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Nixxy

Recruiter.Com Group

Nixxy Inc formerly Recruiter.Com Group Inc is a hiring platform for the network of recruiters. It empowers businesses to recruit specialized talent faster with virtual teams of recruiters and AI job-matching technology. The Recruiter.com network of over 28,000 small and independent recruiters utilize a web platform, complete with AI-driven job matching, to recruit talent faster. Its Recruiters On Demand provides businesses of all sizes access to virtual recruiters specialized by vertical industries to source, engage, and hire talent on an as-needed basis.

Nixxy Inc

Overdraft <a href="https://www.benzinga.com/news/23/12/36272398/us-bank-slammed-for-illegally-collecting-millions-in-overdraft-fees-forced-to-pay-up-americans-are-f">issuers</a> including American Credit Unions, Consumer Bankers Association, American Bankers Association, and the Mississippi Bankers Association, have jointly filed a lawsuit challenging the Consumer Financial Protection Bureau&#8216;s new decision.
What Happened: The U.S. <a href="https://www.benzinga.com/topic/consumer-financial-protection-bureau">watchdog agency for consumer finance</a> decided to cap the overdraft fees which can add up to $5 billion in annual fee savings to the consumers, or $225 per household that pays overdraft fees.
&#8220;For far too long, the largest banks have exploited a legal loophole that has drained billions of dollars from Americans&#8217; deposit accounts,&#8221; said CFPB Director Rohit Chopra. &#8220;The CFPB is cracking down on these excessive junk fees and requiring big banks to come clean about the interest rate they&#8217;re charging on overdraft loans.&#8221;
However, banking and other lending institutions have opposed this move.
According to Consumer Bankers Association president and CEO Lindsey Johnson, &#8220;The CFPB's rule on overdraft services harms Americans who need it most—including the 26 million Americans who don&#8217;t have access to credit and thus stand to lose the most if overdraft services are restricted.&#8221;
The CBA includes JPMorgan Chase, Citi, TD Bank, BMO Bank, and Santander. American Bankers Association&#8217;s president and CEO Rob Nichols said, &#8220;CFPB's final overdraft rule exceeds the Bureau's statutory authority, ignores thoughtful industry and stakeholder feedback, and will harm the very consumers the CFPB claims to protect.&#8221;
&#8220;Financial hardships have serious consequences on families, and overdraft programs provide an affordable lifeline in these circumstances,&#8221; said America's Credit Unions president and CEO Jim Nussle. &#8220;The association is going to continue to fight through legal action to reverse this grave mistake from Director Chopra,&#8221; he added.
See Also: <a href="https://www.benzinga.com/24/12/42454495/microsoft-expects-800-million-impairment-charge-due-to-gms-cruise-exit-but-analysts-say-its-a-step-in-the-right-direction-for-automaker">Microsoft Expects $800 Million Impairment Charge Due To GM&#8217;s Cruise Exit, Analyst Says It&#8217;s A &#8216;Step In The Right Direction&#8217; For Automaker</a>
Why It Matters: According to CFPB&#8217;s new rules, lending institutions would have to choose one of the three options when charging for overdrafts.
The first one is to cap their overdraft fee at $5 per instance, while the second option is to cap their fee at an amount that can cover costs and losses. The third option gives freedom to the institution to charge discretionary fees and disclose the terms of their overdraft loan just like other loans.
According to Chopra, &#8220;Consumers have paid an estimated $280 billion in overdraft fees over the past two decades, including roughly $9 billion in 2022.&#8221;
<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">Many consumers have been hit by multiple fees in a day, because some banks have processed payments to trigger more and more overdraft fees. <a href="https://t.co/ItYPm1ZDnK">https://t.co/ItYPm1ZDnK</a>
&mdash; Rohit Chopra (@chopracfpb) <a href="https://twitter.com/chopracfpb/status/1867258208936472988?ref_src=twsrc%5Etfw">December 12, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Price Action: Several U.S. bank stocks took a hit on Thursday after the CFPB finalized the rule.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Stock</td>
<td>Closing price on Dec. 12, 2024</td>
<td>Change</td>
</tr>
<tr>
<td>Wells Fargo &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>)</td>
<td>$70.80</td>
<td>-1.12%</td>
</tr>
<tr>
<td>JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>)</td>
<td>$241.53</td>
<td>-0.82%</td>
</tr>
<tr>
<td>Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>)</td>
<td>$71.43</td>
<td>-0.74%</td>
</tr>
<tr>
<td>Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)</td>
<td>$591.61</td>
<td>-0.16%</td>
</tr>
<tr>
<td>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>)</td>
<td>$127.91</td>
<td>0.25%</td>
</tr>
</tbody>
</table>
</figure>
According to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>, the SPDR S&amp;P Bank ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KBE#NYSE">KBE</a>) fell 1.1%, while the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) declined 1.2%.
Regional banks were affected, too.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Stock</td>
<td>Closing price on Dec. 12, 2024</td>
<td>Change</td>
</tr>
<tr>
<td>Flagstar Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLG#NYSE">FLG</a>)</td>
<td>$11.05</td>
<td>-2.13%</td>
</tr>
<tr>
<td>Citizens Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>)</td>
<td>$45.54</td>
<td>-1.49%</td>
</tr>
<tr>
<td>Regions Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RF#NYSE">RF</a>)</td>
<td>$25.05</td>
<td>-1.38%</td>
</tr>
<tr>
<td>Huntington Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBAN#NASDAQ">HBAN</a>)</td>
<td>$17.17</td>
<td>-1.27%</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42460199/jpmorgan-reiterates-underweight-rating-on-supermicro-maintains-the-lowest-target-price-among-the-17-tracked-analysts">SMCI Stock Receives Harshest Price Target Among 17 Tracked Analysts As JPMorgan Maintains Underweight Rating On Super Micro: &#8216;No Significant Movement Of Orders&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Equities

Government

News

Regulations

Markets

General

HBAN

US Lenders File Joint Lawsuit Against Consumer Finance Watchdog For Capping Overdraft Fees: Wells Fargo, JPMorgan, Citigroup Stocks In Focus

HSBC analyst Lilyanna Yang initiates coverage on AES (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AES#NYSE">AES</a>) with a Buy rating and announces Price Target of $17.

Price Target

Initiation

Analyst Ratings

HSBC Initiates Coverage On AES with Buy Rating, Announces Price Target of $17

From 2027 on, Blue Lion will support cutting-edge research in Bavaria and, as a system of the Gauss Center for Supercomputing (GCS), will also be used for outstanding national science projects. The contracts were signed on December 13, 2024. The total costs of 250 million euros (1) are shared by the Federal Ministry of Education and Research (BMBF) and the Bavarian State Ministry of Science and the Arts (StMWK).

Hewlett Packard Enterprise Says It Built 100% Direct Liquid Cooled Supercomputer At The Leibniz Supercomputing Center Called "Blue Lion"

Shares of RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) rose sharply in the pre-market trading after the company <a href="https://www.benzinga.com/quote/RH/earnings">released quarterly results</a>.
RH posted downbeat earnings and sales results for its third quarter. However, the company raised revenue guidance across the board based on current trends. The company expects fourth-quarter demand growth of 20% to 22%, and fourth-quarter revenue growth of 18% to 20%, according to data from Benzinga Pro.
RH shares jumped 17.1% to $446.44 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Pearl Holdings Acquisition Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRLH#NASDAQ">PRLH</a>) gained 44.1% to $17.50 in pre-market trading after adding 4% on Thursday.</li>
<li>Loop Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOOP#NASDAQ">LOOP</a>) gained 41.3% to $1.74 in pre-market trading. Loop Industries completed convertible preferred financing with Reed Societe Generale Group.</li>
<li>SPI Energy Co., Ltd.. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPI#NASDAQ">SPI</a>) gained 39.5% to $0.4884 in pre-market trading after climbing around 14% on Thursday.</li>
<li>TruGolf Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRUG#NASDAQ">TRUG</a>) gained 30.5% to $0.6785 in pre-market trading after jumping around 18% on Thursday.</li>
<li>Gaxos.ai Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GXAI#NASDAQ">GXAI</a>) rose 18.6% to $4.39 in pre-market trading after falling 27% on Thursday.</li>
<li>Lichen China Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LICN#NASDAQ">LICN</a>) gained 16% to $0.2272 in pre-market trading after dipping more than 25% on Thursday. Lichen China announced a $2.70 million registered direct offering.</li>
<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) gained 14.8% to $207.50 in pre-market trading as the company posted better-than-expected earnings for its fourth quarter. The company said it sees first-quarter revenue of approximately $14.6 billion, versus the $14.612 billion estimate. The company also issued adjusted EBITDA guidance of approximately 66 percent of projected revenue for the first quarter.</li>
<li>EVgo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGO#NASDAQ">EVGO</a>) climbed 13.2% to $7.04 in pre-market trading. EVgo closed its $1.25 billion guaranteed loan facility from U.S. Department of Energy.</li>
<li>Lytus Technologies Holdings PTV. Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYT#NASDAQ">LYT</a>) gained 12.4% to $1.27 in pre-market trading after falling around 10% on Thursday.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Repare Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RPTX#NASDAQ">RPTX</a>) shares tumbled 35.8% to $2.55 in pre-market trading after the company reported results of Lunresertib and Camonsertib combination from MYTHIC Phase 1 gynecologic expansion clinical trial.</li>
<li>Nuburu, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BURU#NYSE">BURU</a>) declined 32.1% to $0.34 in pre-market trading after jumping 102% on Thursday.</li>
<li>Candel Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CADL#NASDAQ">CADL</a>) shares fell 30.9% to $6.77 in pre-market trading after the company announced the pricing of public offering.</li>
<li>Inovio Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INO#NASDAQ">INO</a>) fell 22.8% to $2.90 in pre-market trading after the company announced a proposed public offering.</li>
<li>Comstock Holding Companies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHCI#NASDAQ">CHCI</a>) dipped 17.8% to $7.00 in pre-market trading after declining 4% on Thursday.</li>
<li>Actuate Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACTU#NASDAQ">ACTU</a>) shares fell 15.5% to $7.00 in pre-market trading.</li>
<li>Northfield Bancorp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFBK#NASDAQ">NFBK</a>) fell 14.8% to $11.00 in pre-market trading.</li>
<li>SEALSQ Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAES#NASDAQ">LAES</a>) shares dipped 13% to $1.61 in pre-market trading. SEALSQ announced the pricing of $10 million registered direct offering.</li>
<li>Pliant Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLRX#NASDAQ">PLRX</a>) fell 9.8% to $12.50 in today's pre-market trading.</li>
<li>Kimball Electronics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KE#NASDAQ">KE</a>) fell 4.5% to $18.32 in pre-market trading.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/12/42460676/jim-cramer-amd-ceo-lisa-su-built-an-amazing-company">Jim Cramer Says This CEO &#8216;Built An Amazing Company,&#8217; Recommends Buying Netflix</a></li>
</ul>

Pre-Market Outlook

Movers

Trading Ideas

ACTU

AVGO

BURU

CADL

CHCI

EVGO

GXAI

LAES

LICN

LOOP

NFBK

PLRX

PRLH

RPTX

TRUG

Why RH Shares Are Trading Higher By Around 17%; Here Are 20 Stocks Moving Premarket

Telsey Advisory Group analyst Cristina Fernandez maintains RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) with a Market Perform and raises the price target from $330 to $480.

Telsey Advisory Group Maintains Market Perform on RH, Raises Price Target to $480

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

Wolfe Research analyst Darrin Peller upgrades PayPal Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) from Peer Perform to Outperform and announces $107 price target.

Upgrades

PYPL

Wolfe Research Upgrades PayPal Holdings to Outperform, Announces $107 Price Target

Telsey Advisory Group analyst Cristina Fernandez maintains Under Armour (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAA#NYSE">UAA</a>) with a Market Perform and maintains $10 price target.

Telsey Advisory Group Maintains Market Perform on Under Armour, Maintains $10 Price Target

American EV giant Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) launched the company&#8217;s actually smart summon feature in China on Friday.
What Happened: The feature will be pushed to Tesla vehicles in China through over-the-air updates, the company said.
Actually Smart Summon will allow users to summon their Tesla cars to a nearby particular location and banish them once they are done using it with the Tesla app in familiar and predictable areas such as private driveways and parking lots. The vehicle must be in the driver&#8217;s line of sight at all times while using the feature. 
The feature will only be available to users who signed up for the company&#8217;s enhanced autopilot and full self-driving features. 
Why It Matters:&nbsp;Tesla started rolling out Actually Smart Summon to vehicles in the U.S. in early September.&nbsp;
Early in September, Tesla also said that it would roll out its&nbsp;<a href="https://www.benzinga.com/news/24/09/40723263/senior-tesla-exec-says-cybertruck-may-get-parking-assistance-features-over-weekend-after-the-stainle" target="_blank" rel="noreferrer noopener">full self-driving (FSD) driver assistance software</a>&nbsp;in Europe and China in the&nbsp;<a href="https://www.benzinga.com/news/24/09/40724069/tesla-fsd-rollout-in-china-europe-planned-for-q1-2025" target="_blank" rel="noreferrer noopener">first quarter of 2025</a>, pending regulatory approval. 
FSD is currently limited to the U.S. market and while it requires active driver supervision as of today, Tesla is optimistic that it can enable vehicle autonomy with future versions of the software.
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:
<ul>
<li><a href="https://www.benzinga.com/general/space/24/12/42477647/elon-musk-reveals-spacexs-new-starship-spacecraft-is-easier-to-manufacture-and-less-susceptible-to-high-heating-ahead-of-7th-test-flight">Elon Musk Reveals SpaceX&#8217;s New Starship Spacecraft Is &#8216;Easier To Manufacture And Less Susceptible To High Heating&#8217; Ahead Of 7th Test Flight</a></li>
</ul>
Photo courtesy: Shutterstock

Global

Tech

TSLA

Tesla Launches Actually Smart Summon Feature In China Ahead Of Planned FSD Rollout In Early 2025

Telsey Advisory Group analyst Joseph Feldman maintains Costco Wholesale (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) with a Outperform and maintains $1050 price target.

COST

Telsey Advisory Group Maintains Outperform on Costco Wholesale, Maintains $1050 Price Target

The U.S. Securities and Exchange Commission has reopened an investigation into Elon Musk&#8216;s brain-chip startup Neuralink, according to a letter shared by Musk on social media platform X on Thursday.
What Happened: The Dec. 12 correspondence from Musk&#8217;s lawyer Alex Spiro to outgoing SEC Chair Gary Gensler reveals that the commission has issued a settlement demand, giving Musk 48 hours to accept a monetary payment or face multiple charges. The specific amount demanded was not disclosed in the letter.
Musk quipped, &#8220;Oh Gary, how could you do this to me?&#8221;
This latest probe follows a history of regulatory scrutiny for Musk. In 2018, he <a href="https://www.benzinga.com/government/24/04/38495283/supreme-court-rejects-elon-musks-bid-to-overturn-sec-decision-report">settled an SEC lawsuit</a> over Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) social media posts about taking the company private, paying a $20 million fine, and agreeing to have Tesla lawyers review certain communications.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Oh Gary, how could you do this to me? &#x1f979; <a href="https://t.co/OoooQI77ZS">pic.twitter.com/OoooQI77ZS</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1867357433493872874?ref_src=twsrc%5Etfw">December 12, 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/24/12/42477300/russian-state-backed-hackers-target-ukrainian-military-devices-via-spacexs-starlink-microsoft-report-reveals">Russian State-Backed Hackers Target Ukrainian Military Devices Via SpaceX&#8217;s Starlink, Microsoft Reveals</a>
Why It Matters: Last year, four lawmakers requested the SEC to investigate potential securities fraud related to Neuralink&#8217;s brain implant safety claims. The investigation comes as Neuralink advances its <a href="https://www.benzinga.com/tech/24/11/42239483/teslas-optimus-bot-gets-new-hands-as-neuralinks-fda-approved-bci-trials-begin">brain-computer interface technology</a>, recently receiving FDA approval for human trials and successfully implanting devices in two patients.
Spiro&#8217;s letter emphasized that Musk and his legal team would not be intimidated by the SEC and reserved their legal rights. The SEC and Neuralink did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga&#8217;s</a> request for a statement.
The investigation arrives at a <a href="https://www.benzinga.com/news/24/10/41561298/elon-musk-pumps-more-than-130m-into-trump-and-gop-campaigns">complex political moment</a>. Musk has reportedly spent over $250 million supporting President-elect Donald Trump&#8216;s campaign and has been appointed to a government task force planning significant administrative reforms.
Neuralink continues to push technological boundaries, with recent trials demonstrating patients&#8217; ability to control computer cursors and play video games using brain-computer interface technology. The company aims to develop solutions for neurological disorders and expand human-technology interaction.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/space/24/12/42477647/elon-musk-reveals-spacexs-new-starship-spacecraft-is-easier-to-manufacture-and-less-susceptible-to-high-heating-ahead-of-7th-test-flight">Elon Musk Reveals SpaceX&#8217;s New Starship Spacecraft Is &#8216;Easier To Manufacture And Less Susceptible To High Heating&#8217; Ahead Of 7th Test Flight</a></li>
</ul>
Image Via Shuterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Startups

Elon Musk Asks Gary Gensler 'How Could You Do This To Me' As SEC Reopens Investigation Into Neuralink

Mizuho analyst Siti Panigrahi downgrades RingCentral (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNG#NYSE">RNG</a>) from Outperform to Neutral and maintains the price target from $42 to $42.

Downgrades

Mizuho Downgrades RingCentral to Neutral, Maintains Price Target to $42

Goldman Sachs analyst Patty Kanada initiates coverage on Coty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COTY#NYSE">COTY</a>) with a Neutral rating and announces Price Target of $9.

COTY

Goldman Sachs Initiates Coverage On Coty with Neutral Rating, Announces Price Target of $9

Macro Economic Events

Econ #s

Economics

Eurozone Industrial Production (MoM) For October 0.0% Vs. 0.0% Est.; -1.5% (Revised) Prior

Goldman Sachs analyst Patty Kanada initiates coverage on e.l.f. Beauty (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) with a Buy rating and announces Price Target of $165.

Goldman Sachs Initiates Coverage On e.l.f. Beauty with Buy Rating, Announces Price Target of $165

Shares of&nbsp;Broadcom Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) soared by 14.47% in premarket trading on Friday, as per <a href="https://pro.benzinga.com/">Benzinga Pro</a>. This follows the company&#8217;s release of its fourth-quarter earnings. Despite mixed results, CEO&nbsp;Hock Tan&nbsp;emphasized the company&#8217;s promising future in artificial intelligence.
What Happened:&nbsp;Broadcom saw a 14.47% increase in premarket trading on Friday following the release of its fourth-quarter earnings after Thursday&#8217;s market close. CEO Tan&nbsp;addressed analysts, emphasizing a significant opportunity in artificial intelligence&nbsp;over the next three years.
&#8220;We see our opportunity over the next three years in AI as massive. Specific hyperscalers have begun their respective journeys to develop their own custom AI accelerators or XPUs, as well as network these XPUs with open and scalable Ethernet connectivity,&#8221; he said.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42421654/dogecoin-drops-14-shiba-inu-sinks-17-whats-behind-the-decline?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Drops 14%, Shiba Inu Sinks 17%: What&#8217;s Behind The Decline?</a>
Tan revealed that three hyperscale customers have multi-generational AI XPU roadmaps, planning&nbsp;to deploy 1 million XPU&nbsp;clusters by 2027. This could create a serviceable addressable market for AI-related products ranging from&nbsp;$60 billion to $90 billion&nbsp;in fiscal 2027 alone.
Broadcom aims to capture&nbsp;a leading market share in&nbsp;this area, projecting a strong increase from its&nbsp;2024 AI revenue base of&nbsp;$12.2 billion. The company has also&nbsp;been selected by two additional&nbsp;hyperscalers for advanced AI XPU development, potentially expanding its market further before 2027.
Why It Matters: The recent earnings report from Broadcom <a href="https://www.benzinga.com/news/earnings/24/12/42472970/broadcom-reports-mixed-q4-results-eps-beat-revenues-miss-q1-guidance-in-line-with-estimates">revealed a mixed performance,</a> with earnings per share surpassing expectations at $1.42 compared to the consensus estimate of $1.38. However, revenue slightly missed forecasts, coming in at $14.05 billion against the expected $14.09 billion. Despite this, the company saw a substantial increase from the previous year&#8217;s $9.295 billion in sales. The company also reported a non-GAAP net income of $6.965 billion and generated $5.482 billion in free cash flow for the fourth quarter.
Former House Speaker Nancy Pelosi (D-Calif.), known for her active stock market investments as a member of Congress, disclosed in June that she had <a href="https://www.benzinga.com/news/24/09/40692177/whats-going-on-with-broadcom-shares-today">acquired call options on Broadcom. </a>These options, adjusted to a strike price of $80 after a 10-for-1 stock split, are set to expire in June 2025.
Nancy Pelosi, a widely followed Congressional trader, has drawn significant attention to her stock holdings, inspiring dedicated Pelosi portfolio trackers. Her <a href="https://www.benzinga.com/news/24/09/40692177/whats-going-on-with-broadcom-shares-today">recent purchase of Broadcom call options</a> came shortly after the company reported its second-quarter results on June 12.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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