Former Uber Executive And 3 Congressmen Contenders For Trump's Transportation Chief Role: Report
President-elect Donald Trump‘s transition team is reportedly considering several individuals, including a former Uber executive and three Republican congressmen, for the position of U.S. Department of Transportation chief.
What Happened: The team is considering Emil Michael, a former Uber executive and Trump donor, and three current or former Republican congressmen: Sam Graves, Garret Graves, and Sean Duffy to head the Department of Transportation, Reuters reported, citing multiple sources familiar with the matter.
Michael, known for his social connections with billionaire and Trump supporter Elon Musk, is reportedly a strong contender for the role. Other tech executives who backed Trump have also advocated for Michael, the report said, while adding that other contenders could also emerge for the role.
Why It Matters: According to Reuters, Musk is expected to exert influence on the pick of Transportation Department chief.
The billionaire contributed millions to a super PAC that supported Trump’s presidential campaign and also actively campaigned for the President-elect in the swing state of Pennsylvania, sealing his position as a major player in Trump’s campaign and circle.
The Department of Transportation has several departments under it which regulate Musk’s companies including SpaceX and EV giant Tesla Inc TSLA. While the Federal Aviation Administration licenses commercial space launch facilities and private sector launches, the National Highway Traffic Safety Administration regulates automakers and determines regulations for autonomous vehicles.
Musk’s Tesla is actively working towards enabling autonomous driving with its full self-driving (FSD) driver assistance technology. However, FSD has often come under the NHTSA’s radar over vehicle crashes where FSD was deployed.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Should You Buy Nvidia Stock Before Nov. 20? Wall Street Has a Compelling Answer.
One of the most profound changes in the tech landscape over the past couple of years has been the advancements in the field of artificial intelligence (AI). There’s a strong argument that the advent of AI early last year was one of the biggest sparks that set off the current bull market rally. ChatGPT heralded the advent of generative AI, and since its release in November 2022, the S&P 500 has jumped 46%, while the Nasdaq Composite has surged 67% (as of this writing).
While there have been plenty of beneficiaries of these secular tailwinds, one of the most notable has been Nvidia (NASDAQ: NVDA). In a nutshell, the company’s graphics processing units (GPUs), which were originally developed to craft lifelike images in video games, proved equally adept at powering AI models.
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The resulting run on Nvidia’s chips fueled incredible financial results and sent the stock into the stratosphere. Since the beginning of last year, Nvidia stock is up more than 900% (as of market close on Thursday), turning the company into a stock market darling.
Nvidia has a lot riding on its financial results next week. Let’s look at the run-up to this critical quarter, what Wall Street is saying, and what investors should expect.
As technologists began to understand the implications of generative AI in early 2023, demand for Nvidia’s AI-centric processors went from zero to 60 in just months. In the company’s fiscal 2024 second quarter (ended July 30), the results were nothing short of astounding. Nvidia delivered record revenue of $13.5 billion, up 101% year over year, while its adjusted earnings per share (EPS) of $2.70 soared 429%. EPS in terms of generally accepted accounting principles (GAAP) were even more striking, up 854%.
The next four quarters were equally impressive, with record-setting, triple-digit sales and profit growth in each one. Nvidia’s fiscal 2025 second quarter (ended July 28) was the latest in the streak. Record revenue of $30 billion jumped 122% year over year, while adjusted EPS of $0.68 soared 152%. It’s worth noting that investors had concerns about Nvidia’s gross margin, which ticked lower, but that was from a record high set in the second quarter.
Astute investors knew the company’s triple-digit streak would eventually come to an end, and management suggested that time has come. For the soon-to-be-announced third quarter (ended Oct. 29), Nvidia is guiding for revenue of $32.5 billion, which would represent year-over-year growth of 79%.
Elon Musk Reacts After Brazilian President's Wife Swears At Tesla CEO: 'They Will Lose The Next Election'
Brazil’s first Lady Rosangela da Silva reportedly swore at Tesla Inc CEO Elon Musk at an event in Rio de Janeiro on Saturday.
What Happened: “F— you, Elon Musk,” she said while talking about the need to regulate social media, Bloomberg reported.
Musk responded to the snippet of the First Lady’s speech on social media platform X and said, “They will lose the next election.”
Rosangela da Silva is the wife of President Luiz Inacio Lula da Silva of the Workers’ Party who won against Jair Bolsonaro in 2022. Brazil’s next Presidential election is slated for 2026.
Why It Matters: Brazil banned Musk-owned social media platform X earlier this year after it failed to ban profiles that the government claimed were spreading misinformation.
Musk subsequently resorted to namecalling Brazilian Supreme Court Justice Alexandre de Moraes on X, referring to him as a “criminal wearing judges robes like a Halloween costume.”
“The world is not obliged to put up with Musk’s far-right ideology just because he is rich,” President da Silva said in September about Musk.
X was restored in Brazil in October after X complied with the judge’s demands.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Elon Musk Reacts After Brazilian President's Wife Swears At Tesla CEO: 'They Will Lose The Next lection'
Brazil’s first Lady Rosangela da Silva reportedly swore at Tesla Inc CEO Elon Musk at an event in Rio de Janeiro on Saturday.
What Happened: “F— you, Elon Musk,” she said while talking about the need to regulate social media, Bloomberg reported.
Musk responded to the snippet of the First Lady’s speech on social media platform X and said, “They will lose the next election.”
Rosangela da Silva is the wife of President Luiz Inacio Lula da Silva of the Workers’ Party who won against Jair Bolsonaro in 2022. Brazil’s next Presidential election is slated for 2026.
Why It Matters: Brazil banned Musk-owned social media platform X earlier this year after it failed to ban profiles that the government claimed were spreading misinformation.
Musk subsequently resorted to namecalling Brazilian Supreme Court Justice Alexandre de Moraes on X, referring to him as a “criminal wearing judges robes like a Halloween costume.”
“The world is not obliged to put up with Musk’s far-right ideology just because he is rich,” President da Silva said in September about Musk.
X was restored in Brazil in October after X complied with the judge’s demands.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Elon Musk's Hedgehog Meme Coin 'SHRUB' Skyrockets, Cathie Wood Sets Ambitious Bitcoin Price Target, Industry Expert Predicts 'Euphoria' Stage For Market And More: Top Crypto Updates This Week
The week was filled with noteworthy events in the world of cryptocurrencies. From the rise of new meme coins to ambitious price forecasts, the crypto market continues to surprise and intrigue. Here’s a quick recap of the top stories that made headlines.
Trump’s AG Pick Gaetz Suggested Bitcoin for Federal Income Taxes
President-elect Donald Trump’s nominee for attorney general, Rep. Matt Gaetz, is known for his unconventional ideas, particularly concerning cryptocurrencies. Earlier this year, Gaetz proposed a bill that would allow federal income tax payments to be made in Bitcoin, potentially revolutionizing the way taxes are collected in the U.S. Read the full article here.
Musk’s Hedgehog Meme Coin ‘SHRUB’ Skyrockets
Elon Musk’s latest pet, a hedgehog named Shrub, has inspired a new meme coin. Shrub saw a staggering increase of over 3,300% in just one week as of Thursday, with its valuation soaring past $100 million. This surge followed a tweet by Musk introducing his pet hedgehog to the world. Read the full article here.
See Also: If You Invested $100 In Pepe Coin At Launch, Here’s How Much You’d Have Today
Cathie Wood’s Bitcoin Price Target for 2030
Ark Invest CEO Cathie Wood has been a long-time advocate for Bitcoin. She recently shared her price target for the leading cryptocurrency, predicting it could reach as high as $3.8 million by 2030. If her forecast comes true, a small investment in Bitcoin today could yield significant returns in the future. Read the full article here.
Millionaire BONK, DOGE Trader Shares Insights
Known as the ‘BONK guy,’ millionaire trader Unipcs recently shared his journey in meme coin trading. He emphasized that trading meme coins isn’t as easy as it’s often portrayed, requiring patience and conviction to withstand extreme volatility. His long-term position in Bonk BONK/USD and successful trades with Dogecoin DOGE/USD and Department of Government Efficiency (DOGE) meme coin is a testament to his strategy. Read the full article here.
Industry Expert Predicts ‘Euphoria’ Stage for Crypto Market
Jason Yanowitz, co-founder of Blockworks, believes the cryptocurrency market is about to enter the ‘Euphoria’ stage, the most exciting phase of a four-stage bull market. This phase could see some coins nearing their all-time highs. Read the full article here.
Read Next: Here’s How Much $100 In Bitcoin Could Be Worth In 2030 If Cathie Wood’s Price Target Is Reached
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This story was generated using Benzinga Neuro and edited by Anan Ashraf.
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How to Build a Recession-Proof Stock Portfolio
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Building a recession-proof stock portfolio can help investors weather economic downturns with greater stability and confidence. While no portfolio can be entirely recession-proof, selecting resilient stocks from defensive sectors and diversifying your investments can help you mitigate the impact of a market downturn. A financial advisor can work with you to diversify your portfolio to minimize risk.
Investing during a recession differs significantly from investing in a thriving market. In a normal market, economic growth typically boosts consumer spending, business expansion and corporate earnings, which in turn supports rising stock prices.
However, a recession generally brings a slowdown in economic activity, reduced consumer spending and lower business profits. As companies cut costs, freeze hiring and scale back operations, stock prices can fall across the board and volatility increases.
For investors, a recession can create losses in their portfolio, particularly for cyclical stocks in sectors like retail, travel and luxury goods, which are more sensitive to economic conditions. Many cyclical stocks tend to underperform during recessions as consumers cut back on non-essential purchases and businesses tighten budgets.
On the other hand, defensive stocks – those in sectors like healthcare, utilities and consumer staples – can hold their value better during economic downturns, as these sectors provide essential goods and services that remain in demand regardless of economic conditions.
Managing a portfolio in a recession means adapting to the increased risks and focusing on assets that provide stability and defensive growth. For many investors, this may involve shifting away from high-growth, high-volatility sectors and increasing holdings in stocks and assets that have shown resilience in past recessions.
Diversification is a key strategy for protecting a portfolio during a recession. By spreading investments across different asset classes and sectors, investors can reduce the risk of heavy losses if one area of the market suffers. A diversified portfolio includes a mix of stocks, bonds and other assets that may not move in the same direction during economic shifts.
During recessions, diversification becomes especially important because different asset classes respond to economic downturns in unique ways. For example, while stocks may decline, certain bonds or defensive sector stocks may continue to perform well. This helps to create balance and reduce the likelihood of substantial losses.
Xi Jinping Tells Joe Biden: China Is 'Ready To Work With' Trump As Tariff Threat Looms
Chinese President Xi Jinping has expressed China’s willingness to collaborate with the U.S. government, regardless of the administration in power. This statement comes amid the ongoing U.S.-China tensions and the impending return of Donald Trump to the White House.
What Happened: In a meeting with President Joe Biden at the Asia-Pacific Economic Cooperation forum in Lima, Xi Jinping conveyed China’s readiness to work with the U.S. to maintain dialogue, expand cooperation, and manage differences for the benefit of both nations.
“China is ready to work with the US government to maintain dialogue, expand co-operation and manage differences . . . for the benefit of the two peoples,” Xi told Biden.
Biden, in turn, acknowledged the importance of the U.S.-China relationship and emphasized the need to prevent competition from escalating into conflict. The meeting took place just two months before Trump’s return to the presidency.
“Our two countries cannot let any of this competition veer into conflict,” Biden said.
“Over the past four years I think we’ve proven it’s possible to have this relationship.”
Despite the recent tensions, Xi’s message was clear: China is willing to work with the U.S. government, regardless of the administration in power.
Why It Matters: The U.S.-China relationship has been a focal point of global geopolitics, with potential implications for trade, technology, and security. The recent rumored appointments of China hawks to top roles in the Trump administration have already had a significant impact on Chinese markets, with the yuan hitting a three-month low.
Despite these tensions, China has been actively seeking to engage U.S. allies to mitigate the potential impact of Trump’s proposed tariffs. Trump has expressed his intention to implement a “pro-American trade policy that uses tariffs to encourage production here and bring trillions and trillions of dollars back home.”
Trump’s victory in the U.S. presidential election has also led to a decline in U.S.-listed Chinese stocks, with analysts warning of a potential escalation in U.S.-China tensions and its impact on trade policies. Major U.S.-listed Chinese stocks Alibaba Group Holding BABA, JD.com, Inc. (NASDAQ: JD), Baidu, Inc. BIDU, NIO Inc. NIO, Li Auto Inc. LI, and XPeng Inc. XPEV were trading lower in the U.S. after Trump’s victory.
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Boeing Issues Layoff Notices To Over 400 Aerospace Union Workers Amid Financial Struggles
Boeing Co. BA has issued layoff notices to over 400 members of its professional aerospace labor union, as part of the company’s ongoing efforts to recover from financial and regulatory challenges.
What Happened: The layoff notices were sent out last week to members of the Society of Professional Engineering Employees in Aerospace (SPEEA), reported AP News. The affected workers will remain on the payroll through mid-January.
In October, Boeing announced plans to cut 10% of its workforce, approximately 17,000 jobs, in the coming months. The company’s CEO, Kelly Ortberg, stated that the company must “reset its workforce levels to align with our financial reality.”
See Also: Elon Musk’s Hedgehog Meme Coin ‘SHRUB’ Outpaces Dogecoin, Shiba Inu Gains, Surges 3,000% In A Week
The layoffs have impacted 438 members of the SPEEA union, with the local chapter representing 17,000 Boeing employees, primarily based in Washington, with some in Oregon, California, and Utah. The affected workers will receive career transition services, subsidized health care benefits for up to three months, and severance pay.
Why It Matters: Boeing, based in Arlington, Virginia, has been grappling with financial and regulatory issues since an incident involving an Alaska Airlines plane in January. Following the incident, the Federal Aviation Administration has limited the production of the 737 MAX to 38 planes per month, a target Boeing has yet to achieve.
The recent layoffs are part of Boeing’s broader efforts to navigate its financial challenges. The aerospace giant has been grappling with a series of setbacks, including a tough market and regulatory issues following a plane fuselage incident in January.
Earlier this month, Boeing’s unionized Machinists ended a seven-week strike by accepting a new contract with significant pay increases. This deal, supported by the Biden administration and facilitated by Acting U.S. Secretary of Labor Julie Su, marked a significant development in Boeing’s labor relations.
Price Action: Boeing stock ended 1.48% higher at $140.19, according to data from Benzinga Pro.
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