On Tuesday, Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) CEO Jensen Huang warned that the push to isolate China from advanced <a href="https://www.benzinga.com/markets/equities/25/09/47910635/nvidia-ceo-jensen-huang-warns-us-export-controls-on-china-may-have-backfired-theyre-nanoseconds-behind-us">AI chips could go wrong</a>.



<h2 class="wp-block-heading">Huang Urges Balance Between American Leadership And Global Access</h2>



At Nvidia's first developers' conference in Washington, Huang told the Donald Trump administration that the U.S. must lead in AI while keeping China's developer ecosystem within reach, reported Reuters.



"We want America to win this AI race. No doubt about that," Huang stated, adding, "We want the world to be built on American tech stack. Absolutely the case."



However, he said, "We also need to be in China to win their developers. A policy that causes America to lose half of the world&#8217;s AI developers is not beneficial long term, it hurts us more."



See Also:&nbsp;<a href="https://www.benzinga.com/markets/tech/25/10/48009672/trump-in-talks-to-appear-on-cbs-60-minutes-just-months-after-securing-eye-watering-16-million-settlement-report" target="_blank" rel="noreferrer noopener">Trump in Talks To Appear On CBS&#8217; 60 Minutes Just Months After Securing Eye-Watering $16 Million Settlement: Report</a>



<h2 class="wp-block-heading">Nvidia Doubles Down On US Manufacturing And Strategic Partnerships</h2>



Huang also announced Nvidia is building seven new supercomputers for the U.S. Department of Energy, which has secured $500 billion in orders for advanced chips.



The largest of the supercomputers will be built with Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ORCL">ORCL</a>) and include 100,000 of Nvidia's new Blackwell chips.



The systems will support nuclear research, energy development and national defense initiatives.



On the same day, Nvidia also unveiled new partnerships with Nokia Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NOK">NOK</a>) to <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48470355/why-is-nvidia-investing-1-billion-in-nokias-ai-future">advance 6G networks</a>, with Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UBER">UBER</a>) and Stellantis (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/STLA">STLA</a>) on autonomous vehicles and with Palantir Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>) to enhance logistics and AI infrastructure for government and enterprise clients.



<h2 class="wp-block-heading">Nvidia's China Market Collapses As Tensions Escalate</h2>



Huang's comments come as Washington continues to restrict exports of Nvidia's most advanced AI chips to China, citing national security concerns.



Beijing, in turn, has <a href="https://www.benzinga.com/markets/tech/25/09/47709575/china-bans-nvidia-chip-purchases-for-major-tech-firms-nvda-stock-falls-in-wednesday-pre-market">reportedly urged major firms</a> such as ByteDance and Alibaba Group (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BABA">BABA</a>) to stop purchasing Nvidia hardware and turn to domestic suppliers like Huawei Technologies and Cambricon.



Earlier this month, Huang revealed that Nvidia's market share in <a href="https://www.benzinga.com/markets/tech/25/10/48291362/jensen-huang-says-nvidia-went-from-95-market-share-to-0-in-china-i-think-its-a-mistake-for-us-not-to">China had plunged</a> from 95% to zero.



"They&#8217;ve made it very clear that they don&#8217;t want Nvidia to be there right now," Huang said at a news conference during the company&#8217;s GTC developers event on Tuesday. "I hope that will change in the future because I think China is a very important market."



Nvidia has also excluded China-related sales <a href="https://www.benzinga.com/markets/earnings/25/08/47371649/nvidia-q2-earnings-highlights-double-beat-60b-share-buyback-huang-says-ai-race-is-on">from its financial forecasts</a>.



<h2 class="wp-block-heading">Nvidia Is Building In America, But Warns Of Long-Term Risks</h2>



Huang praised Trump's "America First" agenda for boosting domestic chip production on Tuesday. He noted that <a href="https://www.benzinga.com/markets/tech/25/10/48298085/nvidia-and-taiwan-semiconductor-make-first-us-built-ai-chip-in-historic-milestone">Nvidia is manufacturing in Arizona</a> with Taiwan Semiconductor Manufacturing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TSM">TSM</a>) and assembling systems in Texas and California.



But he contended that Nvidia requires access to roughly $50 billion in potential sales from China to finance its U.S.-based research and development and sustain the company's competitive edge, the report noted.



Price Action: Nvidia shares gained 4.98% on Tuesday and increased another 1.69% in after-hours trading, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.&nbsp;



Benzinga&#8217;s Edge Stock Rankings place Nvidia in the 97th percentile for Growth. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against</a> AMD and other top semiconductor players.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28220257/Screenshot-2025-10-29-at-7.31.22%E2%80%AFAM.png" alt="" class="wp-image-1136312"/></a></figure>



Photo Courtesy: Glen Photo via Shutterstock



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

News

BABA

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PLTR

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UBER

Nvidia CEO Jensen Huang Delivers Stark Message In Washington — US Can't Win AI Battle By Shutting Out China's Developers: 'It Hurts Us More'

Leading cryptocurrencies fell on Tuesday, while stocks surged to record highs, ahead of the Federal Reserve&#8217;s widely anticipated interest rate cut.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.77%</td><td>$112,213.85</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>-3.80%</td><td>$3,971.82</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.05%</td><td>$2.61</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.31%</td><td>$193.77</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.67%</td><td>$0.1934</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Bitcoin Fails To Move Past $116,000</h2>



Bitcoin recorded another day of significant trading activity, with volumes surging 11% in the last 24 hours. The coin rose to an intraday high of $116,078, before falling back to the $112,000 level.&nbsp;



Ethereum sank below $4,000, failing to capitalize on its gains on Sunday. XRP and Solana also declined.



About $400 million in bullish longs were liquidated from the cryptocurrency market in the last 24 hours, <a href="https://www.coinglass.com/LongShortRatio">according </a>to Coinglass.&nbsp;



That said, nearly $580 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rebounds to $117,000.



Bitcoin's open interest fell 2.10% in the last 24 hours, although more than 60% of Binance traders with open BTC positions expected the price to rise, according to the Long/Short ratio.



Top Gainers (24 Hours)&nbsp;



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency (Market Cap&gt;$100 M)</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Pi (PI )&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+14.56%</td><td>$0.2630</td></tr><tr><td>Unibase (UB)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+13.83%</td><td>$0.08760</td></tr><tr><td>Aerodrome Finance (AERO )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+9.34%</td><td>$0.9917 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.78 trillion, falling by 1.91% in the last 24 hours.



<h2 class="wp-block-heading">Stocks Surge As Nvidia Takes Stake In Nokia</h2>



Stocks rose further to reach fresh highs on Tuesday. The Dow Jones Industrial Average rallied 161.78 points, or 0.34%, to finish at 47,706.37. The S&amp;P 500 spiked 1.23% to close at 6,875.16, while the tech-focused Nasdaq Composite closed up 0.80% to end at 23,827.49.



Big-ticket names like Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) led the charge, jumping nearly 5% after the artificial intelligence giant <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48470355/why-is-nvidia-investing-1-billion-in-nokias-ai-future">agreed to invest $1 billion</a> for a 2.9% stake in Nokia Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NOK">NOK</a>). Nvidia also introduced the NVIDIA Arc Aerial RAN Computer, a 6G-ready telecommunications computing platform.



Additionally, the AI darling announced a partnership with CrowdStrike Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CRWD">CRWD</a>) to <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48476700/crowdstrike-stock-climbing-after-nvidia-partnership-announcement">develop cybersecurity AI agents</a>.



High expectations from <a href="https://www.benzinga.com/markets/asia/25/10/48425070/trump-xi-jinping-set-to-finalize-deal-as-us-china-deescalate-trade-tensions-dow-futures-surge-242-points">Thursday&#8217;s meeting</a> between President Donald Trump and Chinese President Xi Jinping, combined with a nearly 100% <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">odds </a>of the Federal Reserve announcing a rate cut, added to the bullish sentiment.



<h2 class="wp-block-heading">Can Bitcoin Reach $143,000?</h2>



Widely followed cryptocurrency analyst Ali Martinez said that Bitcoin needs to break $120,000 to "open the path" toward $143,000, referencing the Market Value To Realized Value Extreme Deviation Pricing Bands.



The bands measure statistically significant deviations from Bitcoin&#8217;s historical average price to identify potential market tops and bottoms.



<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">Nothing bad is happening to the markets. It&#39;s the standard correction pre-FOMC.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is holding up above the crucial level at $112K and looking for support. I&#39;m expecting it to be holding up here, and to continue the uptrend after this test. <a href="https://t.co/n2wjwZPDkj">pic.twitter.com/n2wjwZPDkj</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1983268532805677213?ref_src=twsrc%5Etfw">October 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



On-chain analytics firm CryptoQuant stated that the market appears to be in a "relatively small" correction phase, and a surge in altcoins is likely to occur alongside "intense overheating" at the end of the cycle.



"The probability that the current bullish cycle has already ended remains low," CryptoQuant added.



<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">The Correction Won't Last Long "The current crypto market appears to be in a relatively small correction phase, and a strong surge in altcoins is likely to occur alongside intense overheating at the end of the cycle." – By <a href="https://twitter.com/DanCoinInvestor?ref_src=twsrc%5Etfw">@DanCoinInvestor</a> <a href="https://t.co/0Asr6rLcWd">pic.twitter.com/0Asr6rLcWd</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1983183963222139058?ref_src=twsrc%5Etfw">October 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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Photo: Shutterstock AI on Shutterstock.com

Cryptocurrency

Markets

$BTC

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$ETH

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$XRP

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Bitcoin, Ethereum, XRP, Dogecoin Weaken Ahead Of Fed Rate Move: Analyst Says BTC's Move Past This Level Could 'Open The Path' To $143,000

The U.S. Senate passed legislation on Tuesday, overturning President Donald Trump&#8217;s tariffs on Brazil by terminating the national emergency declared in July to justify the move. 



<h2 class="wp-block-heading">Senate Democrats Slam &#8216;Bogus Emergency Declarations&#8217;</h2>



The Senate narrowly passed the bill, voting 52-48 in favor, with five Republican lawmakers, Sen. Susan Collins (R-Maine), Sen. Mitch McConnell (R-Ky.), Sen. Lisa Murkowski&nbsp;(R-Alaska), Sen.&nbsp;Rand Paul&nbsp;(R-KY) and Sen.&nbsp;Thom Tillis&nbsp;(R-N.C.) crossing party lines to back the bill, according to a Reuters report. 



Senate Democrats have framed the move as a pushback against the &#8220;bogus emergency declarations&#8221; used by Trump to justify certain tariff decisions in recent months. 



See Also: <a href="https://www.benzinga.com/markets/macro-economic-events/25/10/48453359/ronald-reagan-didnt-love-tariffs-says-economist-paul-krugman-he-repeatedly-emphasized-the-virtues-of-free-trade">Ronald Reagan &#8216;Didn&#8217;t Love Tariffs,&#8217; Says Economist Paul Krugman: He Repeatedly Emphasized &#8216;The Virtues of Free Trade&#8217;</a>



In July, Trump imposed <a href="https://www.benzinga.com/markets/macro-economic-events/25/07/46334793/trump-sends-lula-a-letter-imposing-50-tariffs-calls-bolsonaro-trial-a-witch-hunt-brazils-president-hits-back-will-not-accept-any-form-of-tutelage">sweeping 50% tariffs</a> on imports from Brazil, citing the trial of former Brazilian President Jair Bolsonaro, which he called &#8220;a Witch Hunt that should end IMMEDIATELY,&#8221; while accusing the nation of &#8220;insidious attacks on Free Elections.&#8221;



This marks the first of three tariff-related bills expected in the Senate this week, including measures to overturn Trump&#8217;s tariffs against Canada and several other countries worldwide. 



<h2 class="wp-block-heading">Trump&#8217;s &#8216;Chaotic Tariffs&#8217; Blamed For Soaring Prices</h2>



On Tuesday, in a post on X, Sen.&nbsp;Elizabeth Warren&nbsp;(D-Mass.) placed the blame for rising coffee and ground beef prices squarely on Trump&#8217;s &#8220;chaotic tariffs on Brazil.&#8221;



&#8220;I voted to repeal these tariffs along with every Democrat and a few Republicans,&#8221; she said, confirming that the measure has passed the Senate. 



&#8220;All eyes now on House Republicans, who are still on vacation,&#8221; she said, since the bill will now be sent to the Republican-controlled U.S. House of Representatives, where it is expected to be shelved, like several other legislations aimed at ending Trump&#8217;s tariff regime. 



<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">Coffee prices are up 21%. Ground beef prices up 13%. Big reason why? Trump's chaotic tariffs on Brazil. I voted to repeal these tariffs along with every Democrat and a few Republicans, and it PASSED the Senate. All eyes now on House Republicans who are still on vacation.&mdash; Elizabeth Warren (@SenWarren) <a href="https://twitter.com/SenWarren/status/1983308224565760064?ref_src=twsrc%5Etfw">October 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Warren has <a href="https://www.benzinga.com/markets/commodities/25/09/47933099/elizabeth-warren-says-trump-is-wishing-everyone-a-happy-national-coffee-day-by-raising-prices-over-20-with-his-chaotic-tariffs">repeatedly criticized</a> Trump for the rising domestic coffee prices, following the latter&#8217;s decision to impose tariffs on Brazil and Colombia, which together account for 80% of the nation&#8217;s coffee imports. 



<h2 class="wp-block-heading">Brazil Trade Agreement Set To Be Finalized</h2>



Brazil's&nbsp;President&nbsp;Luiz Inacio Lula da&nbsp;Silva announced this week that the trade agreement between the two nations <a href="https://www.benzinga.com/news/politics/25/10/48426052/brazils-lula-says-us-trade-deal-could-be-finalized-faster-than-anyone-thinks-citing-trump-assurances">could be finalized</a> &#8220;faster than anyone thinks.&#8221;



Lula also expressed his willingness to work with Trump on the escalating tensions in Venezuela, citing Brazil&#8217;s strategic position and significance in Latin America. This development comes following <a href="https://www.benzinga.com/news/politics/25/10/48070924/brazilian-president-lula-urges-trump-to-slash-tariffs-as-leaders-hold-friendly-call">a friendly call</a> between the two leaders earlier this month. 



Read More: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/10/48454440/trumps-macho-tariff-strategy-is-hurting-us-exporters-small-businesses-says-ex-ustr-roy-kirk-chaos-is-driving-them-nuts">Trump&#8217;s &#8216;Macho&#8217; Tariff Strategy Is Hurting US Exporters, Small Businesses, Says Ex-USTR Roy Kirk: Chaos Is &#8216;Driving Them Nuts&#8217;</a></li>
</ul>



Photo: Miha Creative via Shutterstock

Macro Economic Events

Economics

Republicans Join Democrats To End Trump's Brazil Tariffs Amid Soaring Coffee, Beef Prices — Elizabeth Warren Calls Levies 'Chaotic'

The markets have already celebrated the Fed's next move — now they want a new reason to <a href="https://www.benzinga.com/markets/equities/25/10/48448038/tech-stocks-rally-seasonality-november-dot-com-analogy-risks-outlook-analysis">keep the party going.</a>



Wall Street is all but sure that the Federal Reserve will cut interest rates by 25 basis points on Wednesday. That&#8217;s back-to-back reductions after the September move. 



The Federal Open Market Committee (FOMC) will likely lower the federal funds rate to a 3.75%–4.00% range as the labor market slows and inflation normalizes.



A third cut in December now carries a 98% probability, according to the CME FedWatch Tool.



But the real action lies beyond the policy statement. 



Will Fed Chair Jerome Powell hint that the door is wide open for more? Or, will he cite softening labor trends or ongoing data blackouts from the government shutdown as reasons for flexibility? Perhaps he&#8217;ll feed the growing narrative that a &#8220;Fed Put&#8221; is back.



See Also: <a href="https://www.benzinga.com/markets/tech/25/10/48474175/nvidia-stock-is-sailing-into-a-sweet-spot-and-the-streets-just-taking-notice">Nvidia Stock Is Sailing Into A Sweet Spot — And The Street&#8217;s Just Taking Notice</a>



<h2 class="wp-block-heading">Markets Want Another Year-End Cut</h2>



David Mericle, economist at Goldman Sachs, said there&#8217;s no strong reason to veer from that trajectory: 



"The median projection in the September dot plot showed a baseline of three cuts this year…we do not expect formal guidance about the December meeting, but if Powell is asked, he will likely be comfortable referencing the September dots."



Oxford Economics' Ryan Sweet echoed that view. The ongoing government shutdown, he says, has disrupted official economic releases. It could also nudge the Fed toward another rate cut, simply to avoid lagging behind the data curve.



"Discretion will remain a factor in December and the longer the shutdown drags on, the higher the odds of another rate cut," Sweet said.



With critical labor and inflation metrics missing due to the data blackout, Powell is likely to lean on alternative indicators. Private-sector employment data from ADP and job listings from Indeed may take center stage in his remarks.



Bank of America's economist Aditya Bhave expects Powell to keep things intentionally vague, noting that "the Fed is approaching its policy decisions absent government data" and will probably cite these third-party sources in his explanation of the Fed's view on employment and spending trends.



In addition, Bhave expects the central bank to announce an end to its balance sheet runoff—a policy known as quantitative tightening—which could signal a shift toward even more accommodative monetary policy heading into 2026.



<h2 class="wp-block-heading">What's Got Traders Buzzing: A Meltup In Motion</h2>



According to 22V Research's FOMC survey, half of the respondents expect a "risk-on" reaction following the meeting. Only 9% anticipate a selloff.



Over the past four trading sessions, the S&amp;P 500, as tracked by the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>), has marched to fresh record highs above 6,880 and is on pace to notch its sixth straight month of gains. In October alone, it's up over 3%.



According to CFTC-regulated betting platform Kalshi, there's now an 81% chance the index closes the year at 7,000 or higher. That implies the market is confident the rally still has at least 2% more upside in the final two months of 2025.



Even more eye-popping: 16% odds now price in a finish above 7,500 — a moonshot scenario that would represent a nearly 9% rally from current levels.



Read Also: <a href="https://www.benzinga.com/markets/equities/25/10/48464971/sp500-market-odds-end-year-7000-7200-rally-wall-street-bets-technical-analysis">S&amp;P 500 Could Smash 7,000 Soon—If Traders&#8217; Moonshot Bets Are Right</a>



Equity markets are already crushing record highs on a daily basis. Bulls are now sniffing a "meltup"—a late-stage euphoric rally driven not by fundamentals, but by fear of missing out and excess liquidity.



Veteran strategist Ed Yardeni raised the probability of a stock meltup scenario to 30%, trimming his base-case bullish outlook.



Accoridng to Yardeni, the Federal Reserve's recent moves are reawakening the so-called "Fed Put.&#8221; That&#8217;s when the central bank steps in to support markets — even though the economy may not need further rate cuts.



His base case: the S&amp;P 500 would end 2026 at 7,700, after hitting 7,000 by the end of this year. Under a meltup scenario, those targets could be exceeded much sooner. As a result, the odds of a correction, bear market, or even a meltdown increase.



All eyes are now on Wednesday—not for what the Fed does, but for what Powell dares to say.



Now Read:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/10/48432979/rate-cuts-meltups-and-market-euphoria-ed-yardeni-says-its-1999-all-over-again">Rate Cuts, Meltups, And Market Euphoria — Ed Yardeni Says It&#8217;s 1999 All Over Again</a></li>
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&#xA9; Jack Gruber / USA TODAY NETWORK via Imagn Images

Politics

Federal Reserve

A Fed Rate Cut Is Done Deal–But Powell's Words Could Spark The Meltup

Technology giant Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>) will share initial demand and revenue figures for the iPhone 17 when the company reports fourth-quarter financial results Thursday <a href="https://www.benzinga.com/earnings">after market close</a>.



Here are the earnings estimates, what experts are saying ahead of earnings and key items to watch.



Earnings Estimates: Analysts expect Apple to report fourth-quarter revenue of $102.12 billion. That&#8217;s up from $94.93 billion in last year's fourth quarter, according to data <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102825&amp;t=be2bearmibe3na1">from Benzinga Pro.</a>



The company has beaten analyst estimates for revenue in 10 straight quarters.



Analysts expect Apple to report fourth-quarter earnings per share of $1.77, up from $1.64 in last year's fourth quarter.



The company has beaten analyst estimates for earnings per share in 10 straight quarters.



Read Also: <a href="https://www.benzinga.com/markets/earnings/25/10/48435381/retail-investors-top-stocks-with-earnings-this-week-sofi-apple-meta-and-more">Retail Investors&#8217; Top Stocks With Earnings This Week: SoFi, Apple, Meta And More</a>



What Experts Are Saying: Analysts have been mostly bullish ahead of Apple's fourth quarter results, with some raising their price targets.



Freedom Capital Markets Chief Market Strategist Jay Woods said the report comes with Apple shares "one a tear" ahead of the financial results.



"While the stock is only up 7.8% on the year, it just broke out to new all-time highs last week and has rallied 23% over the last three months," Woods said in a weekly <a href="https://dashboard.mailerlite.com/forms/430322/151045652250363569/share">newsletter</a>.



Woods said the iPhone 17 will be the key in the quarter, along with an update on demand in China.



"Reports of better-than-expected iPhone 17 sales continue to bring optimism as the refresh cycle seems to be going well."



Despite pressure from the Chinese market and few AI updates, Woods says &#8220;momentum seems strong&#8221; ahead of the report.



Robust iPhone 17 demand and easing headwinds in Apple's Services segments are keys in the quarterly results, Evercore ISI analyst Amit Daryanani said in a<a href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/10/48473849/the-big-3-tech-playbook-why-apple-amazon-and-microsoft-keep-winning"> recent investor note.</a>



The analyst maintained an Outperform rating and a $290 price target.



Daryanani expects total revenue to be up 8.6% quarter-over-quarter with Services revenue growing at a double-digit rate.



The analyst said Apple will likely have more iPhone momentum ahead in the first quarter, with consumer surveys showing strong demand to upgrade phones.



Increased iPhone demand and stabilization around other Apple business segments may be rebuilding investor confidence heading into earnings, JPMorgan analyst Samik Chatterjee said in a recent <a href="https://www.benzinga.com/analyst-stock-ratings/reiteration/25/10/48439252/apple-iphone-17-foldable-will-be-the-real-game-changer-analyst">analyst note.</a>



The analyst has an Overweight rating and raised the price target from $280 to $290 recently.



Chatterjee said Apple has its strongest investor sentiment in a year.



The analyst said an upcoming foldable iPhone could help increase investor confidence and the valuation for the company going forward.



Wedbush analyst Dan Ives<a href="https://www.benzinga.com/markets/tech/25/10/48320558/dan-ives-predicts-apples-next-catalyst-after-iphone-17-surge-as-cupertino-advances-toward-the-4-trillion-club"> said recently </a>that Apple has a "hit" with the iPhone 17 seeing strong demand. Looking forward, Ives points to the next catalyst for Apple.



"Now it's the AI roadmap," Ives said.



Key Items to Watch: All eyes will be on iPhone 17 sales and demand with the latest version of the smartphone launching on Sept. 19. While the revenue from the iPhone 17 will play key in fourth-quarter results, the demand could factor more into first-quarter results with the holiday and after backlogs that lasted weeks for some models.



Another key in the quarter will be the company's active installed based of device, which set a new al-time high in <a href="https://www.benzinga.com/markets/earnings/25/07/46776239/apple-q3-earnings-revenue-eps-smash-estimates-as-iphone-sales-jump-active-installed-base-reaches-new-highs">the third quarter</a> and has trended higher in recent quarters.



Services will be another key area to watch for investors and analysts.



Apple's streaming platform could be a key topic with the company recently <a href="https://www.benzinga.com/news/entertainment/25/10/48394935/apple-going-all-in-on-streaming-entertainment-tech-giant-named-as-potential-warner-bros-suitor">changing the name </a>of the platform to Apple TV, raising prices recently and landing the rights to future Formula 1 races. The company is also among the names listed as potential suitors for Warner Bros. Discovery assets.



Apple is in a unique position, as it&#8217;s one of the five Magnificent 7 stocks releasing financial results this week. The report&#8217;s results and guidance could ripple across the entire stock market.



The company is also a top member of the Dow Jones Industrial Average. It makes up 3.4% of assets in the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>). The company is also a top component of the S&amp;P 500. It makes up the second most prominent position in the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) at 6.8% of assets.



In the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which tracks the Nasdaq 100, Apple is the second-largest holding at 8.3% of assets.



AAPL Price Action: Apple stock trades at $268.79 on Tuesday. Shares hit a new 52-week high of $269.89 during Tuesday's trading session. The stock is up 10.2% year-to-date in 2025.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/10/48467333/nancy-pelosi-ditches-apple-stock-right-before-q4-earnings-but-theres-a-catch">Nancy Pelosi Ditches Apple Stock Right Before Q4 Earnings &#8211; But There&#8217;s A Catch</a></li>
</ul>



Image: Shutterstock

Previews

Tech

Trading Ideas

AAPL

Apple Q4 Preview: iPhone 17 Fuels Earnings Optimism As Stock Hits All-Time Highs

Major corporations including Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>) and United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UPS">UPS</a>) have recently announced significant layoffs, highlighting an accelerated shift toward AI-driven automation that is <a href="https://www.benzinga.com/markets/tech/25/10/48337524/amazon-memos-point-to-robot-takeover-600000-jobs-could-vanish">transforming corporate structures.&nbsp;</a>



<ul class="wp-block-list">
<li>UPS stock is climbing after earnings. <a href="https://www.benzinga.com/quote/UPS">Watch the price action here. </a></li>
</ul>



<h2 class="wp-block-heading">Amazon Job Cuts</h2>



On Monday, it was reported that Amazon is in the midst of slashing thousands of desk jobs, targeting up to 30,000 positions, with a confirmed 14,000 layoffs already this year.&nbsp;



Read Next:<a href="https://www.benzinga.com/markets/tech/25/10/48449786/amazon-to-cut-up-to-30000-jobs-largest-layoff-in-company-history"> Amazon To Cut Up To 30,000 Jobs, Largest Layoff In Company History</a>



Amazon's job cuts were primarily among corporate and mid-level management staff. The company has openly acknowledged that the layoffs are being driven by efficiency gains from new AI technologies capable of handling many repetitive or analytical tasks once managed by teams of professionals.&nbsp;



CEO Andy Jassy has explicitly tied the workforce reduction to the company's rapid adoption of AI. Amazon has plans to automate as much as 75% of its fulfillment processes by 2033 and potentially replace or avoid hiring hundreds of thousands of roles across the next decade.​



<h2 class="wp-block-heading">UPS Job Cuts</h2>



On Tuesday, UPS said that it has reduced its workforce by 48,000 roles this year, surpassing its <a href="https://www.benzinga.com/markets/earnings/25/10/48458533/ups-ceo-promises-most-efficient-holiday-season-ever-lifts-outlook">earlier estimate</a> of 20,000 job cuts. The company said that it eliminated an additional 14,000 positions from its management ranks.



The cuts are part of "the most significant strategic transformation" in UPS's history and reflect mounting pressure on the company to increase profitability and <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48467419/ups-saw-its-china-trade-plunge-20-ceo-warns-tariff-fallout-isnt-over-yet">streamline operations</a> in response to falling revenues and market headwinds.​



<h2 class="wp-block-heading">Managers Getting the Axe&nbsp;</h2>



Companies are finding that repetitive administrative tasks, usually performed by employees in management roles, are easily replaced by artificial intelligence.&nbsp;



The cost-savings and increases in productivity are too good to be ignored and middle-management roles are being eliminated.&nbsp;



While the shift promises shareholder value and corporate efficiencies, it raises questions about the future of white-collar employment and the evolving nature of managerial work in the era of AI.&nbsp;



Below is a list of companies — in addition to Amazon and UPS —&nbsp;that have announced layoffs in the past week alone:&nbsp;&nbsp;



<ul class="wp-block-list">
<li>PricewaterhouseCoopers LLP &#8211; made 5,600 cuts in fiscal 2025</li>



<li>Chegg, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CHGG">CHGG</a>) &#8211; cutting 45% of workforce </li>



<li>Target Corp.  (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/TGT">TGT</a>) &#8211; cutting 1,800 roles (8% of corporate team)</li>



<li>Paramount Skydance Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PSKY">PSKY</a>) &#8211; cutting 2,000 jobs </li>
</ul>



Read Next



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/10/48424060/trumps-white-house-ballroom-donors-include-google-micron-palantir-and-more">Trump&#8217;s White House Ballroom Donors Include Google, Micron, Palantir and More</a></li>
</ul>



Photo: Shutterstock

Large Cap

Movers

AMZN

CHGG

PSKY

Amazon, UPS Slash Desk Jobs: AI Is Coming For Your Manager

For once, Nvidia Corp's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>) numbers are growing faster than its valuation — and that's saying something.



After months of AI euphoria and <a href="https://www.benzinga.com/markets/tech/25/10/48445397/cramer-warns-were-flying-blind-on-nvidia-in-china-while-wall-street-rides-the-reopening-trade">multiple expansion warnings</a>, Nvidia might actually be drifting into a valuation zone that even cautious investors can live with. In market terms, that's called a "sweet spot."



<ul class="wp-block-list">
<li>Track NVDA stock <a href="https://www.benzinga.com/quote/NVDA">here</a>.</li>
</ul>



<h2 class="wp-block-heading">Earnings Keep Surging, Valuation Keeps Shrinking</h2>



Despite a 36% rally over the past year — and 76% in just six months — Nvidia's trailing P/E now sits at 53.8, below its five-year average of about 54.5. The forward P/E has slipped to 29.9, also under its five-year mean of 34.3, according to Yahoo Finance data.



That's not just statistical trivia. It's the first time in a while that Nvidia's fundamentals have outrun its hype. As profits surge faster than price, the multiple compression investors once feared has turned into something better — a valuation runway.



Read Also: <a href="https://www.benzinga.com/markets/tech/25/10/48460312/qualcomms-real-ai-test-isnt-in-saudi-its-in-facing-nvidia-at-home">Qualcomm&#8217;s Real AI Test Isn&#8217;t In Saudi — It&#8217;s In Facing Nvidia At Home</a>



<h2 class="wp-block-heading">From Frothy To Fundamentally Sound</h2>



Nvidia's market cap has swelled to $4.6 trillion, but its enterprise value is holding steady near $4.56 trillion — suggesting this rally isn't just speculative froth. Analysts are finally starting to frame the stock less as a bubble and more as a dominant profit machine entering a sustainable growth phase.



AI demand remains insatiable, from hyperscalers like Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>) and Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) to new AI model players scrambling for GPUs. Yet, with earnings growth keeping pace, Nvidia's price is no longer running away from its fundamentals — it's syncing with them.



<h2 class="wp-block-heading">The Street's Quiet Realization</h2>



The irony? 



The Street is only just catching on. After months of warnings about "AI exuberance," analysts are now shifting tone — not because Nvidia cooled off, but because it didn't have to. It's still the one company delivering both exponential top-line growth and valuation discipline in the same breath.



Nvidia isn't cheap — it's rarely been. But for the first time in years, it's reasonably priced for the growth it's printing. With the stock near its 52-week high of $195.62, the risk-reward balance looks steadier than it has since the AI boom began. In short: Nvidia's not overheating — it's cruising.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48460388/nvidia-amd-broadcoms-combined-value-surges-1000-in-just-three-years-and-bulls-want-more">AMD, Nvidia, Broadcom&#8217;s Combined Value Surges 1000% In Just Three Years — And Bulls Want More</a></li>
</ul>



Photo: Shutterstock

Long Ideas

MSFT

Nvidia Stock Is Sailing Into A Sweet Spot — And The Street's Just Taking Notice

Wall Street traders are doubling down on a year-end surge in the S&amp;P 500 as the index powers to fresh record highs, seasonality kicks in, and the Federal Reserve prepares for other rate cuts — with some now eyeing a moonshot rally reminiscent <a href="https://www.benzinga.com/markets/equities/25/10/48448038/tech-stocks-rally-seasonality-november-dot-com-analogy-risks-outlook-analysis">of the late 1990s</a>.



The S&amp;P 500, as tracked by the Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>), was up for a fourth straight session Tuesday, climbing above new records at 6,880. In October, the broader market is up 2.9% on track to notch its sixth straight month of gains. 



See Also: <a href="https://www.benzinga.com/markets/economic-data/25/10/48463099/shutdown-economic-impact-washington-dc-area-consumer-spending-eagle-bancorp-loans">Feels Like 2008 Again In DC As Shutdown Hits Wallets</a>



<h2 class="wp-block-heading">S&amp;P 500 Meltup Odds Climb </h2>



According to Kalshi, a CFTC-regulated prediction market platform, betting odds have surged for the S&amp;P 500 to end the year between 7,000 and 7,199, a range that implies another 2% to 4.8% upside from current levels. 



That scenario now carries a 27% probability, making it the most bet-on range.



Even more bullish outcomes are gaining traction. Odds of the S&amp;P ending between 7,200 and 7,399 have climbed to 18%, up 8 percentage points from just a day earlier, implying nearly a 1-in-5 chance of a 4.9% to 7.75% rally in the final weeks of the year.



Some traders are even targeting a finish as high as 7,600, with 7% odds now assigned to that outcome — a 7.8% to 10.8% gain from current levels.



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXINXY-25DEC31?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;ids=KXINXY-25DEC31-B7100&#038;ids=KXINXY-25DEC31-B6900&#038;ids=KXINXY-25DEC31-B7300" width="512px" height="236px" style="border:0"></iframe>



"While the market&#8217;s past few days of gains might be perplexing to some investors, there is justification for this latest meltup in stocks," Paul Stanley, chief investment officer at Granite Bay Wealth Management. 



Historically, the final two months of the year are strong for equities. Over the past 10 years, the S&amp;P 500 has gained an average of 4% in November and December combined. If that repeats, the index would end 2025 near 7,150, right in line with the most-watched betting range.



<h2 class="wp-block-heading">&#8216;Fly Me To The Moon&#8217; Playing Again</h2>



Veteran strategist Ed Yardeni on Monday raised his odds of a stock market meltup to 30%, while trimming the chances of his base-case bullish scenario from 55% to 50%.



"In our base-case scenario, the S&amp;P 500 stock price index rises to 7000 by the end of this year and 7700 by the end of next year," Yardeni said, but added that a meltup could push prices beyond those targets well ahead of schedule. 



That, he warned, could also raise the probability of a correction, bear market, or even meltdown in 2026.



Since last Friday's cooler-than-expected 3.0% CPI report, which sent stocks surging and bond yields falling, Yardeni said they've been humming Frank Sinatra's "Fly Me To The Moon."



The CME FedWatch Tool now reflects a 90% probability of two more rate cuts before year-end, taking the federal funds rate down to 3.50%.



<h2 class="wp-block-heading">Technical Setup Signals Room to Run</h2>



Bank of America's chief technical strategist Paul Ciana said Friday's breakout following the CPI report confirms that the market remains in a strong uptrend, breaking out of a five-week consolidation.



"The S&amp;P 500 continues to climb the wall of worry," Ciana said, noting that momentum signals like MACD have flipped bullish but remain diverging — a possible warning. 



He added that support lies in the 6,749–6,772 zone, while breakout extensions point to targets at 6,980, 7,086, and possibly 7,400, based on head-and-shoulders measured moves.



Now Read:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/10/48432979/rate-cuts-meltups-and-market-euphoria-ed-yardeni-says-its-1999-all-over-again">Rate Cuts, Meltups, And Market Euphoria — Ed Yardeni Says It&#8217;s 1999 All Over Again</a></li>
</ul>



Image: Shutterstock

S&P 500 Could Smash 7,000 Soon—If Traders' Moonshot Bets Are Right

Tech stocks are extending their rally into a fourth straight session on Tuesday, with the Nasdaq 100 climbing 0.7% by midday to reach a new record high of 26,000 points, as optimism builds ahead of key earnings and a widely expected <a href="https://www.benzinga.com/topic/federal-reserve">Federal Reserve rate cut.</a>



The tech-heavy benchmark is now up 4.5% over the past four sessions, putting it on pace for its strongest four-day advance since mid-May.



Investors are also closely watching geopolitical developments as a pivotal meeting between President Donald Trump and Chinese President Xi Jinping is set for Thursday. 



According to <a href="https://www.wsj.com/world/china/trump-xi-to-discuss-lowering-china-tariffs-for-fentanyl-crackdown-8094fe83?mod=Searchresults&amp;pos=1&amp;page=1">The Wall Street Journal,</a> the U.S. may cut tariffs on Chinese goods tied to fentanyl production — potentially reducing the current 20% rate to 10% — if China enforces stricter export controls on chemical precursors. That shift could lower the average U.S. tariff on Chinese imports from 55% to 45%, under the proposed deal framework.



Looking ahead, Wednesday is stacked with market-moving events. The Federal Reserve is expected to lower its benchmark rate by 25 basis points, bringing the fed funds range to 3.75%-4.00%. Traders will tune into Fed Chair Jerome Powell's remarks for signs of whether another rate cut could follow in December.



Also due after the bell Wednesday: earnings from three of the Magnificent Seven — Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>), and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>) — which could set the tone for the next leg of the market&#8217;s move.



Meanwhile, gold prices remain under pressure, falling for the fifth time in six sessions. The precious metal dropped below the key $4,000 mark, extending a 10% decline from the record high of $4,380 reached on Oct. 20.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day %</td></tr><tr><td>• Nasdaq 100</td><td>26,009.51</td><td>0.7%</td></tr><tr><td>• Dow Jones</td><td>47,883.94</td><td>0.7%</td></tr><tr><td>• S&amp;P 500</td><td>6,896.76</td><td>0.3%</td></tr><tr><td>• Russell 2000</td><td>2,523.38</td><td>0.1 %</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 1:00 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;Vanguard S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/VOO">VOO</a>) rose 0.2% to $631.57.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DIA">DIA</a>) rose 0.7% to $478.81.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>)&nbsp;soared 0.7% to $687.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IWM">IWM</a>) edged 0.2% higher to $250.49.</li>



<li>The&nbsp;Technology&nbsp;Select Sector SPDR Fund outperformed, up 0.7%; the&nbsp;Real Estate&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XLRE">XLRE</a>) lagged, down 1.8%.</li>
</ul>



<h2 class="wp-block-heading">Stock Movers: PayPal, Skyworks, Uranium Names Pop</h2>



PayPal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PYPL">PYPL</a>) surged nearly 9% after delivering better-than-expected Q3 results and issuing upbeat guidance for year-end. The payment firm also revealed a new partnership with OpenAI to integrate payments directly into ChatGPT, adding a fresh narrative to its recovery story.



Skyworks Solutions Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SKWS">SKWS</a>) jumped 10% after announcing a $22 billion cash-and-stock merger with Qorvo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QRVO">QRVO</a>), consolidating two major players in the wireless semiconductor space.



Nuclear and uranium-linked stocks also spiked. The VanEck Uranium and Nuclear ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NLR">NLR</a>) climbed 6%, while Cameco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CCJ">CCJ</a>) skyrocketed 24%, marking its best trading day on record. 



The rally followed news that Cameco would partner with the U.S. government and others to help develop $80 billion worth of next-generation nuclear reactors.



On the downside, Alexandria Real Estate Equities Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ARE">ARE</a>) plunged 15.5% to $65.79, set for its steepest single-day loss since March 2020 after missing earnings estimates and issuing a weaker outlook.



Stocks reacting to earnings reports included:



<ul class="wp-block-list">
<li>Welltower Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WELL">WELL</a>) down 1.7%</li>



<li>Cadence Design Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CDNS">CDNS</a>) down 1.9%</li>



<li>Waste Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WM">WM</a>) down 3.2%</li>



<li>Nucor Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NUE">NUE</a>) up 5.8%</li>



<li>Brown &amp; Brown Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BRO">BRO</a>) down 4.5%</li>



<li>Cincinnati Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/CINF">CINF</a>) down 2.0%</li>



<li>Principal Financial Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PFG">PFG</a>) up 2.7%</li>



<li>F5 Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/FFIV">FFIV</a>) down 6.9%</li>



<li>Universal Health Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UHS">UHS</a>) up 1.0%</li>



<li>Alexandria Real Estate Equities Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ARE">ARE</a>) down 16.4%</li>



<li>Rambus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/RMBS">RMBS</a>) down 8.3%</li>



<li>UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UNH">UNH</a>) up 2.1%</li>



<li>NextEra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NEE">NEE</a>) down 2.5%</li>



<li>Sherwin-Williams Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SHW">SHW</a>) up 5.1%</li>



<li>American Tower Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AMT">AMT</a>) down 3.5%</li>



<li>United Parcel Service Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UPS">UPS</a>) up 7.6%</li>



<li>Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/RCL">RCL</a>) down 10.2%</li>



<li>Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ECL">ECL</a>) down 3.7%</li>



<li>Corning Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GLW">GLW</a>) down 3.3%</li>



<li>PayPal Holdings Inc. up 8.7%</li>



<li>Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/REGN">REGN</a>) up 9.6%</li>



<li>Carrier Global Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CARR">CARR</a>) up 1.8%</li>



<li>D.R. Horton Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DHI">DHI</a>) down 1.9%</li>



<li>MSCI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/MSCI">MSCI</a>) up 6.3%</li>



<li>Sysco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SYY">SYY</a>) down 1.1%</li>



<li>Xylem Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XYL">XYL</a>) up 1.3%</li>



<li>IQVIA Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IQV">IQV</a>) down 0.8%</li>



<li>Hubbell Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/HUBB">HUBB</a>) up 2.8%</li>



<li>Labcorp Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LH">LH</a>) down 3.8%</li>



<li>Tenet Healthcare Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/THC">THC</a>) down 6.2%</li>



<li>Incyte Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/INCY">INCY</a>) down 3.8%</li>



<li>Ares Capital Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ARCC">ARCC</a>) up 2.0%</li>



<li>ATI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/ATI">ATI</a>) up 7.8%</li>



<li>Zebra Technologies Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ZBRA">ZBRA</a>) down 15.5%</li>



<li>Skyworks Solutions Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SWKS">SWKS</a>) up 11.1%</li>



<li>Invesco Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/IVZ">IVZ</a>) up 1.4%</li>
</ul>



Read now:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/10/48464971/sp500-market-odds-end-year-7000-7200-rally-wall-street-bets-technical-analysis">S&amp;P 500 Could Smash 7,000 Soon—If Traders&#8217; Moonshot Bets Are Right</a></li>
</ul>



Image: Shutterstock

Equities

Commodities

Forex

ARCC

CARR

CDNS

CINF

FFIV

GOOGL

HUBB

INCY

MSCI

PYPL

QRVO

REGN

RMBS

SWKS

WELL

XLRE

ZBRA

SKWS

Nasdaq 100 Hits 26,000, Gold Falls Below $4,000: What's Moving Markets Tuesday?

Three years ago, Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>), Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMD">AMD</a>), and Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AVGO">AVGO</a>) were collectively worth about $600 billion. Today, that number has ballooned to nearly $6.8 trillion.



I/O Fund CEO and Lead Tech Analyst Beth Kindig <a href="https://x.com/Beth_Kindig/status/1982926340023267766?s=31">highlighted</a> the tenfold surge on X, and investors aren't blinking.



<ul class="wp-block-list">
<li>Track NVDA stock <a href="https://www.benzinga.com/quote/NVDA">here</a>.</li>
</ul>



Read Also: <a href="https://www.benzinga.com/markets/tech/25/09/47644802/nvidia-skyrockets-a-stunning-475-vs-mag-7-since-2022">Nvidia Skyrockets A Stunning 475% Vs. Mag 7 Since 2022</a>



<h2 class="wp-block-heading">AI's Golden Triad Rewrites Market Gravity</h2>



The three firms have become the backbone of the semiconductor revolution. Nvidia leads the charge, commanding valuation premiums that make old-school investors wince — its forward P/E of 42.5x is 64% above the sector median. AMD and Broadcom aren't far behind, trading at multiples more than double their historical norms.



But when earnings are compounding faster than expectations, valuation gravity loses its pull. In the AI era, these names aren't just growth stocks — they're infrastructure.



<h2 class="wp-block-heading">Smart Money's Still Buying the Silicon Story</h2>



Despite the eye-popping numbers, institutional investors remain firmly in the game. Hedge funds increased semiconductor exposure through 2025, betting that AI spending — from hyperscalers to enterprises — is still in the early innings.



Broadcom's diversification into networking and custom silicon has strengthened the bull case, while AMD's growing GPU presence is positioning it as the alternative AI engine. 



Nvidia, of course, remains the poster child — turning compute power into Wall Street's most valuable commodity.



Wall Street analysts still have a Buy call on these stocks with recent ratings pointing to <a href="https://www.benzinga.com/quote/NVDA/analyst-ratings">45%</a>, <a href="https://www.benzinga.com/quote/AMD/analyst-ratings">13%</a> and <a href="https://www.benzinga.com/quote/AVGO/analyst-ratings">16%</a> upside for NVDA, AMD and AVGO stock, respectively.



<h2 class="wp-block-heading">Valuations Look Stretched — But So Does the AI Runway</h2>



Skeptics call it Silicon Inflation; optimists call it the new normal. Even as all three trade at 100%-plus premiums to the sector, few are ready to step aside. The market seems convinced that as long as AI demand compounds, earnings will eventually catch up to price.



<h2 class="wp-block-heading">Don't Fight the Chips</h2>



With Nvidia, AMD, and Broadcom up 1,000% in just three years, chasing them may look reckless — but fighting them has been costlier. Until AI growth hits a ceiling, investors are likely to keep treating every pullback as a buying opportunity in the market's most powerful trio.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48445397/cramer-warns-were-flying-blind-on-nvidia-in-china-while-wall-street-rides-the-reopening-trade">Cramer Warns We&#8217;re &#8216;Flying Blind&#8217; On Nvidia In China</a></li>
</ul>



Image: Shutterstock

AVGO

AMD, Nvidia, Broadcom's Combined Value Surges 1000% In Just Three Years — And Bulls Want More

A prolonged federal government shutdown is hitting Washington D.C.&#8217;s economy hard, with consumer spending now falling at rates not seen since the 2008 financial crisis, raising fears of deeper economic disruptions <a href="https://www.benzinga.com/news/econ-s">if the deadlock continues.</a>



<h2 class="wp-block-heading">Spending In The Capital Slumps At A Pace Unseen Since The GFC </h2>



Consumer behavior in Washington D.C. is shifting drastically as the shutdown enters its 27th day. 



Year-over-year credit and debit card spending declined 1.4% in the week ending Oct. 18, according to Bank of America Institute data — the steepest drop since the aftermath of the 2008 financial crisis.



David Michael Tinsley, a senior economist at the Bank of America Institute, said early indicators from card data show that D.C. residents have pulled back significantly since the shutdown began on Oct. 1.



The collapse in spending comes amid rising uncertainty, with no clear resolution in sight. According to betting market Kalshi, there&#8217;s a 78% chance the shutdown will last more than 35 days — a new record if realized. 



The median expectation points to a resolution around Nov. 13, extending the economic strain deeper into the fall and potentially disrupting consumer behavior ahead of Thanksgiving.



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXGOVSHUTLENGTH-26JAN01?color_scheme=light&#038;widget_size=large&#038;period=all" width="552px" height="400px" style="border:0"></iframe>



<h2 class="wp-block-heading">No Paychecks, No Spending: Shutdown Starts to Bite</h2>



Oxford Economics says most federal workers were paid through Oct. 10, but began missing full paychecks as of Oct. 24. "There is no obvious end to the shutdown on the immediate horizon," said Nancy Vanden Houten, lead U.S. economist at Oxford Economics.



Even if a bipartisan bill to pay workers is passed, contractors remain at risk. "Federal contractors won&#8217;t [get paid], raising the risk they have to furlough or lay off their workers," Vanden Houten said. She also warned that as the Thanksgiving holiday approaches, delays to air travel caused by unpaid TSA and air traffic control workers could fuel public frustration.



Meanwhile, recipients of Supplemental Nutrition Assistance Program (SNAP) benefits could be next to feel the pain. More than a dozen states have alerted residents about possible benefit disruptions beginning in November. "The Trump administration may be able to find funds to pay at least partial benefits, but the uncertainty among beneficiaries may cause these households to pare back other types of spending," Vanden Houten said.



<h3 class="wp-block-heading">Eagle Bancorp Suffers as Shutdown Weighs on D.C. Lending</h3>



Shares of Eagle Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/EGBN">EGBN</a>), a regional lender heavily exposed to the D.C.-Maryland-Virginia market, have dropped over 12% since the shutdown began — far worse than the 3.3% decline in the broader regional bank index over the same period.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="556" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28092234/image-721-1024x556.png" alt="" class="wp-image-1135197" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28092234/image-721-1024x556.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28092234/image-721-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28092234/image-721-768x417.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28092234/image-721-1536x834.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28092234/image-721-2048x1112.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



However, executives on the bank's Oct. 23 earnings call said they haven't yet seen material pressure on their government contractor clients, with CFO Eric Newell noting that line-of-credit usage among this group has declined by 30% — a potential sign of improved liquidity rather than stress.



"We haven't seen much of any concerns in the government contracting space&#8230; the bias of our portfolio is in defense and security," Newell said. 



The bank posted a net loss of $67.5 million for the third quarter, driven by continued losses in its commercial real estate portfolio, especially office and multifamily assets. 



Criticized and classified loans rose to $958 million, up from $875 million in the prior quarter, primarily due to $204 million in newly downgraded multifamily loans. Eagle&#8217;s management emphasized that these credit issues stem from higher rates and valuation pressures — not shutdown-linked disruptions.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/10/48448038/tech-stocks-rally-seasonality-november-dot-com-analogy-risks-outlook-analysis">Tech&#8217;s Hottest Rally Since 2000 Meets The Most Bullish Month</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Analyst Color

Econ #s

Analyst Ratings

EGBN

Consumers Feel Like It's 2008 Again In DC As Shutdown Hits Wallets

PayPal Holdings&nbsp;Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PYPL">PYPL</a>)&nbsp;stock gained on Tuesday&nbsp;after it announced an OpenAI collaboration, upbeat&nbsp;third-quarter 2025 results, and the initiation of a dividend plan.



<ul class="wp-block-list">
<li>PPL is in a favorable position. <a href="https://www.benzinga.com/quote/PPL" target="_blank" rel="noreferrer noopener">See the full breakdown here</a></li>
</ul>



The Venmo parent reported a quarterly&nbsp;revenue growth&nbsp;of 7% year-over-year to $8.42 billion, topping the&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">analyst consensus estimate</a> of&nbsp;$8.23 billion.&nbsp;



The adjusted EPS was $1.34, beating&nbsp;the&nbsp;analyst consensus estimate&nbsp;of <a target="_blank" href="https://investor.pypl.com/financials/quarterly-results/default.aspx" rel="noreferrer noopener">$1.20</a>.



Also Read: <a target="_blank" href="https://www.benzinga.com/markets/tech/25/09/47951825/paypal-expands-honey-with-ai-shopping-tools-to-turn-searches-into-purchases" rel="noreferrer noopener">PayPal Expands Honey With AI Shopping Tools To Turn Searches Into Purchases</a>



<h2 class="wp-block-heading">Transaction Metrics And Margins</h2>



Total payment volumes rose by 8% year-over-year, reaching $458.1 billion in the quarter. However, payment transactions declined by 5%, totaling 6.3 billion.



On a trailing 12-month basis, the number of payment transactions per active account decreased by 6%, averaging $57.6.



The total number of active accounts increased by 1%, reaching 438 million. Sequentially, active accounts rose by 0.1%, or 0.3 million accounts.



The operating margin improved by 33 basis points to 18.1%. The adjusted operating margin decreased by 19 basis points to 18.6%.



The company generated a quarterly operating cash flow of $2 billion, free cash flow of $1.7 billion, and an adjusted free cash flow of $2.3 billion.



PayPal held $14.4 billion in cash and equivalents as of September 30, with $11.4 billion in debt.



<h2 class="wp-block-heading">Dividend</h2>



PayPal's Board of Directors approved the launch of a quarterly cash dividend program. It declared an initial dividend of 14 cents per share. The dividend is payable on December 10, 2025, to shareholders of record as of November 19, 2025. 



The payout represents roughly 10% of PayPal's adjusted net income.



PayPal CEO Alex Chriss said the company achieved another strong quarter and raised its guidance as growth accelerated across branded checkout, payment services, and Venmo.



<h2 class="wp-block-heading">OpenAI Deal</h2>



He stated that PayPal has returned to sustained growth and remains on track to deliver 6%–7% transaction margin dollar growth in 2025, excluding interest on customer balances. Chriss emphasized that PayPal is preparing for an AI-driven future through partnerships with Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOGL">GOOGL</a>) Google, OpenAI, and Perplexity.



On Tuesday, PayPal also announced <a target="_blank" href="https://www.benzinga.com/pressreleases/25/10/n48456079/openai-and-paypal-team-up-to-power-instant-checkout-and-agentic-commerce-in-chatgpt" rel="noreferrer noopener">plans to adopt</a> the Agentic Commerce Protocol (ACP) to expand payments and shopping capabilities within ChatGPT.



The move will enable millions of ChatGPT users to complete instant checkouts using PayPal, while PayPal will process payments for merchants through OpenAI's Instant Checkout system.



Through this partnership, PayPal will <a target="_blank" href="https://www.benzinga.com/markets/equities/25/10/48457687/paypal-stock-jumps-over-14-in-tuesday-pre-market-whats-going-on" rel="noreferrer noopener">integrate its wallet features</a>—including multiple payment methods, buyer and seller protections, and post-purchase services such as tracking and dispute resolution—into ChatGPT's commerce experience. It will also manage card payments using its delegated payments API.



Beyond commerce, PayPal is deepening its AI collaboration with OpenAI by deploying ChatGPT Enterprise for its 24,000 employees, enabling developers with Codex, and expanding internal use of OpenAI APIs to accelerate innovation and improve customer experiences.



<h2 class="wp-block-heading">Outlook</h2>



PayPal expects a fourth-quarter adjusted EPS of $1.27 to $1.31, compared to the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">analyst consensus estimate</a> of $1.31.



PayPal expects&nbsp;a full-year 2025&nbsp;adjusted EPS of $5.35-$5.39 (up from <a target="_blank" href="https://www.benzinga.com/markets/earnings/25/07/46687402/paypals-profit-surge-dwarfed-by-q2-transaction-slump-stock-falls" rel="noreferrer noopener">prior forecast of</a> $5.15-$5.30).&nbsp;Current analysts estimate&nbsp;an EPS of $5.24.



PYPL Price Action: PayPal Holdings shares were up 16.68% at $81.97 during premarket trading on Tuesday, <a target="_blank" href="https://www.benzinga.com/pro/" rel="noreferrer noopener">according to Benzinga Pro data</a>.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/node/48458533" target="_blank" rel="noreferrer noopener">UPS CEO Promises Most Efficient Holiday Season Ever, Issues Strong Outlook</a></li>
</ul>



Photo Courtesy BigTunaOnline via Shutterstock

Earnings

Guidance

Dividends

PayPal Inks ChatGPT Wallet Deal With OpenAI, Initiates Dividend, Raises Outlook

United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UPS">UPS</a>) shares surged on Tuesday after the company announced third-quarter 2025 results that exceeded Wall Street estimates, signaling stronger operational momentum heading into the holiday season.



UPS reported consolidated revenue of $21.4 billion, beating the $20.832 billion estimate, and adjusted diluted EPS of $1.74, above the $1.31 consensus.



GAAP diluted EPS was $1.55, while consolidated operating profit came in at $1.8 billion, or $2.1 billion on an adjusted basis.



Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/short-ideas/25/10/48221612/jim-cramer-says-he-still-doesnt-like-ups-ahead-of-earnings" rel="noreferrer noopener">Jim Cramer Says He Still Doesn&#8217;t Like UPS Ahead of Earnings</a>



UPS said GAAP results included a net charge of $164 million, or 19 cents per diluted share, which comprised after-tax transformation strategy costs of $250 million, partially offset by an $86 million income tax valuation allowance reversal.



The company also completed a sale-leaseback transaction on five properties, generating a $330 million pre-tax gain within its Supply Chain Solutions unit, contributing 30 cents to diluted EPS.



<h2 class="wp-block-heading">CEO Highlights Strategic Progress</h2>



&#8220;I want to extend my gratitude to all UPSers for their dedication and steadfast commitment to serving our customers,&#8221; said Carol Tomé, UPS chief executive officer. &#8220;We are executing the most significant strategic shift in our company&#8217;s history, and the changes we are implementing are designed to deliver long-term value for all stakeholders. With the holiday shipping season nearly upon us, we are positioned to run the most efficient peak in our history while providing industry-leading service to our customers for the eighth consecutive year.&#8221;



<h2 class="wp-block-heading">Segment Performance</h2>



In the U.S. Domestic segment, revenue fell 2.6% year over year to $14.22 billion, primarily due to an expected decline in volume, partially offset by higher revenue per piece and air cargo revenue. Operating profit was $603 million, or $905 million on an adjusted basis, with an operating margin of 4.2% and an adjusted margin of 6.4%.



In the International segment, revenue rose 5.9% to $4.67 billion, driven by a 4.8% increase in average daily volume. Operating profit was $676 million, or $691 million on an adjusted basis, with an operating margin of 14.5% and an adjusted margin of 14.8%.



Revenue in the Supply Chain Solutions segment declined 22.1% to $2.52 billion, reflecting the impact of the 2024 divestiture of Coyote. Operating profit rose to $525 million from $344 million in the prior year, or $536 million adjusted, with an operating margin of 20.8% and an adjusted margin of 21.3%.



<h2 class="wp-block-heading">Outlook</h2>



For the fourth quarter of 2025, UPS expects consolidated revenue of approximately $24.0 billion, exceeding the previously estimated $23.83 billion, and a non-GAAP adjusted operating margin of between 11.0% and 11.5%.



For the full year, UPS reaffirmed guidance for capital expenditures of about $3.5 billion, dividend payments of around $5.5 billion (subject to board approval), an effective tax rate of 23.75%, and pension contributions of $1.4 billion, of which $1.3 billion have been made. The company also said it has completed $1.0 billion in share repurchases for the year.



Price Action: UPS shares were trading higher by 10.54% to $98.62 premarket at last check Tuesday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48454472/nvidia-supplier-foxconn-goes-all-in-on-ai-with-1-37-billion-supercomputing-investment" target="_blank" rel="noreferrer noopener">Nvidia Supplier Foxconn Goes All-In On AI With $1.37 Billion Supercomputing Investment</a></li>
</ul>



Photo by Karolis Kavolelis via Shutterstock

UPS CEO Promises Most Efficient Holiday Season Ever, Issues Strong Outlook

(Editor&#8217;s note: The future prices of benchmark tracking ETFs, latest earnings, and the headline were updated in the story.)



U.S. stock futures pared losses to advance on Tuesday following Monday's positive moves. Futures of major benchmark indices were higher.



On Monday, the benchmark indices set a new record as the U.S. trade negotiators reached a "very successful framework" with their Chinese counterparts, according to statements by Treasury Secretary Scott Bessent. The development came ahead of a <a href="https://www.benzinga.com/markets/asia/25/10/48425070/trump-xi-jinping-set-to-finalize-deal-as-us-china-deescalate-trade-tensions-dow-futures-surge-242-points">potential meeting between</a> President Donald Trump and President Xi Jinping. 



The Federal Reserve Open Market Committee will announce its <a href="https://www.benzinga.com/markets/economic-data/25/10/48408501/september-inflation-report-fed-interest-rates">decision on interest rates</a> on Wednesday. 



The 10-year Treasury bond yielded 3.48% and the two-year bond was at 3.50%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 97.8% likelihood of the Federal Reserve cutting the current interest rates in its October meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.03%</td></tr><tr><td>S&amp;P 500</td><td>-0.05%</td></tr><tr><td>Nasdaq 100</td><td>0.03%</td></tr><tr><td>Russell 2000</td><td>-0.41%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/SPY">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were mixed in premarket on Tuesday. The SPY was down 0.083% at $685.81, while the QQQ advanced  0.16% to $629.11, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



<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="Nasdaq Rises - SoFi, UnitedHealth, Qualcomm, And More Earnings In Focus" width="500" height="281" src="https://www.youtube.com/embed/cyH1YNL5q0o?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>



<h2 class="wp-block-heading">Stocks In Focus</h2>



<h2 class="wp-block-heading">United Parcel Service</h2>



<ul class="wp-block-list">
<li>United Parcel Service Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UPS">UPS</a>) climbed 12.08% in premarket on Tuesday as it announced the diluted earnings of $1.55 per share, above the expected $1.31 per share for the third quarter. The revenue came in at $21.4 billion, beating $20.83 billion estimate, before the opening bell.</li>
</ul>



<ul class="wp-block-list">
<li>UPS maintained a stronger price trend over the short term but a weak trend in the medium and long terms, as per Benzinga&#8217;s Edge Stock Rankings, with a moderate quality ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="156" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053358/UPS-EDGE-1024x156.png" alt="Benzinga's Edge Stock Rankings for UPS." class="wp-image-1134648" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053358/UPS-EDGE-1024x156.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053358/UPS-EDGE-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053358/UPS-EDGE-768x117.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053358/UPS-EDGE.png 1152w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">UnitedHealth Group</h2>



<ul class="wp-block-list">
<li>UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/UNH">UNH</a>) jumped 3.86% after reporting adjusted earnings of $2.92 per share, above expected earnings of $2.81, with a revenue of $113.2 billion, beating the $113.06 billion Benzinga Pro estimate.</li>
</ul>



<ul class="wp-block-list">
<li>UNH maintained a weaker price trend over the long term but a strong trend in the medium and short terms, with a moderate quality ranking. Additional information is <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="155" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053315/UNH-EDGE-OCT-28-1024x155.png" alt="Benzinga's Edge Stock Rankings for UNH." class="wp-image-1134645" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053315/UNH-EDGE-OCT-28-1024x155.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053315/UNH-EDGE-OCT-28-300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053315/UNH-EDGE-OCT-28-768x116.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053315/UNH-EDGE-OCT-28.png 1159w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Cameco And Brookfield Asset Management</h2>



<ul class="wp-block-list">
<li>Cameco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CCJ">CCJ</a>) rose 15.68% and Brookfield Asset Management Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BAM">BAM</a>) advanced 7.64% after they announced a transformational partnership with the United States Government to construct at least $80 billion in new Westinghouse nuclear power reactors.</li>
</ul>



<ul class="wp-block-list">
<li>CCJ maintained a stronger price trend over short, medium, and long terms, with a poor value ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="158" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053237/CCJ-EDGE-1024x158.png" alt="Benzinga's Edge Stock Rankings for CCJ." class="wp-image-1134643" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053237/CCJ-EDGE-1024x158.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053237/CCJ-EDGE-300x46.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053237/CCJ-EDGE-768x119.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053237/CCJ-EDGE.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">3D Systems</h2>



<ul class="wp-block-list">
<li>3D Systems Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DDD">DDD</a>) rose 6.19% as its Saudi joint venture, NAMI, announced major milestones by securing a strategic investment from Saudi Electric Company, launching a collaboration with Lockheed Martin Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/LMT">LMT</a>) for aerospace components, and winning a $26 million manufacturing agreement with Modern Isotope Factory.</li>
</ul>



<ul class="wp-block-list">
<li>Benzinga&#8217;s Edge Stock Rankings indicate that DDD maintains a stronger price trend over the short, medium, and long terms, with a poor growth ranking. Additional performance details are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="160" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053156/DDD-EDGE-1024x160.png" alt="Benzinga's Edge Stock Rankings for DDD." class="wp-image-1134642" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053156/DDD-EDGE-1024x160.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053156/DDD-EDGE-300x47.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053156/DDD-EDGE-768x120.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053156/DDD-EDGE.png 1153w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Waste Management</h2>



<ul class="wp-block-list">
<li>Waste Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/WM">WM</a>) shares are down by 3.03% following weaker-than-expected results for the third quarter, after the closing bell on Monday.</li>
</ul>



<ul class="wp-block-list">
<li>WM maintained a weaker price trend over short, medium, and long terms, with a poor growth ranking. Additional performance details, as per Benzinga&#8217;s Edge Stock Rankings, are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a></li>
</ul>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-3/#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="162" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053121/WM-EDGE-OCT-28-1024x162.png" alt="Benzinga's Edge Stock Rankings for WM." class="wp-image-1134640" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053121/WM-EDGE-OCT-28-1024x162.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053121/WM-EDGE-OCT-28-300x48.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053121/WM-EDGE-OCT-28-768x122.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28053121/WM-EDGE-OCT-28.png 1161w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<h2 class="wp-block-heading">Cues From Last Session</h2>



Sectors recording the biggest gains on Monday included information technology, communication services, and consumer discretionary, helping most sectors on the S&amp;P 500 close on a positive note.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>1.86%</td><td>23,637.46</td></tr><tr><td>S&amp;P 500</td><td>1.23%</td><td>6,875.16</td></tr><tr><td>Dow Jones</td><td>0.71%</td><td>47,544.59</td></tr><tr><td>Russell 2000</td><td>0.28%</td><td>2,520.44</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Insights From Analysts</h2>



Professor Jeremy Siegel views the market setup heading into next week, driven primarily by robust corporate profits that are trumping tariff concerns. The key event will be the FOMC meeting, where Siegel &#8220;expect[s] a 25-basis point cut&#8221;.



This view is supported by last week's &#8220;cooler inflation print&#8221; and evidence that shelter costs, nearly 40% of core CPI, are &#8220;finally catching down to real world data&#8221;.



Siegel emphasizes that fundamentals remain solid. &#8220;Earnings are the market&#8217;s engine right now, and they&#8217;re running very strong,&#8221; he noted, pointing to strengthening breadth beyond mega-cap tech. While he anticipates some &#8220;tariff-related price noise,&#8221; he believes this is a &#8220;temporary relative-price shuffle&#8221; rather than a new inflation wave. The real economy also &#8220;continues to look good&#8221;.



Despite the market&#8217;s uptrend, Siegel finds that sentiment remains cautious. He observes that positioning is &#8220;still hedged and skeptical&#8221;. He sees this as a healthy sign, stating &#8220;this is not a blow-off environment,&#8221; and maintains his outlook that the S&amp;P 500 can &#8220;press toward and over 7,000&#8221; as profits grow.



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 



<h2 class="wp-block-heading">Upcoming Economic Data</h2>



Here's what investors will be keeping an eye on Tuesday;



<ul class="wp-block-list">
<li>August&#8217;s S&amp;P Case-Shiller home price index for 20 cities will be out by 9:00 a.m., and October&#8217;s consumer confidence will be released by 10:00 a.m. ET.</li>
</ul>



<h2 class="wp-block-heading">Commodities, Gold, Crypto, And Global Equity Markets</h2>



Crude oil futures were trading lower in the early New York session by 1.92% to hover around $60.13 per barrel.



Gold Spot US Dollar fell 2.03% to hover around $3,900.94 per ounce. Its last record high stood at $4,381.6 per ounce. The U.S. Dollar Index spot was 0.05% lower at the 98.7350 level.



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was trading 0.65% lower at $114,373.87 per coin.



Asian markets closed lower on Tuesday as India&#8217;s NIFTY 50, Australia's ASX 200, South Korea's Kospi, Japan's Nikkei 225, Hong Kong's Hang Seng, and China&#8217;s CSI 300 indices fell. European markets were mixed in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/10/48454439/nvidia-alphabet-meta-microsoft-are-big-winners-with-rising-earnings-revisions-says-gary-black-ah">Nvidia, Alphabet, Meta, Microsoft Are &#8216;Big Winners&#8217; With Rising Earnings Revisions, Says Gary Black Ahead Of Earnings</a></li>
</ul>



Photo courtesy: Shutterstock

Market Summary

Futures

Treasuries

Pre-Market Outlook

Stock Market Today: Dow Jones, S&P 500 Pare Losses As United Parcel Service And UnitedHealth Soar After Beating Q3 Earnings (UPDATED)

PayPal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PYPL">PYPL</a>) jumped 13.5% on Tuesday in pre-market trading after announcing an agreement with OpenAI to embed its payments wallet <a href="https://www.benzinga.com/markets/tech/25/10/48423824/microsofts-ai-chief-criticizes-chatgpts-erotica-features-despite-13-billion-openai-investment">directly into ChatGPT.</a>



<h3 class="wp-block-heading">PayPal Becomes ChatGPT's First Payments Wallet</h3>



The deal makes PayPal the first digital wallet to operate natively inside ChatGPT.



Starting next year, both buyers and sellers will be able to complete transactions directly through the AI platform, <a href="https://www.cnbc.com/2025/10/28/paypal-openai-chatgpt-payments-deal.html">according</a> to CNBC.



PayPal CEO Alex Chriss said the integration will allow users to "click the Buy with PayPal button in ChatGPT" for a secure, verified checkout experience.



He added that "hundreds of millions of loyal PayPal wallet holders" will have access to the feature, which includes protections such as package tracking and dispute resolution.



OpenAI will use PayPal's infrastructure to power its Instant Checkout experience under the newly introduced Agentic Commerce Protocol (ACP).



This setup <a href="https://newsroom.paypal-corp.com/2025-10-28-OpenAI-and-PayPal-Team-Up-to-Power-Instant-Checkout-and-Agentic-Commerce-in-ChatGPT">allows</a> merchants to sell inside ChatGPT without requiring direct integrations, enabling PayPal to handle merchant routing and payment validation behind the scenes.



<h3 class="wp-block-heading">ChatGPT's E-Commerce Push Accelerates</h3>



The move positions PayPal as a core payments partner for OpenAI's expanding e-commerce ecosystem.



ChatGPT already lists products from Shopify and Etsy merchants and recently announced a similar integration with Walmart.



Chriss described the collaboration as "a whole new paradigm for shopping," highlighting how agentic AI is set to transform digital commerce.



OpenAI said the agreement will connect "tens of millions" of PayPal merchants to ChatGPT, allowing products from small businesses and global brands to be discovered and purchased in a few taps.



The platform's 700 million weekly users can now search, shop, and check out without leaving the chat window.



<h3 class="wp-block-heading">AI Commerce Meets Trusted Payments</h3>



PayPal said it will support a range of funding options — including bank accounts, stored balances, and linked cards — within ChatGPT.



The company emphasized that all participating consumers and merchants are verified through PayPal's existing compliance systems, reducing fraud risk across the network.



Chriss told CNBC that the goal is to merge PayPal's "trusted merchant base" with ChatGPT's user reach to make agentic commerce mainstream.



Under the partnership, PayPal is also expanding its internal use of OpenAI's enterprise products.



Its 24,000 employees will gain access to ChatGPT Enterprise and Codex to speed up product development and improve workflow efficiency.



<h3 class="wp-block-heading">PayPal's $80 Test Is Here</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="694" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28070726/PYPL_2025-10-28_16-37-08-1024x694.png" alt="" class="wp-image-1134875" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28070726/PYPL_2025-10-28_16-37-08-1024x694.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28070726/PYPL_2025-10-28_16-37-08-300x203.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28070726/PYPL_2025-10-28_16-37-08-768x520.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28070726/PYPL_2025-10-28_16-37-08-1536x1040.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28070726/PYPL_2025-10-28_16-37-08-2048x1387.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<a href="https://in.tradingview.com/symbols/NASDAQ-PYPL/">PayPal Stock Price Dynamics (Source: TradingView)</a>



PYPL trades sharply higher at $79.72, up 13.5%, in its pre-market session as of Tuesday as investors cheer the OpenAI payments integration news.



Stock is consolidating inside a large symmetrical triangle, with price holding near $70 after a rebound from $67 support. 



The price tests heavy resistance between $71 and $73, where the 100- and 200-day EMAs stack. 



The RSI reads 52, showing neutral momentum and tying direction to a breakout.



A daily close above $73 would unlock upside toward $78–$80, while failure to hold $67 risks a slide back to $64.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/tech/25/10/48456318/intel-boss-vows-to-fix-years-of-bureaucracy-and-mismanagement">Intel Boss Vows To Fix Years Of Bureaucracy And Mismanagement</a></li>
</ul>



Image: Shutterstock

PayPal Announces OpenAI Partnership: $80 Breakout Line Now In Play

A working study by a group of researchers claims that Elon Musk's politics cost Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) over 1 million sales in the U.S.



Check out the current price of TSLA <a href="https://benzinga.com/quote/TSLA">here</a>.



<h2 class="wp-block-heading">Elon Musk's Polarizing Actions Had A Dramatic Effect On Tesla Sales</h2>



In a new working research paper released by the National Bureau of Economic Research (NBER), a group of researchers shared their findings, saying that Musk's right-wing political activities impacted Tesla sales. "Our primary result is that Elon Musk's polarizing and partisan actions had a dramatic effect on Tesla sales," the researchers in the paper said.



They added that when the effects were aggregated between October 2022 to April 2025, Tesla lost up to 1.26 million unit sales due to Musk's politics, which the researchers say equals "between 67% and 83% of the actual number of Teslas sold over the same period." The billionaire's politics also increased sales for competitors by "17% and 22%" when aggregated back to October 2022.



<h2 class="wp-block-heading">Elon Musk&#8217;s Involvement With The Trump Camp</h2>



It's worth noting that Musk has been a vocal proponent of right-wing political views and reportedly contributed over $250 million to President Donald Trump's campaign in the run-up to the 2024 Presidential Election. Musk was also a close ally of Trump and headed the DOGE, a non-governmental body tasked with minimizing excess federal spending.



Musk eventually cut down on his involvement with the Trump administration amid souring relations with the Trump administration over the axing of the <a href="https://www.benzinga.com/markets/tech/25/10/48296385/tesla-investor-ross-gerber-says-super-sad-to-see-federal-ev-subsidies-end-credits-created">Federal EV Credit</a> and other anti-EV policies, one of which <a href="https://www.benzinga.com/markets/tech/25/07/46258669/tesla-made-2-76-billion-from-zev-credits-in-2024-in-us-but-trumps-tax-bill-just-killed-this-revenue-stream">cost Tesla billions in revenue</a>, among other things.



<h2 class="wp-block-heading">Zohran Mamdani, Bernie Sanders Criticize Tesla And Musk</h2>



New York Mayoral candidate Zohran Mamdani recently criticized Tesla board member and Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/ABNB">ABNB</a>) co-founder Joe Gebbia, <a href="https://www.benzinga.com/news/politics/25/10/48398629/zohran-mamdani-slams-tesla-board-member-joe-gebbia-for-allegedly-promoting-racist-messages-about-immigrants-as-new-york-mayor-race-heats-up">accusing him of promoting "racist" messages</a> targeting immigrants. Gebbia also reportedly donated over $2 million to anti-Mamdani Political Action Committees (PACs).



Meanwhile, Sen. Bernie Sanders (I-VT) <a href="https://www.benzinga.com/news/politics/25/10/48397266/bernie-sanders-elon-musk-became-186-billion-richer-under-trump-things-going-pretty-well-for-billionaires-but-how-are-you-doing">criticized Musk over his suppor</a>t of Trump, which helped Musk become &#8220;$186 billion richer.&#8221; He had also <a href="https://www.benzinga.com/news/politics/25/09/47562550/bernie-sanders-slams-tesla-elon-musk-over-grossly-immoral-1-trillion-pay-package-no-society-can-survive">voiced his criticism</a> of Musk's trillion-dollar pay package, calling it "grossly" immoral.



It's worth noting that Musk's new pay packet has garnered a mixed response from the market, with <a href="https://www.benzinga.com/markets/tech/25/10/48453124/elon-musks-trillion-dollar-pay-plan-receives-support-from-florida-fund-holding-1-billion-in-tesla-stock">support from shareholders</a> and industry <a href="https://www.benzinga.com/markets/tech/25/10/48296957/cathie-wood-says-elon-musks-new-tesla-pay-package-will-win-decisively-despite-opposition-sad-if-not-damning">experts like Cathie Wood</a>, CEO of ARK Invest, but also <a href="https://www.benzinga.com/markets/tech/25/10/48345724/ross-gerber-calls-elon-musks-pay-packet-insanity-questions-whether-anyone-on-tesla-board-negotiated-the-trillion-dollar-salary">criticism from investors</a> like Gerber Kawasaki's co-founder Ross Gerber.



<h2 class="wp-block-heading">Tesla Model Y Emerges As Best-Seller In Europe</h2>



Elsewhere, the Tesla Model Y has emerged as the <a href="https://www.benzinga.com/markets/tech/25/10/48426791/gary-black-thinks-tesla-sales-will-soar-once-elon-musk-solves-this-issue-as-model-y-becomes-best-selling-car-in-europe-during-september">best-selling vehicle</a> in the European market for September 2025, selling 25,938 units in the market during that time period.



Model Y's strong September performance coincides with Tesla's declining sales in Europe, with authorities in Italy reporting that the company's <a href="https://www.benzinga.com/markets/eurozone/25/10/47988671/teslas-european-woes-continue-as-new-car-sales-fall-over-25-in-italy">sales fell over 25% </a>in the country.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="202" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28035554/TSLA-OCT-28-2025-3-1024x202.jpg" alt="" class="wp-image-1134453" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28035554/TSLA-OCT-28-2025-3-1024x202.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28035554/TSLA-OCT-28-2025-3-300x59.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28035554/TSLA-OCT-28-2025-3-768x152.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28035554/TSLA-OCT-28-2025-3-1536x304.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28035554/TSLA-OCT-28-2025-3.jpg 1568w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge Stock Rankings</a> today!



Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48453504/tesla-bull-adam-jonas-says-elon-musks-ev-giant-has-solved-autonomous-driving-predicts-1-2-billion-annual-fsd-revenue">Tesla Bull Adam Jonas Says Elon Musk&#8217;s EV Giant Has &#8216;Solved&#8217; Autonomous Driving, Predicts $1.2 Billion Annual FSD Revenue</a></li>
</ul>



Photo courtesy: Shutterstock

ABNB

TSLA

Elon Musk's Politics Cost Tesla Over 1 Million In Car Sales In US, Boosted Rivals' Sales By 22%: Study

As the tech world braces for a flurry of earnings reports from the Magnificent 7 companies this week, market expert Gary Black has identified Nvidia Corp., Alphabet Inc., Meta Platforms Inc., and Microsoft Corp. as the clear &#8220;big winners&#8221; based on rising year-to-date earnings revisions.



<h2 class="wp-block-heading">&#8216;Big Winners&#8217; With Rising Earnings Revisions: NVDA, GOOG, META, MSFT</h2>



Black&#8217;s recent X post highlighted these four titans as significantly outperforming the benchmark Nasdaq 100 index, even as the remaining Mag 7, Apple Inc., Amazon.com Inc., and Tesla Inc., face more modest revisions or, in Tesla&#8217;s case, recent misses.



<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">5 of the Mag 7 are reporting earnings this week with <a href="https://twitter.com/search?q=%24GOOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOOG</a> <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> and <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> reporting on Wed, and <a href="https://twitter.com/search?q=%24AMZN&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AMZN</a> and <a href="https://twitter.com/search?q=%24AAPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAPL</a> on Thurs. This chart shows how each of the Mag 7 have performed YTD: 1/ <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a> +42.2% 2/ <a href="https://twitter.com/search?q=%24GOOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOOG</a> +40.5% 3/ <a href="https://twitter.com/search?q=%24META&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$META</a> +28.3% 4/ <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> +26.2% 5/ <a href="https://twitter.com/search?q=%24TSLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$TSLA</a> +12.9% 6/ <a href="https://twitter.com/search?q=%24AAPL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$AAPL</a> +6.2% 7/… <a href="https://t.co/LXZ2iRJLzi">pic.twitter.com/LXZ2iRJLzi</a>&mdash; Gary Black (@garyblack00) <a href="https://twitter.com/garyblack00/status/1982846770045444123?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">AAPL, AMZN, And TSLA Underperform Nasdaq 100</h2>



The impending earnings season arrives with high anticipation. Black&#8217;s analysis underscores a divergence in performance, showing Alphabet leading the pack with an impressive 41.60% return. It is followed closely by Nvidia at 38.45%, Microsoft at 26.98%, and Meta at 25.30%.



These figures all dramatically outpace the major benchmarks, including the Nasdaq 100 and its tracking ETF, the Invesco QQQ Trust, at a 23.10% YTD gain. The top performers also notably beat the Roundhill Magnificent Seven ETF, which is up 24.59% YTD.



Conversely, the other three members of the group have lagged the benchmarks: Tesla is up 19.28%, Apple has gained 10.24%, and Amazon shows a 3.07% YTD return. The focus remains on Tesla, whose recent third-quarter 2025 earnings report hit its $0.50 EPS estimate exactly, resulting in a 0.00% surprise.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Stocks</td><td>YTD Performance</td><td>One Year Performance</td></tr><tr><td>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/NVDA">NVDA</a>)</td><td>38.45%</td><td>36.27%</td></tr><tr><td>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AAPL">AAPL</a>)</td><td>10.24%</td><td>15.17%</td></tr><tr><td>Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/MSFT">MSFT</a>)</td><td>26.98%</td><td>24.60%</td></tr><tr><td>Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>)</td><td>3.07%</td><td>20.48%</td></tr><tr><td>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/GOOG">GOOG</a>)</td><td>41.60%</td><td>60.35%</td></tr><tr><td>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/META">META</a>)</td><td>25.30%</td><td>29.86%</td></tr><tr><td>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>)</td><td>19.28%</td><td>72.34%</td></tr><tr><td>Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/QQQ">QQQ</a>)</td><td>23.10%</td><td>26.78%</td></tr><tr><td>Nasdaq 100</td><td>23.10%</td><td>26.88%</td></tr><tr><td>Roundhill Magnificent Seven ETF (BATS:<a class="ticker" href="https://www.benzinga.com/quote/MAGS">MAGS</a>)</td><td>24.59%</td><td>38.02%</td></tr></tbody></table></figure>



See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/10/48238954/bill-ackmans-amazon-bet-is-bleeding-down-25-million-since-q2">Bill Ackman&#8217;s Amazon Bet Is Bleeding—Down $25 Million Since Q2</a>



<h2 class="wp-block-heading">AMZN Delivers Best Earnings Surprise Despite Dismal YTD Performance</h2>



Historical data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> further illuminates these trends. Amazon, despite its lower YTD performance, boasts the best <a href="https://www.benzinga.com/quote/AMZN/earnings">average earnings surprise</a> over the past four quarters at 23.58%, consistently beating estimates.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/AMZN/earnings"><img loading="lazy" decoding="async" width="1024" height="252" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28034700/AMZN-Earnings-Surprise-1024x252.png" alt="Amazon's earnings surprise over the last four quarters. " class="wp-image-1134436" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28034700/AMZN-Earnings-Surprise-1024x252.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28034700/AMZN-Earnings-Surprise-300x74.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28034700/AMZN-Earnings-Surprise-768x189.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28034700/AMZN-Earnings-Surprise.png 1273w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



<a href="https://www.benzinga.com/quote/META/earnings">Meta</a> follows closely with a 19.23% average surprise. <a href="https://www.benzinga.com/quote/GOOG/earnings">Alphabet</a> and <a href="https://www.benzinga.com/quote/NVDA/earnings">Nvidia</a> have also shown strong surprise percentages, averaging 15.40% and 12.02%, respectively, signaling their capacity to exceed analyst expectations.



<a href="https://www.benzinga.com/quote/MSFT/earnings">Microsoft</a> has delivered consistent, albeit smaller, beats averaging 6.60%. In contrast, <a href="https://www.benzinga.com/quote/AAPL/earnings">Apple</a>&#8216;s surprises have been more modest at 4.22%, while <a href="https://www.benzinga.com/quote/TSLA/earnings">Tesla</a>&#8216;s average surprise landed in negative territory at -6.27%, largely due to a significant first-quarter 2025 miss.



<h2 class="wp-block-heading">What Are Analysts Expecting From Mag 7 Stocks?</h2>



Looking ahead to this week&#8217;s reports, Benzinga Pro projects a solid quarter for the leaders. Amazon is estimated to report $1.58 EPS, Apple $1.76, Microsoft $3.80, Alphabet $2.27, and Meta $8.10.



These estimates, while robust, place additional pressure on these companies to not only meet but potentially exceed these revised expectations to maintain their &#8220;winner&#8221; status in the eyes of the market.



The varied fiscal calendars mean not all companies will be reporting the third quarter. While AAPL will deliver its fourth quarter earnings, MSFT will release its first quarter earnings, adding another layer of complexity to the overall picture of the tech sector&#8217;s health.



On Tuesday, the futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were trading lower.



Meanwhile, on Monday, the S&amp;P 500 index ended 1.23% higher at 6,875.16, whereas the Nasdaq 100 index rose 1.83% to 25,821.54. On the other hand, Dow Jones advanced 0.71% to end at 47,544.59.



Read Next:



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<li><a href="https://www.benzinga.com/markets/equities/25/10/48410556/nancy-pelosi-bill-ackman-align-on-these-2-stocks-heres-what-they-know">Nancy Pelosi, Bill Ackman Align On These 2 Stocks – Here&#8217;s What They Know</a></li>
</ul>



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



Photo courtesy: Chung Hao Lee / Shutterstock

GOOG

MAGS

Nvidia, Alphabet, Meta, Microsoft Are 'Big Winners' With Rising Earnings Revisions, Says Gary Black Ahead Of Earnings

Leading cryptocurrencies corrected on Monday, while stocks rallied, as investors braced for the Federal Reserve&#8217;s decision on rate cuts and President Donald Trump&#8217;s meeting with Chinese President Xi Jinping.



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.69%</td><td>$114,227.40</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.26%</td><td>$4,128.48</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-0.39%</td><td>$2.64</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.92%</td><td>$200.38</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.20%</td><td>$0.2009</td></tr></tbody></table></figure>



<h2 class="wp-block-heading">Cryptos Give Up Gains</h2>



Bitcoin failed to hold on to its Sunday gains, retreating back to the $114,000 range. Trading volume, meanwhile, jumped 35% in the last 24 hours, indicating high selling pressure.



Ethereum also corrected, down 1.26% in the 24-hour period, while the token's trading volume lifted 27%. XRP and Solana also retraced.



Cryptocurrency liquidations hit $307 million in the last 24 hours, with more than $190 million in long positions wiped out, <a href="https://www.coinglass.com/LongShortRatio">according </a>to Coinglass.&nbsp;



Bitcoin's open interest fell marginally by 0.10%, although the majority of Binance traders with open BTC positions remained long as of this writing.



The market remained in a "Neutral" state, according to the Crypto Fear &amp; Greed Index.



Top Gainers (24 Hours)&nbsp;



<figure class="wp-block-table"><table class="has-fixed-layout"><thead><tr><th>Cryptocurrency (Market Cap&gt;$100 M)</th><th>Gains +/-</th><th>Price (Recorded at 9:25 p.m. ET)</th></tr></thead><tbody><tr><td>Official Melania Meme (MELANIA )&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+31.70%</td><td>$0.1328</td></tr><tr><td>Ribbita by Virtuals (TIBBIR)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+13.77%</td><td>$0.4311</td></tr><tr><td>BitMart Token (BMX )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+13.58%</td><td>$0.5292 </td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.86 trillion, contracting by 0.75% in the last 24 hours.



<h2 class="wp-block-heading">Stocks At Record Highs</h2>



Stocks set new highs on Monday. The Dow Jones Industrial Average climbed 337.47 points, or 0.71%, to close at 47,544.59. The S&amp;P 500 rallied 1.23% to 6,875.16, &nbsp;while the tech-heavy Nasdaq Composite closed up 1.86% to 23,637.46.



The market surged as investors grew optimistic that Trump and Xi would extend <a href="https://www.benzinga.com/markets/asia/25/10/48425070/trump-xi-jinping-set-to-finalize-deal-as-us-china-deescalate-trade-tensions-dow-futures-surge-242-points">their trade truce</a> during a high-stakes meeting in South Korea on Thursday.



Moreover, chances of the Federal Reserve announcing a 25 basis point rate cut in the meeting later this week rose to 97%, <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">according </a>to the CME FedWatch tool, adding to the bullish sentiment.



<h2 class="wp-block-heading">Bitcoin Poised For New Highs Despite Correction?</h2>



Michaël van de Poppe, a well-known analyst and trader, said that Bitcoin is undergoing a pre-FOMC correction.



"Retest of the $112,000 area wouldn&#8217;t be bad. After that &#8211;&gt; onwards to a new ATH," the analyst predicted.



<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">Gold comes down 10% in a single week. Yes, get used to it. It went 70% in a single year. That&#39;s far out of the normal boundaries of volatility, so the volatility will be high. It&#39;s going to go up 10% and down 10%. Did it peak? I don&#39;t know. Probably close for now. The reason… <a href="https://t.co/a7neZCOKaF">pic.twitter.com/a7neZCOKaF</a>&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1982900119117934664?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency commentator Ted Pillows highlighted "decent" buy bids at $4,050–$4,100 and a resistance at $4,300 for Ethereum on Binance.



"If bulls are able to reclaim that zone [$4,300], expect another fast move to the upside," Pillows projected.



<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/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has some decent bids around $4,050-$4,100 on Binance. If talking about upside, Ethereum could face some resistance around the $4,300 zone. If bulls are able to reclaim that zone, expect another fast move to the upside. <a href="https://t.co/2bjGwEB7IF">pic.twitter.com/2bjGwEB7IF</a>&mdash; Ted (@TedPillows) <a href="https://twitter.com/TedPillows/status/1982875489112068244?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Marc Bruxelle on Shutterstock.com



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/10/48436339/trump-linked-american-bitcoin-surges-5-after-purchasing-btc">Trump-Linked American Bitcoin Surges 5% After Purchasing 1,414 BTC</a></li>
</ul>

Bitcoin, Ethereum, Dogecoin, XRP Drop As Rate Cut Bets Increase: Analyst Expects 'Fast Move' To The Upside For ETH If Bulls Reclaim This Zone

The State Board of Administration (SBA) of the Florida Retirement System (FRS) has backed Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TSLA">TSLA</a>) CEO Elon Musk's new compensation award. The agency is responsible for managing and investing on behalf of the FRS Trust Fund and owns over $1 billion in Tesla shares. It also manages over $280 billion in total assets.



<h2 class="wp-block-heading">A Bold, Performance-Driven Incentive Structure, Says SBA</h2>



In an SEC filing on Monday, the agency called the compensation award a "bold, performance-driven incentive structure" with no guarantees of compensation for Musk.



"If Tesla meets all metrics within this plan, investors will benefit from incremental value creation of $7.5 trillion," the agency said in the filing, adding that the created value for shareholders outweighs any dilution as well as the "incremental equity award to Elon Musk for each tranche of compensation."



<h2 class="wp-block-heading">Musk Only Benefited When Shareholders Benefited First</h2>



Defending against the <a href="https://www.benzinga.com/markets/tech/25/10/48291450/elon-musk-pay-deal-faces-pushback-as-iss-tells-tesla-investors-to-vote-against-1-trillion-package">criticism of the package</a>, the agency cited International Shareholder Services (ISS) and Glass Lewis' opposition to the award. "The 2018 award, which ISS and Glass Lewis have criticized, required Tesla to grow from roughly $50 billion to $650 billion in market cap," the SBA said, adding that the milestone was achieved by Tesla in four years.



"Far from a windfall, these awards functioned as pure pay-for-performance mechanisms: Musk only benefited when shareholders benefited first," the agency said in the filing.



<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">With over $280 billion of total assets under management and over $1 billion in Tesla shares, the State Board of Administration of Florida Retirement System came out strongly in favor of our incentive proposal for Elon, designed to drive extraordinary growth, which the SBA…&mdash; Tesla (@Tesla) <a href="https://twitter.com/Tesla/status/1982899150841884810?ref_src=twsrc%5Etfw">October 27, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">Elon Musk Says "Much Appreciated"</h2>



Taking to the social media platform X on Monday, Musk thanked the SBA for its support of the pay package. "Much appreciated!" Musk wrote in a post, quoting the update shared by Tesla's official handle.



<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">Much appreciated! <a href="https://t.co/I2Y0myQcqb">https://t.co/I2Y0myQcqb</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1982973082160845062?ref_src=twsrc%5Etfw">October 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Musk has been hitting back at critics for opposing the pay package, with the CEO touting Tesla as being <a href="https://www.benzinga.com/markets/tech/25/10/48295289/elon-musk-claps-back-at-hefty-pay-critics-which-of-those-ceos-would-you-like-to-run-tesla-company-worth-more-than-all-other-automakers-combined">worth more than its automotive competitors</a>. Tesla's current market capitalization stands at approximately $1.4 trillion. The CEO also <a href="https://www.benzinga.com/markets/tech/25/10/48371707/elon-musk-calls-proxy-advisor-firms-opposing-his-trillion-dollar-pay-corporate-terrorists-accuses-them-of-voting-on-random-political-lines">hit out at proxy advisors</a>, calling them "corporate terrorists" during Tesla's <a href="https://www.benzinga.com/markets/earnings/25/10/48367296/tesla-q3-highlights-record-ev-deliveries-falling-profits-ai-ambitions-ahead">third-quarter earnings call</a> last week.



<h2 class="wp-block-heading">Mixed Reactions To Elon Musk&#8217;s Pay Packet</h2>



The <a href="https://www.benzinga.com/markets/tech/25/09/47518118/tesla-board-unveils-900-billion-award-plan-that-could-put-elon-musk-on-trillionaire-track-if-company-hits-wild-targets">trillion-dollar pay packet</a> has been met with mixed reactions from the market, with ARK Invest CEO Cathie Wood <a href="https://www.benzinga.com/markets/tech/25/10/48296957/cathie-wood-says-elon-musks-new-tesla-pay-package-will-win-decisively-despite-opposition-sad-if-not-damning">expressing her support</a> for the pay packet and predicting a decisive victory for the award during November 6's shareholder meeting.



TV host Jim Cramer <a href="https://www.benzinga.com/markets/tech/25/10/48425560/jim-cramer-backs-elon-musks-1-trillion-package-hate-him-or-like-him-hes-really-smart-and-actually-worth-it">also expressed support</a> for the package, calling Musk "actually worth" the mega compensation award. Meanwhile, Gerber Kawasaki's co-founder Ross Gerber has <a href="https://www.benzinga.com/markets/tech/25/10/48345724/ross-gerber-calls-elon-musks-pay-packet-insanity-questions-whether-anyone-on-tesla-board-negotiated-the-trillion-dollar-salary">criticized the package</a>, calling it "insanity," and questioned the independence of the board from Musk's influence.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="202" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28001055/TSLA-OCT-28-2025-1024x202.jpg" alt="" class="wp-image-1134058" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28001055/TSLA-OCT-28-2025-1024x202.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28001055/TSLA-OCT-28-2025-300x59.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28001055/TSLA-OCT-28-2025-768x152.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28001055/TSLA-OCT-28-2025-1536x304.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/28001055/TSLA-OCT-28-2025.jpg 1568w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Benzinga Edge Stock Rankings</a> today!



Check out more of Benzinga&#8217;s Future Of Mobility coverage by<a href="https://www.benzinga.com/topic/mobility"> following this link.</a>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/tech/25/10/48426791/gary-black-thinks-tesla-sales-will-soar-once-elon-musk-solves-this-issue-as-model-y-becomes-best-selling-car-in-europe-during-september">Gary Black Thinks Tesla Sales Will Soar Once Elon Musk Solves This Issue As Model Y Becomes Best-Selling Car In Europe During September</a></li>
</ul>



Photo courtesy: Shutterstock

Elon Musk's Trillion-Dollar Pay Plan Receives Support From Florida Fund Holding $1 Billion In Tesla Stock

On Monday, Cathie Wood-led Ark Invest executed significant trades, including a notable purchase of shares in Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/AMZN">AMZN</a>), Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/XYZ">XYZ</a>), and Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BABA">BABA</a>). Ark sold shares of Shopify Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/SHOP">SHOP</a>) and Palantir Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/PLTR">PLTR</a>). 



<h2 class="wp-block-heading">The Amazon Trade</h2>



Ark Fintech Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/quote/ARKF">ARKF</a>) acquired 17,579 shares of Amazon, valued at approximately $3.99 million based on Monday&#8217;s closing price of $226.97. 



This purchase aligns with Amazon&#8217;s recent announcement to cut up to 30,000 jobs, marking the largest layoff in its history. The layoffs, aimed at <a href="https://www.benzinga.com/markets/tech/25/10/48449786/amazon-to-cut-up-to-30000-jobs-largest-layoff-in-company-history">streamlining operations</a>, reflect the company&#8217;s response to the pandemic-era expansion. 



<h2 class="wp-block-heading">The Block Trade</h2>



ARK Next Generation Internet ETF (BATS:<a class="ticker" href="https://www.benzinga.com/quote/ARKW">ARKW</a>), ARK Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/quote/ARKK">ARKK</a>) and Ark Fintech Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/quote/ARKF">ARKF</a>) purchased a combined total of 385,585 shares of Block, valued at approximately $30.9 million based on the closing price of $80.15. 



The Jack Dorsey-led company reported a significant increase in the value of its Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) holdings in August, bringing them to nearly a billion dollars. The company&#8217;s <a href="https://www.benzinga.com/crypto/cryptocurrency/25/08/46995074/blocks-bitcoin-holdings-surge-under-new-accounting-rules-now-worth-nearly-a-billion-dollars">strategic investment</a> in Bitcoin has seen an 81% year-over-year growth, bolstered by new accounting rules for crypto assets. 



<h2 class="wp-block-heading">The Shopify Trade</h2>



Ark Invest sold a total of 281,738 shares of Shopify Inc. across its ARKF, ARKK, and ARKW ETFs, valued at approximately $49.32 million based on the closing price of $175.06. 



Despite this sell-off, <a href="https://www.benzinga.com/markets/equities/25/08/46960538/cathie-wood-shouts-out-shopifys-smart-ai-moves-in-retail-says-its-seizing-the-agentic-ai-moment-shop-stock-gained-over-44-in-2025">Shopify&#8217;s strategic focus on AI</a> continues to garner attention, with Cathie Wood previously highlighting its potential in the e-commerce sector.



<h2 class="wp-block-heading">The Palantir Trade</h2>



ARKF ETF sold 13,922 shares of Palantir, valued at approximately $2.63 million based on the closing price of $189.18. 



This move comes as Palantir&#8217;s stock hits a <a href="https://www.benzinga.com/trading-ideas/movers/25/10/48435054/palantir-technologies-stock-hits-a-new-all-time-high-whats-going-on-2">new all-time high</a>, driven by major contract announcements and strategic partnerships. 



<h2 class="wp-block-heading">The Alibaba Trade</h2>



ARKF ETF purchased 14,881 shares of Alibaba, valued at approximately $2.67 million, based on the closing price of $179.45.



 This acquisition follows Alibaba&#8217;s launch of a <a href="https://www.benzinga.com/markets/tech/25/10/48377578/alibaba-unveils-new-ai-chatbot-for-chatgpt-like-ai-push">new AI chatbot</a>, enhancing its Quark app with advanced search capabilities. 



<h2 class="wp-block-heading">Other Key Trades</h2>



<ul class="wp-block-list">
<li>Sold 133,917 shares of SoFi Technologies Inc. (SOFI) from ARKF.</li>



<li>Bought 268,833 shares of DraftKings Inc. (DKNG) for ARKF and ARKW.</li>



<li>Bought 750,115 shares of Intellia Therapeutics Inc. (NTLA) across ARKG and ARKK.</li>



<li>Sold 128,751 shares of Iridium Communications Inc. from ARKK.</li>
</ul>



Benzinga's Edge Stock Rankings indicate Amazon has a Value in the 46th percentile. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Here is how the stock measures up</a> against rivals like Shopify.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="441" height="319" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/27212040/Screenshot-2025-10-28-at-10.20.25.png" alt="" class="wp-image-1133926" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/27212040/Screenshot-2025-10-28-at-10.20.25.png 441w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/10/27212040/Screenshot-2025-10-28-at-10.20.25-300x217.png 300w" sizes="(max-width: 441px) 100vw, 441px" /></a></figure>



Photo Courtesy: PJ McDonnell on Shutterstock.com



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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

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