touting Tesla For This eVTOL Play

Technology giant Alphabet Inc (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>) reported third-quarter financial results after the<a href="https://www.benzinga.com/earnings"> market close Tuesday.</a>



Here are the key highlights.



What Happened: Alphabet reported third-quarter revenue of $88.27 billion, up 15% year-over-year. The total beat a Street consensus estimate of $86.31 billion, according to data <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102924&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>



The company reported third-quarter earnings per share of $2.12, which beat a Street consensus estimate of $1.84.



Revenue was broken down as follows in the third quarter, with the prior year's total in parentheses:



<ul>
<li>Google Search: $49.4 billion ($44 billion)</li>



<li>YouTube ads: $8.9 billion ($8 billion)</li>



<li>Google Network: $7.5 billion ($7.7 billion)</li>



<li>Total Google Advertising: $65.9 billion ($59.6 billion)</li>
</ul>



The company also reported Google subscribers, platform and devices revenue of $10.7 billion, up from $8.3 billion in the prior year and Google Cloud revenue of $11.4 billion, up from $8.45 billion in the third quarter of the prior year.



Google Cloud revenues were up 35% year-over-year in the quarter, with the company highlighting continued growth from artificial intelligence.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41582608/alphabet-q3-earnings-preview-antitrust-probe-2024-election-streak-of-revenue-beats-">Alphabet Q3 Earnings Preview: Antitrust Probe, 2024 Election, Streak Of Revenue Beats And More For Investors To Watch</a>



"The momentum across the company is extraordinary," Alphabet CEO Sundar Pichai said. "Our commitment to innovation, as well as our long-term focus and investment in AI, are paying off with consumers and partners benefiting from our AI tools."



Pichai said AI features are expanding what people search for and how they search for it.



The company is winning larger deals and attracting new customers thanks to its AI solutions in cloud, the CEO said.



YouTube passed $50 billion in total ads and subscription revenues over the last four quarters for the first time, he said. 



"I'm looking forward to driving more advances for consumers, customers and creators globally."



GOOG Price Action: Alphabet Class C stock is up 3.38% to $176.93 in after-hours trading Tuesday versus a 52-week trading range of $123.88 to $193.30.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41586854/alphabet-bulls-charge-ahead-of-q3-will-metas-ai-search-doj-roadblocks-change-the-game">Alphabet Bulls Charge Ahead Of Q3: Will Meta&#8217;s AI Search, DOJ Roadblocks Change The Game?</a></li>
</ul>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Google Q3 2024 Earnings Call &#x7C; $GOOG" width="500" height="281" src="https://www.youtube.com/embed/Ww286iy2xiY?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>
</div></figure>



Photo via Shutterstock.

Alphabet Q3 Earnings Highlights: Revenue Beat, EPS Beat, Google Cloud Up 35%, 'Momentum Across The Company Is Extraordinary'

Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) reported third-quarter financial results after the market close on Tuesday. Here&#8217;s everything you need to know <a href="https://www.benzinga.com/pressreleases/24/10/g41610971/amd-reports-third-quarter-2024-financial-results">from the report</a>.



Q3 Earnings: AMD reported third-quarter revenue of $6.8 billion, beating <a href="https://www.benzinga.com/calendars/earnings">analyst estimates</a> of $6.71 billion. The chipmaker reported third-quarter earnings of 92 cents, in line with analyst estimates, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Total revenue was up 18% year-over-year, led by Data Center revenue of $3.5 billion, up 122% year-over-year. Client segment revenue totaled $1.9 billion, up 29% year-over-year. Gaming revenue fell 69% year-over-year to $462 million and Embedded revenue declined 25% year-over-year to $927 million. AMD noted Embedded revenue increased 8% on a quarter-over-quarter basis as &#8220;demand improved in several end markets.&#8221;



&#8220;We delivered strong&nbsp;third quarter&nbsp;financial results with record revenue led by higher sales of EPYC and Instinct data center products and robust demand for our Ryzen PC processors,&#8221; said Lisa Su, chair and CEO of AMD.



&#8220;Looking forward, we see significant growth opportunities across our data center, client and embedded businesses driven by the insatiable demand for more compute.&#8221;



Check This Out: <a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41586844/amd-q3-earnings-on-deck-mixed-signals-on-charts-as-ai-server-gains-take-focus">AMD Q3 Earnings On Deck: Mixed Signals On Charts As AI, Server Gains Take Focus</a>



Outlook: AMD expects fourth-quarter revenue of approximately $7.5 billion, plus or minus $300 million. The company&#8217;s revenue guidance represents year-over-year growth of 22% at the midpoint. 



Adjusted gross margin is expected to be approximately 54% in the fourth quarter, in line with third-quarter adjusted gross margin.



Management will hold a conference call to further discuss the company&#8217;s quarterly performance at 5 p.m. ET.



AMD Price Action: AMD shares were down 6.61% after-hours, trading at $155.01 at the time of publication Tuesday, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41605605/gold-hits-record-highs-defies-market-gravity-why-the-precious-metal-is-decoupling-f">Gold Hits Record Highs, Defies Market Gravity: Why The Precious Metal Is Decoupling From Treasury Yields</a></li>
</ul>



Photo: courtesy of AMD.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Advanced Micro Devices Q3 2024 Earnings Call &#x7C; $AMD" width="500" height="281" src="https://www.youtube.com/embed/Mx0k9_zxIJc?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>
</div></figure>

After-Hours Center

AMD Q3 Earnings: Revenue Beat, EPS In Line, Data Center Up 122%, 'Significant' Growth Opportunities Ahead Driven By 'Insatiable' Demand

Chewy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) shares are moving lower in extended trading Tuesday after meme stock trader Keith Gill, also known as <a href="https://www.benzinga.com/topic/roaring-kitty">"Roaring Kitty,"</a> sold his stake in the <a href="http://benzinga.com/quote/chwy">online pet retailer</a>.



What Happened: According to a new <a href="https://www.sec.gov/Archives/edgar/data/1871280/000110465924112245/tm2427027d1_sc13ga.htm">13G filing</a> with the SEC, Gill sold his entire stake in Chewy. The filing indicates Gill had a 0% stake in the pet retailer as of Sept. 30.



Chewy shares fell more than 2% on the news, while GameStop Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) shares crept higher, last up about 1.3%, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



Gill is best known for playing an influential role in the historic 2021 meme stock craze&nbsp;that saw GameStop and other heavily shorted names squeeze higher. He made a return to social media earlier this year following a three-year absence.



In his return to the limelight, the trader made several cryptic posts on X, shared position updates on Reddit and even held a livestream during market hours on his YouTube channel.



Gill&#8217;s active presence on social platforms sparked renewed volatility in several stocks popular among retail investors including GameStop and Chewy, which share a connection via Ryan Cohen. Cohen is GameStop&#8217;s CEO, as well as the founder of Chewy.



At the end of June, Gill <a href="https://x.com/TheRoaringKitty/status/1806371920495186041" target="_blank" rel="noreferrer noopener">posted</a>&nbsp;an image of a dog on X, which spurred speculation that he may be shifting his attention to Chewy. A few days later, the meme stock trader disclosed a 6.6% stake in the pet retailer. 



On Sept. 6, Gill posted a <a href="https://x.com/TheRoaringKitty/status/1832086356849250635">meme</a> of the same dog image being tossed to the side like a toy in the classic animated film &#8220;Toy Story.&#8221; The post sparked speculation that Gill may be moving on from Chewy. That speculation was confirmed with Tuesday&#8217;s filing. 



Chewy had been Gill&#8217;s only other publicly known investment outside of GameStop. Gill hasn&#8217;t posted a position update on social media since June when he shared a <a href="https://www.reddit.com/r/Superstonk/comments/1df8jno/gme_yolo_update_june_13_2024/">screenshot</a> on Reddit showing that he was holding approximately nine million shares of GameStop.



See Also: <a href="https://www.benzinga.com/general/social-media/24/08/40225079/roaring-kitty-loses-thousands-of-x-followers-after-going-silent-on-gamestop-chewy">Roaring Kitty Loses Thousands Of X Followers After Going Silent On GameStop, Chewy</a>



CHWY Price Action: Chewy shares closed down 0.37% at $26.69 and were down 2.21% at $26.10 after-hours on Tuesday at publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.



This illustration was generated using artificial intelligence via Midjourney.

Roaring Kitty Puts Chewy Stock In The Litter Box, GameStop Shares Move Higher After Hours

Cryptocurrency markets are surging on Tuesday amid Donald Trump's rising election odds, positive broader economic factors and subsiding geopolitical tensions.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$72,870.84</td><td>+4.4%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,662.43</td><td>+5.8%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$179.25</td><td>+1.3%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.1731</td><td>+10.4%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00001902&nbsp;&nbsp;</td><td>+6.8%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increased by 112.3% and daily active addresses grew by 18.2%. Transactions greater than $100,000 are up from 5,505 to 9,521 in a single day. Exchanges netflows are down by 1,448.6%.</li>



<li>Coinglass data reports 61,293 traders were liquidated in the past 24 hours for $263.54 million.</li>



<li>Crypto analyst Miles Deutscher marked Bitcoin exchange reserves touching all-time lows as he <a href="https://x.com/milesdeutscher/status/1851325889369550888">predicts</a> an incoming supply squeeze.</li>



<li>Industry expert Benjamin Cowen <a href="https://x.com/intocryptoverse/status/1851326495077077457">noted</a> Bitcoin dominance finally peaking at 60% after more than three years.</li>
</ul>



Notable Developments:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41601328/microstrategy-coinbase-shares-are-rising-tuesday-whats-going-on">MicroStrategy, Coinbase Shares Are Rising Tuesday: What&#8217;s Going On?</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41599395/bitcoin-demand-to-surge-as-china-implements-monetary-chemotherapy-arthur-hayes-predicts">Bitcoin Demand To Surge As China Implements &#8216;Monetary Chemotherapy,&#8217; Arthur Hayes Predicts</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41602107/coinbase-ceo-brian-armstrong-says-next-sec-chair-should-apologize-for-the-damage-done-to-t">Coinbase CEO Brian Armstrong Says Next SEC Chair Should Apologize For The &#8216;Damage Done To The Country&#8217; By &#8216;Frivolous&#8217; Lawsuits</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41604244/grayscales-bitcoin-ethereum-funds-see-750m-inflows-in-3-months">Grayscale&#8217;s Bitcoin, Ethereum Funds See $750M Inflows In 3 Months</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41601677/grant-cardone-says-real-estate-tokenization-will-democratize-access-but-warns-sec-is-dragg">Grant Cardone Says Real Estate Tokenization Will &#8216;Democratize Access,&#8217; But Warns SEC Is &#8216;Dragging Its Feet&#8217;</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Sui (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">SUI</a>)</td><td>&nbsp;$2.02</td><td>+20.6%</td></tr><tr><td>Popcat (SOL) (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POPCAT</a>)</td><td>&nbsp;$1.77</td><td>+16.4%</td></tr><tr><td>Mog Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MOG</a>)</td><td>&nbsp;$0.051999&nbsp;</td><td>+15%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin prices chasing the all-time high mark of $73,697, crypto trader Jelle noted there is only one untagged high left.



<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">Only one untagged high left: all-time high.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/R9nIAZYvzA">pic.twitter.com/R9nIAZYvzA</a>&mdash; Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1851322107525001650?ref_src=twsrc%5Etfw">October 29, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div><figcaption class="wp-element-caption">Voicing a similar opinion, IncomeSharks <a href="https://x.com/IncomeSharks/status/1851337890749653365">stated</a> that on another bullish day there are zero things on the BTC chart to support a bearish bias. </figcaption></figure>



CryptoCon <a href="https://x.com/CryptoCon_/status/1851311120117571921">added</a> that the &#8220;Halving Cycles Theory&#8221; predicted Nov. 28 as the start of the &#8220;true bull market&#8221; year since early 2023. With Bitcoin&#8217;s price nearing all-time highs and only one month left, the theory appears to be on track.



Bloomberg Senior ETF Analyst Eric Balchunas stated that the U.S. spot Bitcoin ETFs are on track to reach 1 million BTC by next Wednesday and surpass Satoshi's holdings (1.1 million BTC) by mid-December. He predicts a Donald Trump win, along with higher prices, could accelerate FOMO-driven inflows and push milestones even sooner.



The ETFs adding around 17,000 BTC weekly, though market factors like a selloff or rising prices could impact the timeline, Balchunas <a href="https://x.com/EricBalchunas/status/1851253463734190477">believes</a>. 



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41606090/bitcoin-meme-coins-thats-right-trader-says-best-time-to-get-in-as-dogecoin-solana-memes-su">Bitcoin Meme Coins? That&#8217;s Right, Trader Says &#8216;Best Time To Get In&#8217; As Dogecoin, Solana Memes Surge</a></li>
</ul>



Image: Shutterstock

$MOG

$POPCAT

$SHIB

$SOL

$SUI

Bitcoin Flirts With All-Time High, Ethereum, Dogecoin Surge: 'Stay Tuned,' Says Trader Who Sees 'Only One Untagged High Left'

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.apple.com/newsroom/2024/10/apples-new-mac-mini-is-more-mighty-more-mini-and-built-for-apple-intelligence/" target="_blank" rel="noreferrer noopener">introduced a</a> fresh Mac mini Tuesday featuring the new M4 and M4 Pro chips, compactly engineered to maximize performance within a smaller 5&#215;5-inch form factor.



Apple said the Mac mini with M4 offers up to 1.8 times faster CPU speeds and 2.2 times faster GPU speeds than the M1 model.



The M4 Pro chip amplifies power, equipping the Mac mini for demanding tasks.



Also Read: <a href="https://www.benzinga.com//node/41591063">Apple &#8216;Will Be The First To Hit&#8217; $4 Trillion Market Cap Milestone, Says Dan Ives As Hundreds Of Apps Will Be Built On AI Feature</a>



This model also supports Thunderbolt 5, which enables faster data transfer.



The system also includes front and back ports for user-friendly connectivity. Apple has designed the new Mac mini to integrate its Apple Intelligence system.



Apple said the launch marks a critical environmental initiative as the Mac mini is Apple&#8217;s first carbon-neutral Mac, achieving over 80% reduction in greenhouse gas emissions across production and usage.



Apple said that the updated Mac mini compact system routes air efficiently within the device, venting through its base.



When compared with leading PC desktops at its price, the Mac mini can reach speeds up to six times faster, the company said.



Mac mini is equipped with a 10-core CPU, 10-core GPU, and 16GB of unified memory. Apple said the M4 model is ideal for users like students, creators, and small business owners.



For those needing additional power, the M4 Pro chip offers single-threaded performance and multi-threaded capabilities with up to 14 CPU cores and 20 GPU cores.



This chip also has ray-tracing capabilities and a Neural Engine that operates three times faster than previous models.



Supporting up to 64GB of unified memory and 273GB/s of memory bandwidth, the M4 Pro model is designed for intensive AI tasks and other high-performance demands.



Thunderbolt 5 boosts data transfer to 120 Gb/s on the M4 Pro Mac mini, enhancing faster storage and device compatibility.



The new Mac mini offers both front-facing and rear ports, including USB-C and an audio jack with support for high-impedance headphones.



The M4 model provides three Thunderbolt 4 ports, while the M4 Pro comes with Thunderbolt 5. With the M4 chip, the Mac mini can drive up to two 6K displays or one 5K display, while the M4 Pro model supports three 6K displays at 60Hz.



On Monday, Apple introduced its latest iMac, which is powered by the M4 chip and Apple Intelligence and has a slim, modern design (<a target="_blank" href="https://www.benzinga.com/news/24/10/41582312/apples-introduces-imac-m4-chip-brings-faster-speeds-and-smarter-ai-features" rel="noreferrer noopener">details here</a>).



Apple announced a phased rollout for its Apple Intelligence features, starting with iOS 18.1 on October 28, introducing foundational AI capabilities. iOS 18.2 will follow, incorporating ChatGPT integration and advanced tools such as Visual Intelligence and Genmoji to drive future sales.



Price Action:&nbsp;AAPL stock is up 0.26% at $234 at the last check on Tuesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/10/41601664/msci-touts-strong-subscription-growth-ceo-says-q3s-recurring-sales-were-best-ever" target="_blank" rel="noreferrer noopener">MSCI Touts Strong Subscription Growth, CEO Says Q3&#8217;s Recurring Sales Were &#8216;Best-Ever&#8217;</a></li>
</ul>



Photo via Apple

Apple Refreshes Mac Mini: Smaller Form Factor, M4 Chip Power, Carbon Neutral

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