Huawei To Launch Mate 70 Smartphone With Advanced Homegrown Chip, Challenging Apple In China Amid US Sanctions: Report
Huawei Technologies Co. is reportedly set to release its most advanced domestically made chip in the Mate 70 series, amid ongoing U.S. sanctions.
What Happened: The new chip will power select models in Huawei’s Mate 70 lineup, which is expected to launch next week, reported the Wall Street Journal, citing people familiar with the matter.
The launch comes as Huawei continues to increase its market share in China, where it has seen a rise in consumer demand.
In the third quarter of this year, Huawei’s market share in China grew to 15.3% from 8.6% last year, positioning it as a significant competitor to Apple Inc. AAPL in the high-end smartphone market.
The new chips, produced by Semiconductor Manufacturing International Corporation or SMIC, leverage advanced technologies to improve performance and power efficiency, allowing Huawei to compete more effectively with Apple’s offerings.
“The Mate 70 will continue to put more pressure on Apple in China,” said IDC vice president Bryan Ma, according to the report.
Although Huawei’s chips still lag behind Apple’s in terms of power efficiency, he noted that the difference may not be significant as long as users can get through the day without worrying about charging, the report noted.
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Why It Matters: This development coincides with an earlier report that suggested Huawei plans to begin mass production of its new AI chip, the Ascend 910C, in early 2025, despite facing major challenges from U.S. trade restrictions.
In May earlier this year, the Joe Biden administration canceled export licenses for leading U.S. semiconductor companies such as Intel Corp. INTC and Qualcomm Inc. QCOM, blocking them from providing essential chips to Huawei.
During the same month, a report from Counterpoint Research suggested that Huawei surpassed Samsung Electronics Co. SSNLF in global foldable smartphone shipments for the first quarter of 2024.
Last month, U.S. lawmakers called on the Department of Commerce to take stronger measures against Huawei’s reported efforts to evade sanctions by using a covert network of semiconductor facilities.
Price Action: At the time of writing, Apple shares increased by 0.02% to $228.56 in after-hours trading, following a 0.21% decline to $228.52 during Thursday’s regular session, according to Benzinga Pro data.
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Donald Trump's DOGE Initiative To Have 'Marginal Impact' Says Analyst As Elon Musk Aims To Target Over $500B In Federal Expenditures
President-elect Donald Trump‘s appointed DOGE or the Department of Government Efficiency could potentially save $50–100 billion annually, according to Congressional Budget Office (CBO) analyses, said Mario Georgiou, CFA and executive director, head of investments at InCred Global Wealth U.K.
What Happened: Georgiou said that DOGE “tasked with cutting wasteful spending, could play a role in improving fiscal discipline, but the scale of potential savings is expected to be modest.”
The U.S. federal budget deficit could reach $1.7 trillion in 2024, entailing mandatory spending on Social Security and Medicare, which accounts for over 60% of expenditures, Georgiou said. “Even if the DOGE achieves its objectives, potential savings are estimated at $50–100 billion annually, according to Congressional Budget Office analyses, which would have only a marginal impact compared to total federal outlays of approximately $6.7 trillion in 2024,” he added.
However, Tesla Inc. and SpaceX CEO Elon Musk who will co-lead DOGE with Republican politician Vivek Ramaswamy had called for “at least $2 trillion” in budget cuts last month while speaking at a rally in New York.
On Wednesday, Musk and Ramaswamy outlined their vision for DOGE, “The two of us will advise DOGE at every step to pursue three major kinds of reform: regulatory rescissions, administrative reductions, and cost savings,” the duo wrote in a WSJ opinion piece on Nov. 20.
Why It Matters: In their opinion piece, the duo said “DOGE will help end federal overspending by aiming $500 billion-plus in annual federal expenditures that are unauthorized by Congress or being used in ways that Congress never intended.”
Musk and Ramaswamy aimed a few expenditure programs along with $300 million provided to the other “progressive groups.” They mentioned $535 million allotted to the Corporation for Public Broadcasting and $1.5 billion in grants to Planned Parenthood annually.
Discretionary spending—where most inefficiencies and “waste” are typically identified, “constitutes a smaller portion of the budget and offers limited opportunities for impactful cuts,” Georgiou added.
Musk and Ramaswamy highlighted that several federal contracts have gone unexamined for years. They suggested that a temporary suspension of payments would facilitate comprehensive audits, resulting in substantial cost savings.
“The Pentagon recently failed its seventh consecutive audit, suggesting that the agency’s leadership has little idea how its annual budget of more than $800 billion is spent.”
“We are focused on delivering cost savings for taxpayers,” the duo said in their piece.
Musk and Ramaswamy swiftly defended their stance on cutting the budgets of a few entitlement programs. “Critics claim that we can’t meaningfully close the federal deficit without aiming for entitlement programs like Medicare and Medicaid, which require Congress to shrink. But this deflects attention from the sheer magnitude of waste, fraud, and abuse that nearly all taxpayers wish to end,” they added.
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Dow Surges Over 450 Points As Nvidia Climbs Post-Earnings, Google, Amazon Slip: Fear Index Shifts To 'Greed' Zone
The CNN Money Fear and Greed index showed further improvement in the overall market sentiment, while the index moved to the “Greed” zone on Thursday.
U.S. stocks settled higher on Thursday, with the Dow Jomes index gaining more than 450 points during the session.
NVIDIA Corporation NVDA shares rose by 0.5% on Thursday after the company posted upbeat earnings and sales results. Amazon AMZN shares fell 2.2% on Thursday following a report suggesting the company is likely to be investigated under the EU’s Digital Markets Act next year.
Shares of Alphabet Inc. GOOGL GOOG plunged around 4.7% following the U.S. Department of Justice’s (DOJ) announcement of sweeping remedies in its high-profile antitrust lawsuit against Google.
On the economic data front, U.S. existing home sales gained by 3.5% from the previous month to an annualized rate of 3.96 million in October. The Philadelphia Fed Manufacturing Index fell to -5.5 in November from 10.3 in the previous month, and compared to market estimates of 8. U.S. initial jobless claims declined by 6,000 from the previous week to 213,000 in the week ending Nov. 16.
Most sectors on the S&P 500 closed on a positive note, with utilities, financials, and consumer staples stocks recording the biggest gains on Thursday. However, consumer discretionary and communication services stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 462 points to 43,870.35 on Thursday. The S&P 500 rose 0.53% to 5,948.71, while the Nasdaq Composite rose 0.03% at 18,972.42 during Thursday’s session.
Investors are awaiting earnings results from Destination XL Group, Inc. DXLG and Global Blue Group Holding AG GB today.
What is CNN Business Fear & Greed Index?
At a current reading of 57.4, the index moved to the “Greed” zone on Thursday, versus a prior reading of 49.6.
The Fear & Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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GOP Megadonor Ken Griffin Is 'Open To The Possibility' Of Selling Minority Stake In Citadel
The billionaire Republican megadonor and Citadel CEO Ken Griffin has expressed openness to selling a minority stake in the $65 billion hedge fund he established in 1990.
What Happened: Griffin has previously sold stakes in his ventures. Two years ago, Sequoia Capital acquired a stake in Citadel Securities for $1.15 billion, valuing the market maker at $22 billion. Recently, Citadel Securities received a $5 billion investment offer from a private equity firm, which Griffin mentioned would help the company remain private longer.
In an interview with Bloomberg on Thursday at the Economic Club of New York, Griffin stated, “We would be open to the possibility of selling a minority stake in Citadel at some point in the future.”
Griffin highlighted the challenges of public capital markets, stating, “We need to make being public in the United States a much more attractive proposition.”
Despite the offer, Griffin did not confirm acceptance and ruled out taking Citadel Securities public soon. When considering potential partners, Griffin seeks firms similar to Sequoia that can enhance Citadel’s business operations.
Why It Matters: Griffin, a prominent figure in the financial world, has built Citadel into a powerhouse with over $65 billion in assets. As a mega-donor to the Republican Party, he recently voiced concerns over Donald Trump‘s tariff policies, warning they could hinder U.S. competitiveness.
In the past year, Citadel has achieved remarkable financial success, returning $7 billion to clients after a 30% profit surge. Citadel’s multistrategy fund, Wellington, has gained nearly 15% year-to-date, making it one of the top-performing hedge funds.
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As Gary Gensler Eyes 2025 Exit, SEC Crypto Cases Could 'Quietly Disappear' Under Trump's Pro-Bitcoin Agenda, Says Pantera Capital's Katrina Paglia
The Securities and Exchange Commission’s (SEC) lawsuits against cryptocurrency companies will likely reach settlements once Chair Gary Gensler steps down in January 2025, according to crypto asset manager Pantera‘s chief legal officer Katrina Paglia.
What Happened: Speaking at the North American Blockchain Summit in Dallas on Thursday, Paglia said, according to Cointelegraph that while the SEC won’t completely withdraw its claims, many cases will “quietly go away” with defendants paying settlements under “neither admit nor deny” terms.
“The regulator will get to make some level of a statement and get something for the value of time and energy spent,” Paglia said, noting this would be “very beneficial” for resolving the extensive litigation.
The comments come as President-elect Donald Trump‘s transition team actively shapes what appears to be a dramatically different approach to crypto regulation.
Why It Matters: The incoming administration is reportedly vetting candidates for the first-ever White House cryptocurrency policy role while major industry players like Coinbase Global Inc. COIN CEO Brian Armstrong engage in high-level discussions.
Industry experts see the potential for significant policy shifts, with Hunting Hill Global Capital‘s CIO Adam Guren emphasizing the need for “thoughtful policy” and clear definitions for digital assets. “Well-defined classifications would encourage engagement from both individual and institutional investors,” Guren noted.
The market has responded positively to these developments, with Bitcoin BTC/USD approaching $100,000 amid reports that companies including Ripple XRP/USD, Kraken, and Circle USD/USD are seeking representation on Trump’s promised crypto advisory council.
The SEC under Gensler’s leadership has pursued actions against numerous high-profile crypto companies, including Ripple, Binance BNB/USD, Kraken, and others, in what many in the industry have characterized as an aggressive regulatory approach.
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Gap, Ross Stores And 3 Stocks To Watch Heading Into Friday
With U.S. stock futures trading slightly lower this morning on Friday, some of the stocks that may grab investor focus today are as follows:
- Wall Street expects Destination XL Group, Inc. DXLG to report quarterly earnings at 3 cents per share on revenue of $113.46 million before the opening bell, according to data from Benzinga Pro. Destination XL shares rose 0.8% to $2.60 in after-hours trading.
- The Gap, Inc. GAP reported better-than-expected earnings for its second quarter and raised its outlook for FY24 gross margin. The company reported quarterly earnings of 54 cents per share, which beat the analyst consensus estimate of 40 cents per share. Gap shares jumped 15.7% to $25.50 in the after-hours trading session.
- Ross Stores, Inc. ROST posted stronger-than-expected earnings for its third quarter on Thursday. The company said it sees FY25 earnings of $6.10 to $6.17 per share. Ross Stores shares climbed 7.1% to $153.11 in the after-hours trading session.
Check out our premarket coverage here
- Intuit Inc INTU reported upbeat results for its first-quarter results, but issued weak forecast for the current quarter. The company reported quarterly earnings of $2.50 per share, which beat the analyst consensus estimate of $2.35 per share. Quarterly revenue came in at $3.28 billion which beat the consensus estimate of $3.14 billion. Intuit shares fell 5% to $644.74 in the after-hours trading session.
- Analysts expect Global Blue Group Holding AG GB to report quarterly earnings at 3 cents per share on revenue of $127.50 million before the opening bell. Global Blue Group shares gained 11.4% to $6.96 in after-hours trading.
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American Airlines Targets 'Gate Lice' With New Boarding Tech At 100+ Airports This Holiday Season
American Airlines Group Inc. AAL is taking aim at “gate lice” – an industry term for passengers who crowd gates before their boarding group is called – with new technology being rolled out to more than 100 U.S. airports during the holiday season.
What Happened: The system, which automatically rejects boarding passes from passengers attempting to board ahead of their assigned group, comes as a welcome relief to airline staff who have long struggled with boarding zone violations.
“We’ve heard from our customers that the ability to board with their assigned group is important,” said Julie Rath, Senior Vice President of Airport Operations, Reservations and Service Recovery at American Airlines. “The initial positive response from customers and team members has exceeded our expectations.”
The technology triggers an audible alert if passengers try to board early, allowing gate agents to redirect them to wait for their proper boarding group.
Following successful trials at airports in Albuquerque, Washington D.C., and Tucson, the expansion will include major facilities such as Austin-Bergstrom International Airport and Hartsfield-Jackson Atlanta International Airport.
Why It Matters: Flight attendants and gate staff have long identified premature boarding attempts as a significant source of frustration, leading to the informal “gate lice” nickname for chronic offenders. The new system aims to eliminate such disruptions while preserving boarding privileges tied to “AAdvantage” status and fare class.
The software platform also provides gate agents with real-time data on boarding group sizes and incoming flight connections, consolidating multiple applications into a single interface. For passengers traveling with companions in earlier boarding groups, agents can override the system with a single click.
American Airlines, which operates thousands of daily flights to more than 350 destinations across 60+ countries, plans to extend the technology to its hub airports in the coming months.
Price Action: American Airlines’ stock closed at $14.20 on Tuesday, down 1.80% for the day. In after-hours trading, the stock edged up 0.21%. Year-to-date, the stock has gained 5.65%, according to data from Benzinga Pro.
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Google's Chrome Battle Goes Beyond The Browser: Gene Munster Outlines Wider Implications Of DOJ Going After The Search Giant
Deepwater Asset Management’s managing partner Gene Munster has weighed in on the implications of Alphabet Inc.’s GOOG GOOGL Google’s regulatory challenges, including the potential divestment of the Chrome browser.
What Happened: On Thursday, in an interview with CNBC, Munster highlighted the potential impact of a Chrome spin-off on Google’s search market share.
According to Munster, spinning off Chrome could reduce Google’s dominant 90% search market share in developed regions to approximately 80%.
This shift could significantly affect Google’s search growth, which has been averaging 10–14% in recent quarters, potentially dropping to low single digits or even negative in the short term.
He said, “People love Google, and they will slowly come back,” but the stock is down about 5% because this gets to the “core of half their business, which is search.”
Despite these concerns, he believes the likelihood of a Chrome spinout is low, citing a lack of precedent for such a move.
See Also: Apple Prepares To Take On OpenAI’s ChatGPT, Google Gemini ‘Live’ With LLM Siri In 2025: Report
Munster also pointed out that Google’s search business forms a significant portion of its revenue and is also a critical pillar for its AI initiatives like Gemini. A drop in search market share could weaken Google’s ability to compete with rivals such as ChatGPT-parent OpenAI.
He went on to speak about the interconnectedness of regulatory challenges, noting that the DOJ’s scrutiny of Google’s search deal with Apple Inc. AAPL could further damage the company’s search business.
Earlier this year, a lawsuit uncovered that Apple received a substantial $20 billion in 2022 to set Google as the default search engine on the Safari browser for iPhones.
For investors, the stakes are high. Munster warned that if such worst-case scenarios unfold, Google’s stock could drop another 10–15%.
Why It Matters: The DOJ has been actively pursuing measures to dismantle Google’s search monopoly, demanding Google divest its Chrome browser. This move is part of broader efforts to restore competition in the search market.
The DOJ has also suggested that Google might need to sell its Android operating system if other measures fail.
The impact of these legal actions has been significant, with Alphabet’s market value dropping by over $120 billion on Thursday, marking its steepest decline since January.
In response to the DOJ’s push, Perplexity AI’s CEO has also speculated about acquiring Chrome, while OpenAI is considering developing its own web browser to challenge Google’s dominance.
Price Action: On Thursday, Alphabet’s Class A shares fell 4.74%, closing at $167.63, while Class C shares dropped 4.56%, ending at $169.24. In after-hours trading, Class A shares declined an additional 0.42% to $166.93, and Class C shares decreased 0.38%, closing at $168.59, according to data from Benzinga Pro.
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Bitget Offers LALIGA EA SPORTS Football Match Day Tickets to Bitget Pay Users
VICTORIA, Seychelles, Nov. 22, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company has announced a campaign offering its users an opportunity to attend LALIGA EA SPORTS match day by leveraging the platform’s ‘Bitget Pay‘ product. Spanning from 21st 18:00 – 22nd 18:00 (UTC+8), the campaign aims to roll out activities planned out under the Bitget x LALIGA partnership to promote the integration of crypto and sports, especially across LATAM, Eastern Europe, CIS, and SEA. Football fans who actively use Bitget Pay during the campaign period will have a unique chance to secure tickets for this much-anticipated match, which features the world’s best teams playing against each other on 7th December.
The promotion involves an exciting campaign wherein participants can purchase a raffle ticket for just 1 USDT, paid through Bitget Pay, to enter a draw for one of the 50 regular match tickets. The purchase window opens on November 21st at 18:00 UTC+8, closing on November 22nd at 18:00 UTC+8. During the campaign period, 50 lucky participants will be chosen to receive match tickets, with winners announced at staggered intervals on Bitget’s X (previously Twitter) handle.
Throughout the campaign, users can experiment with Bitget Pay’s seamless transaction capabilities which attracts football fans interested in exploring crypto for payments. This opportunity for fans to attend a live LALIGA EA SPORTS event through an accessible crypto-driven process highlights the platform’s versatility in bridging the gap between digital finance and everyday experiences.
Bitget Pay remains unavailable in certain regions. However, football enthusiasts across other supported regions can take advantage of this promotion to experience Bitget Pay’s fast and user-friendly features while vying for a chance to be part of the event.
Participants selected in the raffle will be notified via email, and match tickets will be distributed a week prior to match day. For transparency, Bitget will also refund the 1 USDT participation fee to all non-winning users within 10 working days. Bitget has constantly provided its user base with diverse engagement opportunities by adding a range of crypto products to its offerings. Bitget Pay’s promotion is aligned with the mission to connect users with real-life use cases, which can help them discover the ease of financial payments within the crypto ecosystem.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: media@bitget.com
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
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ASHFORD HOSPITALITY TRUST ANNOUNCES CONVERSION OF LE PAVILLON NEW ORLEANS TO MARRIOTT'S TRIBUTE PORTFOLIO
DALLAS, Nov. 21, 2024 /PRNewswire/ — Ashford Hospitality Trust, Inc. AHT (“Ashford Trust” or the “Company”) announced today the conversion of its 226-room Le Pavillon Hotel in New Orleans, Louisiana to a Tribute Portfolio property. Marriott’s Tribute Portfolio is a growing global family of characterful, independent hotels drawn together by their passion for captivating design and their drive to create vibrant social scenes for guests and locals alike.
The property recently completed a $19 million renovation which included extensive exterior work, upgrading the restaurant, guestrooms, guest bathrooms, corridors as well as a reimagined hotel lobby bar. The new lobby bar, Bar 1803, draws inspiration from the rich history of Le Pavillon and New Orleans, honoring the year Emperor Napoleon signed the Louisiana Purchase. Legend has it Napoleon conceived the idea while soaking in a marble bathtub filled with rose water – one of which (perhaps the very one) resides in one of our suites.
The bar’s design showcases this heritage with a striking image of Napoleon and a lenticular art piece capturing two sides of the French icon: a ‘serious’ Napoleon and a ‘spirited’ one. This playful nod reflects New Orleans’ French roots and vibrant culture. Inspired by the amber hues of iconic NOLA cocktails, Bar 1803 blends history, elegance, and the unmistakable spirit of New Orleans into an unforgettable experience, paying tribute to the city’s enduring legacy and the hotel’s storied past.
Located in the heart of downtown New Orleans on historic Poydras Street, the 226-room Le Pavillon Hotel is known as the “Belle of New Orleans.” It sits adjacent to the historic French Quarter, is located only four blocks from the celebrated music clubs of Bourbon Street and is close to the famous restaurants and antique shops of Royal Street. Originally the site of one of the area’s first great plantation homes, the Le Pavillon Hotel was built in 1907 and is a member of Historic Hotels of America.
“We are thrilled to announce the successful conversion of this iconic property to Marriott’s Tribute Portfolio,” said Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “With its prime location near key demand drivers in downtown New Orleans, this transformation positions the hotel to stand out as a premier destination in the vibrant New Orleans market. We expect that completing this conversion ahead of Super Bowl LIX and Mardi Gras will position the property for an exceptional start to 2025. This milestone reflects our commitment to maximizing asset value, and we are confident it will drive enhanced financial performance for this property.”
Tribute Portfolio hotels participate in Marriott Bonvoy™, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit MarriottBonvoy.marriott.com.
Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels.
Forward-Looking Statements
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our plan to pay off strategic financing; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company’s filings with the SEC.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.
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SOURCE Ashford Hospitality Trust, Inc.
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